Disentangeling gut feeling: Assessing the integrity of social entrepreneurs

This paper analyzes how social investors evaluate the integrity of social entrepreneurs. Based on an experiment with 40 professionals and 40 students, we investigate how five attributes of the entrepreneur contribute to the assessment of integrity. These attributes are the entrepreneur's personal experience, professional background, voluntary accountability efforts, reputation and awards/fellowships granted to the entrepreneur. We find that social investors focus largely on voluntary accountability efforts of the entrepreneur and the entrepreneur's reputation when judging integrity. For an overall positive judgment of integrity, it was sufficient if either reputation or voluntary accountability efforts of the entrepreneur were high. By comparing professionals with students, we show that experience leads to a simpler decision model focusing on key attributes. --social entrepreneur,social investor,integrity,conjoint analysis,venture philanthropy

A strategy-based valuation model for companies in emerging markets in the special case of Brazil

This thesis aims to apply a few of the principles taught at the "Institut für Managementwissenschaften" of the Vienna University of Technology on the valuation of companies. These principles are mainly an uncertainty framework using paths and probabilities, an approach to model, calibrate and validate all financial tools and the approach to model stochastic systems with integrated control strategies.This thesis proposes a model which closely links the macroeconomic environment and the balance sheet to reproduce the economic reality. At the core stands the Cash Flow Statement and it is derived using a range of variables from GDP-Growth, Exchange Rate to strategic variables determined by the management.8