Dissertations / Theses: 'Income method of valuation'

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Stavjaník, David. "Valuation of companies in insolvency proceedings." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-142204.

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The diploma thesis deals with several areas of issues related to valuing companies in bankruptcy proceedings. These spheres are interconnected. First and foremost it deals with the reasons for company valuation and perspectives of different subjects on this valuation. The second sphere of the thesis is the analysis of valuation approaches that are based on legal regulations of the Czech Republic. The last part of the paper is application of the valuation on a specific business company with subsequent confrontation with the actual realization of the company. Valuation is of crucial importance to creditors because it is determining in relation to their subsequent meeting the submitted claims.

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Horová, Denisa. "Ocenění privátní firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75249.

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The master thesis deals with the appreciation of medical practice premises. Methods which are used, described and analyzed in the thesis, represent the standard expert methods for business valuation. These are supplemented by specific procedures used for determining the value of medical practices in particular. The work also describes the health care system of the Czech Republic, the methods and sources of payment for medical treatments, value generators in medical practices and basic procedures for identifying approximate value of medical practice, eventually of its goodwill. On practical example of medical practice there are described and applied also the scientific yield methods, which can derive the value of this type of business quite accurately. In the conclusion there are also discussed some currently used but not entirely accurate valuation processes.

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Ternent, Laura. "Testing methods to value health outcomes in low income countries using contingent valuation and discrete choice experiment methods." Thesis, University of Aberdeen, 2012. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=185657.

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This thesis is concerned with examining issues of theoretical validity and bias in contingent valuation (CV) and discrete choice experiment (DCE) methods in low income countries. This thesis contributes to the small body of literature on the application of CV and DCEs in low income countries and in populations which have little or no formal education. Theoretical validity is examined by testing whether willingness to pay corresponds to theoretical expectations focusing on gender and willingness to pay, sensitivity to scope, starting point bias, and strategic bias in CV. The theoretical validity of the DCE method in populations with no formal education is also explored. It is found that whilst iterative methods to elicit willingness to pay often mimic local market conditions in low income countries they are prone to starting point bias and strategic bias. An association between gender and willingness to pay was also found. Issues of gender, starting point bias and strategic behaviour can be tested for and controlled for in the estimation of willingness to pay and do not present an insurmountable problem. Willingness to pay was also found to be insensitive to the size of the benefit in CV. Using the DCE method, it was found that with the use of visual aids, DCEs can be used among respondents with no formal education. It is concluded that CV and DCEs are feasible and valid in populations with low levels of education when surveys are conducted using trained enumerators and administered using face-to-face interviews. This suggests that both techniques are capable of being used in wide variety of settings. The exception to this is a lack of evidence on sensitivity to scope. Further research is therefore required into sensitivity to scope. Further research is also required to examine the association between gender and willingness to pay.

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Loayza, Jordán Fernando, and Rosa Almenara Martín La. "The application of alternative valuation methods under the transfer pricing regime." IUS ET VERITAS, 2018. http://repositorio.pucp.edu.pe/index/handle/123456789/122477.

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Prior to the last reform of the transfer pricing regime, only the application of specific valuation methods was allowed, which generated several practical and constitutional problematic issues. These were partially solved with the recent inclusion of a provision that allows the application of “other methods”. This paper analyzes the issues of the previous situation, as well as the solutions presented by the reform and its corresponding limits. Finally, the authors propose several precisions that, in their opinion, should be included in the regulation of the “other methods”.
Previamente a la última reforma del régimen peruano de precios de transferencia, solo se permitía la aplicación de métodos específicos de valoración, lo que generó una serie de problemas de índole práctica y constitucional. Estos se resolvieron parcialmente con la reciente inclusión de una disposición que permite la aplicación de “otros métodos”. El presente trabajo analiza la problemática de la situación previa, así como las soluciones que presenta la reforma y sus límites. Por último, se propone una serie de precisiones que, a juicio de los autores, deberían incluirse en la reglamentación de los “otros métodos”.

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Kmoníček, Petr. "Stanovení hodnoty podniku Pivovar Svijany a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-85262.

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This master's thesis describes an introduction to business valuation, the process of strategic and financial analysis and some methods for determining the value of the company in its theoretical part. The goal of this thesis is the business valuation of the Pivovar Svijany, a.s. as of December 1, 2011. Strategic and financial analyses of the company were worked out in order to determine the value of the company. Quantification of value generators and financial plan processing are the basis of the valuation itself. The income-based methods, used in this work, are DCF in the modification FCFF, FCFE and EVA. The book value method is being added as a comparison to income methods. Resulting findings had confirmed a good financial position of the brewery. The value of Pivovar Svijany, a.s. calculated by using the two-stage FCFF method was 3 781 125 000, - CZK as of December 1, 2011.

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Prošvic, Jan. "Stanovení hodnoty firmy Fatra Napajedla a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193129.

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The goal of this diploma thesis is determination of the value of the company Fatra a.s. to the date 30. 4. 2015. First, the strategic analysis was performed, after that financial analysis and SWOT analysis were done. On the base of the previous parts, generators of the value were described. The generators were used to create the financial plan for the period 2014 - 2018. Valuation methods calculated in the thesis are DCF in FCFF form, DCF in EVA form and method of comparable companies. At the end of the thesis, there is a discussion about the most appropriate valuation method for this particular case.

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Stibůrková, Petra. "Ocenění společnosti Pivovar Nymburk, spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198065.

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The aim of this master thesis is business valuation of Pivovar Nymburk, spol. s r.o. to the date 31. 12. 2012. The valuation is made to inform the owners of the enterprise value. This thesis is divided to two parts, theoretical and practical. The first theoretical part presents the key concepts and process of valuation, which is important for the practical part. In the practical part are strategic and financial analysis, analysis and prognosis of generator value, financial plan and mainly business valuation using discounted free cash flow in the variant FCFF. The value of the company is 101 405 000 CZK. Conclusion of the work includes an evaluation of the results.

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Hanzalová, Mirka. "Stanovení hodnoty podniku CRV Czech Republic, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359375.

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An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.

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Štěpánková, Jana. "Stanovení hodnoty obchodního závodu v tísni." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-256524.

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The doctoral thesis deals with bankruptcy and its possible solution from the point of view of expert activities. Valuation of the company in distress may be required at different stages of the business life cycle. While sometimes the valuation is requested directly by the shareholders or the managing partners facing bankruptcy (or preventing crisis) sometimes assessment is requested in insolvency proceedings by the insolvency administrator. Whether it is the intention to find out it is more beneficial for creditors to reorganise or liquidate the assets, in all these cases it is the work of experts in the insolvency proceedings who play a decisive role. The practical part of the thesis, therefore, focuses on the selection of appropriate methodologies which can be used at any given moment of crisis management.

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Herůfková, Jitka. "Ocenění podniku Kornfeil spol. s r.o." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-232787.

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Master’s thesis is focused on the application of valuation methods chosen company Kornfeil spol. s r.o. Methods of measurement are specified in the thesis. This thesis describes process of valuation of selected company. Steps in the valuation, financial analysis, strategic analysis, financial plan, the discount rate and the application of valuation methods are specified. In the thesis are applied to revenue and cost valuation method, and finally made their synthesis.

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Holopová, Andrea. "Oceňování vybrané skupiny majetku AREAL SLATINA, a.s." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241387.

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This thesis is focused on the valuation of buildings of the company AREAL SLATINA, a.s. Based on the theoretical background we defined advantages and disadvantages of valuation approaches. The purpose of the thesis is to propose an optimal valuation method while taking into account the specifics of the market and intentions of the Company.

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Jandík, Jan. "Ocenění pivovaru." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149793.

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The presented master thesis aims to estimate the equity value of the company PIVOVAR SVIJANY, a.s. as of 31.12.2011. The value is estimated using income approach, specifically the DCF entity method. The introduction section presents the motives for the valuation and the applied approach. The theoretical part addresses the basic concepts and approaches, which are fundamental for the selection of an appropriate valuation method and the value estimate itself. The practical section deals with strategic and financial analyses of the company, financial plan forecast and the business value estimate. In conclusion, the key findings of the individual sections are summarized. The results of the analyses confirm excellent financial standing of the company, which has been valued at CZK 2 739 663 thousand.

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Major, Zsófia. "Teória oceňovania nehnuteľnosti + ocenenie konkrétnej nehnuteľnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-86080.

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The goal of the master thesis is to familiarize the reader with basic theoretical concepts and selected methods of real estate valuation. Describes the differences in between administrative and market approaches. It mainly delas with yield method of valuation. The aim of the practical part is to apply the described methods on a particular case of valuation and afterwards to estimate the value of the real estate. The object of the valuation is an university dorm Jarov III.F. The estimation of the dorm value is made by administrative and yield method. The steps of administrative valuation are described and explained in full length. For the right explanation of the yield method there is a need to describe the revenues and costs of the dorm. As well there is a description of the net operational income. In the end of the thesis the two results are compared and explained.

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Svoboda, Václav. "Oceňování hotelů." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264665.

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The thesis deals with comparison of selected methods applicable in valuation of hotels. Methods are applied to the valuation of a particular hotel. The hotel is valued by the cost method, comparative methods, income methods and other methods used in the valuation of hotels. The results are compared, any differences are analyzed. Valuation of the hotel is based on financial analysis, strategic analysis, forecast of value drivers and financial plan.

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Svitaňová, Mária. "Určení hodnoty podniku Environchem." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-222852.

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This thesis contains business valuation of company CHEMOSVIT ENVIRONCHEM, a.s. based on income approach. The first part discusses theoretical concepts and methods of valuation. The second part includes strategic, financial and SWOT analysis, financial plan and income based discounted cash flow valuation. In conclusion, the valuation statement as at 31.4.2011 is reported.

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Andrýsková, Adéla. "Oceňování v účetnictví a jeho vliv na zdanění." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360575.

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The goal of the diploma thesis is to describe problems of accounting valuation and issues connected with prices, which are used for income tax purposes within current valid legislation. The thesis decribes basic valuation principles, characterization and valuation methods of some selected section according to the Czech legislation and IFRS. The thesis compares advantages and disadvantages of some valuation methods and valuation base and their influence on taxes. At the end of the thesis is the issue of transfer pricing or accounting valuation in insolvency.

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Jarošová, Lucie. "Stanovení hodnoty obchodního závodu výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-383541.

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The thesis focuses on setting the financial value of company Agados Ltd. Two valuation methods, to be specific the methods DCF and EVA entity, have been used to value the company. The theoretical part deals with the issues of valuation and related areas. Subsequently, the company and the application of theoretical knowledge on Agados Ltd. are described. This work also contains strategic and financial analysis, individual steps for application of the income valuation method such as the proposal of a financial plan and capital expenses. The outcome of this thesis is the final valuation, for the needs of commercial establismet Agados Ltd., which is based on the income valuation method.

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Bahenský, Miloš. "Závislost hodnoty stavebního závodu na velikosti vlastního kapitálu." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-402119.

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The doctoral thesis deals with the valuer issues of business valuation with construction production in the condition of the Czech economy. The business valuation issue is, and will always be, highly relevant in a market economy environment, with regard to both methodical and practical approaches. The main aim of the doctoral thesis is to demonstrate the dependence constructing empirical regression model to determine the value of the construction enterprise by the chosen income valuation method based on the equity (book value of equity in historical costs). The first part of the doctoral thesis is a research study describing the approach of the authors to the current state of knowledge concerning the issues of business valuation, aspects of equity, using the principles of system methodology. Based on these findings, a space is defined in which it is possible to propose a solution of a partial problem in terms of selecting the enterprise value category and the associated income valuation methods suitable for extensive time-series analysis. An integral part of the doctoral thesis is the determination of the sample size of construction enterprises according to the assumptions and limitations of the chosen methodology. Empirical research for data collection is based on Justice.cz database. Another important part is, in the spirit of system approach principles, the choice and application of the method of system discipline for the solved problem of doctoral thesis. The result of the solution is an empirical regression model, which after subsequent validation in multiple case studies could also be recommended for wider verification in valuers practice. Part of the thesis will also include discussions in the wider context of the potential benefits of the doctoral thesis for practical, theoretical and pedagogical use.

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Svobodová, Olga. "Problematika tržního oceňování komerčních nemovitých věcí." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2020. http://www.nusl.cz/ntk/nusl-413828.

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This diploma thesis deals with issue of commercial real estate valuation Two real estate will be valued, namely the production and storage hall and the administrative building, which are located in a different locations. Both estates will be valued using the income approach. The income and costs information will be based on the conducted market analysis, while also being compared to the real data. The thesis itself will be divided into four parts. The first part of diploma thesis will focus on the theoretical basis. In the second part, the problems will be formulated and goals of the thesis (in the form of hypotheses) set. Next, both real estate will be described in detail and valued in a different situations that could occur. The valuation process is clearly shown in a valid process model. And finally, these results will be evaluated.

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Štěpánková, Jana. "Tržní oceňování podniku jako podklad pro strategická rozhodnutí." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-376777.

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The master s thesis is focused on estimation of the company value for the purpose of legal form transformation. The analysis of the company and corporate environment and valuation of risks and contribution of the change of legal form are included. In the practical part the income method approach and asset based approach are applied. The company value is estimated by the capitalization of earnings method and method of valuation based on historic costs.

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Bahenský, Miloš. "Stanovení hodnoty stavebního závodu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319205.

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The aim of the master´s thesis is to determine the market value of XY, plc., which deals with construction production. The company's value will be set at 1. 1. 2016. In order to determine the value of XY, plc., two income methods will be used, namely the discounted cash flow method and the direct capitalization method, the method of accounting for historical prices (book value) will be set as an additional method. One of them will be selected as a final value of the company.

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Cheng, Qiang. "Essays on the residual income valuation model /." Ann Arbor, MI : UMI, 2003. http://aleph.unisg.ch/hsgscan/hm00095739.pdf.

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Polačková, Jana. "Stanovení hodnoty obchodního podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319472.

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The master's thesis focuses on retail company Koruna, s. r. o. valuation by using income-based methods of discounted cash flows of an entity and economic value added. The thesis is divided into two main parts. The first part defines the theoretical basis of the thesis and the second part deals with the practical application of knowledge to the specific company. The practical part contains strategic and financial analysis and application of income-based methods which leads to the determination of the company's value to the 1. 1. 2016.

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Novák, Michal. "Nalezení tržní hodnoty Drůbežářského závodu Klatovy, a.s. k 1. lednu 2014." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-193832.

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This master's thesis dealing with appraisal of a firm Drubezarsky zavod Klatovy which is headquartered in Klatovy is composed of seven essential chapters such as company background, strategic analysis, financial analysis, value drivers, financial plan, valuation and valuation summary along with sensitivity analysis in order to provide a complete range of understanding. Individual key chapters are divided into subchapters. The company ranks among the biggest manufactures of a poultry meat in the Czech republic. The primary aim of this thesis is to detect and review key attributes, which are affecting or even are capable of having an influence on company market value as of 1st of January 2014. Market value were set according to International Valuation Standards (IVS). The business valuation is primarily determined by two methods. The first main method known as discounted cash flow analysis (DCF) in the form of adjusted present value approach (APV) is not at all employed in valuation practice, but it is deemed to be some kind of reference method of all DCF forms. Another one, I employ, is called German income approach (German: Ertragswertverfahren -- EWV). Across texts are used statistical methods in conjunction with statistical programme R that tell me help my specified goal.

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Barker, John Holly. "The valuation of income-producing property in international law." Thesis, University of Cambridge, 1998. https://www.repository.cam.ac.uk/handle/1810/251665.

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The thesis addresses the unresolved controversy over the extent of protection which international law offers in respect of foreign-owned income-producing property affected by State measures in the nature of a 'taking'. The study seeks to contribute to a balancing and reconciling of the interests of investor and host State by focusing on the technical rules and principles which govern the assessment of claims. An analysis of those technical principles point to weaknesses in the doctrines which have an unsettling effect on the subject and fuelled the debate. By way of introduction, Part I canvasses traditional doctrines concerning the duty to pay compensation and its underlying rationale, as well as partial compensation and the influence of the doctrine of the permanent sovereignty over natural resources. A chapter has also been devoted to a discussion of valuation methods and the concept of value because of their central importance throughout the work. The next three Parts, consisting of five chapters, form the core of the study, examining the role which income plays in the valuation of property taken and the relationship between (a) compensation for capital when valued by reference to income, (b) compensation for lost profits, and (c) interest. In each of the Parts, leading international arbitral spanning a period from the 19^th Century to the present, including the work of the Iran-US Claims Tribunal and the UN Compensation Commission, have been examined to follow the development of the doctrine concerning compensation for lost profits and the use of income in assessing capital loss. The use of the discounted cash flow method, which has come to dominate the subject of compensation in recent years, is described and analyzed in Part II. Observations made in Part II about the relationship between capital and income and the risk of double compensation are supported by findings in Part III in the analysis of cases in question of when interest would overlap with an award of compensation for lost profits and the date when interest begins to run.

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Woods, Maef. "The Valuation and Contracting Roles of Restated Earnings." University of Cincinnati / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1249607063.

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Liu, Chih-Chen. "Three essays on contingent valuation method." [Ames, Iowa : Iowa State University], 2008.

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Flöstrand, Per. "Valuation Relevance : The use of Information and Choice of Method in Equity Valuation." Doctoral thesis, Uppsala University, Department of Business Studies, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7156.

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This thesis is concerned with exploring the equity market price discovery process, the translation and incorporation of new information into stock prices, by studying both what information is included in this process and which valuation methods are used to translate that information into a value.

The overarching research question posed in this thesis is: How is equity valued? The overarching question is broad and has been divided into the following sub questions:

What valuation methods do companies use when valuing takeover targets?

What valuation methods do sell-side analysts use when valuing equity?

What factors explain the variation in the use of valuation methods by sell-side analysts?

To what extent do sell-side analysts utilize non-financial information in their reports?

These questions are addressed in four separate essays. Findings of the thesis emphasized that valuation behavior is contextual to several specific circumstances. Findings showed that companies valuing takeover targets used sophisticated valuation methods to a higher extent than did sell-side analysts. Findings also showed systematic differences in the choice of valuation methods among sell-side analysts.

With regards to the use of non-financial information and information on Intellectual Capital this thesis showed that the context of the target firm dictates which information is relevant for predicting future performance, and hence is used by analysts. Additionally, the accessibility of information is an important factor affecting what information is used in the valuation process.

Understanding the valuation behavior of the different actors on the capital market is to understand the pricing process of the market, and as such the contribution of this thesis has been to shed more light on the cornerstone of market efficiency- the ability of market actors to identify and buy (sell) under priced (over priced) stocks.

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Flöstrand, Per. "Valuation relevance : the use of information and choice of method in equity valuation /." Uppsala : Företagsekonomiska institutionen, Uppsala universitet, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7156.

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Schoon, Natalie. "Residual income models and the valuation of conventional and Islamic banks." Thesis, University of Surrey, 2005. http://epubs.surrey.ac.uk/596/.

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Zapletal, Jan. "Ocenění podniku Hopi Popi, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193515.

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Diploma thesis evaluate company HOPI POPI, a.s., to the date of 1. 3. 2015. Purpose of the valuation is to determine the company enterprise value to meet the needs of an external investor and for the better information of the leaders of the company about its performance on the market. The final enterprise value in this thesis is defined by using income approach with discounted cash flow "entity" method. Diploma thesis is divided into two major parts which is theoretical-methodologic part and analythical part. The theoretical part describes the basic concepts, principles and approaches of valuation which will be used for the final enterprise value and selection of the valuation method. The analytical part addresses the execution of strategic and financial analysis, analysis and prediction of generators of value, prognosis of financial plan and determining the final enterprise value with DCF "entity" income approach. Final enterprise value has been stated at 69 047 426 CZK. Conclusion of the thesis summarizes results, fulfillment of set goals and usability for practise.

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Frykblom, Peter. "Questions in the contingent valuation method : five essays /." Uppsala : Swedish Univ. of Agricultural Sciences (Sveriges lantbruksuniv.), 1998. http://epsilon.slu.se/avh/1998/91-576-5511-1.gif.

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Wilson, Benjamin John Morley. "Eliciting preservation values using the contingent valuation method /." Title page, table of contents and abstract only, 1993. http://web4.library.adelaide.edu.au/theses/09EC/09ecw7462.pdf.

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Cihlář, Lukáš. "Stanovení hodnoty podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225067.

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This master thesis deals with the estimation of the value of company SCHENKER, spol. s r. o. The income-based methods of discounted cash flow and economic value added were used for the estimation of the value of the company. There are stated theoretical assumptions and the process of estimation of the value of company in the introduction of the work. The practical part consists of strategic, financial, and SWOT analysis of the company. At the end of the work the particular valuation methods are applied and in the conclusion there is reported the statement of value of the company at 31. 12. 2013.

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Ovsík, Václav. "Stanovení hodnoty podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377971.

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This master thesis deals with specify a value of a chosen company by the income-based methods, especially by the Economic Value Added and Discounted Cash Flow. The thesis deals with describe of the methodology of bussiness valuation in the theoretical part. The practical part contains strategic and financial analysis, financial plan and the closure contains a proposal of valuation of company to date 31. 12. 2016.

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Spearman, Tarryn Leigh. "The valuation of amounts for the purpose of inclusion in gross income." Thesis, Rhodes University, 2012. http://hdl.handle.net/10962/d1001641.

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The present research investigates the valuation of amounts for the purpose of inclusion in gross income. Because the gross income definition in section 1 of the Income Tax Act includes "amounts in cash or otherwise", valuations are often required in order to establish a value in money terms for amounts received or accrued in a form otherwise than in cash. The basis on which these valuations are made can vary and the courts have frequently been called upon to decide on the correct method of valuation. There has been an ongoing debate in the courts as to whether a strict objective approach or a more flexible subjective approach should be adopted when valuing an amount in a form other than cash, which was finally settled in the decision by the Supreme Court of Appeal in CIR v Brummeria Renaissance (Pty) Ltd, which held that an objective approach must be followed. The present research will demonstrate how the strict rule of interpretation tends to result in purely objective valuations as it requires that the ordinary grammatical meaning of words be applied and does not allow the court to consider the purpose of the legislation or introduce any subjectivity based on the circumstances of each individual taxpayer and the facts of each particular case, which a purposive interpretation approach does. The purposive approach to interpretation is therefore more closely aligned with the subjective approach to valuation. Both the objective and subjective approaches to valuation have advantages and disadvantages, which are addressed in the research. The need for certainty in taxation was articulated as early as 1776 by Adam Smith in his Wealth of Nations. The objective approach appears to create a level of consistency as all income received by a taxpayer is effectively taxed as if received by a third party in an arm’s length transaction. The approach has led to unfair decisions at odds with economic reality and generally accepted accounting principles, which could be challenged on the basis of a lack of equity and fairness as required by the Constitution of the Republic of South Africa. The research demonstrates that an objective method of valuation is neither fully objective nor appropriate in certain circumstances, while a subjective approach may be more appropriate as it ensures that each taxpayer’s individual rights are protected. Although the subjective approach successfully addresses the issue of fairness, it threatens to introduce an unacceptable level of inconsistency and is, in reality, not always administratively feasible. The present research concludes that a trade-off between fairness and consistency is often necessary.

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Choong, Kwee Keong. "Residual income information dynamics and equity valuation : a study using UK data." Thesis, Imperial College London, 2003. http://hdl.handle.net/10044/1/8707.

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38

Karoui, Lotfi. "Three essays on fixed income markets." Thesis, McGill University, 2007. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=103203.

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This thesis comprises three essays that explore several theoretical and empirical features of affine term structure models. In the first essay, we focus on the ability of continuous-time affine term structure models to capture time variability in the second conditional moment. Using data on US Treasury yields, we conclude that affine term structure models are much better at extracting time-series volatility from the cross-section of yields than argued in the literature. These models have nonetheless difficulty capturing volatility dynamics at the short end of the maturity spectrum, perhaps indicating some form of segmentation between long-maturity and short-maturity bonds. These results are robust to the choice of sample period, interpolation method and estimation method. In the second essay, we propose the use of the unscented Kalman filter technique for the estimation of affine term structure models using non-linear instruments. We focus on swap rates and show that the unscented Kalman filter leads to important reductions in bias and gains in precision. The use of the unscented Kalman filter results in substantial improvements in out-of-sample forecasts. Our findings suggest that the unscented Kalman filter may prove to be a good approach for a number of problems in fixed income pricing in which the relationship between the state vector and the observations is nonlinear, such as the estimation of term structure models using interest rate derivatives or coupon bonds, and the estimation of quadratic term structure models. The third essay provides a tractable framework for pricing defaultable securities with recovery risk. Pricing solutions are explored for a large family of discrete-time affine processes and a five-factor Gaussian model is estimated on BBB and B Standard and Poor's yield indices. This rich econometric setup allows the model to simultaneously capture two important stylized facts of defaultable securities: The positive correlation between the loss given default and the intensity of default, and the negative correlation between the intensity of default and the risk-free interest rate.

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Marinho, Janaína Senra Silva. "Every penny counts: comprehensive income value relevance from valuation, informational and forecasting perspectives." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/19294.

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The present dissertation is organized in three studies and aims to investigate the value relevance of Comprehensive Income (CI) and Other Comprehensive Income (OCI) and OCI components from valuation, informational and forecasting perspectives compared to P&L (Profit or Loss) after the mandatory adoption of the International Financial Reporting Standards (IFRS) by Brazilian listed companies. Since FASB (Financial Accounting Standards Board, the issuing body of the United States accounting standards) and the IASB (International Accounting Standards Board, the issuing body of IFRS) required the presentation of both P&L and OCI in the Financial Statements, based on the clean surplus theory, this topic drew attention of academics and practioners around the world. Clean surplus supporters argue that the financial statements prepared in accordance with this paradigm provide more useful information to stakeholders than its alternative (dirty surplus approach). The value relevance research of accounting data aims to examine the correlation between accounting information and the information used by investors to make economic decisions. The information can be considered relevant when it influences the decision making of users of financial statements by helping them predict future cash flows and/or confirm previous assumptions. Therefore, based on clean surplus and value relevance theories, the studies provides empirical evidence of clean surplus income measure (CI) value relevance compared to dirty surplus income measure (P&L) by examining the relative and incremental association of P&L, CI, OCI and OCI components with (i) share prices and (ii) share returns. Additionally, the forecasting ability of P&L, CI, OCI and OCI components to predict future OCF (Operating Cash Flows) and future P&L is empirically examined. The present study adopts existing well-established research models on value relevance and forecasting ability of P&L, CI, OCI and OCI components and develops additional statistical models based on those theories and concepts. This dissertation analyzes hand-collected data for a sample of Brazilian companies listed on BMF&BOVESPA and comprises the period from 2010 to 2015. The results indicate that P&L is more value relevant than CI, even though CI provide value relevant information. However, the CI coefficient is lower than P&L coefficient. Although OCI does not provide incremental value relevant information, OCI components add incremental value relevant information compared to standalone P&L, especially adjustments in fair value of available-for-sale financial instruments, gains and losses from translating the financial statements of a foreign operation and adjustments in fair value of cash flow hedging instruments. The present dissertation provided additional insight to the ongoing discussion on value relevance of P&L, CI, OCI and OCI components in the research community, as well as on the standard setter level and contributed to fill, even partially, the lack of research on the issue in the Brazil.

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Sarpkaya, Gokhan Evans John L. "A floor space valuation method for automotive electronics manufacturing." Auburn, Ala, 2009. http://hdl.handle.net/10415/1600.

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41

Schreiner, Andreas. "Equity valuation using multiples an empirical investigation /." Wiesbaden : Deutscher Universitäts-Verlag, 2007.

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42

Wynne-Jones, Catherine. "The valuation of Intaka Island : a comparison of the contingent valuation method and hedonic pricing analysis." Master's thesis, University of Cape Town, 2005. http://hdl.handle.net/11427/10846.

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Includes bibliographical references (p. 47-48).
There are an increasing number of techniques used in the valuation of environmental services. Contingent valuation is the most frequently used stated preference technique, while hedonic pricing analysis is an alternative revealed preference technique employed for the determination of the value attached to a public good. This paper uses both techniques to study the utility generated by Intaka Island, a 16-hectare nature area situated in a rapidly developing area of Cape Town.

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Hu, Yu. "American Spread Option Models and Valuation." BYU ScholarsArchive, 2013. https://scholarsarchive.byu.edu/etd/3598.

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Spread options are derivative securities, which are written on the difference between the values of two underlying market variables. They are very important tools to hedge the correlation risk. American style spread options allow the holder to exercise the option at any time up to and including maturity. Although they are widely used to hedge and speculate in financial market, the valuation of the American spread option is very challenging. Because even under the classic assumptions that the underlying assets follow the log-normal distribution, the resulting spread doesn't have a distribution with a simple closed formula. In this dissertation, we investigate the American spread option pricing problem. Several approaches for the geometric Brownian motion model and the stochastic volatility model are developed. We also implement the above models and the numerical results are compared among different approaches.

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Hykšová, Lenka. "Analýza vlivu polohy na obvyklou cenu bytových jednotek ve vybraných lokalitách." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233168.

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The thesis focuses on the comparison of selected methods for valuated property type apartment. Valuating apartments are located in areas Decin, Ústí nad Labem and Most. The theoretical part focuses on the definition of basic terms, a description of the valuation methods associated with this dissertation and description of locations for the sites in terms of historical, cultural, social and economic. The practical part was to prepare drawings of assessed residential units and subsequent determination of prices of selected valuation methods – comparative method price by 2014 and 2015, by direct comparison and revenue method. In conclusion, the comparison of prices, according to the valuation method sused.

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Abdul-Mohsen, Ashraf A. "Economic efficiency and income distribution evaluation of toxics and dam removal using contingent valuation." The Ohio State University, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=osu1104004257.

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46

Pruse, Baiba. "The economic importance of wild salmon - applying contingent valuation method." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-260081.

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Wild salmon face an alarming decline in numbers around the globe due to various reasons from which a great part serves the decrease of water quality and habitat destruction. Keeping in mind the benefits associated with wild salmon new measures and forms of social involvement are urgent before it becomes impossible to safeguard the species of interest. Followed by the international recommendations this study supported the use of a bottom-up working approach taking into account public opinion. A socio-economic field study was conducted regarding the values associated with wild salmon followed by the examples of several case studies obtained in Europe and overseas. The study used a contingent valuation method in order to draw the attitudes and the willingness to pay for the re-introduction of wild salmon in the River Ogre, Latvia. The study included analyses of different opinions towards the values of wild salmon. Two distinct respondent groups i.e. anglers/fisherman and non-anglers/fisherman living within the municipality of Ogre, Latvia were included in the sample reaching a response rate of 56 per cent. The average estimate as a single payment in 2015 of the willingness to pay reached a value of around 27±9, 95%, CI EUR/household/this year excluding zero and protest bids where the value lowered to 12±4, 95% CI EUR/household/this year when zero bids were included. The Welch Two sample t-test indicated that respondents under certain social categories such as fishermen/angler, men, respondents with family members fishing/angling and environmentally aware respondents were willing to pay more. Besides providing estimates on the willingness to pay, the study revealed that also non-fishermen/anglers gave a high importance of the values associated with wild salmon. A great deal of respondents ranked the benefits driven by non-use and non-consumptive values of wild salmon as “important” or “very important”. The outcome of the study has provided one of the first insights of the importance of wild salmon held by Latvian citizens. It is up to the public and researchers to be heard by the decision makers.

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Pae, Jinhan. "Earnings management and its impact on the information content of earnings and the properties of analysts forecasts." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0023/NQ38951.pdf.

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48

Boman, Anna, and Jonas Larsson. "Patent Valuation in Theory and Practice." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1578.

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Background: Today, an increased need to value patents is expressed in several different situations. For example, banks more frequently accept patents as collateral for loans and patents are being exchanged more often between companies. It is argued that a hindrance for the recognition of the value of patents, and other assets lacking physical form, is that the current methods of valuation are not developed for this type of assets.

Purpose: Our objective is to investigate the practical relevance of four theoretical valuation approaches in the context of patent valuation and to point out crucial factors affecting the choice of valuation approach.

Procedure: Interviews were conducted with professionals working in the field of corporate finance and with an expert in the field of patents and intellectual property rights.

Results: The respondents are not of the same opinion whether relevant approaches for patent valuation exist at all. Among the respondents who find it possible to value patents, the income approach is the dominating approach. The theoretical correctness of this approach, derived from the definition of value, is stressed as the primary argument for the use of it. Methods such as Decision Tree Analysis, within the income approach, and Relief from Royalty, a hybrid of the market- and income approach, are used as complements.

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Li, Xiaofei 1972. "Three essays on the pricing of fixed income securities with credit risk." Thesis, McGill University, 2004. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=84523.

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This thesis studies the impacts of credit risk, or the risk of default, on the pricing of fixed income securities. It consists of three essays. The first essay extends the classical corporate debt pricing model in Merton (1974) to incorporate stochastic volatility (SV) in the underlying firm asset value and derive a closed-form solution for the price of corporate bond. Simulation results show that the SV specification for firm asset value greatly increases the resulting credit spread levels. Therefore, the SV model addresses one major deficiency of the Merton-type models: namely, at short maturities the Merton model is unable to generate credit spreads high enough to be compatible with those observed in the market. In the second essay, we develop a two-factor affine model for the credit spreads on corporate bonds. The first factor can be interpreted as the level of the spread, and the second factor is the volatility of the spread. Our empirical results show that the model is successful at fitting actual corporate bond credit spreads. In addition, key properties of actual credit spreads are better captured by the model. Finally, the third essay proposes a model of interest rate swap spreads. The model accommodates both the default risk inherent in swap contracts and the liquidity difference between the swap and Treasury markets. The default risk and liquidity components of swap spreads are found to behave very differently: first, the default risk component is positively related to the riskless interest rate, whereas the liquidity component is negatively correlated with the riskless interest rate; second, although default risk accounts for the largest share of the levels of swap spreads, the liquidity component is much more volatile; and finally, while the default risk component has been historically positive, the liquidity component was negative for much of the 1990s and has become positive since the financial market turmoil in 1998.

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Kriström, Bengt. "Valuing environmental benefits using the contingent valuation method : an econometric analysis." Doctoral thesis, Umeå universitet, Institutionen för nationalekonomi, 1990. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-90578.

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The purpose of this study is to investigate methods for assessing the value people place on preserving our natural environments and resources. It focuses on the contingent valuation method, which is a method for directly asking people about their preferences. In particular, the study focuses on the use of discrete response data in contingent valuation experiments.The first part of the study explores the economic theory of the total value of a natural resource, where the principal components of total value are analyzed; use values and non-use values. Our application is a study of the value Swedes' attach to the preservation of eleven forest areas that contain high recreational values and contain unique environmental qualities. Six forests were selected on the basis of an official investigation which includes virgin forests and other areas with unique environmental qualities. In addition, five virgin forests were selected.Two types of valuation questions are analyzed, the continuous and the discrete. The first type of question asks directly about willingness to pay, while the second type suggests a price that the respondent may reject or accept. The results of the continuous question suggest an average willingness to pay of about 1,000 SEK per household for preservation of the areas. Further analysis of the data suggests that this value depends on severi characteristics of the respondent: such as the respondent's income and whether or not the respondent is an altruist.Two econometric approaches are used to analyze the discrete responses; a flexible parametric approach and a non-parametric approach. In addition, a Bayesian approach is described. It is shown that the results of a contingent valuation experiment may depend to some extent on the choice of the probability model. A re-sampling approach and a Monte-Carlo approach is used to shed light on the design of a contingent valuation experiment with discrete responses. The econometric analysis ends with an analysis of the often observed disparity between discrete and continuous valuation questions.A cost-benefit analysis is performed in the final chapter. The purpose of this analysis is to illustrate how the contingent valuation approach may be combined with opportunity cost data to improve the decision-basis in the environmental policy domain. This analysis does not give strong support for a cutting alternative. Finally, the results of this investigation are compared with evidence from other studies.The main conclusion of this study is that assessment of peoples' sentiments towards changes of our natural environments and resources can be a useful supplement to decisions about the proper husbandry of our natural environments and resources. It also highlights the importance of careful statistical analysis of data gained from contingent valuation experiments.
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Dissertations / Theses on the topic 'Income method of valuation'

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