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Pumprová, Zuzana. "Valuation Methods of Interest Rate Options." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73665.
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The subject of this thesis are selected interest rate models and valuation of interest rate derivatives, especially interest rate options. Time-homogeneous one-factor short rate models, Vasicek and Cox-Ingersoll-Ross, and time-inhomogeneous short rate model, Hull{White, are treated. Heath-Jarrow-Morton framework is introduced as an alternative to short rate models, evolving the entire term structure of interest rates. The short rate models are shown to be special cases of models within the framework. The models are derived using the risk-neutral pricing methodology.
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Dunbar, Charles David. "Methods and techniques for valuation of patents." CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2306.
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Ntwiga, Davis Bundi. "Numerical methods for the valuation of financial derivatives." Thesis, University of the Western Cape, 2005. http://etd.uwc.ac.za/index.php?module=etd&.
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Numerical methods form an important part of the pricing of financial derivatives and especially in cases where there is no closed form analytical formula. We begin our work with an introduction of the mathematical tools needed in the pricing of financial derivatives. Then, we discuss the assumption of the log-normal returns on stock prices and the stochastic differential equations. These lay the foundation for the derivation of the Black Scholes differential equation, and various Black Scholes formulas are thus obtained. Then, the model is modified to cater for dividend paying stock and for the pricing of options on futures. Multi-period binomial model is very flexible even for the valuation of options that do not have a closed form analytical formula. We consider the pricing of vanilla options both on non dividend and dividend paying stocks. Then show that the model converges to the Black-Scholes value as we increase the number of steps. We discuss the Finite difference methods quite extensively with a focus on the Implicit and Crank-Nicolson methods, and apply these numerical techniques to the pricing of vanilla options. Finally, we compare the convergence of the multi-period binomial model, the Implicit and Crank Nicolson methods to the analytical Black Scholes price of the option. We conclude with the pricing of exotic options with special emphasis on path dependent options. Monte Carlo simulation technique is applied as this method is very versatile in cases where there is no closed form analytical formula. The method is slow and time consuming but very flexible even for multi dimensional problems.
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Chiang, Sophia Yin. "Alternative valuation methods of biotechnology initial public offerings." Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10884.
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Inger, Kerry Katharine. "Relative valuation of alternative methods of tax avoidance." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/27623.
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This paper examines the relative valuation of alternative methods of tax avoidance. Prior studies find that firm value is positively associated with overall measures of tax avoidance; I extend this research by providing evidence that investors distinguish between methods of tax reduction in their valuation of tax avoidance. The impact of tax avoidance on firm value is a function of tax risk, permanence of tax savings, tax planning costs, implicit taxes and contrasts in disclosures of tax reduction in the financial statements. My empirical results suggest that tax avoidance resulting from stock option tax benefits is positively associated with firm value, accelerated depreciation is not associated with firm value and deferral of residual tax on foreign earnings is negatively associated with firm value. Prior studies that find the positive association between firm value and tax avoidance is attenuated in poorly governed firms suggest the discount results from investor concern of managerial opportunism. Self-serving managers conceal diversion of tax savings from investors under the pretext that aggressive tax positions must be hidden from tax authorities in the financial statements. Under this theory transparent tax reduction methods that are clearly supported by the law should not be discounted by investors of poorly governed firms. However, I find that tax avoidance resulting from transparent stock option tax deductions is discounted in poorly governed firms, while tax avoidance derived from opaque deferral of the residual tax on foreign earnings is not, inconsistent with investors believing that managers are exploiting the compromised information environment associated with complex tax transactions.Ph. D.
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Maree, Kevin W. "Valuation of intellectual capital in South African companies: a comparative study of three valuation methods." Thesis, Rhodes University, 2002. http://hdl.handle.net/10962/d1001631.
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Hottle, Nathan E. (Nathan Edward) 1976. "Valuation methods for capital investment in merchant power plants." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/30032.
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Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program, 2003.Includes bibliographical references (p. 87-88).
Wholesale electricity in the U.S. and many other countries is increasingly being supplied by unregulated firms competing to sell their product in competitive markets. Developers of the new merchant plants face a different set of risks than the regulated vertically integrated utilities that formerly owned the generating resources that supplied electricity to customers in their service area. This thesis evaluates the impact that industry restructuring will have on investments in capital-intensive electricity generation technologies and assesses the applicability of traditional economic valuation methods to investment decisions in a competitive wholesale electricity market. The evidence is presented through the use of a case study on the Likelihood of investment in new nuclear power plants in both organizational arrangements as predicted by two economic valuation methods. The results suggest that merchant developers will favor less capital-intensive technologies and that the traditional valuation method for power plant investment fails to capture the total effect on investment decisions of the new market arrangement. Economic studies that ignore the true nature of merchant plant investment will provide misleading conclusions regarding the relative competitiveness of generating technologies.
by Nathan E. Hottle.
S.M.
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Houry, Antonis. "Optimization in quasi-Monte Carlo methods for derivative valuation." Thesis, Imperial College London, 2011. http://hdl.handle.net/10044/1/8630.
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Computational complexity in financial theory and practice has seen an immense rise recently. Monte Carlo simulation has proved to be a robust and adaptable approach, well suited for supplying numerical solutions to a large class of complex problems. Although Monte Carlo simulation has been widely applied in the pricing of financial derivatives, it has been argued that the need to sample the relevant region as uniformly as possible is very important. This led to the development of quasi-Monte Carlo methods that use deterministic points to minimize the integration error. A major disadvantage of low-discrepancy number generators is that they tend to lose their ability of homogeneous coverage as the dimensionality increases. This thesis develops a novel approach to quasi-Monte Carlo methods to evaluate complex financial derivatives more accurately by optimizing the sample coordinates in such a way so as to minimize the discrepancies that appear when using lowdiscrepancy sequences. The main focus is to develop new methods to, optimize the sample coordinate vector, and to test their performance against existing quasi-Monte Carlo methods in pricing complicated multidimensional derivatives. Three new methods are developed, the Gear, the Simulated Annealing and the Stochastic Tunneling methods. These methods are used to evaluate complex multi-asset financial derivatives (geometric average and rainbow options) for dimensions up to 2000. It is shown that the two stochastic methods, Simulated Annealing and Stochastic Tunneling, perform better than existing quasi-Monte Carlo methods, Faure' and Sobol'. This difference in performance is more evident in higher dimensions, particularly when a low number of points is used in the Monte Carlo simulations. Overall, the Stochastic Tunneling method yields the smallest percentage root mean square relative error and requires less computational time to converge to a global solution, proving to be the most promising method in pricing complex derivatives.
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Vargas, Perez Andres Mauricio. "Deliberative Monetary Valuation Methods for Decision Making: Background Inequalities, Communicative Capacity and Internal Exclusion." Thesis, Griffith University, 2016. http://hdl.handle.net/10072/366855.
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Deliberative Monetary Valuation (DMV) aims to make the process of environmental decision making more democratic than conventional economic methods of monetary valuation. This research assesses the limitations of DMV, in particular, the difficulty it has in allowing for the background social/cultural inequalities of participants and the differences in their communicative competence. The PhD makes an original contribution to the understanding of the conditions under which DMV can meet its democratic promise by taking a capability-based approach to address these limitations. The research involved a deliberative forum and a survey relating to a forest conservation issue in rural Colombia.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith School of Environment
Science, Environment, Engineering and Technology
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Bovay, Viviane. "Valuation methods applied to lookback capped multi bonus barrier certificates." St. Gallen, 2009. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03604923002/$FILE/03604923002.pdf.
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CAMPOS, DIOGO RIBEIRO DE ALMEIDA. "VALUATION METHODS FOR SMES IN BRAZIL: THE ZAHIL CASE STUDY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2018. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=34228@1.
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O presente estudo aborda os principais métodos da Avaliação Empresarial no âmbito de demonstrar, na forma de passo a passo, como estimar o valor financeiro de uma PME. Deste modo, são apresentadas as técnicas mais usadas pelo mercado corporativo, mais especificamente, a avaliação pelo Método Contábil, o Fluxo de Caixa Descontado e a Avaliação por Múltiplos, a fim de identificar a metodologia que melhor se adequa à realidade de uma empresa de pequeno-médio porte. Sendo assim, este trabalho propõe, através de um estudo de caso, a aplicação de cada método em uma PME de capital fechado, no intuito de obter seu valor econômico-financeiro. Esta empresa pertencente à indústria do vinho caracteriza-se como um negócio familiar e irá iniciar um processo de captação de investidores. Por conseguinte, existe a necessidade, por parte da gestão da companhia, em entender o valor de mercado do negócio. Os resultados obtidos em cada modelo serão analisados no intuito de confrontar as proposições de valor do empreendimento através de espectros diferentes.This study presents the main business valuation methods in order to demonstrate how to value a SME in Brazil. That said, the most common valuation techniques, specifically, the accounting valuation, discounted cash-flow and the multiples approach are exposed step-by-step with the purpose of understanding the most suitable methodology for a small or medium-sized enterprise. Thus, this research introduces a case study of a family business acting in the wine industry in order to apply each valuation method. This small-medium company is seeking for a private investor to fund its new strategic plan, but first the directors need to understand the business s market value. The results achieved by each valuation model will be analysed and compared to provide a better understanding of the financial value through different outlooks.
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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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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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Krch, Přemysl. "Methods of Market Approach in business valuation in the Czech conditions." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15927.
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The purpose of the diploma thesis was to assess the applicability of Market Approach in business valuation of the Czech entities. The first part comprises basic description of Valuation methods, the core of the thesis describes the guideline publicly traded companies method - multiples, comparable companies etc. -, guideline transaction method and industry multiples method. The application part consists of two valuations using guideline publicly traded companies method - the valuation of Komercni banka and of Trinecke zelezarny.
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Hurníková, Barbora. "Valuation of development company." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72688.
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Aim of this thesis is to determine intrinsic value of shares of developer Orco Prague, a.s. and valuation of this company as of 31.12.2010, based on public information available. Results should help owners and management to decide about the future of the company that is hardly dealing with impacts of worldwide financial crisis. The key for final recommendation will be comparison of results of revenue and liquidation methods. Theoretical part of thesis describes procedures and methodology of valuation, practical part is devoted to introduction of the company, strategic and financial analysis, financial plan and the final valuation of the firm.
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Kanya, Gladys Lucy Wanjiru. "Investigating the criterion validity of contingent valuation-willingness to pay methods." Thesis, Brunel University, 2018. http://bura.brunel.ac.uk/handle/2438/17210.
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With theoretical foundations in welfare theory, the cost benefit analysis (CBA) technique is a powerful tool for assessing benefits particularly where markets do not exist or would fail (for example due to the existence of public goods) or have become potentially politically excluded (such as the health sector). Unlike other economic evaluation techniques, costs and benefits are measured in monetary terms allowing for comparisons within and between different sectors of the economy for resource allocation decisions. Using contingent valuation (CV) techniques, people's preferences for goods are determined by finding out what they would be willing to pay (WTP) for specified benefits or improvements; or accept (WTA), as compensation for withdrawal or loss of benefit. While the use of WTP methods has grown in other sectors, the uptake in health has been limited. A long-standing criticism is that stated WTP estimates may be poor indicators of actual WTP, calling into question their validity and the use of such estimates for welfare valuation. The aim of this thesis is to investigate the criterion validity of CV-WTP studies. A four-pronged approach including critical appraisals of the available literature and evidence on criterion validity and empirical analyses was adopted. The thesis established the scarcity in criterion validity assessments, particularly in the health sector and that evidence on the criterion validity of CV-WTP is more varied than authors are presenting. The variety in the methods used to assess and report criterion validity assessments is demonstrated. Further, the impact of the analysis of hypothetical WTP on criterion validity assessments and conclusions thereof is demonstrated. The empirical analyses further demonstrate the differences in predictions and predictors of WTP analyses, discussing the effect of these on criterion validity assessments and conclusions. Finally, the thesis offers suggestions for the reporting of criterion validity assessments, in efforts to improve the method.
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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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Roy, René. "Consumer valuation of food attributes: a comparison of willingness to pay estimates from choice modelling and contingency valuation methods." Thesis, McGill University, 2009. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=66686.
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This study compares the willingness to pay values from two different stated preference methods, choice modeling (CM) and contingent valuation (CV). The CV approach used was a multiple bounded discrete choice (MBDC) format. The WTP values were estimated for different food products that contained different environmental and health attributes. The two methods were found to generate statistically different WTP estimates for tomatoes and pork and were statistically similar for milk. The difference seems to reside in the model specification; when the attributes were analyzed as non-linear, the WTP estimate using the CM method was statistically similar to the one estimated with the CV method. Tests on sequencing and bid ordering effects were also conducted on the CV data. These biases did not affect the estimated WTP when using the MBDC format. While CM allows more flexibility than CV modeling, CM tends to generate higher estimates when the modeling includes continuous variables. Therefore, special attention is necessary when simulating WTP values from implicit prices derived from CM results.Cette étude compare les valeurs de volontés de payer issus de deux méthodes de préférence statutaire, c'est-à-dire le choix modulé et l'évaluation contingente. Dans le cas de l'évaluation contingente, le format de questionnaire utilisé est celui du choix multiple déterminé. Les valeurs de volontés de payer ont été estimées en utilisant un scénario où des produits alimentaires étaient évalués en fonction de bénéfices environnementaux et de santé. Ces produits sont étiquetés et présentés avec les mesures quantitatives des bénéfices mentionnées précédemment. Les deux méthodes ont générés des valeurs de volonté de payer différentes pour les produits tomate et porc alors que pour le produit lait, les valeurs estimées sont statistiquement identiques. La différence des résultats entre les deux méthodes semble résider dans le modèle statistique utilisé puisque les paramètres traités de façon non-linéaire se sont révélés statistiquement similaires. De plus, des tests sur la séquence d'apparition des questions et l'ordre des offres ont été effectués dans le questionnaire d'évaluation contingente pour déterminer leurs effets sur les valeurs exprimées par les répondants. Les résultats statistiques ont démontrés l'absence d'effet de ces deux facteurs sur les valeurs exprimées. En conclusion, alors que le choix modulé permet une plus grande flexibilité au niveau des scénarios et des applications des valeurs, cette méthode a généré des valeurs de volonté de payer élevées lorsque les attributs sont de natures quantitatives linéaires. Il apparaît donc judicieux d'utiliser les valeurs d'attributs de nature quantitative linéaire provenant de la méthode de choix modulé avec parcimonie lors de la simulation de scénarios.
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Armerin, Fredrik. "Aspects of cash flow valuation /." Doctoral thesis, Stockholm, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-76.
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Smith, Marcus. "Evaluating Renewable Resource Assets Under Uncertainty: Analytical and Numerical Methods with Case-Study Applications." Thesis, Griffith University, 2012. http://hdl.handle.net/10072/365800.
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This study derives an innovative working asset valuation model, termed the RRM (Renewable Resource Model), within the real options methodology to evaluate renewable natural resource assets. The RRM calculates the value of an investment project as well as computing the critical strike prices at which it becomes optimal to exercise various options over the asset, including when to invest (commence or recommission operations), disinvest (temporarily decommission or delay operations) or abandon the asset altogether. An implementation of the RRM including a user-friendly interface is presented. A case study, in which agricultural investments are evaluated, demonstrates the applicability of the model to a real-world setting. This study is expected to make several contributions to the capital budgeting literature, particularly the growing body of research on real options. First, it provides an innovative extension to the seminal academic work of Brennan and Schwartz (1985b) by developing a real options model, the RRM, which is generally applicable to evaluating renewable resource investments. Second, it develops a practical solution and implementation of this model with a view to making it accessible to practitioners. Third, some theoretical work is also presented which equates the RRM with a traditional valuation framework to calculate an exact risk-adjusted discount rate applicable to traditional discounted cash flow valuations for a whole equity firm. Fourth, it demonstrates how the RRM can be applied generally to renewable resource assets using a real-world example.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Sörensson, Tomas. "Swedish convertible bonds and their valuation." Doctoral thesis, Handelshögskolan i Stockholm, Kostnadsintäktsanalys (C), 1993. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-893.
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Since 1980, many convertible bonds have been issued by Swedish companies. Most of these issues have been aimed at the employees. The great number of these employee issues gave rise to a new tax law. This tax law made it necessary to obtain a value on a convertible bond certificate at issue. In the first part of the dissertation, the institutional setting for the issuing of convertible bonds in Sweden is discussed. The relevant tax laws and recommendations given by different organizations are described. Also other features related to the issues are described. Furthermore, an empirical study of convertible bonds issues to emplyees in listed companies is carried out. The main purpose of the study is to quantify the volume of convertible bond issues to employees which have defaulted. Issues with a nominal value of around 500 million Swedish Crowns have been involved in some form of default. In this study, several models are compared to investigate whether the choice of model for valuing convertible bonds is important. These models all fall within the framework of Contingent Claims Analysis. Contingent Claims Analysis is an option based technique for determining the value of a claim whose payoffs depend upon the development of one or several underlying variables. In the study, it is shown in great detail how to set up and use those models. It is shown that the choice of model is important for the value of a convertible bond in certain situations. Those situations are identified by an empirical study of Swedish convertible bonds and through sensitivity analysis.Diss. Stockholm : Handelshögskolan, 1993
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Šmardová, Eva. "Automated Valuation Models (AVMs) a jejich využití." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-408047.
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Predictions of market values are important for investment decisions and risk management of banking institutions, developers and, last but not least, households. Increased access to real estate market data and reducing valuatin costs were one of the most important reasons to be interested in developing and subsequent using of automated valuation models (AVM) worldwide. However, the implementation of AVM in the Czech Republic is still limited to a minimum. The aim of the thesis is to theoretically describe some alternative statistical methods used by AVM, such as fuzzy logic, ANN, spatial econometrics or hedonic models, characterize AVM, their use and analyze their current application in the Czech Republic and outline further possible development.
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Jin, Jian Jun. "Stated preference methods and their applications for non-market environmental valuation in Macao." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1636326.
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Cisneros-Molina, Myriam. "Mathematical methods for valuation and risk assessment of investment projects and real options." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491350.
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In this thesis, we study the problems of risk measurement, valuation and hedging of financial positions in incomplete markets when an insufficient number of assets are available for investment (real options). We work closely with three measures of risk: Worst-Case Scenario (WCS) (the supremum of expected values over a set of given probability measures), Value-at-Risk (VaR) and Average Value-at-Risk (AVaR), and analyse the problem of hedging derivative securities depending on a non-traded asset, defined in terms of the risk measures via their acceptance sets. The hedging problem associated to VaR is the problem of minimising the expected shortfall. For WCS, the hedging problem turns out to be a robust version of minimising the expected shortfall; and as AVaR can be seen as a particular case of WCS, its hedging problem is also related to the minimisation of expected shortfall. Under some sufficient conditions, we solve explicitly the minimal expected shortfall problem in a discrete-time setting of two assets driven by correlated binomial models. In the continuous-time case, we analyse the problem of measuring risk by WCS, VaR and AVaR on positions modelled as Markov diffusion processes and develop some results on transformations of Markov processes to apply to the risk measurement of derivative securities. In all cases, we characterise the risk of a position as the solution of a partial differential equation of second order with boundary conditions. In relation to the valuation and hedging of derivative securities, and in the search for explicit solutions, we analyse a variant of the robust version of the expected shortfall hedging problem. Instead of taking the loss function $l(x) = [x]^+$ we work with the strictly increasing, strictly convex function $L_{\epsilon}(x) = \epsilon \log \left( \frac{1+exp\{−x/\epsilon\} }{ exp\{−x/\epsilon\} } \right)$. Clearly $lim_{\epsilon \rightarrow 0} L_{\epsilon}(x) = l(x)$. The reformulation to the problem for L_{\epsilon}(x) also allow us to use directly the dual theory under robust preferences recently developed in [82]. Due to the fact that the function $L_{\epsilon}(x)$ is not separable in its variables, we are not able to solve explicitly, but instead, we use a power series approximation in the dual variables. It turns out that the approximated solution corresponds to the robust version of a utility maximisation problem with exponential preferences $(U(x) = −\frac{1}{\gamma}e^{-\gamma x})$ for a preferenes parameter $\gamma = 1/\epsilon$. For the approximated problem, we analyse the cases with and without random endowment, and obtain an expression for the utility indifference bid price of a derivative security which depends only on the non-traded asset.
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Ghosh, Suvankar. "Essays on Emerging Practitioner-Relevant Theories and Methods for the Valuation of Technology." Kent State University / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=kent1246573195.
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Louey, Wing-hong, and 雷永康. "Analysis of the asset valuation methods of real estate properties in the People's Republic of China and Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31251389.
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Sudler, Glenn F. "Asian Options: Inverse Laplace Transforms and Martingale Methods Revisited." Thesis, Virginia Tech, 1999. http://hdl.handle.net/10919/34300.
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Arithmetic Asian options are difficult to price and hedge, since, at the present, no closed-form analytical solution exists to price them. This difficulty, moreover, has led to the development of various methods and models used to price these instruments. The purpose of this thesis is two-fold. First, we present an overview of the literature. Secondly, we develop a pseudo-analytical method proposed by Geman and Yor and present an accurate and relatively quick algorithm which can be used to price European-style arithmetic Asian options and their hedge parameters.Master of Science
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Cheng, Mingliang. "Corporate valuation and optimal operation under liquidity constraints." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/corporate-valuation-and-optimal-operation-under-liquidity-constraints(9dbf048a-87e0-434d-aac5-b5bd6b6963c8).html.
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We investigate the impact of cash reserves upon the optimal behaviour of a modelled firm that has uncertain future revenues. To achieve this, we build up a corporate financing model of a firm from a Real Options foundation, with the option to close as a core business decision maintained throughout. We model the firm by employing an optimal stochastic control mathematical approach, which is based upon a partial differential equations perspective. In so doing, we are able to assess the incremental impacts upon the optimal operation of the cash constrained firm, by sequentially including: an optimal dividend distribution; optimal equity financing; and optimal debt financing (conducted in a novel equilibrium setting between firm and creditor). We present efficient numerical schemes to solve these models, which are generally built from the Projected Successive Over Relaxation (PSOR) method, and the Semi-Lagrangian approach. Using these numerical tools, and our gained economic insights, we then allow the firm the option to also expand the operation, so they may also take advantage of favourable economic conditions.
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Raybould, Michael, and n/a. "Attitudes and Information Effects in Contingent Valuation of Natural Resources." Griffith University. Australian School of Environmental Studies, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061009.150949.
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This thesis investigated the effects of photographic and text information on respondents' attitudes and willingness-to-pay for a proposed beach protection scheme in the erosion prone Gold Coast region on the east coast of Australia. The research developed two alternative expectancy-value attitude-behaviour models to test residents' attitudes toward relevant targets and behavioural intention, expressed through stated willingness-to-pay, and compared the proposed models with one established attitude-behaviour model. The thesis set out to investigate three central research questions; one question relating to the effects of information on attitudes and willingness-to-pay, and two questions relating to the relationships between attitudes and willingness-to-pay. It was hypothesised that photographs that depicted severe erosion damage would result in more positive attitudes toward, and greater willingness-to-pay for, beach protection than photographs that showed only mild levels of erosion damage. Positive relationships were hypothesised between variables representing attitudes toward beach erosion, attitude toward beach protection, attitude toward paying for beach protection, and willingness-to-pay. Finally, it was hypothesised that the relationships between attitudes and willingness-to-pay could be adequately explained by the proposed attitude-behaviour models. The thesis describes how seven information treatments and eight attitude measurement scales were developed and tested in a pilot experiment before use in a survey of homeowners in the region of interest. Analysis of variance showed that, while respondent's attitude toward beach protection was affected by the information treatments, their willingness-to-pay for the proposed program was insensitive to information. There were no significant effects that could be attributed exclusively to text descriptions of the good but there were significant effects that could be attributed to photographic information treatments. However, none of the effects on attitudes resulted in significant effects on the behavioural intention expressed in stated willingness-to-pay. Analysis of respondents with low previous knowledge of the proposed good revealed more extensive information effects on attitudes, but still not on willingness-to-pay, and this suggests that high levels of previous knowledge in a large proportion of the sample had a moderating effect on attitude change caused by the information treatments. Regression analysis showed that seven of the eight attitude and behaviour variables in the proposed attitude-behaviour model were significant predictors of willingness-to-pay. In the final phase of the analysis, goodness-of-fit indices, estimated using Structural Equation Modelling, indicated a good fit between the data and the attitude-behaviour models tested. Standardised coefficients on the model indicated that perceived behavioural control, expected utility of outcomes, and subjective norms all had strong direct relationships with stated willingness-to-pay, and strong indirect relationships on willingness-to-pay via attitudes toward payment. These results are consistent with the relationships proposed in attitude-behaviour models and the moderating effects of these variables explain why significant information treatment effects were observed on attitude to beach protection but not on willingness-to-pay. This research showed that respondent's willingness-to-pay in a contingent valuation experiment is quite insensitive to photographic treatments when previous knowledge is high and that costly and time consuming testing procedures, recommended by authorities, may not be necessary under these conditions. It also demonstrated that measures of attitude, consistent with an attitude-behaviour model, can be collected easily in a contingent valuation study and can contribute to understanding of participant responses and to identification of protest responses.
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Raybould, Michael. "Attitudes and Information Effects in Contingent Valuation of Natural Resources." Thesis, Griffith University, 2006. http://hdl.handle.net/10072/367928.
Full textAbstract:
This thesis investigated the effects of photographic and text information on respondents' attitudes and willingness-to-pay for a proposed beach protection scheme in the erosion prone Gold Coast region on the east coast of Australia. The research developed two alternative expectancy-value attitude-behaviour models to test residents' attitudes toward relevant targets and behavioural intention, expressed through stated willingness-to-pay, and compared the proposed models with one established attitude-behaviour model. The thesis set out to investigate three central research questions; one question relating to the effects of information on attitudes and willingness-to-pay, and two questions relating to the relationships between attitudes and willingness-to-pay. It was hypothesised that photographs that depicted severe erosion damage would result in more positive attitudes toward, and greater willingness-to-pay for, beach protection than photographs that showed only mild levels of erosion damage. Positive relationships were hypothesised between variables representing attitudes toward beach erosion, attitude toward beach protection, attitude toward paying for beach protection, and willingness-to-pay. Finally, it was hypothesised that the relationships between attitudes and willingness-to-pay could be adequately explained by the proposed attitude-behaviour models. The thesis describes how seven information treatments and eight attitude measurement scales were developed and tested in a pilot experiment before use in a survey of homeowners in the region of interest. Analysis of variance showed that, while respondent's attitude toward beach protection was affected by the information treatments, their willingness-to-pay for the proposed program was insensitive to information. There were no significant effects that could be attributed exclusively to text descriptions of the good but there were significant effects that could be attributed to photographic information treatments. However, none of the effects on attitudes resulted in significant effects on the behavioural intention expressed in stated willingness-to-pay. Analysis of respondents with low previous knowledge of the proposed good revealed more extensive information effects on attitudes, but still not on willingness-to-pay, and this suggests that high levels of previous knowledge in a large proportion of the sample had a moderating effect on attitude change caused by the information treatments. Regression analysis showed that seven of the eight attitude and behaviour variables in the proposed attitude-behaviour model were significant predictors of willingness-to-pay. In the final phase of the analysis, goodness-of-fit indices, estimated using Structural Equation Modelling, indicated a good fit between the data and the attitude-behaviour models tested. Standardised coefficients on the model indicated that perceived behavioural control, expected utility of outcomes, and subjective norms all had strong direct relationships with stated willingness-to-pay, and strong indirect relationships on willingness-to-pay via attitudes toward payment. These results are consistent with the relationships proposed in attitude-behaviour models and the moderating effects of these variables explain why significant information treatment effects were observed on attitude to beach protection but not on willingness-to-pay. This research showed that respondent's willingness-to-pay in a contingent valuation experiment is quite insensitive to photographic treatments when previous knowledge is high and that costly and time consuming testing procedures, recommended by authorities, may not be necessary under these conditions. It also demonstrated that measures of attitude, consistent with an attitude-behaviour model, can be collected easily in a contingent valuation study and can contribute to understanding of participant responses and to identification of protest responses.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Australian School of Environmental Studies
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Tang, Yuxiao. "Valuation of Mortgage Backed Securities with Prepayment using BDT Model and Monte Carlo Methods." Digital WPI, 2015. https://digitalcommons.wpi.edu/etd-theses/1184.
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Mortgage backed securities are one of the most important asset classes available to fixed income investors. They are also essential to the functioning of the financial and housing market by providing liquidity to the home mortgage market. Proliferation and wide spread acceptance of mortgage backed securities resulted in a significant deduction of the interest rates for home mortgages. The 2007-2010 financial crisis sparked enhanced scrutiny of the accuracy of the pricing of mortgage backed securities. The purpose of the present thesis is to develop a computer based mathematical methodology to accurately price individual mortgages that are the fundamental assets underlying every mortgage backed security. The focus of this paper is to correctly account for inherent interest rate and prepayment risk. Default risk is not subject of this project. Interest rate risk is handled in the framework of the arbitrage free Black-Derman-Toy (BDT) model. Public Securities Association’s (PSA) model is used to simulate prepayment risk. Monte Carlo simulation methodology is developed to evaluate the properly discounted current value of the risky cash flows and hence value the mortgages. The computational algorithms are implemented in R.
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Holeček, Václav. "Business Valuation - Budweiser Budvar, National Corporation." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-165534.
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The goal of this master thesis is to appraise Budweiser Budvar, national corporation to 1st August 2013 with the purpose of selling the company to an unknown potential buyer. The thesis is divided into theoretical and practical part. In the theoretical part, all the important theoretical aspects are defined and methods for business valuation used in this thesis are described. In the second -- practical -- part, theory is applied to the particular company. Firstly, the appraised company is introduced followed by its strategic and financial analysis, value generators, and financial plan. The core valuation methods used are the two phase discounted free cash flow method and method based on industry multiples.
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Friedlander, Michael Arthur. "A robust non-time series approach for valuation of weather derivativesand related products." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B47147234.
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Kozáková, Martina. "Vývoj obvyklej ceny u jednotiek v Brne – meste so zameraním na lokality Brno – stred a Brno – Bystrc v časovom období rokov 2015 a 2016." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-241327.
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The Diploma Thesis is based on the Analysis of the real estete market of flats in Brno – mesto focusing on Brno-stred and Brno – Bystrc. Description and characteristics of selected places in Brno – mesto, the analysis of real estate market with flats for selected places, the description of factors affecting the price of flats, the explanation of pricing definitions, the description of the valuation methods and the history of valuation.
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Benedicks, Anne, and Veronica Öberg. "Värderarens val av metod : Påverkansfaktorer vid företagsvärdering." Thesis, Södertörn University College, School of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-1156.
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Title: The appraiser’s choice of valuation method – factors that influences the choice of company valuation methods
Seminar date: 04/06/07
Course: Master thesis in Business Administration, 10 Swedish credits.
Authors: Anne Benedicks and Veronica Öberg
Advisor: Eron Oxing
Profession of category: Financial analysts, auditors and company lawyers.
Key words: Company valuation, valuation methods, cash flow analysis, comparative valuation, the net asset value method.
The Main Issue: What is of decisive importance when choosing a special company valuation method?
Purpose: The purpose of this paper is to identify, analyse and evaluate the most common methods of valuation for financial analysts, auditors and company lawyers and those factors that influences the choice of method.
Method: A multiple survey has been implemented for the actual profession categories. Primary data was collected through semi-structured interviews and a questionnaire survey.
Theoretical: The theoretical frame of reference is based upon the paper’s dependent variable, i.e. the role of the appraiser. The appraiser is dependent of following undependent variables: comparative valuation of company, situations of valuation, relevant information, the processes of valuation, the methods of valuation and common custom valuation.
Empiricism: Material from the interviews and the questionnaire survey shows how the professional category respectively acts when they valuate a company and why and which valuation method is used. According to the interviews the financial analysts often uses comparative evaluation, the auditor uses the cash flow analysis while the lawyer chooses the net asset value method.
Conclusion: The result of this paper considerable agrees to earlier research within the field. The main underlying factor for the appraiser to choose a certain evaluation method is simply depending on the actual situation. Example of other determining factors is customer relations, access to relevant information and which type of business under evaluation.
Yrkesgrupper: Finansanalytiker, revisorer och jurister.
Problemformulering: Vad är avgörande för att en specifik företagsvärderingsmetod väljs?
Syfte: Syftet med uppsatsen är att identifiera, analysera och utvärdera vilka de vanligast förekommande värderingsmetoderna är för finansanalytiker, revisorer och jurister samt vilka faktorer som påverkar valet av metod.
Metod: En flerfallstudie har gjorts hos de berörda yrkeskategorierna. Primärdata samlades in genom semistrukturerade intervjuer samt enkätundersökning.
Teoretisk referensram: Den teoretiska referensramen utgår från uppsatsens beroende variabel, värderarens roll. De oberoende variabler som värderaren är beroende av är: relativ företagsvärdering, värderingssituationer, informationskällor, värderingsprocessen, värderingsmetoder och god värderingssed.
Empiri: Material från intervjuer och enkätundersökning visar på hur respektive yrkeskategori handlar i en företagsvärderingssituation samt varför och med vilken värderingsmetod. Enligt intervjuerna använder finansanalytikern oftast jämförande värdering, revisorn väljer kassaflödesanalys medan juristen väljer substansvärdemetoden.
Slutsats: Uppsatsens resultat överensstämmer på ett bra sätt med tidigare forskning inom området. Den största bakomliggande faktorn till att värderaren väljer en viss värderingsmetod beror oftast på situationen. Exempel på andra avgörande element är relationen till kunden, tillgång till information samt vilken typ av företag som ska värderas.
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Ruto, Eric. "Economic valuation of farm animal genetic resources : methods and applications to indigenous cattle in Kenya." Thesis, University of Newcastle Upon Tyne, 2004. http://eprints.lincoln.ac.uk/15082/.
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There is increasing global concern about the potential long term consequences of loss of domestic animal diversity. International agreements such as the Convention on Biological Diversity encourage the design of policies that convey economic incentives for conservation of genetic resources employed in agriculture. Of particular interest is the situation in developing countries where on one hand, livestock make the greatest contribution to human livelihoods and food security while on the other, genetic erosion has placed many adapted breeds that survive well in low input agriculture and extreme environments, typical of these countries, at risk of loss. An important goal is the development of policies and strategies for conservation and sustainable utilisation of these resources. Economic valuation tools for farm animal genetic resources (AGR) would contribute to this goal by providing information for decision making. It is from this background that this study, with special reference to indigenous cattle in Kenya, focuses on the nature of values associated with AGR and the methodological approaches that can be used to assign value, as a prerequisite to improved understanding of some of the forces that are driving their decline and designing well targeted economic incentives for their conservation and sustainable management. The empirical approach involves a systematic investigation of preferences over cattle traits and breeds in Kenyan livestock markets. Revealed preference (market transactions) and stated preference (choice experiment) surveys were conducted concurrently amongst the same population of respondents. The results of the two approaches are first compared with the aim of assessing the performance of the stated preference approach in valuing cattle traits through an external test of preference consistency. The choice experiment data is subsequently employed to estimate a series of discrete choice models aimed at characterising heterogeneity in valuations across and within various segments of buyers. The study demonstrates the potential usefulness of choice experiments in valuing genetic traits expressed by livestock and provides empirical evidence to suggest that breed preferences are generally not in favour of indigenous cattle in Kenya. The implications for conservation and breeding policies are drawn.
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Masunaga, Shuichi S. M. Massachusetts Institute of Technology. "A comparative study of real options valuation methods : economics-based approach vs. engineering-based approach." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42019.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 74-76).
It has been expected that the option valuation theory will play a much more significant role in the real estate analysis. However, potentially because of the need for understanding the advanced financial theories, the real options analysis has not been fully used in the real world. In order to attack this problem, it is highly desired to create a more practical and easily understandable calculation model for valuing flexibility. With the increasing computational power of today, an interesting approach to valuing flexibility arises from the field of engineering systems. This approach does not require the understanding of advanced financial theories, and aims to assess the value of flexibility built into the project design. Although the perspective of this approach may be slightly different from that of traditional real options valuation approach, this approach might be an alternative method as a simpler model for valuing flexibility. The comparative study of the economics-based approach and the engineering-based approach revealed that the latter approach has one critical problem in estimating the value of flexibility; the usage of a single risk-adjusted discount rate leads to either underestimation or overestimation of the real options value. Based on the results of a case study, this thesis proposes to use the engineering-based approach together with the economics-based approach. With its ability of comprehensive analysis and graphic presentation, the engineering-based approach has a great probability to make it easier for average practitioners to intuitively understand the value of flexibility.
by Shuichi Masunaga.
S.M.in Real Estate Development
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Matthews, D. I. "Replication methods applied to issues of non independence in the designs of contingent valuation experiments." Thesis, Queen's University Belfast, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.679225.
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The author's intention in presenting this thesis is to develop new and simple to apply analytic methods to robustly estimate and compare Willingness to Pay (WTP) estimates and particularly to develop tests for statistical significance in these differences by estimating sampling variance appropriate to the method, taking into account the correlation between estimates incorporating the CV methods and or sampling designs. In particular I am interested in testing differences in estimated valuation statistics, such as Median WTP and thus overcoming aspects of non independence in the welfare estimates due to the design of the survey methodology e.g. in Double Bounded Dichotomous choices the estimate of the Double Bounded welfare estimate is not independent of the Single Bounded estimate because of the nature of the DB method. The use of replication here refers specifically to resampling methods that are used to provide variances of differences by simulating the sampling distribution by randomly resampling and thus quantifying the sampling variation. Here 3 of the 4 papers presented use either the bootstrap or jac1dmife method to produce the sampling variation of difference. The fourth paper uses a split sample approach to test individual WTP differences with a pooled Benefit Transfer estimate. The thesis presents four papers from 4 separate stated preference studies using different Contingent Valuation question formats which are used to evaluate WTP for: Improvement to Animal Welfare, Child safety on farms, Values of Forest recreation and Renewable Electricity generation in Chile. The theme of the thesis is to test for differences in estimates in WTP estimates between various within sample and across samples designs. These tests are used in 2 papers to test for the occurrences of inconsistency between SB and DB estimates and to test for anchoring of the second bid in relation to the level of the first bid offered amount in DBDC and thus to test for respondent behavioural effects such as Learning on inconsistency and anchoring.
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Syms, Paul Michael. "The redevelopment and value of contaminated land." Thesis, Sheffield Hallam University, 1996. http://shura.shu.ac.uk/20415/.
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This study examines the effects of contamination on the redevelopment and valuation of industrial land. The period covered by the study was one in which environmental legislation in the United Kingdom was undergoing significant changes. The Government's proposal to introduce registers of 'potentially contaminated sites' was fiercely opposed by different interest groups and was abandoned. New legislative proposals followed but will not take effect before 1997. During the same period, the guidance given to the valuers of industrial properties, and of other properties which may be affected by contamination, has been limited in scope and difficult to implement. It is argued that contaminated land is an important resource and that a 'risk assessment' approach should be adopted for valuation purposes and the appraisal of redevelopment proposals. The processes involved in the investigation of contaminated sites, the selection of treatment methods and the role of the valuer in these actions are considered. Alternative approaches to the valuation and appraisal of contaminated sites are described, both in situations where the existing industrial use is to continue and where redevelopment is proposed. Value was found to be affected both by the cost to treat the contamination and perceived 'risk factors', which are collectively termed 'stigma'.Besides valuers, many different actors are involved in the property development process. These actors are likely to hold differing views in respect of treatment methods, the value and desirability of redeveloping contaminated sites, according to the nature of their involvement. Questionnaire surveys were undertaken of valuers and other professionals involved in redevelopment, in order to test their perceptions of the risks involved. The views of a 'general population' sample were also obtained in respect of a number of environmental issues, in order to compare the views of two 'expert' groups with those of a wider population. Interviews were conducted with a number of leading valuers, so as to assess current practice in reflecting the possibility of contamination in valuations. The surveys enabled professional perceptions of the stigma effect to be determined. Case studies involving the redevelopment of contaminated sites were researched and the impact of stigma upon transaction prices was assessed. The findings of the research enabled a predictive model to be developed for use in the valuation of contaminated land and this was tested by reference to ten case studies. The perception of risk, associated with contaminated land, held by valuers was clearly identified to be higher than that perceived by the other group of'experts' involved in the development process. All of the professionals were generally supportive of current Government proposals but with some reservations. Property investors were identified as being the most cautious of all actors involved in property development. Further research proposals are described.
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Motshabi, Karabo Mirriam. "Valuation of credit default swaptions using Finite Difference Method / by Karabo Mirriam Motshabi." Thesis, North-West University, 2012. http://hdl.handle.net/10394/9180.
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Credit default swaptions (CDS options) are credit derivatives that are widely used by finan-cial institutions such as banks and hedging companies to manage their credit risk. These options are usually priced using Black-Scholes model, but the assumptions underlying this model do not always hold especially when solving complex financial problems. The proposed solution is to use numerical methods such as finite difference method (FDM) to approximate the solution of the Black-Scholes PDE in cases where closed form solutions cannot be obtained.
The pricing of swaptions are important in financial markets, hence we specifically discuss the pricing of interest rate swaptions, CDS options, commodity swaptions and energy swap-tions using Black-Scholes model.
Simple parabolic PDE known as heat equation given at (Higham, 2004) forms a foundations to understand the application of FDM when solving a PDE. Since, Black-Scholes PDE is also a parabolic equation it is transformed to a form of a heat equation (diffusion equation) by applying change of variables technique.
FDM, specifically Crank-Nicolson method can be applied to the heat equation but in this dissertation it is applied directly to the Black-Scholes PDE to approximate its solution. Therefore, it is preferable to use Crank-Nicolson method because it is known to be second- order accurate, unconditionally stable, very flexible, suitable and can accommodate varia- tions in financial problems, (Duffy, 2008). The stability of this method is investigated using a matrix approach because it accommodates the effect of boundary conditions.
To test the convergence of Crank-Nicolson method, it is compared with the Black-Scholes method used in (Tucker and Wei, 2005) to price CDS options. Conclusively the results obtained by Crank-Nicolson method to price CDS options are similar to those obtained using Black-Scholes method.Thesis (MSc (Risk Analysis))--North-West University, Potchefstroom Campus, 2013.
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Van, der Walt Jacobus. "An analysis of the use of mass appraisal methods for agricultural properties." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/61385.
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Farms are highly heterogeneous and never identical. No two farms are ever alike in terms of (1) the basic resources, land, labour, or capital that are available, (2) the way these resources or factors of production are combined, or (3) in terms of the amounts of various crops and livestock produced. There are numerous factors that influence the price of a farm and some of these factors are not monetary related. This makes the task of the valuer complex, and it increases the possibility of large differences in the estimated market value determined and the actual selling price.
The development and use of AVM (Automated Valuation Method) models in the valuation of especially residential property, is a worldwide phenomenon. The majority of AVM models use MRA (Multiple Regression Analysis) as a basis. The accuracy of a MRA relies heavily on the quality and accuracy of the data that are used. Thus, the availability of quality and accurate data has a significant impact on the potential accuracy of a MRA.
Accurate MRA valuation estimates will be fair to individual farm owners regarding their municipal tax assessments and it will lead to a wider use of MRAs for the valuation of farms, with the associated benefits of lower valuation costs and speedier valuations, especially by financial institutions.
This study analyses the unique and distinctive attributes of farms, which must be taken into account when a MRA model is developed. By following a stepwise regression approach, a regression model is developed which is fairly accurate, but it does not achieve a high level of accuracy.
Furthermore, the results of the study show that it is difficult to have enough appropriate and accurate data available to develop a regression analysis for agricultural property to satisfy accuracy requirements. Although it is difficult, it is possible to develop MRA models that are fairly accurate. Therefore, if MRA models are currently used for the municipal valuation of farms, which are not fairly accurate, it should be possible to improve the accuracy. However, maximum accuracy cannot be achieved with MRA models. Thus, it cannot replace a valuation done by a skilled and knowledgeable professional valuer, when maximum accuracy is required.Dissertation (MSc)--University of Pretoria, 2017.
Construction Economics
MSc
Unrestricted
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Björn, Cornelia, and Elina Sjöström. "Fastighetsvärdering i Sverige och i Spanien : En jämförande studie om fastighetsvärdering." Thesis, Högskolan i Gävle, Samhällsbyggnad, GIS, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-28866.
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Fastighetsvärderingar utförs av mäklare eller värderare inför försäljning, belåning, arvskiften, skilsmässor, etc. Genom olika metoder beroende på vilket värderingsobjekt det handlar om kan ett marknadsvärde uppskattas. Vid värderingar av småhus är ortsprismetoden genomgående den mest användbara metoden. Läget anses vara den absolut viktigaste värdefaktorn att ta hänsyn till när en värdering utförs, men även skicket, standard, tillgång till service och kommunikationer samt om objektet befinner sig i närhet av vatten. De värdehöjande faktorer, värderingsmetoder och regler kring detta kan skilja och skiljer sig även åt mellan länderna. Denna studie behandlar hur värderingsprocessen går till i Sverige respektive Spanien. Valet av länder motiveras med att det historiskt sett varit populärt för svenskar att investera i spanska fastigheter, främst i form av semesterhus. Då kunskapen är begränsad om hur ett marknadsvärde uppstår i Spanien samt hur köp och försäljningsprocessen går till är denna studie viktig för de som vill köpa en fastighet. Utan besittning av kunskaper om fastighetsmarknaden kan drömmen om det perfekta semesterboendet visas bli en dålig affär. För att skapa förståelse om hur ett värde uppkommer och vilka värdefaktorer som medför påverkan på fastigheten kan denna studie tillföra lyckade fastighetsköp, både i Sverige och i Spanien. För att bidra med relevant information och fakta som stämmer med verkligheten har intervjuer med värderare och mäklare som är aktiva i Sverige och i Spanien utförts. Detta resulterade i svar som var både oväntade och förväntade. I vissa aspekter var värderingsprocessen väldigt lik mellan länderna, medan det också fanns anmärkningsvärda skillnader som kunde diskuteras. Den största skillnad som identifierats i studien är hur mäklare erhåller sin licens i de båda länderna. I Sverige krävs utbildning för att kunna erhålla en mäklarlicens medan licensen i Spanien erbjuds till en försumlig summa. Andra märkbara skillnader är hur köpprocessen skiljer sig mellan länderna samt vilka värdefaktorer som efterfrågas av svenskar som köper bostad i Spanien.Property valuation is executed by real estate brokers or property valuaters before selling, mortgage, inheritance, divorce, etc. Different methods can be used when determing a market value depending on what kind of object it is. When valuating houses, the most common method in Sweden is called “ortsprismetoden”, which compares similar objects to the object that’s being valuated. The most important valuation factor is the location, and has to be considered when deciding the properties value. Other important factors are the properties condition, standard, orientation and if it’s close to water. These factors that enhance the value, the metods that conclude the value and the laws attached to properties could be different in Sweden and in Spain. This study manage how the valuation process is executed in Sweden and in Spain. The countries were chosen based on that it historically have been very popular for Swedes to invest in properties, mainly vacation homes, in Spain. The knowledge about how a market value developes, how the selling/buying process works in Spain is rather limited, therefore this study is important for people who wants to invest in a Spanish property. Without the understandig of the property market, the dream of a perfect vacation home could result in a bad purchase. This study could contribute to a successful purchase by contributing knowledge about the property valuating process, how a market value is determend and what factors increse the value. nterviews were executed with real estate brokers and property valuaters in both Sweden and Spain to provide valuable answers to the questions asked in this study. This resulted in both expected and unexpected answers. In some aspects the valuation process were very similar between the countries, but in other aspects there were some major differences that could be discussed. The biggest difference were if the real estate brokers needed a licens to value property or not. In Sweden the broker needs education to get a licens, while in Spain the licens could be bought. Other differences were the selling/buying aspects and what the most important valuation factors were.
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Chang, Chuang-Chang. "Efficient binomial methods for option valuation and hedging : the case of American currency options and warrants." Thesis, Lancaster University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.260944.
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Ribeiro, ClaÌudia Alexandra Gonçalves Correia. "Bridge methods and the valuation of derivative securities when the underlying follows a LeÌvy process." Thesis, University of Warwick, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.429742.
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Burešová, Jarmila. "ocenění nemovitosti zatížené vlastnickým právem a její přebudování v penzion, včetně zhodnocení perspektiv daného projektu." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75661.
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The thesis deals with the valuation of the house, including land and all accessories under various conditions. The theoretical part explains the basic terminology and summarises the valuation methods used in this thesis. The practical part begins with the valuation of the house and land including all accessories, according to Ordinance for Valuation and Market Valuation Methods, specifically the Asset Value Method and the Comparative Method. The next section considers the existence of a life-use easement by a co-owner of part of the house, gardens and common areas, and sets the value of the property burdened by this easement. At the end, the property is valued as two separate apartments. All costs necessary to achieve the income from rent and property redevelopment are estimated, as well as the net annual return which would result from letting the two apartments. Final assessment of the benefit of the project is implemented through an Economic Rent Method and its comparison with the annual rent income.
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Lönnborg, Jeanette, and Ulrika Larsson. "Företagsvärdering : vad påverkar värderarens val av metod?" Thesis, Mälardalen University, School of Sustainable Development of Society and Technology, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-6485.
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Vid värdering av företag använder den professionella värderaren sig av olika värderingsmetoder för att fastställa ett värde på säljarens företag. Det är inte helt lätt att göra en bedömning då det kan variera hur mycket information som finns att grunda sin värdering på. Det kan även variera vilken metod som används beroende på vad förslags företag som skall värderas. Det går heller inte att få fram ett exakt värde utan det blir oftast ett intervallvärde som använd.Författarna kom fram till att en professionell företagsvärderare använder sig av två till tre olika värderingsmetoder vid värdering av onoterade företag. Det som avgör vilken metod som används är bland annat syftet med värderingen samt hur mycket information som erhålls av säljaren. Även köpare och säljare har undersökningsplikt respektive informationsplikt. Om detta sker ömsesidigt av båda sidor kommer förvärvet gå mycket lättare
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Waigama, Samwel M. S. "Privatization Process and Asset Valuation : a Case Study of Tanzania." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4682.
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This study examines privatization and valuation processes in the context of privatized state owned enterprises in Tanzania. It investigates the implementation of the privatization process and valuation methodology in a developing economy where the market system and its associated institutions are not fully developed. The objective of this study is twofold, first to investigate how the privatization process was carried-out towards the stated objectives and second to find out how asset valuation was carried-out in assisting decision-making at the ‘Presidential Parastatal Sector Reform Commission’ (PSRC). As a means to achieve the above objective, the study traces five interrelated aspects in the privatization process. The tracing attempted to find out whether or not the five aspects proceeded in ways that enabled attainment of the stated objectives. The five interrelated aspects included, Formulation of privatization strategy; Valuation methods; Valuation error; Buyers of State owned enterprises and Developments after privatization. The study found that strategy formulation being undertaken by PSRC did not promote higher competition, higher prices and higher government revenue; the present Valuation methodology as used by the Valuation firms engaged by PSRC did not improve certainty in the determination of reserve price; further that valuation estimates were not good proxies of sale prices; the issue of wider ownership participation by the people was far from being achieved; And that follow-up on changes of ownership and changes in the physical developments was lacking. Both privatization and valuation stand to yield expected results where the market system and its institutions are well developed and are functioning properly. Had there been reasonable and basic preparations prior to take off, privatization process in Tanzania could have been carried out in better ways and yielded better results than it is nowQC 20100915
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Spiegel, Jerry M. "A comparison of economic valuation methods for environmental health risk reduction, assessing residential radon mitigation in Manitoba." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape4/PQDD_0026/NQ51668.pdf.
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Prytz, Joakim, and Henrik Blommé. "Venture capital i spåren av kriserna : En studie i hur finans- och eurokrisen påverkat de svenska venture capital-bolagen och dess marknad." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-83685.
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För att skapa fler jobbtillfällen och driva på BNP-tillväxten i Sverige krävs det att små och medelstora företag får möjligheten att utvecklas och växa. För att klara det krävs det mer kapital från venture capital-marknaden, som är den viktigaste källan av finansiering för ett nystartat företag. Det har dock varit tuffa år för venture capital-bolagen sedan finanskrisen slog till. Den problemformulering som legat till grund för studien var följande: Hur har finanskrisen och den pågående eurokrisen påverkat venture capital-bolagens investeringsprocess? Studien syftade till att undersöka hur finanskrisen och den pågående skuldkrisen i Europa påverkat de svenska venture capital-bolagen och dess marknad. Vidare syftade studien till att redogöra för vilka delar inom investeringsprocessen som förändrats av de senaste åren av kriser. Hur venture capital-bolagen upplever samt arbetar med de problem som kan uppstå mellan dem och portföljbolagen gällande agentproblemen och informationsasymmetrin har även det undersökts. Vi använde oss av en kvantitativ och en kvalitativ undersökning för att genomföra vår studie. Till den kvalitativa undersökningen har vi intervjuat 10 personer som vid tidpunkten för undersökningen hade höga positioner inom vardera venture capital-bolag. Datamaterialet till den kvantitativa undersökningen baserades på SVCAs kvartals-, halvårs- och årsrapporter. Studien har i huvudsak baserats på teorier gjorda i andra länder på grund av bristfällig forskning i Sverige. De områden som avhandlats är inom riskkapital, agentteori, informationsasymmetri, investeringsprocessen samt yttre faktorers påverkan på venture capital. Studiens slutsatser var att förändringar skett inom venture capital-marknaden på grund av finans- och eurokrisen. Antalet investeringar och det investerade kapitalet hade minskat. Dessutom visade vår undersökning att den enda delen i investeringsprocessen som påverkats av kriserna är när venture capital-bolagen ska avyttra sina innehav. Vi fann även att agentproblemet och informationsasymmetrin existerar samt att alla respondenter använder sig av syndikering.
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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.