Dissertations / Theses on the topic 'Valuation problems'

Thesis (Ph. D.) -- University of Maryland, College Park, 2004.
Thesis research directed by: Civil Engineering. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.

Using a sample of 57 master limited partnerships (MLPs) formed from corporate assets between 1982 and 2011, I examine the share price effects on parent corporations from forming MLPs. Specifically, I compare announcement period returns during the first and second waves of MLP formations—1982-1987 and 1988-2011, respectively—to assess the effect of structural changes in the MLP agency and operating environments on the market response to MLP formation. I document significantly higher 3-day and 5-day announcement period returns for second wave MLP formations, suggesting that changes to the MLP agency and operating environments have enhanced the value impact of MLP formation. I also find evidence that parent corporations benefit from the increased opportunity to exploit conflicts of interest with the MLP, which arise from these changes. Finally, I examine the prediction of prior literature that MLP formation improves the parent company’s information environment, finding support for this assertion in the form of reduced idiosyncratic return volatility.

This thesis treats a range of stochastic methods with various applications, most notably in finance. It is comprised of five articles, and a summary of the key concepts and results these are built on. The first two papers consider a jump-to-default model, which is a model where some quantity, e.g. the price of a financial asset, is represented by a stochastic process which has continuous sample paths except for the possibility of a sudden drop to zero. In Paper I prices of European-type options in this model are studied together with the partial integro-differential equation that characterizes the price. In Paper II the price of a perpetual American put option in the same model is found in terms of explicit formulas. Both papers also study the parameter monotonicity and convexity properties of the option prices. The third and fourth articles both deal with valuation problems in a jump-diffusion model. Paper III concerns the optimal level at which to exercise an American put option with finite time horizon. More specifically, the integral equation that characterizes the optimal boundary is studied. In Paper IV we consider a stochastic game between two players and determine the optimal value and exercise strategy using an iterative technique. Paper V employs a similar iterative method to solve the statistical problem of determining the unknown drift of a stochastic process, where not only running time but also each observation of the process is costly.

Studiens syfte är att undersöka och redovisa vilka förutsättningar räddningstjänsten har att implementera SROI-modellen som ett utvärderingsverktyg för sin verksamhet. Arbetet bör ses som en förstudie till ett sådant projekt. Inom ramen för undersökningen har fem djupintervjuer utförts med räddningschefer och utbildningssamordnare fördelade på fyra olika kommuner. Utöver detta har sekundärkällor i form av utbildningsmaterial samt andra undersökningar studerats. Slutsatser: Räddningstjänsten ombeds i allt högre grad redovisa sin verksamhet i form av mätbara mål. Ansvariga inom räddningstjänsten saknar ofta verktyg för att formalisera och redovisa det utvärderingsarbete som regelbundet genomförs. Det framgår att man i varje region utför regelbunden utvärdering, men generellt inte uppfattar det så. Undersökningen indikerar att SROI är ett lämpligt verktyg att implementera och använda för räddningstjänsten. SROI kan fungera som en mall för att formalisera utvärderingsprocessen för att göra den synlig för såväl interna som externa intressenter.

Thesis (PhD)--Macquarie University, Graduate School of the Environment, 2001.
Bibliography: p. 10-1 to 10-23.
An overview of contaminated land issues -- Land contamination law -- The impact of environmental planning on contaminated land value -- Identification and management of contaminated land -- Contaminated land valuation method - an overview -- Current stigma assessment methods -- Suggested method for stigma assessment -- General conclusion.
This dissertation is about the valuation of contaminated land and the problem of stigma. The value of contaminated land is to a large extent affected by statutory regulations. Stigma, if it exists, is another factor that has significant impact on contaminated land value. This thesis looks at the relevant laws governing contaminated land in Australia. It also introduces an alternative method to assess the stigma factor. -- Contaminated land is a major environmental problem. Apart from causing actual or potential threats to human health and the environment, contaminated land also leads to legal liabilities and financial losses to the landowner. Regarding financial losses, they may be costs to meet legal requirements in relation to clean up and long term monitoring expenses. In addition, they may be losses due to a drop in market value and/or rental of the property, longer vacancy periods, high remediation and monitoring costs. In the extreme case, the property may lose marketability completely. -- Regarding valuation methods, most valuers use traditional valuation methods with arbitrary adjustments. The most straightforward method is the impaired value (affected value) approach. It requires the valuer to assess the property on a clean land basis. From the unimpaired (clean) value, other financial losses due to contamination, remediation costs and stigma value loss are deducted to get the impaired value. The most difficult part is to quantify stigma impact. The existing stigma assessment methods are not satisfactory. Alternative and non-traditional methods are available. However they are academic and are not suitable for day-to-day operation of a valuer. This thesis suggests a multi-criteria decision-making model to assess stigma impact. The target stigma factor is obtained by processing the relevant criteria with the Analytic Hierarchy Process (AHP) method. The best alternative from the model is the reasonable stigma factor for the property.
Mode of access: World Wide Web.
various pagings ill. (some col.)

Kiekvienos įmonės savininkas yra suinteresuotas kuo didesniu savo turto augimu, o jei įmonės vadovas yra ne savininkas, o samdytas direktorius profesionalas, tuomet savininkui natūraliai kyla klausimas, ar jis pakankamai gerai valdo įmonę ir maksimaliai didina jos vertę. Tam, kad nustatyti, kurie yra geresni įmonių vadovai (vadovai-savininkai ar vadovai-profesionalai), buvo atliktas tyrimas, kurio tikslas: įvertinti ir nustatyti atstovavimo problemos įtaką įmonių finansiniams rodikliams, labiausiai didinantiems įmonės vertę. I dalyje apžvelgiami teoriniai atstovavimo problemos ir įmonių vertės nustatymo aspektai, II dalyje sudaroma tyrimo metodologija, III dalyje atliekamas tyrimas, nustatantis koks vadovų tipas (vadovai-savininkai ar vadovai-profesionalai) sugeba apsiekti geresnius įmonės vertės didinimo rezultatus. Tyrimo metu nustatyta 1) kokie įmonių finansiniai rodikliai geriausiai koreliuoja su įmonės vertės didėjimu, išreikštu per EBIT/CE santykį 2) kad tiek vadovas-savininkai, tiek vadovai-profesionalai vienodai pasiekia įmonės vertę didinančius rodiklius.
The owner of every company is interested is his company wealth maximization, however, if company’s manager is not owner, but hired professional manager, one may question the quality of management and achievement of aim of increasing company’s wealth. In order to determine, which kind of management (directors-owner or directors-professionals) can achieve better results, a following research was done, which aim was: evaluate and determine agency problem’s impact on companies’ financial indexes that drives company’s value the most. In the Ist part of this research we look at the theoretical aspects of agency problem and company value creation, in the IInd part research methodology is done, in the IIIrd part a research is done, that determines which type of managers (manager-owner or manager-professional) manages to drive company’s value more. During research it was determined: 1) which financial indexes correlate better with company value, which is determined as EBIT/CE ratio 2) that manager-owner, as well as manager-professional, both equally are capable of driving company’s value.

Doctor of Philosophy (PhD)
For many practitioners and market participants, the valuation of financial derivatives is considered of very high importance as its uses range from a risk management tool, to a speculative investment strategy or capital enhancement. A developing market requires efficient but accurate methods for valuing financial derivatives such as American options. A closed form analytical solution for American options has been very difficult to obtain due to the different boundary conditions imposed on the valuation problem. Following the method of solving the American option as a free boundary problem in the spirit of the "no-arbitrage" pricing framework of Black-Scholes, the option price and hedging parameters can be represented as an integral equation consisting of the European option value and an early exercise value dependent upon the optimal free boundary. Such methods exist in the literature and along with risk-neutral pricing methods have been implemented in practice. Yet existing methods are accurate but inefficient, or accuracy has been compensated for computational speed. A new numerical approach to the valuation of American options by cubic splines is proposed which is proven to be accurate and efficient when compared to existing option pricing methods. Further comparison is made to the behaviour of the American option's early exercise boundary with other pricing models.

This thesis consists of an introduction and five articles in the field of financial mathematics. The main topics of the papers comprise credit risk modelling, optimal stopping theory, and Dynkin games. An underlying theme in all of the articles is valuation of various financial instruments. Namely, Paper I deals with valuation of a game version of a perpetual American option where the parties disagree about the distributional properties of the underlying process, Papers II and III investigate pricing of default-sensitive contingent claims, Paper IV treats CVA (credit value adjustment) modelling for a portfolio consisting of American options, and Paper V studies a problem motivated by model calibration in pricing of corporate bonds. In each of the articles, we deal with an underlying stochastic process that is continuous in time and defined on some probability space. Namely, Papers I-IV treat stochastic processes with continuous paths, whereas Paper V assumes that the underlying process is a jump-diffusion with finite jump intensity. The information level in Paper I is the filtration generated by the stock value. In articles III and IV, we consider investors whose information flow is designed as a progressive enlargement with default time of the filtration generated by the stock price, whereas in Paper II the information flow is an initial enlargement. Paper V assumes that the default is a hitting time of the firm's value and thus the underlying filtration is the one generated by the process modelling this value. Moreover, in all of the papers the risk-free bonds are assumed for simplicity to have deterministic prices so that the focus is on the uncertainty coming from the stock price and default risk.

Mestrado em Finanças
This project report follows the format recommended by the CFA Institute “(Pinto et. al., 2015)” and materials on this report will only reflect the public information issued on Volkswagen AG until September 30th, 2016. Volkswagen AG is Europe’s largest auto-manufacturer and one of the largest worldwide. The company offers a wide selection of brand portfolios and generates the highest economies scale in Europe in this industry. The emission scandal it faced on 2015 reflected negatively in the company’s financials and its stock price plunged to nearly 50%. Conducting an in-depth analysis on the company’s management, financials, market and risk assessment along with the application with the most realistic assumptions enabled a proper valuation on the company’s target price. Using the discounted cash flow (DCF) to the firm as the main valuation methodology, a target price of €146.36 for 2017YE was attained with an upside potential of 25.1% from its current price of €116.95 on September 30th, 2016 rated the company with a “Buy” recommendation with high risk. Complementary valuation methods were used and market uncertainties in our estimations were stressed, and all supported our “Buy” recommendation. The current target price of €146.36 is a downward revision by me if the company did not have such scandal. I have valued VW with and without the scandal and the impact on price target was a decrease of about €43.32 per share, or €21.7 billion (for 501 billion shares outstanding) in terms of present value at 2017YE. Despite the loss in its fundamental (present) value of around 29.6% (€21.7 billion), in this report the total estimated and not discounted ‘direct’ cost of the scandal reaches about €46.4 billion.
Este relatório de projeto segue o formato recomendado pelo CFA Institute “(Pinto et. al., 2015)” e os conteúdos deste relatório apenas refletem a informação pública emitida sobre a Volkswagen AG até 30 de setembro de 2016. A Volkswagen AG é a maior produtora automóvel da Europa e uma das maiores do mundo. A empresa tem disponível um vasto portefólio de marcas e gera as maiores economias de escala da Europa na indústria. O escândalo das emissões que enfrentou em 2015 influenciou negativamente as contas da empresa e o preço das suas ações desvalorizou quase 50%. O desenvolvimento de uma análise detalhada da gestão da empresa, contas, mercado e avaliação de risco conjuntamente com a aplicação dos pressupostos mais realistas permitiram uma adequada avaliação do preço alvo da empresa. Através do modelo dos fluxos de caixa descontados (DCF) para a empresa como principal metodologia de avaliação, o preço alvo de €146,36 para 2017FA foi obtido com um potencial de crescimento de 25,1% do preço atual de €119,95 em 30 de setembro de 2016, classificou a empresa com uma recomendação de “Comprar” com elevado risco. Métodos de avaliação complementares foram usados e alterações em estimativas incertas de mercado foram testadas, tendo todas elas suportado a recomendação de “Comprar”. O preço alvo atual de €146,36 corresponde a uma revisão em baixa caso a empresa não tivesse tido o escândalo. Avaliei a VW com e sem o impacto do escândalo no preço alvo, correspondendo a uma diminuição de cerca de €43,32 por ação, ou €21,7 mil milhões (para 501 mil milhões de ações em circulação) em termos de valores atuais a 2017FA. Apesar da perda no seu valor fundamental (atual) de cerca de 29,6% (€21,7 mil milhões), neste relatório a estimativa do custo ‘direto’ total do escândalo, não descontado, chega a cerca de €46,4 mil milhões.

This thesis studies two optimization problems: the optimization of a staffing policy assuming non stationary Poisson demand, and exponential travel and job times, and the optimization of investment decisions with an investment lag. In the staffing policy optimization, we solve a novel time-dynamic Hamilton-Jacobi-Bellman equation that models jobs as a Poisson jump process. The model gives the employer the flexibility to control the number of staff hired by two factors: the cost of hiring and the effect of delay. We have solved the optimal staffing policy problem using different approaches, which are compared. We produce accurate numerical results for different parameters, and discuss the advantages and disadvantages of each approach. Moreover, we have solved a staffing problem for a national utility company, using a standard linear programming approach, which is compared with our methods. In addition to the Poisson jump process, we extend the model to treat a continuous job model, and two locations model that is extendible to a larger network problem. In the investment lag problem, we use a mixture of numerical methods including finite difference and body fitted co-ordinates to form a robust and stable numerical scheme which is applied to solve the investment lag problem for a geometric Brownian motion presented in the paper by Bar-Ilan and Strange (1996). The problem is to calculate the optimal price to invest in a project that have a time lag period between the decision to invest and production, and the optimal price to mothball the project. The method presented in this thesis is more flexible as we compare it with the previous results, and solves the problem for different stochastic processes, such as Cox-Ingersoll-Ross model, which does not have analytic solution.

Šiame magistro darbe, pasitelkiant analizės, lyginamąjį, loginį, sisteminį ir ekonominį tyrimo metodus, išsamiai analizuojama nuostolių, kilusių dėl akcijų pirkimo–pardavimo sutartyse numatytų patvirtinimų ir garantijų pažeidimo, nustatymo ir išieškojimo problematika. Darbe tiek teoriniu, tiek praktiniu aspektu pateikiamos pagrindinės problemos ir siūlomi jų sprendimo variantai, kurie palengvintų nuostolių apskaičiavimą ir užtikrintų teisingą jų atlyginimą paaiškėjus, jog pardavėjo patvirtinimai ir garantijos, perleidžiant verslą akcijų pirkimo–pardavimo būdu, buvo klaidingi. Siekiant užsibrėžtų tikslų pirmoje darbo dalyje nagrinėjami verslo perleidimo akcijų pirkimo–pardavimo būdu ypatumai, aiškinamasi, kokį akcijų kiekį perleidus bus laikoma, kad įvyko viso verslo perleidimas, taip pat lyginamos sandorių rūšys verslą perleidžiant akcijų ir turto pardavimo būdais. Atsižvelgiant į tai, kad patvirtinimai ir garantijos jau tapo neatsiejama akcijų pirkimo–pardavimo sutarties nuostatų dalimi, o verslo įsigijimų praktikoje ginčai dažniausiai kyla dėl šių sutarties nuostatų pažeidimo, antroje darbo dalyje gilinamasi į jų teisinę prigimtį, esmę, tikslus bei vietą Lietuvos sutarčių teisės sistemoje. Pagrindinė darbo dalis skirta nagrinėjamos temos kontekste identifikuoti nuostolių nustatymo ir išieškojimo problemas, analizuoti pagrindinius nuostolių apskaičiavimo būdus ir įmonės vertinimo problematiką, įvertinti pardavėjo pareigos atskleisti informaciją ir pirkėjo pareigos patikrinti... [toliau žr. visą tekstą]
This master thesis, through the use of analytical, comparative, logical, systemic and economic methods forms a thorough analysis of problems concerning estimation and recovery of losses caused by the breaches of representations and warranties provided for in share sale–purchase agreements. This paper in both – theoretical and practical standpoints presents the core of the pending problems while suggesting the eventual rules, which if addressed, could ease the estimation of losses and safeguard the fair-minded compensation in the situations when seller’s representations and warranties provided for in share sale–purchase agreements were false. In order to achieve the selected goals of this master thesis, the first part of the paper analyses peculiarities of business transfer through the purchase of shares. It also examines what amount of transferred shares can be considered as a transfer of full business as well as compares the nature of business transactions through the sale of shares and assets. Due to the fact that representations and warranties have become an integral part of share sale–purchase agreements and disputes in business acquisitions are most often caused by the breach of above clauses, the second part of the paper examines their legal nature, substance, goals and place in the Lithuanian law of contracts. The main part of the paper aims to identify problems in estimation and recovery of damages, analyze main methods of the calculation of damages and issues in... [to full text]

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Discute o processo de mensuração de ativos na Contabilidade, enfocando os principais métodos que têm sido sugeridos e faz uma sistematização das contribuições mais importantes sobre o assunto, dentro de uma abordagem teórica.
Accounting places emphasis on the quantification of economic relationships and economic changes in terms of a monetary unit. The quantification of assets in terms of a monetary unit is the valuation process, although other measurements, such as physical units, may be relevant in specific circumstances. The valuation of assets is the process of measuring financial attributes (past, present, or future) of assets or aggregations of assets. Since some for of valuation is always necessary in the accounting process, the objectives of valuation are in part the same as the objectives of accounting. The debate over the proper method of valuing assets is not new to the accounting literature, but it has become increasingly intense in recent years. Although several attempts have been made, no one of the methods suggested attend fulIy to alI the needs of users of information of accounting. Thus, using a theoretical approach, this text has the purpose of discussing the objectives of measurement in accounting, the methods used, and other alternative methods, beyond of the advantages, disadvantages and restriction of each method.

Nous etudions certains aspects de plusieurs modeles bases sur la satisfaction de contraintes. D'abord, dans le cadre des problemes de satisfaction de contraintes classiques (csp), nous proposons un nouvel algorithme de filtrage des csp binaires (les contraintes portent sur deux variables): il repose sur la mise en evidence de proprietes structurelles reliees aux inclusions de voisinages dans les graphes. Ce filtrage peut diminuer l'ensemble des solutions, mais il preserve la satisfiabilite du probleme. Des formes affaiblies de ce filtrage sont utilisees pour ameliorer des methodes classiques de resolution. Ensuite, nous etudions deux extensions du modele csp classique, qui permettent l'expression de diverses formes de flexibilite: le modele des csp dynamiques (dcsp), ou le facteur temps est introduit, et celui des csp values (vscp), ou des mesures de preferences ou d'incertitude peuvent etre exprimees. Pour ces deux modeles, nous proposons dans le cas binaire des techniques voisines, basees sur une propagation d'informations, dont l'objet est: pour les dcsp, le maintien de solutions successives optimalement proches (differentes mesures de distance etant possibles). Une premiere version statique est completee par une version incrementale. Pour les vcsp, le calcul de solution optimale pour la version statique, et le maintien de solution optimale pour la version incrementale

L’objectif de ma thèse est de proposer une étude approfondie d’un domaine qui, s’il est régulièrement employé pour la vulgarisation de l’Archéologie et de l’Histoire, n’a jamais fait jusqu’à présent à notre connaissance l’objet d’une étude spécifique. La restitution archéologique et historique est pourtant un phénomène qui, en particulier dans les pays anglo-Saxons et nordiques, joue un rôle-Clé à la fois dans la recherche scientifique et dans la diffusion du patrimoine auprès du grand-Public. Des articles et des ouvrages qui s’intéressent à telle ou telle méthode de restitution sont fréquemment publiés en France. Ce travail de recherche se développe en trois parties : la première est consacrée à une Histoire de la restitution et des représentations du passé, à travers l’espace et le temps. De l’Antiquité à aujourd’hui, nous étudierons ainsi l’évolution des mises en scène et des mises en images des évènements, édifices et figures marquantes de l’Histoire, de même que des valeurs et des interdits rattachés à ces représentations du passé. Donner une image, réaliste ou symbolique, du passé et ne pas seulement l’évoquer par la parole ou par l’écrit, est un désir qui semble avoir été présent chez les hommes à toutes les époques et dans toutes les civilisations. Miroir des époques qui les ont créées et de la perception qu’ont les hommes de leur société et de celles qui les ont précédés, les restitutions historiques et archéologiques anciennes sont des témoignages importants. La seconde partie repose sur l’analyse de trois exemples de restitutions archéologiques et historiques réalisées en France et sur des sites européens. Ils ont été choisis pour leur caractère paradigmatique et leurs places respectives dans l’avancée des techniques et des attentes des scientifiques comme du public destiné à les regarder. Enfin, la troisième et dernière partie va au cœur du sujet et, en particulier, à partir des exemples analysés précédemment, propose une interrogation sur les limites et les enjeux de la restitution archéologique et historique. Cette mise en question revêt une particulière actualité à la fin du XXème et au début du XXIème siècle. Cela pour trois raisons : le développement du tourisme culturel et le développement des parcs archéologiques interactifs, l’amplification des politiques du patrimoine, l’accroissement d’un public formé à la lecture de l’image qui n’attend plus seulement du chercheur le résultat d’une hypothèse mais aussi sa justification. Les enjeux de la restitution sont donc cruciaux. Un signe en est que de plus en plus de thèses d’archéologie sur des études de sites proposent des restitutions. Les autorités archéologiques de nombreux pays stipulent désormais qu’une part conséquente du budget de la fouille doit être consacrée à la valorisation postérieure, au centre de laquelle se trouve la restitution. Cette dernière sort donc du cadre strict de la muséographie et s’impose désormais à des acteurs très divers, qui n’ont été que superficiellement intéressés à ces problématiques. L’explosion du recours à la restitution apparaît comme un triomphe ambigu. En effet, les divers acteurs qui utilisent la restitution ne poursuivent pas les mêmes buts : entre ceux qui expérimentent une hypothèse de travail et ceux qui attendent un support pédagogique pour instruire, voire ceux qui recherchent une image destinée à susciter l’investissement sentimental du lieu, le dénominateur commun est très difficile, voire impossible, à trouver. En outre une des limites majeures des restitutions archéologiques et historiques réside principalement dans à leur caractère éphémère de leur validité scientifique, alors que leur durée de vie est parfois très longue. Une historiographie de ces réalisations est nécessaire en ce qu’elles reflètent au moins autant leur contexte de construction que l’époque qu’elles sont supposées faire revivre
The aim of my thesis was to offer a detailed study of an area which, if regularly used for the extension of Archaeology and History, has never been so far the subject of a specific study, according to our knowledge. Archaeological and historical reconstruction is nevertheless a phenomenon, especially in the Anglo-Saxon and Scandinavian countries, that plays a key role in both scientific research and release of heritage to the general public. Articles and books that are interested in this or that method of reconstruction are frequently published in France.This research work is divided in three parts: the first one is devoted to a historic of reconstruction and representations of the past, through space and time. From antiquity to today, we will study the evolution of staging and set images on events, buildings and figures in history, as well as values and taboos associated to these representations of the past. Give a picture, realistic or symbolic of the past and not only allude to it by spoken or written means, is a desire that seems to have been present among men in all ages and in all civilizations. Mirrors of the eras that created them and perceptions of the men of their own society and those who preceded them, ancient historical and archaeological reconstructions are important testimony. The second part is based on the analysis of three examples of archaeological and historical representation made in France and on European sites. They were chosen for their paradigm and their respective places in the advanced techniques and expectations of scientists as well as the public supposed to watch them. The third and last part goes to the heart of the subject and, in particular, from the examples discussed above, offers an interrogation upon the limits and the challenges of archaeological and historical reconstructions. This issue is particularly topical in the late twentieth and early twenty-First century. For three reasons: the development of cultural tourism and the development of interactive archaeological parks, the amplification of heritage policies, the increase in the public educated in image reading which is waiting not only for the researcher’s result of a hypothesis but also its justification. So the reconstruction issues are crucial. A sign of it is that more and more doctoral thesis of archeological sites offers reconstructions. The archaeological authorities of many countries now stipulate that a significant proportion of the budget of the search must be devoted to subsequent promotion, of which the center is reconstruction. The latter therefore falls outside the strict framework of museums and now requires a variety of actors who were only superficially interested in these issues. The explosion in use of reconstructions appears as an ambiguous triumph. Indeed, the various actors who use the reconstruction are not aiming the same goals: between those who experience a working hypothesis and those who are expecting pedagogical resource as teaching tools, or those looking for an image to generate a sentimental investment of a place, the common denominator is very difficult, if not impossible, to find. In addition, a major limitation of archaeological and historical reconstructions lies mainly in the ephemeral nature of their scientific validity, even if their life is sometimes very long. An historiography of these achievements is necessary, because they reflect the context of their building as much as the era they are supposed to bring back to life

L’objectif principal de l'étude réalisée est d'évaluer l'importance économique des interactions entre les abeilles sauvages et domestiques, appelées « complémentarité », dans les exploitations agricoles. Une emphase particulière a été mise en examinant la manière dont l'importance économique de la complémentarité devrait affecter le règlement de politique publique afin de préserver la fourniture de services de pollinisation. Le premier chapitre fournit le cadre théorique sur lequel repose cette évaluation économique. Le chapitre 2 fournit un modèle éco-économique montrant les décisions des agriculteurs entre deux intrants, les services de pollinisation et les pesticides. Deux sources de pollinisation avec des caractéristiques différentes sont considérées; les abeilles domestiques, qui peuvent être remplacées à un certain coût, et les abeilles sauvages, dont la population est supposée d’être soutenue au paysage. En plus, nous prenons pour acquis que les services entre les deux abeilles ont une relation complémentaire. Le troisième chapitre intègre les résultats du chapitre 2 dans une modélisation éco-économique territoriale plus sophistiquée afin d'explorer les impacts potentiels des changements de politique sur la protection des services de pollinisation et sur les revenus des agriculteurs pour différents taux de coopération entre eux. Enfin, le chapitre 4 évalue l’efficacité des mesures prises par la politique française en matière de protection des services de pollinisation et examine en quoi les résultats de nos analyses peuvent contribuer à l’amélioration de l’efficacité de ces mesures. Le résultat majeur de nos recherches est double. Premièrement, la connaissance de la complémentarité des abeilles peut offrir aux agriculteurs une stratégie alternative de gestion optimale. Deuxièmement, l’inclusion de ces connaissances dans les mesures politiques mises en œuvre peut faciliter le processus d’adoption par les agriculteurs en faveur de pratiques à faibles intrants et conséquemment accroître leur efficacité sur la durabilité des services de pollinisation pour les systèmes agricoles et alimentaires
The principal objective of the realized study is to evaluate the economic importance of the behavioral interactions which emerge from managed and wild bees, called bees’ complementarity in arable crop farms. A particular emphasis was placed on examining how the economic importance of bees’ complementarity should affect the public policy regulation in order to safeguard the provision of pollination services. The first Chapter of this Ph.D. thesis provides the theoretical framework on which this economic valuation is based. Chapter 2, provides an ecological-economic model displaying farmer’s decisions between two agricultural inputs, pollination services and pesticides, and two sources of pollination with different characteristics; managed bees, which can be replaced at a cost, and wild bees, which rely on a population being sustained within the farmland. Moreover, we take as a given that the services of wild and managed bees are in a complementary relationship. The third Chapter of this thesis, integrates the findings of Chapter 2 in a Mathematical-Programming territorial ecological-economic modeling in order to explore the potential impacts of policy changes on the provision of pollination services and on farmers’ incomes for different rates of farmers’ cooperation. Finally, Chapter 4, evaluates the effectiveness of French policy measures towards the provision of pollination services and it discusses how the results of our analyses may contribute towards the amelioration of the effectiveness of these measures. The major result of our research is twofold. Firstly, the knowledge of bees’ complementarity may offer to farmers an alternative optimum management strategy. Secondly, the inclusion of this knowledge in the implemented policy measures may facilitate farmers’ adoption process towards low-input practices and, consequently, increase their effectiveness towards the sustainability of pollination services for the agricultural and food systems

This thesis deals with the very topical issue in the sphere of the expert activity, which is requested by the general public at the same time. It sets a task of improvement, or better to saythe simplification in the approach to the appraising of real estate, with the aid of systemic methodology. There is as an example of the correct application of systemic methodology in the preparation of a sample expert opinion used in real estate (apartment house) located in Brno – Starý Lískovec. The property in question is appraised in accordance with the assignment by using the systemic approachonly after the evaluation of the current situation in appraising and discussing systemic methodology. A systemic approach to the appraising of aproperty is appropriately chosen largely because it better ensures the indispensable fact that, in the case of the expert opinion made by an expert, it is practically impossible to omit those important requisites which are inextricably linked to the expert opinion.

Värderingsproblematik för materiella anläggningstillgångar har identifierats av författare och företag vilka har belyst avsaknaden av bättre värderingsmöjligheter då vi idag främst använder oss av värdering till anskaffningsvärde som. Problematiken grundar sig i att redovisningen inte helt avspeglar värdet för företags materiella anläggningstillgångar vilket gör att jämförbarheten och trovärdigheten kan ifrågasättas. Syftet med studien är att undersöka olika tillämpningar av värderingsmodeller som finns samt belysa varför företag väljer en viss värderingsmodell. Metodiskt kommer den genomföras som en fallstudie. Detta då uppsatsen bygger på ett kvalitativt tillvägagångssätt för styrkandet av studiens verklighetsförankring. Studien innefattar ett huvudobjekt som fungerar som vetenskapligt fält, Mölndals industriprodukter AB där mer djupgående granskning skett samt kontinuerlig kontakt etablerats. Erhållna resultat som fältarbetet genererat kommer jämföras mot tre ytligt granskade företag vilka kommer fungera som reflektion av övriga marknaden för analys och vidare resonemang. Efter att teoretiska studier genomförts har det empiriska materialet analyserats.Erhållna resultat har påvisat att problematiken med att värdera ett företags materiella anläggningstillgångar delvis bygger på otillräckliga standarder och principer. Vilket gör att det krävs vidare utveckling av värderingsverktygen för att hantera vår alltmer komplexa verklighet. Detta då vi i vår värdering i vissa lägen blir alltför ålderdomliga medan de nya metoderna i vissa lägen visat sig alltför osäkra och opålitliga.
Program: Civilekonomprogrammet

Das Ziel der Arbeit besteht darin, einen Beitrag zur Entwicklung der kombinatorischen Integralgeometrie zu leisten. In der Arbeit werden Bewertungen (Valuation) in den Räumen der Geraden und Ebenen im $\R^3$ betrachtet, die von Flagfunktionen abhängen. Unter geeigneten Glattheitsvoraussetzungen an die Flagfunktionen werden notwendige und hinreichende Bedingungen gegeben, die die Fortsetzung der entsprechender Bewertung zu einem signierten Maß sichern. Diese integralgeometrischen Untersuchungen führten zu einer Anzahl von interessanten Ergebnissen, speziell bei der Beschreibung von Metriken im Sinne von Hilberts viertem Problem.

The thesis deals with the decision-making of the expert in real estate valuation. Due to the complexity of the process and the difficulties of valuation it can be assumed that the decision will be an arduous process. It is obvious that the choice of an expert is crucial to the result of the valuation process. This topic is currently relatively little explored, and therefore the work will deal with the analysis and formulation of decision problems expert in real estate valuation. The thesis analyses the current status of forensic engineering and decision-making regarding to real estate valuation. The general decision-making process, divided into seven steps, is adapted to the requirements of expert decision-making in real estate valuation. As in the managerial decision-making process, property valuation is also divided into three levels. These three levels considered the described fundamental decision problems that lead to the formulation of the expert decision-making principles in real estate valuation. For better understanding the extensiveness of the decision-making process in the valuation of real estate the author created a decision tree respectively schemes whose functionality has been verified at the end of the thesis, exemplified with the help of a specific case study of the determined price in real estate valuation.

Les Partenariats Publics Privés (PPPs) peuvent être un outil efficace pour optimiser et moderniser la commande publique dans un contexte où les besoins en investissement public ne cessent d’accroître. Les fréquences importantes de renégociation et les difficultés à estimer correctement les revenus futurs demeurent un défi majeur lors de la structuration financière des PPPs. Ce travail propose d’incorporer des clauses financières flexibles afin de remédier à ce problème. L’approche développée se base sur les théories d’options réelles et d’optimisation multi-objectif. Dans un premier temps, une méthodologie adéquate pour la gestion des risques est développée. La volatilité du projet est déterminée par le biais de la simulation de Monte Carlo et un déflateur stochastique est introduit afin de conduire les différentes valorisations d’options sous la probabilité historique. Ce travail développe dans un second temps, quatre formes de flexibilité qui permettent de réajuster l'équilibre financier du projet, si le revenu est insuffisant. Enfin une approche d’optimisation multi-objectif est développée afin de permettre de visualiser les différents compromis auxquels l’introduction de la flexibilité donne lieu
Public private partnerships can be a solution to the dilemma of how to do more with less available funds that public entities are constantly financing in the last decades. If implemented properly, Public Private Partnerships can contribute to the modernization of public service provision and can constitute efficient vehicles for the delivery of optimal value for money. The high incidence of renegotiation as well as the difficulty of accurately predicting the future demand on the projects is a matter of concern when it comes to the financial structuring of Public Private Partnerships. This work proposes a real-option- based optimization framework to boost the financial viability of the projects. This is done by introducing flexible financial clauses. First, an adequate framework for risk management, where volatility is derived by Monte Carlo simulation and the valuation is made without switching to the risk neutral measure, is presented. Four families of flexible clauses are, afterwards, investigated. Such clauses are triggerred, if the revenue level of the projet is not sufficient to guarnatee its financiel viability. Finally, this work develops a multi-objective optimization approach in order to assess the different trade-offs that the introduction of flexibility leads to. The proposed optimization problem is solved via multi-objective evolutionary algorithms

碩士
國立臺北大學
地政學系
92
Compulsory purchase based on public interest significantly infringes upon private properties, therefore, a fair or just compensation should be paid. Previous studies and statistics show that owners whose properties are taken often argue against decisions on compensation amount, items, valuation process and appraisal methods. Therefore, the current compensation system seems to suffer from problems which warrant further investigation. In order to compensate for property owners’ loss from compulsory purchase, a proper valuation method and associated supporting evidence are needed. So, this piece of work explores problems found in present compensation system with a focus on valuation. The arguments as regards compensation in compulsory purchase cases in administrative courts are analyzed in depth from valuation viewpoint with the help of the wealthy experience of England and Wales. A number of conclusions are derived. First, the payment of compensation should put the owner back to his or her original position before property is acquired which represents the full compensation cocept. Second, the items eligible for compensation should not be limited to those only specified in law, and all consequent expenses and losses from compulsory purchase should be compensated. Third, amount of compensation for compulsory purchase should be estimated using single-property appraisal approach, and reached through the standard valuation process of sales comparison approach, cost approach or income approach. Finally, because supporting evidence for valuation has not been taken seriously on the appeal cases in administrative courts, the probability for claimants to win in courts is low. Keywords: compulsory purchase, compensation, property valuation

碩士
國立臺北大學
法律學系一般生組
107
This thesis mainly discusses valuation problems in appraisal right. First, the thesis the focus on the purpose of appraisal right, and introduces the design of appraisal right, the academic opinions and case rulings under Taiwan law, trying to establish their connection. Given to the raise of China’s red supply chain, the trend of mergers and acquisitions has started again. For example, MediaTek Inc.. initiated four M&A transactions in a short term. The ruling about fair price related to the cost of M&A and acquisitions, so it’s important to construct a fair price calculation system with presupposition at this time. How to balance between the minority shareholders protection and consolidation needs become an imperative issue. The issue arises not only in Taiwan, but in Delaware these years. Hedge funds take advantage of appraisal right to make profit, that increases the uncertainty of M&A and acquisitions which has an adverse effect on social economy. The Delaware state justice system is trying to solve this problem. They amending the law and the courts expounded the purpose of appraisal right to practice the law under its original intention. As a result of this, the thesis observe the recent development about calculation of fair value under Delaware law. Finally, this thesis ponders on the purpose of appraisal right and case rulings under Taiwan law.

A credit default swap is a contract that ensures protection against losses occurring due to a default event of an certain entity. It is crucial to know how default should be modelled for valuation or estimating of credit derivatives. In this dissertation, we first review the structural approach for modelling credit risk. The model is an approach for assessing the credit risk of a firm by typifying the firms equity as a European call option on its assets, with the strike price (or exercise price) being the promised debt repayment at the maturity. The model can be used to determine the probability that the firm will default (default probability) and the Credit Spread. We second concentrate on the valuation of credit derivatives, in particular the Credit Default Swap (CDS) when the hazard rate (or even of default) is modelled as the Vasicek-type model. The other objective is, by using South African credit spread data on defaultable bonds to estimate parameters on CIR and Vasicek-type Hazard rate models such as stochastic differential equation models of term structure. The parameters are estimated numerically by the Moment Method.
Thesis (M.Sc.)-University of KwaZulu-Natal, Durban, 2013.

Nowadays there is a fast development of the methods based on transmutation operators (TO) theory for solving differential equations. The possibility to construct the images of solutions for TO in certain cases allowed the construction of accurate numerical solutions to several problems that appear in different applied fields. In the present work, for the first time, it is shown that these methods can be effectively applied to the optimal stopping problems that appear in mathematical finance. The first part of the thesis (Chapter 2) consists of an application of the method to the valuation of European-style double-barrier knock-out options (DBKO). This is done by using the efficient computation of eigenvalues for the Shrodinger equation and a representation of solutions in terms of Neumann series of Bessel functions. This knowledge was used in the construction of a novel analytically tractable method for pricing (and hedging) DBKO, which can be applied to the whole class of one-dimensional timehomogeneous diffusions even for the cases where the corresponding transition density is not known. The proposed numerical method is shown to be efficient and simple to implement. To illustrate the flexibility and computational power of the algorithm it is constructed an extended jump to default model that is able to capture several empirical regularities commonly observed in the literature. The second part of the thesis (Chapters 3 and 4) is dedicated to the study of the more complicated problems: the free boundary problems. For this purpose, the method was first (in some certain sense) generalized and tested on the Stefan-like problem. The method consists in efficiently constructing a complete system of solutions for parabolic equation from known solutions for the heat equation, heat polynomials (HP). This way it was possible to extend the numerical method that existed only for the heat equation to the large class of parabolic equations. However, for the selected financial problem, Russian option with finite horizon (ROFH), the numerical computation from the method based on HP revealed to be non-efficient. This is due to the more complex structure of the problem, specifically the non-consistent boundary conditions. Hence, it was developed another variation of the method that uses different systems of solutions for the heat equation: the generalized exponential basis. The constructed method proved to be accurate, relatively easy to implement and can it can be applied to the large class of the free boundary problems. The value of the ROFH has been an important theme of discussion in the last decades. The application of the method to this problem confirmed several results that have appeared recently in the literature and shred some light on the differences that were present.The constructed methods have a large scope of applications not only in financial field, but also in other disciplines. Both studies also open a variety of future research and applications that are discussed in the text.
Actualmente estamos a assistir a um rápido desenvolvimento de métodos baseados nos operadores de transmutação (OT) para a resolução de equações diferenciais. Em certos casos, é possível calcular as imagens de soluções para OT, o que permite construir soluções numéricas com um elevado grau de precisão para diversos problemas aplicados. No presente trabalho, pela primeira vez, e desenvolvida e ilustrada uma aplicação eficiente destes métodos aos problemas de paragem óptima que surgem na matemática financeira. A primeira parte da tese (Capítulo 2) consiste na aplicação do método ao problema de avaliação de opção com dupla barreira "knock-out" (DBKO) de estilo europeu. A construção do método passa por um apurado cálculo de valores próprios do respectivo problema de Schrodinger e a representação de soluções em termos de séries de Neumann de funções de Bessel. Esse conhecimento foi utilizado para construir um novo método de expressão analítica para definição de preço (e cobertura) de DBKO. O método pode ser aplicado a toda uma classe de difusões uni-dimensionais homogéneas no tempo, mesmo para os casos em que não é conhecida a função de densidade de transição. Neste capítulo é demonstrado que o método proposto é eficiente e simples de implementar. Para ilustrar a flexibilidade e a robustez computacional do respectivo algoritmo é construído um modelo estendido de salto para o incumprimento que oferece a possibilidade de captar certos efeitos empíricos presentes na literatura. A segunda parte da tese (Capítulos 3 e 4) e dedicada ao estudo de problemas mais complexos: problemas de fronteira livre. Para esse propósito, o método foi (em certo sentido) generalizado e testado no problema do tipo de Stefan. O método consiste numa construção eficiente de um sistema completo de soluções para uma equação diferencial parabólica a partir de um sistema completo de soluções para a equação de calor, os polinómios de calor (PC). Deste modo, foi possível estender o método numérico que existia apenas para equação de calor para uma larga classe de equações parabólicas. No entanto, para o problema financeiro seleccionado, a opção russa com horizonte finito (ORHF), o método baseado nos PCs revelou-se computacionalmente ineficiente. Isso deve-se a uma estrutura mais complicada do problema, nomeadamente as não-consistentes condições de fronteira. Como tal, foi desenvolvida uma outra variação do método que usa um sistema de soluções diferente de PCs: uma base exponencial generalizada. O método construído provou ser preciso, de relativamente fácil implementação e pode ser aplicado a uma larga classe de problemas de fronteira livre. O valor de ORHF foi e continua a ser um importante tema de discussão nas últimas décadas. A aplicação do método a esse problema confirmou vários resultados que surgiram recentemente na literatura e revelou o porque de algumas diferenças. Os métodos construídos têm uma larga gama de aplicações, tanto no âmbito de matemática financeira como em outras disciplinas. Ambos os estudos abrem várias possibilidades para futuras investigações e aplicações, as discussões das quais se encontram no texto.

The problem of resolution of singularities is a major problem in algebraic geometry. Local uniformization can be seen as its local version. For varieties over fields of characteristic zero, local uniformization was proved by Zariski in 1940 and resolution of singularities was proved by Hironaka in 1964. For algebraic varieties over fields of positive characteristic both problems are open in dimension greater than 3. Zariski's idea to solve the resolution of singularities problem for an algebraic variety was to prove local uniformization for all valuations of the associated function field and use the compactness of the Zariski space of valuations to glue the solutions together and construct a global resolution. Hence, his approach deals with two aspects: proving local uniformization and using structural properties of spaces of valuations to glue the local solutions. In this thesis, we present our contribution to both aspects. In most of the successful cases, local uniformization was first proved for rank one valuations and then extended to the general case. Local uniformization can be stated as a property of a valuation centered at a local ring R. One of our contributions to the local uniformization problem (which is joint work with Spivakovsky) is that in order to prove local uniformization for valuations centered at local rings in a category M which is closed under taking homomorphic images, finitely generated birational extensions and localizations, it is enough to prove that rank one valuations centered at members of M admit local uniformization. We also obtain this reduction for different versions of local uniformization, for instance, for embedded local uniformization and inseparable local uniformization. Our proofs are particularly important because they do not depend on the nature of the category M. We also work with henselian elements. Henselian elements are roots of polynomials appearing in Hensel's Lemma. We summarize unpublished results of Kuhlmann, van den Dries and Roquette to obtain that for a finite field extension (F|L,v), if F is contained in the absolute inertia field of L, then the valuation ring OF of (F,v) is generated as an OL-algebra by henselian elements. Moreover, we obtain a list of equivalent conditions under which OF is generated over OL by finitely many henselian elements. We prove that if the chain of prime ideals of OL is well-ordered by inclusion, then these conditions are satisfied. We give an example of a finite inertial extension (F|L,v) for which OF is not a finitely generated OL-algebra. We also present a theorem with a simple proof that relates the problem of local uniformization with the theory of henselian elements. This theorem shows, in particular, that if we obtain elimination of ramification for a function field for a good transcendence basis, then the valuation admits local uniformization. In our studies of spaces of valuations we define new topologies on spaces of valuations which extend naturally known topologies. We compare these topologies and show that in general they are not equal. We also obtain criteria under which the space of valuations taking values in a fixed ordered abelian group G is a closed subset in the space of all functions taking values in G. We study the works of Favre and Jonsson and Granja on the valuative tree. Favre and Jonsson prove that the set of all valuations centered at C[[x,y]] admits a tree structure, which they call the valuative tree. Granja extends this result to any two-dimensional regular local ring. In both works, the definition of non-metric rooted tree is not satisfactory. This is because the definition does not guarantee the existence of an infimum for any non-empty set of valuations. This infimum is necessary in order to define and study many concepts related to such trees. We give a more general definition of a rooted non-metric tree and prove that the set of all valuations satisfies this more general definition, namely, we prove that every non-empty set of valuations centered at a two-dimensional regular domain admits an infimum. We also generalize some topological results related to a non-metric tree, for instance that the weak tree topology is always coarser than the metric topology given by any parametrization.

A Freedom Charter statement regarding land is highlighted as follows: “The land shall be shared among those who work it, demands a redistribution of the land and state assistance for the peasantry, as well as the abolition of any restrictions on movements of people, access to land, and stock holdings.” The quest for inclusive and participatory governance enshrined in the South Africa’s Land Reform Programme resonates with efforts to develop and strengthen an active and critical rights based citizenship. The need to boost local community awareness of land reform challenges necessitates continuous evaluations of the lived realities of poor communities through participatory and collaborative methodologies in order to articulate their socio-economic problems. Land is regarded as a resource that gives people access to certain basic needs necessary for them to lead a dignified life. This research explores the participation of the Catholic Church on land reform programmes in South Africa between 1994 and 2014. It also looks at the Catholic Church’s land ownership policy and how it has been using its land in two decades of democracy (1994-2014). This research further explores the Catholic vision for land reform in South Africa. It also highlights some key theological criteria which may assist to achieve the intended objectives. In the light of this reality, the research shows that there is lack of meaningful progress in enabling those who are impoverished to assert their right to own land. Even the majority that have benefited from various land reform programmes and have become land owners have not received sufficient support to enable them to use and care for the land in such a way that benefits them. This leads to an unproductive and demeaning lifestyle. More emphasis needs to be placed on proper financial support from the government. Further emphasis needs to be placed on training for skills development as a condition for receiving Church assistance on the part of the beneficiaries.
Christian Spirituality, Church History and Missiology
M. Th. (Church History)

Dissertação de mestrado em Estudos de Gestão
A definição de planos e de estratégias de desenvolvimento sustentável assume-se cada vez mais como uma prioridade. Neste contexto, a definição de programas de proteção e de gestão das mais diversas fontes de água são uma necessidade imediata e urgente, sobretudo se tivermos em conta que o precioso líquido desempenha um papel decisivo na sobrevivência dos seres vivos. As águas pluviais e as escorrências rodoviárias não são exceção, sendo por isso essencial estudar e aplicar sistemas e soluções que salvaguardem a qualidade da água. Fruto da intensa circulação automóvel na vasta rede de vias de comunicação que são características do mundo desenvolvido, as escorrências apresentam-se como uma potencial fonte poluente das zonas envolventes, podendo causar sérios impactos na vida das populações. Trata-se de uma externalidade ambiental de enorme relevo na atualidade, que merece uma análise aprofundada e um cuidadoso estudo, de forma a tornar possível definir soluções e estratégias de combate a este problema. Nesta dissertação, assente no Método de Valoração Contingente, foi elaborado um inquérito, para avaliar a perceção das pessoas e das comunidades em relação ao impacto que estas águas apresentam no seu dia a dia, até quanto e como estão dispostas a contribuir para esta causa e de que forma pretendem que os decisores públicos enfrentem o problema. Espera-se proporcionar um contributo para a aplicação de estratégias de cofinanciamento para programas holísticos e integrados que, por um lado, mitiguem os efeitos negativos das escorrências e, por outro, potenciem o desenvolvimento sustentável e a qualidade de vida das populações.
The definition of plans and strategies that promote sustainable development are becoming a priority in communities around the world. Due to its vital role in the life of all living beings, programs aiming the protection of water are crucial for the life and the well-being of the population. Highway and urban runoff are no exception. It is essential to study and apply systems and solutions that safeguard their quality. Increased traffic and the continuous growth of highways are resulting in a significant pollutant mass flux to the environment, contaminating the surrounding areas, and risking ecosystems and the quality of life. These effects are an environmental externality of great importance in the current context. Therefore, they deserve a holistic analysis and a careful study in order to implement viable solutions and efficient strategies. Based on the Contingency Valuation Method, a survey with the following goals was conducted: to evaluate the perception of the communities about the impact of water runoff in their daily life, to estimate how much and in what form communities are willing to contribute to this cause, and to understand what communities expect from policy-makers in the future. The results constitute a both holistic and integrated strategies and programs which mitigate the negative effects of runoffs and contribute to the definition of co-financing solutions for the promotion of sustainable development and well-being of communities.

Das Ziel der Arbeit besteht darin, einen Beitrag zur Entwicklung der kombinatorischen Integralgeometrie zu leisten. In der Arbeit werden Bewertungen (Valuation) in den Räumen der Geraden und Ebenen im $\R^3$ betrachtet, die von Flagfunktionen abhängen. Unter geeigneten Glattheitsvoraussetzungen an die Flagfunktionen werden notwendige und hinreichende Bedingungen gegeben, die die Fortsetzung der entsprechender Bewertung zu einem signierten Maß sichern. Diese integralgeometrischen Untersuchungen führten zu einer Anzahl von interessanten Ergebnissen, speziell bei der Beschreibung von Metriken im Sinne von Hilberts viertem Problem.