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Liljenstolpe, Carolina. "Consumer valuation studies and structural modelling of the pig industry : a focus on animal welfare /." Uppsala : Dept. of Economics, Swedish University of Agricultural Sciences, 2008. http://epsilon.slu.se/200835.pdf.
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Wildová, Lucie. "Historie a vývoj cen staveb pro rekreaci v okolí Brněnské přehrady." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-401074.
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Master’s thesis deals with the history and development of the prices of holiday cottages around Brno dam. The introductory part defines the construction for recreation according to the legal regulations, describes the history of Brno dam and its development. The following chapters describe the valuation of holiday cottages according to the previous and present valuation regulations. In the experimental part is performed the analysis of the obtained prices. Two holiday cottages are valued according to the valuation regulations from 1965 until today. For these holiday cottages are performed also market valuation for the period 2014 to 2018. At the end of the master’s thesis is performed discussion of the results and final comprehensive evaluation.
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Kleftodimos, Georgios. "Economic valuation of bees’ pollination services in arable crop farms : the role of Public Policy regulations towards the provision of pollination services." Thesis, Toulouse 2, 2019. http://www.theses.fr/2019TOU20101.
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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 alimentairesThe 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
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Holstein, Fredrik. "Environmental values - what's the point? : essays on compliance with environmental regulations and on the meaning of environmental values /." Uppsala : Dept. of Economics, Swedish University of Agricultural Sciences, 2009. http://epsilon.slu.se/201001.pdf.
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Lučanová, Kateřina. "Oceňování majetku (dle výběru studenta)." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16275.
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The work is focused on the valuation of real estates. In the theoretical part of the work, firstly, there are explained basic concepts and methods which are used to valuation of real estates. There is also mentioned comparison of valuation regulations and describtion of market of real estates. The practical part of the work deals with market and administrative valuation. The results of both methods are compared in the end to the work.
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Prokešová, Gabriela. "Vliv systému účetního výkaznictví na finanční výkonnost obchodní korporace." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261952.
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This thesis deals with the effect of system of financial reporting on financial performance of business corporation. Czech accounting regulations and International financial reporting standards are compared within the framework of system of financial reporting. The effect on financial performance is then analysed through financial analysis. In theoretical-methodological part the terminology, approaches and methods used in individual systems are defined and then comparative analysis is performed. Theoretical definition of financial analysis follows and then basic information about business corporation is mentioned, which begins the practical part. Then financial analysis of the firm is performed whereas data are analysed separately for every system. The purpose of this thesis is to point out different values of indicators of financial analysis coming from differences of analysed systems of financial reporting through concrete business corporation and to explain their cause.
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Vodová, Pavla. "Analýza prodeje a pronájmu zemědělských pozemků na Vsetínsku." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-241319.
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The master’s thesis deals with a valuation of agricultural plots in Vsetínsko. In the theoretical part there are defined some important concepts related to valuation of agricultural plots, next there are described individual valuation methods and done analysis of market with agricultural plots in the Czech republic. In the practical part there is done valuation of selected file of plots in the villages Lešná and Choryně. The valuation is done by three ways: the valuation according to valuation regulations, the yield method and the comparative method. In the conclusion of the thesis there are compared results of all three ways of valuation and there is evaluated profitability of prospective investment to these plots.
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Hajduk, Lukáš. "Přechod české účetní jednotky z IFRS do prostředí českých účetních předpisů." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264424.
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The diploma thesis deals with the transition of accounting from IFRS to the Czech accounting regulations. There is currently no accounting adjustment that would provide a conceptual basis for the entity that has to transit to Czech accounting regulations. The thesis was therefore focused on practical examples to demonstrate how transfer to Czech accounting regulations can be carried out even in terms of valuation. This thesis is divided into three chapters, where the first chapter deals with the issue of harmonization of accounting systems, and the main reasons for the period in which the transition will be realized. The second chapter is primarily focused on the general review of IFRS 1 which is to serve as template to set the rules for the transition from IFRS to Czech accounting regulations. This thesis focuses on the comparison and content of financial statements, the accounting principles and regulations and, namely, on valuation approaches of both accounting systems. The practical application uses model situations to demonstrate possible solutions of transition from IFRS to Czech accounting regulations. The primary intention of this thesis is to analyze the tangible fixed assets of IFRS considering IAS 16, IAS 40 and IFRS 5 and other related standards.
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Hladká, Alena. "Analýza vývoje způsobu ocenění rekreační chaty v okolí Buchlovic." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-377744.
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The work deals with the valuation of a holiday cottage according to the previous valuation regulations and subsequently according to the present valuation regulation. In the chapters deal with individual valuation periods, description of a specific holiday cottage, valuation of the land, description of the locality. Easements are also part of the work. Valuation of a holiday cottage is done through practice expert’s reports drawn up for the second, third and present valuation periods. In the annex are available documents related to legal and construction developments of holiday cottage.
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Vaculová, Lucia. "Oceňování nemovitých kulturních památek podle oceňovacích předpisů." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233179.
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The aim of my master´s thesis is the explanation of the terms which are in the connection with cultural monuments, the examples of the valuation of immovable cultural monuments according the valuation regulations, the description of the cultural monuments influence on the valuation methods. In my master´s thesis there are mentioned the valuation regulations since 1987 till present. The clear overview of declarations of cultural monuments was started in 1994. The first mention about the valuation of the immovable cultural monuments was written down in 1994. Before it all cultural monuments were valuated the same process as the buildings.
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Tepe, Mete. "Two Essays on Executive Compensation." Diss., Virginia Tech, 2017. http://hdl.handle.net/10919/78706.
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This dissertation consists of two essays, both co-authored with Ugur Lel. The first essay (Chapter 1) examines whether high CEO pay inequality (CPI), the share of total managerial pay captured by the CEO, is an outcome of poor corporate governance, and its implications for shareholder wealth. We exploit the 2002 NYSE and NASDAQ governance reforms that mandated firms to have majority independent boards as a quasi-exogenous source of variation in the internal governance environment of firms. Results show that CPI decreases following the passage of these exchange listing regulations, but only in firms with entrenched CEOs affected by the exchange listing regulations. Firm value also increases for these firms. These results are robust to a variety of robustness checks such as a matched sample analysis and placebo tests. Overall, our results suggest that poor governance environments are associated with high managerial pay differences and consequently lower firm valuations, supporting the view that high CEO pay inequality reflects managerial entrenchment.
The second essay (Chapter 2) examines whether shareholders use executive compensation channel to align managerial horizon with their investment horizon. We utilize a newly emerged empirical measure, pay duration, to measure managerial horizon. For shareholder horizon, we use the fraction of long-term institutional ownership in the firm. Results show that there is a positive association between long-term institutional ownership and CEO pay duration, suggesting that shareholder horizon is a determining factor in compensation contracts. We address reverse causality using indexer institutions. We also establish a causal link from investor horizon to CEO pay duration using institution mergers as a source of exogenous variation in investor horizon of the firm. We extend our results to hedge fund activism and document a negative relation between hedge fund activism and pay duration, which is consistent with our argument. Overall our results suggest that shareholders structure CEO pay in a way that is consistent with their investment horizon.Ph. D.
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Superatová, Alena. "POROVNÁNÍ TRŽNÍCH CEN BYTŮ S CENAMI ZJIŠTĚNÝMI POROVNÁVACÍM ZPŮSOBEM PODLE OCEŇOVACÍCH PŘEDPISŮ." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-234313.
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This dissertation thesis determines market prices of apartments in various cadastral areas of Brno city, based on market research. These are compared with the prices identified by current valuation rules. The differences are subsequently analyzed. Based on the knowledge gained, a new approach to the process of property valuation is suggested.
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Back, Alexander, and William Keith. "Valuation of Contingent Convertible Bonds." Thesis, KTH, Matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-188984.
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Contingent convertible bonds are hybrid capital instruments, contingent on some form of indicator of financial distress of the issuing bank. Following the financial crisis, these instruments are proposed as a solution to the moral hazard issue of banks too big to fail. With the increased capital requirements of the Basel III directive, contingent capital enables banks to increase their capitalization without issuing expensive equity. Also, in times of historically low interest rates, these instruments might be interesting for investors in search of higher yields, as well as long term investors wanting to implement countercyclical investment strategies. However, due to the high complexity of these instruments, valuation has proven diffcult. The purpose of this thesis is to value instruments contingent on the bank's common equity tier 1 to risk-weighted assets ratio. We build our model upon the work of Glasserman & Nouri (2012), and extend it to include contingency on risk-weighted assets, instant non-continuous conversion to equity, and a combination of fixed imposed loss and fixed conversion price as terms of conversion. We use a capital structure model in continuous time to define asset dynamics, asset claims and the event of conversion and liquidation of the bank. Thereafter we use two important results from Glasserman & Nouri (2012) to value the discounted cash flows to holders of debt and contingent debt. From this, we arrive at closed form solutions for the coupon rates of these securities.Contingent convertible bonds (villkoradeobligationer) är hybrida kapitalinstrument som beror på någon form av indikator på finansiell instabilitet i den emitterande banken. Efter finanskrisen har dessa finansiella produkter föreslagits som en lösning på dilemmat som uppstår när banker är för stora för att låtas gå omkull. Villkorade obligationer är en väg för banker att ta in kapital och uppfylla de ökade kapitalkrav som ställs av direktiven i Basel III utan att emittera kostsamt aktiekapital. I dessa tider av historiskt låga räntesatser är den relativt höga avkastning, tillsammans med de kontracykliska effekter produkterna ger dessutom intressanta för många investerare. Att värdera dessa produkter har dock visat sig svårt då de är mycket komplexa. Syftet med denna uppsats är att värdera villkorade obligationer som beror på relationen mellan bankens kärnprimärkapital och riskviktade tillgångar. Vi använder omvandling till aktiekapital som förlustabsorberingsmekanism och använder en kombination av fixerade konverteringspris och fixerade ålagda förluster som villkor för konversion. Vi använder en kapitalstrukturell modell i kontinuerlig tid för att definiera tillgångarnas rörelser, fordringar på tillgångarna och händelsen av konversion av kontraktet eller likvideringen av banken. Därefter använder vi två viktiga resultat från Glasserman & Nouri (2012) för att värdera de diskonterade kassaflöden till ägaren av obligationer och villkorade obligationer. Från detta hittar vi analytiska lösningar för storleken av kupongräntorna på obligationerna, villkorade som normala.
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Komosná, Milada. "Porovnání tržních cen nemovitostí s cenami zjištěnými porovnávacím způsobem podle oceňovacích předpisů." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-234304.
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This thesis deals with a comparison of the market prices of Brno family houses. The compared prices are estimated using the comparative way based on the price regulations and using the comparative method. A new coefficient for the comparative method is proposed in the thesis. This coefficient takes into account the influence of the distance of the estimate property from the city centre in the connection with the position. One of the main reasons to introduce this coefficient was to obtain the best result when estimating the price, the result which is the closest to the required market price. The use of the coefficient of the global position may lead to better results of the price estimate, especially in bigger cities where this influence is revealed the most.
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Menzlová, Petra. "Ocenění ČSOB, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201893.
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This master thesis is about commercial bank valuation. The goal of the thesis is to explain the specifics of bank business and commonly used valuation methods. Selected method is then applied on a chosen bank. For this purpose, ČSOB a.s. was chosen.
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Vitálišová, Kristína. "Vliv rekonstrukce rodinného domu v závislosti na lokalitě." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-401073.
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The main aim of Diploma thesis is to evaluate the family house before and after reconstruction in three different locations graded by population. Three selected methods are used for the valuation, namely: the cost method according to the valuation regulation, the comparative method according to the valuation regulation, and the method of direct comparison. The cost method takes into account the design of the family house in both states, the land is valued by direct comparison. Key indexes are taken into account in the comparative method according to the valuation rule. In the direct comparison method, we work with a database of single-family houses in a range of locations.
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Pérez, Isaac Borràs. "Spanish pharmacies valuation: what determines their price-to-sales ratio?" reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17338.
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Submitted by Isaac Borràs Pérez (isaac_8_93@hotmail.com) on 2016-10-21T16:52:07Z
No. of bitstreams: 1
2015-16_S2_26274_16_Isaac_Borras.pdf: 2211519 bytes, checksum: 98e9ddefdd64744055e3238c2c52c043 (MD5)Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Isaac, Your Thesis is complete different from the structure that should be. In the email that I send there is a model of thesis. Please follow the instructions that I send. All work must be done using the standards defined by ABNT or APA (American Psychology Association): http://bibliotecadigital.fgv.br/site/bkab/normalizacao. I wil send you again the model. Don't forget to ask for the Ficha catalográfica. Best. Ana Luiza Holme 37993492 on 2016-10-21T17:02:43Z (GMT)
Submitted by Isaac Borràs Pérez (isaac_8_93@hotmail.com) on 2016-10-24T11:48:47Z No. of bitstreams: 1 FGV ISAACBORRAS.DOCX: 645598 bytes, checksum: 192fc3b66be415c32c5670e8a15bbfb8 (MD5)
Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Isaac, First of all the file should be in PDF. You have to remove the word title above the title of your thesis, it shouldn't appear. In the second e third pages the words Fundação Getulio Vargas is in the page above, it should be below, check the model. The Ficha catalográfica is missing, if you go to the intructions that I send it's the first step. Also missing the resumo in portuguese and the acknowledgment, they are mandatory. The number os the pages are incorrect, it should count from the cover but only appear in the introduction. Best. Ana Luiza Holme 37993492 on 2016-10-24T12:22:00Z (GMT)
Submitted by Isaac Borràs Pérez (isaac_8_93@hotmail.com) on 2016-10-24T14:31:23Z No. of bitstreams: 1 FGV ISAACBORRAS.pdf: 2433820 bytes, checksum: e4820166b6848eb99075467428a741bd (MD5)
Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Isaac, It's still missing the ficha catalográfica, which you have to do the process I send you in the email with the instructions. Also missing the acknowledgment which is mandatory and before the resumo. best. Ana Luiza Holme 37993492 on 2016-10-24T15:02:14Z (GMT)
Submitted by Isaac Borràs Pérez (isaac_8_93@hotmail.com) on 2016-10-25T09:29:05Z No. of bitstreams: 1 SPANISH PHARMACIES VALUATION-ISAACBORRAS.pdf: 2428658 bytes, checksum: b33b8834078946481da03c8fe3d00348 (MD5)
Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-10-25T11:37:00Z (GMT) No. of bitstreams: 1 SPANISH PHARMACIES VALUATION-ISAACBORRAS.pdf: 2428658 bytes, checksum: b33b8834078946481da03c8fe3d00348 (MD5)
Made available in DSpace on 2016-10-25T14:37:22Z (GMT). No. of bitstreams: 1 SPANISH PHARMACIES VALUATION-ISAACBORRAS.pdf: 2428658 bytes, checksum: b33b8834078946481da03c8fe3d00348 (MD5) Previous issue date: 2016-09-26
This paper explores the relationship between the regional macroeconomic, demographic and business specific factors with the 'price-to-sales ratio' multiple used when pricing a pharmacy in Spain. Past pharmacies market studies have focused their attention on qualitative and subjective aspects in order to determine the potential value of a pharmacy. Hedonic method using multiple regression analysis shows that even when there is an expansive period the national economy, the strongest relationship performs more on regional welfare and regulation elements, behaving aligned with the traditional market perception.
Este travalho explora a relação entre os fatores específicos da macroeconômica, demográfica e fatores comerciais regionais com o múltiplo 'rátio preço-vendas', usada quando se escolhem os preços de venda das farmácias em Espanha. Os últimos estudos de mercado das farmácias têm-se centrado a sua atenção sobre os aspectos qualitativos e subjetivos, a fim de determinar o valor potencial de uma farmácia. Método hedônico usando análise de regressão múltipla mostra que mesmo quando há um período expansivo da economia nacional, a relação mais forte realiza mais em elementos de bem-estar e de regulamentação regionais, comportando-se alinhada com a percepção tradicional mercado.
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Spence, Cecilia. "The regulation of energy utilities based on depreciated optimised replacement cost (DORC), valuation of assets." Department of Accounting and Finance - Faculty of Commerce, 2004. http://ro.uow.edu.au/theses/216.
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This study was prompted by the 1988 introduction by the Commonwealth Government, and later on by both Federal and State regulators, of a philosophy of wanting to achieve a target rate of return within the public sector to emulate private sector efficiency. At the core of the reforms was the adoption of replacement values for assets. This resulted in inflated prices to the users of public services and regulated monopoly assets such as energy utilities, while asset owners enjoyed windfall gains. In developing a form of regulation for natural monopolies the regulators initially looked to Accounting. However Finance Economics provided a structure called the Building Block approach to regulation that had at its center the notion of Depreciated Optimised Replacement Cost (DORC). Capture by Finance Economics, has meant that regulation has developed under the rules of Net Present Value based on the DORC value for assets. Net Present Value calculations are based on the timing and amounts of future cash transactions. This is the meat of regulation. The regulators have addressed the problem of circularity by developing a notion of Optimised Replacement Cost (ORC), and calling on the notion of Tobins Q to transform ORC to ORC used, or DORC. Deprival Value has been endorsed as a valuation principle by the Council Of Australian Governments; however Deprival Value conflicts with DORC in the valuation of sunk assets. This research has critically examined the regulators use of DORC and its inherent circularity and finds that DORC is a flawed concept. It is argued that actual or previously agreed values for assets would produce a better regulatory outcome and fairer prices for consumers. The International Financial Reporting Standards contain in their 2003 Framework notions of Fair Value and Capital Maintenance that address the aims of the regulators and are compatible with Deprival Value. Audited financial reports based on the regulators approved asset valuations and prepared in accordance with International Standards would provide cohesion between regulatory decisions and the financial results of natural monopoly companies.
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Soffronow, Pagonidis Alexander Ivan. "Short Sale Constraints: Effects on Crashes, Price Discovery, and Market Volatility." Thesis, Jönköping University, Jönköping International Business School, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-9063.
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The recent SEC ban on short selling has presented an unrivaled opportunity to explore the effects of short selling constraints on crashes, market efficiency, and volatility. In this paper I carry out two groups of empirical tests on the individual banned stocks and a series of portfolios created from them: the first tests the hypothesis that short sale constraints increase the frequency and magnitude of crashes, by testing Hong & Stein’s (2003) model of market crashes. The second tests the hypothesis that short sale constraints reduce market efficiency, by testing Miller’s (1977) model in which stocks that are hard (or impossible) to short tend to exhibit overpricing. In regards to the first group of tests, the results are ambiguous: the frequency and magnitude of crashes increased during the ban period, while the skewness of the returns distribution of the portfolios became more negative, as expected, but these changes hold for the market as a whole, as well. On the other hand, the skewness of the returns distribution of the individual banned stocks became more positive. The second group of tests provides ample support for Miller’s model, as the results coincide with the models predictions: banning short selling leads to positive abnormal returns (overpricing) in the affected stocks. The ban is also related with a decrease in volatility relative to the market, an important result from a policy perspective.
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Cabán-Garcia, María T. "The impact of securities regulation on earnings properties and valuation : an analysis of European cross-listed firms /." free to MU campus, to others for purchase, 2004. http://wwwlib.umi.com/cr/mo/fullcit?p3137681.
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Yamada, Joey. "Examining the Cross-Cultural Differences in Affect Valuation: Whites, East Asians, and Third Culture Kids." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1750.
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This paper explores the cross-cultural differences in affect valuation, emotion regulation, and the relationship between affect valuation, emotion regulation and subjective well-being across White Americans, Asians, and Third Culture Kids (TCKs). Emotional experiences shape every facet of our lives, yet understanding the extent to which emotional experiences are universal is still poorly understood. This is particularly the case among individuals with diverse cultural experiences. In the current study, we look at TCK individuals, a group composed of White-identifying individuals who spent a significant time of their childhood in East Asian countries. Through a questionnaire that was distributed via email and word of mouth, participants (N = 239) were asked to complete five surveys that included a subjective well-being scale, the affect valuation index, an emotion regulation questionnaire, an interpersonal emotion regulation questionnaire, and a set of scenarios that tested the individual’s tendency to feel a duty to themselves or to others. This study found that the Asian group significantly valued low arousal emotions more so than European Americans or the TCK individuals. TCKs were most likely to feel a strong sense of duty to help others.
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Pettersson, Kajsa, and Roine Stenius. "Värdeförändringar på bostadshyresfastigheter vid reformerad hyresreglering Dagens situation och Alternativa modeller." Thesis, KTH, Fastigheter och byggande, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-168506.
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Den nuvarande bostadshyresmarknaden i Stockholm är allt annat än välfungerande. Det låga utbudet av hyresrätter har bland annat resulterat i långa bostadsköer, en omfattande svart hyresmarknad och inlåsningseffekter. I skenet av denna illa fungerande hyresmarknad reser sig frågan om det inte är på tiden att reformera alternativt frångå det nuvarande bruksvärdesystemet, till förmån för en ny alternativ hyressättningsmodell. En modell som förhoppningsvis reducerar de negativa effekterna vi idag ser på hyresmarknaden. Rapporten har som utgångspunkt att beskriva dagens hyressystem samt redogöra för potentiella hyresmodeller. Nuvarande hyressystem och de potentiella modellerna är alla relativt väl utredda ur ett hyresmässigt perspektiv. Utredning gällande förslagens inverkan på marknadsvärdet beträffande fastigheterna saknas. Två av de utredda modellerna innebär en infasning mot marknadshyror. Värderingssimuleringar utförs för att fånga de eventuella marknadsmässiga värdeförändringarna dessa modeller har. För att göra välgrundade antaganden till värderingssimuleringarna hämtades nationell och internationell data från IPD och Newsec, samt kunskap från intervjuer. Det inhämtade materialet visade på ett proportionerligt samband om 0,5 – 1,5 procent differens i yielden mellan bostads – och kontorsmarknaderna runt om i Europa där hyresmarknaden i någon mån är avreglerad. Motsvarande förhållande i Stockholm ligger på 2,0 – 3,0 procent. Värderingssimuleringarna visar att en introduktion mot marknadshyror inte resulterar i markanta värdeökningar, detta då avkastningskrav samt drift – och underhållskostnader antas motverka hyresökningen. Störst genomslag på värdet noteras i det befintliga beståndet där amplituden mellan utgående hyra och marknadshyra är som störst.The current rental housing market in Stockholm is anything but functional. The supply of rental housing is low, which has resulted in long queues, an extensive black rental market and lock in effects. The ill-functioning rental market raises the question whether it is time to reform or abandon the current rental system, in favor of a new approach in the rental market where a new alternative rent setting model would be introduced. A model that hopefully reduces the negative effects we see on the rental market today. The report sets out to describe the current rental system and outline potential rental models. Both current and potential models are all relatively well explained from a rental perspective, but none have been investigated from a market value perspective. Two of the investigated models involve a change toward market rents. Valuation simulations are performed to capture the potential market value change these models entail. To make informed assumptions in the simulations, national and international data have been collected from IPD and Newsec, as well as knowledge from interviews. The collected data showed a proportionate relation of 0.5 to 1.5 percent difference in yield between residential and office markets around Europe, where the rental housing market to some extent is deregulated. The corresponding ratio in Stockholm is 2.0 to 3.0 percent. Results from the simulations showed that an introduction to market rents do not result in a significant increase in the market value. Yields and operating - and maintenance costs is assumed to counteract the increased rent, making the value impact less significant. The greatest value impact is recorded in the existing stock where the amplitude between the outgoing rent and market rent is greatest.
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Amorim, Henrique Carvalho Alves de. "Equity Research - REN-Redes Energéticas Nacionais, S.G.P.S., S.A." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13143.
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Mestrado em FinançasEste estudo contém a avaliação e a respetiva estimativa do valor intrínseco da ação da REN para 04/01/2016. O nosso Relatório de Avaliação é uma continuação do processo de implementação de um novo formato de apresentação para este tipo de projeto, agregando as regras e estilo do Trabalho Final do Programa de Mestrado do ISEG e as recomendações do CFA Institute (Pinto, Henry, Robison, and Stowe, 2010). A escolha da REN provém do meu interesse pessoal no setor energético e do seu complexo sistema, desde da produção ao consumidor final, sendo que a REN encontra-se a meio termo deste trajeto, através do transporte de eletricidade e gás natural. O preço-alvo foi alcançado usando o método mais apropriado em termos de avaliação absoluta, o método dos Fluxos de Caixa Descontados (DCF). Com um preço-alvo de 3.10€ e um potencial de valorização de 9.83% em relação ao preço da ação em 04/01/2016 (2.82€), a recomendação final para a REN é Neutro.
This study contains the valuation and the respective estimation of REN´s intrinsic share value for 04/01/2016. Our Equity Research is a continuation of the implementation process of a new presentation format for this kind of project, combining the rules and style of ISEG´s Master Final Project and the CFA Institute (Pinto, Henry, Robison, and Stowe, 2010) recommendations. REN's choice comes from my personal interest in the energy sector and from its complex system, from production to the final consumer, being that REN is in the mid-term of this path, through the transportation of electricity and natural gas. The price target was reached by using the most appropriate method in terms of absolute valuation, the Discounted Cash Flow (DCF) Approach. With a price target of 3.10€ and an upside potential of 9.83% relatively to the share price at 04/01/2016 (2.82€), the final recommendation for REN stands for Neutral.
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Ramsberg, Joakim. "Are all lives of equal value? : studies on the economics of risk regulation." Doctoral thesis, Handelshögskolan i Stockholm, Centrum för Riskforskning (CFR), 1999. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1766.
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Duarte, Ricardo Jorge Pedroso. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A.: bond proxy." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16684.
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Mestrado em FinançasAvaliação extensa da REN-Redes Energéticas Nacionais SGPS SA, com uma ênfase especial na sua política de dividendos e características de instrumento obrigacionista ,seguindo o formato recomendado pelo CFA Institute sendo considerada informação pública até 9 de fevereiro de 2018. Para determinar o valor intrínseco dos segmentos operacionais da REN, Transmissão de Eletricidade, Transmissão de Gás Natural e Distribuição de Gás Natural, avaliou-se a empresa utilizando o modelo da soma das partes dos fluxos de caixa descontados (DCF) como principal método tendo em consideração diferentes custos de capital. Adicionalmente, avaliou-se a posição acionista na Electrogas utilizando o modelo dos dividendos descontados (DDM). Com um preço alvo de €2.76 por cada ação da REN em 2018FA, emite-se uma recomendação de COMPRA com baixo risco, representando um potencial de crescimento de 15% em relação ao preço de fecho (€2.43) a 9 de fevereiro de 2018. Adicionalmente, a política de dividendos da empresa foi analisada e comparada com as dos seus pares usando uma perspetiva de liquidação das empresas. O preço-alvo obtido pelo DDM é de €2.53.Foi levada a cabo uma análise de instrumento de renda fixa à ação da empresa para aferir da elasticidade do preço em relação ao seu custo dos capitais próprios. Conclui-se que um aumento de 1% neste parâmetro leva a uma descida do preço-alvo num cenário de liquidação das concessões (€2.49) para €2.20. A duração tem um efeito negativo de €0.32 enquanto que o ganho de convexidade é de €0.03.
This project is an extensive valuation of REN-Redes Energéticas Nacionais SGPS SA, with a special emphasis on its dividend policy and bond features. This equity research follows the CFA Institute format and only public information until 9th February 2018 was considered. To determine the intrinsic value of REN's three operational segments, Electricity Transmission, Natural Gas Transmission and Natural Gas Distribution, the company was valued using a Discounted Cash Flow (DCF) Sum of the parts approach as our main valuation method and considered different costs of capital to reflect the risk profile of each regulated activity. Additionally, to value the equity stake in Electrogas, it was used the Dividend Discount Model (DDM). With an estimated price target of €2.76 per REN's common share for 2018YE, a BUY recommendation is issued with low risk, representing a 15% upside potential from the 9th February closing price of €2.43. The price target obtained from the (DDM) is €2.53, representing a slightly 5% upside potential from the 9th February closing price. A fixed income instrument analysis approach was applied to REN's stock in a concession liquidation scenario to evaluate the elasticity of the stock price to its cost of equity. The results show that a 1% increase in the cost of equity would decrease the price target in a concession liquidation scenario (€2.49) to €2,20, with a negative duration effect of €0,32 and a gain of €0.03 from convexity.
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Mendes, Joana Silva. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A : a regulation approach based on TOTEX." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16682.
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Mestrado em FinançasEste projeto contém uma avaliação extensa da REN - Redes Energéticas Nacionais S.G.P.S, S.A. Este relatório segue as recomendações do Instituto CFA e considera apenas a informação pública disponível até 9 de fevereiro de 2018. O preço alvo foi obtido através de um método de avaliação absoluto, mais concretamente o método dos Fluxos de Caixa Descontados (DCF) para determinar o valor intrínseco de cada segmento operacional da REN (Transmissão de Eletricidade, Transmissão de Gás Natural, Distribuição de Gás Natural e Outros) e foi usado o Método dos Dividendos Descontados (DDM) para avaliar as operações chilenas e a soma das partes para determinar o valor total da empresa. Foi obtido um preço alvo de €2.76 por cada ação em 2018FA, representando um potencial de crescimento de 15% em relação ao preço de €2.43 a 9 de fevereiro de 2018, suportando a nossa recomendação de COMPRA para a REN, com baixo risco. Para suportar a nossa recomendação, foram também usados métodos complementares de avaliação, como o Fluxo de Caixa Livre para os Acionistas (FCFE), o Modelo dos Dividendos Descontados (DDM) e uma Avaliação de Múltiplos. Foi feita uma análise extra que considera a possibilidade de liquidação do negócio da REN e uma mudança para uma estrutura de regulamentação baseada nos custos totais (TOTEX). Ambas as análises representam um preço alvo mais baixo para a REN: €2.49 para o cenário de liquidação e €2.55 para uma mudança para uma estrutura de regulação baseada no TOTEX, embora ainda modestamente acima do preço atual.
This project contains an extensive valuation of REN - Redes Energéticas Nacionais S.G.P.S, S.A..This equity research report follows the guidelines and recommendations of the CFA Institute and only considers the public information available as at February 9th, 2018. The price target was achieved through an absolute valuation method in a form of a Discounted Cash Flow (DCF) Approach to derive the Enterprise Value of each REN's operational segments (Electricity, NG Transmission, NG Distribution, and Others) and used the Dividend Discount Model (DDM) to value Chilean operations, and then the Sum of the Parts Approach to determine the value of the entire company. A 2018YE price target of €2.76 per common share was reached, implying a 15% upside potential from the February 9th closing price of €2.43, supporting our BUY recommendation for REN, with low risk. To further support our recommendation, complementary valuation methods such as Free Cash Flow to Equity (FCFE), the DDM and a Multiples Valuation were applied. Additional analysis takes into consideration the possibility of a liquidation approach and a switch to a TOTEX regulatory framework. Both analysis account for a lower price target for REN: €2.49 for a liquidation approach and €2.55 as for a move to a TOTEX Framework, though still modestly above the €2.43 closing price.
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Saliba, Pamela. "High-frequency trading : statistical analysis, modelling and regulation." Thesis, Université Paris-Saclay (ComUE), 2019. http://www.theses.fr/2019SACLX044.
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Cette thèse est constituée de deux parties liées l’une à l’autre. Dans la première, nous étudions empiriquement le comportement des traders haute fréquence sur les marchés financiers européens. Nous utilisons les résultats obtenus afin de construire dans la seconde partie de nouveaux modèles multi-agents. L’objectif principal de ces modèles est de fournir aux régulateurs et plateformes de négociation des outils innovants leur permettant de mettre en place des règles pertinentes pour la microstructure et de quantifier l’impact des divers participants sur la qualité du marché.Dans la première partie, nous effectuons deux études empiriques sur des données uniques fournies par le régulateur français. Nous avons accès à l’ensemble des ordres et transactions des actifs du CAC 40, à l’échelle de la microseconde, avec par ailleurs les identités des acteurs impliqués. Nous commençons par comparer le comportement des traders haute fréquence à celui des autres intervenants, notamment pendant les périodes de stress, en termes de provision de liquidité et d’activité de négociation. Nous approfondissons ensuite notre analyse en nous focalisant sur les ordres consommant la liquidité. Nous étudions leur impact sur le processus de formation des prix et leur contenu informationnel selon les différentes catégories de flux : traders haute fréquence, participants agissant pour compte client et participants agissant pour compte propre.Dans la seconde partie, nous proposons trois modèles multi-agents. À l’aide d’une approche à la Glosten-Milgrom, nous parvenons avec notre premier modèle à construire l’ensemble du carnet d’ordres (spread et volume disponible à chaque prix) à partir des interactions entre trois types d’agents : un agent informé, un agent non informé et des teneurs de marché. Ce modèle nous permet par ailleurs de développer une méthodologie de prédiction du spread en cas de modification du pas de cotation et de quantifier la valeur de la priorité dans la file d’attente. Afin de se concentrer sur une échelle individuelle, nous proposons une deuxième approche où les dynamiques spécifiques des agents sont modélisées par des processus de type Hawkes non linéaires et dépendants de l’état du carnet d’ordres. Dans ce cadre, nous sommes en mesure de calculer en fonction des flux individuels plusieurs indicateurs pertinents relatifs à la microstructure. Il est notamment possible de classer les teneurs de marché selon leur contribution propre à la volatilité. Enfin, nous introduisons un modèle où les fournisseurs de liquidité optimisent leurs meilleurs prix à l’achat et à la vente en fonction du profit qu’ils peuvent générer et du risque d’inventaire auquel ils sont confrontés. Nous mettons alors en évidence théoriquement et empiriquement une nouvelle relation importante entre inventaire et volatilitéThis thesis is made of two related parts. In the first one, we study the empirical behaviour of high-frequency traders on European financial markets. We use the obtained results to build in the second part new agent-based models for market dynamics. The main purpose of these models is to provide innovative tools for regulators and exchanges allowing them to design suitable rules at the microstructure level and to assess the impact of the various participants on market quality.In the first part, we conduct two empirical studies on unique data sets provided by the French regulator. It covers the trades and orders of the CAC 40 securities, with microseconds accuracy and labelled by the market participants identities. We begin by investigating the behaviour of high-frequency traders compared to the rest of the market, notably during periods of stress, in terms of liquidity provision and trading activity. We work both at the day-to-day scale and at the intra-day level. We then deepen our analysis by focusing on liquidity consuming orders. We give some evidence concerning their impact on the price formation process and their information content according to the different order flow categories: high-frequency traders, agency participants and proprietary participants.In the second part, we propose three different agent-based models. Using a Glosten-Milgrom type approach, the first model enables us to deduce the whole limit order book (bid-ask spread and volume available at each price) from the interactions between three kinds of agents: an informed trader, a noise trader and several market makers. It also allows us to build a spread forecasting methodology in case of a tick size change and to quantify the queue priority value. To work at the individual agent level, we propose a second approach where market participants specific dynamics are modelled by non-linear and state dependent Hawkes type processes. In this setting, we are able to compute several relevant microstructural indicators in terms of the individual flows. It is notably possible to rank market makers according to their own contribution to volatility. Finally, we introduce a model where market makers optimise their best bid and ask according to the profit they can generate from them and the inventory risk they face. We then establish theoretically and empirically a new important relationship between inventory and volatility
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Langvall, Fredrik, and Peter Björklund. "Känsla, förnuft eller traditionella metoder : Hur värderar svenska entreprenörer sina företag inför equity crowdfundingkampanjer?" Thesis, Linköpings universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-130244.
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The financing phenomenon equity crowdfunding, which is the smallest of the four crowdfunding types, has in recent years expanded quickly. This has led to companies and entrepreneurs that possess limited knowledge about business and are unable to get financed in any other way making their way to this financing type. Their lack of knowledge regarding valuation for businesses has not previously been studied. Researchers has however voiced their concerns regarding valuation for companies on this market, since it has significant implications for the future of the company and the chance for a crowdfunding campaign to succeed. These concerns led to the purpose of the thesis, to study how valuation is conducted in companies that has run equity crowdfunding campaigns in Sweden. To answer this a case study was conducted where seven entrepreneurs, that previously had such a campaign on the swedish platform FundedByMe, was interviewed. This was also complemented with an expert interview with a representative from a Swedish crowdfunding intermediary. During these interviews the entrepreneurs explained why they chose equity crowdfunding, why they chose to offer the amount of equity they did and the valuation process. From this study we can conclude that some of the concerns may be unjustified, even if most of the companies could not get financing in any other way they seem to have a high awareness of the importance of a thorough valuation and in several cases sought external help for this process. Further it can be concluded that the amount of equity offered is closely linked to the amount of capital that the entrepreneur believe they need, but also to keep as many shares as possible to themselves. Another important insight is that the current laws that regulate the area in Sweden is too unspecified and that further regulation is needed to reduce the amount of asymmetric information on the market and to protect investors to a higher degree than today.Den nya finansieringsformen equity crowdfunding, den minsta av de fyra crowdfundingmodellerna, har under de senaste åren haft en snabb framfart. Detta har dock lett till attföretag och entreprenörer som är ekonomiskt okunniga och ej kan finansiera sig på annat sättsökt sig till equity crowdfunding. Deras okunskap kring värdering har inte tidigare studeratsmen forskare har uttryckt oro kring värderingen av företag inom denna marknad då den harstora implikationer för företagets framtid samt om kampanjen lyckas. Oron kringvärderingsförfarandet ledde till att syftet i denna studie utformades för att undersöka hur dettagår till i företag som tillämpat equity crowdfunding i Sverige. Det har skett genom enfallstudie där sju företag som haft en sådan kampanj hos den svenska plattformenFundedByMe intervjuades. Detta kompletterades även med en expertintervju från enrepresentant för denna intermediär. Under dessa intervjuer förklarade entreprenörerna varförde sökt sig till equity crowdfunding, varför de valde att bjuda ut den del av bolaget som devalde samt värderingsprocessen. Från resultatet av denna studie konstateras att viss oro kandämpas, då förvisso de flesta bolagen inte hade möjlighet att få finansiering på annat sätt,men de hade ändå en god uppfattning kring värderingens betydelse och hade i flera fall tagitin extern kompetens för att assistera med denna. Det går även att konstatera att andelenutbjudet kapital främst är kopplat till det kapitalbehov entreprenörerna upplever att de harsamt en önskan att behålla så många andelar som möjligt i bolaget. En viktig insikt är även attden lagstiftning som finns inom området, i Sverige, idag är alldeles för otydlig och equitycrowdfunding kommer behöva en mycket mer specificerad reglering för att åtgärda denasymmetriska informationen som finns på marknaden samt för att öka det i nulägetbristfälliga investerarskyddet.
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Silva, João Miguel Gonçalves da. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : growth in LATAM following Electrogas acquisition." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16927.
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Mestrado em FinançasEste projeto é uma avaliação extensa da REN-Redes Energéticas Nacionais SGPS SA, com uma ênfase especial nas oportunidades de investimento na região da América Latina. Esta avaliação de empresa segue o formato recomendado pelo CFA Institute e apenas foi considerada informação pública até 9 de fevereiro de 2018
This project is an extensive valuation of REN-Redes Energéticas Nacionais SGPS SA, with a special emphasis on growth opportunities in the Latin America region. This equity research follows the CFA Institute format and only public information until 9th February 2018 was considered.
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Hermanová, Jana. "Oceňování okrasných rostlin, charakteru stromy – porovnání oceňovacích metod v ČR – cena zjištěná a cena obvyklá." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-377502.
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The aim of thesis was to explore current approaches using for valuation trees on non – forest lands. Another aim was compare usual price and price assessed determined accordin to Valuation Decree. Methodics used for valution trees was valuation according to the valution regulation, Koch´s methodic and Methodic for valution tress growing out of forest.Market price wasfound out as a research at specialized subjects (trees numery, garden – tillages etc.) In practical part was evaluace price found of three pine trees and three leafy trees in three age phases. Discovered informations are commented and summarazied in final chapter.
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Rumanová, Jana. "Oceňování lesa." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-367506.
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The aim of the thesis was to explore current approaches used for valuation according to the valuation regulation. The next aim was to choose appropriate method for finding usual price and compare it with the price assessed determined by administrative methods according to Valuation Decree. Comperative method was the chosen method. There are six forest properties from The Czech Republic evaluated in the practical part of the study. The conclusion of the thesis summarizes detected information from the area of valuation of forest.
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Rego, Erik Eduardo. "Usinas hidrelétricas \'botox\': aspectos regulatórios e financeiros nos leilões de energia." Universidade de São Paulo, 2007. http://www.teses.usp.br/teses/disponiveis/86/86131/tde-11012008-113001/.
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Este trabalho tem o objetivo de relatar e analisar a história dos projetos hidrelétricos conhecidos por \"botox\" (expressão cunhada aos projetos mais velhos com roupagem de novos), desde sua origem, ainda na primeira reforma do setor elétrico brasileiro em 1998, até seu desfecho, no leilão de energia nova de 2007, já no âmbito da segunda reforma do setor elétrico iniciada em 2004. Para sua total compreensão, é feita a historiografia do setor elétrico desde o Código de Águas, vis-à-vis da política econômica mundial e de seus reflexos na economia nacional. A dissertação prossegue com a descrição das alterações regulatórias, principalmente no que se refere ao critério de licitação de concessões de aproveitamentos hidrelétricos, caracterizando e identificando como se formou essa categoria de empreendimentos \"botox\". Após a conceituação teórica de leilões, são analisadas as participações desse tipo de projeto nos cinco leilões de energia nova, ocorridos entre 2005 e 2007. Além de uma abordagem sob o ponto de vista do produtor independente de energia elétrica, também é feita análise de que forma a alteração da regulamentação para outorga de concessões de geração e para comercialização de energia modificou a perspectiva de evolução do valor da energia elétrica para os autoprodutores. Por fim, é feita breve discussão sobre o processo de licenciamento ambiental desses projetos, com ênfase em seus aspectos regulatórios.This thesis aims to discuss and analyze the history of a particularly hydroelectric power plants group, nicknamed as \"botox\". This expression comes from the fact that those projects were old ones, which have been previously conceived, that were treated as brand new by the Brazilian regulatory framework. Its history has began from the Brazilian electricity industry reform in the 1990s. This history reaches its final step in the 2007 auction, already under the revised power sector model launched in 2004, which marked the last opportunity of the so-called \"botox\" projects to participate closing deals to sell long term energy in a specially designed auction. To perform this analysis, it is firstly reported the context were the \"botox\" were conceived in the recent history of Brazilin Electricity Sector, and how power plants group was impacted by the shifts of international economic trends. The next section discusses the last two power sector reforms, particularly addressing the shifts hydro-plants investors faced on having access to concession auctions for new projects. After providing the background of the auction mechanism theory, it is examined the newly designed electricity auction adopted in Brazil as well as the results of the auctions that took place between 2004 up to 2007. Finally, it is discussed implications of the rules regarding the latest industry reform and regulatory issues towards environmental licenses, focusing on their impacts on the willingness to invest of self-generators owners of \"botox\" projects.
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Gomes, Pedro Miguel Viegas. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : Yields Double Hedge." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16685.
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Mestrado em FinançasEste projeto consiste num relatório de avaliação da REN - Redes Energéticas Nacionais, S.G.P.S., S.A. O relatório contém uma extensiva análise financeira à empresa, com foco na sua estratégia de gestão da dívida, e um entendimento geral do mercado energético em Portugal, na Europa e na América Latina (LATAM). Esta analise resultou num preço alvo de €2.76, representando um potencial de crescimento de 15% face ao preço fecho de €2.43, a 9 de fevereiro de 2018. Adicionalmente, a REN paga aos seus acionistas um dividendo de €0.171 por ação, o que representa uma dividend yield de 6.89%. A avaliação foi obtida com recurso ao método da soma das partes, na qual os negócios em Portugal foram avaliados utilizando o modelo dos free cash flows descontados e a participação da Electrogás do Chile com o modelo dos dividendos descontados e um múltiplo. Como suporte à avaliação, foram utilizados modelos de complementares. O modelo de regulação providencia à empresa uma espécie de natural hedge, tendo em conta que as suas vendas aumentam quando há um aumento da taxa de juro das obrigações portuguesas a 10 anos, compensando a empresa pelo aumento causado nos custos de financiamento. Com uma perspicaz gestão da dívida, a REN melhorou esse hedge, aumentando a proporção de dívida à taxa fixa para mais de 60% protegendo ainda mais o resultado líquido contra o espectável aumento das taxas de juro, criando desse modo o Yields Double Hedge. O relatório é apresentado segundo o formato do CFA Institute.
This project consists of an Equity Research Report on REN - Redes Energéticas Nacionais, S.G.P.S., S.A. It contains a comprehensive financial analysis of the company, with focus on its debt management strategy, and a brief understanding of the energy market in Portugal, Europe and Latin America (LATAM). This analysis resulted in a price target of €2.76, representing a 15% upside potential to the €2.43 closing price at February 9th, 2018. On top of that, REN pays a €0.171 dividend per share, translated in a 6.89% dividend yield. This valuation was obtained using a Sum of the parts approach, in which the businesses in Portugal where valued with the discounted free cash flow model, and the Electrogás share with the dividend discount model and a multiple. Additionally, some complementary approaches were used to support the base case valuation. The regulatory scheme provides to the company a natural hedge, in the sense that its revenues will increase when the 10Y Portuguese Yields increase, compensating the company for the losses due to the increase of the cost of debt. With crucial debt management, REN was able to improve that hedge, by increasing the share of fixed rate debt to above 60% protecting the net income, even more, against the expected increases in Yields, creating in that way the Yields Double Hedge. The report is presented under the CFA Institute Format.
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Engelmann, Martin. "Analýza vlivu lokality na obvyklou cenu bytové jednotky v lokalitě Moravské Budějovice a Jemnice." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233159.
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This diploma thesis deals with desigantion of usual price of ten residential units in Jemnice and Moravské Budějovice. Valuation is done with direct comparison and with comparative methody by valid price regulation. Constituent part of this thesis is analysis effect of location on the usual price of selected locality.
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Matoušek, Josef. "Zdroje financování při koupi rezidenční nemovitosti." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2020. http://www.nusl.cz/ntk/nusl-409895.
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This diploma thesis deals with financial issues of immovable property acquision. Specifically, the residential property purchase using mortgage. In this context, the suitability of the collateral is being assessed on the basis of a risk assessment. Subsequently, I determine the collateral value of the property using the comparative valuation method. The practical part includes financial records of six banks and an analysis of a selected segment of the residential real estate market. The theoretical part deals with immovable property valuation, the definition of entities in the real estate market and mortgage mechanism. The main output of the practical part is offered mortgage loans comparison and selection the most favourable of them.
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Simonides, Martin. "Srovnání vybraných způsobů ocenění pro nemovitost typu byt v lokalitě Děčín a okolí." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2012. http://www.nusl.cz/ntk/nusl-232636.
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The thesis deals with the comparison of selected methods of flat valuation in Děčín and its surroundings. The theoretical part is aimed at crucial terms, definitions and formulas and it covers the description of the area from the social, economic, cultural and historical point of view. The practical part includes the obtained data analysed by means of database and verified by the Grubbs' method. Methods employed in price determination are: price in accordance with public notes; usual price; physical value. The conclusion refers to the price comparison in accordance with employed methods and to the evaluation of the effect of reconstruction on the price of the real estate.
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Kolářová, Andrea. "Analýza počtu podlaží a vlivu lokality a na výši obvyklé ceny rodinných domů v okrese Náchod." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233158.
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The aim of this thesis is to assess the extent to which it is levied on the usual price of houses affected by the location in the district Náchod. The theoretical part explains the basic concepts and issues in the field of valuation of real property, especially houses. There are described the most common methods used for valuation of immovable property. The practical part focuses on the description and awards selected six houses using a cost comparison method according to the decree and comparative non-regulation method. It also includes the valuation of land in a single functional unit. Acquired prices are converted to unit prices and evaluated.
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Favre, Guillaume. "Des rencontres dans la mondialisation : réseaux et apprentissages dans un salon de distribution de programmes de télévision en Afrique sub-saharienne." Thesis, Paris 9, 2014. http://www.theses.fr/2014PA090045/document.
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Cette thèse propose d’étudier la construction sociale d’un marché des programmes de télévision en Afrique subsaharienne. A travers l’étude d’un salon où se rencontrent acheteurs (chaînes de télévision et intermédiaires de distributions) et vendeurs de programmes de télévision (studios, entreprises de distribution et producteurs indépendants), nous cherchons à comprendre comment ce salon entraîne la formation d’un milieu social et participe à l’intégration du marché africain des programmes au marché mondial. En effet, jusque dans les années 2000, une grande partie des chaînes de télévision africaines obtenaient des programmes gratuitement via plusieurs canaux. De lentes évolutions des règlementations et des infrastructures ont conduit ce secteur à adopter peu à peu un fonctionnement marchand. Le salon que nous étudions participe à ce processus puisqu’il est le premier à regrouper des distributeurs internationaux et des chaînes africaines. A travers une enquête ethnographique et trois analyses de réseaux d’échanges d’informations entre les participants menées durant trois ans au cours de différentes éditions du salon, cette thèse étudie comment plusieurs normes marchandes coexistent dans ce salon. Nous étudions le processus d’apprentissage collectif entre les participants du salon et montrons comment cet apprentissage favorise la sélection de normes marchandes communesIn this dissertation, we analyze the social construction of a market of TV programs in Sub-Saharan Africa. Based on the study of a trade fair where buyers (TV channels, distribution intermediaries) and sellers of TV programs (studios, distributors and independent producers) can meet, negotiate, discuss, and close deals, we try to understand how this event participates in the transformation of the ways in which TV programs were “exchanged” in Africa and in the integration of the African TV programs market into the global one. TV programs distribution at the global level has long been considered to be a market. But until recently in Sub-Saharan Africa, TV channels used to acquire programs “for free” through diverse ways. Political, economic and technical evolutions have slowly transformed this sector into a market. The trade fair under examination in this research plays a central role in this evolution because it is the first to bring together the microcosm of this industry. We studied this event for three years and ran three surveys in order to collect social network data and analyze informal information exchange networks between attendees of the events. We study how trade fairs attendees learn from each other and define, select and share market values, norms and rules
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Janoušková, Dominika. "Srovnání vybraných způsobů ocenění pro nemovitost typu byt v lokalitě Pardubice a Prosetín." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233148.
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Hsiao, Wan-chi, and 蕭畹琪. "The Effect of Underwriting Regulation on IPO Market Valuation and Underwriters’ Profits." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/81334412413349464334.
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碩士國立中山大學
企業管理學系研究所
99
In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs. The FSC plans to achieve four main goals by implementing the new underwriting system. (1) Making the underwriting price more reasonable (2) Increasing the stability of price of a listing stock (3) Increasing the underwriter’s independence in distribution stocks. (4) Enforcing the professional ability of underwriters. Most importantly, it puts the emphasis on the ability of underwriters that involve in the quality for IPOs. This paper compares the IPO market performance between new underwriting system and old underwriting system, and collects the data from 2001 to 2009 about IPOs companies’ related information to figure out the IPO market valuation and profits for underwriters. Finally, this paper finds out that: first one is, in the new underwriting system, the market valuation is more affected by investors’ optimum growth forecast than old underwriting system. In the aspect of the rewards for underwriters, the difference between new underwriting system and old underwriting one is cancelling self-subscription method in new underwriting system. Therefore, the underwriter can’t gain the underwriter proceeds from that; the issuer should make up them by giving more underwriter’s fee which depends on the performance of underwriters. In conclusion, the professional underwriters play an important role in new regulation system. Keywords: IPOs, underwriter regulation, underwriter, market value, underwriter proceeds
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Dowd, K., D. Buckner, D. Blake, and John Fry. "The valuation of no-negative equity guarantees and equity release mortgages." 2019. http://hdl.handle.net/10454/17567.
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YesWe outline the valuation process for a No-Negative Equity Guarantee in an Equity Release Mortgage loan and for an Equity Release Mortgage that has such a guarantee. Illustrative valuations are provided based on the Black ’76 put pricing formula and mortality projections based on the M5, M6 and M7 mortality versions of the Cairns–Blake–Dowd (CBD) family of mortality models. Results indicate that the valuations of No-Negative Equity Guarantees are high relative to loan amounts and subject to considerable model risk but that the valuations of Equity Release Mortgage loans are robust to the choice of mortality model. Results have significant ramifications for industry practice and prudential regulation.
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Lin, Yu-Shan, and 林瑀珊. "Accounting Accrual, Default Risk in Bank Equity Return, and Capital Regulation: An Option-Based Valuation." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/22741426880693769665.
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碩士淡江大學
國際貿易學系國際企業學碩士班
97
Bank equity returns can be predicted by using information contained in accounting accruals about the earnings quality. However, there has been little evidence by using accounting accrual information to predict bank default risk in equity returns through interest margin determination. This is an alternative form of risk prediction, which is nonetheless potentially important in the inflating role of deregulation. This paper fills this gap. We show that when the bank encounters greater risk, bank equity with a high accrual subsequently has a higher interest margin and a lower default risk in equity return. It is also shown that when the bank encounters less risk, an increase in bank capital requirement results in a reduced interest margin and an increased default risk in equity return.
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Wang, Yun-Ting, and 王韻婷. "Optimal Bank Interest Margin and Default Risk under Capital Regulation and Deposit Insurance：An Option-Based Valuation." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/60305145810655827890.
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碩士淡江大學
國際貿易學系國際企業學碩士班
94
After the financial deregulation, banks are not only risk managers but also rate setters because the loan market becomes imperfect competition. However, government in order to maintain the method of the financial market, the government still put the bunds to the banks. For example, capital regulation and deposit insurance. This study tries to combine the two characteristics─risk management and rate setting of banks to discuss how capital regulation and deposit insurance rate affect bank’s optimal interest margin and default risk. We focus on banking firms’ rate-setting model and quote the contingent clam approach from Black and Scholes (1973). Our model involves the firm theories about risk attribute, cost condition and rate-setting behavior. We construct our banking firms’ target profit function to analyze the rate-setting strategies for the consultation to the government and commercial banks on strategies making under the assumption that banking firms pursue maximizing their equity values. This study shows that when the government decides to increase the capital regulation or deposit insurance, the optimal interest rate of banks will decreased in order to provide a return to a larger equity base under the negative elasticity effect. Also, the default risk of banks will increased by increasing the amount of the risky loan.
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KALINOVÁ, Regina. "Vývoj metodiky oceňování bytů." Master's thesis, 2013. http://www.nusl.cz/ntk/nusl-154453.
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The theme of this thesis is ?The development of metodology valuation of flats?. Its aim is to monitor and evaluating the development of prices by regulations. The first part of this thesis describes basic definitions relating to the valuation of flats explain the concepts of price and value and the methods that are used in the valuation of flats. In a separate chapter I focused on the wording of the laws and regulations in the valuation. In practical part I appraised flat using program Delta-NEM working with regulations available in this program. There were used comparative and expense methods. In the last part is shown progressive evolution of prices model and used flat using graphs and made comparsion prices progression of these two flats.
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Lin, Shu-Ying, and 林淑英. "The Comparison of Land Use Regulation Systems of the Scenic Area and The Economic Valuation on Scenic Beauty-A Case Study of the Chi-Shing-Tan Scenic Area." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/02568581562919145721.
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碩士國立成功大學
都市計劃學系碩博士班
95
With the ever increasing demand of domestic tourism activities, scenic areas with abundant natural resources have been often faced with market-driven pressure to open up. For example, the Chi-Shing-Tan Scenic Area in Hualien is currently faced with great pressure. In order to eliminate the damage to the environment, the government is studying and framing a special district plan for the Chi-Shing-Tan Scenic Area. And this, without doubt, leads to a pressing need to review the Land Use Regulation of the scenic area. There are four types of land use regulations for the scenic area and they can be grouped into urban and non-urban land use systems. The two land use systems are very different in their spirits and contents and which system would be more appropriate to be adopted is still questionable. However, researches of this kind are seldom conducted. Therefore, this study is set up to compare the two land use systems in the perspectives of the planning process, developing process and the effectiveness of forming scenic beauties, and ultimately, to propose a strategy of an appropriate land use regulation system for the scenic area by literature review and Contingent Valuation Method. The study shows that the Urban Land Use Regulation is the suggested regulation system for the scenic area based on the previously mentioned analytical methodology and the evaluation on the economic value of scenic beauty. Because it has a clear vision that leads the scenic area to be developed in an objective-oriented way, and it offers more faultless public facilities, the chances to correct the regulations periodically, a more complete mechanism for sustainable development on natural resources and tourist industries, and also a better control on the scene formulation through the Urban Design Regulation. Although it has defect on the time required for execution, it is still the suggested long term strategy to regulate the scenic area. Besides, the result of the empirical research indicates that the Willingness To Pay (WTP) per person per year of the five scenic regulations are NT$279, NT$383, NT$269, NT$228, NT$195. It also reveals the importance of those regulations that help to conserve the unique scenic beauty and to reflect local features of the scenic areas.
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André, Gonçalo Borges Da Costa Espirito. "Johnson & Johnson equity report –J&J fundamentally underappreciated." Master's thesis, 2019. http://hdl.handle.net/10362/111455.
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This report was prepared by Gonçalo André and Tomás Branco, two Master in Finance students of Nova School of Business and Economics (“Nova SBE”), within the context of the Field Lab –Equity Research. The goal was to evaluate Johnson & Johnson’s intrinsic value. Therefore, a thorough analysis of its operating segments and industries was conducted. Our valuation model resulted in a share price of $166.00, which led to the conclusion that J&J is trading below its fair value. In addition, it was measured how sensitive the model is to changes in its underlying assumptions and to J&J’s future operating results.
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Branco, Tomás De Andrade Guerra Fazenda. "Johnson & Johnson equity report –J&J fundamentally underappreciated." Master's thesis, 2019. http://hdl.handle.net/10362/115564.
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This report was prepared by Gonçalo André and Tomás Branco, two Master in Finance students of Nova School of Business and Economics (“Nova SBE”), within the context of the Field Lab –Equity Research. The goal was to evaluate Johnson & Johnson’s intrinsic value. Therefore, a thorough analysis of itsoperating segments and industries was conducted. Our valuation model resulted in a share price of $166.00, which led to the conclusion that J&J is trading below its fair value. In addition, it was measured how sensitive the model is to changes in its underlying assumptions and to J&J’s future operating results.
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Niens, Christine. "Mykotoxine und Kindergesundheit." Doctoral thesis, 2013. http://hdl.handle.net/11858/00-1735-0000-0022-5E67-9.
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