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1
Baarsma, Barbara Elisabeth. "Monetary valuation of environmental goods alternatives to contingent valuation /." [Amsterdam : Amsterdam : Thela Thesis] ; Universiteit van Amsterdam [Host], 2000. http://dare.uva.nl/document/83364.
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Leung, Chi-wah, and 梁志華. "Performance management of valuation officer in Rating and Valuation Department." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B46758112.
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Bild, Magnus. "Valuation of takeovers." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/471.htm.
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Fujiki, Maso-Hiko. "Pension fund valuation." Thesis, City University London, 1994. http://openaccess.city.ac.uk/7545/.
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The thesis discusses various actuarial aspects of the management of a pension fund, in particular, those related to valuation of the pension fund. The investigation covers three main areas; the funding mechanism, investment and matching and control of the fund. In the part dealing with the funding mechanism, a model is introduced in order to assist analyses of the mechanism of a pension fund. The model notionally separates the fund into individual pots and a common pool, and notional moves of the assets between them, X-functions, are defined. Using this model, various events in the pension fund are analysed. Particularly, the model is shown to be useful for explaining the financial impact of withdrawals and the problem of cross-subsidy. In the next part, investment and matching are discussed referring to a collection of papers and books written by actuaries and economists. Two different types of matching are defined according to the definition of risk, which are named V-matching and S-matching. Based on this discussion on matching, the meanings of the use of a particular portfolio for valuation purposes are analysed. Finally, various means of controlling a pension fund are discussed in the light of control theory. A particular focus is set on the choice of the valuation basis as a means of control, and an extensive series of long term cashflow projections are carried out to explore the optimum way to choose the valuation basis under various scenarios of changing experience. The projections are carried out separately for three different aspects of the experience; the real rate of investment return, the dividend growth rate and the dividend yield, and the withdrawal rates. The results suggest that the use of averages of past experience over a long period suits best for different circumstances, and that delayed changes in the valuation basis after the corresponding changes in experience are useful for identifying more clearly the trend in the actual experience.
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Chernyakova, Irina. "Systems of valuation." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81659.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2013.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references (p. 69-75).<br>The 1972 publication of The Limits to Growth marked a watershed moment in ongoing environmental debates among politicians, economists, scientists, and the public in the postwar period. Sponsored by the Club of Rome, an influential think-tank established in 1968, the report was published against the backdrop of the progressive activism of the 1960s, and prefigured the neo-conservative politics of the 1980s. It represented a decisive moment in that it appeared to reconcile critiques of consumerism and capitalism by linking the limits of global consumption to a finite totality of resources on the planet. As a pre-history to current systems of valuation, this thesis looks at some of the intellectual tendencies that under-girded mindsets such as those manifest in the report. More importantly, it follows the intricate logics and narratives buried within the enigmatic web of geometric symbols and snaking lines that suffuse the writings of systems thinkers, tracing a genealogy of this mode of thought that begins with semiotic language of ecologists Eugene and Howard T. Odum, and of Jay Wright Forrester and the Systems Dynamics Group at MIT, to its manifold ends. These actors will ground the implications of systems theory-in-practice, its implications, and its biases. In doing so, the thesis reconstructs how "environment" was first defined and captured by systems thinking. Navigating through a series of international conferences in which these principles were substantiated, the thesis looks at the ramifications of systems thinking in the present.<br>by Irina Chernyakova.<br>S.M.
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Buchsteiner, Henri. "Valuation and bubbles." Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610800.
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Acharya, Dixhant. "Transportation Asset Valuation." University of Toledo / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1418387965.
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Casagrande, Federico <1994>. "Big Data Valuation." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19687.
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Jonsson, Emma, and Linda Samuelsson. "Business Valuation : Valuation of IT-companies in the area of Jönköping." Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1322.
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<p>Background:</p><p>In Sweden Internet was introduced in 1983 and IT became a popular phe-nomenon in the 1990s. In the middle of this decade IT-companies had a prosperous period. Many companies acquired competitors frequently dur-ing these years in order to build brand names and stay competitive. More than 400 IT-companies went bankrupt during 2001, due to the burst of the IT-bubble. Today, there is no doubt that IT-companies are willing to acquire other companies in the industry. Before an acquisition both the purchaser and seller do a careful valuation of the current company, using different valuation methods. Lately, there are some IT-companies in the area of Jönköping and its surroundings that have carried out acquisitions.</p><p>Purpose:</p><p>In this thesis IT-companies in the area of Jönköping are considered in or-der to describe what valuation methods that are used when valuing these before an acquisition. Intangible assets are of great importance for this in-dustry. Therefore the aim is also to find out which these are and how they are valued.</p><p>Method:</p><p>In order to fulfill the purpose a qualitative research is maintained. Primary data is collected from two telephone interviews and six face-to-face inter-views. Three of the interviews are conducted with people working at IT-companies that have carried out an acquisition between 2006 and 2008. The other interviews were performed with people working with business valuation on a daily basis.</p><p>Conclusion:</p><p>When valuing IT-companies as well as the intangible assets, where good-will is significant due to synergies, the net present value approach is most commonly used. The relative valuation approach is also useful, especially for companies in the early phase of the life cycle since these do not show any historical facts. Within the IT-industry; P/S, P/E, and value per em-ployee, are all useful. The net asset value approach is the most common before a direct acquisition. In this research indirect acquisitions are most often applied.</p><br><p>Bakgrund:</p><p>I Sverige introducerades internet 1983 och IT blev ett populärt fenomen under 1990-talet. I mitten av decenniet hade IT-företagen en blomstrande period. Många företag förvärvade konkurrenter ofta för att skapa varu-märke och fortsätta vara konkurrenskraftiga. Över 400 IT-företag gick i konkurs under 2001 på grund av IT-bubblan. Idag är det ingen tvekan om att IT-företag är villiga att förvärva andra företag i denna industri. Innan ett förvärv genomför både förvärvaren och säljaren en noggrann värdering av det aktuella företaget med användning av olika värderingsmetoder. Det finns några IT-företag i Jönköpingsregionen som genomfört företagsför-värv på sista tiden.</p><p>Syfte:</p><p>Syftet i denna uppsats är att beskriva vilka värderingsmetoder IT-företag i Jönköpingsregionen använder vid värdering innan ett företagsförvärv. Immateriella tillgångar är viktiga i denna industri. Därför är syftet även att identifiera dessa och se hur de värderas.</p><p>Metod:</p><p>För att uppfylla syftet används en kvalitativ metod. Primärdata är insamlad från två telefonintervjuer och de andra sex på intervjuobjektens kontor. Tre intervjuer genomfördes med personer som arbetar på IT-företag som genomfört företagsförvärv mellan 2006 och 2008. De andra intervjuerna genomfördes med personer som arbetar med företagsvärdering dagligen.</p><p>Slutsats:</p><p>Vid värdering av IT-företag såväl som de immateriella tillgångarna, främst goodwill tack vare synergier, används i första hand avkastningsvärdering. Relativvärdering är också användbar, särskilt för företag i det tidiga skedet av livscykeln då ingen historisk information finns att tillgå. Inom IT-industrin är; P/S, P/E och värde per anställd, alla användbara. Substans-värdering är vanligast vid ett direkt förvärv. I denna studie är indirekta förvärv oftast förekommande.</p>
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McParland, Clare. "European investment valuation practices and implications for the harmonisation of valuation standards." Thesis, University of Ulster, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342318.
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Marques, Marcelo Sequeira. "Environmental resources valuation in environmental impact assessment: towards an efficient valuation system." Master's thesis, ISA, 2017. http://hdl.handle.net/10400.5/14834.
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Mestrado em Engenharia do Ambiente / Instituto Superior de Agronomia<br>Each European Union state member performs analysis on certain projects possible impacts
on the environment through the instrument of Environmental Impact Assessment. This
procedure has been implemented on each member state level, being altered and improved e
several occasions, finding itself under constant evolution.
The content of that assessment verified in the correspondent documents of the EIA,
specifically in the Environmental Impact Statement, appear to be somewhat subjective, being
that the description of the affected environmental resources by the project implementation
under that procedure is presented with a certain level of abstraction. This work looks forward
to present ways to enhance the objectivity and consequently the clearness of those
Environmental Impact Assessments, focusing mainly on demonstrate the valuation the
environmental resources affected by the Environmental Impact Assessment project, allowing
a better comprehension by the stakeholders about the real value of the pre-existent
resources in the area of the project.
The great problematic directly linked to the resources valuation is centred in the easy
monetary value attribution whenever a resources has a market price counter pointing the
remaining non-marketed resources. Such approach involves the adoption of a classification
system of ecosystem goods and services, particularly in this case the Common International
Classification of Ecosystem Services that comprises the environmental resources considered
in the Environmental Impact Assessments Finally the application of the Common International Classification of Ecosystem Services
approach integrated in the Environmental Impact Assessment is demonstrated and the
valuation of the environmental resources is performed through the benefit transfer method
serving as example for the potentiality of this procedure<br>N/A
12
Mezentsev, Anton, and Anton Pomelnikov. "Valuation of Installment Options." Thesis, Halmstad University, School of Information Science, Computer and Electrical Engineering (IDE), 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-3271.
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Armerin, Fredrik. "On cash flow valuation." Licentiate thesis, KTH, Mathematics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-1508.
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<p>A fundamental fact in finance and economics is that moneyhas a time value, meaning that if we want to value an amount ofmoney we get at some future date we should discount the amountfrom the future date back to today. When facing a stream ofcash flows occurring at di®erent times we discount each ofthe cash flows using suitable discount rates and then sum thecontributions. This sum of discounted cash flows defines thevalue today of this stream. Most future cash flows that appearin models in finance and economics are assumed to be stochastic(nondefaultable bonds being a counter example). To be able tovalue these stochastic cash flows we also have to takeexpectations. In some cases even the discount rate should bemodelled as a stochastic object. The purpose of the two papersin this licentiate thesis (On the Valuation of Cash FlowsDiscrete Time ModelsandOn the Valuation ofCash FlowsContinuous Time Models) is to establishgeneral properties of the value process. As time passes twothings happen. Firstly, the cash flows that are realised are nomore parts of the value and secondly, the information we canuse to determine the expected cash flows and discount ratesincreases.</p><p>The two papers consider discrete time models and continuoustime models respectively.Of course any continuous time modelis necessarily an idealisation. Thus one could argue from amodelling point of view that we should use discrete timemodels. The main reason for using continuous time models isthat we have the powerful machinery of stochastic calculus athand. Discrete time models are mostly used in practice whenvaluing a firm or a project, while the continuous time settingis more frequently used in thoretical approaches to valuation.Most of the results are parallelled in the two papers. Adi®erence is that we discuss some convergence results forthe value in discrete time which do not occur in the continuoustime paper. The reason for not including this in the continuoustime paper is because we find it a more important question indiscrete time. On the other hand the Brownian models incontinuous time, where the Martingale Representation Theorem isan important tool, make the analysis much more transparent.</p><p>In both papers we first define the underlying objects: thediscount process and the cash flow process. We then define,using these two processes, the value process (i.e. the expecteddiscounted value of the cash flow stream). We show that thediscounted value tends to zero almost surely, and that thereare three equivalent ways of writing the value process, each ofwhich has its own merits. We also extend this result to thecase when the cash flow process and the value process areevaluated at a stopping time. The first paper, on discrete timemodels, then continues by showing examples from finance,economics, and insurance where the discounted value processplays an important role. Finally we present two propositionswith necessary conditions for the value process to convergealmost surely. The second paper, on continuous time models,discusses some properties of the local dynamics of the valueprocess and then continues with Brownian models. We show thatthe value process can equivalently be expressed as a solutionto a forward-backward stochastic di®erential equation.Finally we show that under some additional assumptions there isa one-to-one correspondance between the cash flow process andthe value process. We also investigate the inverse problem offinding a cash flow process generating a given value processand discuss applications to real options.</p>
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Li, Yun. "Natural Gas Storage Valuation." Thesis, Georgia Institute of Technology, 2007. http://hdl.handle.net/1853/19695.
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In this thesis, one methodology for natural gas storage valuation is developed and two methodologies are improved. Then all of the three methodologies are applied to a storage contract.
The first methodology is called "intrinsic rolling with spot and forward", which takes both the spot and forward prices into account in the valuation. This method is based on the trading strategy by which a trader locks the spot and forward positions by solving an optimization problem based on the market information on the first day. In the following days, the trader can obtain added value by adjusting the positions based on new market information. The storage value is the sum of the first day's value and the added values in the following days.
The problem can be expressed by a Bellman equation and solved recursively. A crucial issue in the implementation is how to compute the expected value in the next period conditioned on the information in current period. One way to compute the expected value is Monte Carlo simulation with ordinary least square regression. However, if all of the state variables, spot, and forward prices are incorporated in the regression there are too many terms, and the regression becomes uncontrollable. To solve this issue, three risk factors are chosen by performing principle component analysis. Dimension of the regression is greatly reduced by only incorporating the three risk factors.
Both the second methodology and the third methodology only consider the spot price in the valuation. The second methodology uses Monte Carlo simulation with ordinary least square regression, which is based on the work of Boogert and Jong (2006). The third methodology uses stochastic dual dynamic programming, which is based on the work of Bringedal (2003). However, both methodologies are improved to incorporate bid and ask prices.
Price models are crucial for the valuation. Forward prices of each month are assumed to follow geometric Brownian motions. Future spot price is also assumed to follow a geometric Brownian motion but for a specific month its expectation is set to the corresponding forward price on the valuation date. Since the simulation of spot and forward prices is separated from the storage optimization, alternative spot and forward models can be used when necessary.
The results show that the value of the storage contract estimated by the first methodology is close to the market value and the value estimated by the Financial Engineering Associates (FEA) provided function. A much higher value is obtained when only spot price is considered, since the high volatility of the spot curve makes frequent position change profitable. However in the reality traders adjust their positions less frequently.
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Topshee, Dugald. "Nietzsche's theory of valuation." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape9/PQDD_0001/MQ43330.pdf.
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Levin, Joakim. "Essays in company valuation." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-660.
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Olsson, Per. "Studies in company valuation." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/494.htm.
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Wong, Shy Kuo. "Valuation of financial institutions." Thesis, Lancaster University, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.403782.
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Lyashevska, O. "Quantifying biodiversity for valuation." Thesis, Queen's University Belfast, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.557664.
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Biodiversity, arising at multiple levels, is known as a multi-dimensional and complex concept, but is also known to have a rather loose definition. Imprecise definitions are not very suitable for objective quantification or the rigour of economic valuation. Therefore, to construct a more substantial definition of value for biodiversity, a theoretical argument aiming to link biodiversity and functional (meaningful) information needs to be developed. A working hypothesis is that biodiversity is a measure of the total difference within a biological system, which can be summarised in terms of the system's total information content, of which functional information is a subset. Since functional information has systematic (non-random) Patterns, it therefore, coincides with the scientific meaning of biological complexity, thus providing the foundation of value in biodiversity. The theory presented sets the goal of estimating biological complexity from the potentially valuable information derived from empirical biodiversity metric data (ecological measures). To achieve this, the ecological properties ofa system, as they are measured by ecologists, were translated into a simply defined single valued property. This led to a conclusion that ifthere exists a systematic relationship among empirical biodiversity metrics, then there must be a unifying property underlying intrinsic value ofbiodiversity. Then, an advantage of a representation of biodiversity as information was demonstrated by comparing it with the most commonly used metric - species richness. It was shown that species richness missed a large proportion of diversity, emphasising the importance of additional ecological properties and the need for species databases to record functional traits, presence and abundances in communities, as well as phylogenetic information. Finally, by providing intellectual foundations and developing an analytical tool for biodiversity quantification, this study sets the goal for further research.
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Mollaret, Sébastian. "Collateral choice option valuation." Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-161068.
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A bank borrowing some money has to give some securities to the lender, which is called collateral. Different kinds of collateral can be posted, like cash in different currencies or a stock portfolio depending on the terms of the contract, which is called a Credit Support Annex (CSA). Those contracts specify eligible collateral, interest rate, frequency of collateral posting, minimum transfer amounts, etc. This guarantee reduces the counterparty risk associated with this type of transaction. If a CSA allows for posting cash in different currencies as collateral, then the party posting collateral can, now and at each future point in time, choose which currency to post. This choice leads to optionality that needs to be accounted for when valuing even the most basic of derivatives such as forwards or swaps. In this thesis, we deal with the valuation of embedded optionality in collateral contracts. We consider the case when collateral can be posted in two different currencies, which seems sufficient since collateral contracts are soon going to be simplified. This study is based on the conditional independence approach proposed by Piterbarg [8]. This method is compared to both Monte-Carlo simulation and finite- difference method. A practical application is finally presented with the example of a contract between Natixis and Barclays.
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Rees, William Page. "Accounting, expectations and valuation." Thesis, University of Glasgow, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.395085.
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Patrão, Miguel Santos Fonseca. "Equity valuation : Grupo Semapa : firm valuation theory applied." Master's thesis, 2013. http://hdl.handle.net/10400.14/11677.
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This dissertation aims to value the intrinsic value of the holding Semapa, applying the Equity Valuation theory. In order to apply the most suitable methods and appropriate assumptions, this paper firstly outlines the existing valuation frameworks and techniques, along with the academic debates on the most relevant valuation topics. The valuation is done as the sum of the parts of the companies owned by Semapa – Portucel, Secil, ETSA and Supremo – using a Discounted Cash Flow approach and the Multiples approach. Lastly, this dissertation compares the methods used and the results obtained to those of an investment bank, analyzing the differences with the purpose of understanding the reasons behind the dispersions of values obtained from different valuation methods.
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Braga, Maria Anjos Lopes dos Reis. "Kering’s valuation." Master's thesis, 2014. http://hdl.handle.net/10071/10279.
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JEL Classification System: G30, G32<br>O presente projecto tem como objectivo a avaliação da empresa Kering, com vista a chegar a um preço-alvo e fazer uma recomendação de investimento.
A Kering é uma empresa multinacional francesa que opera no sector dos bens de luxo e está presente em todo o mundo. A empresa está dividida em duas divisões: a divisão de luxo e a de desporto e estilo de vida, possuindo um portfolio diversificado de marcas bem conhecidas, como a Gucci, Yves Saint Laurent, PUMA, entre outras. Nos últimos anos, a Kering tem passado por um processo de reestruturação com a venda de todas as empresas do segmento de retalho, com o objectivo de se tornar num grupo mais coeso, integrado e internacional.
Para avaliar a empresa foram escolhidos o Método de Fluxo de Caixa Descontado e o Método dos Múltiplos de Mercado. Para tal, é necessário analisar cuidadosamente os fundamentais da empresa, assim como estimar as principais variáveis.
Todas as análises e projecções foram elaboradas com a informação disponível até Dezembro de 2013.
Através do desenvolvimento do modelo de avaliação, chegou-se a um valor de € 184.50 por acção, que comparado com o valor de mercado de € 153.65 à data de 31 de Dezembro de 2013, significa que a Kering estava a negociar com um desconto de 20%. Desta forma, a recomendação de investimento seria então de compra da acção.<br>The present project aims to evaluate Kering company in order to make an investment recommendation.
Kering is a French multinational holding company, with a worldwide presence. The company operates in the luxury goods sector and is divided into two divisions - the Luxury Division and the Sport & Lifestyle Division - having a wide brand portfolio with some well-known brands like Gucci, Yves Saint Laurent, PUMA, among others. Through the past years, Kering has been restructuring itself to become a more cohesive, integrated and international Group.
In order to see if the company is trading at a premium or at a discount, the company’s fundamentals are deeply evaluated and the main variables are estimated to apply Discounted Cash Flow and Market Multiples Method. The purpose is to reach a price target and to make an investment decision.
All the analysis and projections were only prepared with the information available until December 2013.
The valuation model points to a value of € 184.50 per share, which compared to the market value of € 153.65, in 31th December 2013, meaning that Kering share was trading at a discount of 20%. Thus, and according to this analysis, the investment recommendation at that time would have been to buy the share.
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Anand, Prathivadi B. "Environmental valuation." 2012. http://hdl.handle.net/10454/8919.
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Lin, Yuting, and 林育葶. "Development of Taiwan Valuation Standards and Comparison with International Valuation Standards & China Valuation Standards." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/zqv4gq.
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碩士<br>國立臺灣大學<br>會計學研究所<br>106<br>Taiwan valuation standards are published one after another by Accounting Research and Development Foundation from 2007. In order to comprehend the formulation of Taiwan valuation standards, this paper will use International valuation standards (IVS) and China valuation standards as comparison subject. The comparison will base on Taiwan valuation standards and therefore the comparison will divide into twelve standards and one guideline. Moreover, in order to understand the amendment of Taiwan valuation standards, IVS and China valuation standards, this paper will compare new edition with old version of each one. Finally, this paper will introduce foreign valuation credentials and Taiwan valuation credentials to understand regulations and requirements about valuation credentials.
The results show that, there are fewer differences between Taiwan valuation standards and IVS in the standards of equipment, financial instruments and discount cash flow than the others. There are fewer differences between Taiwan valuation standards and China valuation standards in the standards of engagement letter and working paper than the others. In addition, the extent of amendment of IVS and China valuation standards is larger than that of Taiwan valuation standards. Finally, when comparing foreign valuation credentials with Taiwan valuation credentials, the result shows that there are some deficiencies in Taiwan valuation credentials.
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Dan, Fred, and 鄧福瑞. "Convertible bonds valuation." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/09095675877564538738.
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碩士<br>輔仁大學<br>金融研究所<br>84<br>This paper mainly investigate domestic prices of
convertible bonds. By deriving partial
differential equations, we can obtain the value of
convertible bonds through numerical analysis.
Through model modification and foreign convertibles'' pricing,
we convey whether the difference between market prices and
theoretical prices arise from domestic structural factors and
market inefficiency.
In the analysis of empirical research, there are differences
between unmodified theoretical prices prices and market prices.
After modification, theoretical prices can better explain the
trend of market prices. In the test of foreign
convertible bonds, we obtain the theoretical
prices very close to market prices if we apply
this model to foreign price samples. Therefore, we conclude
that owing to conversion restrictions, short sale restrictions,
and market inefficiency, domestic prices of convertible bonds
cannot fully explain market prices.
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Gabrielli, Gianluca. "Netflix inc. valuation." Master's thesis, 2017. http://hdl.handle.net/10362/23690.
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This Work Project is based on the application of the topics developed and discussed in the class of Financial Statement Analysis with professor Xhanti Gkougkousi. We decided to develop an in depth financial analysis of Netflix Inc. (mentioned as “Netflix Inc.”, “the company” or “it” in the paper) with the purpose to get a final investment strategy that entails whether to buy or sell the share. Netflix represents an interesting case of a new booming industry, which foresees a blurred future due to its rapid evolvement, the increasing competition and the high dependency from the licensed streaming contents, which represent the main Assets of the company (ca. 70% of Total Assets). The Work Project foreseen the reformulation of the Financial Statements of Netflix Inc. under specific rules and consequently the forecasts of its expected incomes for the next five years. Afterwards, two financial models have been applied (Comparable and Residual Income Model), with the aim to estimate the share price of Netflix Inc. as of 31/12/2015. The outputs of the valuation resulted in a share price of $65 with the multiple valuation analysis and a share price of $65 as well with the Residual Income Model. These results, perfectly aligned, entail that the stock price of Netflix Inc. was overvalued as it was trading at $114 at NASDAQ (as of 31/12/2015). Netflix is a particular company with a lot of peculiarities and the models applied are pretty standards entailing some limitations in the evaluation, although the analysis shows a clear result, that the share price was overvalued.
The large gap between the results of the valuation and the traded price can be partly explained by the premium the market could be willing to pay for the stock, even if I believe it is still too large. Therefore, my final recommendation is to short the stock as it does not represent an attractive asset as being highly overvalued and really volatile.
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Roque, Rui Pedro Mendes. "Fountaine pajot valuation." Master's thesis, 2019. http://hdl.handle.net/10362/68135.
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Fountaine Pajot is the second biggest player in the Catamaran market, a market that has been recovering from the European crisis recently. However, even with the large growth that the firm has experienced in the last years and the exceptional fundamentals it has, the stock market price seems not to fully reflect fundamentals. The purpose of the project was to find out why the market price does not follow the solid financial performance of the company in the last years, as well as expectations that it continues to grow. This project was addressed using the DCF method and relative valuation
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Sousa, Bruno Filipe Soares dos Santos. "Credit valuation adjustment." Master's thesis, 2016. http://hdl.handle.net/10071/13443.
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This thesis is intended to give an overview of Credit Valuation Adjustment (CVA)
techniques and adjacent concepts. Firstly, the historical events that preceded the
initiative to reform the Basel regulations and to introduce CVA are summarized. After
some conceptual background material, a journey is taken through the pricing aspects of
CVA. The unilateral CVA and Debt Valuation Adjustment (DVA) are derived in the
case where one party engaging in a transaction is assumed to be defaultable, while
bilateral CVA is derived in the case where both parties in a transaction are assumed to
be defaultable. In this context, hedging aspects are also examined and risk-neutral
pricing of CVA is discussed. There are several methods for pricing the CVA which will
be explained in detail, and potential challenges with the methods will be also addressed.
The document analyses in greater depth two of the methods: advanced and semi-analytical (swaption approach). The differences between these two methods are
explained mathematically and analyzed. This comparison is supported by simulations
of portfolios containing interest rate swaps contracts.
In the second part the thesis, the relation between CVA from a regulatory perspective,
i.e. driven by the CVA capital charge introduced in the third Basel accord, CVA from
an accounting perspective, i.e. driven by IFRS, and CVA from a market perspective,
i.e. as a potentially tradable asset, is discussed.<br>O objetivo desta dissertação é proporcionar uma visão mais abrangente da técnica de
Credit Valuation Adjustment (CVA). A visão que se pretende transmitir vai desde a
origem do tema às diferentes abordagens para a implementação do ajustamento,
passando obrigatoriamente pela temática das diferentes regulamentações produzidas
pelos organismos reguladores europeus. Depois de explicados alguns conceitos chave
sobre o tema em apreço, o foco da dissertação será sobre os aspetos de pricing do CVA.
O CVA e Debt Valuation Adjustment (DVA) unilateral são obtidos no caso em que é
assumida que uma das partes envolvida numa transação pode entrar em default, e o
CVA bilateral é adotado quando ambas as partes envolvidas na transação assumem que
podem entrar em default. Neste contexto, aspetos de cobertura vão ser examinados e o
risk-neutral pricing do CVA irá ser analisado. Esta dissertação analisa em detalhe dois
métodos de apuramento de CVA - standard e semi-analítico (swaption approach). As
diferenças de apuramento dos dois métodos vão ser explicadas e analisadas
matematicamente. Esta comparação é suportada por simulações a uma operação de um
contrato de swap de taxa de juro.
A segunda parte desta dissertação visa explicar a relação entre a perspetiva de CVA
regulatório, i.e. a necessidade de apuramento de CVA para requisitos de capital
introduzida pelo acordo de Basileia, o CVA numa perspetiva contabilística, i.e.
requisitado pela IFRS, e o CVA numa perspetiva de mercado, i.e. como um ativo que
pode ser transacionado.
30
Köppl, Stefan. "Valuation of Phoenics." Master's thesis, 2013. http://hdl.handle.net/10071/6964.
Full textAbstract:
This work presents theoretical background for diverse valuation methods, with special attention paid to the real options method and its advantages over traditional methods for valuation of young entities. Additionally, it presents a case study of a start-up company, the value of which is found using diverse methods. The main result shows that the value of the company obtained with the real options approach is much higher than the one found with traditional discounted cash flow (DCF) method. Moreover, it shows that the difference in the obtained valuations leads to different strategic decisions: according to DCF certain projects should not be undertaken, whereas according to the real options approach the company should expand its operations.<br>Esta dissertação apresenta uma base teórica para diversos métodos de avaliação, com especial atenção para o método de opções reais e as suas vantagens em relação aos métodos tradicionais de avaliação de entidades jovens. Além disso, apresenta um case study de uma empresa start-up, cujo o seu valor é encontrado usando diversos métodos. O resultado principal mostra que o valor da empresa obtido com a utilização de opções reais é muito maior do que o encontrado com o método tradicional de fluxos de caixa descontados (DCF). Também mostra que a diferença entre as valorizações obtidas, leva a diferentes decisões estratégicas: de acordo com DCF determinados projectos não devem ser realizados, no entanto segundo as opções reais, a empresa deve expandir suas operações
31
Lebreiro, Afonso Paisana de Vilas-Boas. "Carrefour enterprise valuation." Master's thesis, 2014. http://hdl.handle.net/10071/10251.
Full textAbstract:
This thesis consists in a global valuation of Carrefour, one of the largest food retailers in the World, using the three most commonly used methods, Discounted Cash Flow (DCF), Economic Value Added – Market Value Added (EVA-MVA) and Multiples.
Since Carrefour is present in three continents and more than fifteen countries, studying its historical presence in terms of market position in each country is crucial to understand how a French retailer became one of the largest and most influent companies in food retail industry.
The business concepts behind its international expansion and the cultural influence that were imposed in many countries through its marketing strategy were one of the keys to success.
Concerning the results of DCF and EVA-MVA Models, they were computed through a projection for the 2013-2017 period, based on a set of assumptions and forecasts that include macroeconomic concepts and financial ratios that support the results achieved.
Using DCF Model, the investment decision is to BUY the stock.
However the relative valuation shows that Carrefour multiples are bellow its benchmark in every key performance indicator. When compared with other similar companies, the Group also presents lower multiples with the exception of P/E, meanings that Carrefour share may be undervalued.<br>Esta tese consiste numa avaliação do Carrefour, um dos maiores retalhistas do Mundo, usando três métodos de avaliação, Discount Cash Flow (DCF), Economic Value Added – Market Value Added (EVA-MVA) e os Múltiplos.
O Carrefour está presente em três continentes e mais de 15 países, estudar a sua presença histórica em termos de posição de mercado em cada país onde está inserido é crucial para perceber como é que um retalhista francês se tornou numa das maiores e mais influentes empresas de retalho alimentar.
O modelo de negócio por detrás da sua expansão internacional bem como a influência cultural que foi imposta em muitos países através das suas estratégias de marketing foi uma das chaves para o sucesso.
Os resultados dos modelos DCF e EVA-MVA foram atingidos através de uma projeção para o período de 2013-2017, com base num conjunto de pressupostos e previsões que incluem conceitos macroeconómicos e rácios financeiros que suportam os resultados obtidos.
Utilizando o modelo DCF, a decisão quanto a investir é COMPRAR a ação. O modelo dos Múltiplos mostra que a performance do Carrefour é inferior ao valor de referência em todos os indicadores. Quando comparado com outras empresas, o Grupo também apresenta valores baixos, o que significa que acção do Carrefour pode eventualmente estar subavaliada.
32
Silva, Tiago Alexandre Adão. "Vivo´s Valuation." Master's thesis, 2011. http://hdl.handle.net/10071/4335.
Full textAbstract:
A compra da empresa Vivo, por parte da Telefonica foi um dos eventos económicos e financeiros mais importantes do ano de 2010. Neste negócio, a empresa Espanhola Telefonica comprou 29.71% da operadora telefonica móvel brasileira Vivo à empresa portuguesa Portugal Telecom, por 7.5 biliões de EUR.
Assim este trabalho consiste na avaliação da empresa Vivo.
Para se proceder à avaliação da Vivo foram utilizados dois métodos, a avaliação através do “Discounted Cash Flow” e através de Múltiplos.
A aplicação destes dois métodos implicou a análise da performance histórica da empresa, da performance de algumas empresas comparáveis e das previsões para o mercado brasileiro.
Através do DCF chegou-se a um valor de 77633.21 milhões de BRL como valor da Vivo, que resulta das previsões de cash flows para um período de 10 anos e do valor de continuidade. Na análise por Múltiplos chegou-se a um valor de 54323.94 milhões de BRL através do Multiplo , utilizando o valor do EBITDA referente ao décimo período das previsões. Entre os outros Múltiplos analisádos o que apresentou valores mais próximos com os do DCF foi o com um valor de 80726.13 milhões de BRL para o “Enterprise Value”.
Procurando comparar os valores a que se chegaram, com o valor de compra da Vivo, verifica-se que a Telefonica comprou 29.71% da Vivo por 7.5 Biliões de EUR.
Os 77633.21 milhões de BRL à taxa de cambio de 31 de dezembro equivale a 35 Biliões de EUR. Os respectivos 29.71% valem assim 10.4 Biliões de EUR, podendo-se concluir que a Telefonica conseguiu comprar a Vivo por um valor mais baixo do que o expectável, segundo a avaliação realizada neste trabalho.<br>The purchase of Vivo by Telefonica was one of the main economical and financial events of 2010. In this deal, Telefonica, a Spanish company, purchased 29.71% shares of Vivo, a Brazilian mobile telecommunication company. The shares were sold by PT that received in exchange 7.5 billions of EUR.
So this work consists in valuing Vivo.
The valuation of Vivo was made by the use of two methods, DCF valuation and Multiples.
The application of these two methods involved the analysis of the historical performance of the company, the performance of some comparable companies and the forecasts for the Brazilian market.
Through the DCF valuation we arrive at a value of 77633.21 millions of BRL, which results from the forecasts of cash flows for a period of ten years plus the continuing value. In the valuation by Multiples we arrive to a value of 54323.94 millions of BRL through the Multiple , using the value of EBITDA referred to the tenth year of the explicit forecast period. Among the Multiples analyzed, the multiple which show a value closer to the results of DCF was the with a value of 80726.13 millions of BRL for the enterprise value.
As mentioned, Telefonica purchased 29.71% shares of Vivo by 7.5 billions of EUR.
The 77633.21 millions of BRL at the exchange rate of December 31 are equivalent to 35 billion of BRL. So the 29.71% worth 10.4 billion of EUR, from which we conclude that Telefonica purchase Vivo by a lower value than the value expected for the company, according to the valuation performed in this work.
33
Morais, Rui Miguel Caldeira. "Equity valuation : Sainsbury." Master's thesis, 2016. http://hdl.handle.net/10400.14/21057.
Full textAbstract:
A avaliação de empresas pressupõe um processo complexo, desafiante e rodeado de incerteza,
agregando um enorme conjunto de variáveis dinâmicas, sujeito a diferentes modelos teóricos
de avaliação, do qual se perspetiva atingir um valor próximo do justo valor da empresa.
A dissertação focou-se na avaliação da empresa de retalho britânica Sainsbury. O objetivo
centrou-se na definição de uma estratégia de investimento, através da recomendação de compra
ou venda de ações da empresa, resultante da prévia determinação do preço por ação e respetiva
comparação com o preço atual de mercado.
Para o efeito, procedeu-se a uma revisão bibliográfica, procurando obter uma diversidade de
perspetivas sobre a matéria. Posteriormente, procedeu-se à análise da empresa assim como à
análise da indústria em que a mesma se encontra em atividade.
Para a avaliação do negócio do retalho da Sainsbury, considerou-se o modelo de avaliação
“Desconto de Cash-Flows”. Adicionalmente, foi considerado também o modelo dos
“Múltiplos” que corroboram os resultados provenientes do primeiro modelo.
Por sua vez, para a avaliação do negócio bancário da Sainsbury foi considerado o modelo de
DuPont assim como o modelo de Múltiplos.
Considerando a avaliação como um todo, o preço por ação obtido ascendeu a 404.10 GBP.
À data de 31 de Março de 2015, o preço por ação da Sainsbury estava a ser transacionado a
259.20 GBP. Desta forma, aconselha-se os investidores a adotarem uma estratégia de compra
destas ações.<br>The company valuation assumes a complex, challenging and surrounded by uncertainty
process, comprising a huge set of dynamic variables, subject to different theoretical models of
evaluation, from which is expected to reach a value close to the fair value of the company.
The dissertation focused on Sainsbury’s valuation, a British retail company. The objective
centralized on the establishment of an investment strategy through a buy or sell
recommendation as a result of the prior determination of the fair price per share and
respective comparison with the current market price.
For this purpose, it was pursued a literature review, seeking a diversity of perspectives on
the subject. Subsequently, was proceeded the analysis of the company as well as the industry
analysis in which it operates. For the evaluation of the retail business of Sainsbury, was considered the "Discounted Cash -Flow" valuation model. Additionally, it was also considered Multiples to corroborate the results from the first model.
In turn, for the evaluation of Sainsbury’s banking was considered the DuPont model as well as Multiples.
Whereas the assessment as a whole, the price per share obtained amounted to 404.10 GBP. As at March 31, 2015, the price per share Sainsbury's was being traded to 259.20 GBP. Thus, we recommend investors to adopt a strategy of buying these shares.
34
Monteiro, Artur dos Santos. "Morrisons : equity valuation." Master's thesis, 2019. http://hdl.handle.net/10400.14/26887.
Full textAbstract:
The following dissertation aims to evaluate Wm Morrison Supermarkets PLC, one of the biggest players in UK’s retail Industry. The company owns around 500 stores spread around the UK and is present in all the supply chain.
The main objective is to determine the fair price per share of the company, on the 31st of December 2018. In order to accomplish it, the dissertation will rely on two different valuation methods: Discounted Cash Flow (using the Weighted Average Cost of Capital), and Relative Valuation. Moreover, a comparison between the dissertation findings and an Investment Bank report, issued by J.P. Morgan Cazenove, about Morrisons will be done, in which the difference between the assumptions used by both will be discussed.
After the application of the DCF method, taking in account the author’s assumptions, it was concluded that Morrisons should have a share price of 306 GBX.<br>Esta dissertação visa avaliar a Wm Morrison Supermarkets PLC, uma das maiores empresas da indústria de retalho do Reino Unido. A empresa detém cerca de 500 lojas espalhadas pelo Reino Unido e está presente em toda a cadeia de valor.
O objetivo é determinar o preço por ação justo da empresa, tendo como base o dia 31 de Dezembro de 2018. Os métodos utilizados para avaliar a empresa são o Fluxo de Caixa Descontado usando o Custo Médio Ponderado do Capital, e uma Avaliação Relativa. Por demais, é feita uma comparação entre os resultados da dissertação e os resultados de um relatório de investimento produzido pelo J.P. Morgan Cazenove, de forma comparar os pressupostos utilizadas.
Após a execução das previsões (tendo em conta os pressupostos do autor), concluiu-se que com a utilização do FCD, a Wm Morrison Supermarkets PLC apresenta uma avaliação de 306 GBX por ação.
35
Fakhfakh, Mariem. "Equity valuation : Sotipapier." Master's thesis, 2016. http://hdl.handle.net/10400.14/20649.
Full textAbstract:
This dissertation aims to value the equity of a Tunisian company :Sotipapier. As pointed in the corporate finance literature review -under the first section of the dissertation-, distinct valuations methods usually result in different outcomes. In order to increase the robustness of the fair value of the share price, I use the DCF method as well as the relative valuation approach. Indeed, each method applied generates slightly distinct valuations. Therefore, I Consider an average share price of two approaches that yields a share price of 4.54 TND -for the end of FY 2015 .In a fur-ther step, I compare in the last section the results that I find with a recent valuation of Soti-papier‟s equity performed by KPMG -Tunisia in mid 2015. The comparison highlight a diver-gence of 5.3% that falls within a reasonable margin given the particular context of each valuation.<br>Esta dissertação tem como objectivo avaliar o capital próprio de uma empresa Tunisina: Sotipapier. Tal como indicado na revisão de literatura de Finanças Corporativas – na primeira parte da dissertação -, métodos de avaliação financeira distintos normalmente conduzem a diferentes resultados. Para aumentar a robustez do valor justo de mercado do preço das ações, utilizo o método DCF e a abordagem da avaliação relativa. De facto, cada método aplicado resulta em avaliações ligeiramente distintas. Por isso, considero uma média do preço de ação de dois métodos que resultanum preço de ação de 4.54 TND – para o fim do ano financeiro de 2015. Num passo seguinte, comparo na última parte os resultados que obtenho com uma avaliação recente do capital próprio da Sotipapier realizada pela KPMG – Tunísia em meados de 2015. A comparação destaca uma divergência de 5,3% que se encontra numa margem de erro razoável dado o contexto particular de cada avaliação.
36
Garcia, Miguel Pereira da Silva Stapleton. "Equity valuation : Amadeus." Master's thesis, 2012. http://hdl.handle.net/10400.14/20581.
Full textAbstract:
From
Finance
to
Corporate
Strategy,
valuation
is
the
word
of
the
day.
Applied
to
all
fields,
valuation
techniques
improved
over
time,
currently
being
the
subject
of
intensive
academic
research
and
professional
use.
Nevertheless,
objective
comparison
between
academic
and
professional
valuations
of
a
specific
asset
or
company
has
been
a
topic
with
limited
attention.
This
thesis
purposes
to
show
empirical
evidence
on
how
valuations
between
these
two
worlds
lead
to
different
results,
by
valuing
the
Amadeus
IT
Group,
the
leading
technology
provider
for
both
global
travel
and
tourism
industries,
and
comparing
it
to
Espírito
Santo
Investment
Bank
equity
research
report.
To
do
so,
I
will
use
the
appropriate
valuations
approaches
found
under
the
contemporary
and
relevant
literature
review
on
the
theme.
37
Romatif, Vincent Jean-Claude Herve. "AAA : equity valuation." Master's thesis, 2015. http://hdl.handle.net/10400.14/18251.
Full textAbstract:
This report focuses on the extent to which Switzerland tobacco market has evolved in
line with changing smoking habits, dynamic competitive environment and economic
developments. It analyzes the implications market realignments have had on tobacco
companies and how pricing is more than ever driving growth. This equity research aims to
value a Tobacco Company (Company AAA) in Switzerland and spotlights its fundamental
value driver’s components and key business components.
For confidentiality reasons, I have been asked to replace original company names
and associated brands by pseudonyms. I have attributed surnames to each company and
respective brands.
38
Carvalho, Pedro José Simões. "Equity valuation : Amazon.com." Master's thesis, 2015. http://hdl.handle.net/10400.14/17981.
Full textAbstract:
This dissertation is performed towards the final goal of achieving a value for Amazon.com. For
this, all the relevant methods were explored and described, in order to check/choose which
ones were the most appropriate.
For this evaluation it was chosen the APV method and multiple valuations. After the valuation
a VAR analysis was performed and a comparison with the reports released from investment
banks was done.
The target price achieved was 376.78 euros giving a BUY/ HOLD recommendation for investors,
since at the time of the evaluation it surpassed the market price.
39
Gonçalves, Sofia Sá. "Equity Valuation : IMPRESA." Master's thesis, 2012. http://hdl.handle.net/10400.14/11876.
Full textAbstract:
The Portuguese group Impresa SGPS is one of the main players in the media industry which manages different companies in that industry. It operates in three segments: television, publishing and digital.
The group is facing several challenges. On the one hand the economic crisis and the austerity measures directly influence the available income of costumers/ companies. Apart from that, companies have difficulties in accessing credits and the advertising revenues are decreasing. On the other hand the possible privatization of RTP1 leads to an increase of the competition among FTA Channels. Finally, the significance of the publishing sector is negatively impacted by the digital migration.
APV is the model used to value the Impresa group since it is a cyclical company and its capital structure will change in the future. This is due to the fact that currently the group is highly leveraged but a gradual reduction is expected in the coming years.
Following from my analysis I concluded a price per share of 0.31€, which means a potential loss of around 26% when compared to their current price per share.
The major reasons for this price are the cut of the Portuguese long-term government bond which increases the Country Risk Premium used in Ra and the weak forecasts for Media companies. Lastly, the negative EBIT in 2011 led Impresa to a Rating of D which is definitely the main cause since its bankruptcy costs are huge.
40
Gouveia, Rute. "COFINA : equity valuation." Master's thesis, 2011. http://hdl.handle.net/10400.14/7629.
Full textAbstract:
The present dissertation aims to value an equity-investment, a listed company Cofina, SGPS, one of the main players in the Media sector in Portugal. The valuation procedures result from the extensive literature review on the subject – Equity Valuation.
In the end, the results will be compared to the Caixa Investment Bank Research Report.
41
Martins, Diogo Filipe. "Equity valuation : Galp." Master's thesis, 2011. http://hdl.handle.net/10400.14/7714.
Full text
42
Cardoso, Pedro David Gonçalves. "Equity valuation of Mota-Engil S.G.P.S., S.A. : case study on equity valuation." Master's thesis, 2011. http://hdl.handle.net/10400.14/7716.
Full text
43
Shu-Jiun, Su. "Game Option Valuation Model." 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-0407200519390800.
Full text
44
Wang, Tianyang. "Multivariate real options valuation." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-05-2797.
Full textAbstract:
This dissertation research focuses on modeling and evaluating multivariate uncertainties and the dependency between the uncertainties.
Managing risk and making strategic decisions under uncertainty is critically important for both individual and corporate success. In this dissertation research, we present two new methodologies, the implied binomial tree approach and the dependent decision tree approach, to modeling multivariate decision making problems with practical applications in real options valuation.
First, we present the implied binomial tree approach to consolidate the representation of multiple sources of uncertainty into univariate uncertainty, while capturing the impact of these uncertainties on the project’s cash flows. This approach provides a nonparametric extension of the approaches in the literature by allowing the project value to follow a generalized diffusion process in which the volatility may vary with time and with the asset prices, therefore offering more modeling flexibility. This approach was motivated by the Implied Binomial Tree (IBT) approach that is widely used to value complex financial options. By constructing the implied recombining binomial tree in a way so as to be consistent with the simulated market information, we extended the finance-based IBT method for real options valuation — when the options are contingent on the value of one or more market related uncertainties that are not traded assets.
Further, we present a general framework based on copulas for modeling dependent multivariate uncertainties through the use of a decision tree. The proposed dependent decision tree model allows multiple dependent uncertainties with arbitrary marginal distributions to be represented in a decision tree with a sequence of conditional probability distributions. This general framework could be naturally applied in decision analysis and real options valuations, as well as in more general applications of dependent probability trees. While this approach to modeling dependencies can be based on several popular copula families as we illustrate, we focus on the use of the normal copula and present an efficient computational method for multivariate decision and risk analysis that can be standardized for convenient application.<br>text
45
Ma, Lala Xun. "Topics in Hedonic Valuation." Diss., 2014. http://hdl.handle.net/10161/8736.
Full textAbstract:
<p>Environmental goods such as clean air and water are integral to human quality of life. However, because these amenities are not priced, their monetary values are not directly apparent. As a result, Hedonic methods have been employed as a tool to recover household Marginal Willingness To Pay (MWTP) for these goods to inform policy-making given constrained public resources. This thesis consists of three chapters tied to the Hedonic valuation of a particular environmental `bad,' a brownfield site. Brownfield properties are lands that cannot be used due to the presence of a low-risk, hazardous substance. </p><p>The first chapter uses property value hedonics to reveal household willingness to pay for brownfield cleanup (joint work with Kevin Haninger and Christopher Timmins). We exploit variation in space and time to deal with the potential bias in estimating MWTP due to unobservable variables that are correlated with both housing prices and site cleanup. Furthermore, there has been recent work showing that if equilibrium price functions change over time, the capitalization of changes in neighborhood amenities into property values over time (e.g. brownfield cleanup) may neither represent the preferences of those living in the neighborhood before changes occurred or after. To address this, we provide a way to estimate cleanup without assuming that the hedonic price function is stable over time, an assumption that would likely be violated if site cleanup brought about significant changes to the community populations around the sites.</p><p>The second chapter considers two sources of distortions in the valuation of non-marketed goods - an expectations bias and a learning bias. If consumers suspect that cleanup of a brownfield is likely before it is cleaned (expectation) or gain new information about the severity of the brownfield contamination (information), then baseline period prices need to be adjusted to account for these potential distortions to the MWTP estimate. To address this, I collect a new data set on brownfield contamination information over time from Massachusetts, and recover hedonic values from a dynamic neighborhood choice framework that allows agents to learn about brownfield hazards in a Bayesian fashion. I find a MWTP estimate of \$888.38 per unit of site contamination when accounting for learning and forward-looking behavior, which is more than double the simple hedonic estimate. Furthermore, parameters from my model can be used to calculate the average value of information provided by a site assessment.</p><p>The final chapter, joint work with Gabrielle Inder, examines whether different types of information about brownfield contamination capitalize into property values differently. More specifically, we estimate a property value hedonic model to test if housing prices are impacted differently if information about nearby contamination is released as a continuous measure as opposed to a binary measure (i.e. exceeding a threshold value or not). We do this by exploiting variation in contaminant thresholds used, holding constant the contaminant level, due to regulatory requirements for brownfield investigations in the State of Massachusetts. As the variation in threshold levels are tied to the level of human exposure of the areas in which these contaminated sites exist, threshold exceedance is potentially endogenous to unobserved neighborhood characteristics that also impact housing values. To deal with this, we take an Instrumental Variables approach using variation in threshold exceedance due to the location of underground water sources. After instrumenting for threshold exceedance with the presence of an aquifer underground, our estimates indicate a 10\% decrease in housing values from exceeding contaminant thresholds, but that continuous toxicity levels have a negative but insignificant effect. These findings suggest that polices aimed to improve public awareness about pollution should be cognizant of how information is conveyed, as it may allow for better design of information provision programs aimed to improve environmental quality.</p><br>Dissertation
46
Wu, Shou Yi, and 吳守鎰. "Valuation of synthetic CDO." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/ukb37q.
Full text
47
Chen, Sam Yu-Jen, and 陳宇任. "Patent Management and Valuation." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/82165265008715178313.
Full textAbstract:
碩士<br>國立臺灣大學<br>財務金融學研究所<br>95<br>Abstract
In the past few years, due to the change of the market environment, intellectual property has become a very important asset for many companies. Patent is especially important compared to other types of intellectual property. In high technology industries, a well-designed and creative patent can bring a company great advantage and big profit. How to correctly value and manage the patent becomes a very important issue for a company.
This thesis first introduces the basic concept of intellectual property which can be divided into four different types: Patent, Copyright, Trademark, and Trade Secret. It then discusses the different strategies that may be used in the different periods of the life-cycle. Furthermore, the different patent valuations and license are explained. The patent valuations include Cost Approach, Market Approach, Income Approach and Real Option Approach, which are very useful when a company wants to buy, sell, or license the patent, as well as merge or acquire other companies.
48
Su, Shu-Jiun, and 蘇淑君. "Game Option Valuation Model." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/58102480004394598125.
Full textAbstract:
碩士<br>國立臺灣大學<br>國際企業學研究所<br>93<br>In Kifer (2000), a new derivative security called game option was introduced. Game option, also called Israeli option, is a contract which enables both its holder (buyer) and writer (seller) to stop it at any time before expiration. That is, its buyer can exercise the right to buy (for a call) or to sell (for a put) a specified underlying asset at a predetermined price, and its seller can cancel the contract by paying the buyer the early exercise payoff plus an amount of penalty. Although some literatures probed into the valuation model of this new derivative, efficient numerical methods have not been developed yet, and both its free boundary problem and the corresponding variational inequalities have not been constructed. Throughout this thesis, we only consider the most general case of game-type contingent claims for its valuation. First we propose the rules of penalty format, choose a more practical one, and apply the familiar binomial tree method. Then we construct its free boundary problem, formulate the corresponding variational inequalities, and use finite-difference method to solve it. Finally, we compare the above results and bring up some discussions.
49
Chow, Warren Hsiao-ping, and 周笑平. "Valuation of Internet Shares." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/83052337450186130059.
Full textAbstract:
碩士<br>國立臺灣大學<br>財務金融學研究所<br>88<br>Title of Thesis: Valuation of Internet Shares Total pages: 103
Name of Institute: Graduate Institute of Finance, National Taiwan University
Graduate Date: June 2000 Degree Conferred: Master
Name of Student: Warren Hsiao-ping Chow
Advisor: Dr. Tsun-siou Lee
Abstract
The puzzle for Internet stocks valuation continues to confound investors, analysts and academics alike. Pundits, their wise commentary notwithstanding, are hard put to explain the irrational exuberance prompting the Internet rally.
Classical financial valuation tools are not adequate for expressing the true value of an Internet company. Understanding how the internet has affected the way these companies evolved and do business and relating this understanding to an Internet company''s valuation remains essential to those who are concerned yet perplexed.
This study presents a collection of unique phenomena and new mechanisms developed only in the Internet business world. There is also a discussion about what are the key successful factors of an Internet business. Using this information, the author selected several metrics for evaluating their association with company’s market capitalization. The author examined the consequences of applying several multiple regression models (Simple Linear Model, Power of 2 Model, Lin-log Model, etc.) onto both MV(n) and PSG as dependent variables, and observed the changes of contributing ability of factors toward them under various combinations of influential factors. The empirical evidence suggests that several factors heavily influence the stock price performance.
The author also discusses the implications of the findings for Internet investors. Finally, the study suggests some new factors and more complicated methodologies that investors might use to assess Internet shares.
Keyword: Internet, view time, winner-take-all, first-to-scale
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Huang, Chuan-Chien, and 黃詮鑑. "Valuation of Internet Corporates." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/97929150230998166946.
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