The income evaluation is one of the basic methods to establish a price of a real estate. It deals with a discount rate. But there is any obligatory methods how to establish the discount rate. The principle of yield property valuation method is the determination of future net profits transferred to the present value. The amount of the discount rate is affected by the large amount of criteria that take into account the risks associated with the property. The risk represents the financial loss which the owner of real estate created if the immovable thing ceased to produce such income, which is calculated in the valuation. But at present experts the risks associated with the real estate does not quantify and discount rate is determined mostly by the professional estimate. The main aim of the Ph.D. Theses is to propose a methodology to more accurately determine the discount rate. This methodology will be based on the free risk rate and risk premiums. The free risk rate shall be determined on the basis of income on government bonds, which are considered the least risky asset. Risk premiums will reflect the technical quality of the property, economy of real estate and legal level of real estate through eleven criteria. The discount rate could be by this methodology simply calculated using the software support of Microsoft Excel.

The thesis deals with the determination of economic efficiency of a development project, concerning the construction of an apartment complex. The theoretical part is devoted to investments, feasibility study, analysis of cash flows and the criteria for determining the economic efficiency. Then there is characterized by development activity, the creation of cash flows and the discount rate. The practical part describes the chosen development project, the determination of cash flows, an assessment of economic efficiency and sensitivity to potential risks.

Este trabajo de investigación tiene como objetivo principal valorizar la corporación Ferreycorp S.A.A. (Ferreycorp) al cierre del primer trimestre del 2020. La metodología utilizada será la del descuento de flujos de caja libre y el resultado será respaldado con el método de múltiplos comparables. Para este propósito, se ha utilizado información de la empresa de cinco años de antigüedad y los flujos se han proyectado a cinco años. Además de la información histórica, para los supuestos establecidos, se ha utilizado información brindada por la organización y datos macroeconómicos; estos últimos, han sido de gran aporte al presente documento, debido a la coyuntura económica del país debido a factores externos a la organización. A pesar de lo indicado, Ferreycorp se mantiene como una de las principales empresas del país debido a su capacidad patrimonial y operativa, lo cual se demuestra en los resultados obtenidos en la presente valorización. En relación al resultado obtenido, Ferreycorp cuenta con un valor empresarial de S/.3,437 millones y un valor patrimonial de S/.2,202 millones, lo cual nos lleva a un valor por acción de S/.1.41. A través de los múltiplos comparables, la organización presenta un valor de S/.1.46 por acción. Al revisar el precio de mercado al 12 de junio del 2020, este se sitúa alrededor de S/.1.40. Por ende, establecemos que el valor de la acción se encuentra mínimamente subvaluado y se recomienda a corto plazo mantener el activo en el portafolio del inversor. La coyuntura económica a principios del presente año, no permite tomar decisiones confiables en relación al manejo de acciones a largo plazo. / The main objective of this research work is to value the Ferreycorp S.A.A. (Ferreycorp) at the end of the first quarter of 2020. The methodology used will be the discounting of free cash flows and the result will be supported by the method of comparable multiples. For this purpose, information from five years ago has been used and the flows have been projected in five years. In addition to historical information, for the established assumptions, information provided by the organization and macroeconomic data have been used; the later has been of great contribution to this document, due to the economic situation in the country because of external factors to the organization. Despite the aforementioned, Ferreycorp remains one of the leading companies in the country due to its patrimonial and operational capacity, which is demonstrated in the results obtained in this valuation. In relation to the result obtained, Ferreycorp has a market value of S/.3,437 million and a patrimonial value of S/.2,202 million, which brings us to a value per share of S/.1.41. Through comparable multiples, the organization presents a value of S/.1.46 per share. When reviewing the market price as of June 12, 2020, it stands at around S/.1.40. Therefore, we establish that the value of the share is minimally undervalued and it is recommended in the short term to keep the asset in the investor's portfolio. The economic situation at the beginning of this year does not allow making reliable decisions regarding the management of long-term actions. / Trabajo de investigación

Human decision making is closely related to reward processing because many decisions rely to a certain degree on the evaluation of different outcome values. Reward-based decisions can be health-related, for example if someone has to compare the outcome value of the instant reward of smoking a cigarette to that of the long term goal of keeping well and fit. Such comparisons do not only rely on the nominal value of the alternatives but also on devaluation of rewards over time. The value of being healthy at older age might outweigh the value of smoking a cigarette but since the payoff of the health-outcome will be delayed, humans tend to decrease the value of this option. Therefore in this example one might choose the immediate reward of smoking a cigarette. The proclivity to devaluate the value of rewards over time has been widely investigated with experimental intertemporal choice tasks, in which subjects have to choose between smaller sooner rewards and larger later rewards. A stronger individual devaluation proclivity (i.e. discounting rate) has been reported to be related to addiction. Research in neuroeconomics has suggested the competing neurobehavioural decision systems (CNDS) theory, proposing that an imbalance between an executive (cortical prefrontal brain areas) and an impulsive (i.e. subcortical areas, such as ventral striatum (VS), amygdala) system in the brain leads to steeper discounting and a higher risk for addiction. Additionally, temporal discounting has been proposed as a transdisease process, i.e., “a process that occurs across a range of disorders, making findings from one disorder relevant to other disorders” (Bickel, Jarmolowicz, Mueller, Koffarnus, & Gatchalian, 2012, Abstract). Thus, the CNDS theory and temporal discounting might also have implications for other health-related behaviour than substance use. So far many factors have been shown to be associated with higher discount rates: for instance, adolescent age, lower intelligence and nicotine dependence. Further, it has been shown that adolescents are at highest risk to start smoking. On the other hand a higher education level has been shown to be associated to lower rates of smoking. Thus, it seems likely that a higher discount rate might be one reason why adolescents experiment with smoking, why lower education is associated to nicotine addiction and why dependent smokers are not successful in smoking cessation. But relatively little is known about the neural processes behind these variables, which could be also seen as exemplary risk- and protective factors regarding addiction. The 3 studies of the thesis at hand were conducted to extend the knowledge about neural processes associated to age, intelligence and smoking in their relation to intertemporal choice. The task was chosen because of its relevance for addiction and a variety of health-related behaviour. The first study was conducted to explore the neural correlates of age related differences between adolescents at age 14 and young adults during intertemporal choices. Additionally, the roles of discounting and choice consistency were investigated. Although adoles-cents discounted delayed rewards more steeply than adults, neural processing of reward value did not differ between groups, when controlling reward values for the individual discount rates. However, a higher discount rate was related to a lower responsivity in the ventral striatum to delayed rewards, independent of age. Concerning decision making, adolescents exhib-ited a lower consistency of choices and less brain activity in a parietal network than adults (i.e. posterior and inferior parietal regions). Thus, reward value processing might be more sensitive to the discount rate than to chronological age. Lower consistency of intertemporal choices might indicate ongoing maturation of parietal brain areas from adolescence to young adulthood. The second study was conducted to reveal the associations between neural processes of decision making and intelligence in adolescents. The results of study 2 revealed networks in the adolescent brain where brain activity was related to crystallised intelligence as well as to intertemporal choice behaviour. Specifically, during decision processing higher crystallised intelligence as well as more consistent decisions were associated with higher brain activity in the posterior parietal cortex. Processing of delayed rewards was also related to crystallised intelligence, i.e. more intelligent adolescents showed higher brain activation in the anterior cingulate cortex (ACC) and the inferior frontal gyrus (IFG), which was in turn related to a lower discount rate. Additionally, associations between the parental education level and crys-tallised intelligence of the adolescent participants of the study and their discount rate were found, indicating that parental education as an environmental factor could be related to a low-er risk for addiction. This protective effect might be mediated by the offspring’s crystallised intelligence and discount rate which are both related to brain activity in parts of the same brain networks (i.e. the IFG). The third study was done to investigate neural processes of intertemporal decisions in smokers and non-smokers. To test whether the effects of smoking on the discount rate are due to chronic or acute nicotine intake, non-smokers were additionally assessed under acute nico-tine administration. Study 3 revealed that the effects of nicotine on intertemporal choice behaviour were related to chronic intake of nicotine in smokers rather than to acute nicotine ad-ministration in non-smokers. Regarding the neural processes, smokers compared to non-smokers showed lower brain activity in the posterior parietal cortex. Comparable but weaker effects were found under acute nicotine in non-smokers. Although acute nicotine administra-tion altered neural processes, behavioural changes might only occur after repeated nicotine intake. However, the study did not preclude that the differences are predrug characteristics. Altogether the studies revealed overlapping neural correlates of intertemporal choices which are related to the individual age, the discount rate, the choice consistency, the individual intelligence as well as acute and chronic nicotine intake. This might provide an integrative view on how inter-individual differences and behaviour during intertemporal choices are based on common neural correlates which in turn might have implications for the development and the maintenance of addiction. Specifically, hyposensitivity towards delayed rewards in the adolescent ventral striatum, which has also been found in smokers compared to non-smokers, is associated with higher discount rates and higher risk for smoking initiation. In contrast, higher activation in the IFG and the ACC in more intelligent individuals during reward value processing might enhance behavioural inhibition and control and, hence, might prevent nicotine addiction. In line with the CNDS theory responsivity in subcortical brain areas (i.e. impulsive system), such as the VS was related to the risk factor of adolescent age, whereas activity in cortical areas (IFG and ACC) was related to the protective factors of high-er crystallised intelligence. Since there was only one study beside the studies of the current thesis reporting results regarding consistency, one can only speculate about implications for health-related behaviour, such as addiction. Consistency might play a role, especially for cessation success. Thus, the findings that adolescents as well as less intelligent individuals were less consistent might point to a higher risk for maintenance of nicotine addiction. The higher brain activity in a fronto-parietal network, which has been shown in studies 1 and 2 in adults as well as in more intelligent adolescents, was related to higher consistency of choices in both studies. Thus, the finding might be a possible neural correlate for the association between the risk factor of ado-lescent age, the protective factor of higher crystallised intelligence, and more consistent deci-sion making. In conclusion the findings of the current thesis contribute to a better understanding of how inter-individual differences and environmental factors might be accompanied by neural processes which in turn might be related to individual development of addiction. Further the results might extend the CNDS theory regarding neural correlates of exemplary risk and pro-tective factors regarding adolescents’ health behaviour and smoking in adults.

El presente trabajo de investigación tiene como finalidad desarrollar el Plan de Negocio de una plataforma electrónica de información y elección de ofertantes de factoring para las MIPYME interesadas en financiamiento de ventas mediante oferta de facturas negociables. Esta propuesta se dirige a empresarios de diferentes rubros y cuyos niveles de facturación caracterizan a sus empresas como micro, pequeñas y medianas, especialmente para aquellos que valoran mucho contar con la liquidez de fondos necesarios para financiar sus operaciones al menor costo posible. Para ello se realizó un sondeo el cuál permitió validar nuestra propuesta explicada en este documento, destacando que el 67,3% manifiesta estar muy dispuesto a usar la plataforma “Elige – Factoring”. Para implementar este modelo de negocio se requerirá de una inversión de S/ 105 000 distribuidos en desarrollo de plataforma web, adquisición de bienes de cómputo, campañas de difusión y otros gastos pre-operativos, así como capital de trabajo requerido para financiar las actividades del primer año de operación. Se usará redes sociales y se generará contenido de calidad para desarrollar una estrecha y contínua relación con los clientes. La estrategia del presente plan se basará en la diferenciación y la focalización. Esta solución será la finetch referente de provisión de información de Factoring y de negociación de tasas de descuento de Facturas Negociables en el Perú. A partir del análisis financiero realizado, concluimos que el proyecto tendrá un VAN de de S/133 321,46 y una TIR de 36,7%, luego de 5 años de operaciones, haciéndolo atractivo para invertir. / The purpose of this research work is to develop the Business Plan of an electronic platform of information and choice of factoring bidders for MSME interested in financing sales by offering their negotiable invoices. This proposal is aimed at businessman of different sectors and whose billing levels characterize their companies as micro, small and medium-sized, especially for those who highly value having the liquidity of funds necessary to finance their operations at the lowest possible cost. For this, a poll was carried out which allowed us to validate our proposal explained in this document, highlighting that 67.3% state that they are very willing to use the platform "Elige - Factoring". To implement this business model, its will need an investment of S/ 105 000 distributed in web platform development, acquisition of computer assets, dissemination campaigns and other pre-operational expenses, as well as the working capital required to finance the activities of the first year of operation. Social networks will be used and quality content will be generated to develop a close and continuous relationship with customers. The strategy of this plan will be based on differentiation and targeting. This solution will be the benchmark finetch for the provision of Factoring information and the negotiation of discount rates of Negotiable Invoices in Peru. From the financial analysis carried out, we conclude that the project will have a NPV of S / 133 321,46 and an IRR of 36,7%, after 5 years of operations, making it attractive to invest. / Trabajo de investigación

The subject of the thesis is the financial and economic analysis of the investment project. In the theoretical part, I focus on the life cycle of a project, feasibility study, project financing and economic analysis of private investment projects, as well as methods applicable for evaluation of economic efficiency. The benefits of the practical part will specifically identify funding options for the draft in question, to assess the economic efficiency and to offer specific investment recommendation.

В работе рассмотрены теоретические и методологические аспекты оценки инновационных инвестиционных проектов. Выполнен анализ состояния мировой и российской магниевой отрасли, дана оценка основным экономическим показателям отрасли таким как себестоимость, цена, объем продаж, объем импорта магния. Предложен метод расчета величины рисковой премии, учитывающие как отраслевые, так и инновационные риски. Проанализированы возможные направления развития магниевой отрасли, предложена к внедрению инновационная технология производства магния на Соликамском магниевом заводе в качестве механизма повышения показателей эффективности существующего производства. Выполнена технико-экономическая оценка эффективности предлагаемой инновационной технологии производства магния. / The theoretical and methodological aspects of the evaluation of innovative investment projects are considered in the work. The analysis of the state of the world and Russian magnesium industry was carried out, the assessment of the main economic indicators of the industry, such as cost, price, sales, magnesium imports, was made. A method for calculating the magnitude of risk premium, taking into account both industry and innovation risks, is proposed. Analyzed the possible directions of development of the magnesium industry, proposed for the introduction of innovative technology for the production of magnesium at the Solikamsk magnesium plant as a mechanism to improve the performance indicators of existing production. The technical and economic assessment of the effectiveness of the proposed innovative magnesium production technology was carried out.

人壽保險業為特許行業，各國基於不同監理目的而有不同會計處理規定，導致各國會計差異問題的浮現。台灣自 2011 年 1 月 1 日起正式 適用國際財務報導準則保險合約第一階段規範與國際接軌，其為過渡性準則，乃說明保險合約之定義、合約之認列與衡量及其揭露等，實施後影響不大。但實施後保險業仍存在對資產採公平價值評價，而對負債 (責任準備金) 採成本法評價之不一致現象。因此，為達資產負債 管理的一致性，將實施 IFRS 4 Phase II，對保險負債採公平價值評價並 規定保險負債須以無風險利率評價。本研究將在 IFRS 4 Phase II 對負債公平價值的規範架構下，以壽險 業商品的準備金為例，評估 IFRS 4 Phase II 實施後其準備金價值及公 司財報損益所會產生的差異。此外，探討 IFRS 4 Phase II 實施後對壽 險業的評價影響，諸如服務邊際、現金價值與風險調整，包含此財務揭露改變是否將對壽險業之商品類型造成影響。 / Life insurance corporation should be granted a franchise by the government in every countries. The purpose of supervision based on different countries have different accounting rules, leading to differences in national accounting problems. Taiwan has officially adopted the framework of International Financial Reporting Standards 4 Phase I since January 1, 2011. IFRS 4 Phase I is a transitional guidelines, which includes some definitions of insurance contracts. The principles of IFRS Phase I doesn’t cause serious effects for life insurance corporations. However, the problem of mismatching between the fair value of assets and the book value of liabilities still exists. Therefore, in order to achieve consistency management in asset and liability, the fair value valuation for liabilities is required under the frame work of IFRS 4 Phase II In our research, we would take a policy for example to evaluate the fair value of liabilities under the framework of IFRS 4 Phase II. Besides, we also analyze the the influences for life insurance companies after applying the IFRS 4 Phase II.

The estimation of afforestation reservation prices for small landowners in New Zealand has not been the subject of much research despite its importance in predicting future land use. Reservation prices for planting represent the minimum payment a landowner must receive before converting land from agriculture to forest. A survey of 728 landowners from every region of New Zealand who own between 20 and 200 hectares of forest as well as other unplanted land used for agriculture were surveyed about forestland, forest land owner demographics, ownership objectives, silviculture and reservation prices. In this study, reservation price strategies were investigated by offering hypothetical annual and one-time payments for converting land from agriculture to forestry. From this survey, the average one-time payment a landowner would be willing to accept to convert a hectare of land from agriculture to forestry was $3,554 and the average annual payment to convert a hectare of land was $360. The key factors influencing the reservation price were; whether or not the landowner lived on the property, if one of the ownership objectives was income from carbon, the primary agricultural enterprise and total household income. An implied discount rate was calculated for each landowner and excluding those who would not accept any payment the average after-tax discount rate was 9.7%. Small landowners indicated that their primary reason for owning plantation forest was income from timber with very few landowners using their forest land for recreation. The median farm size was 400 hectares and the median forest plantation was 37 hectares. Planting of radiata pine peaked in 1994 and 1995 with more radiata pine planted in 1994 than in all the years from 2000-2009. Most landowners are performing some type of silviculture in their forests. Ninety percent of landowners are pruning in the current rotation while only 61% plan to prune in the future. Only 26% of landowners have engaged in any commercial harvesting in the past ten years but as their current rotation matures 71% plan to replant on the same site. A majority of respondents thought the situation for forest landowners was getting better. Understanding the reservation price strategies of landowners is important for predicting future land use patterns and recognizing how close landowners are to converting land. The ownership objectives of landowners and the replanting decisions they make are critical for future timber supply. The results of this study can assist in the development of forest establishment incentive programmes. Better information about landowner characteristics will result in enhanced decision-making for the timber industry and the government in New Zealand.

The dissertation thesis deals with valuation of individual items in the economic balance sheet of a stand-alone company and subsequently as a part of acquisition. We define the economic balance sheet as a full set of assets, liabilities as well as synergies amongst the assets (stand-alone company view) and companies (transaction view), where the sum of their individual valuations has to equal to the overall value of the company. Hence we suggest that the management (and a valuer) should be able to decompose the company value into defined and controllable value components. Apart from identifying optimal methods for the individual valuation, the key for achieving this task is the internal (amongst the assets) as well as the overall consistency (vis-a-vis the overall company value). Compared to the overall-valuation approach, we demonstrate how the component approach can lead to more precise results, higher management discipline and accountability, and can serve as a tool for an a priori identification of overpayment as well as an instrument for controlling the value post transaction. We defined two primary types of synergies in terms of valuation approach - Enhancement, improving current income potential and Future opportunities, mainly focusing on new projects - and proposed appropriate valuation approaches given their specifics. Since a large proportion of valuations on individual level is based on the income approach, setting a clear and consistent approach to discount rates was a vital part of the work. We propose a primary and, if not available, second-best rate for each component of the economic balance sheet. Although the synergies are probably of the highest commercial interest, the liabilities with external source of risk and deferred taxes on the individual level are areas generally neglected both by academics and practitioners. While the first one will have only but crucial impact on companies with decommissioning and similar liabilities, the latter is present almost in any itemized valuation, and its incorrect or purely isolated application affects the overall result and breaks the link to the overall company value. We analyze both topics and offer consistent valuation methods, although further research is required to refine them. We discuss WARA as one of the key tools for ensuring consistency of itemized valuation of the economic balance sheet. Lacking any theoretical background and interest from academic researchers, we first analyze simple concepts of the tool as they are used in practice and point out observed conceptual errors, oversimplifications and accounting-only approach. Not only that we propose complex consistent rules for WARA construction but we extend the concept from the focus on conventionally defined net assets to the full economic balance sheet, which is the only way how to relate the itemized valuation to the overall company valuation. Finally, we presented a case study based on real-life example which demonstrated practical applicability of proposed partial solutions as well as the overall approach to achieving consistency with the total company or transaction valuation. Although the analysis of individual items of the economic balance will be inevitably based on subjective assumptions to an extent, we have shown that proposed complex and consistent approach adds value to the strategic and transaction considerations. Also the preciseness of the tools will increase with the number of transactions performed as the parameters get calibrated.