Värdering av förvaltningsfastigheter är komplext. Det finns många olika metoder att använda sig av i värderingsprocessen kring förvaltningsfastigheter, vilket skapar en osäkerhet kring vad som är det korrekta värdet. Osäkerhet är ett bestående problem som alltid kommer att finnas i värderingsprocessen. Med anledning av att det alltid finns risker och utmaningar i vä rderingsprocesser är syftet med denna studie att undersöka, med utgångspunkt i två företag, vad ett företag som följer IFRS 13 och ett som följe r K3 har för värderingsprocesser. Syftet är också att unders öka utmaningar och risker i värderingsprocessen. Tidigare forskning menar att vä rderingsprocessen ä r komplex f ör den baseras på uppskattningar om framtiden, samtidigt är det av stor vikt att värde ringen blir så tydlig och korrekt som möjligt. Studien grundas p å en kvalitativ metod i form av semistrukturerade intervjuer, vilket innebär att intervjuerna bygger på teman. Teman i denna studie kommer att vara extern och intern värdering, värderingsprocess, risker och utmaningar. Genom intervjuerna uppkommer det empiriska materialet som sedan kopplas mot den teoretiska referensramen. Studien kommer att bestå av fem intervjuer och samtliga personer som intervjuas har en nära koppling till vä rdering av fastigheter. Alla intervjuer har skett på respektive företags kontor i Sundsvall. Exempel på frågor som ställs till intervjupersonen är, “Hur påverkas värderingen av konjunkturen?” och “Hur skiljer värderingen av fastigheter sig intern och exter nt?”. Resultatet av studien visar att det finns olika faktorer som påverkar vä rderingsprocessen, s åsom vakansrisken, hyresintäkter och driftkostnader. Det finns också en risk oavsett vilken värderingsmetod som företagen väljer att använda sig av. Nettonu värdesmetoden grundar sig till stor del på hyresintäkter vilket innebär att vakansrisken är en stor risk. Precis som nettonuvärdesmetoden är kassaflödesmetoden beroende av hyresintäkter. Andra risker med kassaflödesmetoden är att kostnaderna som är kopplade till fastigheten. Ortsprismetoden är en metod som många fastighetsbolag använder samtidigt som den kan vara problematisk, exempelvis på en marknad där det verkar ett fåtal aktörer kan det vara svårt att använda ortsprismetoden. / The valuation of an investment property is a complex process. There are many different methods for valuation that an assessor can use to valuate a property. This can create a risk of what the fair value should be. This study will analyze valuation of prope rties based on two companies. One of the companies is obligated to comply with IFRS 13 and the other company complies with K3. We will investigate, and analyze, which method for valuation the companies use and how they use the methods. We will also investi gate and analyze the risks and challenges the methods have. Previous research believes that the process of valuation is so complex because the valuation is based on estimates of the future. At the same time it is of great importance that the valuation beco mes as accurate as possible. The study is based on a quantitative method. The study will use semi structured interviews, which means that the interviews are based on different themes. The themes in this study are going to be extern and intern valuation the process of valuation and the risks and challenges. The empirical material of the study is a result of the interviews and these findings will be compared to the theoretical frame of reference. Five different interviews will take place. The persons int erviewed all have a close connection to the process of valuation of properties. The interviews have taken place at the offices of the companies in Sundsvall. An example of the questions asked at the interviews isis“ How does the economic situation in the country affect the process of valuation?” and,and,“ How does the process of valuation of properties differ internally and externally?” The results of this study shows that there are different factors affecting the process of valuation. These factors are the risk of vacancy, rental income and operating costs. There is a risk regardless of the method of valuation that the company uses. Net present value is largely based on the rental income which means that the risk o f vacancy is a major risk. The cashflow method is, like net present value, very dependent on rental income. Another risk with this method is the running costs of the real estate. The local price method is a method which many companies use even though this method can be highly problematic. Especially if there are only a few companies active in one area.

The diploma thesis deals with specific case of valuation of the former vicarage in the village Přítluky in South Moravia. The basic idea is to evaluate the imact of change in the purpose of use associated with building reconstruction, from view of market approach and also valid valuation laws. First part deals with theoretical basis as valuation terms, laws and approaches. Next chapter describes specific situation of the site and the building and in the last part is described and justified own valuation methods. Results are analyzed at the end.

Thesis presented in partial fulfilment for the degree of Master of Management (in the field of Public Sector Monitoring and Evaluation) to the Faculty of Commerce, Law, and Management, University of the Witwatersrand, March 2018 / The purpose of this research was to assess beneficiaries’ perceptions regarding improvements in their safety and residential quality of life following a housing intervention programme in Itsoseng Informal Settlement. Initially, this study interrogated literature to comprehend assessments carried out in various housing interventions. Maslow Hierarchy of Needs, Quality of Life Theory and Max- Neef Human Needs Theory of Development were the theoretical frameworks used to understand how beneficiaries perceived the upgrading programme. Improvement in their residential quality of life is realised through the possibilities that are available to satisfy their crucial needs. For this reason, this research focused on assessing the beneficiaries’ perceptions on their safety and residential quality of life following the upgrade programme. Univariate analysis, bivariate analysis, paired sample t-test statistics and one-way analysis of variance (ANOVA) was utilised to analyse the perceptions of beneficiaries following a housing upgrade. The findings showed a good level of agreement between beneficiaries regarding their safety and residential quality of life, and there were no significant difference in the perceptions of male and female beneficiaries. Open-ended questions gave insight on the need to further improve beneficiaries’ satisfaction, particularly regarding services such as electricity, clinics, schools and safety walls. Pulling all these things together, the study highlighted the need to prioritise the preferences of beneficiaries, complemented by a comprehensive improvement on safety and residential quality of life to ensure user satisfaction. Insights from the findings further highlighted that holistic improvement in housing conditions, safety, basic services, building a good sense of belonging and tenure security is crucial and goes a long way towards enhancing improvement in the residential quality of life. This study facilitated the recommendations on improvement in the design of the houses in order to satisfy human needs rather than just focusing on the physical aspects of the house. This further allowed this study to emphasise that development is about people not objects, and that it is vital to steer the development process. / XL2019

A research report submitted to the Faculty of Engineering, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science, / In 2004, the Department of Minerals and Energy (DME, predecessor to the current Department of Mineral Resources - DMR) published a guideline to calculate the amount that a mining right holder would require for financial provision at mine closure. This research report reviews the guideline, specifically focussing on the “rules-based approach” for determining the quantum of financial provision. Some authors have recorded the misapplication of this guideline in practice and their research supports a conclusion that the guideline does not provide adequately for the real costs of mine closure. This research report makes a comparison between the DME guideline master rates for mine closure costs and actual tendered prices for those same elements of mine closure in the period from 2009 – 2016. The analysis of the actual tender prices for the various master- and component rates in comparison with the DME guideline rates delivered mixed results. While the actual tender values exceeded the guideline master rates in most cases, there were notable exceptions where the actual tender results lagged the master rates. The data obtained from the actual tender prices for mine rehabilitation projects by a third party suggests that the use of CPI to escalate mine rehabilitation costs was very quickly overtaken in reality by higher annual costs and rate increases for most of the DME guideline master rates that relate to surface mining. It means that the DME guideline master rates were not reflective of actual rehabilitation costs by the time that the use of the DME guideline was superseded by the publication of new regulations by the Department of Environmental Affairs in November 2017. Whilst no perfectly linear and distinct relationship could be deduced, the results broadly support the findings of several authors that the actual costs to rehabilitate a mine are much more than the DME guideline document would lead a mine to provide for. The application of a rules-based approach remains an exercise mired in controversy and with many potential inaccuracies. The new NEMA regulations for financial provision completely negate the need for a guideline and relevant State Departments and mining companies alike are consequently dependant on third parties to prepare closure cost estimates. / E.R. 2019

A project report submitted to the Faculty of Engineering, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 1997. / Due to the extreme costs of establishing new shaft systems in Witwatersrand gold mines it is essential that the resource estimation is optimised, The result of poor Of sub-optimal estimation could be catastrophic even.to the largest of mining companies. This project examines the application of Compound Lognormal Distribution theory and shows the advantages of this distribution model over more traditional models, for the Carbon Leader Reef. The incorporation of information from mined out areas of a deposit in resource estimation is demonstrated. The critical role played by accurate geological modelling is highlighted. The process of Macro Co-Kriging in conjunction with Compound Lognormal Theory is discussed in detail and is shown to be a more accurate estimation technique than traditional techniques using Lognormal theory. Finally the use of the Macro Co-kriged limits are shown to be useful in the classification of Mineral Resources. / AC2017

A wholesale beef futures contract has been suggested as a possible solution to recent problems in live cattle futures. However, it is uncertain whether the new futures contract will outperform the existing contract. In this research, I develop methods to derive a price series that is theoretically sound for a hypothetical futures contract. This allows for the evaluation of this hypothetical wholesale beef futures contract. I test these methods for validity using futures markets for hogs and find that they are similar in accuracy to a futures valuation model for existing futures. Then I derive a price series for this hypothetical wholesale beef futures contract and evaluate its effectiveness as a risk management tool.

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In this thesis, I test the effects of corporate social responsibility (CSR) on firm valuation and performance from the financial crisis of 2007 to year 2013. Prior research on CSR suggests that CSR is related to firm performance, but the results have not been consistent. My study focuses on the time period following the crisis since trust between firms and stakeholders may be more important following a negative shock. The components of CSR are broken out into environmental, human rights, diversity, community impact, employee relations, product, and corporate governance. I find evidence that at least some measures of firm performance are positively related to CSR. Specifically, I find that a high CSR score is associated with a high return on assets. I also find a positive relation with Tobin's Q in certain model specifications. The components of CSR that hold the greatest weight in terms of ROA are environmental, employee relations, diversity, and product strengths. Given the importance of these financial performance measures, my results provide support for corporate spending on social capital.

I estimate the total economic value to Mississippians of restoring and re-using the Alcazar Hotel in Clarksdale, MS using a combined travel cost, contingent behavior, and contingent valuation method based on Eom and Larson's (2006) combined travel cost and contingent valuation method. I find that Mississippians hold a positive average total value of about $23 per person over a three-year visitation period. Using Eom and Larson's (2006) framework, I am able to calculate the use and non-use value of restoration in a theoretically consistent manner and find that the majority of the total value of restoration is non-use value. This finding suggests that the use of non-market valuation methods that require the researcher to assume away non-use value is inappropriate when valuing culturally and historically significant sites.

No description available.