<p>This study focuses on valuation of natural resources and particularly valuation of the quality of a natural resource. The aim is to value an improvement of water quality, measured as sight depth, in the bay Himmerfjärden in the Stockholm archipelago. It is desirable to attain a value of a one metre sight depth improvement in Himmerfjärden and to analyse how a sight depth improvement affects the demand for travelling to Himmerfjärden. A condtional logit model is applied to obtain these values from survey data. The benefits of a one metre sight depth improvement in Himmerfjärden, will yield 162 260-1 599 420 SEK per year, adjusted to the price level of 2007. The estimated value depends on how travel time is treated and whether a commute variable is included or not. Furthermore will a one per cent sight depth improvement in Himmerfjärden increase the demand for travelling to Himmerfjärden with approximately 0.13-0.18 trips on a given choice occasion. These results indicate that there are values attained to the quality of a natural resource.</p>

<p><p>The recent SEC ban on short selling has presented an unrivaled opportunity to explore the effects of short selling constraints on crashes, market efficiency, and volatility. In this paper I carry out two groups of empirical tests on the individual banned stocks and a series of portfolios created from them: the first tests the hypothesis that short sale constraints increase the frequency and magnitude of crashes, by testing Hong & Stein’s (2003) model of market crashes. The second tests the hypothesis that short sale constraints reduce market efficiency, by testing Miller’s (1977) model in which stocks that are hard (or impossible) to short tend to exhibit overpricing. In regards to the first group of tests, the results are ambiguous: the frequency and magnitude of crashes increased during the ban period, while the skewness of the returns distribution of the portfolios became more negative, as expected, but these changes hold for the market as a whole, as well. On the other hand, the skewness of the returns distribution of the individual banned stocks became more positive. The second group of tests provides ample support for Miller’s model, as the results coincide with the models predictions: banning short selling leads to positive abnormal returns (overpricing) in the affected stocks. The ban is also related with a decrease in volatility relative to the market, an important result from a policy perspective.</p></p>

Coral reefs are a vital resource in the low-island Republic of Maldives, where the sustainable use of these resources is central to the continued economic success of the country's two largest sectors: tourism and fisheries. This recognition has led to numerous reef conservation and protection activities, including the establishment of Marine Protected Areas (MPAs). As in many MPAs of the world, those in the Maldives exist only as paper parks: areas protected on paper but not in practice. Despite general recognition of the importance of reef resources, insufficient funds are allocated by government to implement these parks. This situation is compounded by the absence of specific information and detailed understanding by policy makers of the true value and economic benefits of reef resources. This thesis examines the an economic valuation of improved management of MPAs in the Maldives using Dhigali Haa, an MPA in Baa Atoll, Maldives, as a case study. A contingent valuation survey to elicit the willingness to pay of tourists visiting Baa Atoll to see improved management at the MPA was used in estimating the potential benefits. In addition, local community consultations were conducted to understand local perceptions of MPAs and their effectiveness, and to develop a feasible improved management scenario. The local consultations confirmed that Dhigali Haa was not effectively managed, leading to continued illegal use and degradation of the reef. The results of the CV survey revealed support from tourists visiting Baa Atoll to pay for improved management of Dhigali Haa. A one-off conservation fee per visit for all tourists visiting Baa Atoll was preferred over a user fee solely for divers visiting Dhigali Haa. The estimate for the mean WTP for the conservation fee was US$35±5 compared to a mean WTP of US$15±5 for the user fee. Comparisons between the cost of implementing improved management and the benefits gained from tourist fees showed that a conservation fee would be more beneficial than a user fee. The estimated net present value for funding the improved management via a conservation fee was US$8.65 million.

The purpose was to evaluate airport impact on nearby residential property values (RPV). The hypothesis was that a relationship between noise levels, and nearby RPV could be identified and quantified. The objective was to model a relationship between housing location with respect to an airport and housing value, taking into consideration other relevant factors. Evaluation of aviation facilities impact on RPV was based on a sample of 587 single-family houses sold during 1984 and 1985. Selling price was used as the dependent variable. Independent variables included physical characteristics of a house, distance to the closest airport, accessibility of a house to the urban area, and supply and demand for houses. Distance to nearest airport was used as a surrogate for aircraft noise level. Study indicated that impact of aviation facilities on RPV could be quantified using selling price of a house as the dependent variable and distance from an airport as a primary independent variable along with physical characteristics of a house. Effect of an airport on RPV appears dependent not only on distance, but also on type of airport and selling price of a house. Davis-Monthan Airport (DM), a military airport, has a significantly greater impact than Tucson International Airport (TIA), a commercial airport. DM impact was greatest on houses priced above sample median. However, lower priced houses were effected more when the impact was expressed as a percent of selling price. DM impact area was approximately 2 miles from the airport, while TIA impact was about 1 mile from the facility. Distance from DM was the most significant variable in describing variation in selling price for houses closest to this facility. Living area of a house was also a very significant variable. Distance to TIA was not very significant in evaluating selling price variation. Living area and age of a house were generally the most significant variables describing selling price variation for TIA subset.

No description available.

在這篇論文裡, 我們探討體中之賦值的一般理論. 最主要的, 我們證明了多個賦值等價條件. 進而我們探討p進位數體中的分析, 得到ㄧ些新的現象與例子. / In this thesis, we study some general theory of valuations on a field. Especially, we obtain several equivalent conditions on the equivalence of two valuations on a field, some of them are new in the literature. Moreover, we study the $p$-adic analysis on the p-adic number fields and obtain some new phenomena and examples.

This thesis investigates some properties of valuations on fields. Basic definitions and theorems assumed are stated in Capter I. Chapter II introduces the concept of a valuation on a field. Real valuations and non-Archimedean valuations are presented. Chapter III generalizes non-Archimedean valuations. Examples are described in Chapters I and II. A result is the theorem stating that a real valuation of a field K is non-Archimedean if and only if $(a+b) < max4# (a), (b) for all a and b in K. Chapter III generally defines a non-Archimedean valuation as an ordered abelian group. Real non-Archimedean valuations are either discrete or nondiscrete. Chapter III shows that every valuation ring identifies a non-Archimedean valuation and every non-Archimedean valuation identifies a valuation ring.

Banks finance their operations in several ways, by shareholders equity, receiving deposits from customers and by borrowing from investors and other financial institutions. One widely used approach is to issue a bond. Bonds issued on the foreign capital markets is a way to increase the financing options and mitigate risk exposure. When a bank converts foreign capital to domestic capital, there is a degree of currency risk involved. One commonly used instrument for converting capital from one currency to another is a cross currency swap. Since the Global Financial Crisis 2007-2009 regulations imposed by regulators have increased. Banks are required to have sound risk management practises where risk exposure is estimated. In response to recent regulations banks have several departments which assess and follow up risks taken in the operations. As a result, at least two systems are used when valuing financial instruments, one where all trades are conducted, the front office system, and one where risk exposure is estimated, the risk system. The aim of this project is to investigate why there is a discrepancy between the two systems. We will also analyse how this discrepancy affects risk measures. By replicating the two systems’ valuation it is possible to distinguish why there is a discrep- ancy between the systems, regarding the valuation of cross currency basis swaps. When the replication is in place, risk measure calculations are conducted to enable analysis of the impact on risk measures. There are two main differences found between the two systems and how they value a cross currency basis swap: (i) how the underlying risk factors are used; and (ii) how an upcoming cash flow is settled. The effect of these discrepancies are that the risk system overestimate the risk exposure compared with the front office system. / Banker finansierar sin verksamhet på flera olika sätt, %har flera möjligheter att, t.ex. genom eget kapital, inlåning och upplåning från investerare och andra finansiella institutioner. Ett vanligt förfarande är att emittera en obligation, där obligationer emitterade på den utländska kapitalmarknaden är ett sätt att öka finansieringsalternativen och därmed minska riskexponeringen mot den inhemska marknaden. När en bank konverterar utländskt kapital till kapital i den nationella valutan, finns en viss valutarisk inblandad. Ett vanligt instrument för att växla kapital från en valuta till en annan är en valutaswappar. Allt sedan den Globala Finanskrisen 2007-2009 har regleringen från tillsynsmyndigheter ökat. Banker är skyldiga att ha sunda riskhanteringsstrategier för att uppskatta sin riskexponering. Till följd av nya regleverk har banker idag flera avdelningar vilka estimerar och följer upp risker som tas i verksamheten. Ett resultat av detta är att åtminstone två system används vid värdering av finansiella instrument, ett system där all handel utförs, och ett där riskexponeringen estimeras. Syftet med detta projekt är att undersöka eventuella skillnader i värderingen av valutabasisswappar och vidare analysera hur detta påverkar olika riskmått. Det verkar vara en diskrepans mellan de två systemen där finansiella instrument värderas, speciellt med avsende på valutabasisswappar. Genom att replikera de två systemens värdering är det möjligt att urskilja varför det finns en diskrepans. Replikering av de två systemen låg till grund för beräkningen av riskmått samt analysen av hur skillnaderna påverkar dessa. % Resultat De huvudsakliga skillnaderna mellan de två systemen avsenede värderingen av valutabasisswappar är: (i)hur de underliggande riskfaktorerna används, och (ii) hur nästkommande kassaflöde (kupong) bestäms. Effekten av dessa skillnader är att systemet där riskexponering estimeras övervärderar risken jämfört med om risken skulle estimerats i systemet där all handel utförs.

The object of the diploma paper "The comparison of business valuation methods DCF and EVA" is to realize a theoretical confrontation of income approach methods of Discounted Cash Flow (including its all versions: entity, equity and APV) and Economic Value Added, and also to apply all of the methods to valuate a company and their consequent reconciliation. The study is focusing on cases when the methods should be equivalent and when they may differ.

The purpose of this thesis is to calculate the market value of Karlovarské minerální vody a.s. from publicly available information from the perspective of an unspecified buyer. The thesis is divided into 2 parts- theoretical and practical. There were described the basic steps of the evaluation process and some methods in the theoretic part. The practical part acquaints with valuated company. Then the strategic analysis follows, which consists of analysis of development of macro-environment and micro-environment. Financial analysis rates of performance of the company by using methods of absolute, ratio and global indicators. After analyzing financial health of the company with help of the financial analysis there is financial plan compiled for time period of 2010 - 2013. In the final part the company is avaluated using two - phase discounted cash flow method in the version of FCFF and EVA. For the comparison of the final company's value the third method of valuation is used- book value.