The thesis deals with the valuation of the AERO Vodochody a.s (OJSC). The estimated value of the company refers to December 15, 2011. Internal value of private equity is determined in addition to the company value. Financial analysis of the company, analysis of the macroeconomic environment and industry analysis are applied in the process of valuation. The yield method of discounted free cash flow to the firm is applied for the company valuation. After delivery of the statement of the enterprise value the attention is focused on the analysis of the major factors that affect the resulting value of the company to December 15, 2011. The effects of individual factors are based on sensitivity analysis. Suggestions resulting in increase of the enterprise value in the future are presented. The enterprise value referred to December 15, 2012 is predicted using the Monte Carlo simulation method. Both the calculated values are compared after discounting the result of the simulation. The comparison result displays whether an increase in the company value is expected or not.

This thesis deals with the valuation of the company McDonald's Co. Ltd. Estimated value of the company relates to December, 31, 2011. The valuation process is handled strategic and financial analysis of the company, the analysis of macroeconomic and microeconomic environment. The company is financially healthy, with the prospect of further successful development without significant change in strategic focus. Therefore, the method chosen to measure the yield, which in the given situation best reflects the company's value as the sum of future benefits for the owner. The process itself valuation method is applied to yield discounted cash flow DCF variation in free cash flow to firm (FCFF), for which it is necessary to have an estimate of projected future development, where they were converted to qualified assumptions and quantified items used by their own estimate of the financial plan consulted with the company's management. The value of McDonald's Co. Ltd. for any external investor was set at 31 of December 2011th.

The main purpose of this diploma thesis is a creation and evaluation of results of the deep analysis of REMAK a.s. Value estimation is determined for shareholders selling a company or for potential buyers. Specific situation in property and capital structure had required a in-depth analysis of working capital and recommended practices, that may help the company to improve their financial results. In diploma thesis were used different practices and methods such as strategic analysis, financial analysis with emphasis on working capital, than financial plan extracted from value generators and final evaluation of company by discounted cash flow methods.

Vita. / Digitized by Kansas Correctional Industries

For a number of years residential and commercial development has grown surrounding railways stations in many cities across the United States. One of the trends that has occurred in a number of cities relates to positive property value correlations between real estate values near transit stations and transit-oriented development (TOD) sites as compared to their counterparts not located near a railway station or freeway access. Many cities have noted that homeowners are willing to pay more to be near a TOD site and being near a site can represent a statistically significant factor in determining where to purchase a property. In suburban markets with newer developments, the data was not as readily available. While the suburban area along the main population corridor of Northern Utah called The Wasatch Front has seen a lot of growth in TOD development, there really was not sufficient data on residential pricing to see if the same types of trends that held true in other areas of the United States held true along the Wasatch Front. This research analyzed multiple cities in multiple counties along the Wasatch Front that all featured development surrounding a TOD site. The purpose of the research was to determine how the price per square foot during a period of study in 2016 was higher for properties located near TOD sites compared to properties nearby freeway entrances or isolated from both. Three types of properties were analyzed in the study: Single-family homes, townhouses and condominiums. Another purpose of this study was to determine which factors were the most statistically significant in the purchases made by homebuyers during the period of study. Multiple statistical models were tested in order to determine the most significant variables in the study and just over eight hundred properties were tested. The research indicated in developing rapid transit cities like Salt Lake City and suburban areas, the value of car-free living and resident-dense cities is still emerging. Statistical results indicated certain factors and trends that can be helpful not only for local planners and developers but also to further the body of research on the development of these transit-oriented development sites in suburban areas around the United States.

A mental model of the another person’s state of mind including their thoughts, feelings, and beliefs, otherwise known as Theory of Mind (ToM), can be created to better predict their behavior and optimize our own decisions. These representations can be explicitly modeled during both the development and presence of stable cooperation via communication outcomes, allowing us to understand the sophistication or depth of mental coordination, involved in an individual’s social perception and reasoning. Almost all current scientific studies of ToM take a spectatorial approach, relying on observation followed by evaluation (e.g., the Sally-Anne Task). However given evidence that social cognition fundamentally shifts during valuationally significant social encounters with others, this study adopts a second-person approach. Each participant’s actions under dynamic uncertainty influence the joint reward probabilities of both, favoring cooperation and coordination. Only Teachers have knowledge of the correct action-reward contingencies, while Learners must ascertain the Teacher’s directive and correctly adjust their actions to obtain the optimal reward. The complexity of cooperative behaviors cannot be captured with simple reinforcement learning models, however a similarity in valuation exists, probing further investigation.

Trois chapitres constituent cette thèse.Le premier traite des performances des modèles de valorisation traditionnels. Au travers une littérature détaillée, il met en exergue les facteurs qui impactent la structure financière ainsi que des ajustements théoriques en vue d’améliorer les différentes méthodes de valorisation. Puis, il aborde la création de valeur issue d’opérations de contrôle et expose les méthodes à privilégier en fonction de contextes déterminés. Il présente ensuite des études statistiques visant à attester de la fiabilité et de la pertinence des méthodes traditionnelles.Le deuxième est dédié à l’évaluation de la décision d’investissement par l’approche des options réelles. Tout d’abord, un cadre définit leur modélisation et leur niveau d’utilisation actuelle par les praticiens. Ensuite, la littérature étudiée développe les interactions des différentes catégories d’options présentes au sein d’un même projet d’investissement. Elle dévoile, notamment, les fondements des modèles de l’option d’attente, qui permet de déterminer le moment opportun pour investir, de l’option de désinvestissement, y compris au sein de contextes particuliers, et de l’option de croissance, qui affecte les choix de diversification et de stratégies d’acquisition. Ces différents modèles font l’objet d’applications pratiques.Enfin, le troisième s’attache à mettre en lumière l’évaluation de la structure du passif financier par l’approche des options réelles. Les modèles optionnels décrits dans la littérature proposent une nouvelle répartition de la valeur d’entreprise entre une valeur économique des capitaux propres et de la dette nette. Puis, les articles étudiés évoquent l’intégration des problèmes d’agence et du refinancement de la dette à partir de modèles optionnels. Enfin, trois études statistiques ont pour objectif de comparer des valorisations de sociétés depuis des méthodes traditionnelles et depuis celle des options réelles. Il s’agit de déterminer si la méthode des options octroie un surplus de valeur aux capitaux propres, de par la prise en compte d’une dette nette économique. Par ailleurs, les analyses réalisées visent à attester de la pertinence et de la fiabilité de la méthode des options réelles par rapport à aux méthodes traditionnelles. / This thesis is organized around three chapters.The first one deals with performances of traditional valuation methods. A detailed literature review highlights the factors that affect the financial structure and theoretical adjustments to improve the different valuation methods. Furthermore, the chapter is dedicated to value creation from control operations and outlines the preferred methods according to specific contexts. Finally, it presents statistical studies to demonstrate the reliability and relevance of traditional methods.The second chapter focuses on the assessment of the investment decision by the real options approach. First, their modeling framework is defined as well as their level of current use by practitioners. Then, the studied literature develops the interactions of different categories of options present within the same investment project. It reveals, in particular, the foundation for models of standby option, which determines the appropriate time to invest, the disinvestment option, including in particular contexts, and the growth option, which affects the choices of diversification and acquisition strategies. These different models are subject to practical applications.The third chapter aims to highlight the assessment of the financial liability structure by the real options approach. Optional models described in the literature suggest a new division of the enterprise value between economic value of equity and net debt. Moreover, the articles studied focus on the integration of agency and debt refinancing problems when using optional templates. Finally, three statistical studies aim to compare the valuation of companies based on traditional and real options methods in order to determine whether the options method gives a surplus value to equity by the inclusion of an economic net det. Furthermore, the purpose of the analyses is to attest to the relevance and reliability of the real options method compared to traditional methods.

Since 1964, when Congress wrote the Wilderness Act, there has been an increasing amount of controversy between opponents and advocates of wilderness. Wilderness areas in Utah are not immune to this controversy. Public policy makers and land managers are in the middle of this debate. They have the responsibility to assess the resource and estimate the benefits and costs associated with creating policy. This thesis focusses on helping policy makers and land managers recognize a benefit currently not being assessed. Nonuse values are values other than in situ use, where individuals have a value for existence of wilderness or a bequesting value for future generations. If these values exist, current policy would underestimate the benefits. The results of this thesis revealed Utah citizens have a value for wilderness designation other than in situ use value, with estimation by contingent valuation.

In a controlled lab experiment, we investigate hypothetical biases in the value of time by comparing stated preference (SP) and revealed preference (RP) values attached to unexpected waiting times. The SP and RP choice sets are identical in terms of design with the only difference being that the RP choices have real consequences in terms of unexpected waiting times and monetary incentives. We find a substantial hypothetical bias with the average SP value of time being only 71% of the corresponding RP value. The bias is mainly driven by participants who have scheduling constraints during the time of the unexpected wait. Scheduling constraints are taken into account to a much lesser extent in the SP setting than in the RP setting, presumably because only in the latter, the consequences of ignoring them are costly. We find evidence that this effect is stronger for persons with relatively low cognitive ability.

The purpose of financial reporting is to provide information that is useful for decision making. Recently, however, there has been a systematic decline in the usefulness of such information. Indeed, the current reporting model seems to be no longer sufficient mainly due to the fact that it ignores many of the nonfinancial intangible factors which are increasingly becoming important in determining corporate value and performance. That is, there is a need for the traditional reporting model to be modified or at least broadened to reflect Intangible Assets (IA) in order to enhance the usefulness of information being provided to different stakeholders. In the absence of mandatory reporting requirements, one alternative way of disseminating information regarding IA is to engage in voluntary disclosure practices. It has also been suggested that companies which would benefit the most from such practice are those originating from emerging economies looking to expand into international markets. While there exists an array of empirical studies which have examined the voluntary disclosure practices of corporations from developed economies, less considered are the reporting practices of emerging market companies regarding their IA. The purpose of this thesis is to examine the voluntary disclosure practices of the top 200 emerging market companies regarding the variety, nature and extent of IA and to consider some of the factors that may be associated with the level of such disclosure. Using a disclosure index based on the Value Chain Scoreboard??? (Lev, 2001), narrative sections of the 2002 annual reports of the top 200 emerging market companies are analysed. The findings indicate that emerging market companies engage in voluntary disclosure practices in order to disseminate different varieties of mainly quantitative IA information to their global stakeholders. Further, the variety and the extent of IA disclosure are associated with corporate specific factors such as leverage, adoption of IFRS/US GAAP, industry type, and price to book ratio. Contrary to the existing literature on voluntary disclosure, however, firm size and ownership concentration are not found to be associated with the IA disclosure level. Country specific factors such as the level of risks associated with economic policy and legal system are also found to be significantly associated with the IA voluntary disclosure level.