不動產估價為一連串的估值決定行為下，所得之結果。不動產估價過程並非絕對的理論，而存在非規範性的自我主觀，此種特質正是行為研究方法可著力之處。 本文運用行為研究方法，以基準地查估為平台，在相同的估價制度和規範，比較基礎一致的情形下，探討公部門的地價人員與私部門的不動產估價師之估值決定行為，試圖探究兩者行為決策模式是否有所不同。並進一步分析，若估值決定行為存有差異，該差異是否影響估值準確程度。 研究採實驗方式進行，結果顯示，不動產估價師與地價人員於估價過程中，所為估值決定有所不同。透過本實驗觀察，估價師較符合本研究設定之行為模式，且於個案估價準確程度方面，有其專業的展現。本文得到估值決定行為，存在影響估值準確程度的可能，故建議後續研究焦點可置於估價過程之行為探討，而非單就估價結果論之。 關鍵字：不動產估價、行為研究、估值決定 / The real estate is appraised for a succession of behaviors of valuation. Real estate appraisal is really not an absolute theory, and exists non-regulatory subjective judgment. This is what we can exactly put forth effort on behavioral property research. This paper uses the behavioral property research, under the situation that the comparative foundation is unanimous, and investigates valuation behavior of appraisers and assessors in the same appraisal system and norm. We further analyze the difference of the valuation behavior whether it would influence the accurate degree of valuation. The result shows the valuation behavior of appraisers and assessors is different. In addition, appraisers relatively accord with the hypothesis of the research, especially they represent the accuracy of the case through the experiment of behavioral property research. The text finds out the difference of the valuation behavior might affect the accuracy of valuation. Therefore, follow-up study could focus on the valuation behavior, instead of the appraisal result.

在公平價值會計下，對於一般投資人而言，評價品質是投資人關注的重要面向，但由於投資人無法取得評價的細部資料，因此若能由公開的評價資訊，推估公司應有的價值，當有助於對該公司作出適當的投資決策。 本文利用理論推導以及英國上市地產公司實際的評價資料，主要探討三個研究議題：一是針對實務上有些公司委由外部評價人員評價，而有些卻由內部評價人員自行評價，本文希望能以理論推導的方式，分別探討投資人能夠區分評價品質的分離均衡，以及投資人不能區分評價品質的混同均衡，並發展實證模型來驗證理論模型的預測。二是相對於外部評價人員，由內部評價人員評價涉及盈餘管理的可能性較高。因此，本文探討在此種情境下，公司管理當局如何選擇評價人員、決定盈餘管理數額，查核會計師如何選擇查核努力程度，並分析可能影響盈餘管理程度的因素。三是延伸Ross (1977)的資本結構信號傳遞理論，探討除了負債比例外，評價品質是否有助於投資人正確推估公司價值。 主要的研究發現有四點：一是投資人能夠區分評價品質，除了與評價成本有關外，聲譽也是重要的考量。二是選擇由外部評價人員評價的公司，通常具有風險相對較小的企業特性，其受評資產價值變異程度較大而且外部評價人員評價相對較為精準。三為理論與實證上都支持由內部評價人員評價時，內部評價人員評估誤差變異程度相對資產價值變異程度愈小，則懲處成本對盈餘管理的負向影響愈小。而當公司內部人持股價值愈大時，其盈餘管理動機雖可能愈強烈，但一旦遭受懲處，懲罰成本對其影響將會愈大。當然，此結論有其政策意涵，具體作法除了可以加重盈餘管理的懲處外，更重要的是在政策上落實評價制度，讓評價資訊更為透明，才是根本解決盈餘管理問題之道。最後，本文實證發現評價品質可能才是傳遞公司價值的有效工具，評價品質應是有助於釐清投資人對公司價值的判斷。 / Fair values are used to measure some assets and liabilities more pervasively in recent years, but appraisal reports are not open to investors. Fundamentally, we view accounting information as having the potential to tell us about the valuation of the reporting firm’s common stock. This paper investigates whether appraisal quality is useful information to investors. The first purpose of this paper is to examine whether the market possesses full information about the activities of firms through appraisal quality. The second purpose of this paper is to analyze how management choose appraiser, propose earnings management and how auditors select audit effort to deter earnings management. In addition, we investigate the determinants of earnings management. By extending the incentive-signalling approach, the third purpose of this paper is to examine whether the investors can infer firm value from financial structure and appraisal quality. Our analytical and empirical results find that investors can discriminate high appraisal quality from low by estimation error volatility and firm’s reputation considerations. As to appraiser choice, we find that external appraisers are more likely to be hired by low-risk firms when the inherent volatility of investment property is larger and the relative estimation error volatility of external appraisers is smaller than that of internal ones. In addition to punishment cost, transparent appraisal information is essential to increase the reliability of appraisal estimate. By and large, appraisal quality is useful information to investors.

Background: Electricity tariffs charged by Eskom have sharply increased over the past three years, with a 25% annual increase approved by Nersa until April 2012. There is no indication on what to expect in the future with regard to electricity tariffs. Many South Africans are searching for ways to save on their monthly electricity bills by seeking out alternative water heating systems. Solar geysers became a popular investment option, but this might not be the best options available on the market. Purpose: The purpose of this study is to determine the most financially viable investment option in order to reduce electricity cost when it comes to water heating systems for use in households. This is done by comparing the capital expenditure and operational cost needed with the financial benefits generated by the investment, taking into consideration the size of the household. Design and method: A literature study was done on the different alternative water heating systems in order to obtain a better understanding of how these systems operate and what savings they can generate. Different investment appraisals were identified and a literature review was performed in order to identify the most appropriate investment appraisals for the purpose of this study. It was found that the net present value, equivalent annual annuity, internal rate of return, modified internal rate of return, accounting rate of return, discounted payback period and the economic value added were the best investment appraisal methods to use for the purpose of this study. Findings and conclusion: It was found that the five investment options identified in the literature review would all, to some extent, be financially viable to implement within households with high as well as low volume hot water consumption. All the investment appraisals gave positive outcomes. The conclusion was made that a saving will be generated on the monthly electricity bill no matter what alternative water heating system were to be installed in the place of a conventional geyser. Recommendations: It is recommended that a household with low volume hot water consumption should install a time switch as this investment option renders the highest IRR, MIRR, ARR and discounted payback period. The second best investment option for a household with low volume hot water consumption is a heat pump and the third best option is a gas geyser. For a household with high volume hot water consumption, the best investment options is again a time switch, as this renders the best IRR, MIRR, ARR and discounted payback period. The second best investment option is a heat pump, with a gas geyser as the third best investment option. Value of the research: This study focuses on five alternative water heating systems for a household within South Africa in times where electricity charges sharply increase. The financial viability of each of the alternatives is determined through various investment appraisals and the best option can be identified by comparing the outcomes of the alternatives. Furthermore, each individual is able to determine the viability of the alternatives by using the Excel model attached to this study and by inputting his/her own variables, where applicable. Research limitation: Limited literature was available on the different alternative water heating systems. No indication could be found of the maintenance cost of the different water heating systems. Assumptions had to be made with regard to households, although no two households are the same. Areas for further research: The same study could be performed, but with the focus on small businesses and large organisations. Furthermore, a study could be performed to determine the appropriate discount rate for individuals as well as the maintenance cost for water heating systems. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2012

Appraisal methodologies for congestion mitigation projects are relatively less well developed compared to methodologies for projects reducing free flow travel times. For instance, static assignment models are incapable of representing the build-up and dissipation of traffic queues, or capturing the experienced crowding caused by uneven on-board passenger loads. Despite the availability of dynamic traffic assignment, only few model systems have been developed for cost-benefit analysis of real applications. The six included papers present approaches and tools for analysing traffic and transit projects where congestion relief is the main target. In the transit case studies, we use an agent-based simulation model to analyse congestion and crowding effects and to conduct cost-benefit analyses. In the case study of a metro extension in Stockholm, we demonstrate that congestion and crowding effects constitute more than a third of the total benefits and that a conventional static model underestimates these effects vastly. In another case study, we analyse various operational measures and find that the three main measures (boarding through all doors, headway-based holding and bus lanes) had an overall positive impact on service performance and that synergetic effects exist. For the congestion charging system in Gothenburg, we demonstrate that a hierarchal route choice model with a continuous value of time distribution gives realistic predictions of route choice effects although the assignment is static. We use the model to show that the net social benefit of the charging system in Gothenburg is positive, but that low income groups pay a larger share of their income than high income groups. To analyse congestion charges in Stockholm however, integration of dynamic traffic assignment with the demand model is necessary, and we demonstrate that this is fully possible. Models able to correctly predict these effects highlight the surprisingly large travel time savings of pricing policies and small operational measures. These measures are cheap compared to investments in new infrastructure and their implementation can therefore lead to large societal gains. / <p>QC 20160829</p>

Purpose – The purpose of this study is to find the organizational practices in place for the performance evaluation of temporary employees and how that varies from permanent employees. Method – The study takes an inductive and interpretive approach to find out the unknown practices. The study is conducted over 7 respondents from different organizations split between recruitment agencies and client organizations and represents practices maintained by both set of industries. Findings – The study identifies low standardization in performance evaluation and discusses the variance from literature over the subject matter. Also a model is drawn based on the amalgamation of literary review and empirical results. Implications – The study presents variance in the processes for temporary employees and the prime areas where the variance occurs. For the organizations to have fair and just performance management system and for equality towards temporary employees, these issues must be addressed. Limitations – Cultural practices are not taken into consideration and literature might be based on different cultural practices than the respondents country and for a wholesome study, more respondents might be needed.

The problem of this study was to determine if the teachers of Algebra I rated highest and lowest according to the Texas Teacher Appraisal System differed significantly in a measure of achievement. The analyses indicated that there were significant differences in achievement between the classes taught by the highest and lowest ranked teachers.

Si l’immobilier est de loin la plus importante classe d’actifs de notre économie, elle est également l’une des dernières à ne pas disposer d’un marché de dérivés mature. Des études académiques récentes ont montré que le manque de compréhension de leurs prix en est la principale raison. Ce travail doctoral cherche à y remédier. Par la conduite d’études à la fois théoriques et empiriques, nous sommes parvenus à déterminer leurs caractéristiques statistiques, leurs facteurs de risque mais aussi à appréhender l’intérêt de ces produits en terme de fonction de découverte des prix. Si les dérivés immobiliers constituent un outil de paramétrisation du risque immobilier essentiel, ils offrent également la possibilité aux investisseurs comme aux pouvoirs publics de disposer d’informations qui ne seraient pas disponibles autrement / Despite the fact that real estate is the largest asset class in our economy, it is one of the few that do not have a mature derivatives market. Recent academic studies have shown that the lack of understanding of real estate derivatives’ prices is the main reason for the absence of a market. This dissertation aims to change this. By conducting theoretical and empirical studies we describe their statistical characteristics, their risk factors, and we highlight their importance in terms of price discovery function. Property derivatives are an essential tool for risk management, but they also offer for investors and regulators a source of information that would otherwise not be available

預售屋價格長久受到台灣產業界與學術界密切關注，然而預售屋價格資訊卻相對成屋缺乏，本研究希望釐清預售屋的特性並建立預售屋大量估價模型，提供預售屋價格資訊。預售屋具期貨交易性質，其價格形成受周遭成屋價格影響，其基差(預售屋與成屋價格差)關係顯得格外重要；另一方面，預售屋為完工前銷售之產品，有品質不易掌握之特性，消費者傾向透過商譽來評斷產品優劣，商譽因而相對凸顯，加上預售屋具有以個案方式為中心之定價模式，相對成屋其個案特徵顯得更加強烈，基差與建商商譽成為預售屋估價上必要考量的兩個重心。 本文以特徵價格方式納入基差與商譽因素進行實證分析與建立模型，研究期間為台北市2012年第3季至2015年第4季，在資料處理上透過座標整合內政部實價登錄資料以及國泰建設市調資料，解決實價登錄資料中缺乏個案屬性的去識別化問題，將預售屋「個案」特徵納入「個戶」估計中，突破過往預售屋研究限縮於個案的限制。實證結果顯示，台北市預售屋單價平均比周圍成屋多出35.5%的水準、而屬於上市上櫃建商的預售產品則相較非上市櫃產品平均高出5.7%的價格；模型估計表現上，本研究實證模型解釋力達到65.1%，模型之絕對平均誤差為10.56%、±10%及±20%的命中率分別為57.86%、88.25%，達到大量估價模型要求水準，值得參考使用。

A great number of female passengers appear to feel fear of crime in underground railways and appear to be affected by the problem in terms of their frequency of use of the underground service, compared to males. However, although it has been dealt with as a problem to be ameliorated in the underground by Transport for London (TFL), how the service is designed to affect their fear and what factors should be taken into account in underground service design to alleviate fear of crime have not been fully answered to date. This research, therefore, aims to identify the influential factors of service design of the underground on female users’ fear of crime by investigating the features and their configurations of the London Underground service, which mediate the user groups’ fear. In order to identify the influential design attributes of the London Underground, which mediate female users’ fear of crime in situations, first, literature on emotion and fear, gender and sex, and service design and the elements of service are reviewed to find the intersection among the research domains. Based on the theoretical foundation, two user studies are designed to identify the role of female users’ gender in the underground and the influential factors of the underground service on the groups’ fear. Thirty one female user interviews are accordingly conducted and analysed in an ‘abductive’ manner. As a result, the mechanisms of female users’ fear of crime in the underground are revealed and the service design attributes in the mechanism are identified. Consequently, a conceptual model of the influential factors of service design on female users’ fear of crime is developed.

STUDENT NUMBER: 0516082G Master of Science in Resource Conservation Biology Faculty of Science / The aim was to determine the availability of marula (Sclerocarya birrea) (A.Rich.) Hochst. Subsp.cafra (Sond.) Kokwaro trees for the harvesting of nut oils, through determining abundance, population structure and regeneration capacity, within the context of the socioeconomic and biophysical dimensions of villages in Zvishavane, Zimbabwe. Both arable and non arable lands in the study area were sampled within four randomly selected villages to measure species abundance, regeneration and population dynamics of the trees. The socioeconomic factors influencing marula commercialisation were determined through participatory rural appraisal (PRA) and household questionnaire survey techniques. Vegetation characteristics were assessed through the point centre quarter (PCQ) method by placement of transects across sampled villages. All households (100%) collected marula fruit for their household use, mainly for brewing marula beer, making jam and selling kernels for snacks or oil pressing. In 2005, the mass of marula harvest per household averaged 160 ± 18 (SD) kg, with a range of 50-800 kg within the study area. A linear regression analysis indicates no increase in mass of marula harvest with larger sizes of household (r2 = 0.0089, d.f = 50, p = 0.4048). In addition, household interviews revealed that there was no association between level of household wealth status and the household’s use of traditional medicine from marula trees (χ2 = 0.2233, d.f = 2, p = 0.8944). The vegetation survey indicated a elatively high density of marula within the study area of 8.03 ± 3.19 stems ha-1. There was a significant difference in marula densities between arable and non arable land uses (F1, 197 = 11.92, p=0.001). The arable land had 6.40 ± 5.29 stems ha-1 while non arable land had three times more at 19.63 ± 11.82 stems ha-1. However there was no significant difference in densities between the villages in the study area (F 3, 195 =1.063, p= 0.366). There was a significant difference between marula tree diameters between arable and non arable land (t 92, 107 = 1.69, p = 0.0401). The arable land had generally bigger tree diameters (31.2 ± 25.3 cm) than non arable land (26.5 ± 20.8 cm), suggesting a form of domestication through allowing marula to grow around homesteads and crop fields. The investigation of marula size class profiles shows a large proportion of smaller diameter trees and this indicates ongoing recruitment of trees into the population. A closer analysis of the smallest diameter class shows a higher proportion of saplings (> 6cm diameter) than of seedlings (< 4cm diameter). Fruit harvesting seems to have a low potential for any negative impact, compared to other uses of marula trees. However fruits have the highest economic return and therefore should be targeted for the commercialisation activities. The management of some destructive forms of marula tree use (such as harvesting for bark, firewood, and carving wood) however, do need to be monitored to limit negative impacts on the population. There is also a need to determine the annual quantity of harvestable marula fruits and also the sex ratio of marula trees (a dioecious species) on this particular site, as a prelude to developing sustainable harvesting quotas, so that harvesting rates do not exceed the capacity of populations to replace the individuals extracted. There are some non governmental organisations (NGOs) and local institutions that are working towards natural resources conservation in the area. Zvishavane water project (ZWP) and Phytotrade Africa are assisting the rural producers in marula commercialisation activities through providing information on processing, packaging and marketing. At a current value of US$1 kg-1of fruit, the 3200 ha study area is estimated to yield a total harvest of 1 120 000 kg of marula fruit per year, and this should translate to an approximate total value of $1 120 000 per year for the whole area. There is still a need to expand the supply of processed goods with added value to wider markets locally, nationally, and internationally. There is therefore an indication that marula products offer a promising economic alternative for the people in the rural areas of Zvishavane area and southern Africa as a whole. The cash injection earned from selling fresh marula products comes at a particularly crucial time of the year, when money is required for school fees, uniforms and books. However there is a need for long-term monitoring and evaluation of socio-economic and environmental impacts of marula commercialisation so as to achieve sustainable resource utilisation in the region.