Värdering till verkligt värde anses vara både relevant och tillförlitligt vid effektiva marknader och därmed användbart vid beslutsfattande. Eftersom det sällan existerar effektiva marknader uppkommer en problematik i bland annat fastighetsbolag genom att värderingen av förvaltningsfastigheter försvåras. Dessa värderingar präglas av subjektiva bedömningar och eftersom förvaltningsfastigheter ofta utgör en stor del av de totala tillgångarna ökar osäkerheten i värderingarna ytterligare. Värdering till verkligt värde riskerar således att brista i både relevans och tillförlitlighet.Syftet med studien var att beskriva och analysera om det finns ett samband mellan orealiserade värdeförändringar i förvaltningsfastigheter, vid värdering till verkligt värde, och fastighetsbolags börsvärde respektive resultat, samt mellan resultat och börsvärde. Antalet undersökta börsnoterade fastighetsbolag uppgick till 14, där samtliga omfattas av standardenIAS 40 som reglerar hur förvaltningsfastigheter ska redovisas. Studien omfattade åren 2006–2016. Sekundärdata i form av fastighetsbolagens omsättning och resultat hämtades från Infotorg. Orealiserade värdeförändringar och börsvärde samlades in från fastighetsbolagensårsredovisningar. Insamlade data exporterades till SPSS för vidare analys i form av deskriptiv statistik, Pearson`s korrelationstest samt multipel linjär regression.Studiens resultat visar att orealiserade värdeförändringar har ett positivt och signifikant samband med börsvärde. Dessutom har orealiserade värdeförändringar och resultat ett positivt och signifikant samband. Vidare framkommer att det finns ett positivt och signifikant samband mellan resultat och börsvärde. Avslutningsvis tyder studiens resultat på att det kan finnas andra bakomliggande problem än placeringen av posten orealiserade värdeförändringar i resultaträkningen och resultatets volatilitet. Problem kan grunda sig i själva värderingen vilket kan innebära att det viktiga är att de finansiella rapporterna är transparanta samt att de redovisningsberättigade anser att värdering till verkligt värde fyller sitt syfte som användbarvid beslutsfattande. / Fair value seems to be both relevant and reliable when markets are efficient and thereby decision useful. Since there is a lack of efficient markets there are arising problems among real estate companies that makes the valuation of investment properties more difficult. The valuation of fair value is characterized by subjective assessments. Since investment propertiesoften make up a large part of total assets, the uncertainty according to the valuation increases, thus, there is a risk that fair value decreases in both relevance and reliability.The aim of the study was to describe and analyze if there is a relationship between unrealized changes in fair value in investment properties and real estate companies market capitalization and earnings. Further, the eventual relationship between earnings and market capitalization. There were 14 real estate companies included in the study, where all of these are involved inthe IAS 40 standard, which regulates how investment properties should be accounted for. The study included the years 2006-2016. Secondary data in terms of companies’ turnover and earnings were collected from Infotorg, while market capitalization and unrealised changes in fair value were collected from annual reports of real estate companies. The collected data were exported to SPSS where descriptive statistics, calculations of Pearson´s correlations andmultiple linear regression analysis were produced for further analysis.The results of the study show that unrealized gains and losses are positively and significantly related to market capitalization. Moreover, unrealized gains and losses and earnings are positively and significantly related to each other. Furthermore, there is a positive and significant relationship between earnings and market capitalization. Finally, the results indicate that there might be other underlying problems than the presentation of unrealised gains and losses in the income statement and earnings volatility. However, the problem may be based on the valuation itself, which implies that the transparency in financial statements is important and also stakeholder’s opinions about fair value´s decision usefulness. / <p>Betyg B, 170602</p>

The aim of this thesis is to find out the answer to the question whether the state authorities influence the employment of debt financing of companies. First part of the work briefly summarizes the main economic theories engaged in the research on capital structure. Further are depicted approaches to thin capitalization in the European countries with focus on the Czech republic tax law dealing with the subject. The final part of the thesis demonstrates on the financial data of Czech companies from the period 2003-2008 that the state authorities influence the employment of debt in Czech companies by means of tax laws and so affect the capital structure of the companies.

This article compares the stock exchanges in Vienna, Budapest, Frankfurt and Milan. It settles basic information about their development, the subject of exchange and the classification of market segments. This work also characterizes the trade system of each of the stock exchanges and the liquidity of spot market, with particular emphasis on stock market. A part of this analysis is the comparison of markets based on aspects such as market capitalization, trade volume or the quantity of trade. Last chapter is devoted to the interconnection of stock markets, which is explored by the means of correlation coefficient among different indexes. These indexes show a strong link of the markets and through splitting the timeframe into periods of (2000-2004 - before Hungary's EU entry and after - 2004-2009), a stronger correlation was discovered during the period of index growth (after the Hungary's EU entry). By creating a more autoregressive model VAR, which describes individual processes among stock indexes and the direction of dependency, the hypothesis of strong interconnection of stock markets was proven. VAR model verified one-sided reliance among indexes and the rising level of integration of world markets.

The aim of the thesis is to valuate a company operating in the chemical industry using the income valuation approach as of January 1, 2015. At first, the company valuated will be analyzed from the perspective of strategic and financial analysis. Subsequently an opinion on the future prospects of the company will be issued, and provided that all the criteria needed for the usage of discounted cash flow methods are met, the company will be valuated using Discounted Cash Flows method, Economic Value Added method and Capitalization of earnings method. Book value method will be used as an additional method of valuation. In conclusion, a summary valuation of the company will be carried out, which will be subjected to a risk analysis using Monte Carlo simulation method.

The objective of diploma thesis is about to define a value of a international group AAA Auto Group N. V. which operates on the czech, slovak and russian market with used cars and analysis of an ability to increase shareholder's value in the future. It is structured as an expert opinion. It defines purpose, subject and exact date of valuation, valuation method's overview, strategic (macro and micro) and financial group analysis on the main markets. Consolidated financial plan was created as a prediction with a quick financial analysis. Group was evaluated by three discounted-based method - free cash flow to firm, free cash flow to equity, discounted economic value added as they were compared to market capitalization method. Final group value AAA Auto Group N. V. to 7th of December 2012 was defined by free cash flow to equity method and compared to market capitalization method, which is determined by the market.

The thesis serves as a comparison of valuation processes, which are being used in the CZ and the US. It brings information about appraisal practice in the CZ and the US. It describes individual valuation approaches and definitions of important variables according to the available literature. Moreover, the thesis focuses deeper on market approach valuation. It shows differences in individual processes and approaches on the application of processes on selected example and then uses obtained differences to determine recommended changes. In shows different structures of appraisal reports in the conclusion too.

This diploma thesis deals with the assessment of the influence of the location in the historic zone on the price of a commercially usable building. The thesis includes the elaboration of the current legal regulations influencing the property valuation, the definition of basic concepts related to the valuation of a selected real estate, and the determination of methods usable in the process of commercial object valuation. Furthermore, the cities of Třebíč, in which the valued property is located, and Žďár nad Sázavou, that is used for comparison, are described in detail. The selected method is a combination of the cost and income approach for valuation according to the price regulation, and in the case of market valuation of seloected real estate, the method of direct comparison is used. Finally, the influences that may have an impact on the object value are assessed.

PhD (Business Management) / Department of Business Management / The questions of what constitutes entrepreneurship and, in turn, who an entrepreneur is, have dominated entrepreneurship discourse in recent times. Over the years, a multiplicity of definitions of entrepreneurship has been proffered. However, most of these definitions to be either Eurocentric or Western-oriented and largely devoid of (South) African socio-economic imperatives. Naturally, the manner in which entrepreneurship in South Africa is conceptualised derives from the former definitions. Furthermore, the classification of entrepreneurship ventures in the country is also problematic. A Eurocentric classification regime is, on the one hand, too simplistic; and, on the other hand, it fails to fully capture the true essence of entrepreneurial activity within the South African economy. It is, therefore, not surprising that entrepreneurship development policies and interventions are not successful in stimulating entrepreneurship. This problem, this study argues, is a result of the lack of localised research aimed at understanding entrepreneurship classification dynamics in South Africa. This constitutes a research gap, which this study seeks to address. It is against this background that the aim of this study is to develop a taxonomy of entrepreneurial ventures in the Limpopo Province of South Africa. To achieve this purpose, which is pre-paradigmatic, the proposed study was designed along the dictates of a qualitatively grounded theory research. This facilitated the application of multiple methods of data collection. The study sampled 5 entrepreneurs in the Limpopo Province who were interviewed using an in-depth format. The value of this work is among the first in seeking to propose a framework (i.e. taxonomy) for classifying entrepreneurship ventures within the South African context. The implication of the study is that it potentially provides policymakers with valuable tools to understand South African entrepreneurship and the channels of intervention for small business ventures. / NRF

Trots redovisningens huvudsakliga syfte att bistå som informationskälla och beslutsunderlag varierar kvaliteten för upplysningar mellan olika företag. IASB:s regelverk lämnar ett stort utrymme för tolkning, vilket leder till att upplysningar till viss grad genomsyras av de problem relationen mellan en principal och en agent kan ge upphov till. Det kan resultera i en redovisning som inte längre återger en ekonomiskt rättvisande bild av verksamheten, vilket bidrar till ett informationsgap mellan företag och dess intressenter. Denna studie bidrar till att reducera negativa marknadseffekter till följd av gapet, genom en granskning av ett slumpmässigt urval om 249 svenska börsnoterade företag och dess upplysningar vid byte av redovisningsprincip för operationella leasingavtal. IFRS 16- Leasingavtal kräver att merparten av alla leasingavtal tas upp i företagets balansräkning som en nyttjanderättstillgång, respektive leasingskuld. Det empiriska material som studien baseras på lyckas förklara en del av variationen i upplysningskvalitet mellan företag, genom den effekt kapitaliseringen av avtalen bidrar till vid förändringen av redovisningsprincip. / Despite the main purpose of accounting as source for information and support in investment decisions, the quality of disclosure differs between companies. The accounting standards developed by IASB leaves room for interpretation, which may lead to disclosures permeated by the relationship between principals and agents, resulting in an information gap between the company and its stakeholders. This study contributes to a reduced market influence caused by this gap, by reviewing the disclosures of 249 Swedish listed companies when changing principles of accounting for operating leases. IFRS 16- Leases requires a capitalization of the lease contract as an asset and debt respectively in the balance sheet. The empirical data of the study succeeds to explain some of the variance in disclosure quality between companies, during a transitional period, by the effect of capitalizing when changing principle.

Thesis Writing of Capital Letters in Toponyms in Hiking Maps of Czech part of Krkonoše (the Giant Mountains) deals with the capitalization in toponyms in Czech. The work uses the theoretical framework of the text unit of naming item and its division into so-called generic and proprial components. The work analyses the current codification of this part of the spelling and notes its inconsistencies, inaccuracies and also the types of names, the writing of which does not the codification regulate. Using the example of toponyms from selected hiking maps of the Czech part of the Giant Mountains, it shows problematic types of toponyms in terms of capitalization as they appear in the usus. Based on this research, the most problematic appear to be the names of type Some/Someone's s/Something, the prepositional names and the names with the generic component preceding the proprial component. Based on a critical analysis of codification and research analysis of Krkonoše (the Giant Mountains) toponyms, it proposes possible improvements to codification, which consist in its clarification, supplementation and possible revision.