This master´s thesis is focused on the comparison of selected methods that the use for evaluation real property type flat. Thesis defines the basic notions connected with valuation and describes the methods of valuation. Valuated flats are situated in Písek and surrounding. Work includes description given to areas and maps local situation in the marketplace with flat unit. Flats were selected with different layout.

Price, value, evaluation of investment, payback period, net present value, lease, rent, sell, apartment, flat, taxation, revenue, expense I focused on choosing the best type of rent. For illustration and example, I chose an apartment in the Brno center. The solution was used knowledge from the field of investment and valuation of real property. The result is both an economic evaluation using indicators (in this case net present value of the investment), but also verbal assessment of individual options and their pros and cons. Rewarding this work can not only be for retail investors who prefer investing in "something tangible".

The motivation for the creation of this diploma thesis was the analysis of the highest and best use of property (HABU). In the practical part the analysis is applied to concrete examples of the use of unbuilt land, which is located in Brno-Kohoutovice on the street Libušina třída. The theoretical part describes and explains 4 basic hypotheses on which the HABU analysis is based (legal admissibility, physical possibility, financial merits and maximum profitability). The aim of this thesis is to determine which of the variants will be the most profitable, respectively, which will have the highest and the best use.

Sammanfattning Det är allmänt känt att global uppvärmning är ett problem som grundar sig i att för mycket växthusgaser släpps ut. Detta måste förändras för att effekterna av global uppvärmning inte ska förstöra viktiga ekosystem. Av Sveriges industrier orsakar stålindustrin den största negativa miljöpåverkan, stålindustrin är därför ett av de främsta områdena att minska miljöpåverkan inom. För att minska miljöpåverkan krävs en metodik, som även sänker kostnaden på produkten.  Studien resulterade i en arbetsmetodik genom att använda beprövade metoder och jämföra mot en referenskonstruktion. Beprövade metoder som tillämpades för att minska miljöpåverkan, kostnaden samt uppnå kundkraven var: Topologioptimering, modulär konstruktion, Design for Manufacture and Assembly, och Lean Construction. Design for Environment diskuterades även.  Nulägesanalys utfördes för att skapa underlag till genomförandet av metoderna.  Metoderna tillämpades genom koncept som kartlades i ett miljö- och kostnadsdiagram tillsammans med referenskonstruktionen. Metoderna utvärderades genom tolkning av diagrammet och kundkravsmatris. Utvärderingen resulterade i en slutgiltig metodik som beprövades genom ett slutgiltigt koncept. Den slutgiltiga metodiken validerades med det slutgiltiga konceptet. Arbetet resulterade i en arbetsmetodik, följande arbetsmetodik är en förkortad verision: (1) Entydiga kundkrav; (2) flera koncept med målet att minska variationen och förenkla; (3) utvärdera konceptens möjligheter till modularisering; (4) det bästa konceptet väljs; (5) spänningsanalysera konceptet för att kunna justera överdimensionerade delar; (6) applicera DfMA råd, minska antalet delar som kräver lyftanordning vid montering. Arbetsmetodiken validerades genom att skapa ett slutgiltigt koncept. Konceptet uppfyller samma krav som referenskonstruktionen. Tidigare koncept har genomförts på en avgränsning av referenskonstruktionen, vilket medförde att delar av koncepten beaktades i den slutgiltiga arbetsmetodiken. Det kan ha medfört en viss felmarginal i valideringen. Om fler referenskonstruktioner var tillgängliga kunde valideringen gjorts annorlunda. / Summary Global warming is a commonly known problem based on the amount of greenhouse gas emissions; a change is therefore necessary for important ecosystems not to be disrupted. The steel industry sector accounts for the largest environmental impact of Swedish industry, which makes it one of the most important areas for improvements to be made [1]. To reduce the environmental impact, a method is required which also lowers the cost of the product. This study resulted in a methodology by using proven methods and comparing against a reference construction. The following methods that were used to satisfy the customer requirements and striving towards environmental and economic sustainability were: Topology optimization, modular construction, Design for Manufacture and Assembly, Lean Construction, Design for Environment was discussed. A situation analysis was preformed to create a basis for the implementation of the methods. Application of the methods was carried out by mapping the concepts in an environment-cost-diagram with the reference. The methods were evaluated by interpreting the diagram and Pughs matrix, the evaluation resulted in a methodology that was applied through a final concept. The work resulted in a methodology, which is presented in a shortend verision: (1) Clear customer requirements; (2) several concepts with the goal of reducing variation and simplifying; (3) evaluating the concept's possibilities for modularization; (4) over all best concepts is selected; (5) Stress Analysis on the selected concept to make adjustment on oversized parts; (6) apply DfMA advise, reduce the number of parts that require lifting equipment during assembly. The method was validated by creating a concept with the final methodology. The concept met the same requirements as the reference construction. Part of the reference construction has eariler been made concepts of, which led to ideas of the earlier made concepts were taken on to the final concept. This led to certain margin of error in the validation. If other reference constructions were available, validation could’ve be done differently.

Bakgrund: En stor andel av de svenska invånarna sparar idag i fonder. De senaste åren har utbudet av fonder ökat allt mer, dels genom antalet fondbolag samt spridningen över olika marknader. Fonder allokerade mot tillväxtmarknader, Emerging Markets samt Frontier Markets, är en av de fondtyper som fått större uppmärksamhet på sistone. På grund av lägre grad av transparens från dessa marknader har investerare inte tillgång till lika mycket finansiell information från tillväxtmarknader, de ses även som mindre effektiva jämfört med de mer utvecklade marknaderna. Tillväxtmarknadsfonder tenderar även att ta ut höga avgifter för förvaltningen. Det för oss vidare till att analysera hur förvaltare av tillväxtmarknadsfonder lyckas med sina investeringar sett till den årliga avgift de tar ut för sin förvaltning. Syfte: Syftet med denna uppsats är att studera hur sambandet ser ut mellan fonders årliga avgifter och den riskjusterade avkastningen hos fonder med full allokering mot tillväxtmarknader kategoriserade inom Emerging Markets samt Frontier Markets. Metod: Genom studien har en deduktiv ansats och en kvantitativ metod tillämpats för att undersöka samband mellan flertalet variabler mot den beroende variabeln, Total Expense Ratio. Vi har hämtat in månadsdata från ett urval av 50 fonder via Thomson Reuters som vi sedan analyserat genom nyckeltal samt regressioner. Slutsats: Studiens resultat tyder på att det finns ett negativt samband mellan fondernas riskjusterade avkastning och dess årliga avgift. Vi ser att fonderna med högre avgift tenderar att resultera i en lägre riskjusterad avkastning. / Background: Today most of the swedes saves in mutual funds. The past few years we have seen an increase in the supply of mutual funds. Funds allocated to Emerging Markets and Frontier Markets has gotten more attention as well. These markets have a lower grade of transparency and has a lack of financial information compared to more developed markets. Studies has shown that they are also less efficient than the developed. Mutual funds in Emerging Markets tends to charge higher fees for their management. These factors make it interesting to analyze how the trustees of the mutual funds succeed in their investments related to the Total Expense Ratio that they charge. Purpose: The purpose of this study is to analyze the relationship between mutual funds’ Total Expense Ratio and their risk adjusted return for funds allocated to Emerging Markets and Frontier Markets. Methodology: The authors have used a deductive approach and a quantitative methodology to fulfill the aim of this study. We have gathered data by observing 50 mutual funds and retrieved the data from Thomson Reuters. We have then analyzed the data by calculating key ratios and by regression analysis. Conclusion: The results of this study show that there is a negative relationship between mutual funds’ total expense ratio and their risk adjusted return. We note that mutual funds with higher expense ratios tends to result in lower risk adjusted return.

This thesis investigates the relationship between the total expense ratio and the 5-year performance to last month for sustainable mutual funds registered in Sweden and the United States. The increasing amount of mutual funds and the shift towards sustainability in the society gives cause to study the relationship between the total expense ratio and the performance of sustainable mutual funds rather than conventional mutual funds. The analysis was conducted by testing the relationships through different regression models for both the Swedish and the U.S. market. A simple regression model was conducted for both markets to study the relation that the total expense ratio has to the 5-year performance to last month. To further analyse the relation between the two variables, a multiple regression model was conducted for both markets to further analyse the significant relationship between the total expense ratio and the 5-year performance to last month. The data was collected via Eikon and included mutual funds registered in Sweden and the U.S., each mutual fund collected was retrieved together with an ESG score which was the definitive factor whether the mutual fund could be considered as sustainable or not. The results gathered from the simple regression model for the Swedish market was found to have no significant relationship and the explanatory degree for the regression model was very low. The results regarding the simple regression model for the U.S. market are however found to be significant but with a low degree of explanation as well. Hence the result from this study indicates that there is no significant relationship between the total expense ratio and the 5-year performance to last month for the Swedish market when conducting a simple regression model, while the U.S. market has a low significant relationship between the variables. However, a multiple regression model for the Swedish market containing additional control variables presents a significant relationship between the total expense ratio and the 5-year performance to last month. The same results were found for the U.S. market when conducting a multiple regression model. The results for the Swedish simple regression model align with previous studies conducted within this area, where previous studies have found there to be no significant relationship between the total expense ratio and the performance of mutual funds, hence same results are applicable to sustainable mutual funds. However, this study did in fact also display significant relationships for the multiple regression model for the Swedish market as well as for both regression models for the U.S. market. Which indicates that the total expense ratio to some extents have an explanatory relationship between the total expense ratio and the 5-year performance to last month for sustainable mutual funds in both the Swedish market and the U.S. market.

2008年1月1日起員工分紅之會計處理，將與IFRS國際財務報告準則接軌，即員工分紅不再是盈餘分配，而是作為當期的費用；此外，公司以股票作為員工獎酬，原則上亦須以公平價值衡量，並以費用認列入帳。預計此一會計處理之變革，將對公司、股東及員工均產生重大衝擊。而公司為減緩這些衝擊，會產生何種因應措施，即為本研究探討之對象。 由於太陽能產業在近兩三年之EPS及股價高漲。因股價為影響股票獎酬的重要因素之一，因此受員工分紅費用化之衝擊較大，故選擇兩家太陽能電池之上櫃公司為分析及訪談研究之對象，係因獎酬制度的變革對其影響較可明顯觀察。 獎酬員工之態樣甚多，經訪談兩家樣本公司後，兩家公司之管理當局均不希望政策的改變對公司的EPS造成太大的影響，然以2006年度為例，在維持員工原獲配股數不變的假設下，設算修法後對兩家公司在獲利方面分別下降了32%及15%，股東所得亦呈等額下降，員工個人綜合所得稅總稅負有可能最高分別增加161,893千元及29,383千元；而在公司分配之帳列盈餘不變的假設下，兩家公司之EPS分別減少1.5元及0.5元，股東所得降幅分別為9％及3％，員工總所得減少輻度分別為97.2%及97.4%。綜上可見在不做任何因應的情形下，其對樣本公司的EPS影響甚鉅，故兩家樣本公司勢必在此間尋求一個均衡點，修正其目前的獎酬措施，即可能會降低股票的分配比例，相對增加現金分紅的比例。 又以2005年度兩家公司員工紅利實際分配之情形分析，兩家公司員工紅利配股中分別有27％及44％，分配給公司重要管理當局，所以在此波獎酬制度的變格中，公司的管理當局也是重要的受衝擊者。另董事會及高階經理人通常是公司擬訂員工獎酬計畫的重要決策者，如公司利益與其個人利益相衝突時，是否會影響其決定員工獎酬制度的獨立性，是值得深入探討的問題。 在考量各獎酬制度之特性後，及分析整理員工分紅費用化及適用39號公報對個案公司之影響，本研究彙總結論如下: 一、公司應設算決定固定的員工分紅比例，以免超過公司章程所訂定的配比，同時可控制此對公司EPS的衝擊。 二、降低分紅配股之比重，增加現金股利之比重。 三、透過發放現金及發行員工認股權憑證或限制性股票方式，取代部分員工分紅配股。 四、在公司股價較低的時候買回庫藏股再轉讓給員工，以減少對原股東權益的稀釋程度。 本研究對實務提出下列建議： 一、法令規定員工分紅費用化後，應依費用性質列於營業成本或營業費用項下，惟該費用之估列時點與實際員工分紅分配時點可能差距一年半載，其費用性質分類如涉及有資本化之問題時，是否有操弄損益的空間？建議法令規定有更明確之規範。 二、公司的管理當局，尤其是董事會及高階經理人，為擬訂公司員工獎酬制度重要的決策者。在多數董事又身兼公司重要職務的情形下，為避免董事個人與公司、員工或股東的利益相衝突，建議應制訂法令，規範兼任員工之董事於擬訂公司員工獎酬制度時，應予利益迴避，或委由獨立董事來代表研討及擬訂新的員工獎酬制度。 三、39號公報的適用屬估計變動或會計原則變動，依目前對外公告的39號公報版本看，以估計變動的方式來處理，即不追溯調整以前年度的財務報表，此規範適切與否值得探討。 / In order to converge with International Financial Reporting Standard, the accounting treatment for distribution of employee bonus should be considered as current expense and not be deemed as part of earnings distribution starting from January 1, 2008. Besides, share compensation also has to be recognized as current expense using it’s fair value to measurement. This accounting process changed will result in significant impact on the enterprise, shareholders and employee. This study will discuss what kind of approach might be adopted by those enterprises to mitigate this huge challenge. The EPS and share price for those solar energy related industry are increasing dramatically recently. This study decided to select two solar cell IPO companies as sample to interview and analysis the impact on employee compensation scheme changed, due to the impact will be more observable compare with other industries. There are variety types of employee compensation programs. After interviewed, the management of these two sample companies stated that they are not expecting to impact the company’s EPS significantly. By using these two sample companies’ 2006 financial figures as a base, to understand the effect after amendment of the regulation. Under the assumption of non-amended employees’ distributed shares recalculating

Made available in DSpace on 2010-04-20T20:08:20Z (GMT). No. of bitstreams: 1 71050100647.pdf: 1099460 bytes, checksum: 66dd2618070b80178bdc12169ac39af6 (MD5) Previous issue date: 2009-07-23T00:00:00Z / It is becoming more and more recognizable that different family budget categories dispute the limited resources of a family. This suggests a broader and more systemic competition view, once consumer spending on a determined sector may be better understood if related to other sectors. Thus, it is reasonable to concentrate studies in the manifestation of the buyer behavior, expressed by the family budget, whereas priority/vital-based decisions are established according to how the consumers distribute their resources in great categories of expenses (food, housing, transportation, clothing, leisure etc). In this context, the main objective of this research is outlined, which is to investigate the phenomenon of the allocation of such expenses that compose the family budget, identifying patterns, market segmentation and its implication in Marketing. The theoretical referential is divided in three great parts: market segmentation, family budget, and the economic and socio-demographic factors that relate to the family budget. Maslow’s Classic Hierarchy of Needs is approached, along with themes from economics literature such as Engel’s Law and Income-elasticity of Demand. Using data collected from a sample of families in the State of São Paulo and applying Cluster Analysis, this study aims to bring a perspective that is more influenced by the paradigms of the market knowledge by identifying and characterizing market segments with distinctive patterns of family budget. A taxonomy based on six patterns was formed, which are: survival, ill, economic, domestic, well being and automobile. Each pattern analysis enhances economic and socio-demographic similarities and differences that demand the attention of researchers and marketing strategists concerning the generalization problems, which may result in mistakes in market segmentation strategies. Discussions concerning the Maslow’s Theory and Engel’s law are made. Furthermore, taxonomy of family expenses classified by the income-elasticity among the six identified family budget patterns is proposed. This taxonomy helps clarify changes in consuming behavior according to the impact in income alterations in the composition of the family budget. Finally, results reinforce the thesis that patterns in family expenses allocation present an innovative and useful dimension for studies in market segmentation. / Cada vez mais se reconhece que as diferentes categorias do orçamento familiar disputam recursos limitados de uma família. Isto sugere uma visão mais ampla e sistêmica de concorrência, já que os gastos dos consumidores em um determinado setor poderão ser melhor compreendidos se relacionados com os de outros setores. Faz sentido, então, concentrar estudos na própria manifestação do comportamento de compra, expressa pelo orçamento familiar, visto que as decisões mais prioritárias (vitais) estão estabelecidas na forma como o consumidor distribui seus recursos nas grandes categorias de despesa (alimentação, habitação, transporte, vestuário, lazer etc). Neste contexto delineia-se o principal objetivo desta tese que é investigar o fenômeno da alocação de despesas que compõem o orçamento familiar, identificando padrões, segmentos de mercado e suas implicações para o Marketing. O referencial teórico divide-se em três grandes partes: a segmentação de mercado, o orçamento familiar e os fatores econômicos e sócio-demográficos que se relacionam com o orçamento familiar. A clássica Hierarquia das Necessidades de Maslow é abordada, além de temas oriundos da literatura de economia como as Leis de Engel e elasticidade-renda da demanda. Utilizando dados de uma amostra de famílias do estado de São Paulo e valendo-se da técnica de análise de agrupamentos, a tese busca trazer um olhar mais influenciado pelos paradigmas do conhecimento mercadológico por meio da identificação e caracterização de segmentos de mercado com padrões distintos de orçamento familiar. Foi construída uma taxonomia composta por seis padrões assim nomeados: sobrevivência, enfermo, econômico, caseiro, bem-estar e automotor. A análise do perfil de cada padrão ressalta semelhanças e diferenças econômicas e sócio-demográficas que exigem a atenção dos pesquisadores e estrategistas de marketing quanto aos problemas de generalização, podendo resultar em erros nas estratégias de segmentação de mercado. Discussões dos resultados são tecidas a respeito da Teoria de Maslow e das Leis de Engel. Além disso, é proposta uma taxonomia de despesas familiares classificadas pelas elasticidades-renda entre os seis padrões de orçamento familiar identificados. Esta taxonomia ajuda a clarear as mudanças no comportamento de consumo segundo o impacto das alterações de renda na composição do orçamento familiar. Por fim, os resultados reforçam a tese de que padrões de alocação das despesas familiares se apresentam como uma dimensão inovadora e útil para os estudos de segmentação de mercado.

This master’s thesis has been elaborated as a part of master’s studies of engineering technology M2I-K, major in M-STM – Engineering technology and industrial management and deals with the problem of a transition to a self-production of previously purchased distance washers. Distance washers were purchased in six different types of similar shape, each type in four different thicknesses. One of these types was chosen as a representative for this master’s thesis. We shall explore the possibilities of self-production with the emphasis on economical validation of the transition. The distance washer is a flat part, the intermediate being sheet metal. Technologies considered for manufacturing the washers correspond to the technical facilities and equipment available at the production hall of the company this project is planned for. The company possesses technology for CO2 laser cutting, cutting by CNC punching machine and cutting in the punching tool. To provide a complex overview we shall also enquire into cooperated technologies such as water jet and plasma cutting, oxy-acetyleny cutting and CNC working. All options are evaluated with regard to the production expenses and lead to a most economically plausible method of manufacturing or, if need be, give reasons for going back to purchasing the part from the current supplier.

This master’s thesis survey on juxtaposition single methods that the use for evaluation real property type flat. From methods exploited for evaluation avails administrative way evaluation, for assesment usual price will used method direct comparison. Confrontation flats will effected in locality Žďár nad Sázavou, subject evaluation will houses about sizes 2+1. Work includes description given to areas and maps in her situation in the marketplace with houses periods.