The Financial Accounting Standards Board (FASB) issued Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities – An Interpretation of ARB No. 51, in January 2003 and revised it in December 2003, with the objective to improve the transparency of financial information. Under FIN 46, companies are required to consolidate variable interest entities (VIEs) on financial statements if they are the primary beneficiaries of the VIEs. This dissertation empirically examines whether the implementation of this new financial reporting guidance affects firms’ accruals quality and investment efficiency. A manually collected sample comprised of firms affected by FIN 46 and firms disclosing no material impact from FIN 46 is used in the empirical analyses.The first part of the dissertation investigates the effects of FIN 46 on accruals quality. By using different accrual quality measures in prior studies, this study found that firms affected by FIN 46 experienced a decrease in accrual quality compared to firms reporting no material impact from FIN 46. Among the firms affected by FIN 46, firms consolidating VIEs were compared with firms terminating or restructuring VIEs. The accruals quality of firms consolidating VIEs was found to be lower than that of firms terminating or restructuring VIEs. These results are consistent in tests using alternative control samples.The second part of this dissertation examines the effects of FIN 46 on investment efficiency. Mixed results were found from using two different proxies used in prior literature. Using the investment-cash flow sensitivity to proxy for investment efficiency, firms affected by FIN 46 experienced a decrease in investment efficiency compared to firms reporting no material impact. It was also found that higher investment-cash flow sensitivity for firms consolidating VIEs during post-FIN 46 periods compared to both the no-impact firms and the matched pair control sample. Contrasting results were found when the deviation from expected investment is used as another proxy for investment efficiency. Empirical analyses show that FIN 46 firms experienced improved investment efficiency measured by the deviation from expected investment after their adoption of FIN 46. This study also provides explanations for the opposite results from the two different proxies.

This thesis deals with the evaluation of the investment efficiency to the traffic buildings. Theoretical part describes the history of the traffic sector and the railway traffic, the ownership and financing of the railway infrastructure. Next section describes the characteristic of railway corridors, basic principles of their modernization and optimizations and methods for the evaluation of investment efficiency. In practical part is focused on design of an own methodology for the evaluation of investment efficiency to the traffic building according to savings of passengers' time. The investment efficiency to the railway corridors is assessed using proposed methodology.

The main objective of the thesis is to prepare and build a business plan for existing educational agency, currently preparing for a larger investment -- company's Prague office purchase. Another aim of this work is also verifying the feasibility and viability of the business plan. Calculation of the investment efficiency and analysis of its impact on the economy of the entire company represents another integral part of this work. In achieving the aim of the given thesis, the business plan tools were applied. All information provided in this business plan including it's graphic, images, logos and diagrams are confidential. Copy or distribution to the third parties is subject to written agreement of the author.

Investments in energy saving of buildings is associated with a reduction in the operating costs, but it is also an effort to improve the quality of the environment. The main impulse are constantly rising energy prices and deteriorating air quality. The diploma thesis deals with the return on investment in thermal insulation of residential houses. The theoretical part describes the different definitions from the field of investments, pricing and energy modifications. In the practical part are considered two apartment buildings, the first insulated, non-insulated second. The next step is quantifying of the investment cost of such insulation designed with the calculation of payback period, net present value and internal rate of return. At the end of the work is the evaluation of the effectiveness of investments.

No description available.

Магистерская диссертация состоит из введения, трех глав, заключения, списка литературы и приложения. Рассмотрены теоретические и практические аспекты разработки девелоперских проектов жилых комплексов, проанализирован опыт существующих проектов в данной сфере и рассмотрены перспективы формирования и развития комфортных городских территорий жилых комплексов. Исследованы аналитические аспекты реализуемого относительно девелоперского проекта жилого комплекса, проанализировано развитие территории городской среды на основе разработки девелоперского проекта жилого комплекса, представлен анализ макроэкономических показателей и показано состояние рынка жилой недвижимости города Екатеринбурга. Разработана концепция проекта строительства жилого комплекса «Уральский». Приведен маркетинговый анализ земельного участка, дана характеристика планируемой застройки и технико-экономическое обоснование проекта, рассчитана экономическая эффективность вкладываемых в проект инвестиций. / The master's thesis consists of an introduction, three chapters, a conclusion, a list of references and an Appendix. Theoretical and practical aspects of developing real estate projects of residential complexes, we have analyzed the experience of existing projects in this field and the prospects of formation and development of comfortable urban areas of residential complexes. Studied analytical aspects of utilization concerning a development project of the residential complex, the development areas of the urban environment through the development of a development project of a residential complex presents an analysis of macroeconomic indicators and shows the status of the real estate market of Yekaterinburg. The concept of the project of construction of the residential complex "Ural". Given a market analysis of land, given the characteristics of planned development and feasibility study of the project economic efficiency invested in the project investment.

No description available.

Yes / The increased equity lending supply (ELS) in the equity loan market, available for short sellers to borrow, exposes a firm to greater short selling threats. Considering short sellers’ strong incentives to uncover firm-specific information and monitor managers, we hypothesize that short selling threats, proxied by ELS, enhance corporate investment efficiency. We find that ELS significantly reduces managerial tendencies to underinvest (overinvest) especially for firms prone to underinvest (overinvest). The effect of ELS on investment efficiency is stronger for firms with higher information asymmetry and weaker corporate governance, confirming short sellers’ role in mitigating information and agency costs. However, short selling risk weakens the effect of ELS. Our evidence is robust to endogeneity checks and suggests that corporate investment can be driven by a particular capital market condition: the amount of lendable shares in the equity loan market.

The content of diploma thesis is an evaluation of the efficiency of the investment in rented property. To verify the sale price, the value of the property is determined by the basic valuation methods. Based on the market analysis, an optimal rental rate is determined, which allows us to quantify the income from the property. Properly quantified revenues and expenses are the foundations for evaluating the effectiveness of the investment.

This master thesis intents on analysing of economic efficiency of the investment project. Theoretical part of the thesis describes particular periods of the investment decision, what compromise a definition of more types of investments, investment projects and their classification. At the practical part of this thesis is applied the theoretical knowledge to evaluation of the planned investment, then is analysed the most profitable of the evaluated alternates and the last step is to propound next measure for the succesful realization of the project.