La valeur vénale et locative se définit en droit, en jurisprudence et en doctrine, mais elle se concrétise en économie…C’est toute l’ambiguïté et la différence entre une valeur et un prix.A l’inverse de l’agent immobilier qui se focalise sur le prix du bien qu’il envisage de vendre, l’expert se concentre sur l’objectivation juridique d’une valeur qu’il va déterminer en s’appuyant sur la comparaison des prix dont il va avoir connaissance.Depuis plus d’une dizaine d’années, j’ai essayé à travers mes différentes recherches, enseignements et publications d’éclaircir les problématiques juridiques, économiques, techniques et maintenant écologiques, liées à la valeur vénale ou locative.J’ai pu publier une cinquantaine de contributions sur des sujets transversaux.Mon projet de thèse sur travaux envisage d’effectuer la synthèse de ces travaux en approfondissant et en complétant certains sujets, en explorant les nouvelles problématiques environnementales et en examinant les possibilités de transposition dans notre droit interne des nouvelles directives européennes liés à l’évaluation immobilière. / Market and rental value is defined in law, in jurisprudence and in doctrine, but is put into concrete form in economics.There in lies the ambiguity of the difference between value and price.Unlike the estate-agent, who focuses on the price of the property he plans to sell, the real estate valuer concentrates on the juridical objectification of the value, which he will determine by comparing the prices which he has knowledge of. For over ten years I have been trying, through my various research projects, teaching and publications, to throw some light on the juridical, economic, technical and now environmental issues linked to market and rental value.I have published some fifty papers on cross-discipline subjects.In my thesis project I plan to synthesize this work, going more deeply into certain subjects and adding to them, exploring the new environmental issues and examining the possible ways in which the new European directives concerning real-estate appraisal could be transposed into our domestic law.

WHAT WAS DONE? This study researches the success of several value investment strategies in the stock markets of the United Kingdom and Germany based on nine firm fundamentals that are extracted from listed firms annual financial statements. In this regard, we first examine alternative forecast combination methods in a novel way to utilise fully the financial information at hand. Second, we examine the drivers of investment returns, particularly the role of information uncertainty, for which a new direct measure is developed. Finally, we evaluate the performance of these financial health investment strategies in alternative institutional environments by focusing on the differences between the two markets regarding both their corporate culture and their legal environment. WHY WAS IT DONE? Similar to economics, the discipline of finance is a social science because its observations emanate from economic transactions between humans. Nevertheless, a significant part of the research in this area is undertaken by means that are almost exclusively applied to the natural sciences, such as mathematics or physics. Although the reasons seem manifold, an increased form of scientificity, in conjunction with greater credibility of the research process and results, is deemed to be of primary importance. However, the benchmark for evaluating these research outcomes differs from those used in the natural sciences. From the example of the efficient market hypothesis one can see that alternative research results that cast serious doubt upon efficiency per se are disregarded as aberrations, leading to the assumption that the hypothesis in its entirety is more or less valid. This study assumes that inefficiencies in the stock market do exist for prolonged periods of time and investors are actually able to benefit from them. HOW WAS IT DONE? Secondary financial statement data of listed companies in the United Kingdom and Germany were downloaded from Datastream for the period between 1992 and 2010. A quantitative analysis of the significance of the correlation between groups of firms with similar financial characteristics and their one-year-ahead stock returns was subsequently performed. Various combination methods for differential weighting of individual financial statement items were conducted. The aim was to increase the profitability of the investment strategy. WHAT WAS FOUND? In general, a classification of stocks according to certain internal criteria of financial health is capable of separating future winners from losers and at the same time confirms the results of a previous US study. More specifically, we first show that a wide range of combination methods generate profitable investment strategies whereby especially measures of profitability are the central indicator of a firm s future performance. Secondly, the more complex methods neither consistently nor substantively outperform the simpler methods. Thirdly, information uncertainty does not seem to be the prime driver of the profitability of an investment strategy. Lastly, we show that financial health investment strategies are profitable both in market-oriented, common law settings and in bank-oriented, code law settings.

The diploma thesis focuses on valuation of the company NOVOKOV, spol. s r.o. The purpose of the valuation is determination of the companys market value. The valuation is performed on the basis of the revenue analysis. The discounted cash flow for owner and creditor is applied, DCF Entity. The diploma thesis begins with the presentation of the company and continuous with the financial analysis, the strategic analysis, determination of the necessary and the unnecessary assets, the prognosis of the value drivers and the financial plan. The final chapter is dedicated to the valuation itself, including determination of the weighted average cost of capital.

My thesis deals with the use of accounting information for the purpose of valuating a company. The first part deals with the basic terms of valuating a company. The second part concerns on all the parts of valuating. In the part called financial analysis deals with principles and assumptions that accounting is based on. There are also same constraints of financial reporting. The third part concerns on adjustment of financial accounting in each kind of valuating method. The forth part contains adjusted financial statements for the purpose of valuating a company.

The diploma thesis is focused on the valuation of the company GSI distribution s. r. o. This company is the only authorized dealer of the personal transporters Segway in Czech Republic and it is the operator of one of the oldest rental agency of this transporters in Prague. The aim of the valuation is to estimate the market value of the company while using the methods of DCF entity. The main parts of the thesis are strategic and financial analysis, the estimated financial plan and at the end of this thesis is an estimated market value of the Company.

The aim of following diploma's thesis is realization a financial analysis for the purpose to evaluate a company BERNARD Family brewery a.s. to 1/01/2015. The BERNARD Family brewery a.s. is a business with a short history, which deals with production of beer. The Diploma's thesis is divided into methodical and practical parts. The methodical part of the work will describe basic assumptions for the valuation, the basic way to evaluate and introduce used methods for analyzing environs of company and the company all itself. In the following introduction part I emphasize more detailed description of methods and models, which I'll later applied in the practical part of the work. The market value of a company is determined by comparing the yield methods DCF and property methods accounting value.

The thesis deals with the influence over price of one-family houses according to location in and beyond the flood zone. Simulated localities are situated in Krnov and Bruntál. The thesis analyzes the specifics of the localities and researches the possible impacts of property´s location and price.

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 master’s thesis focuses on the price development of apartments in the central part of the city Opava. The introductory part defines the methodology of the apartment appraisal and the basic terms used in this topic. Further on, the database used in this thesis to achieve stated objectives is specified and evaluated. The Data are based on a documented purchase price of apartments, existing market value appraisal and ascertained assessed value. The development of purchase prices, market value and assessed value are being researched in the city of Opava. Furthermore, the development of the above-mentioned prices and values is researched in particular cadastral areas in the central part of Opava. The impact of aspects relating to apartment, building and locality are being evaluated. In conclusion, results of the local research are compared with the Czech Republic and selected countries of the European Union.

The aim of this proposal is socialogical analysis, interpretation, construction and urbanistic recommendation related to an impact of social changes in specific neighborhood on life standarts and real estates‘ costs in the area. Social changes could be negative, such as social degradation of certain area, worsening of quality of the environment, worsening relationships and also social deviation (for example criminality). Positive changes represents mostly gentrification, which includes positive changes of social and tangible environment. These are followed by price encrease of life standarts which is displacing old settlers. In our experience these areas of life standarts and real estates prices are linked and it is possible to use synergistic influence of changes to adjust tangible and social environment.