Title: The impact of the European Championship 2016 on market value of football players Objectives: The main objective of this thesis is to find out if the European Football Championship 2016 had the impact on market value of football players. Another aim is to give an insight into these changes in terms of national teams, leagues, football clubs and transfers of football players. Methods: After a detailed literature research was found out that there is actually no unique method to notice and compare a change in market value of players, however for the purpose of this thesis was used analysis of documents and nonstandard interview. Results: It was found that the market value of players has undergone some changes after their participation in a sporting mega - event. There was recorded increase, immutability and decrease of market values of participating players. Keywords: Market value, change of market value, football player, European Football Championship, football

In the current context of globalisation and development of international investment market along with increasing influence of European Union legislation and activities of professional organisations, there is an urgent need for standardisation and harmonisation of not only valuation procedures but also individual terms, definitions, approaches, methods and requirements for the qualification of valuers. This takes on special importance particularly in the field of real property valuation and market value („the usual price“ according to Czech law) assessment. At present there are three large international organisations contributing significantly to the development of this process through the development of their standards. The main objective of this thesis is standardisation and harmonisation of expert valuation procedure in establishing real property market value (the usual price), particularly in view of international valuation standards, namely IVS, EVS and the Red Book. To achieve this main goal it was necessary to clarify at first several related issues, as proper understanding of the background and context in particular is always an indispensable basis for successful harmonization process. The result of this work is thus both the design of a standard and harmonised procedure carried out by a qualified valuer in establishing the market value (the usual price), and the clarification of related issues, terms, definitions, methods and valuation approaches used in the Czech Republic and abroad, as well as the requirements imposed on the resulting report, etc.. The knowledge and information from this work will thus contribute to the development of the field of forensic engineering both in terms of theory, practice and teaching.

Thesis (MSc)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: A survey to assess the sustainability and marketing opportunities for smallholder cattle production systems was conducted by consulting with a total of 95 smallholder cattle producers in Ncorha and Gxwalibomvu communities in the Eastern Cape Province (ECP) of South Africa. In addition, a total of 18 surrounding beef retailers, 5 abattoirs that supplied beef to these retailers and 155 beef consumers who bought beef from these retailers between February 2013 and February 2014 were also interviewed using pretested structured questionnaires. The surveys established the perception of beef traders and consumers on the development of a Natural beef (NB) brand and indicated the willingness of participants to support the development of a NB brand. The results indicated that a smallholder beef cattle production system was socially and environmentally conditionally sustainable but economically not sustainable. Overall, the system was conditionally sustainable. Cattle herd size was bigger in Ncorha than in Gxwalibomvu (13.7±1.9 vs. 11.3 ± 1.9 heads of cattle, respectively). Smallholder producers from both sites sold an average of two cattle per year. Young farmers (<40 years old), Christians and small households (<5 members) had a greater potential to sell cattle than adults (>40 years old), traditionalists and larger households (>5 members). Similarly, households with access to extension services, owners of smaller cattle herds (<10 cattle) and from a lower income bracket (<R3000) had a bigger potential to sell cattle. More than 70% of consumers were willing to buy a NB brand once it is available on the market but were not willing to pay a premium for the beef brand. Consumers’ willingness to buy and pay a premium for a NB product was influenced by gender, age, income source, with meat preference and meat consumption frequency playing the biggest role in decision making. On the other hand, retailers were not willing to participate in the development of a NB brand. Beef traders, however, suggested that communal feedlotting, group marketing and characterization of beef from cattle fed natural pasture-based diets to identify unique quality attributes of such beef, can potentially improve offtake and economic sustainability of smallholder cattle production systems. The study concluded that smallholder cattle production systems in the ECP is conditionally sustainable, and opportunities for the integration of smallholder cattle producers into the formal beef market value chain lies in the characterization of natural pasture-fed beef, feedlotting and group marketing. / AFRIKAANSE OPSOMMING:'n Opname om die volhoubaarheid en bemarkingsgeleenthede vir kleinboer vleisbeesproduksiestelsels te evalueer, is deur middel van konsultasie met 'n totaal van 95 kleinboere vee produsente in Ncorha en Gxwalibomvu gemeenskappe in die Oos-Kaap Provinsie van Suid-Afrika, uitgevoer. Daarbenewens is altesame 18 omliggende vleis kleinhandelaars, 5 abattoirs wat beesvleis verskaf aan hierdie kleinhandelaars en 155 beesvleis verbruikers wat vleis gekoop het van die kleinhandelaars tussen Februarie 2013 en Februarie 2014, met behulp van vooraf-getoetste gestruktureerde vraelyste ondervra. Die opnames het die mening van beesvleis handelaars en -verbruikers oor die ontwikkeling van 'n natuurlike weiding-geproduseerde beesvleis (NPB) handelsmerk ingewin en ook die bereidwilligheid van die deelnemers om die ontwikkeling van 'n NPB handelsmerk te ondersteun, aangedui. Die bevindinge dui daarop dat 'n kleinskaalse vleisbees produksiestelsel sosiaal en omgewingsvriendelik voorwaardelik volhoubaar is, maar nie ekonomies volhoubaar is nie. In geheel is hierdie tipe produksiestelsel as voorwaardelik volhoubaar beskou. Beestrop grootte was groter in die Ncorha as in die Gxwalibomvu gemeenskappe (13.7 ± 1.9 beeste vs. 11.3 ± 1.9 beeste, onderskeidelik). Kleinboer produsente van beide areas het 'n gemiddeld van twee beeste per jaar verkoop. Jong boere (<40 jaar oud), Christene en klein huishoudings (<5 lede) het 'n beter potensiaal gehad om beeste te verkoop as volwassenes (> 40 jaar oud), tradisionele boere en groter huishoudings (> 5 lede). Net so het huishoudings met toegang tot voorligtingsdienste, eienaars van klein troppe (<10 beeste) en boere wat aan die laer inkomstegroep behoort het (<R3000), ʼn groter potensiaal gehad om vee te verkoop. Meer as 70% van verbruikers was bereid om vir 'n NPB produk te betaal sodra dit beskikbaar is op die mark, maar was nie bereid om 'n premie vir die NPB handelsmerk te betaal nie. Verbruikers se bereidwilligheid om NPB produkte te koop en ʼn premie te betaal vir die handelsmerk was deels beïnvloed deur geslag, ouderdom, bron van inkomste en die meeste deur vleis voorkeur en frekwensie van vleis verbruik. Kleinhandelaars was nie bereid om deel te neem aan die ontwikkeling van ʼn NPB handelsmerk nie. Bees handelaars het egter voorgestel dat kommunale voerkrale, groepsbemarking en karakterisering van vleis van beeste gevoer op natuurlike weiding om die unieke kwaliteitseienskappe van die tipe vleis vas te stel, potensieel afsette en ekonomiese volhoubaarheid van kleinboere produksie beeste stelsels kan verbeter. Die studie het bevind dat kleinboer veeproduksiestelsels in die Oos-Kaap Provinsie voorwaardelik volhoubaar is en dat geleenthede vir die integrasie van kleinboer beesprodusente in die formele vleisbeesmark waardeketting in die karakterisering van beesvleis geproduseer op natuurlike weiding, voerkrale en groepsbemarking, vervat is.

Title: Dependency of market value of a team on the result achieved at the Synot liga Objectives: The aim of this work is to determine the departmente of the market value of the teams which take place in the Czech Top Football league and their achieved results in this competition. Market value of the team is given by a sum of market value of all its players, regardless of their taking part in the match or not. It's put into the kontext with the final result in the league, which is expressed by a total sum of the gauner points. The partial aim is to determine effectiveness of these teams (expressed by total market value of the team) and the total sum of the points achieved in the competition Methods: Regressive and correlative analysis was used for determination of the dependence in the practical part of my research. Regressive analysis was taken from the assumption of free dependence. In this case the aim was to identify the degree of its intensity. So this is the way how the assumption that total market value of the team has certain influence on the achieved result in the league was checked. Results: In the results you can see characteristic and may be big influence of the market value of the team on the achieved result in the league. The value of correlative coefficient for the previous 9 sport...

The aim of this diploma thesis is to estimate the value of the water supply company Vodovody a kanalizace Beroun a.s. on the date 30. 4. 2011 by using the yield method of DCF. The value is assessed for a potential investor in order of purchase. The thesis is divided into a theoretical part defining the basic theoretical background of valuation and a practical part, which primarily consists of a strategic analysis, a financial analysis and a financial plan.

The thesis deals with the comparison of an administrative and market approach to real estate evaluation. A theoretical part covers an explanation of essential terminology used in evaluation process and describes individual evaluation methods. A practical part demonstrates an evaluation of a price of a detached house by the administrative approach; its market price is estimated by the means of cost, comparison and revenues methods. All the outcomes are summarized and mutually compared in the final part of the thesis.

[pt] O IBrX é um índice que mede o retorno de uma carteira teórica composta em média por 100 ações selecionadas entre as mais negociadas na Bovespa (Bolsa de Valores de São Paulo). Esta pesquisa utilizou, como banco de dados, os ativos que compuseram o índice IBrX no período de maio de 2002 a dezembro de 2007, examinando a influência do comportamento das variáveis beta, valor de mercado, índice preço/lucro e índice valor contábil/valor de mercado no mercado brasileiro, confrontando-se o resultado com outras pesquisas realizadas no Brasil. Ao investigar a influência da variável beta, este trabalhou buscou verificar se as premissas adotadas pelo CAPM ( Capital Asset Pricing Model) são válidas no modelo proposto por este estudo. As técnicas de estimação utilizadas nesta pesquisan para avaliar o grau de influência das variáveis, foram o SUR (Seemingly Unrelated Regression) e o TSCS (Time Series Cross-Sectional Analysis). Os resultados apontaram significância para as variáveis índice Preço/Lucro e valor de mercado. Porém, a variável o índice valor contábil/valor de mercado foi a que apresentou maior estabilidade, sendo significante em todos os modelos propostos. Em relação ao CAPM (Capital Asset Pricing Model), a pesquisa apontou que todas as variáveis analisadas apresentaram algum grau de influência nas variações cross-section das rentabilidades médias das ações, sinalizando que além do beta, outros fatores podem estar associados ao comportamento dos ativos. / [en] The IBrX is an index that evaluates the return of a theoretical portfolio composed of one a hundred stocks selected as the most trader as the São Paulo Stock Exchange. This research has made use of stocks that composed the IBrX index during the period between May of 2002 until December 2007 as its database, examining the influence of beta, market value, price/earnings ratio and book to market ratio, on Brazilian market performance, comparing the results obtained with other research done in Brazil. In investigating the influence of beta, this study aimed to verify if the premises made by CAPM( Capital Asset Pricing Model) should be considered valid in the model here proposed. The estimation techniques used in this study to estimate the degree of influence of variables were SUR (Seemingly Unrelated Regression) and TSCS (Time Series Cross-Sectional Analysis). The results point out the price/earnings ratio and market value variables, as being significant. However, the book value/market value index was the variable that presented the strongest stability, being significant in all models proposed. In relation to CAPM (Capital Asset Pricing Model) the study point out that all analyzed variables have presented in some extent a degree of influence in cross-section variations of average stock returns, signalizing that in addition to beta, other factors are associated with stock performance.

Mission statement is important to companies, especially as a strategic communication tool with stakeholders. Innovation is also important to companies and has its implications on performance. This study examines the relationship between financial performance and explicitly communicating innovation in mission statement. The study uses a quantitative approach with logistic regression to test empirical hypotheses related to revenues, profits, change in assets and market value, and their relationship with explicitly communicating innovation in mission statements. The conclusion is that among all the financial performance indicators considered, only market value represents a strong and significant result, indicating a positive relationship with explicitly communicating innovation.

Syfte: Sambandet mellan CSR och företagets marknadsvärde har undersökts i ett flertal tidigare studier. Vår studie riktar istället fokus på hur företagets marknadsvärde förändras när externa och interna CSR-åtgärder separeras. Studiens syfte är att förklara hur företagets marknadsvärde förändras om gapet mellan externa och interna CSR-åtgärder ökar eller minskar.   Metod: Studien är en kvantitativ studie med utgångspunkt från den positivistiska filosofin med en hypotetisk-deduktiv ansats. Vi har utfört en studie med tvärsnittsdesign på 147 börsnoterade europeiska företag för åren 2008 till 2017. Sekundärdata från Thomson Reuters Datastream har använts för denna studie och den insamlade datan har sedan analyserats i statistikprogrammet SPSS.   Resultat &amp; slutsats: Studiens resultat ger en svag indikation att marknadsvärdet ökar när skillnaderna mellan extern och intern CSR ökar. Resultat antyder att på grund av institutionella skillnader mellan europeiska länder kan intressenternas makt variera över företagen.   Examensarbetets bidrag: Studien bidrar till att fylla forskningsgapet som existerat för europeiska bolag om sambandet angående gapet mellan extern och intern CSR och dess påverkan på företagets marknadsvärde. Studien bidrar också med unik kombination av sex externa och sex interna CSR variabler för undersökning angående förhållandet mellan extern och intern CSR. Studiens praktiska bidrag är att förse information till företag om att ta hänsyn till intressenterna för att kunna bättre planera hur resurser fördelas mellan extern och intern CSR. Då intressenter i sin tur ger en positiv påverkan på företagets marknadsvärde.   Förslag till fortsatt forskning: Det kan finnas kulturella skillnader mellan länder och världsdelar, varför det vore intressant att genomföra studien i olika världsdelar. / Aim: The relationship between CSR and the company’s market value has been studied in several previous studies. Our study focuses instead on how the company’s market value changes when external and internal CSR are separated. The purpose of this study is to investigate how the company’s market value changes if the gap between external and internal CSR increases or decreases.   Method: The study is a quantitative study with the starting point of the positivistic philosophy with a hypothetical-deductive approach. This study uses a cross-sectional design of 147 listed European companies for the years 2008 to 2017. Secondary data from the Thomson Reuters Datastream has been used for this study and the collected data has then been analyzed in the SPSS statistics program.   Result &amp; Conclusions: The result of the study shows a weak indication that the market value increases as the differences between external and internal CSR increase. The results suggest that because of institutional differences between European countries, the influence over the company may vary for different stakeholders.   Contribution of the thesis: The study contributes to filling the gap of research that exists for European companies on the relationship of the gap between external and internal CSR and its impact on the company’s market value. The study also contributes with a unique combination of six external and six internal CSR variables for studies on the relationship between external and internal CSR. The practical contribution of the study is information for companies to take stakeholders into consideration in order for the company to better plan how to divide resources between external and internal CSR, so this in turn gives a positive impact on the company’s market value.   Suggestions for future research: There may be cultural differences between countries and continents, so it would be interesting to conduct the study in different continents.

A teoria apresenta o índice q de Tobin como uma ferramenta de alto poder explicativo e elevada utilidade nas decisões de investimento, na medida em que o valor absoluto do q, per si, deve expressar um forte significado para o usuário. A técnica usual de cálculo do q de Tobin, descrita por Chung e Pruitt (1994), prevê utilizar a avaliação da empresa ao preço de mercado no denominador do quociente, valor que é apurado pela soma do valor das ações e das dívidas ao preço do dia. Uma forma alternativa de se calcular o q de Tobin seria possível em tese de ser feita pela substituição da avaliação a mercado por uma avaliação pelo método de fluxo de caixa descontado, pois ambas as técnicas não são excludentes na busca de estimar o valor das empresas. O presente trabalho de dissertação teve a finalidade de avaliar se os métodos de avaliação das empresas seriam equivalentes na determinação do q de Tobin através de teste de correlação entre resultados obtidos pelas duas técnicas. A confirmação da hipótese da igualdade de resultados se daria pela determinação de um R2 elevado. Caso a equivalência dos métodos fosse confirmada, o uso do indicador poderia ser estendido a empresas até mesmo de capital fechado ou para avaliar empresas em condição de baixa eficiência de mercado. Os testes de correlação foram feitos entre valores de q de Tobin apurado pelas duas técnicas. Uma série de dados foi gerada pelo método de Chung e Pruitt (1994) foi comparada com nove séries de dados apuradas por variantes da técnica de fluxo de caixa descontado, correspondente a combinação de três valores de fluxo inicial (NOPAT, FCO e FOCF) por três formas de se projetar os fluxos futuros (sem crescimento, crescentes com o PIB e crescentes pela tendência apurada com os dados contábeis). As séries também foram analisadas por triênios e por liquidez dos papeis das empresas. Os resultados apurados indicam que os métodos não são equivalentes, pois na maioria dos casos o R2 foi muito baixo, inferior a 0,15. Surgiram valores divergentes entre grupos de empresas com maior e menor liquidez, fato que merece ser analisado com mais atenção oportunamente, pois podem indicar um diferencial de uso das informações contábeis na avaliação das empresas. / The theory shows the Tobin\'s q as a tool of high utility and high explanatory power in investment decisions, since the absolute value of q, itself, must express a strong meaning for the user. The usual technique of calculation of Tobin\'s q, as described by Chung and Pruitt (1994) provides an assessment of the company using the market price in the denominator of the ratio, which is determined by the sum of the value of shares and debt to the price of day. An alternative way to calculate Tobin\'s q could in theory be made by replacement of the market evaluation by an assessment by the method of discounted cash flow, because both techniques are not exclusive in seeking to estimate the value of companies. The goal of this thesis had the purpose to evaluate whether the assessment methods of companies would be equivalent in the determination of Tobin\'s q using the test of correlation between results obtained by both techniques. The confirmation of the hypothesis of equality of results would be the determination of a high R2. If the equivalence of the methods were confirmed, the use of the indicator could be extended to companies even closed capital or to evaluate companies on condition of low efficiency of the market. Tests of correlation were made between values Tobin\'s q established by the two techniques. A series of data was generated by the method of Chung and Pruitt (1994) was compared with nine sets of data collected by variants of the technique of discounted cash flow, representing the combination of three values of initial flow (NOPAT, FOCF and FCO) by three ways to design the future flows (no growth, with GDP growing and growing trend established by the accounting data). The series were also analyzed by three years and liquidity of the roles of companies. The results indicate that the methods are not equivalent, because in most cases the R2 was very low, less than 0.15. There were divergent values between groups of firms with higher and lower liquidity, which should be examined more carefully, they may indicate a differential use of accounting information in evaluating companies.