This bachelor thesis investigates the development of value factors on the Swedish electricity market and how the development can be explained. Value factor is a parameter that indicates how well an energy source’s market price corresponds to the average spot price for the electricity mix. Value factors for nuclear-, thermal-, wind-, solar- and hydropower are calculated for the years 2014-2019. Electricity production- and spot price data has been sourced from Svenska Kraftnät, Nord Pool and Uppsala University. The influence of weather conditions, spot price, production and consumption on the development of the value factors is discussed. The Pearson correlation coefficient is used for analytical purposes, showing the correlation between two specific variables. The conclusion is that the value factor for each power source is the result of the conditions present during the specific time period. The value factors for solar- and thermal power are discontinuous since they are temperature-dependent. For nuclear-, wind- and hydropower, the value factors are more continuous during the time span. This is due to, for instance, their important roles in the Swedish energy system and their ability to match demands.

Title: Dependence of football clubs' market value on their result in selected European competitions Objectives: The main objective is to determine the strength of the relationship between the market value of football clubs and their result in selected European competitions. Another objective is to compare these relationships between individual leagues or groups of leagues (big, medium, small). Methods: Correlation and regression analysis were used for the calculation of the strength of the relationships. Regression analysis showed which of the teams influenced the strength of the relationship with their weaker or stronger performance. Effectivity was also calculated for another option of comparing the teams. Results: As the results show we can observe a certain dependency of the result of the clubs on their market value. In the leagues with weakest relationships (0,562 and 0,565) we can notice a particular influence of uncommon performances by the leaders and underdogs. In other leagues the relationship varies between 0,651 and 0,877, which shows very strong relationship between the market value and achieved result. Effectivity-wise it was observed, that the most effective teams are usually the ones with lower market values and they usually place in the lower half of the table. Whereas the least...

This thesis deals with the impact of the reconstruction on the market value of an apartment unit in a particular location. The first part of the thesis explains the terms that relate to the issue. In the second part the impact of the reconstruction on the price of the unit is examined. Firstly, it is evaluated analytically and statistically based on data from the created database and then specifically on two apartment units that have been reconstructed. These were valued in three ways - the comparative way and cost way without price adjustment coefficient according 441/2013 Sb. and method of the direct comparison. The thesis compares the value of these units before and after the reconstruction. It also deals with the evaluation of the investment when it compares the costs of reconstruction with the increase of market value of the real estate.

Predictions of market values are important for investment decisions and risk management of banking institutions, developers and, last but not least, households. Increased access to real estate market data and reducing valuatin costs were one of the most important reasons to be interested in developing and subsequent using of automated valuation models (AVM) worldwide. However, the implementation of AVM in the Czech Republic is still limited to a minimum. The aim of the thesis is to theoretically describe some alternative statistical methods used by AVM, such as fuzzy logic, ANN, spatial econometrics or hedonic models, characterize AVM, their use and analyze their current application in the Czech Republic and outline further possible development.

The diploma thesis deals with spatial planning and its impact on market value of land in Hranice na Moravě. The thesis is divided into two parts. The theoretical part defines fundamental terms related to land valuation and spatial planning, which are crucial for understanding this field of study. The practical part focuses on valuation of selected plots in three levels of spatial planning documentation. The valuation is based on analysis of real estate market in Hranice na Moravě, which consists of a database of comparable properties. The method of direct comparison was used for determination of market value. The last part of the thesis summarizes the results and evaluates the impact zone planning makes on market value of the land.

This thesis deals with the Influence of Renovation on the Market Value of a Real Estate Cultural Monument. The first part of the thesis explains the terms, which are specific for the issue. The second part contains information about the selected Real Estate Cultural Monument. The influence of the reconstruction was investigated by analytical and Saaty method. A situational analysis of the market was performed, then suitable methods for valuing the Real Estate Cultural Monument were selected, namely cost valuation according to the valuation decree and valuation in a comparative manner. It is necessary to mention that the valuation of the Real Estate Cultural Monument in the state before the reconstruction and in the state after the reconstruction was performed. Subsequently, the resulting values were compared. In the end, the investment spent on the reconstruction is also verbally evaluated.

This diploma thesis aims at the return on investment associated with construction of a residential building in the cities of Hradec Králové and Brno. As a first step, we calculate the investment amount needed to construct the building and set the rent for each apartment. Next, we determine whether discounted net rent from all residential units will cover construction costs. Investment payback period will be then assessed. We also calculate market value for each unit and a summarized value for selling all the units. Finally, we determine which of the following scenarios leads to higher profits – selling the residential building unit by unit versus renting the units. This evaluation will also take into account the results difference based on chosen city.

In some countries forests are state or community owned and there is no market for forest land. However, in many countries timberland can be privately owned and thus there exists an active market for it. In Estonia and Sweden private timberland ownership is very high, 54% and 66% of the total timberland area respectively. Since property transactions in general require valuations, the need for timberland valuations is high in these countries. There are several timberland valuation approaches discussed and analysed in timberland valuation literature. Three of the most prominent approaches are the income approach, the sales comparison approach and the cost approach. Although timberland valuation is well-founded in theory, it is often rather different in practice. The timberland valuation methods as well as the underlying assumptions in the methods can vary significantly across countries and regions. The dissimilarities and confusion in timberland valuations are, at least to some extent, related to the circumstance that existing valuation standards comprehend very little guidance regarding timberland appraisal. The thesis in hand is a comparative case study, in which the same interview questions were asked from several timberland appraisers in Estonia and Sweden in order to find out how timberland is appraised in these countries. It was found that the timberland valuation approaches used within a country are rather similar, but differ when comparing Estonia with Sweden. The assumptions used in the valuation approaches vary between countries as well as across companies within a country. In Estonia 3 the appraisers use only the income approach to value a timberland, while in Sweden the appraisers use both the comparable sales approach and the income approach. There are, however, substantial differences in the way the income method is carried out in each country. In Sweden the appraisers use the income approach, to a great extent, in accordance with scientific literature, which cannot be said about the Estonian appraisers. The main differences in the income approach across the countries are the future cash flow treatment, the premerchantable timber value treatment and the length of the time period in the income approach. Along with many other details about timberland valuation practises in Estonia and Sweden, the study also found that none of the appraisers are using the uncertainty intervals in their valuation reports. The consistency and solidarity of Swedish timberland valuation practice results from the existence of the guidelines and recommendations along with the valuation program provided by the National Land Survey of Sweden. Latter is a clear sign of the importance of valuation standards and guidelines.

Valuations play an important role for transactions decisions regarding properties and should indicate the most probably price for the object if sold on the open market. There are different valuation approaches and methods generally summarized as the comparable sales method and the investment method.The object of this thesis is to find out the general practical approach among appraisers when appraising development rights.The methodology used for answering the thesis question is based on a theoretical background of market value definitions, valuation methods, investment theory, and fundamentals of land development, together with an empirical section analyzing valuation reports and interviews held with leading valuation companies in Sweden. Development rights valuations have in this work been characterized by having few comparables. This work has also found that there are many difficulties estimating an appropriate risk regarding how long the development process will take and how the market will look like when property is completed. Due to the lack of available market data, there is also a high uncertainty regarding the variables used as inputs in the valuation. This thesis has found that the preferred approach among appraisers is to use the comparable sales method, trying to find comparable objects that are in the same phase in the development and planning process as the subject property. The residual method, using an investment calculation and then subtract all costs identified as necessary for completing the property, is identified the second best preferred choice. But a conclusion of this thesis is also that many variables assumed are not necessarily derived from the market, but rather from appraisers own experience and general knowledge as well as second hand information given from other actors like property owner expectations, information of municipalities and developer´s own beliefs and perceptions.The risk within the valuations is also concluded to be handled by very diverse approaches by the appraisers and there is a wish to make deeper research about how this could be more ultimately handled by the valuation core in the future.

For the last decades, public authorities and private firms have emphasized their focus on integrating sustainability into corporate disclosure. The shift towards CSR instead of the traditional profit maximization narratives is evident in increased demand among various stakeholders for sustainability awareness. Thus, financial and non-financial disclosure legislation have become stricter, forcing companies to be more transparent (European Commission, n.d.). This thesis aims to examine CSR research by arguing from a previously unattended perspective of valuation. Thus, the formulated purpose “is to examine if CSR affects the deviation between intrinsic and market value of firms in the energy sector in Europe”. This sector is highly blamed for contributing to global warming by exhausting a large amount of greenhouse gas emissions (Mezher et al., 2010). Furthermore, this thesis distinguishes itself from other valuation articles by arguing from the paradigm of realism. In doing so, we argue that the intrinsic value is the independent reality instead of the market value. The market value is, in contrast, based on investors aggregated perception of the intrinsic value through information. This separation of the two values becomes theoretically evident from the perspective of irrationality. For this aim, a few well-established theories such as the market equilibrium theory and the efficient market hypothesis have been used to theoretically explain the deviation. To establish the empirical difference of deviation, a T-test was conducted on the ten most extreme ESG score firms in the European energy sector. The applied method for calculating the intrinsic value is a perpetuity version of the Residual Earning Method with an aggregated Capital Asset Pricing Model as the discount rate. In accordance with the implied result, we argue for a significant difference in both an absolute and relative deviation in this sector. Contradicting, our second test, regression analysis, could not validate if the stated finding depends on ESG and its components. Instead, the deviation could be viewed from the control variables: Size, risk, and profitability. Thus, a theoretical explanation could be an indirect relationship of ESG towards the deviation; however, further research is needed to verificate the finding. Ultimately, we contribute on two fronts, both towards theoretical and pragmatic knowledge by arguing from an un addressed research perspective, realism and establish that high ESG firms are undervalued compared to low ESG firms.