Purpose:This thesis is examining two of the most common valuation methods put into practice on firms of different sizes in order to see if the market capitalization has any impact on said valuations. Relevance: Despite the widespread use of the intrinsic valuation methods both in academia and the professional world the amount of coverage concerning real life usage and analysis seems to be somewhat lacking. The numerous studies that cover the pros and cons of different valuation models and their supposed accuracy towards current stock prices. The studies rarely try to analyze whether or not the invisible hand of the market treats the firms differently depending on the market capitalization. Method: In this thesis the Free Cash Flow to Equity and Dividend Discount Model have been applied to 10 different firms of different sizes. The 10 firms were from a market capitalization perspective viewed as  5 “large”  and 5 “small”. For comparison matter, for each of the “large”  firms there was one corresponding “small” firm that operates in a similar line of business. The future growth projections were based on historical data and for the discount rate the Capital Asset Pricing Model (CAPM) was used. Conclusion: The two valuation models showed remarkably similar results, even when applied to firms of greatly different market capitalizations. Within the constraints and delimitations of this thesis, the conclusion is that according to Free Cash Flow to Equity model and Dividend Discount Model models the market does not value the firms differently with regards to market capitalization. In fact the divergencies in terms of absolute numbers of the valuations as a whole only show a 1% percentage unit difference in the Dividend Discount Model and a 2% percentage unit of difference in the Free Cash Flow to Equity model between the large and small cap segments.

The objective of this study is to estimate the willingness to pay of U.S. Gulf Coast residents to support oyster reef restoration. The Gulf Coast is the leading commercial oyster- producing region in the United States, accounting for approximately 46% of the total commercial oyster harvest in 2021. My benefit estimates were based on data obtained from a contingent valuation survey of 6,475 Gulf Coast respondents. I estimated the willingness to pay (WTP) for oyster reef restoration using interval regression and Turnbull lower-bound methods. The estimated mean WTP value is in the range of $142 and $436 per household. The results show respondents who eat oysters and those that hold saltwater fishing licenses have significantly higher WTP.

Hedonic property value analysis is one of the leading methods of environmental valuation. This non-market technique uses variation in home sales to infer the values of amenities or disamenities. While there have been numerous studies about air quality and hazardous waste, the number of papers focusing on water quality is much smaller. Consequently, there are still many unanswered questions about the proper handling of water quality through hedonic methods. Furthermore, estimates from hedonic property price analyses are rarely used in government cost benefit analyses. This dissertation investigates several important hedonic issues in a large analysis of water quality in central Florida. The first chapter of this paper explores the extent of water quality benefits. Almost all past studies have focused exclusively on waterfront homes. The present paper includes non-waterfront homes and investigates three hypotheses about the marginal impact of water quality. The first hypothesis is that non-waterfront homes are positively affected by water quality, but by a smaller amount than waterfront homes. The second hypothesis is about the effect of lake distance on the relationship between water quality and property prices: this relationship should be negative. The third hypothesis states that properties near larger lakes have a higher implicit price for water quality than homes around smaller lakes, all else constant. These three hypotheses are investigated in each chapter of the dissertation, and provide a unifying theme to the paper. Results from Chapter 1 support all three hypotheses. Most importantly, the empirical estimates indicate that water quality benefits extend beyond the waterfront in a declining gradient. Excluding non-lakefront homes from the analysis can therefore substantially underestimate the total benefits of a water quality improvement. Estimates of the total property price benefits from a one foot increase in water quality were found to double with the addition of non-waterfront homes. The second chapter examines the sensitivity of results to several spatial specifications. Spatial issues can be a problem in analyses of real estate data because of spatially correlated variables, unobservable neighborhood codes and covenants, identical or similar builders, and property appraisal valuation techniques. The focus of the chapter is on the spatial weights matrix (SWM). Six different SWM's are constructed, which are based on popular specifications encountered in the current spatial hedonic literature. An out-of-sample forecasting exercise is used to compare multiple spatial specifications. Results indicate that certain spatial models may be sensitive to the specification of the weights matrix. Furthermore, many popular models currently used in the literature could be improved by allowing more non-zero elements in the SWM. The third chapter investigates the definition of "water quality" and uses several additional quality indicators. Choosing the proper pollution indicator is an issue that has plagued many areas of the valuation literature. While clarity indicators have become popular in hedonic property price analysis, they are not used for the purposes of regulation by many state environmental departments. This chapter uses several indicators that are used by the state of Florida to classify lakes and implement policy. Implicit prices are computed for all of the indicators and issues of benefit extent and total benefits are explored. Instead of finding an optimal indicator for all situations, results indicate that the use of at least two types of indicators may capture a larger range of the true total benefits. The final chapter uses a repeat sales model to address potential problems with omitted variable bias. Due to the size of the data set in this paper, there are a substantial number of homes that have sold more than once. The repeat sales model analyzes differences in property sales prices for the same home over time. The three hypotheses of the first chapter are explored in this alternative model. The implicit price obtained from the repeat sales model is much larger than the regular hedonic model. However, there are some concerns with the smaller population of repeat sales.

Human and freshwater ecosystems are intrinsically interconnected. To better design effective policies, modeling tools and valuation methods are necessary to help understanding the complex reciprocal linkages between ecosystem processes and human actions, and coupled human and natural systems (CNHS) sets up a critical paradigm to do so. It is thus of both academic and empirical appeal to integrate reliable economic valuation methods with tools and models from multiple disciplines in order to quantify the feedbacks between human and natural systems and to inform better policy design. Using freshwater resources as an example, this dissertation contains three essays which integrate natural science and economics models to understand how changes in human behavior and societal policies lead to changes in ecosystem services, and how changes in ecosystem services, in return, affect human decisions. The first two essays focus on agricultural nonpoint source pollution problems in United States and examines the impacts of potential water polices on both water polluters and water demanders. Specifically, in the first essay, a novel coupling between an ecological model of within-lake hydrodynamics and an economic model of hedonic property prices has been developed to quantify the connections between nutrient loading, lake water quality, and economic outcomes. Linking ecological processes with human decision-making provides a basis for enhanced evidence-based decision making in the context of reducing nonpoint-source pollution. In the second essay, an economic mathematical programming model is coupled with an agro-ecosystem model to investigate the behavioral adjustments and environmental pollution outcomes of water quality policies. A complete quantification of costs from all regulating sources are necessary to help pinpoint the efficient water policy design and reflecting the connection between human decisions and ecosystem processes. The third essay focus on the water quantity problem in another developed country, Australia. A discrete choice experiment method has been explored and used to provide estimates of willingness to pay for purchasing irrigation rights to restore a Ramsar-convention wetland. Water policy scenario described in this essay could directly affect the feedback between human and ecosystem processes and serve as a baseline for future planning and policy designs. By offering both conceptual and methodological advancements, this dissertation aims to improve the understanding of coupled human and natural systems and the implementation of water policies. This dissertation also provides a framework to establish multi-disciplinary dialogues and cooperation between scientists and economists in the search of efficient water polices. / Doctor of Philosophy / Freshwater resources are one of the most important elements in our daily life. It provides important goods and services to our society, but at the same time, due to human behaviors, freshwater resources are under threat in both their quality and quantity. This dissertation contains three essays which integrate knowledge from multiple disciplines to help understand and quantify the linkages between human and freshwater resources, and provides information to come up with better water polices. In the first essay, I explore the connections between nutrient loading, lake water quality, and the economic outcomes. The essay illustrates how potential change in nutrient loadings affect lake water quality, and how that induces people’s housing purchase behavior, property sales price and local governments’ property tax revenue. In the second essay, I focus on the agricultural production problem, which is one of the largest source for water quality degradation. By exploring the impacts of water policy on farmers’ production decisions, the essay sheds light on how to better design water polices to maintain farmers’ profit while simultaneously alleviating the impact of agricultural production to water qualities. In the third essay, I utilize a survey method, choice experiments, to elicit people’s willingness to pay for wetland ecosystem health. This could better allocate water resources between agricultural production use and residential use and come up with better water quantity polices.

This dissertation consists of two research projects in the area of Environmental Economics: water-recycling technology adoption and its cost-effectiveness in the U.S. horticulture industry (in Chapter 2), and urban tree cover's impact on residential location decision making in Milwaukee, WI (in Chapter 3). Chapter 2 evaluates the economic effects of labeling plants grown with water-recycling technology (WRT) practices in selected nursery operations in the Mid-Atlantic region of Virginia, Maryland and Pennsylvania. Partial budgeting, whole enterprise-level budgeting, sensitivity and break-even analyses are conducted to determine whether consumer premiums for plants grown with recycled water are sufficient to make WRT economically feasible combined with plant eco-labeling, and how such a labeling program would affect greenhouse/nursery production costs, gross revenues and net revenues. It is concluded that consumer premiums for plants grown with recycled water could offer nursery growers a method to improve their net returns while reducing pollution runoff and improving irrigation water usage efficiency. Chapter 3 focuses on non-market valuation of environmental (dis)amenities. Specifically, this chapter investigates the impact of urban tree cover on residential property location decision in the housing market of Milwaukee, WI. Residential sorting model embedded with "horizontal preference structure" is established to estimate the heterogeneous preferences for tree cover and other land cover attributes that vary by household socio-economic characteristics and then to identify the housing property owners' demand for these land cover attributes. The first part of this chapter mainly recovers the demand for "community trees" at the census block group level combined with 10 years property transaction data and neighborhood characteristics where the median income is aggregated to represent the household annual income. It is found that "community trees" are positively valued by the housing property owners and have a positive impact on housing price due to its positive externalities. Furthermore, income is found to be a strong exogenous demand shifter, leading to heterogeneous preference for the tree cover. The second part of Chapter 3 further investigates the impacts of both nearby trees and distant trees on residential property location decision using different spatial scales of land covers measurements. Instead of aggregating block group level median income, this study matches and merges disaggregated individual household annual incomes from the Home Mortgage Disclosure Act (HMDA) dataset to mitigate the potential aggregation bias. It is found that different spatial scales of land cover measurement result in varying willingness to pay estimates, implying that housing property owners have heterogeneous demands for nearby trees and distant trees. In other words, preferences for urban tree cover not only vary by household annual income, but also differ across spatial scales of the tree cover measurement. / Doctor of Philosophy / This dissertation contains two research projects related to researches on environmental economics. Chapter 2 talks about how adoption of water-recycling technology affects nursery growers’ finance (i.e., production cost, gross revenue, profit) and operation management in Mid-Atlantic region of Virginia, Maryland and Pennsylvania. It is found that consumers are willing to pay more money for horticultural plants produced with recycled water and these additional moneys would be sufficient for the growers to compensate the extra costs after adopting the water-recycling technology in the production. This study helps nursery growers and policy makers assess WRT adoption to improve crop water productivity and to reduce pollution of off-site surface waters. Chapter 3 discusses the impact of urban tree cover on housing price in the area of Milwaukee, WI. It is assumed that households with different socio-economic characteristics (e.g., household annual income) would have varying preferences for tree cover and other key characteristics when they make decisions on choosing their residential property locations. The first part of this chapter mainly focuses on “community trees”, namely the trees and forest within given census block groups. The second part of this chapter further takes nearby trees into consideration besides the distant trees so as to determine how trees on/near the residential properties affect the housing prices and whether the housing property owners prefer more trees on/near their properties. It is found that urban tree cover is valued by housing property owners and households with different income levels have diverse preferences for both nearby and distant trees. The research presented in this chapter not only makes academic contributions to the literatures of residential sorting model related to landscape (dis)amenities, but also facilitates the policy making of local governments and practitioners when it comes to urban and community trees and forestry programs.

Yes / This study develops a 'comply or explain' index which captures compliance and quality of explanations given for non-compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non-compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The 'comply or explain' index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure is value relevant in the UK. Institutional blockholders' ownership is however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non-compliance are equally important, as long as valid reasons and justifications for non-compliance are provided by the reporting companies. These findings thus imply that the 'comply or explain' principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications.

This work deals with the valuation of the Tonak company. My endeavor was that this thesis cover all facts that are absolutely necessary for real appraisal form. The introduction to the work is theoretical, and is supposed to acquaint its readers with the methods of valuation. Based on this fact, the work should thus be understood by those who have only basic knowledge of accounting. Another chapter of the "object of valuation" focuses on a particular company. This chapter should familiarize people who have never heard about this company before with basic information about the structure and accounting rules of the Tonak company. In the financial analysis we look closely at the individual financial statements for the years 2005 - 2009 and analyze the strengths and weaknesses of the financial aspects of company. The most important data will be compared with major competitors. The strategic analysis is divided into two parts. Analysis of external potential and analysis of internal potential. The external analysis focuses on the relevant market in terms of product and customer, and based on historical data and expert estimates attempts to predict the development of the market's revenue as a whole. On the other hand, the section on analysis of internal potential strives to predict Tonak's revenue compared against other companies in the sector. Based on these analyses, I am providing the estimated revenues of TONAK for the first and second stage. The next chapter is called "Generators values." These generators allow me to map out the complete financial plan for the next five years. The final section is devoted to the own valuation of Tonak. As the main method I chose DCF APV, which is the least common, though I believe its expression value is one of the best. As a supplementary method is used the market comparison method, which is compulsory in the Czech Republic despite its limited amount of data which, however, leads to limited expressibility.

The first part of this diploma thesis focuses on theoretical basis, which means definitions of basic terms related to real estates and valuation, cadastre of real estates, definitions of price and value, activity of valuers and real estate experts and two approaches to valuation, so called administrative and market valuation. The practical part begins with the apartment market analysis in the Czech republic in 2010 followed by the valuation of apartment. For the possibility of further comparison, both administrative and market valuation were used.

ABSTRACT APPLICATION OF NON-MARKET ECONOMIC VALUATION METHOD TO VALUE THE ENVIRONMENTAL BENEFITS OF GEOTHERMAL ENERGY IN MONETARY TERMS: A CASE STUDY IN YOZGAT PROVINCE Horasanli, Erol M.Sc., Department of Environmental Engineering Supervisor: Assist. Prof. Dr. Emre ALP December 2010, 100 pages Determining environmental economic benefits of geothermal energy is difficult since there is no market for all environmental goods and services related to it. In order to determine and measure the market price of non-market goods and services, non-market valuation methods are used. Since intangible benefits do not have monetary values, non-market valuation techniques are applied to estimate them. Non-market valuation methods are important tools for policy makers in the cost and benefit analysis and environmental impact assessment process to aid their final decision. In this study, the Contingent Valuation Method (CVM) was used to determine the environmental benefits of using geothermal energy for house heating instead of fossil fuels and natural gas in Yozgat (center). The willingness to pay for geothermal energy of the Yozgat residents was determined and underlying motivations to use geothermal energy were assessed. The results showed that the mean willingness to pay (WTP) for the usage of geothermal energy in house heating to increase air quality and mitigate the effects v of climate change is $50/person/month. The results also showed that respondents know the importance of the climate changes and they believe that geothermal energy usage will affect the mitigation of climate changes positively. The geothermal energy investment in the region will amortize itself in 3 years. Therefore, in the feasibility studies, geothermal energy investment seems feasible. During the regression analyses, climate change and air pollution parameters were the most significant parameters for the calculation of mean WTP. Since, decrease in air pollution using geothermal energy, will also mitigate the effect of climate changes, during the geothermal investment in the region, training activities and campaigns should be carried to cover the issues of climate change and global warming to emphasis that geothermal energy will serve for multi-dimensional environmental problems.

Being one of the specially protected areas declared by General Directorate of Natural Assets Protection, G&ouml / cek Bay is threatened by increasing boat tourism and insufficient legal practices. Large scale measures are being planned for decreasing the pollution and protecting the region. For a sustainable coastal management, technical, social, political and economic tools are needed to be used. For environmental investments, it is necessary that they should be identified in monetary terms. The aim of this study is to determine the benefits and costs of the management alternatives to improve environmental quality in G&ouml / cek Bay to aid decision makers. In the study, the environmental benefits that can be obtained with improved water quality and restated marine ecosystem was calculated using the Choice Experiment Method. Data analyses are made using Multinomial Logit analysis. The results showed that, for improvements in water quality local residents are willing to pay 18 TL/month and tourists are willing to pay 16.6 TL/tour. For improvements in marine life local residents are willing to pay 14.8 TL/month and tourists are willing to pay 11.2 TL/tour. The total value that can be obtained from these stakeholders is calculated as 751,140 TL/year. This amount enables the investments to amortize themselves in 21 years. With this study, it has been seen that the obtained results will pave the way for new policies and measures against the deterioration of the marine environment of G&ouml / cek.