Bakgrund: Illikviditetsrabatten (DLOM) är en omdiskuterad rabatt som ofta leder till konflikt vid värdering. DLOM uppstår i en brist på säljbarhet och problematiken ligger i att denna rabatt inte är observerbar och kan även anses subjektiv. DLOM beror också på flertalet ofta unika faktorer vilket medför att rabatten kan skilja sig kraftigt från fall till fall. DLOM kan anta allt från negativa värden upp till 90 % vilket medför att bolagets slutgiltiga värde i stor grad beror av denna rabatt. Således blir det relevant att bestämma en korrekt nivå för denna rabatt utifrån vetenskaplig litteratur och praxis. Fallföretaget för denna studie, PwC, har efterfrågat en ny modell för att estimera DLOM. Detta på grund av ett ökat fokus från Skatteverket och Fallföretagets kunder att kontrollera om estimeringar av DLOM har utförts på ett korrekt och argumenterbart sätt. I dagsläget hävdar Fallföretaget att ämnet har givits bristande uppmärksamhet i branschen, varför en uppdatering av deras nuvarande metodik för att estimera DLOM är kritisk för sitt fortsatta arbete. Syfte: Denna studies syfte är att analysera och skapa en modell, grundad i validitet och praktisk genomförbarhet, som estimerar illikviditetsrabatten. Genomförande: På grund av att rabatten inte är observerbar uppstår ett behov av att identifiera substitut för rabatten och förstå sambandet mellan dessa och DLOM. Till hjälp har en omfattande sammanställningsstudie gjorts i ämnet tillsammans med en fallstudie av Fallföretagets nuvarande metodik. Baserat på detta och triangulering har en modell sedan utvecklats. Denna modell har sedan tillämpats på fyra värderingsfall som tillhandahållits av Fallföretaget. Utifrån detta följer sedan en analys på Fallföretagets metodik, den framtagna modellen och en jämförelse av dessa. Resultat: EMQ-modellen är en modell som bygger på tre metoder för att estimera DLOM. De tre metoderna är en empirisk metod, en matematisk metod och en kvalitativ metod. Två intervall för vad DLOM kan anta för värden utifrån bolagsspecifika data skapas utifrån den empiriska och matematiska metoden. Dessa intervall viktas sedan ihop till ett intervall med avseende på inlåsningsperioden för innehavet som ska värderas. Slutligen undersöks kvalitativa faktorer som ger ett bestämt värde inom intervallet för DLOM. De tre metoderna är valda utifrån att ta hänsyn till de faktorer som påverkar DLOM för att sedan överföra dessa till ett faktiskt värde för DLOM. Modellen är även skapad för att vara anpassningsbar till varje specifikt värderingsfall. / Background: The marketability discount (DLOM) is a controversial discount that has often led to conflict in valuation. DLOM is derived from a lack of marketability and the problem lies in the fact that DLOM is not observable and also considered subjective. Furthermore, DLOM depends on multiple often unique factors, which means that the discount can differ greatly from case to case. DLOM can assume values ranging from negative values and up to as much as 90%, which means that the company's final value to a great extent depends on this discount. Thus, it becomes relevant to determine a reasonable level of this discount based on scientific literature and practice. The case company for this study, PwC, has requested a new model to estimate DLOM. The reason behind the request is that the Swedish Tax Agency and customers of the case company have increased its effort on controlling whether estimates of DLOM have been carried out in a correct and arguably manner. Currently, the case company claims that the subject has been given a lack of attention in the industry, which is why an update of their current methodology for estimating DLOM is critical for their continued work. Aim: The aim of this report is to create and analyze a model, based on validity and practical feasibility, which estimates the marketability discount. Completion: Due to the fact that the discount is not observable creates a need for identifying proxies for the discount and an understanding of the connection between these and DLOM. An extensive literature study together with a case study on the case company has been made in order to achieve this. A model is then developed based on this and triangulation. The model is then used on four valuation cases, provided by the case company. After that follows an analysis of the methodology of the case company, the model of this study and a comparison between these two. Findings: The EMQ-model is a model that is based on three methods for estimating DLOM. The three methods are an empirical method, a mathematical method and a qualitative method. Two possible intervals for DLOM is created based on company-specific data by the empirical and mathematical method. These intervals are then weighted together into one interval with respect to the restriction period for the holding to be valued. Finally, qualitative factors that provide a definite value are investigated within the interval of DLOM. The three methods are chosen based on considering the factors affecting DLOM. The model is also created to enable adaptability to each specific valuation case.

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While in recent years Cal Poly has moved in the direction of sustainable building, my research indicates that where other CSU’s have succeeded, Cal Poly has been challenged in developing the type of green buildings that would truly make new construction projects more sustainable. The most commonly cited barriers are cost and lack of funding. The outcome however (as evidenced by other CSU’s) is not just driven by the state’s capital outlay process that has historically supported new construction on CSU campuses. It is determined by the priorities, perceptions and values that have influenced Cal Poly’s decision makers and driven campus practices. The purpose of this study is to develop an understanding of and solution for the barriers to green buildings on the Cal Poly campus that can be used as a model for other universities. Using a qualitative analysis supported by interviews, case studies, literature and policy review, and industry reports, I identify and examine the elements of the funding paradigm beyond the traditional funding mechanisms for capital projects within the CSU to propose a solution for Cal Poly. This includes exposing the perceptions about the cost of green construction (and LEED™ certification) and identifying cost reduction strategies; addressing the university’s leadership, values and organization around sustainability priorities, including the need to approach building projects more holistically; examining the university’s ability to capitalize on alternative resources; and, finally, presenting a theory on the marketability of green construction, including use of LEED™ as a fundraising tool. If adopted, I posit that Cal Poly can (and should) transform the funding paradigm to adopt a sustainability paradigm in support of higher performing, green buildings.

The thesis examines the economics of the production of cereals in the Czech Republic by focusing on the importance of agriculture and by clarifying the role of state intervention in the cereal market. The main research interest was the outcome of economic activities in the respective production areas. Based on the observed data, a proposal for state regulatory measures has been drafted, which could aid in solving common problems connected with growing cereal crops on farms.

The first chapter defines the liquidity and determines the cost forming the illiquidity discount. The second chapter assesses the various methods and studies relating to estimation of the discount for lack of marketability for minority interests within the U.S. markets. The third chapter identifies the effects of factors that influence the discount in the in the Czech Republic differently from the U.S. markets. The fourth chapter focuses on factors affecting the level of the discount within převiously observed range and determines the basic method for calculating the discount for lack of marketability for minority interest in the Czech Republic. The fifth chapter deals with the possibility of converting the discount for lack of marketability into risk premium in the CAPM model. The last chapter focuses on determination of the discount for lack of marketability for majority interests.

This study explores the marketability of Isak Dinesen's Seven Gothic Tales, published in the US in 1934. The term marketability is used to refer to the book as a potentially desirable object for sale on the market, successfully promoted by the Book-of-the-Month-Club whose members were intent on educating themselves and refining their taste. The set-up and marketing strategies of the Book-of-the-Month-Club are considered in relation to the role of advertising as a discourse teaching social and personal values in a developing consumer culture where identity and personality were represented as never-ending, imperative projects.  The consuming self is an individual freed from the restraints of tradition and communal values, making her free choice of whom to be on an increasingly diverse market, endlessly reinventing her identity. But this self is also a commodity on an increasingly complex and impersonal market where appearance is destiny. A historically contextualized reading of Seven Gothic Tales makes it possible to use the term marketability to refer to the work itself as a literary investigation of the conditions of identity-construction in a culture dominated by market-mediated relationships. In this reading, the Great Depression figures as a moment that reveals the degree to which consumerist ideology and logic had come to determine the possibilities of imagining being and identity, a condition that Seven Gothic Tales both reflects and resists. The effect of globalized transformation of production and consumption were felt in the two places that went into the making of Seven Gothic Tales: the US where it was first published and colonial Kenya where the author lived between 1914 and 1931 and where the book was begun. This study argues that the success of Seven Gothic Tales in the US depended on the way in which Blixen/Dinesen's experience of colonial Kenya was an experience of commercial modernity that reverberated with the experience of the American readers. Central to this argument is the ideal of feudalism as an explicit and decisive element in the creation of colonial Kenya. The aristocratic theme that permeates Seven Gothic Tales must be understood in relation to a colonial socioeconomic context that reinvented the feudal ideal as a marketable commodity at a time when social status and identity had become negotiable on a consumer market.

A purpose of the Diploma Thesis Reflection of literary output in Česká televize in 2006, 2010 and 2014 broadcasting and their impact on readership is to describe, summarize and compare reports dedicated to literature in selected Czech Television's programs, and then try to identify their influence on book sales and marketability of books. It summarizes the available evidence on the issue of reading culture, reading a book market surveys in the theoretical part, also mentions the definition of reviews and literary critique. In practical part it compares reports dedicated to literature in selected programs according to genre and language first, followed by comparison with the books' titles sales rank, as it is published on Union of Czech booksellers and publishers website. On the base of this comparison, this thesis tries to define the influence of the television broadcasting on books sales.

The dissertation thesis deals with discounts and premiums in business valuation, especially lack of marketability discount and control premium (minority discount). There are no complex theoretical publications concerning these topics in the Czech Republic. Abroad, the publications are mostly descriptions and results of empirical studies originated in U.S. markets. These empirical studies usually deal with a single or a few aspects of a discount or premium. There are still some blank areas in the discounts and premiums theory even abroad, such as the sources of control premium, relationship between the levels of value and standards of value, the relation between the value of a company as a whole and the value at the level of shareholders. I develop a theoretical model of control premium, in the dissertation, which is trying to fill-in these blank areas and thus help practitioners to deal with the control premium or minority discount in a correct way. Moreover the model shows how protection of minority shareholders in general and especially during acquisitions influences the magnitude of control premium. It also shows that the magnitude of control premium depends on the market competition structure. If the competition is perfect (as we can suppose it would be at financial markets for minority interests) or there is a strong oligopsonistic competition the subjects of transaction are not able to influence the price, whereas for monopsonic structure (as it usually is in the M&A market in the Czech Republic) the subjects can influence the price. For monopsonic structure at the M&A market I conclude it is impossible to estimate the value of transaction as a point estimate since it will depend on nonfinancial factors what the price of transaction will be. We can only estimate the upper and lower boundary of interval the final price of transaction will lie within. The boundaries are the maximum price for the acquirer and minimum price for the seller in the sense of German Köln School. The dissertation also tests the possibility and theoretical correctness of using the results of foreign empirical studies of discounts and premiums for valuing businesses in the CR. We analyze the methodology and synthetize the problems connected with application of results of various studies. I conclude that it is impossible to use the results directly in the conditions of the CR. I suggest there should be a deeper analysis done and factors that influence the magnitude analyzed and considered. We should not rely just on averages. The thesis also contains an empirical part testing the magnitude of the lack of marketability discount in the Czech Republic.

The motion picture industry is characterized by a high degree of artistic innovation that revolves around the project rather than the firm. Success is elusive and firms operate in an environment of symmetrical ignorance, that is, high levels of demand uncertainty as well as product uncertainty. This makes managing the commercial development of new products difficult. The study of the factors that drive success in new product development have been significant, however, little attention has been given to experiential and creatively driven products such as motion pictures. While a number of studies have attempted to find accurate means to predict performance in motion pictures, most of these have met with limited results, yet few, if any, have linked the knowledge gained from the study of new product development with the industry. Similarly, the impact of market orientation on firm performance and new product success has been the focus of much empirical research since the late 1980's and has been shown to be significantly associated with new product performance. Here, the marketing literature and the NPD literature converge, yet few studies have attempted to study how the same concepts might apply in motion picture production. The primary focus of this study was to explore the feasibility of the NPD and market orientation literature in the development of successful motion picture and whether or not similar application of this knowledge is tenable. As such, the study centers around two broad research issues: RESEARCH ISSUE 1: How can Australian films perform better? In other words, what are the factors that drive success in Australian motion picture production? RESEARCH ISSUE 2: What is the role of the audience in the development of successful Motion Pictures in Australia? Or in other words, do Australian filmmakers need to be "close" to their audience (market oriented) in order to attain higher levels of success. Australia has been used as a context primarily due to the accessibility of data. This represents a relatively new setting for the study of NPD and market orientation and a new industry. Therefore, an exploratory study was designed which utilized in-depth interviews with experts from three sectors of the Australian motion picture industry. This was deemed to be the best approach given the dearth of previous studies in this setting and the fact that the majority of past industry studies have been quantitative. The findings reveal some support for a significant relationship between success and new product development activities such as product advantage, market orientation, up-front homework, early product definition, cross-functional and coordinated teams, and launch. Product advantage, however, is better understood in terms of a movie's marketability and playability, that is, the perceived superiority of its attributes before and after its viewing. A market orientation is likely to be more effective in the motion picture industry when it helps a firm lead its customers rather than encourages a firm to be led by them. Finally, despite previous studies in the Australian industry, the number of scripts in development is unlikely to matter. What matters is that the scripts that are ready to move into production are evaluated fully and that full support is provided to those that make it through in order to give them the best chance for success.

This thesis adresses the topic to discounts on minority shareholder level for lack of control and marketability. Separate chapter give a comprehensive view of their application and also discusses the problems of private companies.