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The Value of Value Factors : Time-dependent Development of Value Factors on the Swedish Electricity MarketSärnblad, Sara, Ekström, Nora, Vanky, Katarina, Bråve, Agnes January 2020 (has links)
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.
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Závislost velikosti tržní hodnoty fotbalových týmů na dosaženém výsledku ve vybraných evropských soutěžích. / The correlation between football teams' market value and their achieved result in chosen european leaguesPodlipný, Jakub January 2021 (has links)
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...
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Vliv rekonstrukce na tržní hodnotu bytové jednotky v Blansku / The Effect of Renovation on the Market Value of an Apartment Unit in BlanskoBrzobohatá, Anna January 2019 (has links)
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.
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Automated Valuation Models (AVMs) a jejich využití / Automated Valuation Models (AVMs) with applicationsŠmardová, Eva January 2019 (has links)
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.
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Posouzení vlivů územního plánování na cenu pozemků v Hranicích na Moravě / Assessment of the Impact of Spatial Planning on Land Prices in Hranice na MoravěMenyhardová, Kateřina January 2021 (has links)
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.
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Vliv rekonstrukce na tržní hodnotu nemovité kulturní památky / Influence of Renovation on the Market Value of a Real Estate Cultural MonumentNáglová, Denisa January 2021 (has links)
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.
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Návratnost investic spojených s výstavbou bytového domu v Hradci Králové a v Brně. / The return on investment associated with construction of a residential building in the cities of Hradec Králové and BrnoLebrušková, Petra January 2015 (has links)
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.
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Timberland valuation : Current theory and practice in Estonia and SwedenRebane, Martin, Kolga, Martin January 2012 (has links)
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.
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A European CSR study about the deviation of valuation / A European CSR study about the deviation of valuationPersson, Pontus, Dykina, Tatiana January 2021 (has links)
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.
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CSR och företags lönsamhet : En kvantitativ studie av börsnoterade bolag på Stockholmsbörsen / CSR and Firm Profitability : A quantitative study of Listed Companies on the Stockholm Stock ExchangeMorad, Morad, Ahmadzai, Faisal January 2023 (has links)
Denna studie undersöker hur företagens sociala ansvar (CSR) påverkar lönsamheten genom att undersöka hur CSR Strategy Score påverkar svenska börsnoterade bolag på Stockholmsbörsen under perioden 2016-2019. En deduktiv forskningsmetod används, där befintliga teorier och hypoteser testas empiriskt genom datainsamling. Resultaten visar en neutral koppling mellan CSR-strategins score och lönsamhet under hela perioden som undersökts, samt ingen säker trend på att lönsamheten ökar över tid. Studien visade ingen tydlig skillnad mellan lönsamhetsmåtten ROA och ROE under undersökningsperioden på hur dessa kan påverkas av CSR. Resultaten förkastar hypotesen om att sambandet mellan CSR och lönsamhet är marginellt starkare inom företag med högre CSR-poäng. Denna studie bidrar till forskningsområdet genom att ge en samlad insikt i ämnet och bygger vidare på tidigare forskning inom området. / This study examines how corporate social responsibility (CSR) affects profitability by examining how the CSR Strategy Score affects Swedish listed companies on the Stockholm Stock Exchange during the period 2016-2019. A deductive research method is used, where existing theories and hypotheses are tested empirically through data collection. The results show a neutral connection between the CSR strategy's score and profitability throughout the period examined, and no certain trend that profitability increases over time. The study showed no clear difference between the profitability measures ROA and ROE during the investigation period on how these can be affected by CSR. The results reject the hypothesis that the relationship between CSR and profitability is marginally stronger in companies with higher CSR scores. This study contributes to the research area by providing a collective insight into the subject and builds on previous research in the area.
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