NONE

Computer industry is one of the most outstanding paradigms of value growth in the twentieth century. And Taiwan¡¦s computer-related industry has also developed since the early beginning of the twentieth century. Since 1980, the electronics industry in Taiwan has taken only twenty years or so to be the main competence advantage, which creates the highest value of output. Seeing the module characteristic of Taiwan¡¦s electronics industry, and the awareness of the entrepreneur network, this study hopes to combine the two concepts to have a clear understanding of the phenomenon about how the electronics industry rose rapidly in Taiwan, and also hopes to figure out the business performance of each leading firm in the most important five component areas in Taiwan¡¦s electronics industry. This study has chosen current operating value (COV) to be the main concept, which was advocated by G. Bennett Stewart (1990). And through the study of each company¡¦s free cash flows, this study then further examines the relationships among the free cash flows (FCF), the company¡¦s current operating value (COV) and market value (MV). That is, this thesis is to study whether a firm makes proper use of its cash flows will help bring positive market values to itself, and to see the range of the market value added (MVA) it will bring to the firm. This study has used the dimensions mentioned above. Based on the references, the sample firms are those with a long history or the leading companies in the areas of the top five components in Taiwan¡¦s electronics industry. And all the finance-related information of the sample firms is derived from the TEJ Database with a period of from 1991 to 2006. The variables then are calculated, and the hypotheses are defined and testified. At last, statistics is used to analyze the data of the outcomes. The study shows that if we examine a firm¡¦s performance by way of the free cash flows, the more stable business performance the sample firms has, the more the firm¡¦s current operating value at the t period can anticipate the firm¡¦s market value at the t+1 period. Besides, for those component firms with a higher accumulated operating cash flows than accumulated investment cash flows, their current operating value can create more added market values. Based on the two results, a firm¡¦s conduction of free cash flows will have a direct influence on the firm¡¦s stability of business performance, and those firms with more stable performance will create positive added market values.

The purpose of my work is to make the theoretic generalization of lands estimation, to analyse the device of wholesales estimation and the chance of using that device in cadastre. In my work was inspected the national and wholesales estimation, and descripted methods and criterions of estimation. I inspected the difference and analogy between estimation method in Lithuania and in some countries of Europe union. I make the database of lands plot for Klaipėda town, using GeoMap2004 software. This database is available, for accumulation, editing and analysing of lands plot.

Syftet med examensarbetet är att undersöka hur värdering av marknadsvärden för fastigheter inom stadsomvandlingsområdet ska utföras enligt ersättningsbestämmelserna i expropriationslagen. Först utfördes en litteraturstudie som undersökte hur ersättning vid expropriation skulle bestämmas. Ersättningen skulle utgöra ett opåverkat marknadsvärde plus 25 procent samt övrig skada. Med opåverkat menas att de inte är påverkat av exproprationsändamålet. Om tillräckligt med genomförda köp fanns att tillgå var ortsprismetoden den mest lämpade metoden för värdering av småhusfastigheter. För att få en större inblick i fastighetsmarknaden i Kiruna och som underlag till senare utförd värdering genomfördes en fastighetsmarknadsanalys där transaktioner i Kiruna mellan 2001 och 2012 användes. Med hjälp av transaktionerna delades Kiruna tätort upp i tre områden med benämningarna, drabbade området på Norrmalm, odrabbade området på Norrmalm samt Övriga Kiruna. Dessa områden användes genomgående i hela arbetet. För varje område utfördes en analys för bostadsbeståndet samt analys av gjorda köp och prisutvecklingar. Någon avvikande prisutveckling för det drabbade området kunde inte påvisas, inte heller för det näraliggande området. För att undersöka om ortprismetoden var en lämplig metod utfördes värderingar av hypotetiska fastigheter som var vanliga inom det drabbade området. Värderingen följde ortsprismetodens huvudmoment med undantag av att jämförelseobjekten justerades med hänsyn till avståndet till Kiruna centrum. Studien visade att ortsprismetoden var användbar vid värdering av småhusfastigheter inom stadsomvandlingsområdet. Även om den utförda analysen inte påvisade någon påverkan inom det drabbade området på Norrmalm måste jämförelseobjekt väljas utanför det drabbade området på Norrmalm då området ändock sannolikt är påverkat. Hänsyn måste också tas till att Kirunas fastighetsmarknad är relativt begränsad och det kan vara svårt att hitta bra näraliggande jämförelseobjekt för vissa fastigheter. / The purpose of this study is to examine how the appraisal of the market values of real estates within an area effected by of city relocation shall be carried out according to the regulation in the Expropriation Act. First a literature study was performed to examine how compensation for expropriation would be determined. The compensation would be an unaffected market value plus 25 percent, and other loss. Unaffected means that it is not influenced by the purpose of the expropriation. If the number of sales available were sufficient, the comparison method was the most suitable method. To gain a greater insight into the real estate market in Kiruna and as a basis for price trends, a real estate market analysis in which transactions in Kiruna between 2001 and 2012 were used. By using the transacations data Kiruna was divided into three areas with designations, affected area of Norrmalm, unaffected area of Norrmalm and rest of Kiruna. These sites were used throughout the entire study. For each area, an analysis of the housing stock as well as analysis of completed sales and price trends. Any divergent price trends of the affected area was not proven, nor for the nearby area either. Appraisals of hypothetical properties were performed to examine whether the comparison method was an appropriate method. The appraisal followed main parts of the comparison method except that the comparison objects were adjusted according to the distance to the center of Kiruna. The study showed that the comparison method was useful in the valuation of single-family properties in the area of city relocation. Although the analysis did not detect any impact for the price trends of the affected area in Norrmalm, comparison objects must be selected outside the affected area in Norrmalm, because the area is most likely influenced nevertheless. Consideration must also be given to Kiruna's real estate market is relatively limited and it can be difficult to find good comparison objects.

This study examines the association between changes in accounting performance resulting from mandated adoption of International Financial Reporting Standards (IFRS) and managerial incentives to engage in opportunistic equity issuance. Based on 2,719 Australian and the European Union firms that are required to adopt IFRS starting in 2005, I find that firms disclosing a material decline in reported net income under IFRS relative to reported net income under local standards are revalued downwards, while firms disclosing a material improvement in reported net income under IFRS relative to reported net income under local standards are revalued upwards. This indicates that relative to financial statements prepared according to local accounting standards, financial statements under IFRS convey new information that impacts market value. Building on the market timing hypothesis, I find that managers exploit their private information about the effects of changes in accounting standards on accounting performance and that managers strategically time equity issuance before their firms disclose those effects. In particular, during the three-year window prior to a firm disclosing the financial statement effects of IFRS adoption, the firm’s likelihood and size of equity issuance are negatively associated with the change in reported net income resulting from IFRS adoption. This is consistent with the prediction that firms whose reported performance is negatively affected by mandated changes in accounting standards are more likely to issue equity and issue a larger volume of equity in advance of the disclosure of those negative effects. The association between equity issuance and the relative decline in accounting performance resulting from IFRS adoption is robust to alternative definitions of equity issuers, specifications and measures of accounting performance, and changes in sample composition. I find some evidence that equity issuance is positively associated with earnings forecast optimism, where earnings forecast optimism is another proxy for information asymmetry arising from mandatory adoption of IFRS. / Thesis (Ph.D, Management) -- Queen's University, 2008-07-10 17:39:27.512

Recent events in the business world have focused attention on the importance of high quality financial reporting. Of particular interest is where the collapse of prominent companies such as Baring Plc. was due to the company's involvement with derivative instruments. In Australia, some derivative instruments are not recognised in the balance sheet. However, the Australian accounting standard AASB 1033 Presentation and Disclosure of Financial Instruments requires extensive disclosures to overcome the lack of guidance with regard to the recognition and measurement. Therefore, AASB 1033 may be regarded as a high quality disclosure standard. This thesis investigates the transparency or information quality of derivative disclosures of Australian firms in the extractive industries using 1998 to 2001 financial reports. The extractive industries play a major role in the Australian economy, where they generated exports worth more than A$30billion in 2000 to 2002 (Department of Foreign Affairs and Trade, 2003a and 2003b). Further, firms in the extractive industries extensively use derivative instruments for hedging purposes (Berkman, Bradbury, Hancock and Innes, 1997). The objective of this study is, first, to examine the relationship between the transparency or disclosure quality of derivative information and firm characteristics. Second, this study investigates the value relevance of derivative disclosures in particularly hedge information, net fair value information and risk information. Quality is measured based on a disclosure index developed from AASB 1033 Presentation and Disclosure of Financial Instruments. A finding of concern is that the majority of firms in this study provide less than complete information and therefore enforcement power is required to ensure compliance (Kothari, 2000) Prior studies have related disclosure quality of accounting information with firm characteristics but no attempt has been made to relate those characteristics with the disclosure quality of derivative instruments. The current study contributes to the literature by examining the relationship between firm characteristics and the quality of derivative disclosures. Firm characteristics investigated are size, profitability, price-earnings ratio, market-to-book ratio, research and development activity, auditor, debt-to-equity ratio and type of extractive firm. This study finds that the variables, firm size, price-earnings and debt-to-equity ratios are associated with the disclosure quality of derivative information. To a lesser extent, the variables, market-to-book ratio and profitability, are also associated with disclosure quality. High disclosure quality has been argued to lead to a reduction in the cost of debt (Sengupta, 1998) and equity (Botosan, 1997), resulting in higher security prices (Miller and Bahnson, 2002). The results of this study indicate that high quality derivative information, as represented by the disclosure index, is value relevant. Market participants do consider hedge information and risk information components as important for decision-making. However, examining the specific information disclosed in the financial statements indicate that some of the disclosed information such as the unrealised gain or loss on financial assets and liabilities and off-balance sheet derivative financial instruments are not significant. These results contribute to the value relevance literature as this study focuses on the extractive industries which have been neglected in the literature. This study provides important information for standard setters and regulators for future directions in developing accounting standards and is particularly relevant for the impending adoption of International Accounting Standards.

We investigate the impact of intellectual property on the market value of firms. We use European and national research and development, patent, trademark, design, and financial data on Swedish public companies in the years 2003 to 2013. We regressed intellectual property indicators against Tobin’s q, which we use to measure the market value of firms. Patents, research and development, and trademarks indicate a positive relationship with a firm’s market value, while we did not observe the same relationship for designs. The use of intellectual property is concentrated in manufacturing industries. Large companies hold a majority of all intellectual property stocks. The results of the study show that in general, the financial markets tend to reward companies, which invest in intellectual property. In practice, our results implicate that intellectual property strategy affects shareholder value. Regarding research, our results mostly confirm findings from other studies on the market value of firms; research and development, patents and trademarks. However, more research is needed on the effect of design and the market value of firms.

The aim of my thesis is a comparison of the market value and the detected value of building land in the former district of Pisek . In the theoretical part I focused on the real estate market, focusing on building plots, parcels , their prices and factors which influence it. In the practical part I compare the market value and detected value.

There are two main parts in this thesis. In the first part is summarized an overview of basic concepts and requisites we can meet with valuation on real estate market, if we use the valid applicable law and decree about valuation. The emphasis was put on the specifics of the market value and detected value and their comparison. The aim of the second part was make a local investigation in selected real estates in locations Pacov and Lukavec. Then I did careful valuation according to the methodology for determine the market value and detected value and then compared results.

This dissertation uses a convenience sample of members of eBird, a large citizen science project maintained by the Cornell University's Laboratory of Ornithology, to explore the value of avian biodiversity to bird watchers. Panel data (i.e. longitudinal data) are highly desirable for preference estimation. Fortuitously, the diaries of birding excursions by eBird members provide a rich source of spatial data on trips taken, over time by the same individuals, to a variety of birding destinations. Origin and destination data can be combined with exogenous species prevalence information. These combined data sources permit estimation of utility-theoretic choice models that allow derivation of the marginal utilities of avian biodiversity measures as well as the marginal utility of net income (i.e. consumption of other goods and services). Ratios of these marginal utilities yield marginal willingness to pay (MWTP) estimates for numbers of bird species (or numbers of species of different types, in richer specifications). MWTP for levels of other attributes of birding destinations are also derived (e.g. ecosystem type, management regime, seasonal variations, a time trend).\\ The chapters are organized as follows: Chapter 2 is a stand-alone paper that demonstrates the feasibility of a travel-cost based random utility model with the eBird data. This chapter focuses on measuring the total number of bird species at each birding hotspot in Washington and Oregon states. This chapter does not differentiate among types of birders beyond using their recent birding activities in an analysis of habit formation or variety-seeking behavior. For this model, beyond past behavior, a representative consumer is postulated. Chapter 3 starts from the basic specifications identified in Chapter 2 and explores heterogeneous preferences among consumers as well as their preferences for species richness and for different categories of birds. This chapter explores whether different types of birds are relatively more attractive to different types of birders (for example, by gender or by age or by neighborhood characteristics and educational attainment). Chapter 4 is an extension of the work in Chapter 3 to explore how changing site attributes in the face of climate change effects birder welfare. This dissertation includes previously unpublished co-authored material. / 10000-01-01