The thesis is focused on the valuation of intangible assets, particularly trademarks and copyrights. In the beginning it deals with the problems of valuation of intangible assets. The main part of the thesis provides an overview of methods for valuation of intangible assets. This part is followed by a practical section that illustrates the procedure of valuation of trademarks and copyrights on a concrete example.

In my diploma thesis I focus on valuation of the firm after implementing various marketing strategies. The first part of my thesis introduces the theory of firm valuation and marketing strategies. In the second part I apply the theory on a practical example of Benzina Ltd. The result of my thesis is the value of the firm Benzina after implementing two different marketing strategies and their comparison.

The main objective of this thesis is to determine market value of the company Pivovary Staropramen, a.s. before the merger. Master's thesis is divided into two parts - methodological and practical. Methodological part includes individual steps a procedures, that are used to total value determination of the company. Practical part of the thesis consists especially of strategic and financial analysis, financial planning and company valuation. There is used the model DCF in variant FCFF to determine the market value. For the comparison there is used the book value method. At the end of the thesis there is performed a sensitivity analysis on value growth.

The main goal of this work is to evaluate the company ENERGO EKOPROJEKT TURNOV, s.r.o. for the management purposes. First step is financial analysis, followed by strategic analysis and financial plan. Finally the company is evaluated on the basis of yield valuation.

The thesis deals with the search of the company market value - Madeta, PLC. The introduction presents the basic data about the company - its history and current business. The strategic analysis evaluates the chances and risks at the market and also company competitive position in the branch. The financial analysis examines the financial health of the company and at the same time it serves as the basis for the financial plan. The objective of these analyses is to verify or overcome the presumption of the perpetual existence the company. The analysis and prediction of value generators focuses on the chief enterprise quantities prognosis that determine the business value. This part also provides the numeral basis for the final estimation. The conclusion presents the result company value and the methods evaluation.

I would like to divide my diploma thesis into two parts: theoretical and practical. In the theoretical part, I will outlint the area of hedge accounting pursuant to IAS 39 and FAS 133, including distinction between cash flow hedge and fair value hedge. In the next chaper, I will deal with general characteristics of forwards, including their accounting aspects and their valuation methods. In the next chapter, I will deal with selected characteristics of options (e.g., time and intrinsic value of the option with the emphasis on the accounting differences between IFRS and US GAAP). In the next chapter, I will outlint the general aspects of vanilla and exotic options (e.g.. knock-in and knock-out barrier option and so called "range accruals"). An integral part of this chapter will be formed by the introduction to their valuation (Black-Scholesův model, Garman-Kohlhagenův model, binomic model, method Monte Carlo). In the nexch chapter, I will deal with the general characteristics of the foreign exchange risk and related accounting aspects. In the practical part, I will deal with particular examples of the foreign exchange hedge via forwards and options (including their valuation and accounting recognition pursuant to US GAAP and IFRS): a) Cash flow hedge through option tunnel, ie., by means of standard put and call option, b) Cash flow hedge through participating forward, ie. combination of put option and forward c) Cash flow hedge throug knock-in forward, ie. combination of knock-in barrier option and forward d) Cash flow hedge through KIKO forward, ie. combination of knock-in and knock-out opce and forward e) Hedge through "range accrual" option

Emerging markets have become important investment destination for international investors as they seek opportunities to grow and diversify their investment portfolios. At the same time, emerging markets are perceived to be riskier than developed markets. It is therefore imperative for the international investor to fully comprehend and appreciate the risk faced by their investments in the emerging markets and the drivers of the underlying their value. A significant amount of research has been carried out on the valuation of companies in emerging markets and the role country risk has in determining the final valuation price. Despite this, there is still no consensus amongst practitioners in the financial industry and academics on the best approach. The valuation methodologies currently employed vary significantly and in some cases involve making arbitrary adjustments based on “gut feel” with limited empirical evidence. This research study appraises existing emerging markets valuation frameworks such as the discounted cash flow model (DCF), including capital asset pricing model (CAPM) and its variants. It also looks at relative valuation and real option pricing framework with intention of proposing the “best practice” valuation framework for valuing companies in emerging markets. The general theory is that emerging markets are segmented from the developed world capital markets making portfolio optimisation across these markets difficult. Segmentation of emerging markets is as a result of inefficiency of the capital markets, in particular the inability of foreign investors to enter and exit the local capital markets at no extra costs. The emerging markets valuation frameworks are designed to address the inability to effectively diversify investments due to the segmentation of these markets. It was therefore pertinent that this study determines whether emerging markets are indeed segmented from world capital markets and therefore significantly riskier than developed markets. This part of the study was carried out by conducting both quantitative and qualitative analysis of the emerging capital markets. Quantitative analysis was done on the performances of twenty-seven emerging equity markets for the period between July 1998 and November 2008 and the results were compared with the US equity market analysis (United States was used in the study as the proxy for the world equity market) for the same period. The study used volatility of the markets as the measure of risk and the correlation to measure the level of integration. Qualitative analysis involved reviewing regulatory, legal and political risks of the different emerging markets. The results from this part of the study showed that emerging markets are indeed riskier than developed markets and are somewhat segmented from the world capital markets. Based on 4 this result, we concluded that the valuation frameworks in emerging markets should be adjusted or modified to incorporate the impact of country risk. A total of eleven different emerging markets valuation frameworks were appraised. The study reviewed the literature relating to the emerging markets valuation frameworks to establish their theoretical and empirical basis. The study also conducted qualitative and quantitative analysis of each of the eleven selected methods regarding relevance and practicality in the valuation of emerging market companies. Valuation models were developed from the different valuation frameworks, a process that included deriving different variants of the models such as the country risk premium. The qualitative analysis looked at the how practical is the valuation frameworks considering its variants. For quantitative analysis the emerging market valuation models were used to value ABSA Bank Group; Edgars Consolidated Stores Limited; and Standard Bank Group and outcomes of the valuation were compared with the final purchase price paid in recent corporate transactions involving these companies. The absolute difference between the notional valuation and the actual transaction price was used to rank the valuation frameworks, with smallest difference indicating the best fit. All the eleven emerging market valuation methodologies yielded results different from the purchase prices. Erb−Harvey−Viskanta (EHV) model had the best fit when compared with the actual purchase price. However, the study does not propose the usage of EHV as the “best practice” method because of weak theoretical basis. The study concludes that at least three to four methodologies should be used to derive a valuation range for purchase price negotiations

A research report submitted to the Wits School of Education, Faculty of Humanities, University of the Witwatersrand, Johannesburg in partial fulfilment of the requirements for the degree of Masters in Education in Educational Leadership and Policy Studies. January, 2017. / This study explores how lecturers, as instructional leaders, conceptualised and enacted peer assessment in the courses they teach. The study also explores affordances and constraints of peer assessment to teaching and learning at the university level. Qualitative case study design was employed in this study. Five lecturers from one University in South Africa across different disciplines in School of Education, participated. Data was collected through an in-depth semi-structured interview with each case lecturer. Findings of this study revealed that peer assessment was conceptualised by the lecturers as both assessment for learning and as an opportunity to develop in student-teachers skills of assessment. Three different approaches to the enactment of peer assessment emerged. These are: individual-written work peer assessment; group-oral presentation peer assessment; and group-written work peer assessment. Various teaching and learning affordances of peer assessment were revealed, as well as constraints on its effective implementation, such as: students’ incompetence in assessment; issues of bias in assigning marks to peers; and increasing demand by the lecturers in terms of their workload. Implications of these findings for the theory, practice and policy on assessment at University level were discussed. Keywords Affordances, Conceptualisation, Constraints, Enactment, Peer assessment, South Africa, University level / LG2018

PhD, Faculty of Engineering, University of the Witwatersrand, 1999

Dans la mesure où les environnements économiques et financiers sont régis par de nombreux aléas, la prise de décision en matière d'investissement immobilier s'avère de plus en plus complexe.Le premier chapitre commence par présenter les méthodes traditionnelles d'évaluation des choix d'investissement dans le secteur immobilier. La notion d'option réelle est ensuite introduite au travers du lien entre les options réelles et les options financières. Le deuxième chapitre s'intéresse à différents cas de recours aux options réelles dans le secteur immobilier en faisant systématiquement référence à la littérature qui leur est consacrée. Le troisième chapitre présente des analyses de mesure de la performance et de dynamique des rendements et de volatilité sur les marchés européens et américains. / As the economic and financial environments are governed by many uncertainties, decision-making on real estate investments is becoming increasingly complex.The first chapter begins by presenting the traditional methods to value real estate investments. The concept of real options is then introduced through the link between real options and financial options. The second chapter focuses on different use cases of real options in the real estate industry by referring to the literature devoted to them. The third chapter presents a performance measurement analysis and a study of the dynamics of returns and volatility in European and American markets.