Thesis (Ph. D.)--University of Wisconsin--Madison, 1970. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references.

Universiẗat, Diss., 2002--Freiburg (Breisgau).

Previous research into computer-assisted methods of residential property valuation has concentrated upon statistical techniques i.e., multiple regression analysis. Inquiries made of all leading academic and professional institutions in the United Kingdom, the United States of America, Australia and New Zealand involved in property valuation, indicate that this project is unique in current residential valuation research. The. approach is based upon a study of the working practises of a professional mortgage valuer, his "expertise" and techniques utilised in the completion of mortgage valuations. A model of the valuation procedure has been developed and exposed to the critical evaluation of other valuers. This model has been implemented as a demonstration "expert system". A critical evaluation of the suitability of the different software, knowledge elicitation and knowledge representation techniques for valuation work has been carried out and an assessment of the nature and use of uncertainty within the domain of mortgage valuation made. The current methodology effectively demonstrates the knowledge-based concept of a separation of comparable property data, and the procedures used to manipulate that data, i.e. the valuer's use of comparable s. This enables the demonstration system to operate with few and "imperfect" comparables. Additionally the methodology is not time-related, the demonstration system selects comparable information from the same time period as the required valuation. These features are clearly an advance over the regression studies noted above which require complete data in large quantities over a restricted time period. Currently the integration of knowledge-based and conventional data processing software is in its infancy and this is reflected in the limited nature of the demonstration system. In conclusion the project has developed a wholly original approach to the problem of computer-assisted residential property valuation, contributing significantly to the available literature in the comparative method of valuation, computer-assisted valuation techniques, and the identification of uncertainty within a domain of expertise.

No description available.

The aim of the Master´s Thesis Valuation of FOXCONN CZ s.r.o. is to determine the objectified value of the company FOXCONN CZ s.r.o. as at 31. 12. 2015 from the perspective of an external analyst. The Master´s Thesis is divided into two main parts. The theoretical-methodological part describes the procedure of calculation single methods leading to the final valuation of the company. The emphasis is mainly on description of valuation, strategic analysis, financial analysis, planning of value generators, financial plan and the individual valuation approaches. The practical part is based on the application of particular procedures and calculations, described in the theoretical part. Results of every single chapter are properly commented using relevant information and other facts. The conclusion contents the summary of gained results leading to the determination of final value of the company. Method of free cash flows to equity (FCFE) was used for valuation.

Wealth maximisation for shareholders is a combination of dividend payouts and an increase in share price. Management, as custodians of shareholder interest, should therefore consciously work towards influencing the share price favourably. The purpose of this study is to examine and analyse, through an empirical study, dividend policy and the effect, if any, it has on the value of shares by conducting a survey among financial managers to measure their views regarding dividends and share value and to either validate or disprove the academic explanation of the practice of paying dividends.

The tax on real property continues to be a major factor in the fiscal structure of municipal governments. Therefore, justice dictates that the impact of this tax be distributed equitably, however "equitable" may be defined by the legislative authority. This is an administrative problem. In many jurisdictions the administration is directed to distribute the tax impact on an ad valorem basis of current market value. Statistical measures have been devised in order to measure the uniformity of the assessment of current market values. The random variable is defined as the ratio of assessed value to actual sale price, and the sample is the result of property sales which occur under conditions which are circumscribed by the definition of market value. The estimated parameters are then used to make direct statistical inferences regarding the level and uniformity of assessment. These parameters are then compared to pre-selected standard parameters in order to judge the relative uniformity of the assessment roll. First, market generated sales do not produce a random sample of the assessment roll. Therefore, direct statistical inferences from the sample do not apply to the assessment roll. Second, it is demonstrated that the standard parameters are implicitly based on an assumption that the universe of assessment-sale price ratios is normally distributed. The results of empirical investigation upon the Vancouver assessment roll indicate that the normality assumption cannot be justified. Therefore, the pre-selected standards are useless as measures by which to judge the relative uniformity of an assessment roll. Two alternative measures of assessment quality are proposed. First, a binomial model based on correct and incorrect valuation is examined. Though this has some practicable possibilities, it cannot, without some important value judgements, be used to measure degrees of quality or uniformity. A second alternative is proposed in order to overcome the above limitation. The alternative suggests that a good assessment roll have assessment-market value ratios which are normally distributed, and that the actual distribution of assessment-sale price ratios be tested for "goodness-of-fit" to the ideal distribution. The test parameters can be transformed to probability levels which would measure the quality or uniformity of the assessment roll. This measure may indicate that a highly uniform assessment roll on which most of the properties are under-assessed is of lower quality than an assessment roll on which more properties are correctly assessed, but less uniformly assessed. Though it is unlikely that uniformity of assessment can be achieved without correct valuation, it cannot be held that an assessment roll on which more properties are correctly assessed is of higher quality of assessments than a roll on which most properties are under-assessed, if the uniformity of assessment on the former roll is not at least as high as the uniformity of assessment on the latter roll. Since the measures of assessment quality and uniformity examined are not satisfactory, it is concluded that statistical analysis in assessment administration may be more usefully applied to the analysis of the causes of assessment errors than to the measurement of the number and size of the errors. / Business, Sauder School of / Graduate

M.Comm.

M.Ing. / With the introduction of "International Financial Reporting Standards" (IFRS) through out Europe in April 2001, there is a requirement to accurately report the value of all company assets. This will include by implication all intangible assets and Intellectual Property, such as patents, trademarks, copyrights, and know-how. Items that have not been recorded before are much more visible under IFRS and will need to be carefully interpreted by investors and analysts. In order to meet the future needs of their business, companies will require stringent measures to determine and report the true value of their assets, including intangible assets like patents, trademarks, copyrights, and know-how. Currently there is a lack in methodology which can accurately and reliably determine the value of Intellectual Property for the European business community. Research is being performed by the Max Planck institute in Munich (home of the European Patent Office) to develop a comprehensive model to uniformly evaluate different types of intangible assets. There are several different quantitative models which are which are being used currently to value patents. The existing methods can not be used to objectively compare patents with one another. It is necessary to build a method that can be applied systematically to different patents in various contexts to achieve symetrical evaluations. This dissertation project will be focused on building a model to produce a score for European Patents indicative of their statistical survivability. The model will predict which patents will be maintained based on objective criteria that correlate with historical maintenance of previous patents. The model will examine different factors that have a statistically significant correlation to either higher or lower survivability or abandonment rates. Examples of the factors to be considered include: prior art citations, disclosure, claims, prosecutions, forward citing, ownership and others. This project will produce a model which indicates the statistically survivability of European Patents in terms of a qualitative score which gives an indication of how valuable a patent will be in terms of it's survivability in a legal landscape. This model will then be extended by research currently underway at the Max Planck Institute, to a more comprehensive model that takes additional variables into account, but this is 2 outside the scope of this project. The extension of this system is to encompass the technological, financial and business strategic and legal landscapes. This project contributes towards a system that will help determine the value of a company's Intellectual Property, allowing these intangible assets to be disclosed to shareholders as required by the new International Financial Reporting Standards in Europe.

This doctoral thesis consists of five self-contained essayspresented to the Faculty Board of the Royal Institute ofTechnology. Property valuation is a central issue that forms acommon thread in the analysis in these essays. In the thesisproperty is considered in a mixed asset context in an attemptto build a bridge between valuation, property investment andfinancial theory. The object of the thesis is to value propertyfor finance, sales and purchases and investment. Theinvestigation of the thesis extends traditional valuation withan integrated approach using econometric technology. Essay I estimates the market value of townhouses underdevelopment in a North American city. The traditional hedonicregression model is used to predict the value of the complex asa whole, as well as of the individual unit. The role of theproperty tax in explaining property valuation is indicated andthe valuation errors of the predicted values estimated in theessay relative to the prices realized in the market suggest thefeasibility of regression analysis for preconstructionappraisal. Essay II investigates the implicit prices of property valuesin the Beijing residential market. An uncertainattribute—"perceived construction risk" enters the modelas a proxy for a consumer's subjective probability ofconstruction quality. Public facilities are found to reduce thevalue of residences and consumers would be willing to pay ahighly substantial amount of money to protect themselves fromthe risk of poor construction quality. Essay III studies the long-term relationship between housingprices and property stock prices under the Swedish rent controlsystem from 1980 to 1998. The Vector Autoregressive (VAR) modelwith a subsystem approach is used to test cointegration and theError Correction Model (ECM) and Granger Causality are alsotested. The tests provide evidence of co-movement between thehousing market and property stock market and suggest the roleof rentals in raising the speed of movement towards thelong-term equilibrium of asset prices. Essay IV models the volatility of property stock returns inthe Swedish market from 1990 to 1999. The GeneralAutoregressive Conditional Heteroskedasticity (GARCH) model isapplied to capture time-varying volatility and the GARCH-Mmodel is used to price this volatility. The vacancy rate isfound to help explain persistent volatility and risk spillovereffects from the bond market and the direct real estate marketare expected. Essay V analyzes the inflation hedging ability of Swedishproperty stocks from 1980 to 1999. Two expected inflationrates—UND1x inflation and GARCH inflation—andcointegration technology are used for this study. For theperiod as a whole, no inflation hedging behavior is found, butfor the period of 1986–1993 when the vacancy rate was low,short-run inflation hedging is indicated. / <p>NR 20140805</p>