O desempenho superior do investimento em ações de valor é um fenômeno largamente documentado na literatura e tema de discussão desde o trabalho de Nicholson (1960). Autores como Fama e French (1992, 1998) afirmam que na verdade as ações value apresentam riscos maiores, e por isso seu desempenho é superior. No entanto, esse risco não é capturado pelos modelos tradicionais de precificação de ativos, como o CAPM. Esta dissertação testou uma estratégia de investimento em valor para o mercado brasileiro, usando critérios para a seleção de ações sugeridos por Benjamin Graham (2007), de modo que fossem eliminadas as empresas de desempenho inferior que apresentassem riscos não capturados pelos modelos tradicionais. Buscou-se verificar (i) a validade do modelo de Graham para selecionar ações no mercado brasileiro, (ii) dos filtros de Graham quais possuem maior relevância, (iii) qual a composição ideal de uma carteira de investimentos orientada pelo value investing para o mercado brasileiro no período de 2005 a 2014. Em comparação com o Ibovespa verificou-se que as carteiras obtidas foram capazes de oferecer retornos equivalentes certos superiores ao do índice no período, além de betas inferiores. Concluiu-se que é possível se obter um portfólio com retornos acima do índice de mercado sem incorrer em riscos maiores utilizando-se os filtros de Graham. Os resultados atestaram a validade da estratégia de value investing no mercado nacional. / The outperformance of value stocks is a widely documented phenomenon in literature and matter of discussion since Nicholson (1960). Authors such as Fama and French (1992, 1998) claim that in fact value shares present higher risk, thus justifying its superior performance. However, this risk is not captured by the traditional models of asset pricing (like CAPM). This work tested a value investing strategy in the Brazilian market selecting stocks through the criteria suggested by Benjamin Graham (2007) so that lower quality companies, that potentially would present risks not captured by traditional risk models, are eliminated. It was attempted to verify (i) the validity of the Graham model for stock selection in the Brazilian market, (ii) which filters present greater relevance, (iii) what is the ideal composition of a value investing portfolio in the Brazilian market for the period of 2005 - 2014. As the portfolios were able to offer higher certainty equivalent returns than Ibovespa in the period, as well as lower betas, it was concluded that it is possible to obtain a portfolio that offers above market average returns without incurring in greater risks using Graham criteria. The results confirmed the validity of the value investing strategy in the domestic market.

京都大学 / 0048 / 新制・課程博士 / 博士(農学) / 甲第21823号 / 農博第2336号 / 新制||農||1067(附属図書館) / 学位論文||H31||N5195(農学部図書室) / 京都大学大学院農学研究科生物資源経済学専攻 / (主査)教授 栗山 浩一, 教授 伊藤 順一, 教授 梅津 千恵子 / 学位規則第4条第1項該当 / Doctor of Agricultural Science / Kyoto University / DGAM

The main goal of this thesis is to analyze appropriate methods and approaches that lead to valuation of a sports complex, specifically the public swimming pool complex in Senica before and after reconstruction. The aim is to estimate the expenses that are related to running the place and to analyze its possible revenue. The object´s price is based on the up-to-date valuation acts. To perform the valuation, it was necessary to acquire the corresponding technical and economic documentation. Based on these documents, there is a visible technical upgrade, which is due to a reconstruction. The object is owned and managed by the town of Senica.

This work deals with analyze of cleaning methods in electronics and there is designed valuation tool for its clasification including ecology

The master's thesis deals with determining the influence of investment intro construction alterations on the valuation of a standard family house. Quantifying the cost of investment into the construction budget adjustments and valuation of a standard family house a home's value difference before and after completion of building alterations. Calculated data on the amount of investment and valuation of a standard family house to compare and evaluate in what time period, age structure and in what kind of investment in construction to occur by similar adjustments to the assessment.

This thesis analyzes used ways of cars classifications. Proposal suitable sorting methods production the Audi brand for application of valuation methods. Furthermore, the coefficient of determination technical level. For coefficient of technical levels was chosen method of parametric paired comparison, based on Saaty method and the method of calculating historical cost.

This thesis extends the use of artificial neural networks (ANNs) optimisation and training algorithms including the Powell-Beale conjugate gradient (PBCG), scaled conjugate gradient (SCG) and a hybrid system of particle swarm optimisation (PSO) with the traditional back propagation (BP) in mass appraisal as a first attempt. The goal is to verify the comparative performance of ANNs with the traditional hedonic regression and some other modelling techniques including geographically weighted regression (GWR), spatial error model (SEM), spatial lag model (SLM), additive nonparametric regression (ANR), M5P trees and the support vector machines (SVMs). The methodologies are applied to data of 3232 sales transaction of single-family dwellings sold during the period, January 2012 to May 2014 in Cape Town, South Africa. The analysis was done in categories such that the best performing method in each category is selected for a final comparative analysis. The results reveal that semi-log model, SEM, normalised polynomial kernel function support vector machines (NPKSVMs), ANR and the Levenberg-Marquardt trained artificial neural networks (LMANNs) performed best in their respective category. The study also demonstrates the practicability of building hybrid systems in mass appraisal, unfortunately, the hybrid models produces an unexpected results relative to the standalone ANN models. Furthermore, the five best performed models were subjected to three different tests namely, prediction accuracy within the 10 and 20%, model performance and reliability ranking order and lastly explicit explainability ranking order. The final results reveal the LMANNs to outperform the ANR, semi-log, SEM and SVMs in the first two tests, but when the explicit explainability ranking order test which consist of simplicity, consistency, transparency, locational and applicability within the mass appraisal environment was performed, the LMANNs failed the test. The results demonstrate the SEM as the most preferred technique because of its transparency, locational advantage and ease of application within the mass appraisal environment. Furthermore, it is inferred from the findings that having superior predictive power is imperative, but most importantly is whether the model can practically and effectively be used in mass appraisal of properties. The black box nature of the ANNs inhibits the production of sufficiently transparent estimates that appraisers could use to explain the process when required as a defence before a tribunal or in a formal court. This thesis contributes to knowledge as follows: i. Analyse the significance of spatial variation of property prices, with Cape Town, South Africa used as case study; ii. Build a hybrid system of PSO and BP in mass appraisal; iii. Improve the training of ANNs in mass appraisal with SCG and PBCG algorithms; and, iv. Extend the use of GWR, SEM, SLM, SVMs, ANR and log transformation of variables into the South African property market context. / Thesis (PhD)--University of Pretoria, 2018. / NRF CSUR13092648264, Grant No: 90311 / Construction Economics / PhD / Unrestricted

En fastighetsvärdering är en komplex process som innebär att fastighetsmäklaren bör samla in nödvändig och relevant information om fastigheten och marknaden, samt agerar oberoende och inte utsätts för påtryckningar från omgivningen. Ett fenomen som då kan uppstå är klientinflytande, vilket innebär att klienten försöker påverka fastighetsmäklaren att justera värderingsbeslutet. Syftet med uppsatsen var att undersöka hur förekomsten av klientinflytande vid bostadsvärderingar skiljer sig mellan en mindre ort och en större stad. I uppsatsen studeras förekomsten av klientinflytande på två olika marknader samt de olika typer av klientinflytande som kan uppkomma vid värderingsprocessen. Uppsatsen behandlar klientinflytande vid värderingar gällande privatbostäder där enbart fastighetsmäklare som värderare är i fokus. Studien genomfördes med hjälp av en kvalitativ metod där vi har intervjuat sex yrkesverksamma fastighetsmäklare. Intervjusvaren sammanställdes och analyserades utifrån tidigare presenterad teori och slutsatser kunde därmed dras att förekomsten av klientinflytande skiljer sig mellan de två marknaderna. / A property valuation is a complex process where the real estate agent requires to gather necessary and relevant information about the property and the market. It also requires that the real estate agent acts independently and not to be affected by pressure from the surroundings. A phenomenon that can then occur is client influence, which means that the client is trying to influence the real estate agent to adjust the valuation. The aim of this study was to examine how the occurrence of client influence in property valuations may differ between a smaller town and a major city. The study examines the presence of client influence in two different markets, as well as the different types of client influence that may arise during the valuation process. The essay focuses on client influence in the valuation of private housing and it is only real estate agents who are considered as property appraisers in the study. The implementation of the study was a qualitative method where interviews were conducted with six professional real estate agents. The responses from the interview were compiled and analyzed based on previously presented theory and the conclusion was that the occurrence of client influence differ between the two markets.

Recent studies of the valuation of real estate have concentrated on the use of hedonic pricing techniques in which the implicit prices of the component characteristics of an asset are inferred from the observed sale price using regression analysis. All of these studies include as explanatory variables one or more locational factors, such as distance to the central business district, as proxies for the effect that location has on the utility of land. In this research, the explicit consideration of the location of real estate in terms of the geographic or Cartesian coordinates (spatial attributes) of observed sales is shown to be a potential substitute for such proxies, either wholly or in part. Such use of spatial attributes could improve the usefulness of the hedonic methodology while at the same time significantly reducing cost and eliminating sources of error.

Problems associated with traffic, such as traffic congestionand pollution, have occurred in major urban areas in particulardue to the increased use of cars. One possible way to reducethe use of cars is to replace commuter trips by car with othermodes of transport, such as a combination of car and publictransport called Park&amp;Ride. The aim of this thesis was tounderstand more about factors influencing the choice of modeand to find measures that could attract car drivers to Park&amp;Ride. A stated preference survey has been conducted inorder to quantify some standard factors. The factors used inthis stated choice experiment were: security at the lot,availability of spaces at the parking lot, costs at the parkinglot and walking distances between the parking space and thestation. The results indicate that security at the Park&amp;Ride facility is important. Both sexes assign a high value tosecure parking, but women are more willing to pay for lights atan unguarded parking lot. The results reveal that parkingfacilities, such as free parking and short distance betweenparking place and work at work, influence people’s choiceof mode. A general conclusion is that there is potential forincreasing the use of Park&amp;Ride facilities, especiallyamong women and respondents over 30 years. Key words:Mode choice, valuation, traffic reduction,stated preference, factors, Park&amp;Ride / <p>NR 20140805</p>