Informational privacy of individuals has significantly gained importance after information technology has become widely deployed. Data, once digitalised, can be copied, distributed, and long-term stored at negligible costs. This has dramatic consequences for individuals that leave traces in the form of personal data whenever they interact with information technology, for instance, computers and phones; or even when information technology is recording the personal data of aware or unaware individuals. The right of individuals for informational privacy, in particular to control the flow and use of their personal data, is easily undermined by those controlling the information technology. The objective of this thesis is to study the measurement of informational privacy with a particular focus on scenarios where an individual discloses personal data to a second party which uses this data for re-identifying the individual within a set of other individuals. We contribute with privacy metrics for several instances of this scenario in the publications included in this thesis, most notably one which adds a time dimension to the scenario for modelling the effects of the time passed between data disclosure and usage. The result is a new framework for inter-temporal privacy metrics.

Computers and business systems are used more frequently in a world where IT gradually is taking over. This is also true when it comes to the real estate valuation process where actors on the Swedish real estate market are using automatic valuation systems for real estate appraisal. But the real estate agents have not yet seen the charm in using these automatic valuation systems for real estate appraisal. Can the real estate agents also use the automatic valuation systems? We developed our three main subjects: the valuation process, an automatic valuation system and the real estate market with assistance from scientific articles. Through these articles we will present a background to real estate appraisal in general. We choose a qualitative approach where we interviewed eight real estate agents and complemented this by conducting a telephone interview with a business area manager at a private valuation institute. The result of this paper shows that the real estate firms rely on data from earlier purchases and that they use different IT-based tools in order to make an accurate appraisal. An automatic valuation system with extended information can be very helpful for the real estate agents depending on which part of the country the real estate agent works in. However the automatic valuation system can never replace the ocular inspection. In neighbourhoods where the houses look the same there’s a greater need for an extended base of information through an automatic valuation system. In areas with unique locations and houses that are difficult to compare the demands are higher on the content of the system to be correct and updated. In this way the automatic valuation system can be used in the housing market and fulfils a need in both types of areas as a complement to the ocular inspection.

Informational privacy of individuals has significantly gained importance after information technology has become widely deployed. Data, once digitalised, can be copied and distributed at negligible costs. This has dramatic consequences for individuals that leave traces in form of personal data whenever they interact with information technology. The right of individuals for informational privacy, in particular to control the flow and use of their personal data, is easily undermined by those controlling the information technology. The objective of this thesis is the measurement of informational privacy with a particular focus on scenarios where an individual discloses personal data to a second party, the data controller, which uses this data for re-identifying the individual within a set of others, the population. Several instances of this scenario are discussed in the appended papers, most notably one which adds a time dimension to the scenario for modelling the effects of the time passed between data disclosure and usage. This extended scenario leads to a new framework for inter-temporal privacy metrics. The common dilemma of all privacy metrics is their dependence on the information available to the data controller. The same information may or may not be available to the individual and, as a consequence, the individual may be misguided in his decisions due to his limited access to the data controller’s information when using privacy metrics. The goal of this thesis is thus not only the specification of new privacy metrics, but also the contribution of ideas for mitigating this dilemma. However a solution will rather be a combination of technological, economical and legal means than a purely technical solution.

Bakgrund och problem: Det föreligger en problematik i kreditbedömningsprocessen som berör svårigheten att bedöma ett  bolags värde samt dess återbetalningsförmåga. Vanligtvis värderas organisationer utefter sina finansiella rapporter men eftersom de inte alltid inkluderar immateriella tillgångar i form av intellektuellt kapital skapas en informationsasymmetri. Informationsasymmetrin kan vara en orsak till eventuella felbedömningar av ett företags riskutsatthet och framtida utveckling och således till ett nekande av sökt kredit. Forskare lägger skulden på redovisningssystemet men vi vill lyfta frågan om problemet även kan ligga i kreditbedömningsprocessen. Syfte: Syftet med föreliggande studie är att undersöka hur banker, i rollen som finansiärer, behandlar intellektuellt kapital hos kunskapsintensiva företag vid en kreditbedömning. Avsikten är att beskriva, tolka samt reflektera kring kreditprocessen för att påvisa vilken betydelse det intellektuella kapitalet har för kreditbeslutet. Metod/Empiri: Studien har utförts som en kvalitativ undersökning baserad på intervjuer och praktikfall. De fem storbankerna Danske Bank, Handelsbanken, Nordea, SEB och Swedbank har agerat respondenter. Efter sammanställningen av empiriunderlaget jämfördes svaren mot den teoretiska referensramen. Påträffade samband och avvikelser mellan empiri och teori har i ett logiskt resonemang fått utgöra studiens analys. Slutsatser: Resultatet av studien visar att studiens respondenter i kreditbedömningsprocessen beaktar avsevärt fler faktorer, som teoretiskt benämns intellektuellt kapital, än vad de är medvetna om. Intellektuellt kapital har därmed en anmärkningsvärd inverkan på kreditbeslutet, även om det inte enskilt är avgörande för beslutet. Vidare visar studien att den främsta problematiken med intellektuellt kapital i kreditbedömningsprocessen rör värderingssvårigheten. / Background and problem: There is a problem in the credit valuation process relating to the difficulty of estimating the value of a company and its repayment ability. Generally organizations are valued by their financial statements but since financial statements not always include intangible assets in forms of intellectual capital an information asymmetry is created. The information asymmetry may be a reason for an incorrect assessment of a company’s risk exposure and future development and thus to a refusal of sought credit. Researchers blame the accounting system but we wish to raise the question whether the problem also may lie in the credit valuation process. Aim: The purpose of this master thesis is to investigate how banks treat intellectual capital in knowledge-intensive firms in a credit valuation process. The aim is to describe, interpret and reflect around the credit valuation process in order to demonstrate the importance of intellectual capital for the credit decision. Method/Empirical data: The study was conducted as a qualitative study based on interviews and case studies. Five of the largest banks in Sweden - Danske Bank, Handelsbanken, Nordea, SEB and Swedbank - have acted as respondents. After compiling the empirical material the responses were compared with the theoretical framework. Located relations and differences between empiricism and theory constitute the analysis of the study. Conclusions: The results of this study show that the respondents in the credit valuation process examines significantly more factors, which in theory is defined intellectual capital, than they are aware of. Intellectual capital has thus a remarkable impact on the credit decision, although it does not individually determine the decision. The study also shows that the main problem with intellectual capital in the credit valuation process is the difficulty of valuation.

The thesis serves as a comparison of valuation processes, which are being used in the CZ and the US. It brings information about appraisal practice in the CZ and the US. It describes individual valuation approaches and definitions of important variables according to the available literature. Moreover, the thesis focuses deeper on market approach valuation. It shows differences in individual processes and approaches on the application of processes on selected example and then uses obtained differences to determine recommended changes. In shows different structures of appraisal reports in the conclusion too.

Värdering av förvaltningsfastigheter är komplext. Det finns många olika metoder att använda sig av i värderingsprocessen kring förvaltningsfastigheter, vilket skapar en osäkerhet kring vad som är det korrekta värdet. Osäkerhet är ett bestående problem som alltid kommer att finnas i värderingsprocessen. Med anledning av att det alltid finns risker och utmaningar i vä rderingsprocesser är syftet med denna studie att undersöka, med utgångspunkt i två företag, vad ett företag som följer IFRS 13 och ett som följe r K3 har för värderingsprocesser. Syftet är också att unders öka utmaningar och risker i värderingsprocessen. Tidigare forskning menar att vä rderingsprocessen ä r komplex f ör den baseras på uppskattningar om framtiden, samtidigt är det av stor vikt att värde ringen blir så tydlig och korrekt som möjligt. Studien grundas p å en kvalitativ metod i form av semistrukturerade intervjuer, vilket innebär att intervjuerna bygger på teman. Teman i denna studie kommer att vara extern och intern värdering, värderingsprocess, risker och utmaningar. Genom intervjuerna uppkommer det empiriska materialet som sedan kopplas mot den teoretiska referensramen. Studien kommer att bestå av fem intervjuer och samtliga personer som intervjuas har en nära koppling till vä rdering av fastigheter. Alla intervjuer har skett på respektive företags kontor i Sundsvall. Exempel på frågor som ställs till intervjupersonen är, “Hur påverkas värderingen av konjunkturen?” och “Hur skiljer värderingen av fastigheter sig intern och exter nt?”. Resultatet av studien visar att det finns olika faktorer som påverkar vä rderingsprocessen, s åsom vakansrisken, hyresintäkter och driftkostnader. Det finns också en risk oavsett vilken värderingsmetod som företagen väljer att använda sig av. Nettonu värdesmetoden grundar sig till stor del på hyresintäkter vilket innebär att vakansrisken är en stor risk. Precis som nettonuvärdesmetoden är kassaflödesmetoden beroende av hyresintäkter. Andra risker med kassaflödesmetoden är att kostnaderna som är kopplade till fastigheten. Ortsprismetoden är en metod som många fastighetsbolag använder samtidigt som den kan vara problematisk, exempelvis på en marknad där det verkar ett fåtal aktörer kan det vara svårt att använda ortsprismetoden. / The valuation of an investment property is a complex process. There are many different methods for valuation that an assessor can use to valuate a property. This can create a risk of what the fair value should be. This study will analyze valuation of prope rties based on two companies. One of the companies is obligated to comply with IFRS 13 and the other company complies with K3. We will investigate, and analyze, which method for valuation the companies use and how they use the methods. We will also investi gate and analyze the risks and challenges the methods have. Previous research believes that the process of valuation is so complex because the valuation is based on estimates of the future. At the same time it is of great importance that the valuation beco mes as accurate as possible. The study is based on a quantitative method. The study will use semi structured interviews, which means that the interviews are based on different themes. The themes in this study are going to be extern and intern valuation the process of valuation and the risks and challenges. The empirical material of the study is a result of the interviews and these findings will be compared to the theoretical frame of reference. Five different interviews will take place. The persons int erviewed all have a close connection to the process of valuation of properties. The interviews have taken place at the offices of the companies in Sundsvall. An example of the questions asked at the interviews isis“ How does the economic situation in the country affect the process of valuation?” and,and,“ How does the process of valuation of properties differ internally and externally?” The results of this study shows that there are different factors affecting the process of valuation. These factors are the risk of vacancy, rental income and operating costs. There is a risk regardless of the method of valuation that the company uses. Net present value is largely based on the rental income which means that the risk o f vacancy is a major risk. The cashflow method is, like net present value, very dependent on rental income. Another risk with this method is the running costs of the real estate. The local price method is a method which many companies use even though this method can be highly problematic. Especially if there are only a few companies active in one area.

Objektyviai ir teisingai įmonės vertei nustatyti reikia išanalizuoti verslo aplinką, numatyti įmonės ateities perspektyvas ir būsimus pinigų srautus, atlikti sudėtingus žinių ir praktikos reikalaujančius skaičiavimus. Išsamaus vertinimo metu, remiantis verslo vertinimo metodologiniais nurodymais, nustatoma tiksliausia įmonės vertė. Gautas rezultatas, apimantis įmonės vidinius iš išorinius aplinkos veiksnius, suinteresuotiems rinkos dalyviams suteikia daug naudingos informacijos. Šiuo metu Lietuvoje dar tik plėtojama verslo vertinimo praktika, remiantis užsienio šalių patirtimi, atsižvelgiant į Tarptautinius ir Europos verslo vertinimo standartus. Verslo vertinimo sistemos išvystymas, specializuotų duomenų bazių sukūrimas, detalių metodinių leidinių platinimas, viešųjų mokymų ir konsultacijų rengimas Lietuvos verslininkams suteiktų didesnių perspektyvų bei galimybių konkurencingai plėtoti savo veiklą ne tik Lietuvos, bet ir Europos Sąjungos mastu. Lietuvos ir užsienio šalių investuotojams būtų suteikta reikšminga informacija. Tyrimo objektas – verslo vertinimo metodai, jų teorinė analizė ir praktinis pritaikymas vertinant AB „Pieno žvaigždės“. Darbo tikslas yra išanalizuoti verslo vertinimo metodus. Remiantis teorine analize apskaičiuoti AB „Pieno žvaigždės” verslo vertę, pritaikant pajamų, turto ir rinkos požiūrio metodus. Tikslui pasiekti iškelti šie svarbiausi darbo uždaviniai: Apibrėžti pagrindines su verslo vertinimu susijusias sąvokas; Išskirti dažniausiai naudojamus... [toliau žr. visą tekstą] / In order to estimate company's value clearly and objectively it is necessary to analyze business environment, forecast company’s prospect and future cash flows; to make complex calculations, which require great efforts of knowledge and practice. In the process of comprehensive valuation, which is based on methodological references of business valuation, value of the particular company is set in the most précised way. The result, which also includes company's internal and external factors of business environment, gives plenty of useful information to the concerned parties. In Lithuania, at the present time, the practice of business valuation is in the development level, which is based on the practice of other countries and consideration of standards of International and European business valuation. The development of business valuation system, the creation of specialized data bases, the spreading of methodological editions, the arrangement of public instructions and consultations for Lithuanian businessmen would provide wider range of opportunities and possibilities to develop their activities in Lithuania as well as in European Union. The important information would reach Lithuanian and other countries investors. The object of graduation paper is the theoretical analysis and adaptation of business valuation methods in the practice during the AB „Pieno žvaigždės“ business activity valuation. The target of task is to analyze the methods of business valuation. In bases of... [to full text]

Residential property not only provides in the basic needs of a person, but is also an indicator of an individual's wealth. The buying and selling of immovable property is complicated and the average person relies on the services of estate agents and banks. The research problem was formulated as follows: Property valuers and estate agents with access to the same information sources determine different market values for the same property. The research problem was researched by means of a literature study and empirical study. The methodology used by property valuers was described in the literature study. How estate agents determine the value of property was researched by means of an empirical study. From the literature study a model was proposed to determine the value of residential property. The information gathered in the empirical study was compared with this model to provide an answer to the research problem. OPSOMMING Residensiële eiendom voorsien nie net in een van die mees basiese behoeftes van 'n mens nie, maar is ook een van die grootste aanduiders van 'n individu se welvaart. Die koop en verkoop van onroerende eiendom is 'n ingewikkelde en die deursnee persoon maak daarom van eiendomsagente en banke gebruik. Die navorsingsprobleem is as volg geformuleer: Eiendomswaardeerders en eiendoms¬agente met toegang tot dieselfde inligtingsbronne bepaal verskillende waardes vir die¬selfde eiendom. Die navorsingsprobleem is deur middel van ʼn literatuurstudie en ʼn empiriese ondersoek nagevors. Die werksaamhede en metodologie wat eiendomswaardeerders gebruik, is aan die hand van die literatuurstudie beskryf. Hoe eiendomsagente te werk gaan om die waarde van eiendom te bepaal is deur middel van ʼn empiriese ondersoek nagevors. Uit die literatuurstudie is daar ʼn model voorgestel vir die bepaling van die waarde van residensiële eiendom. Die inligting wat met die empiriese ondersoek versamel is, is met die model vergelyk om antwoorde op die navorsingsprobleem te verskaf. / Public Administration / M. Tech. (Real Estate)

雖然濕地是一種具有生態、經濟與景觀價值的富地資源，但由於這些價值通常具有「有行無市」的特質,因而在市場價格的論斤秤兩過程中，許多重要的濕地便成為市場價格運作下的犧牲品。為了改善此種有行無市的市場失靈現象，本研究利用可獲得使用價值與非使用價值的條件評價法(CVM)分析台北市與台南縣居民對不同濕地保育方案所賦予的價值，並利用有母數與無母數統計方法檢測此種方法可能產生的相關課題，特別是數量變異問題的檢測。本研究主要特色係納入「態度--行為」評價歷程、透過濕地意像分析掌握評價意涵與供給不確定性因素的考量，除此之外，並使用七種不同問卷結構的實驗設計檢測條件評價法的相關課題。 應用分析檢測結果顯示，台北市受訪者願付數額顯著高於台南縣，願付數額的理由不論是台北市或台南縣受訪者「非使用價值動機」皆顯著高於「使用價值動機」，而且發現保育範圍愈大的方案主觀供給機率愈小的現象。相關課題檢測結果顯示， 55公頃關渡濕地保育範圍的維護方案與8135公頃五大濕地保育範圍的維護方案受訪者最大願付數額(WTP)無顯著差異(數量變異問題)、單一濕地維護方案加上四大濕地維護方案之願付數額顯著高於五大濕地維題方案(加總問題)、「濕地信託基金」支付工具評價結果顯著高於「額外稅賦」(支付工具偏誤問題)。如果排除研究程序上的問題，此結果隱含條件評價法仍未能完全滿足數量變異的原則，就本研究實證分析探討，條件評價法未能滿足數量變異原則，供給不確定性是一項重要因素，因此條件評價法課題的改善，供給不確定效果的改善或許是一個可考量的方向。 由於條件評價法仍未能獲得可信的評價結果，而且此方法所獲得的評價結果僅是行為傾向而非賞際行為的結果，因而以條件評價法所獲得評價結果從事濕地政策的應用，在現階段仍不是一個十分恰當的做法。然而，此現象並不縮減條件評價法的重要性，因為現今仍未有比條件評價法更好的研究方法可獲得非使用價值，因此條件評價法的改善、其他評價研究方法或整合條件評價法與其他研究方法等研究發展，或許是評價研究可發展的方向。 / The major object of this study is to applyy the contingent valuation method(CVM),based on the willingness to pay(WTP)concept,to analyze the valuation of different wetland conservation projects among residents in Taipei city and Tainan prefecture. Furthermore,this study uses a set of seven surveys to test the issuess of CVM measurement of wetland conservation total values with parametric and nonparametric tests.In addition,this study incorporates the valuation process basedd on attitude-behavior studies,the images of the wetland and supply uncertainties to debate aboutthese issues． Empirical results indicate that Taipei respondents show significant higher valuation than their counterparts in Tainan,that nonuse value motives are greater than use value motives,and that the greater conservation projects have less subjective supply probabilities.Furthermore,this study finds that the magnitude variation principle does not exist in the CVM process while the aggregation problem and the payment vehicle bias exist.This study considers the supply uncertainty is one important cause of rejecting magnitude variation hypotheses．Future research should consider how to improve the supply uncertainty effect． Because the current CVM fails to achieve reliable results,and the CVM results are behavioral intention,which is different from actual behavior， thus it restricts the wetland policy pplication.However， this situation does not diminish the importance of wetland conservation valuation with the CVM,since no other methods can achieve the measurement of nonuse values． Therefore,how to improve the reliability and validity of CVM，how to integrate CVM and other methods or other valuation approaches may be one imnportant direction for future valuation research.

Residential property not only provides in the basic needs of a person, but is also an indicator of an individual's wealth. The buying and selling of immovable property is complicated and the average person relies on the services of estate agents and banks. The research problem was formulated as follows: Property valuers and estate agents with access to the same information sources determine different market values for the same property. The research problem was researched by means of a literature study and empirical study. The methodology used by property valuers was described in the literature study. How estate agents determine the value of property was researched by means of an empirical study. From the literature study a model was proposed to determine the value of residential property. The information gathered in the empirical study was compared with this model to provide an answer to the research problem. OPSOMMING Residensiële eiendom voorsien nie net in een van die mees basiese behoeftes van 'n mens nie, maar is ook een van die grootste aanduiders van 'n individu se welvaart. Die koop en verkoop van onroerende eiendom is 'n ingewikkelde en die deursnee persoon maak daarom van eiendomsagente en banke gebruik. Die navorsingsprobleem is as volg geformuleer: Eiendomswaardeerders en eiendoms¬agente met toegang tot dieselfde inligtingsbronne bepaal verskillende waardes vir die¬selfde eiendom. Die navorsingsprobleem is deur middel van ʼn literatuurstudie en ʼn empiriese ondersoek nagevors. Die werksaamhede en metodologie wat eiendomswaardeerders gebruik, is aan die hand van die literatuurstudie beskryf. Hoe eiendomsagente te werk gaan om die waarde van eiendom te bepaal is deur middel van ʼn empiriese ondersoek nagevors. Uit die literatuurstudie is daar ʼn model voorgestel vir die bepaling van die waarde van residensiële eiendom. Die inligting wat met die empiriese ondersoek versamel is, is met die model vergelyk om antwoorde op die navorsingsprobleem te verskaf. / Public Administration and Management / M. Tech. (Real Estate)