A discount to the net asset value of Swedish investment companies is something that have existed for decades and a general explanation for the cause have not been found. The aim of this thesis is to find the the factors that impact the discount to net asset value of Swedish investment companies. The result will later be used to for comparison to gain a better understanding of the different causes behind the discount and in what way they differ among the companies. This will be done by using regression analysis. The results indicate that unlisted holdings contribute greatly to the discount but can't be used as a general explanation for the discount as investment companies which only hold listed holdings trade at a discount as well. Furthermore when foreign ownership or institutional ownership of the investment companies increase, the discount decreases as it signals to the market that their value is fair. / En substansrabatt hos svenska investmentbolag är något som har existerat i årtionden, men ändå har ingen generell förklaring till dessa kunnat hittats. Detta kandidatexamensarbete syftar att försöka hitta de variabler som ger upphov till substansrabatt hos svenska investmentbolag. Resultatet används sedan för att med jämförelse förstå de olika orsakerna som ger upphov till rabatten och varför det inte är samma förklaring mellan de olika bolagen. Resultaten indikerade att olistade bolag bidrar stort till rabatten men att det inte kan användas som en generell förklaring då det finns investmentbolag med en portfölj som bara innehåller listade bolag men som ändå har en substansrabatt. Vidare visar det sig att substansrabatten minskar när andelen utländsk eller institutionellt ägande av investmentbolaget ökar eftersom det signalerar till marknaden att det nuvarande priset är attraktivt.

This thesis considers two kinds of problems, motivated by practical applications in data center operations and maintenance. Data centers are the brain of the internet, each hosting as many as tens of thousands of IT devices, making them a considerable global energy consumption contributor (more than 1 percent of global power consumption). There is a large body of work at different layers aimed at reducing the total power consumption for data centers. One of the key places to save power is addressing the thermal heterogeneity in data centers by thermal-aware workload distribution. The corresponding optimization problem is challenging due to its combinatorial nature and the computational complexity of thermal models. In this thesis, a holistic theoretical approach is proposed for thermal-aware workload distribution which uses linearization to make the problem model-independent and easier to study. Two general optimization problems are defined. In the first problem, several cooling parameters and heat recirculation effects are considered, where two red-line temperatures are defined for idle and fully utilized servers to allow the cooling effort to be reduced. The resulting problem is a mixed integer linear programming problem which is solved approximately using a proposed heuristic. Numerical results confirm that the proposed approach outperforms commonly considered baseline algorithms and commercial solvers (MATLAB) and can reduce the power consumption by more than 10 percent. In the next problem, additional operational costs related to reliability of the servers are considered. The resulting problem is solved by a generalization of the proposed heuristics integrated with a Model Predictive Control (MPC) approach, where demand predictions are available. Finally, in the second type of problems, we address a problem in inventory management related to data center maintenance, where we develop an efficient dynamic programming algorithm to solve a lot-sizing problem. The algorithm is based on a key structural property that may be of more general interest, that of a just-in-time ordering policy. / Thesis / Doctor of Philosophy (PhD) / Data centers, each hosting as many as tens of thousands of IT devices, contribute to a considerable portion of energy usage worldwide (more than 1 percent of global power consumption). They also encounter other operational costs mostly related to reliability of devices and maintenance. One of the key places to reduce energy consumption is through addressing the thermal heterogeneity in data centers by thermal-aware work load distribution for the servers. This prevents hot spot generation and addresses the trade-off between IT and cooling power consumption, the two main power consump tion contributors. The corresponding optimization problem is challenging due to its combinatorial nature and the complexity of thermal models. In this thesis, we present a holistic approach for thermal-aware workload distribution in data centers, using lin earization to make the problem model-independent and simpler to study. Two quite general nonlinear optimization problems are defined. The results confirm that the proposed approach completed by a proposed heuristic solves the problems efficiently and with high precision. Finally, we address a problem in inventory management related to data center maintenance, where we develop an efficient algorithm to solve a lot-sizing problem that has a goal of reducing data center operational costs.

There have been previous studies aimed at finding out what factors influence whether a company's shares are trading at a premium or at a discount to its net asset value. Several studies have examined all or large parts of the market but have not at an early stage focused on niche markets. Many papers have also been based on data from other countries such as the UK, France, the Netherlands, Australia, and the US and have been executed under completely different macroeconomic conditions than those prevailing in Sweden in 2022. This study aims to investigate which factors can explain premium and discounts in relation to net asset value in Swedish real estate companies, listed on the OMX Stockholm Real Estate GI index. The study is based on 12 real estate companies listed on OMX Stockholm Real Estate GI. For a company to be relevant, it must have been listed on the index continuously since 2011. The data cover the period 2011-2021 and the results are based on three models: An OLS regression model, a fixed effect model, and a random effect model. Overall, the results of the study show that the company's size, leverage ratio, and investors' sentiment of the market correlate positively with the net asset value discount. At the same time, there is a negative correlation between the net asset discount and the stock volatility as well as return on equity. The results also showed that the industrial real estate sector correlated negatively to net asset discounts in some of the models used. The liquidity variable as well as the office and retail sectors had no statistically significant impact on net asset value discounts in real estate companies. / Det har gjorts tidigare studier som syftat till att ta reda på vilka faktorer som påverkar om ett företags aktier handlas till ett premium eller med rabatt gentemot sitt substansvärde. Flertalet studier har undersökt hela – eller stora delar av marknaden men inte i ett tidigt skede fokuserat på nischade marknader. Många av dessa undersökningar har också varit baserade på data från andra länder som Storbritannien, Frankrike, Nederländerna, Australien och USA och har gjorts under helt andra makroekonomiska förhållanden än vad som råder i Sverige 2022. Denna studie syftar till att undersöka vilka faktorer som kan förklara premium och substansrabatter i förhållande till substansvärde i svenska fastighetsbolag, noterade på fastighetsindexet OMX Stockholm Real Estate GI.Studien är baserad på 12 fastighetsbolag noterade på OMX Stockholm Real Estate GI. För att vara en del av datamaterialet måste företaget varit noterat på indexet kontinuerligt sedan 2011. Data omfattar perioden 2011–2021 och resultaten baseras på tre modeller; en OLS regressionsmodell, en fixed effect - samt en random effect modell. Övergripande visar resultaten i studien på att företagets storlek, skuldsättningsgrad, och investerares uppfattning om marknaden korrelerar positivt med substansrabatten. Samtidigt finns det en negativ korrelation mellan substansrabatten och volatiliteten hos en aktie, samt avkastning på eget kapital. Resultatet visade även att sektorn industrifastigheter korrelerade negativt mot substansrabatter i vissa av modellerna som användes. Likviditetsvariabeln samt sektorerna kontor och handel hade ingen statistisk signifikant påverkan på substansrabatter i fastighetsbolag.

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近年來，生物技術的快速進步，逐漸被公認為是繼資訊產業之後最具發展潛力的產業。生技產業不同於傳統的製造業或電子產業，前者之進入障礙高、產品研發時程長及研發投入成本高。雖然生技產品開發成功後，投資報酬率高、產品的生命週期長，但由於其研發過程較長，具有相當高的不確定性，加上研發的失敗率高，致使生技產業成為投資風險極高的產業。 生技產業屬於知識密集的知識型產業，其主要價值來自於研發創新的無形資產，而難以傳統的評價方法及標的來估算。因此，探討如何評估生技公司的價值，是本研究之主要目的。 本研究範圍以「生技醫藥產業」為研究重點，生技產業的應用範圍包括醫藥開發、醫療器材、診斷試劑、農業生技、健康食品及生技服務業等領域。醫藥品的開發是生物技術最早應用的領域，目前全球生技產業中，也以生技醫藥領域的市場最大，是目前發展較為成熟且成功的領域。 但因生技醫藥公司之投資的評估考量與傳統評價模式有差異，生技醫藥公司之營運，通常需要先投入數年的研發，開發出具有市場潛力的產品或技術、並取得專利後，再透過授權或合作方式，向有意承接之單位或藥廠收取前期金(up-front payment)或研究經費(research fund)，以及收取各階段的里程金(milestone payment)，待產品成功上市後，生技醫藥公司再依銷售金額，分配到一定比率的授權金。上述的收入或獲利過程，往往長達4到7年，而其收入結構因合作模式的差別而有不同的組合變化。如果依一般公認的會計原則認列損益，將造成公司某一年有一大筆收入，但接下來幾年收入可能都掛零的現象。不但無法反映生技公司的真正營運狀況，亦可能造成投資人或主管單位的誤解，這正是生技公司價值無法依傳統評價模式進行評估的原因。 然而，究竟應該如何對一生技公司進行評價？本研究使用目前最佳的生技公司評價方法：風險調整淨現值法(rNPV)，並以一個案公司為題，探索生技醫藥產業的投資與評價過程。此法的評估結果，對生技公司的現有價值，即使仍在R&D的早期階段，仍能運用於生技公司投資、授權、取得等交易之需要。 關鍵字：生技產業、公司評價、風險調整淨現值、折現率 / Due to the rapid growth of the biotechnology industry, it is now considered the hottest industry after the information technology industry. Unlike the traditional production industry (the labor intensive) or the electronic industry, the biotechnology requires higher R&D costs, and usually the life span of its product lasts longer, which leads to a certain barrier in this particular field. Although the return of investment tends to be profitable if the product succeeds, yet the lengthy R&D process still makes the business highly risky. The innovation of intangible assets is the main value of biotechnology; in other words, this is a knowledge-intensive industry, and it is hard to measure the potential risks and returns through traditional evaluation models. Hence, the main purpose of this study is to evaluate how a biotechnology company is worth. This study will be mainly focus on “Bio-Pharmaceutical”, which includes New Drugs, Medical Devices and Instruments, Diagnostic Reagents and Platforms, Agricultural Biotech, Health Care Products, and Contract Services. A large number of biotechnology companies have viewed pharmaceuticals as their target market since 1997. Cleary, the Bio-Pharmaceutical is regarded as the mainstream of this industry. Owing to the different models of evaluation as mentioned earlier, biotechnology industry is different from the traditional ones. Biotech companies usually need to go through a long-range research process before developing a success product or technique, and they will usually authorize the selling rights to a partner in order to demand the up-front payment, research funds, and the follow up milestone payments. If the product hits the market, the companies will be paid with a certain ratio royalty. The process generally takes about 4 to 7 years, and the revenue varies depending on the partnership. It is possible for a company to have a huge gain in one particular year and then a deficit for the coming years if the financial condition is viewed from the general accepted accounting principles. Not only does it not reflect the real situation of a biotech company, but also misleads investors and regulatory authorities. This is why the value of a biotech company needs to be reconsidered in different ways, not the traditional ones. How, then, can we put a price tag on biotechnology? The best solution is to evaluate a biotechnology by estimating its risk-adjusted net present value (rNPV). To illustrate the rNPV method, the study has created a hypothetical scenario. Through the case study, we have arrived at a realistic value of a bio-company even at early R&D stages. Using the rNPV, researchers and potential investors can price the bio-company that they are considering selling, investing in or acquiring. Keywords：Biotechnology Industry、Evaluation、rNPV、Discount Rate

本研究之主旨為透過「併購交易比較法」探討日本市場「未公開發行公司」之流動性折價幅度。綜觀現存文獻中，衡量流動性折價的實證研究方法有「首次公開發行比較法」、「限制性股票比較法」與「退場之市場倍數期望值比較法」。由於上述研究方法皆有其缺失之處，因此本研究沿用Koeplin, Sarin, and Shapiro[2000]提出之「併購交易比較法」以併購交易之市場倍數衡量「未公開發行公司」之折價幅度。更進一步藉由建構「參考配對組合」，為併購標的為「未公開發行公司」之交易案尋找一組與其在相同國家、交易年份、產業與類似規模之併購標的為「公開發行公司」交易案，計算各市場倍數之流動性折價幅度。 本研究檢視西元1998年至2007年，共十年間於日本發生之併購交易，並限制為控制性股權交易。最終可得樣本為146個配對組合，平均流動性折價幅度為22%～30%。經由橫斷面迴歸分析發現，所觀察到的流動性價差隨「未公開發行公司」特性與產業不同而有所差異。產業別之研究分析發現，「建築業」為六大產業中各市場倍數所計算的流動性折價幅度最深者；「金融、保險及不動產業」，則為六大產業中各市場倍數所計算的流動性折價幅度最小者。交易年份別之研究發現，各市場倍數計算出的流動性價差所呈現的趨勢與日本市場歷年來併購交易案數量呈現「反向關係」，即當併購交易熱絡期間，「流動性價差」走降；而於併購交易案較為冷卻期間，「流動性價差」則上升。對於若為高成長的大型公司，其流動性折價幅度則將大幅低於其他條件之公司。由本研究之實證結果顯示，投資人爾後於評價「流動性之價差」時，將不宜應用單一折價幅度於所有「未公開發行公司」。 / Little is known about valuation of privately held companies, for which the fact that there is no sufficient information and no ready market. In general, investors will pay less for one there is no ready market compared to one that is readily marketable, ceteris paribus. Then we all accept that a private firm’s value will be reduced for lack of marketability, applying the value of the discount is a difficult matter. To the best of our knowledge, research in the past decades has relied on “IPO Approach”, “Restricted stock approach”, and “Expected exit multiple approach”. Those approaches have inherent drawbacks so this study follows the current approach of Koeplin, Sarin, and Shapiro (2000) to use a matching technique. This study uses “reference portfolio” to construct control portfolios of acquisitions of public companies for each acquisition of private companies. For 146 comparable reference portfolio between 1998 and 2007 in Japan, the average discount is 22%～30%. Our cross-sectional analysis shows, however, that the discount observed varies with the characteristics of the firm and with the industry. This study breaks down the discount by industry, with the highest discount found in construction and the lowest in finance, insurance and real estate. We also found discount decreases during hot M&A years and increases during cold M&A years. For large and growth private firms, the discount tends to be much smaller. Overall, our findings suggest that using constant discount across private firms is wrong.

Baigiamajame magistro darbe nagrinėjami tarptautiniame versle veikiančių įmonių vertinimo ypatumai ir pasiūlomas tinkamiausias metodas, tokioms įmonėms vertinti. Pirmoje darbo dalyje yra analizuojami tarptautinio verslo ypatumai, išskiriant politinę ir valiutų kursų svyravimo riziką, verslo vertinimo esmė, seniau žinomi ir naujai sukurti verslo vertinimo metodai ir parenkamas metodas, kuris geriausiai tinka tarptautiniam verslui vertinti. Antroje dalyje analizuojamas diskontuotų pinigų srautų metodo tinkamumas tarptautiniam verslui vertinti ir šio metodo etapai, išskiriant pinigų srautų nustatymą, diskonto normos apskaičiavimą, tęstinės vertės ir pinigų srautų diskontavimą. Didžiausias dėmesys skiriamas diskonto normos apskaičiavimui. O trečioje dalyje atliekamas praktinis tarptautinio verslo vertinimas tarptautinėje alkoholinių gėrimų rinkoje veikiančios Lietuvos įmonės AB „Stumbras“ pavyzdžiu. Šiame etape yra atlikta pasaulio, Europos ir Lietuvos alkoholinių gėrimų rinkos ir Lietuvos makroekonominės situacijos analizė, įmonės konkurencinė ir SWOT analizė, įvertinta įmonės 2002–2009 metų finansinė būklė, naudojant vertikaliąją, horizontaliąją ir santykinę analizę, nustatyta įmonės vertė ir nustatyta, kurie veiksniai daro didžiausią įtaką verslo vertei. Darbo pabaigoje pateikiamos išvados ir siūlymai. Darbą sudaro 6 dalys: įvadas, teorinė dalis, diskontuotų pinigų srautų metodo tinkamumo tarptautiniam verslui vertinti analizė, tarptautinio verslo vertinimas AB „Stumbras“... [toliau žr. visą tekstą] / In this final master thesis are analyzing international business evaluation features and suggested the best method to evaluate international business. In the first part of the work are analyzed international business features, highlighting the political and currency fluctuation risks, business evaluation aspects, long established and newly developed business evaluation methods and selected the method which is best suited to evaluate international business. In the second part of the work is analyzed the feasibility of discounted cash flow method to evaluate international business and the steps of the method, highlighting the determination of cash flows, the discount rate calculation, continuous value and cash flow discounting. The focus is on discount rate calculation. In the third part of the work is done the practical business evaluation of Lithuanian company AB „Stumbras“ which is working in the international alcohol sphere. In this stage is given the characterization of world, Europe and Lithuanian alcohol drinks sectors. Also there is analyzed the Lithuanian macroeconomics situation. There is performed company competitive and SWOT analyze. Also there is done company’s financial analyze (vertical, horizontal and financial ratio analyze), determined the company value and factors which have the greatest impact to business value. Structure: introduction, theoretical part, discounted cash flow feasibility to evaluate the international business analyze, practical international... [to full text]