This thesis deals with investments issue for smart house systems. The theoretical part describes the definitions of the economic area, the area of intelligent systems and real estate valuation. In the practical part, there is detected the real estate price, accomplished a survey of public opinion and designed particular smart house system. The proposed solution is divided into sections and evaluated from economic and non-economic aspect. In the conclusion there is determined the value of the real estate after the completion of the investment.

Maximizing the market value of a company should be one of the fundamental goals of each company. At present there are several methods to calculate the market value of the company. The fundamental problem of the thesis is based on the study available to Czech and foreign literature and apply acquired knowledge in the valuation of a specific company. This thesis will analyze the current situation, financial and strategic analysis, financial plan, the discount rate and application of appropriate valuation methods on ABC Company Ltd. The result will be a subjective determination of enterprise value.

The thesis deals with the valuation of the chosen company using the yield discounted cash flow method. In the first part of this thesis explains the theoretical basis that relate to the issue of valuation. These theoretical findings are further applied in the analytical and practical. The analytical part contains the characteristics of the company and developing a strategic and financial analysis. In the practical parts is financial plan prepared in two variants - pessimistic and optimistic. Practical uses of the results of the analysis on the basis of the selected company awarded the yield discounted cash flows as of the date 1. 1. 2013.

The income evaluation is one of the basic methods to establish a price of a real estate. It deals with a discount rate. But there is any obligatory methods how to establish the discount rate. The principle of yield property valuation method is the determination of future net profits transferred to the present value. The amount of the discount rate is affected by the large amount of criteria that take into account the risks associated with the property. The risk represents the financial loss which the owner of real estate created if the immovable thing ceased to produce such income, which is calculated in the valuation. But at present experts the risks associated with the real estate does not quantify and discount rate is determined mostly by the professional estimate. The main aim of the Ph.D. Theses is to propose a methodology to more accurately determine the discount rate. This methodology will be based on the free risk rate and risk premiums. The free risk rate shall be determined on the basis of income on government bonds, which are considered the least risky asset. Risk premiums will reflect the technical quality of the property, economy of real estate and legal level of real estate through eleven criteria. The discount rate could be by this methodology simply calculated using the software support of Microsoft Excel.

In this work, we introduce the evolution of thinking in the field of corporate governance. We are focusing on process management and current possibilities information support business processes. We'll show you an overview of performance measurement tools and process efficiency. An important part of this work is dedicated to design its own discount site that allows its customers to bulk purchases of various goods and services at a bargain price. For this site was created by an instrument to promote corporate portfolio. The tool is designed to automatically monitor and analyze sales success in competition and thus promote the award of contracts and specific form of a sale on your own server. The end of work is devote to practical use of the discount site in the real environment and evaluation of results.

The thesis deals with the determination of economic efficiency of a development project, concerning the construction of an apartment complex. The theoretical part is devoted to investments, feasibility study, analysis of cash flows and the criteria for determining the economic efficiency. Then there is characterized by development activity, the creation of cash flows and the discount rate. The practical part describes the chosen development project, the determination of cash flows, an assessment of economic efficiency and sensitivity to potential risks.

Diploma thesis deals with the issue of choosing the right form of financing in the risk and uncertainty conditions - by bank loan or finance leasing. The leasing principle, contemporary condition of the Czech leasing market and the factors influencing the price of the financial leasing are reviewed at first. Then the attention is transfered to bank loans and their diversification. To finish the theorical data I´m featuring the methods of comparing both forms of financing and defining the risks. The aim of diploma thesis is choosing which of two forms of financing is preferable for the enterprise who wants to buy new goods vehicle for its business.

Este trabajo de investigación tiene como objetivo principal valorizar la corporación Ferreycorp S.A.A. (Ferreycorp) al cierre del primer trimestre del 2020. La metodología utilizada será la del descuento de flujos de caja libre y el resultado será respaldado con el método de múltiplos comparables. Para este propósito, se ha utilizado información de la empresa de cinco años de antigüedad y los flujos se han proyectado a cinco años. Además de la información histórica, para los supuestos establecidos, se ha utilizado información brindada por la organización y datos macroeconómicos; estos últimos, han sido de gran aporte al presente documento, debido a la coyuntura económica del país debido a factores externos a la organización. A pesar de lo indicado, Ferreycorp se mantiene como una de las principales empresas del país debido a su capacidad patrimonial y operativa, lo cual se demuestra en los resultados obtenidos en la presente valorización. En relación al resultado obtenido, Ferreycorp cuenta con un valor empresarial de S/.3,437 millones y un valor patrimonial de S/.2,202 millones, lo cual nos lleva a un valor por acción de S/.1.41. A través de los múltiplos comparables, la organización presenta un valor de S/.1.46 por acción. Al revisar el precio de mercado al 12 de junio del 2020, este se sitúa alrededor de S/.1.40. Por ende, establecemos que el valor de la acción se encuentra mínimamente subvaluado y se recomienda a corto plazo mantener el activo en el portafolio del inversor. La coyuntura económica a principios del presente año, no permite tomar decisiones confiables en relación al manejo de acciones a largo plazo. / The main objective of this research work is to value the Ferreycorp S.A.A. (Ferreycorp) at the end of the first quarter of 2020. The methodology used will be the discounting of free cash flows and the result will be supported by the method of comparable multiples. For this purpose, information from five years ago has been used and the flows have been projected in five years. In addition to historical information, for the established assumptions, information provided by the organization and macroeconomic data have been used; the later has been of great contribution to this document, due to the economic situation in the country because of external factors to the organization. Despite the aforementioned, Ferreycorp remains one of the leading companies in the country due to its patrimonial and operational capacity, which is demonstrated in the results obtained in this valuation. In relation to the result obtained, Ferreycorp has a market value of S/.3,437 million and a patrimonial value of S/.2,202 million, which brings us to a value per share of S/.1.41. Through comparable multiples, the organization presents a value of S/.1.46 per share. When reviewing the market price as of June 12, 2020, it stands at around S/.1.40. Therefore, we establish that the value of the share is minimally undervalued and it is recommended in the short term to keep the asset in the investor's portfolio. The economic situation at the beginning of this year does not allow making reliable decisions regarding the management of long-term actions. / Trabajo de investigación

Human decision making is closely related to reward processing because many decisions rely to a certain degree on the evaluation of different outcome values. Reward-based decisions can be health-related, for example if someone has to compare the outcome value of the instant reward of smoking a cigarette to that of the long term goal of keeping well and fit. Such comparisons do not only rely on the nominal value of the alternatives but also on devaluation of rewards over time. The value of being healthy at older age might outweigh the value of smoking a cigarette but since the payoff of the health-outcome will be delayed, humans tend to decrease the value of this option. Therefore in this example one might choose the immediate reward of smoking a cigarette. The proclivity to devaluate the value of rewards over time has been widely investigated with experimental intertemporal choice tasks, in which subjects have to choose between smaller sooner rewards and larger later rewards. A stronger individual devaluation proclivity (i.e. discounting rate) has been reported to be related to addiction. Research in neuroeconomics has suggested the competing neurobehavioural decision systems (CNDS) theory, proposing that an imbalance between an executive (cortical prefrontal brain areas) and an impulsive (i.e. subcortical areas, such as ventral striatum (VS), amygdala) system in the brain leads to steeper discounting and a higher risk for addiction. Additionally, temporal discounting has been proposed as a transdisease process, i.e., “a process that occurs across a range of disorders, making findings from one disorder relevant to other disorders” (Bickel, Jarmolowicz, Mueller, Koffarnus, & Gatchalian, 2012, Abstract). Thus, the CNDS theory and temporal discounting might also have implications for other health-related behaviour than substance use. So far many factors have been shown to be associated with higher discount rates: for instance, adolescent age, lower intelligence and nicotine dependence. Further, it has been shown that adolescents are at highest risk to start smoking. On the other hand a higher education level has been shown to be associated to lower rates of smoking. Thus, it seems likely that a higher discount rate might be one reason why adolescents experiment with smoking, why lower education is associated to nicotine addiction and why dependent smokers are not successful in smoking cessation. But relatively little is known about the neural processes behind these variables, which could be also seen as exemplary risk- and protective factors regarding addiction. The 3 studies of the thesis at hand were conducted to extend the knowledge about neural processes associated to age, intelligence and smoking in their relation to intertemporal choice. The task was chosen because of its relevance for addiction and a variety of health-related behaviour. The first study was conducted to explore the neural correlates of age related differences between adolescents at age 14 and young adults during intertemporal choices. Additionally, the roles of discounting and choice consistency were investigated. Although adoles-cents discounted delayed rewards more steeply than adults, neural processing of reward value did not differ between groups, when controlling reward values for the individual discount rates. However, a higher discount rate was related to a lower responsivity in the ventral striatum to delayed rewards, independent of age. Concerning decision making, adolescents exhib-ited a lower consistency of choices and less brain activity in a parietal network than adults (i.e. posterior and inferior parietal regions). Thus, reward value processing might be more sensitive to the discount rate than to chronological age. Lower consistency of intertemporal choices might indicate ongoing maturation of parietal brain areas from adolescence to young adulthood. The second study was conducted to reveal the associations between neural processes of decision making and intelligence in adolescents. The results of study 2 revealed networks in the adolescent brain where brain activity was related to crystallised intelligence as well as to intertemporal choice behaviour. Specifically, during decision processing higher crystallised intelligence as well as more consistent decisions were associated with higher brain activity in the posterior parietal cortex. Processing of delayed rewards was also related to crystallised intelligence, i.e. more intelligent adolescents showed higher brain activation in the anterior cingulate cortex (ACC) and the inferior frontal gyrus (IFG), which was in turn related to a lower discount rate. Additionally, associations between the parental education level and crys-tallised intelligence of the adolescent participants of the study and their discount rate were found, indicating that parental education as an environmental factor could be related to a low-er risk for addiction. This protective effect might be mediated by the offspring’s crystallised intelligence and discount rate which are both related to brain activity in parts of the same brain networks (i.e. the IFG). The third study was done to investigate neural processes of intertemporal decisions in smokers and non-smokers. To test whether the effects of smoking on the discount rate are due to chronic or acute nicotine intake, non-smokers were additionally assessed under acute nico-tine administration. Study 3 revealed that the effects of nicotine on intertemporal choice behaviour were related to chronic intake of nicotine in smokers rather than to acute nicotine ad-ministration in non-smokers. Regarding the neural processes, smokers compared to non-smokers showed lower brain activity in the posterior parietal cortex. Comparable but weaker effects were found under acute nicotine in non-smokers. Although acute nicotine administra-tion altered neural processes, behavioural changes might only occur after repeated nicotine intake. However, the study did not preclude that the differences are predrug characteristics. Altogether the studies revealed overlapping neural correlates of intertemporal choices which are related to the individual age, the discount rate, the choice consistency, the individual intelligence as well as acute and chronic nicotine intake. This might provide an integrative view on how inter-individual differences and behaviour during intertemporal choices are based on common neural correlates which in turn might have implications for the development and the maintenance of addiction. Specifically, hyposensitivity towards delayed rewards in the adolescent ventral striatum, which has also been found in smokers compared to non-smokers, is associated with higher discount rates and higher risk for smoking initiation. In contrast, higher activation in the IFG and the ACC in more intelligent individuals during reward value processing might enhance behavioural inhibition and control and, hence, might prevent nicotine addiction. In line with the CNDS theory responsivity in subcortical brain areas (i.e. impulsive system), such as the VS was related to the risk factor of adolescent age, whereas activity in cortical areas (IFG and ACC) was related to the protective factors of high-er crystallised intelligence. Since there was only one study beside the studies of the current thesis reporting results regarding consistency, one can only speculate about implications for health-related behaviour, such as addiction. Consistency might play a role, especially for cessation success. Thus, the findings that adolescents as well as less intelligent individuals were less consistent might point to a higher risk for maintenance of nicotine addiction. The higher brain activity in a fronto-parietal network, which has been shown in studies 1 and 2 in adults as well as in more intelligent adolescents, was related to higher consistency of choices in both studies. Thus, the finding might be a possible neural correlate for the association between the risk factor of ado-lescent age, the protective factor of higher crystallised intelligence, and more consistent deci-sion making. In conclusion the findings of the current thesis contribute to a better understanding of how inter-individual differences and environmental factors might be accompanied by neural processes which in turn might be related to individual development of addiction. Further the results might extend the CNDS theory regarding neural correlates of exemplary risk and pro-tective factors regarding adolescents’ health behaviour and smoking in adults.

Closed-end funds (CEFs) are popular investments amongst the Swedish population as they provide diversification to investors and have in many cases historically outperformed the market. In deciding whether to invest in a CEF, the method of valuation differs from classical financial ratios used to value most companies, as the revenue-bringing operations differ significantly. The Net Asset Value (NAV) per share is compared to the market price per share of a CEF, to determine if the share is traded at a discount or premium. The purpose is based upon the rationalization that a share’s market price and the value of the closed-end fund’s underlying assets cannot drift too far apart from each other. In other words, the discount cannot drift too far from its mean over time, as there would be an upward pressure on the share price if the NAV-discount is large, and a downward pressure on the share price if the premium is large. Tests of unit roots and cointegration are applied and analysed in the light of previous findings for discounts in CEFs. Our findings show that the majority of selected CEFs’ prices and NAVs have long-run equilibrium relationships. Additionally, the discount appears to be stationary over time for the majority of CEFs, supporting the notion of mean reversion in the discount. For certain Swedish CEFs, the findings allow for investment decisions to be made upon the deviation from the mean. This study contributes to previous research done on the topic of mean reversion in the financial market as it finds statistical evidence of mean-reverting process for the NAV-discount of Swedish CEFs. The thesis also provides additional value to the plethora of research provided in the financial field as it specifies its findings to the Swedish market of CEFs.