Subject of this master’s thesis is to determinate the value of easement in rem arising in connection whit engineering networks for an indefinite period. The value of easement for the purposes Act No. 416/2009 digest, to accelerate construction of transport infrastructure at market price and normal price established pursuant to Act No. 151/1997 digest the valuation of assets. Of the basis of valuation will analyze the methods and propose the optimal valuation process.

Diploma thesis discusses about the historical development of the apartment blocks in Teplice and analyzes the period influence of their construction on the market prices. Furthermore, this work examines the influence of different period construction of apartment blocks on the market prices in the different ownership types in the city of Teplice. This work is also describes in detail the historical construction development of Teplice and its master plan.

This thesis examines the factors that affect the market price and rent for agricultural land in the district Mikroregionu Hlinecko, whitch is also going through the PLA Žďárské vrchy. The task is to conduct a survey of real estate market and analyze information obtained. The thesis aims to determine the factors that contribute to the market price and the level of rents.

The pulp and paper industry has a significant role in Europe’s economy and society, and its significance is still growing. The pulp market and the customers’ requirements are highly affected by the pulp market prices and the requested kind of pulp, i.e., Elementary Chlorine Free (ECF) or Total Chlorine Free (TCF). There is a need to predict different market aspects, where the market price is one, to gain a better understanding of a business situation. Understanding market dynamics can support organizations to optimize their processes and production. Forecasting future pulp prices has not recently been done, but it would help businesses to make decisions that are more informed about where to sell their product. The studies existing about the pulp industry and forecast of market prices were completed over 20 years ago, and the market has changed since then in terms of, e.g., demand and production volume. There is a research gap within the pulp industry from a market price perspective. The pulp market is similar to, e.g., the energy industry in some aspects, and time-series analysis has been used to forecast electricity prices to support decision making by electricity producers and retailers. Autoregressive Integrated Moving Average (ARIMA) is one time-series analysis method that is used when data are collected with a constant frequency and when the average is not constant. Holt-Winters model is a well-known and simple time-series analysis. In this thesis, time-series analysis is used to predict the weekly market price for pulp the three upcoming months, with the research question “With what accuracy can time-series analysis be used to forecast the European PIX price on pulp on a week-ahead basis?”. The research method in this thesis is a case study where data are collected through the data collection method documents. First, articles are studied to gain understanding within the problem area leading to the use of the artefact time-series analyses and a case study. Then, historical data are collected from the organization FOEX Fastmarkets, where a new market price of pulp has been released every Tuesday since September 1996. The dataset has a total of 1200 data points. After data cleaning, it is merged to 1196 data points that are used for the analysis. To evaluate the results from the time-series analysis models ARIMA and Holt-Winter, Mean Absolute Error (MAE) and Mean Absolute Percentage Error (MAPE) are used. The software RStudio is used for programming. The results shows that the ARIMA model provides the most accurate results. The mean value for MAE is 16,59 for ARIMA and 44,61 for Holt-Winters. The mean value for MAPE is 1,99% for ARIMA and 5,37% for Holt-Winters.

Les marchés de l’électricité sont aujourd’hui en forte transformation, notamment du fait des efforts de libéralisation pour étendre la compétence de gestion du système électrique par le marché. C’est par exemple le cas avec la mise en place de prix nodaux pour gérer les congestions sur le réseau. Par ailleurs, le développement des moyens de production d’électricité d’origine renouvelable met en cause le fonctionnement du système électrique. Dans ce cadre, la question d’investissement pour un producteur éolien se complexifie. Sa rémunération est susceptible à court terme de passer d’un système de subvention, à une rémunération basée sur le produit des ventes sur le marché, fluctuante dans le temps et l’espace (dans le cadre de marchés à prix nodal). Dans ce contexte, ce travail de thèse propose une analyse de l’impact des caractéristiques éoliennes de sites potentiels d’installation, le facteur de charge et la prédictibilité (capacité d’un site à fournir de bonnes prévisions), sur la décision d’investissement. Nous commençons par une analyse statistique pour plusieurs marchés, puis proposons un estimateur du revenu des producteurs éoliens, afin de réaliser le même travail d’une manière moins coûteuse qu’avec un calcul exhaustif. Ensuite, afin de mener ce type d’analyse avec un mix énergétique paramétrable, nous développons un outil de résolution du problème d’optimisation de l’implantation de centrales éoliennes dans un cadre de marché à prix nodal. Il prend en compte une participation au marché de l’électricité la veille pour le lendemain, ainsi que les pénalités versées pour les déviations introduites entre les productions prévues et injectées en temps réel (dues aux erreurs de prévision). Nous faisons l’hypothèse que les productions renouvelables sont suffisamment importantes pour impacter les prix de marché (qui sont également générés avec l’outil), et nous prenons en compte des scénarios pour les productions éoliennes et la demande. Il s’agit donc d’un problème d’optimisation stochastique résolu à l’aide d’une décomposition de Benders. Enfin, nous analysons l’impact du facteur de charge et de la prédictibilité sur l’investissement optimal, selon la configuration pour le coût de la régulation, la capacité des lignes et la corrélation des données éoliennes. / Electricity markets are in a period of intense change. This is notably due to liberalization efforts to increase the extent of electricity system’s management carried out through market operations. One such example is the implementation of nodal prices for network constraints. Moreover, the surge for electricity from renewable sources questions the operation of the electricity system. In this framework, the investment issue for wind producers is becoming more complex. Its income may go from a subsidy-based scheme to a full market participation in the short term, and more volatile according to time and location (in a nodal-pricing scheme). Bearing all this in mind, this PhD work first analyzes the impact of potential installation sites’ characteristics: load factor, and predictability (a site’s ability to enable reliable predictions), on investment. To this end, we carry out a statistical analysis on historical data from several markets, then we suggest an estimator of wind producers revenue, to carry out the same work with a less costly approach than exhaustive calculation. Then, in order to carry out the same kind of analysis, this time in a customizable framework, we build an algorithm to solve the problem of Optimal investment planning of wind turbines within a nodal price market environment. It takes into account the participation in the Day-ahead market as well as penalties paid for imbalances between the energy contracted and injected in real-time (due to forecasting errors). We assume renewable production is important enough to influence market prices which are also generated with our model, and we integrate scenarios for wind production and demand. Therefore we have a stochastic problem which we solve using Benders decomposition. Ultimately we analyze the impact of load factor and predictability on optimal investment according to the chosen setting for regulation cost, line capacities and wind data correlation.

This thesis examines the stock market price variations associated with physical asset expenditure announcements in Australia. With the exception of the study of Chen and Ho (1997) in Singapore, most capital expenditure studies in other markets investigate the announcement effects associated with changes in budgeted capital expenditures. The fact that there is almost never any firm level capital budget announcement in Australia presents a unique opportunity to examine individual physical asset expenditure announcements. ¶ Three primary hypotheses pertaining to growth opportunities, free cash flow theory, and the capital market monitoring argument are developed and tested. These arguments are formulated to explain the abnormal return variations associated with physical asset expenditure announcements. The growth opportunities hypothesis posits that the abnormal returns at physical asset expenditure announcements are positively related to a firm's growth opportunities. Both free cash flow theory and capital market monitoring hypothesis postulate that the abnormal returns at physical asset expenditure announcements are negatively related to a firm's free cash flow, and cash flow respectively. Other control explanators are incorporated from the merger and takeovers literature. ¶ Event study methodology is used to examine the abnormal returns associated with physical asset expenditure announcements. Two sets of data, intraday and daily, are used to investigate the market reaction. Intraday returns are calculated on a time-weighted approach and two methods are used to calculate intraday abnormal returns. The first method defines abnormal returns as the difference between actual returns and market returns. The second method defines abnormal returns as the difference between market-adjusted returns and market-adjusted returns on a control portfolio. Daily abnormal returns are calculated using the market model. ¶ Both univariate and multivariate analyses provide strong support for the growth opportunities hypothesis. The results suggest the quality of firms' growth opportunities is the key variable determining the direction and magnitude of the abnormal returns at announcement. Support for the capital monitoring argument and the free cash flow theory is mixed, generally with a lack of support. The free cash flow variable is found to be significantly negatively related to abnormal returns, only when a finer dummy is used in the multivariate regression. All other control variables are found to be insignificant in explaining the stock market variations once the growth opportunities variable is included in the regression. ¶ This thesis makes the following contributions. First, this thesis presents the initial empirical evidence concerning physical asset expenditure announcements in Australia. Second, the thesis shows that the quality of a firm's growth opportunities is the key factor in determining the direction and magnitude of abnormal returns around physical asset expenditure announcements. These results also suggest that the equity market in Australia reacts to physical asset expenditure announcements which contain information pertaining to growth opportunities rather than the relative size of the physical asset expenditure transactions to firm value. Third, support for the capital monitoring argument and the free cash flow theory is not strong. Fourth, all other control variables are found to be insignificant in explaining the stock market variations once market to book ratio is included in the regression. Fifth, the results suggest that prior research which fails to segregate market to book ratio and free cash flow proxy into finer partitions may have possibly underestimated the market to book and the free cash flow effects.

This thesis investigates relationships between the European Union Emission Trading Scheme (EU ETS) and energy markets. A special focus is given to fuel switching, the main shortterm abatement measure within the EU ETS. This consists in substituting Combined Cycle Gas Turbines (CCGTs) for hard-coal plants in off-peak power generation. Thereby coal plants run for shorter periods, which allows power producers to reduce their CO2 emissions. In Chapter 1, we outline different approaches explaining relationships between carbon and energy markets. We also review the literature relating to these issues. Next, we further describe the fuel switching process and, in particular, we analyze the influence of energy and environmental efficiency of thermal power plants (coal and gas) on fuel switching. In Chapter 2, we provide a theoretical analysis that shows how differences in the efficiency of CCGTs can rule interactions between gas and carbon prices. The main result shows that the allowance price becomes more sensitive to the gas price when the level of CO2 emissions increases. In Chapter 3, we examine interactions between carbon, coal, gas and electricity prices in an empirical study. Among the main results, we find that there is a significant link between carbon and gas prices in the long-run equilibrium.In Chapter 4, we analyze the cross-market price discovery process between gas and CO2 markets. We identified in previous chapters that there is a robust significant link between gas and CO2 markets. They are linked commodities, and their prices are affected by the same information. In an empirical analysis, we find that the carbon market is the leader in cross-market price discovery process.

The main aim of this diploma thesis was to develop theoretical knowledge of business valuation and on that basis determine the value of the equity of the chosen company. After having considered all the facts valuation using DCF method equity was selected. A company operating in the textile industry has been chosen for this valuation. The secondary objectives of the study were to characterize the various valuation methods and procedures for valuation and their application for a specific company, ie. processing of the company characteristics, strategic and financial analysis, a financial plan and the resulting valuation. Finally, in the end of the work there is determined the value of the company to 31.12. 2014. During the valuation of the company it was necessary to take into account the fact that the valuation methods are based on the substantial limitations. Having taken into account their eventual elimination, however, leads to determining the value of the company as a whole.

Soil is a very specific production factor, and because they wear out, it is immovable and most importantly, its supply is finite. For the valuation of the property is used several different ways - through pricing in a market where there is market price, the prices issued by the state, which are the official rates, to yield valuation and cost method. Most workers who are dependent and cooperate with the land valued at their property located in this market through commodity prices, and thus the price at which the commodity purchased and for which it put into your business.

Made available in DSpace on 2015-05-08T14:44:57Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1670874 bytes, checksum: 619aea41b6eb59c4e32fb652e4037359 (MD5) Previous issue date: 2009-03-03 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This work aimed to exam the formation of future market prices of cocoa traded on the New York Stock Exchange, under the view of the volatility from January 1997 to August 2008, since the future market is playing an important role in making decision, focusing on maximizing returns. In a particular way, the study of volatility is an essential tool in this market, especially for pricing of assets and risk management. For this, three variants of the class of models of auto-regressive conditional heteroscedastic (ARCH), GARCH, EGARCH and TARCH, were used and showed characteristics of models that take into account the changing variance over time. The conditional variance provided by these models was used as a proxy for the volatility of returns on cocoa. The results demonstrated the persistent behavior of volatility in the period in question. This persistence indicates that the shocks on the volatility will last for long. We found evidence of inconsistency with the hypothesis of efficient markets that has the responsibility of future returns to past returns, since there is presence of auto-regressive terms in waste, captured by the ARCH effect, and also by the possibility of behavioral biases (depending on of information asymmetries in the reactions between positive and negative). The theories of modern finances predict that investors have homogeneous expectations (investors have the same information and determine the fair value for the same active base). It would therefore not be expected to have excessive volatility in the future market of the commodity cocoa, then there would be no difference of opinion among investors. However, the results showed that the volatility implies in the formation of the price of cocoa, making it impossible to explain it by traditional theories of finance, and indicate that this volatility may also result from decisions of investors from the psychological aspects that arise when forming their beliefs and preferences that, in turn, are reflected in expectations. Thus, the results suggest that Behavioral Finance can contribute to the understanding of the formation of future market prices for cocoa. / Pretendeu-se nesse trabalho analisar a formação dos preços no mercado futuro de cacau, negociados na Bolsa de Nova York, sob a ótica da volatilidade, no período compreendido entre janeiro de 1997 a agosto de 2008, uma vez que o mercado futuro vem assumindo um papel importante na tomada de decisões, com enfoque na maximização de retornos. De modo particular, o estudo da volatilidade representa um instrumento essencial nesse mercado, em especial para precificação de ativos e gestão de riscos. Para isso, utilizou-se três variantes da classe de modelos de heterocedasticidade condicional auto-regressiva, ARCH, a saber, os modelos GARCH, EGARCH e TARCH, que apresentam características de modelagem que levam em conta uma variância mudando ao longo do tempo. A variância condicional fornecida por estes modelos será utilizada como proxy para a volatilidade do retorno do cacau. Os resultados evidenciaram o comportamento persistente da volatilidade no período em questão. Esta persistência revela que os choques sobre a volatilidade irão perdurar por muito tempo. Foram encontradas evidências de incompatibilidade com a Hipótese de Mercados Eficientes, constatada na dependência dos retornos futuros a retornos passados, uma vez que há presença de termos auto-regressivos nos resíduos, capturados pelo efeito ARCH, e também pela possibilidade de vieses comportamentais (em função de assimetrias nas reações entre informações positivas e negativas). As teorias de finanças modernas prevêem que os investidores têm expectativas homogêneas (os investidores têm as mesmas informações e determinam o mesmo valor justo para os ativos base). Assim, não seria esperado que houvesse volatilidade excessiva no mercado futuro de commodity cacau, pois não haveria divergência de opiniões entre os investidores. No entanto, os resultados encontrados mostraram que a volatilidade implica na formação do preço do cacau, tornando impossível uma explicação pelas teorias clássicas de finanças, e indica que esta volatilidade pode resultar também das decisões dos investidores a partir de aspectos psicológicos que surgem quando formam suas crenças e preferências que, por sua vez, se refletem nas expectativas. Dessa forma, sugerem que as Finanças Comportamentais podem contribuir para a compreensão da formação de preços do mercado futuro de cacau.