The aim of this diploma thesis named „Analysis of factors influecing the market value of houses in České Budějovice“ is to consider how much does the locality, kind and number of buildings used together with a family house (wells, outdoor swimming pools, water areas) affect the market price of selected family houses. Another goal was to count cost and comparative price of five selected family houses in České Budějovice and to describe the market situation in this city. For calculation of the market price it was created a database of family houses in the township České Budějovice and in detail was described the situation on market in the city. The prices are listed and evaluated in practical part, including the grafical representation.

This thesis is focused on possibilities of financial valuation of flexible pavements surface layers conditions, in connection with whole life cycle of the pavement and certain possibilities of their maintenance and repairs, in cases of defects and failures from forensic engineering point of view. There were carried out analysis of the topics connected with judging of flexible pavements surface layers defects and failures related to forensic investigation in the Czech Republic, as well as abroad. In this thesis there were created pricing models of the certain construction works which are related to repairs and maintenance of flexible pavements. Within the possibilities of the author, there were compared market prices of the particular construction works in selected regions with the prices according to generally used pricing systems in the Czech Republic. The goal of this thesis is to create unified methodology for amount of damage financial valuation in cases of defects and failures of flexible road pavements surface layers for forensic engineering practice in the Czech Republic.

The thesis deals with alternative construction based on natural and renewable materials. A part of the thesis is processing of legislative, technical and material possibilities. Accent is put on cost-oriented price, market price and analysis of individual construction parts of the building with the final economic evaluation of the case study.

År 2005 blev det obligatoriskt för samtliga börsnoterade företag att upprätta sin koncernredovisning enligt IFRS. Detta medförde en ökad jämförbarhet mellan företag från olika länder vilket har lett till en redovisningsmässig harmonisering. För de koncerner med förvaltningsfastighetsinnehav, vars syfte är att generera hyresintäkter eller värdestegring, betydde det att fastigheterna ska värderas till verkligt värde i enlighet med IAS 40.  Studien syftar till att studera principen om verkligt värde gällande förvaltningsfastigheter och avgränsas till koncernföretag noterade på NASDAQ OMX Stockholm. Urvalet består av nio företag och deras finansiella rapporter för räkenskapsåren 2015-2019 vilka granskas genom en kvalitativ fallstudie. För att kunna göra en likvärdig och jämförande bedömning av dessa används en mall innehållande sex frågor.  Värdering till verkligt värde är huvudregeln i koncernredovisning och det redovisade företaget ska vid värdering av verkligt värde bedöma vad marknadspriset är. Om det finns liknande tillgångar och skulder på en aktiv marknad kan denna bedömning vara enkel att utföra. För marknader som exempelvis för förvaltningsfastigheter, vilka kräver bedömningar för att komma fram till ett verkligt värde, är det desto svårare. Aktörer kan ha ofullständig information som kan bidra till olika bedömningar om tillgångar och dess framtida värde.  Upplysningskraven i IAS 40 är endast principbaserade, vilket ger företagen ett tolkningsutrymme. Företagen kan därtill använda sig av olika tillvägagångssätt och en jämförelse sinsemellan företag kan vara svår att göra för intressenter. Detta har vi erfarit i vår studie då företagen har använt sig av olika tillvägagångssätt i sina värderingsmetoder och att de i sina finansiella rapporter angett olika mängd information. Studien har även visat att de har använt sig av olika parametrar i sin beaktning för värdering till verkligt värde.  Företag som innehar förvaltningsfastigheter uppmuntras till att använda sig av oberoende värderingsmän, men det är inget krav. Däremot ses en risk med att endast utföra en intern värdering av fastighetsbeståndet med hänsyn till under-/övervärdering. Detta kan då betyda att fastigheten värderas för lågt för att därefter kunna säljas till ett högre pris, vilket innebär att koncernen kan redovisa ett högre resultat eller tvärtom. Om värderingen istället utförs av en extern värderare kan tillförlitligheten öka. Det kan därför anses fördelaktigt att låta oberoende värderare göra bedömningen av tillgångens verkliga värde. Det är inte alla undersökta företag som har använt sig utav oberoende värderare, utan ibland bara till en viss del, medans andra har använt sig av externa värderare för hela fastighetsbeståndet. 5 Studien har visat att företag värderar på olika sätt, både gällande värderingsmodell, beräkningar samt intern- och extern värdering därav dras vår första slutsats. Verkligt värde skiljer sig åt mellan företag som innehar förvaltningsfastigheter eftersom standarderna är principbaserade. Då samtliga företag presenterar en värdering till nivå 3 i IFRS 13:s värderingshierarki, dras slutsatsen att det inte med säkerhet går att fastställa att företag noterade på NASDAQ OMX Stockholm följer standarderna till fullo då det torde vara möjligt att värdera en del av sina fastighetsinnehav genom indata på nivå 2.  Centrala begrepp: Förvaltningsfastigheter, IAS 40, IFRS 13, verkligt värde, marknadspris, värderingshierarki, extern värdering, intern värdering. / In 2005, it became mandatory for all listed companies to prepare their consolidated financialstatements in accordance with IFRS. This led to increased comparability between companiesfrom different countries, which has led to accounting harmonization. For those groups withinvestment property holdings, the purpose of which is to generate rental income or increase invalue, this means that the properties must be valued at fair value in accordance with IAS 40.The study aims to examine the principle of fair value regarding investment properties and islimited to Group companies listed on NASDAQ OMX Stockholm. The sample consists of ninecompanies and their financial reports for the financial years 2015-2019, which are examinedthrough a qualitative case study. In order to be able to make an equivalent and comparativeassessment of these, a template containing six questions is used.Valuation at fair value is the main rule in consolidated accounts and the reported company mustassess the market price when valuing fair value. If there are similar assets and liabilities in anactive market, this assessment can be easy to perform, but in markets such as investmentproperties that require many assessments to arrive at a fair value, it is all the more difficult.Actors may have incomplete information that may contribute to different assessments of assetsand their future value.The disclosure requirements in IAS 40 are only principle-based, which gives companies a roomfor interpretation. In addition, companies can use different approaches and a comparisonbetween companies can be difficult for stakeholders. We have experienced this in our study asthe companies have used different approaches in their valuation methods and that they havestated different amounts of information in their financial reports. The study has also shown thatthey have also used various parameters in their consideration for valuation at fair value.Companies that own investment properties are encouraged to use independent valuers, but thisis not a requirement. On the other hand, there is a risk of only performing an internal valuationof the property portfolio with regard to undervaluation or overvaluation. This can then meanthat the property is valued too low to be subsequently sold at a higher price, which means thatthe Group can report a higher result or vice versa. If the valuation is instead performed by an 4external valuer, the reliability may increase. It can therefore be considered advantageous to letindependent valuers make the assessment of the asset's fair value. Not all companies surveyedhave used independent valuers, but sometimes only to a certain extent, while others have usedexternal valuers for the entire property portfolio.The study has shown that companies value in different ways, both in terms of valuation model,calculations and internal and external valuation, from which our first conclusion is drawn. Fairvalue differs between companies that own investment properties because the standards areprinciple-based. As all companies present a valuation to level 3 in IFRS 13's valuationhierarchy, it is concluded that it is not possible to establish with certainty that companies, listedon NASDAQ OMX Stockholm, fully comply with the standards as it should be possible tovalue some of their property holdings through level 2 input.

Main objective of this thesis is to determine the process for rent calculation of flats in line with presumptions influencing dependence of rent on common flat price. Proposed methodology is based on presumption of investing in property and possible yields or risks of this investment. The work studied the effects of correlation rentals and flat price.

Alterações no ecossistema marinho e nos estoques pesqueiros devido à pressão da pesca podem ser detectadas por meio de indicadores multiespecíficos. Geralmente, esses indicadores são aplicados a séries temporais de capturas aliados a dados bio-ecológicos dos recursos. Entretanto, abordagens alternativas baseadas em dados de comercialização do pescado podem ser utilizadas. Neste estudo foram aplicados vários indicadores multiespecíficos aos dados disponíveis da região Sudeste/Sul do Brasil, integrando aspectos ecológicos e econômicos de forma inédita para essa região. Para isto, utilizaram-se dados da estatística pesqueira e dados de comercialização de pescado entre 1968-2007, além de dados bio-ecológicos dos recursos (nível trófico, comprimento máximo, longevidade e profundidade). Foram analisadas as tendências desses parâmetros em relação aos desembarques, às quantidades comercializadas e aos preços de mercado. Os indicadores Índice Trófico Marinho, Fishing-in-Balance e Índice de Preço Relativo Logaritmizado também foram explorados. Foi realizada uma análise inferencial das tendências de preço e quantidade das principais categorias de mercado e de suas correlações. A avaliação ecológico-econômica evidencia uma tendência de escassez das espécies-alvo da pesca e de algumas espécies de nível trófico, longevidade e comprimento máximo altos, além do fenômeno \"pricing down the food web\". Portanto, a base de dados do mercado provou ser valiosa para compreender a dinâmica da pesca numa perspectiva ecossistêmica. / Changes in marine ecosystems and fisheries resources due to the fishing pressure can be detected by multispecies indicators. These are, usually, applied to catch or landing time series, jointly the resources bio-ecological data. However, there is an alternative approach, based on market data that could be used. In this study, several multispecies indicators were applied to data from Southeastern/Southern Brazil, integrating ecological and economics aspects to this region in an unprecedented way. Fishery landings and market values for the period 1968-2007 were used, besides bio-ecological classification of seafood categories (trophic level, longevity, maximum length and depth). Trends of these parameters by landings and market quantities and prices were analysed. The Marine Trophic Index, Fishing-in-Balance and the Logarithm Relative Price Index were also applied. Moreover, an inferential analysis of individual categories statistical trends in market prices and quantities and their correlations were done. The joint ecological-economic analysis provided evidence of the scarcity of most higher trophic level, longevity and maximum length categories and fisheries target species, besides the \"pricing down the food web\" phenomenon. Therefore, the market database proved to be priceless to understand the fishery dynamic in an ecosystem perspective.

A dissertação aborda e compara as características dos índices de Sharpe (SR) e suas variantes, SRc e SRd, Sharpe generalizado (GSR ) e potencial de investimento (IP), sendo os índices GSR e IP associados a alguma função de utilidade. Pelo fato de o GSR e o IP serem idênticos, testes empíricos foram realizados entre SRc e o GSR. Ambos foram avaliados teoricamente sob dois aspectos, o que definimos de análise retrospectiva, i.e., análise de séries de log-retornos mensais observados, e a análise prospectiva, i.e., séries a ocorrer. No âmbito prospectivo, ex ante facto, o SRc (índice de Sharpe com variável de estado normal) e o SRd (índice de Sharpe com variável de estado lognormal), por estarem associados à função de utilidade quadrática, apresentam distorções como o ponto bliss e o agente econômico bomba de dinheiro. O mesmo ocorre no âmbito retrospectivo, ex post facto, com o GSR (potencial de desempenho de ativos de risco para indivíduos com função de utilidade HARA) quando o coeficiente de aversão ao risco é igual a um negativo, gama=-1. No entanto, o GSR pode ser associado a funções de utilidade diferentes da quadrática evitando seus efeitos indesejáveis. Sob a suposição de movimento browniano geométrico (MBG) e da utilidade HARA para o preço mensal ajustado de ações brasileiras e americanas e para pontos mensais de índices brasileiros e americanos, entre janeiro de 2000 e março de 2008, obtivemos os seguintes resultados: (1) o índice GSR para utilidade quadrática apresentou elevada correlação com o SRc; (2) a menor correlação de GSR com SRc ocorreu para utilidade logarítmica; (3) para a utilidade exponencial, o GSR apresenta elevado grau de correlação com o SRc. Os resultados mostraram que o GSR com utilidade exponencial é o índice que menos se aproxima do comportamento do GSR com utilidade quadrática. Sabendo-se das distorções da utilidade quadrática, a adoção do GSR com gama=1 parece mais adequado para a classificação de ativos de risco. / This master dissertation studies and compares the characteristics of Sharpe ratio and its variants, SRc and SRd, generalized Sharpe ratio (GSR) and investment potential (IP), both GSR and IP associated to any utility function. By the fact that GSR and IP are identical indexes, empiric tests were conducted between SRc and GSR. The indexes were evaluated theoretically under two different aspects: retrospective analysis, i.e., analyze the observed monthly log-returns, and prospective analysis, i.e., series to occur. Under prospective view, ex ante facto, SRc (Sharpe ratio with normal state variable) and SRd (Sharpe ratio with lognormal state variable), for being associated to the quadratic utility function, show the inherent problems to utility functions such as the bliss point and the pump money economic agent. The same happens in a retrospective view, ex post facto, with the GSR (performance potential with HARA utility function family) when the risk aversion coefficient equals minus one, gama=-1. Therefore, the GSR can be associated to different utility functions avoiding the undesirable effects. Under the GBM (geometric Brownian motion) condition and HARA utility function for the Brazilian and American adjusted monthly stock prices and indexes monthly points during January 2000 and March 2008, we reached the following: (1) results indicate that GSR for quadratic utility has high correlation level with SRc; (2) while the logarithmic utility showed lowest correlation level between GSR and SRc; (3) exponential utilities showed a high level of correlation between GSR and SRc. The results showed that GSR with exponential utility kept the biggest behavior difference for the GSR with quadratic utility. Based on the knowing problems of the quadratic utility, GSR with gama=1 seems to be a better index choice for risk assets classification.

Alterações no ecossistema marinho e nos estoques pesqueiros devido à pressão da pesca podem ser detectadas por meio de indicadores multiespecíficos. Geralmente, esses indicadores são aplicados a séries temporais de capturas aliados a dados bio-ecológicos dos recursos. Entretanto, abordagens alternativas baseadas em dados de comercialização do pescado podem ser utilizadas. Neste estudo foram aplicados vários indicadores multiespecíficos aos dados disponíveis da região Sudeste/Sul do Brasil, integrando aspectos ecológicos e econômicos de forma inédita para essa região. Para isto, utilizaram-se dados da estatística pesqueira e dados de comercialização de pescado entre 1968-2007, além de dados bio-ecológicos dos recursos (nível trófico, comprimento máximo, longevidade e profundidade). Foram analisadas as tendências desses parâmetros em relação aos desembarques, às quantidades comercializadas e aos preços de mercado. Os indicadores Índice Trófico Marinho, Fishing-in-Balance e Índice de Preço Relativo Logaritmizado também foram explorados. Foi realizada uma análise inferencial das tendências de preço e quantidade das principais categorias de mercado e de suas correlações. A avaliação ecológico-econômica evidencia uma tendência de escassez das espécies-alvo da pesca e de algumas espécies de nível trófico, longevidade e comprimento máximo altos, além do fenômeno \"pricing down the food web\". Portanto, a base de dados do mercado provou ser valiosa para compreender a dinâmica da pesca numa perspectiva ecossistêmica. / Changes in marine ecosystems and fisheries resources due to the fishing pressure can be detected by multispecies indicators. These are, usually, applied to catch or landing time series, jointly the resources bio-ecological data. However, there is an alternative approach, based on market data that could be used. In this study, several multispecies indicators were applied to data from Southeastern/Southern Brazil, integrating ecological and economics aspects to this region in an unprecedented way. Fishery landings and market values for the period 1968-2007 were used, besides bio-ecological classification of seafood categories (trophic level, longevity, maximum length and depth). Trends of these parameters by landings and market quantities and prices were analysed. The Marine Trophic Index, Fishing-in-Balance and the Logarithm Relative Price Index were also applied. Moreover, an inferential analysis of individual categories statistical trends in market prices and quantities and their correlations were done. The joint ecological-economic analysis provided evidence of the scarcity of most higher trophic level, longevity and maximum length categories and fisheries target species, besides the \"pricing down the food web\" phenomenon. Therefore, the market database proved to be priceless to understand the fishery dynamic in an ecosystem perspective.

A dissertação aborda e compara as características dos índices de Sharpe (SR) e suas variantes, SRc e SRd, Sharpe generalizado (GSR ) e potencial de investimento (IP), sendo os índices GSR e IP associados a alguma função de utilidade. Pelo fato de o GSR e o IP serem idênticos, testes empíricos foram realizados entre SRc e o GSR. Ambos foram avaliados teoricamente sob dois aspectos, o que definimos de análise retrospectiva, i.e., análise de séries de log-retornos mensais observados, e a análise prospectiva, i.e., séries a ocorrer. No âmbito prospectivo, ex ante facto, o SRc (índice de Sharpe com variável de estado normal) e o SRd (índice de Sharpe com variável de estado lognormal), por estarem associados à função de utilidade quadrática, apresentam distorções como o ponto bliss e o agente econômico bomba de dinheiro. O mesmo ocorre no âmbito retrospectivo, ex post facto, com o GSR (potencial de desempenho de ativos de risco para indivíduos com função de utilidade HARA) quando o coeficiente de aversão ao risco é igual a um negativo, gama=-1. No entanto, o GSR pode ser associado a funções de utilidade diferentes da quadrática evitando seus efeitos indesejáveis. Sob a suposição de movimento browniano geométrico (MBG) e da utilidade HARA para o preço mensal ajustado de ações brasileiras e americanas e para pontos mensais de índices brasileiros e americanos, entre janeiro de 2000 e março de 2008, obtivemos os seguintes resultados: (1) o índice GSR para utilidade quadrática apresentou elevada correlação com o SRc; (2) a menor correlação de GSR com SRc ocorreu para utilidade logarítmica; (3) para a utilidade exponencial, o GSR apresenta elevado grau de correlação com o SRc. Os resultados mostraram que o GSR com utilidade exponencial é o índice que menos se aproxima do comportamento do GSR com utilidade quadrática. Sabendo-se das distorções da utilidade quadrática, a adoção do GSR com gama=1 parece mais adequado para a classificação de ativos de risco. / This master dissertation studies and compares the characteristics of Sharpe ratio and its variants, SRc and SRd, generalized Sharpe ratio (GSR) and investment potential (IP), both GSR and IP associated to any utility function. By the fact that GSR and IP are identical indexes, empiric tests were conducted between SRc and GSR. The indexes were evaluated theoretically under two different aspects: retrospective analysis, i.e., analyze the observed monthly log-returns, and prospective analysis, i.e., series to occur. Under prospective view, ex ante facto, SRc (Sharpe ratio with normal state variable) and SRd (Sharpe ratio with lognormal state variable), for being associated to the quadratic utility function, show the inherent problems to utility functions such as the bliss point and the pump money economic agent. The same happens in a retrospective view, ex post facto, with the GSR (performance potential with HARA utility function family) when the risk aversion coefficient equals minus one, gama=-1. Therefore, the GSR can be associated to different utility functions avoiding the undesirable effects. Under the GBM (geometric Brownian motion) condition and HARA utility function for the Brazilian and American adjusted monthly stock prices and indexes monthly points during January 2000 and March 2008, we reached the following: (1) results indicate that GSR for quadratic utility has high correlation level with SRc; (2) while the logarithmic utility showed lowest correlation level between GSR and SRc; (3) exponential utilities showed a high level of correlation between GSR and SRc. The results showed that GSR with exponential utility kept the biggest behavior difference for the GSR with quadratic utility. Based on the knowing problems of the quadratic utility, GSR with gama=1 seems to be a better index choice for risk assets classification.

The aim of this thesis is to assess and interpret the impact of spatial planning on the prices of selected plots in Napajedla and Otrokovice. In order to achieve this goal, the appropriate sites were selected and simulated to be located both in non-construction areas and in built-up areas according to different levels of spatial planning. The plots were considered as agricultural land for construction and construction. The valuation was made using the price determined by means of a valuation decree and also the price usual by direct comparison. Prices of compared land were obtained from realized purchase contracts from the real estate cadastre and from offers from real estate servers. In conclusion, the results in both cities will be compared and the factors influencing the results will be evaluated.