Submitted by Julia de Lamare (ju_delamare@hotmail.com) on 2016-03-10T14:23:56Z No. of bitstreams: 1 Dissertação Julia de Lamare - versão final 10.03.2016.pdf: 1781385 bytes, checksum: 5e0a14bc6abef953bdd67e2359263eaf (MD5) / Approved for entry into archive by BRUNA BARROS (bruna.barros@fgv.br) on 2016-03-16T13:15:30Z (GMT) No. of bitstreams: 1 Dissertação Julia de Lamare - versão final 10.03.2016.pdf: 1781385 bytes, checksum: 5e0a14bc6abef953bdd67e2359263eaf (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-03-18T13:37:12Z (GMT) No. of bitstreams: 1 Dissertação Julia de Lamare - versão final 10.03.2016.pdf: 1781385 bytes, checksum: 5e0a14bc6abef953bdd67e2359263eaf (MD5) / Made available in DSpace on 2016-03-18T13:37:28Z (GMT). No. of bitstreams: 1 Dissertação Julia de Lamare - versão final 10.03.2016.pdf: 1781385 bytes, checksum: 5e0a14bc6abef953bdd67e2359263eaf (MD5) Previous issue date: 2016-02-15 / Environmental regulation lacks transparency. Agencies responsible for environmental protection, in most of the cases, only publish the final versions of the regulatory measures adopted, without further details on supporting, technical justifications, alternatives considered and possible contributions from social participation, among other issues. As a consequence, the environmental management faces accountability issues. To overcome this scenario, the regulatory impact analysis is presented as an instrument able to add clarity, objectivity and efficiency to environmental decision making. The incorporation of the tool, however, should be performed with particular caution, in view of three major peculiarities of Environmental Law. Firstly, the sector not only handles with risk, but also with uncertainty, in which due to the absence of information, it is impossible to make probability calculation about possible outcomes. Secondly, environmental regulation deals with non-tradable assets to which traditional cost-benefit analysis is not easily applicable. Finally, the environmental regulatory authority is shared by various agencies at all levels of government, increasing the odds of technical failures. / A regulação ambiental carece de maior transparência. Os órgãos de proteção do meio ambiente, em regra, apenas publicam as versões finais das medidas elaboradas, sem explicitar as justificativas técnicas que as embasaram, as alternativas consideradas e as possíveis contribuições decorrentes de participação social, entre outras questões. Em consequência, tem-se um cenário desfavorável à realização de controle pelos mais diversos atores. Para superá-lo, a análise de impacto regulatório é apresentada como instrumento apto a agregar clareza, objetividade e eficiência ao processo decisório ambiental. A incorporação da ferramenta, no entanto, deve ser realizada com cuidado especial, tendo em vista a existência de três principais peculiaridades do direito do meio ambiente. Primeiro, o setor lida não só com situações de risco, mas também com casos de incerteza, em que a ausência de informação impossibilita o cálculo de probabilidade de ocorrência de possíveis resultados. Em segundo lugar, a regulação ambiental recai sobre bens não transacionados em mercados, o que dificulta a obtenção de seu valor de troca, aspecto relevante para a análise de custo-benefício como tradicionalmente conhecida. Por fim, o meio ambiente apresenta desenho regulatório absolutamente fragmentado, composto por variados órgãos normatizadores, deliberativos e fiscalizadores em todos os níveis da federação, o que eleva o risco de deficiências na formação técnica das autoridades reguladoras.

This study briefly discusses land restitution in several countries in Europe and the Americas, the history of land deprivation in South Africa, and the legislation introduced to remedy the inequality of land ownership. Differing interpretations of the legislation in respect of the valuation of land to be purchased by the state for restitution purposes and the valuation formulae recommended at various times by the state and its advisors are discussed. Some of the problems encountered in the implementation of the South African restitution program, including the highly emotional expropriation/confiscation issues, are mentioned. Three case studies based on these differing interpretations are given. The case studies illustrate the evolution of the interpretations of the legislation concerning land restitution valuations in South Africa. / School: Management sciences / M. Tech. (Real Estate)

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)

This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.

Bakgrund: Denna studie är ett test av investeringsstrategi baserad på relativvärdering av multiplar. Den multipel som kommer att studeras som investeringsstrategi är Price-to-Book (P/B). Valet av multipel på P/B beror på att det är en väl omskriven multipel som fortfarande väcker frågeställningar avseende betydelsen av bokfört värde i kombination med marknadsvärde. Syfte: Syftet med denna studie är att undersöka och analysera multipeln P/B som investeringsstrategi för aktier. Vidare syftar studien till att undersöka aktier med låga respektive höga P/B från de olika börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Genomförande: Sex portföljer skapas baserat på låga respektive höga P/B från de marknadsvärdemässiga börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Portföljerna ombalanseras årligen och följs mellan 2006 och 2016. Resultat: Fyra av sex portföljer har högre ackumulerad avkastning än jämförelseindex före och efter riskjustering. Dock hindrar svag statistisk evidens påvisande av överavkastning över tid. På motsvarande vis finnes svaga säkerställda skillnader i avkastning mellan låga och höga P/B. Ej heller förefaller det förekomma signifikanta skillnader i avkastning och risk mellan portföljer på Small, Mid och Large Cap. / Background: This study is a test of an investment strategy based on relative valuation of multiples. The multiple to be studied is Price-to-Book (P/B). P/B is chosen because although previously researched, the implications of book values paired with market values are still not well understood. Aim: The aim of this study is to examine and analyze the multiple P/B as an investment strategy for stocks. Moreover, this study intends to examine stocks with low and high P/B: s from the Small, Mid and Large Cap on the Stockholm Stock Exchange. Completion: Six portfolios are created based on low and high P/B: s respectively from the market value-based stock exchange lists Small, Mid and Large Cap on the Stockholm Stock Exchange. The portfolios are rebalanced annually and are followed between 2006 and 2016. Results: Four out of six portfolios exhibit higher levels of cumulative returns than the chosen stock index before and after adjusting for risk. However, weak statistical evidence prevent conclusive showings of excess returns over time. Similarly, we find weak support for differences in returns between low and high P/B: s. Neither does there seem to exist significant differences in return and risk between the Small, Mid and Large Cap.

The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.

The output of this Master´s Thesis on the theme "Valuation of the company Tank ONO, s.r.o." is the estimation of market value of company as at the date of December 31, 2014, with the goal of selling off the company to a hypothetical general investor in the future. The theoretical part includes metodology and instruments used for company valuation, eg definition of main terms, explanation of valuation proces and methods, that are recognised as valid by specialised public. Afterwards, the second part (eg practical part) is aimed at applying the metodology in practice. First, the valuated company is shortly introduced and it is followed by financial and strategic analysis in order to evaluate the financial soundness and assess the perspective for company future. The conclusions of the above analysis are used for elaborating the value drivers and complex financial plan, that is followed by valuation of Tank ONO, s.r.o. In light of the company capital structure, there is chosen DCF equity method for final valuation, in this Thesis.

The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.

The main objective of this diploma thesis is assessment of a sports centre according to a favourableness of adaptation to a different forms of utilization. The particular subject assessed is badminton sports centre located at Úlehlova street in Brno. First of all the current state of the sports centre is described and assessed by using valuation methods. Subsequently various possibilities of adaptation to different forms of utilization are determined according to a popularity of indoor sports, expensiveness, technical feasibility and analysis of a real estate market. Each variant is valued by cost, income and sales comparison approach. Eventually the favourableness of each variant is considered and the most favourable one is chosen

The diploma thesis deals with the issue of sale/lease of an apartment in the Královo Pole district cadastral area of Sadová. The main objective of the work was to find out the selling/rental price of the apartment unit in the new building, available 2+kk with standard equipment in Sadová. The price calculation was performed according to statutory regulations, standards and coefficients. At the same time, the price and quality levels of the offered housing units in the surrounding Brno localities were monitored and compared. The secondary objectives of the diploma thesis were the analysis of the housing market in Brno and its description including the preferences for the selection of the housing unit. The market indices used were used for the valuation of the dwelling unit and the price of the land included in the dwelling unit was included in the resulting price. The award was made by cost and comparison method. Sales/ rental pricing calculations were verified through direct comparison and Grubbs test. The rental method used to measure sales/rentals was used to determine the usual rent. In the last chapter of the analytical section, an appropriate procedure for purchasing a new dwelling unit was proposed.