Subsidising investment in lagging regions is an important regional policy instrument in many countries. Some argue that this instrument is not specific enough to concentrate the aid towards the regions that are lagging behind most, because investment subsidies benefit capital owners who might reside elsewhere, possibly in very rich places. Checking under which conditions this is true is thus highly policy relevant. The present paper studies regional investment subsidies in a multiregional neoclassical dynamic framework. We set up a model with trade in heterogeneous goods, with a perfectly integrated financial capital market and sluggish adjustment of regional capital stocks. Consumers and investors act under perfect foresight. We derive the equilibrium system, show how to solve it, and simulate actual European regional subsidies in computational applications. We find that the size of the welfare gains depends on the portfolio distribution held by the households. If households own diversified asset portfolios, we find that the supported regions gain roughly the amounts that are allocated to them in the form of investment subsidies. If they only own local capital stocks, a part of the money is lost through the drop in share prices. From the point of view of total welfare, the subsidy is not efficient. It can lead to a welfare loss for the EU as a whole and definitely leads to welfare losses in the rest of the world, from where investment ows to the supported EU regions.

La presente investigación tiene como finalidad evaluar el impacto de la táctica de negociación “ganar – ganar” sobre la creación de valor compartido de los proyectos residenciales de unidades premium localizados en Santiago de Surco, desde un ángulo estratégico - gerencial. La importancia del estudio se relaciona con validar el aporte de una metodología de negociación al posicionamiento y a la capacidad competitiva de los proyectos en mención. El estudio consta de seis capítulos. En el primero se desarrolla la literatura más adecuada para justificar teóricamente los fundamentos y resultados del estudio; se describe brevemente el desempeño del sector inmobiliario en los últimos cinco años; y, finalmente, se identifican las características de la oferta y demanda del mercado premium, a nivel Lima Metropolitana y Santiago de Surco. El segundo capítulo presenta las pautas generales que direccionan la investigación. El tercer capítulo describe la metodología seleccionada en función a las características del problema de investigación (ruta cualitativa y diseño etnográfico). El cuarto capítulo desarrolla el proceso para la extracción de información de la muestra de especialista y homogénea. En la misma línea, se desarrolla el “Índice creación de valor compartido ajustado al segmento residencial premium” con el objetivo de identificar a los proyectos creadores de valor compartido. El quinto capítulo exhibe los resultados obtenidos a través de la validación de las hipótesis planteadas; de la misma manera, revela el tipo de relación existente entre las variables de estudio. Finalmente, el sexto detalla las conclusiones y recomendaciones. / The purpose of this research is to assess the impact of the winning negotiating tactic on the creation of shared value of residential projects of premium units located in Santiago de Surco, from a strategic - managerial angle. The importance of the study relates to validating the contribution of a trading methodology to the positioning and the competitive capacity of the projects mentioned. The study consists of six chapters. The first develops the most appropriate literature to theoretically justify the fundamentals and results of the study; briefly describes the performance of the real estate sector over the past five years; and finally, the characteristics of the offer and demand of the premium market are identified, at the Lima Metropolitana and Santiago de Surco level. The second chapter presents the general guidelines that address the research. The third chapter describes the methodology selected based on the characteristics of the research problem (qualitative path and ethnographic design). The fourth chapter develops the process for extracting information from the specialist and homogeneous sample. In the same vein, the "Premium Residential Segment Adjusted Shared Value Creation Index" is developed to identify shared value creator projects. The fifth chapter shows the results obtained through the validation of the assumptions raised; in the same way, it reveals the type of relationship between study variables. Finally, the sixth details the conclusions and recommendations. / Tesis

The construction and real estate industry accounts for a large share of the global energy consumption. Thus, an onerous responsibility is resting on the shoulders of the property owners and developers to alleviate the emissions derived from the real estate sector. With the escalating necessity for undertaking measures aimed at averting additional negative impact on the climate, a rising level of engagement from governmental as well as private stakeholders emerges. As a consequence of the negative development in the sector, and with tenants willing to pay rentalpremiums to be seated in premises in buildings certified as green, the issuance of green certifications have surged. The purpose of this study is to examine whether the distance from the city center has an impact on the green sales premiums for commercial office properties on the Swedish property market, to be able to compose more accurate calculations of green investments. This is investigated ona national level, as well as for cities exceeding 200,000 inhabitants. The study is a quantitative study which uses hedonic regression models to answer the research questions. The data used is collected through a transaction database provided by Cushman & Wakefield Sweden, with additional data from Sweden Green Building Council and Statistics Sweden, among others. The results conclude an incremental green premium of 14.80% at the 1 km mark from the city center for the country level data set, and 31.92% for the larger cities, at the 10%, respective 1% level of significance. However, some coefficients are inconsistent and the author highlights potential deficiencies within the course of action. / Bygg- och fastighetssektorn står idag för en stor del av den globala energiförbrukningen. Därmed vilar ett tungt ansvar på fastighetsutvecklare, förvaltare och andra aktörer i branschen för att minska utsläppen från fastighetssektorn. Med det ökande behovet av att vidta åtgärder för att undvika ytterligare negativ påverkan på klimatet, har även engagemanget från både offentliga och privata aktörer tilltagit. Som en konsekvens av den negativa utvecklingen inom sektorn och att hyresgäster är villiga att betala en premie för att husera i byggnader som är miljöcertifierade, har utfärdandet av gröna certifikat ökat markant. Syftet med denna studie är att undersöka om avståndet från centrum har en inverkan på den gröna försäljningspremien för kommersiella kontorsfastigheter på den svenska fastighetsmarknaden, för att kunna göra mer exakta investeringskalkyler gällande investeringar i miljöcertifierade fastigheter. Detta undersöks på dels nationell nivå, och dels för städer med över 200 000 invånare. Studien är en kvantitativ studie som använder hedoniska regressionsmodeller för att besvara forskningsfrågorna. Dataseten komponeras med hjälp av en transaktionsdatabas som tillhandahålls av Cushman & Wakefield Sweden, tillsammans med ytterligare data från bl.a. Sweden Green Building Council och Statistiska centralbyrån. Resultatet indikerar en ökande grön premie om 14,80% vid 1 km från stadens centrum för datasetet på nationell nivå, och 31,92% för de större städerna, vid 10% respektive 1% signifikansnivå. Vissa koefficienter är dock inkonsekventa och författaren lyfter fram potentiella brister i handlingsförloppet.

Purpose: The purpose of this thesis paper is to evaluate what the current market practice of real estatevaluation and investment decisions is when it comes to different leasing risks and the risk premium.With regard to some of the ongoing trends within real estate, it is believed that investor preferencesaffect the market practice and the underlying theories of valuation does not fully comply to the currentmarket practice. Method: The implementation of the method is stage wise. At first already existing research andliterature was evaluated and triangulated to find relevant knowledge as basis for the theoreticalframework. Afterwards an analysis was performed to answer whether there is a research gap or not.By analyzing the literature, a research gap as well as potential problems related to leasing risks wasfound. The second phase consisted of a qualitative method where experts in the field were interviewedregarding leasing risk to evaluate whether the problem exist in practice or only in literature.Experts on the topic also helped to develop the questions consequently delivered to the interviewees.The mentioned strategy was done with guidance of our tutor Han-Suck Song at KTH and DanielHolmkvist at CBRE. Interviews: Nine interviews were conducted where experts in the business (consultants and propertyfirms) participated to deliver different perspectives on the research question. All interviews were madein Stockholm and held in Swedish and afterwards translated to English. Results: The results consist of the answers from the interview-part, where the relevant findings weresummarized and pin-pointed with regard to the respective field of business and property segment.The general themes that arose throughout the methods are presented, as well as the extremes in termsof opinions and answers. It was found that there is a clear relationship between the leasing risk and therisk premium for commercial real estate. The relationship depends on several factors such asgeographical location, the different submarkets and finally the segment. A municipal- or corporate bondcannot be fully comparable to a leasing contract but for a 20 year or longer contract where the tenant ispublicly financed, the contract can become an interesting investment alternative due to the currentinterest rate cycle. Finally the leasing contract needs to be more effortless to liquidate in order to becomparable to the bond situation. Scientific relevance: The recent transaction activity on the Swedish real estate market has been ratherdefensive for multiple segments the last twelve months with an exception of community properties.A common understanding is that such objects feature “stable tenants” and are viewed as a safeinvestment by the market. This investment practice raises the awareness of what a stable tenant is, andhow the consultants and property owners’ reason during investments and appraising decisions.This research paper illustrates that a common perception on the subject is that the risk exposurecompletely depends on the specific segments, location or contract length etc. The academic researchexplains the theory behind how to derive the discount rate for an investment decision, however thisstudy has during the literature review proven that several important concepts are left out in the theorypartand thus does not fully cover phenomena’s that investors and appraisers are exposed to duringmarket practice. The most critical part is how to relate leasing risk to the risk premium on the Swedishmarket. Since this study focuses on specifically the Swedish market it is crucial to relate to suitableliterature review for further discussions. On foreign markets, more rigid literature on the subject wasfound. / Syfte: Syftet med detta examensarbete är att undersöka vad den aktuella marknadspraxisen inomfastighetsvärdering samt investeringsbeslut är gällande olika nivåer av hyresgästrisker och riskpremie. Metod: Genomförandet av undersökningen har gjorts i två steg. I ett första steg har tidigare forskninginom ämnet analyserats för att finna relevant teori samt identifiera eventuella forskningsgap. Efteranalysen konstaterades ett uppenbart informationsgap inom litteraturen relaterat till hyresgästrisker.Den andra fasen bestod av en kvalitativ metod där experter inom området har intervjuats gällandehyresgästrisker, för att utvärdera om problemet finns i praktiken eller endast i teorin. För att konstruerafrågorna fick vi assistans av experter inom ämnet via våra handledare Han-Suck Song, KTH och DanielHolmkvist, CBRE. Intervjuer: Nio intervjuer genomfördes med experter inom ämnet där både konsulter ochfastighetsägare deltog för att presentera olika synvinklar på problemet. Samtliga intervjuer ärgenomförda i Stockholm och på svenska. Intervjuavsnitten har översatts till engelska i efterhand. Resultat: Resultatavsnittet består av de svar som har erhållits från intervjuerna, där relevantaresonemang har summerats och noggrant strukturerats för att koppla marknadsområden till korrektfastighetssegment. Återkommande teman och ämnen har presenterats i resultatavsnittet, så väl somavvikande uppfattningar. Resultatet visar att det finns ett tydligt samband mellan riskpremium ochhyresgästrisker gällande kommersiella fastigheter. Sambandet beror på ett flertal faktorer där läge ochfastighetssegment har störst inverkan på riskpremien. Gällande obligationsmarknaden går det inte attlikställa ett hyresavtal med en obligation under något förhållande. Däremot om avtalet avser enkontraktslängd på 20 år eller längre och en offentligt finansierad hyresgäst så kan kassaflödet bli ettintressant investeringsalternativ till befintliga obligationer på marknaden. Detta beror till stor del pånuvarande ränteläge. Slutligen måste ett hyresavtal bli lättare att omsätta för att kunna jämföras meden alternativ obligation. Vetenskaplig relevans: Transaktionsaktiviteten på den svenska fastighetsmarknaden har varit relativtdefensiv för flertalet segment med undantag för samhällsfastigheter de senaste tolv månaderna. Dengenerella uppfattningen är att samhällsfastigheter avser ”stabila hyresgäster” och därmed ses som enmindre riskfylld investering. Detta medför frågeställningen, vad avses för att klassificera en hyresgästsom stabil, och hur resonerar konsulter samt fastighetsägare vid investerings- och värderingsbeslut?Efter att ha genomfört undersökningen går det att konstatera att en allmän uppfattning bland experterinom området är att hyresgästrisken till största del beror på vilket segment, lokalisering ellerkontraktslängd som avses. Den akademiska litteraturen förklarar hur diskonteringsräntan härleds förinvesteringsbeslut, men denna undersökning visar att den tillgängliga litteraturen antingen utelämnarflera viktiga koncept eller inte tillräckligt belyser fenomen som investerare och värderare möter i sittpraktiska arbete. Det grundläggande avsnittet som svensk litteratur till viss del utelämnar är sambandetmellan risk premium och hyresgästrisk på specifikt den svenska marknaden. Det finns utländsk litteratursom belyser denna typ av frågeställningar, men just för den svenska marknaden är litteraturen till vissdel ej tillräcklig och därmed har ett potentiellt forskningsgap inom området identifieras.

The luxury market has steadily grown from the industrial revolution and onwards. Changes in society, trends and the increased living standards has enabled more people to consume luxury goods. The world is going through a major economic crisis at the moment. Studies shows that companies that have focused on added value rather than lowering prices has survived past financial crisis. It is also obvious that companies act very different during times of crisis. Adding to the problem is trends that point to a more careful consumption and environmental awareness. Different source suggest different opinions on the situation and future for the luxury market. The purpose of the study is to answer what strategies are important for luxury brands during a financial crisis. To answer this a qualitative study is performed on Swedish luxury brands to analyse what their strategies are during the current economic crisis and compare that to how ”exclusive” or ”luxurious” they are considered. This to investigate if there is a relationship between a brands exclusiveness and chosen strategy.

[ES] Las marcas han servido desde su origen para que los consumidores puedan distinguir los artículos de distintos productores y constituyen unos de los principales activos de las compañías. Sin embargo, las marcas han estado ausentes durante muchos años de los productos frescos como las frutas y las hortalizas. A lo largo de las últimas décadas varios autores como David Aaker y Kevin Lane Keller han elaborado diversas propuestas para establecer modelos que permitan medir el Valor de Marca desde la perspectiva del consumidor. En la presente tesis partimos de la hipótesis de que la aparición en el mercado de marcas a consumidor final en productos frescos como frutas y hortalizas ha alcanzado la suficiente presencia como para que los consumidores sean capaces de percibir diferencias con respecto a los productos de su misma categoría, en función de las distintas dimensiones que componen el Valor de Marca desde la perspectiva del consumidor, y pagar un precio mayor por ellas. Los objetivos de esta tesis son evaluar el Valor de Marca desde la perspectiva del consumidor en los productos frescos como frutas y hortalizas adaptando la metodología existente para aplicarlo a tres marcas concretas. Analizar la presencia de marcas y evaluar la percepción de los miembros de los canales de comercialización del mercado de frutas y hortalizas sobre las marcas a consumidor final. Proponer un modelo/escala de Valor de Marca desde la perspectiva del consumidor basado en la metodología existente que permita medir dicho valor en las marcas de frutas y hortalizas frescas. Aplicar el modelo/escala de Valor de Marca desde la perspectiva del consumidor a tres marcas comerciales y realizar una segmentación de consumidores La metodología ha consistido en un trabajo exploratorio que se concretó en un análisis cualitativo mediante entrevista en profundidad semiestructurada a expertos. Los resultados de este análisis cualitativo se utilizaron para diseñar el cuestionario que mide el Valor de Marca en el contexto de los productos frescos como frutas y hortalizas. Este cuestionario se utilizó para realizar una investigación descriptiva que se materializó en un análisis cuantitativo mediante encuesta online a consumidor final. Las entrevistas con los expertos de los canales de producción y comercialización han dado como resultado la selección de las marcas Plátano de Canarias, Zespri y Kumato y la adaptación de las dimensiones de la marca al contexto de las frutas y hortalizas. A partir de estos resultados se ha elaborado una escala de Valor de Marca desde la perspectiva del consumidor adaptada a las marcas de frutas y hortalizas que ha sido validada mediante encuesta a consumidor final. El consumidor aprecia como distintivas las dimensiones analizadas en la escala propuesta y señala las dos dimensiones de Singularidad y Responsabilidad Social Corporativa como las que más se relacionan con la disponibilidad a pagar un precio premium por una marca determinada. Se puede concluir que los miembros de los canales de producción y comercialización son conscientes del Valor de Marca desde la perspectiva del consumidor. Este Valor de Marca se puede medir adaptando las herramientas existentes mediante encuesta a consumidor final. Los consumidores reconocen las dimensiones de las distintas marcas de frutas y hortalizas que existen en el mercado español y valoran unas más que otras a la hora de pagar un precio mayor por ellas. / [CA] Les marques han servit des del seu origen perquè els consumidors puguen distingir els articles de diferents productors i constitueixen uns dels principals actius de les companyies. No obstant això, les marques han estat absents durant molts anys dels productes frescos com les fruites i les hortalisses. Al llarg de les últimes dècades diversos autors com David Aaker i Kevin Lane Keller han elaborat diverses propostes per a establir models que permeten mesurar el Valor de Marca des de la perspectiva del consumidor. En la present tesi partim de la hipòtesi que l'aparició en el mercat de marques a consumidor final en productes frescos com a fruites i hortalisses ha aconseguit la suficient presència com perquè els consumidors siguen capaços de percebre diferències respecte als productes de la seua mateixa categoria, en funció de les diferents dimensions que componen el Valor de Marca des de la perspectiva del consumidor, i pagar un preu major per elles. Els objectius d'aquesta tesi són adaptar la metodologia existent per a avaluar el Valor de Marca des de la perspectiva del consumidor en els productes frescos com a fruites i hortalisses i aplicar-lo a tres marques concretes. Analitzar la presència de marques i avaluar la percepció dels membres dels canals de comercialització del mercat de fruites i hortalisses sobre les marques a consumidor final. Dissenyar un model/escala de Valor de Marca des de la perspectiva del consumidor basat en la metodologia existent que permeta mesurar aquest valor en les marques de fruites i hortalisses fresques. Aplicar el model/escala de Valor de Marca des de la perspectiva del consumidor a tres productes i realitzar una segmentació de consumidors. La metodologia ha consistit en un treball exploratori que es va concretar en una anàlisi qualitativa mitjançant entrevista en profunditat semiestructurada a experts. Els resultats d'aquesta anàlisi qualitativa es van utilitzar per a dissenyar el qüestionari que mesura el Valor de Marca en el context dels productes frescos com a fruites i hortalisses. Aquest qüestionari es va utilitzar per a realitzar una investigació descriptiva que es va materialitzar en una anàlisi quantitativa mitjançant enquesta online a consumidor final. Les entrevistes amb els experts dels canals de producció i comercialització ha donat com a resultat la selecció de les marques Plàtan de Canàries, Zespri i Kumato i l'adaptació de les dimensions de la marca al context de les fruites i hortalisses. A partir d'aquests resultats s'ha elaborat una escala de Valor de Marca des de la perspectiva del consumidor adaptada a les marques de fruites i hortalisses que ha sigut validada mitjançant enquesta a consumidor final. El consumidor aprecia com a distintives les dimensions analitzades en l'escala proposada i assenyala les dues dimensions de Singularitat i Responsabilitat Social Corporativa com les que més es relacionen amb la disponibilitat a pagar un preu premium per una marca determinada. Es pot concloure que els membres dels canals de producció i comercialització són conscients del Valor de Marca des de la perspectiva del consumidor. Aquest Valor de Marca es pot mesurar adaptant les eines existents mitjançant enquesta a consumidor final. Els consumidors reconeixen les dimensions de les diferents marques de fruites i hortalisses que existeixen en el mercat espanyol i valoren unes més que unes altres a l'hora de pagar un preu major per elles. / [EN] Brands have been used since their origin to enable consumers to distinguish goods from different producers and are one of the main assets of companies. However, brands have been absent for many years from fresh produce such as fruit and vegetables. Over the last decades, several authors such as David Aaker and Kevin Lane Keller have developed several proposals to establish models to measure Brand Equity from the consumer's perspective. In this thesis, we start from the hypothesis that the appearance in the market of end-consumer brands in fresh products such as fruit and vegetables has achieved sufficient presence for consumers to be able to perceive differences with respect to products of the same category, according to the different dimensions that make up the Brand Equity from the consumer's perspective, and to pay a higher price for them. The objectives of this thesis are to adapt the existing methodology for assessing Brand Equity from the consumer's perspective in fresh produce such as fruit and vegetables and apply it to three specific brands; to analyse the presence of brands and to evaluate the perception of the members of the marketing channels of the fruit and vegetable market on the brands to the final consumer; to design a Brand Equity model/scale from the consumer's perspective based on the existing methodology to measure the Brand Equity of fresh fruit and vegetable brands; and to apply the Brand Equity model/scale from the consumer's perspective to three products and perform a consumer segmentation. The methodology consisted of exploratory work that took the form of a qualitative analysis by means of a semi-structured in-depth interview with experts. The results of this qualitative analysis were used to design the questionnaire that measures Brand Equity in the context of fresh produce such as fruit and vegetables. This questionnaire was used to carry out descriptive research that materialised in a quantitative analysis by means of an online survey of end consumers. The interviews with experts in production and marketing channels resulted in the selection of the brands Plátano de Canarias, Zespri and Kumato and the adaptation of the brand dimensions to the context of fruit and vegetables. Based on these results, a Brand Equity scale has been developed from the consumer's perspective, adapted to the fruit and vegetable brands and validated by means of a survey of end consumers. The consumer appreciates the dimensions analysed in the proposed scale as distinctive and identifies the two dimensions of Uniqueness and Corporate Social Responsibility as those most closely related to the willingness to pay a premium price for a given brand. It can be concluded that members of the production and marketing channels are aware of Brand Equity from a consumer perspective. This Brand Equity can be measured by adapting existing tools through end-consumer surveys. Consumers recognise the dimensions of the different fruit and vegetable brands on the Spanish market and value some more than others when it comes to paying a higher price for them. / Marín Armero, A. (2022). Valor de marca en productos frescos: frutas y hortalizas [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/184339

The luxury industry is one of the most powerful and solid industries of all times. In 2015, it surpassed €1 trillion in retail sales value, increasing year after year with a constant growth rate around 5% at constant exchange rates. However, the luxury goods market found a slowdown in its growth, national economies started to recover step by step after the 2008-09 economic crisis and the market keeps attracting wealthy Chinese tourist's. Indeed, they bought half of the luxury goods sold in 2015. The purpose of this thesis is to understand the Global personal luxury goods evolution over the years and the increasing role of Chinese consumers who fuel its continued growth. It provides an historical overview, summarizes the economic analysis of the industry, and includes a literature about the motivations of Chinese luxury purchases.

Is luxury consumption incompatible with simple living? ... or not? For most of the people the question and the answer are obvious. On the first sight, it seems that there is no compatibility at all. How can luxury that is often connected and used as a synonym for opulence, excessive useless things and so on be even placed in one sentence with such a frugal concept as simple living? The purpose of this thesis is to define the framework and the issues that arise when putting the two concepts together. The findings of the thesis can be treated in deeper research that can follow and be inspired by this thesis. In order to prove and explain the analytical part, the findings are applied on real life examples. The theoretical part defines what luxury is, what its specific attributes are and why it stands apart from the "traditional" marketing approach. What is more, the impact of internalization and globalization on the luxury products and services is particular and cannot be treated in the same manner as for the mass consumption brands. The second analytical part treats the concept of simple living, the common misunderstandings and the philosophy of the concept. The two concepts are then put together in order to search for some for the points in common and the incompatibilities. The last chapter is dedicated to a practical illustration of the theory stated. Five star spa hotel and forest retreat Chateau Mcely is used as an example of luxury meeting simple living in some areas. The hotel is briefly introduced starting with the history of the building and then the modern history of the today's hotel after it was acquired by the actual owners, Inéz and James Cusumano. The mission statement and the principal idea of the project are detailed same as is the marketing mix of Chateau Mcely. And finally, the sustainability and ways of creating it are presented in order to underline the symbiosis of luxurious hotel and simple living, at least in some domains.

The dissertation thesis deals with discounts and premiums in business valuation, especially lack of marketability discount and control premium (minority discount). There are no complex theoretical publications concerning these topics in the Czech Republic. Abroad, the publications are mostly descriptions and results of empirical studies originated in U.S. markets. These empirical studies usually deal with a single or a few aspects of a discount or premium. There are still some blank areas in the discounts and premiums theory even abroad, such as the sources of control premium, relationship between the levels of value and standards of value, the relation between the value of a company as a whole and the value at the level of shareholders. I develop a theoretical model of control premium, in the dissertation, which is trying to fill-in these blank areas and thus help practitioners to deal with the control premium or minority discount in a correct way. Moreover the model shows how protection of minority shareholders in general and especially during acquisitions influences the magnitude of control premium. It also shows that the magnitude of control premium depends on the market competition structure. If the competition is perfect (as we can suppose it would be at financial markets for minority interests) or there is a strong oligopsonistic competition the subjects of transaction are not able to influence the price, whereas for monopsonic structure (as it usually is in the M&A market in the Czech Republic) the subjects can influence the price. For monopsonic structure at the M&A market I conclude it is impossible to estimate the value of transaction as a point estimate since it will depend on nonfinancial factors what the price of transaction will be. We can only estimate the upper and lower boundary of interval the final price of transaction will lie within. The boundaries are the maximum price for the acquirer and minimum price for the seller in the sense of German Köln School. The dissertation also tests the possibility and theoretical correctness of using the results of foreign empirical studies of discounts and premiums for valuing businesses in the CR. We analyze the methodology and synthetize the problems connected with application of results of various studies. I conclude that it is impossible to use the results directly in the conditions of the CR. I suggest there should be a deeper analysis done and factors that influence the magnitude analyzed and considered. We should not rely just on averages. The thesis also contains an empirical part testing the magnitude of the lack of marketability discount in the Czech Republic.

Sustainability has been heightened to a new level of importance, due to the current global race for commodities and conservation of our environment. Sustainable Buildings are of particular interest since buildings are significant contributors to consumption of resources. Since the inception of the United States Green Building Council (USGBC) in 1993, USGBC has played a key role in providing guidance to the design and construction community in building“green" structures. The Leadership in Energy and Environmental Design (LEED) rating system is an industry accepted standard for the design/construction and measurement of green buildings. Although USGBC provides guidance on performance measurement, a streamlined process of performance tracking and measurement has not been formalized. This research focuses on identifying vital areas of required tracking and measurement; to allow for a systematic analysis of costs and benefits, over the life of sustainable buildings. A case-study based on the recently designed and constructed East Hall LEED-Gold Certified, dormitory building at Worcester Polytechnic Institute (WPI), was undertaken to create and assess a life cycle costs analysis framework. This research is aimed at understanding what the costs of building green at WPI truly are. Life Cycle Cost Analyses of the mechanical, electrical, plumbing and roof components were evaluated to generate percent savings or percent added cost. This research reviewed the various green and non-green costs of construction, consumption, and operations and maintenance costs providing a comparative analysis to leading researchers in the field of costs and benefits of building green.