Arsenic contamination of drinking water is a serious public health issue in many areas of South and South East Asia. One study estimates that in Cambodia over 100,000 people are exposed, with the majority of those living in Kandal Province. In this thesis we present 3 original empirical studies focused on estimating nonmarket values for reduced arsenic risk water, based on primary data collected in May 2013. We also present a review paper which discusses the various economic techniques which have typically been used to estimate welfare values for cost-benefit analysis of mitigation strategies or appraisal of drinking water standards. The first empirical paper presents the results of a discrete choice experiment (DCE)to estimate willingness to pay (WTP) values for reduced arsenic water. We discuss the results of scale-extended latent class choice models and underlying differences in preferences and choice consistency. We find that a reduction in the permissible limit on arsenic in drinking water may best represent underlying household preferences for risk. The second empirical paper presents the results of a split sample choice experiment focusing on differences between money (WTP) and labour contributions (WTWork) as payment vehicles in terms of choice behaviour and attribute non-attendance. We find that the results from the two experiments are relatively consistent which reinforces our results from the previous chapter that focuses on WTP measures alone and adds credibility to the large numbers of DCEs conducted in rural areas of developing countries. The final empirical paper examines actual household behaviour relative to an arsenic testing and education campaign run by a local NGO. We find that the vast majority of households change their drinking water source upon being informed that it is unsafe. On average households that switch increase their expenditures. In doing so however they also reduce the amount of time spent collecting water which limits the use of expenditure changes as an approximation of welfare values.

This thesis examines the use of computer technology in the direct comparison method of valuation within the context of mass appraisal for rating and taxing purposes. Computer database, spreadsheet and statistical packages were utilised in the analysis of seven hundred and fifty residential land sales from two areas of Western Sydney. The prime objective of the research was to provide valuers with a personal computer based system that could be applied to direct comparison valuation. Two main approaches were taken in the analysis of sales and prediction of values. The first comprised stepwise multiple regression analysis. The second comprised the adjustment grid (or matrix) approach (which is based on paired sales techniques assisted by spreadsheet technology). The study has been limited to the analysis and prediction of values for residential land. Valuers who carry out mass appraisals may also be required to value industrial, commercial, and retail lands. Therefore, there is a need for further research relating to the applicability of the computerised techniques discussed in this thesis. / Master of Commerce (Hons.)

Thesis (B.Sc)--University of Hong Kong, 2004. / Includes bibliographical references (p. 137-140)

<p>The starting point of this Master Thesis have been utterances of well known investors during</p><p>the financial crisis which recommend to buy shares especially in the time of financial</p><p>downturn because one could buy good performing companies at a low price.</p><p>This arouse the question if broad fear of market participants during the financial crisis of 2007</p><p>to 2009 leads to undervaluation of companies which have not experienced influences of the</p><p>financial crisis.</p><p>The researchers found that this question must be answered positively.</p><p>The authors come to this result after they, in a first step, detected unaffected companies by</p><p>observing the key financial indicators (earnings, book value and operating cash flow) of the</p><p>600 constituents companies of the S&P 600 Small Cap Index during the time period from</p><p>2004 to 2008 (before and during the financial crisis).</p><p>In a second step the writers selected one company out of all unaffected companies and carried</p><p>out a valuation to find the fundamental (or intrinsic value) of this company. By comparing the</p><p>fundamental value of the company with its share price they found that this company was</p><p>undervalued.</p><p>In a third and last step the researchers discovered the indication that this undervaluation</p><p>results from investors' fear, as they could show that a confidence indicator that measures the</p><p>confidence of institutional investors correlates with the value of the S&P 600 Small Cap</p><p>Index but not with the financial indicators (in this case EBIT and Book Value) of the</p><p>constituents companies of the S&P 600 Small Cap Index.</p><p>Thus, the main research question if the broad fear of market participants leads to</p><p>undervaluation of companies which have not experienced influences of the financial crisis of</p><p>2007 – 2009 must be answered positively, as mentioned before.</p><p>Moreover, the hypothesis:</p><p>to 2009</p><p><em>Markets can be inefficient in the times of the financial crisis 2007, which the researchers established must be seen as true.</em></p>

Background: Over the last three years uranium prices have soard from US $14 per pound (lb) to the current price of US $120/lb and this rapid incline of the commodity have created a boom within the uranium prospecting and min-ing industry. There are currently 435 nuclear reactors all over the world and these reactors demand 180 millions of pounds of uranium each year to run at full production. Currently the uranium mining industry only sup-plies 110 million pounds of the demanded quantity. The remaining 70 mil-lion pounds are coming from secondary sources such as decommissioned nuclear warheads and other sources. Market estimations say that the sec-ondary sources will only cover the shortage up until around 2012 then primary sources have to supply almost the whole quantity demanded. These factors imply that some sort of analysis model for uranium mining companies would be needed. Purpose: The purpose of this report is to valuate three companies within the ura-nium industry and to establish if the current market value is coherent with the fundamental value of these companies. The authors will propose a valuation model that could be used when valuating companies within the uranium industry. Method: A qualitative method has been used in order to value three companies within the uranium mining business that are fairly large players on the market. The valuation of these companies is based upon a discounted cash flow analysis, a relative PV valuation and relative valuation. The compa-nies included in the report are corporations that are quoted at Toronto Stock Exchange and they have started mining uranium. Data have been collected through annual reports and the companies Internet pages. Other secondary information such as valuation theories has been collected from academic search engines and books on the subjects. Conclusions: The current market values of uranium mining companies are not coherent with the actual fundamental values according to the authors. Both funda-mental and a comparative approach could be used when valuing these companies and the most important part in the valuation is to try and fore-cast the commodity price and then to estimate the companies possible mining reserve/extractable resources.

The starting point of this Master Thesis have been utterances of well known investors during the financial crisis which recommend to buy shares especially in the time of financial downturn because one could buy good performing companies at a low price. This arouse the question if broad fear of market participants during the financial crisis of 2007 to 2009 leads to undervaluation of companies which have not experienced influences of the financial crisis. The researchers found that this question must be answered positively. The authors come to this result after they, in a first step, detected unaffected companies by observing the key financial indicators (earnings, book value and operating cash flow) of the 600 constituents companies of the S&amp;P 600 Small Cap Index during the time period from 2004 to 2008 (before and during the financial crisis). In a second step the writers selected one company out of all unaffected companies and carried out a valuation to find the fundamental (or intrinsic value) of this company. By comparing the fundamental value of the company with its share price they found that this company was undervalued. In a third and last step the researchers discovered the indication that this undervaluation results from investors' fear, as they could show that a confidence indicator that measures the confidence of institutional investors correlates with the value of the S&amp;P 600 Small Cap Index but not with the financial indicators (in this case EBIT and Book Value) of the constituents companies of the S&amp;P 600 Small Cap Index. Thus, the main research question if the broad fear of market participants leads to undervaluation of companies which have not experienced influences of the financial crisis of 2007 – 2009 must be answered positively, as mentioned before. Moreover, the hypothesis: to 2009 Markets can be inefficient in the times of the financial crisis 2007, which the researchers established must be seen as true.

none

none

none

none