Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources. At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.

IPCC förespråkar i en rapport från 2018 att kolsänkor måste få en tydligare plats i samhället om vi ska lyckas nå klimatmålen. Grönstruktur är en typ av objekt som passivt tar upp koldioxid genom fotosyntes. Genom att nyttja detta i ett planeringsskede skapas ett verktyg som går att använda för att minska halten koldioxid i atmosfären. Däremot, så värderas ej de urbana grönytor som finns idag med avseende på detta, dock finns det många andra viktiga funktioner de uppfyller inom ramen för ekologisk hållbarhet. Detta examensarbete söker att besvara frågan hur det går att implementera kolsänkor vid värdering av grönytor samtidigt som den existerande värderingen för ekologisk hållbarhet bibehålls. Arbetet är utformat med grund ifrån litteraturstudie. Där ingår även några utvalda modeller som värderar grönytor eller behandlar koldioxid på något sätt. Dessa är Grönytefaktor, Citylab, Miljökonsekvensbeskrivning, BREEAM-SE, Miljöbyggnad, och Trafikverkets Klimatkalkyl. Som ett komplement har tre intervjuer utförts med relevanta praktiker för att ge värdefulla infallsvinklar och diskussionsunderlag. Därtill har även en workshop utförts av en tvärvetenskaplig samling aktörer, med samma huvudsakliga syfte som intervjuerna. Alla modeller har sina styrkor och brister. Med hänsyn till syftet för arbetet är vissa mer relevanta än andra. Exempelvis fungerar Grönytefaktor som ett verktyg för att kvantifiera ekologisk hållbarhet, men misslyckas med att motverka eventuella underliggande problem. Citylab är en av de mer kompletta guiderna, och Miljökonsekvensbeskrivning har visserligen lagstadgat stöd i viss mån, men saknar tydliga riktlinjer för implementeringen. Klimatkalkylen används främst för transportinfrastruktur, men den livscykelmetodik som modellen är baserad på kan ge bra indikationer på hur kolsänkekvalitéer kan beräknas. Livscykelmetodiken får även stöd från BREEAM-SE och Miljöbyggnad, samt att driftfasen för en grönyta måste beaktas eftersom det är där värdet för en kolsänka skapas. Det finns tyvärr inga tydliga svar på vilken väg som är bäst att gå. Det krävs mer forskning på området med en tydligare målbild med vad som ska uppnås, vem som ska använda modellen, samt vidare forskning om till exempel hur stor kolsänkekapacitet olika typer av grönstruktur har. Det finns dock visst stöd för att Citylab i kombination med Grönytefaktor kan vara en lämplig väg att gå, men först och främst krävs det mer forskning kring grönytors potential som kolsänka och vilken kapacitet de kan bidra med. / IPCC advocates in a report from 2018 that carbon sinks must be given a clearer role in society if we are to reach the climate change goals. Green structure is a type of object that passively can absorb carbon dioxide through photosynthesis. By using this in a planning stage, a tool is created that can be used as a way to bring down the levels of carbon dioxide in the atmosphere. The urban green areas that exists today are not being valuated with regards to this, although there are many other important functions they fulfill within the framework of ecological sustainability. The master thesis aims to answer the question how carbon sinks can be implemented in the valuation process of green areas simultaneously with ecological sustainability. The foundation of the work is made in the form of a literature study. Included in this are a few selected models that valuates green areas or carbon dioxide in some way. These are Grönytefaktor, Citylab, Miljökonsekvensbeskrivning, BREEAM-SE, Miljöbyggnad, och Trafikverkets Klimatkalkyl. As a complementary method, three interviews have been conducted with relevant practicians to provide valuable approach angles and discussion material. In addition to this, a workshop has been conducted with a gathering of interdisciplinary actors, with the same purpose as the interviews. All models have their own strengths and weaknesses. With regards to the aim of the work, some are more relevant than others. For instance, Grönytefaktor works as a good tool to quantify ecological sustainability but fail to counteract any underlying problems. Citylab is one of the more complete guides, and Miljökonsekvensbeskrivning has statutory support, but fails to include clear guidelines for implementation. Klimatkalkylen is primarily used for transport infrastructure, but its life-cycle methodology that it is based upon could give good indications for how carbon sink qualities can be calculated. The life-cycle methodology is also given support from BREEAM-SE and Miljöbyggnad, as well as the operating phase of a green area must be included since that is when the value of a carbon sink is created. Unfortunately, there are no clear answers which way is the best to go. More research is needed within the field where a clearer purpose of what is to be achieved, whom is supposed to use it, as well as other types of research such as how great the carbon sink capacity different types of green structure inhibits. However, there are certain arguments for using Citylab in combination with Grönytefaktor, but first and foremost there is a need for more research about green areas potential as a carbon sink and with what capacity they can contribute.

Vid fastighetstaxering av lokalhyreshus tar inte värderingsmodellen för mark hänsyn till att det finns utrymmen under mark som generar hyresintäkter. Det innebär att taxeringsvärdet för markvärdet möjligtvis inte avspeglar marknadsvärdet.  Syftet med arbetet är att göra en kartläggning av två svenska städer för att tillhandahålla underlag som hjälper Lantmäteriet i sitt arbete att förbättra kvaliteten på taxeringsvärdet. Målet är att identifiera möjliga samband mellan marknadsvärdet i jämförelse med taxeringsvärdet för fastigheter med och utan utrymme under mark.  Metoderna som tillämpas är en kvalitativ analys av köpesummor i förhållande till taxeringsvärden och kvalitativa intervjuer. Analysen av köpesummor utfördes för att besvara om utrymme under mark påverkar marknadsvärdet jämfört med taxeringsvärdet. Intervjuerna syftar till att ge djupare kunskap om värdet för utrymme under mark. Resultatet från analysen av köpesummor visade att marknadsvärdet inte påverkades av utrymme under mark. Däremot framgick det i intervjuerna att markvärdet för utrymme under mark bör behandlas annorlunda vid taxering eftersom det har ett beaktansvärt värde. Slutsatsen blev därför att utrymme under mark som genererar intäkter borde tas med i fastighetstaxeringen under säregna förhållanden. / At a property tax assesment of a non-residential rental housing unit the valuation model of land does not take in to consideration the space beneath it that generate revenue from rent. This means that the tax assessment value of the land does not necessarily reflect the market value.   The purpose of this paper is to make a survey, of two Swedish cities, that can provide the National Land Survey with information that can help them improve the quality of the tax assessment value. The aim is to identify possible connections between the market value in comparison to the tax assessment value of properties with and without space beneath ground.  The methods used are a qualitative analysis of the purchase price in relation to tax assessment values and qualitative interviews. The analysis of the purchase price was done to answer if space beneath ground affects the market value compared to the tax assessment value. The interviews aim to create a deeper knowledge of the value of space beneath ground.  The results from the analysis of the purchase price showed that the market value was not affected by space beneath ground. However, it emerged in the interviews that the land value for space beneath ground should be handled differently during assassment, because it has a noteworthy value. The conclusion was that space beneath ground that generates revenue, should be included in the property tax assessment under special conditions.

A determinação do valor das empresas é o fator chave nas negociações de fusões e aquisições e tem por objetivo estimar uma faixa de referência que sirva como base nas negociações de tais empresas. A avaliação também é fundamental na determinação do valor de mercado das empresas. As metodologias de Fluxo de Caixa Descontado (FCD) e de múltiplos são as principais formas de se avaliar empresas. A abordagem por múltiplos baseia-se no princípio de que ativos e empresas semelhantes deveriam ter preços e múltiplos semelhantes. Os múltiplos obtidos de empresas semelhantes são aplicados aos respectivos parâmetros da empresa avaliada, dando como resultado o “valor de referência da empresa." Entretanto as empresas comparáveis precisam apresentar fundamentos e características semelhantes. Como a regressão permite o controle das diferenças entre as variáveis que fazem os múltiplos variar de uma empresa para outra, não seria necessário limitar a procura por empresas comparáveis apenas ao setor da empresa avaliada. Desta forma, esta dissertação tem por objetivo desenvolver um modelo de estimação relativa baseada em indicadores contábeis do valor das empresas não financeiras negociadas nas principais bolsas de valores do mundo. A parte empírica desta dissertação tem por objetivo identificar quais indicadores contábeis são direcionadores de valor, ou seja, os que estão fortemente correlacionados com o valor das empresas e avaliar as relevâncias que estes indicadores assumem em bolsas e setores diferentes. / The main methodologies to value companies are Discounted Cash Flow and Relative Valuation (multiples). In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. The obtained multiple of a comparable firm, like Firm Value/EBITDA, is applied to the same parameter of the company being valued, resulting in its relative value. Otherwise, comparable companies need to have similar fundamentals and characteristics. The question of how to control for these differences, when comparing a multiple across several firms, becomes a key one. The multiple regressions can control the differences between the variables that make multiples change company by company. With the multiple regressions it would not be necessary to limit the choice of comparable companies to the one from the same sector of the company being valued. This study aims to develop a valuation model based on accounting indicators to estimate the Firm Value of listed companies of the main stock exchanges of the world. The main goal of this dissertation is to identify what accounting indicators are value drivers (that are strongly correlated with the Firm Value) and determine the relevance that these indicators have in different countries and sectors.

This thesis contributes to the literature in the finance and accounting field throughout its three empirical chapters. The first empirical chapter contributes to the literature on accounting conservatism in several ways; first, it investigates the accounting conservatism of US insurance companies using four measures, namely, non-operating accruals, skewness of earnings and cash flows, book to market ratio and asymmetric timeliness measures. Second, this paper compares these four measures in order to determine the association and differences between them. Finally, the level of accounting conservatism of the insurance companies is compared to that of a sample of commercial banks to check whether they have similar levels of accounting conservatism. The results of the first chapter suggest that the changes in accounting performance, as measured by return over assets, can be partly explained by accounting conservatism, since it is measured by the accumulation of non-operating accruals, skewness of operating cash flow and accruals, book to market ratio, adjusted book to market ratio and Basu's asymmetric measure. All of these four measures give robust evidence that insurance companies' accounts tended to be conservative for the whole sample period, and that the level of conservatism has risen over the years. More interestingly, a t test for the differences in means suggests that accruals conservatism show on average a higher level of accounting conservatism than book value conservatism does. Finally, our results, based on a constant sample consist of 92 banks and 46 insurance companies whose data are available for all the sample years; they suggest that both insurance companies and banks have similar levels of accounting conservatism due to their similar reporting characteristics. The second empirical chapter contributes to the existing literature on equity valuation in two ways. First, it confirms the importance of imposing linear information dynamics when predicting the equity values of insurance companies, because the restricted models result in fewer error metrics. Second, it highlights the role of the accruals components in the equity valuation of US insurance companies by demonstrating that the incorporation of accrual components in the residuals income valuation model suggested by Ohlson (1995) has smaller error metrics than those of aggregate net income. Our results are based on a sample of US insurance companies, which consists of 718 firm-year observations over the period from 2001 to 2012. For instance, our results suggest that total accruals, changes in insurance reserve, changes in account receivables, and deferred acquisition costs have an incremental ability to predict equity market value over abnormal earnings and book values. Furthermore, the predictive ability of changes in insurance reserves is higher than the predictive ability of changes in account receivables and the change in deferred acquisition costs without imposing the LIM structures. However, when the LIM structure is imposed the predictive ability of changes in deferred acquisition costs is higher than the predictive ability of both changes in accounts receivable and changes in insurance reserves. Our final empirical chapter contributes to the literature on accounting anomalies by investigating the value to price anomaly (V/P), where the fundamental value (V) is estimated using the residual income valuation model. Motivated by the findings of Hwang and Lee (2013), Fama and French (2015), and Fama and French (2016), Chapter Four asks whether V/P strategies reflect the risks factor or whether this is better explained by market inefficiency, and whether Fama and French's five-factor model can explain the excess return of V/P. To answer the previous questions we use data from the merger of COMPUSTAT, CRSP, I/B/E/S for all the non-financial firms listed in AMEX, NYSE, and NASDAQ during the period from 1987 to 2015. Our findings suggest that the V/P ratio is positively correlated to future stock returns after controlling for several firm characteristics, which are known to be proxies of common risks. Our results indicate that the omission of risk factors is not likely to be an explanation of the V/P effect. To answer the second question, we compare the performances of different asset pricing models by calculating the GRS F-statistics. Our findings clearly indicate that the five-factor model of Fama and French performs better than either the CAPM or the traditional Fama and French three factor model. These results confirm that the excess returns of V/P strategy vary due to the differences in size, the B/M ratio, operating profit and betas across quintile portfolios. However, these factors cannot explain all the variation in excess returns; moreover, the stocks in the high V/P may be riskier than the stocks in the low V/P portfolios in certain other dimensions.

A determinação do valor das empresas é o fator chave nas negociações de fusões e aquisições e tem por objetivo estimar uma faixa de referência que sirva como base nas negociações de tais empresas. A avaliação também é fundamental na determinação do valor de mercado das empresas. As metodologias de Fluxo de Caixa Descontado (FCD) e de múltiplos são as principais formas de se avaliar empresas. A abordagem por múltiplos baseia-se no princípio de que ativos e empresas semelhantes deveriam ter preços e múltiplos semelhantes. Os múltiplos obtidos de empresas semelhantes são aplicados aos respectivos parâmetros da empresa avaliada, dando como resultado o “valor de referência da empresa.” Entretanto as empresas comparáveis precisam apresentar fundamentos e características semelhantes. Como a regressão permite o controle das diferenças entre as variáveis que fazem os múltiplos variar de uma empresa para outra, não seria necessário limitar a procura por empresas comparáveis apenas ao setor da empresa avaliada. Desta forma, esta dissertação tem por objetivo desenvolver um modelo de estimação relativa baseada em indicadores contábeis do valor das empresas não financeiras negociadas nas principais bolsas de valores do mundo. A parte empírica desta dissertação tem por objetivo identificar quais indicadores contábeis são direcionadores de valor, ou seja, os que estão fortemente correlacionados com o valor das empresas e avaliar as relevâncias que estes indicadores assumem em bolsas e setores diferentes. / The main methodologies to value companies are Discounted Cash Flow and Relative Valuation (multiples). In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. The obtained multiple of a comparable firm, like Firm Value/EBITDA, is applied to the same parameter of the company being valued, resulting in its relative value. Otherwise, comparable companies need to have similar fundamentals and characteristics. The question of how to control for these differences, when comparing a multiple across several firms, becomes a key one. The multiple regressions can control the differences between the variables that make multiples change company by company. With the multiple regressions it would not be necessary to limit the choice of comparable companies to the one from the same sector of the company being valued. This study aims to develop a valuation model based on accounting indicators to estimate the Firm Value of listed companies of the main stock exchanges of the world. The main goal of this dissertation is to identify what accounting indicators are value drivers (that are strongly correlated with the Firm Value) and determine the relevance that these indicators have in different countries and sectors.

Den 1 maj 2009 infördes lagregler som gör det möjligt att bilda ägarlägenheter i Sverige. Ägarlägenhet är en upplåtelseform som innefattas av direkt äganderätt vilket innebär att ägaren själv äger sin egen lägenhet i ett flerbostadshus.  Vid fastighetstaxering av ägarlägenheter används idag hyreshusmodellen för att beräkna taxeringsvärdet. Detta innebär att ägarlägenheter vid fastighetstaxeringen värderas enligt samma regler som hyreshus. Syftet med denna studie är att undersöka om det finns ett behov av att utveckla en egen värderingsmodell för ägarlägenheter för att erhålla en förbättrad precision av det beräknade taxeringsvärdet. Målet med studien är att utvärdera taxeringsvärdenas tillförlitlighet utifrån tillämpningen av dagens värderingsmodell.  För att besvara arbetets frågeställningar har dataanalys och intervjuer med sakkunniga från Lantmäteriet och Skatteverket genomförts. Analysen undersöker ägarlägenheters köpeskillingar i förhållande till taxeringsvärdet och intervjuerna bidrar till en ökad förståelse avseende dagens värderingsmodell av ägarlägenheter.  Resultatet av studien visar att hyreshusmodellen ger för låga taxeringsvärden för ägarlägenheter. Av studien framgår att ägarlägenheternas taxeringsvärden i genomsnitt motsvarar 51 procent av marknadsvärdet, vilket inte uppfyller bestämmelserna i 5 kap. 2 § fastighetstaxeringslagen. Intervjuerna bekräftar att dagens värderingsmodell inte är särskilt anpassad för ägarlägenheter och att en ny värderingsmodell för ägarlägenheter behövs för att säkerställa mer tillförlitliga taxeringsvärden. / On May 1, 2009, legal regulations were introduced that made it possible to form condominiums in Sweden. Condominium is a form of tenure that is included in direct ownership, which means that the owner himself owns his own apartment in an apartment building.  Today the rental housing unit model is used to calculate the assessed value for property tax assessment of condominium. This means that condominium flats are valued according to the same rules as rental housing units during the property assessment. The purpose of this study is to investigate whether there is a need to develop a separate valuation model for condominiums to obtain an improved precision of the calculated assessed value. The goal of the study is to evaluate the reliability of the tax values based on the application of today ́s valuation model.  To answer the questions of the study, data analysis and interviews with experts from Lantmäteriet and Skatteverket were conducted. The analysis examines the purchase price of condominiums in relation to the tax assessed value and the interviews provide an increased understanding of today ́s valuation model of condominiums.  The result of the study shows that the rental housing unit model generates too low tax assessment values for condominiums. The study shows that the tax assessment values of condominiums correspond on average to 51 percent of the market value, which does not meet the provisions of chapter 5 section 2 of the Property Taxation Act. The interviews confirm that today ́s valuation model is not adapted for condominiums and that a new valuation model for condominiums is needed to ensure more reliable tax assessment values.

本篇論文以分析師對未來公司盈餘預測為基礎，使用剩餘所得模型來對台灣股票市場做實證研究。在這個架構下，我們比較了剩餘所得模型評價法與各種不同的傳統評價法對台灣50成分股的估算表現。 本篇論文的實證發現，內含價值對股票價格比率(intrinsic value to price ratio)對台灣50成分股的預測，在中短期的投資期間內相較於傳統評價法，預測力最高。帳面價值對股票價格比率(book value to price ratio)則在長期的投資期間內，預測力顯著高於其他評價法。盈餘對價格比率(earnings to price ratio)預測力最低。而將所有評價法一同列入考慮時，則發現並沒有任何一種評價法能明顯主宰其他不同的評價法，各種評價方法在預測未來股市表現是互補的。 本篇論文進一步探討剩餘所得模型評價法對台灣50成分股的交易策略，發現以剩餘所得模型估算出的內含價值為標準來進行交易，能得到正報酬。而考慮會計保守原則的模型報酬率能顯著高於沒有將會計保守原則列入考慮的模型。 / We provide an empirical assessment of the residual income valuation model bases on analysts’ forecast data in Taiwan stock market. In this framework, we compare the performance of alternative estimates of intrinsic value with traditional valuation estimates for the component stocks of TSEC Taiwan 50 Index. According to our results, intrinsic value-to-price ratio is a reliable predictor of market returns over short-to-mid period and book-to-price ratios is a reliable predictor over long horizons. Unlike the two ratios, earnings-to-price ratio has little predictive power for returns in Taiwan stock market. Furthermore, intrinsic value-to-price ratio does not dominate traditional valuation but provide another perspective of stock valuation, and we can have a better forecast of future return of Taiwan stock market with consideration of all valuation estimates.

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Cílem disertační práce je navrhnout metodu hodnocení vztahů se zákazníky. Mezi hlavní přínosy disertační práce pro teorii Customer Relationship Managementu (CRM) patří: Komplexní analýza současného stavu hodnocení vztahů se zákazníky. Návrh obecných kritérií hodnocení vztahu se zákazníkem popisujících základní složky hodnoty vztahu a jejich ověření. Identifikace a systematizace principů konceptu CRM. Návrh integrace hodnotících procesů do cyklu CRM včetně identifikace principů fungování cyklu CRM. Návrh systému hodnocení vztahů se zákazníky. Návrh obecného předpisu hodnotící funkce, typů oborů hodnot funkce a konceptu dimenze indikátoru hodnoty vztahu se zákazníkem. Návrh obecného a specifického modelu hodnocení vztahů se zákazníky, prvků modelu a determinantů prvků modelu. Návrh struktury procesu hodnocení vztahů. Ověření předpokladů obecného modelu hodnocení vztahů. Ověření hypotéz modifikace obecného modelu hodnocení podle specifických vlastností hodnotící firmy. Návrh manažerského nástroje VMT (Valuation Model Tool) a způsobu jeho praktické aplikace.