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Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation

Autor práce: Schäfer, Carsten
Typ práce: Disertační práce
Vedoucí práce: Krabec, Tomáš
Osoba oponující práci: Hnilica, Jiří; Starý, Oldřich ; Bernet, Jürg

Informace o vysokoškolské kvalifikační práci

Název práce: Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation
Typ práce: Doctoral thesis
Jazyk práce: English
Abstrakt: 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.
Klíčová slova: Building Value; Simulation Study; Situational Market Value; DCF Method; Partial Derivations; Investment Appraisal; German Gross Rental Method; Mathematical Analysis; Direct Real Estate; Land Value

Informace o studiu

Studijní program a Studijní obor: Ekonomika a management/Podniková ekonomika a management
Typ studijního programu: Doktorský studijní program
Jméno přidělované hodnosti: Ph.D.
Instituce přidělující hodnost: University of Economics, Prague
Název fakulty: Faculty of Business Administration
Název katedry: The Department of Business Economics
Instituce archivující a zpřístupňující VŠKP: University of Economics, Prague

Informace o odevzdání a obhajobě

Datum zadání práce: 31. 5. 2012
Datum podání práce: 31. 5. 2014
Datum obhajoby: 11.06.2014
Výsledek obhajoby: Závěrečná práce byla úspěšně obhájena

Soubory ke stažení

Hlavní práce37849_xschc900.pdf [32,67 MB]
Veřejná příloha9396_xschc900.pdf [1,19 MB]
Oponentura35604_hnilica.pdf [316,36 kB]
Oponentura35605_Starý.pdf [234,93 kB]
Oponentura35606_Bernet.pdf [150,82 kB]

Údaje ze systému InSIS

Identifikátor https://insis.vse.cz/zp/37849/podrobnosti