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"The possibility of a separate assessment of the building and land value is crucial for the Czech Republic as after the amendment to the Civil Code, harmonizing our legislation with the usual state of affairs in Europe will follow."
Prof. Ing. Oldrich Stary
Czech Technical University, Prague

"The focused topic of a sound approach to real estate appraisal is highly relevant, especially in the current times of crises, when the uncertainty of conventional asset pricing is increasing. The separated assessment of land value and building value is of particular interest in the Czech Republic, where separate ownership in land and building is actually under consolidation."
Dr. Jürg R. Bernet, MSC MBA FRICS
EURO Institute of Real Estate Management, Cologne

"When building the model of investments evaluation in real estate, the authors build on the inappropriateness of using only neoclassical paradigm, because real estate markets are imperfect. I appreciate the successful linking of neoclassical approach to evaluation (represented in particular by the discounted cash flow model and capital asset pricing model) and the traditional German approach (represented especially by the German yield model, German gross rental method or Deutsches Ertragswertverfahren). Furthermore, the results of the research presented in the monography are not only built on sound scientific basis, but at the same time they are directly usable in practice."
Jirí Hnilica, Ph.D.
University of Economics, Prague

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Schäfer, Carsten
Dr. Carsten Schäfer studied Business and Management, Economics, Corporate Finance and Retail Real Estate Economics at the Goethe-University in Frankfurt am Main, University of Mannheim, University of Economics in Prague and the IREBS International Real Estate Business School (University of Regensburg). He is founder and CEO of immero REAL ESTATE GROUP, a property investment and development company. As an industry professional he focuses on financial and capital markets and holds profound knowledge in development, asset management, investment strategy, cash flow and asset valuation. Dr. Schäfer is a member of the Royal Institution of Chartered Surveyors and a lecturer at the University of Leipzig.

Krabec, Tomas
Dr. Tomás Krabec teaches corporate finance and business valuation as an associate professor at the Department of Finance and Accounting at the SKODA AUTO University and at the Department of Finance and Business Valuation at the University of Economics in Prague. As a visiting professor Dr. Krabec works continuously at foreign universities (Germany, Finland, France, Spain). Since 2010 Dr. Krabec works as a forensic expert specialized in business valuation and valuation of securities.

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