Academic literature on the topic 'Book-to-market value'
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Journal articles on the topic "Book-to-market value"
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Wansley, James W. "The Market Value of Debt, Market versus Book Value of Debt, and Returns to Assets." CFA Digest 28, no. 2 (May 1998): 53–55. http://dx.doi.org/10.2469/dig.v28.n2.271.
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Sweeney, Richard J., Arthur D. Warga, and Drew Winters. "The Market Value of Debt, Market versus Book Value of Debt, and Returns to Assets." Financial Management 26, no. 1 (1997): 5. http://dx.doi.org/10.2307/3666236.
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Tharavanij, Piyapas. "Optimal Book-Value Debt Ratio." SAGE Open 11, no. 1 (January 2021): 215824402098578. http://dx.doi.org/10.1177/2158244020985788.
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When a firm has a target capital structure, it is usually in a book-value term rather than a market-value one as normally assumed in standard finance textbooks. This article provides a systematic approach to determine the optimal book-value debt ratio. The proposed method balances both the tax benefit of debt and its associated bankruptcy cost and more importantly incorporates the aims to maintain a good credit rating, financial robustness in times of adverse shocks, and financial flexibility to seize good investment opportunities. In terms of methodology, our model incorporates the tax benefit of debt in the form of lower cost of capital, whereas the expected bankruptcy cost is reflected in a higher credit spread. We adjust the Hamada equation to take default risk into account by applying the method suggested by Cohen when adjusting the cost of equity as a debt ratio changes. The model is calibrated to data from the U.S. non-financial firms. It provides predictions concerning the effects of key variables such as profitability and growth. Our model reveals a negative relationship between growth opportunities and market debt ratios but no clear directional relationship with book debt ratios. In addition, our model points to the negative (positive) relationship between profitability and market (book) debt ratio. Interestingly, the two debt ratios move in the opposite directions. These predictions have support from existing empirical literature.
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Harris, Robert S., and Felicia C. Marston. "Value versus Growth Stocks: Book-to-Market, Growth, and Beta." Financial Analysts Journal 50, no. 5 (September 1994): 18–24. http://dx.doi.org/10.2469/faj.v50.n5.18.
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Marzo, Giuseppe. "The market-to-book value gap and the accounting fallacy." Journal of Intellectual Capital 14, no. 4 (October 21, 2013): 564–81. http://dx.doi.org/10.1108/jic-10-2012-0094.
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Chinloy, Peter, Matthew Imes, and Tilan Tang. "Where to Find Value on the Balance Sheet." Review of Pacific Basin Financial Markets and Policies 24, no. 01 (March 2021): 2150009. http://dx.doi.org/10.1142/s0219091521500090.
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Firms with higher book equity relative to market capitalization earn a premium, leading to sorting into value and growth. This sorting implies that any balance sheet additions are risky. This paper provides evidence that what a firm holds on its balance sheet matters, and value occurs with high book-to-market ratios. Each holding relative to firm market capitalization has a risk premium, varying across holdings. Among US firms quarterly for 1980–2016, doubling holdings of cash and receivables relative to market capitalization earn premiums of at least 1%, as does taking on debt. These account for the entire value premium, since physicals, intangibles and payables are not risky. The value premium derives from the composition of the firm’s assets.
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Waegenaere, Anja De, Richard C. Sansing, and Jacco L. Wielhouwer. "Valuation of a Firm with a Tax Loss Carryover." Journal of the American Taxation Association 25, s-1 (January 1, 2003): 65–82. http://dx.doi.org/10.2308/jata.2003.25.s-1.65.
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This paper examines the effects of a tax loss carryover on the market and book values of a firm's assets. The loss carryover has a direct effect on market value by sheltering future income from tax, and a direct effect on book value due to the recognition of a deferred tax asset. The failure to discount the deferred tax asset to its present value causes the market-to-book ratio of the deferred tax asset to be less than 1. However, positive skewness in the distribution of future taxable income can cause the market-to-book ratio to exceed 1 because the market value depends on the mean level of future tax benefits, while the book value is based on the median level of future tax benefits. The loss carryover also has an indirect effect on firm value in that it induces the firm to exercise its real option to invest early. This reduces firm value before investment takes place and decreases the market-to-book ratio of physical assets after investment takes place.
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Almujamed, Hesham I., and Mishari M. Alfraih. "Value relevance of earnings and book values in the Qatari Stock Exchange." EuroMed Journal of Business 14, no. 1 (April 1, 2019): 62–75. http://dx.doi.org/10.1108/emjb-02-2018-0009.
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Purpose The study of developed capital markets suggests that information provided in financial statements has lost its value relevance to equity holders. The purpose of this paper is to explore this issue in the emerging market of Qatar. Design/methodology/approach Following other studies in the literature, the study examines the value relevance of earnings and book values using the price valuation model provided by Ohlson (1995). A total of 215 observations were collected from all firms listed on the Qatari Stock Exchange over a period of five years (2012–2016). Findings This study suggests that the value relevance of both earnings and book values has noticeably decreased over the sample period. However, its results show that the decline in the value relevance of earnings favored book values. Research limitations/implications Like other studies, this one has limitations that suggest areas for future research. For example, in Qatar, like other emerging markets, a lack of data prevents the performance of deep analysis. Additionally, the authors only use Ohlson’s (1995) model as a framework for evaluation. It would be interesting to explore the changes when examining alternative valuation models. Another limitation is that the authors examine only two accounting measures: earnings and book values. Further research could explore changes in the value relevance of other measures, such as cash flow. Practical implications These findings provide empirical evidence regarding the value relevance of earnings and book values in an emerging market. Originality/value To the authors’ knowledge, this paper provides the first empirical evidence regarding the value relevance of earnings and book values in the emerging capital market of Qatar.
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Wibowo, Wibowo, and Mailani Mailani. "ANALISIS PENGARUH BOOK VALUE, ECONOMIC VALUE ADDED, DAN INTELLECTUAL CAPITAL TERHADAP MARKET VALUE PERUSAHAAN (STUDI PADA EMITEN NON PERBANKAN DALAM INDEKS LQ-45)." JURNAL INFORMASI, PERPAJAKAN, AKUNTANSI, DAN KEUANGAN PUBLIK 5, no. 2 (May 4, 2019): 131. http://dx.doi.org/10.25105/jipak.v5i2.4476.
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<p class="Style1"><em>This research aims to know the effect of book value, economic value added and intellectual capital on the maket value offirms. This research added variables of book value, EVA, and intellectual capital same as Huang & Wang (2008) had been done in their research. Purposive sampling method was used in taking research samples, and the periods of this research were from 2005 to 2008. 101 non banking firms in LQ-45 indexes from 2005 to 2008 were used as samples in this research. The results of this research showed that book value has significant influence on the market value offirms. EVA has significant influence on market value in first model of this research but it becomes no significant influence on market value of firm in second model of this research after adding intellectual capital. Moreover, this research also found that intellectual capital provides incremental information for the evaluation of stocks (market value).</em></p>
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Chai, Daniel, Mardy Chiah, and Angel Zhong. "Decomposing value: Changes in size or changes in book-to-market?" Pacific-Basin Finance Journal 64 (December 2020): 101467. http://dx.doi.org/10.1016/j.pacfin.2020.101467.
Full textDissertations / Theses on the topic "Book-to-market value"
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Abdel-Jalil, Tawfiq Hasan. "Book-to-market value of equity ratios and earnings realization." Thesis, Bangor University, 2000. https://research.bangor.ac.uk/portal/en/theses/booktomarket-value-of-equity-ratios-and-earnings-realization(48ae90b1-c8a9-44c9-b2ca-e030783c2f04).html.
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This thesis increases our understanding of the book-to-market ratio via a detailed examination of how and when earnings are realised in relation to firms' "capitalisation" and "average useful-life of assets". Book-to-market ratios (BMRs) are regressed as a function of changes in market value of equity ratios for British industrial companies registered on the London Stock Exchange from 1987 to 1996. Data from a prior period (1976-1986) is also employed to stabilise for effects of earnings realisation before the regression period. The "average useful-life assets" for the firms in the sample determines the time horizon of the analysis. The path of abnormal earnings over this horizon reflects the pattern of expiration of the useful-lives of assets in place. The analysis finds that an accrual measurement effect dominated in BMRs increases over the analysis period and also that accrual measurement is more influential in BMRs for firms with short than with long "average useful-life assets". Changes in market value ratios are found to inform about future earnings up to at least six years, except for highlycapitalised firms with long useful-life assets (for which the relationship lasts up to 4 years). The length of the informative period is found to be inverse to the average useful-life of firms' assets. The effect of differences between annual changes in market value of equity ratios on BMRs across time diminishes soon (two years) after the initial market shock' occurs. Long useful-life assets have no further effect on BMRs evolution at more distant lags. Contrary to previous research (in the USA), changes in market value of equity ratios (for UK firms) are found to be associated more with short than with long useful-life assets. Although not specially tested for, this result supports the notion of "short-terminism" of which the UK stock market is sometimes accused. The apparent "short-terministic" outlook by investors in UK firms coincides with improved predictability of BMRs in the UK compared with the US market. The high coefficients of determination from changes in market value of equity ratios as a function of BMRs, identified in the study, motivates a further test for a prediction model which is able to predict 29.2% of the variation in book-tomarket value of equity ratios 8 years in advance.
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Omura, Teruyo. "The relationship between market value and book value for five selected Japanese firms." Queensland University of Technology, 2005. http://eprints.qut.edu.au/16150/.
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Studies of the value relevance of accounting number in capital market research are consistent with the simple view that, in equilibrium, book values are equal to or have some long-term relationship with market values, and that market returns are related to book returns. This dissertation examines the value relevance of annually-reported book values of net assets, earnings and dividends to the year-end market values of five Japanese firms between 1950 and 2004 (a period of 54 years). Econometric techniques are used to develop dynamic models of the relationship between markets, book values and a number of macro-economic variables. In constructing the models, the focus is to provide an accurate statistical description of the underlying relationships between market and book value. It is expected that such research will add to the body of knowledge on factors that are influential to Japanese stock prices. The significant findings of the study are as follows: 1) well-specified models of the data generating process for market value based on the information set used to derive the models are log-linear in form. Additive, linear models in untransformed variables are not well-specified and forecast badly out of sample; 2) the book value of net assets has relevance for market value in the five Japanese firms examined, in the long run.
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Martin, Kris Rowland. "The Effect of Accounting Method Choice on Earnings Quality: A Study of Analysts' Forecasts of Earnings and Book Value." Diss., Virginia Tech, 2002. http://hdl.handle.net/10919/29240.
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Whether the quality of a firm's reported earnings affects investors' ability to predict
future earnings and stock returns is still a subject of much debate among accounting researchers.
Lev (1989) suggests that low quality earnings may be causing the relatively low correlation
between reported earnings and stock returns (or the market's evaluation of future earnings). This
dissertation used the valuation model described in Ohlson (1995) and Feltham and Ohlson
(1995) to explore the possible links between accounting method choices and the ability of
investors to use reported earnings to predict future earnings. The results demonstrate that prior
researchers' assumptions regarding which accounting methods are generally conservative or
liberal are reasonably accurate over large numbers of firms. The results also show that one
group of analysts (Value Line Investment Survey) is able to predict future earnings more
accurately over medium-term and long-term forecast horizons for firms using generally
conservative accounting methods than those firms employing generally liberal accounting
methods.
This research adds to the prior "quality of earnings" research by showing that analysts
can predict earnings more accurately for certain classes of firms (i.e., firms using conservative
accounting methods), thus increasing our knowledge of what constitutes high-quality earnings.
The research also explores the effects of growth on the quality of earnings question, the effects
of firm size, leverage, and industry membership on the relationship, and the robustness of the
Feltham and Ohlson Model to alternative definitions of key components of the model.Ph. D.
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Lovric, Toni, and Daniel Rados. "I Piotroskis Fotspår : Förslag på förbättringar av Piotroskis hög book-to-market investeringsstrategier." Thesis, Uppsala University, Department of Business Studies, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-112317.
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Hasler, Mathias. "Essays in Empirical Asset Pricing:." Thesis, Boston College, 2021. http://hdl.handle.net/2345/bc-ir:109083.
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Thesis advisor: Jeffrey J.P. PontiffMy dissertation includes three chapters on the value premium. In the first chapter, I study whether seemingly innocuous decisions in the construction of the original HML portfolio (Fama and French, 1993) affect our inference on the value premium. I find that the value premium is dramatically smaller than we thought. In sample, the average estimate of the value premium is 0.09% per month smaller than the original estimate of the value premium. Out of sample, however, the difference is statistically insignificant. The results suggest that the original value premium estimate is upward biased because of a chance result in the original research decisions. In the second chapter, I propose an estimate for intangible assets and growth opportunities and examine if this estimate improves book-to-market equity as a measure of value. I find that portfolios sorted on book equity plus the estimate to market equity have lower returns than portfolios sorted on book-to-market equity. The results suggest that intangible assets and growth opportunities diminish book-to-market equity as a measure of value because investors value intangible assets and growth opportunities in an overly optimistic way. In my third chapter, I simultaneously study nine explanations of the value effect to better understand what the dominant value explanation is. I find that duration accounts for most of the value effect and that the eight other explanations account for a negligible part of it. The results suggest that duration is the dominant explanation of the value effect
Thesis (PhD) — Boston College, 2021
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Pinto, Tânia Filipa Gomes. "O impacto da introdução da IFRS 13 na divulgação sobre o justo valor : o caso das stock options." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17784.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA necessidade de uma informação clara, fiável e comparável levou à emissão de normas que permitiram melhorar a qualidade e a transparência da informação financeira. A IFRS 13 "Fair Value Measurement" assume um papel importante no que concerne à definição do conceito do justo valor e dos requisitos de divulgação exigidos que visam contribuir para a divulgação de informação contabilística mais transparente. Este estudo tem por objetivo analisar o impacto da introdução da IFRS 13 sobre o cumprimento dos requisitos de divulgação obrigatórios exigidos pela referida norma em empresas do FTSE 100 para o caso das stock options. Para tal, construiu-se um índice de cumprimento dos requisitos de divulgação de forma a verificar se variáveis como o setor de atividade, a dimensão da empresa, o endividamento e a rendibilidade têm algum tipo de impacto na divulgação da informação sobre o justo valor. Verificou-se que a dimensão, o sector de atividade, a alavancagem e o rácio market-to-book-value não se revelaram estatisticamente significativos. Quanto ao ROE verificou-se uma relação positiva sendo esta estatisticamente significativa o que reforça estudos anteriormente realizados. Por último, no que respeita à variável IFRS 13, pode concluir-se que a mesma confere um maior nível de transparência à informação disponibilizada pelas empresas, nomeadamente após a sua entrada efetiva em janeiro de 2013. Adicionalmente, conclui-se que a obrigatoriedade de aplicação desta norma se traduz efetivamente no aumento do cumprimento dos requisitos de divulgação por ela exigidos.
The need of a reliable, clear and comparable information was in the origin of new international standards that allowed the improvement of the quality and transparency of financial information. The IFRS 13 has an important role in the application of the fair value but also in the disclosure requirements which had a major contribution in the accounting information transparency. This paper analyses the compliance of the mandatory fair value disclosure requirements enforced by IFRS 13 to companies of FTSE 100 and more specifically for the case of stock options. I conclude that ROE has a positive impact in the level of fair value disclosure, while firm ́s size, the sector, firm ́s leverage and market-to-book ratio were factors without any statistically significant impact. Finally, results show that there is a higher level of transparency to the disclosure information by companies, after the enforcement of IFRS13. Therefore, mandatory application of IFRS 13 can effectively increase the compliance of mandatory requirements enforced by this standard.
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Markus, Drevelius, and Jonas Sormunen. "A study of value investment strategies based on dividend yield, price-to-earnings and price-to-book ratios in Swedish stock market." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-40688.
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As the existence of value premium has been showed in previous studies, this paper focuses on studying strategies for capitalizing this value premium in Swedish stock market. This paper studies the possible gains and risks of value investing strategies constructed with dividend yield, price-to-earnings (P/E) and price-to-book (P/B) ratios in Swedish stock market during 2006-2016.The findings show that the studied value portfolios offered abnormal returns during the studied time-period. Moreover, value stocks performed better than growth stocks when dividend yield and P/B-ratio were used as criteria. However, the paper could not confirm the same effect in P/E-ratio as high P/E tended to work better than low P/E. Out of the studied ratios, the best risk-adjusted returns were received from companies with the lowest P/B-ratios.The findings in this paper also indicate that including more ratio-based criteria in to an investment strategy does not offer more risk-adjusted returns.
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Emde, Larissa, and Cem Yildirim. "The Performance of Gross-Profit to Asset on the Swedish Stock Market : A comparison to Book-to-Market and Earnings-to-Price in a time frame of 1994-2013." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-141133.
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This thesis examines the performance of portfolios sorted by gross-profit-to-asset (GPA) as a quality investing on the Swedish stock exchange. It constructs long-only portfolios and long-short portfolios sorted by GPA, book-to-market (B/P) and earnings-per-price (E/P). Thus, the thesis includes quality and value investing. The thesis compares separately the constructed long-only and long-short portfolios among each other. The long-only strategies are additionally compared to the market index. The study further examines a combined portfolio, sorting for GPA and B/P in order to test Novy-Marx’s findings. He reports, that the average return improves, while the standard deviation remains at the same level for a combined portfolio sorting for GPA and B/P. This requires a negative correlation. The comparison is based on different portfolio measurements as i.e. s.d. The asset pricing models CAPM and 5-Factor Model are applied. In addition, actual returns, excessive return over the risk-free rate and over the market index as a benchmark are assessed for the portfolio. The analysis is conducted for the time period 1994-2013 and separately for downturns, considering 2000-2003, 2007-2009 and 2010. The results show a great applicability of the gross-profitability ratio on the Swedish market. This quality strategy convinces not only during normal times with the portfolios GPA-h (long-only) and GPA-hl (long-short) but also in stressed times. GPA-h reports positive (abnormal) returns GPA-h during downturns. The long-only and long-short portfolios based on GPA outperform the market in both time periods. GPA-sorted portfolios perform in general better and the two value strategies during normal times and downturns, based on the annual average return. Examining the two value strategies EP-sorted portfolios are superior over BP-sorted portfolios. EP-portfolios achieve better performance during downturns, regarding Jensen’s alpha. It can be derived, that EP is countercyclical. The combined portfolio generates high return and has a high standard deviation. The assessed statement of Novy-Marx cannot be confirmed for the Swedish stock market. It has to be stated that we detected positive correlation instead of negative correlation. It can be derived, that GPA ratio is applicable on the Swedish market, considering the assumptions and limitations of this study. EP-based portfolios show a good performance during downturns. BP- based portfolios do not perform well on the sweidish market in the assessed time frame. The combined portfolio GPABP-hh does increase returns with constant standard deviation, referred to BP-h. Our findings show, that both value strategies do not outperform the market index. The EP-based value portfolios outperform BP-based portfolios. EP-h performs better during downturns considering Jensen’s alpha.
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Abrahamsson, Isak, and Malin Karlsson. "Värdeinvestering – en hållbar strategi för överavkastning? : Ett test av investeringsstrategin F_SCORE på värdeaktier med hög book-to-market kvot." Thesis, Högskolan i Gävle, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-26119.
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Syfte: Det huvudsakliga syftet är att testa om Piotroskis F_SCORE tillämpat på aktier med hög book-to-market kvot kan överavkasta marknadsportföljen samt, som en konsekvens av detta, undersöka vilken grad av marknadseffektivitet som föreligger. Det sekundära syftet är att tillföra ett kunskapsbidrag till företagsledare om relevansen i book-to-market kvoten. Metod: Detta är en kvantitativ studie som utgår från ett positivistiskt synsätt och en hypotetiskt-deduktiv ansats. Statistiska tester i form av regressionsanalyser har utformats för att bestämma resultatets signifikansnivå. Den empiriska datan har inhämtats från databasen Thomson Reuter Datastream och sammanställts i Excel för att sedan analyseras i statistikprogrammet Stata. Resultat & slutsats: Studiens resultat visar att värdeportföljen överavkastar marknadsindex samt att den gör det över en längre tidsperiod. Det går också att fastställa att den riskjusterade avkastningen för värdeportföljen är högre än för marknaden, vilket tyder på att överavkastningen inte beror på en högre risk. Det går dock inte att avgöra om den effektiva marknadshypotesen råder eller ej, däremot går det att utesluta att den starka och semi-starka formen av marknadseffektivitet gäller. Förslag till fortsatt forskning: För att studera vidare huruvida den svaga formen av marknadseffektivitet råder är ett förslag till vidare forskning att göra en studie utifrån Contrarian modellen för att använda teknisk analys som endast tar hänsyn till historiska kursrörelser för att förutspå framtida avkastning. Ett annat förslag till vidare forskning är att genomföra en liknande studie som denna men då bortse från book to market kvoten och istället köpa aktier med ett F_SCORE högre eller lika med 5 samt att blanka de aktier som har ett F_SCORE under 5. Det tredje förslaget är att studera vidare kring sambandet mellan avkastning och anomalier som småbolagseffekten, likviditet och beteendefinans för att få en tydligare förståelse för vad som orsakar överavkastningen. Uppsatsens bidrag: Det teoretiska bidraget är att den aktuella investeringsstrategin överavkastar marknadsindex för vald tidsperiod utan en nödvändigtvis högre risk. F_SCORE antar en normalfördelningskurva där de bolag som har F_SCORE över fem generellt presterar bättre. Resultatet visar även att book to market kvoten är ett användbart nyckeltal för bolagsvärdering. Det praktiska bidraget är att det kan vara av vikt för företagsledare att fokusera på book to market kvoten för att locka investerare. För investerare är bidraget att denna investeringsstrategi kan slå marknadsindex utan att risken i portföljen ökar.Aim The main aim is to test if Piotroskis F_SCORE applied on stocks with high book-to- market ratio outperforms the market portfolio and therefore determine the level of market efficiency. The secondary aim is to provide knowledge to business executives about the relevance of a book-to-market policy. Method This study is a quantitative research which assumes a positivistic research philosophy with a deductive approach. Several regression analyses have been used to confirm the statistical significance of the different estimated parameters. The empirical results give answers to two hypotheses based on the aim of this research. The empirical data have been collected from Thomson Reuter Datastream, compiled in Excel and analyzed with the statistical software Stata. Result & Conclusions The empirical results of this study show that the value portfolio has a higher return than the market index. The risk-adjusted return for the value portfolio is higher compared to the market portfolio. This indicates that the higher return of the value portfolio is not due to a higher risk. By the results of this study there is not possible to determine whether the market is fully efficient or not. It is only possible to exclude the strong and semi-strong form of market efficiency. Suggestions for future research For future studies, we suggest further research about the weak form of market efficiency. Using historical data to determine future return, as Contrarian model, is one suggestion to reach further evidence of market (in)efficiency. Since F_SCORE assumes a normal distribution and because of the poor performance of the low F_SCORE firms another suggestion is short-sell these stocks to see if the return ca be increased. This empirical field needs further research about which factors that causes the higher return for these stocks. The small firm effect, liquidity and behavioral finance are just a few anomalies that may have a relationship with excess return. Contribution of the thesis The investment strategy in this research shows a higher excess return compared to the market index as well as a higher risk-adjusted return over the given period. This is not only a contribution to investors but also in a theoretical field due to the efficient market hypothesis. F_SCORE have a normal distribution curve where the stocks with F_SCORE of 5 or higher generally have a higher mean return. Another contribution is the relevance of book to market ratio as a useful strategy for valuating companies. The practical contribution gives business executives better understanding about the relevance of a book-to-market policy when attracting investors.
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Bergman, Rickard, and Philip Gunnarsson. "Economic Value Added® applied on the American Stock Market : Can the EVA® fundamental analysis increase the returns to a hedge-portfolio strategy with stocks sorted after book-to-market valuation and size?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-143971.
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In this paper, the popular fundamental analysis model Economic Value Added is tested for any ability to generate returns above that explained by book-to-market effects on American large cap stocks. A zero net-investment hedge portfolio-test was undertaken where the Economic Value Added® fundamental analysis was applied on a sample of large cap stocks, sorted into quintiles after book to market valuation. The portfolio investing in the extreme quintiles gained positive returns between the years 1999 – 2010 equal to an average yearly total return of 7,32 %. During the test-period, the benchmark portfolio constituent of stocks sorted in the same way but without the Economic Value Added® analysis only managed to score returns equaling 2,3 %, adding evidence in favor of the Economic Value Added® analysis. The Economic Value Added also showed a better risk-profile than the benchmark portfolio, measured as the Modigliani Risk-Adjusted Performance over the entire period, further acknowledging the abnormal returns. However, the Economic Value Added® sample portfolios where unevenly distributed regarding number of stocks, foremost in the short-sold part for some years, mitigating the test as strong evidence in favor of the Economic Value Added® analysis. An independent samples t-test also did not reject the null hypothesis. Despite the mixed results of the test, the strength in the specification of sample and choice of method leads us to conclude that that the Economic Value Added® seems like a moderately effective tool for identifying mispriced stocks.
Books on the topic "Book-to-market value"
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Bakker, Laurens, Masja Cohen, and Walter Faaij. Anthropologists Wanted. NL Amsterdam: Amsterdam University Press, 2021. http://dx.doi.org/10.5117/9789463722261.
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In Anthropologists Wanted. Why Organizations Need Anthropology the authors present a broad and inspiring survey of anthropologists in the job market. What in fact is anthropology? What skills do anthropologists have? Where do they work? How do they add value in the workplace, according to the people who hire them? And how can anthropologists showcase their qualities to employers? The book contains unique insights for anyone who plans to study, is studying, or has studied anthropology. And for employers interested in why anthropological knowledge is important. Anthropologists Wanted includes portraits of anthropologists and their diverse occupations, interviews with employers and academic counsellors' answers to frequently asked questions about degree programmes, anthropological skills, and tips to help you land that job.
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Traviglia, Arianna, Lucio Milano, Cristina Tonghini, and Riccardo Giovanelli. Stolen Heritage Multidisciplinary Perspectives on Illicit Trafficking of Cultural Heritage in the EU and the MENA Region. Venice: Fondazione Università Ca’ Foscari, 2021. http://dx.doi.org/10.30687/978-88-6969-517-9.
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It is a well-known fact that organized crime has developed into an international network that, spanning from the simple ‘grave diggers’ up to powerful and wealthy white-collar professionals, makes use of money laundering, fraud and forgery. This criminal chain, ultimately, damages and dissipates our cultural identity and, in some cases, even fosters terrorism or civil unrest through the illicit trafficking of cultural property.The forms of ‘possession’ of Cultural Heritage are often blurred; depending on the national legislation of reference, the ownership and trade of historical and artistic assets of value may be legitimate or not. Criminals have always exploited these ambiguities and managed to place on the Art and Antiquities market items resulting from destruction or looting of museums, monuments and archaeological areas. Thus, over the years, even the most renowned museum institutions have - more or less consciously - hosted in their showcases cultural objects of illicit origin. Looting, thefts, illicit trade, and clandestine exports are phenomena that affect especially those countries rich in historical and artistic assets. That includes Italy, which has seen its cultural heritage plundered over the centuries ending up in public and private collections worldwide.This edited volume features ten papers authored by international experts and professionals actively involved in Cultural Heritage protection. Drawing from the experience of the Conference Stolen Heritage (Venice, December 2019), held in the framework of the NETCHER project, the book focuses on illicit trafficking in Cultural Property under a multidisciplinary perspective.The articles look at this serious issue and at connected crimes delving into a variety of fields. The essays especially expand on European legislation regulating import, export, trade and restitution of cultural objects; conflict antiquities and cultural heritage at risk in the Near and Middle East; looting activities and illicit excavations in Italy; the use of technologies to counter looting practices.The volume closes with two papers specifically dedicated to the thorny ethical issues arising from the publication of unprovenanced archaeological objects, and the relevance of accurate communication and openness about such topics.
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Simon, Gleeson. Part III Investment Banking, 12 The Trading Book. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0012.
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This chapter begins by discussing market risk in the Basel framework. Market risk was a relative latecomer to the Basel framework. Although the original Accord was signed in 1988, it was only in 1996 that the amendment to incorporate market risks was implemented. Market risk in the trading book is comprised of two significant components: position risk, which measures the risk of a change in the value of assets held; and counterparty credit risk, which measures the riskiness of counterparties to derivatives, options, and other trading positions. The remainder of the chapter covers trading book eligibility under Basel 2.5 and Basel 3.
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Heber, Caroline. Enhanced Cooperation and European Tax Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780192898272.001.0001.
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The enhanced cooperation mechanism allows at least nine Member States to introduce secondary EU law which is only binding among these Member States. From an internal market perspective, enhanced cooperation laws are unique as they lie somewhere between unilateral Member State laws and uniform EU law. The law creates harmonisation and coordination between the participating Member States, but it may introduce trade obstacles in relation to non-participating Member States. This book reveals that the enhanced cooperation mechanism allows Member States to protect their harmonised values and coordination endeavours against market efficiency. Values which may not be able to justify single Member State’s trade obstacles may outweigh pure internal market needs if an entire group of Member States finds these value worthy of protection. However, protection of the harmonised values can never go as far as shielding participating Member States from the negative effects of enhanced cooperation laws. The hybrid nature of enhanced cooperation laws—their nexus between the law of a single Member State and secondary EU law—also demands that these laws comply with state aid law. This book shows how the European state aid law provisions should be applied to enhanced cooperation laws. Furthermore, the book also develops a sophisticated approach to the limits non-participating Member States face in ensuring that their actions do not impede the implementation of enhanced cooperation between the participating Member States.
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Hermann, Christoph. The Critique of Commodification. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197576755.001.0001.
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This book explores the intellectual history, nature, and consequences of commodification. While many use the term “commodification,” few realize that it was only introduced in the 1970s by Marxist scholars in Britain and the United States. However, while Marxists initially used commodification to challenge capitalism, subsequent scholars used it mainly to criticize certain markets and certain forms of exchange. The result is what this book identifies as moral and pragmatic critiques of commodification. In contrast, this book follows the materialist critique and, subsequently, argues that commodification entails the subjugation of use value, or usefulness, to market value, or the ability to generate profit. To capture this process, the book distinguishes between formal, real, and fictitious commodification. While capitalism depends on commodity production, the extent of commodification can differ, depending on market regulation and public provision. The book examines a range of neoliberal policies that promoted (re)commodification, including privatization, liberalization, and deregulation. The primacy of profits over needs has major consequences on how social needs are satisfied. The book identifies twelve consequences that have troubling effects for social reproduction and the environment, including the exclusion of those who cannot pay, the focus on highly profitable wants at the expense of less profitable but socially more relevant needs, collectivization of costs, and speculation. Given the negative effects, the book also discusses limits of commodification and argues that the ecological limit is the most dramatic one. In order to avoid catastrophic decommodification, the book proposes an alternative that is based on the maximization of use value rather than market value.
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Korver-Glenn, Elizabeth. Race Brokers. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190063863.001.0001.
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This book examines how housing market professionals—including housing developers, real estate agents, mortgage lenders, and appraisers—construct twenty-first-century urban housing markets in ways that contribute to or undermine racial segregation. Drawing on extensive ethnographic and interview data collected in Houston, Texas, the book shows that housing market professionals play a key role in connecting people—or refusing to connect people—to housing resources and opportunities. They make these brokering decisions through reference to racist or equitable, people-affirming ideas. Typically, White housing market professionals draw from racist ideas that rank order people and neighborhoods according to their perceived economic and cultural housing market value, entwining racism with their housing market activities and interactions. Racialized housing market routines encourage this entwinement by naturalizing racism as a professional tool. The book tracks how professionals broker racism across the housing exchange process—from the home’s construction to real estate brokerage, mortgage lending, and home appraisals. In doing so, it shows that professionals make housing exchange a racialized process that contributes to neighborhood inequality and racial segregation. However, in contrast to the racialized status quo, a small number of housing market professionals—almost all of color—draw on equitable, people-affirming ideas and strategies to extend equal opportunities to individuals and neighborhoods, denaturalizing housing market racism. The book highlights the imperative to interrupt the racism that pervades White housing market professionals’ work, dismantle the racialized routines that underwrite such racism, and cultivate a fair housing market.
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Perrings, Charles, and Ann Kinzig. Conservation. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190613600.001.0001.
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This book explores the process by which people decide to conserve or convert natural resources. Building on a seminal study by Harold Hotelling that connects conservation to expected changes in the value of resources, the authors develop the general principles involved in conservation science. The focus of the book is the resources of the natural environment. This includes both directly exploited resources such as agricultural soils, minerals, forests, and fish stocks, and biodiversity—the wild species and natural ecosystems put at risk when people choose to convert natural habitat, or to discharge waste products to water, land, or air. The theory of conservation shows how much or how little to extract from the environment, and how much to leave intact. It also shows how conservation decisions are influenced by the existence of market failures—the external impacts of market decisions on ecosystems, and the public good nature of many ecosystem services. It shows how conservation connects to expected changes in the relative importance or value of natural resources, and what is needed to uncover that value. It shows how context matters. Decisions about the conservation of natural resources are influenced by property rights—whether land is private property or in the public domain; by environmental policies, laws, and regulations within countries; and by environmental agreements between countries. Finally, this book shows how conservation differs within and beyond protected areas, how it connects to the system of environmental governance, and how governance structures have evolved over time.
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Neumann, Peter J., Joshua T. Cohen, and Daniel A. Ollendorf. The Right Price. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197512883.001.0001.
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New medications can provide substantial benefits, but high prescription drug prices have led to calls to contain costs. Even after accounting for discounts and rebates, average prices of leading brand-name drugs in the United States are two to four times higher than in other wealthy countries, raising questions about what these higher prices are buying us. With the advent of ever more targeted and powerful treatments, including cell- and gene-based therapies with multimillion dollar price tags, the need for sensible drug pricing policies will intensify. Price controls, common in other countries, seem appealing, but these measures can discourage innovation. Moreover, on what basis should policymakers develop such controls? This book argues that pricing prescription drugs to reflect the value they bring to patients, families, and society achieves the right balance. The book reviews the distinguishing features of the prescription drug market and explains why simple solutions like price controls and importing drugs from countries with lower drug prices are problematic without explicit assessments of value. It then describes how economists measure value, how value assessment for drugs is now being used in the United States, and what must happen going forward to overcome challenges.
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Trask, Michael. Ideal Minds. Cornell University Press, 2020. http://dx.doi.org/10.7591/cornell/9781501752438.001.0001.
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Following the 1960s, the decade's focus on consciousness-raising transformed into an array of intellectual projects far afield of movement politics. The mind's powers came to preoccupy a range of thinkers and writers: ethicists pursuing contractual theories of justice, radical ecologists interested in the paleolithic brain, cultists, and the devout of both evangelical and New Age persuasions. This book presents a boldly revisionist argument about the revival of subjectivity in postmodern American culture, connecting familiar figures within the intellectual landscape of the 1970s who share a commitment to what the book calls “neo-idealism” as a weapon in the struggle against discredited materialist and behaviorist worldviews. In a heterodox intellectual and literary history of the 1970s, the book mixes ideas from cognitive science, philosophy of mind, moral philosophy, deep ecology, political theory, science fiction, neoclassical economics, and the sociology of religion. It also delves into the decade's more esoteric branches of learning, including Scientology, anarchist theory, rapture prophesies, psychic channeling, and neo-Malthusianism. Through this investigation, the book argues that a dramatic inflation in the value of consciousness and autonomy beginning in the 1970s accompanied a growing argument about the state's inability to safeguard such values. Ultimately, the thinkers who the book analyses found alternatives to statism in conditions that would lend intellectual support to the consolidation of these concepts in the radical free market ideologies of the 1980s.
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Chesbrough, Henry. Open Innovation Results. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198841906.001.0001.
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Open Innovation Results challenges conventional thinking about exponential technologies, and probes the deeper factors necessary to obtain economic and social value from technology. It shows that generating technology alone is insufficient: the technology must also be broadly disseminated, and then absorbed and put to work before its full value is realized. The same is true with Open Innovation. It is not enough to do pilots or proofs-of-concept in your innovation unit. Your innovation results must be broadly shared throughout the organization, across the siloes, and the businesses themselves must invest in time, money, and people to absorb the new innovation and take it to market. Open Innovation Results also provides the latest research and practices involving open innovation, discussing both the achievements and failures of putting open innovation to work. The book looks at innovation practices (Lean Startup, incubators, accelerators) in a variety of industries (consumer products, IT, telephony, pharmaceuticals), and in a variety of countries (US, EU, China) around the world.
Book chapters on the topic "Book-to-market value"
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Yu, Jing, Siwei Cheng, and Bin Xu. "Size, Book-to-Market Ratio and Relativity of Accounting Information Value: Empirical Research on the Chinese Listed Company." In Communications in Computer and Information Science, 737–43. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-642-02298-2_109.
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Ozenbas, Deniz, Michael S. Pagano, Robert A. Schwartz, and Bruce W. Weber. "Trading and Technology: An Information Systems Course Application." In Classroom Companion: Business, 71–86. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-74817-3_4.
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AbstractFinancial markets today are highly computerized -- from software-driven order submission to price determination to straight-through clearing and settlement -- computer technology has displaced manual activities and streamlined functions throughout the trading value chain. The previous chapters examined microeconomic principles that underpin trading and price-setting, and finance theory that provides analytical frameworks for market outcomes. Our analysis introduces real market frictions and examines how transactions costs and heterogeneity among market participants makes market structure and tracing mechanism design crucial determinants of market outcomes and behavior. . In this chapter, we drill down further into the realities of a non-frictionless market in order to focus on how technology can enhance the efficiency of an actual marketplace. Challenging market design issues are encountered when developing and operating an actual trading facility, and as IT professionals know, the devil is in the details. The practical considerations in operating a market system successfully are the next topic this book addresses.
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Fernández, Pablo. "Valuation Formulae According to the Main Theories when the Debt's Market Value (D) does not Match its Nominal or Book Value (N)." In Valuation Methods and Shareholder Value Creation, 508–11. Elsevier, 2002. http://dx.doi.org/10.1016/b978-012253841-4.50044-5.
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Townley, Barbara, Philip Roscoe, and Nicola Searle. "Realizing Value." In Creating Economy, 124–53. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198795285.003.0006.
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The chapter turns to the realization of revenues in the creative economy, illustrating how the economic value of intellectual property becomes identified and registered. Strategies include work for hire, direct sale, and licensing, often relying on market intermediaries and collecting societies. We illustrate how arriving at prices for singular products in an exchange can be difficult, either because of a lack of ‘equivalence’ or because creative producers must learn what needs to be taken into consideration. We also examine practices of valuation as producers try to maintain control of IPR through licensing agreements. We draw links between the structural forces identified earlier in the book, especially debates over creative labour and entrepreneurship in the creative industries—casualization, precarious labour, the oligopoly of corporations—and the quotidian activities of creative producers as they seek to realize substantial enough returns to allow them to continue in the business of creative work.
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Derindere Köseoğlu, Sinem, and Saad Salman Awad Almeany. "Introduction to Business Valuation." In Advances in Business Information Systems and Analytics, 1–23. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-1086-5.ch001.
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This chapter is an introduction to the book and provides basic information to help readers in the following chapters. This book analyzes all kinds of problems and develops solutions in firm valuation process. The needs and purposes of firm valuation are briefly explained. Basic Concepts, such as Cost, Price, Value, Valuation, Evaluation, Free Cash Flow, and different types of value, are explained. Face value, issue price, fair value, intrinsic value, market value, book value, going-concern value, liquidation value, replacement value, enterprise value, and equity value are explained within the different types of value. Then, “financial statements” and “elements of financial statements”, which will form the basis of all valuation approaches, are explained and emphasized. The value drivers for businesses are discussed. Business valuation approaches' general features are given.
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Saha, Amitav, and Sudipta Bose. "The Value Relevance of Financial and Non-Financial Information." In Value Relevance of Accounting Information in Capital Markets, 220–45. IGI Global, 2017. http://dx.doi.org/10.4018/978-1-5225-1900-3.ch015.
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Value-relevance research is an important domain of modern capital market research. Accounting researchers have used the value-relevance research framework in many ways with the aim of measuring whether accounting information has a predicted association with equity market values. One of the most widely used models in value-relevance research is a modification of the Ohlson (1995) market valuation model in which the market value of a firm's equity is presumed to be a function of its book value of equity and abnormal earnings. Furthermore, using the Ohlson (1995) model, accounting researchers have documented the value relevance of different types of financial and non-financial information. Drawing on a selected number of recently published studies that have documented the value relevance of different types of financial and non-financial information, this chapter reviews and integrates recent findings, highlighting challenges and providing future directions for further research in this area.
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Jayapal, Pravina, and Azizah Omar. "The Role of Value Co-Creation on Brand Image." In Handbook of Research on Small and Medium Enterprises in Developing Countries, 185–207. IGI Global, 2017. http://dx.doi.org/10.4018/978-1-5225-2165-5.ch009.
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The proliferation of SMEs in Malaysia shows that a better understanding on this SMEs are needed. Even though the SME market is booming, these SMEs face difficulties in sustaining in the constantly evolving marketplace. In order to continuously flourish in this industry, the firms should understand the role of value co-creation in improving their market performance. The lack of value co-creation implementation has been found to act as a barrier for these SMEs. Moreover, SMEs are identified to have issues in establishing a strong brand image through value co-creation. Therefore, the book chapter develops a conceptual framework to improve the understanding on the contribution of value co-creation in the development of stronger brand image and greater market performance.
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Donnelley, Strachan. "Bottom Lines and the Earth’s Future." In Frog Pond Philosophy, edited by Ceara Donnelley and Bruce Jennings. University Press of Kentucky, 2018. http://dx.doi.org/10.5810/kentucky/9780813167275.003.0008.
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This chapter questions and challenges the tendency to define single ultimate values and then elevate them to grow into full-fledged worldviews by which we live. The principal example discussed here is the profit orientation and imperative of a market society. This chapter warns against embracing an exclusive economic approach to conservation and ecological issues, not because assigning a monetary value to ecosystem services and values cannot sometimes be useful, but because the monetary worldview is ultimately overweening and misleading for the conservation movement. The chapter concludes with a sketch and overview of the worldview that grows out of the philosophies of nature discussed later in the book as an ecocentric value-based alternative to profit-oriented market incentives.
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Dawson, Clara. "Poetic Style: Jewellery and Value in Victorian Poetry." In Victorian Poetry and the Culture of Evaluation, 73–123. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198856108.003.0003.
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Chapter 2 examines evaluations of poetic style from the 1830s to the 1860s and argues for the existence of a jewelled style which crosses over the genres of the album-book or anthology, the single-author volume and the periodical review. The intersection of raw economic value with fashionable display and artistic craft that coalesces around the jewel overlaps with the commodification of poetry as it circulates in the literary market. Jewellery becomes an important trope in both reviews and poetry, serving as a metaphor to express and calculate the kind of value that literature could offer. As a material commodity newly subject to mechanical reproduction, jewellery offered an analogy for the material changes to literary production. The chapter analyses poetry from gift annuals which exemplify the jewelled style, followed by a reading of Robert Browning’s The Ring and the Book and Elizabeth Barrett Browning’s A Drama of Exile.
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Thrall, Grant Ian. "Unifying Urban Land Use and Land Value Theories." In Business Geography and New Real Estate Market Analysis. Oxford University Press, 2002. http://dx.doi.org/10.1093/oso/9780195076363.003.0006.
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The market analysis report that is submitted to the decision maker (see chapter 4) should include a descriptive, qualitative overview of the context the real estate project has to the existing and changing urban environment. To better accomplish this task, one should have knowledge of the general theory regarding the market processes that bring about land use and urban form. This chapter presents three relevant general theories of land use and land value. Together, these general theories provide a general qualitative understanding of how the existing urban environment came to be and allows the analyst to prognosticate the trajectory of change of urban land uses and land values. The first two of the general theories presented here arose out of an attempt to explain agricultural land values and land uses. Why should a discussion of the agronomy sector be included in a book on urban real estate analysis? First, all the general theories relevant to land values and land use, and their spatial distribution within a city, are part of an intellectual heritage that dates from general theories of agricultural land values and land use. Second, much of new urban development occurs at those suburban margins. To understand development at the suburban margins, there must be an understanding of the nonurban land uses and land values at those locations. The third general theory explains spatial equilibrium and its role in shaping urban land values and land uses. Two eighteenth-century theorists, David Ricardo and Johann Heinrich von Thünen, are credited for having created a vast and sometimes opposing literature on land valuation. Ricardo’s economic theory was based upon the relative productivity of sites. In contrast, von Thünen’s geographic theory was focused on the locational component of land values and land use. The juxtaposition of these two competing giants of land theory in many respects still differentiates economists and geographers even today. After the theories of Ricardo and von Thünen are presented, an overview of the consumption theory of land rent (CTLR) is provided. The CTLR is my general theory and methodology for evaluating urban housing land use, land values, and urban form (Thrall 1980, 1987, and see 1991).
Conference papers on the topic "Book-to-market value"
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Milijić, Ana. "TREATMENT OF INTANGIBLE ASSET ACCORDING TO INTERNATIONAL ACCOUNTING REGULATION." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.33.
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Rigidity of the financial reporting model in contemporary business conditions the era of the „knowledge economy” influenced the creation of significant differences between the market and book values of companies. Characteristic of enterprises in the „new” economy is the high share of knowledge and other intellectual resources in the structure of total assets, which are at the same time the basic source of competitiveness of enterprises. Given the changing habits of consumers who are inclined to buy products on the market that identify a high degree of „embedded” knowledge, companies base their business on investing in R&D and investing in various types of intellectual property and protecting them. Due to certain limitations of financial reporting when identifying and measuring intellectual resources in an enterprise, users of financial statements are unable to get a realistic picture of the value of assets and the corresponding investments when it comes to certain types of intangible assets. Blurred financial reality can lead to irrational decisions, stagnation in business and major financial crashes, which is often the practice of large companies listed on the world stock market due to the overestimation / undervaluation of their book value. The aim of this paper is to explain the treatment of intangible assets through international accounting standards concerning the identification, recognition and measurement of intellectual resources and intangible assets, to analyze their limitations and to point out possible directions for their further development in order to provide reliable and credible reporting on assets and capital of economic entities.
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Suhendra, Euphrasia Susy. "The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01192.
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The aim of this study is to analyse the influence of intellectual capital on firm value through firm performance (profitability, productivity, market valuation and growth). Intellectual capital is measured by using a Value Added Intellectual Coefficient (VAIC™). Firm value is measured by Tobin's Q. The financial performance consists of Return on assets (ROA), Asset turn over (ATO), Market to Book Value (MB) and Earnings per Share (EPS).
Data from this study was obtained from financial statements and annual reports of manufacturing companies that are taken from the Indonesia Stock Exchange. The sample of this study is manufacturing companies listed on the Indonesia Stock Exchange during the year of 2011-2013 for 37 companies. The types of data used are secondary data in the form of annual reports by the manufacturing companies. Empirical analysis is conducted by using Structural Equation Modelling (SEM).
The results of this study indicate that Intellectual capital has a significant effect on profitability, market valuation and growth. Intellectual capital does not significantly affect productivity and firm value. Market valuation significantly affects the firm value. Profitability, productivity and growth do not significantly affect firm value. Furthermore, Intellectual capital which is intervened by the firm performance has a positive effect on firm value.
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Lavender, John, and Courtney McAllister. "Comparison and Review of 17 E-Book Platforms." In Charleston Library Conference. Purdue Univeristy, 2020. http://dx.doi.org/10.5703/1288284317162.
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The University of Michigan Press, with support from the Mellon Foundation, asked John Lavender, of Lavender Consulting, to conduct a review of the American Council of Learned Societies (ACLS) Humanities E-Book collection (HEB) following its launch on Michigan’s new Fulcrum platform. ACLS-HEB is an online collection of over 5,400 high-quality humanities books from over 100 publishers. Now that the market for e-books has matured, part of the review was a comparative study of e-book platforms run by publishers, university presses and e-book vendors; 17 platforms were selected. The review looked at the key features offered by each platform, how they handled searching, content delivery, displaying results, ability to view and download and other key features, there was no attempt to judge the value of the content. Following this review, Michigan Press felt that it would be beneficial to share the results with the wider community. As well as being of interest to publishers, the review will also be relevant for librarians making purchasing decisions and vendors selling e-book services. In addition to synthesizing the results of the e-book platform review, this paper presents a librarian’s perspectives on e-book assessment criteria. Courtney McAllister, Electronic Resources Librarian at Yale University’s Law Library, describes the importance of attributes such as accessibility compliance, library branding, and metadata. Library collections are shaped by a plethora of concerns and criteria. This paper seeks to outline some key elements to consider as part of e-book platform decision-making.
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Pamplona, Edgar, Paulo Roberto da Cunha, and Andréia Carpes Dani. "THE INFLUENCE OF AUDIT CAPABILITY, CORPORATE MANAGEMENT AND QUALITY OF ACCOUNTING INFORMATION ON THE INDEX MARKET TO BOOK VALUE OF BRAZILIAN COMPANIES LISTED ON BM&FBOVESPA." In 13th CONTECSI International Conference on Information Systems and Technology Management. TECSI, 2016. http://dx.doi.org/10.5748/9788599693124-13contecsi/rf-4171.
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Schabek, Tomasz, and Nijolė Maknickienė. "INFLUENCE OF MACROECONOMIC FACTORS ON STOCK PRICES IN POLAND – CROSS SECTION AND TIME SERIES ANALYSIS." In Business and Management 2018. VGTU Technika, 2018. http://dx.doi.org/10.3846/bm.2018.54.
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The purpose of the study is to determine if the macroeconomic factors influence rates of returns from broad index of stocks in Poland. The study investigates stability of relation between macroeconomic and stock market variables in short and long time period. After running time series regressions we check if selected macro variables are still significant in cross-section of stock returns including control variables like price to book value, capitalization and momentum. The study is based on large sample of individual rates of returns and macroeconomic variables describing real sphere of the economy. Mine findings suggest that the short and long term relation is statistically and economically significant although not stable in the both analysed time horizons. Macroeconomic beta parameter (sensitivity to macro variables measure) is not significant in cross-sectional test proving that traditionally accepted variables (in our study only price to book-value and momentum) still better explain the expected re-turns.
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Küçükbay, Füsun, and Tuğba Arpazlı Fazlılar. "The Relationship between Firms’ Environmental Performance and Financial Performance: The Case of Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01742.
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In recent years, the number of firms that give importance to environmental problems such as consumption of natural resources, decline in water resources and global warming are increasing. However, the classical view of literature argues that firms’ environmental protection operations decrease the financial performance of them. For that reason, in this study, it is aimed to analyze the relationship between financial performance and environmental performance of the firms. The sample of the study consists of firms listed on Borsa Istanbul 100 index and has a climate change score declared in CDP Turkey Climate Change Report 2015. Climate change score is used for measuring environmental performance. Accounting (Return on Asset) and marketing measures (Market Value/Book Value) are used for measuring financial performance. The relationship between the environmental performance and financial performance of the firms compared with the help of correlation analysis. Findings reveal that there is a positive relation between financial performance and environmental performance. The correlation between market performance and environmental performance is weaker than the correlation between accounting performance and environmental performance. Moreover, multidimensional scaling technique is utilized to cluster the firms in terms of their financial and environmental performance. A map is formed with the help of multidimensional scaling that shows the relative positioning of the sampled firms due to their environmental performance and financial performance.
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REIM, Wiebke, David Sjödin, Vinit PARIDA, Ulrika ROVA, and Paul CHRISTAKOPOULOS. "BIO-ECONOMY BASED BUSINESS MODELS FOR THE FOREST SECTOR – A SYSTEMATIC LITERATURE REVIEW." In RURAL DEVELOPMENT. Aleksandras Stulginskis University, 2018. http://dx.doi.org/10.15544/rd.2017.109.
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The shift towards a bio-economy is one of the main focus areas of political initiatives aiming for a society relying on renewable biological sources while achieving economic growth. The forest sector is expected to contribute significantly to the development of the bio-economy which at the same time support rural development by creating new markets for advanced forest based products. However there is a need to focus more on the economic feasibility of such initiatives. Literature on bio-economy often implicitly addresses certain aspects connected to business models but is lacking a holistic perspective on the role of business models for the successful shift towards a bio-economy in the forest sector. Therefore, the purpose of this paper is to conduct a systematic literature review about bio-economy business models in the forest sector to advance the understanding about increased and sufficient value generation necessary to persuade a shift towards bio-economy. This paper is based on a systematic review of 42 scientific journal articles and book chapters on forest based bio-economy. The first result of the article is a structured aggregation of the existing bio-economy business models including the maturity and potential for large scale application. The main implication of the paper is an overall framework on how to facilitate the commercialization of bio-economy based business models through an improved understanding of all elements of the business model canvas to reach market acceptance of innovative business models. Recommendations for future research are presented in the end of the paper.
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Martins, João. "Design of products to honor people post mortem." In Systems & Design: Beyond Processes and Thinking. Valencia: Universitat Politècnica València, 2016. http://dx.doi.org/10.4995/ifdp.2016.3323.
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The cemeterial units, are places of social practices of everyday life and worship and the tomb where nostalgia can be externalized and the memory of the deceased revered. In Western societies we can find a category of artifacts meant to evoke the memory or honor the dead. In this paper we we mention three examples of products that enabled a reflection on the concepts that gave rise to their ways, and that risks to fit them into a new "material culture", in that it may have created a break with the traditional system codes and standards shared by companies, and its manifestations in relation to the physical creation of this category of products. This work offers a reflection on the Design Products.What probably makes it special is the field where it is located: the design of products in one post mortem memory. Usually made of granite rock or marble, have the form of plate or tablet, open book or rolled sheet. On one side have a photograph of the person who intend to honor and inscriptions. The thought of inherent design of this work put on one side the intricate set of emotions that this type of product can generate, and other components more affordable, and concerning the form, function and object interactions with users and with use environments. In the definition of the problem it was regarded as mandatory requirements: differentiation, added value and durability as key objectives.The first two should be manifested in the various components / product attributes. The aesthetic and material/structural durability of product necessarily imply the introduction of qualifying terms and quantitative weights, which positively influence the generation and evaluation of concepts based on the set of 10 principles for the project that originated a matrix as a tool to aid designing products. The concrete definition of a target audience was equally important. At this stage, the collaboration of other experts in the fields of psychology and sociology as disciplines with particular ability to understand individuals and social phenomena respectively was crucial. It was concluded that a product design to honor someone post mortem, should abandon the more traditional habits and customs to focus on identifying new audiences. Although at present it can be considered a niche market, it is believed that in the future may grow as well as their interest in this type of products.DOI: http://dx.doi.org/10.4995/IFDP.2016.3323
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Ozoliņa, Gundega. "Īss ieskats Astrīdas Lindgrēnes piemiņas balvas (ALMA) specifikā un bērnu literatūras apbalvošanas fenomenā. ALMA Latvijas grāmatizdošanas kontekstā." In LU Studentu zinātniskā konference "Mundus et". LU Akadēmiskais apgāds, 2021. http://dx.doi.org/10.22364/lu.szk.2.rk.11.
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Historically, children’s literature awards have been established both to improve the quality of children’s literature and to promote the market for children’s books. Today, an international prize for literature can be seen as a socio-political game with the aim of disseminating specific values and sharing various ideas that seem relevant to a society. The Astrid Lindgren Memorial Award (ALMA) is the most generous children’s literature award in monetary terms – and, at the same time, one of the largest literary awards. The study examines the details and choices of ALMA nomination, provides a brief insight into the problems of the awarding phenomenon, as well as considers ALMA in the context of Latvian book publishing.
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Milijić, Ana, and Vanja Vukojević. "INTELLECTUAL CAPITAL PERFORMANCE REPORTING MODELS." In 6th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eraz.2020.279.
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For a knowledge-based economy, the basic drivers of economic growth and development are the knowledge, innovation and specific skills of individuals whose „incorporation” into a product/service makes them attractive to customers in the market according to the needs of the 21st century. Thus, in the era of the knowledge economy, individuals with their knowledge, specific abilities and skills represent the basis for creating and maintaining a competitive advantage in the market. However, the traditional financial reporting model cannot fully meet the information requirements of users of 21st century financial statements due to the limited absorption of data concerning the company’s ownership of intangible resources such as knowledge, specific skills of employees and other intellectual resources. In order to fully, reliable and truthful business reporting Many companies choose to voluntarily report on non-financial performance through various reports such as the Business Report and the Notes to the Financial Statements. The aim of this paper is to present modern models of reporting on intellectual capital and to point out possible directions of their further development in the future. Also, in this paper, special emphasis is placed on segments of business assets whose balance sheet (non) coverage leads to significant differences between the book and market values of companies.
Reports on the topic "Book-to-market value"
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Hulten, Charles, and Xiaohui Hao. What is a Company Really Worth? Intangible Capital and the "Market to Book Value" Puzzle. Cambridge, MA: National Bureau of Economic Research, December 2008. http://dx.doi.org/10.3386/w14548.
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