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1
Adams, A. T., P. M. Booth, and B. D. MacGregor. "Property Investment Appraisal." British Actuarial Journal 5, no. 5 (December 1, 1999): 955–82. http://dx.doi.org/10.1017/s1357321700000763.
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ABSTRACTThis paper considers the application of discounted cash flow (DCF) techniques to the analysis of the property investment market. The traditional method of property valuation is briefly outlined and its shortcomings highlighted. An alternative DCF procedure is derived to calculate the present value of a property investment. This method will be familiar to actuaries, but is not always used in property disciplines. The sensitivities of this formulation to changes in the force of real interest, force of real rental growth and force of inflation are derived. It is suggested how these formulae may be used for property investment appraisal and risk analysis. We conclude that DCF offers a more flexible and accurate means of estimating the value of a property, and that property valuers, financial economists and actuaries should work jointly to develop practical DCF methods. However, so long as traditional methods of valuation prevail, a rational investor must use both methods to identify mispriced property assets. There have been few property contributions to the actuarial literature in the United Kingdom; this paper is intended to build on the few previous papers and suggests directions for future work.
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Serguieva, Antoaneta, and John Hunter. "Fuzzy interval methods in investment risk appraisal." Fuzzy Sets and Systems 142, no. 3 (March 2004): 443–66. http://dx.doi.org/10.1016/s0165-0114(03)00166-0.
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Austin, Sarah. "BARRIERS TO INVESTMENT: THE APPRAISAL AND FINANCING OF NEW MANUFACTURING TECHNOLOGIES IN SMEs." Journal of Small Business and Enterprise Development 1, no. 1 (January 1, 1994): 38–46. http://dx.doi.org/10.1108/eb020931.
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The exploitation of new manufacturing technologies by large organisations is placing increasing pressures on the ability of SMEs to compete, since they enable large firms to compete through advantages traditionally associated with SMEs (e.g. flexibility, small production runs and specialised products). If SMEs are to maintain and improve their competitive position, a more proactive stance is required in relation to new technology investment. The identification and removal of barriers to adoption could greatly aid small firm investment in new technology. The internal investment appraisal process has been identified as one of the major barriers to the adoption of new manufacturing technologies in large firms (Price et al., 1990; Finnie, 1988). Little, however, is known about how SMEs conduct investment appraisals. Further, where SMEs seek external funds, they face additional appraisal by the funding institution. Research (Joyce et a/., 1990; Watkins and Morton, 1992) has indicated that SMEs view financing difficulties as a major barrier to investment. Given the nature of new manufacturing technologies, it is anticipated that such investments may create specific financing problems, particularly in relation to the appraisal by the financial institution. The focus of this paper, therefore, is on these two potential barriers to investment. Firstly, the paper investigates the extent to which the appraisal problems faced by large organisations are common to SMEs and establishes the extent to which the appraisal methods advocated in the literature are relevant to SMEs. Secondly, it examines external constraints on the financing of new technology investments from the firm perspective. In examining these barriers, the paper identifies the characteristics of the investment and financing decision‐making processes in SMEs. The main findings of the research project, involving case studies of 15 SMEs in the South East, are that SMEs do face problems in appraising and justifying new technology investments. However, these difficulties appear to cause fewer problems for SMEs in terms of the outcomes of the appraisal process than might be expected. Surprisingly, the financing of new technologies was not found to constitute a significant barrier to investment and few of the firms had experienced any real difficulties in raising finance for this purpose. The reasons for these apparent conditions are explored in depth and factors affecting the results are identified.
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Mei, Bin. "Investment returns of US commercial timberland: insights into index construction methods and results." Canadian Journal of Forest Research 47, no. 2 (February 2017): 226–33. http://dx.doi.org/10.1139/cjfr-2016-0186.
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This study compares different index construction methods of timberland investment returns and evaluates the resulting indices by various asset pricing models. In addition to various NCRIEF indices, I include a de-smoothed index that attempts to restore property market values, a transaction-based index that tracks ex post transaction prices, and a pure-play index that is based on unleveraged returns of public timber firms and only has exposures to the timber segment. The findings are that the appraisal-based timberland index has higher mean and lower volatility compared with the transaction-based timberland index, separate accounts outperform comingled funds in the private timberland market, the pure-play timberland index exhibits higher return and lower risk than the corresponding portfolio of public timber firms, and abnormal performance of timberland asset becomes less significant after controlling for the appraisal smoothing or by using real transaction data. These results can help timberland investors better benchmark their financial performance.
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Lovell-Greene, N. J., J. F. Affleck-Graves, and A. H. Money. "A survey of investment appraisal methods used by financial analysts in South Africa." Investment Analysts Journal 15, no. 28 (November 1986): 7–19. http://dx.doi.org/10.1080/10293523.1986.11082249.
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Magnusková, Jana, Zdeněk Pavelek, and Lucie Krčmarská. "Possibilities of Application of Static Investment Appraisal Methods for Optimizing Purchase under Conditions of Mine Rescue Service." GeoScience Engineering 60, no. 1 (March 1, 2014): 35–44. http://dx.doi.org/10.2478/gse-2014-0004.
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Abstract The present article focuses on the importance of making investment decisions and its long-term effect on the economy of companies. It presents a specific investment in the recovery of rescue equipment used for interventions in the irrespirable or deleterious environment on an example of the company HBZS, a.s. The objective is to evaluate the effectiveness of the investment project using static methods in relation to setting an optimal price level for leasing the equipment. The optimization of such setting is examined in terms of the economic lifetime of relevant tangible fixed assets
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Hadelan, Lari. "Investment analysis of plum brandy production – methodology approach." Applied Studies in Agribusiness and Commerce 2, no. 1-2 (October 31, 2008): 103–5. http://dx.doi.org/10.19041/apstract/2008/1-2/15.
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The major prerequisite of successful entrepreneurship venture is quality of decision-making process. Decision in investment is the most important financial decision. It is a part of both long-term business planning process and strategic business definition. Using available investment appraisal methods, entrepreneur should make positive or negative investment decision. Within the development of the economic theory and the practice many of methods made decision-making process rational and gave the scientific and practical base for successful project evaluation.
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Tomek, Radan. "Improving the Effectiveness of Public Spending on Transport Infrastructure." Periodica Polytechnica Architecture 48, no. 1 (May 17, 2017): 65–71. http://dx.doi.org/10.3311/ppar.11037.
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The highways network is the backbone of every national transport system and plays a strategic role in a country’s economic development. With regards to the large investments, operational and maintenance costs that it requires, sound asset management and a thorough economic appraisal of investments are of high importance. Therefore, it is appropriate to analyse and possibly modify existing methods for evaluating the economic efficiency of road construction and asset management at the scientific level, with the support of the real practice experience. Our research concentrates on an evaluation of the current approach to the asset management of the transport infrastructure, methods of economic appraisal, their consecutive improvement, incorporation of the LCCA agenda and an evaluation of environmental and social aspects in the investment decision process. Consequently, it focuses on the possibilities for improving the effectivity of these aspects through the proposal of very concrete measures based on the results of our research and the experience of real practice management construction.
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Keca, Ljiljana, and Nenad Keca. "Investment appraisal of a poplar plantation aged 42 years." Bulletin of the Faculty of Forestry, no. 107 (2013): 127–40. http://dx.doi.org/10.2298/gsf120706002k.
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Commercial profitability of poplar cultivation was analyzed in an artificial poplar plantation in Serbia. The aim of this study was to validate the invested financial means in the artificial poplar plantation, on the basis of the analysis of costs and receipts during a 42-year rotation, on alluvial semigley, at a discount rate of 12%. Methods of dynamic investment calculation (net present value - NPV, internal rate of return - IRR, benefit-cost method - B/C and payback period - PBP) were used. The investigated plantations were established from Populus x euramericana cl. I-214, with a planting spacing of 6 x 3 m. At the calculation discount rate of 12%, the project for the production cycle of 42 years was not cost-effective from the economic aspect. The discount rate of 6% can be accepted in the studied plot because of the better site (alluvial semigley), but the oldness of the stand is unfavourable. For the studied sample plot, IRR was 5.51 %. B/C at r=12% in the study compartment was 0.24. The analysis shows that PBP is practically unacceptable for the investor at the discount rate of 6%. In practice, it is necessary to improve the position of producers in getting financial means for investment in poplar cultivation, so as to stimulate the establishment of artificial poplar plantations, especially in the private sector (on private land).
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Golubev, Andrej, and Galina Golubeva. "ACCOUNTING OF RESERVES IN MODELS OF FINANCIAL AND ECONOMIC EVALUATION OF INVESTMENT PROJECTS." Baltic Economic Journal 1, no. 29 (March 18, 2020): 4–11. http://dx.doi.org/10.46845/2073-3364-2020-1-29-4-11.
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The article deals with account of material stock influence in a process of investment projects computer modelling in appraisal purpose. At the beginning of the article, the role of material stock in investment projects evaluation is stressed. The main part is focused on methods of including incoming stock and finished goods stock values to the investment projects financial models. Further development of the issue shows approaches of accounting methods (such as LIFO, FIFO, average and individual) applications while calculating value of material goods in stock. Authors give recommendation regarding average method preference due to other methods complexity.
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Freund, Steven, Frank E. Andrews, and Dev Prasad. "Mountain View Mobile Home Park." Journal of Business Case Studies (JBCS) 5, no. 5 (June 24, 2011): 79. http://dx.doi.org/10.19030/jbcs.v5i5.4724.
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This reality case pertains to one of the largest mobile home parks in the Carolinas. In 2003, the owner of the Mountain View & Vista Mountain Mobile Home Park passed away. The estate executrix hired an appraisal company to value the property. The body of the case presents three standard methods for valuing the property based on the actual appraisal report: the Cost Approach, the Income Approach, and the Sales Comparison Approach. The case then introduces the Investment Analysis Approach, which models future after-tax cash flows, considers the method of financing, and allows for year to year changes in revenues and expenses. This fourth technique complements the valuation provided by the formal appraisal. One suggested teaching strategy is to split the class into sets of matched buyers and sellers to extract data from the case and perform their independent Investment Analysis. The groups can then take opposite sides as buyers and sellers and try to negotiate a mutually agreeable price for the property.
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Baronin, Sergey, and Kirill Kulakov. "Development of life cycle valuation with priority of national projects and energy efficiency." E3S Web of Conferences 217 (2020): 07006. http://dx.doi.org/10.1051/e3sconf/202021707006.
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The paper studies changes in methodology for appraisal activity that pursues effective management of sustainable and breakthrough growth in economy and social sector through ensuring priorities of the National projects and resource efficiency when evaluating cost of life cycles as a result of value-centered management. Gravity to tackle economic problems of need to kick-start innovative high-tech investment cycles for the development of industries, enterprises and investment projects, built upon updated methodological framework for appraisal activity, defines the relevance of this study. In addition, a model to formalize processes of appraisal and management of costs and expenses in economic systems on the basis of life cycles of goods, products and services is proposed to be used as a bedrock of appraising concept. The goal of the study is to develop a set of sound methodological solutions for design of concepts of value appraisal of life cycles in appraisal activity in Russia. It should be done to make its reformation sufficient for cost management of sustainable and breakthrough growth of the country in social and economic fields through effective implementation of the National projects and resource efficiency. The objects of this study are processes of theoretical elaborations and concept-based approaches to the modeling of methodological grounds for value appraisal and management of life cycles of goods within the implementation of national projects by minimizing the cost of their cycles, lifecycle contract, total expenditures and ownership cost of life cycles based on the energy efficient and high-technology products. The applied methods dwell on a comprehensive approach which comprises analysis and synthesis, logical analysis, expert-based approach, methods of economic and mathematical modeling and forecasting.
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J. Liapis, Konstantinos, Dimitrios D. Kantianis, and Christos L. Galanos. "Commercial property whole-life costing and the taxation environment." Journal of Property Investment & Finance 32, no. 1 (January 28, 2014): 56–77. http://dx.doi.org/10.1108/jpif-08-2013-0049.
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Purpose – The main purpose of this paper is the incorporation of life-cycle costs (LCC) and whole-life costing (WLC) method and the taxation environment into the investment appraisal procedure for commercial real property projects. Design/methodology/approach – The paper initially presents the methodologies of LCC and WLC together with the NPV measure for the evaluation of real estate investments. These methods are incorporated into a decision-making model using mathematical approaches. The model is applied to a typical commercial property project (office building) in order to explore the significance of impacts from changes in structured variables and the taxation environment by introducing direct, indirect and property taxes in the evaluation of commercial real estate projects. Findings – Testing of the methodology on the Greek economic environment revealed that time, cost, the tax regime, the financial variables of funding and the monetary and fiscal environment in a commercial real property project are the main variables of net present value (NPV) of the investment. Practical implications – From the calibration of any impact from affected variables, decision-making aiding tools can be extracted for controlling the project throughout its entire life-cycle. Originality/value – An integrated WLC mathematical model for the investment appraisal of commercial property projects is introduced. The herein proposed methodology contributes to taxation policy and real estate theory in general and assists industry professionals in effective commercial property management and decision-making.
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Azhar, Jeihan Ali, and Resti Wulandari. "Comparison of Stock Performance Based on Ethical Investment: Evidance on JII and SRI-KEHATI Indices." EkBis: Jurnal Ekonomi dan Bisnis 4, no. 2 (December 28, 2020): 423. http://dx.doi.org/10.14421/ekbis.2020.4.2.1249.
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This research aims to analyze and compare the performance of the Islamic stock portfolio represented by the JII index and ethical investment represented by the SRI-KE-HATI index by measuring the Risk Adjustment Return Index through the Sharpe index, Treynor index, and Jensen Index differential return and appraisal ratio. The data analysis of this research consists of five parts, namely descriptive analysis, analysis of stock performance, with three methods, namely Sharpe, Treynor, and Jensen.differential return and appraisal ratio and Multiple Comparison Test. Based on the comparison of the performance of JII and SRI-KEHATI stocks in 2014-2019, it can be concluded that the overall method of Sharpe, Treynor and differential return shows a negative performance value, which means that the performance is not good, whereas when measured using the Jensen method and Appraisal Return shows positive performance value, which means good performance. When compared between the performance of JII and SRI-KEHATI shares, there is a difference between the performance of the JII and SRI-KEHATI Indices during the study period
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Dunk, Alan S. "An examination of the role of financial investment appraisal methods in the context of international environmental regulation." Accounting, Auditing & Accountability Journal 12, no. 2 (May 1999): 188–205. http://dx.doi.org/10.1108/09513579910270101.
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PAVEL'EVA, Ella Yu. "Private investment in residential real estate viewed through personal behavioral traits of the agent: Evidence from St. Petersburg." Finance and Credit 27, no. 3 (March 30, 2021): 627–48. http://dx.doi.org/10.24891/fc.27.3.627.
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Subject. Professional training of decision-makers influences investment decision private or individual investors make. Decisions on real estate investment are subject to biased consumer preferences resulting from investment or consumer interests. Hence, choosing a residential real estate item to purchase/rent, future buyers have their own psychological and emotional opinion on values. Objectives. I provide my own interpretation of residential real estate appraised by the private investor, considering their psychological and emotional traits. Methods. I applied general scientific and special methods of research to study the residential real estate appraisal, such as the retrospective, systems and functional-structural analysis, observation, classification, instrumental techniques for grouping, sampling, comparison and generalization, evolutionary and dynamic analysis, surveys and sorting out of the findings. Results. Private investors make choices, referring to their own personal trains, such as behavior, personal beliefs and values. I suggest considering the market segmentation on the basis of value-based method and evaluating the given segment. I tested the technique, referring to the Saint-Petersburg market of real estate. Various social groups of private investors were found to choose different residential properties and have different priorities in choosing an apartment for purchase or rent. They have greater expectations about the quality of rented housing than a residential property item to be purchased for their own use. Conclusions and Relevance. I investigated the relationship of investors’ behavior and investment lucrativeness of a residential property item. I discovered key aspects of lucrativeness for investors and provide guidelines for coordination of investors’ choices in line with their personal preferences.
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Hamzah, Fahira, and Nirmalawati. "FEASIBILITY OF INVESTMENT DEVELOPMENT SYUKURAN AMINUDDIN AMIR AIRPORT LUWUK." PADURAKSA: Jurnal Teknik Sipil Universitas Warmadewa 9, no. 1 (June 3, 2020): 39–50. http://dx.doi.org/10.22225/pd.9.1.1673.39-50.
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Air transport in the town of Luwuk Banggai has increased significantly, this can be seen with increasing volume flight Syukuran Aminuddin Amir Airport average of 17.59% per year to various regions in the country and has the infrastructure facilities that can accommodate as many as 219261 average passengers/year with a percentage of 17.67% per year. The results of the research can be used to determine the feasibility of investing in the development of an airport by using economic calculation engineering and value advantage of the extension of the runway to 3000 m complete with other facilities with competing methods will be applied as follows: Net Present Value (NPV), Benefit-Cost Ratio (BCR), Internal Rate of Return (IRR), and payback period. From the results of investment appraisal using the NPV method results obtained IDR.79,002,433,592.00 with methods derived into 36.142% IRR greater than 15% and Profitability Index (PI) has a value of 1.126 that is greater than 1 and analysis Payback Period (PP) was obtained within 15 years to reach the Break-Even Point.
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Elmassri, Moataz, Mahmoud Abdelrahman, and Tariq Elrazaz. "Strategic investment decision-making: A theoretical perspective." Corporate Ownership and Control 18, no. 1 (2020): 207–16. http://dx.doi.org/10.22495/cocv18i1art16.
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There is a stream of research that has introduced strategic investment decision-making (SIDM) through case studies and organisation-based fieldwork. However, a systematic theorisation around SIDM processes and practices still under-presented in the literature. This research aims to show how strong structuration theory (SST) could be used as an appropriate theoretical lens to explore how SIDM studies are theorised and conducted. Through employing the parameters and the concepts of SST within the SIDM context, we found that SID is a judgemental decision that is constructed by various influences. SIDs are not isolated from the social, political, and economic aspects. Subjective judgements and the decision-makers’ intuition are crucial throughout the process of SIDM. Therefore, SIDs cannot be abstracted as an objective decision-based on applying investment appraisal technical methods. The theoretical lens presented in this paper will enable researchers to drill down into the ‘ontic’ level to empirically explore in-depth the complex interrelationships between various agents and structures which, arguably, fits the SID context. Furthermore, this paper will help scholars understand how SID is made from SST perspective and guide them to conduct future research to build on and also help executives to be guided by
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Hernández, Hector. "Economic assessment of energy efficiency investments in dwellings = Evaluación económica de inversiones de eficiencia energética en viviendas." Building & Management 1, no. 2 (August 4, 2017): 36. http://dx.doi.org/10.20868/bma.2017.2.3552.
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In order to improve the energy performance of buildings, the need to value economically investments of energy efficiency associated with the rehabilitation of dwellings arises. This point of view provides an useful tool for analysts who start in the economic appraisal of energy efficiency investments. The present research gives a conceptual framework for the economic assessment of these types of investments in dwellings. As a result, it is possible to identify two techniques in the appraisals of this nature: dynamic and static approaches. Both methods contrast the benefits (energy savings) with the costs of investments over time. However, they differentiate the opportunity and the moment when investment must be carried out given an uncertainty scenario. This conceptual precision allows the study of several publications where different alternatives in retrofitting houses where evaluated, confirming the considerations that must be taken into account when economic modelling is made: the type of approach to be used (dynamic or static) and; at the definition of the investment alternatives and scenarios, the aspects of time, irrevocability and uncertainty.ResumenEn pro de la mejora del desempeño energético de los edificios, surge la necesidad de evaluar económicamente las inversiones de eficiencia energética asociadas a la rehabilitación de viviendas. Este punto de vista trata de ser una herramienta útil para analistas que se inicien en la evaluación económica de inversiones en eficiencia energética. La presente investigación muestra un marco conceptual de la evaluación económica de este tipo de inversiones en viviendas. Como resultado, es posible identificar dos enfoques presentes en los análisis económicos de esta naturaleza: el dinámico y el estático. Ambos métodos contrastan los beneficios (ahorros energéticos) con los costes de las inversiones en el tiempo. Sin embargo, diferencian la oportunidad y el momento en que la inversión debe realizarse dado un escenario de incertidumbre. Esta precisión conceptual permite estudiar varias publicaciones donde se evaluaron diferentes alternativas de reacondicionamiento en viviendas, confirmándose las consideraciones que deben tenerse presentes en momento de realizar la modelación económica: el tipo de enfoque a usar (dinámico o estático) y, en la definición de las alternativas de inversión y escenarios, los aspectos de tiempo, irrevocabilidad e incertidumbre.
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Bakkoury, Zohra, Driss Ouazar, and Godfrey Walters. "EVAPRO: economic and financial evaluation of water supply projects." Journal of Hydroinformatics 6, no. 2 (March 1, 2004): 109–21. http://dx.doi.org/10.2166/hydro.2004.0010.
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The present paper describes a computer-based system for water supply project appraisal called EVAPRO, standing for EVAluation of water PROjects. The aim of EVAPRO is to facilitate economic and financial assessment of water supply projects under different investment and operating scenarios, and changes to initial system configuration. The software consists of automating the feasibility study of water projects using information about population and water demand forecasts, potential water resources, investment decisions, financial resources and water pricing policy. It embodies a set of tools, including linear programming techniques, numerical methods and financial calculations, and combines operational optimization with financial analysis to assess the feasibility of water supply projects.The software is intended for water production and distribution agencies and aims to assist engineers and decision-makers in water supply project evaluation and feasibility assessment.
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Kulakov, Kirill Yu. "Peculiarities of the Valuation Activities Ttransformation in Russia Based on the Value Management Priorities of the Life Cycles of Goods, Works and Services." Economic Strategies 144, no. 3 (June 25, 2021): 72–85. http://dx.doi.org/10.33917/es-3.177.2021.72-85.
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The article discusses particular features of the appraisal activities transformation in the Russian Federation, focused on the priority methodology in cost management of the appraisal objects' life cycles as the basis for sustainable socio-economic development, especially in implementing national projects. The relevance of this study is based on the importance of solving such a national economic problem as providing the launch of innovative high-tech investment cycles in development of industries, enterprises and investment projects based on forming an updated methodological base for appraisal activities focused on long-term strategic cycles with planning horizon up to 60 years. Furthermore, as the main national evaluation ideology it is proposed to use the concept of formalizing evaluation and value management processes in economic systems, where the main object of assessment is the life cycle of goods, products and works, which are characterized by innovative, high-tech qualities of a breakthrough highly competitive type, as well as by the effect of emergence and synergy. The aim of the present study is to elaborate a set of relevant search methodological proposals and recommendations for modeling the transformation processes of the national evaluation activity of Russia based on the priorities of cost evaluation and of the life cycles management of goods and works that can provide sustainable and breakthrough socio-economic development of the country on the long-term strategic basis with a planning horizon of up to 50-60 years, with a view to ensuring priority implementation of national projects. The study is focused on the processes of genesis and transformation of national appraisal activity in the course of exploratory fundamental research in the field of modeling theoretical provisions and conceptual approaches to structuring methodological framework of evaluation and management of costs, life cycles of goods in the process of implementing national projects based on minimizing the cost of their life cycles, contracts on life cycles, total costs and life cycles' cost of ownership. Integrated and systemic approaches based on analysis and synthesis, logical analysis, expert approach, methods of economic and mathematical modeling and forecasting were used as research methods.
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Okpych, Nathanael J. "A Historical Perspective on the Future of Innovation in Social Work." Research on Social Work Practice 27, no. 2 (August 3, 2016): 150–53. http://dx.doi.org/10.1177/1049731516658355.
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Changing social work from a profession with innovators to a profession that innovates will likely require an innovation movement. This article draws on lessons from a prior movement in social work to suggest implications for a future innovation movement. Empirical clinical practice (ECP), a movement in social work in the 1970–1990s, sought to transform social work into a profession that was thoroughly grounded in the empirical investigation. The success of ECP was stifled by four factors around investment from key stakeholders, developing useable and effective technologies, propagating the movement, and addressing workplace barriers. This article argues that an innovation movement will require early investment from many sectors and levels of the profession, effective arrangements for generating new options for addressing social problems, effective methods for diffusing and implementing the movement, and frank appraisal of organizational contexts that can stymie innovation.
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Kuethe, Todd. "The risk and return of farm real estate and the “bad data problem”." Agricultural Finance Review 76, no. 1 (May 3, 2016): 140–50. http://dx.doi.org/10.1108/afr-11-2015-0049.
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Purpose – The purpose of this paper is to explore the consequences of appraisal smoothing in the estimation of the risks and returns of farm real estate. It examines the degree to which the risk and return characteristics of farm real estate are an artifact of the methods used to measure aggregate property values. Design/methodology/approach – A multifactor asset pricing model is estimated using farm real estate returns in a manner consistent with prior research, as well as using farm real estate returns calculated using two synthetic unsmoothing procedures developed in the real estate finance literature. Findings – The model suggests that unsmoothed farm real estate returns exhibit characteristics that differ from those suggested by prior research. The unsmoothed returns suggest a stronger correlation with economy wide investment risks. Originality/value – This is the first study to evaluate the impacts of appraisal smoothing in a farm real estate context. It provides a simple framework for addressing many of the pricing anomalies associated with farmland.
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Petrikova, E. M., and N. V. Lokshin. "Methodological Aspects of Using Mechanism of Financing Projects Based on State and Private Partnership." Vestnik of the Plekhanov Russian University of Economics, no. 4 (July 21, 2021): 26–38. http://dx.doi.org/10.21686/2413-2829-2021-4-26-38.
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The article provides a detailed analysis of key methods to assess the efficiency of projects based on state and private partnership (S&PP), including the appraisal of commercial, social-economic, macro-economic and budget efficiency. For such projects implemented on principles of project financing the authors highlighted the necessity of additional analysis of finance stability and return of credit financing. The article gives the author's definition of the mechanism of financing S&PP projects and explains methodological characteristics of assessing their efficiency for different participants and in interests of different concerned parties (state, business, banks). Special attention is paid to detailed study of the technology of calculating each parameter of assessing the efficiency for investment S&PP projects. Finally, conclusions were drawn about practical opportunities to use all the parameters, demonstrated above to assess the efficiency of projects in Russia, as well as key difficulties arising in the process of analysis and appraisal.
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Elmassri, Moataz, and Mahmoud Abdelrahman. "Strategic investment decisions and ownership structure: An exploratory study in Egypt." Corporate Ownership and Control 17, no. 4, Special Issue (2020): 399–416. http://dx.doi.org/10.22495/cocv17i4siart16.
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This paper examines how strategic investment decisions (SIDs) are made in the Egyptian context. There is an increasing call to comprehensively explore how social, economic, political, cultural, and organisational influences impact managerial judgement in SID making. In doing so, this paper takes an ontological perspective to understand how SIDs are really made. Given the uncertainty of the political and social climate and the radical changes that have taken place in Egypt, this paper provides a unique opportunity to investigate how SIDs are made in a revolution space. The contextual emphasis leads to a qualitative, interpretive research methodology. Twenty-seven unstructured interviews were conducted from national-owned and multinational companies in Egypt. Twelve organisations out of the twenty-seven that were interviewed were working for multinational organisations, thirteen of them were working for nationally owned organisations and the remaining two are joint venture companies. We found that the uncertainty embedded in the contextual structures cannot be translated through abstracted technical investment appraisal methods, so the role of subjective judgments and personal intuition is emphasized in the making of SIDs. Although both national and multinational companies indicate that in the time of revolution it is more rational to rely on personal trust rather than system trust. We found that multinational organizations push their Egyptian subsidiaries to articulate technical methods as a taken-for-granted practice, whether it is deemed meaningful or not.
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Cruz Rambaud, Salvador, and Ana María Sánchez Pérez. "Assessing the Option to Abandon an Investment Project by the Binomial Options Pricing Model." Advances in Decision Sciences 2016 (March 1, 2016): 1–12. http://dx.doi.org/10.1155/2016/7605909.
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Usually, traditional methods for investment project appraisal such as the net present value (hereinafter NPV) do not incorporate in their values the operational flexibility offered by including a real option included in the project. In this paper, real options, and more specifically the option to abandon, are analysed as a complement to cash flow sequence which quantifies the project. In this way, by considering the existing analogy with financial options, a mathematical expression is derived by using the binomial options pricing model. This methodology provides the value of the option to abandon the project within one, two, and in general n periods. Therefore, this paper aims to be a useful tool in determining the value of the option to abandon according to its residual value, thus making easier the control of the uncertainty element within the project.
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Chirwa, Themba G., and Nicholas M. Odhiambo. "Macroeconomic Determinants of Economic Growth: A Review of International Literature." South East European Journal of Economics and Business 11, no. 2 (December 1, 2016): 33–47. http://dx.doi.org/10.1515/jeb-2016-0009.
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AbstractThe paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.
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Oesterreich, Thuy Duong, and Frank Teuteberg. "Integrating system dynamics and VoFI for the dynamic visualization of financial implications arising from IT and IS investments." Journal of Modelling in Management 15, no. 1 (September 12, 2019): 232–56. http://dx.doi.org/10.1108/jm2-01-2019-0002.
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Purpose Despite the advantages that the VoFI approach offers compared with traditional capital budgeting methods, its application for the appraisal of information technology (IT) and information systems (IS) investments in both research and practice is not widespread to date. Given the static nature of the generic VoFI table, the method reaches its limits in its financial plan form because it is unable to investigate the dynamic behaviour of complex investment calculations. To date, there has been no attempt to address these shortcomings to advance the use of VoFI as a useful and valid capital budgeting method in finance and accounting. Therefore, the purpose of this study is to address this research gap and aim at developing a ‘dynamic’ VoFI model that integrates all input variables and target measures of a VoFI table and visualises the causal relationships among these variables. Design/methodology/approach The ‘dynamic’ VoFI model is developed through System Dynamics (SD) modelling to enhance the strength of the VoFI concept as an instrument for visualising the financial implications of investments in IT and IS at the corporate level. Case study research is used as a research method to study the behaviour of the developed model. The validity of the model is demonstrated by conducting simulation runs in Vensim software. In addition, probabilistic sensitivity analyses are performed to account for the impact of uncertainty on the main model variables. Findings The results demonstrate the usefulness of SD modelling for extending the generic VoFI concept by integrating risk analyses and providing a new strategy of data analysis and data presentation different from the typical financial plan form. Furthermore, the dynamic VoFI model enables the visualisation of interdependencies among the various variables incorporated in the VoFI financial plan, which significantly enhances the conceptual understanding of the investment and its financial consequences. Originality/value The integration of the VoFI concept into an SD model helps researchers and practitioners to enhance their conceptual understanding of this method. This thus increases its acceptance and popularity as a practical capital budgeting method, especially for the financial assessment of IT and IS investments. The VoFI model proposed in this paper should also enable analysts and decision makers to become more conscious of the interdependencies between the assumptions made for an appraisal and the quantitative results.
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Donkor, Emmanuel, Enoch Owusu-Sekyere, Victor Owusu, Samira Saadu, Jacqueline Baidoo, Hennor Avame Yaw, Djamson Eric Kwesi, and Felix Owusu Serbeh. "Assessing the financial viability of the floricultural industry in Ghana." Applied Studies in Agribusiness and Commerce 11, no. 1-2 (June 30, 2017): 119–26. http://dx.doi.org/10.19041/apstract/2017/1-2/15.
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This study determines the financial viability of the floricultural industry in Ghana using both discounting and non-discounting investment appraisal methods. The feasibility analysis suggests that large-scale floricultural firms are more profitable particularly with the production of cut flowers. However, investors with limited capital can venture into small-scale production specifically cut flowers. The conclusion is that the floriculture industry is financially viable therefore investors are encouraged to expend their resources in the industry. We recommend that the government and stakeholders need to create institutional support to enable the already established firms to further develop and attract new investors in the sector.
JEL. Code: Q13
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Habir, Habir. "STUDI KELAYAKAN INVESTASI PADA PROYEK PENINGKATAN STRUKTUR JALAN MALINAU – LONG ALANGO." DEDIKASI 21, no. 1 (June 18, 2020): 94. http://dx.doi.org/10.31293/ddk.v21i1.4703.
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Before investors invest their capital, an investment feasibility analysis must be carried out for what research is carried out, namely to find out the capital that must be invested at this time in the hope of getting greater profits in the future. The NPV (Net Present Value) and IRR (Internal Rate of Return) methods are methods that are often used by investors to analyze the feasibility of an investment. The formulation of the problem in this paper is How much NPV (Net Present Value) and IRR (Internal Rate of Return) on the value of the project for the Improvement of the Malinau - Long Alango Road Structure of the East Kalimantan Provincial Public Works Department in the three years of 2012? How much NPV (Net Present Value) and IRR (Internal Rate of Return) if the project investment costs are obtained from bank loans?Based on the results of the analysis and discussion that if using NPV own capital is Rp. 873,203,421, 89 and IRR, which is 10.867%> 10%. While the capital using a loan from the NPV Bank was Rp. - 743,345,869, 83 <0, and IRR obtained by 9.25% <10%. means the investment appraisal of the project for the Improvement of the Malinau-Long Alango Road Structure for the Public Works Department of the East Kalimantan Province in the three regions of 2012 is feasible to do if it uses its own capital, and vice versa if all capital obtained from loans from banks is not feasible and must be reconsidered.
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Kuznyetsova, A., N. Kozmuk, O. Klipkova, and A. Stetsevich. "STRUCTURAL PARADIGM OF INNOVATIVE AND INVESTMENT PARTNERSHIP." Financial and credit activity: problems of theory and practice 2, no. 37 (April 30, 2021): 351–61. http://dx.doi.org/10.18371/fcaptp.v2i37.230303.
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Abstract. The article is focused on finding a new and modification of the existing paradigms of the innovative and investment partnership formation. The article studies the perspective key members of innovative partnership, their roles and possible cooperation effects. The attention is focused on the choice of directions of the innovative process realization depending upon the comparative assessment of approaches and the innovation commercialization expenses. The author outlines the direct and indirect form of the innovative partnership: «enterprise — university» and «enterprise — innovative mediator — university». The analysis of the profit-making channels in each chosen type of cooperation is provided. The globalization and capital concentration platforms preceding the integration partnership agreements are outlined and analyzed. To build up a separate adaptive paradigm of the innovative partnership the factors of the inner and outer environment forming the barriers for the realization of successful innovation partnership models are analyzed. It was found that one more factor to be considered when choosing the forms of innovative partnership between the parties concerned is the payback from the innovation commercialization, Its amount will be impacted by the objective factors of the currency depreciation in time, level of the sci-tech progress development, facilitation of the state policy, selected priorities of the national strategies, etc. Concerning the subjective factors, they fall within the variety of behavioral characteristics of an individual. It is stated that the formation of the innovative partnership is closely connected with the regional peculiarity of the location of enterprises, institutions and organizations. It is suggested to outline the innovative export-oriented and innovative import-dependent regions of the country. This feature will cover the possibilities of acquisition of innovations, knowledge and experience, and resources for their realization from the inner and outer markets. One of the factors of the commercial success achievement with the chosen form of the innovative partnership is the Blue Ocean Strategy which will allow studying the market more in detail and find the market niches in need of such new integrative formations. The incorporation of spin-off and spin-out companies is outlined as an efficient direction of the innovative partnership grounds realization. The article was prepared with the application of the following methods: expert appraisal, analysis and synthesis, economic experiment and scientific abstraction as well as graphic and logical methods. Keywords: innovative partnership, innovative process, innovation, business model of the innovative partnership, innovative mediator, innovation commercialization. JEL Classification L26 Formulas: 0; fig.: 3; tabl.: 2; bibl.: 12.
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Klochkovska, Viktoriia, Olha Khaietska, and Antonina Broyaka. "Ensuring of the socio-economic development of regions of Ukraine on the basis of methods of indicative planning." Problems and Perspectives in Management 15, no. 4 (December 19, 2017): 62–71. http://dx.doi.org/10.21511/ppm.15(4).2017.06.
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The development of the world economy is accompanied by the emergence of new causal relationships that shape the conditions and determine the features of the economic development of the regions of Ukraine in a complex and changing environment. Modern economic development requires searching for new effective means of planning to increase the level of welfare as the basis for the socio-economic development of the state as a whole. To solve this problem, indicative planning methods can be used. The purpose of the study is to develop the directions of indicative planning to ensure the socio-economic development of the regions of Ukraine in the conditions of economic transformations. The object of research is the process of socio-economic development of the regions of Ukraine, which is based on the use indicative planning methods. Planning of social and economic development in the dynamic conditions of structural and organizational transformations of the national economy, starting the investment and innovation activity is an actual, complex and multifaceted problem. For its effective solution, it is necessary to use effective means of economic appraisal of expediency, effectiveness and risks of socio-economic transformations, as well as appropriate means of planning, which should include indicative planning. The use of indicative planning is an adequate means of establishing substantiated guidelines for balanced socio-economic development at the macro level. Usage of the indicative planning system in general is decided according to the principle: the market – as much as possible, the plan – as needed.
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De Villiers, J. U. "The effect of inflation on the optimum payback cut-off." South African Journal of Business Management 22, no. 1/2 (March 31, 1991): 22–32. http://dx.doi.org/10.4102/sajbm.v22i1/2.895.
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Despite the theoretical criticisms against it, payback is one of the most commonly used methods of investment appraisal in practice. Its ease of calculation and simplicity are seen as its most important advantages. In addition, an unsophisticated method like payback can yield the correct investment decision as long as the correct cut-off is specified. In this paper the optimum payback cut-off and how it is influenced by inflation is studied. Three different methods of calculating payback under inflation are investigated. In all of these the optimum cut-off depends upon the type of assets (current, depreciable or non-depreciable assets) as well as the life of depreciable assets employed. The study shows that the optimum nominal payback cut-off (where the payback calculation is based on inflated cash flows) decreases with increasing inflation for all asset types. The optimum real payback cut-off (based on nominal cash flows adjusted for inflation) does not change with inflation. The optimum uninflated payback cut-off (where inflation is ignored) decreases rapidly with inflation for projects employing current assets. In the paper is shown that complex but systematic relationships exist between a project's payback period and its discount rate. Despite its deficiencies, the use of the payback method is therefore not entirely irrational.
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Munda, Giuseppe, and Agata Matarazzo. "On the impossibility of using “the correct” cost–benefit aggregation rule." Journal of Economic Studies 47, no. 5 (April 25, 2020): 1119–36. http://dx.doi.org/10.1108/jes-06-2019-0269.
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PurposeThe purpose of this paper is to deal with one of the technical difficulties of private and social cost–benefit analysis, i.e. the choice of the proper cost–benefit aggregation rule (or method) to use, when a private capital investment decision has to be taken or a public project appraisal has to be carried out.Design/methodology/approachAlthough the considerable amount of existing literature, the problem of the choice of the right mathematical aggregation rule is still an open one. The majority of authors claim that net present value is a superior method and thus it is the one to be always used. Other authors try to show that various aggregation methods, under specific conditions, arrive at the same recommendation. An exceptional case is the field of education economics where the internal rate of return is widely used.FindingsThis paper offers a survey of this controversial topic which focuses on some clear cut formal properties of the various aggregation methods and considers the empirical characteristics of the different fields of application. Its main conclusion is that no “correct” aggregation rule, always applicable in all decision frameworks, can exist.Originality/valueIts main objective is to supply clear guidelines to orient practitioners and help the teaching on this topic. Its main conclusion is that no “correct” aggregation rule, always applicable in all decision frameworks, can exist. On the contrary, even if one restricts her/himself to a particular class of investments, often no clear-cut selection can be made.
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Cozmiuc, Diana, and Ioan Petrișor. "VALUE BASED MANAGEMENT IN THE NEW ECONOMY." Business Excellence and Management 10, no. 3 (September 15, 2020): 61–79. http://dx.doi.org/10.24818/beman/2020.10.3-05.
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The main objective of this paper is to investigate the updates brought by the New Economy, especially new business models brought by digitalization, on value-based management. This objective is to see if classic value-based management and the updates brought by the New Economy conflict or are somehow harmonized or complementary. Another objective is to illustrate the updates brought by digitalization as case object on Siemens as case subject. The paper is focused on value-based management particularities for digitalization products, services, solutions. The context of the paper is digitalization technology and its impact on business and society, digital transformation. The phenomenon is new to society in all and therefore both literature review and case studies are highly relevant. The article is a case study on a top European corporation, both leader in digitalization and excellent value-based management practitioner. The case study is exploratory and descriptive, searching for the connections between digitalization and value. It relies on secondary evidence about Siemens. The questions are how New Economy value patterns work in practice and how do they relate to classic value indicators, net present value of discounted cash flow or its equivalent Economic Value Added. The paper finds a connection between innovation lifecycle and investment approval or capital budgeting. The beginning of the project lifecycle involves investment in intangible assets, business models, an open network structure and is funded by venture capital. As the idea matures close to customer contract negotiation stages, the network structure turns into a project budgeted via program management and equity and debt. The findings show how so-called new capital budgeting methods, venture capital, are reconciled with classic value-based management using equity and debt and Economic Value-Added investment appraisal. Both funding methods have their logic and place in idea lifecycle at Siemens. The paper finds a match between the lean start-up method and early stages of digital offering lifecycle, and a complementarity between venture capital funding methods and equity and debt capital funding methods given by the innovation lifecycle.
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Vallejo-Torres, Laura, Lotte M. G. Steuten, Martin J. Buxton, Alan J. Girling, Richard J. Lilford, and Terry Young. "Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach." International Journal of Technology Assessment in Health Care 24, no. 04 (October 2008): 459–64. http://dx.doi.org/10.1017/s0266462308080604.
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Objectives:Medical device companies are under growing pressure to provide health-economic evaluations of their products. Cost-effectiveness analyses are commonly undertaken as a one-off exercise at the late stage of development of new technologies; however, the benefits of an iterative use of economic evaluation during the development process of new products have been acknowledged in the literature. Furthermore, the use of Bayesian methods within health technology assessment has been shown to be of particular value in the dynamic framework of technology appraisal when new information becomes available in the life cycle of technologies.Methods:In this study, we set out a methodology to adapt these methods for their application to directly support investment decisions in a commercial setting from early stages of the development of new medical devices.Results and Conclusions:Starting with relatively simple analysis from the very early development phase and proceeding to greater depth of analysis at later stages, a Bayesian approach facilitates the incorporation of all available evidence and would help companies to make better informed choices at each decision point.
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Kozyr, Yuriy V. "Overview of Additional Issue of Shares and Debt in the Process of Value Appraisal of Shares and Planning of Additional Issue Parameters." Journal of Economics and Public Finance 2, no. 2 (October 8, 2016): 298. http://dx.doi.org/10.22158/jepf.v2n2p298.
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<em>The article contains a theoretical analysis of the impact of additional issue of shares on the value of the invested and stock capital. The present analysis encompasses aspects of redistribution of capital between the old and new shareholders, as well as valuation procedures in different situations, both in terms of the volume of additional issue of shares and of payment methods. The income approach is used in the value appraisal. The principal place under the income approach is given to the shareholder value added model (model SVA). This article may be useful in solving a number of practical problems related to the issues of restructuring of the company's capital. Investment analysts will find in this article a tool of benefit-sharing analysis of the capital structure changes between “old” and “new” company’s shareholders and will be able to make a calculation of the parameters of the additional issue of shares.</em>
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Grigorash, Evgenia, Sofiya Samodurova, Vladimir Grigorash, and Maksat Redzhepov. "Assessment peculiarities of loan obligations for enterprises of investment and construction complex in the context of economy digitalization." E3S Web of Conferences 244 (2021): 10004. http://dx.doi.org/10.1051/e3sconf/202124410004.
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The article deals with the procedure for assessing the market value of loan obligations for enterprises of the investment and construction complex in the context of the digitalization of the Russian economy. The relevance of the topic is confirmed by the fact that digital systems and technologies have been developing rapidly in Russia in recent years, since the level of development of the digital economy is important for increasing the competitiveness of the state with other developed countries. The banking system is inextricably linked with the digital economy, which completely changes the structure of the banking system as a whole, first of all, accelerating all processes, making them more accessible and transparent. The authors of the article study the concept of a digital economy and examine the impact of the digital economy on the banking system. Assessment of the market value of loan obligations in business is a new topic in appraisal activities. The article discusses in detail the approaches to determining the market value of a business, the most suitable methods for determining the market value of a right of claim are clarified and updated. The authors investigated the concept of a collection agency, the procedure for cooperation between credit institutions and agencies. They analyze the statistics on the sale of debts, as well as the advantages for credit institutions of transferring the right of claim to agencies.
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Meier, Petra, Robin Purshouse, Marion Bain, Clare Bambra, Richard Bentall, Mark Birkin, John Brazier, et al. "The SIPHER Consortium: Introducing the new UK hub for systems science in public health and health economic research." Wellcome Open Research 4 (November 12, 2019): 174. http://dx.doi.org/10.12688/wellcomeopenres.15534.1.
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The conditions in which we are born, grow, live, work and age are key drivers of health and inequalities in life chances. To maximise health and wellbeing across the whole population, we need well-coordinated action across government sectors, in areas including economic, education, welfare, labour market and housing policy. Current research struggles to offer effective decision support on the cross-sector strategic alignment of policies, and to generate evidence that gives budget holders the confidence to change the way major investment decisions are made. This open letter introduces a new research initiative in this space. The SIPHER (Systems Science in Public Health and Health Economics Research) Consortium brings together a multi-disciplinary group of scientists from across six universities, three government partners at local, regional and national level, and ten practice partner organisations. The Consortium’s vision is a shift from health policy to healthy public policy, where the wellbeing impacts of policies are a core consideration across government sectors. Researchers and policy makers will jointly tackle fundamental questions about: a) the complex causal relationships between upstream policies and wellbeing, economic and equality outcomes; b) the multi-sectoral appraisal of costs and benefits of alternative investment options; c) public values and preferences for different outcomes, and how necessary trade-offs can be negotiated; and d) creating the conditions for intelligence-led adaptive policy design that maximises progress against economic, social and health goals. Whilst our methods will be adaptable across policy topics and jurisdictions, we will initially focus on four policy areas: Inclusive Economic Growth, Adverse Childhood Experiences, Mental Wellbeing and Housing.
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Bunch, T. S. "The Valuation of With-Profits Business and the Estate." Journal of the Staple Inn Actuarial Society 31 (March 1988): 59–88. http://dx.doi.org/10.1017/s2049929900010266.
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The subject of valuation is one of the most important, and at the same time most difficult, of all the problems faced by actuaries.The traditional approach to the subject has centred on discussion of the relative merits of the net premium and bonus reserve methods of valuation, and on the inherent conflict between valuation as a means of demonstrating solvency and valuation as a tool for ensuring a smooth emergence of surplus in accordance with the need to declare uniform reversionary bonuses. This approach is covered in the well-known papers by Redington (2) and Skerman (3) (4) and forms a significant part of the course of reading for examination subject 8 (formerly B2).Bonus reserve methods are, typically, ‘active’ methods of valuation in which all relevant parameters, including expenses and future bonuses, are given values close to their expected values. The premium valued is the office premium, and assets are usually valued at market value or by discounting expected investment income. Because actual conditions are always changing, an active valuation method tends to lead to frequent changes of basis and this introduces an element of volatility to the results which can, in consequence, be difficult to interpret. Nevertheless, because of the emphasis on using realistic values for all parameters, it is commonly believed that bonus reserve methods are particularly appropriate for investigations into solvency, especially when external conditions are changing rapidly, and in determining appraisal values.
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Сердар, Тајана. "Процјена вриједности предузећа у условима неактивног тржишта капитала // The companies’ appraisal in terms of inactive capital market." ACTA ECONOMICA 13, no. 23 (October 25, 2018): 121. http://dx.doi.org/10.7251/ace1523121s.
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Резиме: На неактивним тржиштима капитала вриједност предузећа није нимало једноставно утврдити. Евидентно је да је у случају неактивних тржишта процес доласка до инпута за процјену вриједности много компликованији, а и сама вриједност предузећа је из разлога нетранспарентности, недоступности информација и других својствених ризика мање релевантна него што би била на активним тржиштима. У процјени вриједности предузећа у условима неактивног тржишта капитала, неизоставно се анализира ниво значаја везан за трансакционе цијене у поређењу са другим индикаторима фер вриједности. Ниво значаја трансакција зависи од чињеница и околности као што су: обим трансакција, временска близина трансакције датуму мјерења и упоредивост трансакције са активом или обавезом чија се фер вриједност мјери. У раду полазимо од двије хипотезе. Прва је да је тржиште капитала у Републици Српској неактивно и недовољно развијено. Друга хипотеза је да неактивно тржиште капитала значајно ограничава и детерминише могућност коришћења приступа и метода процјене, цијене капитала као и концепата вриједности. У складу с тим, на неактивним тржиштима капитала предуслов релевантне процјене вриједности предузећа јесте претходна анализа значаја трансакционих цијена и карактеристика неактивности тржишта. Циљ истраживања је нагласити важност испитивања карактеристика тржишта капитала у процесу процјене која ће наручиоцима бити релевантна и корисна за доношење исправних пословних и инвестиционих одлука.Summary: In the inactive capital market value of company is not easy to determine. It is evident that in the case of inactive markets, the process of input determination for assessing the value is more complicated, and the value of the company itself, for reasons of lack of transparency, unavailability of information and other inherent risks is less relevant than it would be in active capital markets. In companies’ appraisal in terms of inactive capital markets, the level of importance attached to transaction prices is inevitably analyzed, compared to other indicators of fair value. The level of transaction significance depends on the facts and circumstances, such as: transaction volume, transaction temporal proximity to the measurement date and transactions comparability with asset or liability whose fair value is measured. In the paper we have started from two hypotheses. The first one is that the capital market in the Republic of Srpska is inactive and underdeveloped. The second hypothesis is that the inactive capital market significantly restricts and determines the ability of using approaches and methods of appraisal, the cost of capital and the concepts of value. Accordingly, in the inactive capital markets precondition of relevant appraisal is previous analysis of transactions prices significance and aspects of market inactivity. The aim of research is to emphasize the importance of the examination of capital markets characteristics in the process of appraisal that thereby will be relevant and useful for purchasers in making the right business and investment decisions.
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Dimitrovska-Andrews, Kaliopa. "City urban design in a free market economy: The case of Ljubljana, Slovenia." Spatium, no. 8 (2002): 31–36. http://dx.doi.org/10.2298/spat0208031a.
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A recent rapid political and economic changes in many eastern European countries demand corresponding changes in the town planning system, and especially in the development control and urban management process. For instance, at a present many historic city and town cores still remain relatively intact in their original form, but have become the target for development pressure. How should this pressure be channeled to achieve enhancement of the urban qualities of those areas (especially barracks and old factory sites), without jeopardising their competitiveness for attracting business and employment. This paper discusses the outcomes of research carried out at the Urban Planning Institute of the Republic of Slovenia from 1995 to 1998, on the development of appropriate methods for the appraisal and promotion of design quality in relation to economic viability in city development projects especially for an urban renewal. The elements for the assessment of urban design quality derive from the basic principles of good urban design such as identity, permeability, legibility visual appropriateness, robustness, visual and symbolic richness, amongst others. The simplified computerised model for assessing financial viability is based on building costs and market value of the investment, and shows the profitability of the development. It can be a useful tool in both assessing design viability, and for determining extra profit or ?planning gain? in the planning process negotiations such ?surplus? can be used for satisfying local needs (e.g. additional programs, design of public spaces). This method for appraisal and promotion of design quality in relation to economic viability has been examined through an assessment of the competition projects for the renewal of the Rog factory area in the city centre of Ljubljana. This case study has revealed the need for a clear strategy for future city development, with marketing guidance and policies for positive planning to achieve better vitality and viability for the city as a whole. Subsequently, the research examined successful initiatives for the promotion of urban design on a national and local level of the planning process identifying the most important issues affecting city design in the market economy, such as partnership arrangements, joint ventures and city-entrepreneurs. The paper briefly discusses: salient features of the current planning system in Slovenia and the on-going changes relating to the new approaches to town planning; the proposed method for appraisal and promotion of design quality and economic viability of urban environment; the results of the examination of this method applied to a case study - the renewal of an industrial site in the city centre of Ljubljana.
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Rumble, Lauren, Ryan Fajar Febrianto, Melania Niken Larasati, Carolyn Hamilton, Ben Mathews, and Michael P. Dunne. "Childhood Sexual Violence in Indonesia: A Systematic Review." Trauma, Violence, & Abuse 21, no. 2 (April 8, 2018): 284–99. http://dx.doi.org/10.1177/1524838018767932.
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There has been relatively little research into the prevalence of childhood sexual violence (CSV) as well as the risk and protective factors for CSV in low- and middle-income countries including Indonesia. Systematic searches conducted in English and Bahasa Indonesia in this review identified 594 records published between 2006 and 2016 in peer-reviewed journals and other literature including 299 Indonesian records. Fifteen studies, including nine prevalence studies, met the quality appraisal criteria developed for this review. The review found that CSV research is scarce: Only one study included nationally representative prevalence estimates. Varying definitions for CSV, survey methods, and sample characteristics limited the generalizability of the data. The available evidence points to significant risk of sexual violence affecting both girls and boys across many geographical and institutional settings. Married adolescent girls are vulnerable to sexual violence by partners in their homes. Children in schools are vulnerable to CSV by peers and adults. Victims seldom disclose incidents and rarely seek support. In addition, early childhood experiences of trauma were strongly associated with later perpetration of sexual violence and revictimization. Limited information is available about protective factors. This review synthesizes evidence about what is currently known about CSV in Indonesia and identifies the strengths and weaknesses of the existing research. A more robust evidence base regarding CSV is required to better inform policy and justify investment into prevention programs.
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Тутова, Анастасія Сергіївна. "ІНСТРУМЕНТИ ЕКОНОМІЧНОГО СТИМУЛЮВАННЯ ТОП-МЕНЕДЖЕРІВ." Bulletin of the Kyiv National University of Technologies and Design. Series: Economic sciences 137, no. 4 (December 5, 2019): 104–11. http://dx.doi.org/10.30857/2413-0117.2019.4.10.
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The article discusses the basic economic incentive tools for top managers along with offering their classification and revealing the nature of incentives for senior-level management. In modern realia, economic incentives apparently seem to be effective methods to motivate senior executives. It is argued that top managers are the most important elements in the company's human capital, their remuneration and creation of favorable environment is a specific type of investment within the overall structure of the company’s compensation and incentive plan. While designing an effective compensation strategy for personnel, it is critical to acknowledge that the effects from providing incentives for top managers are of higher value to the company’s performance than rewarding other employees. The performance appraisal framework to assess senior-level managers should include the criteria relating to the company’s overall performance as well as the indicators of their individual contributions, with a focus to attaining the company’s strategic goals. Given the above, it is suggested to classify economic incentive tools into monetary and non-monetary. The monetary incentives are additional financial bonuses that enhance the overall motivation policies for the company’s top managers. Non-monetary instruments contribute to boosting personal motivation in the work quality as well as the company economic security. Business owners, in turn, should make every effort to employ a range of economic incentives, in different combinations, scale and patterns to build an effective management system and unlock the capacity of senior executives.
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Heard, D. M., and S. J. Grenfell. "GROWTH, PROTECTION AND VALUE REALISATION USING DERIVATIVES." APPEA Journal 44, no. 1 (2004): 781. http://dx.doi.org/10.1071/aj03042.
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Oil and gas producers are familiar with the use of derivatives to hedge oil price risk.Beyond this, derivatives provide opportunities to enhance more general corporate finance activities.An example is raising finance for acquisitions or developments. When the maximum senior debt has been obtained, the choice between equity funding or other sources (such as subordinated debt) should also consider the up-front cash available from a structured derivative program—this may lower the overall cost of capital for the acquirer, and directly improve equity returns through lower dilution.A notable aspect of oil and gas production businesses is the high degree of embedded optionality. Option pricing methods can be used to value and monetise these real options—creating a new source of finance by transferring part of this embedded optionality to a party which can explicitly value and trade it.Generating value from real options (such as the opportunity to develop a proven, undeveloped reserve) can represent a critical source of finance.The value of such development assets is not fully recognised by traditional lending banks when the final investment decision remains some way off.By contrast, monetising real option value can provide funds at a point where they can be applied to appraisal drilling, thus funding the development of the project to a point where conventional debt or project-secured debt becomes feasible.Companies with both existing unhedged future production and a portfolio of PUD real options are best-placed to benefit from this source of finance.
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HUBAR, Yu, V. SAI, O. HULKO, and A. MARCHENKO. "Current state of development of agricultural land assessment methods." Modern achievements of geodesic science and industry 42, no. II (September 1, 2021): 118–26. http://dx.doi.org/10.33841/1819-1339-2-42-118-126.
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Purpose of this research is to improve the methods of valuation of agricultural land. Today, the moratorium on the purchase and sale of agricultural land has been lifted and sale of agricultural land is increasingly raised and therefore the problem of establishing an objective (market) price for agricultural land is relevant, because increasing the level of their use is an objective necessity and condition for the gradual development of society [Hubar Yu., 2020]. Methodology. A significant contribution to the study of the theory and methods of land valuation was made by A. S. Danilenko, Yu. F. Dekhtyarenko, Yu. P. Hubar, A. G. Martin, M. G. Stupen, A. M. Tretyak, G. V. Cherevko. Instead, the formation and improvement of methodological bases for the monetary valuation of agricultural land paid attention to G. D. Gutsulyk, D. S. Dobriak, О. S. Dorosh, O. F. Kovalishin. Emphasis was placed on the shortcomings of the economic assessment conducted in the Soviet period I. K. Bystryakov, S. I. Doroguntsov, Hubar Yu. P., A. M. Tretyak, M. A. Hvesyk and others. However, despite the considerable amount of scientific research in which the land was considered a means of production, tools and objects of labor (which in the current environment is insufficient), little studied and debatable are the value of land as a whole system with all its properties. This is due to the fact that agricultural land is mostly assessed differently according to the available dominant indicators (yield, value of gross output). This does not build a hierarchy on the importance of other indicators. The complexity and versatility of the problem of land valuation require the continuation and deepening of scientific research in this area. Results. The study is based on the general principles of economic and mathematical modeling, mathematical statistics, econometrics, basic and applied research. The information base of the research consisted of scientific works of domestic and foreign scientists in the field of real estate appraisal, land and city cadastres, statistics, ecology. The issue of land pricing is complex and multifaceted, the development of the land market depends on its solution. Therefore, further research should be aimed at improving the valuation of agricultural land. This process should be based on state service, taking into account the economic and political situation. This will ensure after the lifting of the moratorium on the disposal of agricultural land, the creation of a competitive environment in the land market, the objectivity of the assessment and increase the flow of funds to the state budget. Scientific novelty and practical significance. The performed researches will allow to improve the quality of determining the market value of agricultural lands for further development of land reform in Ukraine. The most important results of the study are: generalization of scientific provisions for the implementation of land valuation works and methodological approaches to determining the value of agricultural land; highlighting the disadvantages and advantages of modern methods of agricultural land valuation; proving the importance of taking into account environmental factors in the assessment of land arising from the activities of agricultural production; substantiation of the need to assess land plots with a set of physical properties of soils and spatial conditions of their implementation; development of methods for assessing the normative yield of grain crops on the basis of dynamic and statistical simulation modeling and software for its spatial implementation. It is established that the use of market-based prices will allow to make informed management decisions during the implementation of land reform in Ukraine. Individuals and legal entities on the basis of the proposed developments will be able to assess the investment attractiveness of agricultural land.
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Isbanah, Yuyun. "PENGARUH ESOP, LEVERAGE, AND UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN DI BURSA EFEK INDONESIA." Jurnal Riset Ekonomi dan Manajemen 15, no. 1 (August 7, 2015): 28. http://dx.doi.org/10.17970/jrem.15.150103.id.
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ABSTRACTThe purpose of this study was to observe the influence of the ESOP, leverage, and firm size on the financial performance, either simultaneously or partially. Financial performance is measured by return on assets (ROA), return on investment (ROE), and net profit margin (NPM). The sample used in this study is a non-financial companies listed on the Indonesia Stock Exchange and announced the ESOP during the year 2010 to 2013. Methods that use multiple regression analysis. The findings of this study indicate that simultaneous from the ESOP, the size of leverage, and the company has a significant impact on financial performance measured by ROA and NPM. Partially ESOP has no effect on ROE. Leverage and firm size negatively affect ROA. ESOP, leverage, and firm size simultaneously has no effect on the financial performance as measured by ROE. ESOP and leverage partially no effect on ROE. Firm size negatively affect ROE. ESOP and firm size has no effect on NPM. Leverage negative effect on NPM. Based on these results we recommend investors need to consider other factors beyond the studied variables that can be used to describe the maximum performance appraisal. ABSTRAKSITujuan dari penelitian ini adalah untuk mengamati pengaruh ESOP, leverage, dan ukuran perusahaan terhadap kinerja keuangan perusahaan baik secara simultan maupun parsial. Kinerja perusahaan diukur dengan return on assets (ROA), return on investment (ROE), serta net profit margin (NPM). Sampel yang digunakan dalam penelitian ini adalah perusahaan-perusahaan non keuangan yang listing di Bursa Efek Indonesia serta mengumumkan ESOP pada periode 2010 s/d 2013. Metode analisis yang digunakan adalah analisis regresi berganda. Hasil penelitian ini menunjukkan bahwa secara simultan variabel ESOP, leverage, serta ukuran perusahaan berpengaruh terhadap kinerja perusahaan yang diukur dengan ROA dan NPM. Secara parsial ESOP tidak mempunyai pengaruh terhadap ROE. Sedangkan secara parsial leverage serta ukuran perusahaan berpengaruh secara negatif terhadap ROA. ESOP, leverage, serta ukuran perusahaan tidak berpengaruh terhadap kinerja perusahaan yang diukur dengan ROE. ESOP dan leverage secara parsial tidak berpengaruh terhadap ROE. Ukuran perusahaan berpengaruh secara negatif terhadap ROE. ESOP dan ukuran perusahaan tidak berpengaruh terhadapNPM. Leverage berpengaruh secara negatif terhadap NPM. Atas hasil penelitian ini direkomendasikanagar para investor mempertimbangkan faktor-faktor yang lain di luar variabel-variabel penelitian iniyang dapat digunakan untuk menjelaskan penilaian kinerja secara maksimal.
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Darmayanti, Ni Putu Ayu, Ni Putu Santi Suryantini, Henny Rahyuda, and Sayu Ketut Sutrisna Dewi. "PERBANDINGAN KINERJA REKSA DANA SAHAM DENGAN METODE SHARPE, TREYNOR, DAN JENSEN." Jurnal Riset Ekonomi dan Bisnis 11, no. 2 (August 28, 2018): 93. http://dx.doi.org/10.26623/jreb.v11i2.1079.
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<p>Reksa dana saham merupakan reksa dana yang menawarkan keuntungan yang tinggi namun juga memiliki risiko yang tinggi karena dipengaruhi oleh fluktuasi yakni penurunan harga saham yang dipengaruhi mekanisme pasar di bursa efek. Oleh karena itu para calon investor harus memiliki pengetahuan dalam memilih reksa dana mana yang akan dipilih. Dalam penelitian ini ingin membandingkan antara metode pengukuran kinerja Treynor, Sharpe, dan Jensen. Tujuan dari penelitian ini adalah untuk mengetahui ranking kinerja reksa dana saham yang dihasilkan menggunakan ketiga metode tersebut, membandingkan kinerja reksa dana saham dengan suatu standar pengukuran (<em>benchmark</em>) yaitu kinerja IHSG, dan kemudian untuk mengetahui ada atau tidaknya perbedaan ranking yang dihasilkan oleh ketiga metode tersebut. Berdasarkan hasil penilaian kinerja dengan metode Sharpe, jika dibandingkan dengan IHSG sebagai <em>benchmark</em>, sebanyak 17 (18,5 persen) reksa dana memiliki kinerja yang <em>outperform</em> atau kinerjanya di atas kinerja portofolio pasar. Sisanya sebanyak 75 reksa dana ditemukan <em>underperform</em> atau kinerjanya di bawah portofolio pasar. Hasil penilaian kinerja dengan metode Treynor dan Jensen, sebanyak 33 (35,87 persen) reksa dana memiliki kinerja yang <em>outperform</em> atau kinerjanya di atas kinerja portofolio pasar. Sisanya sebanyak 59 reksa dana ditemukan <em>underperform. </em>Reksa dana yang <em>outperform</em> dapat dipertimbangkan oleh investor sebagai alternatif investasi. Dari hasil pengujian statistik mengenai perbedaan ranking kinerja reksa dana dengan menggunakan metode Sharpe, Treynor, dan Jensen, dapat disimpulkan bahwa ketiga metode penilaian kinerja tidak menghasilkan ranking kinerja yang berbeda-beda secara signifikan</p><p> </p><p><em>Equity funds are mutual funds that offer high profits but also have a high risk because they are influenced by fluctuations in the decline in stock prices which are influenced by market mechanisms on the stock exchange. Therefore, potential investors must have knowledge in choosing which mutual fund to choose. In this study wanted to compare the performance measurement methods of Treynor, Sharpe, and Jensen. The purpose of this study was to determine the ranking performance of equity funds generated using these three methods, compare the performance of equity funds with a benchmark standard, namely the JCI performance, and then to find out whether or not there are ranking differences generated by these three methods. . Based on the results of the performance evaluation with the Sharpe method, when compared with the JCI as a benchmark, as many as 17 (18.5 percent) mutual funds have outperformed performance or performance above the market portfolio performance. The results of the performance appraisal with the Treynor and Jensen methods, as many as 33 (35.87 percent) mutual funds have outperformed performance or performance above the market portfolio performance. Mutual funds that are outperformed can be considered by investors as an alternative investment. From the results of statistical tests regarding differences in the ranking of mutual fund performance using the Sharpe, Treynor, and Jensen methods, it can be concluded that the three methods of performance appraisal do not produce performance ratings that differ significantly.</em><em></em></p>
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Barbazza, Erica, Damir Ivanković, Sophie Wang, Kendall Jamieson Gilmore, Mircha Poldrugovac, Claire Willmington, Nicolas Larrain, et al. "Exploring Changes to the Actionability of COVID-19 Dashboards Over the Course of 2020 in the Canadian Context: Descriptive Assessment and Expert Appraisal Study." Journal of Medical Internet Research 23, no. 8 (August 6, 2021): e30200. http://dx.doi.org/10.2196/30200.
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Background Public web-based COVID-19 dashboards are in use worldwide to communicate pandemic-related information. Actionability of dashboards, as a predictor of their potential use for data-driven decision-making, was assessed in a global study during the early stages of the pandemic. It revealed a widespread lack of features needed to support actionability. In view of the inherently dynamic nature of dashboards and their unprecedented speed of creation, the evolution of dashboards and changes to their actionability merit exploration. Objective We aimed to explore how COVID-19 dashboards evolved in the Canadian context during 2020 and whether the presence of actionability features changed over time. Methods We conducted a descriptive assessment of a pan-Canadian sample of COVID-19 dashboards (N=26), followed by an appraisal of changes to their actionability by a panel of expert scorers (N=8). Scorers assessed the dashboards at two points in time, July and November 2020, using an assessment tool informed by communication theory and health care performance intelligence. Applying the nominal group technique, scorers were grouped in panels of three, and evaluated the presence of the seven defined features of highly actionable dashboards at each time point. Results Improvements had been made to the dashboards over time. These predominantly involved data provision (specificity of geographic breakdowns, range of indicators reported, and explanations of data sources or calculations) and advancements enabled by the technologies employed (customization of time trends and interactive or visual chart elements). Further improvements in actionability were noted especially in features involving local-level data provision, time-trend reporting, and indicator management. No improvements were found in communicative elements (clarity of purpose and audience), while the use of storytelling techniques to narrate trends remained largely absent from the dashboards. Conclusions Improvements to COVID-19 dashboards in the Canadian context during 2020 were seen mostly in data availability and dashboard technology. Further improving the actionability of dashboards for public reporting will require attention to both technical and organizational aspects of dashboard development. Such efforts would include better skill-mixing across disciplines, continued investment in data standards, and clearer mandates for their developers to ensure accountability and the development of purpose-driven dashboards.
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Zurynski, Yvonne, Louise A. Ellis, Huong Ly Tong, Liliana Laranjo, Robyn Clay-Williams, Luke Testa, Isabelle Meulenbroeks, Charmaine Turton, and Grant Sara. "Implementation of Electronic Medical Records in Mental Health Settings: Scoping Review." JMIR Mental Health 8, no. 9 (September 7, 2021): e30564. http://dx.doi.org/10.2196/30564.
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Background The success of electronic medical records (EMRs) is dependent on implementation features, such as usability and fit with clinical processes. The use of EMRs in mental health settings brings additional and specific challenges owing to the personal, detailed, narrative, and exploratory nature of the assessment, diagnosis, and treatment in this field. Understanding the determinants of successful EMR implementation is imperative to guide the future design, implementation, and investment of EMRs in the mental health field. Objective We intended to explore evidence on effective EMR implementation for mental health settings and provide recommendations to support the design, adoption, usability, and outcomes. Methods The scoping review combined two search strategies that focused on clinician-facing EMRs, one for primary studies in mental health settings and one for reviews of peer-reviewed literature in any health setting. Three databases (Medline, EMBASE, and PsycINFO) were searched from January 2010 to June 2020 using keywords to describe EMRs, settings, and impacts. The Proctor framework for implementation outcomes was used to guide data extraction and synthesis. Constructs in this framework include adoption, acceptability, appropriateness, feasibility, fidelity, cost, penetration, and sustainability. Quality assessment was conducted using a modified Hawker appraisal tool and the Joanna Briggs Institute Critical Appraisal Checklist for Systematic Reviews and Research Syntheses. Results This review included 23 studies, namely 12 primary studies in mental health settings and 11 reviews. Overall, the results suggested that adoption of EMRs was impacted by financial, technical, and organizational factors, as well as clinician perceptions of appropriateness and acceptability. EMRs were perceived as acceptable and appropriate by clinicians if the system did not interrupt workflow and improved documentation completeness and accuracy. Clinicians were more likely to value EMRs if they supported quality of care, were fit for purpose, did not interfere with the clinician-patient relationship, and were operated with readily available technical support. Evidence on the feasibility of the implemented EMRs was mixed; the primary studies and reviews found mixed impacts on documentation quality and time; one primary study found downward trends in adverse events, whereas a review found improvements in care quality. Five papers provided information on implementation outcomes such as cost and fidelity, and none reported on the penetration and sustainability of EMRs. Conclusions The body of evidence relating to EMR implementation in mental health settings is limited. Implementation of EMRs could benefit from methods used in general health settings such as co-designing the software and tailoring EMRs to clinical needs and workflows to improve usability and acceptance. Studies in mental health and general health settings rarely focused on long-term implementation outcomes such as penetration and sustainability. Future evaluations of EMRs in all settings should consider long-term impacts to address current knowledge gaps.