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1
Elshahat, Islam M. "Market Valuation of Environmental Performance." FIU Digital Commons, 2010. http://digitalcommons.fiu.edu/etd/309.
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This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.
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Freybote, Julia. "Market Feedback and Valuation Judgment: Revisited." Digital Archive @ GSU, 2012. http://digitalarchive.gsu.edu/real_estate_diss/11.
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Appraisers receive feedback from a variety of sources such as other appraisers, clients and the real estate market. Previous studies find client feedback to introduce an upward bias into commercial and residential appraisal judgments. Hansz and Diaz (2001) find that the provision of transaction price (market) feedback for a previously valued property biases commercial appraisers upwardly in subsequent valuations. The authors provide market optimism, client feedback and a reduced conservatism bias as explanations for their findings. However, previous client and market feedback studies were conducted in upward-trending or booming real estate markets. The identified upward bias in valuation judgments may have been the result of positive real estate market conditions.
This study investigates the impact of transaction price feedback on residential appraisal judgment in a changed appraisal task environment, characterized by a depressed housing market, market pessimism, conservative lenders and a changed residential appraisal industry. As Hansz and Diaz (2001) find an upward appraisal bias in an upward-trending market, I expect market feedback to introduce a downward bias into residential appraisal judgments in a depressed market. Compared to a “no feedback” control group, residential appraisers receiving the feedback that their previous value estimates were too high, compared to the realized transaction price, are expected to make significantly lower subsequent value judgments for an unrelated property. The “too low” feedback is not expected to have an impact on subsequent value judgments.
I test the hypotheses with a controlled experiment using a pre-posttest design. The experimental design has one factor (transaction price feedback) fixed at three different levels (“too low”, “too high”, “no feedback”). A posttest-only validity control group is added to test for a potential testing bias in the pre-posttest design. This study uses residential expert appraisers, defined as active Oregon State certified residential appraisers, from the Portland metropolitan statistical area (MSA) as subjects. Experimental subjects are randomly selected from a list of all certified residential appraisers in the Portland MSA. Experimental subjects are randomly assigned to the control and treatment groups (10 subjects per group; N=40).
Subjects in the treatment groups and pre-posttest “no feedback” control group are asked to value a lot of vacant residential land in the geographically unfamiliar Roswell, Georgia. After they provide their value estimates for this first valuation case, subjects in the treatment groups are given a note from a seller’s broker stating the transaction price for the previously valued property. Subjects in the “too high” feedback group receive a transaction price that is 15% below their estimates and subjects in the “too low” feedback group receive a transaction price that is 15% above their value estimates. The control group receives no feedback. All treatment and control groups are then given a second (unrelated) valuation case of vacant residential land in Newnan, Georgia and asked for their value estimate. The experiment is concluded with an exit questionnaire containing demographic and professional questions as well as manipulation checks.
The experimental data are analyzed using the parametric independent samples t-test. The assumptions of normality and equal variances are not violated by the dataset. A one-way ANOVA and the non-parametric Mann-Whitney U test are used as robustness checks. All statistical tests conclude that neither the mean of the “too high” feedback group nor the mean of the “too low” feedback group are statistically different at the 5% level from the mean of the “no feedback” control group. Thus, no evidence is found that transaction price feedback biases residential appraisal judgments in a depressed market.
The insignificant results are further analyzed to assess whether they are due to a non-reception of the treatment by subjects, low statistical power or a non-existing relationship: The explanation that subjects did not read the treatment note can be excluded. A power analysis reveals low statistical power and very small effect sizes for both treatments. An alternative explanation for the insignificant results is the absence of the hypothesized relationship. The main client group of experimental subjects is appraisal management companies, which due to legislation passed after 2007, work with appraisers on behalf of lenders. As a consequence, residential appraisers do not receive direct client feedback anymore (compared to Hansz and Diaz, 2001) and may not respond subconsciously to the “too high” feedback.
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Champonnois, Victor. "Methodological issues in non-market valuation." Thesis, Aix-Marseille, 2018. http://www.theses.fr/2018AIXM0654/document.
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Cette thèse explore différents problèmes méthodologiques associés à l'évaluation non-marchande. Dans la première partie, je m'intéresse à certaines difficultés posées par l'élicitation des préférences. En particulier, j'analyse les performances d'un nouveau format d'élicitation pour réduire le biais d'ancrage des consentements à payer (Chapitre 1). J'étudie aussi l'effet de la confiance dans les institutions sur les comportements de protestation dans les questionnaires d'évaluation (Chapitre 2). La seconde partie de la thèse est dédiée à l'analyse statistique des consentements à payer. Je compare les modèles de régressions quantiles avec les modèles standards pour mesurer leur capacité à prendre en compte des caractéristiques récurrentes des données de consentement à payer (Chapitre 3). Je propose aussi un test pour un nouveau type de biais de publication (Chapitre 4). Dans la dernière partie, je m'intéresse aux problèmes d'équité liés à l'agrégation des consentements à payer pour mesurer les bénéfices d'un projet, et le rôle joué par les besoins de subsistance (Chapitre 5)In this thesis I explore different methodological issues arising in non-market valuation. In the first part of the thesis, I try to provide solutions to some problems of preference elicitation. In particular, I analyze the performance of a new elicitation format to reduce anchoring bias in multiple willingness to pay (WTP) elicitation (Chapter 1) and I propose a new strategy to identify the effect of trust in institution on protesting behaviors (Chapter 2). The second part of the thesis is devoted to the statistical analysis of WTP. I compare quantile regression models with standard models to assess their respective ability to account for recurrent issues in WTP data (Chapter 3), I also propose a test for a new type of publication bias (Chapter 4). In the last part of the thesis, I investigate the equity issues in WTP aggregation as a measure of benefits, and the role of subsistence needs (Chapter 5)
4
Naeem, Afif. "Two Essays on Non-market Valuation." The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1405447102.
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Jarkasy, Samer. "Valuation bias in the stock market." Thesis, City, University of London, 2005. http://openaccess.city.ac.uk/18931/.
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In our first study (Chapter 3) we investigate valuation bias in the UK. stock market by examining the valuation of new stocks relative to survivor stocks as new stocks have relatively higher valuations with the valuation gap increases in: bullish markets and vice versa. The value explanatory model and individual fundamental factor tests developed provide evidence of a negative significant relation between age and value. This does not seem to be backed by any known economic rationale given that new stocks showed lower profitability levels, no concrete evidence of materialised higher growth or lower risk which is inconsistent with their relatively higher valuations indicating that valuation bias could well be present. The evidence in the first study does not imply that valuation of survivor stocks is rational or otherwise. Hence, in our second study (Chapter 4), we seek evidence on valuation bias at the stock market aggregate level where the occurrence of major divergences between stock prices on one side and economic growth and equity invested capital on the other, followed by subsequent price falls (corrections) is evident. The evidence obtained shows: (a) low earnings yields using theoretical and empirical models under plausible scenarios, (b) no changes in corporate profitability pattern that could explain stock price levels, (c) a cyclical gap between implied growth and economic growth, (d) that implied growth was almost always higher than both economic and earnings realised growth, and finally (e) the implied average equity risk premium compared with the evidence in the literature and the market unbiased expected return appears to underestimate risk revealing a paradox of high return expectations driving prices up implying lower equity risk premium. The evidence on balance, suggests that stock price levels in the UK. during 1989-2002 cannot be explained by fundamentals and the idea of temporary mispricing is not supported by strong evidence leaving the door open to argue the presence of overvaluation on average during 1989-2002. One of the implications of valuation bias and stock age is that investors are relatively more limited in exaggerating the potential of survivor stocks because of the better investment knowledge available about them compared to new stocks. Thus, in our third study (Chapter 5), we seek evidence for the role of 'investment knowledge' in 'stock price rationalisation' from property investment stocks exploiting the special investment characteristics of their underlying assets and operations. We establish the presence of a significant and enduring market discount to the underlying value for property investment stocks. We test the hypothesis that property investment stocks discount is a reflection of investment knowledge-based rationality that limits valuation bias for these stocks. In testing the hypothesis, we establish knowledge-based rational explanations for property stocks market valuation or discount. The evidence from return differential, operating expenses, capital gains risk, leverage risk, and the stability of property stock prices, unlike the overall stocks market, relative to the economy and the underlying value leads towards not rejecting the null hypothesis.
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Ioffe, Ioulia D. "Implied valuation of operators, the debt market." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://wwwlib.umi.com/cr/yorku/fullcit?pNQ43429.
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Thesis (Ph. D.)--York University, 1999. Schulich School of Business.Typescript. Includes bibliographical references. Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNQ43429.
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Yeh, Chia-Yu. "THREE ECONOMETRIC APPLICATIONS OF NON-MARKET VALUATION." The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1037827614.
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Khalid, Al-abdulqader. "Share valuation and stock market efficiency in the Saudi stock market." Thesis, University of Dundee, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.561297.
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Rowley, Steven. "A National Valuation Evidence Database : the future of valuation data provision and collection." Thesis, Northumbria University, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.245441.
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Abuzayed, Bana. "Market discipline, large bank dominance and bank valuation in an emerging market." Thesis, Bangor University, 2007. https://research.bangor.ac.uk/portal/en/theses/market-discipline-large-bank-dominance-and-bank-valuation-in-an-emerging-market(aead50cc-c0f4-4289-89a1-c354d6fd5e51).html.
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Chan, Kelly Australian Graduate School of Management Australian School of Business UNSW. "Accounting-based composite market multiples and equity valuation." Awarded By:University of New South Wales. Australian Graduate School of Management, 2010. http://handle.unsw.edu.au/1959.4/44596.
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In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.
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Dragicevic, Arnaud. "Market Mechanisms and Valuation of Environmental Public Goods." Phd thesis, Palaiseau, Ecole polytechnique, 2009. http://pastel.archives-ouvertes.fr/pastel-00005650/en/.
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Yin, Wen Xun. "Credit contingent claims valuation under imperfect market conditions." Thesis, Imperial College London, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.271663.
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Yan, Xiaojuan. "Stock market valuation of corporate social responsibility indicators." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3594.
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Renneboog et al (2008) argue that it remains to be seen whether corporate social responsibility (CSR) can be priced. In light of this, this thesis tests the performance and market valuation of CSR indicators by using a comprehensive set of KLD indicators. Chapter Three of this thesis examines the effect of CSR on financial performance by incorporating CSR into the investment process. As no clear break point is found for the normalised KLD score, the net KLD score is used as an alternative portfolio metric. In addition, most KLD indicators are found to have insignificant alphas for the high-scoring, low-scoring, and long-short portfolios—meaning that investors do not earn abnormal returns through a long-short strategy. Moreover, insignificant alphas are recorded for most of the indicators under the best-in-class approach—meaning that the application of industry classification does not affect results. Finally, both the conditional Ferson and Schadt (1996) model and conditional three-factor model are used as robustness checks, with most indicators having insignificant alphas for these conditional models. As such, the results imply that there is neither outperformance nor underperformance when using portfolios formed with CSR scores; however, there are significant differences in factor loadings between high-scoring and low-scoring CSR portfolios. Chapter Four uses a framework consistent with the Peasnell (1982) and Ohlson (1995) model to examine whether CSR is reflected in share prices. The CSR indicator is treated as the “other information” variable, and the association between CSR and market price is estimated by controlling for book value of equity, net income and dividends. Although the market is found to value different KLD indicators differently, most of the indicators are found to have positive impact on market value (except for corporate governance and human rights). R&D and advertising expenditure are both added to the valuation model for robustness checking purposes. Some of the CSR indicators—and especially for the case of environment—are not valued during the earlier stages, but become increasingly valued over time. The ten industries are also found to have varying effects on market valuation. In summary, high-scoring CSR firms display higher valuations than low-scoring CSR firms, and thus it can be concluded that a socially responsible agenda does not conflict with maximising shareholder value. Since most of the CSR indicators in Chapter Four lead to positive market price valuations, Chapter Five aims to disaggregate the value effect into the separate components of ROE ratio, the implied cost of capital (ICC) and growth rate. Three different methodologies are used to test the relationship between CSR, ICC and the long-run growth rate. The relationship between CSR and growth rate is positive with all of the methodologies. However, the different methodologies return differing results for the relationship between CSR and ICC, which may be due to the different assumptions made by each approach. Furthermore, it suggests that long-run growth rate differences in general may be more important than ICC differences. Finally, most KLD indicators are found to have significantly higher P/V and ROE1 ratios for the high-scoring CSR portfolios than for the low-scoring CSR portfolios.
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Neuhaus, Henrik Juhan. "Option valuation and hedging under transactions costs." Thesis, London Business School (University of London), 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.337387.
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Zhu, Wei. "Thermal generation asset valuation problems in a competitive market." College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/1771.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2004.Thesis research directed by: Civil Engineering. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Miao, Liyan. "Market valuation and target horizon in mergers & acquisitions." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36943411.
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Azimont, Frank. "Valuation, metrologies and judgements : a study of market practices." Thesis, Lancaster University, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.551636.
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This thesis investigates market practices and builds on the insight that markets are shaped and performed through multiple calculative agencies. It studies how the introduction of category management as part of a socio-technical agencement contributes to shaping goods, market place, configuration of buyers and sellers and their encounter in the fuel retail industry. After offering a critical analysis of four research strands (a practice based approach to markets, the Foucauldian study of governmentality, the sociology of translation and the sociology of socio-technical agencements) that take a performative view to the study of the economy and markets, I develop an approach that proposes to study markets rather than marketing through the analyses of bundles of practices. The identification of socio-technical agencements (ST As), the exploration of calculative practices and the study of how calculation is linked to agency, frame the way we understand how particular calculative practices make operable the assemblage of ideas, artefacts, practices, people, etc. that form and shape mundane markets. The thesis uses empirical data derived from a longitudinal ethnography of the petrol retailing arm of a multinational oil company. My analysis highlights the role of category management, a fuzzy theory, that helps glue market constituents together. It argues that valuation necessarily combines metrological practices and practical judgement resulting from experience, experimentation and equilibration. I identify two types of contexts involved in calculative practices, heuristic and algorithmic situations, and four type of practices involved in creating desirable and intelligible futures: realisation, potentialisation, virtualisation and actualisation practices. KeyWords Market practices; socio-technical agencements; performation; calculation; valuation; metrological practices; practical judgement.
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Miao, Liyan, and 繆麗燕. "Market valuation and target horizon in mergers & acquisitions." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B36943411.
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Merriman, Michael Lee. "Systematic Risk Factors, Macroeconomic Variables, and Market Valuation Ratios." Kent State University / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=kent1224330564.
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Dahlan, Nofri Yenita. "Valuation model for generation investment in liberalised electricity market." Thesis, University of Manchester, 2011. https://www.research.manchester.ac.uk/portal/en/theses/valuation-model-for-generation-investment-in-liberalised-electricity-market(d7e0e8d1-2bd8-4906-8aa5-c61cb5f46893).html.
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The introduction of a liberalised electricity market has brought a new challenge to generating companies as well as system regulators. Under this more competitive environment, generating companies are exposed to various risks that might compromise their investment return. Moreover, the various risks in the market affect each type of generation technology in a different way; hence influence the technology choice. Furthermore, it is not yet clear whether the investment cycles in a liberalised electricity market will take place in an orderly fashion or whether 'boom and bust' cycles may arise. As a consequence various market designs, investment incentives and policies have been implemented by system regulators to try to ensure the security of supply. Investment decisions under a market with incentive mechanism are even more complicated to model because the generating company needs to forecast the revenue that the new investment will make from both the energy market and the mechanism. This thesis develops some models that could be used by system regulators to study the performance of market designs and by generating companies to assess a new investment under a liberalised electricity market. Three main models have been developed to serve these purposes. A generation expansion model has been developed using Agent-based modelling approach. In this model each generating company makes investment decision taking into account their competitors' investment strategies and the interactions between them. Several incentive mechanisms are also modelled to study their impacts on the generating companies' investment decision and the dynamic of the investments. A more comprehensive investment framework for a generating company to evaluate an investment in a new power plant has also been developed. The framework consists of two stages: 1) it first models the expected future investments and retirements from all the companies in the market and 2) then calculates the market prices and revenues of the new investment against the future system expansion obtained in the first stage. Two investment models have been developed using this framework. The first model is a probabilistic valuation model to assess investment considering risks and uncertainties. The second model is developed to evaluate investment in an oligopoly electricity market taking into account various risk characteristics of different technologies. The investment framework for a generating company to evaluate an investment is also extended so that the generating company can evaluate investments in a market with an incentive mechanism.
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Snowball, Jen. "The economic valuation of cultural events in developing countries: combining market and non-market valuation techniques at the South African National Arts Festival." Thesis, Rhodes University, 2006. http://hdl.handle.net/10962/d1002703.
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The arts in many countries, but particularly in developing ones, are coming under increasing financial pressure and finding it difficult to justify the increases in government funding needed to maintain and grow the cultural sector. The trend in cultural economics, as well as in other areas, appears to be towards including qualitative valuations, as well as the more traditional quantitative ones. This thesis argues that the value of cultural events should include long term historical qualitative analysis, financial or economic impact and a valuation of the positive externalities provided by cultural events and that any one of these should only be regarded as a partial analysis. Four methods of valuing the arts using the South African National Arts Festival (NAF) as an example are demonstrated. Firstly, a qualitative historical analysis of the role of the NAF in South Africa’s transformation process from Apartheid to the democratic New South Africa is examined, using theories of cultural capital as a theoretical basis. It is argued that the value of cultural events needs to take into account long-term influences especially in countries undergoing political and social transformation. The second valuation method applied is the traditional economic impact study. Four economic impact studies conducted on the NAF are discussed and methodologies compared. It is concluded that, despite the skepticism of many cultural economists, the method can provide a useful partial valuation and may also be used for effective lobbying for government support of the arts. Chapter four discusses willingness to pay studies conducted at the NAF in 2000 and 2003 (as well as a pilot study conducted at the Klein Karoo Nationale Kunstefees). It is found that lower income and education groups do benefit from the positive externalities provided by the Festival and that this is reflected in their willingness to pay to support it. It is also argued that such contingent valuation studies can provide a reasonably reliable valuation of Festival externalities, but that they may be partly capturing current or future expected financial gains as well. Finally, the relatively new choice experiment methodology (also called conjoint analysis) is demonstrated on visitors to the NAF. The great advantage of this method in valuing cultural events is that it provides part-worths of various Festival attributes for different demographic groups. This enables organizes to structure the programme in such a way as to attract previously excluded groups and to conduct a cost-benefit analysis for each part of the Festival.
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Rebane, Martin, and Martin Kolga. "Timberland valuation : Current theory and practice in Estonia and Sweden." Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-101486.
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In some countries forests are state or community owned and there is no market for forest land. However, in many countries timberland can be privately owned and thus there exists an active market for it. In Estonia and Sweden private timberland ownership is very high, 54% and 66% of the total timberland area respectively. Since property transactions in general require valuations, the need for timberland valuations is high in these countries. There are several timberland valuation approaches discussed and analysed in timberland valuation literature. Three of the most prominent approaches are the income approach, the sales comparison approach and the cost approach. Although timberland valuation is well-founded in theory, it is often rather different in practice. The timberland valuation methods as well as the underlying assumptions in the methods can vary significantly across countries and regions. The dissimilarities and confusion in timberland valuations are, at least to some extent, related to the circumstance that existing valuation standards comprehend very little guidance regarding timberland appraisal. The thesis in hand is a comparative case study, in which the same interview questions were asked from several timberland appraisers in Estonia and Sweden in order to find out how timberland is appraised in these countries. It was found that the timberland valuation approaches used within a country are rather similar, but differ when comparing Estonia with Sweden. The assumptions used in the valuation approaches vary between countries as well as across companies within a country. In Estonia 3 the appraisers use only the income approach to value a timberland, while in Sweden the appraisers use both the comparable sales approach and the income approach. There are, however, substantial differences in the way the income method is carried out in each country. In Sweden the appraisers use the income approach, to a great extent, in accordance with scientific literature, which cannot be said about the Estonian appraisers. The main differences in the income approach across the countries are the future cash flow treatment, the premerchantable timber value treatment and the length of the time period in the income approach. Along with many other details about timberland valuation practises in Estonia and Sweden, the study also found that none of the appraisers are using the uncertainty intervals in their valuation reports. The consistency and solidarity of Swedish timberland valuation practice results from the existence of the guidelines and recommendations along with the valuation program provided by the National Land Survey of Sweden. Latter is a clear sign of the importance of valuation standards and guidelines.
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Persson, Eva, and Caroline Ståhlberg. "PE and EV/EBITDA Investment Strategies vs. the Market : A Study of Market Efficiency." Thesis, Linköping University, Department of Management and Engineering, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-8232.
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Background:
The efficient market hypothesis states that it is not possible to consistently outperform the overall stock market by stock picking and market timing. This is because, in an efficient market, all stock prices are at their correct level, and there are no over- or undervalued stocks. Nevertheless, deviations from true price can occur according to the hypothesis, but when they do they are always random. Thus, the only way an investor can perform better than the overall stock market is by being lucky. However, the efficient market hypothesis is very controversial. It is often discussed within the area of modern financial theory and there are strong arguments both for and against it.
Purpose:
The purpose of this study was to investigate whether it is possible to outperform the overall stock market by investing in stocks that are undervalued according to the enterprise multiple (EV/EBITDA), and the price-earnings ratio.
Realization of the Study:
Portfolios were constructed based on information from five years, 2001 to 2005. Each year two portfolios were put together, one of them consisting of the six stocks with the lowest price-earnings ratio, and the other consisting of the six stocks with the lowest EV/EBITDA. Each portfolio was kept for one year and the unadjusted returns as well as the risk adjusted returns of the portfolios were compared to the returns on the two indexes OMXS30 and AFGX. The sample consisted of the 30 most traded stocks on the Nordic Stock Exchange in Stockholm 2006.
Conclusion:
The study shows that it is possible to outperform the overall stock market by investing in undervalued stocks according the price-earnings ratio and the EV/EBITDA. This indicates that the market is not efficient, even in its weak form.
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Meitner, Matthias. "The market approach to comparable company valuation ; with 26 tables /." Heidelberg ; New York : Physica-Verl, 2006. http://deposit.ddb.de/cgi-bin/dokserv?id=2786123&prov=M&dok_var=1&dok_ext=htm.
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Foster, Timothy Charles. "A study of the market valuation of antique Chinese ceramics." Thesis, Southampton Solent University, 1997. http://ssudl.solent.ac.uk/1261/.
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This research describes an attempt to postulate a grounded theoretical understanding of the valuation of objects described as art and antiques. The approach adopted is fundamentally inductive and interdisciplinary. It begins with a discriminating synthesis of the relevant literature from the disciplines of Art History, Sociology, Anthropology, Economics and Psychology. Financial value is strongly correlated with aesthetic value, which is created partially through the process of exchange itself, but largely through the ascribing of 'meaning' to objects through social and historical mechanisms. These mechanisms are examined using consumer behaviour paradigms. The economic notion of 'artistic capital stock' is assessed for its wider applicability. The study focuses on the creation of perceptions of cultural and financial worth, and valuation of antique Chinese ceramics, which through their inter-cultural complexity, are seen as illuminating a breadth of generalisable phenomena. The creation of perceptions is viewed on both the level of encircling cultural predispositions, and on a level of more specific interactions between the consumer and what are viewed as marketing inputs. The methodology adopted is one of cross-reference between qualitatively described observations derived from particiopation in the market, and quantitative behavioural analysis of a database compiled from the auction sales of Sotheby's and Christie's over a five year period. The results indicate that consumers of 'art' are behaviourally similar to generic consumers of any goods. Further they are risk-reducing seekers of autonomy through affiliation, which appears to compete in the fulfilment of their higher order psychological needs. Culturally established mechanisms for the ascription of 'meaning' to 'art' objects are shown to correlate functionality with the creation of brand perceptions through the marketing of fast moving consumer goods. The specific inputs which contribute to the perception of value, are identified and modelled. Recommendations are made regarding a fuller examination of the 'valuation' process and the appropirateness of further examinations of the 'art market' by consumer behaviourists.
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Hao, Shengquan. "Two essays on value generation and market valuation of firms /." View abstract or full-text, 2008. http://library.ust.hk/cgi/db/thesis.pl?ACCT%202008%20HAO.
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Zhang, Jiayin. "Private and public discrepancy : the anatomy of valuation in market." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90078.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2014.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 83-90).
The popular explanations of market bubbles, based on the classical economic assumption that market prices incorporate market participants' private valuations, argue that bubbles are caused by the collective delusion of individual participants who have false beliefs of fundamental values. An emerging institutionalist approach of research, in contrast, argues that bubbles can be produced even if rational investors collectively have the resources to correct mispricing, implying that market price doesn't necessarily incorporate true private beliefs. The primary analysis of my dissertation tests the two competing explanations in the context of the Beijing real estate market, where the collective delusion explanation seems particularly appropriate since amateur participants dominate this market. However, my analysis of the unique survey data shows systematic and precise evidence that bubble-era prices do not equal the mean of private valuations, which strongly supports the institutionalist approach. The second analysis of my dissertation is to answer the question that how market price has been driven up in the circumstance that the majority of market participants regarded the properties as overpriced. My results shed light on a novel explanation in the institutionalist approach by showing that the market was driven by market participants who were drawing incorrect inferences about other participants' beliefs-they overestimated the degree of others' support to the price, though they personally did not endorse the price. They therefore chose "dancing"-speculating but exiting from the market before the burst of the bubbles-as the optimal strategy, but it is actually suboptimal in such a situation and fuels the bubble. The third analysis of my dissertation is to understand the logics of market participants' behaviors in depth by examining their opinions on "popular theories"-the theories or models that were widely used to justify the bubble-era price. My analysis shows that, first, these popular theories reflect market participants' perceptions of the institutional influences on the real estate market in this country. Second, market participants' perceptions of the stability of the social and political institutions led them to be tolerant of market inefficiency, though they had fully realized such inefficiency. Theoretical and policy implications are discussed.
by Jiayin Zhang.
Ph. D.
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Baboukardos, Diogenis. "Essays on the market valuation implications of mandatory corporate reporting." Doctoral thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-31675.
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The purpose of this dissertation is to enrich understanding on the market valuation implications of mandatory financial and non-financial reporting beyond and in relation to traditional accounting information. It is comprised of four individual essays each of which examines a different, and to some extent internationally unique, jurisdiction that can best serve the particular purpose of the essay as well as the overarching purpose of the dissertation. The starting point of this empirical inquiry is the value relevance of purchased goodwill under IFRS and the moderating role that different levels of compliance with IFRS mandatory disclosures play on its market valuation. Similar to the first essay, the second essay focuses on traditional accounting information (specifically book value of equity and earnings) and examines potential differences on its market valuation before and after the mandatory introduction of an integrated reporting approach. The third essay focuses on mandatory carbon emissions reporting and compares its valuation relevance when such reporting is mandated by regulation vis-à-vis when it is voluntary. Finally, the fourth essay examines the market valuation interplay between mandatory financial and non-financial disclosures. This dissertation intends to be of particular relevance first; to the accounting academic community which acknowledges that mandatory disclosures are not well understood and it calls for further research on how users of annual reports view mandatory disclosures and second; to accounting regulators. Empirical research on the value relevance of corporate reporting can provide useful insights into questions of interest to regulators because its research questions are often motivated by broader questions raised by these non-academic constituents. The dissertation in hand has similar motivations.
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de, Lima Marcelo Rocha. "Non-market valuation for environmental and health policy in Mexico." Thesis, London School of Economics and Political Science (University of London), 2016. http://etheses.lse.ac.uk/3424/.
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This thesis contains five studies that make use of non-market valuation techniques and of data collected in Mexico to make methodological and policy contributions to the field. In the order that they are presented in the thesis these are: * a contingent valuation study, based on data collected face-to-face of a representative sample of the population of Mexico City, to calculate a value of statistical life for Mexico and make an assessment of whether the benefit-transfer values that have been and continue to be used in the country are appropriate for policy-making; * a study that uses data collected online on whether the type of organisation sponsoring a contingent valuation survey affects the amount participants say they are willing to pay for the good being valued (in this case mortality risk reductions), all else equal; * a study that uses the same dataset to consider the relationship between trust in institutions and other forms of social capital and contingent valuation results; * an hedonic pricing analysis that makes use of several datasets (including high-resolution property data that is not in the public domain) and seeks to improve on previous attempts at applying this method in a developing country context (jointly using spatial econometrics and an instrumental variables approach); and * a short study on whether there is a relationship between air quality, social capital and subjective wellbeing in Mexico City.
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Hutagaol, Yanthi. "IPO valuation and performance : evidence from the UK main market." Thesis, University of Glasgow, 2005. http://theses.gla.ac.uk/1674/.
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Selling stock to the general public is one important method by which firms are able to raise new equity capital. If the firm sells stock for the first time to the general public, it is called an initial public offering (IPO). Subsequent to the IPO, firms may seek to raise further equity capital by offering to sell new shares through a seasoned equity offering (SEO). In the UK, most young/small firms initially raise equity capital from a small number of investors through private placements. If a firm prospers and needs additional equity capital, it may choose at some point to go public by selling stock through an IPO. By issuing publicly traded equity, the firm establishes both a market value for the firm and a market for its common stock. There have been many IPO studies that record the so-called “Underpricing anomaly” as a primary stylised fact of IPOs. The underpricing refers to the significance increase of the IPO market price over the first few days after the initial listing. This fact suggests that the IPO pricing is not simple very few information about the issuing firm is available to the market prior to IPO. This study is to examine the IPO valuation based on the prospectus information, which is perceived as comprehensive information about the firm prior to the IPOs. Furthermore, this study is also to observe the impact of the prospectus information on the IPO after market performances.
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Chung, Hyunchul 1965. "The impacts of stock market liberalization in emerging markets : looking beyond country indices." Thesis, McGill University, 2001. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=37879.
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We attempt to answer the following key questions: What are the revaluation effects and the impacts on the cost of capital, volatility, and correlation with world market returns from stock market liberalization in emerging market countries? These questions have been studied extensively at the market-level, i.e. using country indices, but not at the firm level. In the market-level analysis, there is increasing concern whether the country indices are proper means to answer those questions, for example they may not represent the real holdings of foreign portfolio investors after liberalization. Indeed, foreign portfolio investors are known to prefer investment in large and well-known firms. Hence, the opening of capital markets should have a differential impact across securities depending on foreign investors' demand. In order to take into account the potentially different impacts caused by foreign investors' demand, we use individual firm data as well as market-level indices. Our analysis is based on the cross-sectional and time-series panel regression method.Our test results using country indices show statistically and economically significant revaluation effects, and increases in the cost of capital. While the stock market volatility increases, its correlation with world market return does not change after stock market liberalization. More important than these market-level findings, we report significantly different impacts of stock market liberalization, based on firm size, which is used as a proxy for foreign investors' demand. Large firms tend to exhibit large revaluation effects, insignificant change in the cost of capital, small increases in volatility, and increases in correlation with the world market from liberalization. Small firms show small revaluation effects, increases in the cost of capital, large increases in volatility and decreases in correlation with world market returns after liberalization. Our results have important implications for international investors seeking to manage their global exposure as well as for policy makers considering capital market liberalization.
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Krch, Přemysl. "Methods of Market Approach in business valuation in the Czech conditions." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15927.
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The purpose of the diploma thesis was to assess the applicability of Market Approach in business valuation of the Czech entities. The first part comprises basic description of Valuation methods, the core of the thesis describes the guideline publicly traded companies method - multiples, comparable companies etc. -, guideline transaction method and industry multiples method. The application part consists of two valuations using guideline publicly traded companies method - the valuation of Komercni banka and of Trinecke zelezarny.
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Assadi, Gholam Hossein. "Profile of corporate disposal : evidence from the UK market." Thesis, University of Manchester, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.632634.
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Owners wishing to sell their business have a number of alternative exit routes. In a UK context, they may opt for a public sale of their shares either through the London International Stock Exchange, main market or on the AIM. Alternatively, they may choose a private sale route i.e. MBO or trade sale. This study aims to investigate the connection between the financial characteristics of firms and their choice of exit route. In particular company capital structure and valuation measures are used to discriminate between alternative exit routes and explain the rationale and factors for such segmentation in the market for corporate control. This research uses a discriminatory model to classify the preferred type of realisation route for a firm based on its financial characteristics. A classificatory accuracy better than that obtained by chance provides evidence of some segmentation of alternative disposal routes. A further aim is to consider the role of the large corporate finance advisory industry, which obtains large fees for their proficiency in disposal in the correct market. An attempt has therefore been made to see whether particular types of companies are suited to particular markets on the basis of their financial characteristics and whether this corresponds to actual outcome. We also investigate and evaluate the opportunity cost of misclassification both by the models and by the advisors. The results, in general, suggest that size and capital structure emerge as important discriminators. However, growth and working capital management were also found to contribute in discriminating between the suitability of particular companies for given exit routes. Our investigation demonstrates that discriminant (and logistic regression) models can assign cases to particular markets on the basis of financial attributes at above chance frequency and substantial valuation differences between the various markets are evident. Attention is also given to the opportunity costs involved in differences between indicated and chosen exit route. The results show that out-performing as well as under-performing misclassification errors occur and that the status of advisor seems to play a discussible role.
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Weber, Matthew August. "Riparian Valuation in the Southwestern United States." Diss., The University of Arizona, 2007. http://hdl.handle.net/10150/195121.
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This research documents the societal worth of riparian resources in the Southwestern United States. Two case studies are developed for this inquiry, the first being Aravaipa Canyon Wilderness in Southern Arizona, an area containing one of the last perennial streams in the Sonoran Desert bioregion. A hiking use value per visitor-day is estimated via the Travel Cost Method at $25.06 and $17.31 (2003 dollars) respectively for two access sites. I hypothesize the value discrepancy to indicate a premium for remote recreation. These valuation results compare well with other published recreational use value estimates, though it is the only valuation study associated with instream recreation in the Sonoran Desert of which I am aware. Indeed the environmental valuation literature is thin for the desert region in any respect.The second case study values public restoration preferences for the Albuquerque reach of the Rio Grande in Central New Mexico. A Choice Experiment and Contingent Valuation are employed within an original survey instrument to estimate human values for various restoration strategies planned for the region. Through focus groups and stakeholder interactions four restoration attributes were defined: vegetation density; tree type; fish and wildlife population; and natural river processes. Quantified values for Albuquerque area households were estimated for each restoration attribute level of change, allowing construction of total benefits anticipated for various restoration scenarios considered for the region. This research is at the vanguard of quantifying human benefit for saltcedar control, and this particular restoration characteristic was the most highly valued of all, at $59.03 per household per year. Full restoration was valued at $156.60 per household per year. These results have meaning beyond the study area since river restoration efforts are increasing across the Western US, with many focusing on controlling saltcedar, an exotic invasive plant.The final phase of this research integrates riparian valuation concepts within a dynamic simulation framework to guide systems-level riparian management. Control variables are combined with known valuation pathways to predict riparian investment funding optimal in benefit-cost ratio. The model is built for the Middle Rio Grande in Albuquerque, however it was designed for easy adaptation to other Southwestern riparian areas. A detailed forest module is included, through which seven defined forest stocks may be managed through thinning, clearing, and revegetation. River management may occur through environmental river flow releases, reconstructing stream-overbank connections, and wetland construction. Recreational amenities may be improved through the four infrastructure categories of trails, toilet facilities, picnic areas, and parking areas. Benefits and costs are estimated through original research and region benefit transfer, and tracked for different investment scenarios to predict the highest-return strategies over a 100 year planning horizon. A sensitivity analysis is used to suggest areas of future research.
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Unti, Marco <1981>. "The secondary market for life insurance policies in the United States market evolution and product valuation." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2010. http://amsdottorato.unibo.it/2432/.
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In this work we discuss the secondary market for life insurance policies in the United States of America. First, we give an overview of the life settlement market: how it came into existence, its growth prospects and the ethical issues it arises. Secondly, we discuss the characteristics of the different life insurance products present in the market and describe how life settlements are originated. Life settlement transactions tend to be long and complex transactions that require the involvement of a number of parties. Also, a direct investment into life insurance policies is fraught with a number of practical issues and entails risks that are not directly related to longevity. This may reduce the efficiency of a direct investment in physical policies. For these reasons, a synthetic longevity market has evolved. The number of parties involved in a synthetic longevity transaction is typically smaller and the broker-dealer transferring the longevity exposure will be retaining most or all of the risks a physical investment entails. Finally, we describe the main methods used in the market to evaluate life settlement investments and the role of life expectancy providers.
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Nilsson, Carolina. "Valuation of development rights : Current practice and limitations." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-48733.
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Valuations play an important role for transactions decisions regarding properties and should indicate the most probably price for the object if sold on the open market. There are different valuation approaches and methods generally summarized as the comparable sales method and the investment method.The object of this thesis is to find out the general practical approach among appraisers when appraising development rights.The methodology used for answering the thesis question is based on a theoretical background of market value definitions, valuation methods, investment theory, and fundamentals of land development, together with an empirical section analyzing valuation reports and interviews held with leading valuation companies in Sweden. Development rights valuations have in this work been characterized by having few comparables. This work has also found that there are many difficulties estimating an appropriate risk regarding how long the development process will take and how the market will look like when property is completed. Due to the lack of available market data, there is also a high uncertainty regarding the variables used as inputs in the valuation. This thesis has found that the preferred approach among appraisers is to use the comparable sales method, trying to find comparable objects that are in the same phase in the development and planning process as the subject property. The residual method, using an investment calculation and then subtract all costs identified as necessary for completing the property, is identified the second best preferred choice. But a conclusion of this thesis is also that many variables assumed are not necessarily derived from the market, but rather from appraisers own experience and general knowledge as well as second hand information given from other actors like property owner expectations, information of municipalities and developer´s own beliefs and perceptions.The risk within the valuations is also concluded to be handled by very diverse approaches by the appraisers and there is a wish to make deeper research about how this could be more ultimately handled by the valuation core in the future.
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Metcalfe, Paul J. "Non-market valuation using stated preferences : applications in the water sector." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/343/.
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This thesis is concerned with the application of stated preference methods to non-market valuation problems. It reviews the literature on the state of the art of the method, and applies the techniques to three applications in the water sector. In the first application, estimates are presented of the value to households in England and Wales of improvements to the quality of water in the natural environment. The need for value estimates arises from the European Community Water Framework Directive, which drives water policy across the European Union. Area based values were generated to maximise the potential for subsequent policy incorporation and value transfer. These were found to vary from £2,263 to £39,168 per km 2 depending on the population density around the location of the improvement, the ecological scope of that improvement, and the value elicitation method employed. The second application investigates the cost of drought water use restrictions to households and businesses in London. Estimates of willingness to pay for service quality increments often play an important role in the decisions of regulators and regulated companies in industries where consumers have little opportunity to exercise their preferences for service quality. The estimates presented in this chapter are particularly applicable to regulatory appraisals of water company investment expenditure and to planning applications for projects to improve the resilience of urban water supply systems. The final application examines the reliability of values measured before an economic downturn for application during the downturn via analysis of near identical surveys conducted before, and during, the 2008-2010 economic recession. The main result is that the economic downturn led to lower willingness to pay when elicited via 5 the payment card contingent valuation method, but had no effect on values elicited via a dichotomous choice (i.e. referendum-type) contingent valuation question. Potential explanations for this finding are explored in light of the literature on closed-ended versus open-ended elicitation method comparisons.
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Samajpati, Shreejata. "Infectious Disease Risks in Developing Countries: A Non-Market Valuation Exercise." Doctoral diss., University of Central Florida, 2012. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/5479.
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This dissertation focuses on the non-market valuation of health-risks of malaria, an infectious disease that imposes a substantive public health burden across the globe, hitting particularly hard the tropical developing nations of Africa and Asia. The United Nations Millennium Development Goals include malaria control as a priority and large investments are underway to promote effective prevention and treatment. Despite such concerted supply-side efforts, malaria-related mortality and morbidity still abound due to a complex interface of factors like climate-change, poverty, inadequate control behavior, infection and prevention externalities, parasite resistance etc. This research project digs into the demand-side of the health problem, considers the "externality" dimension to prevention, and primarily asks the question: how do individuals in developing countries view competing disease-control (prevention) measures, viz. a publicly-administered community-level malaria control measure as against private preventive choices. A theoretical model is developed to help explore the public-private interplay of health risks of malaria. The malaria-endemic regions of Kolkata (India) and its rural fringes comprise the site for an empirical investigation. A field survey (Malaria Risk and Prevention Survey, October-December, 2011) incorporating a mix of stated and revealed preference techniques of health valuation is implemented. Risk-perceptions of respondents are elicited using a measurable visual-aid and individuals' perceived valuations of health-risk reductions, randomly offered with the public and private health treatments, are empirically ascertained. Using a Likelihood Ratio Test on the structural risk parameters, it is seen that individuals' valuations of health risk reductions are the same across the private and public treatments. The comparative valuation exercise, thus, corroborates the externality dimension to malaria control, calling for greater public action to combat malaria. The viability of such a scaled-up public malaria program, in the context of Kolkata, is discussed by comparing the public treatment willingness to pay estimates with the annual estimated costs that the Kolkata Municipal Corporation, the civic body in the city of Kolkata, maintains on account of vector control. Results from the comparative valuation exercises also support the idea that private prevention is generally responsive to prevention costs, indicating the importance of price incentives to induce greater prevention. The issues of health valuation and price sensitivity are further explored across various split-samples differentiated on the basis of socio-economic attributes, disease exposure, actual prevention efforts and perceived malaria risks of survey respondents. Such auxiliary exercises help analyze the valuation question in greater depth, and generate policy insights into the potential factors that shape private prevention behavior.Ph.D.
Doctorate
Economics
Business Administration
Economics
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Bann, Camille Anne. "Economic valuation and market capture of forest functions in developing countries." Thesis, University College London (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.409335.
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Zhang, Ting. "Three essays on corporate pension underfunding , securities valuation and market efficiency /." View online ; access limited to URI, 2009. http://0-digitalcommons.uri.edu.helin.uri.edu/dissertations/AAI3368009.
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Lajmi, Amira. "CSR governance practices : interactions and implications for the firm’s market valuation." Thesis, Le Mans, 2020. http://www.theses.fr/2020LEMA2002.
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Cette thèse propose d'examiner l'impact des pratiques de gouvernance RSE sur la valeur de marché de l’entreprise. En particulier, nous analysons le rôle modérateur que joue le comité RSE et l’assurance RSE, en tant que deux mécanismes de gouvernance axés sur le développement durable, dans la relation entre le reporting en matière de responsabilité sociale et la valeur de marché de l’entreprise. En utilisant un échantillon de sociétés françaises appartenant à l'indice SBF 120 sur deux périodes différentes de 2001 à 2011 et de 2007 à 2017, nos résultats montrent que le comité RSE et l’assurance RSE peuvent constituer un outil stratégique de premier plan pour améliorer la capacité de l’entreprise à divulguer davantage de renseignements sur ses obligations en matière de RSE. L’investigation de terrain permet de conclure que le comité RSE et l’assurance RSE puissent se substituer l’un à l’autre. En étudiant leur impact sur la valeur de marché de l’entreprise, les résultats indiquent que l’avantage de disposer d’un comité RSE et/ou d’une assurance RSE ne provient pas de son effet direct sur la valeur de marché telle que mesurée par le Q de Tobin, mais plutôt de son rôle modérateur entre le reporting RSE et la valeur de marché. En effet, l’impact d’un reporting RSE de qualité sur la valeur de marché de l’entreprise est positif lorsque les entreprises optent pour un comité RSE. En revanche, pour les entreprises faisant recours à l’assurance RSE, l’impact d’un reporting RSE de qualité sur la valeur de marché de l’entreprise n’est positif que pour les entreprises exposées à des risques environnementaux élevés, démontrant un besoin sans équivoque de gérer leur image et de gagner en légitimité. Notre recherche est complétée par l’examen du rôle modérateur de la mise en place des services de l’assurance RSE de qualité, dans la relation entre la divulgation d'un rapport de développement durable autonome et la valeur de marché de l'entreprise. Le résultat trouvé renforce la contribution des services d'assurance de qualité à la pertinence des rapports RSE autonomesThis thesis attempts to examine the impact of CSR practices on firm market value. Particularly, we analyze the moderating role of the two sustainability-oriented corporate governance mechanisms, CSR committee and CSR assurance on the relationship between CSR reporting and the firm’s market value. Using a sample of French firms belonging to the SBF 120 index over two different periods from 2001 to 2011 and from 2007 to 2017, our results show that both CSR committee and CSR assurance act as a strategic tool to enhance the company’s ability to disclose more on CSR duties. We also show that the creation of a CSR committee and the demand for CSR assurance may substitute for each other. By studying their impact on firm market value, we conclude that the advantage of having a CSR committee and/or CSR assurance does not stem from their direct effect on market value, but from their moderating role between CSR reporting and firm’s market value. Our results show that while a higher level of CSR reporting is relevant for shareholders when firms have a CSR committee in the board, CSR assurance is specifically relevant only for firms exposed to environmental risks, demonstrating an unequivocal need to enhance the credibility of their CSR reporting. Our research is not limited to evaluating the effects of the presence or absence of external assurance but alos investigates the relationship between the issuance of a standalone CSR report and the firm’s market value, depending on the quality of assurance services. The result highlights the contribution of higher-quality assurance services to the relevance of standalone CSR reports. This thesis covers several disciplines namely accounting, accountability and corporate governance with may be a great interest for regulators, investors, managers and shareholders
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Cao, Xiang. "Essays on Environmental Economics with a Focus on Non-market Valuation." Diss., Virginia Tech, 2019. http://hdl.handle.net/10919/91384.
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This dissertation consists of two research projects in the area of Environmental Economics: water-recycling technology adoption and its cost-effectiveness in the U.S. horticulture industry (in Chapter 2), and urban tree cover's impact on residential location decision making in Milwaukee, WI (in Chapter 3).
Chapter 2 evaluates the economic effects of labeling plants grown with water-recycling technology (WRT) practices in selected nursery operations in the Mid-Atlantic region of Virginia, Maryland and Pennsylvania. Partial budgeting, whole enterprise-level budgeting, sensitivity and break-even analyses are conducted to determine whether consumer premiums for plants grown with recycled water are sufficient to make WRT economically feasible combined with plant eco-labeling, and how such a labeling program would affect greenhouse/nursery production costs, gross revenues and net revenues. It is concluded that consumer premiums for plants grown with recycled water could offer nursery growers a method to improve their net returns while reducing pollution runoff and improving irrigation water usage efficiency.
Chapter 3 focuses on non-market valuation of environmental (dis)amenities. Specifically, this chapter investigates the impact of urban tree cover on residential property location decision in the housing market of Milwaukee, WI. Residential sorting model embedded with "horizontal preference structure" is established to estimate the heterogeneous preferences for tree cover and other land cover attributes that vary by household socio-economic characteristics and then to identify the housing property owners' demand for these land cover attributes. The first part of this chapter mainly recovers the demand for "community trees" at the census block group level combined with 10 years property transaction data and neighborhood characteristics where the median income is aggregated to represent the household annual income. It is found that "community trees" are positively valued by the housing property owners and have a positive impact on housing price due to its positive externalities. Furthermore, income is found to be a strong exogenous demand shifter, leading to heterogeneous preference for the tree cover.
The second part of Chapter 3 further investigates the impacts of both nearby trees and distant trees on residential property location decision using different spatial scales of land covers measurements. Instead of aggregating block group level median income, this study matches and merges disaggregated individual household annual incomes from the Home Mortgage Disclosure Act (HMDA) dataset to mitigate the potential aggregation bias. It is found that different spatial scales of land cover measurement result in varying willingness to pay estimates, implying that housing property owners have heterogeneous demands for nearby trees and distant trees. In other words, preferences for urban tree cover not only vary by household annual income, but also differ across spatial scales of the tree cover measurement.Doctor of Philosophy
This dissertation contains two research projects related to researches on environmental economics. Chapter 2 talks about how adoption of water-recycling technology affects nursery growers’ finance (i.e., production cost, gross revenue, profit) and operation management in Mid-Atlantic region of Virginia, Maryland and Pennsylvania. It is found that consumers are willing to pay more money for horticultural plants produced with recycled water and these additional moneys would be sufficient for the growers to compensate the extra costs after adopting the water-recycling technology in the production. This study helps nursery growers and policy makers assess WRT adoption to improve crop water productivity and to reduce pollution of off-site surface waters. Chapter 3 discusses the impact of urban tree cover on housing price in the area of Milwaukee, WI. It is assumed that households with different socio-economic characteristics (e.g., household annual income) would have varying preferences for tree cover and other key characteristics when they make decisions on choosing their residential property locations. The first part of this chapter mainly focuses on “community trees”, namely the trees and forest within given census block groups. The second part of this chapter further takes nearby trees into consideration besides the distant trees so as to determine how trees on/near the residential properties affect the housing prices and whether the housing property owners prefer more trees on/near their properties. It is found that urban tree cover is valued by housing property owners and households with different income levels have diverse preferences for both nearby and distant trees. The research presented in this chapter not only makes academic contributions to the literatures of residential sorting model related to landscape (dis)amenities, but also facilitates the policy making of local governments and practitioners when it comes to urban and community trees and forestry programs.
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Kalaji, Ibrahim. "Corporate investment & financing decisions : market valuation, capital constraints & timing." Thesis, University of Essex, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.701865.
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Fictions and Frictions. Are capital markets impeded by frictions or fuelled by fictions? The focus in the study is on two important decisions of corporations: capital investments and raising of finance. It has a three-fold purpose: (i) to investigate the role that timing plays in the industrial environment within which firms make investments (ii) to test for frictions in the investment decisions of firms and (iii) to examine the equity issuing behaviour of firms. Not un surprisingly controversy surrounds the issue of whether capital markets are prone to failures and frictions. We investigate three different but associated aspects of the wider economic policy debate surrounding this perennial thorn. The first is an industry level study employing novel data collected from surveys conducted by the Confederation of British Industry (CBI). The second and third studies are at firm level and seek evidence of capital market frictions in the investment and financing decisions of UK firms. Employing an unbalanced panel of company data collected from Thomson Reuters' DataStream database from 1994-2010, we estimate investment-cash flow sensitivities, estimate valuation models as well as marginal likelihoods within probit models, to help address three associated aspects of this wider debate. The motivation for the industry level study is whether there is evidence managers make investment expenditures in a manner that accounts for irreversibility - a features of all large fixed capital additions. Though a sophisticated theory of real options addresses this shortcoming, empirical evidence relating to it is sparse, since reliable evidence requires gathering of forward looking data concerning expectations of the future, as seen from the perspective of managers facing such capital investment decisions. The Confederation of British Industry (CBI) conducts a quarterly survey of a representative sample of senior mangers of British manufacturing firms through its Industrial Trends Survey (ITS), primarily seeking forward-looking perceptions and expectations with respect to future demand and the need to make additions to capital. The issue we investigate is whether there is an increased chance that capital investments will be made in forthcoming quarters conditional on supposed determinants and whether this likelihood is driven by anticipations and expectations of the future in the manner prescribed by real options theory. We have several interesting findings: the lower the prices for second hand fixed assets (i.e. higher the irreversibility), the lower the rate at which shocks to investment demand are experienced; shortage of labour presents a major concern for managers when shocks are imminent; interestingly, shortage of internal financing has a significant impact, whereas inability to access external financing is not; surprisingly competition does not appear to be of concern to managers. AB regards friction in capital investment, one line of empirical research has been to establish whether investments of firms are sensitive to the availability of internal funds. While we find cash flow matters, given the surprising finding that cash flow is not important in driving investment decisions of any type of firm other than small high- payout UK manufacturing firms, the major part of UK evidence runs contrary to earlier US evidence supporting Fazzari, Hubbard and Petersen (1988) and aligns more with recent evidence for the UK and US. We also sought to assess the relative contributions of market misvaluation (fictions) and growth options (fundamentals) to motivating equity issuance among UK firms. We evaluated the impact investor sentiment has on the issue of equity by the public offerings of shares for a higher price than fundamentals would justify. In this line of investigation, we further study clustering of equity issues where firms appear to raise funds by issuing in waves. We find growth trumps misvaluation in explaining who issues, while misvaluations trumps growth in explaining who issues on and off the wave as well as in explaining who issues late rather than early on the wave.
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Zanias, Theodore J. "Major League Baseball Player Valuations Based on Market Size." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/972.
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This thesis explores how the market size of Major League Baseball Teams affects their player valuations. By examining player eligibility for arbitration and free agency, and players' Wins-Above-Replacement, I determine the factors that teams value for making player valuations based on their market size. I also examine the impact of television revenue and revenue sharing on player valuations. Ultimately, I determine how smaller market teams are able to remain competitive using alternative methods of player valuations against larger market teams.
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Wong, Man-lun. "An empirical study of the determinants of capitalization rates in Hong Kong with reference to capital market returns /." Click to view the E-thesis via HKU Scholars Hub, 2004. http://lookup.lib.hku.hk/lookup/bib/B37933796.
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Stancil, Clinton Freeman. "Metropolitan Atlanta golf course supply a market analysis." Thesis, Georgia Institute of Technology, 2001. http://hdl.handle.net/1853/21675.
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Ballas, Apostolos A. "The use of accounting information in the valuation of equity securities." Thesis, London Business School (University of London), 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.261684.
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Cowley, Mervyn Wellesley. "Property market forecasts and their valuation implications: a study of the Brisbane central business district office market." Queensland University of Technology, 2007. http://eprints.qut.edu.au/16563/.
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Property market forecasts play a crucial role in modern real estate valuation methodologies and, consequently, flawed forecasts can have adverse impacts on the accuracy of valuations. This thesis identifies property industry inconsistencies in the formulation and application of office rent forecasts adopted in discounted cash flow (DCF) studies used to assess the value of commercial properties and the viability of proposed projects. Existing research on commercial property cycles and office property market modelling is examined in order to identify the dominant market drivers adopted by researchers. Forecasting techniques are also explored towards specifying space and rent models for the Brisbane CBD office market using the perceived dominant drivers as explanatory variables. Surveys of property valuers and developers are undertaken to underpin the selection of these variables. The implications of varying rent forecasts applied in DCF based valuation assessments are tested through the use of a case study involving four Brisbane office buildings. Innovative research is conducted through adopting geographic information system supported land use and historical valuation studies to delineate market precincts within the Brisbane CBD. The rent model is then re-estimated using precinct based office rent data to allow the generation of forecasts for the individual precincts. Out-of-sample accuracy test results for the precinct forecasts are compared with the results produced by the model specified using whole-of-city data. The literature reviews, surveys and model testing determine a relatively consistent range of dominant explanatory variables applicable to office markets. The case study, in a local context, confirms that varying forecasts do have a significant impact on property valuations. Tests of the forecast results generated by the Brisbane CBD model provide some evidence that more plausible office rent forecasts stem from the use of market models as compared with solely applying professional judgement based forecasts. Subject to data availability limitations, the precinct based rent model is found to produce rent forecasts superior to those generated by the whole-of-city model. Finally, the thesis makes a range of industry recommendations towards enhancing forecasts and recommendations are also made for potential future research projects.
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Söderlund, Nathalie. "Equity Valuation : An examination of which investment valuation method appears to attain the closest value to the market price of a stock." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15341.
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PURPOSE- This paper empirically evaluate the ability among various types of parsimonious equity valuation models in order to ascertain which model represents the value of equity the best and thereby manage to withstand factors causing valuation errors. The more complicated models applied, the more underlying assumptions are needed. The trade-off here, which will be investigated, is if the benefit of using more difficult models outweighs the cost of including the extra assumptions. Further on the empirical research´s results will be compared with the results provided by this previous studies examinating American companies. METHOD- Six valuation models using a discounting valuation method are evaluated; the Present Value of Expected Dividends (PVED), Residual Income Valuation (RIV), Residual Income Valuation Terminal Value Constrained [RIV(TVC)], Abnormal Earning Growth approach (AEG), Abnormal Earning Growth Terminal Value Constrained approach [AEG(TVC)] and Free Cash Flow to the Firm model (FCFF). The five latter investment models are all based on the first model. FINDINGS- The aim of finding the smallest absolute valuation error in the empirical study is given to PVED, a model including little underlying assumptions and inputs. Hence, the implication of the application of valuation models can be summarized as that there are no clear benefits of applying complex models for Swedish companies, and the trade-off between using more complex models and thereby including more assumptions is not compelling given that the benefit does not exceed the cost. All the earnings methods are all found to be superior to the FCFF model, while the constrained RIV and AEG methods provide higher valuation errors than the unconstrained versions. The superiority of the PVED model is inconsistent with the previous results examining American firms, in which the RIV model is preferred. One of the reasons for the difference is the use of different accounting standards in the counties, and thereby the companies´ capital structure and the inputs used in the investment valuation may be somewhat unlike.