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1
Mate, Mariluz, and Paolo Occhino. "A proposal to estimate the valuation of small and medium size companies using geographically comparable information." Small Business International Review 4, no. 1 (January 1, 2020): 34–51. http://dx.doi.org/10.26784/sbir.v4i1.229.
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A common prerequisite in valuation analysis is the availability of temporal information on financial variables. Nevertheless, reduced size companies-representing more than 98% on current productive systems- fail to have available temporal information to estimate valuations. In this paper, we offer a procedure for estimating reduced size companies’ values under the hypothesis that spatial behaviour matters for valuations. With this aim, we present the theoretical background for this hypothesis and introduce a spatial proposal with a case study of industrial companies where the significant role of space on firms’ valuations is previously tested. This analysis shows the relevance of spatial information in firms’ valuation confirming the predictive capability of our approach applying the out of sample methodology
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Oliveira, Jonas da Silva, Graça Maria do Carmo Azevedo, Cláudia da Silva Amaral Santos, and Sandra Cristina Santos Vasconcelos. "Fair value: model proposal for the dairy sector." Agricultural Finance Review 75, no. 2 (July 6, 2015): 230–52. http://dx.doi.org/10.1108/afr-04-2014-0008.
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Purpose – The purpose of this paper is twofold. First, it intends to assess the level of comparability of the fair value-based valuation criteria for biological assets of Portuguese dairy farms after the adoption of the Portuguese Accounting Standardization System. Second, it presents an innovative valuation model to assess the fair value of dairy herds. Design/methodology/approach – The paper conducts a multiple case study at dairy farms in the central region of Portugal which had adopted the new Accounting Standardization System. Data were captured through interviews to assess how dairy farms were using the new valuation criteria required by this recent accounting frame of reference. A proposal for a model to measure fair value is presented. Findings – Main findings indicate that market values for dairy production animals are inconsistent, reducing financial information comparability levels. To solve these problems, the authors propose a new model to assess fair value based on the net present value (NPV) of future cash-flows. This is a possible method to measure bovines that are in a breeding stage and it will assure the comparability of financial statements among dairy farms. Research limitations/implications – The study is confined to one case study and one country, not allowing generalization. Originality/value – Results indicate the need to harmonize one possible method for measuring cattle that are in a breeding stage. In order to overcome these shortcomings, a model was designed to calculate the fair value of dairy production based on the NPV of future economic benefits.
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Celenza, Domenico, and Fabrizio Rossi. "The Human Capital Valuation: A Methodological Proposal Among Intellectual Capital Elements." International Journal of Business & Technology 1, no. 2 (May 2013): 15–29. http://dx.doi.org/10.33107/ijbte.2013.1.2.02.
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Intellectual Capital (IC) is an important source of value for companies and in recent years has been the focus of attention for scholars. In a knowledge-based economic scenario the role of human resources has been reallocated over time in the theory of the firm to a higher degree than in the past. The worker's labor and management have been transformed as a result of the growing attention to the intangible assets held by each business system. In knowledge economy, manufacturing industries are investing more and more in the processes of scientific and technological research in order to introduce new knowledge in production systems and ensure its survival by creating business value. The competitive firm invests in new productive ideas through scientific and technological research, the human factor and services. The knowledge worker, at every organizational level, has the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. The traditional factors of "old economy" based on physical assets has been replaced, or at least reinforced with the belief that the "new economy" takes it steps mainly through CI. The aim of this paper is to examine the methods of evaluation of human capital and to provide an empirical methodology proposed by using an intersection logic concerning the increase in value of the three components of intellectual capital. In particular, the proposed methodology consists in the construction of an adjusted multiplier based on a simplified version of VAICTM capable of expressing a direct relationship with the Return on Equity (ROE) from the perspective of creating value for shareholders based on the dynamics of the company’s performance compared to that of industry.
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Rau, Amrit, Rajesh Behl, Taher Abbasi, and Jeffrey L. Wolf. "A Novel Valuation Methodology for Patient-Derived Biological Assets with Case Study." Blood 124, no. 21 (December 6, 2014): 5998. http://dx.doi.org/10.1182/blood.v124.21.5998.5998.
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Abstract Health outcomes of clonal hematologic disorders will be determined by individualized interventions based upon the molecular analysis of patients’ biological specimens. However, many patients risk exclusion from the application of these techniques if their biological specimens are not preserved in a longitudinal manner during the evolution of their disease. We consider these biological samples as assets which belong to patients, not just because these samples might shed light on the appropriate therapy, but because they may have financial value for the patient, especially when associated with appropriate clinical annotation. These assets’ financial valuations can vary and currently patients and tissue suppliers have no tangible means to control the monetization of such assets and the establishment of a specific valuation. Our proposed methodology is a novel biological asset valuation model to assign a specific financial value to each specimen. This provides an opportunity for patients to have control over usage and monetization of their assets, contrary to the current approach where the providers get assigned all the rights de facto. Methods The model depends on a variety of extrinsic, intrinsic, and miscellaneous parameters from local and global data sets to produce a single cohesive value. Each parameter is assigned a score over the interval [0, 1], and the scores are weighted, summed, and averaged to obtain a relative valuation. The relative valuation can be then multiplied by a normalization constant kto obtain an actual monetary value. For such a valuation model to be applicable, accurate, and effective, it needs to draw from an ever-expanding field of such parameters. Therefore, to mitigate this issue and streamline improvement to the model, we proposed a “slot-on” model to allow additional parameter scores to be easily introduced into and weighted in the final valuation. Our model additionally supports specimen tagging via parameter scoring thresholds in order to simplify coarse human valuation adjustment of broad specimen types and allow for dynamic real-world changes to valuations that are impossible for the model to capture (new legislation affecting production, etc.). Results The valuation model has been tested on several sample patient cases. For example, a well-preserved, well-annotated polycythemia vera marrow sample was valued at 1.246k, while a poorly-reserved, moderately-annotated glioblastoma multiforme glial cell tissue sample was valued at 1.290k. Such a valuation confirms that the polycythemia vera asset is lower in value than the glioblastoma multiforme asset despite a higher quality of annotation. Conclusion Our approach and methodology of assigning a value to biological assets has been validated by our case studies and has the potential to change the level of control that patients have over their biological assets, allowing patients to derive the monetary benefits of the distribution of their tissue and, working with their care providers, have better individualized treatment and health outcomes. Disclosures No relevant conflicts of interest to declare.
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Stefanovová, Zuzana, and Pavel Procházka. "The Methodology Suggestion of Capitalization Rates in the Real Estate." Advanced Materials Research 1020 (October 2014): 769–75. http://dx.doi.org/10.4028/www.scientific.net/amr.1020.769.
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the paper in the field of property valuation represents the preliminary information review of the problems of capitalization rates applied to the property. It contains proposal for a methodology of determination of the capitalization rate including their data and results evaluation. These results will be achieved by using the comparison of sales prices and rental prices for specific categories of properties and specific locations.
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Dyson, A. C. L., and C. J. Exley. "Pension Fund Asset Valuation and Investment." British Actuarial Journal 1, no. 3 (August 1, 1995): 471–557. http://dx.doi.org/10.1017/s1357321700001203.
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ABSTRACTThe theoretical basis for, and practical application of, the discounted income method for valuing UK pension fund assets is discussed, with particular reference to the widely adopted application to variable income (equity type) assets, as proposed by Day & McKelvey (1964), in the context of both the management and compliance objectives of pension fund valuation. An alternative methodology is proposed in which consistency with assets, liabilities, and market values is demanded, with smoothing of the valuation result achieved on an explicit rather than implicit basis. It is then demonstrated that the explicit smoothing parameter can be set so as to achieve the historic smoothness framework for establishing pension fund investment policy.In conclusion the paper suggests greater emphasis on market-related methodologies for compliance valuations and leaves open the choice of methodology for management valuations and monitoring purposes, on the grounds that there is a large subjective element in any realistic basis. However, it is demonstrated that while smoother than unadjusted market-related methods, other aspects of the dynamics of the funding level under the method of Day & McKelvey can be perverse and it is suggested that this method should not be allowed to dictate investment decisions.
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O'Connell, Ian J., and C. Peter Keller. "Design of Decision Support for Stakeholder-Driven Collaborative Land Valuation." Environment and Planning B: Planning and Design 29, no. 4 (August 2002): 607–28. http://dx.doi.org/10.1068/b12828.
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First Nations treaty negotiations and land-claim settlements require the valuation of large areas of land for diverse land uses, including usage which is difficult to quantify in absolute or monetary terms. The authors report an attempt to develop a methodology for seeking consensus on land values for the latter land-use activities, using Gestalt valuation. They offer an alternative to planner-driven land valuation, placing the valuation responsibility instead on stakeholders. The methodology is justified and explained. The authors introduce different types of decision-support information products that can be derived to facilitate consensus building. They summarise experience gained in an evaluation of the proposed methodological procedure, in which university students were used as a sample. They conclude that computing technology has advanced sufficiently to make it reasonably straightforward to collect information about individual stakeholders' land valuations, and that the resultant information can be packaged effectively in a collaborative spatial decision support system to facilitate consensus building. Ongoing research is introduced.
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Vačkář, David, Ioanna Grammatikopoulou, Jan Daněk, and Eliška Lorencová. "Methodological aspects of ecosystem service valuation at the national level." One Ecosystem 3 (May 24, 2018): e25508. http://dx.doi.org/10.3897/oneeco.3.e25508.
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Ecosystem service valuations focusing on the assessment of ecosystem service values in space and time have recently been receiving considerable attention. Ecosystem service valuation data are critical for developing national ecosystem accounts and for assessment of costs and benefits associated with national strategies and plans. In this article, we discuss selected methodological aspects of ecosystem service valuation at the national level for the Czech Republic. We present a classification of ecosystems based on CORINE Land Cover and Consolidated Layer of Ecosystems of the Czech Republic. The focal point of our article is a systematic review of ecosystem service values. A systematic review requires a standardised protocol for incorporation of valuation studies. To illustrate the proposed methodology, we conducted a search of ecosystem service valuation studies at the European level. While there is a significant number of ecosystem service valuation studies, the number of studies which could be used for an effective value transfer is limited. We discuss the limitations of the value transfer approach and suggest further steps for improving the scientific basis for national level valuations.
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Foryś, Iwona, and Ewa Putek-Szeląg. "A Non-Classical Model of Mass Valuation of Agricultural Property." Real Estate Management and Valuation 26, no. 4 (December 1, 2018): 90–101. http://dx.doi.org/10.2478/remav-2018-0039.
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Abstract Mass valuation of real estate requires meeting a combination of several demands, such as estimating a large number of real estate properties in a short time, and above all carrying out calculations using the same tools. Econometric models ensuring that the above requirements are met are widely used throughout the world. Their application is subject to the fulfillment of assumptions, which, in practice, turns out to be difficult, especially in a market with low information efficiency, which the real estate market is an example of. Hence, apart from classical models, including multiple regression, there are proposals of non-classical models. Additionally, researchers usually analyze the market of apartments or land in urbanized areas, whereas the research area in the article is non-urbanized areas. The nonclassical model of mass valuation of agricultural property tested in the Szczecin center for ad valorem property tax purposes can be treated as an alternative to classical models. The article discusses the methodology of mass valuation of undeveloped agricultural properties in non-urbanized areas, with a proposal of features significantly affecting the value of these properties. A comparative analysis of the advantages and disadvantages of classic and non-classical models used in the mass valuation of real estate was also carried out. The issues addressed are important given the different concepts of introducing cadastral value in Poland, but also the concepts of mass valuation in developing countries where there is not enough developed methodology of real estate estimation by authorized entities.
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Klapita, Vladimír, Lenka Černá, and Xiquan Liu. "Methodological Procedure for Evaluation and Valuation of Additional Services in Rail Freight Transport." LOGI – Scientific Journal on Transport and Logistics 11, no. 1 (May 1, 2020): 57–65. http://dx.doi.org/10.2478/logi-2020-0006.
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AbstractThe pricing methodology is a system-based application that can provide a positive economic outcome for each operating activity that aims to increase a specific utility value or utility effect. Price calculation in transport is part of the general theory of pricing, while accepting specific business conditions in transport, or in its individual sectors, including rail transport. This paper describes a proposal of a suitable methodical procedure by means where it would be possible to effectively evaluate such additional services in rail freight transport that are provided beyond the carriers’ basic activities in Slovak Republic conditions. The new methodology for evaluating and pricing ancillary services must aim at creating more favourable economic conditions regarding pricing for carriers, flexibility in the provision of additional services and the ability to respond to customer requirements. The secondary objective of the new methodology is to promote environmentally friendly transport modes, which in continental transport means increasing the share of rail transport in the transport market. This benefit of the newly proposed methodology, i.e. greening transport in general is also one of the EU’s objectives.
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Marques-Perez, Inmaculada, Inmaculada Guaita-Pradas, and José-Luis Pérez-Salas. "Discounting in agro-industrial complex. A methodological proposal for risk premium." Spanish Journal of Agricultural Research 15, no. 1 (April 20, 2017): e0105. http://dx.doi.org/10.5424/sjar/2017151-10225.
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The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.
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Brotons, José M., and Manuel E. Sansalvador. "Fuzzy Systems in Business Valuation." International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems 26, Suppl. 1 (December 2018): 1–19. http://dx.doi.org/10.1142/s0218488518400019.
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This research aims to develop a model that is able to integrate and objectify information provided by the different business valuation methods, incorporating quality management in its formal approach, which to date has not been considered in the literature about business valuation or quality management. Firstly, the company is valued using the methods which best adapt to its specific characteristics. Because of the subjectivity inherent in any valuation process, the results will be expressed through Triangular Fuzzy Numbers (TFN). These Fuzzy Numbers will be aggregated and summarized by applying Basic Defuzzification Distribution Uncertain Probabilistic Ordered Weighted Averaging operator (BADD-UPOWA). The weighting factors will be: the degree of confidence in each of the business valuation methods applied, and the innovative use of the company’s position on Crosby’s Quality Administration Grid. The results from application of the model in a case study show a significant reduction in uncertainty in contrast to the initial valuations. Moreover, the proposed methodology is seen to increase the final value of the company as its advances in quality management.
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Heller, J., and Daria Zlachevskaia. "Is it possible to improve methods of intellectual property valuation?" Zeszyty Teoretyczne Rachunkowości 45, no. 2 (June 21, 2021): 161–86. http://dx.doi.org/10.5604/01.3001.0014.9568.
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Purpose: The purpose of this study is to identify ways to improve or simplify the quality and accuracy of IP valuations via accounting regulation improvements. Methodology/approach: This research relies on qualitative research methods such as case law analysis and comparative research of accounting standards and approaches. Findings: Evidence from this study points towards the conclusion that financial statements currently only reflect a historic financial record of the particular business, profoundly biased by a conservative tangible assets perspective. The central thesis of this study is that it makes sense to adopt a comprehensive intellectual property valuation strategy to ascertain the specific value of the intangible assets since the comprehensive application of valuation models is likely to yield superior results to using them separately. Research limitations/implications: Although the proposed approach seeks to bring more clarity to the valuation process while simplifying the appraisal of intellectual property assets, its efficacy is subject to increased transparency, a maturing intellectual property market, and credible data availability. Originality/value: This study makes a valuable contribution to research on methods that facilitate accurate intellectual property valuation while offering an alternative valuation model which combines the strengths of individual valuation models.
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Artemiev, Alexey A. "The Flow of Dividends to the Seller: Customs Valuation Methodology." Financial Journal 13, no. 3 (June 2021): 104–15. http://dx.doi.org/10.31107/2075-1990-2021-3-104-115.
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The article is devoted to customs valuation methodology for foreign trade transactions run between related parties. It is proven that, in the conditions of a wide range of transfer pricing transactions, the actual sense of all costs and expenses of the buyer is vital. The study shows that, in determining the customs value, analysis of the business model in total, of the relationship between the parties, and of the real economic sense of various expenses is a must. Proposals for methodological approaches to customs valuation are developed and offered.
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Aznar Bellver, Jerónimo, Roberto Cervelló Royo, and Fernando García García. "Una alternativa multicriterio a la valoración de empresas: aplicación a las Cajas de Ahorro." Studies of Applied Economics 29, no. 1 (October 4, 2020): 393. http://dx.doi.org/10.25115/eea.v29i1.3947.
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In several occasions the traditional valuation methodologies present difficulties in their application to the companies’ valuation, either due to valuator’s lack of enough data to use in the traditional comparative methods, or due to the difficulty when estimating the future cash-flows with objectivity. In this situation, the present study suggests an alternative which combines the CRITIC multicriteria methodology with the Valuation Ratio of the International Standards of Valuation. The new methodology is included in the comparative or market approach methods and it only requires having at its disposal a small number of comparable companies. In this work this methodology is applied to get the value of a savings bank. The valuation of this kind of financial institutions, due to the current situation of the sector, implies a task of great interest and it also constitutes a very illustrative example to show the strengths of the proposed methodology.
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FRANKLIN, DONALD. "Calibrating QALYs to Respect Equality of Persons." Utilitas 29, no. 1 (June 23, 2016): 65–87. http://dx.doi.org/10.1017/s0953820816000194.
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Comparative valuation of different policy interventions often requires interpersonal comparability of benefit. In the field of health economics, the metric commonly used for such comparison, quality adjusted life years (QALYs) gained, has been criticized for failing to respect the equality of all persons’ intrinsic worth, including particularly those with disabilities. A methodology is proposed that interprets ‘full quality of life’ as the best health prospect that is achievable for the particular individual within the relevant budget constraint. This calibration is challenging both conceptually and operationally as it shifts dramatically when technology or budget developments alter what can be achieved for incapacitated individuals. The proposal nevertheless ensures that the maximal achievable satisfaction of one person's preferences can carry no more intrinsic value than that of another. This approach, which can be applied to other domains of social valuation, thus prevents implicit discrimination against the elderly and those with irremediable incapacities.
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Duarte Junior, Antonio Marcos, and Hugo Ghiaroni Albuquerque e Silva. "Análise Multicritério Nebulosa de Empresas." Brazilian Review of Finance 16, no. 2 (July 11, 2018): 221. http://dx.doi.org/10.12660/rbfin.v16n2.2018.61929.
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We consider the problem of equity valuation. The use of fuzzy multicriteria decision analysis is proposed to solve the problem. The resulting methodology allows the use of the multiples most often calculated by equity analysts from audited balance sheets, with the addition of qualitative criteria, such as corporate governance, sustainability indicators and credit ratings, as well as risk measures (liquidity and market) based on trading prices and volumes. Also, the proposal facilitates incorporating uncertainty into the problem with the use of fuzzy mathematics. The resulting methodology proved to be robust and offered detailed information about expected performance under adverse scenarios, enhancing the decision-making process faced by equity analysts and portfolio managers. Numerical examples obtained with data from the Brazilian stock market are exhibited for illustrative purposes.
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Murray, Brad R., Grant C. Hose, Derek Eamus, and Damian Licari. "Valuation of groundwater-dependent ecosystems: a functional methodology incorporating ecosystem services." Australian Journal of Botany 54, no. 2 (2006): 221. http://dx.doi.org/10.1071/bt05018.
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Groundwater-dependent ecosystems (GDEs) are ecosystems that must have access to groundwater to maintain their ecological structure and function. Rapidly expanding numbers of humans are placing increased demands on groundwater for consumption, industry and agriculture. These demands alter groundwater regimes of GDEs that have evolved over millennia, resulting in the degradation of ecosystem health. As a consequence, the goods and services (ecosystem services) that GDEs provide for humans, which include food production and water purification, are at serious risk of being lost. Effective management of GDEs and their ecosystem services requires prioritisation of the most valuable ecosystems, given that increasing human demands and limited time and money preclude complete protection of all GDEs. Here, we provide an eight-step method for the valuation and initial prioritisation of GDEs. The proposed methodology improves on previous, primarily subjective methods for the valuation of GDEs by employing both economic valuation of the ecosystem services provided by GDEs, and ecological valuation of significant environmental attributes of GDEs. We apply the eight-step method to a hypothetical case study in order to demonstrate its applicability to a catchment containing a range of GDEs of different sizes, each possessing its own suite of threatened taxa. The major benefit of the valuation methodology presented here is that it can be used at three levels of complexity: (1) a full-desktop study, (2) a semi-desktop study requiring stakeholder consultation, and (3) a full field-based study, according to the time and money available for initial prioritisation efforts.
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Aznar Bellver, Jerónimo, and Vicente Estruch Guitart. "Valoración de activos ambientales mediante métodos multicriterio. Aplicación a la valoración del Parque Natural del Alto Tajo." Economía Agraria y Recursos Naturales 7, no. 13 (October 15, 2011): 107. http://dx.doi.org/10.7201/earn.2007.13.06.
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The valuation of these goods can be a relevant element for their conservation and improvement, though the intangible and immaterial aspects of environmental assets difficult the utilisation of the traditional methods of valuation. This work presents a methodology for the valuation of those assets combining multi-criteria methods, the Analytic Hierarchy Process and the Goal Programming and traditional method the Discounted Cash Flows. The combination of both techniques allows extracting an indicator of the Total Economic Value (TEV) of an environmental asset, as well as of each partial value which make up the TEV, including tangible and intangible elements. The proposed methodology is applied to the valuation of the 'Alto Tajo' Natural Park.
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Miciuła, Ireneusz, Marta Kadłubek, and Paweł Stępień. "Modern Methods of Business Valuation—Case Study and New Concepts." Sustainability 12, no. 7 (March 30, 2020): 2699. http://dx.doi.org/10.3390/su12072699.
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In the modern world, the terms enterprise value and valuation are of great importance. Knowledge about how much an enterprise is worth is of fundamental importance for both the owner of that company and investors when negotiating the price of an enterprise at the time of conducting a commercial transaction. The article presents the goals of the company’s valuation and characteristic stages of the company’s life at which such valuation is necessary. The article classifies the methods of enterprise valuation used today. On this basis, the valuation methodology is presented according to the MDI-R concept (Assets, Income, Intellectual Capital-Market), which in a broad spectrum measures the effectiveness of the company’s operations and, in accordance with the current features of good valuation, aims to determine the fair value of the company. The purpose of the article is to demonstrate the need to improve the code of conduct and valuation standards. As part of the implementation of the objective, multi-faceted and complex valuation issues are presented, as well as factors that may distort the determination of fair value. The methodology of the study is based on inferences about the methodology of business valuation, and verification is based on practical examples, by which a hypothesis on the existence of critical elements of valuation is verified that allows the use of broad subjectivity in estimating the value of assets. At the same time, the factors that determine the possibility of the existence of too wide a subjectivity in estimating assets, which is in contradiction with the features of good valuation, are presented. The attempt is made to draw attention to the threats arising from modern business valuation methodologies and their challenges in the future. Additionally, this article offers the authors’ proposed hybrid method MDI-R, which draws from existing solutions to improve their functionality and applicability.
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Zhylinska, O., I. Novikova, A. Stepanova, and A. Vikulova. "Assessment Methods of Intellectual Product in Research Universities." Marketing and Management of Innovations, no. 3 (2020): 32–44. http://dx.doi.org/10.21272/mmi.2020.3-03.
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This paper summarizes the arguments and counterarguments within the scientific debate over how to find the best methodology for valuing the intellectual products of research universities. The main purpose of the research is to propose a methodology for evaluating the product of intellectual labour in research universities. The systematization of literary sources and approaches to solving the problem of valuation of intellectual property has shown that, despite the considerable amount of scientific work on the valuation of intellectual property objects, there is no methodology for their evaluation in research universities. This problem is actualized at the stage of transformation of an intellectual product into a full-fledged type of economic activity. This study sheds light on the basic basics of the proposed methodology for determining the technical and economic utility of an intellectual product. The author’s methodology improves the classification of the intellectual property valuation and the basic concepts used in carrying out the valuation, the types of values, methodological approaches to the valuation and calculation of the intellectual property, the baseline information requirements, the evaluation procedure and the calculations. However, particular attention is paid to the main provisions for evaluating the university’s intellectual performance. The developed methodological recommendations will be useful to experts in cost estimation in intellectual property, in rendering independent valuation services, in carrying out internal valuation and in experts in carrying out valuation assessment. The methodological basis of the study is a scientific and practical understanding of the achievements of foreign scientists in the field of intellectual capital theory and analysis of Ukrainian legislation in the field of intellectual property. Methodological tools of the study were methods of economic-mathematical and logical-structural modelling. Research universities are selected as the research object because they are the core of the creation of intelligent and innovative products and the main driver of scientific and technological progress in the country and the world. The research empirically confirms and theoretically proves that the developed methodology for the intellectual activity evaluation of research universities is the basis for organizing and implementing the process of determining the value of objects of intellectual property of the institution. Keywords intellectual property object, intellectual product, intellectual activity, research universities, methods of valuation of intellectual property objects.
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Tatarinov, A. A. "Measuring the Value of Data and Their Treatment in Macroeconomic Statistics." Voprosy statistiki 27, no. 6 (December 11, 2020): 5–25. http://dx.doi.org/10.34023/2313-6383-2020-27-6-5-25.
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The paper studies the role of data as an economic asset in the digital economy. The research is focused on the development of an approach to comprehensive data valuation and their adequate treatment in macroeconomic statistics. The first part of the paper reviews the major publications on the so-called Solow productivity paradox: the impact of digital technologies on the productivity growth slowdown. Considering points of view of various researchers, the author takes an opinion that the existing statistical methodology does not permit comprehensive measuring of the digital economy contribution to the productivity dynamics. At the same time, the author does not support the proposal to include the value of data generated by unpaid household activities in macroeconomic accounting and expand the scope of key macroeconomic indicators such as GDP. In the second and the third parts the methods of data valuation used by companies as assets in production, as well as major discussed proposals on methods for measuring the value of data in macroeconomic statistics, are considered. These two aspects of data valuation are closely related, both informationally and methodologically. The author concludes that an increase in the need for the valuation of data at the micro level will inevitably lead to corresponding changes in the methodology of macroeconomic statistics. The last part of the paper explores more elaborately the issues of data valuation as a non-produced asset. The need for such an approach is caused by the existing gap between the marketed assessment of the contribution of data to production and the existing possibilities for accounting for them at the costs of their production. In the author’s opinion, this is a promising direction, allowing to overcome the indicated gap. In support of this, the article provides examples of experimental calculations based on IFRS reports of four Russian companies involved in the production of digital services. Experimental valuation of non-produced assets using the net present value method shows that the value of the non-produced assets involved in the production of data-driven companies differs from the values recorded in their financial statements. This, in particular, occurs due to the underestimation or overestimation of the value of the data used in production, which, according to the author, constitutes the bulk of the unidentified unproduced assets of digital companies. The author concludes that the development of methods for accounting for the value of data as a non-produced asset used in the production of digital products is one of the priority tasks of developing the methodology of the system of national accounts.
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Raslanas, Saulius, and Laura Tupenaite. "PECULIARITIES OF PRIVATE HOUSES VALUATION BY SALES COMPARISON APPROACH." Technological and Economic Development of Economy 11, no. 4 (December 31, 2005): 233–41. http://dx.doi.org/10.3846/13928619.2005.9637703.
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Sales comparison approach is the most often used approach in private houses valuation practice. This article discusses cases of sales comparison approach method application; its methodology as well as key factors to be considered in objective private houses valuation. Furthermore problem of not sufficient comparative sales prices in neighborhood is discussed emphasizing on its influence to appraised object value reliability. In order to avoid incorrect valuation basing on experience of the USA and other foreign countries some proposals for Lithuanian valuation methodology were given: to establish an exact number of comparative objects, to distinguish the key factors to be considered in every special private houses valuation case and to establish variance limits between appraised object value and comparative sales prices. In order to guarantee real estate market transparency professional appraisals organizations must be established to be responsible for real estate market research as well as analysis data and sales prices official announcements and other information spread tasks.
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Gómez-Limón, José A., and Jesús Barreiro-Hurlé. "Valoración de bienes ambientales complejos: Una alternativa multicriterio." Economía Agraria y Recursos Naturales 7, no. 14 (October 14, 2011): 83. http://dx.doi.org/10.7201/earn.2007.14.05.
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Economic valuation of complex environmental goods has several issues still opened to debate. This paper focuses on two of these aspects; linearity of attributes in the valuation function and individual utility function heterogeneity. A methodological approach based on Multi-attribute Utility Theory is proposed which allows to contrast the impact of these concerns on environmental good valuation. We apply the proposed methodology to value a protected natural in the province of Granada (Spain). From the results obtained we can conclude that attribute non-linearity and individual utility function’s heterogeneity are relevant aspects to be taken into account in environmental valuation.
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POLESHCHUK, Marina Nikolaevna. "Socio-economic valuation of an employee’s work activities of a coal mining enterprise: Criteria, indicators, and methodology." NEWS of the Ural State Mining University 1 (March 15, 2021): 150–59. http://dx.doi.org/10.21440/2307-2091-2021-1-150-159.
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Relevance is caused by the fact that the achievement of the required performance results is based on the mutual understanding of the workers of a coal mining enterprise and the consistency of their interaction. It is advisable to carry out a socio-economic valuation and mutual assessment of their activities to effectively change these components. For a correct assessment of the activities of employees, it is necessary to determine the criteria and indicators that reflect its socio-economic characteristics and the results achieved by employees. Purpose of the paper is to present a methodological toolkit that allows employees of a coal mining enterprise to carry out a socioeconomic valuation and mutual assessment of their activities, to develop measures for improving its efficiency. Research methodology and methods. The socio-economic valuation of employees work activities is based on the following provisions: 1) the results of the employee’s activities and the process of achieving them are assessed; 2) an employee himself makes the assessment as well as other employees interacting with him (manager, colleagues, subordinates). When substantiating the criteria and indicators, the methods of structural and functional analysis, scientific generalization and expert assessments were used. Results. A set of criteria and indicators have been substantiated reflecting the attitude of employees to activities, the process of their activities and the results they achieve. A method of socio-economic valuation of activities is proposed, the application of which allows identifying discrepancies in assessments, to achieve mutual understanding between interacting employees, their managers and colleagues, to develop relationships that ensure the required results of interaction. Conclusions. Socio-economic valuation of an employee’s work activities of a coal mining enterprise according to the proposed methodology using a reasonable set of criteria and indicators allows you to form an agreed understanding of the requirements for the activity and its results, to develop and implement effective measures to achieve the desired results Keywords: indicators and criteria, methodology, activity, coal mining enterprise, employee, socio-economic valuation, mutual understanding, relationships, interaction, results.
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Yakubovsky, V., and O. Bychkov. "GENERAL NEURONETS MODEL OF COMPARITIVE APPROACH IN VALUATION OF TANGIBLE AND INTANGIBLE ASSETS." ACTUAL PROBLEMS OF INTERNATIONAL RELATIONS 2, no. 127 (2016): 144–51. http://dx.doi.org/10.17721/apmv.2016.127.2.144-151.
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Feasability of artificial neuronets methodology application for valuation of tangible and intangible assets is grounded. Proposed is general structural neuronets model for most widely used comparative approach of property and property rights valuation. Neuro net is used for modelling processes of valuation object recognition, its classification and value assessment utilising comparison with analog items with respect to price unfluencing parameters. Algorithm of neuro nets model program realization is described for its practical realization purposes.
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Verlicchi, Paola, Estefania C. Avilés Sacoto, and Giacomo Zanni. "Zootechnical Farm Wastewaters in Ecuador: A Treatment Proposal and Cost-benefit Analysis." Water 11, no. 4 (April 15, 2019): 779. http://dx.doi.org/10.3390/w11040779.
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This paper presents and discusses the results of a study carried out in Ecuador, where the zootechnical sector represents one of the country’s most important economic activities. It is, however, the source of many environmental problems, including the release of untreated liquid effluents and odorous emissions, and the production and disposal of solid wastes. The main aim of this study was to propose a treatment train for the zootechnical farm wastewater, combining natural systems (i.e., lagoons and subsurface flow beds) with conventional technologies and a cost-benefit analysis. With reference to a specific case study, the different steps of the treatment train were designed and the corresponding construction, operational and maintenance costs evaluated. To better assess the technical and economic feasibility of such a proposal, a cost-benefit analysis was carried out. The social benefit was evaluated by means of the contingent valuation method and a focus on the methodology and collected results was reported. The main findings discussed, in terms of selected treatments, their costs, and the financial and economic analysis of the project, could be useful for administrators, decision-makers and all technicians involved in planning and management of zootechnical farm wastewaters in developing countries, in particular in Latin America.
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Houmes, Robert, and Inga Chira. "The valuation effect of LIFO’s repeal on high pricing power firms." Review of Accounting and Finance 14, no. 3 (August 10, 2015): 306–23. http://dx.doi.org/10.1108/raf-06-2014-0062.
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Purpose – The aim of the study is to provides a timely examination of the valuation effect of current initiatives to repeal LIFO by analyzing the valuation impact of the potential repeal of LIFO conditional on the pricing power of the firm. Design/methodology/approach – Using the methodology from prior research for all LIFO companies, we use price levels regressions to empirically test the potential tax effect of LIFO’s repeal on the value of the firm. To evaluate the robustness of these results, we also use event study methodology to estimate abnormal returns around the House Bill H. R. 3970. Findings – Results show a favorable (unfavorable) valuation effect for high (low) pricing power firms that are able (unable) to recover tax payments by reducing costs and/or charging higher prices. These findings are robust to alternative measures of valuation (price and returns), as well as long and short event windows and suggest that certain firms may be able to offset post-LIFO repeal increased tax payments by increasing sales-output prices and or decreasing cost-input prices. Originality/value – The primary contribution of this paper is to provide relevant and new empirical evidence regarding the potential valuation effects of the currently proposed political and regulatory initiatives to abolish LIFO.
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Fomina, Olena, Olena Moshkovska, Olena Prokopova, Nataliya Nikolenko, and Svitlana Slomchynska. "Methodological approaches to investment property valuation." Investment Management and Financial Innovations 15, no. 4 (December 26, 2018): 367–81. http://dx.doi.org/10.21511/imfi.15(4).2018.30.
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Increase in number of the investment property items available in both domestic and international markets, present-day European integration processes, as well as existing differences in statutory provisions in force (controversial essentials of the investment property identification as an asset and ambiguity of implementation of the methodological approaches to the investment property valuation) have stipulated the need for improvement of the hierarchy of the investment property item fair value recognition and measurement criteria. Proposed identification methods will contribute into amplification of the synergy effect of the investment property item accounting and management due to improvement of quality and fairness of the information data on certain assets of the establishment. Methodology for the investment property valuation and changed value reporting format were worked out based upon critical analysis of the scientific professionals’ main approaches to the investment property fair value measurement as provided for by statutory requirements to disclosure of the asset related information. Findings made and recommendations worked out on consideration of the harmonized indicator system implementation have thereafter found the practical use in the investment property item management efficiency assessment model.
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Zhichkin, Kirill, Vladimir Nosov, Lyudmila Zhichkina, Mira Alborova, and Aleksey Kuraev. "Methodology for cadastral valuation of agricultural lands occupied by water bodies." E3S Web of Conferences 175 (2020): 06014. http://dx.doi.org/10.1051/e3sconf/202017506014.
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The article considers features of cadastral valuation of agricultural lands occupied by water bodies. The research is based on natural water bodies of the Samara region water fund. A methodology for determining the cadastral value of agricultural lands occupied by artificial water bodies is proposed. The methodology links the land value with the size of the land plot, profit and such objects as dams and other hydraulic structures located within the land plot. The paper confirmed the suggestion that the owner of the land that shall be used for the construction of a pond has the right to the added value of land in the amount of return rate of contributed capital (26.28%). The cadastral value of 1 square meter of agricultural land is 3.11 rubles.
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Vidal-Meliá, Carlos, Manuel Ventura-Marco, and Juan Manuel Pérez-Salamero González. "Social Insurance Accounting for a Notional Defined Contribution Scheme Combining Retirement and Long-Term Care Benefits." Sustainability 10, no. 8 (August 9, 2018): 2832. http://dx.doi.org/10.3390/su10082832.
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This paper develops a social insurance accounting model for a notional defined contribution (NDC) scheme combining retirement and long-term care (LTC) contingencies. The procedure relies on standard double-entry bookkeeping and enables us to compile a “Swedish” type actuarial balance sheet (ABS) following a framework equivalent to an open group approach. This methodology is suitable for reporting the system’s solvency status and can show periodical changes in the system’s financial position by means of an income statement. The information underpinning the actuarial valuation is based on events and transactions that are verifiable at the valuation date, without considering expected future trends. The paper also contains an illustrative example to make it easier for policymakers to understand the main advantages and difficulties of our proposal. The policy conclusions stress the need to properly report social insurance benefits to enhance transparency and sustainability and to improve decision-making because it is in the public interest to do so.
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Cavalheiro, Rafael Todescato, Andréia Maria Kremer, and Régio Marcio Toesca Gimenes. "Fair Value for Biological Assets: An Empirical Approach." Mediterranean Journal of Social Sciences 8, no. 3 (May 24, 2017): 55–68. http://dx.doi.org/10.5901/mjss.2017.v8n3p55.
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Abstract In view of the difficulty in adopting the International Accounting Standard (IAS) 41, which determines the measurement of biological assets, this study aimed at empirically approaching a fair-value based methodology to evaluate biological assets, without an active market. In order to meet the study proposal, a case study with a quantitative approach was carried out to assess a soybean crop cultivated in the Mato Grosso do Sul State. Discounted Cash Flow (DCF) was the chosen evaluation method. Data collection was done through analysis of internal reports and semi-structured interviews. Few practical works detailing valuation of biological assets are available in the national and international literature; therefore, this is the main contribution of this work. Results suggest that besides using economic and accounting knowledge, it is advisable to consider agronomic knowledge since this type of information influences the valuation of biological assets in quantitative and qualitative terms. At the end, general comments and a research agenda are presented.
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Kadetova, Tatyana. "ANALYSIS OF THE APPLICATION OF THE TECHNOLOGICAL SCHEME OF PERFORMANCE OF WORKS ON THE STATE CADASTRAL ESTIMATION OF HOMES OF HUMAN SETTLEMENTS IN THE TOMSK REGION." Interexpo GEO-Siberia 3, no. 2 (2019): 90–98. http://dx.doi.org/10.33764/2618-981x-2019-3-2-90-98.
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This article presents an analysis of the application of the technological scheme of work on the state cadastral valuation of land settlements in the Tomsk region. The purpose of the study - an analysis of the application of the technological scheme of work performed on the state cadastral valuation of land settlements of the Tomsk region. In this paper, we studied the results of the cadastral assessment for the Tomsk region in 2014 and identified the main shortcomings of the existing methodology, in terms of the use of the mathematical apparatus in the process of analyzing pricing factors and their selection. Proposals for finalizing the new methodology for cadastral valuation in terms of the use of correlation and regression analysis were made to improve the efficiency and accuracy of the calculation of the cadastral value of real estate objects.
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Videnová, Veronika, Dagmar Cagáňová, and Krzysztof Witkowski. "A Proposed Methodology of Resolving Conflits Within Multicultural Teams in Industrial Enterprises." Research Papers Faculty of Materials Science and Technology Slovak University of Technology 21, Special-Issue (June 1, 2013): 155–60. http://dx.doi.org/10.2478/rput-2013-0026.
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Abstract The main aim of the presented paper is to clarify the need of resolving conflicts within multicultural teams in industrial enterprises, increasing awesome of multiculturalism on Slovakia as necessary part of our life and to suggest the structure of the dissertation thesis. The author base the study on the assumption that extensively developed intercultural relationships lead to mutual understanding between people and consequently to less interpersonal conflicts.The paper is divided in two main chapters. The first one deals with the theoretical bases of given issue, to clarify the concept of multiculturalism. The emphasis is primarily on the issue of conflict resolution within multicultural teams in industrial enterprises. The second one consists of reasoning and continuity of the paper, brief characteristics, goals, hypotheses, theses and benefits valuation.
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d'Amato, Maurizio, Nikolaj Siniak, and Giulia Mastrodonato. "“Cyclical assets” and cyclical capitalization." Journal of European Real Estate Research 12, no. 2 (August 8, 2019): 267–88. http://dx.doi.org/10.1108/jerer-05-2018-0022.
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Purpose The purpose of this study is providing a possible methodological solution to the valuation of cyclical.assets. International Valuation Standards introduce a brand new definition of property: the cyclical asset (International Valuation Standards Council 2017, IVS 105, p. 39 and p. 41). Among different property valuation methods, normally this kind of properties is appraised using income approach. In this group of methodology, the opinion of value is based on a proportional relationship between property value and rent. In the past years, a group of methods called cyclical capitalization has been proposed (d’Amato, 2003; d’Amato, 2013;d’Amato, 2015; d’Amato, 2017a; d’Amato 2017 b; d’Amato, 2017c). This method proposes an integration between property valuation and property market cycle. Design/methodology/approach Cyclical capitalization method is applied using a time series of property market rent of offices in prime location in the South Bank area in London. It consists of the determination of more than one all-risk yield to reproduce the property market cycle. Findings A comparison between the cyclical capitalization and two traditional capitalization rate shows how the proposed model is able to provide a stable opinion of value. Research limitations/implications The method may represent a contribution for the determination of the value of cyclical assets or for the mortgage lending value. Practical implications This paper provides the possibility to have a property valuation method less sensitive to upturn and downturn of the property market. Social implications The valuation based on cyclical capitalization are less sensitive to the upturn and the downturn of the market. Originality/value It is one of the first scientific paper addressing the problem of the determination of the value of cyclical assets.
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Olbrich, Michael, Tobias Quill, and David J. Rapp. "Business Valuation Inspired by the Austrian School." Journal of Business Valuation and Economic Loss Analysis 10, no. 1 (January 1, 2015): 1–43. http://dx.doi.org/10.1515/jbvela-2014-0001.
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AbstractThe significant failure rates observed in mergers and acquisitions (M&A) indicate structural deficiencies in business transactions. This paper identifies serious weaknesses in common valuation methods that play a key role in poor transaction practice. Common valuation methods are in particular discounted cash flow (DCF) methods. DCF methods are usually based on neo-classical theories that assume the existence of a perfect and complete capital market. As will be demonstrated, the underlying theoretical patchwork is contradictory and lacks utility. Therefore, utilizing DCF methods to value a business and deduce economic decisions from such a valuation is decision-making built on sand. Following a normative-deductive methodology, this paper seeks an alternative theoretical concept to build a business valuation theory on solid ground. Such an alternative is found in the Austrian School of thought. The resulting valuation concept, subjective business valuation theory, is based on the theory of marginal utility proposed by Gossen, which was rediscovered and refined by the scholars of the early Austrian School. Contrary to highly restrictive neo-classical valuation, subjective business valuation approaches reality and is therefore well-suited for practical implementation.
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Sushil, Sushil. "Interpretive multi-criteria valuation of flexibility initiatives on direct value chain." Benchmarking: An International Journal 25, no. 9 (November 29, 2018): 3720–42. http://dx.doi.org/10.1108/bij-03-2018-0057.
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Purpose Activities on direct value chain directly add value to the products/services delivered to the customers. This value addition can be further enhanced by taking up flexibility initiatives on these direct value chain activities. The purpose of this paper is to identify flexibility initiatives on the direct value chain and carry out their valuation. Design/methodology/approach Since different value addition criteria (i.e. benefits and costs) may be both tangible and intangible, an interpretive valuation based on multi-criteria framework would be desirable. The paper deploys the efficient interpretive ranking process (IRP) for this purpose. It uses total interpretive structural modeling (TISM) to derive weights of criteria based on their respective driving power. The paper also makes a methodological contribution to assess transitive dominance in IRP based on transitivity check as used in the modified TISM process. Findings The paper uses a multi-criteria valuation to examine the proposition that the flexibility initiatives will add a higher value as we go downstream in the value chain. The flexibility initiatives linked with marketing such as product upgradation and switching, customized services and dynamic pricing are found to be most value adding in character. Research limitations/implications The main limitation of this study is that it is generic in nature and need to be replicated in multiple case situations. The methodology proposed can be utilized for specific case analysis for flexibility valuation on the direct value chain. Practical implications The practitioners may be able to use the proposed method of TISM–IRP with improvements in real-life applications. The proposed multi-criteria valuation is interpretive in nature and can be utilized by practicing managers in group settings even if they do not have complete data. Originality/value The strategy and operations researchers will find promise in the methodology to investigate and prioritize the initiatives planned to enhance flexibility in different value chain activities. The researchers on multi-criteria decision making will find the methodological enhancement proposed in terms of graphically deriving the transitive dominance to be useful in other applications as well.
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d’Amato, Maurizio. "Supporting property valuation with automatic reconciliation." Journal of European Real Estate Research 11, no. 1 (May 8, 2018): 125–38. http://dx.doi.org/10.1108/jerer-01-2017-0005.
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Purpose Valuation is a professional activity based on international and local standards. In the valuation process more than one method can be modified. In this case, a final reconciliation of different opinions of value may be required. It is a matter of fact that the final result of these different valuation methods may vary. Therefore, in the final part of the valuation process, the valuer is required to assign a weight to the different methodologies to reach an appropriate opinion of value. This process is essentially based on valuer’s expertise. This paper aims to propose an automatic procedure of calculating the weights to assist the valuer in the valuation process. Design/methodology/approach The work provides methodologies to assign the weights through simple mathematical procedures that can be used to support subjective judgement in the valuation process. The models proposed can be applied to other phases of reconciliation inside the valuation process and are based on the collection of previous property data in the same market segment. Findings Two different methodologies are proposed to support valuers in the valuation process and in particular in the phase of the choice of the weights for final reconciliation purposes. Research limitations/implications The implication is the development of an information system to support the appraiser in providing these weights. The models proposed are only two but represent a future, much larger field of research. Practical implications The models may help in determining more consistent valuation reports. Social implications Consistent valuation reports for the determination of mortgage lending value may contribute to the stability of the social and economic system, especially after the 2008 non-agency mortgage crisis. Originality/value These are original models proposed in literature for such kind of problems.
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Fomina, Olena, Olena Moshkovska, Svitlana Luchyk, Yulia Manachynska, and Mikhaylo Kuzub. "Managing the agricultural enterprises’ valuation: actuarial approach." Problems and Perspectives in Management 18, no. 1 (March 24, 2020): 289–301. http://dx.doi.org/10.21511/ppm.18(1).2020.25.
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This article aims at finding ways to improve the efficiency of Ukrainian agricultural enterprises’ valuation management based on a multidimensional actuarial model. The article confirmed the hypothesis of the relationship between accounting information, published in the financial statements of agricultural enterprises, compiled according to international financial reporting standards (IFRS), and actuarial management reporting. It is the latter, in the context of financial reporting conceptual basis, which promotes foreign investor’s managerial decisions on the expediency of investing temporarily free financial resources in the development of the agro-sector. The methodology of the research is based on optimization of the algorithm for estimating the agricultural enterprise market value within the framework of a cost-effective approach based on information filling of the actuarial management reporting using the method of adjusted net assets. The results of the study showed the dependence of investment attractiveness of Ukrainian agricultural enterprises on qualitative content of the reporting information provided within the framework of international accounting. The practical value of the results confirmed the optimal algorithm for estimating the value of agribusiness based on the accounting and information of actuarial management reporting according to its spatial interpretation from 3D to 5D format. The proposed 5D model for managing the value of agribusiness will facilitate an objective assessment of the agricultural enterprise value in just one step. AcknowledgmentThe article has been prepared within the research project “Business Value Management” (state registration No. 0118U000131) implemented in the Kyiv National University of Trade and Economics.
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Zhuk, Valeriy, and Yulia Bezdushna. "Priority approaches for assessment of land assets in agriculture." Environmental Economics and Sustainable Development, no. 7(26) (2020): 68–76. http://dx.doi.org/10.37100/2616-7689/2020/7(26)/9.
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The publication focuses on prioritizing approaches to fair (market) valuation of agricultural land in financial and statistical reporting, as a factor in pricing its market turnover and capitalization in Ukraine's national wealth. Types of land valuation that are differentiated according to the purpose, methodology and purpose of the results are generalized. The procedure of soil boning, economic, regulatory and expert monetary evaluation of land plots is described. Priorities in approaches to land valuation for different purposes have been identified. It is concluded that the income approach, in particular the method of direct capitalization of rental income, is a priority in the assessment of agricultural land. Indicators for estimation of arable land by the method of capitalization of rent income, the procedure of their calculation of the source of information that we used in the process of testing these methodological approaches on a scale of Ukraine are generalized. A methodology for valuation of agricultural land for financial reporting purposes is proposed. The mechanism of introduction of the system of sectoral land valuation system, which is formed as an industry portal and functions under the regulatory and methodological support of state regulatory institutes with the aggregation of the available and most effective valuation methods and statistical databases, is substantiated. It is concluded that such a mechanism, with appropriate tools, will facilitate the capitalization of key domestic national wealth – agricultural land and provide for the possibility of price regulation of minimum and maximum prices when opening the relevant market. The priority approach to the assessment in this mechanism identified one that provides consideration of the value and market factor and the natural fertility and economic efficiency of the Ukrainian black earth.
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Hu, Yiming, Xinmin Tian, and Zhiyong Zhu. "Market transaction characteristics and pricing effect of accounting valuation models." China Finance Review International 6, no. 1 (February 15, 2016): 2–31. http://dx.doi.org/10.1108/cfri-05-2015-0036.
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Purpose – In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting indicators: company residual income and book value of net asset. In 2000, Zhang introduced the thought of option pricing and developed a new accounting valuation model. The purpose of this paper is to investigate the valuation deviation and the influence of some market transaction characteristics on pricing models. Design/methodology/approach – The authors use listed companies from 1999 to 2013 as samples, and conduct comparative analysis with multiple regression. Findings – The main findings are: first, the accounting valuation model is applicable to the capital market as a whole, and its pricing effect increases as years go by; second, in the environment of out capital market, the maturity of investors is one of important factors that causes the information content of residual income less than that of profit per share and lower pricing effect of valuation models; third, when the price earning (PE) of listed companies reaches certain level, the overall explanation capacity of accounting valuation models will become lower as PE gets higher; fourth, as for companies with higher turnover rate and more active transaction, the pricing effect of accounting valuation model is obviously lower; fifth, the pricing effect of accounting valuation models in a bull market is lower than in a bear market. Originality/value – These findings establish connection between accounting valuation and market transaction characteristics providing an explorable orientation for the future development of accounting valuation theories and models.
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Pastor, Damián, Jozef Glova, František Lipták, and Viliam Kováč. "Intangibles and methods for their valuation in financial terms: Literature review." Intangible Capital 13, no. 2 (February 10, 2017): 387. http://dx.doi.org/10.3926/ic.752.
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Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms.Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation.Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing.Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future.Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation.Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.
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Juan, Carmen, and Fernando Olmos. "Public–private equity joint ventures and risk transfers in motorways of the sea." Built Environment Project and Asset Management 9, no. 5 (November 11, 2019): 669–82. http://dx.doi.org/10.1108/bepam-01-2018-0027.
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Purpose The purpose of this paper is to present a new scheme of public–private partnership (PPP) within the framework of motorways of the sea (MoS) similar to that of an equity joint venture along with a methodology for valuing risk transfers arising from options embedded in the clauses included in such agreement. Design/methodology/approach The architecture of the proposed PPP is an adaptation to the scope of a MoS of collaborative schemes commonly used in industry such as equity joint ventures. The methodology for valuing options involved making use of a valuation tree of optimal cashflows along with algorithm designs from the field of financial and real options. Findings The proposed structure of public–private equity joint venture (PPEJV) increases the stability of private–public collaboration as compared with standard PPPs, so as to achieve the desired modal shift. The analyzed case study shows how the methodology provides valuable numerical information for both negotiating partners and policy makers. Practical implications This study provides a quantitative tool for policy makers to redefine the role that public agents and public funds should play in a future sustainable mobility model. Originality/value The originality of the authors’ contribution to the field of PPPs in transport is triple. First, there is no precedent in the literature on PPPs of an architecture similar to that of the proposed PPEJV. Second, unlike the usual practice in the valuation of financial or real options, no prior structure is assumed for modelling the behaviour of cashflows. Third, the type of options addressed is not usual neither in the real options literature in general nor in the valuation of guarantee mechanisms included in PPPs in particular.
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Loyarte, Edurne, Igor Garcia-Olaizola, Gorka Marcos, María Moral, Nora Gurrutxaga, Julian Florez-Esnal, and Iñaki Azua. "Model for calculating the intellectual capital of research centres." Journal of Intellectual Capital 19, no. 4 (July 9, 2018): 787–813. http://dx.doi.org/10.1108/jic-01-2017-0021.
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Purpose The purpose of this paper is to develop a model to help RTC managers in the technological and R&D decisions and bets so as to change the perceived value of the R&D projects of the centres. To achieve this aim, the paper investigates the different models for the valuation of intangible assets. Design/methodology/approach The paper presents a single case study and focusses on creating a useful IC valuation model for the centre, using existing methods and frameworks in IP and IC fields. Findings The paper presents a new method for the calculation of IC applied to a RTC in ICT sector, in which the valuation of the IP is included (software libraries) and the KM and the peculiarities of these kinds of organisations are explained. The model is based on Edvinsson and Malone (1997) and Leitner (2005). Research limitations/implications Although the use of a single case provides rich data, it is also limits the generalisability to other RTCs. Another limitation is that not all existing methods were explained. This new method constitutes a first proposal for the IP and IC valuation in RTCs and further discussion and development would be carried out in the future. Practical implications The results suggest an IP and IC measurement model to improve the strategic and technological decisions making. Social implications This paper may favour the competitiveness of companies engaged in intangible assets (knowledge, R&D) and the negotiation of the contracts since it arrives to determine a value for the intellectual property (software libraries) and intellectual capital. Originality/value This paper proposes an IC Model orientated towards an RTC context and to provide a value perspective for them. The authors are practitioners and the model is in use.
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Massironi, Carlo. "Philip Fisher’s sense of numbers." Qualitative Research in Financial Markets 6, no. 3 (November 10, 2014): 302–31. http://dx.doi.org/10.1108/qrfm-01-2013-0004.
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Purpose – This paper aims to propose an account of the use of numbers and mathematical formulae and, more generally, of the quantitative aspects in the qualitative equity valuation model of the American investor Philip A. Fisher who is considered to be one of the fathers of the qualitative equity valuation models. Design/methodology/approach – A Conceptual analysis was conducted (Glasersfeld, 1992) of the four volumes published by Fisher between 1954 and 1980 (1958, 1960, 1975, 1980) in relation to his equity valuation process. On the basis of this analysis, a modelization of this author’s perspective on quantitative instruments was built. Findings – A modelization to use quantitative data in a qualitative equity valuation model that is sufficiently detailed and useful for an asset manager is proposed. Originality/value – What is propose is a qualitative analysis of quantitative elements in the thought of a qualitative author on the subject of equity valuation. It is believed that this paper could be of interest to all those who use or are involved in the development of qualitative models of equity valuation or business valuation. This work is also an example of how conceptual analysis – generally employed in the field of mathematics education research – can be used to build descriptive models of decision-making processes of individual investors, models designed to enable the reproduction/approximation of the conceptual operations of the investor.
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Reyes García, Jorge Luis, and Arturo Morales Castro. "Value at risk using smoothing techniques: a proposal in the foreign exchange market." Dimensión Empresarial 16, no. 2 (July 20, 2018): 99–110. http://dx.doi.org/10.15665/dem.v16i2.1903.
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One of the main problems that are exposed companies and financial institutions in Mexico is the volatility in the exchange rate Peso/Dollar when operating or in the valuation of financial assets. This article analyzes and compares the behavior of value at risk [VAR] under three different methodologies: historical simulation, Monte Carlo Simulation and straightening. An application to the exchange rate in periods of Precrisis, Postcrisis and economic crisis of 2008 is performed to look at the implications of the VAR calculation. We conclude that the straightening VAR methodology is more accurate.ResumenUno de los principales problemas a los que se encuentran expuestas las empresas e instituciones financieras en México es la volatilidad en el tipo de cambio Peso/Dólar al realizar operaciones o en la valuación de activos financieros. En el presente artículo se analiza y se compara el comportamiento del Valor en Riesgo [VAR] bajo tres metodologías diferentes: Simulación Histórica, Simulación Montecarlo y Alisado. Se realiza una aplicación al tipo de cambio en los periodos de Precrisis, Crisis y Postcrisis económica de 2008 para observar las implicaciones del cálculo del Valor en Riesgo. Se concluye que la metodología del VAR alisado es más precisa.ResumoUm dos principais problemas que são expostos empresas e instituições financeiras no México é a volatilidade na taxa de câmbio Peso / dólar para executar operações ou valorização dos activos financeiros. Neste artigo vamos analisar o valor comportamento e comparados at risk [ VaR ] em três diferentes metodologias : Simulação histórica , Simulação de Monte Carlo e alisamento. é realizada uma aplicação à taxa durante os períodos de crise Pre, Crise crise económica e Pós 2008 para observar as implicações de Value at Risk cálculo . Concluiu- se que a metodologia VaR alisamento é mais preciso.
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Zhao, Zhe, Zhenyu Cui, and Ionuţ Florescu. "VIX derivatives valuation and estimation based on closed-form series expansions." International Journal of Financial Engineering 05, no. 02 (June 2018): 1850020. http://dx.doi.org/10.1142/s2424786318500202.
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We propose a new methodology to evaluate VIX derivatives. The approach is based on a closed-form Hermite series expansion, and can be applied to general stochastic volatility models. We exemplify the proposed method using the Heston model, the mean-reverting CEV model and the 3/2 model. Numerical results show that the proposed method is accurate and efficient.
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Chmielewska, Aneta, Jerzy Adamiczka, and Michał Romanowski. "Genetic Algorithm as Automated Valuation Model Component in Real Estate Investment Decisions System." Real Estate Management and Valuation 28, no. 4 (December 1, 2020): 1–14. http://dx.doi.org/10.1515/remav-2020-0027.
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AbstractEvery real-estate related investment decision making process calls for the careful analysis of available information even though it is often carried out in conditions of uncertainty. The paper attempts to minimize the impact of the factor on the quality of real estate investment decisions through the proposal of application of tools based on the simulation of the process of natural selection and biological evolution. The aim of the study is to analyze the potential of methodology based on genetic algorithms (GA) to build automated valuation models (AVM) in uncertainty conditions and support investment decisions on the real estate market. The developed model facilitates the selection of properties adequate to the adopted assumptions, i.e. individuals best suited to the environment. The tool can be used by real estate investment advisors and potential investors on the market to predict future processes and the proper confrontation of past events with planned events. Even though genetic algorithms are tools that have already found particular application on real estate market, there are still areas that need further studies in the case of more effective uses. The obtained results allow for the possibilities and barriers of applying GA to real estate market analyses to be defined.
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Tajani, Francesco, Pierluigi Morano, and Klimis Ntalianis. "Automated valuation models for real estate portfolios." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 324–47. http://dx.doi.org/10.1108/jpif-10-2017-0067.
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Purpose As regards the assessment of the market values of properties that compose real estate portfolios, the purpose of this paper is to propose and test an automated valuation model. In particular, the method defined allows for providing for objective, reliable and “quick” valuations of the assets in the phases of periodic reviews of the property values. Design/methodology/approach Aiming at both predictive and interpretative purposes, the method, based on multi-objective genetic algorithms to search those model expressions that simultaneously maximize the accuracy of the data and the parsimony of the mathematical functions, is applied to a sample data of office properties characterized by medium and large size, located in the city of Milan (Italy) and sold in the period between 2004 and 2015. Findings The model obtained could be an integration of the canonical methodologies (market approach, income approach, cost approach) implemented in the assessment of the market values of properties, so as to provide an additional tool to verify the results. In particular, the inclusion of economic variables in the model is consistent with the need to reiterate the valuations, contextualizing them to the locational characteristics and to the current property cycle phase in the specific area. Practical implications The model can be applied by all the operators involved in the periodic reviews of the values of property portfolios: from real estate funds’ insiders, in order to monitor the values obtained through the canonical approaches, to the public institutions, such as the revenue agencies, in order to ensure the fair payment of the taxes through the updating values of the properties according to the actual and current market trends. Originality/value The method proposed can be a valid support for all public and private entities that hold significant property assets and that, for various reasons (periodic reviews of the balance sheets, sales, enhancement, investment, etc.), require cyclical updated values of the properties. The automated valuation model developed can be used for the assessment of “comparison” values with the estimates values obtained by other assessment techniques, in order to ensure a further monitoring tool of the results from the subjects involved.
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Kulakov, Kirill Yu. "Methodological Aspects of Modeling Concept Value Assessment of Live Cycles in the Assessment Activities in the Russia." Economic Strategies 144 (June 20, 2020): 80–91. http://dx.doi.org/10.33917/es-4.170.2020.80-91.
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The article discusses the subject of research, focused on the study of the transformation processes of the valuation methodology, focused on the effective management of sustainable and breakthrough socio-economic development by ensuring the effective implementation of National projects using the results of the value management genesis in valuation activities based on the use of the concept of cost-based life cycle assessment The relevance of this study is determined by the importance of solving the national economic problem of the need to ensure the launch of innovative high-tech investment cycles for the development of industries, enterprises and investment projects based on the formation of an updated methodological base for valuation activities. Moreover, it is proposed to use the model of formalizing the processes of valuation and cost and cost management in economic systems based on the life cycles of goods, products and works as the main evaluative ideology. The aim of the study is to develop a set of relevant methodological proposals for modeling the concepts of valuation of life cycles in the valuation of Russia in order to ensure its transformation that is sufficient for cost management of sustainable and breakthrough socio-economic development of the country through ensuring the effective implementation of national projects. The object of the study is the development of theoretical principles and conceptual approaches for modeling the methodological foundations of valuing and managing the life cycles of goods and products in the process of implementing national projects based on minimizing the cost of their life cycles, life cycle contracts, total costs and the cost of ownership of life cycles. As applied research methods, a comprehensive approach was used, based on analysis and synthesis, logical analysis, expert approach, methods of economic and mathematical modeling and forecasting.