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Kucharska - Stasiak, Ewa. "UNCERTAINTY OF PROPERTY VALUATION AS A SUBJECT OF ACADEMIC RESEARCH." Real Estate Management and Valuation 21, no. 4 (December 1, 2013): 17–25. http://dx.doi.org/10.2478/remav-2013-0033.
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Abstract Property valuation is characterized by uncertainty, understood not only as uncertainty of a single valuation, but also as a discrepancy between multiple valuations of the same property carried out at the same time and for the same purpose. A valuation is only an estimate, the outcome of which depends on the assumptions adopted by the valuer. Such assumptions may account for the potential of a property in a complex market environment in different ways. The objective of the paper is to present the methodology of research devoted to valuation uncertainty in highly developed markets to emphasize the need to conduct such research in Poland, and to indicate the areas in which professional organizations should undertake actions.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 26, no. 2 (July 2007): 67–70. http://dx.doi.org/10.5791/0882-2875-26.2.67.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 26, no. 3 (October 2007): 85–89. http://dx.doi.org/10.5791/0882-2875-26.3.85.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 26, no. 4 (January 1, 2007): 137–40. http://dx.doi.org/10.5791/0882-2875-26.4.137.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 27, no. 1 (March 2008): 57–60. http://dx.doi.org/10.5791/0882-2875-27.1.57.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 27, no. 2 (January 1, 2008): 119–23. http://dx.doi.org/10.5791/0882-2875-27.2.119.
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Levine, Lawrence M. "VALUATION RESEARCH NOTES." Business Valuation Review 27, no. 3 (October 2008): 165–68. http://dx.doi.org/10.5791/0882-2875-27.3.165.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 27, no. 4 (December 2008): 244–48. http://dx.doi.org/10.5791/0882-2875-27.4.244.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 28, no. 1 (March 2009): 46–49. http://dx.doi.org/10.5791/0882-2875-28.1.46.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 28, no. 3 (October 2009): 163–67. http://dx.doi.org/10.5791/0882-2875-28.3.163.
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Levine, Lawrence M. "Valuation Research Notes." Business Valuation Review 28, no. 4 (December 2009): 224–27. http://dx.doi.org/10.5791/0882-2875-28.4.224.
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Johnstone, David. "Advances in Equity Valuation: Research on Accounting Valuation." Abacus 52, no. 1 (March 2016): 1–4. http://dx.doi.org/10.1111/abac.12075.
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Małkowska, Agnieszka, and Małgorzata Uhruska. "Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis." Real Estate Management and Valuation 27, no. 4 (December 1, 2019): 27–38. http://dx.doi.org/10.2478/remav-2019-0033.
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Abstract The paper delivers original data on specialization in property valuation services in Poland. Its aim is to identify relatively homogeneous groups of property appraisers taking into consideration the scope of services performed by them and the types of clients served. Based on the survey results, it was possible to indicate major models in property valuation services consistent with market applications, which allows us to verify the thesis on specialization in doing business in property valuation. The research strategy approach is twofold. Firstly, we have used the agglomerative cluster method to divide the types of valuation services and appraisers’ clients in order to find groups of similar valuation services and represent the main models of business in property appraisals. Secondly, we have applied the k-means partition methods to find relatively homogenous groups of respondents, taking into account the frequency of carrying out the particular types of valuations and clients served. As a result of our research, we present four clusters combining valuations and client types which reflect the models of property valuers’ professional activity, i.e: the market-oriented housing valuation model, market-oriented commercial valuation model, non-market-oriented judicial valuation model and non-market- oriented public valuation model. Research findings confirm the existence of three out of the four specialization clusters within the professional activity. We also extracted a group of appraisers operating on a broad scale, both when it comes to the types of services offered and clients served.
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Nel, WS, and NJ le Roux . "Precision, Consistency and Bias in Emerging Equity Markets." Journal of Economics and Behavioral Studies 6, no. 5 (May 30, 2014): 386–99. http://dx.doi.org/10.22610/jebs.v6i5.501.
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The use of multiples is a popular approach employed by analysts to perform valuations. These multiples are based on optimal value drivers, the valuation performance of which should be underpinned by empirical findings from carefully designed, unbiased research initiatives. This paper firstly investigates the risk of biasing the design of market-based studies which aim to test the valuation performance of individual value drivers. The evidence revealed that, when testing the valuation performance of value drivers, there is an inherent risk of biasing the design of a study of this kind, and therefore, its outcome. Secondly, the paper presents evidence in support of the consistency of previous research findings regarding the valuation performance of individual value drivers in the South African market over the period 2001-2010. To this end, the paper introduces a new approach for the analysis of multidimensional equity valuation research data in the form of principal component analysis (PCA)-based biplots. Thirdly, the paper provides evidence that multiples-based modeling seems to be biased to the downside, which is an important consideration for analysts who choose to adjust their valuations outside of these models.
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Hermans, Hubert J. M. "The person as co‐investigator in self‐research: Valuation theory." European Journal of Personality 5, no. 3 (June 1991): 217–34. http://dx.doi.org/10.1002/per.2410050304.
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Recent developments in self‐research show the self to be increasingly conceived as an organized and highly dynamic phenomenon. In combination with the arguments presented in the preceding article, these developments are a good reason for adopting a method in which the psychologist and the subject work together in the study of the self: The self‐confrontation method and the theory on which it is based—valuation theory—are presented as an example of such an approach. This method construes the self as an organized process of valuations, a valuation being any unit of meaning that the person finds of importance in thinking about his or her life. Formulated in the language of the person him‐ or herself; these valuations and how they develop over time are considered in a dialogue between the psychologist and the subject. For the purposes of demonstration, two phenomena that are not easily observedare discussed here: (a) the existence of an imaginal figure not visibly present but functioning as a signifcant other in the person's daily life, and (b) the presence of a character in a recurring dream, which later gets included as an integral part of the self: Finally, the present approach is briefly discussed as representing a constructivist view of personality psychology.
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Wei, Xing, and Xian Mei. "Poly Real Estate Value Evaluation Research." Applied Mechanics and Materials 687-691 (November 2014): 5075–79. http://dx.doi.org/10.4028/www.scientific.net/amm.687-691.5075.
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This paper made valuation research on poly real estate by combining the actual situation of poly real estate and special factors affecting real estate industry assessment, using relative valuation method p/e ratio method and price-to-book ratio method, and discount cash flow method in absolute valuation method respectively. Three methods valuation results have little difference from the actual price, and are in line with the actual situation. By contrast, two methods valuation results are slightly lower than the actual price, which means that poly still has a certain rise space. From overall analysis, discount cash flow method is more rational comparing with valuation method.
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Cici, Gjergji, Alexander Kempf, and Alexander Puetz. "The Valuation of Hedge Funds’ Equity Positions." Journal of Financial and Quantitative Analysis 51, no. 3 (June 2016): 1013–37. http://dx.doi.org/10.1017/s0022109016000351.
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AbstractWe provide evidence on the valuation of equity positions by hedge funds. Reported valuations deviate from standard valuations based on closing prices from the Center for Research in Security Prices for roughly 7% of the positions. These equity valuation deviations are positively related to illiquidity and price volatility of the underlying stocks. They respond to past performance and intensify after an advisor starts reporting to a commercial database. Furthermore, advisors with more valuation deviations show a stronger discontinuity in their reported returns around 0, manage a higher fraction of potentially fraudulent funds, report smoother returns, and exhibit an upward spike in their December reported returns.
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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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Guo, Re-Jin, Baruch Lev, and Nan Zhou. "The Valuation of Biotech IPOs." Journal of Accounting, Auditing & Finance 20, no. 4 (October 2005): 423–59. http://dx.doi.org/10.1177/0148558x0502000407.
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The valuation of initial public offerings (IPOs) is of considerable interest, given the important role these enterprises play in economic growth and investors' decisions. IPO valuation is particularly challenging due to the meager information available about new enterprises at offering dates. We extend the research on IPO valuation in various directions. First, we penetrate deep beyond the traditional proxies for value drivers, such as R&D expenditures and cash flows, by defining and testing a host of specific product-related and competitive environment value drivers; second, we examine IPO valuations at three distinct phases of the going-public process; third, we employ both the direct valuation and relative valuation approaches; and fourth, we round up the analysis by examining the long-term performance of IPOs. Based on a sample of biotech IPOs from the 1990s, we document the overwhelming importance of product-related and intellectual property fundamentals, as well as the irrelevance of several key signals, such as venture capital backing and the quality of underwriters, which played prominent roles in previous research.
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Nel, Soon, and Niël le Roux. "The valuation performance of mathematically-optimised, equity-based composite multiples." Journal of Economics, Finance and Administrative Science 22, no. 43 (November 6, 2017): 224–50. http://dx.doi.org/10.1108/jefas-02-2017-0042.
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Purpose This paper aims to examine the valuation precision of composite models in each of six key industries in South Africa. The objective is to ascertain whether equity-based composite multiples models produce more accurate equity valuations than optimal equity-based, single-factor multiples models. Design/methodology/approach This study applied principal component regression and various mathematical optimisation methods to test the valuation precision of equity-based composite multiples models vis-à-vis equity-based, single-factor multiples models. Findings The findings confirmed that equity-based composite multiples models consistently produced valuations that were substantially more accurate than those of single-factor multiples models for the period between 2001 and 2010. The research results indicated that composite models produced up to 67 per cent more accurate valuations than single-factor multiples models for the period between 2001 and 2010, which represents a substantial gain in valuation precision. Research implications The evidence, therefore, suggests that equity-based composite modelling may offer substantial gains in valuation precision over single-factor multiples modelling. Practical implications In light of the fact that analysts’ reports typically contain various different multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative. Originality/value This study adds to the existing body of knowledge on the multiples-based approach to equity valuations by presenting composite modelling as a more accurate alternative to the conventional single-factor, multiples-based modelling approach.
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Sukmana, Nandang. "Expanded Net Present Value for Various Mining Valuation." Advanced Science Letters 21, no. 4 (April 1, 2015): 735–39. http://dx.doi.org/10.1166/asl.2015.5929.
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The purpose of this paper to provide a valuation incorporating management flexibility in an uncertain operating environment for valuing various mining in Indonesia. This research raises the question on what strategies in developing valuations models of various mining and how uncertainty such as prices, grades/quality, costs, schedules, quantities, environmental issues and among others which are not known at the beginning of the project, have contributed to the value resulted. The study is based on an Expanded Net Present Value (eNPV) valuation in which uncertainty and management flexibility are incorporated into the valuation. The focus of the research is on the strategy in determining value using Expanded Net Present Value (eNPV) and on how to mitigate the risks of uncertainties. The paper emphasizes the specific characteristics of the actual mining valuation in Indonesia, generated by conventional NPV method commonly used. This was also confirmed in a study carried out by Graham and Campbell (2002), of 392 completed CFO surveys, 74.9% of respondents always or mostly use the Net Present Value (NPV) method of project valuation. However, conventional valuation tools have penalized projects with a high degree of uncertainty and lead to myopic decisions. The research is correlated to diagnose the flexibility of strategic mine planning and to analyze the process of change within the uncertainties. The study allows emphasis on some characteristics of the mining valuation process developed in Indonesia.
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Massimo, Domenico Enrico, Laura Battaglia, Cinzia Fragomeni, Mario Guidara, Giuseppe Rudi, and Claudia Scala. "Sustainability Valuation for Urban Regeneration - The "Geomatic Valuation University Lab" Research." Advanced Engineering Forum 11 (June 2014): 594–99. http://dx.doi.org/10.4028/www.scientific.net/aef.11.594.
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Starting from the awareness that the world is experiencing a severe ecological crisis due to the increase of pollution, the "geomatic valuation university laboratory" research has embraced the imperative mission to better understand the causes of the increasing environmental decay by trying to address a strategy of global warming mitigation, paying particular attention on the role of the construction sector. In the last decades, the environmental negative impact of the construction and buildings sector worsening down, due to energy over-consumption. Consequent pollution has increased considerably due to wrong architectural management. A heap of crisis that makes desirable and urgent general mitigation measures as well as a strong incentive toward architectural sustainability. Research set-up a methodology to mitigate energy consumption in historical and new buildings. Additionally, research analyse the eventual increase in market properties value due to the sustainable interventions.
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Djaballah, Abderrahmane. "VALUATION-BASED ACCOUNTING RESEARCH: PREDOMINANCE OF THE CLEAN SURPLUS VALUATION MODEL." International Journal of Economics and Financial Issues 9, no. 2 (March 1, 2019): 265–72. http://dx.doi.org/10.32479/ijefi.
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Kucharska-Stasiak, Ewa, and Katarzyna Olbińska. "Reflecting Sustainability in Property Valuation - Defining the Problem." Real Estate Management and Valuation 26, no. 2 (June 1, 2018): 60–70. http://dx.doi.org/10.2478/remav-2018-0016.
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Abstract A major topic in discussions about environmental protection is the concept of sustainable development utilizing the economic criteria enhanced by environmental, social and ethical aspects. The concept inspired a new approach to construction and paved the way for the idea of sustainable buildings. Sustainable buildings are expected to offer economic benefits to their owners and tenants that should be reflected in property values. The authors test a hypothesis that the real estate market in Poland still fails to incorporate sustainability in property valuation. The article seeks evidence in support of this hypothesis, as well as attempting to find out why the market does not pay a premium for sustainability. To accomplish the purpose of the research, a systematic literature review, an analysis of the pilot studies available in Poland and a preliminary assessment of the ability of valuation methods to reflect sustainability in property valuations are performed. The focus of the research is on the office property market, one of the fastest growing and most modern segments of the real estate market. The conclusion drawn from the research is that, of all respondents surveyed by international studies, Polish developers, property owners, tenants and valuers know the least about sustainable building and that the evidence of the benefits of sustainable building is still unavailable in the Polish real estate market. Such benefits are rather hypothesized to exist and considered theoretically rather than empirically confirmed. It is possible that the reasons for these findings are the short period of research and problems with distinguishing sustainable buildings from conventional ones, which make it difficult for valuers to reflect the benefits of sustainability in valuations. Nevertheless, a new approach to property valuation encompassing environmental, ethical and moral aspects seems necessary. This would encourage sustainable building and green investment strategies. Sustainable valuation would also be an opportunity for the development of the valuation profession.
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Reitmaier, Christine, and Wolfgang Schultze. "Enhanced business reporting: value relevance and determinants of valuation-related disclosures." Journal of Intellectual Capital 18, no. 4 (October 9, 2017): 832–67. http://dx.doi.org/10.1108/jic-12-2016-0136.
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Purpose Enhanced business reporting (EBR) seeks to address the information needs of investors when making company valuations for investment decisions. The purpose of this paper is to analyze the relevance for market valuation of EBR disclosures that are directly related to firm valuation (value-based reporting (VBR)). Design/methodology/approach Data are hand collected from annual reports of German publicly listed companies over five years. The content analysis is based on the valuation-related disclosure framework of the German Schmalenbach Society of Business Administration. A 2SLS approach accounts for potential endogeneity. Findings Share-based compensation, leverage, corporate size, and share volatility are significant determinants of VBR. The level of VBR is significantly associated with market values and provides additional market value explanatory power, indicating its relevance to investors in the process of valuation and decision making. Also, the relevance of book value and earnings for explaining market values increases for firms with better VBR. The findings are robust to the exclusion of banks and assurance companies and to alternative model and variable specifications. Research limitations/implications The research contributes to the literature on voluntary disclosures by testing an EBR framework explicitly derived from valuation theory. The results provide indirect evidence of the investors’ use of respective valuation techniques in decision making. A contribution is made to the value relevance literature by showing that valuation-related disclosures constitute a suitable proxy for “other information” in the Ohlson’s (1995) model. Such disclosures complement traditional accounting metrics, i.e. book value and earnings, as basis for valuations. Potential caveats relate to the content analysis of annual reports and the endogeneity of voluntary disclosures. Originality/value This paper informs the debate on further developments of EBR in helping to identify important components thereof.
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Crosby, Neil, John Murdoch, and Anthony Lavers. "Expert valuation witnesses in the UK – problems and solutions." Journal of Property Investment & Finance 20, no. 4 (August 1, 2002): 316–53. http://dx.doi.org/10.1108/14635780210435038.
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This paper addresses the performance, training and organisation of expert valuation witnesses in the UK. Previous research, based on analysis of professional negligence cases in the UK courts, had found that expert valuation witnesses do not always perform rationally, for example informing courts that valuations can be undertaken within acceptable tolerances of valuation accuracy, while giving expert evidence that differed by more than these tolerances. There was evidence that, while well aware of their overriding duty to the court or tribunal, expert witnesses were frequently producing client‐biased valuations. Such findings provoked questions as to whether standards would be improved by two recently proposed alterations to current practice: either the introduction of a system of compulsory training and accreditation for such witnesses, or a change from the process by which expert valuation evidence is normally presented (one expert witness for each party to a dispute) to the use of a single expert, appointed either by the parties jointly or by the court. A case analysis is performed and conclusions discussed.
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Ramanchi, Radhika, Sunita Mehta, and Madhavi Vedera. "Equity research and valuation: Jet Airways." Emerald Emerging Markets Case Studies 7, no. 2 (June 5, 2017): 1–28. http://dx.doi.org/10.1108/eemcs-06-2016-0144.
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Subject area This case helps students to analyze non-financial and financial aspects of a company and observe quantitative and qualitative aspects of decisions and decide whether to invest or not and give suggestions to sell, buy or hold stocks. The case is expected to help the students understand and analyze the following points: the overall performance of the company and industry, how fundamental and technical analysis is applied to reach investment decisions, the areas where Jet Airways occupies the top position compared to peer group (competitor analysis), the company’s financial position and valuation with the help of tools and techniques and suggestions and observations to shareholders whether to buy/sell or hold shares. Study level/applicability This case can be used for MBA (Finance) students on equity research and valuation. Students are introduced to the fundamental procedures of equity research and analysis – evaluating sector desirability, financial modeling, equity valuation methods. To enhance research skills, students are required to acquire basic knowledge on macro and micro economic indicators. This case helps students to analyze non financial and financial aspects of a company and observe quantitative and qualitative aspects of decisions and decide whether to invest or not and give suggestions to sell, buy or hold stocks. Case overview Mr Rahul, a consultant in Karvey brokerage house was about to leave the office on the evening of March 24, 2015 when the phone rang. It was Mr Srirag, one of his clients and close friends who was passionate about investing in shares. Mr Rahul with his two decades of experience in monitoring and advising various investment plans has been continuously advising Srirag on different investments in shares. Srirag said “Rahul! You know that I bought many shares in Jet Airways. While studying the annual reports of Jet Airways 2014-2015 about its business profits and losses, I came across a January to March, 2013 business quarter analysis report that wrote about Jet Airways facing a net loss of 4.95 billion rupees due to over debt burden and interest costs. It also stated that the company sold a 24 per cent stake in 2013 to Etihad for 332$ million which is an Abu Dhabi based airline. The news said that the deal would help the company overcome financial challenges, raise cash, cut costs and gain access to the global flight network. I am worried about whether this deal would allow the company to continue its operations from India or not. I am also concerned about the downfall of Kingfisher, a major setback in the aviation industry in India that owes 8,000 crores to its employees, banks, airports, oil companies. I am worried that either my investment in Jet Airways might bring huge losses or the partnership with Etihad airways would result in the reduction of costs and due to joint sales efforts, sharing resources and network integration thereby leading to a valuable share price. Since your guidance has helped in many issues, I would like to know the present condition and future prospectus prevailing in Jet Airways”. With a lot of ambiguity in his mind, he asked Rahul to recommend if he should hold or sell the shares in Jet Airways. Expected learning outcomes The case is expected to help the students understand and analyze the following points: the overall performance of the company and industry, how fundamental and technical analysis is applied to reach investment decisions, the areas where Jet Airways occupies the top position compared to peer group (Competitor analysis), the company’s financial position and valuation with the help of tools and techniques and suggestions and observations to shareholders on whether to buy/sell or hold shares. Supplementary materials The link to the following videos to be sent to participants in advance to help them prepare for the class. www.youtube.com/watch?v=_3XJXTmILyk, Equity Research Presentation: Coca-Cola, www.youtube.com/watch?v=n5pEK_2uItg Write Equity Research Report, format, process, www.youtube.com/watch?v=mMLJccgiSTk Equity Valuation and Analysis-Part I. Subject code CSS 1: Accounting and Finance.
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Douglas, Aaron J., and Jonathan G. Taylor. "Resource management and nonmarket valuation research." International Journal of Environmental Studies 57, no. 1 (December 1999): 1–16. http://dx.doi.org/10.1080/00207239908711252.
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Michaletz, Vladimir, and Andrey I. Artemenkov. "The transactional asset pricing approach." Journal of Property Investment & Finance 37, no. 3 (April 10, 2019): 255–88. http://dx.doi.org/10.1108/jpif-10-2018-0078.
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Purpose The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of professional property valuation. Design/methodology/approach The TAPA is a novel analytical valuation methodology recasting the traditional derivations of the income approach techniques, including DCF, from a transactional perspective based on the principle of inter-temporal transactional equity, instead of the conventional investor-specific view originating from I. Fisher (1907, 1930). Findings The authors present DCF analysis as a specific case of a more general TAPA approach to valuation under the income method. This also leads to novel analytical derivations of the Direct income capitalization, Gordon, Inwood, Hoskold and Ring models. Based on the TAPA framework, the authors also research the value-enhancing effects of benchmark market volatility on the subject property value and conclude that such effects can be statistically significant depending on the DCF analysis period. Research limitations/implications The research has a direct bearing on time-variable discount rate forecasting capabilities, as it uses a time-variant structure for the discount rates. Practical implications Using the US Case-Shiller and BLS rental indices as a valuation benchmark, the paper contains an example of applying the general TAPA framework to value a notional property under a TAPA’s DCF version. Such property valuations can be easily replicated in practice – especially in the context of equitable/fair value determination under the International Valuation Standards Council valuation standards. Social implications TAPA is a deductive principles-based theory of asset valuation especially fit for the transactional and illiquid asset valuation contexts – thus enabling a more efficient pricing for such assets in a sense of reflecting the transactional interests of the parties more closely than achievable under the conventional valuation methods. Originality/value TAPA is an original filiation of research with roots going as far back as Aristotelian Catallactics. It contains analytical formalizations of certain transactional equity principles.
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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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Gulabyan, A. "The Appraisal of Assets’ Fair Value Using the Real Options Technique." Review of Business and Economics Studies 8, no. 2 (March 1, 2021): 43–76. http://dx.doi.org/10.26794/2308-944x-2020-8-2-43-76.
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The goal of this paper is to analyse and systematise the possible approaches to real options valuation, especially when considering the practical aspects of their application in real-life valuation problems. Therefore, the paper sets the following tasks: To outline the concept of fair value and analyse the traditional approaches to its calculation in the context of asset valuation To define the real-option approach to fair value estimation and analyse its theoretical background To determine the role of the real options approach in the traditional system of valuation techniques To analyse the practical aspects of their application in valuation problems considering the corresponding examples To provide the real-life example of this technique applied in current market conditions using the recent data. The object of this research is the option pricing models, and the subject is their application in estimation of real options embedded in corporate valuations, particularly considering the side.
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M. Hull, Robert, Sungkyu Kwak, and Rosemary L. Walker. "SEO valuation and insider manipulation of R&D." Investment Management and Financial Innovations 13, no. 2 (July 14, 2016): 267–78. http://dx.doi.org/10.21511/imfi.13(2-2).2016.01.
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We examine a sample of 674 SEOs from 1999-2010 where reduced R&D spending is significantly associated with the lowering of insider ownership proportions. With this association established, we derive an R&D manipulation variable measuring underinvestment in R&D. We add to the SEO-R&D literature by examining the relation between R&D underinvestment and common stock valuation around SEOs. In contrast to the IPO research, we do not find that underinvestment in R&D leads to greater SEO stock valuations during the offer price setting process. Like the IPO research, we find that underinvestment in R&D leads to lower stock valuations for short-run post-offering tests. In contrast to the long-run IPO results, we find a significant association between R&D manipulation and stock valuation for long-run post-offering tests where underinvestment in R&D is associated with lower stock valuations. We also find the five % owner group for SEOs is important in explaining R&D manipulation and discover that underpricing for SEOs is not related to R&D manipulation. These latter two findings are different from IPOs. In conclusion, SEOs can be quite different from IPOs when examining the association between the insider manipulation of R&D and stock valuation
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Smrčka, Luboš, Eva Kislingerová, Jiří Strouhal, Klára Kubíčková, and Markéta Kubíčková. "Valuation of Cultural Goods: Evaluation of Perspective Methods." International Journal of Entrepreneurial Knowledge 2, no. 2 (December 1, 2014): 45–56. http://dx.doi.org/10.1515/ijek-2015-0005.
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ABSTRACT Valuation of cultural assets represents a very actual topic not widely discussed within contemporary accounting and financial research. Main motivation of this paper is therefore to provide an empirical evidence of the methods for valuation of cultural and artistic goods. In general, any method for valuating cultural and artistic goods or institutions cannot bring results as objective as those available to valuate assets in the real market economy. Within this paper we did focused on valuation on a specific case of cultural institutions (theatre, museum) and also we aimed to analyse the economic impacts of cultural organizations.
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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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Yang, Jian Ping, and Qing Bai. "Research of Real Estate Appraisal Based on GIS Technology." Advanced Materials Research 859 (December 2013): 562–65. http://dx.doi.org/10.4028/www.scientific.net/amr.859.562.
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With the continuous development of the real estate industry, the real estate valuation business volume increasing coverage, valuation of more extensive, therefore it has become increasingly difficult. This article mainly from the characteristics of the real estate valuation and the existing problems, study of the geographic information system (GIS) is applied to real estate evaluation system of the necessity and feasibility, and puts forward the main function of the GIS system of real estate appraisal module.
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van Biljon, Marilene, and Christa Wingard. "An agricultural sector assessment of biological asset valuation challenges with inputs considered from valuers." International Journal of Financial, Accounting, and Management 2 (December 1, 2020): 243–58. http://dx.doi.org/10.35912/ijfam.v2i3.265.
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Purpose: Establish whether the industry biological asset fair valuing challenges are country-specific or agricultural-sector specific. Determine how the inputs and challenges experienced by the valuers relate to the industry challenges. Research Methodology: Descriptive, qualitative conceptual content analysis of financial reports of 50 listed organizations across 10 countries from 2012 to 2015; with relational content analysis through in-person interviews with 24 biological asset valuers. Results: This paper contradicts prior research as no correlation was identified between large agricultural organizations and the extent of biological asset disclosures. The biological asset valuation and disclosure challenges are not country-specific or agricultural-sector-specific and the inconsistency in factors applied by the valuers appears to impact the industry challenges directly. Limitations: As biological assets are only held by agricultural organizations of which not all fair value the assets to report thereon – limiting the number of interviews to 24. Data collected via the interviews represent the challenges and valuation considerations of the individuals and their exposure to biological asset valuations. Contribution: This research analyzed and categorised the biological asset valuation challenges to determine whether it is country-specific and/or unique to an agricultural sector. The input factors and challenges experienced by the valuers in relation to the reporting challenges allow a relational analysis of the industry challenges. Keywords: Biological asset valuation, Decision-enhancing disclosures, Fair value accounting, Users of financial statements, Valuation elements
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Meilia, Winda, and Dien Noviany Rahmatika. "Pengaruh Ukuran Perusahaan, Likuiditas, Leverage, dan Margin Laba Kotor terhadap Pemilihan Metode Penilaian Persediaan." Permana : Jurnal Perpajakan, Manajemen, dan Akuntansi 12, no. 2 (August 16, 2020): 215–32. http://dx.doi.org/10.24905/permana.v12i2.113.
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This study aimssto detrmine the Effectt of Company Size, Liquidty, Leverage And Profit Margin Against Selection Inventory Valuation Method (Case Study in the food and baverage company listd on the Indonesia Stock Exchage year 2016-2018). The population of thissstudy is a fooddand beverage compny listed on the Indonesia StockkExchange in the 2015-2018 period. The research sample consisted of 36 companies. The sampling technique with purposive sampling technique. The datas used isssecondary data on annual reports offfood ands beverage companies listd on the Indonesiia Stock Exchange. This research uses logistic analysis method with SPSS program. The results showed that company size effectson the selction of inventorys valuation methods with a significant value of 0,023. Liquidity does not affect theeselction of inventory valuations methods with a significant value of 0,449. Leverage does not affect theeselection oof inventoryyvaluation methods with a significant value of 0,926. And the gross profit margin effects on the selction ofiinventory valuation methods with a significant value of 0,027.
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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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Jürgenmeyer, Julian, and Karoline Krenn. "Classification Situations : A New Field of Research for Valuation Studies?" Valuation Studies 4, no. 2 (December 20, 2016): 177–89. http://dx.doi.org/10.3384/vs.2001-5992.1642177.
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This conference note adds to recent discussions about the sociological implications of the spread of digital techniques for classifying market actors, specifically with regard to processes of social stratification. We first present some of the contributions to the conference “Classification Situations in Markets” and then discuss their implications for future research in general and the field of valuation studies in particular. We suggest three themes related to the conference that deserve further attention by students of valuation and related social processes: (a) the challenges posed by the rise of big data and algorithmic classifications to the study of classification and valuation; (b) the feedback loops of valuation regimes, in particular their consequences for conceptions of the self; and (c) the relation between classification situations and larger institutional settings, which implies a more explicitly comparative orientation.
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Squires, Jan R. "Equity Research and Valuation Techniques: An Overview." AIMR Conference Proceedings 1998, no. 2 (May 1998): 1–2. http://dx.doi.org/10.2469/cp.v1998.n2.1.
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Kulil, Vladimir. "Research on Intagible Assets and Goodwill Valuation." International Journal of Economic Behavior and Organization 5, no. 1 (2017): 20. http://dx.doi.org/10.11648/j.ijebo.20170501.14.
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Song, Xue, Wan Li, and Mai Jin Tian. "Research on Principle of IT Project Valuation." Journal of Physics: Conference Series 1314 (October 2019): 012168. http://dx.doi.org/10.1088/1742-6596/1314/1/012168.
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Abidoye, Rotimi Boluwatife, Ma Junge, Terence Y. M. Lam, Tunbosun Biodun Oyedokun, and Malvern Leonard Tipping. "Property valuation methods in practice: evidence from Australia." Property Management 37, no. 5 (October 21, 2019): 701–18. http://dx.doi.org/10.1108/pm-04-2019-0018.
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Purpose Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods. Design/methodology/approach An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ2 test and mean score ranking. Findings The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods. Practical implications There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems. Originality/value This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.
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Gonnella, Enrico. "Italian Theories About Accounting Measurements From the Twenties to the Sixties: Looking for Underlying Tendencies." International Journal of Accounting and Financial Reporting 10, no. 4 (December 30, 2020): 1. http://dx.doi.org/10.5296/ijafr.v10i4.17925.
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The main subject of this paper is the theory of accounting valuations as observed from a historical perspective. In particular, this research concerns the most significant theoretical concepts developed through the Italian doctrine between the 1920s and the 1960s. This period was a historical phase of great cultural ferment, characterised by the progressive deepening of the subject of accounting valuations by Italian scholars.Most of the attention has been focused on those scholars who, by developing theses among the most innovative and original, made significant contributions to the advancement of Italian accounting: Gino Zappa, Vittorio Alfieri, Francesco De Gobbis, Pietro Onida, Lorenzo De Minico, Alberto Ceccherelli, and Egidio Giannessi. These scholars, aware that the valuative problem could not be addressed with simple valuation rules, were interested in finding general principles that could be useful models of behaviour for the accounting practise. These principles made it possible to understand that valuation, being a process that transcends the simple mechanistic application of predefined rules, requires the formulation of a judgment based on the observation of the firm’s specific characteristics and of those of the external environment in which it operates.The analysis allowed the main trends in the examined evolutionary process to be identified, including the progressive relativisation as well as the increasing subjectivity of values, the penchant towards a holistic approach to the problem of accounting valuations, and last, but at the same time first from a doctrinal point of view, the tendency toward a scientification of the discipline of financial accounting measurements.
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Akujuru, Victor A., and Les Ruddock. "Dichotomising compulsory land acquisition and land contamination valuations." International Journal of Disaster Resilience in the Built Environment 6, no. 3 (September 14, 2015): 268–88. http://dx.doi.org/10.1108/ijdrbe-11-2013-0040.
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Purpose – This study aims at identifying the consequences of adopting statutory rather than market basis in assessing damages due to contamination to land. Most valuations undertaken to assess compensation for damages due to contamination on land are done with valuation methods prescribed by law for the compulsory acquisition of land. Design/methodology/approach – A total of 80 registered valuation firms with experience in both compulsory acquisition and damage assessment participated in a questionnaire survey to ascertain the methods adopted in valuing when determining the compensation payable as damages due to land contamination and the need for a framework for such valuations, in addition to some archival documents relating to the relevant laws and some purposively selected valuation reports, which were reviewed. Findings – The results of the analysis indicate that the use of compulsory acquisition valuation methods results in inadequate damages, which engenders conflicts among the stakeholders. The absence of any framework for damage assessment is responsible for the current practice in the Niger Delta, and it is recommended that international best practices utilising market basis of valuation be adopted. Research limitations/implications – Most valuation methods available are useful for valuing commercial properties regularly traded in the market and not applicable to the Niger Delta, which is mostly rural with very few market transactions. It is expected that this study will enable oil and gas industry operators, professional valuers advising the land owners or operators in the industry and the government to differentiate compensation paid for compulsory acquisition and compensation required to placate those suffering losses due to contamination. Practical implications – The findings will assist professional valuers to be more professional in valuing contaminated land devastated by oil spills. Social implications – Adopting the findings will engender a greater acceptability of the results of valuations undertaken in the wake of an oil spillage disaster and ensure a peaceful environment for the oil operators and the entire populace. Originality/value – The findings of this study are expected to assist policymakers in emerging economies and professional valuers acting in these environments to avoid precipitating crises by adopting inappropriate valuation techniques when assessing damages due to contamination. This study is original and has not been published elsewhere.
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Rahman, Farhan, Ian Rowlands, and Olaf Weber. "Do green buildings capture higher market valuations and lower vacancy rates? A Canadian case study of LEED and BOMA-BEST properties." Smart and Sustainable Built Environment 6, no. 4 (November 20, 2017): 102–15. http://dx.doi.org/10.1108/sasbe-03-2017-0008.
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Purpose It is becoming increasingly clear that as the pressures of climate change increase around the world, all nations must strive to lower their carbon footprint through conservation. If the growth trend of green building and infrastructure construction is to be continued and improved upon, then evidence must be collected as to the benefits they bring about, and the level of support they enjoy in the market. The purpose of this paper is to shed light on the economic performance of green buildings by evaluating whether LEED for Homes and BOMA-BEST properties capture higher market valuations and lower vacancy rates. These types of research questions have not been investigated to a great deal in the Canadian context. The primary analysis concerning municipal market valuation of green buildings was conducted using robust ordinary least squares and logistic regression models. Commercial vacancy rates were compared through the use of χ2 tests. Our analysis did not lead to conclusive evidence that there exists a “green” premium in the real estate market with respect to municipal market valuations. The authors argue that this may largely be due to municipal appraisal methods that currently do not incorporate sustainability factors. As such, they may not adequately reflect market tastes and trends. Furthermore, while the vacancy rates of green commercial buildings were, on the whole, lower than their non-green counterparts, the differences were not statistically significant. Given these results, the authors propose a set of research activities that the academic community should pursue. Design/methodology/approach Statistical techniques are utilized test whether green certification (LEED/BOMA-BEST) leads to higher municipal valuation for both commercial and residential green properties, using regression analysis. Furthermore, χ2 tests are conducted to evaluate whether certification leads to lower vacancy rates for commercial properties. Findings In terms of valuation, certification does not exert (on average) a positive role in terms of higher valuations for both commercial and residential properties. However, with respect to vacancy rates, there is a tendency towards lower vacancy rates for green properties, but the relationship is not statistically significant. Research limitations/implications The next set of research needs to gather greater amount of data with respect to how municipal evaluations are performed since the results are counter-intuitive. Greater tracking of the financial performance of green buildings should be conducted and made available for both public and private bodies. Particularly, rental and sale prices of green buildings need to be tracked in an organized manner. Practical implications The valuation techniques utilized by the municipal authorities need revision as green properties are being assessed without appropriate guidance from educational institutions. Furthermore, the limited amount of “green” valuation techniques in existence may not be applied. Originality/value This is the first Canadian-based research looking into the valuation of green certification using rigorous quantitative statistical techniques and original and publicly available data. Furthermore, it holds important lessons for municipal authorities with respect to green building valuation beyond Canada as the limitations of current practice go mostly likely beyond the North American context.
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Kazak, Jan, Jarosław Malczyk, David Garcia Castro, and Szymon Szewrański. "Carbon Sequestration in Forest Valuation." Real Estate Management and Valuation 24, no. 1 (March 1, 2016): 76–86. http://dx.doi.org/10.1515/remav-2016-0007.
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Abstract Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services. A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.
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Byrka-Kita, Katarzyna, and Michał Grudziński. "Control Premium and Minority Discounts in Polish Business Valuation Practices – Evidence from Research." e-Finanse 13, no. 1 (November 1, 2017): 1–14. http://dx.doi.org/10.1515/fiqf-2016-0014.
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AbstractThe paper presents the results of a survey of business valuation practice in Poland. The aim of this study was to assess the premium for control as well as discounts for minority interests by practitioners involved in the valuation of companies in Poland. The survey was conducted on a sample of 191 respondents between February and April 2011. The population of entities under survey consists of: authorized NewConnect3 / Catalyst advisers, brokers, valuation analysts working for leading consulting firms, and experts appointed by the court. The evidence from the research demonstrates that most of respondents do not know how to apply premium control and minority discounts in business valuation. Incorrect approaches to the application of control premiums or minority discounts reflect that this area of valuation lacks thorough analysis in the Polish market. As a consequence, particularly in the case of lawsuits it may cause unjustified transfers of value between the parties.
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Zhou, Ming Ru, Zheng Bo Li, Qiong Fei Shen, and Zhong Yu Guo. "The Research of Mixture Ratio Factors on the Concrete Consumption Norm." Advanced Materials Research 724-725 (August 2013): 1580–84. http://dx.doi.org/10.4028/www.scientific.net/amr.724-725.1580.
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Concrete valuation work is mainly on the composition of concrete raw material pricing, different concrete mixture ratio has decisive influence on the valuation. Concrete mix is influenced by many parameters, such as water-binder ratio, sand percentage, unit water and so on. The mixture ratio is the purpose to research the inner relationship between concrete parameters.In the preparation of the consumption of the concrete norm, analysis to the reasonable mix can not only make valuation work accords with the specification requirements, but meet the practice.
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Fedotova, M., V. Pleskachevskiy, V. Rutgaizer, and A. Buditskiy. "Behavioral Valuation: Behavioral Finance and Its Implications for Business Valuation." Voprosy Ekonomiki, no. 5 (May 20, 2009): 104–17. http://dx.doi.org/10.32609/0042-8736-2009-5-104-117.
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In the article the contemporary ideology of behavioral finance is discussed. The authors consider the development of behavioral finance and formulate its key principles basing on the analysis of the research literature. The opportunity of using behavioral finance in the theory and practice of business valuation is investigated. Separate components of behavioral finance are suggested for application to business valuation in order to increase its efficiency. Future directions of the research in the field of behavioral finance and behavioral valuation are presented.