Journal articles: 'Valuation regulations'

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Kucharska-Stasiak, Ewa. "Reproduction of Real Estate Valuation Methodology in Practice. An Attempt at Identifying Sources of Divergences." Real Estate Management and Valuation 22, no. 2 (July 8, 2014): 67–79. http://dx.doi.org/10.2478/remav-2014-0018.

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Abstract The objective of the study is to try and identify the reasons for the detachment of the valuation practice from its methodology. Two methods have been used in the paper: the analysis method and the case study method, under which fourteen property valuation reports posted on websites and two opinions about the property valuation prepared for court purposes in order to detect and identify sources of deviations from the valuation methodology have been analyzed. The study, besides theoretical aspects, includes references to practical application: pointing out directions of changes in legal regulations and national valuation principles, which should help achieve uniformity in interpreting the valuation concept, allowing the reduction of its uncertainty, understood as the uncertainty of a single valuation and uncertainty as the difference between valuations.

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Barniv, Ran, Ole-Kristian Hope, Mark J. Myring, and Wayne B. Thomas. "Do Analysts Practice What They Preach and Should Investors Listen? Effects of Recent Regulations." Accounting Review 84, no. 4 (July 1, 2009): 1015–39. http://dx.doi.org/10.2308/accr.2009.84.4.1015.

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ABSTRACT: From 1994 to 1998, Bradshaw (2004) finds that analysts' stock recommendations relate negatively to residual income valuation estimates (scaled by current price) but positively to valuation heuristics based on the price-to-earnings-to-growth ratio and long-term growth. These results are surprising, especially considering that future returns relate positively to residual income valuation estimates and negatively to heuristics. Using a large sample of analysts for the 1993–2005 period, we consider whether recent regulatory reforms affect this apparent inconsistent analyst behavior. Consistent with the intent of these reforms, we find that the negative relation between analysts' stock recommendations and residual income valuations is diminishing following regulations. We also show that residual income valuations, developed using analysts' earnings forecasts, relate more positively with future returns. However, we document that stock recommendations continue to relate negatively with future returns. We conclude that recent regulations have affected analysts' outputs—forecasted earnings and stock recommendations—but investors should be aware that factors other than identifying mispriced stocks continue to influence how analysts recommend stocks.

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Fine, A. E. M., C. P. Headdon, T. W. Hewitson, C. M. Johnson, I. C. Lumsden, M. H. Maple, P. J. L. O'Keeffe, P. J. Pook, D. E. Purchase, and D. G. Robinson. "Proposals for the statutory basis of valuation of the liabilities of linked long-term insurance business." Journal of the Institute of Actuaries 115, no. 4 (December 1988): 555–630. http://dx.doi.org/10.1017/s0020268100042864.

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1.1 The background to the production of this paper is somewhat involved, but is necessary for an understanding of why it contains what it does. Readers who are familiar with recent developments in the valuation field may proceed straight to Section 2.1.2 Statutory valuations of long-term insurance business under the Insurance Companies Act 1982 (‘the Act’, which superseded the 1974 and 1981 Acts) and the Insurance Companies Regulations 1981 (‘the current Regulations’) have now been prepared by actuaries for some years. Similarly the guidance issued by the profession to Appointed Actuaries, specifically GN1 and GN8, has also remained substantially unchanged over that period. The time was opportune for valuation practice to be reviewed in the light of recent experience.

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Fine, A. E. M., C. P. Headdon, T. W. Hewitson, C. M. Johnson, I. C. Lumsden, M. H. Maple, P. J. L. O'Keeffe, P. J. Pook, D. E. Purchase, and D. G. Robinson. "Proposals for the Statutory Basis of Valuation of the Liabilities of Linked Long-Term Insurance Business." Transactions of the Faculty of Actuaries 41 (1987): 369–443. http://dx.doi.org/10.1017/s0071368600009848.

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1.1 The background to the production of this paper is somewhat involved, but is necessary for an understanding of why it contains what it does. Readers who are familiar with recent developments in the valuation field may proceed straight to Section 2.1.2 Statutory valuations of long-term insurance business under the Insurance Companies Act 1982 (“the Act”, which superseded the 1974 and 1981 Acts) and the Insurance Companies Regulations 1981 (“the current Regulations”) have now been prepared by actuaries for some years. Similarly the guidance issued by the profession to Appointed Actuaries, specifically GN1 and GN8, has also remained substantially unchanged over that period. The time was opportune for valuation practice to be reviewed in the light of recent experience.

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Balani, Henry. "Assessing the introduction of anti-money laundering regulations on bank stock valuation." Journal of Money Laundering Control 22, no. 1 (January 7, 2019): 76–88. http://dx.doi.org/10.1108/jmlc-03-2018-0021.

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Purpose This paper aims to analyze the impact of the introduction of anti-money laundering (AML) regulations on bank stock valuations in the USA. Regulations can have a negative impact on financial returns as a result of increased operational costs, potentially driving down stock valuations and loss of profitability. However, regulations can also have a positive impact on valuations because of greater oversight and increased investor confidence. Findings are useful for assessing the market impact of future regulations. Design/methodology/approach Event studies and cross-sectional regression analysis are used to determine the impact on bank stock valuations together with specific characteristics of bank size and geographic headquarter location of the bank for identified AML regulations. Hypothesis related to the impact of the introduction of AML regulations are empirically tested based on the statistical significance of cumulative abnormal returns of markets. Findings AML regulations introduced in 1998 had a positive impact on bank stock valuations, while the USA PATRIOT Act legislation of 2001 had a negative impact. These findings suggest that recent AML regulation is a cost compliance burden for banks, where the costs of operations outweigh the benefits of improved processes. Larger banks see a more negative impact on their bank stock valuations compared to smaller banks, suggesting the market perceives greater cost and less profit for larger banks. Results also show that the location of bank’s headquarters does not significantly impact bank stock valuations. Originality/value This paper specifically focuses on the impact of AML regulations on the US banking sector, providing investors, academics and regulators additional insight on the market dynamics of regulations. Identifying whether the introduction of regulations has a significant impact on a bank’s performance will provide both banks and regulators clarity as to the net benefits associated with the current and future AML legislation.

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Dayag, Antonio Jaramillo, and Fernando Trinidad. "A Critical Assessment on Bank Valuation in Existing Literature in the Last Decade." International Journal of Research in Business and Social Science (2147-4478) 8, no. 4 (July 3, 2019): 44–58. http://dx.doi.org/10.20525/ijrbs.v8i4.279.

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This paper examines vast literature covering bank valuation practices, frameworks, and various factors that impact bank valuation. Researches on bank valuation covering the last 10 [ten] years were made, and there appear to have a certain level of conservatism on how to measure value of banks. This could be due to the recent global financial crisis, and what is common among the studies was, discourage banks from taking on additional risks. Different factors impact bank valuation and it depends on country and economic circumstances, including banking regulations and internal governance. Various bank valuation frameworks were also added from extensive researches gathered. The literature review also identified nine [9] variables that impact bank valuation, seven [7] of which are bank-specific attributes, one [1] is regulation related, and one [1] is macroeconomic. Future researches may use these variables and validate significance using statistical methods.

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Szczepankiewicz, Elżbieta Izabela. "Global unification of Business Valuation Standards." Management 17, no. 2 (December 1, 2013): 154–65. http://dx.doi.org/10.2478/manment-2013-0062.

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Abstract Global unification of Business Valuation Standards The paper analyzes the most important standards in the word that can be helpful in building a uniform Polish Business Valuation Standards. The article presents also structure and scope of Standards. The paper also analyzes Polish regulations related to business valuation, and assesses the degree of their convergence with leading standards in the word. The paper also analyzes Polish regulations related to business valuation, and assesses the degree of their convergence with leading global standards. Research method adopted in the study is to analyze the most important standards in the word and inference.

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Elliott, S. F. "Some Aspects of the Statutory Valuation." Journal of the Staple Inn Actuarial Society 31 (March 1988): 127–49. http://dx.doi.org/10.1017/s204992990001028x.

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The burden of legislation upon authorized insurers in the U.K. continues to grow and this is particularly true for the statutory valuation. In recent years regulations have been introduced to cover such matters as the valuation rates of interest, the provision for changes in investment conditions and the setting up of solvency margins.The purpose of this paper is to summarize some of the more important aspects of the Regulations and comment upon their interpretation with reference to current practice. A substantial part of the paper is concerned with the provision for changes in investment conditions. Some implications for financial control and product pricing are also mentioned.The paper will concentrate on the valuation of liabilities and is written in the context of assets taken in accordance with the asset valuation regulations, that is to say broadly at market value. Most of the paper is addressed to conventional business but a few comments on linked business are included. The material is discussed under various headings but is so interdependent that it is difficult to concentrate on one aspect without impinging on several others.

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Berto, Raul, Carlo Antonio Stival, and Paolo Rosato. "An Integrated Procedure for Ex-Ante Evaluations of Refurbishment Costs in Healthcare Facilities." Sustainability 12, no. 18 (September 9, 2020): 7387. http://dx.doi.org/10.3390/su12187387.

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This paper focuses on the valuation of refurbishment costs for healthcare facilities. The determination of the more reliable approach for experimental verification is a research topic of great interest, especially because previous literature on the matter is limited. This study examines ex-ante cost valuations in the refurbishment of healthcare buildings while using similarity to estimate the costs that are based on the amount of already accomplished renovations. The methodology involved a desk analysis deter-mining the technical valuation of intervention needs, and similarity coefficient applications providing a refurbishment cost valuation. The application was conducted in the Friuli—Venezia Giulia Region in Italy, where hospitals show structural, layout, and plants deficits with respect to current regulations, and a technical deepening to identify critical issues is required to prepare a multi-year intervention plan. The case study results showed that this procedure requires little initial information to run analyses and its application can support investment budget planning purposes.

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Jamal, Karim, Erin Marshall, and Hun-Tong Tan. "Does Disclosure of Conflict of Interest Increase or Decrease Bias?" AUDITING: A Journal of Practice & Theory 35, no. 1 (January 1, 2015): 89–99. http://dx.doi.org/10.2308/ajpt-51018.

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SUMMARY Corporate governance reforms and the threat-safeguard approach to auditor independence regulations are motivated by the assumption that disclosure by an agent (e.g., auditor) of a potential conflict of interest reduces bias in professional judgment. In this study, we conduct an experiment using experienced professional valuators to investigate the validity of this assumption. We find that where the nature of the conflict is aligned with the interests of the current client, disclosure of a conflict of interest actually increases bias in participants' valuation estimates in favor of the current client. However, when there is an incentive to act against the interest of the current client, the valuator signals his/her duty to the current client by moving valuations in favor of (and not against) the current client. In this case, disclosure has no incremental effect in reducing or exacerbating bias.

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Narindra, Hawin, Iwan Permadi, and Sudarsono Sudarsono. "Pengaturan Zona Nilai Tanah sebagai Dasar Penilaian Tanah oleh Badan Pertanahan Nasional." Jurnal Ilmiah Pendidikan Pancasila dan Kewarganegaraan 5, no. 1 (June 30, 2020): 66. http://dx.doi.org/10.17977/um019v5i1p66-74.

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This study discussed the arrangement of the land value zone as the basis for a fair land valuation by the National Land Agency. The National Land Agency as an extension of the non-departmental government had the authority to regulate and carry out the allotment of land. This study used a normative juridical approach to address the legal problems encountered. The method used legislation and conceptual approaches. The results showed that the land value zone could be used as a basis for a fair land valuation by the National Land Agency. However, at present, there were no specific legal regulations governing land value zones which result in a vacuum and legal uncertainty so that regulations were needed that govern the operation of Land Value Zones. Legislation that was considered ideal was a ministerial regulation made by the Ministry of Agriculture and Spatial Planning/National Land Agency.

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Gadžo, Amra, and Benina Veledar. "Issues Relating to Goodwill Valuation." Ekonomski pregled 72, no. 2 (2021): 249–71. http://dx.doi.org/10.32910/ep.72.2.5.

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According to both theoretical and empirical research results, this paper has the aim to determine, the extent to which the current accounting regulatory framework (IFRS 3 and IAS 36) offers an adequate basis for correct valuation of goodwill. We have researched all the available critical reviews of the accounting treatment of goodwill and the quality of applying accounting regulations onto expression of the goodwill position in BH companies’ practices. The empirical research was conducted on all the companies in the Federation of Bosnia and Herzegovina (FBiH), which recorded goodwill in their balance sheets in the period from 2013 to 2018. The research results have shown a high level of subjectivity in the process of determining the value of goodwill, and great discrepancies in adhering to the accounting regulations in the part of additional valuation and expression of goodwill value in financial reports. This resulted in the fact that the share of companies in FBiH which express decreased values of goodwill is far greater than the share of companies in the European union (EU). The main contribution of this paper is the fact that this is the first comprehensive research on evaluation of goodwill in FBiH companies in comparison to the situation in the EU. Also, it confirms the Agency Theory and shows great subjectivity in evaluation which results in an unjustified expression of a higher operative success in financial reports.

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Rhodes, Heather N., and James A. Ligon. "Regulatory Corporate Governance and the Valuation of IPO Firms." International Journal of Finance & Banking Studies (2147-4486) 8, no. 2 (July 20, 2019): 18–56. http://dx.doi.org/10.20525/ijfbs.v8i2.449.

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This study aims to evaluate the effect of regulatory corporate governance mandates on the valuation of equity-issuing firms in the U.S. Using a matched sample, we examine how the Exchange Listing Requirements, specifically, and the Sarbanes-Oxley Act (SOX), generally, affect IPO valuations. Board structure compliance provides no consistent valuation benefit. We find some evidence of negative effects for firms whose board structure is significantly altered by Reform and among small firms. The absence of increased valuations post-Reform suggests that there is little to offset the loss of private control benefits that Reform represents (post-Reform insider ownership and founder involvement are lower) and, thus, at the margin, Reform creates incentives for some firms to stay private. While the 2012 JOBS Act reduced the burden of registration, reporting and accounting requirements of SOX for small firms, it did nothing to change the board structure requirements of these firms. The results of this study together with those of Wintoki (2007) and Rhodes (2018) suggest that regulations pertaining to the board structure requirements of small equity-issuing firms should either be modified to allow more flexibility or repealed altogether. If lawmakers ultimately relax these requirements, future studies may focus on changes in board structures, private benefits of control, and the rates at which firms access public equity markets.

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Wright, I. D. "Traditional Pension Fund Valuation in a Stochastic Asset and Liability Environment." British Actuarial Journal 4, no. 4 (October 1, 1998): 865–901. http://dx.doi.org/10.1017/s1357321700000210.

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Using the stochastic investment model proposed by Wilkie (1995) this paper simulates the progress of a specimen final salary pension scheme over a period of 25 years. Salary experience over the projection period is also assumed to be stochastic. The specimen scheme is assumed to be stable during the projection period with respect to age, pensionable salary in real terms and past pensionable service.Regular deterministic valuations of the scheme are conducted during the projection period to determine the current level of funding of the scheme on both a discontinuance and an ongoing basis, and also to determine the future contribution rate required to meet the funding objective. The required contribution rate is calculated in accordance with the Inland Revenue surplus regulations and the Minimum Funding Requirement (MFR) introduced in the Pensions Act 1995.The effect on the level of funding (and, hence, on the size of the required contribution rate) of using different investment strategies and of varying the pace of funding, by adopting both a traditional prudent valuation basis and a more realistic valuation basis, are also explored.

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Źróbek, Sabina, Jerzy Adamiczka, and Richard Grover. "VALUATION FOR LOAN SECURITY PURPOSES IN THE CONTEXT OF A PROPERTY MARKET CRISIS - THE CASE OF THE UNITED KINGDOM AND POLAND." Real Estate Management and Valuation 21, no. 4 (December 1, 2013): 36–46. http://dx.doi.org/10.2478/remav-2013-0035.

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Abstract Valuation for loan security purposes has been a key issue related to property valuation, financial markets and the economy in general. This paper attempts to demonstrate the main reasons for interest in this field by referring to the situation in Poland and the United Kingdom. Moreover, the conditions of valuation for loan security purposes in Europe have been outlined, as well as the new challenges that property valuers have to face. Questions regarding unified and harmonious valuation standards have been presented in relation to international, European and domestic professional standards and legal regulations. The conclusion addresses further challenges of property valuation that must be tackled urgently, because valuation results are strictly connected with the profitability and safety of investments in the property market. Furthermore, the paper emphasizes that uncertainty in the valuation process also needs to be taken into account, as the appraised properties secure loans given by institutions funding their development.

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Lokey, Elizabeth. "Valuation of Carbon Capture and Sequestration under Greenhouse Gas Regulations." Electricity Journal 22, no. 4 (May 2009): 11–24. http://dx.doi.org/10.1016/j.tej.2009.03.014.

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Liu, Mingzhi, and Michel Magnan. "Self-dealing Regulations, Ownership Wedge, and Corporate Valuation: International Evidence." Corporate Governance: An International Review 19, no. 2 (January 19, 2011): 99–115. http://dx.doi.org/10.1111/j.1467-8683.2010.00839.x.

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Svoboda, P. "Valuation of tangible fixed assets pursuant to the Czech accounting law and international accounting standards." Agricultural Economics (Zemědělská ekonomika) 53, No. 10 (January 7, 2008): 466–74. http://dx.doi.org/10.17221/927-agricecon.

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The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one’s own production and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.

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Svoboda, Patrik. "Reporting of tangible fixed assets pursuant to the Czech accounting law and International Accounting Standards IAS/IFRS and US GAAP." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 55, no. 6 (2007): 255–64. http://dx.doi.org/10.11118/actaun200755060255.

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The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one’s own production, and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.

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Heiden, Bowman. "Valuing Standard Essential Patents in the Knowledge Economy." International Journal of Standardization Research 13, no. 1 (January 2015): 19–46. http://dx.doi.org/10.4018/ijsr.2015010102.

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This paper comparatively examined the valuation methodologies put forward and accepted in four recent FRAND cases adjudicated in the US in 2013-14 and found a link to the business models (i.e. value logics) employed by the actors and the type of standards involved. This indicates that the value of standard essential patents (SEPs) may be dependent on the market structure under which standards are developed. Additionally, valuation models based on prior license agreements seem to currently produce higher valuations of SEPs, everything else equal. However, a lack of agreement by the different courts regarding similar valuation methods indicates the value of SEPs still lacks consensus on both legal and economic grounds, especially in relation to new knowledge-based business models and norms. This suggests that policy makers (both within SSOs and government) should take pause in further defining IPR policies and adopting new patent regulations without a deeper understanding of the potential impact to both dynamic and static economic efficiency in respect to an emerging new division of innovation labor and knowledge-based business models. This is particularly relevant as the studied cases confirm that lack of empirical evidence that perceived problems such as patent holdup and royalty stacking are more than a merely contractual/transactional phenomenon that can't well be addressed on a case-by-case basis by the courts.

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Konowalczuk, Jan. "The Problem of Reflecting the Market in the Legal Principles of Real Estate Valuation in Poland. How to Eliminate the “Legal Footprint”?" Real Estate Management and Valuation 25, no. 2 (June 27, 2017): 44–57. http://dx.doi.org/10.1515/remav-2017-0012.

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Abstract This paper presents and subjects to criticism the current principles of real estate valuation, which were introduced in Poland in the 1990’s during the return to a market economy, under the conditions of an underdeveloped real estate market. Against the background of the hypothesis of institutional maladjustment of the methodology to the current level of real estate market development, the author assesses the imitative manner of creating the valuation methodology and its discontinuation in 1998, resulting from the introduction of rigid legal regulations, which have significantly limited the ability of ongoing adjustment of the methodology to the market needs. The paper deals with the problems of defining market value and classifying valuation. The author assumes that the appraisal regarding the market value should be based on a descriptive model of real estate valuation, which should make it possible to reflect the market. He draws attention to the negative effects of valuation methodology which prevents or hinders the mapping of the market in appraisal reports. He proposes a change in the order of the legal principles of property valuation, based on a hierarchical model consisting of three elements: the definition and interpretation of value, the market and the methods of valuation.

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Kuraś, Piotr. "DESCRIPTION OF THE PROPERTY VALUATION PROCESS IN POLISH CONDITIONS." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 20, no. 3 (September 30, 2019): 61–73. http://dx.doi.org/10.5604/01.3001.0013.7240.

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The study attempts to describe the property valuation process in the context of regulations in force In Poland. For this purpose, to this end, the current legal acts, professional standards of real estate appraisers as well as institutional and economic conditions were analyzed. The study starts with the characterization of the property at the subject of valuation, the types of determined values, then the silhouette of the real estate appraiser as a professional authorized to valuation of the property was presented. The most important part of the study, from the point of view of the study goal, is the description of the process of valuation of real estate in Polish conditions. This paper presents a general valuation model, which the difficult and complex problem of valuation presents in a comprehensive, consistent and logical way. Various research approaches have been used for the purpose of the study. Qualitative approach based on observation, interview, analysis of dispersed sources allowed to formulate research assumptions. Next, methods of scientific inference were used, mainly analysis and synthesis. In the paper, due to the aim, mainly the Polish literature on the subject was used as well as legal acts and other sources of information.

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Foltys, Joachim, and Marzena Strojek-Filus. "SELECTED PROBLEMS OF MANAGING INTANGIBLE ASSETS IN A MODERN ENTERPRISE IN THE ASPECT OF ACCOUNTING." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 20, no. 4 (December 31, 2019): 147–70. http://dx.doi.org/10.5604/01.3001.0014.0314.

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The paper presents the main problems related to the management of intangible assets, focusing on their identification, valuation and financial statements’ presentation. The process approach in managing this part of the property was also presented. It has been shown that modern enterprises often do not present the most important intangible assets in respect of their market position because of the accounting law regulations. Particularly this problem affects small family enterprises. In this paper solutions have been proposed for the valuation of intangible assets in these types of units.

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Druzhilovskaya, Emilia. "Subsequent measurement of intangible assets in the new federal accounting standard for public sector organizations." Buhuchet v zdravoohranenii (Accounting in Healthcare), no. 4 (April 1, 2020): 4–11. http://dx.doi.org/10.33920/med-17-2004-01.

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This article examines the regulations for the subsequent evaluation of intangible assets established by the new federal accounting standard for public sector organizations (including public health organizations in this sector). These regulations are analyzed in conjunction with the requirements of other regulatory documents on accounting. The author identifies the main problematic issues associated with the subsequent valuation of intangible assets of public sector organizations (including health organizations of the specified sector) and substantiates proposals for their solution.

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Ahn Kyeong-Bong and 홍순기. "The Issues and Improvements of Regulations for Valuation Premiums on Unlisted Stocks." KOOKMIN LAW REVIEW 26, no. 1 (June 2013): 9–40. http://dx.doi.org/10.17251/legal.2013.26.1.9.

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Wang, Yu-Chun, and Robin K. Chou. "The impact of share pledging regulations on stock trading and firm valuation." Journal of Banking & Finance 89 (April 2018): 1–13. http://dx.doi.org/10.1016/j.jbankfin.2018.01.016.

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Pandey, Ajay. "Takeover Announcements, Open Offers, and Shareholders' Returns in Target Firms." Vikalpa: The Journal for Decision Makers 26, no. 3 (July 2001): 19–30. http://dx.doi.org/10.1177/0256090920010304.

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The empirical studies in the context of developed countries have consistently pointed out substantial valuation gains for target firms, particularly in case of successful takeovers. This effect has been "found to be higher for tender offers compared to mergers and proxy contests, the other forms of plays in the market for corporate control. Subsequent to enactment of takeover enabling regulations in 1997 in India, takeovers and substantial acquisition of shares necessitate making open offer to the investors. Based on the empirical investigation of 14 large (above Rs 10 crore) takeover related open offers using event study methodology, we document significant announcement effect (» 10%) associated with the takeovers in Indian capital market. We also find that the target firm valuations increase in the runup to announcement. However, unlike developed countries, substantial part of these gains are wiped out subsequently indicating that valuation gains associated with takeovers in large part reflect private value of control, expected to be high in the Indian context The fact that only one large open offer (out of 16 in all) was associated with an attempted unsuccessful hostile takeover bid suggests that given relatively large insiders' shareholdings, takeovers as governance mechanisms are not likely to be effective and private value of control may be the driver in the market for

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Gawron, Krzysztof, Alina Yakymchuk, and Olena Tyvonchuk. "The bankrupt entity’s assets valuation methods: Polish approach." Investment Management and Financial Innovations 16, no. 3 (October 7, 2019): 319–31. http://dx.doi.org/10.21511/imfi.16(3).2019.28.

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The assets of a business entity that is subject to bankruptcy proceedings form bankruptcy estate. The correct assessment of its value is a necessary pre-condition to save time and cost effective bankruptcy proceedings. The article presents the valuation methods applied in Poland for assets consisting of real estate and movables that collectively constitute the bankruptcy estate. The main objective of this study is to assess the reliability and efficiency of the appraisals of book, market and forced sale value in relation to the possibility of correct estimation of funds obtained from the sale of individual assets in the course of liquidation proceedings. The article presents the results of a study conducted in 15 intentionally selected enterprises in bankruptcy operating on the territory of Lubelskie Voivodeship in Poland. It offers the analysis of applied valuation methods and the description of specific conditions of sale of bankrupt entity’s assets in accordance with legal regulations and applied practices. In particular, it compares the differences in the value of the examined assets determined by different methods and identifies the reasons for these differences. The most important conclusion of the study is the fact that neither the market value nor the book value allow for reliable estimation of the revenues that could be obtained from the sale of the bankruptcy estate, which makes it impossible to determine the probable level of satisfaction of creditors’ claims. The specific nature of sale under bankruptcy justifies the use of the forced sale value despite difficulties connected with its estimation. The basic recommendation is the necessity to supplement the valuation report with the estimation of the forced sale value along with the comprehensive description of the algorithm of its calculation.

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Aralova, Nataliia. "Features of regulation of accounting of intangible assets in research institutions." Legal Ukraine, no. 11 (December 23, 2020): 22–28. http://dx.doi.org/10.37749/2308-9636-2020-11(215)-2.

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The normative regulation and problems of accounting of intangible assets in scientific institutions are considered. It is noted the introduction of modern accounting regulation in budgetary institutions only in 2015, which led to differences in the accounting of NA in scientific institutions. The practice of accounting for intangible assets (IA) in budgetary institutions indicates the need to improve regulations. The purpose of the article is to consider the example of scientific institutions of the NAS of Ukraine regulatory regulation of accounting for intangible assets and issues of its improvement. It is emphasized that the accounting of NA in scientific institutions is essential for the commercialization of intellectual property rights, while the main difficulties in the introduction of accounting for intangible assets for scientific institutions were associated with the lack of modern budget regulations for accounting. The main stages of implementation of accounting of intangible assets in scientific institutions are given. It is important to amend the Methodological Recommendations on Accounting of NA and NPBO 122 regarding the definition of the concept of «use» of intangible assets, as well as the costs to be taken into account when determining the value of NA created in the institution. The issue of accounting for research and development reports is problematic. The terminology used in the regulations also needs to be clarified. Key words: intangible assets, valuation of IP, research institutions, accounting.

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Guijarro, Francisco. "A Mean-Variance Optimization Approach for Residential Real Estate Valuation." Real Estate Management and Valuation 29, no. 3 (August 13, 2021): 13–28. http://dx.doi.org/10.2478/remav-2021-0018.

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Abstract This paper introduces a new approach to the sales comparison model for the valuation of real estate that can objectively estimate the coefficients associated with the explanatory price variables. The coefficients of the price adjustment process are estimated from the formulation of a quadratic programming model similar to the mean-variance model in the portfolio selection problem and are shown to be independent of the property to be valued. It is also shown that the sales comparison model should minimize the variance of the adjusted prices, and not their coefficient of variation as indicated by some national and international valuation regulations. The paper concludes with a case study on the city of Medellín, Colombia.

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Sukhbaatar, Jargalmaa, and Oyuntsetseg Dash. "PROBLEM OF LAND VALUATION AND LAND PAYMENT IN MINING AREA." Interexpo GEO-Siberia 3, no. 2 (2019): 170–76. http://dx.doi.org/10.33764/2618-981x-2019-3-2-170-176.

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After the transition to a market economy in Mongolia was the use of natural resources without control. As a result, environmental pollution, degradation and depletion of natural resources increased so that the restoration of the environment now require an enormous amount of money. Today, 19.9% of the total territory of Mongolia is land for mining. Methods and models used to calculate the environmental damage and economic evaluation, are imperfect. In Mongolia, there are no regulations for the economic valuation of the land, as well as methods of assessment.

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Бородина and Valyentina Borodina. "Internal audit of of fixed assets of organization." Auditor 1, no. 3 (March 25, 2015): 40–50. http://dx.doi.org/10.12737/12764.

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This article describes how the internal audit on the basis of laws and regulations in their areas of accounting of fixed assets: valuation (original, subsequent revaluation, revaluation surplus reduction); depreciation; restoration of fixed assets; lease; disposal; selecting and determining the overall scheme of fixed assets; workflow, as well as recommendations on the formation of the program of internal audit.

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Бородина and Valyentina Borodina. "Internal audit of of fixed assets of organization." Auditor 1, no. 1 (February 25, 2015): 48–60. http://dx.doi.org/10.12737/12790.

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This article describes how the internal audit on the basis of laws and regulations in their areas of accounting of fixed assets: valuation (original, subsequent revaluation, revaluation surplus reduction); depreciation; restoration of fixed assets; lease; disposal; selecting and determining the overall scheme of fixed assets; workflow, as well as recommendations on the formation of the program of internal audit.

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Mousa, Fariss-terry, Paul E. Bierly, and William J. Wales. "Different strokes: IPO risk factors, investor valuation, and firm survival." Journal of Management & Organization 20, no. 3 (May 2014): 348–64. http://dx.doi.org/10.1017/jmo.2014.25.

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AbstractAs a firm prepares for initial public offering, the Securities and Exchange Commission mandates that top managers must record risks to their firms’ survival or performance in the prospectus. More specifically we propose that external risk factors (market risks, legal risks, and government regulations risks) have a more negative effect on investor optimism and initial public offering valuation, while internal risk factors (management risks, operational risks, technical risks) have a more negative effect on post-initial public offering long-term firm survival. This study illustrates a major gap between risk factors that investors initially focus on and the true determinants of long-term success.

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Hodson, Kate, Alan Wong, and Simon Schilder. "Comparison of regulatory regimes for closed-ended private investment funds: Cayman Islands and British Virgin Islands." Journal of Investment Compliance 21, no. 4 (December 7, 2020): 255–62. http://dx.doi.org/10.1108/joic-10-2020-0038.

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Purpose To introduce, compare and contrast the new regulatory regimes for closed-ended funds recently enacted in the Cayman Islands and the British Virgin Islands (BVI). Design/methodology/approach Explores similarities and differences between the two regimes, as well as practical implications for fund managers, with respect to (1) the regulatory frameworks governing the funds; (2) the definitions of the types of funds covered by the regulations; (3) registration requirements and associated timing; (4) operating requirements, including responsibilities for portfolio management, valuation and safekeeping of fund property; the number of directors; audits; valuation procedures; safekeeping of fund assets; cash monitoring; identification of securities; offering documents, term sheets and marketing materials; and representation in the respective jurisdictions; and (5) additional requirements, including numbers and qualifications of investors. Findings The new legislation has been enacted in order to respond to certain European Union and other international recommendations and has the effect of aligning the regulatory regimes applicable to such funds structured in Cayman and BVI to the regulatory regimes applicable to such funds in other jurisdictions. Originality/Value Expert guidance from lawyers with extensive experience in fund management, fund structuring and Cayman Islands and British Virgin Islands laws and regulations.

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Carson, Richard T. "Contingent Valuation: A Practical Alternative when Prices Aren't Available." Journal of Economic Perspectives 26, no. 4 (November 1, 2012): 27–42. http://dx.doi.org/10.1257/jep.26.4.27.

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A person may be willing to make an economic tradeoff to assure that a wilderness area or scenic resource is protected even if neither that person nor (perhaps) anyone else will actually visit this area. This tradeoff is commonly labeled “passive use value.” Contingent valuation studies ask questions that help to reveal the monetary tradeoff each person would make concerning the value of goods or services. Such surveys are a practical alternative approach for eliciting the value of public goods, including those with passive use considerations. First I discuss the Exxon Valdez oil spill of March 1989, focusing on why it is important to measure monetary tradeoffs for goods where passive use considerations loom large. Although discussions of contingent valuation often focus on whether the method is sufficiently reliable for use in assessing natural resource damages in lawsuits, it is important to remember that most estimates from contingent valuation studies are used in benefit–cost assessments, not natural resource damage assessments. Those working on benefit–cost analysis have long recognized that goods and impacts that cannot be quantified are valued, implicitly, by giving them a limitless value when government regulations preclude certain activities, or giving them a value of zero by leaving certain consequences out of the analysis. Contingent valuation offers a practical alternative for reducing the use of either of these extreme choices. I put forward an affirmative case for contingent valuation and address a number of the concerns that have arisen.

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Luthi, Randall B., Linda B. Burlington, Eli Reinharz, and Sharon K. Shutler. "THE SECOND GENERATION OF NATURAL RESOURCE DAMAGE ASSESSMENTS: LESSONS LEARNED?1." International Oil Spill Conference Proceedings 1993, no. 1 (March 1, 1993): 727–31. http://dx.doi.org/10.7901/2169-3358-1993-1-727.

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ABSTRACT The Damage Assessment Regulations Team (DART), under the Office of General Counsel of the National Oceanic and Atmospheric Administration (NOAA), has centered its efforts on developing natural resource damage assessment regulations for oil pollution in navigable waters. These procedures will likely lower the costs associated with damage assessments, encourage joint cooperative assessments and simplify most assessments. The DART team of NOAA is developing new regulations for the assessment of damages due to injuries related to oil spills under the Oil Pollution Act of 1990. These regulations will involve coordination, restoration, and economic valuation. Various methods are currently being developed to assess damages for injuries to natural resources. The proposed means include: compensation tables for spills under 50,000 gallons, Type A model, expedited damage assessment (EDA) procedures, and comprehensive procedures. They are being developed to provide trustees with a choice for assessing natural resource damages for each oil spill.

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Viscusi, W. Kip. "Pricing Lives for Corporate and Governmental Risk Decisions." Journal of Benefit-Cost Analysis 6, no. 2 (2015): 227–46. http://dx.doi.org/10.1017/bca.2015.40.

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The value of a statistical life (VSL) is the most influential single parameter used in calculating the benefits of governmental regulations. While there are some interagency differences, there is a commonality in the conceptual approach, the central role of mortality risk valuation in benefit assessment, and the general range of valuations used. Corporate risk decisions are based on a less rigorous risk analysis procedure. As typified by the General Motors ignition switch recall problems and the company’s lax corporate safety culture, there is often little systematic corporate balancing of cost and risk. This suppression of safety concerns may be attributable to the adverse experiences automobile companies had after conducting risk analyses that valued fatalities based on damages awards for wrongful death, and in response juries levied blockbuster punitive damages awards. Instead, companies should adopt the VSL in its product risk decisions. Companies should also be provided with a safe harbor reference point for responsible risk decisions. Regulatory agencies should use the VSL in setting regulatory sanctions.

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Kwon, Sung. "The value-relevance of fundamental signals and the impact of financial regulations on security valuation and earnings management." Corporate Ownership and Control 16, no. 3 (2019): 73–88. http://dx.doi.org/10.22495/cocv16i3art7.

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This article investigates the value-relevance of earnings and financial analysts’ fundamental signals, as identified by prior research. We document four primary findings. First, consistent with the claims in the accounting literature, the value-relevance of ‘bottom line’ earnings has declined over time. Second, the combined value-relevance of earnings and financial analysts’ fundamental signals have also declined over time. Prior studies in this line of research have generated mixed evidence. In other words, some previous studies support an increase and some others find a decrease in the value-relevance of book values of net assets (common equity) over time. This study focuses on the financial analysts’ fundamental signals, not the book values of net assets, and the change in the degree of the value-relevance of those signals over time. Third, we find a negative correlation between firms’ excess returns and regulations, such as Sarbanes-Oxley (SOX) and Dodd-Frank, which are consistent with the claims of some prior studies that the implementation costs of the regulations may exceed their benefits for shareholders of the corporations affected by the regulations. Finally, we also report that the levels of opportunistic earnings management, reflected in some of those fundamental signals, have declined following these regulations.

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Wang, Taiyuan, Sumeet Malik, and William J. Wales. "When entrepreneurial rhetoric meets strict regulations: Implications for the valuation of health science firms." Strategic Entrepreneurship Journal 15, no. 2 (March 12, 2021): 209–30. http://dx.doi.org/10.1002/sej.1396.

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Yakubovsky, V. "CREDIT RISKS MITIGATION AND BANKING COLLATERAL VALUATION IN UKRAINE." Actual Problems of International Relations, no. 142 (2020): 109–15. http://dx.doi.org/10.17721/apmv.2020.142.1.109-115.

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Contemporary international requirements and mechanisms which are oriented to credit risks abatement and assurance of financial sector functioning are reviewed with particulars of their implementation in national banking sector. As is demonstrated general reasons for the new generation of regulatory measures of crisis resilience in financial sector are grown up from the last global economy crisis which demonstrated vulnerability of the main credit institutions and their failure to absorb considerable financial market fluctuations. To improve financial systems stability is the main goal of measures and instruments proposed by the international Basel Committee on Banking Supervision as well as Directives and Regulations of the European Union, which should be implemented at the national level. One of the underlining aspect in this new international regulatory documents is recognition of the assets valuation key role in the whole methodology of risks mitigation. Main approaches to consider time effect on assets valuation results are analyzed in this context. Based on these last international regulatory documents in this direction special Resolution No. 351of the National Bank of Ukraine has been issued for banks credit risks assessment. Much less attention in this Resolution is given to assets valuation which is linked to some extent with outdated national valuation standards. This situation requires active measures to be provided for updating basic national documents in this area as is underlined.

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Sadowska, Beata, and Piotr Szczypa. "Measurement and valuation of non-productive functions of forest in the accounting system – selected features." Zeszyty Teoretyczne Rachunkowości 2018, no. 97 (153) (May 10, 2018): 99–114. http://dx.doi.org/10.5604/01.3001.0012.0378.

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Forest brought through human work that uses the natural forces of nature for the needs of society has become an inseparable part of the present and future of civilization. An important task of multifunctional forest management is to mitigate and avoid conflicts between the different functions of forests (produc- tive and non-productive), and consideration of their complementary nature. The importance of nonproduction functions of forests is growing steadily, to the point that some academics and practitioners are trying to express them in money. They conclude that their value is several (or more) times higher than the value of the effects of production functions. The article aims to (1) present valuation methods for nonproductive forest functions that are practiced and can be used in forest management; (2) identify accounting tools that will support the measurement and valuation of non-production forest functions and provide information for decision-making processes for the management staff of the State Forests. For the purposes of this study the following hypothesis was made: Previous solutions in the field of measurement and valuation of non-production forest functions within the accounting system are insufficient as a source of information for stakeholders of the Polish Forests. On the basis of analysis of accounting literature and national and international regulations in the field of measurement and valuation in the accounting system, the method of induction and deduction, the authors' experience, and information gathered during interviews, the hypothesis has been verified.

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Jang, Hong Seok, and Jong Il Kim. "Analysis of Private Company Stock Valuation under Enforcement Regulations for Issuance and Disclosure of Securities." Journal of Taxation and Accounting 18, no. 3 (June 30, 2017): 63–90. http://dx.doi.org/10.35850/kjta.18.3.03.

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Lokey, Elizabeth. "Valuation of Carbon Capture and Sequestration under Greenhouse Gas Regulations: CCS as an Offsetting Activity." Electricity Journal 22, no. 7 (August 2009): 37–47. http://dx.doi.org/10.1016/j.tej.2009.04.009.

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Ntim, Collins G., Kwaku K. Opong, and Jo Danbolt. "Board size, corporate regulations and firm valuation in an emerging market: a simultaneous equation approach." International Review of Applied Economics 29, no. 2 (December 2014): 194–220. http://dx.doi.org/10.1080/02692171.2014.983048.

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Song, Liang. "The effects of accounting regulations on stock valuation and volatility: Evidence from the banking industry." Journal of International Financial Management & Accounting 28, no. 2 (March 1, 2017): 205–29. http://dx.doi.org/10.1111/jifm.12065.

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Godyń, Izabela, Yiannis Kountouris, and Johannes Sauer. "Valuing Groundwater Quality in the Częstochowa Case Study (Poland)." Gospodarka w Praktyce i Teorii 53, no. 4 (December 30, 2018): 41–64. http://dx.doi.org/10.18778/1429-3730.53.03.

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This paper presents results of the study on preferences of inhabitants of the Częstochowa Region in Poland in the field of groundwater protection. The choice experiment (CE) method was applied, and willingness to pay (WTP) for improving groundwater quality through the development of sewerage systems was assessed. The results indicate that there is substantial WTP for water quality improvements. Households are willing to pay 18.25 PLN (4.43 EUR) per month to remain pollution at the maximum safe level according to EU regulations (reducing nitrate concentration in groundwater to 50 mg∙L-1). Our results add to the expanding literature on the valuation of water resources and can be useful in analysis of investment effectiveness, in the valuation of environmental costs and benefits related to improvement or deterioration of groundwater condition, and in the pricing policy debate in terms of fees and prices for water and water services.

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Guy, C. M. "Alternative-Use Valuation, Open Al Planning Consent, and the Development of Retail Parks." Environment and Planning A: Economy and Space 30, no. 1 (January 1998): 37–47. http://dx.doi.org/10.1068/a300037.

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In this paper I will examine the recent surge in development interest and land values associated with retail park development in the United Kingdom. This surge is shown to have arisen from changes in retailing methods among leading nonfood retailers and in land-use planning regulations which have created concerns over scarcity of land for future off-centre development. The implications for both setup and exit sunk costs for retailers, and alternative-use values for their land holdings, are discussed. It is also suggested that off-centre retailing may be subject to rapid changes in the next few years as the potential for maximisation of value from existing retail parks is sought by developers and financial institutions.

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Bennett, James F., Dick Logan, and Paul Heimowitz. "STATE-OF-THE-ART OR JUNK SCIENCE? THE NATURAL RESOURCE DAMAGE ASSESSMENT MODELS1." International Oil Spill Conference Proceedings 1997, no. 1 (April 1, 1997): 835–40. http://dx.doi.org/10.7901/2169-3358-1997-1-835.

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ABSTRACT In May 1996, the Department of the Interior (Interior) issued final natural resource damage assessment (NRDA) regulations enabling trustees to use new computer models in determining claims against parties responsible for spills. The new regulations incorporate a number of advances in the fields of computer technology, data management, data visualization, and graphic user interfaces. The models integrate spill simulation capability with a national coastal geographic information system (GIS) and expansive databases of chemical and petroleum characteristics, resource valuation, and restoration costs. The development and issuance of the regulations have been the focus of much attention and controversy. Interior heralds the models as “state-of-the-art” procedures, whereas other groups attack the models as “junk science.” This paper briefly examines the principal arguments both supporting and attacking the new models. It also provides the results of model application to a database of real-world historical spill events in coastal and marine environments. Finally, model output is compared to damage claims developed using other simplified procedures (i.e., compensation formulas) in the state of Washington.

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Cutler, David M., Amber Jessup, Donald Kenkel, and Martha A. Starr. "Valuing Regulations Affecting Addictive or Habitual Goods." Journal of Benefit-Cost Analysis 6, no. 2 (2015): 247–80. http://dx.doi.org/10.1017/bca.2015.44.

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The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies have suggested that such regulations have only small welfare benefits, as consumers value these goods despite health benefits from quitting, while other studies suggest that information or behavioral problems make existing consumption decisions a poor guide to welfare evaluation. We examine potential utility offsets to health benefits of regulations affecting addictive or habitual goods theoretically and empirically. Our analysis focuses on individuals who consume these goods only, ignoring other social costs and benefits. Theoretically, we show the importance of several factors including: money saved in addition to health improvements; differentiating steady-state utility losses from short-term withdrawal costs; lack of utility loss for people dissuaded from starting to consume the good; and accounting for utility consequences of explicit or implicit cost increases. Our empirical analysis considers regulations that affect smoking. To measure the welfare cost of smoking cessation, we divide the population into those with more and less rational smoking behavior and use the valuation of smoking from more rational smokers to impute values of losses for less rational smokers. Our results show that the utility cost of smoking cessation is small relative to the health gains in people for whom withdrawal costs are the main utility loss of quitting, and even among people who have some ongoing loss, the utility offsets represent 20%–25% of the health gains. While marginal smokers induced to quit by regulations can be expected to have low or no steady-state loss, even this higher estimate is far below prevailing estimates of the utility cost of smoking used by the Food and Drug Administration and other analysts.

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Journal articles on the topic 'Valuation regulations'

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