30 CFR 281.29 - Royalty valuation.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty valuation. 281.29 Section 281.29 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.29...

Évaluation des télécentres communautaires

International Development Research Centre (IDRC) Digital Library (Canada)

La plupart des études d'évaluation auront pour objectif de mesurer les .... Les télécentres peuvent faire du contrôle régulier une de leurs tâches de gestion ...... Planning, monitoring and évaluation of programme performance: a resource book.

A Formal Valuation Framework for Emotions and Their Control.

Science.gov (United States)

Huys, Quentin J M; Renz, Daniel

2017-09-15

Computational psychiatry aims to apply mathematical and computational techniques to help improve psychiatric care. To achieve this, the phenomena under scrutiny should be within the scope of formal methods. As emotions play an important role across many psychiatric disorders, such computational methods must encompass emotions. Here, we consider formal valuation accounts of emotions. We focus on the fact that the flexibility of emotional responses and the nature of appraisals suggest the need for a model-based valuation framework for emotions. However, resource limitations make plain model-based valuation impossible and require metareasoning strategies to apportion cognitive resources adaptively. We argue that emotions may implement such metareasoning approximations by restricting the range of behaviors and states considered. We consider the processes that guide the deployment of the approximations, discerning between innate, model-free, heuristic, and model-based controllers. A formal valuation and metareasoning framework may thus provide a principled approach to examining emotions. Copyright © 2017 Society of Biological Psychiatry. Published by Elsevier Inc. All rights reserved.

Contingency Valuation of Croatian Arboretum Opeka

Directory of Open Access Journals (Sweden)

Stjepan Posavec

2012-12-01

Full Text Available Background and Purpose: Social aspects of forestry have always been an important factor of forest usage and management, and therefore have significant influence on its sustainability. Non-wood forest functions such as recreation, tourism, aesthetic and educational factors influence development of rural areas. Contingent valuation method has rarely been used for evaluation of protected forest areas. The aim of the article is to estimate the amount of money visitors are willing to pay for nature’s resources preservation in the arboretum Opeka in the North-West Croatia. Material and Methods: Opeka Arboretum is situated in the Vinica municipality in northern Croatia. Located in a large park surrounding a manor, Opeka arboretum, with its 65 hectares is the largest of the three arboretums existing in Croatia today. The arboretum was founded in 1860 by the Count Marko Bombelles. Contingent valuation is a survey-based economic technique for the non-market valuation of resources, such as environmental preservation or the impact of contamination. It is also the approach that can generally be used to include what is usually referred to as the passive use component of the economic value of environmental goods. Results and Conclusion: Willingness to pay for visitor’s use of the arboretum has been investigated using the survey and contingency valuation method on a sample of 53 respondents. Research results present high preference for arboretum benefits such as beauty of landscape, cultural and historical significance, recreation and health but low willingness to pay.

398 ASSESSMENT OF WETLAND VALUATION PROCESSES FOR ...

African Journals Online (AJOL)

Osondu

This study therefore examined the processes involved in the valuation of wetland resources for ... of the subsistence uses of wetland resources are also not ... hydrological cycle, playing a key role in the provision ..... Management Strategies at the River Basin Scale. A ... Using. GIS: A Thesis Submitted to the Graduate Faculty.

VALUATION METHODS- LITERATURE REVIEW

Directory of Open Access Journals (Sweden)

Dorisz Talas

2015-07-01

Full Text Available This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of management can be conducted mainly with real options. This paper briefly describes the essence of the Dividend Discount Model, the Free Cash Flow Model, the benefit from using real options and the Residual Income Model. There are a few words about the Adjusted Present Value approach as well. Different models uses different premises, and an overall truth is that if the required premises are real and correct, the value will be appropriately accurate. Another important condition is that experts, analysts should choose between the models on the basis of the purpose of valuation. Thus there are no good or bad methods, only methods that fit different goals and aims. The main task is to define exactly the purpose, then to find the most appropriate valuation technique. All the methods originates from the premise that the value of an asset is the present value of its future cash flows. According to the different points of view of different techniques the resulted values can be also differed from each other. Valuation models and techniques should be adapted to the rapidly changing world, but the basic statements remain the same. On the other hand there is a need for more accurate models in order to help investors get as many information as they could. Today information is one of the most important resources and financial models should keep up with this trend.

Valuation of rangeland ecosystem services

Science.gov (United States)

Gascoigne, W.R.

2011-01-01

Economic valuation lends itself well to the anthropocentric orientation of ecosystem services. An economic perspective on ecosystems portrays them as natural assets providing a flow of goods and services valuable to individuals and society collectively. A few examples include the purification of drinking water, reduced risk from flooding and other extreme events, pollination of agricultural crops, climate regulation, and recreation opportunities from plant and animal habitat maintenance, among many others. Once these goods and services are identified and quantified, they can be monetized to complete the valuation process. The monetization of ecosystem goods and services (in the form of dollars) provides a common metric that allows for cross-comparison of attributes and evaluation of differing ecological scenarios. Complicating the monetization process is the fact that most of these goods and services are public and non-market in nature; meaning they are non-rival and non-exclusive and are typically not sold in a traditional market setting where monetary values are revealed. Instead, one must employ non-market valuation techniques, with primary valuation methods typically being very time and resource consuming, intimidating to non-economists, and often impractical. For these reasons, benefit transfer methods have gained popularity. This methodology harnesses the primary collection results of existing studies to make inferences about the economic values of non-market goods and services at an alternative policy site (in place and/or in time). For instance, if a primary valuation study on oak reestablishment on rangelands in southern California yielded a value of $30 per-acre associated with water regulation, this result can be transferred, with some adjustments, to say something about the value of an acre of oaks on rangelands in northern portions of the state. The economic valuation of rangeland ecosystem services has many roles. Economic values may be used as input

Economic valuation of aquatic ecosystem services in developing countries

DEFF Research Database (Denmark)

Korsgaard, Louise; Schou, Jesper S.

2010-01-01

-the silent water user. A promising way of placing aquatic ecosystems on the water agenda is by economic valuation of services sustained by ecosystems. In developing countries, the livelihoods of rural people often depend directly on the provision of aquatic ecosystem services. In such situations, economic......An important challenge of integrated water resources management (IWRM) is to balance water allocation between different users. While economically and/or politically powerful users have well developed methods for quantifying and justifying their water needs, this is not the case for ecosystems...... valuation of ecosystem services becomes particularly challenging. This paper reviews recent literature on economic valuation of aquatic ecosystem services in developing countries. "Market price" is the most widespread method used for valuating marketed ecosystem services in developing countries. "Cost based...

Financial accounting as a method of household finance capacity valuation

Directory of Open Access Journals (Sweden)

A. B. Untanov

2017-01-01

Full Text Available The article presents existing household finance capacity investigations. Comparison conducting allowed to determinate collisions and flaws of previous works. That substantiates to find a new approach in household finance capacity valuation necessity. The article contains theoretical research of household finance fundamental categories. In particular, it notes significant difference between domestic and foreign experience of household finance determination. Although emphasizing key similarities allows identifying household finance capacity composition. Moreover, the article provides a public and corporate finance sectors experience, which contains a huge knowledge of finance capacity investigations. Used research allows classify finance capacity not only as a resource valuation, but also as an economic entity’s ability to generate financial result. In terms of resource valuation, the paper suggests assessing both financial resources in classical meaning and any other property, which participating household economic activity and could be evaluated. The author’s position in terms of household finance capacity valuation is suggested. A broad definition of finance capacity causes applying conceptually different approach in this paper. Thus, comparative analysis method is suggested to substantiate household and corporate firm similarities. Used method allows forming household financial accounting, which leads to clear determination of household finance capacity composition and structure. Specificity forming household financial accounting is considered. An author’s position in regards existing contradictions with early research is suggested.

Application of natural resource valuation concepts for development of sustainable remediation plans for groundwater.

Science.gov (United States)

Connor, John A; Paquette, Shawn; McHugh, Thomas; Gie, Elaine; Hemingway, Mark; Bianchi, Gino

2017-12-15

This paper explores the application of natural resource assessment and valuation procedures as a tool for developing groundwater remediation strategies that achieve the objectives for health and environmental protection, in balance with considerations of economic viability and conservation of natural resources. The natural resource assessment process, as applied under U.S. and international guidelines, entails characterization of groundwater contamination in terms of the pre-existing beneficial services of the impacted resource, the loss of these services caused by the contamination, and the measures and associated costs necessary to restore or replace the lost services. Under many regulatory programs, groundwater remediation objectives assume that the impacted groundwater may be used as a primary source of drinking water in the future, even if not presently in use. In combination with a regulatory preference for removal or treatment technologies, this assumed exposure, while protective of human health, can drive the remedy selection process toward remedies that may not be protective of the groundwater resource itself or of the other natural resources (energy, materials, chemicals, etc.) that may be consumed in the remediation effort. To achieve the same health and environmental protection goals under a sustainable remediation framework, natural resource assessment methods can be applied to restore the lost services and preserve the intact services of the groundwater so as to protect both current and future users of that resource. In this paper, we provide practical guidelines for use of natural resource assessment procedures in the remedy selection process and present a case study demonstrating the use of these protocols for development of sustainable remediation strategies. Copyright © 2017 The Authors. Published by Elsevier Ltd.. All rights reserved.

Natural resource validation: A primer on concepts and techniques

Energy Technology Data Exchange (ETDEWEB)

Ulibarri, C.A.; Wellman, K.F.

1997-07-01

Natural resource valuation has always had a fundamental role in the practice of cost-benefit analysis of health, safety, and environmental issues. The authors provide an objective overview of resource valuation techniques and describe their potential role in environmental restoration/waste management (ER/WM) activities at federal facilities. This handbook considers five general classes of valuation techniques: (1) market-based techniques, which rely on historical information on market prices and transactions to determine resource values; (2) nonmarket techniques that rely on indirect estimates of resource values; (3) nonmarket techniques that are based on direct estimates of resource values; (4) cross-cutting valuation techniques, which combine elements of one or more of these methods; and (5) ecological valuation techniques used in the emerging field of ecological economics. The various valuation techniques under consideration are described by highlighting their applicability in environmental management and regulation. The handbook also addresses key unresolved issues in the application of valuation techniques generally, including discounting future values, incorporating environmental equity concerns, and concerns over the uncertainties in the measurement of natural resource values and environmental risk.

The Organizational Valuation of Valuation Devices

DEFF Research Database (Denmark)

Hauge, Amalie Martinus

2016-01-01

—integrated modes of valuation. Empirically, the paper draws on an ethnographic study of Lean management at a children’s hospital, which is presented through analytical snapshots. The paper suggests that an organizational turn is relevant for valuation studies, as this frst allows an analytical expansion to include...

Theory of the property valuation + valuation of specific property in Prague 6

OpenAIRE

Wurst, David

2011-01-01

The objective of Bachelor thesis is the definition of basic terms and methods used in the property valuation and the subsequent valuation of specific property. The thesis is divided into theoretical and practical part. The theoretical part is devoted to (description) describing the basic terms and bases needed for the valuation and characteristics of the most widely used methods of property valuation. In the practical part is going to be made the valuation of the specific property by the comp...

Valuation of investments in natural resources using contingent-claim framework with application to bituminous coal developments in Korea

International Nuclear Information System (INIS)

Won, Chaehwan

2009-01-01

As Brennan and Schwartz [Brennan M, Schwartz E. Evaluating natural resource investment. Journal of Business 1985;58:135-57] point out in their pioneering work, the valuation of natural resources projects is particularly difficult due to the high degree of uncertainty in output prices of resources. In general, there are two competing procedures to evaluate risky projects in natural resources developments. One is decision analytic, based on traditional discounted cash flow and stochastic dynamic programming [Fleten SE, Maribu KM, Wangensteen I. Optimal investment strategies in decentralized renewable power generation under uncertainty. Energy 2007;32:803-15; Smith J, McCardle K. Valuing oil properties: integrating option pricing and decision analysis approaches. Operations Research 1998;46(2):198-217; Szklo AS, Carneiro JTG, Machado G. Break-even price for upstream activities in Brazil: evaluation of the opportunity cost of oil production delay in a non-mature sedimentary production region. Energy 2008;33:589-600], and the other is contingent claims analysis, based on the no-arbitrage theory of financial markets [Brennan M, Schwartz E. Evaluating natural resource investment. Journal of Business 1985;58:135-57; Emhjellen M, Alaouze CM. A comparison of discounted cash flow and modern asset pricing methods - project selection and policy implications. Energy Policy 2003;31:1213-20; Laughton D. The management of flexibility in the upstream petroleum industry. The Energy Journal 1998;19:83-114; Paddock L, Siegel D, Smith J. Option valuation of claims on real assets: the case of offshore petroleum leases. Quarterly Journal of Economics 1988;103(3):479-508; Schwartz ES. Valuing long-term commodity assets. Journal of Energy Finance and Development 1998;3(2):85-99; Sezgen O, Goldman CA, Krishnarao P. Option value of electricity demand response. Energy 2007;32:108-19]. In this paper, we use the second approach to develop a new model, and the main contributions are providing a

Consumption-based Equity Valuation

DEFF Research Database (Denmark)

Bach, Christian; Christensen, Peter Ove

2013-01-01

the performance of the model with several implementations of standard valuation models, both in terms of absolute valuation errors, and in terms of the returns on simple investment strategies based on the differences between model and market prices in the respective valuation models. The CCAPM-based valuation...... model performs substantially better than the best performing standard valuation model when comparing absolute valuation errors. Both types of models are able to identify investment strategies with subsequent excess returns but also in this setting, the CCAPM-based valuation model outperforms...... residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk-adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare...

Equity valuation : Under Armour

OpenAIRE

Vicente, António Rafael Mendes

2016-01-01

The present dissertation aims to value Under Armour, an American sportswear company. Since Valuation is not an exact science, during the literature review will be presented several valuation methods. Most of the authors mention DCF Valuation as one of the best but it seems impossible for them to reach a consensus about which one is in fact the best. In order to get Under Armour’s target price, a DCF valuation will be made and accompanied by a Relative Valuation that, when it is properly us...

Implementing IWRM: Delivering data and models with interactive dashboards and cyberinfrastructure to facilitate natural resource conflict resolution and valuation

Science.gov (United States)

Pierce, S. A.; Figueroa B, E.

2016-12-01

Sound science and adequate models of systems are necessary for environmental decisions, yet frequently it is insufficient. This study documents the outcome of a co-design effort that was convened initially to explore the potential role that technology may have in supporting multi-stakeholder deliberation about sustainability transitions for a region. The project aims to create science-based deliberation among diverse stakeholders about water-energy-mineral use and choices in the Atacama Desert region of Chile. An interactive dashboard that pairs stakeholder preferences, concept maps with natural resource valuation models seeks to visualize useful information. The ultimate goal is to improve levels of understanding and open possibilities for collaborative problem solving by engaging industry, academics, and indigenous communities in a long- term participatory modeling process. Collaborative discussions build technical knowledge and bridge across sectors that are often at odds over management of earth resources. The project began in the shadow of marked conflict and tensions among participants. Methodologically, tensions have been reduced by combining social process with information delivery that leverages interactive touch screen applications. Models and information act as boundary objects among participants and the tenets of a conflict resolution process called sustained dialogue provide guidance for facilitating the group sessions. Early results indicate that the gesture-enabled touch screens are useful for establishing an accessible environment for deliberation because subject matter experts and laypeople can interact with information with equal ease. Social process has been critical for bridging scales, managing group expectations and relationships, and addressing differences in epistemological and cultural perspectives. Recent incorporation of economic and resource valuation highlights new aspects and alternative views of tradeoffs and potential impacts.

Electronic Resource Management and Design

Science.gov (United States)

Abrams, Kimberly R.

2015-01-01

We have now reached a tipping point at which electronic resources comprise more than half of academic library budgets. Because of the increasing work associated with the ever-increasing number of e-resources, there is a trend to distribute work throughout the library even in the presence of an electronic resources department. In 2013, the author…

Valuation of Property.

Science.gov (United States)

Bodley, Joanne H.; Goodenough, Linda

This report describes property tax revenues and assessment rates for all 50 States during 1966. The following information is summarized by State and by class of property: (1) The total valuation and the taxable valuation of property subject to local general property taxation and the percent distribution of total valuation by class of property; (2)…

Over-valuation: avoid double counting when retaining dividends in the FCFE valuation

OpenAIRE

Silva, J. M.; Pereira, J. A.

2017-01-01

Valuation based on DCF (Discounted Cash Flow) has been the dominant valuation procedure during the last decades. In spite of this dominance, enterprise valuation using the discounted FCF (Free Cash Flow) model has some practical drawbacks, since there is often some confusion on how to effectively use it. Commonly, the valuation procedures start by estimating future FCF figures from historical data, such as mean FCF, growth and retention ratio, alongside many other variables. These FCF forecas...

Valuation of intangible assets

OpenAIRE

Karlíková, Jitka

2010-01-01

The thesis is focused on the valuation of intangible assets, particularly trademarks and copyrights. In the beginning it deals with the problems of valuation of intangible assets. The main part of the thesis provides an overview of methods for valuation of intangible assets. This part is followed by a practical section that illustrates the procedure of valuation of trademarks and copyrights on a concrete example.

Ecosystem service valuations of mangrove ecosystems to inform decision making and future valuation exercises.

Directory of Open Access Journals (Sweden)

Nibedita Mukherjee

Full Text Available The valuation of ecosystem services is a complex process as it includes several dimensions (ecological, socio-cultural and economic and not all of these can be quantified in monetary units. The aim of this paper is to conduct an ecosystem services valuation study for mangroves ecosystems, the results of which can be used to inform governance and management of mangroves. We used an expert-based participatory approach (the Delphi technique to identify, categorize and rank the various ecosystem services provided by mangrove ecosystems at a global scale. Subsequently we looked for evidence in the existing ecosystem services literature for monetary valuations of these ecosystem service categories throughout the biogeographic distribution of mangroves. We then compared the relative ranking of ecosystem service categories between the monetary valuations and the expert based analysis. The experts identified 16 ecosystem service categories, six of which are not adequately represented in the literature. There was no significant correlation between the expert based valuation (the Delphi technique and the economic valuation, indicating that the scope of valuation of ecosystem services needs to be broadened. Acknowledging this diversity in different valuation approaches, and developing methodological frameworks that foster the pluralism of values in ecosystem services research, are crucial for maintaining the credibility of ecosystem services valuation. To conclude, we use the findings of our dual approach to valuation to make recommendations on how to assess and manage the ecosystem services provided by mangrove ecosystems.

Ecosystem service valuations of mangrove ecosystems to inform decision making and future valuation exercises.

Science.gov (United States)

Mukherjee, Nibedita; Sutherland, William J; Dicks, Lynn; Hugé, Jean; Koedam, Nico; Dahdouh-Guebas, Farid

2014-01-01

The valuation of ecosystem services is a complex process as it includes several dimensions (ecological, socio-cultural and economic) and not all of these can be quantified in monetary units. The aim of this paper is to conduct an ecosystem services valuation study for mangroves ecosystems, the results of which can be used to inform governance and management of mangroves. We used an expert-based participatory approach (the Delphi technique) to identify, categorize and rank the various ecosystem services provided by mangrove ecosystems at a global scale. Subsequently we looked for evidence in the existing ecosystem services literature for monetary valuations of these ecosystem service categories throughout the biogeographic distribution of mangroves. We then compared the relative ranking of ecosystem service categories between the monetary valuations and the expert based analysis. The experts identified 16 ecosystem service categories, six of which are not adequately represented in the literature. There was no significant correlation between the expert based valuation (the Delphi technique) and the economic valuation, indicating that the scope of valuation of ecosystem services needs to be broadened. Acknowledging this diversity in different valuation approaches, and developing methodological frameworks that foster the pluralism of values in ecosystem services research, are crucial for maintaining the credibility of ecosystem services valuation. To conclude, we use the findings of our dual approach to valuation to make recommendations on how to assess and manage the ecosystem services provided by mangrove ecosystems.

Valuation of Electric Power System Services and Technologies

Energy Technology Data Exchange (ETDEWEB)

Kintner-Meyer, Michael C. W. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Homer, Juliet S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Balducci, Patrick J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Weimar, Mark R. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2017-08-01

Accurate valuation of existing and new technologies and grid services has been recognized to be important to stimulate investment in grid modernization. Clear, transparent, and accepted methods for estimating the total value (i.e., total benefits minus cost) of grid technologies and services are necessary for decision makers to make informed decisions. This applies to home owners interested in distributed energy technologies, as well as to service providers offering new demand response services, and utility executives evaluating best investment strategies to meet their service obligation. However, current valuation methods lack consistency, methodological rigor, and often the capabilities to identify and quantify multiple benefits of grid assets or new and innovative services. Distributed grid assets often have multiple benefits that are difficult to quantify because of the locational context in which they operate. The value is temporally, operationally, and spatially specific. It varies widely by distribution systems, transmission network topology, and the composition of the generation mix. The Electric Power Research Institute (EPRI) recently established a benefit-cost framework that proposes a process for estimating multiple benefits of distributed energy resources (DERs) and the associated cost. This document proposes an extension of this endeavor that offers a generalizable framework for valuation that quantifies the broad set of values for a wide range of technologies (including energy efficiency options, distributed resources, transmission, and generation) as well as policy options that affect all aspects of the entire generation and delivery system of the electricity infrastructure. The extension includes a comprehensive valuation framework of monetizable and non-monetizable benefits of new technologies and services beyond the traditional reliability objectives. The benefits are characterized into the following categories: sustainability, affordability, and

Consumption-based Equity Valuation

DEFF Research Database (Denmark)

Bach, Christian; Christensen, Peter O.

2016-01-01

implementations of standard valuation models, both in terms of median absolute valuation errors (MAVE) and in terms of excess returns on simple investment strategies based on the differences between model and market prices. The CCAPM-based valuation model yields a significantly lower MAVE than the best performing...... standard valuation model. Both types of models can identify investment strategies with subsequent excess returns. The CCAPM-based valuation model yields time-series of realized hedge returns with more and higher positive returns and fewer and less negative returns compared with the time-series of realized...... through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare the performance of the model with several...

Valuation of Real Options as Competitive Prototyping in System Development

Science.gov (United States)

2014-07-01

hedge technology investment risk (Benaroch, 2001), and application to design modularity (Baldwin & Clark, 2000), research and development resource...Valuation Models assume that: (a) future asset behavior and value conform to well-defined processes, (b) markets are complete and arbitrage opportunities

Industry Valuation Driven Earnings Management

NARCIS (Netherlands)

T. Jiao (Tao); G.M.H. Mertens (Gerard); P.G.J. Roosenboom (Peter)

2007-01-01

textabstractThis paper investigates whether industry valuation impacts firms’ earnings management decisions. Existing accounting literature assumes that industry valuation has a constant impact on this decision. We argue that a higher industry valuation increases the perceived benefits of earnings

Integral geometry and valuations

CERN Document Server

Solanes, Gil

2014-01-01

Valuations are finitely additive functionals on the space of convex bodies. Their study has become a central subject in convexity theory, with fundamental applications to integral geometry. In the last years there has been significant progress in the theory of valuations, which in turn has led to important achievements in integral geometry. This book originated from two courses delivered by the authors at the CRM and provides a self-contained introduction to these topics, covering most of the recent advances. The first part, by Semyon Alesker, is devoted to the theory of convex valuations, with emphasis on the latest developments. A special focus is put on the new fundamental structures of the space of valuations discovered after Alesker's irreducibility theorem. Moreover, the author describes the newly developed theory of valuations on manifolds. In the second part, Joseph H. G. Fu gives a modern introduction to integral geometry in the sense of Blaschke and Santaló, based on the notions and tools presented...

Cross currency swap valuation

OpenAIRE

Boenkost, Wolfram; Schmidt, Wolfgang M.

2004-01-01

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency into another. The market charges for this a liquidity premium, the cross currency basis spread, which should be taken into account by the valuation methodology. We describe and compare two valuation methods for cross currency swaps which are based upon using two different discounting curves. The first method is very popular in practice but inconsistent with single currency swap valuation methods....

The valuation of environmental goods in Norway: A contingent valuation study with multiple bias testing

Energy Technology Data Exchange (ETDEWEB)

Strand, J.; Taraldset, A.

1991-12-31

We report on a study of contingent valuation of reduction in air pollution, and of a broader set of six environmental issues, among a population sample in Oslo. We derive an estimate of the extent of upward bias due to ``mental accouting`` in the expressed valuation of the air pollution issue, in two steps: (1) by comparing valuation of air pollution alone, with the same when the other issues at the same time are to be dealt with; and (2) by deriving the implicit valuation of the air pollution issue from the ranking of issues, and total valuation of all six issues. We find that expressed valuation of air pollution reductions are 3-4 times as high as the ``true`` values, and argue that this discrepancy is mainly due to mental account biases. We also test for strategic, starting point, information and interviewer biases, which are all present and, with the exception of the information bias, all in the expected directions. 9 refs., 4 tabs.

Valuation relationships under growth

OpenAIRE

Benavides Franco, Julián

2003-01-01

One of the most important topics on valuation is the appropriate relationships between cash flows and rate of returns. I review those relationships under the premise, by Myers (1974), of the cost of debt as the right discount for the tax shield. Different hypotheses have been advanced for the tax shield risk, each one producing different valuation results, especially when growth is present. The consequences of some common mistakes on valuation are explored. One difference between the results ...

Electronic Resource Management Systems

Directory of Open Access Journals (Sweden)

Mark Ellingsen

2004-10-01

Full Text Available Computer applications which deal with electronic resource management (ERM are quite a recent development. They have grown out of the need to manage the burgeoning number of electronic resources particularly electronic journals. Typically, in the early years of e-journal acquisition, library staff provided an easy means of accessing these journals by providing an alphabetical list on a web page. Some went as far as categorising the e-journals by subject and then grouping the journals either on a single web page or by using multiple pages. It didn't take long before it was recognised that it would be more efficient to dynamically generate the pages from a database rather than to continually edit the pages manually. Of course, once the descriptive metadata for an electronic journal was held within a database the next logical step was to provide administrative forms whereby that metadata could be manipulated. This in turn led to demands for incorporating more information and more functionality into the developing application.

The Organizational Valuation of Valuation Devices: Putting Lean whiteboard management to work in a hospital department

Directory of Open Access Journals (Sweden)

Amalie Martinus Hauge

2016-12-01

Full Text Available This paper is about the interplay between multiple modes of valuation. The paper engages with the question of how a valuation device intersects with the working values of an organization. While the many studies of valuation practices have drawn attention to the pervasive effects of valuation devices, only a few studies have taken into account the fact that many spaces, including organizations, are already filled with practices and ideas that constitute what is valuable. Revisiting classical organization theory, this paper shows that organizations comprise multiple, more - or less - integrated modes of valuation. Empirically, the paper draws on an ethnographic study of Lean management at a children's hospital, which is presented through analytical snapshots. The paper suggests that an organizational turn is relevant for valuation studies, as this fi rst allows an analytical expansion to include less 'deviced' valuations, contributes to the ongoing culture vs. device debate offering an alternative to the causal analysis of devices and effects without making the 'ineffable culture' what makes or breaks the causality.

Use of Multicriteria Valuation of Spatial Units in a System of Mass Real Estate Valuation

Directory of Open Access Journals (Sweden)

Miroslav Kuburić

2012-05-01

Full Text Available A model of mass valuation at the national level must be functional, practically applicable, consistent and adaptable to actual conditions and real estate market trends. A consideration of the influence of location on real estate value in a spatial unit, and a description of spatial units with a sufficient number of attributes to determine a connection between the value of these attributes and the average price of real estate in a spatial unit, are important tasks in modelling a system of mass real estate valuation. This paper, based on a test implementation of mass real estate valuation for an area covering a number of municipalities in the Republic of Serbia, offers conclusions on the suitability of the use of a mass valuation method grounded in the principles of logical aggregation and case based reasoning. The values of location characteristics, or factors of spatial unit valuation, were determined in spatial analyses employing GIS, according to an established system of multicriteria valuation. This approach ensures that a model-defined value is not stored as offline data, but that each time such data is needed, it can be determined following the proposed methodology, based on actual, updated data from the databases of official spatial data registries. Prior to this, it is necessary to meet all the required prerequisites, which include the distributed databases of official real estate data registries and other factors needed in the mass valuation procedure. Keywords: real estate valuation; spatial units; multicriteria analysis

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

OpenAIRE

HOLT GHEORGHE

2015-01-01

Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow). Valuation of Intangible Assets is the objective of the International Valuation Standards (GN) 4 Valuation of Intangible A...

VALUATION METHODS- LITERATURE REVIEW

OpenAIRE

Dorisz Talas

2015-01-01

This paper is a theoretical overview of the often used valuation methods with the help of which the value of a firm or its equity is calculated. Many experts (including Aswath Damodaran, Guochang Zhang and CA Hozefa Natalwala) classify the methods. The basic models are based on discounted cash flows. The main method uses the free cash flow for valuation, but there are some newer methods that reveal and correct the weaknesses of the traditional models. The valuation of flexibility of managemen...

Electronic Resources Management Project Presentation 2012

KAUST Repository

Ramli, Rindra M.

2012-11-05

This presentation describes the electronic resources management project undertaken by the KAUST library. The objectives of this project is to migrate information from MS Sharepoint to Millennium ERM module. One of the advantages of this migration is to consolidate all electronic resources into a single and centralized location. This would allow for better information sharing among library staff.

The valuation of environmental goods in Norway: A contingent valuation study with multiple bias testing

Energy Technology Data Exchange (ETDEWEB)

Strand, J.; Taraldset, A.

1991-01-01

We report on a study of contingent valuation of reduction in air pollution, and of a broader set of six environmental issues, among a population sample in Oslo. We derive an estimate of the extent of upward bias due to mental accouting'' in the expressed valuation of the air pollution issue, in two steps: (1) by comparing valuation of air pollution alone, with the same when the other issues at the same time are to be dealt with; and (2) by deriving the implicit valuation of the air pollution issue from the ranking of issues, and total valuation of all six issues. We find that expressed valuation of air pollution reductions are 3-4 times as high as the true'' values, and argue that this discrepancy is mainly due to mental account biases. We also test for strategic, starting point, information and interviewer biases, which are all present and, with the exception of the information bias, all in the expected directions. 9 refs., 4 tabs.

South African mine valuation

Energy Technology Data Exchange (ETDEWEB)

Storrar, C D

1977-01-01

This article sets out the basic concepts of mine valuation, with gold mining receiving more space than base minerals and coal. Sampling practice is given special attention. Chapter headings are methods of investigation, sampling, underground sampling, averaging of underground sampling, diamond-drill sampling, mass and mineral content of ore, organization of a sample office, working costs, mining pay limits, ore reserves, ore accounting, maintenance of grade, forecasting operations and life of mine, statistical mine valuation, state's share of profits and taxation, and financial valuation of mining ventures.

Rational valuations

Directory of Open Access Journals (Sweden)

Georg Spielthenner

2007-01-01

Full Text Available Valuations are ubiquitous. We may be for or against genetically modified food; we find some politicians irresponsible; we prefer Beethoven to rock ‘n’ roll or vice versa; some enjoy bird-watching while others find it boring; and we may think that we have to tighten up on green-house gas emissions. Valuing is pervasive and often we are not even aware that we are valuing. However, many of ourvaluations are ill grounded and rationally defective. They are frequently based on misinformation, sloppy thinking, prejudice, and are biased in many ways as psychological research shows. For this reason there is widespread agreement among phi-losophers that we need an account of substantive valuational rationality, both for the theory of practical reasoning and for ethics as well. My main objectin this paper is to outline such an account and to present a principle that allows a non-technical rational criticism of valuations

PRINCIPLES OF CONTENT FORMATION EDUCATIONAL ELECTRONIC RESOURCE

Directory of Open Access Journals (Sweden)

О Ю Заславская

2017-12-01

Full Text Available The article considers modern possibilities of information and communication technologies for the design of electronic educational resources. The conceptual basis of the open educational multimedia system is based on the modular architecture of the electronic educational resource. The content of the electronic training module can be implemented in several versions of the modules: obtaining information, practical exercises, control. The regularities in the teaching process in modern pedagogical theory are considered: general and specific, and the principles for the formation of the content of instruction at different levels are defined, based on the formulated regularities. On the basis of the analysis, the principles of the formation of the electronic educational resource are determined, taking into account the general and didactic patterns of teaching.As principles of the formation of educational material for obtaining information for the electronic educational resource, the article considers: the principle of methodological orientation, the principle of general scientific orientation, the principle of systemic nature, the principle of fundamentalization, the principle of accounting intersubject communications, the principle of minimization. The principles of the formation of the electronic training module of practical studies in the article include: the principle of systematic and dose based consistency, the principle of rational use of study time, the principle of accessibility. The principles of the formation of the module for monitoring the electronic educational resource can be: the principle of the operationalization of goals, the principle of unified identification diagnosis.

Implementing CORAL: An Electronic Resource Management System

Science.gov (United States)

Whitfield, Sharon

2011-01-01

A 2010 electronic resource management survey conducted by Maria Collins of North Carolina State University and Jill E. Grogg of University of Alabama Libraries found that the top six electronic resources management priorities included workflow management, communications management, license management, statistics management, administrative…

What's it worth? A general manager's guide to valuation.

Science.gov (United States)

Luehrman, T A

1997-01-01

Behind every major resource-allocation decision a company makes lies some calculation of what that move is worth. So it is not surprising that valuation is the financial analytical skill general managers want to learn more than any other. Managers whose formal training is more than a few years old, however, are likely to have learned approaches that are becoming obsolete. What do generalists need in an updated valuation tool kit? In the 1970s, discounted-cash-flow analysis (DCF) emerged as best practice for valuing corporate assets. And one version of DCF-using the weighted-average cost of capital (WACC)-became the standard. Over the years, WACC has been used by most companies as a one-size-fits-all valuation tool. Today the WACC standard is insufficient. Improvements in computers and new theoretical insights have given rise to tools that outperform WACC in the three basic types of valuation problems managers face. Timothy Luehrman presents an overview of the three tools, explaining how they work and when to use them. For valuing operations, the DCF methodology of adjusted present value allows managers to break a problem into pieces that make managerial sense. For valuing opportunities, option pricing captures the contingent nature of investments in areas such as R&D and marketing. And for valuing ownership claims, the tool of equity cash flows helps managers value their company's stake in a joint venture, a strategic alliance, or an investment that uses project financing.

Equity Valuation

DEFF Research Database (Denmark)

Christensen, Peter Ove; Feltham, Gerald A.

-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

Valuation methods within the framework of life cycle assessment

Energy Technology Data Exchange (ETDEWEB)

Finnveden, G.

1996-05-01

Life Cycle Assessment Valuation methods are discussed. Different approaches for valuation are discussed as well as presently available valuation methods in relation to: * the values involved in the valuation, * the LCA framework, and * different applications of LCA. Among the conclusions are: * ethical and ideological valuations are involved not only when applying valuation weighting factors, but also when choosing valuation method and also when choosing whether to perform a valuation weighting or not, * it can be questioned whether straight distance-to-target methods are valuation methods, * it is still an open question whether presently available valuation methods produce meaningful and reliable information, * further development of quantitative valuation methods could concentrate both on different types of monetarisation methods and panel methods, * in many applications of LCA, the expected result is an identification of critical areas rather than a one-dimensional score, reducing the need for valuation methods. 88 refs, 3 figs, 4 tabs

NV energy electricity storage valuation :

Energy Technology Data Exchange (ETDEWEB)

Ellison, James F.; Bhatnagar, Dhruv; Samaan, Nader; Jin, Chunlian

2013-06-01

This study examines how grid-level electricity storage may benefit the operations of NV Energy, and assesses whether those benefits are likely to justify the cost of the storage system. To determine the impact of grid-level storage, an hourly production cost model of the Nevada Balancing Authority ("BA") as projected for 2020 was created. Storage was found to add value primarily through the provision of regulating reserve. Certain storage resources were found likely to be cost-effective even without considering their capacity value, as long as their effectiveness in providing regulating reserve was taken into account. Giving fast resources credit for their ability to provide regulating reserve is reasonable, given the adoption of FERC Order 755 ("Pay-for-performance"). Using a traditional five-minute test to determine how much a resource can contribute to regulating reserve does not adequately value fast-ramping resources, as the regulating reserve these resources can provide is constrained by their installed capacity. While an approximation was made to consider the additional value provided by a fast-ramping resource, a more precise valuation requires an alternate regulating reserve methodology. Developing and modeling a new regulating reserve methodology for NV Energy was beyond the scope of this study, as was assessing the incremental value of distributed storage.

Managing electronic resources a LITA guide

CERN Document Server

Weir, Ryan O

2012-01-01

Informative, useful, current, Managing Electronic Resources: A LITA Guide shows how to successfully manage time, resources, and relationships with vendors and staff to ensure personal, professional, and institutional success.

Time-consistent actuarial valuations

NARCIS (Netherlands)

Pelsser, A.A.J.; Salahnejhad Ghalehjooghi, A.

2016-01-01

Time-consistent valuations (i.e. pricing operators) can be created by backward iteration of one-period valuations. In this paper we investigate the continuous-time limits of well-known actuarial premium principles when such backward iteration procedures are applied. This method is applied to an

Valuation of international oil- and gas companies

International Nuclear Information System (INIS)

Osmundsen, Petter; Mohn, Klaus; Espedal, Harald; Loevaas, Kjell

2002-01-01

In Norway, stock exchange quotation of Statoil has led to increased interest in valuation of oil companies. This article goes through the theory of corporate valuation. Then it compares the theory with practice, where valuation largely is built on accounts-based indicators. Taking the oil companies as a case, the article describes and evaluates the valuation methods used by analysts and investment banks

Three residual income valuation methods and discounted cash flow valuation

OpenAIRE

Fernandez, Pablo

2003-01-01

In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

FINANCIAL STATEMENTS ANALYSIS AND FIRMS’ VALUATION IN VIETNAM

OpenAIRE

Kim, Trang Thu

2009-01-01

Valuation is the central focus in fundamental analysis. This dissertation considers the usefulness of financial statements in predicting market values of companies in Vietnam stock market by adopting the valuation model constructed by Chung et al., (2001). The overview of Vietnam stock market; some definitions about financial statements, valuation; description of several basis valuation models and empirical evidence including the description of valuation model developed by Chung et al., (2001...

Pension plan asset valuation

OpenAIRE

Owadally, M. I; Haberman, S.

2001-01-01

Various asset valuation methods are used in the context of funding valuations. The motivation for such methods and their properties are briefly described. Some smoothed value or market-related methods based on arithmetic averaging and exponential smoothing are considered and their effect on funding is discussed. Suggestions for further research are also made.

The valuative tree

CERN Document Server

Favre, Charles

2004-01-01

This volume is devoted to a beautiful object, called the valuative tree and designed as a powerful tool for the study of singularities in two complex dimensions. Its intricate yet manageable structure can be analyzed by both algebraic and geometric means. Many types of singularities, including those of curves, ideals, and plurisubharmonic functions, can be encoded in terms of positive measures on the valuative tree. The construction of these measures uses a natural tree Laplace operator of independent interest.

Market-consistent actuarial valuation

CERN Document Server

Wüthrich, Mario V

2016-01-01

This is the third edition of this well-received textbook, presenting powerful methods for measuring insurance liabilities and assets in a consistent way, with detailed mathematical frameworks that lead to market-consistent values for liabilities. Topics covered are stochastic discounting with deflators, valuation portfolio in life and non-life insurance, probability distortions, asset and liability management, financial risks, insurance technical risks, and solvency. Including updates on recent developments and regulatory changes under Solvency II, this new edition of Market-Consistent Actuarial Valuation also elaborates on different risk measures, providing a revised definition of solvency based on industry practice, and presents an adapted valuation framework which takes a dynamic view of non-life insurance reserving risk.

THEORETICAL ASPECTS REGARDING THE VALUATION OF INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

HOLT GHEORGHE

2015-03-01

Full Text Available Valuation of intangible assets represents one of the most delicate problems of assessing a company. Usually, valuation of intangible assets is in the process of evaluating enterprise as a whole. Therefore, Intangible Asset Valuers must have detailed knowledge on business valuation, in particular, the income-based valuation methods (capitalization / updating net cash flow. Valuation of Intangible Assets is the objective of the International Valuation Standards (GN 4 Valuation of Intangible Assets (revised 2010. Next to it was recently proposed GN 16 Valuation of Intangible Assets for IFRS reporting. International Accounting Standard (IAS 38 Intangible Assets prescribe the accounting treatment for intangible assets, analyze the criteria that an intangible asset must meet to be recognized, specific carrying amount of intangible assets and sets out requirements for disclosure of intangible assets. From an accounting perspective, relevant professional accounting standards and the following: IFRS 3 Business Combinations, IAS 36 Impairment of Assets and SFAS 157 fair value measurement, developed by the FASB. There is a more pronounced near the provisions of IAS 38 contained in GN 4. Therefore, a good professional intangible asset valuation must know thoroughly the conditions, principles, criteria and assessment methods recognized by those standards

Cost approach of health care entity intangible asset valuation.

Science.gov (United States)

Reilly, Robert F

2012-01-01

In the valuation synthesis and conclusion process, the analyst should consider the following question: Does the selected valuation approach(es) and method(s) accomplish the analyst's assignment? Also, does the selected valuation approach and method actually quantify the desired objective of the intangible asset analysis? The analyst should also consider if the selected valuation approach and method analyzes the appropriate bundle of legal rights. The analyst should consider if there were sufficient empirical data available to perform the selected valuation approach and method. The valuation synthesis should consider if there were sufficient data available to make the analyst comfortable with the value conclusion. The valuation analyst should consider if the selected approach and method will be understandable to the intended audience. In the valuation synthesis and conclusion, the analyst should also consider which approaches and methods deserve the greatest consideration with respect to the intangible asset's RUL. The intangible asset RUL is a consideration of each valuation approach. In the income approach, the RUL may affect the projection period for the intangible asset income subject to either yield capitalization or direct capitalization. In the cost approach, the RUL may affect the total amount of obsolescence, if any, from the estimate cost measure (that is, the intangible reproduction cost new or replacement cost new). In the market approach, the RUL may effect the selection, rejection, and/or adjustment of the comparable or guideline intangible asset sale and license transactional data. The experienced valuation analyst will use professional judgment to weight the various value indications to conclude a final intangible asset value, based on: The analyst's confidence in the quantity and quality of available data; The analyst's level of due diligence performed on that data; The relevance of the valuation method to the intangible asset life cycle stage and

Environmental valuation - to use or not to use? A comparative study of the United States and Europe

International Nuclear Information System (INIS)

Navrud, S.; Pruckner, G.J.

1997-01-01

Valuation methods have been used for five main purposes in environmental decision- making. Cost-benefit analysis (CBA) of projects, CBA of new regulations, natural resource damage assessment, environmental costing, and environmental accounting. The relatively lower importance attached to economic efficiency in environmental decision-making in most European countries compared to the U.S.A., both legally and in practice, might account for our general finding that there are very few valuation studies in Europe which have served as a decisive basis for environmental policy and regulations. However, with EU's goal to establish environmentally adjusted national accounts and to apply CBA to environmental policy and regulations, time seems ripe for an increased use of valuation techniques in Europe. 66 refs

Project valuation and investment decisions: CAPM versus arbitrage

OpenAIRE

Magni, Carlo Alberto

2007-01-01

This paper shows that (i) project valuation via disequilibrium NPV+CAPM contradicts valuation via arbitrage pricing, (ii) standard CAPM-minded decision makers may fail to profit from arbitrage opportunities, (iii) standard CAPM-based valuation violates value additivity. As a consequence, the standard use of CAPM for project valuation and decision making should be reconsidered.

Valuation of nature in conservation and restoration

NARCIS (Netherlands)

Swart, JAA; van der Windt, HJ; Keulartz, J

Valuation of nature is an important aspect of nature conservation and restoration. Understanding valuation in a broad sense may contribute to conservation strategies since it may lead to better support from society. In this article we propose a model of valuation with respect to conservation and

Valuation of Nature in Conservation and Restoration

NARCIS (Netherlands)

Keulartz, F.W.J.; Swart, S.; Windt, v.d. H.

2001-01-01

Valuation of nature is an important aspect of nature conservation and restoration. Understanding valuation in a broad sense may contribute to conservation strategies since it may lead to better support from society. In this article we propose a model of valuation with respect to conservation and

Prime divisors and noncommutative valuation theory

CERN Document Server

Marubayashi, Hidetoshi

2012-01-01

Classical valuation theory has applications in number theory and class field theory as well as in algebraic geometry, e.g. in a divisor theory for curves.  But the noncommutative equivalent is mainly applied to finite dimensional skewfields.  Recently however, new types of algebras have become popular in modern algebra; Weyl algebras, deformed and quantized algebras, quantum groups and Hopf algebras, etc. The advantage of valuation theory in the commutative case is that it allows effective calculations, bringing the arithmetical properties of the ground field into the picture.  This arithmetical nature is also present in the theory of maximal orders in central simple algebras.  Firstly, we aim at uniting maximal orders, valuation rings, Dubrovin valuations, etc. in a common theory, the theory of primes of algebras.  Secondly, we establish possible applications of the noncommutative arithmetics to interesting classes of algebras, including the extension of central valuations to nice classes of quantized a...

Institutionalizing environmental valuation into policy

NARCIS (Netherlands)

Phelps, Jacob; Dermawan, Ahmad; Garmendia, Eneko

2017-01-01

Monetary valuation of the environment is increasingly embedded in policy. Despite broad claims that valuation is policy-relevant, there is widespread frustration that it has not widely improved environmental outcomes, that it obscures many other types of values, and presents unintended consequences.

Economic valuation of environmental benefits from wastewater treatment processes: an empirical approach for Spain.

Science.gov (United States)

Hernández-Sancho, Francesc; Molinos-Senante, María; Sala-Garrido, Ramón

2010-01-15

Economic research into the design and implementation of policies for the efficient management of water resources has been emphasized by the European Water Framework Directive (Directive 2000/60/EC). The efficient implementation of policies to prevent the degradation and depletion of water resources requires determining their value in social and economic terms and incorporating this information into the decision-making process. A process of wastewater treatment has many associated environmental benefits. However, these benefits are often not calculated because they are not set by the market, due to inadequate property rights, the presence of externalities, and the lack of perfect information. Nevertheless, the valuation of these benefits is necessary to justify a suitable investment policy and a limited number of studies exist on the subject of the economic valuation of environmental benefits. In this paper, we propose a methodology based on the estimation of shadow prices for the pollutants removed in a treatment process. This value represents the environmental benefit (avoided cost) associated with undischarged pollution. This is a pioneering approach to the economic valuation of wastewater treatment. The comparison of these benefits with the internal costs of the treatment process will provide a useful indicator for the feasibility of wastewater treatment projects. Copyright 2009 Elsevier B.V. All rights reserved.

12 CFR 950.10 - Collateral valuation; appraisals.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Collateral valuation; appraisals. 950.10...-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.10 Collateral valuation; appraisals. (a) Collateral valuation. Each Bank shall determine the value of collateral securing the Bank's advances in accordance with...

26 CFR 20.2032-1 - Alternate valuation.

Science.gov (United States)

2010-04-01

... alternate valuation method under section 2032, the property included in the decedent's gross estate on the..., the alternate valuation method applies to all property included in the gross estate and cannot be... elects the alternate valuation method under section 2432, all property interests existing at the date of...

Évaluation institutionnelle : Cadre pour le renforcement des ...

International Development Research Centre (IDRC) Digital Library (Canada)

Les applications possibles vont de l'auto-évaluation interne à l'auto-évaluation externe par un organisme de financement et de l'évaluation exhaustive du fonctionnement d'une institution au relevé d'impressions-clés à l'occasion de visites brèves. Évaluation institutionnelle s'adresse notamment à une institution récente ou ...

Reasons to value the health care intangible asset valuation.

Science.gov (United States)

Reilly, Robert F

2012-01-01

There are numerous individual reasons to conduct a health care intangible asset valuation. This discussion summarized many of these reasons and considered the common categories of these individual reasons. Understanding the reason for the intangible asset analysis is an important prerequisite to conducting the valuation, both for the analyst and the health care owner/operator. This is because an intangible asset valuation may not be the type of analysis that the owner/operator really needs. Rather, the owner/operator may really need an economic damages measurement, a license royalty rate analysis, an intercompany transfer price study, a commercialization potential evaluation, or some other type of intangible asset analysis. In addition, a clear definition of the reason for the valuation will allow the analyst to understand if (1) any specific analytical guidelines, procedures, or regulations apply and (2) any specific reporting requirement applies. For example, intangible asset valuations prepared for fair value accounting purposes should meet specific ASC 820 fair value accounting guidance. Intangible asset valuations performed for intercompany transfer price tax purposes should comply with the guidance provided in the Section 482 regulations. Likewise, intangible asset valuations prepared for Section 170 charitable contribution purposes should comply with specific reporting requirements. The individual reasons for the health care intangible asset valuation may influence the standard of value applied, the valuation date selected, the valuation approaches and methods applied, the form and format of valuation report prepared, and even the type of professional employed to perform the valuation.

Valuation in the Public Sector. Reference Factor in a Credible and Fair Administration

Directory of Open Access Journals (Sweden)

Adela DEACONU

2014-11-01

Full Text Available Public administration reform aims at the transformation of public institutions in business entities in which the principles that govern them are very close to the ones from the sphere of pri- vate entities. Public valuation is an accepted and implemented concept in public administration as a condition for ensuring complete, accurate and transparent images of available resources and their use. The present research determines through an empirical approach the regulation convergence of valuation in the public sector and presents its determinant factors and effects. The referentials subject to comparative analysis are International Valuation Standards (IVS, the last two editions, and International Public Sector Ac- counting Standards (IPSAS.The findings highlight the achievement of the objective of accounting and valuation stan- dard setters, IPSASB and IVSC, with regard to the convergence of valuation concepts and tools, in its last edition from 2011; however, the findings indicate certain differences regarding the guidance extent and the reference to mar- kets and atypical cases triggered by the global economic crisis. Our research has further found that the public accounting referential is closer to IVS 2011 than to IVS 2007 in what concerns disclosure requirements. This is in favor of the requirements imposed by the current economic environment regarding financial reporting, name- ly to provide more detail on the process of value estimation, the hypotheses and predictions used in this respect, and the risk of change of the es- timated value. 

26 CFR 26.2642-2 - Valuation.

Science.gov (United States)

2010-04-01

... reflects net appreciation and depreciation (occurring between the valuation date and the date of... on a basis that fairly reflects net appreciation and depreciation (occurring between the valuation...

Gender Analysis Of Electronic Information Resource Use: The Case ...

African Journals Online (AJOL)

Based on the findings the study concluded that access and use of electronic information resources creates a “social digital divide” along gender lines. The study ... Finally, the library needs to change its marketing strategies on the availability of electronic information resources to increase awareness of these resources.

Economic Valuation of Sand and Gravel in Davao del Norte, Philippines

OpenAIRE

Tamayo, Adrian; Tagalo, Romulo

2016-01-01

The study aims to quantify the economic value of the sand and gravel which is deemed as a non-renewable resource. A survey was conducted to extract the consumer surplus of the households, also construct the demand equation for the resource. With the demand equation for sand and gravel at , the consumer surplus was estimated at P8271. Using the economic valuation technique, the economic value of sand and gravel was estimated at P729,568,368. Thus, a very high value imputed on the environmenta...

Users satisfaction with electronic information resources and services ...

African Journals Online (AJOL)

This study investigated users satisfaction on the use of electronic information resources and services in MTN Net libraries in ABU & UNIBEN. Two objectives and one null hypotheses were formulated and tested with respect to the users' satisfaction on electronic information resources and services in MTN Net libraries in ...

Valuation Studies 4(1) 2016

DEFF Research Database (Denmark)

2016-01-01

This issue of Valuation Studies presents an anthropological take on 'alternative valuations'. The three articles in this issue stem from a workshop held in August 2012 at James Cook University in Cairns, Australia. The workshop was organized by the guest editors of this issue along with Bruce...

Arbitrage-free valuation of energy derivatives

International Nuclear Information System (INIS)

Amin, K.; Ng, V.; Pirrong, C.

1999-01-01

This chapter focuses on techniques available for valuing energy-contingent claims and develops an arbitrage-free framework to value energy derivatives. The relationship between the spot, forward and futures prices is explained. Option valuation with deterministic convenience yields is discussed using an extension of the Black (1976) framework, and details of the risk-neutral valuation of European options, and valuation of American and European-style options are given. Option valuations with stochastic convenience yields, the evolution of the term structure of convenience yield, and a tree approach to valuing American and other options are discussed. Applications and limitations of the models for pricing energy derivative products are considered. The stochastic differential equation for the futures prices when the convenience yields are stochastic is presented in an appendix

30 CFR 210.154 - What documents or other information must I submit for Federal oil valuation purposes?

Science.gov (United States)

2010-07-01

... express mail addressed to Minerals Management Service, P.O. Box 25165, MS 392B2, Denver, Colorado 80217... 30 Mineral Resources 2 2010-07-01 2010-07-01 false What documents or other information must I submit for Federal oil valuation purposes? 210.154 Section 210.154 Mineral Resources MINERALS MANAGEMENT...

Method of Banks Valuation

OpenAIRE

Eva Horvátová

2010-01-01

Since there is not a special common framework for valuation banks and it gives possibilities to create establishment, improvement and adaptation of various approaches to measuring the value of banks and financial institutions. Most approaches banks valuation note the strong dependence of financial institutions value from market interest rates (Mishkin, F., Miller, WD, Copeland, T., Koller, T., Damodaran, A., and others). Each approache reflects greater or lesser degree of accuracy depending o...

Comparing 15D Valuation Studies in Norway and Finland-Challenges When Combining Information from Several Valuation Tasks.

Science.gov (United States)

Michel, Yvonne Anne; Augestad, Liv Ariane; Rand, Kim

2018-04-01

The 15D is a generic preference-based health-related quality-of-life instrument developed in Finland. Values for the 15D instrument are estimated by combining responses to three distinct valuation tasks. The impact of how these tasks are combined is relatively unexplored. To compare 15D valuation studies conducted in Norway and Finland in terms of scores assigned in the valuation tasks and resulting value algorithms, and to discuss the contributions of each task and the algorithm estimation procedure to observed differences. Norwegian and Finnish scores from the three valuation tasks were compared using independent samples t tests and Lin concordance correlation coefficients. Covariance between tasks was assessed using Pearson product-moment correlations. Norwegian and Finnish value algorithms were compared using concordance correlation coefficients, total ranges, and ranges for individual dimensions. Observed differences were assessed using minimal important difference. Mean scores in the main valuation task were strikingly similar between the two countries, whereas the final value algorithms were less similar. The largest differences between Norway and Finland were observed for depression, vision, and mental function. 15D algorithms are a product of combining scores from three valuation tasks by use of methods involving multiplication. This procedure used to combine scores from the three tasks by multiplication serves to amplify variance from each task. From relatively similar responses in Norway and Finland, diverging value algorithms are created. We propose to simplify the 15D algorithm estimation procedure by using only one of the valuation tasks. Copyright © 2018 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

Prospect theory in the valuation of health.

Science.gov (United States)

Moffett, Maurice L; Suarez-Almazor, Maria E

2005-08-01

Prospect theory is the prominent nonexpected utility theory in the estimation of health state preference scores for quality-adjusted life year calculation. Until recently, the theory was not considered to be developed to the point of implementation in economic analysis. This review focuses on the research and evidence that tests the implementation of prospect theory into health state valuation. The typical application of expected utility theory assumes that a decision maker has stable preferences under conditions of risk and uncertainty. Under prospect theory, preferences are dependent on whether the decision maker regards the outcome of a choice as a gain or loss, relative to a reference point. The conceptual preference for standard gamble utilities in the valuation of health states has led to the development of elicitation techniques. Empirical evidence using these techniques indicates that when individual preferences are elicited, a prospect theory consistent framework appears to be necessary for adequate representation of individual health utilities. The relevance of prospect theory to policy making and resource allocation remains to be established. Societal preferences may not need the same attitudes towards risks as individual preferences, and may remain largely risk neutral.

26 CFR 20.7520-2 - Valuation of charitable interests.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of charitable interests. 20.7520-2... Valuations § 20.7520-2 Valuation of charitable interests. (a) In general—(1) Valuation. Except as otherwise... such interests determined under § 20.7520-1. (2) Prior-month election rule. If any part of the property...

26 CFR 20.2031-9 - Valuation of other property.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of other property. 20.2031-9 Section... Valuation of other property. The valuation of any property not specifically described in §§ 20.2031-2 to 20... future interest in property not subject to valuation in accordance with the actuarial principles set...

Carbon Sequestration in Forest Valuation

Directory of Open Access Journals (Sweden)

Kazak Jan

2016-03-01

Full Text Available 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.

Organizational matters of competition in electronic educational resources

Directory of Open Access Journals (Sweden)

Ирина Карловна Войтович

2015-12-01

Full Text Available The article examines the experience of the Udmurt State University in conducting competitions of educational publications and electronic resources. The purpose of such competitions is to provide methodological support to educational process. The main focus is on competition of electronic educational resources. The technology of such contests is discussed through detailed analysis of the main stages of the contest. It is noted that the main task of the preparatory stage of the competition is related to the development of regulations on competition and the definition of criteria for selection of the submitted works. The paper also proposes a system of evaluation criteria of electronic educational resources developed by members of the contest organizing committee and jury members. The article emphasizes the importance of not only the preparatory stages of the competition, but also measures for its completion, aimed at training teachers create quality e-learning resources.

10 myths of healthcare business valuation.

Science.gov (United States)

Robeson, J David; Kaplan, Karin Chernoff

2008-10-01

*Acceptance of common myths regarding business valuations can undermine a hospital's efforts to successfully negotiate deals with physicians. *Hospitals need to clearly understand the nature of fair market value (FMV), the use of multiples, the "guideline company technique," whether the FMV can be based on acute care revenue stream, the physician compensation model used in the valuation, and the applicability of the physician's historical production level. *Other matters that warrant careful consideration include whether to tax effect, whether to pay for goodwill, and whether obsolescence can be accounted for in the valuation.

CHALLENGES OF ELECTRONIC INFORMATION RESOURCES IN ...

African Journals Online (AJOL)

This paper discusses the role of policy for proper and efficient library services in the electronic era. It points out some of the possible dangers of embarking in electronic resources without a proper focus at hand. Thus, it calls for today's librarians and policy makers to brainstorm and come up with working policies suitable to ...

Valuation of common and preferred stocks

Directory of Open Access Journals (Sweden)

Nikolić Ljubica

2014-01-01

Full Text Available Buying stocks is a modern way of investing. The investors may place the available capital on the domestic and foreign stock market, they may buy more stocks of a single issuer or distribute money to purchase stocks of various public (stock-exchange companies, and they may form a portfolio of various securities. The investors' decisions on these options are based on their estimate on returns and risks underlying individual security instruments (securities. The two basic approaches to valuation of common stocks are: the Present Value Approach (method of valuating the capitalization of income and the P/E Ratio Approach (the method of valuating the multiple of per-share earnings. Instead of viewing these methods as competing alternatives, they should better be viewed as mutually complementary methods. Both methods are equally useful and their concurrent use may provide better grounds for the analysts' valuation of stocks.

Valuation and creative accounting

Directory of Open Access Journals (Sweden)

Maria Madalina VOINEA

2014-06-01

Full Text Available This paper deals with the economic and financial valuation, that is the only type of valuation, based on a diagnosis and expertise, which has as objective to establish the market value of elements, whether goods or businesses, being a "orientation tool" for the economic operators on the market. There are specific means to measure value but there are also some mechanisms that can influence the value obtained, from the category of creative accounting. Creative accounting occurs due to human intervention and even the most advanced accounting systems are not able to do this due to the lack of reasoning. There must be also assumed that it is possible that these creative accounting techniques may be caused by a simple mistake and not necessarily with the intention of manipulating the financial results and reports. The aim of the paper is to see how specific element valuation can influence the general one, namely the value of a company.

Equity Valuation

DEFF Research Database (Denmark)

Christensen, Peter Ove; Feltham, Gerald A.

, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

The contingent valuation method: a review

International Nuclear Information System (INIS)

Venkatachalam, L.

2004-01-01

The contingent valuation method (CVM) is a simple, flexible nonmarket valuation method that is widely used in cost-benefit analysis and environmental impact assessment. However, this method is subject to severe criticism. The criticism revolves mainly around two aspects, namely, the validity and the reliability of the results, and the effects of various biases and errors. The major objective of this paper is to review the recent developments on measures to address the validity and reliability issues arising out of different kinds of biases/errors and other related empirical and methodological issues concerning contingent valuation method

Use of Electronic Resources in a Private University in Nigeria ...

African Journals Online (AJOL)

The study examined awareness and constraints in the use of electronic resources by lecturers and students of Ajayi Crowther University, Oyo, Nigeria. It aimed at justifying the resources expended in the provision of electronic resources in terms of awareness, patronage and factors that may be affecting awareness and use ...

Electronic Resources Management System: Recommendation Report 2017

KAUST Repository

Ramli, Rindra M.

2017-05-01

This recommendation report provides an overview of the selection process for the new Electronic Resources Management System. The library has decided to move away from Innovative Interfaces Millennium ERM module. The library reviewed 3 system as potential replacements namely: Proquest 360 Resource Manager, Ex Libris Alma and Open Source CORAL ERMS. After comparing and trialling the systems, it was decided to go for Proquest 360 Resource Manager.

Stated Preference Methods for Valuation of Forest Attributes

Science.gov (United States)

Thomas P. Holmes; Kevin J. Boyle

2003-01-01

The valuation methods described in this chapter are based on the idea that forest ecosystems produce a wide variety of goods and services that are valued by people. Rather than focusing attention on the holistic value of forest ecosystems as is done in contingent valuation studies, attribute-based valuation methods (ABMs) focus attention on a set of attributes that...

COMPARATIVE ANALYSIS OF TAX OBJECT SALES VALUE ON LAND AND BUILDINGS WITH INDONESIAN VALUATION STANDARD (SIP-BASED VALUATION IN MALANG CITY

Directory of Open Access Journals (Sweden)

Gani I.F.

2017-08-01

Full Text Available This research aimed to explore how the valuation/appraisal in determining land and building values at Tax Object Sales Value on Land and Buildings (NJOP PBB in Malang City and to analyze the comparison between the valuation of Tax Object Sales Value on Land and Buildings (NJOP PBB conducted in Malang and the valuation of land and buildings according to Indonesian Valuation Standards (SPI. Through the qualitative research with a case study approach, it was obtained that the model of mass and individual appraisals on the valuation of Tax Object Sales Value on Land and Buildings (NJOP PBB had the similar stages to the individual appraisal according to Indonesian Valuation Standards (SPI. Furthermore, from the results, the problems faced in valuing Tax Object Sales Value on Land and Buildings (NJOP PBB by the Local Revenue Office of Malang City were also known. It can be used as a consideration for the improvement of regulation or procedure in valuing Tax Object Sales Value on Land and Buildings (NJOP PBB.

THEORETICAL FOUNDATIONS EFFICIENT MASS VALUATION

Directory of Open Access Journals (Sweden)

Koshel A.

2016-08-01

Full Text Available In the article the theoretical basis for determining the effectiveness of mass valuation of land in present-day conditions are described. The concept defenitsy effect and effectiveness as economic categories and their classification values for mass valuation of land are presented. The effectiveness of mass valuation of land in the settlements defines the structure of local budget and economic activities undertaken by local authorities on the basis of the results of the mass appraisal of real estate. Mass valuation is regular and it is characterized by high degree of standardization of procedures and a significant increase in the role of statistical methods for processing data related to the use of the most significant factors influencing the parameters of the object to its cost, as well as the need to determine the value of the objective laws change equivalent, which is only possible when using economic and mathematical methods and statistical analysis. Quality control results of mass valuation carried out principally in other ways, as obtained by applying statistical machine results can be checked as soon statistical methods. This shows the relevance of research topic and lack of elaboration for Ukraine problems of efficiency of mass land valuation. Scientific research conducted through the use of the dialectical method and techniques of abstraction, comparative analysis and synthesis, the article various models and methods of valuation of land for taxation purposes are analyzed. In addition, the group explored methods used, comparisons, and more. In economic theory and practice problems and determine the effect of efficiency aimed at profit is quite relevant. Economists consider cost-effectiveness, such as economic efficiency. In this case, the production can be attributed to the activities to conduct and organization of mass valuation of land. This pushes many different positions on criteria and indicators of economic efficiency, the

use of electronic resources by graduate students of the department

African Journals Online (AJOL)

respondent's access electronic resources from the internet via Cybercafé .There is a high ... KEY WORDS: Use, Electronic Resources, Graduate Students, Cybercafé. INTRODUCTION ... Faculty of Education, University of Uyo, Uyo. Olu Olat ...

SalMar ASA : Strategic analysis and valuation

OpenAIRE

Augenstein, Daniel

2017-01-01

The objective of this thesis is to estimate the theoretical value of equity for SalMar ASA and thereby the value per share at 27.11.2017. Fundamental valuation through a two-stage discounted cash flow model is chosen as the main method, while a valuation using comparable firms is performed as a supplement. In the fundamental valuation I have estimated the enterprise value by discounting the expected future cash flows to present value. To find the value of equity, the net-intere...

Intelligent databases assist transparent and sound economic valuation of ecosystem services.

Science.gov (United States)

Villa, Ferdinando; Ceroni, Marta; Krivov, Sergey

2007-06-01

Assessment and economic valuation of services provided by ecosystems to humans has become a crucial phase in environmental management and policy-making. As primary valuation studies are out of the reach of many institutions, secondary valuation or benefit transfer, where the results of previous studies are transferred to the geographical, environmental, social, and economic context of interest, is becoming increasingly common. This has brought to light the importance of environmental valuation databases, which provide reliable valuation data to inform secondary valuation with enough detail to enable the transfer of values across contexts. This paper describes the role of next-generation, intelligent databases (IDBs) in assisting the activity of valuation. Such databases employ artificial intelligence to inform the transfer of values across contexts, enforcing comparability of values and allowing users to generate custom valuation portfolios that synthesize previous studies and provide aggregated value estimates to use as a base for secondary valuation. After a general introduction, we introduce the Ecosystem Services Database, the first IDB for environmental valuation to be made available to the public, describe its functionalities and the lessons learned from its usage, and outline the remaining needs and expected future developments in the field.

Valuation of Non-Life Liabilities from Claims Triangles

Directory of Open Access Journals (Sweden)

Mathias Lindholm

2017-07-01

Full Text Available This paper provides a complete program for the valuation of aggregate non-life insurance liability cash flows based on claims triangle data. The valuation is fully consistent with the principle of valuation by considering the costs associated with a transfer of the liability to a so-called reference undertaking subject to capital requirements throughout the runoff of the liability cash flow. The valuation program includes complete details on parameter estimation, bias correction and conservative estimation of the value of the liability under partial information. The latter is based on a new approach to the estimation of mean squared error of claims reserve prediction.

The valuation of environmental externalities in energy conservation planning

International Nuclear Information System (INIS)

Chernick, P.L.; Caverhill, E.J.

1990-01-01

The determination of the full societal costs of energy usage must incorporate estimates of the environmental effects, or externalities, of energy production and delivery. An externality is any cost or benefit that is not reflected in the price paid by a utility or its customers for energy produced or consumed. The potential variety and scope of externality analyses are discussed. Four methods of externality valuation are briefly discussed to highlight the uses, strengths and pitfalls of each method. The use of pollutants' relative potency, polling of experts, direct estimation of costs, and implied valuation, are compared. The authors preferred method of valuation for near-term energy supply decisions, implied valuation, is discussed in detail. The distinguishing feature of the implied valuation technique is its use of the cost of control, rather than the direct cost of emissions. Only the most expensive required control measure is relevant to valuation of the external effects. The difficulties in applying implied valuation, such as the definition of the margin, the multiple effects of pollutants and the imperfect nature of the regulatory system, are also considered. The effect of environmental externalities on the benefits of conservation are summarized

Electronic resource management practical perspectives in a new technical services model

CERN Document Server

Elguindi, Anne

2012-01-01

A significant shift is taking place in libraries, with the purchase of e-resources accounting for the bulk of materials spending. Electronic Resource Management makes the case that technical services workflows need to make a corresponding shift toward e-centric models and highlights the increasing variety of e-formats that are forcing new developments in the field.Six chapters cover key topics, including: technical services models, both past and emerging; staffing and workflow in electronic resource management; implementation and transformation of electronic resource management systems; the ro

Utilization of electronic information resources by academic staff at ...

African Journals Online (AJOL)

The study investigated the utilization of Electronic Information resources by the academic staff of Makerere University in Uganda. It examined the academic staff awareness of the resources available, the types of resources provided by the Makerere University Library, the factors affecting resource utilization. The study was ...

Electronic Resources Management Project Presentation 2012

KAUST Repository

Ramli, Rindra M.

2012-01-01

This presentation describes the electronic resources management project undertaken by the KAUST library. The objectives of this project is to migrate information from MS Sharepoint to Millennium ERM module. One of the advantages of this migration

Currency Valuation and Purchasing Power Parity

OpenAIRE

Jamal Ibrahim Haidar

2011-01-01

This paper aims to highlight key limitations of The Economist magazine’s Big Mac Index (BMI). The Economist markets the BMI as a tool to determine valuation of currencies. This paper shows that the BMI is a misleading measure of currency valuation for economies whose markets are structurally different from the benchmark currency countries.

Valuation of oil and gas reserves in the Netherlands 1990-2005

Energy Technology Data Exchange (ETDEWEB)

Veldhuizen, E.; Graveland, C.; Van den Bergen, D.; Schenau, S.

2009-07-01

This report presents the methods and results of compiling physical and monetary balance sheets of oil and gas reserves in the Netherlands for the period 1990-2005. The net present value method is used to discount expected future incomes, which are based on a physical extraction scenario and an expected resource rent. The resource rent is calculated as the gross operating surplus less the user cost of capital in the industry 'extraction of crude petroleum and natural gas.' Sensitivity analyses show that monetary values are relatively insensitive to changes in the physical extraction scenario, but extremely sensitive to the use of alternative discount rates and different valuation methods.

Use value, exchange value, and resource scarcity

International Nuclear Information System (INIS)

Stern, D.I.

1999-01-01

The literature on natural resource scarcity indicators is reviewed. Scarcity indicators can be classified by what is being measured: value of the resource stock or value of extracted resource commodities; whose value is considered: social vs. private scarcity; and by the mode of valuation considered: exchange value and use value. Prices and rents are common measures of exchange value or indicators of ''exchange scarcity'' and unit costs can be seen as use value indicators or indicators of u se scarcity . The major aim of this paper is to demonstrate the links between productivity indicators such as unit costs and the classical concept of use value. The two classes of indicator relate to John Commons' discussions of scarcity and efficiency, and a marginal vs. a non-marginal approach to value and scarcity. The classical use value concept also has wider relevance for issues of valuation in energy, resource, and environmental policy. (author)

Modelling the role of forests on water provision services: a hydro-economic valuation approach

Science.gov (United States)

Beguería, S.; Campos, P.

2015-12-01

Hydro-economic models that allow integrating the ecological, hydrological, infrastructure, economic and social aspects into a coherent, scientifically- informed framework constitute preferred tools for supporting decision making in the context of integrated water resources management. We present a case study of water regulation and provision services of forests in the Andalusia region of Spain. Our model computes the physical water flows and conducts an economic environmental income and asset valuation of forest surface and underground water yield. Based on available hydrologic and economic data, we develop a comprehensive water account for all the forest lands at the regional scale. This forest water environmental valuation is integrated within a much larger project aiming at providing a robust and easily replicable accounting tool to evaluate yearly the total income and capital of forests, encompassing all measurable sources of private and public incomes (timber and cork production, auto-consumption, recreational activities, biodiversity conservation, carbon sequestration, water production, etc.). We also force our simulation with future socio-economic scenarios to quantify the physical and economic efects of expected trends or simulated public and private policies on future water resources. Only a comprehensive integrated tool may serve as a basis for the development of integrated policies, such as those internationally agreed and recommended for the management of water resources.

Five essays in property valuation

OpenAIRE

Yang, Zan

2000-01-01

This doctoral thesis consists of five self-contained essayspresented to the Faculty Board of the Royal Institute ofTechnology. Property valuation is a central issue that forms acommon thread in the analysis in these essays. In the thesisproperty is considered in a mixed asset context in an attemptto build a bridge between valuation, property investment andfinancial theory. The object of the thesis is to value propertyfor finance, sales and purchases and investment. Theinvestigation of the the...

Option valuation for energy issues

International Nuclear Information System (INIS)

Ostertag, K.; Llerena, P.; Richard, A.

2004-01-01

In many industrial and economic situations, decision processes, both individual and collective, have to simultaneously face uncertainty and irreversibility of some kind. This is particularly valid for energy choices if they are linked to technological alternatives. The purpose of this book is to highlight specific aspects of these situations. This is done from the particular perspective of option valuation. The contributions to this book grew out of an international workshop on ''Option valuation in energy and environmental issues'' held at the Fraunhofer ISI in February 2003. This workshop brought together reseachers from energy economics, but also researchers working on option valuation in other empirical fields or with a more theoretical perspective. This is reflected in the organisation of the book, which starts with some theory-oriented contributions and subsequently presents more applied contributions in the field of energy economics with an extension to water infrastructure in the annex. (orig.)

Societal and economic valuation of technology-transfer deals

Science.gov (United States)

Holmes, Joseph S., Jr.

2009-09-01

The industrial adoption of concepts such as open innovation brings new legitimacy to activities technology-transfer professionals have conducted for over 20 years. This movement highlights the need for an increased understanding of the valuation of intellectual property (IP) and technology-transfer deals. Valuation, though a centerpiece of corporate finance, is more challenging when applied to the inherent uncertainty surrounding innovation. Technology-transfer professionals are often overwhelmed by the complexity and data requirements of valuation techniques and skeptical of their applicability to and utility for technology transfer. The market longs for an approach which bridges the gap between valuation fundamentals and technology-transfer realities. This paper presents the foundations of a simple, flexible, precise/accurate, and useful framework for considering the valuation of technology-transfer deals. The approach is predicated on a 12-factor model—a 3×4 value matrix predicated on categories of economic, societal, and strategic value. Each of these three categories consists of three core subcategories followed by a fourth "other" category to facilitate inevitable special considerations. This 12-factor value matrix provides a framework for harvesting data during deals and for the application of best-of-breed valuation techniques which can be employed on a per-factor basis. Future work will include framework implementation within a database platform.

Administrateur de programme principal, Évaluation (h/f) | CRDI ...

International Development Research Centre (IDRC) Digital Library (Canada)

amélioration du système d'évaluation du Centre. ... méthodes de planification, de suivi et d'évaluation de la recherche au service du développement;; appuie les recherches sur des outils et des méthodes d'évaluation effectuées par des partenaires ...

26 CFR 20.2032-1T - Alternate valuation (temporary).

Science.gov (United States)

2010-04-01

...) the value of the property as of the alternate valuation date. For example, assume that the decedent... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Alternate valuation (temporary). 20.2032-1T...-1T Alternate valuation (temporary). (a) through (e) [Reserved] For further guidance, see § 20.2032-1...

Practical guide to electronic resources in the humanities

CERN Document Server

Dubnjakovic, Ana

2010-01-01

From full-text article databases to digitized collections of primary source materials, newly emerging electronic resources have radically impacted how research in the humanities is conducted and discovered. This book, covering high-quality, up-to-date electronic resources for the humanities, is an easy-to-use annotated guide for the librarian, student, and scholar alike. It covers online databases, indexes, archives, and many other critical tools in key humanities disciplines including philosophy, religion, languages and literature, and performing and visual arts. Succinct overviews of key eme

Participatory Environmental Valuation: A Comparative Analysis of Four Case Studies

Directory of Open Access Journals (Sweden)

Leslie Carnoye

2015-07-01

Full Text Available The valuation of multiple ecosystem services requires the design of valuation processes able to integrate different dimensions of value and to cope with complexity. Following the “value-articulating institution” framework, we note that three core problems arise: the cognitive, normative and composition problems. Combining valuation methods, such as contingent valuation and multicriteria analysis, with participatory and deliberative techniques is increasingly promoted as a means to address those fundamental problems. However, the quality and legitimacy of the valuation process then becomes dependent on how participation is framed. We note that numerous issues need to be taken into account, such as the roles assumed by participants, the differences in contribution among participants, the level of participatory impact and the level of democratization of the decision-making process. This paper proposes a detailed qualitative analysis of four case studies, each of them having implemented a specific valuation method in a participatory process. We analyze how those cases were handled in each of the dimensions considered and offer our conclusions about the added values and remaining challenges related to participatory environmental valuation.

Utilisation of Electronic Information Resources By Lecturers in ...

African Journals Online (AJOL)

This study assesses the use of information resources, specifically, electronic databases by lecturers/teachers in Universities and Colleges of Education in South Western Nigeria. Information resources are central to teachers' education. It provides lecturers/teachers access to information that enhances research and ...

Valuation of inventories in systems with product recovery

OpenAIRE

Teunter, Ruud; Laan, Erwin

2003-01-01

textabstractValuation of inventories has different purposes, in particular accounting and decision making, and it is not necessary for a firm to use the same valuation method for both purposes. In fact, it is not uncommon to use accounting books as well as management books. In this chapter, we will only consider inventory values from the perspective of decision making. More specifically, we will analyze the effect of inventory valuation on inventory control decisions (and not the correspondin...

A valuation-Based Test of Market Timing

NARCIS (Netherlands)

Koeter-Kant, J.; Elliott, W.B.; Warr, R.S.

2007-01-01

We implement an earnings-based fundamental valuation model to test the impact of market timing on the firm's method of funding the financing deficit. We argue that our valuation metric provides a superior measure of equity misvaluation because it avoids multiple interpretation problems faced by the

VALUATION AND INVESTMENT PROFESSION

Directory of Open Access Journals (Sweden)

Lidija Dedi

2013-06-01

Full Text Available Investment professionals, particularly financial analysts or security analysts evaluate securities and try to determine characteristics of securities and to identify mispriced securities. For that purpose they use different models to estimate the intrinsic value of the common stocks. Traditional valuation models based on the present value of future cash flows are affected by estimated growth rate of the variable used and by the investor’s required rate of return. These models can be used for valuing fixed income securities, such as bonds and preferred stocks. However, in valuing companies with significant growth opportunities they have to expand traditional analysis with option valuation.

Discipline, availability of electronic resources and the use of Finnish National Electronic Library - FinELib

Directory of Open Access Journals (Sweden)

Sanna Torma

2004-01-01

Full Text Available This study elaborated relations between digital library use by university faculty, users' discipline and the availability of key resources in the Finnish National Electronic Library (FinELib, Finnish national digital library, by using nationwide representative survey data. The results show that the perceived availability of key electronic resources by researchers in FinELib was a stronger predictor of the frequency and purpose of use of its services than users' discipline. Regardless of discipline a good perceived provision of central resources led to a more frequent use of FinELib. The satisfaction with the services did not vary with the discipline, but with the perceived availability of resources.

The Role of the Acquisitions Librarian in Electronic Resources Management

Science.gov (United States)

Pomerantz, Sarah B.

2010-01-01

With the ongoing shift to electronic formats for library resources, acquisitions librarians, like the rest of the profession, must adapt to the rapidly changing landscape of electronic resources by keeping up with trends and mastering new skills related to digital publishing, technology, and licensing. The author sought to know what roles…

Comparing Contingent Valuation, Conjoint Analysis and decition Panels: An Application to the valuation of reduced damages from air pollution in Norway

Energy Technology Data Exchange (ETDEWEB)

Halvorsen, B.; Strand, J.; Saelensminde, K.; Wenstoep, F.

1996-12-31

The need for assessing values of non-market goods has led to the development of two main groups of valuation approaches, those based on revealed preferences, and those on stated preferences (SP). One of the stated preference approaches, the Contingent Valuation Method, has recently been heavily criticized and alternative SP valuation approaches have appeared. This report discusses three SP approaches to eliciting willingness to pay (WTP) for environmental goods, namely open-ended contingent valuation (OE-CVM), conjoint analysis (CA) and multi-attribute utility theory applied to decision panels of experts (DPE). Each approach has advantages and disadvantages relative to the others and the relation between WTP estimates from the approaches cannot be predicted on prior arguments alone. The three approaches are applied in three different surveys, seeking valuation of specific damages due to air pollution in Norway. In all cases studied, OE-CVM yields the lowest average WTP estimate, while those from CA and EDP are similar. Possible explanations are offered, based on the principle differences between the approaches and on particular features of the three surveys. 35 refs., 10 tabs.

29 CFR 4044.41 - General valuation rules.

Science.gov (United States)

2010-07-01

... part 4044.) (b) Valuation of assets. Plan assets shall be valued at their fair market value, based on the method of valuation that most accurately reflects such fair market value. Trusteed Plans ... been or will be placed into trusteeship by the PBGC shall value plan benefits in accordance with...

Analysis of Pedagogic Potential of Electronic Educational Resources with Elements of Autodidactics

Directory of Open Access Journals (Sweden)

Igor A.

2018-03-01

Full Text Available Introduction: in recent years didactic properties of electronic educational resources undergo considerable changes, nevertheless, the question of studying of such complete phenomenon as “an electronic educational resource with autodidactics elements” remains open, despite sufficient scientific base of researches of the terms making this concept. Article purpose – determination of essence of electronic educational resources with autodidactics elements. Materials and Methods: the main method of research was the theoretical analysis of the pedagogical and psychological literature on the problem under study. We used the theoretical (analysis, synthesis, comparison and generalization methods, the method of interpretation, pedagogical modeling, and empirical methods (observation, testing, conversation, interview, analysis of students’ performance, pedagogical experiment, peer review. Results: we detected the advantages of electronic educational resources in comparison with traditional ones. The concept of autodidactics as applied to the subject of research is considered. Properties of electronic educational resources with a linear and nonlinear principle of construction are studied.The influence of the principle of construction on the development of the learners’ qualities is shown. We formulated an integral definition of electronic educational resources with elements of autodidactics, namely, the variability, adaptivity and cyclicity of training. A model of the teaching-learning process with electronic educational resources is developed. Discussion and Conclusions: further development of a problem will allow to define whether electronic educational resources with autodidactics elements pedagogical potential for realization of educational and self-educational activity of teachers have, to modify technological procedures taking into account age features of students, their specialties and features of the organization of process of training of

Preservation and conservation of electronic information resources of ...

African Journals Online (AJOL)

The major holdings of the broadcast libraries of the Nigerian Television Authority (NTA) are electronic information resources; therefore, providing safe places for general management of these resources have aroused interest in the industry in Nigeria for sometimes. The need to study the preservation and conservation of ...

Building an electronic resource collection a practical guide

CERN Document Server

Lee, Stuart D

2004-01-01

This practical book guides information professionals step-by-step through building and managing an electronic resource collection. It outlines the range of electronic products currently available in abstracting and indexing, bibliographic, and other services and then describes how to effectively select, evaluate and purchase them.

36 CFR 254.42 - Valuation of tracts.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Valuation of tracts. 254.42 Section 254.42 Parks, Forests, and Public Property FOREST SERVICE, DEPARTMENT OF AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Conveyance of Small Tracts § 254.42 Valuation of tracts. (a) Approximately equal value shall be...

Analysis of Human Resources Management Strategy in China Electronic Commerce Enterprises

Science.gov (United States)

Shao, Fang

The paper discussed electronic-commerce's influence on enterprise human resources management, proposed and proved the human resources management strategy which electronic commerce enterprise should adopt from recruitment strategy to training strategy, keeping talent strategy and other ways.

APPLICATION OF DIVIDEND DISCOUNT MODEL VALUATION AT MACEDONIAN STOCK-EXCHANGE

Directory of Open Access Journals (Sweden)

Zoran Ivanovski

2015-06-01

Full Text Available Dividend discount model (DDM is the simplest model for valuing equities in finance. Many analysts belived that DDM is outmoded, but much of the intuition that drives Discounted Cash Flow (DCF valuation is embedded in the DDM model. There are also specific companies stocks where the DDM model remains a useful tool for estimating value. The basic task of these research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange (MSE through the process of empirical valuation of random chosen stocks. This research helped us to identify problems in use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM models are usefull only as additional tool beside relative and DCF stocks valuation at MSE.

Using XML Technologies to Organize Electronic Reference Resources

OpenAIRE

Huser, Vojtech; Del Fiol, Guilherme; Rocha, Roberto A.

2005-01-01

Provision of access to reference electronic resources to clinicians is becoming increasingly important. We have created a framework for librarians to manage access to these resources at an enterprise level, rather than at the individual hospital libraries. We describe initial project requirements, implementation details, and some preliminary results.

The role of natural resource and environmental economics in determining the trade-offs in consumption and production of energy inputs: The case of biomass energy crops

Energy Technology Data Exchange (ETDEWEB)

Downing, M.; Graham, R.L.

1993-12-31

Natural resource economics issues deal with flows and funds of renewable and nonrenewable resources over time. These issues include topics concerned with management of fisheries, forests, mineral, energy resources, the extinction of species and the irreversibility of development over time. Environmental economics issues deal with regulation of polluting activities and the valuation of environmental amenities. In this study we outline a framework for studying both natural resource and environmental economics issues for any renewable or nonrenewable resource. Valuation from both the cost and benefit sides are addressed as they relate to the valuation of environmental programs or policies. By using this top-down approach to analyze and determine the costs and benefits of using renewable or nonrenewable resources, policy-makers on the global, national and local scales may be better informed as to the probable nonmarket and market ramifications of their natural resource and environmental policy decisions. This general framework for analysis is then focused to address biomass energy crops and their usage as inputs to energy production. As with any energy technology, a complete analysis must include an examination of the entire fuel cycle; specifically both production and consumption sides. From a production standpoint, market valuation issues such as crop management techniques, inputs to production, and community economics issues must be addressed as well as nonmarket valuation issues such as soil erosion, ground water effects and carbon sequestration. On the consumption side, market valuation considerations such as energy fuel efficiency and quality, cost of conversion and employment of labor are important factors while the critical nonmarket valuation factors are ambient air visibility, greenhouse gas release, and disposal of the by-products of conversion and combustion.

The role of natural resource and environmental economics in determining the trade-offs in consumption and production of energy inputs: The case of biomass energy crops

International Nuclear Information System (INIS)

Downing , M.; Graham, R.L.

1993-01-01

Natural resource economics issues deal with flows and funds of renewable and nonrenewable resources over time. These issues include topics concerned with management of fisheries, forests, mineral, energy resources, the extinction of species and the irreversibility of development over time. Environmental economics issues deal with regulation of polluting activities and the valuation of environmental amenities. In this study we outline a framework for studying both natural resource and environmental economics issues for any renewable or nonrenewable resource. Valuation from both the cost and benefit sides are addressed as they relate to the valuation of environmental programs or policies. By using this top-down approach to analyze and determine the costs and benefits of using renewable or nonrenewable resources, policy-makers on the global, national and local scales may be better informed as to the probable nonmarket and market ramifications of their natural resource and environmental policy decisions. The general framework for analysis is then focused to address biomass energy crops and their usage as inputs to energy production. As with any energy technology, a complete analysis must include an examination of the entire fuel cycle; specifically both production and consumption sides. From a production standpoint, market valuation issues such as crop management techniques, inputs to production, and community economics issues must be addressed as well as nonmarket valuation issues such as soil erosion, ground water effects and carbon sequestration. On the consumption side, market valuation considerations such as energy fuel efficiency and quality, cost of conversion and employment of labor are important factors while the critical nonmarket valuation factors are ambient air visibility, greenhouse gas release, and disposal of the by-products of conversion and combustion

Intangibles and methods for their valuation in financial terms: Literature review

Directory of Open Access Journals (Sweden)

Damián Pastor

2017-02-01

Full Text Available Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms. Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation. Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing. Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future. Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation. Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.

Electronic Resources and Mission Creep: Reorganizing the Library for the Twenty-First Century

Science.gov (United States)

Stachokas, George

2009-01-01

The position of electronic resources librarian was created to serve as a specialist in the negotiation of license agreements for electronic resources, but mission creep has added more functions to the routine work of electronic resources such as cataloging, gathering information for collection development, and technical support. As electronic…

Subjective Well-Being Approach to Environmental Valuation: Evidence for Greenhouse Gas Emissions

Science.gov (United States)

Beja, Edsel L., Jr.

2012-01-01

The subjective well-being approach to environmental valuation is applied to analyze the valuation of greenhouse gas emissions with a fairness-adjustment in the valuation exercise. Results indicate that industrialized countries have high willingness-to-pay to reduce emissions. Developing countries differ in their valuations. Results indicate that…

Estimation the recreational value of Najvan park of Isfahan using a contingent valuation method

Directory of Open Access Journals (Sweden)

M Sameti

2012-06-01

Full Text Available Determining the real value of natural ecosystems, due to their significant function and ecosystem services and necessity of the best management for make use of them, has a great importance. Recently, natural resource economists have studied ecosystem value of natural resources and its role in human welfare. These studies have made a considerable progress in valuation of environmental as well as ecological services that an ecosystem can offer. Therefore this study tries to determine recreational value of Najvan Park and measure of individual’s willingness to pay (WTP based on contingent valuation method (CVM and dichotomous choices (DC. Logit model was used for measuring of individual WTP. The model parameters were estimated based on the maximum likelihood (ML method. Moreover, the marginal effects of the changes in involved variables in considered model were determined using by factor for calculating of marginal effects. The results showed that individual preservation WTP in Najvan Park is directly related to income and education while it is negatively related tobid, age and the number of family member. The calculation of the expectancy of WTP using logit model led to 8,983 Rials monthly WTP per person.

Log-Concavity Properties of Minkowski Valuations

OpenAIRE

Berg, Astrid; Parapatits, Lukas; Schuster, Franz E.; Weberndorfer, Manuel

2014-01-01

New Orlicz Brunn-Minkowski inequalities are established for rigid motion compatible Minkowski valuations of arbitrary degree. These extend classical log-concavity properties of intrinsic volumes and generalize seminal results of Lutwak and others. Two different approaches which refine previously employed techniques are explored. It is shown that both lead to the same class of Minkowski valuations for which these inequalities hold. An appendix by Semyon Alesker contains the proof of a new clas...

Investment Valuation Analysis with Artificial Neural Networks

Directory of Open Access Journals (Sweden)

Hüseyin İNCE

2017-07-01

Full Text Available This paper shows that discounted cash flow and net present value, which are traditional investment valuation models, can be combined with artificial neural network model forecasting. The main inputs for the valuation models, such as revenue, costs, capital expenditure, and their growth rates, are heavily related to sector dynamics and macroeconomics. The growth rates of those inputs are related to inflation and exchange rates. Therefore, predicting inflation and exchange rates is a critical issue for the valuation output. In this paper, the Turkish economy’s inflation rate and the exchange rate of USD/TRY are forecast by artificial neural networks and implemented to the discounted cash flow model. Finally, the results are benchmarked with conventional practices.

Valuation Biases, Error Measures, and the Conglomerate Discount

NARCIS (Netherlands)

I. Dittmann (Ingolf); E.G. Maug (Ernst)

2006-01-01

textabstractWe document the importance of the choice of error measure (percentage vs. logarithmic errors) for the comparison of alternative valuation procedures. We demonstrate for several multiple valuation methods (averaging with the arithmetic mean, harmonic mean, median, geometric mean) that the

Valuation in life sciences: a practical guide

National Research Council Canada - National Science Library

Bogdan, Boris; Villiger, Ralph

2010-01-01

... apply valuation methodologies in life sciences. One of the complicating factors is that, compared to other industries, valuation of biotech innovation is much more demanding. The long 10-15-year development and clinical trials process still represents the main risks faced by any biotech company. Added to that is the fact that getting a drug across the regulato...

26 CFR 25.2512-1 - Valuation of property; in general.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of property; in general. 25.2512-1... valuation of other particular kinds of property. See § 25.2702-6 for an adjustment to the total amount of an... AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-1 Valuation of...

Electronic Resources Management System: Recommendation Report 2017

KAUST Repository

Ramli, Rindra M.

2017-01-01

This recommendation report provides an overview of the selection process for the new Electronic Resources Management System. The library has decided to move away from Innovative Interfaces Millennium ERM module. The library reviewed 3 system

VALUATION TECHNIQUES USED IN FAIR VALUE MEASUREMENT

Directory of Open Access Journals (Sweden)

Cristina-Aurora, BUNEA-BONTAS

2013-12-01

Full Text Available Valuation of assets and liabilities involves significant judgements and estimates, especially when fair value measurement is required. Currently, IFRS 13 Fair Value Measurement offers a single and more comprehensive source of guidance that is applied to almost all fair value estimates. When measuring fair value of fixed assets, intangible assets, specified financial assets or liabilities, different valuation techniques may be used: the market approach, the cost approach and the income approach. This article reviews these techniques and points out that different valuation practices may provide different results depending on the item being fair valued and on the inputs used. Also it emphasizes that, in particular circumstances, there is the possibility that a certain technique may be more appropriate than other.

DCF Fair Value Valuation, Excessive Assetes and Hidden Inefficiencies

Directory of Open Access Journals (Sweden)

Paweł Mielcarz

2011-12-01

Full Text Available Fair value concept is widely used in DCF (Discounted Cash Flow  business valuation. One of the main principle of fair value concept is full information symmetry between contracting parties. The assumption enforces specific way of FCF (Free Cash Flow estimation: all areas of inefficiency of valuated companies should be identified and their effect on free cash flow should be eliminated. The projection of free cash flow thus prepared should reflect the optimum operations of the business. The methodological issues of fair value valuation of inefficient companies are not comprehensibly addressed in the financial and accounting literature. There is easily observable gap between fair value theory and valuation practices. Thus this article is an attempt to answer the question about practical issues in fair value valuation of companies which do not apply value based management rules. It is based on literature review, theory examination and short case studies which present proposed solution for practical problems. Methods of identification and assessment of impact of inefficiencies on the fair value of a business are hereinafter presented and supported with arguments.

The Internet School of Medicine: use of electronic resources by medical trainees and the reliability of those resources.

Science.gov (United States)

Egle, Jonathan P; Smeenge, David M; Kassem, Kamal M; Mittal, Vijay K

2015-01-01

Electronic sources of medical information are plentiful, and numerous studies have demonstrated the use of the Internet by patients and the variable reliability of these sources. Studies have investigated neither the use of web-based resources by residents, nor the reliability of the information available on these websites. A web-based survey was distributed to surgical residents in Michigan and third- and fourth-year medical students at an American allopathic and osteopathic medical school and a Caribbean allopathic school regarding their preferred sources of medical information in various situations. A set of 254 queries simulating those faced by medical trainees on rounds, on a written examination, or during patient care was developed. The top 5 electronic resources cited by the trainees were evaluated for their ability to answer these questions accurately, using standard textbooks as the point of reference. The respondents reported a wide variety of overall preferred resources. Most of the 73 responding medical trainees favored textbooks or board review books for prolonged studying, but electronic resources are frequently used for quick studying, clinical decision-making questions, and medication queries. The most commonly used electronic resources were UpToDate, Google, Medscape, Wikipedia, and Epocrates. UpToDate and Epocrates had the highest percentage of correct answers (47%) and Wikipedia had the lowest (26%). Epocrates also had the highest percentage of wrong answers (30%), whereas Google had the lowest percentage (18%). All resources had a significant number of questions that they were unable to answer. Though hardcopy books have not been completely replaced by electronic resources, more than half of medical students and nearly half of residents prefer web-based sources of information. For quick questions and studying, both groups prefer Internet sources. However, the most commonly used electronic resources fail to answer clinical queries more than half

Sustained Forced Sale Value Opinion Advice in Nigerian Valuation ...

African Journals Online (AJOL)

Sultan

volume of secured lending by commercial banks. ... Keywords: Forced sale value, mortgage valuation, Nigeria, valuation ... fact that given the rather large set of unknowns .... Besides the primary data .... mortgage lending value add anything.

The economic value of coffee (Coffea arabica) genetic resources

NARCIS (Netherlands)

Hein, L.G.; Gatzweiler, F.

2006-01-01

Whereas the economic value of genetic diversity is widely recognized there are, to date, relatively few experiences with the actual valuation of genetic resources. This paper presents an analysis of the economic value of Coffea arabica genetic resources contained in Ethiopian highland forests. The

Valuation of brands and intellectual capital

OpenAIRE

Fernández, Pablo

2002-01-01

In this paper we review several methods used for valuing brands. Among them, those of Interbrand, Damodaran, Financial World, Houlihan Valuation Advisors, Market Facts, Young & Rubicam and CDB Research & Consulting. In particular, we analyze in depth the valuations of Kellogg's and Coca-Cola performed by Damodaran and the method proposed by Interbrand. Damodaran valued the Coca-Cola brand at 24.6 billion dollars in 1993 and at 102.6 billion dollars in 1998. In recent years, a lot has been sai...

Real estate valuation in the Republic of Serbia

Directory of Open Access Journals (Sweden)

Božić Branko S.

2014-01-01

Full Text Available There is no complete and systemized infrastructure for efficient and reliable evaluation of real estates in the Republic of Serbia. This is confirmed by analysis of the applicable regulations which treat valuation of real estates in different ways. This practice contradicting numerous standards and applicable directives (INSPIRE directive, Strategy of the development of geospatial data infrastructure in the Republic of Serbia etc., as well as numerous other examples of good practice governing the activities of collecting and maintaining spatial data infrastructure. By the Law on State Survey and Cadaster of the 2009, the Republic Geodetic Authority is ensured to the jurisdiction of the development of mass appraisal, which should provide real estate market value for all real estates in the territory of the Republic of Serbia. In contrast, the position and the role of local government being increasable stronger in creating the budget, which is closely associated with the values of resources and capital which local government have. Determing the property tax is the responsibility of the local government and therefore its role in the process of valuation of immovable property is of great importance. In addition to local governments, the Tax Administration traditionally determines real estate values. This paper analyzes the current situation and initiate further activities on the development of the system of evaluation of real estates in the Republic of Serbia.

7 CFR 4290.503 - RBIC's adoption of an approved valuation policy.

Science.gov (United States)

2010-01-01

... close of the quarter. (e) Review of valuations by independent public accountant. (1) For valuations performed as of the end of your fiscal year, your independent public accountant must review your valuation... independent public accountant's report on your audited annual financial statements (SBA Form 468) must include...

13 CFR 107.503 - Licensee's adoption of an approved valuation policy.

Science.gov (United States)

2010-01-01

... of the quarter. (e) Review of valuations by independent public accountant. (1) For valuations performed as of the end of your fiscal year, your independent public accountant must review your valuation... independent public accountant's report on your audited annual financial statements (SBA Form 468) must include...

An Approach for Calculating Land Valuation by Using Inspire Data Models

Science.gov (United States)

Aydinoglu, A. C.; Bovkir, R.

2017-11-01

Land valuation is a highly important concept for societies and governments have always emphasis on the process especially for taxation, expropriation, market capitalization and economic activity purposes. To success an interoperable and standardised land valuation, INSPIRE data models can be very practical and effective. If data used in land valuation process produced in compliance with INSPIRE specifications, a reliable and effective land valuation process can be performed. In this study, possibility of the performing land valuation process with using the INSPIRE data models was analysed and with the help of Geographic Information Systems (GIS) a case study in Pendik was implemented. For this purpose, firstly data analysis and gathering was performed. After, different data structures were transformed according to the INSPIRE data model requirements. For each data set necessary ETL (Extract-Transform-Load) tools were produced and all data transformed according to the target data requirements. With the availability and practicability of spatial analysis tools of GIS software, land valuation calculations were performed for study area.

Tensor valuations and their applications in stochastic geometry and imaging

CERN Document Server

Kiderlen, Markus

2017-01-01

The purpose of this volume is to give an up-to-date introduction to tensor valuations and their applications. Starting with classical results concerning scalar-valued valuations on the families of convex bodies and convex polytopes, it proceeds to the modern theory of tensor valuations. Product and Fourier-type transforms are introduced and various integral formulae are derived. New and well-known results are presented, together with generalizations in several directions, including extensions to the non-Euclidean setting and to non-convex sets. A variety of applications of tensor valuations to models in stochastic geometry, to local stereology and to imaging are also discussed.

Differences Between Individual and Societal Health State Valuations

Science.gov (United States)

Chapman, Benjamin P.; Franks, Peter; Duberstein, Paul R.; Jerant, Anthony

2009-01-01

Objective The concept of “adaptation” has been proposed to account for differences between individual and societal valuations of specific health states in patients with chronic diseases. Little is known about psychological indices of adaptational capacity, which may predict differences in individual and societal valuations of health states. We investigated whether such differences were partially explained by personality traits in chronic disease patients. Research Design Analysis of baseline data of randomized controlled trial. Subjects Three hundred seventy patients with chronic disease. Measures The NEO-five factor inventory measure of personality, EuroQoL-5D (EQ-5D) societal-based, and the EQ visual analogue scale individually-based measures of health valuation. Results Regression analyses modeled Dev, a measure of difference between the EQ-Visual Analogue Scale and EQ-5D, as a function of personality traits, sociodemographic factors, and chronic diseases. Individual valuations were significantly and clinically higher than societal valuations among patients in the second and third quartile of conscientiousness (Dev = 0.08, P = 0.01); among covariates, only depression (Dev = -0.04, P = 0.046) was also associated with Dev. Conclusion Compared with societal valuations of a given health state, persons at higher quartiles of conscientiousness report less disutility associated with poor health. The effect is roughly twice that of some estimates of minimally important clinical differences on the EQ-5D and of depression. Although useful at the aggregate level, societal preference measures may systematically undervalue the health states of more conscientious individuals. Future work should examine the impact this has on individual patient outcome evaluation in clinical studies. PMID:19543121

The impact of human resource valuation on corporate performance ...

African Journals Online (AJOL)

It was recommended that accounting bodies should educate management of companies & human resource managers on the need to capitalize investment in human resource. It was also recommended that there should be harmonization of the various concept of human resource accounting which include human asset ...

19 CFR 10.18 - Valuation of assembled articles.

Science.gov (United States)

2010-04-01

... 19 Customs Duties 1 2010-04-01 2010-04-01 false Valuation of assembled articles. 10.18 Section 10... THE TREASURY ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE, ETC. General Provisions Articles Assembled Abroad with United States Components § 10.18 Valuation of assembled articles. As in the case of...

Valuation of inventories in systems with product recovery

NARCIS (Netherlands)

R.H. Teunter (Ruud); E.A. van der Laan (Erwin)

2003-01-01

textabstractValuation of inventories has different purposes, in particular accounting and decision making, and it is not necessary for a firm to use the same valuation method for both purposes. In fact, it is not uncommon to use accounting books as well as management books. In this chapter, we will

ANALYTICAL REVIEW OF ELECTRONIC RESOURCES FOR THE STUDY OF LATIN

Directory of Open Access Journals (Sweden)

Olena Yu. Balalaieva

2014-04-01

Full Text Available The article investigates the current state of development of e-learning content in the Latin language. It is noted that the introduction of ICT in the educational space has expanded the possibility of studying Latin, opened access to digital libraries resources, made it possible to use scientific and educational potential and teaching Latin best practices of world's leading universities. A review of foreign and Ukrainian information resources and electronic editions for the study of Latin is given. Much attention was paid to the didactic potential of local and online multimedia courses of Latin, electronic textbooks, workbooks of interactive tests and exercises, various dictionaries and software translators, databases and digital libraries. Based on analysis of the world market of educational services and products the main trends in the development of information resources and electronic books are examined. It was found that multimedia courses with interactive exercises or workbooks with interactive tests, online dictionaries and translators are the most widely represented and demanded. The noticeable lagging of Ukrainian education and computer linguistics in quantitative and qualitative measures in this industry is established. The obvious drawback of existing Ukrainian resources and electronic editions for the study of Latin is their noninteractive nature. The prospects of e-learning content in Latin in Ukraine are outlined.

CoalVal-A coal resource valuation program

Science.gov (United States)

Rohrbacher, Timothy J.; McIntosh, Gary E.

2010-01-01

CoalVal is a menu-driven Windows program that produces cost-of-mining analyses of mine-modeled coal resources. Geological modeling of the coal beds and some degree of mine planning, from basic prefeasibility to advanced, must already have been performed before this program can be used. United States Geological Survey mine planning is done from a very basic, prefeasibility standpoint, but the accuracy of CoalVal's output is a reflection of the accuracy of the data entered, both for mine costs and mine planning. The mining cost analysis is done by using mine cost models designed for the commonly employed, surface and underground mining methods utilized in the United States. CoalVal requires a Microsoft Windows? 98 or Windows? XP operating system and a minimum of 1 gigabyte of random access memory to perform operations. It will not operate on Microsoft Vista?, Windows? 7, or Macintosh? operating systems. The program will summarize the evaluation of an unlimited number of coal seams, haulage zones, tax entities, or other area delineations for a given coal property, coalfield, or basin. When the reader opens the CoalVal publication from the USGS website, options are provided to download the CoalVal publication manual and the CoalVal Program. The CoalVal report is divided into five specific areas relevant to the development and use of the CoalVal program: 1. Introduction to CoalVal Assumptions and Concepts. 2. Mine Model Assumption Details (appendix A). 3. CoalVal Project Tutorial (appendix B). 4. Program Description (appendix C). 5. Mine Model and Discounted Cash Flow Formulas (appendix D). The tutorial explains how to enter coal resource and quality data by mining method; program default values for production, operating, and cost variables; and ones own operating and cost variables into the program. Generated summary reports list the volume of resource in short tons available for mining, recoverable short tons by mining method; the seam or property being mined

Elektronik Bilgi Kaynaklarının Seçimi / Selection of Electronic Information Resources

Directory of Open Access Journals (Sweden)

Pınar Al

2003-04-01

Full Text Available For many years, library users have used only from the printed media in order to get the information that they have needed. Today with the widespread use of the Web and the addition of electronic information resources to library collections, the use of information in the electronic environment as well as in printed media is started to be used. In time, such types of information resources as, electronic journals, electronic books, electronic encyclopedias, electronic dictionaries and electronic theses have been added to library collections. In this study, selection criteria that can be used for electronic information resources are discussed and suggestions are provided for libraries that try to select electronic information resources for their collections.

Externalities of fuel cycles 'ExternE' project. Economic valuation. Economical valuation: An impact pathway approach

International Nuclear Information System (INIS)

Markandya, A.

1994-01-01

The EC/US study of the external costs of fuel cycles is designed to trace through all the environmental impacts arising from the use of a particular fuel, from the 'cradle' to the 'grave'; to quantify these impacts as far as possible (giving priority to those that are the considered the most important) and to value the damages arising from them in money terms as far as possible (again keeping to the priority listing established by the physical quantification). The fuel cycle has been identified as consisting of the following elements: activities -> emissions/burdens; emissions/burdens -> physical environmental impacts; physical impacts -> external environmental impacts; external impacts -> costs of these impacts. The activities consist of all the operations that are carried out in connection with the extraction transportation, use in electricity generation and finally disposal of the fuel. The emissions or burdens arising from the cycle result in physical impacts, which in turn imply certain environmental impacts. An illustration of a typical fuel cycle (coal) audits environmental impacts is given in Figures. The work of the fuels cycle study teams is to complete the valuation of the shaded areas but giving priority to those impacts that are likely to be quantitatively important. .Each fuel cycle is evaluated in a location-specific context, so that it refers to the impacts arising from the use of coal, or gas or whatever fuel is being considered at an actual plant that is operating. The purpose of this report on economic valuation is to: (a) examine the literature or economic valuation of environmental externalities in Europe; (b) assess its relevance to the fuel cycle study and (c) make recommendations on how the detailed analysis of the individual fuel cycles should use the economic valuation. It is important to recognize that the report is not a complete survey of all the research ever done on environmental valuation. Although as complete a survey of all the

Outpatient imaging center valuations: do you need a fair-market value analysis?

Science.gov (United States)

Koonsman, G S

2001-01-01

Typically, outpatient diagnostic imaging centers are formed as partnerships between radiologists, radiologists and hospitals, and/or radiologists and diagnostic imaging center management companies. As a result of these partnership structures, the question of equity valuation frequently arises. It is not only important to understand when an independent valuation would be required, but also what "type" of valuation needs to be performed. The type of valuation may vary based upon the use of the valuation. In partnerships that involve hospitals and physicians, the federal anti-kickback statutes (fraud and abuse laws) require that all transactions between referring physicians and hospitals be consummated at fair-market value. In addition, tax-exempt hospitals that enter into partnerships with physicians are required to enter into those transactions at fair-market value or risk losing their tax-exempt status. Fair-market value is also typically the standard of value that all partnerships strive to conduct equity transactions with shareholders. Qualifications required by those who perform independent fair-market value opinions include: Proper business valuation training and focus on valuations as a primary business Focus on the healthcare industry and specifically on the valuation of diagnostic imaging centers In order to perform a reasonable business valuation analysis, the appraiser must have access to a significant amount of financial, operational and legal information. The analyst must be able to understand the history of the imaging center as well as the projected future of the center. Ultimately, a valuation is a measurement of the estimated future cash flows of the center--risk adjusted--in order to quantify the present value of those cash flows.

Access to electronic resources by visually impaired people

Directory of Open Access Journals (Sweden)

Jenny Craven

2003-01-01

Full Text Available Research into access to electronic resources by visually impaired people undertaken by the Centre for Research in Library and Information Management has not only explored the accessibility of websites and levels of awareness in providing websites that adhere to design for all principles, but has sought to enhance understanding of information seeking behaviour of blind and visually impaired people when using digital resources.

Valuation of ecosystem services: paradox or Pandora’s box for decision-makers?

OpenAIRE

Nijnik,Maria; Miller,David

2017-01-01

The valuation of ecosystem services (ES) employs a range of methods. Based on a literature review and selected empirical examples, we consider major opportunities and challenges in ecosystem services valuation. We analyse when different valuation methods are appropriate and most useful. We demonstrate that mechanisms to capture benefits and costs are needed; and that the use of valuation should be incorporated more widely in decision-making. However, we argue that ecosystems are complex syste...

Application of Real Options Valuation to R&D Investments in Pharmaceutical Companies

OpenAIRE

Zhang, Huan Ran

2006-01-01

This paper provides an insight into the application of real option valuation method to R&D projects in pharmaceutical companies. As one of the most important corporate finance decision-making methods, real option valuation method has been introduced in the last two decades. By applying option valuation methods, real option valuation is a useful tool to company managers. R&D investments in pharmaceutical companies are subject to considerable uncertainty, which may involve possibilities (i...

Towards an International Data Standard for Immovable Property Valuation

NARCIS (Netherlands)

Kara, A.; Çağdaş, Volkan; Işıkdağ, Ümit; van Oosterom, P.J.M.; Lemmen, Christiaan; Stubkjær, Erik; Halme, Pekka

2017-01-01

Immovable property valuation is performed by public sector actors for several land management activities, such as property taxation, expropriation or compulsory purchase of land, land re-adjustment and land consolidation; and private sector actors perform valuation for purchase, real estate

26 CFR 25.2512-4 - Valuation of notes.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of notes. 25.2512-4 Section 25.2512-4... GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-4 Valuation of notes. The fair market... the property, if any, pledged or mortgaged as security is insufficient to satisfy it. ...

48 CFR 211.274-3 - Policy for valuation.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Policy for valuation. 211... Documents 211.274-3 Policy for valuation. (a) It is DoD policy that contractors shall be required to...'s unit acquisition cost is— (1) For fixed-price type line, subline, or exhibit line items, the unit...

Combining accounting approaches to practice valuation.

Science.gov (United States)

Schwartzben, D; Finkler, S A

1998-06-01

Healthcare organizations that wish to acquire physician or ambulatory care practices can choose from a variety of practice valuation approaches. Basic accounting methods assess the value of a physician practice on the basis of a historical, balance-sheet description of tangible assets. Yet these methods alone are inadequate to determine the true financial value of a practice. By using a combination of accounting approaches to practice valuation that consider factors such as fair market value, opportunity cost, and discounted cash flow over a defined time period, organizations can more accurately assess a practice's actual value.

Estimating the robustness of contingenet valuation estimates of WTP to survey mode and treatment of protest responses.

Science.gov (United States)

John Loomis; Armando Gonzalez-Caban; Joseph Champ

2011-01-01

Over the past four decades teh contingent valuation method (CVM) has become a technique frequently used by economists to estimate willingness-to-pay (WTP) for improvements in environmental quality and prot3tion of natural resources. The CVM was originall applied to estmate recreation use values (Davis, 1963; Hammack and Brown, 1974)and air quality (Brookshire et al....

[Valuation of health-related quality of life and utilities in health economics].

Science.gov (United States)

Greiner, Wolfgang; Klose, Kristina

2014-01-01

Measuring health-related quality of life is an important aspect in economic evaluation of health programmes. The development of utility-based (preference-based) measures is advanced by the discipline of health economics. Different preference measures are applied for valuing health states to produce a weighted health state index. Those preference weights should be derived from a general population sample in case of resource allocation on a collective level (as in current valuation studies of the EuroQol group). Copyright © 2014. Published by Elsevier GmbH.

Library training to promote electronic resource usage

DEFF Research Database (Denmark)

Frandsen, Tove Faber; Tibyampansha, Dativa; Ibrahim, Glory

2017-01-01

Purpose: Increasing the usage of electronic resources is an issue of concern for many libraries all over the world. Several studies stress the importance of information literacy and instruction in order to increase the usage. Design/methodology/approach: The present article presents the results...

CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

Directory of Open Access Journals (Sweden)

Toth Reka

2010-12-01

Full Text Available In this paper, we have presented a corporate valuation model. The model combine several valuation methods in order to get more accurate results. To determine the corporate asset value we have used the Gordon-like two-stage asset valuation model based on the calculation of the free cash flow to the firm. We have used the free cash flow to the firm to determine the corporate market value, which was calculated with use of the Black-Scholes option pricing model in frame of the two-dimensional Monte Carlo simulation method. The combined model and the use of the two-dimensional simulation model provides a better opportunity for the corporate value estimation.

Why and How to Measure the Use of Electronic Resources

Directory of Open Access Journals (Sweden)

Jean Bernon

2008-11-01

Full Text Available A complete overview of library activity implies a complete and reliable measurement of the use of both electronic resources and printed materials. This measurement is based on three sets of definitions: document types, use types and user types. There is a common model of definitions for printed materials, but a lot of questions and technical issues remain for electronic resources. In 2006 a French national working group studied these questions. It relied on the COUNTER standard, but found it insufficient and pointed out the need for local tools such as web markers and deep analysis of proxy logs. Within the French national consortium COUPERIN, a new working group is testing ERMS, SUSHI standards, Shibboleth authentication, along with COUNTER standards, to improve the counting of the electronic resources use. At this stage this counting is insufficient and its improvement will be a European challenge for the future.

[Ecosystem services valuation of Qinghai Lake].

Science.gov (United States)

Jiang, Bo; Zhang, Lu; Ouyang, Zhi-yun

2015-10-01

Qinghai Lake is the largest inland and salt water lake in China, and provides important ecosystem services to beneficiaries. Economic valuation of wetland ecosystem services from Qinghai Lake can reveal the direct contribution of lake ecosystems to beneficiaries using economic data, which can advance the incorporation of wetland protection of Qinghai Lake into economic tradeoffs and decision analyses. In this paper, we established a final ecosystem services valuation system based on the underlying ecological mechanisms and regional socio-economic conditions. We then evaluated the eco-economic value provided by the wetlands at Qinghai Lake to beneficiaries in 2012 using the market value method, replacement cost method, zonal travel cost method, and contingent valuation method. According to the valuation result, the total economic values of the final ecosystem services provided by the wetlands at Qinghai Lake were estimated to be 6749.08 x 10(8) yuan RMB in 2012, among which the value of water storage service and climate regulation service were 4797.57 x 10(8) and 1929.34 x 10(8) yuan RMB, accounting for 71.1% and 28.6% of the total value, respectively. The economic value of the 8 final ecosystem services was ranked from greatest to lowest as: water storage service > climate regulation service > recreation and tourism service > non-use value > oxygen release service > raw material production service > carbon sequestration service > food production service. The evaluation result of this paper reflects the substantial value that the wetlands of Qinghai Lake provide to beneficiaries using monetary values, which has the potential to help increase wetland protection awareness among the public and decision-makers, and inform managers about ways to create ecological compensation incentives. The final ecosystem service evaluation system presented in this paper will offer guidance on separating intermediate services and final services, and establishing monitoring programs for

26 CFR 20.2031-4 - Valuation of notes.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of notes. 20.2031-4 Section 20.2031-4... ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-4 Valuation of notes... of the party or parties liable, or for other cause), and that any property pledged or mortgaged as...

Valuation of international oil- and gas companies; Verdsetting av internasjonale olje- og gasselskaper

Energy Technology Data Exchange (ETDEWEB)

Osmundsen, Petter; Mohn, Klaus; Espedal, Harald; Loevaas, Kjell

2002-07-01

In Norway, stock exchange quotation of Statoil has led to increased interest in valuation of oil companies. This article goes through the theory of corporate valuation. Then it compares the theory with practice, where valuation largely is built on accounts-based indicators. Taking the oil companies as a case, the article describes and evaluates the valuation methods used by analysts and investment banks.

Euler European Libraries and Electronic Resources in Mathematical Sciences

CERN Document Server

The Euler Project. Karlsruhe

The European Libraries and Electronic Resources (EULER) Project in Mathematical Sciences provides the EulerService site for searching out "mathematical resources such as books, pre-prints, web-pages, abstracts, proceedings, serials, technical reports preprints) and NetLab (for Internet resources), this outstanding engine is capable of simple, full, and refined searches. It also offers a browse option, which responds to entries in the author, keyword, and title fields. Further information about the Project is provided at the EULER homepage.

A social preference valuations set for EQ-5D health states in Flanders, Belgium.

Science.gov (United States)

Cleemput, Irina

2010-04-01

This study aimed at deriving a preference valuation set for EQ-5D health states from the general Flemish public in Belgium. A EuroQol valuation instrument with 16 health states to be valued on a visual analogue scale was sent to a random sample of 2,754 adults. The initial response rate was 35%. Eventually, 548 (20%) respondents provided useable valuations for modeling. Valuations for 245 health states were modeled using a random effects model. The selection of the model was based on two criteria: health state valuations must be consistent, and the difference with the directly observed valuations must be small. A model including a value decrement if any health dimension of the EQ-5D is on the worst level was selected to construct the social health state valuation set. A comparison with health state valuations from other countries showed similarities, especially with those from New Zealand. The use of a single preference valuation set across different health economic evaluations within a country is highly preferable to increase their usability for policy makers. This study contributes to the standardization of outcome measurement in economic evaluations in Belgium.

76 FR 71491 - Gross Estate; Election to Value on Alternate Valuation Date

Science.gov (United States)

2011-11-18

... 14 may be applicable to determine fair market value for Federal estate tax purposes. (iii... valuation period shall be added to the value of the entity on the alternate valuation date. The sum of the... Gross Estate; Election to Value on Alternate Valuation Date AGENCY: Internal Revenue Service (IRS...

Conceptual bases of the brand valuation by cost method

Directory of Open Access Journals (Sweden)

G.Y. Studinska

2015-03-01

Full Text Available The necessity of valuing intangible assets in accordance with international trends is substantiated. The brand is seen as more important component of intangible assets, as an effective management tool company. The benefits and uses of brand evaluation results are investigated. System monocriterion cost brand evaluation methods is analyzed. In particular, methods that require evaluation by the time factor (current and forecast methods and methods for factor comparison base (relative and absolute. The cost method of brand valuation through market transactions in accordance J.Common’s classification is considered in detail. The explanation of the difference between method a summation of all costs and method of brand valuation through market transactions is provided. The advantages and disadvantages considered cost method of brand valuation are investigated. The cost method as the relative-predicted of the brand valuation, «The method of determining the proportion of the brand from the discounted total costs» is grounded

Mainstreaming Natural Capital into Decisions: Integrated Valuation of Ecosystem Services

Directory of Open Access Journals (Sweden)

Arnas Palaima

2013-08-01

Full Text Available The purpose of the article is to review current paradigms in ecosystem services valuation, existing gaps and current trends in addressing those gaps. Natural capital, often defined as the stock of natural ecosystems that yields a flow of valuable ecosystem goods or services into the future, is often undervalued or not valued at all by governments, business and society, which leads to environmental degradation and loss of biodiversity. One of the major reasons of such undervaluation is the lack of practical, realistic quantitative methods/models that would establish ecosystem services value and its change due to human development. A promising, recently developed ecosystem services modeling system is InVEST: “Integrated Valuation of Ecosystem Services and Trade-Offs.” InVEST is a set of Geographic Information Systems (GIS models that predict the provision and value of ecosystem services and habitat provision given land use/land cover maps and related biophysical, economic, and institutional data for the study region. InVEST, if further developed and applied in a systematic way, could facilitate mainstreaming the natural capital into decisions at all levels and provide a strong foundation for local natural resources managers to improve and optimize their environmental management strategies.

Monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

Pizzol, Massimo; Weidema, Bo Pedersen; Brandão, Miguel

2015-01-01

different impacts and/or with other economic costs and benefits. For this reason, monetary valuation has a great potential to be applied also in Life Cycle Assessment (LCA), especially in the weighting phase. However, several challenges limit its diffusion in the field, which resulted in only a few......Monetary valuation is the practice of converting measures of social and biophysical impacts into monetary units and is used to determine the economic value of non-market goods, i.e. goods for which no market exists. It is applied in cost benefit analysis to enable the cross-comparison between...

Effects of Electronic Information Resources Skills Training for Lecturers on Pedagogical Practices and Research Productivity

Science.gov (United States)

Bhukuvhani, Crispen; Chiparausha, Blessing; Zuvalinyenga, Dorcas

2012-01-01

Lecturers use various electronic resources at different frequencies. The university library's information literacy skills workshops and seminars are the main sources of knowledge of accessing electronic resources. The use of electronic resources can be said to have positively affected lecturers' pedagogical practices and their work in general. The…

Sustained forced sale value opinion advice in Nigerian valuation ...

African Journals Online (AJOL)

This study, the first in a series testing for standardisation of practice among professional Valuers, explores the issue of level of awareness of International Valuation Standards (IVS) provisions among Nigerian Valuers. This is with respect to mortgage valuations in the face of increased volume of secured lending by ...

The valuation of franchises : a restaurant case study / Gavin Stanvliet

OpenAIRE

Stanvliet, Gavin Dennis

2012-01-01

The objective of a business valuation arrangement is to reach a reasonable and acceptable opinion of value. Valuing a business entity has become less of a guessing game than before. Business valuations are two thirds science and one third art according to several theorists and practitioners. The result of a valuation is only definite if it can accurately predict the future, and given that it is not possible, there will always be an element of risk that the actual value differs from the expect...

Quantitative valuation of platform technology based intangibles companies

OpenAIRE

Achleitner, Ann-Kristin; Nathusius, Eva; Schraml, Stephanie

2007-01-01

In the course of raising external equity, e.g. from venture capitalists, a quantitative valuation is usually required for entrepreneurial ventures. This paper examines the challenges of quantitatively valuing platform technology based entrepreneurial ventures. The distinct characteristics of such companies pose specific requirements on the applicability of quantitative valuation methods. The entrepreneur can choose from a wide range of potential commercialization strategies to pursue in the c...

L’évaluation des experts dans les organisations

Directory of Open Access Journals (Sweden)

Pierre Mirralès

2009-03-01

Full Text Available L’avènement des nouvelles technologies et le développement de la société de connaissance n’ont fait qu’amplifier le rôle central de l’expert dans l’organisation. Plus que tout autre individu évoluant dans un milieu professionnel, son évaluation s’avère incontournable et cruciale. Du point de vue managérial pourtant, cette nécessaire évaluation génère très souvent de nombreuses frustrations de l’ensemble des parties prenantes. Notre travail de recherche s’attache à comprendre et à apporter des éléments de réponse à une évaluation des experts qui soit acceptable par eux –mêmes, par les dirigeants de l’organisation et par les autres parties prenantes (Etat, clients, actionnaires, fournisseurs…. Il met en évidence deux grandes modalités de l’évaluation : l’évaluation contrôle et l’évaluation régulation, pour lesquelles les réactions des experts sont diamétralement opposées. Notre méthodologie de recherche utilise des études de cas entreprises auprès d’une trentaine d’experts de deux secteurs d’activité différents.The advent of new technologies and the development of the Knowledge society have increased the central role of experts in organizations. More than any other professional individual, his evaluation is crucial. From the managerial point of view however, this evaluation often creates frustration of many stakeholders. This article tries to understand the process and develop a method which is acceptable to the management of the organization but also for other stakeholders (State, clients, shareholders, suppliers…. The article highlights two methods of evaluation: the control and regulation methods, for which the reactions of the experts are completely opposed. The methodology is based on case studies of firms with some 30 experts in two sectors of activity.

MEASURING INSOLVENCY: VALUATION GUIDELINES FOR ROMANIAN COMPANIES

Directory of Open Access Journals (Sweden)

Tudor Andrei RĂDULESCU

2014-11-01

Full Text Available Nowadays valuation has become an inherent part of business environment which has experienced dynamic changes in economic activity through mergers and acquisitions, organizational restructuring and repurchasing of shares. The dynamic centre of all these activities is valuation, whose methods are needed not only for accounting purposes, but to serve as information support to all stakeholders. Although there are many individual techniques of assessment businesses in difficulty, selecting the most suitable method of valuation is often difficult. The paper is a mini-guide that should be taken into account by all actors involved in the assessment of firms in difficulty when they pursue to carry out such activities. In this regard, we compare the financial and accounting aspects with the national regulation on insolvency, highlighting the usefulness or, where appropriate, the lack of consistency based on assessments completed to date. In the end we insist on the reconciliation of financial vision with the rule of law in order to simplify insolvency proceedings in Romania.

Valuation of Inventories Considering the Fair Value Options

Directory of Open Access Journals (Sweden)

Deaconu Adela

2008-04-01

Full Text Available Our paper represents a pleading for fair value in the specific case of valuating inventories. The real significance and implications of fair value can only be seen after analyzing the topic from different points of view concerning all involved actors. Therefore we have based our scientific demarche on analyzing the trade literature and comparing the foresights of international regulations given by both the accounting setting bodies and the valuation setting bodies. Moreover we have followed two of the three moments which require valuation and for these moments we have selected those cases which require the using of fair value. Our opinion regarding the findings of the research is expresses by giving practical examples for the specific application of fair value and the way to reach it.

Prepayment and the Valuation of Danish Mortgage-Backed Bonds

DEFF Research Database (Denmark)

Jakobsen, Svend

Ph.D. thesis on prepayment modelling and valuation of Danish mortgage backed bonds. The thesis discusses several aspects of mortgage backed bonds including after-tax valuation, the special Danish delivery option, rational prepayment behavior, transaction costs and heterogenous borrowers. The thes...... concludes with an empirical analysis of pricing and holding period returns...

RUSSIAN AND FOREIGN PRACTICE OF VALUATING MUNICIPAL REAL ESTATE

Directory of Open Access Journals (Sweden)

Oleg V. Likhomanov

2017-09-01

Full Text Available The authors analyze the real estate tax system of England, France, Germany, the USA, Canada, Sweden, Denmark, Holland, Spain, Portugal, Poland, Chile, Singapore, the Philippines, and Japan. The following activities are proposed with the aim of creating an effective system of municipal real estate management and improving the quality of local government: to organize the smooth functioning of full and timely accounting of the municipal real estate, the introduction of an automated registry system, including legal, technical, and economic components of records; to develop scientifically based optimal management solutions on the disposal of municipal property, in compliance with the balance of fiscal, investment and socially-oriented objectives in the course of operational management, transfer in use or trust, disposition, use as the authorized capital; to develop the optimal solutions for selecting strategies for achieving maximum economic efficiency and increasing investment attractiveness of municipal property; to exercise effective control over regulatory use of municipal property (especially land resources for its intended purpose; to organize work on reliable cadastral valuation of the property; to provide the state budget institutions for cadastral valuation established in the regions with qualified personnel from among the practicing independent appraisers; to engage independent appraisers for analysis and monitoring of real estate market with the aim of identifying pricing factors and ensuring reliable results, compliant with relevant market data; to completely eliminate the possibility of pressure by officials of local self-government bodies at the state budget institutions for the cadastral valuation to establish the desired orientations of the cadastral value. The authors propose to initiate the introduction of uniform date of establishment of the cadastral value on the territory of the Russian Federation with the aim of providing a

Phase Two Protected Species Valuation

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Nonmarket valuation research has produced economic value estimates for a variety of threatened, endangered, and rare species around the world. Although over 40 value...

Phase One Protected Species Valuation

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Nonmarket valuation research has produced economic value estimates for a variety of threatened, endangered, and rare species around the world. Although over 40 value...

Valuation of energy enterprises

International Nuclear Information System (INIS)

Kjaerland, Frode

2005-01-01

Since the deregulation of the energy market in Norway, there has been a number of mergers and acquisitions of energy enterprises. In all these transaction the companies has been valued. The value has often been not insignificant above what the value should be according to traditional methods of valuation. What is the explanation of this premium. This paper describes a project which has as goal to test weather real option theory can explain the difference between actual price and theoretical value based on conventional discounted cash flow methods. This is supposed to be compared with an accounting based residual income approach of valuation. The goal is to see if a real option approach better can explain the value of the transactions in this industry in the past decade, and thereby better understand the value and value components of these enterprises. This is a first draft, and this paper will be rewritten and revised by the presentation in the conference ultimo August 2005. (Author)

Ranking of energy resources within the analysis of total costs for the IRP (Integrated Resources Planning for Energy Resources); Ranqueamento de recursos energeticos dentro da analise de custos completos para o PIR (Planejamento Integrado de Recursos Energeticos)

Energy Technology Data Exchange (ETDEWEB)

Reinig, Alexandre Orrico; Cicone Junior, Decio; Galvao, Luiz Claudio Ribeiro [Universidade de Sao Paulo (USP), SP (Brazil). Dept. de Energia e Automacao Eletricas. Grupo de Energia; Udaeta, Miguel Edgar Morales [Universidade de Sao Paulo (USP), SP (Brazil). Inst. de Eletrotecnica e Energia

2008-07-01

The objective of this work is to demonstrate the application of the Analytic Hierarchy Process (PAH) with the support of computational tools in the Complete Costs Evaluation (ACC) to classify energy resources, emphasizing as this important method of decision making can be used with the ACC inside of the integrated resources planning for energy resources (PIR). The use of the methodology in question inside of the PIR has as permanent goal to interrelate the complete technical valuation of the resources and its qualitative valuation carried through by the involved and interested (En-In) of the PIR, as well as the evaluation of the resources inside of multidimensional criteria of the ACC. For this the way is presented the way as the evaluation of the social dimension of the ACC in the PIR in the Aracatuba's Administrative Region (RAA) was made and ranking generated with the application of the PAH inside of the ACC. The main result is the validation of the AHP with the use of the Decision Lens for the ACC in the PIR, and from that conclude that the ranking of many energy resources using Decision Lens facilitates the process of PIR in the posterior Wallet of Resources and preferential plan determination. (author)

Monetary ecosystem services valuation in natural environment management

OpenAIRE

Álvarez, David

2017-01-01

As it happened with Stern Report, which made international community change their attitude related to climate change, TEEB (The Economics of Ecosystem Services and Biodiversity) was a turning point in valuing biodiversity and ecosystem services. This change of attitude happened, partially, thanks to include monetary ecosystem valuation of ecosystem services and how much their conservation and avoid their loss worth to the entire society. Integrate monetary valuation in green infrastructur...

Economic valuation of selected direct and indirect use values of the Makgadikgadi wetland system, Botswana

Science.gov (United States)

Setlhogile, Tshepo; Arntzen, Jaap; Mabiza, Collin; Mano, Reneth

Economic valuation of wetlands aims to investigate public preferences for changes in the state of the wetland and the natural resources it constitutes in monetary terms. It provides a means of quantifying the direct and indirect benefits that people derive from wetlands. In addition, it informs management planning and practice about resource options, optimal allocation and also provides information for conservation of the resource. The Makgadikgadi wetland is a unique system that mostly consists of dry pans during most of the year. This study aimed at estimating the value of groundwater recharge and community-based natural resource management (CBNRM) activities within the Makgadikgadi wetland and how these goods and services contribute to the local and national economy. The study used the Total Economic Valuation approach, which considers both the direct and indirect use values of the resource. In essence, the study concentrated on one direct use value (use of resources through CBNRM) and one indirect use value (groundwater recharge). With regard to CBNRM, three community-based organisations (CBOs) were selected for the study and static and dynamic cost-benefit models for these CBOs were developed. The groundwater recharge value was largely determined through desktop review and interviews with stakeholders. The results indicate a small positive contribution of CBOs towards the economy of Botswana and a high potential for communities to derive substantial benefits from the projects because currently benefits realised by communities are limited. CBOs involved in joint venture partnerships with tourism and hunting enterprises benefit more from utilising the wetland’s resources. Groundwater recharge often occurs in areas away from the physical location of the wetland and may not be easily attributable to the wetland. However, the study assessed the value taking into consideration the various sectors which rely on the groundwater resource. The groundwater recharge

Electronic Commerce Resource Centers. An Industry--University Partnership.

Science.gov (United States)

Gulledge, Thomas R.; Sommer, Rainer; Tarimcilar, M. Murat

1999-01-01

Electronic Commerce Resource Centers focus on transferring emerging technologies to small businesses through university/industry partnerships. Successful implementation hinges on a strategic operating plan, creation of measurable value for customers, investment in customer-targeted training, and measurement of performance outputs. (SK)

Timing effects in health valuations.

Science.gov (United States)

Leiter, Andrea M; Pruckner, Gerald J

2014-06-01

This paper analyzes the impact of external sources of information, conveyed by the frequency of risky events that vary across time, on the individual willingness to pay (WTP) for a reduction of mortality risk. We collected data from a contingent valuation (CV) exercise conducted in two waves (fall and winter) to examine whether individual WTP varied across periods that differed in the predominance of fatal accidents. Risk valuations were based on fatal snow avalanche accidents, that is, a type of risk with seasonal differences in occurrence. We found slightly lower but statistically significant mean WTP figures in the winter than in the fall sample because of time-varying individual risk attitudes and, therefore, recommend controlling for these factors in risk assessment CV surveys. Copyright © 2013 John Wiley & Sons, Ltd.

Classe de langue et compétence évaluative des enseignants : entre pratiques évaluatives et politique éducative

Directory of Open Access Journals (Sweden)

Mina Sadiqui

2014-12-01

Dans une dernière partie nous esquisserons, en nous basant sur une approche didactique, quelques repères qui permettraient à tout enseignant ou futur enseignant de repenser les éléments organisateurs d’un dispositif d’évaluation ,et donc de construire une compétence évaluative en classe de langue, si on veut vraiment mettre en place une nouvelle politique éducative relative à l’enseignement/apprentissage des langues ,en l’occurrence celle du FLE au lycée au Maroc.

Meet EPA Natural Resource Economist Marisa Mazzotta, Ph.D.

Science.gov (United States)

Marisa Mazzotta, Ph.D. currently works as an Economist at EPA's Atlantic Ecology Division. Her research focuses on the public's valuation and prioritization of natural resources, and the relationship between ecological changes and economic benefits.

Conservatism in Corporate Valuation

DEFF Research Database (Denmark)

Bach, Christian

Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the sense that it discounts forecasted residual income for ri...

Spécialiste de programme principal, Évaluation (h/f) | CRDI - Centre ...

International Development Research Centre (IDRC) Digital Library (Canada)

Il recommande les méthodes, outils et processus d'évaluation et d'autoévaluation appropriés et en facilite la conception et l'utilisation par le personnel et la direction des programmes afin d'appuyer leur utilisation de l'évaluation pour éclairer la conception de projets et de programmes, améliorer les pratiques de gestion, ...

Does Accrual Management Impair the Performance of Earnings-Based Valuation Models?

OpenAIRE

Lucie Courteau; Jennifer L. Kao; Yao Tian

2013-01-01

This study examines empirically how the presence of accrual management may affect firm valuation. We compare the performance of earnings-based and non-earnings-based valuation models, represented by Residual Income Model (RIM) and Discounted Cash Flow (DCF), respectively, based on the absolute percentage pricing and valuation errors for two subsets of US firms: “Suspect” firms that are likely to have engaged in accrual management and “Normal” firms matched on industry, year and size. Results ...

Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

Directory of Open Access Journals (Sweden)

Ahsan Habib

2011-12-01

Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

A note on envy-free cake cutting with polynomial valuations

DEFF Research Database (Denmark)

Branzei, Simina

2015-01-01

number of players. The only existing finite envy-free cake cutting protocol for any number of players, designed by Brams and Taylor [4], has the property that its runtime can be made arbitrarily large by setting up the valuation functions of the players appropriately. Moreover, there is no closed formula...... that relates the valuation functions to the number of queries required by the protocol. In this note we show that when the valuations can be represented as polynomial functions, there exists a protocol in the standard query model that is much simpler conceptually and has a runtime bound depending...

ASPECTS OF THE STOCK VALUATION AND ACCOUNTING IN AGRICULTURAL UNITS IN ROMANIA

Directory of Open Access Journals (Sweden)

Mariana BANUTA

2014-11-01

Full Text Available This paper approaches a current and common and topical problem of the business entities operating in agriculture, the stock valuation and accounting problem. Thus, gradually the article starts from the delimitation of the categories of inventories in agriculture, continues with the reasons for the need to valuate them and shows the stock valuation methods in the current accounting and in other specific situations.

Economic Valuation of Contamination Risks and its Effect on Site Investigations

International Nuclear Information System (INIS)

Back, Paer-Erik; Rosen, Lars

2006-01-01

Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks

Economic Valuation of Contamination Risks and its Effect on Site Investigations

Energy Technology Data Exchange (ETDEWEB)

Back, Paer-Erik; Rosen, Lars [Chalmers Univ. of Technology, Goeteborg (Sweden). Dept. of Civil Engineering

2006-09-15

Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks.

Resource values in analyzing fire management programs for economic efficiency

Science.gov (United States)

Irene A. Althaus; Thomas J. Mills

1982-01-01

In analyzing fire management programs for their economic efficiency, it is necessary to assign monetary values to the changes in resource outputs caused by, fire. The derivation of resource values is complicated by imperfect or nonexistent commercial market structures. The valuation concept recommended for fire program analyses is willingness-to-pay because it permits...

Spring cleaning: rural water impacts, valuation, and property rights institutions.

Science.gov (United States)

Kremer, Michael; Leino, Jessica; Miguel, Edward; Zwane, Alix Peterson

2011-01-01

Using a randomized evaluation in Kenya, we measure health impacts of spring protection, an investment that improves source water quality. We also estimate households' valuation of spring protection and simulate the welfare impacts of alternatives to the current system of common property rights in water, which limits incentives for private investment. Spring infrastructure investments reduce fecal contamination by 66%, but household water quality improves less, due to recontamination. Child diarrhea falls by one quarter. Travel-cost based revealed preference estimates of households' valuations are much smaller than both stated preference valuations and health planners' valuations, and are consistent with models in which the demand for health is highly income elastic. We estimate that private property norms would generate little additional investment while imposing large static costs due to above-marginal-cost pricing, private property would function better at higher income levels or under water scarcity, and alternative institutions could yield Pareto improvements.

The ecological rationality of state-dependent valuation.

Science.gov (United States)

McNamara, J M; Trimmer, P C; Houston, A I

2012-01-01

Laboratory studies on a range of animals have identified a bias that seems to violate basic principles of rational behavior: a preference is shown for feeding options that previously provided food when reserves were low, even though another option had been found to give the same reward with less delay. The bias presents a challenge to normative models of decision making (which only take account of expected rewards and the state of the animal at the decision time). To understand the behavior, we take a broad ecological perspective and consider how valuation mechanisms evolve when the best action depends upon the environment being faced. We show that in a changing and uncertain environment, state-dependent valuation can be favored by natural selection: Individuals should allow their hunger to affect learning for future decisions. The valuation mechanism that typically evolves produces the kind of behavior seen in standard laboratory tests. By providing an insight into why learning should be affected by the state of an individual, we provide a basis for understanding psychological principles in terms of an animal's ecology.

Valuation of international oil companies - size matters

International Nuclear Information System (INIS)

Mohn, Klaus

2005-01-01

According to economic theory, exploration and the development of new oil and gas fields should respond positively to increasing prices. But since the late 1990s, financial analysts have focused strongly on short-term accounting return measures, like RoACE (Return on Average Capital Employed), for benchmarking and valuation of international oil and gas companies. Consequently, the demands for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. We investigate the presumed positive relation between RoACE and stock market valuation. Based on panel data for 12 international oil and gas companies for the period 1997-2002, we seek to establish econometric relations between market valuation on one hand, and simple financial and operational indicators on the other. Our findings do not support the perceived positive relation between reported RoACE and market-based multiples. Recent evidence also suggests that the stock market is increasingly concerned about reserve replacement and sustained profitable production growth. The current high-price, low-investment equilibrium is therefore hardly stable. (Author)

Relative valuation of alternative methods of tax avoidance

OpenAIRE

Inger, Kerry Katharine

2012-01-01

This paper examines the relative valuation of alternative methods of tax avoidance. Prior studies find that firm value is positively associated with overall measures of tax avoidance; I extend this research by providing evidence that investors distinguish between methods of tax reduction in their valuation of tax avoidance. The impact of tax avoidance on firm value is a function of tax risk, permanence of tax savings, tax planning costs, implicit taxes and contrasts in disclosures of tax re...

The use of fuzzy real option valuation method to rank Giga ...

African Journals Online (AJOL)

The use of fuzzy real option valuation method to rank Giga Investment Projects on Iran's natural gas reserves. ... Journal of Fundamental and Applied Sciences ... methodology – discounted cash flow analysis – in valuation of Giga investments.

Analysis of Interbrand, BrandZ and BAV brand valuation methodologies

Directory of Open Access Journals (Sweden)

Krstić Bojan

2011-01-01

Full Text Available Brand valuation is considered for one of the most significant challenges of not only theory and practice of contemporary marketing, but other disciplines, as well. Namely, the complex nature of this issue implies the need for multidisciplinary approach and creation of methodology which goes beyond the borders of marketing as a discipline, and includes knowledge derived from accounting, finance and other areas. However, mostly one-sided approaches oriented towards determining brand value either based on research results of consumer behavior and attitudes or based on financial success of the brand are dominant in marketing and financial literature. Simultaneously with these theoretical methodologies, agencies for consultancy and marketing and other subjects have been developing their own brand valuation methods and models. Some of them can be appointed to comprehensive approach to brand valuation, which overcomes mentioned problem considering one-sided analysis of brand value. The comprehensive approach, namely, presumes brand valuation based on benefits which brand provides to both customers and enterprise that owns it, in other words - based on qualitative and quantitative measures respectively reflecting behavior and attitudes of consumers and assumed financial value of the brand, or, more precisely, brand value capitalization. According to the defined research subject, this paper is structured as follows: importance and problem of brand value are reviewed in the Introduction, and three most well-known brand valuation methodologies developed by consultancy agencies - Interbrand methodology and BrandZ and BAV models are analyzed in the next section. In the further considerations the results of comparative analysis of these methodologies are presented and implications for adequate brand valuation suggested.

Benefit-based tree valuation

Science.gov (United States)

E.G. McPherson

2007-01-01

Benefit-based tree valuation provides alternative estimates of the fair and reasonable value of trees while illustrating the relative contribution of different benefit types. This study compared estimates of tree value obtained using cost- and benefit-based approaches. The cost-based approach used the Council of Landscape and Tree Appraisers trunk formula method, and...

29 CFR 4281.16 - Benefit valuation methods-plans closing out.

Science.gov (United States)

2010-07-01

..., as determined under this subpart. (b) Valuation rule. The present value of nonforfeitable benefits... 4281(b) of ERISA, the plan sponsor shall value the plan's benefits in accordance with paragraph (b) of... 29 Labor 9 2010-07-01 2010-07-01 false Benefit valuation methods-plans closing out. 4281.16...

[Health valuations for patients with chronic ischemic heart disease].

Science.gov (United States)

Meder, M; Farin, E

2011-08-01

The study deals with the question of how patients with chronic ischemic heart disease assess different health situations that can be achieved by rehabilitation. Furthermore it examines which factors influence these health valuations and whether the predictors vary depending on the level of education. The health valuations of n = 331 patients with chronic ischemic heart disease are compiled using visual analogue scales (VAS). In addition to sociodemographic questions, generic and illness-specific scales (SF-12, MacNew) for the health-related quality of life (HRQOL) are used as potential predictors of the health valuations. Additional basic medical data were provided by the physician. Hierarchical regression analyses are conducted; the sociodemographic, medical and HRQOL variables are included stepwise. Since many variables are observed for the regression models, an imputation of missing values is made. The health dimensions "Self-care and domestic life" and "Mobility" are assigned the highest values on the VAS. The lowest preference is assigned to the dimensions "Reduction of symptoms" and "Information about the disease". The differences between the health dimensions are statistically significant. Sociodemographic variables explain up to 3.6% of the variance of health valuations, with level of education and living with a partner being the most important predictors. The medical variables included in the second step explain between 2.1 and 6.8% incremental variance; the most important predictor is the operation performed prior to rehabilitation (bypass, heart valve). The HRQOL variables in the third block provide 7.1-24.9% incremental explanation of variance, by far the highest percentage. This is mainly achieved using the 3 MacNew scales (emotional, social and physical functioning). The overall explanation of variance for the health valuations is 17.1-28.8%. For patients with a higher level of education, the total explanation of variance is about 9.2% higher on

THE PROBLEM OF URBAN LAND MASS VALUATION OBJECTIVENESS AND WAYS OF SOLVING IT

Directory of Open Access Journals (Sweden)

DRAPIKOVSKYI O. I.

2015-12-01

Full Text Available Raising of problem. Implementation of prudent investment, urban planning and fiscal policy is possible only if there is knowledge of the real value of land in the entire city, which is obtained by the mass appraisal of urban land. The implementation of this important social function puts strict requirements for urban land mass valuation results objectiveness and comparability, stated in the international sectoral standards and regulations. Purpose. The aim of the article is to determine the basic requirements to urban land mass valuation results objectiveness maintenance and to analyse the compliance of the normative monetary valuation with these requirements. Conclusion. The problem of urban land mass valuation objectiveness can be considered through the prism of the ontological, epistemological and logical aspects, compliance with which allows the anticipation of the expected improvement of this valuation methodological apparatus efficiency.

Valuation of Embalse Nuclear Power Plant and of heavy water

International Nuclear Information System (INIS)

Martin, D.E.

2008-01-01

The author describes the Nuclear Power Plant characteristics, the building work, the heavy water valuation criteria and the reasons why he considers that any capital good can be valuated by means of cash-flow. The value of replacement of Embalse Nuclear Power Plant is of U$S 1.593.538.000 (authors) [es

Interactive valuation : the social construction of the value of ecological services

NARCIS (Netherlands)

Jiggins, J.; Röling, N.

1999-01-01

Two different perspectives mark the discourse about the valuation of ecological services: (i) a positivist-realist perspective, and (ii) a constructivist perspective. The implications of the constructivist perspective for valuation are presented. First, is analyzed the current dominant practice of

26 CFR 1.430(g)-1 - Valuation date and valuation of plan assets.

Science.gov (United States)

2010-04-01

... the adjusted fair market value of plan assets, assets that are added to a plan as a result of a plan... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Certain Stock Options § 1.430(g)-1 Valuation date and.... Paragraph (c) of this section describes rules regarding the determination of the asset value for purposes of...

Valuating Privacy with Option Pricing Theory

Science.gov (United States)

Berthold, Stefan; Böhme, Rainer

One of the key challenges in the information society is responsible handling of personal data. An often-cited reason why people fail to make rational decisions regarding their own informational privacy is the high uncertainty about future consequences of information disclosures today. This chapter builds an analogy to financial options and draws on principles of option pricing to account for this uncertainty in the valuation of privacy. For this purpose, the development of a data subject's personal attributes over time and the development of the attribute distribution in the population are modeled as two stochastic processes, which fit into the Binomial Option Pricing Model (BOPM). Possible applications of such valuation methods to guide decision support in future privacy-enhancing technologies (PETs) are sketched.

VALUATION OF OPEN SOURCE SOFTWARE: HOW DO YOU PUT A VALUE ON FREE?

Directory of Open Access Journals (Sweden)

Jesús García-García

2013-04-01

Full Text Available The aim of this study is to assess the financial reporting framework applied to open source software. Open sourcing software developments means sharing technology and resources with communities worldwide to help eliminate the digital divide, create economic opportunity, and support equal access to technology. Therefore, a methodological approach is needed to assess properly the performance and the value generation potential and to put such measure into organizational reports. International financial reporting framework is checked over conditions to allow value recognition of open sourced assets. Linux kernel development value is estimated to reflect worth of open source developments despite absence of book value due to inexistence of a single cost source. Several attempts to estimate a valuation of open source software have been performed previously. However, this study is the first to judge suitability of accounting framework to report on this value. The main finding is that open sourced assets do not fully accomplish conditions to be included in financial reports. We seek to stimulate academic and professional debate about the pursuit of valuation of a large and efficient ecosystem of software innovation, freely available to society.

Utilizing 3D building and 3D cadastre geometries for better valuation of existing real estate

NARCIS (Netherlands)

Isikdag, U.; Horhammer, M.; Zlatanova, S.; Kathmann, R.; Van Oosterom, P.J.M.

2015-01-01

Valuation of the properties is known as real estate appraisal, property valuation or land valuation and is a process which focuses on determining the value of a building or a land lot. The valuation of each real estate is required prior to any transaction as every property is unique in terms of

Economic valuation of water: theoretical considerations and an applications to agriculture in the zambezi basin countries

OpenAIRE

Agudelo Otálvaro, José Ignacio

2001-01-01

This work is concerned with the theoretical background and the methods most frequently used for valuing water in its different uses in general and for the sector of agriculture in particular. It highlights the importance of regarding water as an economic commodity and, consequently, of valuing it adequately. Proper valuation is an instrument-Among others-that allows an efficient allocation and conservation of the resource. Some basic concepts and definitions that economists use in order to co...

‘I used to be ashamed’. The influence of an educational program on tribal and non-tribal children's knowledge and valuation of wild food plants

NARCIS (Netherlands)

Cruz Garcia, G.S.; Howard, P.L.

2013-01-01

This study examines the influence of an extra-curricular educational program on children's knowledge and cultural valuation of wild food plants, which are an important component of their diets. This program aims to reinforce children's traditional knowledge and values around biological resources in

USE OF ELECTRONIC EDUCATIONAL RESOURCES WHEN TRAINING IN WORK WITH SPREADSHEETS

Directory of Open Access Journals (Sweden)

Х А Гербеков

2017-12-01

Full Text Available Today the tools for maintaining training courses based on opportunities of information and communication technologies are developed. Practically in all directions of preparation and on all subject matters electronic textbook and self-instruction manuals are created. Nevertheless the industry of computer educational and methodical materials actively develops and gets more and more areas of development and introduction. In this regard more and more urgent is a problem of development of the electronic educational resources adequate to modern educational requirements. Creation and the organization of training courses with use of electronic educational resources in particular on the basis of Internet technologies remains a difficult methodical task.In article the questions connected with development of electronic educational resources for use when studying the substantial line “Information technologies” of a school course of informatics in particular for studying of spreadsheets are considered. Also the analysis of maintenance of a school course and the unified state examination from the point of view of representation of task in him corresponding to the substantial line of studying “Information technologies” on mastering technology of information processing in spreadsheets and the methods of visualization given by means of charts and schedules is carried out.

Valuation anomalies for interconnector transmission rights

International Nuclear Information System (INIS)

McInerney, Celine; Bunn, Derek

2013-01-01

Whilst the acquisition of physical transmission interconnector rights between two or more electricity markets can be structured as spread options on the spot prices of electricity between connected markets, empirical evidence suggests that actual prices may be quite different. This raises issues for the valuation of transmission rights, particularly in the European context of market harmonisation, and the use of transmission rights with increasing levels of wind penetration. We examine the price differentials between the Irish and British electricity markets, where explicit transmission capacity auctions have been persistently undersubscribed and transmission rights acquired but not fully utilised. We find significant empirical indications that auction prices for transmission rights are undervalued against both arbitrage and spread option valuations. We also find significant power flows against the efficient price spread direction. A survey of a group of experts with an interest in trading power between Ireland and Britain inform a number of possible explanations for the apparent inefficiencies. These include ex-post pricing in the Irish market, intermittent wind and strategic behaviour by dominant firms. - Highlights: ► Valuation anomalies for transmission rights highlight lack of market integration. ► Exports constrained from market with ex post pricing and no hedging mechanisms. ► High start-up costs for balancing plant may deter exports from high wind regions. ► Deadband created by capacity payments based on flows versus availability

Social relationships as a major determinant in the valuation of health states.

Science.gov (United States)

Frick, Ulrich; Irving, Hyacinth; Rehm, Jürgen

2012-03-01

To empirically determine the impact of the capacity to sustain social relationships on valuing health states. 68 clinical experts conducted a health state valuation exercise in five sites using pairwise comparison, ranking, and person trade-off as elicitation methods. 23,840 pairwise comparisons of a total of 379 health states were analyzed by conditional logistic regression. Social relationships had a clear monotonic association with perceived disability: the more limited the capacity to sustain social relationships, the more disabling the resulting health state valuations. The highest level of limitations with respect to social relationships was associated with slightly lower impact on health state valuations compared to the highest level of limitations in physical functioning. Social relationships showed an independent contribution to health state valuations and should be included in health state measures.

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

2015-01-01

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

Application of monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

Weidema, Bo Pedersen; Pizzol, Massimo; Miguel, Brandão

Monetary valuation, or monetarisation, is the determination of the economic value of non-market goods, i.e. goods for which no market exists. Although monetary valuation has a great potential to be applied in Life Cycle Assessment (LCA), in particular in the weighting phase, several challenges...... for LCA. For the two surveys, the total number of respondents was 209. The critial review showed that observed- and revealed-preference methods and the abatement cost method have limited applicability in LCA, whereas the conjoint analysis method and the budget constraint method are the best options...

Introduction and critique of using contingent valuation to measure nonuse damages

International Nuclear Information System (INIS)

Desvousges, W.H.

1993-01-01

Contingent valuation (CV) is a method for measuring natural resource damages that involves the use of surveys to elicit people's stated willingness to pay for natural resources. The CV method involves a series of steps ranging from the development and testing of the survey questionnaire to the analysis of the resulting data. In this presentation, the author will describe the main steps involved in using the CV method and will use examples to illustrate the various ways the CV has been used in natural resource damage assessments. The presentation will highlight a few applications of CV to measuring use values, but the majority of the emphasis will be on the so-called nonuse or passive values that do not require people to use the potentially affected resources. In discussing the issues related to nonuse values, the author will use examples to highlight several of the important problem that arise in using CV to measure nonuse damages. These problems include the inability of CV to differentiate the scope of potential injuries, the influence of information and survey design on the estimated values, the lack of consideration of substitute resources, and the lack of calibration of stated willingness to pay with commitments of real dollars. The author will draw on examples from several oil spills including the Exxon Valdez and several of the Superfund cases that have featured CV applications

A Mechanism for Fair Distribution of Resources without Payments

Science.gov (United States)

Christoforou, Evgenia; Anta, Antonio Fernández; Santos, Agustín

2016-01-01

We design a mechanism for Fair and Efficient Distribution of Resources (FEDoR) in the presence of strategic agents. We consider a multiple-instances, Bayesian setting, where in each round the preference of an agent over the set of resources is a private information. We assume that in each of r rounds n agents are competing for k non-identical indivisible goods, (n > k). In each round the strategic agents declare how much they value receiving any of the goods in the specific round. The agent declaring the highest valuation receives the good with the highest value, the agent with the second highest valuation receives the second highest valued good, etc. Hence we assume a decision function that assigns goods to agents based on their valuations. The novelty of the mechanism is that no payment scheme is required to achieve truthfulness in a setting with rational/strategic agents. The FEDoR mechanism takes advantage of the repeated nature of the framework, and through a statistical test is able to punish the misreporting agents and be fair, truthful, and socially efficient. FEDoR is fair in the sense that, in expectation over the course of the rounds, all agents will receive the same good the same amount of times. FEDoR is an eligible candidate for applications that require fair distribution of resources over time. For example, equal share of bandwidth for nodes through the same point of access. But further on, FEDoR can be applied in less trivial settings like sponsored search, where payment is necessary and can be given in the form of a flat participation fee. FEDoR can be a good candidate in a setting like that to solve the problem of starvation of publicity slots for some advertisers that have a difficult time determining their true valuations. To this extent we perform a comparison with traditional mechanisms applied to sponsored search, presenting the advantage of FEDoR. PMID:27227992

A Mechanism for Fair Distribution of Resources without Payments.

Science.gov (United States)

Christoforou, Evgenia; Anta, Antonio Fernández; Santos, Agustín

2016-01-01

We design a mechanism for Fair and Efficient Distribution of Resources (FEDoR) in the presence of strategic agents. We consider a multiple-instances, Bayesian setting, where in each round the preference of an agent over the set of resources is a private information. We assume that in each of r rounds n agents are competing for k non-identical indivisible goods, (n > k). In each round the strategic agents declare how much they value receiving any of the goods in the specific round. The agent declaring the highest valuation receives the good with the highest value, the agent with the second highest valuation receives the second highest valued good, etc. Hence we assume a decision function that assigns goods to agents based on their valuations. The novelty of the mechanism is that no payment scheme is required to achieve truthfulness in a setting with rational/strategic agents. The FEDoR mechanism takes advantage of the repeated nature of the framework, and through a statistical test is able to punish the misreporting agents and be fair, truthful, and socially efficient. FEDoR is fair in the sense that, in expectation over the course of the rounds, all agents will receive the same good the same amount of times. FEDoR is an eligible candidate for applications that require fair distribution of resources over time. For example, equal share of bandwidth for nodes through the same point of access. But further on, FEDoR can be applied in less trivial settings like sponsored search, where payment is necessary and can be given in the form of a flat participation fee. FEDoR can be a good candidate in a setting like that to solve the problem of starvation of publicity slots for some advertisers that have a difficult time determining their true valuations. To this extent we perform a comparison with traditional mechanisms applied to sponsored search, presenting the advantage of FEDoR.

A Mechanism for Fair Distribution of Resources without Payments.

Directory of Open Access Journals (Sweden)

Evgenia Christoforou

Full Text Available We design a mechanism for Fair and Efficient Distribution of Resources (FEDoR in the presence of strategic agents. We consider a multiple-instances, Bayesian setting, where in each round the preference of an agent over the set of resources is a private information. We assume that in each of r rounds n agents are competing for k non-identical indivisible goods, (n > k. In each round the strategic agents declare how much they value receiving any of the goods in the specific round. The agent declaring the highest valuation receives the good with the highest value, the agent with the second highest valuation receives the second highest valued good, etc. Hence we assume a decision function that assigns goods to agents based on their valuations. The novelty of the mechanism is that no payment scheme is required to achieve truthfulness in a setting with rational/strategic agents. The FEDoR mechanism takes advantage of the repeated nature of the framework, and through a statistical test is able to punish the misreporting agents and be fair, truthful, and socially efficient. FEDoR is fair in the sense that, in expectation over the course of the rounds, all agents will receive the same good the same amount of times. FEDoR is an eligible candidate for applications that require fair distribution of resources over time. For example, equal share of bandwidth for nodes through the same point of access. But further on, FEDoR can be applied in less trivial settings like sponsored search, where payment is necessary and can be given in the form of a flat participation fee. FEDoR can be a good candidate in a setting like that to solve the problem of starvation of publicity slots for some advertisers that have a difficult time determining their true valuations. To this extent we perform a comparison with traditional mechanisms applied to sponsored search, presenting the advantage of FEDoR.

Land valuation and marginalization processes in cultural landscapes - a comparative study of valuation systems related to natural and semi-natural areas

DEFF Research Database (Denmark)

Christensen, Andreas Aagaard; Svenningsen, Stig Roar; Brandt, Jesper

2012-01-01

awareness that the behavior of rural landscape managers reflect culture, and that cultural valuation systems need to be included in research addressing such themes as sustainability and multifunctionality which is often difficult to regulate effectively and depend directly on local decision behavior. Two......, their preferences for different areas and their valuation procedures related to landscape and land cover. The maps developed with the interviewees were compared with maps delineating the 205 Natura-2000 habitat areas in the nature park which were designated by the Danish Nature Agency in 2006. Results...

Gas Storage Valuation and Hedging: A Quantification of Model Risk

Directory of Open Access Journals (Sweden)

Patrick Hénaff

2018-03-01

Full Text Available This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of the futures curve and spot price, and accounts for the main stylized facts of the US natural gas market such as seasonality and the presence of price spikes in the spot market. Secondly, we evaluate the associated model risk, and show not only that the valuation is strongly dependent upon the dynamics of the spot price, but more importantly that the hedging strategy commonly used in the industry leaves the storage operator with significant residual price risk.

VALUATION FOR BIOLOGICAL ASSETS WITH HISTORICAL COST ACCOUNTING OR FAIR VALUE ACCOUNTING ?

OpenAIRE

Valentin Gabriel CRISTEA

2017-01-01

The valuation for biological assets is regulated by IAS 41. Interesting debate is what valuation models it is better to use: historical cost accounting or fair value accounting? I will discuss advantages and disadvantages in this case.

Analytical Study of Usage of Electronic Information Resources at Pharmacopoeial Libraries in India

Directory of Open Access Journals (Sweden)

Sunil Tyagi

2014-02-01

Full Text Available The objective of this study is to know the rate and purpose of the use of e-resource by the scientists at pharmacopoeial libraries in India. Among other things, this study examined the preferences of the scientists toward printed books and journals, electronic information resources, and pattern of using e-resources. Non-probability sampling specially accidental and purposive technique was applied in the collection of primary data through administration of user questionnaire. The sample respondents chosen for the study consists of principle scientific officer, senior scientific officer, scientific officer, and scientific assistant of different division of the laboratories, namely, research and development, pharmaceutical chemistry, pharmacovigilance, pharmacology, pharmacogonosy, and microbiology. The findings of the study reveal the personal experiences and perceptions they have had on practice and research activity using e-resource. The major findings indicate that of the total anticipated participants, 78% indicated that they perceived the ability to use computer for electronic information resources. The data analysis shows that all the scientists belonging to the pharmacopoeial libraries used electronic information resources to address issues relating to drug indexes and compendia, monographs, drugs obtained through online databases, e-journals, and the Internet sources—especially polices by regulatory agencies, contacts, drug promotional literature, and standards.

The valuation of commercial grain silos

African Journals Online (AJOL)

The valuation of grain silos is a complex exercise when one considers all the variables that affect their ... their grains, larger grain-processing companies, traders, importers or exporters that have ..... 2015: personal interview). The percentages ...

Neuroscience and approach/avoidance personality traits: a two stage (valuation-motivation) approach.

Science.gov (United States)

Corr, Philip J; McNaughton, Neil

2012-11-01

Many personality theories link specific traits to the sensitivities of the neural systems that control approach and avoidance. But there is no consensus on the nature of these systems. Here we combine recent advances in economics and neuroscience to provide a more solid foundation for a neuroscience of approach/avoidance personality. We propose a two-stage integration of valuation (loss/gain) sensitivities with motivational (approach/avoidance/conflict) sensitivities. Our key conclusions are: (1) that valuation of appetitive and aversive events (e.g. gain and loss as studied by behavioural economists) is an independent perceptual input stage--with the economic phenomenon of loss aversion resulting from greater negative valuation sensitivity compared to positive valuation sensitivity; (2) that valuation of an appetitive stimulus then interacts with a contingency of presentation or omission to generate a motivational 'attractor' or 'repulsor', respectively (vice versa for an aversive stimulus); (3) the resultant behavioural tendencies to approach or avoid have distinct sensitivities to those of the valuation systems; (4) while attractors and repulsors can reinforce new responses they also, more usually, elicit innate or previously conditioned responses and so the perception/valuation-motivation/action complex is best characterised as acting as a 'reinforcer' not a 'reinforcement'; and (5) approach-avoidance conflict must be viewed as activating a third motivation system that is distinct from the basic approach and avoidance systems. We provide examples of methods of assessing each of the constructs within approach-avoidance theories and of linking these constructs to personality measures. We sketch a preliminary five-element reinforcer sensitivity theory (RST-5) as a first step in the integration of existing specific approach-avoidance theories into a coherent neuroscience of personality. Copyright © 2012 Elsevier Ltd. All rights reserved.

Valuation of gas stored in salt cavern facilities

Energy Technology Data Exchange (ETDEWEB)

Bond, Michael A. [St. Mary' s University, TX (United States); Grant, Floyd H. [Purdue University, IN (United States)

2008-07-01

Since natural gas production is relatively inelastic towards demand in the short term, underground storage is used as a buffer against periods of high demand. Of the three most common storage facility types, depleted reservoirs, aquifers and manmade salt caverns, the latter is the most costly to develop. The challenge then is to maximize profits through efficient operation, well-timed injection and withdrawal of gas. The valuation of a commodity in storage is a challenging problem and has been the subject of study for decades. We investigate selected existing valuation approaches and look for ways to leverage salt-cavern-specific physical characteristics for financial advantage. The basis for our valuation is the Black-Scholes model for pricing options. Then, applying Monte-Carlo methods and simulation, we model combinations of characteristics in multi-cavern facilities and their impact on profitability. We describe the theory behind our work and our analytical framework and provide numerical results of our analysis. Our approach offers increased efficiency in salt-cavern gas storage facility operations. (author)

Page 170 Use of Electronic Resources by Undergraduates in Two ...

African Journals Online (AJOL)

undergraduate students use electronic resources such as NUC virtual library, HINARI, ... web pages articles from magazines, encyclopedias, pamphlets and other .... of Nigerian university libraries have Internet connectivity, some of the system.

VALUATION FOR BIOLOGICAL ASSETS WITH HISTORICAL COST ACCOUNTING OR FAIR VALUE ACCOUNTING ?

Directory of Open Access Journals (Sweden)

Valentin Gabriel CRISTEA

2017-05-01

Full Text Available The valuation for biological assets is regulated by IAS 41. Interesting debate is what valuation models it is better to use: historical cost accounting or fair value accounting? I will discuss advantages and disadvantages in this case.

Model of e-learning with electronic educational resources of new generation

Directory of Open Access Journals (Sweden)

A. V. Loban

2017-01-01

Full Text Available Purpose of the article: improving of scientific and methodical base of the theory of the е-learning of variability. Methods used: conceptual and logical modeling of the е-learning of variability process with electronic educational resource of new generation and system analysis of the interconnection of the studied subject area, methods, didactics approaches and information and communication technologies means. Results: the formalization complex model of the е-learning of variability with electronic educational resource of new generation is developed, conditionally decomposed into three basic components: the formalization model of the course in the form of the thesaurusclassifier (“Author of e-resource”, the model of learning as management (“Coordination. Consultation. Control”, the learning model with the thesaurus-classifier (“Student”. Model “Author of e-resource” allows the student to achieve completeness, high degree of didactic elaboration and structuring of the studied material in triples of variants: modules of education information, practical task and control tasks; the result of the student’s (author’s of e-resource activity is the thesaurus-classifier. Model of learning as management is based on the principle of personal orientation of learning in computer environment and determines the logic of interaction between the lecturer and the student when determining the triple of variants individually for each student; organization of a dialogue between the lecturer and the student for consulting purposes; personal control of the student’s success (report generation and iterative search for the concept of the class assignment in the thesaurus-classifier before acquiring the required level of training. Model “Student” makes it possible to concretize the learning tasks in relation to the personality of the student and to the training level achieved; the assumption of the lecturer about the level of training of a

MONTE CARLO SIMULATION AND VALUATION: A STOCHASTIC APPROACH SIMULAÇÃO DE MONTE CARLO E VALUATION: UMA ABORDAGEM ESTOCÁSTICA

Directory of Open Access Journals (Sweden)

Marcos Roberto Gois de Oliveira

2013-01-01

Full Text Available Among the various business valuation methodologies, the discounted cash flow is still the most adopted nowadays on both academic and professional environment. Although many authors support thatmethodology as the most adequate one for business valuation, its projective feature implies in an uncertaintyissue presents in all financial models based on future expectations, the risk that the projected assumptionsdoes not occur. One of the alternatives to measure the risk inherent to the discounted cash flow valuation isto add Monte Carlo Simulation to the deterministic business valuation model in order to create a stochastic model, which can perform a statistic analysis of risk. The objective of this work was to evaluate thepertinence regarding the Monte Carlo Simulation adoption to measure the uncertainty inherent to the business valuation using discounted cash flow, identifying whether the Monte Carlo simulation enhance theaccuracy of this asset pricing methodology. The results of this work assures the operational e icacy ofdiscounted cash flow business valuation using Monte Carlo Simulation, confirming that the adoption of thatmethodology allows a relevant enhancement of the results in comparison with those obtained by using thedeterministic business valuation model.Dentre as diversas metodologias de avaliação de empresas, a avaliação por fluxo de caixa descontadocontinua sendo a mais adotada na atualidade, tanto no meio acadêmico como no profissional. Embora  essametodologia seja considerada por diversos autores como a mais adequada para a avaliação de empresas no contexto atual, seu caráter projetivo remete a um componente de incerteza presente em todos os modelos baseados em expectativas futuras o risco de as premissas de projeção adotadas não se concretizarem. Uma das alternativas para a mensuração do risco inerente à avaliação de empresas pelo fluxo de caixa descontadoconsiste na incorporação da Simulação de Monte

7 CFR 3015.55 - Valuation of donated equipment, buildings, and land.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Valuation of donated equipment, buildings, and land...-Sharing or Matching § 3015.55 Valuation of donated equipment, buildings, and land. When a third party... donated property shall depend upon the purpose of the grant or subgrant as follows: (a) Awards for capital...

Valuation of Construction Projects Based on of Quantity Scale by using Expert System

Directory of Open Access Journals (Sweden)

Entisar Kadhim Rasheed

2016-02-01

Full Text Available The subject of an valuation of quality of construction projects is one of the topics which it becomes necessary of the absence of the quantity standards in measuring the control works and the quality valuation standards in constructional projects. In the time being it depends on the experience of the workers which leads to an apparent differences in the valuation. The idea of this research came to put the standards to evaluate the quality of the projects in a special system depending on quantity scale nor quality specifying in order to prepare an expert system “ Crystal “ to apply this special system to able the engineers to valuate the quality of their projects easily and in more accurate ways.

A survey of the use of electronic scientific information resources among medical and dental students

Directory of Open Access Journals (Sweden)

Aarnio Matti

2006-05-01

Full Text Available Abstract Background To evaluate medical and dental students' utilization of electronic information resources. Methods A web survey sent to 837 students (49.9% responded. Results Twenty-four per cent of medical students and ninteen per cent of dental students searched MEDLINE 2+ times/month for study purposes, and thiry-two per cent and twenty-four per cent respectively for research. Full-text articles were used 2+ times/month by thirty-three per cent of medical and ten per cent of dental students. Twelve per cent of respondents never utilized either MEDLINE or full-text articles. In multivariate models, the information-searching skills among students were significantly associated with use of MEDLINE and full-text articles. Conclusion Use of electronic resources differs among students. Forty percent were non-users of full-text articles. Information-searching skills are correlated with the use of electronic resources, but the level of basic PC skills plays not a major role in using these resources. The student data shows that adequate training in information-searching skills will increase the use of electronic information resources.

Considerations regarding the Valuation and Valorization of Cultural Heritage

Directory of Open Access Journals (Sweden)

Filip IORGULESCU

2011-12-01

Full Text Available This paper presents the theoretical framework for the valuation of cultural heritage and of the economic effects produced by investments in the preservation and restoration of cultural heritage. The following methods are considered: impact studies, hedonic pricing method, contingent valuation method and travel cost method. The paper focuses on methodological issues, difficulties encountered when implementing the methods, as well as on their specific limitations. Moreover, each method is illustrated through the results of quantitative studies in the field.

43 CFR 30.152 - May the parties to an agreement waive valuation of trust property?

Science.gov (United States)

2010-10-01

... valuation of trust property? 30.152 Section 30.152 Public Lands: Interior Office of the Secretary of the... parties to an agreement waive valuation of trust property? The parties to a settlement agreement or a consolidation agreement may waive valuation of trust property otherwise required by regulation or the Secretary...

Capturing Business Strategy and Value in Enterprise Architecture to Support Portfolio Valuation

NARCIS (Netherlands)

Iacob, Maria Eugenia; Quartel, Dick; Jonkers, H.

2012-01-01

This paper investigates and enhances the suitability of the Archi Mate enterprise architecture modeling language to support the modeling of business strategy concepts and architecture-based approaches to IT portfolio valuation. It gives an overview of existing strategy and valuation concepts and

Access to electronic information resources by students of federal ...

African Journals Online (AJOL)

The paper discusses access to electronic information resources by students of Federal Colleges of Education in Eha-Amufu and Umunze. Descriptive survey design was used to investigate sample of 526 students. Sampling technique used was a Multi sampling technique. Data for the study were generated using ...

Adoption and use of electronic information resources by medical ...

African Journals Online (AJOL)

This study investigated the adoption and use of electronic information resources by medical science students of the University of Benin. The descriptive survey research design was adopted for the study and 390 students provided the data. Data collected were analysed with descriptive Statistics(Simple percentage and ...

Differences between individual and societal health state valuations: any link with personality?

Science.gov (United States)

Chapman, Benjamin P; Franks, Peter; Duberstein, Paul R; Jerant, Anthony

2009-08-01

The concept of "adaptation" has been proposed to account for differences between individual and societal valuations of specific health states in patients with chronic diseases. Little is known about psychological indices of adaptational capacity, which may predict differences in individual and societal valuations of health states. We investigated whether such differences were partially explained by personality traits in chronic disease patients. Analysis of baseline data of randomized controlled trial. Three hundred seventy patients with chronic disease. The NEO-five factor inventory measure of personality, EuroQoL-5D (EQ-5D) societal-based, and the EQ visual analogue scale individually-based measures of health valuation. Regression analyses modeled Dev, a measure of difference between the EQ-Visual Analogue Scale and EQ-5D, as a function of personality traits, sociodemographic factors, and chronic diseases. Individual valuations were significantly and clinically higher than societal valuations among patients in the second and third quartile of conscientiousness (Dev = 0.08, P = 0.01); among covariates, only depression (Dev = -0.04, P = 0.046) was also associated with Dev. Compared with societal valuations of a given health state, persons at higher quartiles of conscientiousness report less disutility associated with poor health. The effect is roughly twice that of some estimates of minimally important clinical differences on the EQ-5D and of depression. Although useful at the aggregate level, societal preference measures may systematically undervalue the health states of more conscientious individuals. Future work should examine the impact this has on individual patient outcome evaluation in clinical studies.

Where Do Electronic Books Fit in the College Research Arsenal of Resources?

Science.gov (United States)

Barbier, Patricia

2007-01-01

Student use of electronic books has become an accepted supplement to traditional resources. Student use and satisfaction was monitored through an online course discussion board. Increased use of electronic books indicate this service is an accepted supplement to the print book collection.

A concept for biological valuation in the marine environment

Directory of Open Access Journals (Sweden)

Eric Willem Maria Stienen

2007-03-01

Full Text Available In order to develop management strategies for sustainable useand conservation in the marine environment, reliable and meaningful,but integrated ecological information is needed. Biological valuationmaps that compile and summarize all available biological andecological information for a study area, and that allocate anoverall biological value to subzones, can be used as baselinemaps for future spatial planning at sea. This paper providesa concept for marine biological valuation which is based on aliterature review of existing valuation criteria and the consensusreached by a discussion group of experts.

Ellipsoids and matrix-valued valuations

OpenAIRE

Ludwig, Monika

2003-01-01

We obtain a classification of Borel measurable, GL(n) covariant, symmetric-matrix-valued valuations on the space of n-dimensional convex polytopes. The only ones turn out to be the moment matrix corresponding to the classical Legendre ellipsoid and the matrix corresponding to the ellipsoid recently discovered by E. Lutwak, D. Yang, and G. Zhang.

Council tax valuation bands and contacts with a GP out-of-hours service.

Science.gov (United States)

Beale, Norman; Taylor, Gordon; Gwynne, Mark; Peart, Carole

2006-04-01

UK GPs are no longer responsible for the organisation of out-of-hours care for their patients, but resources remains capitation-based. This cross-sectional study tests whether council tax valuation bands can predict the demand for such services. All out-of-hours contacts made by patients in North Wiltshire over 4 months were classified by council tax band; frequencies compared with official population statistics. Council tax band predicts out-of-hours GP workload irrespective of age and sex: the more modest the home, the higher the GP contact rate. It may prove more difficult to sustain out-of-hours services in deprived parts of the UK.

The application of sustainable development principles to the theory and practice of property valuation

OpenAIRE

Lorenz, David Philipp

2006-01-01

This dissertation is an exploration into the fields of sustainable development, property investment and valuation. It investigates the rationale for immediately and rigorously integrating sustainability issues into property valuation theory and practice and proposes theoretical and practical options for valuers on how to address sustainability issues within valuation reports. It is argued that the perception of property as a commodity is changing to emphasize sustainable design features and p...

Reliability of Level Three Valuations and Credit Crisis

Directory of Open Access Journals (Sweden)

Arber Hoti

2012-02-01

Full Text Available This research paper evaluates the impact of levelthree valuations in accordance with FAS157 and its impact on investors, auditors’ work, and valuation. The objective of this research is todemonstrate that the fair value measurements shouldnot be suspended. The standards provide formeasurement of fair value in all market conditions.Therefore, level 3 measurements or mark-to-model is an answer for many issuers that are not sure how to measure their assets and liabilities at thefair value. The paper concludes that fair value measurement has not caused the current crisis and hasno pro-cyclical effect and suggests several recommendations for policy makers and regulators.

13 CFR 108.503 - NMVC Company's adoption of an approved valuation policy.

Science.gov (United States)

2010-01-01

... following the close of the quarter. (e) Review of valuations by independent public accountant. (1) For valuations performed as of the end of your fiscal year, your independent public accountant must review your... independent public accountant's report on your audited annual financial statements (SBA Form 468) must include...

IMPLEMENTATION OF CORPORATE VALUATION TECHNIQUES IN PRACTICE

Directory of Open Access Journals (Sweden)

Kiss Anita

2015-07-01

Full Text Available This paper focuses on the main tools and techniques of firm valuation. One of the objectives in this paper is to present the reasons for such differences in value across different models, and to help in choosing the right model for a specific task. In today's management literature there are a lot of evaluation models, which based on the different approaches. The most important dimensions in the evaluation are the past performance analysis, the current value of the firm based on the forecast period and the appraisal of future opportunities. Nowadays it is quite problematic that these concepts regarding the valuation methods used in practice are not homogeneous. In view of the major principles is equal, but the details are different. In this paper my goal is to categorize the methods in the right section and to demonstrate the characteristics, advantages and disadvantages as well. This study proceeds as follow. The first section classifies and categorizes the different valuation approaches, which are the ratios based on accounting data, the asset-based approach, the income-based approach within the discounted cash flow models and the value added methods, the relative valuation, at last the real options. The second part presents the main features and implementation of the methods. Finally, the third section concludes what might be learned from this study. Based on the related literature reviewed and my previous researches I conclude that, in the evaluation, the problem is not that there are not enough models to complete the task but on the contrary, the selection of the appropriate model is the first challenge in the work. The different approaches lead to significantly different values. The other main finding of this work that, professionals involved in the assessment task explained the reason for the differences, and selection the correct model which is the best fit for the job. Considering the models described below a best model cannot be

Strategic Planning for Electronic Resources Management: A Case Study at Gustavus Adolphus College

Science.gov (United States)

Hulseberg, Anna; Monson, Sarah

2009-01-01

Electronic resources, the tools we use to manage them, and the needs and expectations of our users are constantly evolving; at the same time, the roles, responsibilities, and workflow of the library staff who manage e-resources are also in flux. Recognizing a need to be more intentional and proactive about how we manage e-resources, the…

REVIEW OF MOODLE PLUGINS FOR DESIGNING MULTIMEDIA ELECTRONIC EDUCATIONAL RESOURCES FROM LANGUAGE DISCIPLINES

Directory of Open Access Journals (Sweden)

Anton M. Avramchuk

2015-09-01

Full Text Available Today the problem of designing multimedia electronic educational resources from language disciplines in Moodle is very important. This system has a lot of different, powerful resources, plugins to facilitate the learning of students with language disciplines. This article presents an overview and comparative analysis of the five Moodle plugins for designing multimedia electronic educational resources from language disciplines. There have been considered their key features and functionality in order to choose the best for studying language disciplines in the Moodle. Plugins are compared by a group of experts according to the criteria: efficiency, functionality and easy use. For a comparative analysis of the plugins it is used the analytic hierarchy process.

Normalized value coding explains dynamic adaptation in the human valuation process.

Science.gov (United States)

Khaw, Mel W; Glimcher, Paul W; Louie, Kenway

2017-11-28

The notion of subjective value is central to choice theories in ecology, economics, and psychology, serving as an integrated decision variable by which options are compared. Subjective value is often assumed to be an absolute quantity, determined in a static manner by the properties of an individual option. Recent neurobiological studies, however, have shown that neural value coding dynamically adapts to the statistics of the recent reward environment, introducing an intrinsic temporal context dependence into the neural representation of value. Whether valuation exhibits this kind of dynamic adaptation at the behavioral level is unknown. Here, we show that the valuation process in human subjects adapts to the history of previous values, with current valuations varying inversely with the average value of recently observed items. The dynamics of this adaptive valuation are captured by divisive normalization, linking these temporal context effects to spatial context effects in decision making as well as spatial and temporal context effects in perception. These findings suggest that adaptation is a universal feature of neural information processing and offer a unifying explanation for contextual phenomena in fields ranging from visual psychophysics to economic choice.

Modern ICT Tools: Online Electronic Resources Sharing Using Web ...

African Journals Online (AJOL)

Modern ICT Tools: Online Electronic Resources Sharing Using Web 2.0 and Its Implications For Library And Information Practice In Nigeria. ... The PDF file you selected should load here if your Web browser has a PDF reader plug-in installed (for example, a recent version of Adobe Acrobat Reader). If you would like more ...

26 CFR 1.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

Science.gov (United States)

2010-04-01

... § 1.664-4 with respect to the valuation of the remainder interest in property transferred to a... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests... TAX (CONTINUED) INCOME TAXES General Actuarial Valuations § 1.7520-1 Valuation of annuities, unitrust...

COMPANY VALUATION METHODS BASED ON PATRIMONY

Directory of Open Access Journals (Sweden)

SUCIU GHEORGHE

2013-02-01

Full Text Available The methods used for the company valuation can be divided into 3 main groups: methods based on patrimony,methods based on financial performance, methods based both on patrimony and on performance. The companyvaluation methods based on patrimony are implemented taking into account the balance sheet or the financialstatement. The financial statement refers to that type of balance in which the assets are arranged according to liquidity,and the liabilities according to their financial maturity date. The patrimonial methods are based on the principle thatthe value of the company equals that of the patrimony it owns. From a legal point of view, the patrimony refers to allthe rights and obligations of a company. The valuation of companies based on their financial performance can be donein 3 ways: the return value, the yield value, the present value of the cash flows. The mixed methods depend both onpatrimony and on financial performance or can make use of other methods.

Supporting Fiscal Aspect of Land Administration through an LADM-based Valuation Information Model

NARCIS (Netherlands)

Kara, A.; Çağdaş, V.; Lemmen, C.H.J.; Işıkdağ, Ü.; van Oosterom, P.J.M.; Stubkjær, E.

2018-01-01

This paper presents an information system artifact for the fiscal aspect of land administration, a valuation information model for the specification of inventories or databases used in valuation for recurrently levied immovable property taxes. The information model is designed as an extension module

Study on the techniques of valuation of ecosystem services based on remote sensing in Anxin County

Science.gov (United States)

Wang, Hongyan; Li, Zengyuan; Gao, Zhihai; Wang, Bengyu; Bai, Lina; Wu, Junjun; Sun, Bin; Wang, Zhibo

2014-05-01

The farmland ecosystem is an important component of terrestrial ecosystems and has a fundamental role in the human life. The wetland is an unique and versatile ecological system. It is important for rational development and sustainable utilization of farmland and wetland resources to study on the measurement of valuation of farmland and wetland ecosystem services. It also has important significance for improving productivity. With the rapid development of remote sensing technology, it has become a powerful tool for evaluation of the value of ecosystem services. The land cover types in Anxin County mainly was farmland and wetland, the indicator system for ecosystem services valuation was brought up based on the remote sensing data of high spatial resolution ratio(Landsat-5 TM data and SPOT-5 data), the technology system for measurement of ecosystem services value was established. The study results show that the total ecosystem services value in 2009 in Anxin was 4.216 billion yuan, and the unit area value was between 8489 yuan/hm2 and 329535 yuan/hm2. The value of natural resources, water conservation value in farmland ecosystem and eco-tourism value in wetland ecosystem were higher than the other, total of the three values reached 2.858 billion yuan, and the percentage of the total ecosystem services values in Anxin was 67.79%. Through the statistics in the nine towns and three villages of Anxin County, the juantou town has the highest services value, reached 0.736 billion yuan. Scientific and comprehensive evaluation of the ecosystem services can conducive to promoting the understanding of the importance of the ecosystem. The research results had significance to ensure the sustainable use of wetland resources and the guidance of ecological construction in Anxin County.

Culture, Nature, and the Valuation of Ecosystem Services in Northern Namibia

Directory of Open Access Journals (Sweden)

Michael Schnegg

2014-12-01

Full Text Available Defining culture as shared knowledge, values, and practices, we introduce an anthropological concept of culture to the ecosystem-service debate. In doing so, we shift the focus from an analysis of culture as a residual category including recreational and aesthetic experiences to an analysis of processes that underlie the valuation of nature in general. The empirical analysis draws on ethnographic fieldwork conducted along the Okavango River in northern Namibia to demonstrate which landscape units local populations value for which service(s. Results show that subjects perceive many places as providing multiple services and that most of their valuations of ecosystem services are culturally shared. We attribute this finding to common experiences and modes of activities within the cultural groups, and to the public nature of the valuation process.

Methods of Bank Valuation in the Age of Globalization

Directory of Open Access Journals (Sweden)

Alexander Karminsky

2015-01-01

Full Text Available This paper reviews the theory ofvalue-based management at the commercial bank and the main valuation methods in the age of globalization. The paper identifies five main factors that significantly influence valuation models selection and building: funding, liquidity, risks, exogenous factors and the capital cushion. It is shown that valuation models can be classified depending on underlying cash flows. Particular attention is paid to models based on potentially available cash flows (Discounted cash flow-oriented approaches, DCF and models based on residual income flows (Residual income-oriented approaches. In addition, we consider an alternative approach based on comparison with same sector banks (based on multiples. For bank valuation equity discounted сash flow method is recommended (Equity DCF. Equity DCF values equity value of a bank directly by discounting cash flows to equity at the cost of equity (Capital Asset Pricing Model, CAPM, rather than at the weighted average cost of capital (WACC. For the purposes of operational management residual income-oriented approaches are recommended for use, because they are better aligned with the process of internal planning and forecasting in banks. For strategic management residual income-oriented methods most useful when expected cash flows are negative throughout the forecast period. Discounted сash flow-oriented approaches are preferable when expected cash flows have positive values and needs for models using is motivated by supporting the investment decisions. Proposed classification can be developed in interests of bank management tasks in the midterm in the age of globalization.

Separate valuation subsystems for delay and effort decision costs.

Science.gov (United States)

Prévost, Charlotte; Pessiglione, Mathias; Météreau, Elise; Cléry-Melin, Marie-Laure; Dreher, Jean-Claude

2010-10-20

Decision making consists of choosing among available options on the basis of a valuation of their potential costs and benefits. Most theoretical models of decision making in behavioral economics, psychology, and computer science propose that the desirability of outcomes expected from alternative options can be quantified by utility functions. These utility functions allow a decision maker to assign subjective values to each option under consideration by weighting the likely benefits and costs resulting from an action and to select the one with the highest subjective value. Here, we used model-based neuroimaging to test whether the human brain uses separate valuation systems for rewards (erotic stimuli) associated with different types of costs, namely, delay and effort. We show that humans devalue rewards associated with physical effort in a strikingly similar fashion to those they devalue that are associated with delays, and that a single computational model derived from economics theory can account for the behavior observed in both delay discounting and effort discounting. However, our neuroimaging data reveal that the human brain uses distinct valuation subsystems for different types of costs, reflecting in opposite fashion delayed reward and future energetic expenses. The ventral striatum and the ventromedial prefrontal cortex represent the increasing subjective value of delayed rewards, whereas a distinct network, composed of the anterior cingulate cortex and the anterior insula, represent the decreasing value of the effortful option, coding the expected expense of energy. Together, these data demonstrate that the valuation processes underlying different types of costs can be fractionated at the cerebral level.

75 FR 80566 - Meeting of the Regional Resource Stewardship Council

Science.gov (United States)

2010-12-22

... Planning, Water Resources, and Recreation) and the valuation and weighting of benefits stemming from such.... on Thursday, January 20 and will be called on during the public comment period. Handout materials should be limited to one printed page. Written comments are also invited and may be mailed to the...

On measuring the natural and environmental resource value and damages

Czech Academy of Sciences Publication Activity Database

Seják, J.; Cudlín, Pavel

2010-01-01

Roč. 4, č. 2 (2010), s. 53-68 ISSN 1802-212X Institutional research plan: CEZ:AV0Z60870520 Keywords : monetary valuations of nature * biotopes * natural resource injuries * quantifications Subject RIV: EH - Ecology, Behaviour http://fzp.ujep.cz/Veda/Edice/StudiaOecologica/SO_2-2010_web.pdf

Moving beyond the exchange value in the nonmarket valuation of ecosystem services

Science.gov (United States)

Karen E. Allen; Rebecca Moore

2016-01-01

There has been much discussion across the ecosystem services literature as to the role of economic valuation in identifying ecosystem service values and shaping policy. This article demonstrates a non-typical use of a nonmarket valuation technique known as the stated choice experiment (CE) for understanding a range of public preferences for stream-related...

Incorporating economic valuation into fire prevention planning and management in Southern European countries

Directory of Open Access Journals (Sweden)

Elsa Varela

2015-08-01

Full Text Available Aim of study: This article describes and analyzes the links between the fire-based scientific knowledge, the social perception of fire prevention and forest fires and the economic valuation requirements to assess social preferences for fire prevention measures. Area of study: Southern European countries. Material and Methods: For that purpose, we develop a critical revision of the existing literature on economic valuation of social preferences for fire risk reduction and fire prevention in terms of its links with fire science and social perceptions and the applicability of these results in fire management policies. Research highlights: The assessment of social preferences for fire related issues is challenging due to the difficulty of setting sound valuation scenarios that can simultaneously be relevant for the respondents and derive conclusions useful for fire management. Most of the revised studies set up valuation scenarios focused on the final management outcome e.g. number of burnt hectares, what is easier for the respondents to evaluate but weakens the scientific relationship with fire management, making difficult reaching conclusions for sound management advice. A more recent set of valuation studies has been developed where risk perception of homeowners is further assessed as a key variable determining their preferences in valuation scenarios. These studies are relevant for mangers setting fire prevention programs in wildland urban interface areas as understanding the factors that may promote or hinder the enrolment of these homeowners in fire prevention activities may have direct implication in addressing communication programs to promote fire prevention management.

Transactive Systems Simulation and Valuation Platform Trial Analysis

Energy Technology Data Exchange (ETDEWEB)

Widergren, Steven E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Huang, Qiuhua [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Kalsi, Karanjit [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Lian, Jianming [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); McDermott, Thomas E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Sivaraman, Deepak [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Tang, Yingying [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Veeramany, Arun [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Woodward, James C. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2017-04-01

Transactive energy systems use principles of value to coordinate responsive supply and demand in energy systems. Work continues within the Transactive Systems Program, which is funded by the U.S. Department of Energy at Pacific Northwest National Laboratory, to understand the value of, understand the theory behind, and simulate the behaviors of transactive energy systems. This report summarizes recent advances made by this program. The main capability advances include a more comprehensive valuation model, including recommended documentation that should make valuation studies of all sorts more transparent, definition of economic metrics with which transactive mechanisms can be evaluated, and multiple improvements to the time-simulation environment that is being used to evaluate transactive scenarios.

Transactive Systems Simulation and Valuation Platform Trial Analysis

International Nuclear Information System (INIS)

Widergren, Steven E.; Hammerstrom, Donald J.; Huang, Qiuhua; Kalsi, Karanjit; Lian, Jianming; Makhmalbaf, Atefe; McDermott, Thomas E.; Sivaraman, Deepak; Tang, Yingying; Veeramany, Arun; Woodward, James C.

2017-01-01

Transactive energy systems use principles of value to coordinate responsive supply and demand in energy systems. Work continues within the Transactive Systems Program, which is funded by the U.S. Department of Energy at Pacific Northwest National Laboratory, to understand the value of, understand the theory behind, and simulate the behaviors of transactive energy systems. This report summarizes recent advances made by this program. The main capability advances include a more comprehensive valuation model, including recommended documentation that should make valuation studies of all sorts more transparent, definition of economic metrics with which transactive mechanisms can be evaluated, and multiple improvements to the time-simulation environment that is being used to evaluate transactive scenarios.

Valuation of Understanding

DEFF Research Database (Denmark)

Wiberg, Merete

An important aim for the teacher in Higher Education is that students, in order to learn, achieve understanding in terms of being able to handle knowledge in a certain way. In this paper focus will be on understanding as a phenomenon which is permeated with values of what good understanding might...... be. Understanding is to be discussed as a phenomenon which in its definition is relative to the paradigm of educational thinking in which it is embedded. Paradigms of valuation of understanding in higher education will be viewed from two perspectives: An anglosaxon curriculum studies tradition...

Topics in Finance Part IV--Valuation

Science.gov (United States)

Laux, Judy

2010-01-01

This article looks at security valuation from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related to how investors and creditors price the stocks and bonds of corporations.

26 CFR 20.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

Science.gov (United States)

2010-04-01

... § 1.664-4 of this chapter with respect to the valuation of the remainder interest in property... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests... Valuations § 20.7520-1 Valuation of annuities, unitrust interests, interests for life or terms of years, and...

Research bias in judgement bias studies : a systematic review of valuation judgement literature

NARCIS (Netherlands)

Vincent Gruis; Pim Klamer; Cok Bakker

2017-01-01

Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research

Research bias in judgement bias studies : A systematic review of valuation judgement literature

NARCIS (Netherlands)

Klamer, Pim; Bakker, C.; Gruis, Vincent

2017-01-01

Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research

THE MODEL OF LINGUISTIC TEACHERS’ COMPETENCY DEVELOPMENT ON DESIGNING MULTIMEDIA ELECTRONIC EDUCATIONAL RESOURCES IN THE MOODLE SYSTEM

Directory of Open Access Journals (Sweden)

Anton M. Avramchuk

2017-10-01

Full Text Available The article is devoted to the problem of developing the competency of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system. The concept of "the competence of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system" is justified and defined. Identified and characterized the components by which the levels of the competency development of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system should be assessed. Developed a model for the development of the competency of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system, which is based on the main scientific approaches, used in adult education, and consists of five blocks: target, informative, technological, diagnostic and effective.

ÉVALUATION MULTICRITÈRE D’ENTREPRISES PUBLIQUES DU RAIL

OpenAIRE

Mbangala, Mapapa; Colson, Gérard

1998-01-01

Les performances de dix entreprises publiques africaines du rail sont comparées entre elles au moyen des méthodes multicritères ELECTRE I, PROMETHEE II et JUDGES. Les 25 critères de premier niveau retenus sont regroupés d’abord en 8 familles capturant chacune un objectif de deuxième niveau. L’efficacité du service est mesurée par une fonction d’évaluation technicoéconomique regroupant les 4 premières familles. Son efficience est mesurée par une fonction d’évaluation où inter...

Taxation indices of forest stand as the basis for cadastral valuation of forestlands

International Nuclear Information System (INIS)

Kovyazin, V; Belyaev, V; Romanchikov, A; Pasko, O

2014-01-01

Cadastral valuation of forestlands is one of the problems of the modern economy. Valuation procedures depend either on the profitability of timbering or forest areas are not differentiated according to value. The authors propose the procedure based on taxation indices of strata. The most important factors influencing the valuation are determined. The dependence that allows establishing the relative cost of a certain forest area is defined. Knowing the cadastral value of a model area, it is possible to determine the values of all other sites. The evaluation results correlate with the Faustman procedure with slight difference in the absolute value

Taxation indices of forest stand as the basis for cadastral valuation of forestlands

Science.gov (United States)

Kovyazin, V.; Belyaev, V.; Pasko, O.; Romanchikov, A.

2014-08-01

Cadastral valuation of forestlands is one of the problems of the modern economy. Valuation procedures depend either on the profitability of timbering or forest areas are not differentiated according to value. The authors propose the procedure based on taxation indices of strata. The most important factors influencing the valuation are determined. The dependence that allows establishing the relative cost of a certain forest area is defined. Knowing the cadastral value of a model area, it is possible to determine the values of all other sites. The evaluation results correlate with the Faustman procedure with slight difference in the absolute value.

Bank Accounting and Market Valuation in Japan: An Overview of Accounting Issues of Financial Instruments

OpenAIRE

Marie Ogawa; Takashi Kubota

1995-01-01

This paper considers a framework for introducing market valuation to Japanese bank accounting, focusing on practical issues to be solved. Reflecting the growing concern over the present historical cost accounting, it is argued that market valuation should be introduced to bank accounting for disclosure purpose in Japan. Particularly, there are strong arguments for market valuation of certain types of financial instruments. Specific considerations include: the overview of present accounting in...

Developing Humanities Collections in the Digital Age: Exploring Humanities Faculty Engagement with Electronic and Print Resources

Science.gov (United States)

Kachaluba, Sarah Buck; Brady, Jessica Evans; Critten, Jessica

2014-01-01

This article is based on quantitative and qualitative research examining humanities scholars' understandings of the advantages and disadvantages of print versus electronic information resources. It explores how humanities' faculty members at Florida State University (FSU) use print and electronic resources, as well as how they perceive these…

The problem of accounting methods in connection to company valuation

Directory of Open Access Journals (Sweden)

Michaela Beranová

2013-01-01

Full Text Available Valuation of a company is not only a calculation but it represents complex set of processes which are mutually interconnected and which are more or less important in the process of company valuation in dependence of the value category inquired. One of these processes is the financial analysis which objective is not only to prove, subsequently the strategic analysis, going concern of a company, but its outcomes are the starting-point of financial plan preparation that is needed in order to apply income-based methods of company valuation. It is generally accepted that results of financial ratios differ in implications of applied accounting methods. The objective of this paper is to frame an influence of accounting methods on the income-based value of a company while the stress is put on the methods of inventory measurement in the context of both, in context of the Czech accounting law as well as of the International Financial Reporting Standards.

Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

OpenAIRE

Fernández, Pablo

1999-01-01

This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

Electronic Publishing Issues in the USA: What Would Gutenberg Have Thought?

Science.gov (United States)

Cornell, Richard A.

2001-01-01

Discusses the rapid changes in publishing, especially electronic publishing, and reviews current trends including digital imaging, PDF (portable document format), color production, and XML. Considers the perceived valuation of the electronic submission of academic work within higher education and the need to be lifelong learners, especially…

Revisiting Ecosystem Services: Assessment and Valuation as Starting Points for Environmental Politics

Directory of Open Access Journals (Sweden)

Adam Jadhav

2017-09-01

Full Text Available The paradigm of ecosystem services (ES and the methods of monetary valuation have become boundary objects, spanning disciplines and earning particular purchase in policy circles. However, the notion of ES and ES valuation have also been subjected to multiple critiques, ranging from their varying precision to the potential for neoliberalization of nature. This paper does not attempt to refute such critiques but rather revisits the potentials of the ES paradigm and the specific method of benefit transfer valuation for their utility as a form of environmental politics and sustainability practice. We find they have particular relevance in contexts where “data” are not readily available or are not legible to policy makers as well as where the imperative of “development” remains ideological. We argue for ES assessment and, specifically, rapid ES valuation as a first-pass tactic to inform evaluation of potentially environmentally degrading projects or environmental management. We demonstrate this using a simple benefit transfer analysis to offer an initial evaluation of (wet landscape ES in a lightly touched estuary in Karnataka, India, where a state-backed proposal to develop an industrial shipping port is gathering steam. While we recognize and do not categorically reject critiques of the ES paradigm, we nonetheless argue for valuation as a starting point for politics that highlight and make visible ES benefits and users implicated by “development” and other kinds of environmental change.

Conservatism in Corporate Valuation

OpenAIRE

Bach, Christian

2011-01-01

Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the sense that it discounts forecasted residual income for risk in the numerator rather than trough the cost of equity, in the denominator. Further, the risk adjustment is based on assumptions about the time series properties of residual income return and consu...

The valuation of external costs: An overview of issues and state actions

International Nuclear Information System (INIS)

Caverhill, E.J.

1992-01-01

The valuation of externalities helps determine the cost effectiveness of environmentally superior resources that would not be cost effective on a direct cost comparison to utility avoided costs. Explicitly monetizing externalities appears to be the best way to meet the criteria of consistency across resource options and pollutants and allowing selection of societally least-cost resources among a variety of resource types. Environmental costs should be defined so as not to exclude any potential external effects, including all environmental, social, and economic effects. For practical purposes, the definition could probably include only environmental externalities without materially affecting resource decisions in the foreseeable future for most North American utilities. More specifically, a comprehensive list of external costs should at least include emissions of pollutants such as SO 2 , CO, NO x , volatile organics, and greenhouse gases; thermal effluents; solid wastes; risk of catastrophic accidents; and for hydro projects, destruction of habitat and recreational areas, and mercury accumulation in reservoirs. Environmental effects should then be counted and valued, most commonly by damage costing or regulatory cost of control. Some utilities and other parties have proposed a market-based approach to valuing externalities, determining the marginal cost of controlling emissions by the market price of emissions allowances. Quantification of environmental costs, ensuring consistency among externality sources, and estimation of avoided externality costs are also discussed. Examples are presented of externality values selected in a number of areas of the USA. 11 refs., 5 figs

Improved Approximation Algorithms for Item Pricing with Bounded Degree and Valuation

Science.gov (United States)

Hamane, Ryoso; Itoh, Toshiya

When a store sells items to customers, the store wishes to decide the prices of the items to maximize its profit. If the store sells the items with low (resp. high) prices, the customers buy more (resp. less) items, which provides less profit to the store. It would be hard for the store to decide the prices of items. Assume that a store has a set V of n items and there is a set C of m customers who wish to buy those items. The goal of the store is to decide the price of each item to maximize its profit. We refer to this maximization problem as an item pricing problem. We classify the item pricing problems according to how many items the store can sell or how the customers valuate the items. If the store can sell every item i with unlimited (resp. limited) amount, we refer to this as unlimited supply (resp. limited supply). We say that the item pricing problem is single-minded if each customer j∈C wishes to buy a set ej⊆V of items and assigns valuation w(ej)≥0. For the single-minded item pricing problems (in unlimited supply), Balcan and Blum regarded them as weighted k-hypergraphs and gave several approximation algorithms. In this paper, we focus on the (pseudo) degree of k-hypergraphs and the valuation ratio, i. e., the ratio between the smallest and the largest valuations. Then for the single-minded item pricing problems (in unlimited supply), we show improved approximation algorithms (for k-hypergraphs, general graphs, bipartite graphs, etc.) with respect to the maximum (pseudo) degree and the valuation ratio.

Wind power: valuation and finance

International Nuclear Information System (INIS)

Aastrand, C.; Mose, O.; Sorensen, B.

1996-01-01

The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)

Valuating the Value and Risk of International Start-up Ventures

OpenAIRE

Ido Kallir; Tamir Agmon

2015-01-01

Fair value depends on an estimate of the both cash flow and risk, which is not an easy task when valuing startup firms. We present a measurement instrument for the future risk of small and risky firms that follows the major propositions in accounting and finance. It differs from other valuation instruments in looking simultaneously at the assets and liabilities. We test the VBB as a measure for value over time by using a database of VC backed innovative companies that oridary DCF valuation fa...

human resource valuation and the performance of selected banks

African Journals Online (AJOL)

USER

system not only helps ensure that employees have the skills they need to ... communicating the information to the interested ... Usang, Obal Usang Edet, Department of Accounting, University of Calabar, Calabar, Cross River .... use of internal promotion systems that focus on .... resource management as a control system is.

FAIR VALUE - THE UMBRELLA OF THE VALUATION BASES USED IN ACCOUNTING

OpenAIRE

Diana COZMA IGHIAN; Cristina Silvia NISTOR

2010-01-01

Recent deliberations by both the International Accounting Standards Board (IASB) and the Financial Accounting Standard Board (FASB) in the United States have focused on how fair values of assets and liabilities should be measured. According to the international framework, the financial statements use different valuation bases: the historical cost, the current cost, the realizable (settlement) value, the present value (the present value of cash flows). The choice of the valuation basis and the...

The Computational Complexity of Valuation and Motivational Forces in Decision-Making Processes.

Science.gov (United States)

Redish, A David; Schultheiss, Nathan W; Carter, Evan C

2016-01-01

The concept of value is fundamental to most theories of motivation and decision making. However, value has to be measured experimentally. Different methods of measuring value produce incompatible valuation hierarchies. Taking the agent's perspective (rather than the experimenter's), we interpret the different valuation measurement methods as accessing different decision-making systems and show how these different systems depend on different information processing algorithms. This identifies the translation from these multiple decision-making systems into a single action taken by a given agent as one of the most important open questions in decision making today. We conclude by looking at how these different valuation measures accessing different decision-making systems can be used to understand and treat decision dysfunction such as in addiction.

Aquatic habitat measurement and valuation: imputing social benefits to instream flow levels

Science.gov (United States)

Douglas, Aaron J.; Johnson, Richard L.

1991-01-01

Instream flow conflicts have been analysed from the perspectives offered by policy oriented applied (physical) science, theories of conflict resolution and negotiation strategy, and psychological analyses of the behavior patterns of the bargaining parties. Economics also offers some useful insights in analysing conflict resolution within the context of these water allocation problems. We attempt to analyse the economics of the bargaining process in conjunction with a discussion of the water allocation process. In particular, we examine in detail the relation between certain habitat estimation techniques, and the socially optimal allocation of non-market resources. The results developed here describe the welfare implications implicit in the contemporary general equilibrium analysis of a competitive market economy. We also review certain currently available techniques for assigning dollar values to the social benefits of instream flow. The limitations of non-market valuation techniques with respect to estimating the benefits provided by instream flows and the aquatic habitat contingent on these flows should not deter resource managers from using economic analysis as a basic tool for settling instream flow conflicts.

Electronic resource management systems a workflow approach

CERN Document Server

Anderson, Elsa K

2014-01-01

To get to the bottom of a successful approach to Electronic Resource Management (ERM), Anderson interviewed staff at 11 institutions about their ERM implementations. Among her conclusions, presented in this issue of Library Technology Reports, is that grasping the intricacies of your workflow-analyzing each step to reveal the gaps and problems-at the beginning is crucial to selecting and implementing an ERM. Whether the system will be used to fill a gap, aggregate critical data, or replace a tedious manual process, the best solution for your library depends on factors such as your current soft

Electronic Resource Management System. Vernetzung von Lizenzinformationen

Directory of Open Access Journals (Sweden)

Michaela Selbach

2014-12-01

Full Text Available In den letzten zehn Jahren spielen elektronische Ressourcen im Bereich der Erwerbung eine zunehmend wichtige Rolle: Eindeutig lässt sich hier ein Wandel in den Bibliotheken (fort vom reinen Printbestand zu immer größeren E-Only-Beständen feststellen. Die stetig wachsende Menge an E-Ressourcen und deren Heterogenität stellt Bibliotheken vor die Herausforderung, die E-Ressourcen effizient zu verwalten. Nicht nur Bibliotheken, sondern auch verhandlungsführende Institutionen von Konsortial- und Allianzlizenzen benötigen ein geeignetes Instrument zur Verwaltung von Lizenzinformationen, welches den komplexen Anforderungen moderner E-Ressourcen gerecht wird. Die Deutsche Forschungsgemeinschaft (DFG unterstützt ein Projekt des Hochschulbibliothekszentrums des Landes Nordrhein-Westfalen (hbz, der Universitätsbibliothek Freiburg, der Verbundzentrale des Gemeinsamen Bibliotheksverbundes (GBV und der Universitätsbibliothek Frankfurt, in dem ein bundesweit verfügbares Electronic Ressource Managementsystem (ERMS aufgebaut werden soll. Ein solches ERMS soll auf Basis einer zentralen Knowledge Base eine einheitliche Nutzung von Daten zur Lizenzverwaltung elektronischer Ressourcen auf lokaler, regionaler und nationaler Ebene ermöglichen. Statistische Auswertungen, Rechteverwaltung für alle angeschlossenen Bibliotheken, kooperative Datenpflege sowie ein über standardisierte Schnittstellen geführter Datenaustausch stehen bei der Erarbeitung der Anforderungen ebenso im Fokus wie die Entwicklung eines Daten- und Funktionsmodells. In the last few years the importance of electronic resources in library acquisitions has increased significantly. There has been a shift from mere print holdings to both e- and print combinations and even e-only subscriptions. This shift poses a double challenge for libraries: On the one hand they have to provide their e-resource collections to library users in an appealing way, on the other hand they have to manage these

Valuation of Urban Commercial Properties in Nigeria for Secured Lending: Issues and Developments

Directory of Open Access Journals (Sweden)

Namnso Bassey Udoekanem

2018-01-01

Full Text Available Valuation for secured lending is required when an interest in real property is used as security for a loan. The outcome of such valuation will help the lending institution to achieve commercial prudence in lending as well as avoid taking undue risk. This paper examines the issues and developments in the valuation of urban commercial properties in Nigeria for secured lending purposes. It argues that due to the volatile nature of the Nigerian economy, coupled with the linkage between the economy and commercial property markets, the maximum amount of loan to be granted by lenders in the country using interest in commercial property as collateral should be based on the Mortgage Lending Value (MLV and not the Market Value (MV of the property, although the market value should also be reported in the valuation. A case study is used to demonstrate the valuation. It further contends that since the inputs for determining the MLV of a commercial property must be derived from long-term trends in the property and financial markets, it is more stable than MV when used to determine the maximum amount of mortgage loan to be granted by a lender. It concludes that the stability of the MLV makes it more reliable than the MV in achieving commercial prudence in mortgage lending as it fits into the long-term nature of mortgage loan repayment.

Unilever Group : equity valuation

OpenAIRE

Pires, Susana Sofia Castelo

2014-01-01

The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its s...

The Electron Microscopy Outreach Program: A Web-based resource for research and education.

Science.gov (United States)

Sosinsky, G E; Baker, T S; Hand, G; Ellisman, M H

1999-01-01

We have developed a centralized World Wide Web (WWW)-based environment that serves as a resource of software tools and expertise for biological electron microscopy. A major focus is molecular electron microscopy, but the site also includes information and links on structural biology at all levels of resolution. This site serves to help integrate or link structural biology techniques in accordance with user needs. The WWW site, called the Electron Microscopy (EM) Outreach Program (URL: http://emoutreach.sdsc.edu), provides scientists with computational and educational tools for their research and edification. In particular, we have set up a centralized resource containing course notes, references, and links to image analysis and three-dimensional reconstruction software for investigators wanting to learn about EM techniques either within or outside of their fields of expertise. Copyright 1999 Academic Press.

The regulation of asset valuation in Germany

NARCIS (Netherlands)

Detzen, D.; Hoffman, S.

2013-01-01

This article examines the regulatory history of asset valuation in Germany from the fifteenth century to the implementation of the European Economic Community's Fourth Directive in 1986. Aiming to explain regulatory changes by reference to preceding socio-economic and political developments, we find

Market-based approaches to tree valuation

Science.gov (United States)

Geoffrey H. Donovan; David T. Butry

2008-01-01

A recent four-part series in Arborist News outlined different appraisal processes used to value urban trees. The final article in the series described the three generally accepted approaches to tree valuation: the sales comparison approach, the cost approach, and the income capitalization approach. The author, D. Logan Nelson, noted that the sales comparison approach...

Cadastral valuation of land contaminated with radionuclides

Science.gov (United States)

Ratnikov, A. N.; Sapozhnikov, P. M.; Sanzharova, N. I.; Sviridenko, D. G.; Zhigareva, T. L.; Popova, G. I.; Panov, A. V.; Kozlova, I. Yu.

2016-01-01

The methodology and procedure for cadastral valuation of land in the areas contaminated with radionuclides are presented. The efficiency of rehabilitation measures applied to decrease crop contamination to the levels satisfying sanitary-hygienic norms is discussed. The differentiation of cadastral value of radioactively contaminated agricultural lands for the particular farms and land plots is suggested. An example of cadastral valuation of agricultural land contaminated during the Chernobyl Nuclear Power Plant accident is given. It is shown that the use of sandy and loamy sandy soddy-podzolic soils with the 137Cs contamination of 37-185 and >185 kBq/m2 for crop growing is unfeasible. The growing of grain crops and potatoes on clay loamy soddy-podzolic soils with the 137Cs contamination of 555-740 kBq/m2 is unprofitable. The maximum cadastral value of radioactively contaminated lands is typical of leached chernozems.

Technical Communicator: A New Model for the Electronic Resources Librarian?

Science.gov (United States)

Hulseberg, Anna

2016-01-01

This article explores whether technical communicator is a useful model for electronic resources (ER) librarians. The fields of ER librarianship and technical communication (TC) originated and continue to develop in relation to evolving technologies. A review of the literature reveals four common themes for ER librarianship and TC. While the…

Conference Innovations in Derivatives Market : Fixed Income Modeling, Valuation Adjustments, Risk Management, and Regulation

CERN Document Server

Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

2016-01-01

This book presents 20 peer-reviewed chapters on current aspects of derivatives markets and derivative pricing. The contributions, written by leading researchers in the field as well as experienced authors from the financial industry, present the state of the art in: • Modeling counterparty credit risk: credit valuation adjustment, debit valuation adjustment, funding valuation adjustment, and wrong way risk. • Pricing and hedging in fixed-income markets and multi-curve interest-rate modeling. • Recent developments concerning contingent convertible bonds, the measuring of basis spreads, and the modeling of implied correlations. The recent financial crisis has cast tremendous doubts on the classical view on derivative pricing. Now, counterparty credit risk and liquidity issues are integral aspects of a prudent valuation procedure and the reference interest rates are represented by a multitude of curves according to their different periods and maturities. A panel discussion included in the book (featuring D...

Renforcement des capacités d'évaluation et de communication en ...

International Development Research Centre (IDRC) Digital Library (Canada)

Il permettra de constituer un bassin régional de mentors dûment formés qui seront en mesure de faire connaître les méthodes d'évaluation et de communication de pointe. Les équipes de projets phares perfectionneront leurs compétences en évaluation et en communication et auront l'occasion de contribuer à impulser des ...

Economic Valuation of Sufficient and Guaranteed Irrigation Water Supply for Paddy Farms of Guilan Province

Directory of Open Access Journals (Sweden)

Mohammad Kavoosi Kalashami

2014-08-01

Full Text Available Cultivation of the strategic crop of rice highly depends to the existence of sufficient and guaranteed irrigation water, and water shortage stresses have irreparable effects on yield and quality of productions. Decrease of the Sefidrud river inflow in Guilan province which is the main source of supplying irrigation water for 171 thousand hectares under rice cropping area of this province, has been challenged sufficient and guaranteed irrigation water supply in many regions of mentioned province. Hence, in present study estimating the value that paddy farmers place on sufficient and guaranteed irrigation water supply has been considered. Economic valuation of sufficient and guaranteed irrigation water supply improves water resource management policies in demand side. Requested data set were obtained on the base of a survey and are collected from 224 paddy farms in rural regions that faced with irrigation water shortages. Then, using open-ended valuation approach and estimation of Tobit model via ML and two stages Heckman approach, eliciting paddy farmers' willingness to pay for sufficient and guaranteed irrigation water supply has been accomplished. Results revealed that farmers in investigated regions willing to pay 26.49 percent more than present costs of providing irrigation water in order to have sufficient and guaranteed irrigation water.

Dynamic learning and context-dependence in sequential, attribute-based, stated-preference valuation questions

Science.gov (United States)

Thomas P. Holmes; Kevin J. Boyle

2005-01-01

A hybrid stated-preference model is presented that combines the referendum contingent valuation response format with an experimentally designed set of attributes. A sequence of valuation questions is asked to a random sample in a mailout mail-back format. Econometric analysis shows greater discrimination between alternatives in the final choice in the sequence, and the...

Market valuation in the framework of modern life insurance mathematics

Directory of Open Access Journals (Sweden)

Maja Petrač

2013-12-01

Full Text Available In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major impact on the overall performance of insuran - ce companies. The introduction of financial components into the actuarial valuation resulted in actuarial mathematics using more and more the elements of financial mathematics thus creating new, modern life insurance mathematics. Using a simple example, this paper compares the traditional and market approaches to valuation. For this purpose, one of the principles of modern life insurance mathematics, the principle of equivalence, was observed. The above market approach to valuation, together with operational risk management, forms the basis of Solvency II Directive, the new legislative and regulatory framework for insurance and reinsurance companies in the European Union.

Economic valuation of biodiversity: A comparative study

NARCIS (Netherlands)

Nijkamp, P.; Vindigni, G.; Nunes, P.A.L.D.

2008-01-01

In recent years, an intensive debate on the economic valuation of biodiversity has entered the environmental-economics literature. The present paper seeks to offer first a critical review of key concepts that are essential for a proper understanding of such evaluation issues. Particular attention is

Fair value versus historical cost-based valuation for biological assets: predictability of financial information

Directory of Open Access Journals (Sweden)

Josep M. Argilés

2011-08-01

This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries.

Le jugement professionnel: foyer de tensions et de synergies nouvelles en évaluation scolaire

OpenAIRE

Laveault, Dany

2008-01-01

Le jugement professionnel d’évaluation intervient dans les prises de décision et il se révèle particulièrement utile lorsque les mesures de contrôle externe du risque d’erreur se sont avérées inappropriées ou insuffisantes. Il est appelé à soutenir la qualité de l’évaluation dans les trois grandes catégories d’actes professionnels: les actes logiques, psychologiques et moraux. Particulièrement en évaluation certificative, il fait l’objet de nombreuses tensions entre dispositifs de contrôle ex...

Annual Equivalent Value, Benefit Cost Ratio, and Composite Performance Index as Valuation Appraisal Support of Teakwood Plantation

Directory of Open Access Journals (Sweden)

Sugiharto Soeleman

2014-04-01

Full Text Available Teak (Tectona grandis L.f is a premium high-value hardwood species being viewed as the most preferred species for investment opportunity. Recently, there has been a gradual move away from state control of teakwood plantation toward the participation of private enterprises. Several enterprises offer investment opportunity of teakwood plantation in which one of the main selling points being offered is a quick harvesting schedule. A quick harvesting time, however, might not provide the best outcome to the investors. This research exercise and compare the valuation appraisal of different harvesting schedules. The research focused on project planning, enterprise budget, financial projection, and valuation measurements to arrive at overall appraisal. To avoid any possible bias of individual investor's preference on common valuation criteria such as total investment, net cash flow (NCF, net present value (NPV, internal rate of return (IRR, profit on investment (P/I, and payback period (PBP, 3 otherS criteria namely benefit cost ratio (BCR, annual equivalent value (AEV, and composite performance index (CPI have been applied to arrive at a more fair valuation. It is concluded that the longer the harvesting schedule, the better valuation outcome could be achieved, and therefore, investors should critically review any investment proposal in accordance to their preference on valuation criteria. Keywords : annual equivalent value, benefit cost ratio, composite performance index, valuation appraisal

Discussion of "Using accounting information for consumption planning and equity valuation"

DEFF Research Database (Denmark)

Christensen, Peter Ove

2007-01-01

This paper discusses Yee (2007), who investigates the role of accounting information for consumption planning and equity valuation. Higher earnings quality increases investor welfare and ex ante stock prices as well as the weight on earnings in valuation equations based on both cash flows...... and earnings. The former is due to improved consumption smoothing through more informed production choices, while the latter is due to the impact on the relative information content of current cash flows versus earnings about future cash flows....

The Analysis of Corporate Bond Valuation under an Infinite Dimensional Compound Poisson Framework

Directory of Open Access Journals (Sweden)

Sheng Fan

2014-01-01

Full Text Available This paper analyzes the firm bond valuation and credit spread with an endogenous model for the pure default and callable default corporate bond. Regarding the stochastic instantaneous forward rates and the firm value as an infinite dimensional Poisson process, we provide some analytical results for the embedded American options and firm bond valuations.

Economic Valuation as an Instrument to Determine The Management Strategy of Baros Mangrove Forest, Bantul, Yogyakarta, Indonesia

Science.gov (United States)

Waluyo Jati, Irawan; Pribadi, Rudhi

2018-02-01

The Baros mangrove forest in Bantul Regency is now beginning to develop. Many government and private sectors programs are rolled out to support its development. The development of the Baros mangrove forest must be in accordance with the rules of conservation so that it will not damage the mangrove ecosystem. Mangrove forest has high economical and ecological value but is very vulnerable if lack of wisdom in maintaining, preserving and managing them. The involvement of government and other stakeholders are essential in determining management policies. Unawareness of society and the government to the importance of mangrove ecosystem can cause development of it becomes uncontrolled, consequently can destroy it. Mangrove forests are an important natural resource in coastal environments, and have three main functions: physical, biological, and economic functions. To quantify the functions of mangrove forests as the basis to determine the policy is required a research instrument called economic valuation. The approach of this study is the literature review from various studies before to perceive the influence of economic valuation in determining the management strategy of Baros mangrove forest in Bantul Regency, Yogyakarta, Indonesia.

Advances in automated valuation modeling AVM after the non-agency mortgage crisis

CERN Document Server

Kauko, Tom

2017-01-01

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

Consumer valuation of health attributes in food

DEFF Research Database (Denmark)

Smed, Sinne; Hansen, Lars Gårn

estimate a hedonic model of consumers’ valuation of food characteristics that allows nutrients to influence utility both through their perceived effects on health and through their effects on the taste and consumption experience. We find that the most highly educated have the same or lower revealed...

MODEL OF AN ELECTRONIC EDUCATIONAL RESOURCE OF NEW GENERATION

Directory of Open Access Journals (Sweden)

Anatoliy V. Loban

2016-01-01

Full Text Available The mathematical structure of the modular architecture of an electronic educational resource (EER of new generation, which allows to decompose the process of studying the subjects of the course at a hierarchically ordered set of data (knowledge and procedures for manipulating them, to determine the roles of participants of process of training of and technology the development and use of EOR in the study procrate.

Activity based costing model for inventory valuation

Directory of Open Access Journals (Sweden)

Vineet Chouhan

2017-03-01

Full Text Available Activity-Based-Model (ABC is used for the purpose of significant improvement for overhead accounting systems by providing the best information required for managerial decision. This pa-per discusses implacability of ABC technique on inventory valuation as a management account-ing innovation. In order to prove the applicability of ABC for inventory control a material driven medium-sized and privately owned company from engineering (iron and steel industry is select-ed and by analysis of its production process and its material dependency and use of indirect in-ventory, an ABC model is explored for better inventory control. The case revealed that the ne-cessity of ABC in the area of inventory control is significant. The company is not only able to increase its quality of decision but also it can significantly analyze its cost of direct material cost, valuation of direct material and use its implications for better decision making.

Guide en matière d'évaluation à l'intention des instances qui ...

International Development Research Centre (IDRC) Digital Library (Canada)

Les évaluations sont un élément clé de la recherche pour le développement, puisqu'elles ... Comprendre le rôle des instances qui commandent des évaluations ... Avec l'aide du CRDI, l'Instituto de la Salud, Medio Ambiente, Economia y ...

"Tell me I'm sexy…and otherwise valuable:" Body Valuation and Relationship Satisfaction.

Science.gov (United States)

Meltzer, Andrea L; McNulty, James K

2014-03-01

Although extant research demonstrates that body valuation by strangers has negative implications for women, Studies 1 and 2 demonstrate that body valuation by a committed male partner is positively associated with women's relationship satisfaction when that partner also values them for their non-physical qualities, but negatively associated with women's relationship satisfaction when that partner is not committed or does not value them for their non-physical qualities. Study 3 demonstrates that body valuation by a committed female partner is negatively associated with men's relationship satisfaction when that partner does not also value them for their non-physical qualities but unassociated with men's satisfaction otherwise. These findings join others demonstrating that fully understanding the implications of interpersonal processes requires considering the interpersonal context. (120 words).

Renforcement des capacités d'évaluation dans le domaine des ...

International Development Research Centre (IDRC) Digital Library (Canada)

Les subtilités des interactions entre les technologies de l'information et de la communication (TIC) et les sociétés en développement exigent une évaluation réfléchie et systématique, axée sur l'utilité, les résultats et l'appropriation. Cette subvention permettra au projet de renforcement des capacités d'évaluation dans le ...

The Role Of Business Valuation For The Financial Management Of Industrial Companies

OpenAIRE

Donka, Andreeva

2013-01-01

The approaches and methods for business valuation of industrial companies, related in a specific way in a methodology, are the focus of this article. These approaches and methods are increasingly attracting attention, especially the attention of financial management, due to the constant need for specifying the value of the industrial company and of its business respectively, currently, as well as in the future. The methods for business valuation of the industrial business company are illustra...

WILLINGNESS TO PAY FOR CONSERVATION OF NATURAL RESOURCES IN SANTUBONG NATIONAL PARK

Directory of Open Access Journals (Sweden)

Thalany Kamri

2017-03-01

Full Text Available Gunung Santubong National Park (GSNP is one of the attractions in Sarawak that needs attention forconservation. A contingent valuation method of survey was conducted to estimate the conservation value ofGSNP and to elicit the willingness to pay among respondents. Through the random survey, the estimatedmean of willingness to pay for conservation fee per respondent was RM8.41. With the number of visitors of24066 in year 2016, it is estimated that there is an additional RM 202,395.06 that could be used for theimprovement in environmental conservation. This study shows that contingent valuation method is a usefultool to guide decision makers in policy purposes of natural resources management of protected area indeveloping countries.

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunou, Bruno; Jeon, Yoontae

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...... for straightforward filtering and estimation of the model. Our model belongs to the affine class enabling us to derive the conditional characteristic function so that option values can be computed rapidly without simulation. When estimated on S&P500 index options and returns the new model performs well compared...

Testing the construct validity of willingness to pay valuations using objective information about risk and health benefit.

Science.gov (United States)

Philips, Zoë; Whynes, David K; Avis, Mark

2006-02-01

This paper describes an experiment to test the construct validity of contingent valuation, by eliciting women's valuations for the NHS cervical cancer screening programme. It is known that, owing to low levels of knowledge of cancer and screening in the general population, women both over-estimate the risk of disease and the efficacy of screening. The study is constructed as a randomised experiment, in which one group is provided with accurate information about cervical cancer screening, whilst the other is not. The first hypothesis supporting construct validity, that controls who perceive greater benefits from screening will offer higher valuations, is substantiated. Both groups are then provided with objective information on an improvement to the screening programme, and are asked to value the improvement as an increment to their original valuations. The second hypothesis supporting construct validity, that controls who perceive the benefits of the programme to be high already will offer lower incremental valuations, is also substantiated. Copyright 2005 John Wiley & Sons, Ltd.

Optimisation du temps de réponse du système de recommandation pour l'évaluation MIMICRY

OpenAIRE

Follet , Damien; Delestre , Nicolas; Malandain , Nicolas; Vercouter , Laurent

2015-01-01

Conférence EIAH 2015; L'évaluation par grille d'évaluation est de plus en plus répandue. Elle facilite l'apprentissage des apprenants mais augmente la charge d'évaluation des enseignants. Nous proposons un système de recommandation pour l'évaluation par grille de compétences, utile, utilisable, thématiquement indépendant et basé sur l'apprentissage artificiel. Dans cet article nous testons ce système sur des données réelles pour des compétences non triviales. Nous identifions deux limites fon...

Carbon Valuation: Alternatives, Alternations and Lateral Measures?

DEFF Research Database (Denmark)

Dalsgaard, Steffen

2016-01-01

This article refers to carbon valuation as the practice of ascribing value to, and assessing the value of, actions and objects in terms of carbon emissions. Due to the pervasiveness of carbon emissions in the actions and objects of everyday lives of human beings, the making of carbon offsets and ...

26 CFR 25.7520-1 - Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder...

Science.gov (United States)

2010-04-01

...) with respect to the valuation of the remainder interest in property transferred to a charitable... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of annuities, unitrust interests...) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 General Actuarial Valuations § 25.7520...

Annual Equivalent Value, Benefit Cost Ratio, and Composite Performance Index as Valuation Appraisal Support of Teakwood Plantation

Directory of Open Access Journals (Sweden)

Sugiharto Soeleman

2014-04-01

Full Text Available Teak (Tectona grandis L.f is a premium high-value hardwood species being viewed as the most preferred species for investment opportunity. Recently, there has been a gradual move away from state control of teakwood plantation toward the participation of private enterprises. Several enterprises offer investment opportunity of teakwood plantation in which one of the main selling points being offered is a quick harvesting schedule. A quick harvesting time, however, might not provide the best outcome to the investors. This research exercise and compare the valuation appraisal of different harvesting schedules. The research focused on project planning, enterprise budget, financial projection, and valuation measurements to arrive at overall appraisal. To avoid any possible bias of individual investor's preference on common valuation criteria such as total investment, net cash flow (NCF, net present value (NPV, internal rate of return (IRR, profit on investment (P/I, and payback period (PBP, 3 otherS criteria namely benefit cost ratio (BCR, annual equivalent value (AEV, and composite performance index (CPI have been applied to arrive at a more fair valuation. It is concluded that the longer the harvesting schedule, the better valuation outcome could be achieved, and therefore, investors should critically review any investment proposal in accordance to their preference on valuation criteria.

Option Valuation with Long-run and Short-run Volatility Components

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

This paper presents a new model for the valuation of European options, in which the volatility of returns consists of two components. One of these components is a long-run component, and it can be modeled as fully persistent. The other component is short-run and has a zero mean. Our model can...... be viewed as an affine version of Engle and Lee (1999), allowing for easy valuation of European options. The model substantially outperforms a benchmark single-component volatility model that is well-established in the literature, and it fits options better than a model that combines conditional...... model long-maturity and short-maturity options....

On a Generalized Squared Gaussian Diffusion Model for Option Valuation

Directory of Open Access Journals (Sweden)

Edeki S.O.

2017-01-01

Full Text Available In financial mathematics, option pricing models are vital tools whose usefulness cannot be overemphasized. Modern approaches and modelling of financial derivatives are therefore required in option pricing and valuation settings. In this paper, we derive via the application of Ito lemma, a pricing model referred to as Generalized Squared Gaussian Diffusion Model (GSGDM for option pricing and valuation. Same approach can be considered via Stratonovich stochastic dynamics. We also show that the classical Black-Scholes, and the square root constant elasticity of variance models are special cases of the GSGDM. In addition, general solution of the GSGDM is obtained using modified variational iterative method (MVIM.

Serious child and adolescent behaviour disorders; a valuation study by professionals, youth and parents.

Science.gov (United States)

Vermeulen, Karin M; Jansen, Daniëlle E M C; Buskens, Erik; Knorth, Erik J; Reijneveld, Sijmen A

2017-06-02

In child and youth care, quantitative estimates of the impact of serious behaviour problems have not yet been made. Such input is needed to support decision making on investments in treatment. The aim of this paper was to elicit valuations of social and conduct disorders in children and adolescents from three different perspectives: professionals, youth, and parents. We obtained valuations from 25 youth care professionals, 50 children (age 9-10) without serious behaviour problems and 36 adolescents (age 16-17) with and without serious behaviour disorders, and 46 parents with children in the aforementioned age categories. Valuations were estimated from 18 descriptions of behaviour disorders in youth aged 9 and 15 years. Descriptions included Oppositional Defiant Disorder (ODD), Conduct Disorder (CD), and Disruptive Behaviour Disorder (DBD). Comorbid conditions were Attention Deficit Hyperactivity Disorder and substance abuse. Valuations were obtained with the EuroQol questionnaire (EQ-5D-3 L) and a visual analogue scale (VAS). Valuations were generally severe; problems were by and large reported to worsen quality of life by 50% compared to being fully healthy. Professionals regarded DBD with substance abuse as most severe (VAS values 0.41 for children, and 0.43 for adolescents, i.e. less than half of normal). They rated ODD as least severe (VAS values 0.58 for children, 0.59 for adolescents). Children, adolescents and parents gave lower valuations than professionals, and had a wider range of scores, particularly at the lower end of the scale. Behaviour disorders pose a formidable burden from the perspectives of professionals as well as children, adolescents and parents. These results may support medical decision making to set priorities with regard to prevention and treatment based on perceived severity.

Customs Valuation Reform in the Philippines

OpenAIRE

Clarete, Ramon L.

2004-01-01

This paper documents the adoption of transaction valuation reform in the Philippines and assesses its impact on collection, customs administration cost, and business transaction cost. Philippine customs authorities and critics of the reform have been concerned that giving up the use of published official customs values would lower customs collection. On the contrary, this research shows the use of transaction values expanded customs revenues.

Rapport de 2010 sur l'état de l'évaluation du développement en Inde ...

International Development Research Centre (IDRC) Digital Library (Canada)

En Inde, des données empiriques donnent à penser que l'évaluation du développement est en déclin, tant sur le plan du nombre que de la qualité des évaluations. Toutefois, il existe très peu de données écrites, voire aucune, sur la situation de l'évaluation en Inde, ni sur les facteurs en cause. Ce projet permettra donc de ...

La formation continue des usagers : évaluation qualitative des rendez-vous d'évaluation post-permis pour les conducteurs novices. Thème 11. Rapport final

OpenAIRE

CHATENET, F; TORRES, S; GAUTHIER, P; PERVANCHON, M

2001-01-01

Rapport final de convention DSCR/INRETS. Le présent rapport fait état de l'évaluation qualitative des rendez-vous d'évaluation (RVE) pour les conducteurs novices, le volet des rendez-vous de perfectionnement (RVP) pour les conducteurs expérimentés sera abordé ultérieurement dans le cadre d'une convention DSCR/INRETS. La première partie développe les problématiques et les objectifs poursuivis par cette étude ainsi que la méthodologie qui a été utilisée. Les trois autres parties présentent les...

Equity valuation of Tesco Plc.

OpenAIRE

Schmitz, Clemens

2015-01-01

This dissertation aimed to value the British retailer Tesco Plc. The objective was to determine a target price for the company and as a consequence determine a buy or sell recommendation when comparing it to the current market price. After the state of the art of literature regarding equity valuation has been assessed, the retail industry as well as Tesco have been analysed in more detail. Based on this, the retail business of Tesco has been valued using the Adjusted Present Va...

The Value of Satellite Early Warning Systems in Kenya and Guatemala: Results and Lessons Learned from Contingent Valuation and Loss Avoidance Approaches

Science.gov (United States)

Morrison, I.; Berenter, J. S.

2017-12-01

SERVIR, the joint USAID and NASA initiative, conducted two studies to assess the value of two distinctly different Early Warning Systems (EWS) in Guatemala and Kenya. Each study applied a unique method to asses EWS value. The evaluation team conducted a Contingent Valuation (CV) choice experiment to measure the value of a near-real time VIIRS and MODIS-based hot-spot mapping tool for forest management professionals targeting seasonal forest fires in Northern Guatemala. The team also conducted a survey-based Damage and Loss Avoidance (DaLA) exercise to calculate the monetary benefits of a MODIS-derived frost forecasting system for farmers in the tea-growing highlands of Kenya. This presentation compares and contrasts the use and utility of these two valuation approaches to assess EWS value. Although interest in these methods is growing, few empirical studies have applied them to benefit and value assessment for EWS. Furthermore, the application of CV and DaLA methods is much less common outside of the developed world. Empirical findings from these two studies indicated significant value for two substantially different beneficiary groups: natural resource management specialists and smallholder tea farmers. Additionally, the valuation processes generated secondary information that can help improve the format and delivery of both types of EWS outputs for user and beneficiary communities in Kenya and Guatemala. Based on lessons learned from the two studies, this presentation will also compare and contrast the methodological and logistical advantages, challenges, and limitations in applying the CV and DaLA methods in developing countries. By reviewing these two valuation methods alongside each other, the authors will outline conditions where they can be applied - individually or jointly - to other early warning systems and delivery contexts.

Use of dichotomous choice nonmarket methods to value the whooping crane resource

Science.gov (United States)

J. Michael Bowker; John R. Stoll

1985-01-01

A dichotomous choice form of contingent valuation is applied to quantify individuals' economic surplus associated with preservation of the whooping crane resource. Specific issues and limitations of the empirical approach are discussed. The results of this case study reveal that models with similar statistical fits can lead to very disparate measures of economic...

Option valuation with the simplified component GARCH model

DEFF Research Database (Denmark)

Dziubinski, Matt P.

We introduce the Simplified Component GARCH (SC-GARCH) option pricing model, show and discuss sufficient conditions for non-negativity of the conditional variance, apply it to low-frequency and high-frequency financial data, and consider the option valuation, comparing the model performance...

Essays on valuation and risk management for insurers

NARCIS (Netherlands)

Plat, H.J.

2011-01-01

In recent years there has been increasing attention of the insurance industry for market consistent valuation of insurance liabilities and the quantification of insurance risks. Important drivers of this development are the new regulatory requirements resulting from the introduction of IFRS 4 Phase

Valuation of private companies by Estonian private equity and venture capitalists / Priit Sander, Margus Kõomägi

Index Scriptorium Estoniae

Sander, Priit, 1973-

2007-01-01

Eraettevõtete hindamine Eesti era- ja riskiinvestorite poolt. Riskikapitali hinnakujundamise meetodid. Tabelid: Venture capital valuation issues; Venture capital pricing issues and return. Skeem: The venture capital valuation process in Estonia

26 CFR 1.642(c)-6 - Valuation of a remainder interest in property transferred to a pooled income fund.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Valuation of a remainder interest in property... § 1.642(c)-6 Valuation of a remainder interest in property transferred to a pooled income fund. (a) In... transferred property on the valuation date. The fact that the income beneficiary may not receive the last...

Nouvel outil d'évaluation pour apprécier la qualité de la recherche ...

International Development Research Centre (IDRC) Digital Library (Canada)

25 avr. 2016 ... Cette évaluation, qui comporte trois phases, a pour but de définir et de ... Pour ce faire, on a analysé des outils et des démarches d'évaluation de l'excellence ... The Research Quality Plus (RQ+) Assessment Instrument (texte ...

26 CFR 301.7517-1 - Furnishing on request of statement explaining estate or gift valuation.

Science.gov (United States)

2010-04-01

... estate or gift valuation. 301.7517-1 Section 301.7517-1 Internal Revenue INTERNAL REVENUE SERVICE... estate or gift valuation. (a) In general. Section 7517 requires the Service to furnish to a taxpayer, at the request of that taxpayer, a statement explaining the estate, gift or generation-skipping transfer...

Valuation of the marine and coastal resources in Colombia

International Nuclear Information System (INIS)

Newmark Umbreit, Federico; Santos Acevedo, Marisol

2002-01-01

The paper it is about the current state of the marine and coastal resources, a diagnostic is done in fisheries and aquaculture and on the cultivation of bivalve in the Colombian Caribbean; the authors mention that the use conflicts have been given by ignorance of the structure and the natural operation of highly dynamic and complex ecological systems as the marine and coastal areas, which has propitiated the accumulative environmental deterioration, incorporating elements of ecological risk permanently in the ecosystems

Contingent valuation of environmental goods - Closure of Barsebaeck

International Nuclear Information System (INIS)

Jordal-Joergensen, J.

1995-01-01

Decisions in the community, are usually taken on the basis of economic calculations. Many environmental effects, however, are excluded from these calculations because it is often difficult to value environmental effects in monetary terms. Contingent valuation has recently become widespread in connection with this purpose, namely in the USA, but also in a number of European countries like, for example, Norway and Sweden. In Denmark the method has been applied sporadically in recent years. The purpose of this study is; to elucidate the problems associated with contingent valuation when the method is used in practice; to indicate study designs which can solve these problems; and draw attention to the reservations which must be made in respect of the results of these types of studies. The data material consists of 298 telephone interviews and 13 personal interviews. The interviewees all live in a radius of 30 km from Barsebaeck. The 311 interviews took place in the period of December 1993 to February 1994, approx. two months after extensive publicity concerning leakages at Barsebaeck. In the telephone interviews, 240 out of the 298 (80%) asked agreed to take part in the interviews. The conclusion cannot be directly transferred to other environmental goods. Barsebaeck was a special case because the risk was known prior to the study. In valuation of goods with which the respondents are not previously familiar, the greater need for information can necessitate using personal interviews. The method provides a better possibility of incorporating environmental effects directly in macroeconomic analyses. (EG)

Landslides geotechnical analysis. Qualitative assessment by valuation factors

Science.gov (United States)

Cuanalo Oscar, Sc D.; Oliva Aldo, Sc D.; Polanco Gabriel, M. E.

2012-04-01

In general, a landslide can cause a disaster when it is combined a number of factors such as an extreme event related to a geological phenomenon, vulnerable elements exposed in a specific geographic area, and the probability of loss and damage evaluated in terms of lives and economic assets, in a certain period of time. This paper presents the qualitative evaluation of slope stability through of Valuation Factors, obtained from the characterization of the determinants and triggers factors that influence the instability; for the first the morphology and topography, geology, soil mechanics, hydrogeology and vegetation to the second, the rain, earthquakes, erosion and scour, human activity, and ultimately dependent factors of the stability analysis, and its influence ranges which greatly facilitate the selection of construction processes best suited to improve the behavior of a slope or hillside. The Valuation Factors are a set of parameters for assessing the influence of conditioning and triggering factors that influence the stability of slopes and hillsides. The characteristics of each factor must be properly categorized to involve its effect on behavior; a way to do this is by assigning a weighted value range indicating its effect on the stability of a slope. It is proposed to use Valuation Factors with weighted values between 0 and 1 (arbitrarily selected but common sense and logic), the first corresponds to no or minimal effect on stability (no effect or very little influence) and the second, the greatest impact on it (has a significant influence). The meddle effects are evaluated with intermediate values.

Valuation of switchable tariff for wind energy

International Nuclear Information System (INIS)

Yu, Wang; Sheble, Gerald B.; Lopes, Joao A. Pecas; Matos, Manuel Antonio

2006-01-01

The current fixed tariff remuneration for wind energy is not compatible with the deregulation of the electric power industry. The time-varying and location-dependent value of renewable energy is not acknowledged. The newly announced switchable tariff for wind energy in the Spanish electricity market provides a promising solution to compensating renewable energy within the deregulated electric power industry. The new switchable tariff provides wind generators more flexibility in operating wind generation assets. Such flexibilities provide option value in coordinating the seasonality of wind energy, demand on electric power and electricity prices movement. This paper models and valuates the flexibility on switching tariff as real compound options for wind generators. Numerical examples valuate wind generation assets under fixed tariff, spot market price taking, and yearly and monthly switchable tariffs. The optimal switching strategies are identified. The impacts of the switchable tariff on sitting criteria and values of wind generation assets are investigated. An improvement on the yearly switchable tariff is suggested to further reduce the operation risk of wind generators and fully explore the efficiency provided by competitive electricity markets. (author)

a comparison of wetland valuation purposes in lagos metropolis

African Journals Online (AJOL)

Osondu

Also, NIESV should incorporate environmental valuation in the curriculum for professional ... 1Department of Estate Management, School of Environmental. Sciences, College of .... implicit (non-market) value of the fishery of marsh habitat can ...

GUIDELINES FOR EVALUATION OF PSYCHOLOGICAL AND PEDAGOGICAL QUALITY CHARACTERISTICS OF ELECTRONIC EDUCATIONAL RESOURCES

Directory of Open Access Journals (Sweden)

Galina P. Lavrentieva

2014-05-01

Full Text Available The article highlights the causes of insufficient effective use of electronic learning resources and sets out the guidelines on ways to solve the aforementioned problems. The set of didactic, methodical, psychological, pedagogical, design and ergonomic quality requirements is considered for evaluation, selection and application of information and communication technologies in the educational process. The most appropriate mechanisms for the ICT introduction into the learning process are disclosed as it should meet the specific learning needs of the student and the objectives of the educational process. The guidance for psycho-educational assessment of quality of electronic educational resources is provided. It is argued that the effectiveness of the ICT use is to be improved by means of quality evaluation mechanisms involved into the educational process.

Valuation of Company Merger from the Shareholders’ Point of View

Directory of Open Access Journals (Sweden)

Christian Toll

2017-08-01

Full Text Available By means of a company merger formerly legally and economically independent companies are tied up to an economic entity. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged company. The interest is focused on the valuation of shares and, consequently, on the allocation of the future economic benefits of the merged company to each owner. Despite the apparent relevance of company mergers in practice, the scientific literature deals with this topic only in an unsatisfying manner. After some early simple model-oriented approaches with the aim to define an ideal exchange ratio, the valuation problem of a merger was taken up again not earlier than in Hering (2004. Based on his considerations, the aim of our paper is to extend and generalize the valuation methods for a company merger and foremost to set the algebra for the computation of the critical share by using maximization of wealth as target function on a firm foundation. We assign a certain marginal quota to the shareholders representing the minimum share in the merged company which puts them in a financial position no worse than compared to the going concern basis. For this reason, we introduce the state marginal quota model as an innovative valuation approach that considers both existing market imperfections and individual expectations of a specific shareholder. To pinpoint our key finding: If private financial redistributions are available, our extended and generalized model shows that the marginal quota * in question cannot be “trivially” obtained as a ratio of utilities. Instead, it is essential to consider the private decision field of a shareholder to allow a restructuring of the dividend payout stream offered by the merged company in order to reach at least a level of utility which is comparable to the state before the merger.

Identifying the warm glow effect in contingent valuation

NARCIS (Netherlands)

Nunes, P.A.L.D.; Schokkaert, E.

2003-01-01

This paper reports the results from a contingent valuation study designed to investigate the influence of warm glow in willingness to pay (WTP) responses. Interindividual differences in warm glow motivation are measured through a factor analysis, performed on a list of attitudinal items. The

Directional heterogeneity in WTP models for environmental valuation

NARCIS (Netherlands)

Schaafsma, M.; Brouwer, R.; Rose, J.

2012-01-01

Many studies in the stated preference literature on environmental valuation do not include the effects of substitutes and distance in willingness-to-pay (WTP) models, in spite of the relevance of these effects in aggregation and benefit transfer. Heterogeneity in the availability of substitutes over

Availability, Use and Constraints to Use of Electronic Information Resources by Postgraduates Students at the University of Ibadan

Directory of Open Access Journals (Sweden)

Dare Samuel Adeleke

2017-12-01

Full Text Available Availability, awareness and use of electronic resources provide access to authoritative, reliable, accurate and timely access to information. The use of electronic information resources (EIRs can enable innovation in teaching and increase timeliness in research of postgraduate students which will eventual result into encouragement of the expected research-led enquiry in this digital age. The study adopted a descriptive survey design. Samples of 300 of postgraduate students within seven out 13 Faculties were randomly selected. Data were collected using questionnaire designed to elicit response from respondents and data were analyzed using descriptive statistics methods percentages, mean, and standard deviation. Results indicated that internet was ranked most available and used in the university. Low level of usage of electronic resources, in particular, full texts data bases is linked to a number of constraints: Interrupted power supply was ranked highest among other factors as speed and capacity of computers, retrieval of records with high recall and low precision, retrieving records relevant to information need, lack of knowledge of search techniques to retrieve information effectively, non possession of requisite IT skills and problems accessing the internet. The study recommended that usage of electronic resources be made compulsory, intensifying awareness campaigns concerning the availability, training on use of electronic resources and the problem of power outage be addressed.

Quantifying Users' Interconnectedness in Online Social Networks - An Indispensible Step for Economic Valuation

Science.gov (United States)

Gneiser, Martin; Heidemann, Julia; Klier, Mathias; Landherr, Andrea; Probst, Florian

Online social networks have been gaining increasing economic importance in light of the rising number of their users. Numerous recent acquisitions priced at enormous amounts have illustrated this development and revealed the need for adequate business valuation models. The value of an online social network is largely determined by the value of its users, the relationships between these users, and the resulting network effects. Therefore, the interconnectedness of a user within the network has to be considered explicitly to get a reasonable estimate for the economic value. Established standard business valuation models, however, do not sufficiently take these aspects into account. Thus, we propose a measure based on the PageRank-algorithm to quantify users’ interconnectedness in an online social network. This is a first but indispensible step towards an adequate economic valuation of online social networks.

Ecosystem services valuation to support decisionmaking on public lands—A case study of the San Pedro River watershed, Arizona

Science.gov (United States)

Bagstad, Kenneth J.; Semmens, Darius; Winthrop, Rob; Jaworksi, Delilah; Larson, Joel

2012-01-01

methods, and discount rates applied. Further guidance on representing uncertainty and applying uncertain results in decisionmaking would benefit both tool developers and those offices in using ecosystem services to compare management tradeoffs. Decisionmakers and Bureau of Land Management managers at the State-, district-, and field-office level would also benefit from continuing model improvements, training, and guidance on tool use that can be provided by the U.S. Geological Survey, the Bureau of Land Management, and the Department of the Interior. Tradeoffs were identified in the level of effort needed to parameterize and run tools and the amount and quality of information they provide to the decision process. We found the Wildlife Habitat Benefits Estimation Toolkit, Ecosystem Services Review, and United Nations Environment Programme–World Conservation Monitoring Centre Ecosystem Services Toolkit to be immediately feasible for application by the Bureau of Land Management, given proper guidance on their use. It is also feasible for the Bureau of Land Management to use the InVEST model, but in early 2012 the process of parameterizing the model required resources and expertise that are unlikely to be available in most Bureau of Land Management district or field offices. Application of past primary valuation is feasible, but developing new primary-valuation studies is too time consuming for regular application. Value transfer approaches (aside from the Wildlife Habitat Benefits Estimation Toolkit) are best applied carefully on the basis of guidelines described in this report, to reduce transfer error. The ARIES model can provide useful information in regions modeled in the past (Arizona, California, Colorado, and Washington), but it lacks some features that will improve its usability, such as a generalized model that could be applied anywhere in the United States. Eleven other tools described in this report could become useful as the tools more fully develop, in high

Cold water inlet in solar tanks - valuation

DEFF Research Database (Denmark)

Andersen, Elsa

1999-01-01

The aim of the project is to make a proposal for how to value a storage tank with a poor design of the cold water inlet. Based on measurements and calculations a number of curves, which are valid for this valuation, are worked out. Based on a simple test with a uniform heated storage tank the rat...

A Study on Developing Evaluation Criteria for Electronic Resources in Evaluation Indicators of Libraries

Science.gov (United States)

Noh, Younghee

2010-01-01

This study aimed to improve the current state of electronic resource evaluation in libraries. While the use of Web DB, e-book, e-journal, and other e-resources such as CD-ROM, DVD, and micro materials is increasing in libraries, their use is not comprehensively factored into the general evaluation of libraries and may diminish the reliability of…

A Literature Review Fuzzy Pay-Off-Method – A Modern Approach in Valuation

Directory of Open Access Journals (Sweden)

Daniel Manaţe

2015-01-01

Full Text Available This article proposes to present a modern approach in the analysis of updated cash flows. The approach is based on the Fuzzy Pay-Off-Method (FPOM for Real Option Valuation (ROV. This article describes a few types of models for the valuation of real options currently in use. In support for the chosen FPOM method, we included the mathematical model that stands at the basis of this method and a case study.

Valuation of long-term investments in energy assets under uncertainty

Energy Technology Data Exchange (ETDEWEB)

Abadie, L. M. [Bilbao Bizkaia Kutxa, Gran Via 30, 48009 Bilbao (Spain)

2009-07-01

This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV) or the Internal Rate of Return (IRR), despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived. (author)

Valuation of Long-Term Investments in Energy Assets under Uncertainty

Directory of Open Access Journals (Sweden)

Luis M. Abadie

2009-09-01

Full Text Available This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV or the Internal Rate of Return (IRR, despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived.

Valuation of long-term investments in energy assets under uncertainty

International Nuclear Information System (INIS)

Abadie, L. M.

2009-01-01

This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV) or the Internal Rate of Return (IRR), despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived. (author)

Evolutionary Naturalism and the Logical Structure of Valuation: The Other Side of Error Theory

Directory of Open Access Journals (Sweden)

Richard A Richards

2006-01-01

Full Text Available On one standard philosophical position adopted by evolutionary naturalists, human ethical systems are nothing more than evolutionary adaptations that facilitate social behavior. Belief in an absolute moral foundation is therefore in error. But evolutionary naturalism, by its commitment to the basic valutional concept of fitness, reveals another, logical error: standard conceptions of value in terms of simple predication and properties are mistaken. Valuation has instead, a relational structure that makes reference to respects, subjects and environments. This relational nature is illustrated by the analogy commonly drawn between value and color. Color perception, as recognized by the ecological concept, is relational and dependent on subject and environment. In a similar way, value is relational and dependent on subject and environment. This makes value subjective, but also objective in that it is grounded on facts about mattering. At bottom, values are complex relational facts. The view presented here, unlike other prominent relational and naturalistic conceptions of value, recognizes the full range of valuation in nature. The advantages of this relational conception are first, that it gets valuation right; second, it provides a framework to better explain and understand valuation in all its varieties and patterns.

Evolutionary Naturalism and the Logical Structure of Valuation: The Other Side of Error Theory

Directory of Open Access Journals (Sweden)

Richard A Richards

2005-01-01

Full Text Available On one standard philosophical position adopted by evolutionary naturalists, human ethical systems are nothing more than evolutionary adaptations that facilitate social behavior. Belief in an absolute moral foundation is therefore in error. But evolutionary naturalism, by its commitment to the basic valutional concept of fitness, reveals another, logical error: standard conceptions of value in terms of simple predication and properties are mistaken. Valuation has instead, a relational structure that makes reference to respects, subjects and environments. This relational nature is illustrated by the analogy commonly drawn between value and color. Color perception, as recognized by the ecological concept, is relational and dependent on subject and environment. In a similar way, value is relational and dependent on subject and environment. This makes value subjective, but also objective in that it is grounded on facts about mattering. At bottom, values are complex relational facts. The view presented here, unlike other prominent relational and naturalistic conceptions of value, recognizes the full range of valuation in nature. The advantages of this relational conception are first, that it gets valuation right; second, it provides a framework to better explain and understand valuation in all its varieties and patterns.

Handbook of environmental and resource economics

Energy Technology Data Exchange (ETDEWEB)

Bergh, J.C.J.M. van den [eds.

1999-07-01

The book contains 79 chapters by experts divided into ten parts entitled: introduction; economics of natural resources; economics of environmental policy; international aspects of environmental economics and policy; space in environmental economics; environmental macroeconomics; economic valuation and evaluation; interdisciplinary issues; methods and models in environmental and resource economics; and prospects. Chapters of particular relevance to the energy sector are entitled: lessons from using transferable permits to control air pollution in the United States; equity in environmental policy with an application to global warming; transboundary environmental problems; tax instruments for curbing CO{sub 2} emissions; transport and the environment; energy-economy-environment models; decompositions methodology in energy demand and environmental analysis, and input-output structural decomposition analysis of energy and the environment.

Trousse de suivi et d'évaluation destinée aux initiatives d'adaptation ...

International Development Research Centre (IDRC) Digital Library (Canada)

En Afrique, bon nombre de pays, de régions et d'organismes se dotent de programmes d'adaptation aux changements climatiques. Pour que ces programmes portent leurs fruits, ils devront régulièrement faire l'objet d'un suivi et d'une évaluation. Cette subvention servira à financer l'intégration d'un volet suivi et évaluation ...

The Coca-Cola Company : equity valuation

OpenAIRE

Santos, André Escoval dos

2015-01-01

The present dissertation aims to demonstrate the process of valuing The Coca-Cola Company (KO). Valuation is not an exact science, requiring numerous assumptions and different models to be trusted. Several theories and articles from prestigious authors were followed aiming to deliver the best possible result. There is not a consensus among authors about which method yields best results, however Discounted Cash Flow is considered the finest by most of them. Therefore, KO will...

THE MODEL OF LINGUISTIC TEACHERS’ COMPETENCY DEVELOPMENT ON DESIGNING MULTIMEDIA ELECTRONIC EDUCATIONAL RESOURCES IN THE MOODLE SYSTEM

OpenAIRE

Anton M. Avramchuk

2017-01-01

The article is devoted to the problem of developing the competency of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system. The concept of "the competence of teachers of language disciplines on designing multimedia electronic educational resources in the Moodle system" is justified and defined. Identified and characterized the components by which the levels of the competency development of teachers of language disciplines on designing ...

26 CFR 25.2512-6 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end...

Science.gov (United States)

2010-04-01

... annuity. The value of the gift is the cost of the contract. Example (2). An annuitant purchased from a... Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-6 Valuation of certain life insurance and annuity...

26 CFR 1.471-2 - Valuation of inventories.

Science.gov (United States)

2010-04-01

...-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Inventories § 1.471-2 Valuation of inventories. (a) Section 471 provides two tests...-5.) Any goods in an inventory which are unsalable at normal prices or unusable in the normal way...

Option Valuation with Conditional Heteroskedasticity and Non-Normality

DEFF Research Database (Denmark)

Christoffersen, Peter; Elkamhi, Redouane; Feunou, Bruno

the option smirk. We analyze a class of equivalent martingale measures for which the resulting risk-neutral return dynamics are from the same family of distributions as the physical return dynamics. In this case, our framework nests the valuation results obtained by Duan (1995) and Heston and Nandi (2000...

7 CFR 3015.53 - Valuation of donated services.

Science.gov (United States)

2010-01-01

... for volunteer services should be consistent with those regular rates paid for similar work in the same....53 Valuation of donated services. (a) Volunteer services. Unpaid services provided to a recipient by an individual shall be valued at rates consistent with the rates normally paid for similar work in...

Preference uncertainty in nonmarket valuation: a fuzzy approach

NARCIS (Netherlands)

Kooten, van G.C.; Krcmar, E.; Bulte, E.H.

2001-01-01

In this article, we consider uncertain preferences for non-market goods, but we move away from a probabilistic representation of uncertainty and propose the use of fuzzy contingent valuation. We assume that a decision maker never fully knows her own utility function and we treat utility as a fuzzy

Geographical proximity on the valuations of unlisted agrarian companies: Does distance from company to company and to strategic points matter?

Energy Technology Data Exchange (ETDEWEB)

Occhino, P.; Maté, M.

2017-07-01

This paper is a first attempt to examine the role played by the geography on agrarian firms’ valuations. The geography was evaluated through the physical proximity from agrarian companies to other companies and to some strategic points which ease their accessibility to external economic agents. To get our purpose, we developed an empirical application on a sample of non-listed agrarian Spanish companies located in the region of Murcia over the period 2010-2015. We applied Discount Cash Flow methodology for non-listed companies to get their valuations. With this information, we used spatial econometric techniques to analyse the spatial distribution of agrarian firms’ valuations and model the behavior of this variable. Our results supported the assertion that agrarian firms’ valuations are conditioned by the geography. We found that firms with similar valuations tend to be grouped together in the territory. In addition, we found significant effects on agrarian firms valuations derived from the geographical proximity among closer agrarian companies and from them to external agents and transport facilities.

Geographical proximity on the valuations of unlisted agrarian companies: Does distance from company to company and to strategic points matter?

International Nuclear Information System (INIS)

Occhino, P.; Maté, M.

2017-01-01

This paper is a first attempt to examine the role played by the geography on agrarian firms’ valuations. The geography was evaluated through the physical proximity from agrarian companies to other companies and to some strategic points which ease their accessibility to external economic agents. To get our purpose, we developed an empirical application on a sample of non-listed agrarian Spanish companies located in the region of Murcia over the period 2010-2015. We applied Discount Cash Flow methodology for non-listed companies to get their valuations. With this information, we used spatial econometric techniques to analyse the spatial distribution of agrarian firms’ valuations and model the behavior of this variable. Our results supported the assertion that agrarian firms’ valuations are conditioned by the geography. We found that firms with similar valuations tend to be grouped together in the territory. In addition, we found significant effects on agrarian firms valuations derived from the geographical proximity among closer agrarian companies and from them to external agents and transport facilities.

AN INITIAL DESIGN OF ISO 19152:2012 LADM BASED VALUATION AND TAXATION DATA MODEL

DEFF Research Database (Denmark)

Cagdas, Volkan; Kara, A.; van Oosterom, P.

2016-01-01

standard that defines the semantics of fiscal databases. The ISO 19152:2012 Land Administration Domain Model (LADM), as an international land administration standard focuses on legal requirements, but considers out of scope specifications of external information systems including valuation and taxation...... databases. However, it provides a formalism which allows for an extension that responds to the fiscal requirements. This paper introduces an initial version of a LADM – Fiscal Extension Module for the specification of databases used in immovable property valuation and taxation. The extension module....... It is expected that the initial version will be refined through further activities held by a possible joint working group under FIG Commission 7 (Cadastre and Land Management) and FIG Commission 9 (Valuation and the Management of Real Estate) in collaboration with other relevant international bodies....

Role Performance and Role Valuation Among Occupational Therapy Students in Norway

Directory of Open Access Journals (Sweden)

Tore Bonsaksen

2016-01-01

Full Text Available Background: The Model of Human Occupation describes roles as providing the person with a framework around which to organize daily occupations. Role performance and role valuation in young adults may be related to gender, but there are few research studies to date to support this view. Methods: This study is a cross-sectional design using a sample of 87 occupational therapy students in Norway. We used the Role Checklist to assess the students’ performance and valuation of roles, and a variety of statistical procedures were employed in the analysis. Results: Compared to the female participants, males performed roles in the community, social, and civic life area of participation more frequently. Otherwise, male and female participants were largely equal in current role performance. For most roles, we found associations between role performance and high valuation of the respective roles. Discussion: Gender appears to be a factor of relevance for our understanding of role performance. This study suggests that occupational therapists should consider the societal as well as the personal aspects of roles. In addition, occupational therapy interventions could aim toward improving congruence between the roles clients perform and the value these roles have for them

Rational Multi-curve Models with Counterparty-risk Valuation Adjustments

DEFF Research Database (Denmark)

Crépey, Stéphane; Macrina, Andrea; Nguyen, Tuyet Mai

2016-01-01

We develop a multi-curve term structure set-up in which the modelling ingredients are expressed by rational functionals of Markov processes. We calibrate to London Interbank Offer Rate swaptions data and show that a rational two-factor log-normal multi-curve model is sufficient to match market da...... with regulatory obligations. In order to compute counterparty-risk valuation adjustments, such as credit valuation adjustment, we show how default intensity processes with rational form can be derived. We flesh out our study by applying the results to a basis swap contract....... with accuracy. We elucidate the relationship between the models developed and calibrated under a risk-neutral measure Q and their consistent equivalence class under the real-world probability measure P. The consistent P-pricing models are applied to compute the risk exposures which may be required to comply...

Determining the level of awareness of the physicians in using the variety of electronic information resources and the effecting factors.

Science.gov (United States)

Papi, Ahmad; Ghazavi, Roghayeh; Moradi, Salimeh

2015-01-01

Understanding of the medical society's from the types of information resources for quick and easy access to information is an imperative task in medical researches and management of the treatment. The present study was aimed to determine the level of awareness of the physicians in using various electronic information resources and the factors affecting it. This study was a descriptive survey. The data collection tool was a researcher-made questionnaire. The study population included all the physicians and specialty physicians of the teaching hospitals affiliated to Isfahan University of Medical Sciences and numbered 350. The sample size based on Morgan's formula was set at 180. The content validity of the tool was confirmed by the library and information professionals and the reliability was 95%. Descriptive statistics were used including the SPSS software version 19. On reviewing the need of the physicians to obtain the information on several occasions, the need for information in conducting the researches was reported by the maximum number of physicians (91.9%) and the usage of information resources, especially the electronic resources, formed 65.4% as the highest rate with regard to meeting the information needs of the physicians. Among the electronic information databases, the maximum awareness was related to Medline with 86.5%. Among the various electronic information resources, the highest awareness (43.3%) was related to the E-journals. The highest usage (36%) was also from the same source. The studied physicians considered the most effective deterrent in the use of electronic information resources as being too busy and lack of time. Despite the importance of electronic information resources for the physician's community, there was no comprehensive knowledge of these resources. This can lead to less usage of these resources. Therefore, careful planning is necessary in the hospital libraries in order to introduce the facilities and full capabilities of the

Theoretical and practical analysis of the conceptions of asset valuation by methods of historical cost and fair value

OpenAIRE

Paliulienė, Lina

2012-01-01

The article analyzes the asset valuation methods of historical cost and fair value, which both are applied in accounting theory and practice. Advantages and shortcomings of both methods are revealed herein. The opinions of different authors on which method of asset valuation should be chosen by the enterprises are analyzed. Main aim of asset valuation at historical cost is to evaluate the asset by including any main expenses related to purchase and manufacturing of such asset. Fair value may ...

Mergers & Acquisitions in the Food Business: How did the 2002 and 2008/2009 Economic Crises Impact Corporate Valuation?

Directory of Open Access Journals (Sweden)

Francis Declerck

2016-07-01

The EV/EBITDA provides results with smaller spread than EV/ Sales and EV/net profit. The present research shows that valuations of dairy companies are quite close to the average valuations in the food business. But valuations of wines and spirits companies are a lot higher than other food business companies. Transaction market multiples at food subsector level provide more accurate tools to the stakeholders of M&A in order to avoid over-payment and financial distress.

Managing Selection for Electronic Resources: Kent State University Develops a New System to Automate Selection

Science.gov (United States)

Downey, Kay

2012-01-01

Kent State University has developed a centralized system that manages the communication and work related to the review and selection of commercially available electronic resources. It is an automated system that tracks the review process, provides selectors with price and trial information, and compiles reviewers' feedback about the resource. It…

Real options and asset valuation in competitive energy markets

Science.gov (United States)

Oduntan, Adekunle Richard

The focus of this work is to develop a robust valuation framework for physical power assets operating in competitive markets such as peaking or mid-merit thermal power plants and baseload power plants. The goal is to develop a modeling framework that can be adapted to different energy assets with different types of operating flexibilities and technical constraints and which can be employed for various purposes such as capital budgeting, business planning, risk management and strategic bidding planning among others. The valuation framework must also be able to capture the reality of power market rules and opportunities, as well as technical constraints of different assets. The modeling framework developed conceptualizes operating flexibilities of power assets as "switching options' whereby the asset operator decides at every decision point whether to switch from one operating mode to another mutually exclusive mode, within the limits of the equipment constraints of the asset. As a current decision to switch operating modes may affect future operating flexibilities of the asset and hence cash flows, a dynamic optimization framework is employed. The developed framework accounts for the uncertain nature of key value drivers by representing them with appropriate stochastic processes. Specifically, the framework developed conceptualizes the operation of a power asset as a multi-stage decision making problem where the operator has to make a decision at every stage to alter operating mode given currently available information about key value drivers. The problem is then solved dynamically by decomposing it into a series of two-stage sub-problems according to Bellman's optimality principle. The solution algorithm employed is the Least Squares Monte Carlo (LSM) method. The developed valuation framework was adapted for a gas-fired thermal power plant, a peaking hydroelectric power plant and a baseload power plant. This work built on previously published real options valuation

Variable capacity utilization, ambient temperature shocks and generation asset valuation

Energy Technology Data Exchange (ETDEWEB)

Tseng, Chung-Li; Dmitriev, Alexandre [Australian School of Business, University of New South Wales, Sydney NSW 2052 (Australia); Zhu, Wei [Optim Energy, 225 E. John Carpenter Freeway, Irving, TX 75062 (United States)

2009-11-15

This paper discusses generation asset valuation in a framework where capital utilization decisions are endogenous. We use real options approach for valuation of natural gas fueled turbines. Capital utilization choices that we explore include turning on/off the unit, operating the unit at increased firing temperatures (overfiring), and conducting preventive maintenance. Overfiring provides capacity enhancement which comes at the expense of reduced maintenance interval and increased costs of part replacement. We consider the costs and benefits of overfiring in attempt to maximize the asset value by optimally exercising the overfire option. In addition to stochastic processes governing prices, we incorporate an exogenous productivity shock: ambient temperature. We consider how variation in ambient temperature affects the asset value through its effect on gas turbine's productivity. (author)

[Crisis in the valuation, emotional labor and occupational burnout among teachers of religion].

Science.gov (United States)

Lachowska, Bogusława; Starczewski, Karol

2015-01-01

This article presents an analysis of the relationship between the crisis of values and in the valuation, the strategy of emotional labor, and occupational burnout in the group of lay teachers of religion. In addition, the role of emotional labor as a mediator of the relationship between the crisis of values and burnout was analyzed. Three strategies of emotional labor were considered in the study: surface acting, deep acting, and expression of naturally felt emotions. The study was conducted in a group of 169 lay teachers of religion (males - 24%, females - 76%), using the Questionnaire for Investigating Crisis in Valuation developed by Oleś, the Maslach Burnout Inventory, and the Emotional Labour Scale developed by Diefendorff, Croyle and Gosserand. The crisis of values and in the valuation is an important factor responsible for occupational burnout in the group of lay teachers of religion. Surface acting and expression of naturally felt emotions mediate the relationship between crisis in the valuation and emotional exhaustion, depersonalization and lack of personal accomplishment. Surface acting increases, while the expression of naturally felt emotions decreases occupational burnout. Deep acting is not related with occupational burnout. It is justified to seek factors favoring the expression of naturally felt emotions, and also those reducing surface acting. This work is available in Open Access model and licensed under a CC BY-NC 3.0 PL license.

In search of the "lost capital". A theory for valuation, investment decisions, performance measurement

OpenAIRE

Magni, Carlo Alberto

2007-01-01

This paper presents a theoretical framework for valuation, investment decisions, and performance measurement based on a nonstandard theory of residual income. It is derived from the notion of "unrecovered" capital, which is here named "lost" capital because it represents the capital foregone by the investors. Its theoretical strength and meaningfulness is shown by deriving it from four main perspectives: financial, microeconomic, axiomatic, accounting. Implications for asset valuation, cap...

Embalse nuclear power plant and heavy water valuation

International Nuclear Information System (INIS)

Martin, Daniel E.

2008-01-01

The author describes the nuclear power plant characteristics, the building work, the heavy water valuation criteria and the reasons why he considers that any capital good can be valued by the cash-flow method. The Embalse nuclear power plant replacement value is of U$S 1.593.538.000. (author) [es

End-of-life resource recovery from emerging electronic products

DEFF Research Database (Denmark)

Parajuly, Keshav; Habib, Komal; Cimpan, Ciprian

2016-01-01

Integrating product design with appropriate end-of-life (EoL) processing is widely recognized to have huge potentials in improving resource recovery from electronic products. In this study, we investigate both the product characteristics and EoL processing of robotic vacuum cleaner (RVC), as a case...... of emerging electronic product, in order to understand the recovery fate of different materials and its linkage to product design. Ten different brands of RVC were dismantled and their material composition and design profiles were studied. Another 125 RVCs (349 kg) were used for an experimental trial...... at a conventional ‘shred-and-separate’ type preprocessing plant in Denmark. A detailed material flow analysis was performed throughout the recycling chain. The results show a mismatch between product design and EoL processing, and the lack of practical implementation of ‘Design for EoL’ thinking. In the best...

Environmental Economics for Watershed Restoration: Valuation for Non-Economists

Science.gov (United States)

EPA economists completed research projects and summarized related valuation methods and case studies, mostly dealing with acid mine drainage. Their recent book (edited by Thurston, et al.) is intended to make stakeholders more comfortable talking about economic jargon and to info...

Monetary valuation of environmental goods, services and impacts: variability of monetary values. Seminar proceedings of December 10, 2014

International Nuclear Information System (INIS)

Bonnet, Xavier; Ben Maid, Atika; Calvet, Melanie; Darses, Ophelie; Devaux, Jeremy; Simon, Olivier; Gatier, Alexis; Wittmann, Anne-laure; Bonnet, Xavier; Bonroy, Olivier; Ceci-Renaud, Nila; Tarayoun, Tedjani; Mercadie, Corinne; Adam, Gabrielle; Perrissin Fabert, Baptiste; Combet, Emmanuel; Casset, Loic; Meunier, David; Le Maitre, Helene; Brunel, Julien; Rotillon, Gilles

2015-06-01

Within the General Commission for Sustainable Development, the Service for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 10, 2014, it held the fifth annual seminar on monetary valuation of environmental goods, services and impacts. The first four editions respectively were devoted to economic valuation methods of environmental goods and services, implementations of these methods, uses of monetary values and methodological innovations; the 2014 seminar addressed the variability of monetary values. The ten presentations of the seminar explored the different values resulting from monetary valuation methods: what do they mean? What do they measure? Why are they relevant to integrate environmental valuation in the various economic sectors? From both a theoretical and practical point of view, theses questions were addressed by considering three main topics: the integration of environmental value in market prices, the different meanings of carbon values and the temporal variability of values used in assessment of investment projects in the transport sector. Those conferences are aimed for experts and practitioners of monetary valuation techniques as well as for users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON

Directory of Open Access Journals (Sweden)

Renê Coppe Pimentel

2016-02-01

Full Text Available Based on the assumption that earnings persistence has implications for both financial analysis and compensation contracts, the aim of this paper is to investigate the role of earnings persistence assuming that (i more persistent earnings are likely to be a better input to valuation models and (ii more persistent earnings are likely to serve as a proxy for long-term market and managerial orientation. The analysis is based on Brazilian listed firms from 1995 to 2013, and while we document strong support for the relevance of earnings persistence in financial analysis and valuation, we fail to document a significant relationship between earnings persistence and long-term value orientation. These results are sensitive to different specifications, and additional results suggest that firms’ idiosyncratic risk (total risk is relevant to explain the focus on short-term outcomes (short-termism across firms. The main contribution of this paper is to offer empirical evidence for the relevance of accounting numbers in both valuation and contractual theories in an emergent market.

Consistent Valuation across Curves Using Pricing Kernels

Directory of Open Access Journals (Sweden)

Andrea Macrina

2018-03-01

Full Text Available The general problem of asset pricing when the discount rate differs from the rate at which an asset’s cash flows accrue is considered. A pricing kernel framework is used to model an economy that is segmented into distinct markets, each identified by a yield curve having its own market, credit and liquidity risk characteristics. The proposed framework precludes arbitrage within each market, while the definition of a curve-conversion factor process links all markets in a consistent arbitrage-free manner. A pricing formula is then derived, referred to as the across-curve pricing formula, which enables consistent valuation and hedging of financial instruments across curves (and markets. As a natural application, a consistent multi-curve framework is formulated for emerging and developed inter-bank swap markets, which highlights an important dual feature of the curve-conversion factor process. Given this multi-curve framework, existing multi-curve approaches based on HJM and rational pricing kernel models are recovered, reviewed and generalised and single-curve models extended. In another application, inflation-linked, currency-based and fixed-income hybrid securities are shown to be consistently valued using the across-curve valuation method.

Use of electronic sales data to tailor nutrition education resources for an ethnically diverse population.

Science.gov (United States)

Eyles, H; Rodgers, A; Ni Mhurchu, C

2010-02-01

Nutrition education may be most effective when personally tailored. Individualised electronic supermarket sales data offer opportunities to tailor nutrition education using shopper's usual food purchases. The present study aimed to use individualised electronic supermarket sales data to tailor nutrition resources for an ethnically diverse population in a large supermarket intervention trial in New Zealand. Culturally appropriate nutrition education resources (i.e. messages and shopping lists) were developed with the target population (through two sets of focus groups) and ethnic researchers. A nutrient database of supermarket products was developed using retrospective sales data and linked to participant sales to allow tailoring by usual food purchases. Modified Heart Foundation Tick criteria were used to identify 'healthier' products in the database suitable for promotion in the resources. Rules were developed to create a monthly report listing the tailored and culturally targeted messages to be sent to each participant, and to produce automated, tailored shopping lists. Culturally targeted nutrition messages (n = 864) and shopping lists (n = 3 formats) were developed. The food and nutrient database (n = 3000 top-selling products) was created using 12 months of retrospective sales data, and comprised 60%'healthier' products. Three months of baseline sales data were used to determine usual food purchases. Tailored resources were successfully mailed to 123 Māori, 52 Pacific and 346 non-Māori non-Pacific participants over the 6-month trial intervention period. Electronic supermarket sales data can be used to tailor nutrition education resources for a large number of ethnically diverse supermarket shoppers.

The improved business valuation model for RFID company based on the community mining method.

Science.gov (United States)

Li, Shugang; Yu, Zhaoxu

2017-01-01

Nowadays, the appetite for the investment and mergers and acquisitions (M&A) activity in RFID companies is growing rapidly. Although the huge number of papers have addressed the topic of business valuation models based on statistical methods or neural network methods, only a few are dedicated to constructing a general framework for business valuation that improves the performance with network graph (NG) and the corresponding community mining (CM) method. In this study, an NG based business valuation model is proposed, where real options approach (ROA) integrating CM method is designed to predict the company's net profit as well as estimate the company value. Three improvements are made in the proposed valuation model: Firstly, our model figures out the credibility of the node belonging to each community and clusters the network according to the evolutionary Bayesian method. Secondly, the improved bacterial foraging optimization algorithm (IBFOA) is adopted to calculate the optimized Bayesian posterior probability function. Finally, in IBFOA, bi-objective method is used to assess the accuracy of prediction, and these two objectives are combined into one objective function using a new Pareto boundary method. The proposed method returns lower forecasting error than 10 well-known forecasting models on 3 different time interval valuing tasks for the real-life simulation of RFID companies.

An Initial Design of ISO 19152:2012 LADM Based Valuation and Taxation Data Model

Science.gov (United States)

Çağdaş, V.; Kara, A.; van Oosterom, P.; Lemmen, C.; Işıkdağ, Ü.; Kathmann, R.; Stubkjær, E.

2016-10-01

A fiscal registry or database is supposed to record geometric, legal, physical, economic, and environmental characteristics in relation to property units, which are subject to immovable property valuation and taxation. Apart from procedural standards, there is no internationally accepted data standard that defines the semantics of fiscal databases. The ISO 19152:2012 Land Administration Domain Model (LADM), as an international land administration standard focuses on legal requirements, but considers out of scope specifications of external information systems including valuation and taxation databases. However, it provides a formalism which allows for an extension that responds to the fiscal requirements. This paper introduces an initial version of a LADM - Fiscal Extension Module for the specification of databases used in immovable property valuation and taxation. The extension module is designed to facilitate all stages of immovable property taxation, namely the identification of properties and taxpayers, assessment of properties through single or mass appraisal procedures, automatic generation of sales statistics, and the management of tax collection, dealing with arrears and appeals. It is expected that the initial version will be refined through further activities held by a possible joint working group under FIG Commission 7 (Cadastre and Land Management) and FIG Commission 9 (Valuation and the Management of Real Estate) in collaboration with other relevant international bodies.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

Directory of Open Access Journals (Sweden)

Raül Vidal

2018-02-01

Full Text Available The European agrifood industry is mostly characterized by small and medium enterprises (SMEs; as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

Energy Technology Data Exchange (ETDEWEB)

Vidal, R.; Ribal, J.

2017-07-01

The European agrifood industry is mostly characterized by small and medium enterprises (SMEs); as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF) models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM) tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Valuation of agrifood SMEs. Lessons to be learnt from the stock market

International Nuclear Information System (INIS)

Vidal, R.; Ribal, J.

2017-01-01

The European agrifood industry is mostly characterized by small and medium enterprises (SMEs); as in 2013, SMEs represented 99.13% of the total number of companies. The valuation of SMEs not listed in any stock market is a complex task since there is not enough information on comparable transactions. When applying discounted cash flow (DCF) models to value private agrifood companies, the capital structure and the cost of equity are two key parameters to be determined. The implications of these parameters in the value of the enterprise are not clear inasmuch as it is not possible to carry out a contrast due, precisely, to the lack of comparables. The main goal of this study is to determine the biases that those two parameters can introduce into the valuation process of an agrifood company. We have used the stock market as a framework wherein to apply a simple fundamental model to the companies of the European food industry in order to obtain three valuation multiples. By means of two bootstrap approaches, the bias induced in the multiples has been assessed for every year from 2002-2013. Results show that the use of the return on equity as cost of equity tends to undervaluation; the use of capital asset pricing model (CAPM) tends to a slight overvaluation, whereas using the total beta induces an undervaluation bias. Moreover, the capital structure shows little influence on the valuation multiples. The conclusions drawn from this paper can be useful for managers and shareholders of privately-held agrifood companies.

Availability, Level of Use and Constraints to Use of Electronic Resources by Law Lecturers in Public Universities in Nigeria

Science.gov (United States)

Amusa, Oyintola Isiaka; Atinmo, Morayo

2016-01-01

(Purpose) This study surveyed the level of availability, use and constraints to use of electronic resources among law lecturers in Nigeria. (Methodology) Five hundred and fifty-two law lecturers were surveyed and four hundred and forty-two responded. (Results) Data analysis revealed that the level of availability of electronic resources for the…

26 CFR 1.642(c)-6T - Valuation of a remainder interest in property transferred to a pooled income fund (temporary).

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Valuation of a remainder interest in property..., Trusts, and Beneficiaries § 1.642(c)-6T Valuation of a remainder interest in property transferred to a...) through (c). (d) Valuation. The present value of the remainder interest in property transferred to a...

Investigating the use of Automated Valuation Models (AVMs) in the ...

African Journals Online (AJOL)

construction of AVMs, and a better terminology includes data- analysis methods ... property valuations, as in many other industries, has transformed business operations. ... starts by providing an AVM and comparable transactions. The valuer ...

26 CFR 25.2512-3 - Valuation of interest in businesses.

Science.gov (United States)

2010-04-01

... AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-3 Valuation of... with the return, including copies of reports of examinations of the business made by accountants...

The valuation of health care intangible assets.

Science.gov (United States)

Reilly, R F; Rabe, J R

1997-01-01

Health care entities (and especially medical practices) are valued for a number of reasons: sale transaction pricing and structuring, merger formation and dissolution, taxation and regulatory compliance, and litigation support and dispute resolution. The identification and quantification of the entity's intangible assets are often the most important aspects of the valuation. This article illustrates the generally accepted methods for valuing health care-related intangible assets.

Stuck in Time: Negative Income Shock Constricts the Temporal Window of Valuation Spanning the Future and the Past.

Directory of Open Access Journals (Sweden)

Warren K Bickel

Full Text Available Insufficient resources are associated with negative consequences including decreased valuation of future reinforcers. To determine if these effects result from scarcity, we examined the consequences of acute, abrupt changes in resource availability on delay discounting-the subjective devaluation of rewards as delay to receipt increases. In the current study, 599 individuals recruited from Amazon Mechanical Turk read a narrative of a sudden change (positive, neutral, or negative to one's hypothetical future income and completed a delay discounting task examining future and past monetary gains and losses. The effects of the explicit zero procedure, a framing manipulation, was also examined. Negative income shock significantly increased discounting rates for gains and loses occurring both in the future and the past. Positive income windfalls significantly decreased discounting to a lesser extent. The framing procedure significantly reduced discounting under all conditions. Negative income shocks may result in short-term choices.

Coupled hydrological, ecological, decision and economic models for monetary valuation of riparian ecosystem services

Science.gov (United States)

Goodrich, D. C.; Brookshire, D.; Broadbent, C.; Dixon, M. D.; Brand, L. A.; Thacher, J.; Benedict, K. K.; Lansey, K. E.; Stromberg, J. C.; Stewart, S.; McIntosh, M.

2011-12-01

Water is a critical component for sustaining both natural and human systems. Yet the value of water for sustaining ecosystem services is not well quantified in monetary terms. Ideally decisions involving water resource management would include an apples-to-apples comparison of the costs and benefits in dollars of both market and non-market goods and services - human and ecosystem. To quantify the value of non-market ecosystem services, scientifically defensible relationships must be developed that link the effect of a decision (e.g. human growth) to the change in ecosystem attributes from current conditions. It is this linkage that requires the "poly-disciplinary" coupling of knowledge and models from the behavioral, physical, and ecological sciences. In our experience another key component of making this successful linkage is development of a strong poly-disciplinary scientific team that can readily communicate complex disciplinary knowledge to non-specialists outside their own discipline. The time to build such a team that communicates well and has a strong sense of trust should not be underestimated. The research described in the presentation incorporated hydrologic, vegetation, avian, economic, and decision models into an integrated framework to determine the value of changes in ecological systems that result from changes in human water use. We developed a hydro-bio-economic framework for the San Pedro River Region in Arizona that considers groundwater, stream flow, and riparian vegetation, as well as abundance, diversity, and distribution of birds. In addition, we developed a similar framework for the Middle Rio Grande of New Mexico. There are six research components for this project: (1) decision support and scenario specification, (2) regional groundwater model, (3) the riparian vegetation model, (4) the avian model, (5) methods for displaying the information gradients in the valuation survey instruments (Choice Modeling and Contingent Valuation), and (6

A comparative analysis of ecosystem services valuation approaches for application at the local scale and in data scarce regions

OpenAIRE

Pandeya, B.; Buytaert, W.; Zulkafli, Z.; Karpouzoglou, T.; Mao, F.; Hannah, D.M.

2016-01-01

Despite significant advances in the development of the ecosystem services concept across the science and policy arenas, the valuation of ecosystem services to guide sustainable development remains challenging, especially at a local scale and in data scarce regions. In this paper, we review and compare major past and current valuation approaches and discuss their key strengths and weaknesses for guiding policy decisions. To deal with the complexity of methods used in different valuation approa...

ARC-VM: An architecture real options complexity-based valuation methodology for military systems-of-systems acquisitions

Science.gov (United States)

Domercant, Jean Charles

The combination of today's national security environment and mandated acquisition policies makes it necessary for military systems to interoperate with each other to greater degrees. This growing interdependency results in complex Systems-of-Systems (SoS) that only continue to grow in complexity to meet evolving capability needs. Thus, timely and affordable acquisition becomes more difficult, especially in the face of mounting budgetary pressures. To counter this, architecting principles must be applied to SoS design. The research objective is to develop an Architecture Real Options Complexity-Based Valuation Methodology (ARC-VM) suitable for acquisition-level decision making, where there is a stated desire for more informed tradeoffs between cost, schedule, and performance during the early phases of design. First, a framework is introduced to measure architecture complexity as it directly relates to military SoS. Development of the framework draws upon a diverse set of disciplines, including Complexity Science, software architecting, measurement theory, and utility theory. Next, a Real Options based valuation strategy is developed using techniques established for financial stock options that have recently been adapted for use in business and engineering decisions. The derived complexity measure provides architects with an objective measure of complexity that focuses on relevant complex system attributes. These attributes are related to the organization and distribution of SoS functionality and the sharing and processing of resources. The use of Real Options provides the necessary conceptual and visual framework to quantifiably and traceably combine measured architecture complexity, time-valued performance levels, as well as programmatic risks and uncertainties. An example suppression of enemy air defenses (SEAD) capability demonstrates the development and usefulness of the resulting architecture complexity & Real Options based valuation methodology. Different

A systematic review of portable electronic technology for health education in resource-limited settings.

Science.gov (United States)

McHenry, Megan S; Fischer, Lydia J; Chun, Yeona; Vreeman, Rachel C

2017-08-01

The objective of this study is to conduct a systematic review of the literature of how portable electronic technologies with offline functionality are perceived and used to provide health education in resource-limited settings. Three reviewers evaluated articles and performed a bibliography search to identify studies describing health education delivered by portable electronic device with offline functionality in low- or middle-income countries. Data extracted included: study population; study design and type of analysis; type of technology used; method of use; setting of technology use; impact on caregivers, patients, or overall health outcomes; and reported limitations. Searches yielded 5514 unique titles. Out of 75 critically reviewed full-text articles, 10 met inclusion criteria. Study locations included Botswana, Peru, Kenya, Thailand, Nigeria, India, Ghana, and Tanzania. Topics addressed included: development of healthcare worker training modules, clinical decision support tools, patient education tools, perceptions and usability of portable electronic technology, and comparisons of technologies and/or mobile applications. Studies primarily looked at the assessment of developed educational modules on trainee health knowledge, perceptions and usability of technology, and comparisons of technologies. Overall, studies reported positive results for portable electronic device-based health education, frequently reporting increased provider/patient knowledge, improved patient outcomes in both quality of care and management, increased provider comfort level with technology, and an environment characterized by increased levels of technology-based, informal learning situations. Negative assessments included high investment costs, lack of technical support, and fear of device theft. While the research is limited, portable electronic educational resources present promising avenues to increase access to effective health education in resource-limited settings, contingent

Problems of valuation and organization in energy markets

International Nuclear Information System (INIS)

Porchet, A.

2008-01-01

In the past thirty years, the electricity industry has experienced significant structural changes in its organization all over the world. Traditionally centralized and organized in monopolies, at least locally, and often publicly owned, the activities of electricity production and retail have moved towards a market-based organization. Nowadays, a significant number of countries host electricity wholesale markets where producers and retailers exchange electricity to satisfy the demand of end consumers. These markets are not strictly national and the volume of cross-border exchanges is increasing. The question of the organization of these markets is crucial with regards to the direct consequences in cases of failure (we refer for example to the California crisis or the Enron scandal in 2001). The whole set of energy markets has been transformed in a broader context of demand growth, threat of exhaustion of fossil energies, environmental awareness and political tensions for the access to natural resources. Beside an oil market under pressure, the gas and coal markets have seen their volumes increasing. The ratification of the Kyoto protocol and the enforcement of a greenhouse gases reduction policy have lead to the creation of markets for emissions permits and stimulated the use of renewable and nuclear energies and biofuels. The increasing exposure of the world economy to energy prices incited the financial markets to develop new commodity risk management products (energy, agriculturals, metals). These are price risk and also volume risk management products, in order to hedge the risk of fluctuating demand. These are also derivatives or insurance products against weather risk. This PhD dissertation keeps within this context. It is composed of four chapters that are independent of each other. The first chapter concerns the valuation of physical assets such as thermal power plants. This Real Option valuation method is based on a utility indifference analysis and

A Short Integrated Presentation of Valuation, Profitability and Growth Analysis

DEFF Research Database (Denmark)

Pettersson, Kim; Sørensen, Ole

2016-01-01

We demonstrate how the valuation models used in finance theory and the profitability and growth analysis taught in financial statement analysis are related. Traditional textbooks on finance and financial statement analysis are often very comprehensive, comprising a vast number of chapters. However......, the learning cost associated to this seems to be that many students are unable to understand either the interrelations between the chapters in a financial statement analysis textbook, or the origins of financial information (i.e., financial statements) in applied finance. Thus, the underlying motivation...... of this teaching note is to highlight the purpose of profitability and growth analysis in financial statement analysis by incorporating the point of value relevance in applied finance. We hope this reduced presentation of valuation and profitability and growth analysis will help students to understand...

Spatial scales, stakeholders and the valuation of ecosystem services

NARCIS (Netherlands)

Hein, L.G.; Koppen, van C.S.A.; Groot, de R.S.; Ierland, van E.C.

2006-01-01

Since the late 1960s, the valuation of ecosystem services has received ample attention in scientific literature. However, to date, there has been relatively little elaboration of the various spatial and temporal scales at which ecosystem services are supplied. This paper analyzes the spatial scales

Conferences on electronic waste in Costa Rica

International Nuclear Information System (INIS)

Roa Gutierrez, Floria

2006-01-01

The management system of electronic waste is a project organized and financed by the bilateral agreement Costa Rica - Holanda, it is integrated by governmental and non-governmental enterprises. It was divided in two phases, first performed in 2003 which provided a diagnosis on the management of electronic resources, based on the diagnosis a propose of strategy for recycling was made. The second phase is given in 2005 with the implementation and realization of the project including two pilots plans located one at the Instituto Tecnologico de Costa Rica and another in the community of Escazu, at the end some recommendations were given to strengthen the system. The electronic waste were divided in white line, gray and brown line; those with pollutants such as phosphorus, chromium, cadmium, barium, lead, beryllium, mercury are toxic and have different effects on human health. The project in Costa Rica has taken as examples several recycling plants in different countries, among them one installed in Belgica. As an outstanding figure of the diagnosis made it was determined that Costa Rica has no legal support regarding the handling of such materials. It has been accumulated in 2007 more than 24 260 tonnes and is growing rapidly year after year. Within the achieved progress in the implementation of the project are: the creation of a legal support, the organization of the compliance unit of the project, the valuation of environmental costs and the increase of enterprises offering the service of primary treatment [es

SAGES: a suite of freely-available software tools for electronic disease surveillance in resource-limited settings.

Directory of Open Access Journals (Sweden)

Sheri L Lewis

Full Text Available Public health surveillance is undergoing a revolution driven by advances in the field of information technology. Many countries have experienced vast improvements in the collection, ingestion, analysis, visualization, and dissemination of public health data. Resource-limited countries have lagged behind due to challenges in information technology infrastructure, public health resources, and the costs of proprietary software. The Suite for Automated Global Electronic bioSurveillance (SAGES is a collection of modular, flexible, freely-available software tools for electronic disease surveillance in resource-limited settings. One or more SAGES tools may be used in concert with existing surveillance applications or the SAGES tools may be used en masse for an end-to-end biosurveillance capability. This flexibility allows for the development of an inexpensive, customized, and sustainable disease surveillance system. The ability to rapidly assess anomalous disease activity may lead to more efficient use of limited resources and better compliance with World Health Organization International Health Regulations.

Use and Cost of Electronic Resources in Central Library of Ferdowsi University Based on E-metrics

Directory of Open Access Journals (Sweden)

Mohammad Reza Davarpanah

2012-07-01

Full Text Available The purpose of this study was to investigate the usage of electronic journals in Ferdowsi University, Iran based on e-metrics. The paper also aimed to emphasize the analysis of cost-benefit and the correlation between the journal impact factors and the usage data. In this study experiences of Ferdowsi University library on licensing and usage of electronic resources was evaluated by providing a cost-benefit analysis based on the cost and usage statistics of electronic resources. Vendor-provided data were also compared with local usage data. The usage data were collected by tracking web-based access locally, and by collecting vender-provided usage data. The data sources were one-year of vendor-supplied e-resource usage data such as Ebsco, Elsevier, Proquest, Emerald, Oxford and Springer and local usage data collected from the Ferdowsi university web server. The study found that actual usage values differ for vendor-provided data and local usage data. Elsevier has got the highest usage degree in searches, sessions and downloads. Statistics also showed that a small number of journals satisfy significant amount of use while the majority of journals were used less frequent and some were never used at all. The users preferred the PDF rather than HTML format. The data in subject profile suggested that the provided e-resources were best suited to certain subjects. There was no correlation between IF and electronic journal use. Monitoring the usage of e-resources gained increasing importance for acquisition policy and budget decisions. The article provided information about local metrics for the six surveyed vendors/publishers, e.g. usage trends, requests per package, cost per use as related to the scientific specialty of the university.

The Consortium for the Valuation of Applications Benefits Linked with Earth Science (VALUABLES)

Science.gov (United States)

Kuwayama, Y.; Mabee, B.; Wulf Tregar, S.

2017-12-01

National and international organizations are placing greater emphasis on the societal and economic benefits that can be derived from applications of Earth observations, yet improvements are needed to connect to the decision processes that produce actions with direct societal benefits. There is a need to substantiate the benefits of Earth science applications in socially and economically meaningful terms in order to demonstrate return on investment and to prioritize investments across data products, modeling capabilities, and information systems. However, methods and techniques for quantifying the value proposition of Earth observations are currently not fully established. Furthermore, it has been challenging to communicate the value of these investments to audiences beyond the Earth science community. The Consortium for the Valuation of Applications Benefits Linked with Earth Science (VALUABLES), a cooperative agreement between Resources for the Future (RFF) and the National Aeronautics and Space Administration (NASA), has the goal of advancing methods for the valuation and communication of the applied benefits linked with Earth observations. The VALUABLES Consortium will focus on three pillars: (a) a research pillar that will apply existing and innovative methods to quantify the socioeconomic benefits of information from Earth observations; (b) a capacity building pillar to catalyze interdisciplinary linkages between Earth scientists and social scientists; and (c) a communications pillar that will convey the value of Earth observations to stakeholders in government, universities, the NGO community, and the interested public. In this presentation, we will describe ongoing and future activities of the VALUABLES Consortium, provide a brief overview of frameworks to quantify the socioeconomic value of Earth observations, and describe how Earth scientists and social scientist can get involved in the Consortium's activities.

Activité antérieure – Leadership en évaluation au Moyen-Orient et ...

International Development Research Centre (IDRC) Digital Library (Canada)

15 avr. 2016 ... Le réseau d'évaluation de la région MOAN (EvalMENA) a tenu son assemblée générale au Caire du 23 au 26 février 2015 soulignant ainsi le début de l'Année internationale de l'évaluation. Fondé en 2011 grâce à du financement du CRDI, EvalMENA favorise la pratique professionnelle de suivi et ...

A Hybrid Approach to the Valuation of RFID/MEMS technology applied to ordnance inventory

OpenAIRE

Doerr, Kenneth H.; Gates, William R.; Mutty, John E.

2006-01-01

We report on an analysis of the costs and benefits of fielding Radio Frequency Identification / MicroElectroMechanical System (RFID /MEMS) technology for the management of ordnance inventory. A factorial model of these benefits is proposed. Our valuation approach combines a multi-criteria tool for the valuation of qualitative factors with a monte-carlo simulation of anticipated financial factors. In a sample survey, qualitative factors are shown to account of over half of the anticipated bene...

Which Factors Influence the Willingness to Pay for Electronic Library Services? A Study of the Portuguese Electronic Scientific Information Consortium B-On1

Science.gov (United States)

Melo, Luiza Baptista; Pires, Cesaltina

2012-01-01

This paper investigates the factors that influence the value for the users of the Portuguese electronic scientific information consortium b-on (Biblioteca do Conhecimento Online). We used the contingent valuation method based on a willingness to pay scenario to estimate the value that each user is willing to pay. Data were collected through an…

31 CFR 223.9 - Valuation of assets and liabilities.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Valuation of assets and liabilities. 223.9 Section 223.9 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING BUSINESS...

Building and Managing Electronic Resources in Digital Era in India with Special Reference to IUCAA and NIV, Pune: A Comparative Case Study

Science.gov (United States)

Sahu, H. K.; Singh, S. N.

2015-04-01

This paper discusses and presents a comparative case study of two libraries in Pune, India, Inter-University Centre for Astronomy and Astrophysics and Information Centre and Library of National Institute of Virology (Indian Council of Medical Research). It compares how both libraries have managed their e-resource collections, including acquisitions, subscriptions, and consortia arrangements, while also developing a collection of their own resources, including pre-prints and publications, video lectures, and other materials in an institutional repository. This study illustrates how difficult it is to manage electronic resources in a developing country like India, even though electronic resources are used more than print resources. Electronic resource management can be daunting, but with a systematic approach, various problems can be solved, and use of the materials will be enhanced.

Cultural valuation and biodiversity conservation in the Upper Guinea forest, West Africa

Directory of Open Access Journals (Sweden)

James A. Fraser

2016-09-01

Full Text Available The cultural valuation of biodiversity has taken on renewed importance over the last two decades as the ecosystem services framework has become widely adopted. Conservation initiatives increasingly use ecosystem service frameworks to render tropical forest landscapes and their peoples legible to market-oriented initiatives such as REDD+ and biodiversity offsetting schemes. Ecosystem service approaches have been widely criticized by scholars in the social sciences and humanities for their narrow focus on a small number of easily quantifiable and marketable services and a reductionist and sometimes simplistic approach to culture. We address the need to combine methods from each of the "three cultures" of natural science, quantitative social science, and qualitative social science/humanities in conceptualizing the relationship between cultural valuation and biodiversity conservation. We combine qualitative data with forest inventories and a quantitative index of cultural value to evaluate the relationship between cultural valuation and biodiversity conservation in Upper Guinea forest in Liberia, West Africa. Our study focuses on "sacred agroforests," spaces that are associated with Mande macro-language speaking groups such as the Loma. We demonstrate that sacred agroforests are associated with different cultural values compared with secondary forests. Although biodiversity and biomass are similar, sacred agroforests exhibit a different species composition, especially of culturally salient species, increasing overall landscape agro-biodiversity. Sacred agroforests are also shaped and conserved by local cultural institutions revolving around ancestor worship, ritual, and the metaphysical conceptual category "salɛ." We conclude that to understand the relationship between cultural valuation and biodiversity conservation, interpretivist approaches such as phenomenology should be employed alongside positivist ecosystem service frameworks.

THE FARMLAND VALUATION REVISITED

Directory of Open Access Journals (Sweden)

Xin Li

2016-04-01

Full Text Available Empirical research is scarce concerning the dynamics of farmland markets which inspire the decision to sell farmlands. This paper explores the real option to postpone the sale of land in farmland valuation. In this article, a real options approach is used to analyze farmland prices behavior using historical cash flow and land price information for Illinois. In general, rising farmland values are primarily dependent on agricultural commodity prices and interest rates. Results suggest that uncertainty about future growth and capital gains is a significant component of farmland market value. Furthermore, this research examines several shift factors of the option value of the state’s farmland by taking into account of uncertainty to improve the analysis of farmland market values.

Dealing with Operating Leases in Valuation

OpenAIRE

Aswath Damodaran

1999-01-01

Most firm valuation models start with the after-tax operating income as a measure of the operating income on a firm and reduce it by the reinvestment rate to arrive at the free cash flow to the firm. Implicitly, we assume that the operating expenses do not include any financing expenses (such as interest expense on debt). While this assumption, for the most part, is true, there is a significant exception. When a firm leases an asset, the accounting treatment of the expense depends upon whethe...

GARCH Option Valuation: Theory and Evidence

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

We survey the theory and empirical evidence on GARCH option valuation models. Our treatment includes the range of functional forms available for the volatility dynamic, multifactor models, nonnormal shock distributions as well as style of pricing kernels typically used. Various strategies...... for empirical implementation are laid out and we also discuss the links between GARCH and stochastic volatility models. In the appendix we provide Matlab computer code for option pricing via Monte Carlo simulation for nonaffine models as well as Fourier inversion for affine models....

Reconsidering the use of rankings in the valuation of health states: a model for estimating cardinal values from ordinal data

Directory of Open Access Journals (Sweden)

Salomon Joshua A

2003-12-01

Full Text Available Abstract Background In survey studies on health-state valuations, ordinal ranking exercises often are used as precursors to other elicitation methods such as the time trade-off (TTO or standard gamble, but the ranking data have not been used in deriving cardinal valuations. This study reconsiders the role of ordinal ranks in valuing health and introduces a new approach to estimate interval-scaled valuations based on aggregate ranking data. Methods Analyses were undertaken on data from a previously published general population survey study in the United Kingdom that included rankings and TTO values for hypothetical states described using the EQ-5D classification system. The EQ-5D includes five domains (mobility, self-care, usual activities, pain/discomfort and anxiety/depression with three possible levels on each. Rank data were analysed using a random utility model, operationalized through conditional logit regression. In the statistical model, probabilities of observed rankings were related to the latent utilities of different health states, modeled as a linear function of EQ-5D domain scores, as in previously reported EQ-5D valuation functions. Predicted valuations based on the conditional logit model were compared to observed TTO values for the 42 states in the study and to predictions based on a model estimated directly from the TTO values. Models were evaluated using the intraclass correlation coefficient (ICC between predictions and mean observations, and the root mean squared error of predictions at the individual level. Results Agreement between predicted valuations from the rank model and observed TTO values was very high, with an ICC of 0.97, only marginally lower than for predictions based on the model estimated directly from TTO values (ICC = 0.99. Individual-level errors were also comparable in the two models, with root mean squared errors of 0.503 and 0.496 for the rank-based and TTO-based predictions, respectively. Conclusions

Ineffable Cultures or Material Devices: What Valuation Studies can Learn from the Disappearance of Ensured Solidarity in a Health Care Market

Directory of Open Access Journals (Sweden)

Teun Zuiderent-Jerak

2015-10-01

Full Text Available Valuation studies addresses how values are made in valuation practices. A next - or rather previous - question becomes: what then makes valuation practices? Two oppositional replies are starting to dominate how that question can be answered: a more materially oriented focus on devices of valuation and a more sociologically inclined focus on ineffable valuation cultures. The debate between proponents of both approaches may easily turn into the kind of leapfrog debates that have dominated many previous discussions on whether culture or materiality would play a decisive role in driving history. This paper explores a less repetitive reply. It does so by analyzing the puzzling case of the demise of solidarity as a core value within the recent Dutch health care system of regulated competition. While "solidarity among the insured" was both a strong cultural value within the Dutch welfare-based health system, and a value that was built into market devices by health economists, within a fairly short time "fairness" became of lesser importance than "competition". This makes us call for a more historical, relational, and dynamic understanding of the role of economists, market devices, and of culture in valuation studies.

Fuzzy net present valuation based on risk assessment of Malaysian infrastructure

Science.gov (United States)

Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

2017-04-01

In recent years, built-operate-transfer (BOT) projects have profoundly been accepted under project financing for infrastructure developments in many countries. It requires high financing and involves complex mutual risk. The assessment of the risks is vital to avert huge financial loss. Net present value is widely applied to BOT project where the uncertainties in cash flows are deemed to be deterministic values. This study proposed a fuzzy net present value model taking consideration the assessment of risks from the BOT project. The proposed model is adopted to provide more flexible net present valuation of the project. It is shown and proven that the improved fuzzy cash flow model will provide a valuation that is closed to the real value of the project.

17 CFR 210.12-09 - Valuation and qualifying accounts.

Science.gov (United States)

2010-04-01

... period Column C—Additions (1)—Charged to costs and expenses (2)—Charged to other accounts—describe Column... qualifying accounts and reserves by descriptive title. Group (a) those valuation and qualifying accounts... accounts. 210.12-09 Section 210.12-09 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION...

Valuation of the training received in university regarding the utility for work by Catalan graduates

Directory of Open Access Journals (Sweden)

S. Fachelli

2015-09-01

Full Text Available This article examines the factors that influence graduate valuations of the education/training they received at university in terms of its utility or applicability in the workplace. Drawing on the 2014 survey conducted by the Agency for the Quality of the Catalan University System, among students that graduated in 2010, we test three hypotheses. The first states that graduate valuation of the training received at university in terms of its utility for the workplace is higher among those who are currently employed in high quality jobs; the second that this valuation is higher among graduates employed in higher occupational categories; and, the third, that higher valuations are given by individuals with better academic records. The methodology used to test the three hypotheses is based on both descriptive and econometric techniques that allow us to control for specific individual characteristics and specific characteristics of the degree subjects studied. Preliminary empirical results allow us to verify two of the three hypotheses. The main contribution of this paper is to provide some initial insights into a relationship not frequently examined in the literature and to offer some empirical evidence that counters the typical “matching” standpoint taken on the relationship between education/training and level of employment.

Usage of Major Heuristics in Property Investment Valuation in Nigeria

African Journals Online (AJOL)

Toshiba

Key words: Investment Valuation, Major Heuristics, Nigeria,. Property. ... given, estimated, or implied and then proceeds to use this information as the basis of ..... study areas take into account the effect of costly floor and wall finishes in their ...

Survey Response-Related Biases in Contingent Valuation: Concepts, Remedies, and Empirical Application to Valuing Aquatic Plant Management

Science.gov (United States)

Mark L. Messonnier; John C. Bergstrom; Chrisopher M. Cornwell; R. Jeff Teasley; H. Ken Cordell

2000-01-01

Simple nonresponse and selection biases that may occur in survey research such as contingent valuation applications are discussed and tested. Correction mechanisms for these types of biases are demonstrated. Results indicate the importance of testing and correcting for unit and item nonresponse bias in contingent valuation survey data. When sample nonresponse and...

Utilitarian and nonutilitarian valuation of natural resources : a game‐theoretical approach

NARCIS (Netherlands)

Swart, Jac. A. A.; Zevenberg, Jorien

Ecological services such as food, fresh water, fuel, minerals, and flood control—to name only a few—are essential conditions for human well‐being. Many of the areas that provide such services—wetlands, coastal areas, and deserts—are common pool resources, which are characterized by nonexcludability

Credit Default Swap Valuation with Counterparty Risk

OpenAIRE

Leung, Seng Yuen; Kwok, Yue Kuen

2005-01-01

Using the reduced form framework with inter-dependent default correlation, we perform valuation of credit default swap with counterparty risk. The inter-dependent default risk structure between the protection buyer, protection seller and the reference entity in a credit default swap are characterized by their correlated default intensities, where the default intensity of one party increases when the default of another party occurs. We explore how settlement risk and replacement cost affect th...

Accounting comparability and the accuracy of peer-based valuation models

NARCIS (Netherlands)

Young, S.; Zeng, Y.

2015-01-01

We examine the link between enhanced accounting comparability and the valuation performance of pricing multiples. Using the warranted multiple method proposed by Bhojraj and Lee (2002, Journal of Accounting Research), we demonstrate how enhanced accounting comparability leads to better peer-based

26 CFR 20.6324B-1 - Special lien for additional estate tax attributable to farm, etc., valuation.

Science.gov (United States)

2010-04-01

... attributable to farm, etc., valuation. 20.6324B-1 Section 20.6324B-1 Internal Revenue INTERNAL REVENUE SERVICE... attributable to farm, etc., valuation. (a) General rule. In the case of an estate of a decedent dying after December 31, 1976, which includes any interest in qualified real property, if the executor elects to value...

Integrating Sustainability into the Real Estate Valuation Process: A ...

African Journals Online (AJOL)

This paper sought the perception of Nigerian real estate valuers on sustainable development and how sustainability can be integrated into the real estate valuation process in Nigeria. One hundred and sixty Estate Surveyors and Valuers were asked, among others, to rate the significance of a range of sustainability features ...

A state-space model for residential real estate valuation

NARCIS (Netherlands)

Francke, M.

2010-01-01

All property in the Netherlands has to be appraised yearly. Yearly valuation has only been made possible with the help of models. The number of real estate appraisers is simply too small to value the more than 7 million residential properties. This paper describes the statistical model that is used

Role of the Land Valuation Division in Property Rating by District Assemblies in Ghana's Upper East Region

Directory of Open Access Journals (Sweden)

Maxwell Kwotua Petio

2013-05-01

Full Text Available District Assemblies in Ghana are charged with the responsibility of developing their areas of jurisdiction mainly through internally mobilised revenue. As a consequence, the assemblies are empowered by various pieces of legislation to impose local taxes within their jurisdiction. The local taxes include property rates which are a form of tax that only the District Assemblies may levy. The study therefore looked at the levying of property rates in the Upper East Region and assessed the role and institutional capacity of the Land Valuation Division of the Lands Commission in the tax administration. Findings included limited coverage of the tax, use of flat rates due to absence of up-to-date property values, inadequate technical personnel and logistics for the Land Valuation Division (LVD and lack of political will to levy the rates fully. Relevant suggestions are made, such as the need to introduce mass valuation, widen the tax coverage, establish a fund for revaluation and revive the Valuation Training School, as well as provide requisite logistics for efficient performance of the LVD.

The Dark Side of Valuation: Firms with No Earnings, No History and No Comparables

OpenAIRE

Aswath Damodaran

1999-01-01

In traditional valuation models, we begin by forecasting earnings and cash flows and discount these cash flows back at an appropriate discount rate to arrive at the value of a firm or asset. This task is simpler when valuing firms with positive earnings, a long history of performance and a large number of comparable firms. In this paper, we look at valuation when one or more of these conditions does not hold. We begin by looking ways of dealing with firms with negative earnings, and note that...

Hydro-economic modeling of the role of forests on water resources production in Andalusia, Spain

Science.gov (United States)

Beguería, Santiago; Serrano-Notivoli, Roberto; Álvarez-Palomino, Alejandro; Campos, Pablo

2014-05-01

The development of more refined information tools is a pre-requisite for supporting decision making in the context of integrated water resources management. Among these tools, hydro-economic models are favoured because they allow integrating the ecological, hydrological, infrastructure and economic aspects into a coherent, scientifically-informed framework. We present a case study that assesses physically the water resources of forest lands of the Andalusia region in Spain and conducts an economic environmental income and asset valuation of the forest surface water yield. We show how, based on available hydrologic and economic data, we can develop a comprehensive water account for all the forest lands at the regional scale. This forest water environmental valuation is part of the larger RECAMAN project, which aims at providing a robust and easily replicable accounting tool to evaluate yearly the total income an capital generated by the forest land, encompassing all measurable sources of private and public incomes (timber and cork production, auto-consumption, recreational activities, biodiversity conservation, carbon sequestration, water production, etc.). Only a comprehensive integrated tool such as the one built within the RECAMAN project may serve as a basis for the development of integrated policies such as those internationally agreed and recommended for the management of water resources.

Implicit Valuation of the Near-Miss is Dependent on Outcome Context.

Science.gov (United States)

Banks, Parker J; Tata, Matthew S; Bennett, Patrick J; Sekuler, Allison B; Gruber, Aaron J

2018-03-01

Gambling studies have described a "near-miss effect" wherein the experience of almost winning increases gambling persistence. The near-miss has been proposed to inflate the value of preceding actions through its perceptual similarity to wins. We demonstrate here, however, that it acts as a conditioned stimulus to positively or negatively influence valuation, dependent on reward expectation and cognitive engagement. When subjects are asked to choose between two simulated slot machines, near-misses increase valuation of machines with a low payout rate, whereas they decrease valuation of high payout machines. This contextual effect impairs decisions and persists regardless of manipulations to outcome feedback or financial incentive provided for good performance. It is consistent with proposals that near-misses cause frustration when wins are expected, and we propose that it increases choice stochasticity and overrides avoidance of low-valued options. Intriguingly, the near-miss effect disappears when subjects are required to explicitly value machines by placing bets, rather than choosing between them. We propose that this task increases cognitive engagement and recruits participation of brain regions involved in cognitive processing, causing inhibition of otherwise dominant systems of decision-making. Our results reveal that only implicit, rather than explicit strategies of decision-making are affected by near-misses, and that the brain can fluidly shift between these strategies according to task demands.

[Use of internet and electronic resources among Spanish intensivist physicians. First national survey].

Science.gov (United States)

Gómez-Tello, V; Latour-Pérez, J; Añón Elizalde, J M; Palencia-Herrejón, E; Díaz-Alersi, R; De Lucas-García, N

2006-01-01

Estimate knowledge and use habits of different electronic resources in a sample of Spanish intensivists: Internet, E-mail, distribution lists, and use of portable electronic devices. Self-applied questionnaire. A 50-question questionnaire was distributed among Spanish intensivists through the hospital marketing delegates of a pharmaceutical company and of electronic forums. A total of 682 questionnaires were analyzed (participation: 74%). Ninety six percent of those surveyed used Internet individually: 67% admitted training gap. Internet was the second source of clinical consultations most used (61%), slightly behind consultation to colleagues (65%). The pages consulted most were bibliographic databases (65%) and electronic professional journals (63%), with limited use of Evidence Based Medicine pages (19%). Ninety percent of those surveyed used e-mail regularly in the practice of their profession, although 25% admitted that were not aware of its possibilities. The use of E-mail decreased significantly with increase in age. A total of 62% of the intensivists used distribution lists. Of the rest, 42% were not aware of its existence and 32% admitted they had insufficient training to handle them. Twenty percent of those surveyed had portable electronic devices and 64% considered it useful, basically due to its rapid consultation at bedside. Female gender was a negative predictive factor of its use (OR 0.35; 95% CI 0.2-0.63; p=0.0002). A large majority of the Spanish intensivists use Internet and E-mail. E-mail lists and use of portable devices are still underused resources. There are important gaps in training and infrequent use of essential pages. There are specific groups that require directed educational policies.

Model of e-learning with electronic educational resources of new generation

OpenAIRE

A. V. Loban; D. A. Lovtsov

2017-01-01

Purpose of the article: improving of scientific and methodical base of the theory of the е-learning of variability. Methods used: conceptual and logical modeling of the е-learning of variability process with electronic educational resource of new generation and system analysis of the interconnection of the studied subject area, methods, didactics approaches and information and communication technologies means. Results: the formalization complex model of the е-learning of variability with elec...

Is embedding entailed in consumer valuation of food safety characteristics?

DEFF Research Database (Denmark)

Mørkbak, Morten Raun; Christensen, Tove; Gyrd-Hansen, Dorte

2011-01-01

Consumers' preferences for food safety characteristics are investigated with a particular focus on the existence of an embedding effect. Embedding exists if consumer valuation of food safety is insensitive to scope. We conduct between-attribute external tests for embedding in two choice experiments...

Semantically rich 3D building and cadastral models for valuation

NARCIS (Netherlands)

Isikdag, U.; Horhammer, M.; Zlatanova, S.; Kathmann, R.; Van Oosterom, P.J.M.

2014-01-01

Valuation of real estate/ properties is in many countries/ cities the basis for fair taxation. The value depends on many aspects, including the physical real world aspects (geometries, material of object as build) and legal/virtual aspects (rights, restrictions, responsibilities, zoning/development

The effects of lead time and visual aids in TTO valuation: a study of the EQ-VT framework

NARCIS (Netherlands)

N. Luo (Nan); M. Li (Minghui); E.A. Stolk (Elly); N. Devlin (Nancy)

2013-01-01

markdownabstract__Abstract__ __Background__ The effect of lead time in time trade-off (TTO) valuation is not well understood. The purpose of this study was to investigate the effects on health-state valuation of the length of lead time and the way the lead-time TTO task is displayed visually.

Impact of Knowledge Resources Linked to an Electronic Health Record on Frequency of Unnecessary Tests and Treatments

Science.gov (United States)

Goodman, Kenneth; Grad, Roland; Pluye, Pierre; Nowacki, Amy; Hickner, John

2012-01-01

Introduction: Electronic knowledge resources have the potential to rapidly provide answers to clinicians' questions. We sought to determine clinicians' reasons for searching these resources, the rate of finding relevant information, and the perceived clinical impact of the information they retrieved. Methods: We asked general internists, family…

Electronic Document Management: A Human Resource Management Case Study

Directory of Open Access Journals (Sweden)

Thomas Groenewald

2004-11-01

Full Text Available This case study serve as exemplar regarding what can go wrong with the implementation of an electronic document management system. Knowledge agility and knowledge as capital, is outlined against the backdrop of the information society and knowledge economy. The importance of electronic document management and control is sketched thereafter. The literature review is concluded with the impact of human resource management on knowledge agility, which includes references to the learning organisation and complexity theory. The intervention methodology, comprising three phases, follows next. The results of the three phases are presented thereafter. Partial success has been achieved with improving the human efficacy of electronic document management, however the client opted to discontinue the system in use. Opsomming Die gevalle studie dien as voorbeeld van wat kan verkeerd loop met die implementering van ’n elektroniese dokumentbestuur sisteem. Teen die agtergrond van die inligtingsgemeenskap en kennishuishouding word kennissoepelheid en kennis as kapitaal bespreek. Die literatuurstudie word afgesluit met die inpak van menslikehulpbronbestuur op kennissoepelheid, wat ook die verwysings na die leerorganisasie en kompleksietydsteorie insluit. Die metodologie van die intervensie, wat uit drie fases bestaan, volg daarna. Die resultate van die drie fases word vervolgens aangebied. Slegs gedeelte welslae is behaal met die verbetering van die menslike doeltreffendheid ten opsigte van elektroniese dokumentbestuur. Die klient besluit egter om nie voort te gaan om die huidige sisteem te gebruik nie.

The King Reports, Independent Non-Executive Directors and Firm Valuation on the Johannesburg Stock Exchange

OpenAIRE

Ntim, Collins G.

2011-01-01

South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock Exchange (JSE) in SA from 2002 to 2007. Our results suggest a statistically significant and positive relationship between the presence of INEDs and firm valuation. By contrast, we find no statistically signif...

Intangible Capital, Corporate Valuation and Asset Pricing

OpenAIRE

Danthine, Jean-Pierre; Jin, Xiangrong

2006-01-01

Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main fi...

Does the Valuation of Nutritional Claims Differ among Consumers? Insights from Spain

Science.gov (United States)

Jurado, Francesc; Gracia, Azucena

2017-01-01

The presence in the market of food products with nutritional claims is increasing. The objective of this paper is to assess consumers’ valuation of some nutritional claims (‘high in fiber’ and ‘reduced saturated fat’) in a European country and to test for differences among consumers. An artefactual non-hypothetical experiment was carried out in a realistic setting (mock/real brick-and-mortar supermarket) with a sample of 121 Spanish consumers stratified by gender, age, and body mass index. A latent class model was specified and estimated with the data from the experiment. Results indicate that consumers positively valued both nutritional claims, but the valuation was heterogeneous, and three consumer segments were detected. Two of them positively valued both nutritional claims (named ‘nutritional claim seekers’), while the third segment’s valuation was negative (named ‘nutritional claim avoiders’). This last segment is characterized by being younger males with university studies who give the least importance to health, natural ingredients, and the calorie/sugar/fat content when shopping. They pay less attention to nutritional information, and they stated that they use this information to a lesser extent. These consumers showed the least interest in healthy eating, and they reported that they do not have health problems related to their diet. PMID:28208811

Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

Directory of Open Access Journals (Sweden)

Jonas Alm

2015-09-01

Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

Does the Valuation of Nutritional Claims Differ among Consumers? Insights from Spain

Directory of Open Access Journals (Sweden)

Francesc Jurado

2017-02-01

Full Text Available The presence in the market of food products with nutritional claims is increasing. The objective of this paper is to assess consumers’ valuation of some nutritional claims (‘high in fiber’ and ‘reduced saturated fat’ in a European country and to test for differences among consumers. An artefactual non-hypothetical experiment was carried out in a realistic setting (mock/real brick-and-mortar supermarket with a sample of 121 Spanish consumers stratified by gender, age, and body mass index. A latent class model was specified and estimated with the data from the experiment. Results indicate that consumers positively valued both nutritional claims, but the valuation was heterogeneous, and three consumer segments were detected. Two of them positively valued both nutritional claims (named ‘nutritional claim seekers’, while the third segment’s valuation was negative (named ‘nutritional claim avoiders’. This last segment is characterized by being younger males with university studies who give the least importance to health, natural ingredients, and the calorie/sugar/fat content when shopping. They pay less attention to nutritional information, and they stated that they use this information to a lesser extent. These consumers showed the least interest in healthy eating, and they reported that they do not have health problems related to their diet.

Frequencies of decision making and monitoring in adaptive resource management.

Directory of Open Access Journals (Sweden)

Byron K Williams

Full Text Available Adaptive management involves learning-oriented decision making in the presence of uncertainty about the responses of a resource system to management. It is implemented through an iterative sequence of decision making, monitoring and assessment of system responses, and incorporating what is learned into future decision making. Decision making at each point is informed by a value or objective function, for example total harvest anticipated over some time frame. The value function expresses the value associated with decisions, and it is influenced by system status as updated through monitoring. Often, decision making follows shortly after a monitoring event. However, it is certainly possible for the cadence of decision making to differ from that of monitoring. In this paper we consider different combinations of annual and biennial decision making, along with annual and biennial monitoring. With biennial decision making decisions are changed only every other year; with biennial monitoring field data are collected only every other year. Different cadences of decision making combine with annual and biennial monitoring to define 4 scenarios. Under each scenario we describe optimal valuations for active and passive adaptive decision making. We highlight patterns in valuation among scenarios, depending on the occurrence of monitoring and decision making events. Differences between years are tied to the fact that every other year a new decision can be made no matter what the scenario, and state information is available to inform that decision. In the subsequent year, however, in 3 of the 4 scenarios either a decision is repeated or monitoring does not occur (or both. There are substantive differences in optimal values among the scenarios, as well as the optimal policies producing those values. Especially noteworthy is the influence of monitoring cadence on valuation in some years. We highlight patterns in policy and valuation among the scenarios, and

Frequencies of decision making and monitoring in adaptive resource management

Science.gov (United States)

Williams, Byron K.; Johnson, Fred A.

2017-01-01

Adaptive management involves learning-oriented decision making in the presence of uncertainty about the responses of a resource system to management. It is implemented through an iterative sequence of decision making, monitoring and assessment of system responses, and incorporating what is learned into future decision making. Decision making at each point is informed by a value or objective function, for example total harvest anticipated over some time frame. The value function expresses the value associated with decisions, and it is influenced by system status as updated through monitoring. Often, decision making follows shortly after a monitoring event. However, it is certainly possible for the cadence of decision making to differ from that of monitoring. In this paper we consider different combinations of annual and biennial decision making, along with annual and biennial monitoring. With biennial decision making decisions are changed only every other year; with biennial monitoring field data are collected only every other year. Different cadences of decision making combine with annual and biennial monitoring to define 4 scenarios. Under each scenario we describe optimal valuations for active and passive adaptive decision making. We highlight patterns in valuation among scenarios, depending on the occurrence of monitoring and decision making events. Differences between years are tied to the fact that every other year a new decision can be made no matter what the scenario, and state information is available to inform that decision. In the subsequent year, however, in 3 of the 4 scenarios either a decision is repeated or monitoring does not occur (or both). There are substantive differences in optimal values among the scenarios, as well as the optimal policies producing those values. Especially noteworthy is the influence of monitoring cadence on valuation in some years. We highlight patterns in policy and valuation among the scenarios, and discuss management

Economic valuation of the ecosystem services provided by a protected area in the Brazilian Cerrado: application of the contingent valuation method.

Science.gov (United States)

Resende, F M; Fernandes, G W; Andrade, D C; Néder, H D

2017-11-01

Considering that the economic valuation of ecosystem services is a useful approach to support the conservation of natural areas, we aimed to estimate the monetary value of the benefits provided by a protected area in southeast Brazil, the Serra do Cipó National Park. We calculated the visitor's willingness to pay to conserve the ecosystems of the protected area using the contingent valuation method. Located in a region under intense anthropogenic pressure, the Serra do Cipó National Park is mostly composed of rupestrian grassland ecosystems, in addition to other Cerrado physiognomies. We conducted a survey consisting of 514 interviews with visitors of the region and found that the mean willingness to pay was R$ 7.16 year-1, which corresponds to a total of approximately R$ 716,000.00 year-1. We detected that per capita income, the household size, the level of interest in environmental issues and the place of origin influenced the likelihood that individuals are willing to contribute to the conservation of the park, as well as the value of the stated willingness to pay. This study conveys the importance of conserving rupestrian grassland and other Cerrado physiognomies to decision makers and society.

Congruence or Discrepancy? Comparing Patients' Health Valuations and Physicians' Treatment Goals for Rehabilitation for Patients with Chronic Conditions

Science.gov (United States)

Nagl, Michaela; Farin, Erik

2012-01-01

The aim of this study was to test the congruence of patients' health valuations and physicians' treatment goals for the rehabilitation of chronically ill patients. In addition, patient characteristics associated with greater or less congruence were to be determined. In a questionnaire study, patients' health valuations and physicians' goals were…

Challenges in the implementation of an electronic surveillance system in a resource-limited setting: Alerta, in Peru

Directory of Open Access Journals (Sweden)

Soto Giselle

2008-11-01

Full Text Available Abstract Background Infectious disease surveillance is a primary public health function in resource-limited settings. In 2003, an electronic disease surveillance system (Alerta was established in the Peruvian Navy with support from the U.S. Naval Medical Research Center Detachment (NMRCD. Many challenges arose during the implementation process, and a variety of solutions were applied. The purpose of this paper is to identify and discuss these issues. Methods This is a retrospective description of the Alerta implementation. After a thoughtful evaluation according to the Centers for Disease Control and Prevention (CDC guidelines, the main challenges to implementation were identified and solutions were devised in the context of a resource-limited setting, Peru. Results After four years of operation, we have identified a number of challenges in implementing and operating this electronic disease surveillance system. These can be divided into the following categories: (1 issues with personnel and stakeholders; (2 issues with resources in a developing setting; (3 issues with processes involved in the collection of data and operation of the system; and (4 issues with organization at the central hub. Some of the challenges are unique to resource-limited settings, but many are applicable for any surveillance system. For each of these challenges, we developed feasible solutions that are discussed. Conclusion There are many challenges to overcome when implementing an electronic disease surveillance system, not only related to technology issues. A comprehensive approach is required for success, including: technical support, personnel management, effective training, and cultural sensitivity in order to assure the effective deployment of an electronic disease surveillance system.

Support en suivi et évaluation (Acacia) | IDRC - International ...

International Development Research Centre (IDRC) Digital Library (Canada)

information en Afrique) cherche à intégrer un processus évaluatif dans ses activités et dans celles de ses partenaires. Ce projet vise à susciter l'intérêt de ses partenaires d'un système de suivi-évaluation orienté vers d'apprentissage. Le projet sera ...

26 CFR 25.2702-1 - Special valuation rules in the case of transfers of interests in trust.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Special valuation rules in the case of transfers of interests in trust. 25.2702-1 Section 25.2702-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) ESTATE AND GIFT TAXES GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Special Valuation Rules § 25.2702-1 Special...

Valuating the Investment Efficiency of Distribution Companies

Directory of Open Access Journals (Sweden)

M. Karajica

2007-01-01

Full Text Available The task of this study is to valuate the investment efficiency of distribution companies. Although a series of publications and studies has been dedicated to this topic, it is difficult to find a general consensus in defining the investment efficiency of a company. Nevertheless if we simplify an imaginary  company as a production unit in which a series of actions transforms inputs to outputs, efficiency can be understood as like an effort to achieve maximum value of the outputs together with minimum usage of inputs, where the inputs constitute investments by a company. The investment efficiency of a company can be measured by expressing the absolute values of selected inputs and outputs, a relative expression of inputs and outputs, and perhaps an expression of the difference between them. However, an examination of the efficiency of a certain company is impossible without a valuation of other companies. In view of the amount of benchmarking, it should be emphasized, that this study is dedicated to a certain category of benchmarking, which we may term investment benchmarking. This benchmarking can be defined as a comparison of companies in terms investment efficiency. The purpose of this comparison is not only to investigate levels of investment efficiency and to relate them to other companies from the same branch, but also to locate the greatest efficiency and indicate potential improvement. 

Commercial property loan valuations in the UK : implications of current trends in practice and liability

OpenAIRE

Crosby, Neil; Lavers, Anthony; Foster , Henry

1997-01-01

This paper is the second of two papers which aim to examine the major legal liability implications of changes to the commercial property loan valuation process caused by the recession in the UK property market and to make recommendations to valuers and their professional institutions to improve the quality of the process and the result. The objectives of this paper are to address a number of the practical implications of changes to the loan valuation process within the context of legal liabil...

Valuation of the training received in university regarding the utility for work by Catalan graduates

OpenAIRE

Fachelli, S.; Montolio, D.

2015-01-01

This article examines the factors that influence graduate valuations of the education/training they received at university in terms of its utility or applicability in the workplace. Drawing on the 2014 survey conducted by the Agency for the Quality of the Catalan University System, among students that graduated in 2010, we test three hypotheses. The first states that graduate valuation of the training received at university in terms of its utility for the workplace is higher among those who a...

Potential dividends and actual cash flows in equity valuation. A critical analysis1

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2009-10-01

Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

Simulation-based valuation of project finance investments. Crucial aspects of power plant projects

Energy Technology Data Exchange (ETDEWEB)

Pietz, Matthaeus

2010-12-15

The liberalization of electricity markets transformed a regulated and stable market to a market with former unknown price volatility. This results in a high uncertainty which is mainly due to the, from an economic point of view, lack of storability of the commodity electricity. Thus investments in power plants are highly risky. This dissertation analyzes crucial aspects within the valuation of a power plant financed via project finance, a popular financing method for projects with high capital requirements. Starting with the development of a valuation model based on stochastic modelling of the future cash flows the focus of the analysis is on the impact of model complexity and electricity prices. (orig.)

p-Adic valuation of the Morgan–Voyce sequence and p-regularity

Indian Academy of Sciences (India)

Adic valuation of ... USTHB/Faculty of Mathematics, LATN Laboratory, DG-RSDT, BP 32, El Alia, 16111, Bab Ezzouar, Algiers, Algeria; Ecole nationale Superieure d Informatique (ESI), BP 68M Oued Smar, 16270, El Harrach, Algiers, Algeria ...

Contribution à l’identification des déterminants fondamentaux en évaluation des banques

Directory of Open Access Journals (Sweden)

Badr Habba

2016-03-01

Full Text Available Ce papier étudie l’influence des facteurs fondamentaux sur l’évaluation des banques. Dans un premier temps, nous avons sélectionné, sur la base d’une revue de la littérature, les caractéristiques fondamentales susceptibles d’influencer l’évaluation des banques. Ensuite, nous avons estimé un modèle économétrique mettant en relation la valeur des banques et six variables explicatives à l’aide de l’économétrie des données de panel. L’échantillon est constitué d’un panel de 82 banques cotées entre 2005 et 2013. Les résultats obtenus montrent qu’il existe une influence très significative de la qualité du portefeuille bancaire de crédits, du niveau de capitalisation, du niveau de diversification du portefeuille d’activités, de l’efficience et de la taille de la banque sur l’évaluation des firmes bancaires.

Scenario realism and welfare estimates in choice experiments - a non-market valuation study on the European water framework directive

DEFF Research Database (Denmark)

Kataria, Mitesh; Bateman, I.; Christensen, Tove

2012-01-01

of a water body. This information is provided prior to the valuation questions and the corresponding beliefs in the provided information are also elicited before valuation. The second type of information concerns the proposed improvements in the environmental status of the water body. We find that average...