WorldWideScience

Sample records for valuations partially mediated

  1. Do Alcohol Expectancy Outcomes and Valuations Mediate Peer Influences and Lifetime Alcohol Use among Early Adolescents?

    Science.gov (United States)

    Zamboanga, Byron L.; Schwartz, Seth J.; Ham, Lindsay S.; Jarvis, Lorna Hernandez; Olthuis, Janine V.

    2009-01-01

    Building on the theory of reasoned action (I. Ajzen & M. Fishbein, 1973, 1980; M. Fishbein & I. Ajzen, 1975) and expectancy theory, the authors examined the mediating role of alcohol expectancies in adolescent drinking behaviors by testing whether alcohol expectancy outcomes and valuations (the extent to which these outcomes are perceived…

  2. 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.

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. 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...

  8. 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...

  9. 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)…

  10. 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...

  11. 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.

  12. [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.

  13. Social impact analysis: monetary valuation

    Science.gov (United States)

    Wainger, Lisa A.; Johnston, Robert J.; Bagstad, Kenneth J.; Casey, Frank; Vegh, Tibor

    2014-01-01

    This section provides basic guidance for using and conducting economic valuation, including criteria for judging whether valuation is appropriate for supporting decisions. It provides an introduction to the economic techniques used to measure changes in social welfare and describes which methods may be most appropriate for use in valuing particular ecosystem services. Rather than providing comprehensive valuation instructions,it directs readers to additional resources.More generally, it establishes that the valuation of ecosystem services is grounded in a long history of non-market valuation and discusses how ecosystem services valuation can be conducted within established economic theory and techniques.

  14. 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.

  15. 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.

  16. Valuation of Transactive Systems

    Energy Technology Data Exchange (ETDEWEB)

    Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Corbin, Charles D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Fernandez, Nicholas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Homer, Juliet S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Pratt, Robert G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Somani, Abhishek [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Gilbert, Erik I. [Navigant Consulting, Boulder, CO (United States); Chandler, Shawn [Navigant Consulting, Portland, OR (United States); Shandross, Richard [Navigant Consulting, Burlington, MA (United States)

    2016-05-12

    This is a final report from a project funded by the U.S. Department of Energy to formulate and test a methodology for valuation of systems where transaction-based mechanisms coordinate the exchange of value between the system’s actors. Today, the principal commodity being exchanged is electrical energy, and such mechanisms are called transactive energy systems. The authors strove to lay a foundation for meaningful valuations of transactive systems in general, and transactive energy systems as a special case. The word valuation is used in many different ways. This report proposes a valuation methodology that is inclusive of many types of valuations. Many will be familiar with cost-benefit valuations, in which both costs and benefits are assessed to determine whether the assets are worth their cost. Another set of valuation methods attempt to optimize an outcome using available resources, as is the case with integrated resource planning. In the end, this report’s methodology was most influenced by and most resembles the integrated-resource-planning approach. Regardless, we wish to enforce the premise that all valuations are comparative and should clearly specify a baseline scenario. A long, annotated list of prior valuation studies and valuation methodologies that influenced this report has been appended to this report. Much research is being conducted today concerning transactive systems, but only a handful of transactive system mechanisms have been formulated and field tested. They are found to be quite diverse, and the documentation of the various mechanisms is uneven in breadth and quality. It is therefore not adequate to simply assert that a valuation scenario includes a transactive system; certain characteristics and qualities of the chosen transactive system mechanism must be defined and stated. The report lists and discusses most of the known transactive system mechanisms. It offers a set of questions that may be used to help specify important

  17. A matrix problem over a discrete valuation ring

    International Nuclear Information System (INIS)

    Zavadskii, A G; Revitskaya, U S

    1999-01-01

    A flat matrix problem of mixed type (over a discrete valuation ring and its skew field of fractions) is considered which naturally arises in connection with several problems in the theory of integer-valued representations and in ring theory. For this problem, a criterion for module boundedness is proved, which is stated in terms of a pair of partially ordered sets (P(A),P(B)) associated with the pair of transforming algebras (A,B) defining the problem. The corresponding statement coincides in effect with the formulation of Kleiner's well-known finite-type criterion for representations of pairs of partially ordered sets over a field. The proof is based on a reduction (which uses the techniques of differentiation) to representations of semimaximal rings (tiled orders) and partially ordered sets

  18. Anxiety Partially Mediates Cybersickness Symptoms in Immersive Virtual Reality Environments.

    Science.gov (United States)

    Pot-Kolder, Roos; Veling, Wim; Counotte, Jacqueline; van der Gaag, Mark

    2018-03-01

    The use of virtual reality (VR) in psychological treatment is expected to increase. Cybersickness (CS) is a negative side effect of VR exposure and is associated with treatment dropout. This study aimed to investigate the following: (a) if gender differences in CS can be replicated, (b) if differences in anxiety and CS symptoms between patients and controls can be replicated, and (c) whether the relationship between exposure to VR and CS symptoms is mediated by anxiety. A sample (N = 170) of participants with different levels of psychosis liability was exposed to VR environments. CS and anxiety were assessed with self-report measures before and after the VR experiment. This study replicated gender differences in CS symptoms, most of which were present before exposure to VR. It also replicated findings that a significant correlation between anxiety and CS can be found in healthy individuals, but not in patients. In a VR environment, anxiety partially mediated CS symptoms, specifically nausea and disorientation. A partial explanation for the differences found between patients and controls may lie in a ceiling effect for the symptoms of CS. A second explanation may be the partial overlap between CS symptoms and physiological anxiety responses. CS symptoms reported at baseline cannot be explained by exposure to VR, but are related to anxiety. Caution is required when interpreting studies on both CS and anxiety, until the specificity in measurements has been improved. Since anxiety mediated the CS symptoms, CS is expected to decline during treatment together with the reduction of anxiety.

  19. 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...

  20. 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.

  1. 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

  2. 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...

  3. 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....

  4. 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.

  5. 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 ...

  6. 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.

  7. 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

  8. 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...

  9. 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...

  10. 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.

  11. 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.

  12. 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

  13. 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...

  14. 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

  15. 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

  16. 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

  17. 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...

  18. 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...

  19. 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.

  20. 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.

  1. 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.

  2. 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

  3. 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

  4. 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.

  5. 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

  6. 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

  7. 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...

  8. 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.

  9. 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...

  10. 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...

  11. 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 ...

  12. 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.

  13. 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...

  14. 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.

  15. 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...

  16. 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.

  17. 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

  18. 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...

  19. 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.

  20. Evaluation of a Delphi technique based expert judgement method for LCA valuation - DELPHI II

    International Nuclear Information System (INIS)

    Hakala, S.; Wilson, B.

    1999-01-01

    Transparency and certainty are essential qualities for an acceptable and trusted valuation method. Based on the evaluation of the expert judgement method developed in the Delphi I study both of these criteria may be only partially accomplished by such a method. As for the technical procedure the method is well documented and transparency is good. Argumentation of the judgements, however, should be increased. The quality of the valuation indexes is explicitly available, but their certainty is very low for most interventions. The opinions of the experts differ much from each other. How much this depends on different values and how much on differences in knowledge etc. is impossible to assess. Also, how much the technique used and the statistical handling of the expert answers may have impacted the eventual scores of different interventions is difficult to assess. However, application of the expert judgement by means of the Delphi-technique to LCA valuation is a new idea, and, consequently, the method is still very much under development, far from maturity. This should be taken into account when considering the results out of the evaluation of the case study, which was the third of the kind in Europe

  1. 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...

  2. 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...

  3. 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.

  4. 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.

  5. Demand Response Valuation Frameworks Paper

    Energy Technology Data Exchange (ETDEWEB)

    Heffner, Grayson

    2009-02-01

    While there is general agreement that demand response (DR) is a valued component in a utility resource plan, there is a lack of consensus regarding how to value DR. Establishing the value of DR is a prerequisite to determining how much and what types of DR should be implemented, to which customers DR should be targeted, and a key determinant that drives the development of economically viable DR consumer technology. Most approaches for quantifying the value of DR focus on changes in utility system revenue requirements based on resource plans with and without DR. This ''utility centric'' approach does not assign any value to DR impacts that lower energy and capacity prices, improve reliability, lower system and network operating costs, produce better air quality, and provide improved customer choice and control. Proper valuation of these benefits requires a different basis for monetization. The review concludes that no single methodology today adequately captures the wide range of benefits and value potentially attributed to DR. To provide a more comprehensive valuation approach, current methods such as the Standard Practice Method (SPM) will most likely have to be supplemented with one or more alternative benefit-valuation approaches. This report provides an updated perspective on the DR valuation framework. It includes an introduction and four chapters that address the key elements of demand response valuation, a comprehensive literature review, and specific research recommendations.

  6. Modelling and computation in the valuation of carbon derivatives with stochastic convenience yields.

    Science.gov (United States)

    Chang, Shuhua; Wang, Xinyu

    2015-01-01

    The anthropogenic greenhouse gas (GHG) emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI) in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE) resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results.

  7. Modelling and computation in the valuation of carbon derivatives with stochastic convenience yields.

    Directory of Open Access Journals (Sweden)

    Shuhua Chang

    Full Text Available The anthropogenic greenhouse gas (GHG emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results.

  8. Modelling and Computation in the Valuation of Carbon Derivatives with Stochastic Convenience Yields

    Science.gov (United States)

    Chang, Shuhua; Wang, Xinyu

    2015-01-01

    The anthropogenic greenhouse gas (GHG) emission has risen dramatically during the last few decades, which mainstream researchers believe to be the main cause of climate change, especially the global warming. The mechanism of market-based carbon emission trading is regarded as a policy instrument to deal with global climate change. Although several empirical researches about the carbon allowance and its derivatives price have been made, theoretical results seem to be sparse. In this paper, we theoretically develop a mathematical model to price the CO2 emission allowance derivatives with stochastic convenience yields by the principle of absence of arbitrage opportunities. In the case of American options, we formulate the pricing problem to a linear parabolic variational inequality (VI) in two spatial dimensions and develop a power penalty method to solve it. Then, a fitted finite volume method is designed to solve the nonlinear partial differential equation (PDE) resulting from the power penalty method and governing the futures, European and American option valuation. Moreover, some numerical results are performed to illustrate the efficiency and usefulness of this method. We find that the stochastic convenience yield does effect the valuation of carbon emission derivatives. In addition, some sensitivity analyses are also made to examine the effects of some parameters on the valuation results. PMID:26010900

  9. Assessment of Wetland Valuation Processes for Compensation in ...

    African Journals Online (AJOL)

    The issue of compensation has been debated in various fora; however compensation on wetland resources has not been given the primary place. Wetland valuation like any other type of valuation requires going through stages, which may be more complex than real estate valuation for compensation. This study therefore ...

  10. 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.

  11. 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.

  12. 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...

  13. 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

  14. 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...

  15. Natural resource valuation: A primer on concepts and techniques

    International Nuclear Information System (INIS)

    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

  16. 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.

  17. 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

  18. 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

  19. 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...

  20. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    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...

  1. 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.

  2. 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

  3. Psychosocial factors partially mediate the relationship between mechanical hyperalgesia and self-reported pain.

    Science.gov (United States)

    Mason, Kayleigh J; O'Neill, Terence W; Lunt, Mark; Jones, Anthony K P; McBeth, John

    2018-01-26

    helplessness) and illness perceptions (consequences and concern) were significant partial mediators of the association with global pain intensity when loaded on to a latent mediator for: tender point count [75% total effect; 95% confidence interval (CI) 22%, 100%]; MPS at the knee (49%; 12%, 86%); and DMA at the knee (63%; 5%, 100%). Latent psychosocial factors were also significant partial mediators of the association between pain intensity at the tested knee with MPS at the knee (30%; 2%, 58%), but not for DMA at the knee. Measures of mechanical hyperalgesia at the most painful knee and pain-free opposite forearm were associated with increased knee and global pain indicative of altered central processing. Psychosocial factors were significant partial mediators, highlighting the importance of the central integration of emotional processing in pain perception. Associations between mechanical hyperalgesia at the forearm and knee, psychosocial factors and increased levels of clinical global and knee pain intensity provide evidence of altered central processing as a key mechanism in knee pain, with psychological factors playing a key role in the expression of clinical pain.

  4. The dorsomedial prefrontal cortex mediates the interaction between moral and aesthetic valuation: a TMS study on the beauty-is-good stereotype.

    Science.gov (United States)

    Ferrari, Chiara; Nadal, Marcos; Schiavi, Susanna; Vecchi, Tomaso; Cela-Conde, Camilo J; Cattaneo, Zaira

    2017-05-01

    Attractive individuals are perceived as possessing more positive personal traits than unattractive individuals. This reliance on aesthetic features to infer moral character suggests a close link between aesthetic and moral valuation. Here we aimed to investigate the neural underpinnings of the interaction between aesthetic and moral valuation by combining transcranial magnetic stimulation (TMS) with a priming paradigm designed to assess the Beauty-is-Good stereotype. Participants evaluated the trustworthiness of a series of faces (targets), each of which was preceded by an adjective describing desirable, undesirable, or neutral aesthetic qualities (primes). TMS was applied between prime and target to interfere with activity in two regions known to be involved in aesthetic and moral valuation: the dorsomedial prefrontal cortex (dmPFC, a core region in social cognition) and the dorsolateral prefrontal cortex (dlPFC, critical in decision making). Our results showed that when TMS was applied over vertex (control) and over the dlPFC, participants judged faces as more trustworthy when preceded by positive than by negative aesthetic primes (as also shown in two behavioral experiments). However, when TMS was applied over the dmPFC, primes had no effect on trustworthiness judgments. A second Experiment corroborated this finding. Our results suggest that mPFC plays a causal role linking moral and aesthetic valuation. © The Author (2017). Published by Oxford University Press.

  5. 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.

  6. 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...

  7. 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.)

  8. 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.

  9. 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 ...

  10. 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...

  11. 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.

  12. Organizational climate partially mediates the effect of culture on work attitudes and staff turnover in mental health services.

    Science.gov (United States)

    Aarons, Gregory A; Sawitzky, Angelina C

    2006-05-01

    Staff turnover in mental health service organizations is an ongoing problem with implications for staff morale, productivity, organizational effectiveness, and implementation of innovation. Recent studies in public sector services have examined the impact of organizational culture and climate on work attitudes (i.e., job satisfaction and organizational commitment) and, ultimately, staff turnover. However, mediational models of the impact of culture and climate on work attitudes have not been examined. The present study examined full and partial mediation models of the effects of culture and climate on work attitudes and the subsequent impact of work attitudes on staff turnover. Multilevel structural equation models supported a partial mediation model in which organizational culture had both direct influence on work attitudes and indirect influence through organizational climate. Work attitudes significantly predicted one-year staff turnover rates. These findings support the contention that both culture and climate impact work attitudes and subsequent staff turnover.

  13. 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...

  14. Avoidant coping partially mediates the relationship between patient problem behaviors and depressive symptoms in spousal Alzheimer caregivers.

    Science.gov (United States)

    Mausbach, Brent T; Aschbacher, Kirstin; Patterson, Thomas L; Ancoli-Israel, Sonia; von Känel, Roland; Mills, Paul J; Dimsdale, Joel E; Grant, Igor

    2006-04-01

    Caring for a loved one with Alzheimer disease is a highly stressful experience that is associated with significant depressive symptoms. Previous studies indicate a positive association between problem behaviors in patients with Alzheimer disease (e.g., repeating questions, restlessness, and agitation) and depressive symptoms in their caregivers. Moreover, the extant literature indicates a robust negative relationship between escape-avoidance coping (i.e., avoiding people, wishing the situation would go away) and psychiatric well-being. The purpose of this study was to test a mediational model of the associations between patient problem behaviors, escape-avoidance coping, and depressive symptoms in Alzheimer caregivers. Ninety-five spousal caregivers (mean age: 72 years) completed measures assessing their loved ones' frequency of problem behaviors, escape-avoidance coping, and depressive symptoms. A mediational model was tested to determine if escape-avoidant coping partially mediated the relationship between patient problem behaviors and caregiver depressive symptoms. Patient problem behaviors were positively associated with escape-avoidance coping (beta = 0.38, p avoidance coping was positively associated with depressive symptoms (beta = 0.33, p avoidance coping. Sobel's test confirmed that escape-avoidance coping significantly mediated the relationship between problem behaviors and depressive symptoms (z = 2.07, p avoidance coping partially mediates the association between patient problem behaviors and depressive symptoms among elderly caregivers of spouses with dementia. This finding provides a specific target for psychosocial interventions for caregivers.

  15. 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

  16. 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.

  17. 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.

  18. 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...

  19. 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...

  20. 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.

  1. 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.

  2. 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…

  3. 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...

  4. 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.

  5. 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

  6. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  7. 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...

  8. 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...

  9. Positive Adult Support and Depression Symptoms in Adolescent Females: The Partially Mediating Role of Eating Disturbances

    Science.gov (United States)

    Linville, Deanna; O'Neil, Maya; Huebner, Angela

    2011-01-01

    This study examined linkages between depression symptoms (DEP) and positive adult support (PAS) in female adolescents and the partially mediating influence of eating disturbances (ED). Structural equation modeling was used to establish measurement models for each of the latent constructs, determine the relationships among the latent constructs,…

  10. 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.

  11. Fixed point and anomaly mediation in partial {\\boldsymbol{N}}=2 supersymmetric standard models

    Science.gov (United States)

    Yin, Wen

    2018-01-01

    Motivated by the simple toroidal compactification of extra-dimensional SUSY theories, we investigate a partial N = 2 supersymmetric (SUSY) extension of the standard model which has an N = 2 SUSY sector and an N = 1 SUSY sector. We point out that below the scale of the partial breaking of N = 2 to N = 1, the ratio of Yukawa to gauge couplings embedded in the original N = 2 gauge interaction in the N = 2 sector becomes greater due to a fixed point. Since at the partial breaking scale the sfermion masses in the N = 2 sector are suppressed due to the N = 2 non-renormalization theorem, the anomaly mediation effect becomes important. If dominant, the anomaly-induced masses for the sfermions in the N = 2 sector are almost UV-insensitive due to the fixed point. Interestingly, these masses are always positive, i.e. there is no tachyonic slepton problem. From an example model, we show interesting phenomena differing from ordinary MSSM. In particular, the dark matter particle can be a sbino, i.e. the scalar component of the N = 2 vector multiplet of {{U}}{(1)}Y. To obtain the correct dark matter abundance, the mass of the sbino, as well as the MSSM sparticles in the N = 2 sector which have a typical mass pattern of anomaly mediation, is required to be small. Therefore, this scenario can be tested and confirmed in the LHC and may be further confirmed by the measurement of the N = 2 Yukawa couplings in future colliders. This model can explain dark matter, the muon g-2 anomaly, and gauge coupling unification, and relaxes some ordinary problems within the MSSM. It is also compatible with thermal leptogenesis.

  12. 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.

  13. 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.

  14. 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...

  15. 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...

  16. 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...

  17. Valuation of medical resource units collected in health economic studies.

    Science.gov (United States)

    Copley-Merriman, C; Lair, T J

    1994-01-01

    This paper reviews the issues that are critical for the valuation of medical resources in the context of health economic studies. There are several points to consider when undertaking the valuation of medical resources. The perspective of the analysis should be established before determining the valuation process. Future costs should be discounted to present values, and time and effort spent in assigning a monetary value to a medical resource should be proportional to its importance in the analysis. Prices vary considerably based on location of the service and the severity of the illness episode. Because of the wide variability in pricing data, sensitivity analysis is an important component of validation of study results. A variety of data sources have been applied to the valuation of medical resources. Several types of data are reviewed in this paper, including claims data, national survey data, administrative data, and marketing research data. Valuation of medical resources collected in clinical trials is complex because of the lack of standardization of the data sources. A national pricing data source for health economic valuation would greatly facilitate study analysis and make comparisons between results more meaningful.

  18. 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.

  19. 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...

  20. 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.

  1. 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...

  2. 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

  3. 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

  4. 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.

  5. 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.

  6. 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...

  7. 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...

  8. 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

  9. 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. ...

  10. 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...

  11. 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.

  12. 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.

  13. [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

  14. Physiotherapy after arthroscopic partial meniscectomy surgery: an assessment of costs to the National Health Service, patients, and society.

    Science.gov (United States)

    Goodwin, Peter Charles; Ratcliffe, Julie; Morrissey, Matthew Charles

    2005-01-01

    The purpose of this study was to determine and inform clinicians, managers, and budget allocators of the costs incurred to the British National Health Service (NHS), patient, and society when attending clinic-based physiotherapy compared with not attending clinic-based physiotherapy after arthroscopic partial meniscectomy surgery. The valuation principle used in this study was the economic concept of opportunity cost. Costs were referred to as direct medical (NHS), direct nonmedical (patient), and indirect (societal) costs. Due to the difficulties of their measurement and valuation, intangible costs, in the form of pain and anxiety related to the effect of receiving or not receiving treatment, have not been considered in this analysis. Providing clinic-based physiotherapy after knee arthroscopic partial meniscectomy surgery is more costly to the NHS and patient, but no more costly to society than when not providing it and does not result in reduced contact with the NHS. Clinic-based physiotherapy after knee arthroscopic partial meniscectomy surgery is costly and evidence is needed that its effectiveness is high enough to support its use.

  15. 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...

  16. 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.

  17. Real options valuation and optimization of energy assets

    Science.gov (United States)

    Thompson, Matthew

    In this thesis we present algorithms for the valuation and optimal operation of natural gas storage facilities, hydro-electric power plants and thermal power generators in competitive markets. Real options theory is used to derive nonlinear partial-integro-differential equations (PIDEs) for the valuation and optimal operating strategies of all types of facilities. The equations are designed to incorporate a wide class of spot price models that can exhibit the same time-dependent, mean-reverting dynamics and price spikes as those observed in most energy markets. Particular attention is paid to the operational characteristics of real energy assets. For natural gas storage facilities these characteristics include: working gas capacities, variable deliverability and injection rates and cycling limitations. For thermal power plants relevant operational characteristics include variable start-up times and costs, control response time lags, minimum generating levels, nonlinear output functions, structural limitations on ramp rates, and minimum up/down time restrictions. For hydro-electric units, head effects and environmental constraints are addressed. We illustrate the models with numerical examples of a gas storage facility, a hydro-electric pump storage facility and a thermal power plant. This PIDE framework is the first in the literature to achieve second order accuracy in characterizing the operating states of hydro-electric and hydro-thermal power plants. The continuous state space representation derived in this thesis can therefore achieve far greater realism in terms of operating state specification than any other method in the literature to date. This thesis is also the first and only to allow for any continuous time jump diffusion processes in order to account for price spikes.

  18. 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.

  19. 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...

  20. 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

  1. 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...

  2. 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 ...

  3. 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.

  4. 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...

  5. 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...

  6. 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.

  7. 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.

  8. 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.

  9. 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...

  10. 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...

  11. 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...

  12. 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)

  13. 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.

  14. 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.

  15. 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...

  16. 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, ...

  17. 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 ...

  18. 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.

  19. 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...

  20. 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.

  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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)

  7. 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...

  8. 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.

  9. 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.

  10. 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...

  11. 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...

  12. [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

  13. 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.

  14. 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

  15. 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

  16. 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...

  17. 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.

  18. 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

  19. Coding of level of ambiguity within neural systems mediating choice.

    Science.gov (United States)

    Lopez-Paniagua, Dan; Seger, Carol A

    2013-01-01

    Data from previous neuroimaging studies exploring neural activity associated with uncertainty suggest varying levels of activation associated with changing degrees of uncertainty in neural regions that mediate choice behavior. The present study used a novel task that parametrically controlled the amount of information hidden from the subject; levels of uncertainty ranged from full ambiguity (no information about probability of winning) through multiple levels of partial ambiguity, to a condition of risk only (zero ambiguity with full knowledge of the probability of winning). A parametric analysis compared a linear model in which weighting increased as a function of level of ambiguity, and an inverted-U quadratic models in which partial ambiguity conditions were weighted most heavily. Overall we found that risk and all levels of ambiguity recruited a common "fronto-parietal-striatal" network including regions within the dorsolateral prefrontal cortex, intraparietal sulcus, and dorsal striatum. Activation was greatest across these regions and additional anterior and superior prefrontal regions for the quadratic function which most heavily weighs trials with partial ambiguity. These results suggest that the neural regions involved in decision processes do not merely track the absolute degree ambiguity or type of uncertainty (risk vs. ambiguity). Instead, recruitment of prefrontal regions may result from greater degree of difficulty in conditions of partial ambiguity: when information regarding reward probabilities important for decision making is hidden or not easily obtained the subject must engage in a search for tractable information. Additionally, this study identified regions of activity related to the valuation of potential gains associated with stimuli or options (including the orbitofrontal and medial prefrontal cortices and dorsal striatum) and related to winning (including orbitofrontal cortex and ventral striatum).

  20. 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

  1. 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

  2. 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.

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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.

  9. 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 ...

  10. 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.

  11. 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)

  12. 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.

  13. 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

  14. 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...

  15. 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.

  16. Resource management and nonmarket valuation research

    Science.gov (United States)

    Douglas, A.J.; Taylor, J.G.

    1999-01-01

    Survey based nonmarket valuation research is often regarded as economics research. However, resource economists need to be aware of and acknowledge the manifold information sources that they employ in order to enhance the policy credibility of their studies. Communication between resource economists and practitioners of allied disciplines including chemistry, civil engineering, sociology, and anthropology are often neglected. Recent resource allocation policy debates have given rise to an extensive discussion of methodological issues that narrow the scope of the subject. The present paper provides a format for the presentation of nonmarket valuation research results that emphasizes the manifold links between economics studies that employ different methodologies to estimate nonmarket resource values. A more robust emphasis on the interlocking features of the different approaches for estimating nonmarket benefits should foster appreciation of the transdisciplinary aspects of the subject.

  17. How the Opinion of Others Affects our Valuation of Objects

    DEFF Research Database (Denmark)

    Campbell-Meiklejohn, Daniel; Bach, DR; Roepstorff, Andreas

    2010-01-01

    The opinions of others can easily affect how much we value things. We investigated what happens in our brain when we agree with others about the value of an object and whether or not there is evidence, at the neural level, for social con- formity through which we change object valuation. Using...... functional magnetic resonance imaging we independently modeled (1) learning reviewer opinions about a piece of music, (2) reward value while receiving a token for that music, and (3) their interaction in 28 healthy adults. We show that agreement with two ‘‘expert’’ reviewers on music choice produces activity...... striatum response to receiving it. This finding provides clear evidence that social influence mediates very basic value signals in known rein- forcement learning circuitry [9–12]. Influence at such a low level could contribute to rapid learning and the swift spread of values throughout a population....

  18. 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.

  19. 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...

  20. 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

  1. Afraid to help: social anxiety partially mediates the association between 5-HTTLPR triallelic genotype and prosocial behavior.

    Science.gov (United States)

    Stoltenberg, Scott F; Christ, Christa C; Carlo, Gustavo

    2013-01-01

    There is growing evidence that the serotonin system influences prosocial behavior. We examined whether anxiety mediated the association between variation in the serotonin transporter gene regulatory region (5-HTTLPR) and prosocial behavior. We collected self-reported tendencies to avoid certain situations and history of helping others using standard instruments and buccal cells for standard 5-HTTLPR genotyping from 398 undergraduate students. Triallelic 5-HTTLPR genotype was significantly associated with prosocial behavior and the effect was partially mediated by social anxiety, such that those carrying the S' allele reported higher levels of social avoidance and lower rates of helping others. These results are consistent with accounts of the role of serotonin on anxiety and prosocial behavior and suggest that targeted efforts to reduce social anxiety in S' allele carriers may enhance prosocial behavior.

  2. 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.

  3. 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.

  4. 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...

  5. 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.

  6. 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.

  7. 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...

  8. 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

  9. 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.

  10. The HEART mobile phone trial: The partial mediating effects of self-efficacy on physical activity among cardiac patients

    Directory of Open Access Journals (Sweden)

    Ralph eMaddison

    2014-05-01

    Full Text Available Background: The ubiquitous use of mobile phones provides an ideal opportunity to deliver interventions to increase physical activity levels. Understanding potential mediators of such interventions is needed to increase their effectiveness. A recent randomized controlled trial of a mobile phone and Internet (mHealth intervention was conducted in New Zealand to determine the effectiveness on exercise capacity and physical activity levels in addition to current cardiac rehabilitation (CR services for people (n=171 with ischaemic heart disease (IHD. Significant intervention effect was observed for self-reported leisure time physical activity and walking, but not peak oxygen uptake (PVO2 at 24 weeks. There was also significant improvement in self-efficacy.Objective: To evaluate the mediating effect of self-efficacy on physical activity levels in an mHealth delivered exercise CR programme. Methods: Treatment evaluations were performed on the principle of intention to treat (ITT. Adjusted regression analyses were conducted to evaluate the main treatment effect on leisure time physical activity and walking at 24 weeks, with and without change in self-efficacy as the mediator of interest. Results: Change in self-efficacy at 24 weeks significantly mediated the treatment effect on leisure time physical activity by 13%, but only partially mediated the effect on walking by 4% at 24 weeks. Conclusion: An mHealth intervention involving text messaging and Internet support had a positive treatment effect on leisure time physical activity and walking at 24 weeks, and this effect was likely mediated through changes in self-efficacy. Future trials should examine other potential mediators related to this type of intervention.

  11. 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...

  12. 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...

  13. 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.

  14. 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

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. 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...

  4. 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.

  5. 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...

  6. 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

  7. 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

  8. 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...

  9. Mineral resources of Slovakia, questions of classification and valuation

    Directory of Open Access Journals (Sweden)

    Baláž Peter

    1999-06-01

    Full Text Available According to the Constitution of Slovak Republic, mineral resources of Slovakia are in the ownership of Slovak Republic. In 1997, 721 exclusive mineral deposits of mineral fuels, metals and industrial minerals were registered in Slovakia. The classification for economic and uneconomic reserves/resources requires an annual updating, concerning changes of market mineral prices and mine production costs. In terms of economic valuation of mineral resources, a new United Nations international classification for reserves/resources appears as a perspective alternative. Changes of geological and mining legislation are necessary for real valuation of Slovak mineral resources.

  10. 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

  11. 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.

  12. 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...

  13. 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.

  14. 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...

  15. 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.

  16. 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...

  17. 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.

  18. 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)

  19. 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...

  20. 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...

  1. 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.

  2. Sleep Disturbance Partially Mediates the Relationship Between Intimate Partner Violence and Physical/Mental Health in Women and Men.

    Science.gov (United States)

    Lalley-Chareczko, Linden; Segal, Andrea; Perlis, Michael L; Nowakowski, Sara; Tal, Joshua Z; Grandner, Michael A

    2015-07-05

    Intimate partner violence (IPV) is a worldwide health concern and an important risk factor for poor mental/physical health in both women and men. Little is known about whether IPV leads to sleep disturbance. However, sleep problems may be common in the context of IPV and may mediate relationships with mental/physical health. Data from the 2006 Behavioral Risk Factor Surveillance System (BRFSS) were used (N = 34,975). IPV was assessed in female and male participants for any history of being threatened by, physically hurt by, or forced to have sex with an intimate partner (THREAT, HURT, and SEX, respectively), and, further, as being forced to have sex with or physically injured by an intimate partner within the past year (SEXyr and HURTyr, respectively). These survey items were coded yes/no. Sleep disturbance was assessed as difficulty falling asleep, staying asleep, or sleeping too much at least 6 of the last 14 days. Logistic regression analyses, adjusted for age, sex, race, income, education, and physical/mental health, assessed whether IPV predicted sleep disturbance. Sobel-Goodman tests assessed whether relationships between IPV and physical/mental health were partially mediated by sleep disturbance. All IPV variables were associated with sleep disturbance, even after adjusting for the effects of age, sex, race/ethnicity, income, education, employment, marital status, physical health and mental health. THREAT was associated with sleep disturbance (odds ratio [OR] = 2.798, p mental health (p physical health (p mental health) to 41% (HURT and physical health). IPV was strongly associated with current sleep disturbance above the effect of demographics and overall mental/physical health, even if the IPV happened in the past. Furthermore, sleep disturbance partially mediates the relationship between IPV and mental/physical health. Sleep interventions may potentially mitigate negative effects of IPV. © The Author(s) 2015.

  3. 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.

  4. 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...

  5. 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

  6. 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...

  7. 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.

  8. 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...

  9. 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 ...

  10. The Maieutic Force of Mediating Instruments

    DEFF Research Database (Denmark)

    Revellino, Silvana; Mouritsen, Jan

    and coordinating complex investments in inter-organizational spaces, the paper explores the role of the Chronoprogram in managing compromises and directing attention to concerns in relation to the development of an Italian piece of motorway(the Variante di Valico).The Chronoprogram acts as a mediating instrument......This paper investigates how compromising plays a role when framing, developing and appraising capital budgeting projects. Motivated by Miller & O’Leary’s (1997, 2005a, 2005b, 2007) call for further research on capital budgeting to include not only valuation practices but also practices for managing...... which leads multiple and dispersed actors to compromising on the investment project. In these compromising spaces, which enable questioning to emerge, disagreements and controversies are temporarily appeased even in the absence of an interest alignment. The mediating properties of the Chronoprogram...

  11. 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...

  12. 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.

  13. 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

  14. 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.

  15. 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...

  16. 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

  17. 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....

  18. 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.

  19. 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.

  20. 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...

  1. 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. 

  2. 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.

  3. 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 ...

  4. Transcriptome analysis highlights defense and signaling pathways mediated by rice pi21 gene with partial resistance to Magnaporthe oryzae

    Directory of Open Access Journals (Sweden)

    Yu Zhang

    2016-12-01

    Full Text Available Rice blast disease is one of the most destructive rice diseases worldwide. The pi21 gene confers partial and durable resistance to Magnaporthe oryzae. However, little is known regarding the molecular mechanisms of resistance mediated by the loss-of-function of Pi21. In this study, comparative transcriptome profiling of the Pi21-RNAi transgenic rice line and Nipponbare with M. oryzae infection at different time points (0, 12, 24, 48, and 72 hpi were investigated using RNA sequencing. The results generated 43,222 unique genes mapped to the rice genome. In total, 1,109 differentially expressed genes (DEGs were identified between the Pi21-RNAi line and Nipponbare with M. oryzae infection, with 103, 281, 209, 69, and 678 DEGs at 0, 12, 24, 48, and 72 hpi, respectively. Functional analysis showed that most of the DEGs were involved in metabolism, transport, signaling, and defense. Among the genes assigned to plant–pathogen interaction, we identified 43 receptor kinase genes associated with pathogen-associated molecular pattern recognition and calcium ion influx. The expression levels of brassinolide-insensitive 1, flagellin sensitive 2 and elongation factor Tu receptor, ethylene (ET biosynthesis and signaling genes, were higher in the Pi21-RNAi line than Nipponbare. This suggested that there was a more robust PTI response in Pi21-RNAi plants and that ET signaling was important to rice blast resistance. We also identified 53 transcription factor genes, including WRKY, NAC, DOF, and ERF families that show differential expression between the two genotypes. This study highlights possible candidate genes that may serve a function in the partial rice blast resistance mediated by the loss-of-function of Pi21 and increase our understanding of the molecular mechanisms involved in partial resistance against M. oryzae.

  5. Self-reported impulsivity, but not behavioral choice or response impulsivity, partially mediates the effect of stress on drinking behavior.

    Science.gov (United States)

    Hamilton, Kristen R; Ansell, Emily B; Reynolds, Brady; Potenza, Marc N; Sinha, Rajita

    2013-01-01

    Stress and impulsivity contribute to alcohol use, and stress may also act via impulsivity to increase drinking behavior. Impulsivity represents a multi-faceted construct and self-report and behavioral assessments may effectively capture distinct clinically relevant factors. The present research investigated whether aspects of impulsivity mediate the effect of stress on alcohol use. A community-based sample of 192 men and women was assessed on measures of cumulative stress, alcohol use, self-reported impulsivity, and behavioral choice and response impulsivity. Data were analyzed using regression and bootstrapping techniques to estimate indirect effects of stress on drinking via impulsivity. Cumulative adversity exhibited both direct effects and indirect effects (via self-reported impulsivity) on drinking behavior. Additional models examining specific types of stress indicated direct and indirect effects of trauma and recent life events, and indirect effects of major life events and chronic stressors on drinking behavior. Overall, cumulative stress was associated with increased drinking behavior, and this effect was partially mediated by self-reported impulsivity. Self-reported impulsivity also mediated the effects of different types of stress on drinking behavior. These findings highlight the value of mediation models to examine the pathways through which different types of stress increase drinking behavior. Treatment and prevention strategies should focus on enhancing stress management and self-control.

  6. "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).

  7. 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 ...

  8. 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...

  9. 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...

  10. 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.

  11. 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...

  12. Valuation of ecological resources

    Energy Technology Data Exchange (ETDEWEB)

    Scott, M.J.; Bilyard, G.R.; Link, S.O.; Ricci, P.F.; Seely, H.E.; Ulibarri, C.A.; Westerdahl, H.E.

    1995-04-01

    Ecological resources are resources that have functional value to ecosystems. Frequently, these functions are overlooked in terms of the value they provide to humans. Environmental economics is in search of an appropriate analysis framework for such resources. In such a framework, it is essential to distinguish between two related subsets of information: (1) ecological processes that have intrinsic value to natural ecosystems; and (2) ecological functions that are values by humans. The present study addresses these concerns by identifying a habitat that is being displaced by development, and by measuring the human and ecological values associated with the ecological resources in that habitat. It is also essential to determine which functions are mutually exclusive and which are, in effect, complementary or products of joint production. The authors apply several resource valuation tools, including contingent valuation methodology (CVM), travel cost methodology (TCM), and hedonic damage-pricing (HDP). One way to derive upper-limit values for more difficult-to-value functions is through the use of human analogs, because human-engineered systems are relatively inefficient at supplying the desired services when compared with natural systems. Where data on the relative efficiencies of natural systems and human analogs exist, it is possible to adjust the costs of providing the human analog by the relative efficiency of the natural system to obtain a more realistic value of the function under consideration. The authors demonstrate this approach in an environmental economic case study of the environmental services rendered by shrub-steppe habitats of Benton County, Washington State.

  13. 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 ...

  14. 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.

  15. 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...

  16. 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.

  17. 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....

  18. 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.

  19. 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.

  20. 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.

  1. Perceiving a negative event as central to one's identity partially mediates age differences in posttraumatic stress disorder symptoms.

    Science.gov (United States)

    Boals, Adriel; Hayslip, Bert; Knowles, Laura R; Banks, Jonathan B

    2012-04-01

    Older adults report fewer posttraumatic stress disorder (PTSD) symptoms than younger adults, but the reasons for this age difference are unclear. In the current study, the authors explored the extent to which they may be due to age differences in event centrality (the extent to which a person construes a stressful event as central to their identity). A sample of older and younger adults nominated their most stressful event and completed measures of PTSD symptoms and event centrality. The results revealed that older adults were less likely to construe a stressful event as central to identity, even after controlling for type of event, how long ago the event occurred, and gender. In addition, the results of a mediation analysis indicated that age-related differences in event centrality partially mediated age-related differences in PTSD symptoms. The results are consistent with the Socioemotional Selectivity Theory view that older adults tend to use cognitive strategies designed to protect emotional health.

  2. 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 ...

  3. 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...

  4. 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...

  5. Evaluation of a Delphi technique based expert judgement method for LCA valuation - DELPHI II

    Energy Technology Data Exchange (ETDEWEB)

    Virtanen, Y.; Torkkeli, S. [VTT Chemical Technology, Espoo (Finland). Environmental Technology; Wilson, B. [Landbank Environmental Research and Consulting, London (United Kingdom)

    1999-07-01

    interventions, and classification in typologies of cultural theory. The quality of results and methodological aspects, such as effects of task instructions, selection of the index basis, and effects of the final standardisation were analysed statistically. Accordingly, the effects of various postulates made on the conformity of the environmental harm conceptions of the experts, and the influence of the moderators' decisions were assessed on the basis of standard statistical indicators. The state of consensus and its development in the Delphi process were studied with the aid of K-entropy analysis. The study showed that transparency and certainty, which are essential qualities for an acceptable and trusted valuation method, are only partially accomplished by the expert judgement method in the format in which it was developed in the analysed case. As for the technical procedure, the method is well documented and transparency is good. Argumentation of the judgements, however, should be increased. The quality of the valuation indexes is explicitly available, but their certainty is very low for most interventions. The opinions of the experts vary greatly. How much this depends on different values and how much on differences in knowledge etc. is impossible to assess. Also, how much the technique used and the statistical processing of the experts' answers may have influenced the eventual scores of different interventions is difficult to assess. The application of expert judgement to LCA valuation is a new idea, and the method is still very much under development and far from maturity. Nevertheless, utilisation of expert knowledge can be a significant addition to model approaches to ecological impact assessment, which, because of the chaotic behaviour of ecosystems, are limited and uncertain in predicting the ecological consequences of interventions to the environment. This should be taken into account when considering the results of the evaluation of the case study, which

  6. Evaluation of a Delphi technique based expert judgement method for LCA valuation - DELPHI II

    International Nuclear Information System (INIS)

    Virtanen, Y.; Torkkeli, S.

    1999-01-01

    , and classification in typologies of cultural theory. The quality of results and methodological aspects, such as effects of task instructions, selection of the index basis, and effects of the final standardisation were analysed statistically. Accordingly, the effects of various postulates made on the conformity of the environmental harm conceptions of the experts, and the influence of the moderators' decisions were assessed on the basis of standard statistical indicators. The state of consensus and its development in the Delphi process were studied with the aid of K-entropy analysis. The study showed that transparency and certainty, which are essential qualities for an acceptable and trusted valuation method, are only partially accomplished by the expert judgement method in the format in which it was developed in the analysed case. As for the technical procedure, the method is well documented and transparency is good. Argumentation of the judgements, however, should be increased. The quality of the valuation indexes is explicitly available, but their certainty is very low for most interventions. The opinions of the experts vary greatly. How much this depends on different values and how much on differences in knowledge etc. is impossible to assess. Also, how much the technique used and the statistical processing of the experts' answers may have influenced the eventual scores of different interventions is difficult to assess. The application of expert judgement to LCA valuation is a new idea, and the method is still very much under development and far from maturity. Nevertheless, utilisation of expert knowledge can be a significant addition to model approaches to ecological impact assessment, which, because of the chaotic behaviour of ecosystems, are limited and uncertain in predicting the ecological consequences of interventions to the environment. This should be taken into account when considering the results of the evaluation of the case study, which was the third of

  7. Human Resource Valuation and the Performance of Selected Banks ...

    African Journals Online (AJOL)

    Human Resource Valuation and the Performance of Selected Banks in ... the researcher gathered data from Nigerian banks listed in the Nigeria Stock ... Conclusively, human resources cost approach to corporate performance measurement ...

  8. Problems of valuation and organization in energy markets

    International Nuclear Information System (INIS)

    Porchet, A.

    2008-01-01

    accounts for production constraints and market frictions. The asset value is characterized by means of backward stochastic differential equations and allows for Monte Carlo- and PDE-based numerical methods. The second chapter focuses on the valuation of storage assets like hydro power plants. The average revenue of the asset is characterized as the unique viscosity solution of a nonlinear partial differential equation. The numerical implementation by means of a finite difference scheme is discussed. The third chapter is dedicated to a model of CO 2 emission permit market. A competitive equilibrium model with two markets (electricity spot and CO 2 ) is introduced in a stochastic framework. The equilibrium prices and the positions of the actors are characterized with the aid of a representative agent property. We discuss the impact of the CO 2 regulation on electricity prices, as well as the introduction of alternative trading schemes which lead to lower electricity prices. The last chapter is a study of the relations between hedging and industrial structure. We introduce and characterize the competitive equilibrium of an economy with three markets (retail, forward and spot) in the presence of uncertainty. The actors can have different industrial structures: retailer, producer, trader, or vertically integrated. We derive the relation between the prices and we compare the impact on prices and utilities of the presence of a forward market or of integrated actors. (author)

  9. Leisure Activity Engagement and Positive Affect Partially Mediate the Relationship Between Positive Views on Aging and Physical Health.

    Science.gov (United States)

    Hicks, Stephanie A; Siedlecki, Karen L

    2017-03-01

    To examine leisure activity engagement and positive affect as potential mediators for the relationships between positive views on aging (PVA) and two health outcomes: subjective health and physical limitations. Data from 5,194 participants from the German Ageing Survey (aged 40-91 years) were used to examine relationships between PVA to subjective health (assessed by self-rated health and perceived health change from past) and physical limitations (assessed via self-reported limitations on 10 activities). Leisure activity engagement and positive affect were examined as potential mediators in latent variable path analyses. Age moderation among these relationships was also examined. Leisure activity engagement and positive affect separately and jointly served to partially mediate the relationships between PVA and the health outcomes. When entered as joint mediators, positive affect no longer significantly predicted physical limitations, indicating a shared variance with leisure activity engagement. Age moderated the relationship between PVA and physical limitations; the relationship was stronger among older adults than among middle-aged adults. Leisure activity engagement and positive affect were shown to help explain the relationship between PVA and health, but differently for different health constructs and also among middle-aged and older adults. Findings provide further insight into ways in which PVA influence health. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  10. 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...

  11. 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

  12. 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

  13. 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...

  14. 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 ...

  15. 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...

  16. 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)

  17. 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.

  18. 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)

  19. 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 ...

  20. 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.

  1. 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

  2. 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

  3. 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.

  4. 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...

  5. 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.

  6. 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)

  7. 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.

  8. 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)

  9. 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.

  10. 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.

  11. 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 ...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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

  18. 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.

  19. 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.

  20. 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....

  1. 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

  2. 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...

  3. 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 ...

  4. 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.

  5. Mediation of glycosylated and partially-deglycosylated glucose oxidase of Aspergillus niger by a ferrocene-derivatised detergent.

    Science.gov (United States)

    Fraser, D M; Zakeeruddin, S M; Grätzel, M

    1992-01-30

    A ferrocene-derivatised detergent, (11-ferrocenylundecyl) trimethylammonium bromide (FTMAB), when oxidised to the corresponding ferricinium ion, was found by electrochemical studies to be an effective electron acceptor for reduced glucose oxidase of Aspergillus niger (EC 1.13.4) and thus acts as a electron-transfer mediator between glucose oxidase and a working electrode held at a potential sufficiently positive to reoxidise reduced FTMAB. An increase in mediating activity was produced when FTMAB was present in concentrations above its critical micelle concentration. An 'enzyme electrode' was formed by adsorption of glucose oxidase and FTMAB surfactant on a graphite rod. The electrode functioned as an amperometric biosensor for glucose in phosphate-buffered saline solution. A mixed micelle of glucose oxidase and FTMAB, probably adsorbed on the electrode surface, appears to be advantageous for the amperometric determination of glucose. Additionally, glucose oxidase was treated with alpha-mannosidase. When this partially-deglycosylated glucose oxidase was incorporated in an enzyme electrode, a 100-fold increase in the second-order rate constant (k) for electron transfer between the enzyme and FTMAB was observed, together with increased current densities, with respect to the equivalent values for FTMAB and commercial glucose oxidase. The use of deglycosylated enzymes in biosensors is suggested.

  6. 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

  7. 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)

  8. The valuation of equity warrants under the fractional Vasicek process of the short-term interest rate

    Science.gov (United States)

    Xiao, Weilin; Zhang, Weiguo; Zhang, Xili; Chen, Xiaoyan

    2014-01-01

    Motivated by the empirical evidence of long range dependence in short-term interest rates and considering the long maturities of equity warrants, we propose the fractional Vasicek model to describe the dynamics of the short rate in the pricing environment of equity warrants. Using the partial differential equation approach, we present a valuation model for equity warrants under the assumption that the short rate follows the fractional Vasicek process. After identifying the pricing model for equity warrants, we provide the parameter estimation procedure for the proposed pricing model. Since obtaining the values of equity warrants from the proposed model needs to solve a nonlinear equation, we employ a hybrid intelligent algorithm to get around this optimization problem. Furthermore, to illustrate the practicality of our proposed model, we conduct an empirical study to ascertain the performance of our proposed model using the data from China’s warrant market and the China Foreign Exchange Trade System. The comparison of traditional models (such as the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model) with our proposed model is also presented. The empirical results show that the mean absolute percentage error of our pricing model is 10.30%. By contrast, the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model applied to the same warrant produce mean absolute errors of 35.26%, 37.67%, 33.40%, 32.81%, respectively. Thus the long memory property in stochastic interest rates cannot be ignored in determining the valuation of equity warrants.

  9. 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...

  10. 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

  11. 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...

  12. 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)

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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...

  2. 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 ...

  3. 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...

  4. 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.

  5. Young adult's attachment style as a partial mediator between maternal functioning and young adult offsprings' functioning.

    Science.gov (United States)

    Ruiz, Sarah K; Harris, Susan J; Martinez, Pedro; Gold, Philip M; Klimes-Dougan, Bonnie

    2018-05-01

    The quality of our early attachment relationships with primary caregivers is carried forward to new developmental domains, including interpersonal contexts in adulthood. One of the factors that can disrupt early attachment is maternal depression, which may be associated with less responsive care and may impede the development of a secure attachment. Moreover, this disruption in secure attachment may act as a mechanism by which offspring of depressed mothers are more likely to experience their own psychopathology. In this study we predicted that attachment anxiety and avoidance would mediate the relationship between maternal depression diagnosis and functional impairment predicting young adult offspring's functional impairment. This study utilized longitudinal data from 98 families with clinically diagnosed depressed and well mothers, and two of their young adult children, an older and younger sibling (N = 123, Female = 75, Mage = 22.09, SD = 2.57). Mother's and young adult children's functioning was based on clinical ratings on the Global Assessment Scale. Attachment was based on the young adult's self-report on the Experiences in Close Relationships. Results indicate that maternal diagnosis and functional impairment predicted offspring's functional impairment. This relationship was partially mediated through offspring's attachment anxiety, but not attachment avoidance. The mediator and outcome variable were measured concurrently, thus causal implications are limited. Our study provides critical evidence that early experiences with depressed mothers may have influence into young adulthood in typical and atypical domains of development. This work extends our understanding of the impact of early experiences in long-term development, and may have treatment implications for intervening on both maternal and romantic relationships to improve attachment. Copyright © 2018 Elsevier B.V. All rights reserved.

  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...

  7. 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...

  8. 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

  9. 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 ...

  10. 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...

  11. 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...

  12. 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.

  13. What carries a mediation process? Configural analysis of mediation.

    Science.gov (United States)

    von Eye, Alexander; Mun, Eun Young; Mair, Patrick

    2009-09-01

    Mediation is a process that links a predictor and a criterion via a mediator variable. Mediation can be full or partial. This well-established definition operates at the level of variables even if they are categorical. In this article, two new approaches to the analysis of mediation are proposed. Both of these approaches focus on the analysis of categorical variables. The first involves mediation analysis at the level of configurations instead of variables. Thus, mediation can be incorporated into the arsenal of methods of analysis for person-oriented research. Second, it is proposed that Configural Frequency Analysis (CFA) can be used for both exploration and confirmation of mediation relationships among categorical variables. The implications of using CFA are first that mediation hypotheses can be tested at the level of individual configurations instead of variables. Second, this approach leaves the door open for different types of mediation processes to exist within the same set. Using a data example, it is illustrated that aggregate-level analysis can overlook mediation processes that operate at the level of individual configurations.

  14. The phosphoinositide 3-kinase/Akt-signal pathway mediates proliferation and secretory function of hepatic sinusoidal endothelial cells in rats after partial hepatectomy

    International Nuclear Information System (INIS)

    Chen Ping; Zhang Lin; Ding Jiming; Zhu Jin; Li Ying; Duan Shigang; Yan Hongtao; Huan Yongwei; Dong Jiahong

    2006-01-01

    Objective: To investigate the role of AKT signaling pathway in hepatic sinusoidal endothelial cells (SECs) early after partial hepatectomy in rats and the regulatory mechanisms involved. Methods: The animal model of 70% hepatectomy was made. Hepatic SECs were isolated and cultured according to Braet et al.'s method with some modifications. The cultured hepatic SECs were divided into two groups: 70% partial hepatectomy groups and LY294002 group (LY). We observed the expressions of AKT and NF-κB in cultured hepatic SECs by Western blot, measured the levels of NO, NOs, IL-6, and HGF in the supernatants of hepatic SEC cultures and [ 3 H]thymidine incorporation, and analyzed cell cycle of cultured hepatic SECs by flow cytometer. The relationship of the Akt pathway with secretions and proliferation of hepatic SECs after partial hepatectomy was probed. Results: The levels of Akt protein expression increased significantly after partial hepatectomy in OG group and with a peak at 24 h post operation. Meanwhile, there was a markedly increase in phosphorylated Akt protein during 2-72 h after operation. But the expression and activity of Akt protein did not change significantly after partial hepatectomy in the LY group. So, partial hepatectomy can marked induce Akt expression and result in rapid and marked phosphorylation of Akt from 2 to 72 h thereafter. The changes of NF-κB expression in cultured hepatic SECs were similar to those of Akt expression after operation. The concentrations of HGF and IL-6 in the supernatants of cultured hepatic SECs were relatively low in the LY group, and were markedly increased after partial hepatectomy, with a peak at 24 h in the OG group. There were significant differences between the OG and LY groups at 6 and 24 h (P < 0.05). Both NO and NOS secretion was increased in the OG group compared to the LY group within 24 h after partial hepatectomy. But the secretion of NO and NOS was increased more markedly in the LY group than that in the OG

  15. 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.

  16. 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...

  17. 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....

  18. 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

  19. 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.

  20. 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.

  1. 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...

  2. 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.

  3. 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 ...

  4. 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...

  5. Increase Economic Valuation of Marine Ecotourism Spots In Small Islands

    Science.gov (United States)

    Rahakbauw, Siska D.; Teniwut, Wellem A.; Renjaan, Meiskyana R.; Hungan, Marselus

    2017-10-01

    Ecotourism is one of the fast-growing sectors especially in the developing country as a source of revenue. To get a sustainable development of ecotourism, it needs broad and comprehensive effort from central government and local government, perfect example in that regards in Indonesia is Bali and Lombok. For another area in Indonesia like Kei Islands which located in two administrative governments have a major problem to build a sustainable nature-based tourism because of the location of this area to the major cities in the country makes the travel cost is high. This situation makes the role of local community as the backbone of the growth and development of nature-based tourism is critical. By using structural equation modeling (SEM), we constructed a model to enhance local community perception on economic valuation of ecotourism spots in the area. Results showed that perceived quality as the mediation driven by the intensity of appearance on national television and the internet could increase community attachment to increase willingness to pay from the local community on ecotourism in Kei islands. Also, the result also indicated that WTP value for the local community on ecotourism in Kei Islands was 10.81 per trip, with average trip per month was 1 to 4 times.

  6. 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...

  7. 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

  8. 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

  9. 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...

  10. 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 ...

  11. 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

  12. 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.

  13. 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...

  14. 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.

  15. 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

  16. Insomnia partially mediated the association between problematic Internet use and depression among secondary school students in China.

    Science.gov (United States)

    Li, Ji-Bin; Lau, Joseph T F; Mo, Phoenix K H; Su, Xue-Fen; Tang, Jie; Qin, Zu-Guo; Gross, Danielle L

    2017-12-01

    Background and aims This study aims to examine the mediating effects of insomnia on the associations between problematic Internet use, including Internet addiction (IA) and online social networking addiction (OSNA), and depression among adolescents. Methods A total of 1,015 secondary school students from Guangzhou in China participated in a cross-sectional survey. Levels of depression, insomnia, IA, and OSNA were assessed using the Center for Epidemiological Studies-Depression Scale, Pittsburgh Sleep Quality Index, Young's Diagnostic Questionnaire, and Online Social Networking Addiction Scale, respectively. Logistic regression models were fit to test the associations between IA, OSNA, insomnia, and depression. The mediation effects of insomnia were tested using Baron and Kenny's strategy. Results The prevalence of depression at moderate level or above (CES-D ≥ 21), insomnia, IA, and OSNA were 23.5%, 37.2%, 8.1%, and 25.5%, respectively. IA and OSNA were significantly associated with depression (IA: AOR = 2.79, 95% CI: 1.71, 4.55; OSNA: AOR = 3.27, 95% CI: 2.33, 4.59) and insomnia (IA: AOR = 2.83, 95% CI: 1.72, 4.65; OSNA: AOR = 2.19, 95% CI: 1.61, 2.96), after adjusting for significant background factors. Furthermore, insomnia partially mediated 60.6% of the effect of IA on depression (Sobel Z = 3.562, p high prevalence of IA and OSNA may be associated with increased risk of developing depression among adolescents, both through direct and indirect effects (via insomnia). Findings from this study indicated that it may be effective to develop and implement interventions that jointly consider the problematic Internet use, insomnia, and depression.

  17. 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...

  18. 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

  19. 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.

  20. 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...

  1. 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...

  2. 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

  3. 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.

  4. 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.

  5. 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…

  6. The relationship between Internet addiction and bulimia in a sample of Chinese college students: depression as partial mediator between Internet addiction and bulimia.

    Science.gov (United States)

    Tao, ZhuoLi

    2013-09-01

    It has been reported that Internet addiction is associated with substance dependence. Eating disorders have high rates of co-morbidity with substance use disorders. The relationship between Internet addiction and eating disorders was reported in a previous study. To examine the hypothesis that Internet addiction is closely associated with bulimia. The hypothesis that depression mediates the relationship between Internet addiction and bulimia symptoms was also tested. 2,036 Chinese college students were assessed on Internet addiction, eating behaviors and depression. Binge eating, compensatory behaviors, weight concern, menarche and weight change were also reported. Multiple regression analysis was used to test the mediating effect of depression. Internet addicts showed significantly higher scores on most subscales on EDI-1 than the controls. They reported significantly more binge eating, weight concern and weight change than the controls. Among all of the participants, depression was found to be a partial mediator in the relationship between Internet addiction and bulimia. This survey provides evidence of the co-morbidity of Internet addiction and bulimia.

  7. 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 ...

  8. 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...

  9. Natural resource valuation: 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. Today, this role is becoming all the more apparent in the conduct of natural resource damage assessments (NRDA) and cost-benefit analyses of environmental restoration (ER) and waste management (WM) activities. As such, environmental professionals are more interested in how natural resource values are affected by ER and WM activities. This professional interest extends to the use of NRDA values as measures of liability and legal causes of action under such environmental status as the Clean Water Act (CWA); the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA, as amended); and the Oil Pollution Act (OPA) of 1990. Also, environmental professionals are paying closer attention to NRDA values in cost-benefit analyses of risk and pollution-abatement standards, and in meeting environmental and safety standards - for achievable (ALARA). This handbook reviews natural resource valuation techniques that may be applied to resources at DOE sites within the foregoing contexts.

  10. Natural resource valuation: A primer on concepts and techniques

    International Nuclear Information System (INIS)

    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. Today, this role is becoming all the more apparent in the conduct of natural resource damage assessments (NRDA) and cost-benefit analyses of environmental restoration (ER) and waste management (WM) activities. As such, environmental professionals are more interested in how natural resource values are affected by ER and WM activities. This professional interest extends to the use of NRDA values as measures of liability and legal causes of action under such environmental status as the Clean Water Act (CWA); the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA, as amended); and the Oil Pollution Act (OPA) of 1990. Also, environmental professionals are paying closer attention to NRDA values in cost-benefit analyses of risk and pollution-abatement standards, and in meeting environmental and safety standards - for achievable (ALARA). This handbook reviews natural resource valuation techniques that may be applied to resources at DOE sites within the foregoing contexts

  11. 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. 

  12. Frontal cortical asymmetry may partially mediate the influence of social power on anger expression

    Directory of Open Access Journals (Sweden)

    Dongdong eLi

    2016-02-01

    Full Text Available When irritated by other people, powerful people usually tend to express their anger explicitly and directly, whereas people in less powerful positions are more likely not to show their feelings freely. The neural mechanism behind power and its influence on expression tendency has been scarcely explored. This study recorded frontal EEG activity at rest and frontal EEG activation while participants were engaged in a writing task describing an anger-eliciting event, in which they were irritated by people with higher or lower social power. Participants’ anger levels and expression inclination levels were self-reported on nine-point visual analog Likert scales, and also rated by independent raters based on the essays they had written. The results showed that high social power was indeed associated with greater anger expression tendency and greater left frontal activation than low social power. This is in line with the approach-inhibition theory of power. The mid-frontal asymmetric activation served as a partial mediator between social power and expression inclination. This effect may relate to the functions of the prefrontal cortex, which is in charge of information integration and evaluation and the control of motivation direction, as reported by previous studies.

  13. 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...

  14. 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...

  15. 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.

  16. 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.)

  17. 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 ...

  18. 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.

  19. 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...

  20. Property Valuation: Integration of Methods and Determination of Depreciation

    NARCIS (Netherlands)

    Tempelmans Plat, H.; Verhaegh, M.

    2000-01-01

    Property valuation up to now is a global guess. On the one hand we have the Investment Method which regards a property as just a sum of money, on the other hand we have the Contractor's Method which is based on the actual new construction costs of the building and the actual value of the land. Both

  1. Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

    Directory of Open Access Journals (Sweden)

    Yonggu Kim

    2017-10-01

    Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

  2. Impulse control disorders in Parkinson's disease are associated with dysfunction in stimulus valuation but not action valuation.

    Science.gov (United States)

    Piray, Payam; Zeighami, Yashar; Bahrami, Fariba; Eissa, Abeer M; Hewedi, Doaa H; Moustafa, Ahmed A

    2014-06-04

    A substantial subset of Parkinson's disease (PD) patients suffers from impulse control disorders (ICDs), which are side effects of dopaminergic medication. Dopamine plays a key role in reinforcement learning processes. One class of reinforcement learning models, known as the actor-critic model, suggests that two components are involved in these reinforcement learning processes: a critic, which estimates values of stimuli and calculates prediction errors, and an actor, which estimates values of potential actions. To understand the information processing mechanism underlying impulsive behavior, we investigated stimulus and action value learning from reward and punishment in four groups of participants: on-medication PD patients with ICD, on-medication PD patients without ICD, off-medication PD patients without ICD, and healthy controls. Analysis of responses suggested that participants used an actor-critic learning strategy and computed prediction errors based on stimulus values rather than action values. Quantitative model fits also revealed that an actor-critic model of the basal ganglia with different learning rates for positive and negative prediction errors best matched the choice data. Moreover, whereas ICDs were associated with model parameters related to stimulus valuation (critic), PD was associated with parameters related to action valuation (actor). Specifically, PD patients with ICD exhibited lower learning from negative prediction errors in the critic, resulting in an underestimation of adverse consequences associated with stimuli. These findings offer a specific neurocomputational account of the nature of compulsive behaviors induced by dopaminergic drugs. Copyright © 2014 the authors 0270-6474/14/347814-11$15.00/0.

  3. Taxpayer’s Perception to Tax Payment in Kind System in Support of SMEs’ Sustainability: Case of the South Korean Government’s Valuation of Unlisted Stocks

    Directory of Open Access Journals (Sweden)

    KapSoon Kim

    2017-08-01

    Full Text Available In Korea, unlisted stock shares are accepted as payment for inheritance tax. In the case of insufficient cash, a taxpayer can pay the government with listed or unlisted stocks (hereinafter referred to as “tax payment in kind”. The drawback of this tax payment system is that receiving tax paid with stocks is subject to the valuation of the government and selling the stocks to an open market requires another valuation. The results of these two valuations show considerable differences, and, therefore, the selling price in the open market is very low. This study analyzes how taxpayers recognize the differences in the valuation results of these unlisted stocks and how the differences affect the pricing for repurchasing the stocks from the open market. Results show that high valuation of unlisted stocks in tax payment in kind drives buyers to lower the purchasing price in the open market. This finding implies a problem in the government’s valuation method of unlisted stocks collected as tax.

  4. Beyond Level 4: Tying HPT to Valuation of Intangible Assets.

    Science.gov (United States)

    Gayeski, Diane

    2001-01-01

    Considers how human performance technology (HPT) can achieve greater recognition in the mainstream business world by developing interventions that are framed in terms of enhancing the overall valuation of the organization's intangible assets. Discusses a consulting model that can be used with clients and stakeholders to identify barriers to…

  5. Évaluation | CRDI - Centre de recherches pour le développement ...

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

    Les évaluations examinent les résultats et nous aident à mieux comprendre ... Ces examens constituent notre principal outil de reddition de compte, en ce qui ... Qualité de la recherche plus Assessment Instrument · Principes de reddition de ...

  6. Valuation of the impacts from road traffic fuels

    Energy Technology Data Exchange (ETDEWEB)

    Otterstroem, T. [Ekono Energy Ltd, Espoo (Finland)

    1995-12-31

    Energy Ltd. participated in 1993 in the MOBILE research programme of the Ministry of Trade and Industry (MTI) by carrying out the project `Valuation of the impacts of road traffic fuels emissions`. The project was financed by the MTI, Ekono Energy Ltd and Neste Oy. The aim of the project was to assess the external costs of Finnish road traffic, which are incurred by the environmental effects of fuel related emissions (motor petrol and diesel fuel). To this end, the survey studied the environmental impacts of emissions on people and the environment locally, nationally and globally. The main target was to develop a method for calculating the economic value of these effects. The method has been applied to road traffic emissions in 1990 and emission forecasts for 2000. The valuation calculations made should be regarded as indicative examples. The article presents a possible way of assessing the cost of effects. This kind of review indicates the cost of impacts compared with the cost of reducing emissions. It also indicates the way in which environmental taxes could be developed and reveals those impacts which should be researched and the impacts and emissions components the restricting of which should be enhanced. (author)

  7. Valuation of the impacts from road traffic fuels

    Energy Technology Data Exchange (ETDEWEB)

    Otterstroem, T [Ekono Energy Ltd, Espoo (Finland)

    1996-12-31

    Energy Ltd. participated in 1993 in the MOBILE research programme of the Ministry of Trade and Industry (MTI) by carrying out the project `Valuation of the impacts of road traffic fuels emissions`. The project was financed by the MTI, Ekono Energy Ltd and Neste Oy. The aim of the project was to assess the external costs of Finnish road traffic, which are incurred by the environmental effects of fuel related emissions (motor petrol and diesel fuel). To this end, the survey studied the environmental impacts of emissions on people and the environment locally, nationally and globally. The main target was to develop a method for calculating the economic value of these effects. The method has been applied to road traffic emissions in 1990 and emission forecasts for 2000. The valuation calculations made should be regarded as indicative examples. The article presents a possible way of assessing the cost of effects. This kind of review indicates the cost of impacts compared with the cost of reducing emissions. It also indicates the way in which environmental taxes could be developed and reveals those impacts which should be researched and the impacts and emissions components the restricting of which should be enhanced. (author)

  8. Relative level of occurrence of the principal heuristics in Nigeria property valuation

    Directory of Open Access Journals (Sweden)

    Iroham C.O.,

    2013-06-01

    Full Text Available The neglect of the other principal heuristics namely avaialability, representative and positivity in real estate behaviourial property research as against the exclusive focus on anchoring and adjustment heuristics invariably results to a lopsided research. This work studied the four principal heuristics in property behaviourial property valutaion in a bid to discovering its relative level of occurrence. The study adopted a cross-sectional questionnaire survey approach of 159 of the 270 Head Offices of Estate Surveying and Valuation firms in Lagos Metropolis, while 29 and 30 questionnaire were distributed to the Head Offices of the entire Estate Surveying and Valuation Firms in Abuja and Port-Harcourt respectively. The data gotten was analyzed with the aid of Statistical Package for the Social Sciences first using frequency distributions/means and the data so analyzed was further analyzed using maximum and minimum values, means/standard deviations and ultimately ranking of such means. The result revealed that respondents use the various principal heuristics in this decreasing order of magnitude: availability heuristics (26.77%, anchoring and adjustment heuristics (18.62%; representative heuristics (15.63% and least of all positivity heuristics (10.41%. The authors thereby opined that emphasis be placed more on availability heuristics research particularly as usage of heuristcis (anchoring and adjustment has been seen to influence valuation inconsistency/accuracy

  9. Home Garden Ecosystem Services Valuation through a Gender Lens: A Case Study in the Catalan Pyrenees

    Directory of Open Access Journals (Sweden)

    Laura Calvet-Mir

    2016-07-01

    Full Text Available Ecosystem services have become a critical issue in the environmental literature, however knowledge on whether women and men similarly value ecosystem services is still nascent. We aim at advancing the understanding of the relation between gender and environmental perceptions through the analysis of values assigned by women and men to ecosystem services supplied by home gardens in Vall Fosca (Catalan Pyrenees, north-eastern Spain. We found that women give a higher value than men to all ecosystem services. Overall, women’s valuation of the full range of ecosystem services provided by home gardens was 7.55% higher than men’s valuation. Gender socialization influences the way people interact with and value the environment, including highly managed environments such as home gardens. We argue that considering gendered differences in ecosystem services valuation may lead to policies more effective in enhancing ecosystem services provision.

  10. Application of the contingent valuation method to estimate a ...

    African Journals Online (AJOL)

    The values of freshwater inflows into the Kowie and the Kromme Estuaries were calculated at R0.072/m3 and R0.013/m3, respectively. Total WTP values were estimated at R938 296.59 and R974 019.20, respectively. A valuation function to predict willingness-to-pay was predicted using the Tobit model estimation of linear ...

  11. Évaluation organisationnelle | CRDI - Centre de recherches pour le ...

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

    28 oct. 2011 ... Charles Lusthaus, Gary Anderson, Marie-Hélène Adrien et Elaine Murphy (CRDI 1995). Autres outils et ressources. Le site Web Reflect & Learn a vu le jour grâce à Universalia, au Center for Educational Leadership de l'Université McGill et au CRDI. Il a pour but d'améliorer l'évaluation organisationnelle ...

  12. Monetary Valuation of Natural Forest Habitats in Protected Areas

    Czech Academy of Sciences Publication Activity Database

    Pechanec, V.; Machar, I.; Štěrbová, Lenka; Prokopová, Marcela; Kilianová, H.; Chobot, K.; Cudlín, Pavel

    2017-01-01

    Roč. 8, č. 11 (2017), č. článku 427. ISSN 1999-4907 Institutional support: RVO:86652079 Keywords : mapping ecosystem services * environmental services * biodiversity conservation * ecological resilience * valuing biodiversity * floodplain forests * economic valuation * cost-effectiveness * management * payments * monetary value of forest biodiversity * Natura 2000 * special area of conservation Subject RIV: GK - Forestry OBOR OECD: Forestry Impact factor: 1.951, year: 2016

  13. Influence of the endowment effect on the valuation of goods. An experimental verification.

    Directory of Open Access Journals (Sweden)

    Magdalena Gawrońska

    2015-09-01

    Full Text Available The article refers to the issue of the endowment effect, which acts as a mechanism that influences valuation. The paper’s main aim is to verify the endowment effect phenomenon for branded, fast-moving consumer goods. The subject of this paper also includes examining whether short-term possession, generates the endowment effect. It also studies how the possibility of using a product influences the power of the examined phenomenon. In order to verify the proposed hypothesis, an economic experiment was used. Its results were analyzed with the use of descriptive statistics and econometric methods. The study demonstrated that the endowment effect determines the perception of goods and influences their valuation.

  14. The tension between nature conservation and economic valuation of ecosystem services

    NARCIS (Netherlands)

    Admiraal, J.F.

    2016-01-01

    Economic valuation of ecosystem services is a popular yet troubled approach in modern nature conservation. It's effectiveness remains unknown while a lot of criticism is noted in the literature about potential consequences of this approach. This thesis first clarifies the various discourses extant

  15. The Subjective Well-Being Method of Valuation: An Application to General Health Status.

    Science.gov (United States)

    Brown, Timothy T

    2015-12-01

    To introduce the subjective well-being (SWB) method of valuation and provide an example by valuing health status. The SWB method allows monetary valuations to be performed in the absence of market relationships. Data are from the 1975-2010 General Social Survey. The value of health status is determined via the estimation of an implicit derivative based on a happiness equation. Two-stage least-squares was used to estimate happiness as a function of poor-to-fair health status, annual household income adjusted for household size, age, sex, race, marital status, education, year, and season. Poor-to-fair health status and annual household income are instrumented using a proxy for intelligence, a temporal version of the classic distance instrument, and the average health status of individuals who are demographically similar but geographically separated. Instrument validity is evaluated. Moving from good/excellent health to poor/fair health (1 year of lower health status) is equivalent to the loss of $41,654 of equivalized household income (2010 constant dollars) per annum, which is larger than median equivalized household income. The SWB method may be useful in making monetary valuations where fundamental market relationships are not present. © Health Research and Educational Trust.

  16. Hering S.A. Valuation

    Directory of Open Access Journals (Sweden)

    Roberto Fukuzawa

    2017-07-01

    Full Text Available The case studies real investment decisions and firm valuation. Hering S.A is a textile and retail clothing company listed in BM&FBovespa stock exchange. This case, based on newspaper articles and public information detailed in the text, (i enables the students to analyze the real investment decisions taken by investors that bought Hering´s stocks and at the same time (ii challenges the students to formulate assumptions to value the firm based on public information such as: financial statements, macroeconomic indicators and other market variables. The result obtained by the students can be confronted in the classroom for further discussion about (i the assumptions used and (ii the stock prices calculated. Such discussion can explicit the biases arising from the motivation of the evaluators considering that different assumptions may have been adopted based on different interests (buyer’s, seller’s, etc..

  17. An Overview of Intellectual Property and Intangible Asset Valuation Models

    Science.gov (United States)

    Matsuura, Jeffrey H.

    2004-01-01

    This paper reviews the economic models most commonly applied to estimate the value of intellectual property and other forms of intangible assets. It highlights the key strengths and weaknesses of these models. One of the apparent weaknesses of the most commonly used valuation models is the failure to incorporate legal rights into their…

  18. On the Payoff Valuations of Investment Strategies: A Case of ...

    African Journals Online (AJOL)

    We also determine among the companies, which of them yield the highest returns at time t. We find that investors may not invest in some of the companies as a result of poor performance that arises from the high risk involve in the investments. Keywords: Payoff valuation; Investment strategy; Stock price; Stochastic.

  19. Motivations, Valuation, and Performance Assessment in Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2016-01-01

    This chapter focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

  20. Coordonnateur (h/f), Section de l'évaluation | CRDI - Centre de ...

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

    Résumé des fonctions Le coordonnateur de la Section de l'évaluation doit: ... des recommandations sur les processus administratifs et opérationnels afin ... à la DAS l'information à saisir dans le système de gestion des subventions et des ...

  1. Individualism and the extended-self: cross-cultural differences in the valuation of authentic objects.

    Science.gov (United States)

    Gjersoe, Nathalia L; Newman, George E; Chituc, Vladimir; Hood, Bruce

    2014-01-01

    The current studies examine how valuation of authentic items varies as a function of culture. We find that U.S. respondents value authentic items associated with individual persons (a sweater or an artwork) more than Indian respondents, but that both cultures value authentic objects not associated with persons (a dinosaur bone or a moon rock) equally. These differences cannot be attributed to more general cultural differences in the value assigned to authenticity. Rather, the results support the hypothesis that individualistic cultures place a greater value on objects associated with unique persons and in so doing, offer the first evidence for how valuation of certain authentic items may vary cross-culturally.

  2. Correcting for non-response bias in contingent valuation surveys concerning environmental non-market goods

    DEFF Research Database (Denmark)

    Bonnichsen, Ole; Olsen, Søren Bøye

    2016-01-01

    Data collection for economic valuation by using Internet surveys and pre-recruited Internet panels can be associated with severe disadvantages. Problems concerning sample coverage and sample representativeness can be expected. Representation errors may occur since people can choose whether....... This paper analyses a sample used for an Internet contingent valuation method survey eliciting preferences for improvements in water quality of a river. We find that some variables that affect the survey participation decision also affect willingness-to-pay, consequently biasing our welfare estimates. We...... show how adjusting willingness-to-pay for this bias can be accomplished by using a grouped data model incorporating a correlation parameter to account for selection....

  3. A cultural and social cognitive model of differences in acculturation orientations, alcohol expectancies, and alcohol-related risk behaviors among Hispanic college students.

    Science.gov (United States)

    Des Rosiers, Sabrina E; Schwartz, Seth J; Zamboanga, Byron L; Ham, Lindsay S; Huang, Shi

    2013-04-01

    The present study used a cultural and social cognitive conceptual framework to investigate whether alcohol expectancies and valuations would mediate the associations between specific acculturation orientations and alcohol-related risk behaviors. The sample comprised 1,527 Hispanic students attending colleges and universities in diverse regions of the United States. Respondents completed self-report measures of Hispanic and American cultural practices; alcohol expectancies and valuations; and self-reported frequency of hazardous alcohol use, binge drinking, sexual activity under the influence of alcohol, driving under the influence of alcohol, and riding with a drunk driver. Latent class analysis was used to classify participants into acculturation orientations. Results indicated that acculturation orientations were differentially associated with alcohol-related risk outcomes, with separated bicultural and low bicultural orientations inversely related to all of the alcohol-related risk behaviors except for riding with a drunk driver. Negative expectancy valuations were positively associated with endorsement of binge drinking and drunk driving and negative expectancies were negatively associated with binge drinking, drunk driving, and riding with a drunk driver. With the exception of sexual activity under the influence of alcohol, the associations between acculturation orientations and alcohol-related risk behaviors were partially mediated by positive alcohol expectancies. Our findings provided relevant data that are informative for preventing alcohol and related risk behaviors among Hispanic college students. © 2012 Wiley Periodicals, Inc.

  4. The ecosystem services valuation tool and its future developments

    OpenAIRE

    Liekens, Inge; Broekx, Steven; Smeets, Nele; Staes, Jan; Biest, Van der, Katrien; Schaafsma, Marije; Nocker, De, Leo; Meire, Patrick; Cerulus, Tanya

    2014-01-01

    Abstract: Although methodologies for classification, quantification, and valuation of ecosystem services are improving drastically, applications of the ecosystem services concept in day-to-day decision-making processes remain limited, especially at the planning level. Nevertheless, spatial planning decisions would benefit from systematic considerations of their effects on ecosystem services. Assessing the impacts of policy on a wide range of ecosystem services contributes to more cost-effecti...

  5. The equity premium in finance and valuation textbooks

    OpenAIRE

    Fernandez, Pablo

    2008-01-01

    This paper is a review of the recommendations about the equity premium found in the main finance and valuation textbooks. We review several editions of books written by authors such as Brealey and Myers; Copeland, Koller and Murrin (McKinsey); Ross, Westerfield and Jaffe; Bodie, Kane and Marcus; Damodaran; Copeland and Weston; Van Horne; Bodie and Merton; Stowe et al.; Pratt; Penman; Bruner; Weston & Brigham; and Arzac. We highlight the confusing message the textbooks convey regarding the equ...

  6. 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

  7. COMPARABLE VALUATION METHOD A NEW APPROACH. CASE STUDY: A ROMANIAN FLEXOGRAPHIC PRINTING FIRM

    Directory of Open Access Journals (Sweden)

    Kovacs Imola

    2010-12-01

    Full Text Available This study presents the valuation scheme of a flexographic printing industry firm. The industry, the technology used and most importantly the firm being young ones, it is not possible to use the classical comparable valuation methods. The new approach in this matter is to use as benchmark financial ratios not those related to the price of the firm (as P/E, P/S, P/BV, P/CF, P/CAPEX, but those related to the structure of the income statement, financial and operating leverage using 13 Romanian and 6 Hungarian reference firms data. Our main contribution to this line of research is to solve the problem of lack of reference data regarding the price, the benchmark companies not being listed on any stock exchange.

  8. Valuing Externalities of Watershed Restoration and Erosion Control Projects in Mediterranean Basins: A Comparative Analysis of the Contingent Valuation and Replacement Cost Methods

    OpenAIRE

    Saez, Maria Del Carmen Almansa; Calatrava-Requena, Javier

    2002-01-01

    The methodology used for Economic Valuation of the Externalities generated by the Watershead Restoration and Erosion Control Projects in the Hydrographic Basins of the Mediterranean Slope, is based on the Replacement Cost Method. Environmental Economics, however, today offer us other methodological possibilities, whose application to the valuation of this type of project may prove to be of interest. It is the case of the Contingent Valuation Method used for the evaluation of the effects of th...

  9. National Accounting and the Valuation of Ecosystem Assets and Their Services

    NARCIS (Netherlands)

    Obst, Carl; Hein, Lars; Edens, Bram

    2016-01-01

    There has long been interest in integrating the value of environmental stocks and flows into standard measures of economic activity and wealth, in particular through the development of adjusted measures of GDP and extended measures of national wealth. This paper examines how the valuation of

  10. Antagonism between abscisic acid and gibberellins is partially mediated by ascorbic acid during seed germination in rice.

    Science.gov (United States)

    Ye, Nenghui; Zhang, Jianhua

    2012-05-01

    The antagonism between abscisic acid (ABA) and gibberellin (GA) plays a key role in controlling seed germination, but the mechanism of antagonism during this process is not known. In the associated study, we investigated the relationship among ABA, reactive oxygen species (ROS), ascorbic acid (ASC) and GA during rice seed germination. ROS production is reduced by ABA, which hence results in decreasing ASC accumulation during imbibition. GA accumulation was also suppressed by a reduced ROS and ASC level, whereas application of exogenous ASC can partially rescue seed germination from ABA treatment. Further results show that production of ASC, which acts as a substrate in GA biosynthesis, was significantly inhibited by lycorine which thus suppressed the accumulation of GA. Consequently, expression of GA biosynthesis genes was suppressed by the low levels of ROS and ASC in ABA-treated seeds. These studies reveal a new role for ASC in mediating the antagonism between ABA and GA during seed germination in rice.

  11. Economic perspectives of risk distribution system asset management: principles of risk valuation of grid investments

    Energy Technology Data Exchange (ETDEWEB)

    Rud, Linda

    2010-07-01

    A main challenge of the electricity grid company is to target the right level and choice of grid investment, maintenance and renewal. The nature of grid investments poses special challenges in determining the investment cash flow, partly because a main product of the grid investment often is to improve future performance, for example in terms of increased reliability. An essential aspect of valuing grid investments is to address the value of risk. The objective of this report is to apply the insight from economic theories of risk valuation to understand fundamental aspects of the valuation of risky grid investments. (Author)

  12. Valuation of Volunteer Work in the Satellite Account of Non-Profit Institutions

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2017-12-01

    Full Text Available Volunteer work constitutes an important input into the activities of non-profit institutions. However, in the core system of national accounts, volunteering falls outside the production boundary even if it leads to the production of services. By doing so, national accounts inevitably underestimates the contribution of non-profit institutions to the well-being. This shortcoming is overcome by the Satellite Account of Non-profit Institutions complementing and extending the concept of national accounts chiefly by incorporation of the value of volunteering and by full coverage of non-profit institutions classified in a number of economic sectors. This paper is an attempt to address the key issue that is the way of volunteer work´s valuation for analytical purposes. We will discuss different approaches to the valuation and their impact on key macroeconomic aggregates.

  13. Research on the Applicable Method of Valuation of Pure Electric Used vehicles

    Science.gov (United States)

    Cai, yun; Tan, zhengping; Wang, yidong; Mao, pan

    2018-03-01

    With the rapid growth in the ownership of pure electric vehicles, the research on the valuation of used electric vehicles has become the key to the development of the pure electric used vehicle market. The paper analyzed the application of the three value assessment methods, current market price method, capitalized earning method and replacement cost method, in pure electric used vehicles, and draws a conclusion that the replacement cost method is more suitable for pure electric used car. At the same time, the article also conducted a parametric correction exploration research, aiming at the characteristics of pure electric vehicles and replacement cost of the constituent factors. Through the analysis of the applicability parameters of physical devaluation, functional devaluation and economic devaluation, the revised replacement cost method can be used for the valuation of purely used electric vehicles for private use.

  14. Valuation In The Constitutional Era

    Directory of Open Access Journals (Sweden)

    Elmien du Plessis

    2015-12-01

    Full Text Available The Constitution brought about a new compensation regime for expropriations. Compensation for expropriation must now be "just and equitable". Whereas before the Constitution came into force market value played a central role in compensation for expropriation, market value is now only one factor or aspect of compensation that the court needs to take into account. Yet we find that courts tend to focus on market value and to still employ the valuation methods used to calculate market value. This article argues that the methods used to calculate the market value, once thought to be objective, are not as objective as was believed. While it is impossible to give judges specific tools for the assessment of market value, this article provides guidelines on how the calculation of compensation should be approached.

  15. Contextual and social influences on valuation and choice.

    Science.gov (United States)

    Engelmann, Jan B; Hein, Grit

    2013-01-01

    To survive in our complex environment, we have to adapt to changing contexts. Prior research that investigated how contextual changes are processed in the human brain has demonstrated important modulatory influences on multiple cognitive processes underlying decision-making, including perceptual judgments, working memory, as well as cognitive and attentional control. However, in everyday life, the importance of context is even more obvious during economic and social interactions, which often have implicit rule sets that need to be recognized by a decision-maker. Here, we review recent evidence from an increasing number of studies in the fields of Neuroeconomics and Social Neuroscience that investigate the neurobiological basis of contextual effects on valuation and social choice. Contrary to the assumptions of rational choice theory, multiple contextual factors, such as the availability of alternative choice options, shifts in reference point, and social context, have been shown to modulate behavior, as well as signals in task-relevant neural networks. A consistent picture that emerges from neurobiological results is that valuation-related activity in striatum and ventromedial prefrontal cortex is highly context dependent during both social and nonsocial choice. Alternative approaches to model and explain choice behavior, such as comparison-based choice models, as well as implications for future research are discussed. Copyright © 2013 Elsevier B.V. All rights reserved.

  16. 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.

  17. De l’évaluation, considérée comme une relation de service

    Directory of Open Access Journals (Sweden)

    Marc Nagels

    2011-01-01

    Full Text Available Le but de l’étude est de formuler un modèle explicatif des attitudes des étudiants et des enseignants confrontés à l’évaluation des enseignements en formation supérieure. Au cœur d’une relation de service destinée à favoriser et à réguler les apprentissages, l’évaluation est considérée selon sa double dimension d’ « objet d’usage » par les étudiants évaluateurs et d’ « objet de service » par les enseignants. Trois types de représentations communes aux étudiants et aux enseignants sont identifiés. Ils éclairent les comportements et les dynamiques sociales autour de l’évaluation. Situer l’évaluation dans le cadre d’une relation de service offre une perspective nouvelle aux ingénieurs de formation et responsables pédagogiques : celle des compromis, des jeux conversationnels et des facteurs d’engagement ou de désengagement des acteurs en relation avec un contexte institutionnel donné.The purpose of this study is to formulate an explanatory model of the attitudes of students and teachers confronted with teaching evaluation in higher education. In a service relationship intended to facilitate and regulate learning, this evaluation is seen as having a double dimension of « object of use » by assessing students and of « object of service » by teachers. Three kinds of representations are identified as common to students and teachers. They enlighten the actors’ behaviour and the social dynamics which govern evaluation. Situating evaluation within the framework of a service relationship offers a new perspective to training designers: that of compromises, of conversational games and of factors of commitment or of disengagement of teachers in connection with a given institutional context.

  18. The Impact of International Diversification on the Corporate Valuation

    OpenAIRE

    Jakubenko Alena Anatol'evna

    2014-01-01

    The article deals with the impact of international diversification strategy on the corporate valuation. It describes theory basis that can explain the sources for value added in companies that use diversification strategy. The article gives also the comprehensive view on the methodology of evaluation of international diversification influence on the corporate value and comparative analysis of inconsistent empirical results of different researches concerning the nature of key relationships’ be...

  19. The valuation of nursing begins with identifying value drivers.

    Science.gov (United States)

    Rutherford, Marcella M

    2010-03-01

    Adequate investment in a profession links to its ability to define and document its value. This requires identifying those elements or value drivers that demonstrate its worth. To completely identify nursing's value drivers requires meshing the economic, technical, and caring aspects of its profession. Nursing's valuation includes assessing nursing's tangible and intangible assets and documenting these assets. This information communicates nursing's worth and ensures adequate economic investment in its services.

  20. Convertible bond valuation focusing on Chinese convertible bond market

    OpenAIRE

    Yang, Ke

    2010-01-01

    This paper mainly discusses the methods of valuation of convertible bonds in Chinese market. Different from common convertible bonds in European market, considering the complicate features of Chinese convertible bond, this paper represents specific pricing approaches for pricing convertible bonds with different provisions along with the increment of complexity of these provisions. More specifically, this paper represents the decomposing method and binomial tree method for pricing both of Non-...

  1. Indication of Importance of Including Soil Microbial Characteristics into Biotope Valuation Method.

    Czech Academy of Sciences Publication Activity Database

    Trögl, J.; Pavlorková, Jana; Packová, P.; Seják, J.; Kuráň, P.; Kuráň, J.; Popelka, J.; Pacina, J.

    2016-01-01

    Roč. 8, č. 3 (2016), č. článku 253. ISSN 2071-1050 Institutional support: RVO:67985858 Keywords : biotope assessment * biotope valuation method * soil microbial communities Subject RIV: DJ - Water Pollution ; Quality Impact factor: 1.789, year: 2016

  2. Neural correlates of economic value and valuation context: an event-related potential study.

    Science.gov (United States)

    Tyson-Carr, John; Kokmotou, Katerina; Soto, Vicente; Cook, Stephanie; Fallon, Nicholas; Giesbrecht, Timo; Stancak, Andrej

    2018-05-01

    The value of environmental cues and internal states is continuously evaluated by the human brain, and it is this subjective value that largely guides decision making. The present study aimed to investigate the initial value attribution process, specifically the spatiotemporal activation patterns associated with values and valuation context, using electroencephalographic event-related potentials (ERPs). Participants completed a stimulus rating task in which everyday household items marketed up to a price of £4 were evaluated with respect to their desirability or material properties. The subjective values of items were evaluated as willingness to pay (WTP) in a Becker-DeGroot-Marschak auction. On the basis of the individual's subjective WTP values, the stimuli were divided into high- and low-value items. Source dipole modeling was applied to estimate the cortical sources underlying ERP components modulated by subjective values (high vs. low WTP) and the evaluation condition (value-relevant vs. value-irrelevant judgments). Low-WTP items and value-relevant judgments both led to a more pronounced N2 visual evoked potential at right frontal scalp electrodes. Source activity in right anterior insula and left orbitofrontal cortex was larger for low vs. high WTP at ∼200 ms. At a similar latency, source activity in right anterior insula and right parahippocampal gyrus was larger for value-relevant vs. value-irrelevant judgments. A stronger response for low- than high-value items in anterior insula and orbitofrontal cortex appears to reflect aversion to low-valued item acquisition, which in an auction experiment would be perceived as a relative loss. This initial low-value bias occurs automatically irrespective of the valuation context. NEW & NOTEWORTHY We demonstrate the spatiotemporal characteristics of the brain valuation process using event-related potentials and willingness to pay as a measure of subjective value. The N2 component resolves values of objects with a

  3. Valuation of climate change mitigation co-benefits

    DEFF Research Database (Denmark)

    Bakhtiari, Fatemeh

    a broad range of economic or, more likely, environmental and social issues. Examples of positive environmental impacts that may not be the primary outcome of a climate change mitigation policy include reduced local air pollution or restored ecosystem health. Examples of positive social impacts include......This document describes tools for valuating in monetary terms the co-benefits associated with climate change mitigation actions. The term co-benefits refers to outcomes of those actions other than their primary outcome (reducing greenhouse-gas emissions). Such non-primary outcomes can fall under...... improved human health or increased access to clean energy....

  4. An Improved Valuation Model for Technology Companies

    Directory of Open Access Journals (Sweden)

    Ako Doffou

    2015-06-01

    Full Text Available This paper estimates some of the parameters of the Schwartz and Moon (2001 model using cross-sectional data. Stochastic costs, future financing, capital expenditures and depreciation are taken into account. Some special conditions are also set: the speed of adjustment parameters are equal; the implied half-life of the sales growth process is linked to analyst forecasts; and the risk-adjustment parameter is inferred from the company’s observed stock price beta. The model is illustrated in the valuation of Google, Amazon, eBay, Facebook and Yahoo. The improved model is far superior to the Schwartz and Moon (2001 model.

  5. 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.

  6. Practical differences in business valuation using the market value, value in use and the value for price negotiations

    OpenAIRE

    Vlček, Michal

    2010-01-01

    This thesis aims to explain the basic characteristics of valuation method in practice use. The first chapter is about basic character of each method of valuation and factors which influence its applicability. The second chapter mentions estimation of market value/appraisal, includes affecting factors. Then, the third and fourth parts aim to comparing these appraisals (market. vs. price bargaining, subjective and objective, complex appraisal) and price formation for price bargaining in the Cze...

  7. Valuation of Wind Energy Projects: A Real Options Approach

    Directory of Open Access Journals (Sweden)

    Luis M. Abadie

    2014-05-01

    Full Text Available We address the valuation of an operating wind farm and the finite-lived option to invest in it under different reward/support schemes: a constant feed-in tariff, a premium on top of the electricity market price (either a fixed premium or a variable subsidy such as a renewable obligation certificate or ROC, and a transitory subsidy, among others. Futures contracts on electricity with ever longer maturities enable market-based valuations to be undertaken. The model considers up to three sources of uncertainty: the electricity price, the level of wind generation, and the certificate (ROC price where appropriate. When analytical solutions are lacking, we resort to a trinomial lattice combined with Monte Carlo simulation; we also use a two-dimensional binomial lattice when uncertainty in the ROC price is considered. Our data set refers to the UK. The numerical results show the impact of several factors involved in the decision to invest: the subsidy per MWh generated, the initial lump-sum subsidy, the maturity of the investment option, and electricity price volatility. Different combinations of variables can help bring forward investments in wind generation. One-off policies, e.g., a transitory initial subsidy, seem to have a stronger effect than a fixed premium per MWh produced.

  8. Do Managers Trade on Public or Private Information? : Evidence from Fundamental Valuations

    NARCIS (Netherlands)

    D. Veenman (David)

    2012-01-01

    textabstractUsing accounting-based (residual income) valuations, this study examines the extent to which abnormal returns after insider share trades are explained by private information versus mispricing of public information. For a sample of insider trades in the Netherlands (1999- 2008), I find

  9. Spatial quantification and valuation of cultural ecosystem services in an agricultural landscape

    NARCIS (Netherlands)

    van Berkel, D.B.; Verburg, P.H.

    2014-01-01

    While the spatial and economic quantification and valuation of ecosystem services is becoming increasingly recognised as a way to communicate the importance of ecosystem conservation, little attention has been given to cultural services of the landscape. Cultural services form an important part of

  10. Financial accounting as a method of household finance capacity valuation

    OpenAIRE

    A. B. Untanov

    2017-01-01

    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 similaritie...

  11. Changes in triglycerides and high-density lipoprotein cholesterol may precede peripheral insulin resistance, with 2-h insulin partially mediating this unidirectional relationship: a prospective cohort study.

    Science.gov (United States)

    Han, Tianshu; Cheng, Yu; Tian, Shuang; Wang, Li; Liang, Xi; Duan, Wei; Na, Lixin; Sun, Changhao

    2016-11-04

    Results of longitudinal researches regarding the temporal relationship between dyslipidemia and insulin resistance (IR) are inconsistent. This study assessed temporal relationships of blood lipids with IR and determined whether there are any mediating effects existed in these temporal relationships. This study examined a longitudinal cohort of 3325 subjects aged 20-74 years from China with an average of 4.2 years follow-up. Measurements of fasting blood lipids, as well as fasting and 2-h serum glucose and insulin, were obtained at two time points. The Gutt index and HOMA-IR were calculated as indicators of peripheral IR and hepatic IR. A cross-lagged path analysis was performed to examine the temporal relationships between blood lipids and IR. A mediation analysis was used to examine mediating effect. After adjusting for covariates, the cross-lagged path coefficients from baseline TG and HDL-C to follow-up Gutt index were significantly greater than those from baseline Gutt index to follow-up TG and HDL-C (β 1  = -0.131 vs β 2  = -0.047, P index with a 59.3% mediating effect for TG and 61.0% for HDL-C. These findings provide strong evidence that dyslipidemia probably precede peripheral IR and that 2-h insulin partially mediates this unidirectional temporal relationship.

  12. Issues in the valuation of travel time savings

    DEFF Research Database (Denmark)

    Gissel, Stine

    1998-01-01

    The subject of the paper is the valuation of travel time savings (emanating from investment in transport infrastructure). In the first part of the paper the question is approached within a microeconomic framework. It is discussed if and how the theory can give indications on the relative value...... of travel time elements and on the extrapolation of time values into the future. In the second part of the paper the same questions are investigated on the basis of the results of several empirical studies....

  13. Policy incentives for switchgrass production using valuation of non-market ecosystem services

    International Nuclear Information System (INIS)

    Chamberlain, Jim F.; Miller, Shelie A.

    2012-01-01

    This study presents a linear profit model with combined economic and environmental factors for a switchgrass-for-biofuels agricultural system in the southeastern U.S. The objectives are to establish conversion-to-switchgrass thresholds for various market prices and identify policy incentives that would ensure economic profit while also maximizing environmental benefits (carbon sequestration, displacement of fossil fuels) and minimizing negative impacts (global warming potential, nitrate loss). Weighting factors are chosen to represent incentives and penalties by assigning value to the impacts. With no other incentives, switchgrass market prices of at least $51 and $58/dton would be needed in order to make a profitable switch from corn/Conservation Reserve Program (CRP) lands and cotton, respectively. At a mid-range offering of $50/dton, feasible carbon credit prices of $3/ $8/ $23 per metric tonne CO 2 e would incentivize conversion from corn, CRP, or cotton, respectively. Similarly, a water quality penalty of $0.20/ $3/ $2 per kilogram NO 3 –N leached would incentivize the same conversions with resultant watershed improvement. At a lower price of $30/dton switchgrass, incentives based on valuation of ecosystem services begin to exceed feasible ranges of these valuations. - Highlights: ► A linear effective profit model predicts conversion thresholds to switchgrass. ► Carbon and nitrogen fluxes can be valued and incorporated into producer choices. ► Farmgate prices alone of $51 and $58/dton switchgrass will entice conversion. ► Reasonable ecosystem service valuations will encourage adoption of switchgrass.

  14. The long-term stock market valuation of customer satisfaction

    OpenAIRE

    Aksoy, Lerzan

    2008-01-01

    Firm valuation has been an important domain of interest for finance. However, most financial models do not include customer-related metrics in this process. Studies in marketing have found that one particular customer metric, customer satisfaction, improves the ability to predict future cash flows, long-term financial measures, stock performance, and shareholder value. However, most of these studies predominantly employ models that are not directly used in finance practice. This article exten...

  15. Assessing the Warm Glow Effect in Contingent Valuations for Public Libraries

    Science.gov (United States)

    Lee, Soon-Jae; Chung, Hye-Kyung; Jung, Eun-Joo

    2010-01-01

    This article aims to present evidence of the warm glow effect in a public library setting. More specifically, it tests whether individual respondents with different values for the warm glow component report different values for their willingness to pay (WTP). The data come from a contingent valuation survey conducted on randomly selected citizens…

  16. Do Managers Trade on Public or Private Information? Evidence from Fundamental Valuations

    NARCIS (Netherlands)

    Veenman, D.

    2013-01-01

    Using accounting-based (residual income) valuations, this study examines the extent to which abnormal returns after insider share trades are explained by private information versus mispricing of public information. For a sample of insider trades in the Netherlands (1999–2008), I find that managers'

  17. Monetary valuation of environmental goods, services and impacts in support of the decision: methodological novelties. Seminar proceedings of December 19, 2013

    International Nuclear Information System (INIS)

    Bonnet, Xavier; Vanoli, Andre; Nauroy, Frederic; Devaux, Jeremy; Christov, Strahil; ); Simon, Olivier; Bortzmeyer, Martin; Vergez, Antonin; Lagarenne, Christine; Ami, Dominique; Aprahamian, Frederic; Chanel, Olivier; Luchini, Stephane; Baumstarck, Luc; Auverlot, Dominique; Ducos, Geraldine; Rafenberg, Christophe; Levrel, Harold; Ben Maid, Atika; Darses, Ophelie

    2014-10-01

    Within the Department of the General Commissioner for Sustainable Development, the Division 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 19, 2013, this department held the fourth annual seminar on monetary valuation of environmental goods, services and impacts. The three first editions were respectively devoted to economic valuation methods of environmental goods and services, their implementation and the use of monetary values resulting from these methods. The 2013 seminar addressed methodological innovations and the way they contribute to decision in private sector and in policy-making process, in domains such as environmental debt, circular economy or health impact of environment. Those conferences are aimed at experts and practitioners of monetary valuation techniques as well as at 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)

  18. Household demand for improved sanitation services in Kumasi, Ghana: A contingent valuation study

    Science.gov (United States)

    Whittington, Dale; Lauria, Donald T.; Wright, Albert M.; Choe, Kyeongae; Hughes, Jeffrey A.; Swarna, Venkateswarlu

    1993-06-01

    A contingent valuation survey was conducted in Kumasi, Ghana, to estimate households' willingness to pay for two types of improved sanitation services: improved ventilated pit latrines and water closets connected to a sewer system. Over 1200 randomly selected households throughout the city were interviewed. Most households were willing to pay more for improved sanitation service than they were currently paying for their existing sanitation system (mostly public and bucket latrines), but in absolute terms the potential revenues from households are not large, of the order of US$1.40 per household per month (about 1-2% of household income). The results of the study confirm the conventional wisdom that conventional sewerage is not affordable to the vast majority of households without massive government subsidies. On the other hand, it appears that only modest subsidies are required to achieve relatively high levels of coverage with on-site sanitation (improved ventilated pit latrines). This is because improved ventilated pit latrines are much cheaper than conventional sewerage and because most households are willing to pay about as much for a ventilated pit latrine as for a water closet connected to a sewer. Several tests were conducted to check the accuracy of respondents' answers to contingent valuation questions. The findings indicate that contingent valuation surveys can be successfully carried out in cities in developing countries for public services such as sanitation and that reasonably reliable information can be obtained on household demand for different sanitation technologies.

  19. Proactive sustainability strategy and corporate sustainability performance: The mediating effect of sustainability control systems.

    Science.gov (United States)

    Wijethilake, Chaminda

    2017-07-01

    This study examines to what extent corporations use sustainability control systems (SCS) to translate proactive sustainability strategy into corporate sustainability performance. The study investigates the mediating effect of SCS on the relationship between proactive sustainability strategy and corporate sustainability performance. Survey data were collected from top managers in 175 multinational and local corporations operating in Sri Lanka and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). SCS were observed to only partially mediate the relationship between proactive sustainability strategy and corporate sustainability performance. The mediating effect of SCS is further examined under three sustainability strategies; environmental and social strategies reveal a partial mediation, while the economic strategy exhibits no mediation. The study also finds that (i) a proactive sustainability strategy is positively associated with SCS and corporate sustainability performance and (ii) SCS are positively associated with corporate sustainability performance. Copyright © 2017 Elsevier Ltd. All rights reserved.

  20. Repenser l'évaluation | CRDI - Centre de recherches pour le ...

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

    7 oct. 2010 ... Toutefois, dans le monde en évolution rapide qui est le nôtre, comment faudrait-il évaluer les méthodes d'évaluation ? Cette question était au coeur d'un récent débat d'experts à l'Université Carleton, organisé par l'International Program for Development Evaluation Training (IPDET), la Banque mondiale et ...

  1. Best Practices in Applying Multiples for Valuation Purposes

    DEFF Research Database (Denmark)

    Plenborg, Thomas; Pimentel, René Coppe

    2016-01-01

    A literature review suggests eight empirical implementation issues to which practitioners should give increased attention. Implementation issues include how comparable firms are selected, the use of reported versus forecasted earnings, and the most suitable way of calculating averages. We identif...... more informed decisions when accessing a firm’s value....... a more effective way to handle each implementation issue in order to enhance the accuracy of valuation outputs. By synthesizing the main empirical findings and thereby identifying best practices when applying market multiples, we expect to help analysts, portfolios managers, and investment bankers make...

  2. Cognition and relative importance underlying consumer valuation of park-and-ride facilities

    NARCIS (Netherlands)

    Bos, D.M.; Molin, E.J.E.; Timmermans, H.J.P.; vd Heijden, R.E.C.M.

    2003-01-01

    Results are reported of a study designed to identify the cognitive constructs underlying the valuation of park-and-ride (P&R) facilities and to measure the relative importance attached to the attributes of such facilities. Results show that the reliability of public transport is quite important.

  3. Valuation of selected environmental impacts associated with Bonneville Power Administration Resource Program alternatives

    International Nuclear Information System (INIS)

    Englin, J.E.; Gygi, K.F.

    1992-03-01

    This report documents work undertaken by the Pacific Northwest Laboratory (PNL) and its contractors to assist the Bonneville Power Administration (Bonneville) in assessing the potential environmental consequences of new power resources. A major purpose of this effort is to describe and evaluate the techniques available for economic valuation of environmental costs. Another is to provide estimates of the environmental costs associated with specific power resources called for under Bonneville's Resource Programs. Bonneville's efforts to extend valuation techniques to as many impacts as can be reliably assessed represents a substantial advance in the application of state-of-the-art economic techniques to environmental assessments. This economic analysis evaluates effects on human health, wildlife, crops, and visibility impacts associated with air pollution. This report also discusses river recreation (primarily fishing) which may be affected by fluctuations in water levels. 70 refs

  4. The partial mediation effect of satisfaction with social support and coping effectiveness on health-related quality of life and perceived stress long-term after heart transplantation

    Directory of Open Access Journals (Sweden)

    White-Williams C

    2014-12-01

    Full Text Available Connie White-Williams,1 Kathleen L Grady,2 Pariya Fazeli,1 Susan Myers,1 Linda Moneyham,3 Karen Meneses,3 Bruce Rybarczyk4 1University of Alabama Medical Center, Birmingham, AL, USA; 2Division of Cardiac Surgery, Department of Surgery, Feinberg School of Medicine, Northwestern University, Chicago, IL, USA; 3School of Nursing, University of Alabama at Birmingham, Birmingham, AL, USA; 4Department of Psychology, Clinical Psychology Program, Virginia Commonwealth University, Richmond, VA, USA Abstract: The purpose of this research was to examine whether satisfaction with social support and coping effectiveness mediate the relationship between stress and health-related quality of life (HRQOL 5 years after heart transplantation. Data were collected from 212 heart transplant patients (80% male, 92% white, mean age 59.9 years at four United States sites using the Heart Transplant Stressor Scale, Social Support Index, Jalowiec Coping Scale, and Quality of Life Index. Using Baron and Kenny's approach, a series of regression equations for mediation revealed that both satisfaction with social support and coping partially mediated the relationship between perceived stress and HRQOL. Understanding the relationships of social support, stress, and coping on patients' HRQOL is important for the development of interventions to provide optimal patient care. Keywords: heart transplantation, social support, coping, stress, mediation

  5. Effects of social sustainability signals on neural valuation signals and taste-experience of food products

    Directory of Open Access Journals (Sweden)

    Laura eEnax

    2015-09-01

    Full Text Available Value-based decision making occurs when individuals choose between different alternatives and place a value on each alternative and its attributes. Marketing actions frequently manipulate product attributes, by adding e.g., health claims on the packaging. A previous imaging study found that an emblem for organic products increased willingness to pay (WTP and activity in the ventral striatum (VS. The current study investigated neural and behavioral processes underlying the influence of Fair Trade (FT labeling on food valuation and choice. Sustainability is an important product attribute for many consumers, with FT signals being one way to highlight ethically sustainable production. Forty participants valuated products in combination with an FT emblem or no emblem and stated their WTP in a bidding task while in an MRI scanner. After that, participants tasted – objectively identical – chocolates, presented either as FT or as conventionally produced. In the fMRI task, WTP was significantly higher for FT products. FT labeling increased activity in regions important for reward-processing and salience, that is, in the VS, anterior and posterior cingulate, as well as superior frontal gyrus. Subjective value, that is, WTP was correlated with activity in the ventromedial prefrontal cortex (vmPFC. We find that the anterior cingulate, VS and superior frontal gyrus exhibit task-related increases in functional connectivity to the vmPFC when an FT product was evaluated, suggesting a network which alters valuation processes. We also found a significant taste-placebo effect, with higher experienced taste pleasantness and intensity for FT labeled chocolates. Our results reveal a possible neural mechanism underlying valuation processes of certified food products. The results are important in light of understanding current marketing trends as well as designing future interventions that aim at positively influencing food choice.

  6. Valuation of ecological impacts - a regional approach using the ecological footprint concept

    International Nuclear Information System (INIS)

    Knaus, Michael; Loehr, Dirk; O'Regan, Bernadette

    2006-01-01

    All economic activities impact on the environment but not all environmental impacts are assigned values and taken into consideration in development budgets. At project level, the environmental consequences of proposed economic activities have to be evaluated by conducting an environmental impact assessment. Threshold levels in physical terms are outlined in corresponding laws and regulations. Projects fulfilling the necessary environmental assessment requirements (threshold levels) tend to be permitted without predicting the expected environmental impacts in monetary terms. The economic valuation of environmental impacts tends to be affected by uncertainties. The following example of indirect monetary valuation of environmental impacts uses the Ecological Footprint (EF) concept to calculate the total land use of projects. According to the strong sustainability concept it is assumed that every additional direct or indirect utilisation of land caused by a project requires corresponding offset areas. The offset areas required by different project alternatives are valued with relevant regional guide land values

  7. Valuation of large variable annuity portfolios: Monte Carlo simulation and synthetic datasets

    Directory of Open Access Journals (Sweden)

    Gan Guojun

    2017-12-01

    Full Text Available Metamodeling techniques have recently been proposed to address the computational issues related to the valuation of large portfolios of variable annuity contracts. However, it is extremely diffcult, if not impossible, for researchers to obtain real datasets frominsurance companies in order to test their metamodeling techniques on such real datasets and publish the results in academic journals. To facilitate the development and dissemination of research related to the effcient valuation of large variable annuity portfolios, this paper creates a large synthetic portfolio of variable annuity contracts based on the properties of real portfolios of variable annuities and implements a simple Monte Carlo simulation engine for valuing the synthetic portfolio. In addition, this paper presents fair market values and Greeks for the synthetic portfolio of variable annuity contracts that are important quantities for managing the financial risks associated with variable annuities. The resulting datasets can be used by researchers to test and compare the performance of various metamodeling techniques.

  8. 26 CFR 1.170A-12 - Valuation of a remainder interest in real property for contributions made after July 31, 1969.

    Science.gov (United States)

    2010-04-01

    ... with one or more lives. (1)(i) If the valuation of the remainder interest in the real property is... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Valuation of a remainder interest in real property for contributions made after July 31, 1969. 1.170A-12 Section 1.170A-12 Internal Revenue INTERNAL...

  9. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  10. Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation

    OpenAIRE

    Michael Hanemann; John Loomis; Barbara Kanninen

    1991-01-01

    The statistical efficiency of conventional dichotomous choice contingent valuation surveys can be improved by asking each respondent a second dichotomous choice question which depends on the response to the first question—if the first response is "yes," the second bid is some amount greater than the first bid; while, if the first response is "no," the second bid is some amount smaller. This "double-bounded" approach is shown to be asymptotically more efficient than the conventional, "singlebo...

  11. The Political Man and Contingent Valuation: Motives Do Count

    OpenAIRE

    Karine Nyborg

    1996-01-01

    In addition to his role as a consumer pursuing his own interests, an individual may also regard himself as an ethical observer, judging matters from society's point of view. It is not clear which of these possibly conflicting roles respondents in contingent valuation studies take on. This leads to ambiguities in the interpretation of reported willingness to pay. I formalize this problem using a simple model of respondents' behaviour, based on the concept of subjective social welfare functions...

  12. Partitioning Stakeholders for the Economic Valuation of Ecosystem Services: Examples of a Mangrove System

    Energy Technology Data Exchange (ETDEWEB)

    Micheletti, Tatiane, E-mail: micheletti@forst.tu-dresden.de [Institute of Forest Botany and Forest Zoology (Germany); Jost, François [Institute for International Forestry and Wood Industry (Germany); Berger, Uta [Institute of Forest Growth and Forest Computer Sciences (Germany)

    2016-09-15

    Although the importance of ecosystem services provided by natural forests, especially mangroves, is well known, the destruction of these environments is still ubiquitous and therefore protection measures are urgently needed. The present study compares the current approach of economic valuation of ecosystem services to a proposed one, using a study case of a mangrove system as an example. We suggest that a cost-benefit analysis for economically valuing environmental services should be performed with three additional modifications consisting of (i) a categorization of local stakeholders as demanders of particular ecosystem services, (ii) acknowledgement of the government as one of these demander groups, and (iii) the inclusion of opportunity costs in the valuation. The application of this approach to the mangrove area in the east portion of Great Abaco Island, the Bahamas, reveals that not only the ecosystem services received differ between demander groups, but the monetary benefits and costs are also specific to each of these groups. We show that the economic valuation of the ecosystem should be differentiated for each category, instead of being calculated as a net ‘societal value’ as it is currently. Applying this categorization of demanders enables a better understanding of the cost and benefit structure of the protection of a natural area. The present paper aims to facilitate discussions regarding benefit and cost sharing related to the protection of natural areas.

  13. Partitioning Stakeholders for the Economic Valuation of Ecosystem Services: Examples of a Mangrove System

    International Nuclear Information System (INIS)

    Micheletti, Tatiane; Jost, François; Berger, Uta

    2016-01-01

    Although the importance of ecosystem services provided by natural forests, especially mangroves, is well known, the destruction of these environments is still ubiquitous and therefore protection measures are urgently needed. The present study compares the current approach of economic valuation of ecosystem services to a proposed one, using a study case of a mangrove system as an example. We suggest that a cost-benefit analysis for economically valuing environmental services should be performed with three additional modifications consisting of (i) a categorization of local stakeholders as demanders of particular ecosystem services, (ii) acknowledgement of the government as one of these demander groups, and (iii) the inclusion of opportunity costs in the valuation. The application of this approach to the mangrove area in the east portion of Great Abaco Island, the Bahamas, reveals that not only the ecosystem services received differ between demander groups, but the monetary benefits and costs are also specific to each of these groups. We show that the economic valuation of the ecosystem should be differentiated for each category, instead of being calculated as a net ‘societal value’ as it is currently. Applying this categorization of demanders enables a better understanding of the cost and benefit structure of the protection of a natural area. The present paper aims to facilitate discussions regarding benefit and cost sharing related to the protection of natural areas.

  14. Valuation of the environmental impacts of the Kayraktepe dam/hydroelectric project, Turkey: An exercise in contingent valuation

    International Nuclear Information System (INIS)

    Biro, Y.E.K.

    1998-01-01

    This paper describes and evaluates the environmental impacts of the Kayraktepe Dam and Hydroelectric Power Plant in Turkey. The contingent valuation method is used to estimate the project's local environmental costs. The average local rural annual willingness to pay for the restoration of the environmental impacts of the project is found to be USD 300 person -1 . Loss of forestry and agricultural benefits from the reservoir area that will be inundated are estimated to be USD 12.66 mill. yr -1 . When the Kayraktepe Project's external costs are internalized, its benefit cost ratio falls from 1.35 to 0.84, indicating that the project is economically undesirable and the decision for its construction needs to be reconsidered 26 refs, 1 fig, 5 tabs

  15. Does Basel II affect the market valuation of discretionary loan loss provisions?

    NARCIS (Netherlands)

    Hamadi, Malika; Heinen, Andreas; Linder, Stefan; Porumb, Vlad-Andrei

    2016-01-01

    We use a sample of banks from 24 European countries to investigate whether the adoption of the Basel II Capital Accord in 2008 affects the market valuation of discretionary loan loss provisions (DLLPs). Although Basel II lowers the incentives of internal ratings-based (IRB) banks to recognize income

  16. Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

    Energy Technology Data Exchange (ETDEWEB)

    Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

    1995-08-01

    This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

  17. Valuation of environmental problems in landfill deposition and composting - test of methodology; Verdsetting av miljoekonsekvenser av avfallsdeponering og kompostering - metodeutproeving

    Energy Technology Data Exchange (ETDEWEB)

    Leknes, Einar; Movik, Espen; Wiik, Ragnhild; Meissnes, Rudolf

    1995-08-01

    This study is aimed at the tests and design of methods for valuation of environmental problems associated with the landfill deposition of household waste. An extensive review of literature has been conducted with respect to the environmental impacts and valuation methods. Environmental impact assessment and valuation with respect to emission of greenhouse gases (GHG's), leachate and disamenity, have been performed for 4 Norwegian landfills. These differ in their approach towards waste treatment in terms of GHG-collection, briquette production and composting and also in their location in terms of proximity to residential areas and the quality of natural recipients. The study shows that the collection of methane and production of briquettes causes major reductions in the generation of GHG's, whereas composting brings significant reductions for all types of environmental impacts. (author)

  18. Taxpayer’s Perception to Tax Payment in Kind System in Support of SMEs’ Sustainability: Case of the South Korean Government’s Valuation of Unlisted Stocks

    OpenAIRE

    KapSoon Kim; SungMan Yoon

    2017-01-01

    In Korea, unlisted stock shares are accepted as payment for inheritance tax. In the case of insufficient cash, a taxpayer can pay the government with listed or unlisted stocks (hereinafter referred to as “tax payment in kind”). The drawback of this tax payment system is that receiving tax paid with stocks is subject to the valuation of the government and selling the stocks to an open market requires another valuation. The results of these two valuations show considerable differences, and, the...

  19. Valuation of physical transmission rights—An analysis of electricity cross-border capacities between Germany and the Netherlands

    International Nuclear Information System (INIS)

    Wobben, Magnus; Dieckmann, Birgit; Reichmann, Oleg

    2012-01-01

    The purpose of this paper is to discuss market-coherent valuation of physical transmission rights for cross-border capacities between Germany and the Netherlands. Aiming at a fair valuation of these contracts, the most important stylized facts of electricity prices such as mean reversion, spikes and correlations of regional prices have to be considered. We present different approaches to the valuation of physical transmission rights and perform a quantitative analysis of the results. On the one hand various challenges of modeling regional price spreads are analyzed. On the other hand we indicate a structural undervaluation of physical transmission rights in all model constellations, i.e. market prices are below theoretical prices of PTR's flexibility. We discuss several reasons for this undervaluation and finally state that regulatory modifications have to be made to avoid missing incentives for the extension of cross-border capacities. - Highlights: ► Modeling transmission rights as option contracts. ► Analysis of regional price spreads. ► Indication of a structural undervaluation of physical transmission rights.

  20. Geoenvironments from the vicinity of Arctowski Station, Admiralty Bay, King George Island, Antarctica: vulnerability and valuation assessment

    Science.gov (United States)

    Schaefer, Carlos Ernesto G.R.; Santana, Rogério Mercandelle; Simas, Felipe Nogueira Bello; Francelino, Márcio R.; Filho, Elpídio Inácio Fernandes; Albuquerque, Miriam Abreu; Calijuri, Maria Lúcia

    2007-01-01

    The use of a geographic information system (GIS) allows the mapping and quantification of biotic and physical features of importance to the environmental planning of Antarctic areas. In this paper we examined the main aspects of the geoenvironments of Arctowski Station vicinity (Admiralty bay, Maritime Antartica), by means of a photointerpretation of an orthomosaic at 1:6000 scale, produced by non-conventional aerial photographs obtained by the Brazilian Cryosols project. We carried out a preliminary environmental valuation and vulnerability assessment of the area. Hence, geoenvironments were classified and ranked according with their biological valuation and vulnerability (fragility), mapping 20 units covering approximately 150 ha. The most fragile geoenvironmental units were former and present penguin rookeries with different vegetation covers, all very prone to degradation by over-trampling and human perturbations. The relationships between each geoenvironment were also explored, emphasizing the ecological aspects and their valuation. In quantitative terms, the most vulnerable and fragile units (classes 4 and 5) occupy nearly 22 % of the total area, being highly concentrated near the coastal areas. There, ornithogenic input is an important factor favoring the vegetation development.

  1. The valuation of finished products as an important risk factor in the distortion of financial statements 

    Directory of Open Access Journals (Sweden)

    Mariusz Karwowski

    2015-11-01

    Full Text Available The aim of the study was to answer the following questions: 1. Is the correct valuation of products significant from the point of view of economic risk? 2. Are there situations in Polish practice of inaccurate valuations that lead to material misstatements of financial statements? 3. Is there a risk of inaccurate cost information being used by the management of Polish companies? The review of published materials on the topic has shown that inaccuracies in the calculation of indivi-dual product costs, or overlooking the issue of idle capacity, may increase the economic risk of faulty decisions. A survey conducted among Polish companies has demonstrated that, in many cases, cost accounting does not allow for the accurate calculation of individual product costs or the cost of idle capacity. In addition, the research has highlighted the issue of idle capacity in many Polish companies that hold a significant level of inventories. All of this indicates a risk of distortion in financial statements due to the faulty valua-tion of products in the reports of those companies.

  2. Quantification and valuation of ecosystem services in diverse production systems for informed decision-making

    DEFF Research Database (Denmark)

    Ghaley, Bhim Bahadur; Vesterdal, Lars; Porter, John Roy

    2014-01-01

    The empirical evidence of decline in ecosystem services (ES) over the last century has reinforced the call for ES quantification, monitoring and valuation. Usually, only provisioning ES are marketable and accounted for, whereas regulating, supporting and cultural ES are typically non-marketable a......The empirical evidence of decline in ecosystem services (ES) over the last century has reinforced the call for ES quantification, monitoring and valuation. Usually, only provisioning ES are marketable and accounted for, whereas regulating, supporting and cultural ES are typically non......-marketable and overlooked in connection with land-use or management decisions. The objective of this study was to quantify and value total ES (marketable and non-marketable) of diverse production systems and management intensities in Denmark to provide a basis for decisions based on economic values. The production systems...

  3. Suivi et évaluation des relations interethniques au Guatemala : une ...

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

    Évaluations. Evaluación participativa del sistema de monitoreo y evaluación de la campaña nacional de diálogo interétnico ¡nuestra diversidad es nuestra fuerza! Rapports. Informe final de ejecucion : evaluación del sistema de monitoreo y evaluación del diálogo interétnico en Guatemala y revisión y rediseño del marco ...

  4. Workshop: Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis: Modeling Climate Change Impacts and Associated Economic Damages (2010 - part 1)

    Science.gov (United States)

    The purpose of this workshop Improving the Assessment and Valuation of Climate Change Impacts for Policy and Regulatory Analysis. focused on conceptual and methodological issues - integrated assessment modeling and valuation.

  5. Essays on the valuation of discretionary liabilities and pension fund investment policy

    NARCIS (Netherlands)

    Broeders, D.W.G.A.

    2010-01-01

    The four essays collected in this dissertation serve as a contribution to the broad field of pension finance. They focus on the economic understanding of liability valuation on the one hand and investment policy for pension funds on the other. The first article concerns the impact of the sponsor’s

  6. 26 CFR 1.170A-12T - Valuation of a remainder interest in real property for contributions made after July 31, 1969...

    Science.gov (United States)

    2010-04-01

    ... depreciation factor. If the valuation of the remainder interest in depreciable property is dependent upon the... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Valuation of a remainder interest in real property for contributions made after July 31, 1969 (temporary). 1.170A-12T Section 1.170A-12T Internal...

  7. Améliorer la performance organisationnelle : Manuel d'auto-évaluation

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

    Avez-vous pris la mesure de la performance réelle de votre organisation ? Dans le cas contraire, en connaissez-vous la cause ? Ce manuel présente un modèle d'auto-évaluation organisationnelle novateur et opportunément éprouvé. Les instruments et les conseils proposés dans Améliorer la performance ...

  8. 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.

  9. Real option valuation of power transmission investments by stochastic simulation

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2015-01-01

    Network expansions in power markets usually lead to investment decisions subject to substantial irreversibility and uncertainty. Hence, investors need valuing the flexibility to change decisions as uncertainty unfolds progressively. Real option analysis is an advanced valuation technique that enables planners to take advantage of market opportunities while preventing or mitigating losses if future conditions evolve unfavorably. In the past, many approaches for valuing real options have been developed. However, applying these methods to value transmission projects is often inappropriate as revenue cash flows are path-dependent and affected by a myriad of uncertain variables. In this work, a valuation technique based on stochastic simulation and recursive dynamic programming, called Least-Square Monte Carlo, is applied to properly value the deferral option in a transmission investment. The effect of option's maturity, the initial outlay and the capital cost upon the value of the postponement option is investigated. Finally, sensitivity analysis determines optimal decision regions to execute, postpone or reject the investment projects. - Highlights: • A modern investment appraisal method is applied to value power transmission projects. • The value of the option to postpone decision to invest in transmission projects is assessed. • Simulation methods are best suited for valuing real options in transmission investments

  10. The effect of age on fluid intelligence is fully mediated by physical health.

    Science.gov (United States)

    Bergman, Ingvar; Almkvist, Ove

    2013-01-01

    The present study investigated the extent to which the effect of age on cognitive ability is predicted by individual differences in physical health. The sample consisted of 118 volunteer subjects who were healthy and ranging in age from 26 to 91. The examinations included a clinical investigation, magnetic resonance imaging (MRI) brain neuroimaging, and a comprehensive neuropsychological assessment. The effect of age on fluid IQ with and without visual spatial praxis and on crystallized IQ was tested whether being fully-, partially- or non-mediated by physical health. Structural equation analyses showed that the best and most parsimonious fit to the data was provided by models that were fully mediated for fluid IQ without praxis, non-mediated for crystallized IQ and partially mediated for fluid IQ with praxis. The diseases of the circulatory and nervous systems were the major mediators. It was concluded from the pattern of findings that the effect of age on fluid intelligence is fully mediated by physical health, while crystallized intelligence is non-mediated and visual spatial praxis is partially mediated, influenced mainly by direct effects of age. Our findings imply that improving health by acting against the common age-related circulatory- and nervous system diseases and risk factors will oppose the decline in fluid intelligence with age. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

  11. Proceedings of RITE international workshop on valuation; Total eko balance ni kansuru kokusai workshop hokokusho

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-02-01

    The RITE International Workshop on Valuation was held in Tokyo and Osaka in February 1996, and eight papers on total ecobalance were reported. In The Field of Impact Assessment, described were constitution and methodology about impact assessment in a wide sense. In LCA Yesterday, Today and Tomorrow, discussed were the historical development and future outlook of LCA. In Standardization of Product Life Cycle Assessment, a survey of the present situation of LCA international standardization was made. In the Relationship between Product Life Cycle Assessment Methodology, considered was the relationship between the goal definition of the product life cycle assessment and the methodological choices. In Valuation in LCA, the present study of LCA was reviewed. Besides, reviews of the LCA study in Japan were made public.

  12. L'évaluation comme partie intégrante du processus d'adaptation aux ...

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

    nbeaulieu

    définitions de l'expression vulnérabilité dont certaines sont contradictoires. ... outils pour l'évaluation des impacts et l'élaboration de plans d'adaptation » à Niamey, Niger, 26 mai 2009. ..... Denton et le directeur du programme, Simon Carter.

  13. Towards a listed real estate investment valuation model

    Directory of Open Access Journals (Sweden)

    Douw Gert Brand Boshoff

    2013-09-01

    Full Text Available This paper presents a Listed Real Estate Investment Valuation Model that was developed to investigate the movement in indirect real estate investment through the consideration of the underlying assets of property loan stock companies. Specific reference is given to information that is made available to shareholders by way of annual financial statements in order to determine the extent to which shareholders can make investment decisions based on this information. The study enhances the knowledge of direct vs. indirect real estate investment behaviour and provides more insight into price discovery in the property sector.

  14. Distinct brain systems mediate the effects of nociceptive input and self-regulation on pain.

    Directory of Open Access Journals (Sweden)

    Choong-Wan Woo

    2015-01-01

    Full Text Available Cognitive self-regulation can strongly modulate pain and emotion. However, it is unclear whether self-regulation primarily influences primary nociceptive and affective processes or evaluative ones. In this study, participants engaged in self-regulation to increase or decrease pain while experiencing multiple levels of painful heat during functional magnetic resonance imaging (fMRI imaging. Both heat intensity and self-regulation strongly influenced reported pain, but they did so via two distinct brain pathways. The effects of stimulus intensity were mediated by the neurologic pain signature (NPS, an a priori distributed brain network shown to predict physical pain with over 90% sensitivity and specificity across four studies. Self-regulation did not influence NPS responses; instead, its effects were mediated through functional connections between the nucleus accumbens and ventromedial prefrontal cortex. This pathway was unresponsive to noxious input, and has been broadly implicated in valuation, emotional appraisal, and functional outcomes in pain and other types of affective processes. These findings provide evidence that pain reports are associated with two dissociable functional systems: nociceptive/affective aspects mediated by the NPS, and evaluative/functional aspects mediated by a fronto-striatal system.

  15. Estimation and valuation in accounting

    Directory of Open Access Journals (Sweden)

    Cicilia Ionescu

    2014-03-01

    Full Text Available The relationships of the enterprise with the external environment give rise to a range of informational needs. Satisfying those needs requires the production of coherent, comparable, relevant and reliable information included into the individual or consolidated financial statements. International Financial Reporting Standards IAS / IFRS aim to ensure the comparability and relevance of the accounting information, providing, among other things, details about the issue of accounting estimates and changes in accounting estimates. Valuation is a process continually used, in order to assign values to the elements that are to be recognised in the financial statements. Most of the times, the values reflected in the books are clear, they are recorded in the contracts with third parties, in the supporting documents, etc. However, the uncertainties in which a reporting entity operates determines that, sometimes, the assigned or values attributable to some items composing the financial statements be determined by use estimates.

  16. Pharmacological and Expectancy Effects of a Low Amount of Alcohol Drinking on Outcome Valuation and Risk Perception in Males and Females

    Science.gov (United States)

    Tsurugizawa, Tomokazu; Tokuda, Shinsuke; Harada, Tokiko; Takahashi, Taiki; Sadato, Norihiro

    2016-01-01

    The high-dose, alcohol-induced influences on risk perception and loss aversion depend on sex. On the other hand, low-dose alcohol has less effect on risky behavior. However, the effect of low-dose alcohol on subjective valuation of gain or loss and also the effect of placebo (expectancy of alcohol) on risk perception have not been fully investigated. We investigated the effects of low-dose alcohol (0.02 g/100 ml blood alcohol concentration) and placebo effects on subjective risk perception and subjective valuation of uncertain gain and loss in females and males. Participants in the control group and the placebo group were served alcohol-free, wine-flavored beverage and participants of alcohol group were served wine (14% alcohol). The placebo group was not informed that the drink was not alcohol but the control group was informed. Then paper–pencil tasks for subjective risk perception and valuation of gain or loss were performed 45 min after drinking the beverage. The participants were asked to draw the line on a 180 mm scale for each question. The placebo effects as well as the low-dose alcohol effects were observed in subjective valuations of gain or loss. Except for effect of beverages, a gender difference was also observed for subjective likelihood. The females estimated a low-probability loss as more likely and estimated a high-probability gain as less likely than did the males. From the Stevens’ law fitting analysis, the placebo, not alcohol, significantly induced the psychophysical effect of the subjective valuation of gain or loss. These results indicate that the psychological effects of expectancy of alcohol (placebo) could be a major factor in changing the subjective valuation of gain or loss over the pharmacological effects of a small amount of alcohol (like a glass of wine). Furthermore, these results also indicate that gender differences should be taken into account when investigating pharmacological or psychological effect on decision-making. PMID

  17. Pharmacological and Expectancy Effects of a Low Amount of Alcohol Drinking on Outcome Valuation and Risk Perception in Males and Females.

    Directory of Open Access Journals (Sweden)

    Tomokazu Tsurugizawa

    Full Text Available The high-dose, alcohol-induced influences on risk perception and loss aversion depend on sex. On the other hand, low-dose alcohol has less effect on risky behavior. However, the effect of low-dose alcohol on subjective valuation of gain or loss and also the effect of placebo (expectancy of alcohol on risk perception have not been fully investigated. We investigated the effects of low-dose alcohol (0.02 g/100 ml blood alcohol concentration and placebo effects on subjective risk perception and subjective valuation of uncertain gain and loss in females and males. Participants in the control group and the placebo group were served alcohol-free, wine-flavored beverage and participants of alcohol group were served wine (14% alcohol. The placebo group was not informed that the drink was not alcohol but the control group was informed. Then paper-pencil tasks for subjective risk perception and valuation of gain or loss were performed 45 min after drinking the beverage. The participants were asked to draw the line on a 180 mm scale for each question. The placebo effects as well as the low-dose alcohol effects were observed in subjective valuations of gain or loss. Except for effect of beverages, a gender difference was also observed for subjective likelihood. The females estimated a low-probability loss as more likely and estimated a high-probability gain as less likely than did the males. From the Stevens' law fitting analysis, the placebo, not alcohol, significantly induced the psychophysical effect of the subjective valuation of gain or loss. These results indicate that the psychological effects of expectancy of alcohol (placebo could be a major factor in changing the subjective valuation of gain or loss over the pharmacological effects of a small amount of alcohol (like a glass of wine. Furthermore, these results also indicate that gender differences should be taken into account when investigating pharmacological or psychological effect on decision-making.

  18. Évaluation de la valeur nutritive et recherche des substances ...

    African Journals Online (AJOL)

    SARAH

    30 juin 2016 ... et des lipides. Puis, l'évaluation a été effectuée sur ces échantillons pour rechercher la présence des alcaloïdes, des saponines, des quinones, des stéroïdes, des terpenoïdes, des flavonoïdes, des leucoanthocyanes, des tannoïdes et des hétérosides cyanogénétiques. Les teneurs moyennes en humidité ...

  19. Valuation of Biochemical and Microbiological Indicators in Soil Quality Assessment

    OpenAIRE

    Peruzzi, Elisabetta

    2017-01-01

    This thesis research aimed at valuating the suitability of biochemical and microbiological indicators in soil quality and soil health assessment, applying an interdisciplinary approach by means of different methodologies. As the concept of soil quality encompasses both functionality and biological diversity, two cases of study are proposed and each of them aimed at the description of this two aspects. The first case study examined the degree of interference of high soil copper contamination w...

  20. Federal and Indian oil and gas royalty valuation and management

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This book covers: Royalty management-an M.M.S. overview; Payor/operator/lessee royalty liability; Royalty issues for OCS lessees; Royalty valuation procedures; Gas marketing royalty issues - industry perspective; Gas marketing royalty issues - M.M.S. perspective; Settlements of gas contract disputes Royalty reporting issues; Production reporting issues; Indian royalty issues; Litigation/regulatory updates; Over/under production on federal leases, units, and communitized areas; Audit program; and M.M.S. Reference Handbook