Search results for "Book value"
showing 8 items of 8 documents
Intellectual Capital and Company Value
2014
AbstractThe bulk of traditional corporate valuation methods reflect historical performance, while it is necessary to also take into consideration the value which is off-balance-sheet and possible growth. Large differences exist between company market and book value, and a part of this can be explained by intellectual capital. The aim of the study is to make an empirical investigation of the impact of intellectual capital on company value. Empirical results show that one can find mixed results regarding relationship between value added intellectual coefficient VAICTM and company value.
An Exploratory Study of Financial Performance in CEE Countries
2020
Our research investigates the performance of companies from Central and Eastern European (CEE) countries in the period after the Global Financial Crisis of 2007-2009 with the aim of identifying the driving factors behind accounting- and market-based performance. We include in the analysis companies from various industries in CEE countries that are European Union members and we study their performance between 2008-2016 over the following areas of performance: liquidity, solvency and indebtedness, operational profitability, global performance (through Return on assets and Return on equity), returns available to shareholders and market-based performance (through price/book value and Tobin Q …
Balance sheet versus earnings conservatism in Europe
2004
In this study we extend prior research on the international analysis of accounting conservatism (Joos and Lang, 1994; Ball et al., 2000; Giner and Rees, 2001), by examining the level of accounting conservatism across eight European countries (United Kingdom, Germany, France, Switzerland, the Netherlands, Italy, Spain and Belgium), and assessing the statistical significance of the differences among them. The definitions of conservatism that we use are, on the one hand, the Feltham and Ohlson (1995) definition, which implies a persistent understatement of book value of shareholders' equity (balance sheet conservatism). On the other hand, we use the one proposed by Basu (1997), that is, a time…
Leveraging tangible and intangible assets by using a possible firm competitiveness index
2012
More and more, in order to achieve global competitiveness, firms need to develop and apply unique and dynamic competitiveness models. With this paper, we propose an index that measures firm competitiveness by taking into consideration some tangible and intangible assets. This index demonstrates the fact that a firm is highly competitive as long as its managers are able to mix the tangible and intangible assets in the most effective and efficient manner; therefore, a firm can get the same score of competitiveness by using different combinations of assets and by giving different importance coefficients to the tangible and intangible assets.
HETEROGENEITY IN RISK PREFERENCES LEADS TO STOCHASTIC VOLATILITY
2018
This paper studies the price processes of a claim on terminal endowment and of a claim on firm book value when the underlying variables follow a bivariate geometric Brownian motion. If the state-price process is multiplicatively separable into time and endowment functions, our main result shows that firm (endowment) price volatility is stochastic (state-dependent) if, and only if, the endowment function is not a power function. In a pure exchange economy populated by two agents with constant relative risk aversion (CRRA) preferences we confirm the separability, and we show furthermore that firm (endowment) price volatility is stochastic (state-dependent) if, and only if, both agents are he…
Inovacijos ir bendrovės vertė: Baltijos šalių patirtis
2021
Inovacijos yra konkurencingumo pagrindas. Kartu pagrindinis vadovo uždavinys yra savininkų turto maksimizavimas, todėl svarbu tyrinėti inovacijų ir bendrovės vertės santykį. Šio tyrimo tikslas – ištirti inovacijų poveikį organizacijos vertei. Tiriamos Baltijos šalių bendrovės, veikusios 2005–2011 metų laikotarpiu. Tyrimas parodė, kad inovatyvių bendrovių vertė yra didesnė, didesnės ir jos pačios. Nustatyta, kad didesnė bendrovės vertė pasiekiama, jei nematerialių išteklių dalis viršija 1 %. Taikant koreliaciją ir regresinę analizę, nustatyta, kad inovacijos yra svarbi organizacijos vertės determinantė, organizacijos dydis yra silpnesnis veiksnys, o augimas – pats silpniausias veiksnys. Stra…
Is the sustainability profile of FinTech companies a key driver of their value?
2022
[EN] The digitisation process is affecting all markets and raising consumer awareness about companies' sustainable behaviour. This work studies the effect of the sustainability profile of FinTech companies on the firm (market value and book value) as the factors that add value to investors and motivate their evolution in markets are still unknown. Using the KBW and Nasdaq FinTech Indices, and the NASDAQ Insurance Index (IXIS), we composed a panel of 95 companies over a 10-year period (2010-2019) with economic-financial variables and data about green certificates and sustainability indices. The applied methodology is based on dynamic (GMM-SYS) and static (PCSE) panel data models. Our results…
The Book Between Media Convergence, Media Specificity, and Diverse Reading Communities in Present-Day US Culture
2019
Drawing on empirical studies and statistical analyses of how digitization has restructured the American publishing industry during the last decade, Christoph Blasi considers the book’s current position in media culture from the perspective of book studies. He surveys the latest research on the development of print book production, on the market competition between printed books and e-books, and on the differences between screen and print reading. Noting that communication practices and circuits of book value creation have changed in the wake of digitization, Blasi also highlights the significant function that print books possess in the contemporary media ecology—both as part of transmedia s…