Search results for "Capitalization"
showing 10 items of 38 documents
Operating lease decision and the impact of capitalization in a bank-oriented country
2016
ABSTRACTThis article explores the reasons why firms engage in operating leases and examines the potential impact of a change in the related accounting rules. We focus on the accounting advantage of off-balance financing, which does not affect the typical accounting-based covenants especially important in bank-oriented countries. However, we also consider other economically based arguments. Using manually collected operating lease data for Spanish listed firms, we use the constructive capitalization method to measure as-if liabilities. The results confirm that not only size and industry affect the decision but that firms closer to breaching their covenants are also more inclined to choose op…
Financing Model Optimization of Lanzhou Yatai Group Real Estate Project
2014
Lanzhou Yatai Group, as the first listed real estate companies, occupies absolute advantage in the competition of the industry. Especially because of Lanzhou National Economic Development District, Yaitai Group focuses Lanzhou new area asthe target of the advantages and great location. With the business development and planning, the company will also create Lanzhou Yaitai Group Technology Headquarters before 2016, and also will be followed by the huge business opportunities in the real estate industry driven by the financial industry, service industry, catering industry, and the education industry as well. At the same time, the asset number of investment companies in the new district has re…
The Convenience of Applying Multilevel Modeling on Real Estate Valuation
2015
There are many economic agents interested in valuing big amounts of real estate assets. One of these agents are the financial institutions, which must value their vast mortgage portfolios periodically. In this paper we analyze the use of the Hierarchical Linear Model to value real estate portfolios. This model gives valuable information compared with the traditional OLS models and is more accurate, as it takes into account the hierarchical structure of the data. DOI: http://dx.doi.org/10.4995/ICBM.2015.1314
Property prices index numbers and derived indices
2014
Purpose – A useful instrument to understand and examine the inner workings of the property trade is devising index numbers of property prices based on historical sequences of market prices. The present work aims at the definition of index numbers of property prices, proposing an innovative methodology compared with what usually recurs in literature. The purpose of this paper is to discuss these issues. Design/methodology/approach – The analysis proposed, based on the mechanisms of formation of stock indices, investigates the analogies between stock and property information, according to the peculiarities of the property trade, leading to a methodology approach, derived from Simple Price In…
The Impact of Mergers and Acquisitions and Sustainability on Company Performance in the Pharmaceutical Sector
2021
The primary goal of this study was to determine the impact of mergers and acquisitions (M&
Interactions of pharmaceutical companies with world countries, cancers and rare diseases from Wikipedia network analysis
2019
AbstractUsing the English Wikipedia network of more than 5 million articles we analyze interactions and interlinks between the 34 largest pharmaceutical companies, 195 world countries, 47 rare renal diseases and 37 types of cancer. The recently developed algorithm using a reduced Google matrix (REGOMAX) allows us to take account both of direct Markov transitions between these articles and also of indirect transitions generated by the pathways between them via the global Wikipedia network. This approach therefore provides a compact description of interactions between these articles that allows us to determine the friendship networks between them, as well as the PageRank sensitivity of countr…
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 Principles of Creating a Balanced Investment Portfolio for Cryptocurrencies
2019
Despite their novelty, cryptocurrencies have by now acquired certain popularity due to convenience in making payments, high speed of transactions and the application of modern technology to ensure transaction security among other things. The aim of this research is to evaluate cryptocurrencies as an investment instrument. The tasks of the research are as follows: (i) to evaluate a hypothesis about potential profitability of the cryptocurrency investment portfolio, (ii) to analyse cryptocurrency investment profitability, (iii) to assess the attractiveness of creating an investment portfolio of cryptocurrencies, and (iv) to provide recommendations to a potential investor for creating an inves…
Corporate Governance Configurations and Corporate Social Responsibility Disclosure: Qualitative Comparative Analysis of Audit Committee and Board cha…
2020
[EN] Drawing on the complexity theory and responding to the recent calls to use such creative methods that mix between a quantitative and qualitative approach. Therefore, this study fills the literature gap, adding novelties, showing evidence from the unexplored (or underexplored) European context and, consequently, shedding light to inconclusive results in previous research concerning the effect of audit committee (AC) and board characteristics on corporate social responsibility (CSR) disclosure by applying a novel research methodology: the fuzzy set qualitative comparative analysis. The data were collected from Eikon database for a sample of the top 69 non¿financial European companies (ba…
Another Look at Industry Momentum and the Cross Section of Expected Returns
2015
This paper investigates whether industry affiliation matters to implementing industry momentum strategies. After discriminating between relevant and redundant industries it shows that only a subset corresponding to less than 50% of the overall market capitalization generates significant momentum payoffs. Industry momentum is only priced in the cross section of expected returns when relevant industries are used as test assets. An out-of-sample experiment utilizing a new double-sorting approach is proposed. It incorporates a learning period to condition momentum strategies on relevant industries and offers evidence that the conditional momentum strategy generates up to 30% higher payoffs than…