Search results for "Capitalization"
showing 8 items of 38 documents
Demand for life annuities from married couples with a bequest motive
2006
The aim of this paper is to explain the ‘annuities puzzle’ in greater depth by introducing the bequest motive. It will try to determine whether this motive really is a relevant feature influencing the demand for life annuities from married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a life annuity with contingent survivor benefit or a joint survivor life annuity. Our model is based on that first put forward by Brown and Poterba (2000), to which we have added elements from other models, such as Friedman and Warshawsky's (1990) and Vidal and Lejárraga's (2004), which include the bequest motive. This will enable us to calculate the ann…
Master curve for price-impact function
2003
The price reaction to a single transaction depends on transaction volume, the identity of the stock, and possibly many other factors. Here we show that, by taking into account the differences in liquidity for stocks of different size classes of market capitalization, we can rescale both the average price shift and the transaction volume to obtain a uniform price-impact curve for all size classes of firm for four different years (1995–98). This single-curve collapse of the price-impact function suggests that fluctuations from the supply-and-demand equilibrium for many financial assets, differing in economic sectors of activity and market capitalization, are governed by the same statistical r…
Empirical investigation of stock price dynamics in an emerging market
1999
Abstract We study the development of an emerging market – the Budapest Stock Exchange – by investigating the time evolution of some statistical properties of heavily traded stocks. Moving quarter by quarter over a period of two and a half years we analyze the scaling properties of the standard deviation of intra-day log-price changes. We observe scaling using both seconds and ticks as units of time. For the investigated stocks a Levy shape is a good approximation to the probability density function of tick-by-tick log-price changes in each quarter: the index of the distribution follows an increasing trend, suggesting it could be used as a measure of market efficiency.
The Value of Brand Equity
2013
Abstract This paper aims to be a brief presentation of brand equity as a provider of strategic advantages for companies that own brands. Successful management of a brand must be focused on values capitalization so that these attributes could represent a natural extension of general perception. The stated goal of any brand manager is to strengthen the brand values so that they may be easily recognizable and identifiable to the public.
Valutazione multicriteriale del saggio di capitalizzazione per la revisione del catasto degli immobili urbani - Capitalization rate multidimensional …
2013
The new revision of the land register is intended to give each real estate unit an assessed value which approximates the market value. The provided approach has statistical nature. However, in the absence of a well-established market, the coming reform requires the use of the indirect estimation procedure.This paper proposes a method for estimating the capitalization rate that could usefully be applied in mass appraisal. The proposed model for the evaluation of the capitalization rate is intended as an alternative to traditional inferential processes that apply in real estate market. It can be used even in market segments that are not enough active and does not require the use of technical …
Ricerca del saggio di capitalizzazione nel mercato immobiiare
2011
In the search of capitalization rate, the international valuation standards impose the reference to the data and the information of real estate market of the same segment or, very probably, in similar segments of the property being appraised. In this last case with adjustments of rents and market prices. The adjustments don’t concern the capitalization rate but rents and prices. Accordingly capitalization rate cannot be obtained by the rate other than real estate investments, for instance financial, because a property market segment, where data can be collected, always exists.
Family Firm Heterogeneity and Tax Aggressiveness: A Quasi-Experimental Analysis of the Impact of Different Family Generations
2021
This paper analyses tax aggressiveness in family firm generations. Moreover, taking into account the heterogeneity in family firms, we check whether the successive generations in control show different tax avoidance behaviour. The empirical evidence, based on the quasi-experiment of the 2012 Spanish thin capitalization rule, reveals that there is a positive relationship between tax aggressiveness and successive generations. Moreover, the founder and second generations follow a similar conservative tax avoidance approach, whereas the third and fourth generations are found to be more tax aggressive.
Axiology of the historial city and the cap rate. The case of the old town of Ragusa Superiore
2017
Il contributo affronta il tema del ruolo che il mercato immobiliare assume nei processi di valorizzazione dei tessuti urbani storici nella logica dell’approccio al valor capitale. L’articolazione, eterogeneità e multi-contestualità del patrimonio immobiliare della città storica, la molteplicità delle relazioni tra valori e prezzo, la complessa dialettica fondo/flusso, l’eterogeneità dei profili dei soggetti economici che interagiscono nel mercato, danno vita ad un assortimento di approcci all’investimento immobiliare che in questo contributo, attraverso l’analisi del saggio di capitalizzazione si intendono rappresentare. La convergenza tra valori di contesto e potenzialità inespresse da una…