Search results for "Lua"
showing 10 items of 3286 documents
Valuing Common and Preferred Shares in Venture Capital Financing
2012
Abstract This article compares five different methodologies to value common and preferred shares with liquidation rights in a single-period setup of venture capital financing: the venture capital (VC) method; discounted cash-flow valuation with the Capital Asset Pricing Model (CAPM); discounted cash-flow valuation with market model in logs; a risk-preference-based approach; and the real options approach. The risk preference and the real option methodologies are the only ones that can properly account for the contingency in preferred stock. With small financings and small multiples the choice of methodology is not critical; however, with stronger preference rights, the VC method, the CAPM, a…
Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland
2000
The differences between the information used for the pre-investment valuation and the valuation methods used by venture capital investors in five countries (USA, UK, France, Belgium and Holland) are empirically studied. The analysis is based on postal questionnaire surveys of representative samples of senior venture capitalists in each country. Differences are found, which may be attributed to the dominant corporate governance mechanism or the level of development of the venture capital market. Between-country differences persist even after taking into account between-country differences in the relative importance of investment stages and venture capital types. Apparently similar systems an…
Operational and financial effectiveness of e-collaboration tools in supply chain integration
2004
This paper develops a comprehensive model of supply chain integration and uses it to analyze and assess the operational and financial effectiveness of different e-collaboration tools at various levels of supply chain integration. This model is also used to evaluate the importance of the sequence in which e-collaboration tools are adopted in supply chain integration. Computational results from a validated system dynamics simulation model with different implementation sequences of e-collaboration tools and different financial scenarios show that local financial constraints can also severely impact operational and financial performance of the entire supply chain. (C) 2003 Elsevier B.V. All rig…
Events and Trends Control in Diagnostics of Financial Capacity of Transportation Companies
2013
Investigating the impact rendered by financial capacity and its diagnostics efficiency upon the results of a company’s activity is the most important problem of modern management. The standard conventional methods and tools of the financial analysis have remained in the past. The top management of a modern company ever more often reflects on the alternative approaches for an assessment objectively capable of reflecting both the current situation and the near-term threats jeopardizing the company’s activity. One of such approaches is the business value appraisal method from the time perspective. The advantage of this approach is leading properties inherent in the indices. This article studie…
The Impact of Financial Times Deutschland News on Stock Prices – Post Announcement Drifts and Inattention of Investors
2013
Within this paper, we analyze the impact of Financial Times Deutschland (FTD) news on stock prices and trading volumes. Based on a sample of all news on German DAX, MDAX and SDAX companies published within the news section of the FTD between 2006 and 2010, our results show that articles that contain positive (negative) information are associated with significantly positive (negative) abnormal returns and abnormal trading volumes around their publication. Furthermore, our results show an initial underreaction to these articles and a subsequent post publication drift. Based on the inattention hypothesis, we show that high-attention news (proxied by abnormal trading volume) almost instantaneou…
Nonrenewable Energy Prices and Stock Prices of EU Financial Companies: A Short Versus Long-Term Analysis
2021
This paper investigates the relationship between financial companies’ stock prices and nonrenewable energy sources prices (crude oil and coal price) using a sample of major financial companies headquartered in the EU. The link between stock prices and nonrenewable energy sources prices risk is modeled using a set of macroeconomic variables, such as Brent crude oil price, coal price, local stock market indices, the EUR/USD exchange rate, long-term interest rates and a global volatility measure (VIX). We apply panel data as the base econometric model and an ARDL extension that sheds light on the long versus short-run exposure of EU financial companies to nonrenewable energy prices volatility.…
Economic valuation of knowledge-based capital: an International comparison
2020
Abstract This chapter uses an alternative approach to measuring the knowledge intensity of economies to those commonly uses that are based on the aggregation of industries according to selected indicators such as R&D expenditure or labor force skills. We follow an economic approach rooted in growth accounting methodology, determining the contribution of each individual factor (capital and labor) according to the prices of the services it provides. This methodology is applied to six American countries (the United States, Canada, and four Latin-American countries, namely Brazil, Chile, Colombia, and Mexico) and five European countries (France, Germany, Italy, Spain, and the United Kingdom). T…
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
The Global Crisis and Alternative Scenarios to Save the Euro: A Spanish Perspective
2013
That the euro was in trouble became evident after the financial markets' turmoil the summer of 2007. The global financial crisis called into question some of the dogma propounded by the champions of liberal capitalism, such as the efficiency of financial markets. Whereas in the US several banks went bankrupt, in the EU the banking sector was recapitalised, and fiscal measures were taken to support companies and families, and to stimulate the economy; moreover, an institutional framework was set up to improve financial regulation and supervision. The banking and financial crisis was followed, as usual, by a debt crisis. In 2010–11, successive European Summits accelerated the creation of fina…
Life-Cycle Costing Decision-Making Methodology and Urban Intersection Design: Modelling and Analysis for a Circular City
2021
The importance of being circular reflects one of the key concepts of the life-cycle thinking that promotes the sustainable production of goods and services. If it is true that the analysis of the product life-cycle is fundamental to optimize the use of resources and to plan for the future reduction of adverse effects on urban environment, it is also true that there are still several barriers covering conceptual and practical issues which hinder the building of shared approaches for the economic evaluation of infrastructure projects. The chapter presents a case study where the Life-Cycle Cost methodology is used to compare three alternative intersection projects based on their total life-cyc…