Search results for "Market value"
showing 10 items of 28 documents
Institutional Sources of Resilience in Global ICT Leaders - Harness the Vigor of Emerging Power
2014
In light of the significant impacts on global economy both nations and firms witnessed a dramatic advancement of information and communication technology (ICT). There was particularly bi-polarization between ICT advanced and growing economies compelling a vicious cycle between ICT advancement and its productivity decline in these economies. The institutional sources of resilience were analyzed. On the basis of an empirical analysis comparing technopreneurial performance in world top 500 ICT firms by market value, sales and profit over the last decade, resilient firms maintaining world top 100 position by all three values over the whole period were identified. Institutional sources enabling …
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…
Fusion of technology management and financing management - Amazon's transformative endeavor by orchestrating techno-financing systems
2020
Amazon became the world R&D leader in 2017 by rapidly increasing R&D investment. Its R&D investment in 2017 was double that of 2015, 5 times that of 2012, and 10 times that of 2011. This rapid increase continued in 2018, and Amazon accomplished a skyrocketing increase in its market capitalization, closing to being the world's biggest company. Such a rapid increase in R&D and subsequent market value has raised questions about how to conduct R&D and secure a large amount of funds needed for high-risk investments. Amazon has provided hypothetical answers to both of these questions. Amazon has been conducting innovative R&D to transform routine or periodic alterations into significant improveme…
Institutional systems inducing R&D in Amazon- the role of an investor surplus toward stakeholder capitalization
2020
Abstract Amazon demonstrated a conspicuous increase in R&D and became the world's top R&D firm in 2017 with a skyrocketing increase in market capitalization, making it close to being the world's biggest company. Such a remarkable accomplishment can be attributed to Amazon's institutional systems, which orchestrate techno-financing systems that fuse a unique R&D transformation system and a sophisticated financing system centered on the cash conversion cycle (CCC). These institutional systems support and endorse aggressive investment in R&D that incorporates the characteristics of uncertainty, a long lead time, and successive inflows of very large amounts of funding without interruption. Whil…
Market valuation and acquiring firm performance in the short and long term: Out-of-sample evidence from Spain
2019
We investigate bidder’s short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in high valuation periods, meanwhile the underreaction of listed target bidders at the moment of the announcement in low valuation markets is the result of return continuations. In addition, we find that the market reaction do not depend on recent merger history. Therefore, we provide evidence that bidder reaction to acquisitions is not consistent with the predictions of market sentiment (optimism) after c…
Appraisal Value and Assessed Value in Italy.
2015
The appraisal value is an appraiser's opinion (not determination) of the current worth of a property on the real estate market. The assessed value is the value placed on real estate property by government assessors for determining ad valorem taxes. Assessed value is used rarely as basis for appraisal value. The Italian appraisal practice is characterized by valuations developed in subjective opinions formulated by the valuers, according to the experience and the competence rather than on the survey of the market data of comparable properties. These opinions are indicated by the term expertise, borrowed from the estimates made in the art market. In Italy, the valuation of the properties appl…
Score a tweet and post a goal: Social media recipes for sports stars
2016
Abstract Sports performance is not the unique ingredient of a sports star's market value. Some gifted players are undermined by weak media exposure while some less talented players who actively engage in social media and attract fans in millions benefit from exorbitant contracts. This research conceptualizes the effect of social media in the sports business and analyzes the recipes that lead to high market value for sports stars. This study uses qualitative comparative analysis (QCA) on a sample of 95 top soccer players in Europe. The empirical results reveal that sports performance and social media activity are both necessary but insufficient conditions for a high market value condition. T…
Pathways of Innovation: The I-District Effect Revisited
2018
The I-district effect establishes the existence of dynamic efficiency in Marshallian industrial districts in the form of a positive innovative differential comparing to the average of the economy. The hypothesis has been empirically validated for the case of technological innovation using patent indicators. Empirical research has assumed that all types of patentable figures (utility models, national patents, EPO, WIPO) have the same weight regardless of its actual or expected market value, which may be questionable given the differences in coverage, protection and cost of each figure. In this article, we question the existence of the I-district effect when each patent is weighted by its exp…
Investor Sentiment or Managerial Overconfidence: The Back Room of Acquisitions
2017
In this study, we investigate bidder performance (both in the short and the long term) in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991-2011. We provide evidence that bidder reaction to acquisitions, in both the short and the long term, is not consistent with the predictions of investor sentiment (optimism) after controlling for target type. However, our findings after controlling for bidder market-to-book ratio reveal under reaction in acquisitions of listed targets that is not independent of the market sentiment, since it is greater in hot periods. Finally, the results are not so consistent fo…
La capitalización de los arrendamientos operativos: Análisis del impacto en las empresas del IBEX 35
2018
Purpose: This paper analyzes the consequences of the change in the accounting rules about operating leases in the companies and users of financial information. Design/methodology: We use the constructive capitalization method to estimate the liabilities and leased assets and perform an ex ante analysis of the regulatory impact in the IBEX 35 non-financial companies. Non-parametric tests are employed to examine the effect on certain ratios, and through a multivariate regression we investigate the business characteristics that explain the variation of EBITDA. Findings: The ratios under study are significantly affected by the capitalization of operating leases. The explanatory analysis shows t…