Search results for "Preference"

Performance Reporting – The IASB's Proposed Formats of Financial Statements in the Exposure Draft of IAS 1

2006

ABSTRACT This paper is a response to the exposure draft of proposed amendments to IAS 1 Presentation of Financial Statements published by the International Accounting Standards Board (IASB) in March 2006. The objective is to bring to the standard setter's attention research that is relevant to the issues raised in the exposure draft. We review analytic, empirical and experimental research that addresses the presentation of income and the format of the income statement. Overall, there is some support for a single statement of (total) recognised income and expense. However, net income is on average more relevant than comprehensive income, which may favour a two-statement approach. While this …

Staged Venture Capital Contracting with Ratchets and Liquidation Rights

2011

Abstract This paper uses real options analysis to study later round financing in the presence of two standard venture capital contracting provisions: anti-dilution (ratchet) and liquidation preference. We argue that such provisions can preclude financing of a positive NPV venture in the case of a large follow-on financing relative to firm value. Liquidation preference contracting at multiples greater than one is not feasible in the later round if the financing is small relative to firm value. We highlight an interaction effect between the two provisions: increasing the liquidation multiple can help to avoid dilution and the need for the prior venture capitalist to waive ratchet provisions.

Contract and Asset Values in Venture Capital Financings

2009

In venture capital financings a venture capitalist buys some fraction of a company, for a stated amount of money, through preferred shares. It is common practice in empirical and theoretical analyses to infer from this transaction a value for the entire company, which we call the contract value. Owners do not hold shares with the same rights and so the contract value misrepresents the company value of all assets (asset value). This paper studies a stylized venture capital market, calculates the ratio of contract to asset value, and derives the expected returns both at the level of venture capital funds and at the company level. We study quantitatively the impact on econometric analyses and …

Assessing price clustering in European Carbon Markets

2012

Abstract The presence of price clustering in markets is taken as a sign of market inefficiency that can influence trading strategies. In this paper, we study the presence of a concentration in prices in carbon futures markets. Specifically, we analyze the European Carbon Futures Markets and test for evidence of preference for certain prices above others. Our results reveal the strong presence of price clustering in the carbon market at prices ending in digits 0 and 5. These findings support the attraction hypothesis, which endorses a significant clustering on gravitational prices, but also backs the negotiation hypothesis, which advocates greater clustering when trading costs are higher.

A simple experimental setup for testing saltwater preference

2011

A note on preference for flexibility

2002

A result of Kreps (1979) on preference for flexibility is extended from two to three periods (formally from preferences over sets to preferences over sets of sets). An intuitively easier route to Kreps' original result is also presented, making the proof essentially ready for use in a decision theory class.

An Interactive Simple Indicator-Based Evolutionary Algorithm (I-SIBEA) for Multiobjective Optimization Problems

2015

This paper presents a new preference based interactive evolutionary algorithm (I-SIBEA) for solving multiobjective optimization problems using weighted hypervolume. Here the decision maker iteratively provides her/his preference information in the form of identifying preferred and/or non-preferred solutions from a set of nondominated solutions. This preference information provided by the decision maker is used to assign weights of the weighted hypervolume calculation to solutions in subsequent generations. In any generation, the weighted hypervolume is calculated and solutions are selected to the next generation based on their contribution to the weighted hypervolume. The algorithm is compa…

A Chronic Lack of Perceived Personal Control Increases Women and Men’s Self-Reported Preference for High-Status Characteristics When Selecting Romant…

2021

The question what people desire in their romantic partner has hitherto been dominated by a focus on gender. It has been repeatedly found that, when asked what they find important in selecting a partner, women indicate that they find status more important compared to men. Across five studies, we move beyond gender and base ourselves on general theories of control deprivation to test the effect of differences in perceived personal control on stated partner preferences. We find that low-control people—both women and men—value characteristics associated with status more in romantic partners at the expense of other desirable traits (Study 1a and 1b). Furthermore, in simulated dating settings, l…

Temporal drivers of liking

2013

Abstract Generally liking is measured overall but is likely to vary over the food intake, like sensory perception. Replacing the attributes in Temporal Dominance of Sensations (TDS) by the categories of a usual ordinal liking scale makes it possible to monitor liking changes while eating a product (Sudre et al., 2012). This methodology allows for a better understanding of the influence of temporal dominance of sensations on liking and liking evolution over the time of product intake. Thus, it is possible to associate hedonic temporal data and descriptive temporal data (TDS profiles), which would identify drivers of liking, that is attributes which, when cited as dominant, would lead to a de…

Predictors and mediators of differences in soft drinks consumption according to gender and plans of further education among Norwegian secondary-schoo…

2013

AbstractObjectiveTo explore mediators of gender and educational differences in sugar-sweetened soft drinks consumption (SDC) and whether gender and level of future education moderate the associations of accessibility, modelling, attitudes and preferences with SDC.DesignA cross-sectional school-based survey within the Fruits and Vegetables Makes the Marks (FVMM) project from 2005.SettingThe questionnaires were completed by the pupils in the classroom guided by a trained project worker during one class session. The questionnaire included questions on SDC (times/week), the potential mediators and moderators. Multilevel linear regression models were used to calculate the mediating and moderatin…