Search results for "T2* value"
showing 10 items of 126 documents
Value based trading of real assets in shipping under stochastic freight rates
2009
The article uses a real options valuation model with stochastic freight rates to investigate market efficiency and the economics of switching between the dry bulk and the tanker markets in international shipping. A dry bulk carrier is replaced with a tanker when the expected net present value of such a switch is optimal from a real options based decision rule. Depending on the development of the markets a reversal may take place later. The cost and demand parameters upon which the decisions to switch are made, including the stochastic characteristics of freight rates, are estimated from an empirical analysis that is updated every week throughout a 12-year time period from 1993 to 2005. The …
Comparative economic analysis of support policies for solar PV in the most representative EU countries
2015
Abstract The purpose of this paper is to study the positions of some European Union (EU) countries on the development of PV systems. After a review of the main support policies for PV systems in Europe, the specific situations of five representative countries (France, Germany, Greece, Italy and the U.K.) are examined, with the purpose of describing the main differences in their implementation of support policies adopted for PV systems. In particular, comparisons based on economic indexes such as the net present value (NPV) and the internal rate of return (IRR) are carried out for different sized PV systems, showing that in some situations support policies can be inconvenient for the PV syst…
Equity valuation in practice: The influence of net financial expenses
2014
Abstract This study investigates the relevance of net financial expenses with respect to equity valuation in an IFRS accounting regime. According to the residual earnings valuation model, income related to balance sheet items that are recorded at fair value is not applicable for valuation purposes. There are no residual earnings associated with these items because the balance sheet provides ‘perfect’ value estimates for the items in question. In accordance with the contention that under IFRS, aggregate net financial liabilities are recorded at a book value that is close to fair value, this study demonstrates that net financial expenses are not associated with the market prices of stocks. Th…
Quantifying Structural Subsidy Values for Systemically Important Financial Institutions
2013
Abstract Claimants to Systemically Important Financial Institutions (SIFIs) would receive transfers when governments are forced into bailouts. Ex ante, this bailout expectation lowers SIFIs’ daily funding costs. The funding cost advantage reflects both the structural level of the government support and the time-varying market valuation for such a support. Based on a large worldwide sample of banks, we estimate the value of the structural subsidy, by exploiting expectations of state support embedded in credit ratings and by applying the long-run average value of the rating bonus. The value of the structural subsidy was already sizable, 60 basis points (bp), as of the end-2007, before the cri…
Corporate governance and company performance across Sub-Saharan African countries
2013
Accepted version of an article from Journal of Economics and Business This paper examines the extent to which publicly listed companies across Sub-Saharan African countries have adopted “good corporate governance” practices. We investigate the association of these practices with companies’ accounting performance and market valuation. The findings indicate that companies across Sub-Saharan Africa have only partly implemented good corporate governance practices. We find a positive association between our constructed index of good corporate governance practices and accounting performance. However, we find a negative association between the corporate governance index and the market valuation. W…
Financial Management as a Tool for Achieving Stable Firm Growth
2016
Abstract The purpose of this study is to show that financial management in the firm is a tool for achieving stable firm growth and long-term firm stability while problems in firm financial management lead to the inability of firms to ensure sustainable growth of their value. This problem is relevant for firms in all countries. The main objectives of this paper are: to analyse dynamics of value of the largest Latvian firms, to determine the drivers of these dynamics and to establish the main problems slowing the growth of firm value, which are related to the drawbacks in financial management, and to provide suggestions for solving these problems. This study analyses financial management proc…
On the Influence of the Radius Between Face and Flank on the Tool Life of Sintered Carbides
1985
Experimental investigations carried out by the authors in interrupted cutting, show that if the cutting edge survives to few impacts, then fracture will take place to very high number of impacts. Early fractures can be explained by assuming the presence of microscopic defects on the tool edge; a longer life can be referred to an increase tool strengthness due to rounding of the edge as a consequence of the wear process. In order to study the effects of the rounding of the edge, experimental tests have been carried out on several inserts of sintered carbides with different values of the radius of the edge between face and flank obtained by a tumbling process. The results show that the greate…
Microtremor Measurements in the City of Palermo, Italy: Analysis of the Correlation between Local Geology and Damage
2008
Abstract This study presents the results of 90 seismic ambient noise measurements in Palermo, the main city of Sicily (Italy). The dataset has been processed using the horizontal-to-vertical spectral ratio (HVNSR) technique and interpreted in terms of local geology, which is characterized by the presence of alluvial sediments of two riverbeds masked by urbanization since the seventeenth century. HVNSRs show significant variations in the study area: when the transition stiff to soft is crossed, a typical spectral peak appears in the HVNSRs, mostly in the frequency band 1–2 Hz, and exceeding a factor of 3 in amplitude. Using available information on subsurface geological structure, we compute…
Proposing an Entrepreneurial Process for the Co-creation of IT Value
2014
Published version of a chapter from the book M. Janssen, H. Scholl, M. Wimmer & F. Bannister (Eds.), Electronic Government : Springer Berlin Heidelberg, 2014. Also available on SpringerLink: http://dx.doi.org/10.1007/978-3-662-44426-9_26 Co-creation of IT value has received substantial focus from the IS research community over the past years. However, few if any have studied this phenomenon from a process perspective, and our understanding of the processes leading to successful co-creation is therefore limited. To address this shortcoming, we studied a complex, e-government case involving 38 government agencies intending to co-create value from a common IT platform. We used a mixed method a…
Towards a Theoretical Model for Co-Realization of IT Value in Government
2015
Despite decades of heavy investments in information technology (IT) and information systems (IS) in government systems and considerable amounts of research on how IS contributes to organizational performance and success, IS investments are still considered risky business. Fewer than 50% of IS projects deliver the expected functionality on time and on budget. As the world becomes increasingly more complex, IS increasingly needs to function across organizational boundaries. The added complexity is likely to add to the risks of IS investments. Hence, there is a need to improve practice and to increase the success rate of IS investments, especially in government settings. To address this fundam…