Search results for "T2* value"
showing 10 items of 126 documents
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…
Competitive (versus Loyal) Showrooming: An Application of the Push-Pull-Mooring Framework
2021
Abstract Showrooming is an increasingly popular practic that threatens retailers' performance. This paper adopts the push-pull-mooring framework to understand the shopper decision to purchase online from a different retailer (competitive showrooming) rather than from the same retailer visited to gather information (loyal showrooming). Going beyond the customer motivation to get the best value, we focus on retailer-situational variables (store crowding and quality of salesperson service) and retailer-relational variables (customer satisfaction, trust and loyalty) in the decision on competitive (vs loyal) showrooming. Data was collected via a survey answered by 659 showroomers and analysed us…
Functional Data Analysis for Optimizing Strategies of Cash-Flow Management
2017
The cash management deals with problem of automating and managing cash-flow processes. Optimization of the management processes greatly reduces overall cash handling costs. The present analysis is an empirical study of cash flows, from and to bank branches, deriving an underlying theoretical framework, which can in a reasonable way be connected with the optimal strategy. Functional data analysis is considered an appropriate framework to analyze the dynamics of the time series behavior of cash flows: since the observations are not equally spaced in time and their number is different for each series, they are converted into a collection of random curves in a space spanned by finite dimensiona…
Smart multi-carrier energy system: Optimised energy management and investment analysis
2016
This paper proposes an optimised Energy Management System for a multi-carrier hub, which integrates two energy distribution networks, for hydrogen and electricity. The economic sustainability of a real-life instantiation of such a system has been analysed as well. The Energy Management System has been developed by means of a multi-objective optimisation algorithm, the Non-dominated Sorting Genetic Algorithm II, implemented using MATLAB®. The achieved results consist in a series of set-points defining the working conditions of the plant for a chosen time horizon. Data provided by this process also show the effectiveness of the adopted optimisation approach. The financial analysis is performe…
Predicting rainfall erosivity by momentum and kinetic energy in Mediterranean environment
2018
Abstract Rainfall erosivity is an index that describes the power of rainfall to cause soil erosion and it is used around the world for assessing and predicting soil loss on agricultural lands. Erosivity can be represented in terms of both rainfall momentum and kinetic energy, both calculated per unit time and area. Contrasting results on the representativeness of these two variables are available: some authors stated that momentum and kinetic energy are practically interchangeable in soil loss estimation while other found that kinetic energy is the most suitable expression of rainfall erosivity. The direct and continuous measurements of momentum and kinetic energy by a disdrometer allow als…
Strategic Behavior and Efficiency in the Common Property Extraction of Groundwater
2002
Groundwater has always been regarded as a common property resource where entry is restricted by land ownership and private exploitation is inefficient. In 1980, Gisser and Sanchez presented a first estimation of this inefficiency, cornparing socially optimal exploitation with private (competitive) exploitation using a model with linear water demand, average extraction cost independent of the rate of extraction and linearly decreasing with respect to the water table level. They characterized the private exploitation of the aquifer assuming that farmers are myopic and choose their rate of extraction to maximize their current profits, whereas optimal exploitation is obtained by maximizing the …
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…
Incentive Properties of Residual Income when There is an Option to Wait
2005
Performance measures based on residual income are increasingly popular. The academic literature shows that residual income has important incentive properties when management bases investment decisions on the net present value (NPV) rule. My analysis focuses on the case in which investment decisions can be postponed, when management must extend the simple NPV rule by considering an option value. My analysis shows that some important incentive properties of residual income still hold when there is an option to wait, but only when the residual income measure is correctly adjusted. I also provide an incentive-based explanation of why the capital charge rate within firms is often significantly h…