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Journal articles on the topic 'Valuation'
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BUSNEAG, DUMITRU, DANA PICIU, and MIHAELA ISTRATA. "On extensions of pseudo-valuations on BCK algebras." Creative Mathematics and Informatics 31, no. 1 (February 1, 2022): 43–49. http://dx.doi.org/10.37193/cmi.2022.01.04.
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"In this paper we define a pseudo-valuation on a BCK algebra (A,→, 1) as a real-valued function v : A → R satisfying v(1) = 0 and v(x → y) ≥ v(y) − v(x), for every x, y ∈ A ; v is called a valuation if x = 1 whenever v(x) = 0. We prove that every pseudo-valuation (valuation) v induces a pseudo-metric (metric) on A defined by dv(x, y) = v(x → y) + v(y → x) for every x, y ∈ A, where → is uniformly continuous in both variables. The aim of this paper is to provide several theorems on extensions of pseudo-valuations (valuations) on BCK algebras. In this paper we define a pseudo-valuation on a BCK algebra (A,→, 1) as a real-valued function v : A → R satisfying v(1) = 0 and v(x → y) ≥ v(y) − v(x), for every x, y ∈ A ; v is called a valuation if x = 1 whenever v(x) = 0. We prove that every pseudo-valuation (valuation) v induces a pseudo-metric (metric) on A defined by dv(x, y) = v(x → y) + v(y → x) for every x, y ∈ A, where → is uniformly continuous in both variables. The aim of this paper is to provide several theorems on extensions of pseudo-valuations (valuations) on BCK algebras. In this paper we define a pseudo-valuation on a BCK algebra (A,→, 1) as a real-valued function v : A → R satisfying v(1) = 0 and v(x → y) ≥ v(y) − v(x), for every x, y ∈ A ; v is called a valuation if x = 1 whenever v(x) = 0. We prove that every pseudo-valuation (valuation) v induces a pseudo-metric (metric) on A defined by dv(x, y) = v(x → y) + v(y → x) for every x, y ∈ A, where → is uniformly continuous in both variables. The aim of this paper is to provide several theorems on extensions of pseudo-valuations (valuations) on BCK algebras."
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French, Nick, and Laura Gabrielli. "Pricing to market." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 391–96. http://dx.doi.org/10.1108/jpif-05-2018-0033.
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Purpose Since the global financial economic crisis hit the world markets in 2007/2008, the role of property valuation has been under greater and greater scrutiny. The process of valuation and its quality assurance has been addressed by the higher prominence of the International Valuation Standards Council (IVSC). This is a significant initiative worldwide. However, there has been little written on the appropriate use of valuation approaches and methods in market valuations. There is now a hierarchy of valuation definitions. In order, there are valuation approaches, valuation methods and, as a subset of the methods, techniques or models. The purpose of this paper is to look at the importance of identifying the appropriate approach to be adopted in market valuations and the methods, techniques and models that should be applied to determine market value. Design/methodology/approach This practice briefing is an overview of the valuation approaches, methods and models available to the valuer and comments on the appropriateness of valuation each in assessing market value. Findings This paper reviews the IVSC-recognised approaches and prompts the valuer to be careful with the semantics involved so that they are better placed to provide an unambiguous service to their clients. Practical implications The role of the valuer in practice is to identify the appropriate approach for the valuation of the subject property, choose the right method and then apply the correct mathematical model for the valuation task in hand. Originality/value This provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
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Goubault-Larrecq, Jean, and Xiaodong Jia. "Separating minimal valuations, point-continuous valuations, and continuous valuations." Mathematical Structures in Computer Science 31, no. 6 (June 2021): 614–32. http://dx.doi.org/10.1017/s0960129521000384.
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AbstractWe give two concrete examples of continuous valuations on dcpo’s to separate minimal valuations, point-continuous valuations, and continuous valuations: (1)Let ${\mathcal J}$ be the Johnstone’s non-sober dcpo, and μ be the continuous valuation on ${\mathcal J}$ with μ(U)=1 for nonempty Scott opens U and μ(U)=0 for $U=\emptyset$. Then, μ is a point-continuous valuation on ${\mathcal J}$ that is not minimal.(2)Lebesgue measure extends to a measure on the Sorgenfrey line $\mathbb{R}_\ell$. Its restriction to the open subsets of $\mathbb{R}_\ell$ is a continuous valuation λ. Then, its image valuation $\overline\lambda$ through the embedding of $\mathbb{R}_\ell$ into its Smyth powerdomain $\mathcal{Q}\mathbb{R}_\ell$ in the Scott topology is a continuous valuation that is not point-continuous.We believe that our construction $\overline\lambda$ might be useful in giving counterexamples displaying the failure of the general Fubini-type equations on dcpo’s.
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Jun, Bae, Shin Ahn, and Hwan Roh. "BCC-algebras with pseudo-valuations." Filomat 26, no. 2 (2012): 243–52. http://dx.doi.org/10.2298/fil1202243j.
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The notion of pseudo-valuations (valuations) on a BCC-algebra is introduced by using the Bu?neag?s model ([1-3]), and a pseudo-metric is induced by a pseudo-valuation on BCC-algebras. Conditions for a real-valued function to be an BCK-pseudo-valuation are provided. The fact that the binary operation in BCC-algebras is uniformly continuous is provided based on the notion of (pseudo) valuation.
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Sarussi, Shai. "Quasi-valuations extending a valuation." Journal of Algebra 372 (December 2012): 318–64. http://dx.doi.org/10.1016/j.jalgebra.2012.09.019.
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Grover, Richard. "Mass valuations." Journal of Property Investment & Finance 34, no. 2 (March 7, 2016): 191–204. http://dx.doi.org/10.1108/jpif-01-2016-0001.
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Purpose – The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so. Design/methodology/approach – The method makes use of case studies of and fieldwork in countries that have either recently introduced mass valuations, brought about major changes in their systems or have been working towards introducing mass valuations. Findings – Mass valuation depends upon a degree of development and transparency in property markets and an institutional structure capable of collecting and maintaining up-to-date price data and attributes of properties. Countries introducing mass valuation may need to undertake work on improving the institutional basis for this as a pre-condition for successful implementation of mass valuation. Practical implications – Although much of the literature is concerned with how to improve the statistical modelling of market prices, there are significant issues concerned with the type and quality of the data used in mass valuation models and the requirements for successful use of mass valuations. Originality/value – Much of the literature on mass valuation takes the form of the development of statistical models of value. There has been much less attention given to the issues involved in the implementation of mass valuation.
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Razali, Muhammad Najib, Rohaya Abdul Jalil, Kamalahasan Achu, and Hishamuddin Mohd Ali. "Identification of Risk Factors in Business Valuation." Journal of Risk and Financial Management 15, no. 7 (June 27, 2022): 282. http://dx.doi.org/10.3390/jrfm15070282.
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It is widely accepted that risk and uncertainty are integral parts of the property valuation process. Uncertainty in property valuation is derived from the characteristics of property itself. The issue pertaining to risk and uncertainty in property valuations is currently one of the key concerns in global valuation practice to date in addressing the decision of risk and uncertainty in valuation, especially for business purposes or in the current term known as business valuation. The judgment and experience still depend on the expertise of the individual valuers alone. The valuation methods used can cause problems if certain elements in business such as risk are highlighted, especially to determine market value. There is a need for valuers to express assumptions which take into account risk and uncertainties, and then pass on the results of the estimation process to the end user of the valuation report. This research employed Analytical Hierarchical Process (AHP) to identify the level of risk in business valuation for valuers to identify which risk areas will expose them to professional liabilities, which then leads to mitigation of risk to determine value in business valuations. AHP will also be able to identify the level of risk in each of the approaches in business valuation which could help valuers to determine the value and market value in the valuation process. This paper will propose some practical approaches of how to address the risk and uncertainty of the valuation process, especially for the purpose of business valuation.
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De Araújo, José Anízio Rocha, Alceu Souza, Ademir Clemente, and Vicente Lima Crisóstomo. "Firm valuation in Brazil: evidence of overvaluation in the valuation reports." CONTRIBUCIONES A LAS CIENCIAS SOCIALES 16, no. 7 (July 5, 2023): 5591–614. http://dx.doi.org/10.55905/revconv.16n.7-024.
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Under the Agency theoretical framework, information asymmetry is crucial in stakeholders’ conflicts. This problem may be present in the process of firm valuation. This work aims to analyze the determinants of the added value of firm financial experts’ valuations, i.e., the difference between disclosed firm value in the valuation report and firm market value. The study assesses the effect of ownership concentration, firm size, the costs of preparing the valuation report, and stock liquidity estimating a set of econometric models. The sample is composed of all firm valuation reports undertaken in Brazil between 2002 and 2012 with data hand collected from CVM (The Brazilian SEC) website and Economatica database. The results indicate that ownership concentration is directly related to the added value of financial experts’ valuations, indicating a possible problem of information asymmetry that benefits controlling shareholders who may be interested in higher firm valuation. The findings also indicate that firm size, higher cost of the firm valuation process, and firm market liquidity are associated with firm value overestimation. The paper contributes to the literature on firm valuation by using an important database with hand collected data from all firm valuation processes recorded at the CVM. Studies on firm valuation in Brazil are still scarce so that the finding that ownership concentration matters for firm valuation is important by showing that such process may be a source of agency conflicts.
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Waibel, Désirée, Thorsten Peetz, and Frank Meier. "Valuation Constellations." Valuation Studies 8, no. 1 (April 29, 2021): 33–66. http://dx.doi.org/10.3384/vs.2001-5992.2021.8.1.33-66.
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The focus on situated practices in current valuation studies becomes an obstacle when situations are too narrowly defined, when moments of valuation are treated as isolated events and especially when the interconnectedness of moments across situations and social fields is neglected. In order to overcome these limitations, we propose the concept of valuation constellations (Meier et al. 2016). Based on the literature on valuation the concept distinguishes positions and their relations, rules, and infrastructures. We present these three components of constellations and demonstrate the potential of the concept regarding three analytical puzzles of valuation analysis: historical change of valuation processes, the definition and solution of valuation problems, and the legitimacy of valuations. Each of the puzzles is illustrated with an empirical case, i.e. dating platforms and apps, higher education, and amateur reviewing. Going beyond situationalism, the valuation constellations perspective is key to understanding interconnected valuation processes.
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Fortuny Ayuso, Pedro. "The Valuative Theory of Foliations." Canadian Journal of Mathematics 54, no. 5 (October 1, 2002): 897–915. http://dx.doi.org/10.4153/cjm-2002-033-x.
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AbstractThis paper gives a characterization of valuations that follow the singular infinitely near points of plane vector fields, using the notion of L'Hôpital valuation, which generalizes a well known classical condition. With that tool, we give a valuative description of vector fields with infinite solutions, singularities with rational quotient of eigenvalues in its linear part, and polynomial vector fields with transcendental solutions, among other results.
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Jahnke, Franziska, and Jochen Koenigsmann. "Defining Coarsenings of Valuations." Proceedings of the Edinburgh Mathematical Society 60, no. 3 (January 10, 2017): 665–87. http://dx.doi.org/10.1017/s0013091516000341.
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AbstractWe study the question of which Henselian fields admit definable Henselian valuations (with or without parameters). We show that every field that admits a Henselian valuation with non-divisible value group admits a parameter-definable (non-trivial) Henselian valuation. In equicharacteristic 0, we give a complete characterization of Henselian fields admitting a parameter-definable (non-trivial) Henselian valuation. We also obtain partial characterization results of fields admitting -definable (non-trivial) Henselian valuations. We then draw some Galois-theoretic conclusions from our results.
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Ernst, Dietmar. "Risk Measures in Simulation-Based Business Valuation: Classification of Risk Measures in Risk Axiom Systems and Application in Valuation Practice." Risks 11, no. 1 (January 6, 2023): 13. http://dx.doi.org/10.3390/risks11010013.
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Simulation-based company valuations are based on an analysis of the risks in the company to be valued. This means that risk analysis is decisively important in a simulation-based business valuation. The link between risk measures, risk conception and risk axiom systems has not yet been sufficiently elaborated for simulation-based business valuations. The aim of this study was to determine which understanding of risk underlies simulation-based business valuations and how this can be implemented via suitable risk measures in simulation-based business valuations. The contribution of this study is providing guidance for the methodologically correct selection of appropriate risk measures. This will help with avoiding valuation errors. To this end, the findings were combined from risk axiom systems with the valuation equations of simulation-based business valuations. Only position-invariant risk measures are suitable for simulation-based business valuations.
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ARAI, TAKUJI. "AN APPROXIMATE APPROACH TO THE EXPONENTIAL UTILITY INDIFFERENCE VALUATION." International Journal of Theoretical and Applied Finance 10, no. 03 (May 2007): 475–503. http://dx.doi.org/10.1142/s0219024907004299.
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We propose, in this paper, a new valuation method for contingent claims, which approximates to the exponential utility indifference valuation. In particular, we treat both ask and bid valuations. In the definition of the exponential utility indifference valuation, we require strong integrability for the underlying contingent claim. The new valuation in this paper succeeds in reducing it by using a kind of power functions instead of the exponential function. Furthermore, we shall investigate some basic properties and an asymptotic behavior of the new valuation.
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Tizniti, Douaa, and Mohammed Rachid Aasri. "Do Discounts Enhance or Degrade IPOs Valuation Performance?" Financial Markets, Institutions and Risks 5, no. 2 (2021): 34–41. http://dx.doi.org/10.21272/fmir.5(2).34-41.2021.
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In the present study, we investigate the impact of discounts on the valuation performance of initial public offerings. Review of existing literature reveals that such valuation performance lacks examination in terms of discounts as most studies focus on valuation methods. Accordingly, we examine the valuation performance of initial public offerings before and after applying discounts. Whereby, underwriters apply a deliberate discount to fair value estimate before setting the final offer price. We assess the valuation performance of initial public offerings through bias and accuracy errors as well as explainability. When valuation errors are low, the valuation performance is deemed superior. Our sample consists of 39 initial public offerings conducted on the Moroccan stock exchange between 2004 and 2018. We use publicly available prospectus to collect necessary data. Our results reveal that discounts applied to fair value estimate when setting the final offer price reduce valuation errors. Consequently, discounts enhance the valuation performance of initial public offerings. In fact, both optimistic and pessimistic final offer price are closer to market price in comparison with optimistic and pessimistic fair value estimate. We conclude that if valuations conducted by underwriters are objective, discounts serve as a qualitative valuation to supplement the quantitative one. This qualitative valuation incorporates relevant information about market circumstances with regard to initial public offerings. This indicates the superior fundamental analysis underwriters are capable of performing. However, if valuations conducted by underwriters are subjective, then underwriters deliberately overestimates fair value estimate to justify applying discounts when setting the final offer price. Nonetheless, our study reveals that discounts are more than proportional to valuation optimism. Consequently, while discounts absorb this valuation optimism, they also set a valuation pessimism. In other words, discounts avoid overpricing initial public offerings, yet they result in underpricing them. Interestingly, we discover that although optimistic fair value estimate and pessimistic final offer price have approximate valuation errors, underwriters are more comfortable underpricing initial public offerings than overpricing them.
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Małkowska, Agnieszka, and Małgorzata Uhruska. "Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis." Real Estate Management and Valuation 27, no. 4 (December 1, 2019): 27–38. http://dx.doi.org/10.2478/remav-2019-0033.
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Abstract The paper delivers original data on specialization in property valuation services in Poland. Its aim is to identify relatively homogeneous groups of property appraisers taking into consideration the scope of services performed by them and the types of clients served. Based on the survey results, it was possible to indicate major models in property valuation services consistent with market applications, which allows us to verify the thesis on specialization in doing business in property valuation. The research strategy approach is twofold. Firstly, we have used the agglomerative cluster method to divide the types of valuation services and appraisers’ clients in order to find groups of similar valuation services and represent the main models of business in property appraisals. Secondly, we have applied the k-means partition methods to find relatively homogenous groups of respondents, taking into account the frequency of carrying out the particular types of valuations and clients served. As a result of our research, we present four clusters combining valuations and client types which reflect the models of property valuers’ professional activity, i.e: the market-oriented housing valuation model, market-oriented commercial valuation model, non-market-oriented judicial valuation model and non-market- oriented public valuation model. Research findings confirm the existence of three out of the four specialization clusters within the professional activity. We also extracted a group of appraisers operating on a broad scale, both when it comes to the types of services offered and clients served.
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French, Nick. "Property valuation in the UK: material uncertainty and COVID-19." Journal of Property Investment & Finance 38, no. 5 (June 6, 2020): 463–70. http://dx.doi.org/10.1108/jpif-05-2020-0053.
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PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.
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Kucharska-Stasiak, Ewa. "Reproduction of Real Estate Valuation Methodology in Practice. An Attempt at Identifying Sources of Divergences." Real Estate Management and Valuation 22, no. 2 (July 8, 2014): 67–79. http://dx.doi.org/10.2478/remav-2014-0018.
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Abstract The objective of the study is to try and identify the reasons for the detachment of the valuation practice from its methodology. Two methods have been used in the paper: the analysis method and the case study method, under which fourteen property valuation reports posted on websites and two opinions about the property valuation prepared for court purposes in order to detect and identify sources of deviations from the valuation methodology have been analyzed. The study, besides theoretical aspects, includes references to practical application: pointing out directions of changes in legal regulations and national valuation principles, which should help achieve uniformity in interpreting the valuation concept, allowing the reduction of its uncertainty, understood as the uncertainty of a single valuation and uncertainty as the difference between valuations.
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Vishwakarma, Urmika. "Analysis on Effect of COVID -19 on Property Valuation in Real Estate Market." International Journal for Research in Applied Science and Engineering Technology 9, no. 12 (December 31, 2021): 1467–73. http://dx.doi.org/10.22214/ijraset.2021.39558.
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Abstract: The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset, the value of the land flows from the use to which it is put, and that in turn is dependent upon the demand (and supply) for the product that is produced. Valuation, in its simplest form, is the determination of the amount for which the property will transact on a particular date. However, there is a wide range of purposes for which valuations are required. These range from valuations for purchase and sale, transfer, tax assessment, expropriation, inheritance or estate settlement, investment and financing. The objective of the paper is to provide a brief overview of the methods used in real estate valuation. Valuation methods can be grouped as traditional and advanced. The traditional methods are regression models, etc. MRA has been implemented by many researchers to study valuation of real property cite that MRA is possible for coefficient estimates and factor weightings using a large number of actual sale cases. Keywords: Real property, property valuation, multiple regression analysis, SWOT Analysis
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Verhulst, Nikolaas D. "$G$-valuations and $G$-valuation rings." Bulletin of the Belgian Mathematical Society - Simon Stevin 27, no. 2 (July 2020): 281–98. http://dx.doi.org/10.36045/bbms/1594346418.
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Cici, Gjergji, Alexander Kempf, and Alexander Puetz. "The Valuation of Hedge Funds’ Equity Positions." Journal of Financial and Quantitative Analysis 51, no. 3 (June 2016): 1013–37. http://dx.doi.org/10.1017/s0022109016000351.
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AbstractWe provide evidence on the valuation of equity positions by hedge funds. Reported valuations deviate from standard valuations based on closing prices from the Center for Research in Security Prices for roughly 7% of the positions. These equity valuation deviations are positively related to illiquidity and price volatility of the underlying stocks. They respond to past performance and intensify after an advisor starts reporting to a commercial database. Furthermore, advisors with more valuation deviations show a stronger discontinuity in their reported returns around 0, manage a higher fraction of potentially fraudulent funds, report smoother returns, and exhibit an upward spike in their December reported returns.
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BARROW, Colin, Gilles COPIN, Julian LANGE, Benoît LELEUX, Louise ST-CYR, Alan RICHARDSON, and Rémy PALIARD. "Valuing High Growth Potential Companies: An International Comparison of Practices by Leading Venture Capitalists and Underwriters." Management international 6, no. 1 (2001): 55–73. http://dx.doi.org/10.59876/a-h14d-7qkt.
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This paper offers the first international comparison (France, Great Britain, United States, and Canada) of the processes used by venture capitalists and underwriters in the valuations of high growth potential companies, focussing in particular on the valuation processes and techniques used and the development and dissemination of valuation-specific knowledge. Differences between two groups and their key determinants are highlighted and tested using a sample of 174 valuation cases across 42 venture capital and 40 underwriting firms. The results support a large reliance on relatively simple valuation methods supported by extensive due diligences, reinforcing the important of negotiations and deal-making in the ultimate valuation results.
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Wang, Yihan. "Equity Valuation of Ferrari under Multiple Valuations." BCP Business & Management 38 (March 2, 2023): 1765–71. http://dx.doi.org/10.54691/bcpbm.v38i.3964.
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This paper aims at determining the stock price of Ferrari, which is a leading company in the luxury performance car industry, to evaluate if it's overpriced or not and discuss the potential limitations of the valuation method. The valuation is based on multiple valuations. The target share price of Ferrari is calculated using the average P/E ratio after identifying Ferrari's comparable peer group. The paper calculates a share price of $91.98, which is significantly less than its current share price of $196.90, based on the P/E ratio valuation. The outcome suggests that Ferrari was expensive. Ferrari's dominant position within the industry as a whole and the inherent flaws in the valuation mechanism is the key factors influencing this. To have a better understanding of the company itself, more models, such as discounted cash flow valuation, are advised. P/E ratio valuation can be employed as an initial screening technique. This essay offers some insights into Ferrari and the entire high-performance automobile market, which can be helpful when calculating the share prices of top firms like Ferrari.
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Vačkář, David, Ioanna Grammatikopoulou, Jan Daněk, and Eliška Lorencová. "Methodological aspects of ecosystem service valuation at the national level." One Ecosystem 3 (May 24, 2018): e25508. http://dx.doi.org/10.3897/oneeco.3.e25508.
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Ecosystem service valuations focusing on the assessment of ecosystem service values in space and time have recently been receiving considerable attention. Ecosystem service valuation data are critical for developing national ecosystem accounts and for assessment of costs and benefits associated with national strategies and plans. In this article, we discuss selected methodological aspects of ecosystem service valuation at the national level for the Czech Republic. We present a classification of ecosystems based on CORINE Land Cover and Consolidated Layer of Ecosystems of the Czech Republic. The focal point of our article is a systematic review of ecosystem service values. A systematic review requires a standardised protocol for incorporation of valuation studies. To illustrate the proposed methodology, we conducted a search of ecosystem service valuation studies at the European level. While there is a significant number of ecosystem service valuation studies, the number of studies which could be used for an effective value transfer is limited. We discuss the limitations of the value transfer approach and suggest further steps for improving the scientific basis for national level valuations.
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Balsiger, Philip, and Thomas Jammet. "What is Digital Valuation Made of? The integration of valuation poles on a reservation platform and its effects on the hotel industry in Switzerland." Valuation Studies 9, no. 1 (December 21, 2022): 47–77. http://dx.doi.org/10.3384/vs.2001-5992.2022.9.1.47-77.
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Digital platforms act as new powerful intermediaries challenging existing market orders in many sectors. Algorithmically producing ratings and rankings often built from online consumer reviews, platforms are important players in the digitizing of valuation. This article asks how these new platform-generated valuations relate to other forms of valuation. It presents a qualitative case study of valuation in the hotel sector in Switzerland, drawing on interviews with professionals and a description of valuation categories on the Booking.com website. Going beyond the description of the opposition between online consumer reviews and traditional judgment devices, the analysis shows that valuation on the platform is based upon a permissive hierarchical integration of a plurality of valuation poles, with algorithmic valuation at its center. This destabilizes the evaluative landscape with regard to three issues: lack of transparency of the algorithmic ranking; weakening and even undermining of formulaic valuation; and the issue of singularization of the online offer.
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Warner, Seth. "Finite Extensions of Valued Fields." Canadian Mathematical Bulletin 29, no. 1 (March 1, 1986): 64–69. http://dx.doi.org/10.4153/cmb-1986-012-x.
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AbstractA corollary of the main result is that if L is a finite-dimensional Galois extension of a field K and if w is a valuation of L extending a valuation v of K, then K is closed in L if and only if all valuations of L extending v are dependent. A further consequence is a generalization of Ostrowski's criterion for a real-valued valuation to be henselian.
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Ainscough, Jacob, Jasper O. Kenter, Elaine Azzopardi, and A. Meriwether W. Wilson. "Participant perceptions of different forms of deliberative monetary valuation: Comparing democratic monetary valuation and deliberative democratic monetary valuation in the context of regional marine planning." Environmental Values 33, no. 2 (March 25, 2024): 189–215. http://dx.doi.org/10.1177/09632719241231510.
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As conceptual and theoretical discussions on environmental valuation approaches have advanced there is growing interest in the impact that valuation has on decision making. The perceived legitimacy of the outputs of valuation studies is seen as one factor influencing their impact on policy decisions. One element of this is ensuring that participants of valuation processes see the results as legitimate and would be willing to accept decisions based on these findings. Here, we test the perceived legitimacy to participants of two approaches to deliberative monetary valuation, deliberated preferences and Deliberative Democratic Monetary Valuation, in the context of marine planning in the Clyde estuary in Scotland. We compare and contrast deliberated preference and deliberative democratic monetary valuation and track their emergence as responses to critiques of conventional stated preference approaches. We then present the results of our case study where we found that deliberative democratic monetary valuation produced valuations that were perceived as more legitimate that deliberated preference as the basis for decision making by those involved in the valuation process.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.
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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.
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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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Priilaid, D., and P. Van Rensburg. "The hedonic valuation of South African wine brands." South African Journal of Business Management 43, no. 1 (March 30, 2012): 11–31. http://dx.doi.org/10.4102/sajbm.v43i1.173.
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Working with a set of 35 South African wine brands identified in Priilaid and Van Rensburg (2010a), this study presents two brand valuation techniques that combine non-ordinal wine valuation models with conventional methods of valuation. The first price-premium approach defines brand equity value as the difference between a wine’s price and a valuation of its intrinsic worth. The second quality premium approach defines brand equity value as the difference between a wine’s intrinsic value and, instead of price, the value of its perceived quality when sampled sighted. With a set of assumptions regarding consistency in future wine quality, hectorage, price premiums, and sales volumes, brand valuations for each method are calculated as the net present value of the brand premiums paid per unit over the total cases sold. The consequent computations reveal how the price-premium method realises a mean valuation three times greater than the average derived from the alternate quality premium method. This difference is attributed to extreme valuations noted at either end of the price-premium sample, and suggests that this method is perhaps less conservative than perceived quality premium-based valuations. Additionally, the specification of perpetuity is observed to be too extreme. Alternate time scenarios are considered, with a period of ten years posited as perhaps more appropriate to such computations.
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Nel, WS, and NJ le Roux . "Precision, Consistency and Bias in Emerging Equity Markets." Journal of Economics and Behavioral Studies 6, no. 5 (May 30, 2014): 386–99. http://dx.doi.org/10.22610/jebs.v6i5.501.
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The use of multiples is a popular approach employed by analysts to perform valuations. These multiples are based on optimal value drivers, the valuation performance of which should be underpinned by empirical findings from carefully designed, unbiased research initiatives. This paper firstly investigates the risk of biasing the design of market-based studies which aim to test the valuation performance of individual value drivers. The evidence revealed that, when testing the valuation performance of value drivers, there is an inherent risk of biasing the design of a study of this kind, and therefore, its outcome. Secondly, the paper presents evidence in support of the consistency of previous research findings regarding the valuation performance of individual value drivers in the South African market over the period 2001-2010. To this end, the paper introduces a new approach for the analysis of multidimensional equity valuation research data in the form of principal component analysis (PCA)-based biplots. Thirdly, the paper provides evidence that multiples-based modeling seems to be biased to the downside, which is an important consideration for analysts who choose to adjust their valuations outside of these models.
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Nel, WS. "An Optimal Peer Group Selection Strategy for Multiples-Based Modelling in the South African Equity Market." Journal of Economics and Behavioral Studies 7, no. 3(J) (June 30, 2015): 30–46. http://dx.doi.org/10.22610/jebs.v7i3(j).580.
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Although peer group selection is a key consideration when performing multiples-based valuations, there is a lack of theoretical guidance on an optimal peer group selection strategy in emerging markets. Principal Component Analysis-based biplots and correlation monoplots are used to assess the valuation performance of multiples whose peer groups are based on either industry classification or valuation fundamentals. The evidence suggests that multiples whose peer groups are based on valuation fundamentals outperform multiples whose peer groups are based on industry classifications, with a combination of valuation fundamentals Rg and RoE emerging as the optimal peer group variable. The evidence suggests that an optimal choice of peer group variable could secure an increase in valuation precision of as much as 41.77%.
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Arapović, Miroslav. "Approximation Theorems for Manis Valuations." Canadian Mathematical Bulletin 28, no. 2 (June 1, 1985): 184–89. http://dx.doi.org/10.4153/cmb-1985-019-5.
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AbstractThroughout this paper rings are understood to be commutative with unity. In this paper we prove the general approximation theorem for valuations whose infinite ideals have large Jacobson radicals. We give an example in which it is shown that approximation theorems for Manis valuations do not hold in the general case. Also we prove that every valuation pair (Rv, Pv) of a total quotient ring T(R) whose infinite ideal has large Jacobson radical is a Prüfer valuation pair.
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Gutacker, Nils, Thomas Patton, Koonal Shah, and David Parkin. "Using EQ-5D Data to Measure Hospital Performance: Are General Population Values Distorting Patients’ Choices?" Medical Decision Making 40, no. 4 (May 2020): 511–21. http://dx.doi.org/10.1177/0272989x20927705.
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Background. The English National Health Service publishes hospital performance indicators based on average postoperative EQ-5D index scores after hip replacement surgery to inform prospective patients’ choices of hospital. Unidimensional index scores are derived from multidimensional health-related quality-of-life data using preference weights estimated from a sample of the UK general population. This raises normative concerns if general population preferences differ from those of the patients who are to be informed. This study explores how the source of valuation affects hospital performance estimates. Methods. Four different value sets reflecting source of valuation (general population v. patients), valuation technique (visual analog scale [VAS] v. time tradeoff [TTO]), and experience with health states (currently experienced vs. experimentally estimated) were used to derive and compare performance estimates for 243 hospitals. Two value sets were newly estimated from EQ-5D-3L data on 122,921 hip replacement patients and 3381 members of the UK general public. Changes in hospital ranking (nationally) and performance outlier status (nationally; among patients’ 5 closest hospitals) were compared across valuations. Results. National rankings were stable under different valuations (rank correlations >0.92). Twenty-three (9.5%) hospitals changed outlier status when using patient VAS valuations instead of general population TTO valuations, the current approach. Outlier status also changed substantially at the local level. This was explained mostly by the valuation technique, not the source of valuations or experience with the health states. Limitations. No patient TTO valuations were available. The effect of value set characteristics could be established only through indirect comparisons. Conclusion. Different value sets may lead to prospective patients choosing different hospitals. Normative concerns about the use of general population valuations are not supported by empirical evidence based on VAS valuations.
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Bekkerman, Anton, Gary W. Brester, and Tyrel J. McDonald. "A Semiparametric Approach to Analyzing Differentiated Agricultural Products." Journal of Agricultural and Applied Economics 45, no. 1 (February 2013): 79–94. http://dx.doi.org/10.1017/s1074070800004594.
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When consumers have heterogeneous perceptions about product quality, traditional parametric methods may not provide accurate marginal valuation estimates of a product's characteristics. A quantile regression framework can be used to estimate valuations of product characteristics when quality perceptions are not homogeneous. Semiparametric quantile regressions provide identification and quantification of heterogeneous marginal valuation effects across a conditional price distribution. Using purchase price data from a bull auction, we show that there are nonconstant marginal valuations of bull carcass and growth traits. Improved understanding of product characteristic valuations across differentiated market segments can help producers develop more cost-effective management strategies.
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Farahani, Milad Shahvaroughi. "Analysis of business valuation models with AI emphasis." Sustainable Economies 2, no. 3 (July 19, 2024): 132. http://dx.doi.org/10.62617/se.v2i3.132.
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The main purpose of the paper is to evaluate and compare different business valuation models that incorporate artificial intelligence (AI) technologies. The paper seeks to understand the capabilities, advantages, disadvantages, and limitations of these AI-based models in valuing businesses accurately. Additionally, the paper aims to provide insights into how AI can be utilized effectively in the field of business valuation to enhance accuracy and efficiency. We used qualitative research methods which involve reviewing and analyzing existing literature, case studies, and expert opinions on business valuation models and artificial intelligence. The main contribution of the paper is the integration of artificial intelligence (AI) techniques into traditional business valuation models. The authors propose using AI algorithms such as machine learning and natural language processing to improve the accuracy and efficiency of valuing businesses. By leveraging AI technology, the paper aims to provide more reliable and data-driven valuations, ultimately enhancing decision-making processes for investors, managers, and other stakeholders. The initial segment of the analysis outlines conventional business valuation approaches, such as discounted cash flow (DCF), comparable company analysis (CCA), and asset-based valuation. These methods utilize historical financial data, market comparisons, and asset valuations to estimate a company’s value. Although they are effective, these traditional models have limitations in terms of capturing intricate market dynamics and accurately forecasting future performance. The following section of the analysis delves into specific AI-driven valuation strategies, such as sentiment analysis, predictive analytics, and algorithmic trading techniques. It also explores how AI technologies, like machine learning algorithms, natural language processing (NLP), and deep learning, are revolutionizing business valuation practices. AI enables the analysis of vast datasets, including unstructured data from platforms like social media, news articles, and industry reports, to extract valuable insights. Machine learning models can detect patterns, correlations, and predictive indicators that traditional models may miss, leading to more accurate and agile valuations. The analysis then addresses the benefits, obstacles, and considerations associated with integrating AI into business valuation. This includes data quality and accessibility, model interpretability and transparency, regulatory compliance, and ethical concerns related to AI bias and fairness. In addition, a comparative evaluation of AI-based models is presented. In conclusion, integrating AI into business valuation models presents significant potential to enhance the accuracy, efficiency, and dependability of valuation assessments. Using AI-driven methodologies, investors and analysts can gain deeper insights into the intrinsic value of businesses, enabling them to make more informed investment decisions in dynamic and competitive markets. However, it is crucial to pay careful attention to data integrity, model transparency, and ethical implications to ensure the responsible and effective use of AI in business valuation. Finally, future directions and recommendations are provided.
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Diputra, Virta Dimas Catur, and Brady Rikumahu. "Stock valuation before and after the COVID-19 pandemic: Free Cash Flow to Firm (FCFF) and relative valuation approach with Discounted Cash Flow (DCF) valuation method." Journal of Multidisciplinary Academic Business Studies 1, no. 4 (June 20, 2024): 469–88. http://dx.doi.org/10.35912/jomabs.v1i4.2231.
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Purpose: This study compares the valuation of hospital companies in the healthcare sector in Indonesia before and during the Covid-19 pandemic on the Indonesia Stock Exchange (IDX). Global crises, including the Covid-19 pandemic, have had a significant impact on stock prices in the IDX and have affected company valuations. Therefore, it is important to study the valuation of stocks in the healthcare sector, especially in hospital companies that are directly related to the pandemic. This research is expected to provide important lessons about stock valuation in the future if a similar phenomenon occurs. Method: This research focuses on the period before Covid-19 and the period during the peak of Covid-19, specifically in July 2021. This study compared the stock valuations of three hospital companies: HEAL, MIKA, and SILO. The valuation methods used are Discounted Cash Flow using the Free Cash Flow to Firm model and Relative Valuation using PBV and PER. Results: From the research results, it is known that there has been an increase in the intrinsic value (value per share) of SILO, MIKA, and HEAL from the period before Covid-19 and after the peak of Covid-19 in either pessimistic, moderate, and optimistic scenarios. This increase in intrinsic value is followed by an increase in share prices. MIKA’s valuation did not change in the three scenarios, whereas SILO and HEAL changed only in moderate scenarios. In the relative valuation analysis, there was an increase in PER for SILO, HEAL, and MIKA before and after the peak of Covid-19.
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Chen, Kaiyue. "Walmart's Market, Financial Analysis and Valuation Analysis Based on Absolute Valuation Method - Relative Valuation Method." BCP Business & Management 44 (April 27, 2023): 905–14. http://dx.doi.org/10.54691/bcpbm.v44i.4976.
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After the short-term suspension of commercial activities under the COVID-19 influence, the retail industry has ushered in the rapid growth of demand, and the current growth rate has gradually returned to stability. During COVID-19, retail has become an indispensable part of life. As an essential participant in the retail industry, Walmart's development has attracted attention. However, there are few academic articles about Walmart's valuation. Therefore, the report will analyze Walmart's performance by market strategy, investment strategy, and financial. Then, use both relative and absolute valuations to value Walmart. For relative valuation, the report analyses three competitors to select comparable companies. And Absolute valuations are based on assumptions of future cash flows. The two approaches have different dimensions and can increase the informativeness of the results. After research, Walmart is undervalued, which reflects investors' expectations of the company. The report will provide investors and retail industry researchers with Walmart's developments and market value. However, people should pay attention to the impact of the economic and competitive environment on Walmart.
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CAHEN, PAUL-JEAN, DAVID E. DOBBS, and THOMAS G. LUCAS. "VALUATIVE DOMAINS." Journal of Algebra and Its Applications 09, no. 01 (February 2010): 43–72. http://dx.doi.org/10.1142/s021949881000377x.
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A (commutative integral) domain R is said to be valuative if, for each nonzero element u in the quotient field of R, at least one of R ⊆ R[u] and R ⊆ R[u-1] has no proper intermediate rings. Such domains are closely related to valuation domains. If R is a valuative domain, then R has at most three maximal ideals, and at most two if R is not integrally closed. Also, if R is valuative, the set of nonmaximal prime ideals of R is linearly ordered, at most one maximal ideal of R does not contain each nonmaximal prime of R, and RP is a valuation domain for each prime P except for at most one maximal ideal. Any integrally closed valuative domain is a Bézout domain. Valuation domains are characterized as the quasilocal integrally closed valuative domains. Each one-dimensional Prüfer domain with at most three maximal ideals is valuative.
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Nowicki, Margaret D., Eric E. Lewis, and Jeffrey W. Lippitt. "Preparing your business for valuation." New England Journal of Entrepreneurship 8, no. 2 (March 1, 2005): 59–64. http://dx.doi.org/10.1108/neje-08-01-2005-b006.
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There is a tremendous need for the valuation of small businesses. Oftentimes, small businessowners do not have the wherewithal to gather the data and keep it up to date for use in situations that require valuation. Formal valuations are necessary because they provide objective evidence of value, in contrast to value set by markets on which public companies are traded. This article focuses on some factors that impact the valuation of the business and will help small businessowners feel more comfortable talking with financial professionals about how the business might be valued.
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Ivanovski, Zoran, Zoran Narasanov, and Nadica Ivanovska. "Performance Evaluation of Stocks’ Valuation Models at MSE." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 11, no. 2 (June 1, 2018): 7–23. http://dx.doi.org/10.2478/ers-2018-0011.
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Abstract Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valuation models at the MSE identified that model of Price Multiplies (P/E and other profitability ratios) offer reliable stock values determination and lower level of price errors compared with the average stocks market prices. Conclusions: The Discounted Free Cash Flow (DCF) model provides values close to average market prices, while Dividend Discount (DDM) valuation model generally mispriced stocks at MSE. We suggest the use of DCF model combined with relative valuation models for accurate stocks’ values calculation at MSE.
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Hutter, Michael. "Three Modes of Valuation Practices in Art Games." Valuation Studies 8, no. 1 (April 29, 2021): 85–119. http://dx.doi.org/10.3384/vs.2001-5992.2021.8.1.85-119.
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Several suggestions on distinguishing between “modes” of valuation practices are found in the literature. In this contribution, valuation practices are moves in a kind of social play that generates its own kind of value. Valuation in the Arts is chosen as an empirical example. Following the model, the Arts are interpreted as a set of games with the same kind of value code, in which artists and producers create performances for engaged and curious spectators. The four kinds of players engage in valuations of objects and other players in their respective games. The broad range of observations in art games demonstrates that valuation is practiced in three modes: attribution, assessment and payment. While practices of attribution and assessment generate and stabilize art-specific value accumulation, paying practices link the attributed and assessed values to the monetary valuation in games of commercial play. The distinctions of valuation practices employed by three recent authors are set into relation to the suggested modes.
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Crosby, Neil, John Murdoch, and Anthony Lavers. "Expert valuation witnesses in the UK – problems and solutions." Journal of Property Investment & Finance 20, no. 4 (August 1, 2002): 316–53. http://dx.doi.org/10.1108/14635780210435038.
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This paper addresses the performance, training and organisation of expert valuation witnesses in the UK. Previous research, based on analysis of professional negligence cases in the UK courts, had found that expert valuation witnesses do not always perform rationally, for example informing courts that valuations can be undertaken within acceptable tolerances of valuation accuracy, while giving expert evidence that differed by more than these tolerances. There was evidence that, while well aware of their overriding duty to the court or tribunal, expert witnesses were frequently producing client‐biased valuations. Such findings provoked questions as to whether standards would be improved by two recently proposed alterations to current practice: either the introduction of a system of compulsory training and accreditation for such witnesses, or a change from the process by which expert valuation evidence is normally presented (one expert witness for each party to a dispute) to the use of a single expert, appointed either by the parties jointly or by the court. A case analysis is performed and conclusions discussed.
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Meyer, Morgan, and Rebecca Wilbanks. "Valuating Practices, Principles and Products in DIY Biology." Valuation Studies 7, no. 1 (March 12, 2020): 101. http://dx.doi.org/10.3384/vs.2001-5992.2020.7.1.101.
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In this article, we study do-it-yourself (DIY) biology, by looking in particular at the different forms of valuation within the DIY biology movement. Building upon recent work in economic sociology and the study of valuation, we take as case studies different projects developed by DIY biologists. Our approach is attentive to the moments when these projects are valued, i.e. during competitions, investment pitches, and crowdfunding campaigns. The projects analyzed involve both market valuations (with investments, products and potential markets) and non-market valuations (be they social, ethical or cultural). Our key argument is that value is produced through distributed and heterogeneous processes: products, practices, principles and places are valued at the same time. We show that there is not only a valuation of technical and production aspects (well highlighted in the key literature on valuation), but also a valuation of social links and of specific forms of organization. Both are inseparable - it is neither the object nor the context in themselves that are valued, but the “good-within-the-context-of-its-making”: the production of vegan cheese or biological ink and the places and communities of DIY biology or future markets are valued. The valuation practices we examine aim at producing an interest in a threefold sense: a general interest (a public good), an interest for the public (its curiosity), and a monetary interest (by making people financially participate).
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Augustyniak, Hanna, Jacek Laszek, Krzysztof Olszewski, and Joanna Waszczuk. "Property valuation for mortgage purposes in Poland." Property Management 36, no. 2 (April 16, 2018): 234–47. http://dx.doi.org/10.1108/pm-09-2016-0049.
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Purpose The purpose of this paper is to describe the property valuation methods that are applied in Poland. It shows that they base on international standards and are a reliable source of information for international investors and banks. Design/methodology/approach The valuation methods are described and critically assessed, potential problems are pointed out. The analysis of lending risk is analysed on data about non-performing loans (NPL). Findings Polish valuation methods are in line with international methods, but there are some risks, like small number of transactions, subjective behaviour of valuers. The low NPL ratios indicate that the valuation works correctly. Practical implications The Polish valuation methods are trustworthy, non-performing mortgage ratios are low, however, banks and investors should ask whether there is a local zoning plan. Moreover, they should look critically at the comparables that were used during the valuation process, if in their opinion the valuation is overly low or high. Originality/value This paper focusses on valuation from a financial stability perspective. It uses Polish literature and data on NPLs to give an insight on valuation of property and mortgage risk in Poland. Besides the review of the methods it points out the problems related to valuation uncertainty, such as the risk of subjective behaviour of valuers and the low number of transactions in some regions, which are used for valuations.
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Asres, Habtamu Bishaw. "Causes of Valuation Inaccuracy in Mortgage Lending in Ethiopia." International Journal of Real Estate Studies 17, no. 1 (June 30, 2023): 120–34. http://dx.doi.org/10.11113/intrest.v17n1.262.
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This study aims to add to the scarce empirical literature on mortgage valuation by ranking the variables that make inaccurate mortgage valuations. Given the central role, valuation plays in lending, high valuation inaccuracy leads to major market distortions in real estate with potentially harmful financial system repercussions. Thus, this study is envisioned to investigate the causes of valuation inaccuracy for mortgage purpose in commercial banks in Ethiopia. To achieve this objective, the study employed a convergent parallel mixed design. Data were collected from valuers through questionnaires and interviews using purposive, snowball, and convenience sampling techniques. To investigate the impact of the factors on valuation inaccuracy, an ordinal regression model was used. The study revealed that inappropriate valuation methods, the inadequacy of the market data, and property market imperfection were the most significant predictors. However, there are moderately significant causes which include the characteristics of the property market, valuation regulatory framework, and absence of the valuation standard. Client pressure, ethics, and competence of valuers were insignificant predictors. This paper recommends that the government should establish a government agency that is independent and in charge of valuation regulation, developing legal frameworks, and intervening in the property market. Based on the framework valuers should use an appropriate valuation method. Moreover, there should be an establishment of central databases that valuers relied on.
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Nel, Soon, and Niël le Roux. "The valuation performance of mathematically-optimised, equity-based composite multiples." Journal of Economics, Finance and Administrative Science 22, no. 43 (November 6, 2017): 224–50. http://dx.doi.org/10.1108/jefas-02-2017-0042.
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Purpose This paper aims to examine the valuation precision of composite models in each of six key industries in South Africa. The objective is to ascertain whether equity-based composite multiples models produce more accurate equity valuations than optimal equity-based, single-factor multiples models. Design/methodology/approach This study applied principal component regression and various mathematical optimisation methods to test the valuation precision of equity-based composite multiples models vis-à-vis equity-based, single-factor multiples models. Findings The findings confirmed that equity-based composite multiples models consistently produced valuations that were substantially more accurate than those of single-factor multiples models for the period between 2001 and 2010. The research results indicated that composite models produced up to 67 per cent more accurate valuations than single-factor multiples models for the period between 2001 and 2010, which represents a substantial gain in valuation precision. Research implications The evidence, therefore, suggests that equity-based composite modelling may offer substantial gains in valuation precision over single-factor multiples modelling. Practical implications In light of the fact that analysts’ reports typically contain various different multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative. Originality/value This study adds to the existing body of knowledge on the multiples-based approach to equity valuations by presenting composite modelling as a more accurate alternative to the conventional single-factor, multiples-based modelling approach.
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El Yamani, Siham, Rafika Hajji, Roland Billen, Ken Arroyo Ohori, Jasper van der Vaart, Amir Hakim, and Jantien Stoter. "Towards Extending CityGML for Property Valuation: Property Valuation ADE." ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences X-4/W5-2024 (June 27, 2024): 127–35. http://dx.doi.org/10.5194/isprs-annals-x-4-w5-2024-127-2024.
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Abstract. This paper introduces Property Valuation Application Domain Extension (ADE) within CityGML 3.0, aiming to integrate relevant indoor and outdoor 3D variables (cost estimation, view quality, etc.) for accurate property valuation. Current models lack the necessary features for this specific application. Leveraging IFC data for indoor elements, this ADE extends CityGML, addressing the existing gap. This paper identifies and categorizes data requirements, leading to the conceptualization and development of the model. By enriching CityGML 3.0 with IFC data, the approach introduces new features like the "Property Unit" to ensure adaptability across diverse valuation scenarios. Despite encountering data integrability challenges, we here commit to refining the model and overcoming these obstacles. A preliminary implementation using CityJSON demonstrates successful integration and paves the way for future implementation. These include developing an API platform and establishing an official repository to facilitate practical usability and scalability. This research significantly contributes to advancing property valuation processes by providing accurate valuations for stakeholders and promoting the use of 3D urban data in domain-specific extensions.
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Kucharska - Stasiak, Ewa. "UNCERTAINTY OF PROPERTY VALUATION AS A SUBJECT OF ACADEMIC RESEARCH." Real Estate Management and Valuation 21, no. 4 (December 1, 2013): 17–25. http://dx.doi.org/10.2478/remav-2013-0033.
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Abstract Property valuation is characterized by uncertainty, understood not only as uncertainty of a single valuation, but also as a discrepancy between multiple valuations of the same property carried out at the same time and for the same purpose. A valuation is only an estimate, the outcome of which depends on the assumptions adopted by the valuer. Such assumptions may account for the potential of a property in a complex market environment in different ways. The objective of the paper is to present the methodology of research devoted to valuation uncertainty in highly developed markets to emphasize the need to conduct such research in Poland, and to indicate the areas in which professional organizations should undertake actions.
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Sarussi, Shai. "Quasi-valuations and algebras over valuation domains." Communications in Algebra 47, no. 4 (February 20, 2019): 1796–817. http://dx.doi.org/10.1080/00927872.2018.1522322.
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Berry, Thomas D., and John L. Houston. "The Leverage Problem In The Valuation Of Privately Held Firms." Journal of Applied Business Research (JABR) 3, no. 1 (November 1, 2011): 37. http://dx.doi.org/10.19030/jabr.v3i1.6545.
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One of the most perplexing situations that arises in financial analysis is the valuation of a firm that lacks an observable stock market price. Firms going public, spin-offs of subsidiaries, and estate or ESOP valuations of private firms are all examples where the lack of an observable stock market price complicates the valuation process.