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Journal articles on the topic 'Value of an investment'

Author: Grafiati

Published: 28 June 2021

Last updated: 17 February 2022

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1

Power, Gabriel J., Charli D. Tandja M., Josée Bastien, and Philippe Grégoire. "Measuring infrastructure investment option value." Journal of Risk Finance 16, no. 1 (January 19, 2015): 49–72. http://dx.doi.org/10.1108/jrf-05-2014-0072.

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Purpose – The purpose of this paper is to propose a risk-based framework to estimate the option value of infrastructure investment, accounting for the stochastic behavior of both financial and physical (engineering) variables. Design/methodology/approach – This study uses a real-options approach and computes the optimal investment dates and option values using Least Squares Monte Carlo, both the original Longstaff – Schwartz algorithm and the constrained Least Squares approach of Le tourneau – Stentoft. Findings – Real-option value for infrastructure investment is substantial. It is beneficial to model jointly financial and engineering risks to better understand the timing and real-option value of infrastructure investment. The analysis further shows which variables are option value drivers. Research limitations/implications – Future work could integrate financing constraints into the model, consider path dependency in the physical state variables or integrate sovereign risk, expropriation risk, operational risk or other project risks. Practical implications – Financial practitioners and investment managers interested in infrastructure risk finance or project finance will benefit from a novel framework to analyze infrastructure investments in which engineering and financial risks interact in a tractable way. Social implications – Public decision-makers will benefit from a better understanding of what determines the value of infrastructure investments, how real-option value affects optimal investment timing and how both are determined by financial and engineering risks. Originality/value – The analysis considers financial and engineering risks in a single framework to better understand option value in infrastructure investment. The framework and findings are useful both to risk finance and project finance practitioners and investors as well as engineers and public sector decision-makers.

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2

Kovalchuk, N. О., K. A. Smolnikova, and K. I. Zhaloba. "The Value and Content of Investment and Innovation Activities of Domestic Enterprises." Business Inform 10, no. 513 (2020): 89–95. http://dx.doi.org/10.32983/2222-4459-2020-10-89-95.

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The article is aimed at deepening the scientific-methodological principles of management of investment and innovation activities and analyzing its current status in Ukraine. Investment and innovation activity is peculiar to any enterprise, representing one of the most important aspects of its development. The article covers the peculiarities of interpretation of the concept of «investment and innovation activity». It is defined that a single point of view has not yet been yielded among both domestic and foreign scholars. On the basis of the analysis of their approaches to defining the concept of investment and innovation activity, the major key characteristics of the interpretation are allocated. A classification of forms of investment activity in the sphere of innovation has been formed. It is noted that today’s research on the problems of innovation and investment development becomes of particular relevance, because it is very important to find ways to improve the management of innovations, investments and the innovation-investment development. The current status of investment and innovation activity in Ukraine is analyzed. It is specified that nowadays the dynamics of investments in the economy of our country has gained a positive tendency. The dynamics of capital investments by sources of financing during 2010-2019 are characterized by the prevailing own funds of enterprises and organizations, whose share ranged from 60% and up to 70%. It is determined that the structure of capital investments by types of assets is characterized by the prevailing investments in tangible assets, while the least funds are invested in water supply, sewerage, waste management. The trend of fixed capital investing also has positive changes, although the turning point was 2008, after which there is no clear dynamics in the growth of fixed capital investments. After estimating the situation in the investment and innovation sphere of Ukraine, the authors have formed the main categories of problems that worsen its development.

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Che, Yeon-Koo, and Donald B. Hausch. "Cooperative Investments and the Value of Contracting." American Economic Review 89, no. 1 (March 1, 1999): 125–47. http://dx.doi.org/10.1257/aer.89.1.125.

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Recent articles have shown that contracts can support the efficient outcome for bilateral trade, even in the face of specific investments and incomplete contracting. These studies typically considered “selfish” investments that benefit the investor (e.g., the seller's investment reduces her production costs). We find very different results for “cooperative” investments that directly benefit the investor's partner (e.g., the seller's investment improves the buyer's value of the good). Most importantly, if committing not to renegotiate the contract is impossible, then contracting has no value, i.e., the parties cannot do better than to abandon contracting altogether in favor of ex post negotiation. (JEL C70, J41, K12, L22)

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4

O'Day, Ken. "Intrinsic Value and Investment." Utilitas 11, no. 2 (July 1999): 194–214. http://dx.doi.org/10.1017/s0953820800002429.

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In this paper I critically evaluate Ronald Dworkin's attempt in Life's Dominion to understand sacred value as a form of intrinsic value which is grounded in investment. I argue that there are two problems with Dworkin's conception of intrinsic value. First, it does not allow him to distinguish, as he must, between incremental and sacred values. Secondly, sacred value qua intrinsic value is not the kind of value which can be grounded in investment. I argue that both of these problems are an implication of a realist conception of intrinsic value. Nevertheless, investment does seem to play a role in our judgements about intrinsic value and in light of this I aim to develop an alternative account of intrinsic value whichcan make sense of this.

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Zhao, Xue Ping, and Shui Cheng Tian. "Research Review on the Value of Coalmine Safety Investment Based on Real Option." Applied Mechanics and Materials 522-524 (February 2014): 1447–51. http://dx.doi.org/10.4028/www.scientific.net/amm.522-524.1447.

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The paper focuses on coalmine safety investment, studies and summarizes theories of safety investment and real option. Based on real option applications on pricing, venture investment, investment decision, estimation and valuation, investment assessment and safety investment, it analyzes the problems in researches on coal mine safety investments and advantages of constructing pricing model that combined real option with fuzzy mathematics theory, and proposes research direction of incorporating fuzzy numbers into real option model.

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6

Kozlovsky, A. V., O. E. Astafieva, and N. A. Moiseenko. "VALUE MANAGEMENT OF CONSTRUCTION PRODUCTS." Vestnik Universiteta, no. 5 (July 16, 2020): 18–23. http://dx.doi.org/10.26425/1816-4277-2020-5-18-23.

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The issues of cost management from the point of view of substantiating the reduction in the cost of investment products in order to create reasoned conditions for the interest of investors in long-term investments have been considered. The main emphasis on the real economic sector has been made, since it is in this sector that budget revenues at all levels are generated and overall economic growth is ensured. The existing mechanism of cost management in the implementation of investment programs has been assessed. Attention to the main elements of the cost management mechanism in the investment and construction sector of the economy has been paid. Factors that determine the level of production expenses taking into account the specifics of construction products have been analysed. An attempt to justify multi-factor cost management has been made. Management functions by performers have been differentiated.

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7

Brailsford, Tim, Clive Gaunt, and Michael A. O'Brien. "The investment value of the value premium." Pacific-Basin Finance Journal 20, no. 3 (June 2012): 416–37. http://dx.doi.org/10.1016/j.pacfin.2011.12.008.

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8

Cardholm, Lucas. "Demonstrating Business Value of Security Investments in the Age of Digitalization." International Journal of Innovation in the Digital Economy 7, no. 3 (July 2016): 1–25. http://dx.doi.org/10.4018/ijide.2016070101.

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Management may see security as an inhibitor to the daily operations if the investment is not well aligned with current business activities or is presented in financial terms not relevant to their agenda. While this article shows that security improvements create bottom-line business benefits, there is still a need for security managers to focus on quantifying those benefits in relevant financial terms. The purpose is to demystify the principles of general investment processes and criteria for calculating the benefits and costs of investments while accentuating alignment to the imperatives of the organization that makes the investment. When security investments are assessed alongside other investment projects it helps to consider them on an equal footing, implying the use of similar, and ideally the same, methods of financial cost projection. It is equally important to position and present the proposed investment in a relevant business context.

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9

Sobolev, A. I. "ALTERNATIVE ASSESMENT OF INVESTMENT VALUE IN INNOVATIVE PROJECTS." Business Strategies, no. 9 (October 14, 2019): 20–21. http://dx.doi.org/10.17747/2311-7184-2019-9-20-21.

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Standard assessment of innovative projects involves procedures for discounting of the expected cash flows. In the short term, their real value can vary significantly, and that will cause significant differences between the current market values of the contracts and their estimated values at the time of investment risks taking. Use of the investments assessment based on the market interest rates allows performing more accurate evaluations of the results of the planned investments and optimizing their structure.

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10

Djulius, Horas, Choi Wongyu, J. Juanim, and Raeni Dwi Santy. "Nexus of Foreign Direct Investment, Domestic Investment, and Manufacturing Industry Value Added in Indonesia." Signifikan: Jurnal Ilmu Ekonomi 8, no. 1 (March 10, 2019): 1–8. http://dx.doi.org/10.15408/sjie.v8i1.9520.

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The development of the manufacturing industry is one of the standards for Indonesia's development as a developing country. Domestic investment (DI) and foreign direct investment (FDI) can meet investment needs in this industry. This paper focuses on the nexus of the two types of investment in meeting investment needs in the manufacturing industry and the influence of those investments in relatively capital-intensive and relatively labor-intensive industrial groups. The aim is to evaluate the role of both types of investments and their benefits to the economy not only to the value-added but also in transferring technology and knowledge spillover from FDI to DI. The panel data regression was first to do to observe the differences between groups of relatively capital-intensive industrial samples and relatively labor-intensive industrial samples. The comparison results show that there are significant differences between the two industry groups so that it can be regressed on these two sample types, apart from the regression of the overall sample. The overall sample found that both FDI and DI influence the value-added of the manufacturing industry.

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11

Lee, Woo-Jong, and Kyunghw Yu. "Personnel is Policy: Labor Investment Efficiency and Firm Value." Korean Accounting Review 42, no. 2 (April 30, 2017): 125–68. http://dx.doi.org/10.24056/kar.2017.04.001.

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12

Ahmad, Fauziah, and Noor Habibah Arshad. "Value Delivery of Information Technology Investment: A Conceptual Framework." International Journal of Computer Theory and Engineering 6, no. 2 (2014): 150–54. http://dx.doi.org/10.7763/ijcte.2014.v6.854.

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13

Dr. N. Kusuma, Dr N. Kusuma, and Ch Chaitanya Ch. Chaitanya. "Corporate Fundamentals and Intrinsic Value, the Real Investment Drivers." Global Journal For Research Analysis 3, no. 7 (June 15, 2012): 127–28. http://dx.doi.org/10.15373/22778160/july2014/42.

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14

Krabec, Tomas, and Romana Čižinská. "Value of branded education." Financial Internet Quarterly 16, no. 4 (December 1, 2020): 42–46. http://dx.doi.org/10.2478/fiqf-2020-0027.

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Abstract The objective of the paper is to examine value creation in private higher education. The results of the research are to be applied in reasonable structuring of study programs and courses and for creating profitable business and marketing strategies for private universities. From a student perspective, higher education is a project that must generate a positive net present value. In the pre-investment and investment phases, students see cash outflows and opportunity costs. In the third phase, the project generates benefits that take the form of cash inflows from employment or doing business in the relevant field. The value of the study program from the perspective of a private university is produced by the present value of the future cash flows generated by the investment in the study program and its administration and operation. The main cash inflows are created by tuition revenues and the main cash outflows are brand-related investments and personnel costs. The market equilibrium occurs when the value of a degree program from the perspective of a private university corresponds to the total aggregate net present value of a degree program at a private university from a student perspective.

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15

Dogru, Tarik. "Under- vs over-investment: hotel firms’ value around acquisitions." International Journal of Contemporary Hospitality Management 29, no. 8 (August 14, 2017): 2050–69. http://dx.doi.org/10.1108/ijchm-04-2016-0219.

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Purpose The purpose of this study is to analyze the extent to which under- and over-investment problems affect hotel firms’ value around the time when acquisitions are announced. Design/methodology/approach Hotel firms are classified based on their financial constraints (under-investment), corporate governance mechanisms (over-investment) and organizational structures. Multivariate analyses are conducted utilizing the panel ordinary least squares regression to examine the effects of financial constraints, corporate governance mechanisms and organizational structures on acquisition returns. Findings The results show that financial constraints have a larger effect on the firm value compared to the effect of corporate governance. Also, acquisitions are viewed as over-investments in poorly governed, franchising and hotel-real estate investment trust (REIT) firms. Research limitations/implications The analyses are limited to gains from acquisitions in the hotel industry. Therefore, future studies may examine the effects of capital expenditures and cash holdings on hotel firm value. Practical implications Acquisitions could help financially constrained firms reduce informational asymmetries. Firms could expand through franchising when they are financially constrained. However, franchising firms should take restrictive actions to control managers from making acquisitions. The hotel-REIT organizational form does not seem to cause under-investment problems, and it functions as an additional corporate governance mechanism. Originality/value In addition to the C-corporation organizational structure, hotel firms extensively adopt REIT and expand through franchising, which might affect under- and over-investment problems. Nonetheless, little is known about whether capital investments create or reduce value for hotel firms. This study helps to explain how financial constraints, corporate governance mechanisms and organizational structures affect hotel firms’ value.

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16

Kliber, Paweł, and Artur Stefański. "Econometric Models in Resident Value of Investment." Oeconomia Copernicana 4, no. 3 (September 30, 2013): 49–63. http://dx.doi.org/10.12775/oec.2013.022.

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The aim of the study is to analyze what is the impact of: analyze period, resident value estimation method, discount rate and economic sector of the investor on the level of resident value to initial value of investment ratio. In the article, basing on 43 investments made by investors form MSP sector whose purpose was to purchase truck car of capacity to 3,5t, four econometric models were prepared: logit, probit, tobit, and logit-tobit to explain the dependence described in the aim of the study. All models are statistically important. In all models only one independent variable is always statistically important – analyze period. The longer analyze period is, the smaller resident value to initial value of investment ratio is. In order to compare models: MSE, RMSE, MAE, MAPE ratios were used. The best adaptation to data was observed when logit-tobit model is used

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17

Berrospide, Jose M., Amiyatosh Purnanandam, and Uday Rajan. "Corporate Hedging, Investment and Value." Finance and Economics Discussion Series 2008, no. 16 (February 2008): 1–45. http://dx.doi.org/10.17016/feds.2008.16.

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18

Treynor, Jack L. "The Investment Value of Plant." Financial Analysts Journal 50, no. 2 (March 1994): 12–17. http://dx.doi.org/10.2469/faj.v50.n2.12.

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19

Lew, Sung Hee. "Investment Expenditures and Firm Value." Korean Academic Association of Business Administration 29, no. 1 (December 31, 2015): 21–46. http://dx.doi.org/10.18032/kaaba.2016.29.1.021.

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20

Stokes, Ian. "Investment value falls by billions." Renewable Energy Focus 13, no. 6 (November 2012): 12–13. http://dx.doi.org/10.1016/s1755-0084(12)70126-6.

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21

Soumaya, Hechmi. "Investment decision and value creation." Corporate Ownership and Control 12, no. 2 (2015): 303–7. http://dx.doi.org/10.22495/cocv12i2c2p4.

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The value creation supposes that the undertaken investment leads to draw a surplus with regard to the alternative use that the providers of capital would have been able to make it. This research proposes an analysis of the relation between the investment decisions and value creation on a sample of 82 French firms that compose the SBF 250 index, from 1999 to 2005. We show that the relation between the investment and the firm value is direct and positive

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22

Hong, Dong-Hyun, 정경석, and 황재호. "Combined Value Investment Strategy Performance." Korean Journal of Financial Engineering 10, no. 4 (December 2011): 59–80. http://dx.doi.org/10.35527/kfedoi.2011.10.4.003.

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23

MORISHIMA, Takaharu. "Road Investment and Land Value." Studies in Regional Science 19 (1988): 291–302. http://dx.doi.org/10.2457/srs.19.291.

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24

Kozyr, Yuriy V. "Valuing of Liquidity Investment Value." Archives of Business Research 8, no. 6 (July 5, 2020): 228–38. http://dx.doi.org/10.14738/abr.86.8512.

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This paper provides a solution to the problem of investment choice between cash and income-generating assets and also describes a possible approach to valuation the relative and absolute value of liquidity in such a situation.

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25

Sun, Bing, Hongyu Liu, and Siqi Zheng. "A COMPARATIVE STUDY ON THE INVESTMENT VALUE OF RESIDENTIAL PROPERTY AND STOCKS." International Journal of Strategic Property Management 8, no. 2 (June 30, 2004): 63–72. http://dx.doi.org/10.3846/1648715x.2004.9637508.

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As real estate, residential property comprises not only the value of utilization, but also the value of investment, which is somewhat different from that of securities such as stocks and bonds. In this paper, the investment value of newly‐built residences and stocks are compared and analyzed theoretically and empirically. Firstly, the paper summarizes the diversity of costs, risks, and benefits of these two investments. Secondly, by quoting the quarterly price/rent indices on the housing market and that at the stock exchange in Shanghai, the paper explores the variances of these two investments with respect to their risk‐return characteristics from 1993 to 2003. Thirdly, the paper discusses the correlations between residential property price/rent index, property/general stock price index, and Consumer Price Index (CPI). Finally, by utilizing the Capital Asset Pricing Model (CAPM), the systematic and the unsystematic risks of these investments are segregated and compared with each other, based on a series of assumptions. The result suggests, on a quarterly basis, that residential property investment produces a higher risk‐adjusted return than that of general stock and property stock investment. Because of a weak/negative correlation between residential property and stock returns, residential property is an ideal candidate to be included into the stock investment portfolio. Moreover, residential property and property stock can be used as effective hedges against inflation.

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26

Chung, Richard. "Corporate investment and institutional investors." Corporate Ownership and Control 10, no. 2 (2013): 173–82. http://dx.doi.org/10.22495/cocv10i2c1art3.

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This paper examines corporate governance provided by different types of institutional investors on REIT investment decisions and its impact on firm performance. First, we find that property-type Q (firm-specific stock valuation) positively affects REIT investment decisions and such effect is materially influenced by institutional ownerships. Second, we expand Hartzell, Sun, and Titman (2006), and find negative impacts of investments on future REIT performance. We argue that firms over-invest when they see stock prices in their particular sectors are over-valued, and over-investments subsequently depress firm value. We also find that the over-investment problem is mitigated by corporate governance and monitoring performed by institutional investors

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27

Kim, Sungsoo, and Brandon byunghwan Lee. "The value relevance of capital expenditures and the business cycle." Studies in Economics and Finance 35, no. 3 (August 6, 2018): 386–406. http://dx.doi.org/10.1108/sef-03-2017-0063.

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Purpose This paper aims to clarify the relationship between corporate capital investments and business cycles. Specifically, a major purpose of this paper is to investigate whether there are inherent differences in corporate investment patterns and whether the stock market exhibits different reactions to the value relevance of capital expenditures across different business conditions. Design/methodology/approach The authors use pooled ordinary least square regressions with archival stock price data and financial data from CRSP and Compustat. The authors regress buy and hold returns on the main test variables and control variables that are identified to be related to the investment literature. Findings This paper provides empirical evidence that US firms’ capital expenditures are more value relevant to capital market participants during expansionary business cycles and, conversely, less value relevant during contractionary business cycles. This evidence validates previous literature that has found the information content of capital expenditures to be uncertain and cyclical in nature. Research limitations/implications The main limitation of this paper, as with other work dealing with stock returns and archived financial data, is that the authors try to match stock returns with contemporaneous financial data in an association study context. The precise mapping in this methodology is always challenging and has been questioned in the literature. Practical implications This paper has various implications for capital market participants. Capital expenditures are good news for investors, but they will make a better investment when firms make capital investments during an expansionary period. Creditors deciding whether to extend credit to firms would benefit from more accurate information on the viability of long-term investment. The results also suggest to creditors that an excessive number of loans during the contractionary period may be suboptimal because firms’ returns on capital investment are smaller in that period than in the expansionary period. Social implications Given the valuation of implications of long-term capital investments across different business conditions, this paper sheds light on asset allocations for mutual funds, institutional investors who are entrusted with investors’ investments including retirement funds. Originality/value This paper fulfils an identified need to study how capital investments are valued differently across different business conditions.

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28

Zakharkin, О., L. Zakharkina, Yu Solomko, and D. Yemelianov. "APPLICATION OF VALUES-BASED INVESTING CONCEPT IN WORLD INVESTMENT PRACTICE." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 220–26. http://dx.doi.org/10.21272/1817-9215.2020.3-24.

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The article considers theoretical and practical aspects of investments’ implementation at enterprises inclusive of the account the socio-economic effects arising from this. It is proved that side by side with the positive results investments can make negative impact on the surrounding community, which will require additional costs on reduction and neutralization. Thus, the need arises while calculating the cost indices of the company also take into account the indicators of "social value". The aim of the work is to analyze the world experience of forming investment strategies for business development based on the application of a cost approach with the principles of socially responsible investment. The research used methods of scientific abstraction, comparative and systematic analysis and synthesis, systematization and logical generalization. Provision of the combination of the interests of investors and society is possible by the use of the concept of "values-based investing" (VBI). It is the investment, which is based on the cost approach and consists in the selection of investments that provide the greatest increase in total cost, that is, not only to create value for the enterprise, but also to make the social value in the form of positive environmental, social and economic effects. Thus, it is a socially-responsible investment, the orientation of which is becoming more widespread in the world. The paper provides classification of areas of socially responsible investment, which includes investment by criteria of the social, ecological areas, the corporate management, the integrating multiple criteria for choosing investments. It is characterized the main types of strategies that can be implemented by enterprise within the limits of value-oriented investing and analyzed the global dynamics and structure of investment choices of socially-responsible investing. The analysis showed that in recent years the most dynamic investment strategy spread with maximum consideration of ESG factors, involving the formation of an investment portfolio based on a systematic combination of traditional financial analysis with assessment of environmental, social and governance impacts.

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Adetunji, Olubanjo Michael, and Akintola Amos Owolabi. "Valuation of Interacting Time-to-Build and Growth Real Options in Infrastructure Investments." International Journal of Economics and Finance 8, no. 12 (November 17, 2016): 202. http://dx.doi.org/10.5539/ijef.v8n12p202.

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This paper argues that real options approach presents a better valuation approach for valuing infrastructure investments when compared to traditional discounted cash flow approach. Managerial flexibilities, in various forms of real options, can be incorporated into infrastructure projects to expand the projects’ values. The paper identifies two key types of real options present in infrastructure investments as time-to-build and growth options and extends an earlier developed closed-form option valuation formula to value these options. The paper uses a numerical case of investment in railroad infrastructure project and shows that both types of real options, when embedded in infrastructure projects, add values to the projects. It however shows that the value of growth option is far more than the value of time-to-build option as growth options create opportunities for follow-on investments. It also shows that when the two options are present in an infrastructure investment, the time-to-build real option interacts with the growth option to reduce the latter’s value.

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Huang, Hai Lun, Wu Xue Jiang, and Yin Zhen Zhong. "Study on Agricultural Investment Value of Listed Companies Based on Logistic Regression Model." Applied Mechanics and Materials 651-653 (September 2014): 1647–50. http://dx.doi.org/10.4028/www.scientific.net/amm.651-653.1647.

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This article is from the financial perspective to analyze the investment value of listed companies. Using independent two-sample T-test method and factor analysis of selected financial ratios, by building a logistic regression model for agricultural investment value of listed companies to judge, provides a method for determining the value of investments to investors.

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Cabrales, Antonio, Olivier Gossner, and Roberto Serrano. "Entropy and the Value of Information for Investors." American Economic Review 103, no. 1 (February 1, 2013): 360–77. http://dx.doi.org/10.1257/aer.103.1.360.

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Consider an investor who fears ruin when facing investments that satisfy no-arbitrage. Before investing he can purchase information about the state of nature as an information structure. Given his prior, information structure α investment dominates information structure β if, whenever he is willing to buy β at some price, he is also willing to buy α at that price. We show that this informativeness ordering is complete and is represented by the decrease in entropy of his beliefs, regardless of his preferences, initial wealth, or investment problem. We also show that no prior-independent informativeness ordering based on similar premises exists. (JEL D14, D81, D83, G11)

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32

Song, Sangcheol. "Uncertainty, Absorptive Capacity, and Real Option Value of International Investment: An Examination of Prior Experience." Journal of International Business and Economy 14, no. 1 (July 1, 2013): 71–86. http://dx.doi.org/10.51240/jibe.2013.1.4.

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Considering that experience develops a firm’s absorptive capacity, this paper examines the moderating effects of firms’ prior experience with high uncertainty and international investments on the real options value of subsequent and similar investments under uncertainty. In addition to the firm’s real option investments, we propose that consideration for a firm’s capability to perceive and respond to exogenous uncertainty and future opportunities would lead to a better understanding of the value of real options under uncertainty. Differential absorptive capacity based on prior experience with similar type of uncertainty and investment leads to heterogeneous value of subsequent uncertainty and investment.

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33

Janhunen, Eerika, Niina Leskinen, and Seppo Junnila. "The Economic Viability of a Progressive Smart Building System with Power Storage." Sustainability 12, no. 15 (July 25, 2020): 5998. http://dx.doi.org/10.3390/su12155998.

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The increased smartness of the built environment is expected to contribute positively to climate change mitigation through energy conservation, efficient renewable energy utilization, and greenhouse gas emission reduction. Accordingly, significant investments are required in smart technologies, which enable the distributed supply of renewables and increased demand-side energy flexibility. The present study set out to understand the cash flows and economic viability of a real-life smart system investment in a building. The data collection process was threefold: First, a case building’s level of (energy) smartness was estimated. Second, the semi-structured interviews were held to understand the building owner’s motives for a smart investment. Third, the investment’s profitability was analyzed. The study found that the progressive smartness investment was technically feasible, and surprisingly also economically profitable. The original EUR 6 million investment provided over 10% return-on-investment and, thus, increased the property value by more than EUR 10 million. Moreover, the commercial partners also emphasized the strategic value gained by renewable energy and environmental performance. The high level of smartness with a good return on investment was accomplished mainly through new income generated from the reserve power markets. However, the results implied that financial profitability alone was not enough to justify the economic viability of a smart building system investment.

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Doty, Aaron. "An examination of the value of the Victorian Government's investment logic map as a tool for front-end evaluation of investment proposals." Evaluation Journal of Australasia 8, no. 1 (March 2008): 26–39. http://dx.doi.org/10.1177/1035719x0800800105.

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This article considers a tool called an ‘investment logic map’ which was developed by the Victorian Government Department of Treasury and Finance to assist in testing the rationale for proceeding with investment proposals (particularly information and communications technology investments) while they are still at an early stage of development. The article views this tool through the lens of evaluation theory and practice, and situates the investment logic map within the practice of front-end evaluation. From this perspective, the article considers some of the drawbacks of the investment logic map as an example of program logic. The article argues that, because of the pivotal role the investment logic map plays in the management and review of investments through their lifecycle (as part of the government's broader Investment Management Standard), it needs to be underpinned by more robust evaluation practice. The article concludes by suggesting a way in which the strengths of the investment logic map can be retained, while reducing the risks inherent in its current use.

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35

Treynor, Jack. "The Investment Value of Brand Franchise." Financial Analysts Journal 55, no. 2 (March 1999): 27–34. http://dx.doi.org/10.2469/faj.v55.n2.2258.

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Treynor, Jack. "The Investment Value of an Idea." Financial Analysts Journal 61, no. 3 (May 2005): 21–25. http://dx.doi.org/10.2469/faj.v61.n3.2724.

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Soedomo, S. "Total Economic Value in Investment Analysis." Jurnal Manajemen Hutan Tropika (Journal of Tropical Forest Management) 19, no. 3 (December 30, 2013): 201–7. http://dx.doi.org/10.7226/jtfm.19.3.201.

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Zhang, Jiaojiao. "Environmental Protection Investment and Market Value." Modern Economy 10, no. 02 (2019): 399–411. http://dx.doi.org/10.4236/me.2019.102027.

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Liu, Zhaoyang. "Analysis of Convertible Bond Investment Value." Journal of Physics: Conference Series 1616 (August 2020): 012080. http://dx.doi.org/10.1088/1742-6596/1616/1/012080.

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Bianconi, Marcelo, and Joe Akira Yoshino. "Firm value, investment and monetary policy." International Journal of Accounting and Finance 5, no. 3 (2015): 262. http://dx.doi.org/10.1504/ijaf.2015.075286.

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Stead, W. W., and N. M. Lorenzi. "Health Informatics: Linking Investment to Value." Journal of the American Medical Informatics Association 6, no. 5 (September 1, 1999): 341–48. http://dx.doi.org/10.1136/jamia.1999.0060341.

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Kasanen, Eero. "Creating Value by Spawning Investment Opportunities." Financial Management 22, no. 3 (1993): 251. http://dx.doi.org/10.2307/3665942.

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Mikołajczyk, Olga, and Bartosz Owedyk. "Creating value in investments with the use of private equity funds." Journal of Management and Financial Sciences, no. 40 (June 22, 2020): 9–20. http://dx.doi.org/10.33119/jmfs.2020.40.1.

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The influence of the private equity sector on the contemporary economy is quite significant. This is why the present paper attempts to examine mechanisms private equity investors apply in order to increase the value of their investments. The literature review has identified the most fundamen- tal elements of creating value on the basis of empirical, academic studies that verified hypotheses regarding the influence of particular mechanisms on the process of value creation in private equity investments. This paper is divided into five parts that describe the elements of the investment pro- cess, research into value creation, financial arbitration, as well as direct and indirect mechanisms of creating investment value. The paper is mainly based on the review of foreign-language literature.

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Febri R.S., Wahyu, Basir Sagena, and Maretha Ika Prajawati. "The influence of islamic ethical return, investment and firm value." Management and Economics Journal (MEC-J) 3, no. 1 (May 1, 2019): 13. http://dx.doi.org/10.18860/mec-j.v0i2.4808.

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<p>Interest of investors in investing in the stock market is to get a rate of returnas an element of revenue. Given this background, this study was to determine the influence of ethical islamic return on investment and the value of the company, as well as the effect of the investment on firm value. The research was conducted on companies listed in the Jakarta Islamic Index for the period 2012-2015. The results showed an increase in income of non-kosher will lower interest of investors to invest, increase the amount of revenue non-kosher will lower the value of the company, an increase in the deviation of investment according to Islamic principles have a negative significant effect to company value, and increasing the amount of income halal through investments based on the principle -prinsip sharia will enhance shareholder value.</p>

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Mei, Zi Tan, Mohamat Sabri Hassan, and Zaini Embong. "Value Relevance of Investment Properties’ Fair Value and Board Characteristics in Malaysian Real Estate Investment Trusts." Asian Journal of Accounting and Governance 5 (December 1, 2014): 1–13. http://dx.doi.org/10.17576/ajag-2014-5-01.

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Kocmanová, Alena, Marie Pavláková Dočekalová, Tomáš Meluzín, and Stanislav Škapa. "Sustainable Investing Model for Decision Makers (Based On Research of Manufacturing Industry in the Czech Republic)." Sustainability 12, no. 20 (October 10, 2020): 8342. http://dx.doi.org/10.3390/su12208342.

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Sustainable investing is an investment approach in line with the values of sustainable development and compliance with environmental, social, and corporate governance (ESG) criteria. The aim of the article is to propose a sustainable investing model (SIM) to support the decision-making of responsible individual investors. The proposed model aggregates economic indicators of investment decision-making, positive and negative ESG criteria, the market value of the stock, a systematic and unsystematic risk (expressed by the capital asset pricing model (CAPM)), thus widening the investment triangle by another peak—and that is sustainability. The research methodology is based on four key areas (environmental, social, corporate governance, and economic) associated with sustainable investments, stock market value, and risk. The research methodology of structural equation models is applied for the construction of the SIM. Mathematical equations are used to apply the SIM, which expresses values, the so-called factor scores. For the classification of sustainable investments, a classification scale is created that divides investments into three groups: above-average, average, and below-average. The SIM comprehensively evaluates individual ESG criteria and economic areas of sustainable investments, thus assisting the investor in deciding on sustainable investments of Czech joint-stock companies in the manufacturing industry, including benchmarking with other sustainable investments.

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Gvozdev, Yuriy. "Economic Essence and Value of Investments and Investment Activity of Business Entities." Collection of Scientific Works of Kirovohrad National Technical University. Economic Sciences, no. 33 (2018): 57–67. http://dx.doi.org/10.32515/2413-340x.2018.33.57-67.

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Kurbatov A.V.,, A. V., and L. A. Kurbatova. "VALUE-SEMANTIC ECONOMY." ASJ. 1, no. 40 (September 9, 2020): 53–57. http://dx.doi.org/10.31618/asj.2707-9864.2020.1.40.20.

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The continuing build-up in the speed of deepening of the global economic crisis, driven by just as fast drop in quantity of the external resources calculated per inhabitant of our planet, forces us to refer to internal resources in order to prevent the irreversible losses, to overcome the crisis and ensure the sustainable development. Beginning from the second half of the 20-th century, the hopes for efficient deployment of internal resources have been laid on the development of the human-capital theory. However, despite the intensive change in perception of the very concept of "human capital" and a wide scope of innovative models of its practical application, aimed at bringing the economy out of stagnation, the desired outcome is not achieved. The trend of transferring of the bulk of investments to human capital, at the expense of the share of investments spent on increased production, has proved insufficient. The analysis of causes of ultra-high risks of investments in increase of human capital has helped to determine that the models, which are used currently, do not take into account some of the fundamental patterns, which ensure the high efficiency of investment in human capital. Most of the models are based on application of the methods of situational governance, which, at best, have a short-term positive effect. This trend results from the insufficient awareness of managers of the fundamental patterns of human capital development, which deprives the investors of the possibility to benefit from the optimal combination of the situational governance with relevant long-term programs, which can steadily increase human capital. The researches of the fundamental patterns of human capital development have shown, that the main factor for achieving the high efficiency of investment in human capital is the correct organization of the processes of value determination of the subjects of economic activity and the transition from the value determination to value-semantic determination, thus ensuring guaranteed attainment of goals along with high dynamics of resources. The work presented here is dedicated to the method of managing the quality of human capital, which is hereafter referred to as value-semantic economy.

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Detemple, Jerome, and Yerkin Kitapbayev. "The Value of Green Energy: Optimal Investment in Mutually Exclusive Projects and Operating Leverage." Review of Financial Studies 33, no. 7 (September 3, 2019): 3307–47. http://dx.doi.org/10.1093/rfs/hhz097.

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Abstract We study investments in exclusive projects with different cost structures. Our analysis incorporates the possibility of producing a stochastic revenue stream from two alternative technologies with a stochastic variable cost and a fixed cost, respectively, and accounts for project managers’ endogenous operating decisions. The optimal investment decision is characterized by two possibly nonmonotone boundaries. We examine the effect of operating leverage on managerial policies, investment decisions, and values and carry out an application to power generation projects. We assess the impact of knowledge acquisition, that is, investments in growth options. (JEL G13, Q40, Q42, L94)

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Maquieira V., Carlos, Salvador Zurita L., Valeria García O., and María Luisa Velasco D. "Valuation of Investment Companies in Chile." Estudios de Administración 10, no. 2 (March 10, 2020): 1. http://dx.doi.org/10.5354/0719-0816.2003.56793.

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Though no clear definition of investment companies exists in Chile, it has been generally understood to refer to companies that have investments in other companies (with or without corporate control) but that do not own productive assets. A question that naturally arises is whether the market value of investment companies is equal to the economic value of the assets in which they invest, and if not, what factors account for the difference. International evidence indicates that for conglomerates a discount on market value would exist and also the situation would be similar (although not identical) to closed-end funds. In this paper we study the existence and explanation of a discount to Chilean investment companies. We find an average discount of 28% in a sample of 22 investment companies studied in the period December 1993 -- December 1999; and the structure of premiums and discounts is explained in an 83% by four variables. The results reported in this study are consistent with the following hypotheses: The discount of the investment companies is positively related to the percentage of insider ownership (insiders can maximise its wealth to the detriment of outsiders). On the other hand, it is negatively related to: the investment in filiated and related companies, the amount invested in investment companies maintained in the portfolio (probably due to an agency problem among shareholders), and the Depurate Book Value of Assets (a regulatory accounting restriction that affects Chilean pension fund investments).

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