Search results for: algebras over valuation domains

Authors: Shai Sarussi

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Suppose F is a field with valuation v and valuation domain Oᵥ, and R is an Oᵥ-algebra. It is known that there exists a filter quasi-valuation on R; the existence of a quasi-valuation yields several important connections between Oᵥ and R, in particular with respect to their prime spectra. In this paper, the notion of a module valuation is introduced. It is shown that any torsion-free module over Oᵥ has an induced module valuation. Moreover, several results connecting the filter quasi-valuation and module valuations are presented.

Keywords: valuations, quasi-valuations, prime spectrum, algebras over valuation domains

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Authors: Shai Sarussi

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Let S be an integral domain with field of fractions F and let A be an F-algebra. An S-subalgebra R of A is called S-nice if R∩F = S and the localization of R with respect to S \{0} is A. Denoting by W the set of all S-nice subalgebras of A, and defining a notion of open sets on W, one can view W as a T0-Alexandroff space. Thus, the algebraic structure of W can be viewed from the point of view of topology. It is shown that every nonempty open subset of W has a maximal element in it, which is also a maximal element of W. Moreover, a supremum of an irreducible subset of W always exists. As a notable connection with valuation theory, one considers the case in which S is a valuation domain and A is an algebraic field extension of F; if S is indecomposed in A, then W is an irreducible topological space, and W contains a greatest element.

Keywords: integral domains, Alexandroff topology, prime spectrum of a ring, valuation domains

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Authors: Lavinia Ciungu

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In the last decades, developing algebras related to the logical foundations of quantum mechanics became a central topic of research. Generally known as quantum structures, these algebras serve as models for the formalism of quantum mechanics. In this work, we introduce the notion of quantum-Wajsberg algebras by redefining the quantum-MV algebras starting from involutive BE algebras. We give a characterization of quantum-Wajsberg algebras, investigate their properties, and show that, in general, quantum-Wajsberg algebras are not (commutative) quantum-B algebras. We also define the ∨-commutative quantum-Wajsberg algebras and study their properties. Furthermore, we prove that any Wajsberg algebra (bounded ∨-commutative BCK algebra) is a quantum-Wajsberg algebra, and we give a condition for a quantum-Wajsberg algebra to be a Wajsberg algebra. We prove that Wajsberg algebras are both quantum-Wajsberg algebras and commutative quantum-B algebras. We establish the connection between quantum-Wajsberg algebras and quantum-MV algebras, proving that the quantum-Wajsberg algebras are term equivalent to quantum-MV algebras. We show that, in general, the quantum-Wajsberg algebras are not commutative quantum-B algebras and if a quantum-Wajsberg algebra is self-distributive, then the corresponding quantum-MV algebra is an MV algebra. Our study could be a starting point for the development of other implicative counterparts of certain existing algebraic quantum structures.

Keywords: quantum-Wajsberg algebra, quantum-MV algebra, MV algebra, Wajsberg algebra, BE algebra, quantum-B algebra

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Authors: Shai Sarussi

Abstract:

Let S be an integral domain with field of fractions F and let A be an F-algebra. An S-subalgebra R of A is called S-nice if R∩F = S and the localization of R with respect to S \{0} is A. Denoting by W the set of all S-nice subalgebras of A, and defining a notion of open sets on W, one can view W as a T0-Alexandroff space. A characterization of the property of immediate neighbors in an Alexandroff topological space is given, in terms of closed and open subsets of appropriate subspaces. Moreover, two special subspaces of W are introduced, and a way in which their closed and open subsets induce W is presented.

Keywords: integral domains, Alexandroff topology, immediate neighbors, valuation domains

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Authors: M. A. Fiidow, Ahmad M. Alenezi

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In this work, we study the inner derivations of diassociative algebras in dimension two and three, an algorithmic approach is adopted for the computation of inner derivation, using some results from the derivation of finite dimensional diassociative algebras. Some basic properties of inner derivation of finite dimensional diassociative algebras are also provided.

Keywords: diassociative algebras, inner derivations, derivations, left and right operator

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Authors: Tumadhir Fahim M Alsulami

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The concept of this paper builds on connecting between two important notions, fuzzy ideals of BCK-algebras and derivation of BCI-algebras. The result we got is a new concept called derivation fuzzy ideals of BCI-algebras. Followed by various results and important theorems on different types of ideals. In chapter 1: We presented the basic and fundamental concepts of BCK\ BCI- algebras as follows: BCK/BCI-algebras, BCK sub-algebras, bounded BCK-algebras, positive implicative BCK-algebras, commutative BCK-algebras, implicative BCK- algebras. Moreover, we discussed ideals of BCK-algebras, positive implicative ideals, implicative ideals and commutative ideals. In the last section of chapter 1 we proposed the notion of derivation of BCI-algebras, regular derivation of BCI-algebras and basic definitions and properties. In chapter 2: It includes 3 sections as follows: Section 1 contains elementary concepts of fuzzy sets and fuzzy set operations. Section 2 shows O. G. Xi idea, where he applies fuzzy sets concept to BCK-algebras and we studied fuzzy sub-algebras as well. Section 3 contains fuzzy ideals of BCK-algebras basic definitions, closed fuzzy ideals, fuzzy commutative ideals, fuzzy positive implicative ideals, fuzzy implicative ideals, fuzzy H-ideals and fuzzy p-ideals. Moreover, we investigated their concepts in diverse theorems and propositions. In chapter 3: The main concept of our thesis on derivation fuzzy ideals of BCI- algebras is introduced. Chapter 3 splits into 4 sections. We start with General definitions and important theorems on derivation fuzzy ideal theory in section 1. Section 2 and 3 contain derivations fuzzy p-ideals and derivations fuzzy H-ideals of BCI- algebras, several important theorems and propositions were introduced. The last section studied derivations fuzzy implicative ideals of BCI-algebras and it includes new theorems and results. Furthermore, we presented a new theorem that associate derivations fuzzy implicative ideals, derivations fuzzy positive implicative ideals and derivations fuzzy commutative ideals. These concepts and the new results were obtained and introduced in chapter 3 were submitted in two separated articles and accepted for publication.

Keywords: BCK, BCI, algebras, derivation

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Authors: Julianto Agung Saputro, Jogiyanto Hartono

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Multiple valuation is widely used by investors and practitioners but its accuracy is questionable. Multiple valuation inaccuracies are due to the unreliability of information used in valuation, inaccuracies comparison group selection, and use of individual multiple values. This study investigated the accuracy of valuation to examine factors that can increase the accuracy of the valuation of multiple ratios, that are discretionary accruals, the comparison group, and the composite of multiple valuation. These results indicate that multiple value adjustment method with discretionary accruals provides better accuracy, the industry comparator group method combined with the size and growth of companies also provide better accuracy. Composite of individual multiple valuation gives the best accuracy. If all of these factors combined, the accuracy of valuation of multiple ratios will give the best results.

Keywords: multiple, valuation, composite, accuracy

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Authors: Muna Tabuni

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The paper contains an investigation of the notion of Q algebras. A brief introduction to quantum mechanics is given, in that systems the state defined by a vector in a complex vector space H which have Hermitian inner product property. H may be finite or infinite-dimensional. In quantum mechanics, operators must be hermitian. These facts are saved by Lie algebra operators but not by those of quantum algebras. A Hilbert space H consists of a set of vectors and a set of scalars. Lie group is a differentiable topological space with group laws given by differentiable maps. A Lie algebra has been introduced. Q-algebra has been defined. A brief introduction to BCI-algebra is given. A BCI sub algebra is introduced. A brief introduction to BCK=BCH-algebra is given. Every BCI-algebra is a BCH-algebra. Homomorphism maps meanings are introduced. Homomorphism maps between two BCK algebras are defined. The mathematical formulations of quantum mechanics can be expressed using the theory of unitary group representations. A generalization of Q algebras has been introduced, and their properties have been considered. The Q- quantum algebra has been studied, and various examples have been given.

Keywords: Q-algebras, BCI, BCK, BCH-algebra, quantum mechanics

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Authors: Natália Maria Rego

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ALeibnizn-algebraGis aK-vector space endowed whit a n-linearbracket operation [-,…-] : GG … G→ Gsatisfying the fundamental identity, which can be expressed saying that the right multiplication map Ry2, …, ᵧₙ: Gn→ G, Rᵧ₂, …, ᵧₙn(ˣ¹, …, ₓₙ) = [[ˣ¹, …, ₓₙ], ᵧ₂, …, ᵧₙ], is a derivation. This structure, together with its skew-symmetric version, named as Lie n-algebra or Filippov algebra, arose in the setting of Nambumechanics, an n-ary generalization of the Hamiltonian mechanics. Thefirst goal of this work is to provide a characterization of various classes of central extensions of Leibniz n-algebras in terms of homological properties. Namely, Commutator extension, Quasi-commutator extension, Stem extension, and Stem cover. These kind of central extensions are characterized by means of the character of the map *(E): nHL1(G) → M provided by the five-term exact sequence in homology with trivial coefficients of Leibniz n-algebras associated to an extension E : 0 → M → K → G → 0. For a free presentation 0 →R→ F →G→ 0of a Leibniz n-algebra G,the term M(G) = (R[F,…n.., F])/[R, F,..n-1..,F] is called the Schur multiplier of G, which is a Baer invariant, i.e., it does not depend on the chosen free presentation, and it is isomorphic to the first Leibniz n-algebras homology with trivial coefficients of G. A central extension of Leibniz n-algebras is a short exact sequenceE : 0 →M→K→G→ 0such that [M, K,.. ⁿ⁻¹.., K]=0. It is said to be a stem extension if M⊆[G, .. n.., G]. Additionally, if the induced map M(K) → M(G) is the zero map, then the stem extension Eis said to be a stem cover. The second aim of this work is to analyze the interplay between stem covers of Leibniz n-algebras and the Schur multiplier. Concretely, in the case of finite-dimensional Leibniz n-algebras, we show the existence of coverings, and we prove that all stem covers with finite-dimensional Schur multiplier are isoclinic. Additionally, we characterize stem covers of perfect Leibniz n-algebras.

Keywords: leibniz n-algebras, central extensions, Schur multiplier, stem cover

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Authors: Matteo Manera, Mariateresa Torchia, Gregory Moscato

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Forensic accounting is a hot subject of research in accounting. Valuation remains one of the major topics for practitioners. Valuation standards are a powerful instrument that can contribute to a fair process: their use aims at reducing subjectivity and arbitrary decisions in courts. In most jurisdictions, valuation standards are not the law: forensic accountants are not obliged to use valuation standards when they perform valuation works for judges. To date, as far as we know, no literature work has investigated adoption and diffusion of valuation standards in the forensic accounting space. In this paper, we analyze the spread of valuation standards through the lenses of isomorphism and -as corollaries- of Agency Theory and Signaling Theory. Because of lack of research in the particular area of valuation standards adoption, the present work relies on qualitative, exploratory research, based on semi-structured interviews conducted (up to saturation) with expert forensic accountants. Our work digs into motivations behind adoption and diffusion, as well into perceptions of forensic accountants around benefits of valuation standards and into barriers to their diffusion: the result is that, while the vast majority of forensic accountants praise the great work of the standards setters in introducing valuation standards, it might be that less than 50% of forensic accountants actually use valuation standards, in courts. Our preliminary findings, to be supported or refuted by future research, lead us to address a “trilogy” of recommendations to the stakeholders involved in the process of adoption and diffusion of valuation standards in courts.

Keywords: forensic accounting, valuation standards, adoption of standards, motivations, benefits, barriers, Isomorphism

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Authors: H. D. Ibrahim, H. C. Chinwenyi, T. Danjuma

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An option is defined as a financial contract that provides the holder the right but not the obligation to buy or sell a specified quantity of an underlying asset in the future at a fixed price (called a strike price) on or before the expiration date of the option. This paper examined two approaches for derivation of Partial Differential Equation (PDE) options price valuation formula for the Heston stochastic volatility model. We obtained various PDE option price valuation formulas using the riskless portfolio method and the application of Feynman-Kac theorem respectively. From the results obtained, we see that the two derived PDEs for Heston model are distinct and non-unique. This establishes the fact of incompleteness in the model for option price valuation.

Keywords: Black-Scholes partial differential equations, Ito process, option price valuation, partial differential equations

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Authors: Natalia Pacheco Rego

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The Liezation functor is a map from the category of Leibniz algebras to the category of Lie algebras, which assigns a Leibniz algebra to the Lie algebra given by the quotient of the Leibniz algebra by the ideal spanned by the square elements of the Leibniz algebra. This functor is left adjoint to the inclusion functor that considers a Lie algebra as a Leibniz algebra. This environment fits in the framework of central extensions and commutators in semi-abelian categories with respect to a Birkhoff subcategory, where classical or absolute notions are relative to the abelianization functor. Classical properties of Leibniz algebras (properties relative to the abelianization functor) were adapted to the relative setting (with respect to the Liezation functor); in general, absolute properties have the corresponding relative ones, but not all absolute properties immediately hold in the relative case, so new requirements are needed. Following this line of research, it was conducted an analysis of central derivations of Leibniz algebras relative to the Liezation functor, called as Lie-derivations, and a characterization of Lie-stem Leibniz algebras by their Lie-central derivations was obtained. In this paper, we present an overview of these results, and we analyze some new properties concerning Lie-central derivations and almost inner Lie-derivations. Namely, a Leibniz algebra is a vector space equipped with a bilinear bracket operation satisfying the Leibniz identity. We define the Lie-bracket by [x, y]lie = [x, y] + [y, x] , for all x, y . The Lie-center of a Leibniz algebra is the two-sided ideal of elements that annihilate all the elements in the Leibniz algebra through the Lie-bracket. A Lie-derivation is a linear map which acts as a derivative with respect to the Lie-bracket. Obviously, usual derivations are Lie-derivations, but the converse is not true in general. A Lie-derivation is called a Lie-central derivation if its image is contained in the Lie-center. A Lie-derivation is called an almost inner Lie-derivation if the image of an element x is contained in the Lie-commutator of x and the Leibniz algebra. The main results we present in this talk refer to the conditions under which Lie-central derivation and almost inner Lie-derivations coincide.

Keywords: almost inner Lie-derivation, Lie-center, Lie-central derivation, Lie-derivation

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Authors: Ih-Ching Hsu

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Inspired by the so called Jacobi Identity (x y) z + (y z) x + (z x) y = 0, the following class of functional equations EQ I: F [F (x, y), z] + F [F (y, z), x] + F [F (z, x), y] = 0 is proposed, researched and generalized. Research methodologies begin with classical methods for functional equations, then evolve into discovering of any implicit algebraic structures. One of this paper’s major findings is that EQ I, under two additional conditions F (x, x) = 0 and F (x, y) + F (y, x) = 0, proves to be a fundamental functional equation for Lie Algebras. Existence of non-trivial solutions for EQ I can be proven by defining F (p, q) = [p q] = pq –qp, where p and q are quaternions, and pq is the quaternion product of p and q. EQ I can be generalized to the following class of functional equations EQ II: F [G (x, y), z] + F [G (y, z), x] + F [G (z, x), y] = 0. Concluding Statement: With a major finding proven, and non-trivial solutions derived, this research paper illustrates and provides a new functional equation scheme for studies in two major areas: (1) What underlying algebraic structures can be defined and/or derived from EQ I or EQ II? (2) What conditions can be imposed so that conditional general solutions to EQ I and EQ II can be found, investigated and applied?

Keywords: fundamental functional equation, generalized functional equations, Lie algebras, quaternions

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Authors: Tuti Haryati Jasimin, Hishamuddin Mohd Ali

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Malaysia’s green building development is gaining momentum and green buildings have become a key focus area especially within the commercial sector with the encouragement of government legislation and policy. Due to the emerging awareness among the market players’ views of the benefits associated with the ownership of green buildings in Malaysia, there is a need for valuers to incorporate consideration of sustainability into their assessments of property market value to ensure the green buildings continue to increase in the market. This paper analyses the valuers’ current perception on the valuation practices with regard to the green issues in Malaysia. The study was based on a survey of registered real estate valuers and the experts whose work related to valuation in the Klang Valley area to rate their view regarding the perception on valuation of green building. The findings present evidence that even though Malaysian valuers have limited knowledge of green buildings, they recognize the importance of incorporating the green features in the valuation process. The inclusion of incorporating the green features in valuations in practice was hindered by the inadequacy of sufficient transactional data in the market. Furthermore, valuers experienced difficulty in identifying what are the various input parameters of green building and how to adjust it in order to reflect the benefit of sustainability features correctly in the valuation process. This paper focuses on the present challenges confronted by Malaysian valuers with regards to incorporating the green features in their valuation.

Keywords: green commercial office building, Malaysia, valuers’ perception, valuation, commercial sector

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Authors: Sandra Cecilia Bautista-Rodríguez, Vladimir Melgarejo

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Climate change, loss of ecosystems, increasing poverty, increasing marginalization of rural communities and declining food security are global issues that require urgent attention. In this regard, a great deal of research has focused on how agroecosystems respond to these challenges as they provide ecosystem services (ES) that lead to higher levels of resilience, adaptation, productivity and self-sufficiency. Hence, the valuing of ecosystem services plays an important role in the decision-making process for the design and management of agroecosystems. This paper aims to define the link between ecosystem service valuation methods and ES value dimensions in agroecosystems from ecological economics and agroecology. The method used to identify valuation methodologies was a literature review in the fields of Agroecology and Ecological Economics, based on a strategy of information search and classification. The conceptual framework of the work is based on the multidimensionality of value, considering the social, ecological, political, technological and economic dimensions. Likewise, the valuation process requires consideration of the ecosystem function associated with ES, such as regulation, habitat, production and information functions. In this way, valuation methods for ES in agroecosystems can integrate more than one value dimension and at least one ecosystem function. The results allow correlating the ecosystem functions with the ecosystem services valued, and the specific tools or models used, the dimensions and valuation methods. The main methodologies identified are multi-criteria valuation (1), deliberative - consultative valuation (2), valuation based on system dynamics modeling (3), valuation through energy or biophysical balances (4), valuation through fuzzy logic modeling (5), valuation based on agent-based modeling (6). Amongst the main conclusions, it is highlighted that the system dynamics modeling approach has a high potential for development in valuation processes, due to its ability to integrate other methods, especially multi-criteria valuation and energy and biophysical balances, to describe through causal cycles the interrelationships between ecosystem services, the dimensions of value in agroecosystems, thus showing the relationships between the value of ecosystem services and the welfare of communities. As for methodological challenges, it is relevant to achieve the integration of tools and models provided by different methods, to incorporate the characteristics of a complex system such as the agroecosystem, which allows reducing the limitations in the processes of valuation of ES.

Keywords: ecological economics, agroecosystems, ecosystem services, valuation of ecosystem services

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Authors: Matthias Haerri, Tobias Huettche, Clemens Kustner

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This article discusses the impact of digitization on business valuation. In order to become and remain ‘digital’, investments are necessary whose return on investment (ROI) often remains vague. This uncertainty is contradictory for a valuation, that rely on predictable cash flows, fixed capital structures and the steady state. However digitisation does not make a company valuation impossible, but traditional approaches must be reconsidered. The authors identify four areas that are to be changing: (1) Tools instead of intuition - In the future, company valuation will neither be art nor science, but craft. This does not require intuition, but experience and good tools. Digital evaluation tools beyond Excel will therefore gain in importance. (2) Real-time instead of deadline - At present, company valuations are always carried out on a case-by-case basis and on a specific key date. This will change with the digitalization and the introduction of web-based valuation tools. Company valuations can thus not only be carried out faster and more efficiently, but can also be offered more frequently. Instead of calculating the value for a previous key date, current and real-time valuations can be carried out. (3) Predictive planning instead of analysis of the past - Past data will also be needed in the future, but its use will not be limited to monovalent time series or key figure analyses. With pictures of ‘black swans’ and the ‘turkey illusion’ it was made clear to us that we build forecasts on too few data points of the past and underestimate the power of chance. Predictive planning can help here. (4) Convergence instead of residual value - Digital transformation shortens the lifespan of viable business models. If companies want to live forever, they have to change forever. For the company valuation, this means that the business model valid on the valuation date only has a limited service life.

Keywords: business valuation, corporate finance, digitisation, disruption

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Authors: Salvatore Triolo

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We discuss the possibility of extending the well-known Gelfand-Naimark-Segal representation to modules over a C*algebra. We focus our attention on the case of Hilbert modules. We consider, in particular, the problem of the existence of a faithful representation. Non-commutative Lᵖ-spaces are shown to constitute examples of a class of CQ*-algebras. Finally, we have shown that any semisimple proper CQ*-algebra (X, A#), with A# a W*-algebra can be represented as a CQ*-algebra of measurable operators in Segal’s sense.

Keywords: Gelfand-Naimark-Segal representation, CQ*-algebras, faithful representation, non-commutative Lᵖ-spaces, operator in Hilbert spaces

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Authors: Alicja Reuben, Amira Annabi

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In this paper, we explore the relationship between the selection of valuation techniques by investment banks and the banks’ risk perceptions and performance in the context of the theory of performativity. We use inferential statistics to study these relationships by building a unique dataset based on the disclosure of 12 investment banks’ 2012-2015 annual financial statements. Moreover, we create two constructs, namely intensity of use and risk perception. We measure the intensity of use as a frequency metric of how often a particular bank adopts valuation techniques for a particular asset or liability. We measure risk perception based on disclosed ranges of values for unobservable inputs. Our results are twofold: we find a significant negative correlation between (1) intensity of use and investment bank performance and (2) intensity of use and risk perception. These results indicate that a performative process takes place, and the valuation techniques are enacting their environment.

Keywords: language, linguistics, performativity, financial techniques

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Authors: Brenda R. Berca, Jessica S. Vieira, Lucas G. Candido, Matheus C. Ferreira, Paulo S. A. Lopes Filho, Rafaella O. Baracho

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This study aims to estimate the economic value environmental services sustained by Flamboyant Lourival Louza Municipal Park in Goiânia, Goiás, Brazil. The Flamboyant Park is one of the most relevant urban parks, and it is located near a stadium, a shopping center, and two supercenters. In order to define the methods used for the valuation of Flamboyant Park, the first step was carrying out bibliographical research with the view to better understand which method is most feasible to valuate the Park. Thus, the following direct methods were selected: travel cost, hedonic pricing, and contingent valuation. In addition, an indirect method (replacement cost) was applied at Flamboyant Park. The second step was creating and applying two surveys. The first survey aimed at the visitors of the park, addressing socio-economic issues, the use of the Park, as well as its importance and the willingness the visitors, had to pay for its existence. The second survey was destined to the existing trade in the Park, in order to collect data regarding the profits obtained by them. In the end, the characterization of the profile of the visitors and the application of the methods of contingent valuation, travel cost, replacement cost and hedonic pricing were obtained, thus monetarily valuing the various ecosystem services sustained by the park. Some services were not valued due to difficulties encountered during the process.

Keywords: contingent valuation, ecosystem services, economic environmental valuation, hedonic pricing, travel cost

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Authors: Megha Agarwal

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The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity.

Keywords: earnings, cash flows, valuation, Residual Earnings Model (REM)

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Authors: Elizabeta Eduard Baltadzhyan

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This work presents a stage of an investigation about the metaphorical conceptualization of translation in Bulgarian language. The material is a linguistic corpus consisting of 38 interviews with several generations Bulgarian translators and interpreters. The aim of this presentation is to inform about the results of the organization of the source concepts in scenarios that dominate the discursive manifestations of the source domains. The data show that, on the one hand, translators from different generations share some basic assignments of source and target domains, e. g. translation is a journey or translation is an artistic presentation. On the other hand, there are some specific scenarios motivated by significant changes in the socio-economic structure of the country and the valuation of the translator´s mission and work, e. g., the scenario of pleasure and addictive activity marks the generation that enjoy great support and stimulation from the socialist government, whereas the war scenario marks the generation during the Perestroika time.

Keywords: Bulgarian language, metaphor, scenario, translation

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Authors: Malcolm Abbott, Angela Tan-Kantoor

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The purpose of this paper is to look at the varieties of ways in which regulators have undertaken asset valuations in Australia of government business enterprises as part of utility regulation. Regulation of the monopoly elements, through use of a building block approach, led to a need to estimate regulated asset bases. This development has had an influence on the manner in which Australian companies (both government and privately owned ones) have valued assets for the purpose of financial reporting. As the regulators in Australia did not always use a consistent approach it had meant that a variety of ways have been used to value the assets of government owned enterprises, and meant a varied impact on asset valuation more generally.

Keywords: sset valuation, regulation, government business enterprises

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Authors: Simon Huston, Ebraheim Lahbash, Ali Parsa

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The development of the United Arab Emirates (UAE) into a regional trade, tourism, finance and logistics hub has transformed its real estate markets. However, speculative activity and price volatility remain concerns. UAE residential market values (MV) are exposed to fluctuations in capital flows and migration which in turn are affected by geopolitical uncertainty, oil price volatility, and global investment market sentiment. Internally, a complex interplay between administrative boundaries, land tenure, building quality and evolving location characteristics fragments UAE residential property markets. In short, the UAE Residential Valuation System (UAE-RVS) confronts multiple challenges to collect, filter and analyze relevant information in complex and dynamic spatial and capital markets. A robust (RVS) can mitigate the risk of unhelpful volatility, speculative excess or investment mistakes. The research outlines the institutional, ontological, dynamic, and epistemological issues at play. We highlight the importance of system capabilities, valuation standard salience and stakeholders trust.

Keywords: valuation, property rights, information, institutions, trust, salience

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Authors: Brian Basvi

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A technique for analyzing a security's intrinsic value is called fundamental analysis. It involves looking at relevant financial, economic, and other qualitative and quantitative aspects. Earnings Per Share (EPS), a crucial metric in fundamental analysis, is calculated by dividing a company's net income by the total number of outstanding shares. With more than 70 listed businesses, the Zimbabwe Stock Exchange (ZSE) is the primary stock exchange in Zimbabwe. This study applies the EPS financial ratio and stock valuation techniques to historical stock data from 68 companies listed on the Zimbabwe Stock Exchange. According to a ZSE study, EPS significantly affects share prices that are listed on the market. The study's objective was to assess how fundamental analysis affected the idea of EPS in ZSE stock valuation. It concluded that EPS is an important consideration for investors when they make judgments about their investments. According to the study's findings, fundamental analysis is a useful tool for ZSE investors since it offers insightful information about a company's financial performance and aids in decision-making. Investors can have a better understanding of a company's underlying worth and prospects for future growth by looking into EPS and other basic aspects.

Keywords: fundamental analysis, stock valuation, EPS, share pricing

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Authors: Sara Sousa

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The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

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Authors: Nikhil Kumar, Aparna Singh

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Microstructural development when annealed at different temperatures in a high aluminum and manganese light weight steel has been examined. The FCC matrix of the manganese (Mn)-rich and nickel (Ni)-rich areas in the studied Fe-Mn-Al-Ni-C-light weight steel have been found to contain anti phase domains. In the Mn-rich region short order range of domains manifested by the diffuse scattering in the electron diffraction patterns was observed. Domains in the Ni-rich region were found to be arranged periodically validated through lattice imaging. The nature of these domains can be tuned with annealing temperature resulting in profound influence in the mechanical properties.

Keywords: Anti-phase domain boundaries, BCC, FCC, Light Weight Steel

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

Procedia PDF Downloads 134

Authors: Achim Kampker, Christoph Deutskens, Heiner Hans Heimes, Mathias Ordung, Felix Optehostert

Abstract:

In the past years electric mobility became part of a public discussion. The trend to fully electrified vehicles instead of vehicles fueled with fossil energy has notably gained momentum. Today nearly every big car manufacturer produces and sells fully electrified vehicles, but electrified vehicles are still not as competitive as conventional powered vehicles. As the traction battery states the largest cost driver, lowering its price is a crucial objective. In addition to improvements in product and production processes a non-negligible, but widely underestimated cost driver of production can be found in logistics, since the production technology is not continuous yet and neither are the logistics systems. This paper presents an approach to evaluate cost factors on different designs of load carrier systems. Due to numerous interdependencies, the combination of costs factors for a particular scenario is not transparent. This is effecting actions for cost reduction negatively, but still cost reduction is one of the major goals for simultaneous engineering processes. Therefore a concurrent and phase appropriate cost valuation method is necessary to serve cost transparency. In this paper the four phases of this cost valuation method are defined and explained, which based upon a new approach integrating the logistics development process in to the integrated product and process development.

Keywords: research and development, technology and innovation, lithium-ion-battery production, load carrier development process, cost valuation method

Procedia PDF Downloads 594

Authors: Majdi Anwar Quttainah, William Paczkowski, Ali Muhammad

Abstract:

Determining the value of a privately held firms confound those in academia as well as practitioners in the fields of appraisal, forensic accounting, and law. Divergent parties to the transfer look to apply the valuation technique to serve their own best interests. This paper seeks to explore how agency theory induces owners to choose the form of their businesses at inception and how this choice will affect the appraisers’ valuation of the firm at the transfer of ownership.

Keywords: organizational form, agency theory, value

Procedia PDF Downloads 431

Authors: Elmira Shamshity

Abstract:

This study aimed to explore the economic approach for the Setiu wetland evaluation as a future protection strategy. A questionnaire survey was used based on the single-bounded dichotomous choice, contingent valuation method to differentiate individuals’ Willingness to Pay (WTP) for the conservation of the Setiu wetland. The location of study was Terengganu province in Malaysia. The results of the random questionnaire survey showed that protection of Setiu ecosystem is important to the indigenous community. The mean WTP for protection of ecosystem Setiu wetland was 12.985 Ringgit per month per household for 10 years. There was significant variation in the stated amounts of WTP based on the respondents’ knowledge, household income, educational level, and the bid amounts. The findings of this study may help improving understanding the WTP of indigenous people for the protection of wetland, and providing useful information for policy makers to design an effective program of ecosystem protection.

Keywords: willingness to pay, ecosystem, setiu wetland, Terengganu Malaysia

Procedia PDF Downloads 605