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Valuation - Science topic

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The increasing automation of many aspects of the valuation process, the expanding importance of data analysis and interpretation, and changing client expectations all have implications for the valuer's role. Is it the same for real estate/land economists? Is the property valuer's role the same as that of the real estate/land economist?
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Abstract
Globally, real estate trade is highly regularized. Usually, the market value is not negotiated simply between the seller and potential buyer but based on an assessment performed by a professional valuer, known as a surveyor or appraiser. This paper inquires about the economic role of valuers in real estate markets. An institutionally embedded framework for valuation intermediation is developed that elucidates a multi-tiered imperfect information cascade. First, the valuer is understood as middleman counteracting information uncertainties on product quality of real estate. An additional constraint is constituted by information asymmetries between valuer and contractor. Drawing on New Institutional Economics, we discuss how the valuation professional with regularizations evolves globally as the superior institutional response to this cascade of information imperfections. A case of empirical evidence is provided for this concept of the regularized valuer.
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In the end, the orthodox economic approaches to reals estate valuation do not become obsolete but integrate into a socio-ecological framework of transaction economics. Here we find the emergence of regularizing organisations as a first order condition for an effective functioning of the valuation process in the absence of punishment or incentivizing means to guide the behaviour of the valuer.
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Am in agreement with the conclusion of the authors that both roles can be best understood with creating an analytical cascade of transaction economics.
This valuation and role cascade implies huge practical differences between locations and countries.
To my experience Terans Gunawardhana these practical differences can often count more than ‚objective criteria‘, due to human value preferences and traditions.
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Specialist properties are relatively complex and difficult to value due to the lack of comparable evidence. It's worth studying how advanced technologies are used for these valuations.
What are the challenges of employing advanced technologies in specialist property valuation?
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We are doing a research on the question given above so I need your help to discuss further about this.
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To do this, you can try to apply scenario-based automated system-cognitive analysis: https://www.researchgate.net/publication/360412127
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I am required to submit a research proposal for my Phd admission in Management. I have my Pg in real estate valuations and financial management along with marketing. Therfore, I want to select a topic based on these for which I need some suggestion on some topics that I could select for my Phd.
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I do not think that it is right to suggest a PhD topic for anyone because we do not have the same experiences and interests even if in the same field.Given your background in real estate valuation and financial management, you must have a reason for deciding to study management further.That reason should guide you in choosing a topic of your own. Your particular areas of interest can guide you towards a management topic.Therefore, it is best for your topic to come from you in an area where your interest lies and with which you can do something new and important. A topic selected for cannot be as good as one selected by you.
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The company valuation can be done by adopting several models, among them: the market multiples model; the model based on the balance sheet, the model based on the income statement, and the model based on discounted cash flow.
In this context, which methodologies are most effective for this purpose, and which is the best evaluation model?
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There is no straight forward answer to it. It all depends on the purpose and scenario.
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We know there's district field of property valuation for real estate and non-real assets. However, accounting is also awashed with business valuation etc. Are they similar, interchangeable or just complimentary?
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Well, there are, of course, three approaches to valuation. One is the market approach. That is probably the province of appraisers. A second one is the income approach. This could, at times, involve accountants. The third approach is the cost approach. Engineers could have a hand in this approach. When involving these other professions, there should be some degree of familiarity with the property type that is the subject of valuation.
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Why is the importance of analyzing and conducting research on the correlation between the stock market valuation of securities (stocks, bonds, etc.) and the economic and financial situation of business entities growing?
In recent years, the importance of examining the correlation between stock market valuation of securities (stocks, bonds, etc.) and the economic and financial situation of business entities is growing, because there are more and more anomalies and speculations on capital markets, which may reduce these correlations. The importance of studying this issue is growing particularly when in certain listed markets valuations of certain financial assets and instruments are less and less related to economic fundamentals and the significance of speculation is growing. If such a lack of correlation between the stock market valuation and the economic and financial situation of business entities is growing, then the financial and / or economic crisis may occur. Such a situation of increase in speculative factors on stock exchanges and commodity exchange commodity markets appeared in 2006-2008 and contributed to the global financial crisis in 2008.
Do you agree with me on the above matter?
In the context of the above issues, I am asking you the following question:
Why is the importance of analyzing and conducting research on the correlation between the stock market valuation of securities (stocks, bonds, etc.) and the economic and financial situation of business entities growing?
Please reply
I invite you to the discussion
Thank you very much
Best wishes
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Dear Nazir Ali,
Yes, you asked a key question in the context of the topic of this discussion. Typically, it is in the event of an exceptionally large overvaluation or undervaluation of market valuations of listed securities that these kinds of questions are asked.
Thank you very much,
Best wishes,
Dariusz Prokopowicz
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Availability of data which can be used as proxy for valuation of ecosystem services with respect to forest ecosystem and wetland. I need standard secondary literatures or please suggest few articles in context to south asia. Thanks
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Dear all,
I am going to simulate the propagation of the Love waves in COMSOL Multiphysics using a 2D model.
My plan is to use the Solid Mechanics interface and Frequency domain study with out-of-plane strain mode extension (time-harmonic).
My questions are:
+ As far as I know, in this model the X-direction is wave propagation direction, and Z-direction is motion particle direction. Is it right?
+ How can we evaluate the valuation of kz in the general case.
Thank you in advance.
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Dear Dinh,
Yes, you are right that " the Z-direction is wave propagation direction, and X-direction is motion particle direction".
Good luck,
M.D.
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I'm woriking on my Dissertation to graduate from my uni, the field is valuating, but I can't think of any new ideas and feel confused to conduct one, any recommendation?
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I just want to affirm that your feelings of confusion are very normal at the early stages of the doctoral program.
Ranwa Khorsheed 's idea is a good one. What is important, though, is that the specific question you pursue deeply interests you, because you are committing years to it and it will form the basis for your future scholarship. No pressure!!
Often we start a doctoral program by reviewing the literature. I would do a higher level review on your topic, so you can begin to identify the different questions being pursued, different theoretical frameworks, different methodological approaches, and pay attention to which articles catch your attention the most.
Maybe keep a research journal during this process. What bores you? What excites you? Do some free writing about articles that catch your attention. "The reason this article really interested me is...". An important aspect of writing in academia in the early stages is to clarify our own thinking.
Good luck! And don't panic. Things will sort themselves out as you go along.
Silvia
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Please do let me know any research work about valuation of mountain ecosystem, my interest is to know methodology to apply in my research.
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In Brazil, no research has yet been carried out on this topic in Brazil. the mountain ecosystem has not inspired the interest, eventually those who have studied this subject have published it in English, in scientific journals specialized in the subject. Just search for Google Scholar, Scopus, Direct Science, etc.
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Does the information policy of the public relations department of a capital company issuing securities (shares, bonds, ...) may affect the market valuation of these securities on the stock exchange?
If there are certain situations confirming this impact, should it be considered a imperfection of the information system?
If there are certain situations confirming irregularities in the information policy of issuers of securities or banks and investment funds that mediate in the sale of securities, whether the information policy of the issuer of securities should be corrected to reduce the likelihood of attempts to deliberately mislead potential investors, shareholders, bondholders and other participants in the capital markets?
Please reply
Best wishes
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My guess is that the value of expertise depends on the person who values them and maybe the organizational and situational context in which the expertise is valued. Please suggest citations to learn about this.
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The Role of Values in Expert Reasoning
Heather Douglas
Public Affairs Quarterly
Vol. 22, No. 1 (Jan., 2008), pp. 1-18 (18 pages)
Published By: University of Illinois Press
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We have developed a framework for AI effectiveness measurement and ROI computation.
We are looking for response to expand our research.
link to our paper:
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There are varieties of framework available for the user depending upon your expertise like Amazon Machine Learning, Apache SINGA,TensorFlow, Scikit-Learn, MLlib Spark, Spark ML, Caffe, H2O, Torch, Keras, mlpack, Azure ML Studio, Google Cloud ML Engine, Theano, Veles are some of them.
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Kindly list the variables with a brief explanation of the same.
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Availability, in construction, infrastructure development and growth in local economic activity.
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What kind of information in the field of financial market psychology is in your opinion the most important, which should be taken into account when conducting technical analyzes of the valuation of securities listed on the stock exchange in order to achieve the best results from investing activities?
Please reply
Best wishes
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The impact of what is known as the psychology of the financial markets was seen during the initial phase 1 of the pandemic. When in March 2020 the World Health Organization announced the state of a global epidemic, i.e. the state of the SARS-CoV-2 (Covid-19) coronavirus pandemic, then there was a strong sell-off of stocks and commodities on commodity exchanges. The stock market crash resulted from the predominance of investors' fear and uncertainty about the situation in the markets and the economy. The aforementioned crash was characterized by a large amplitude of decline in stock exchange indices, but it was relatively short-lived. The declines in indices were halted as central banks cut interest rates. At that time, the situation in the markets calmed down and the trends were reversed from downward to upward.
Regards,
Dariusz Prokopowicz
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Hi there, im currently writing my dissertation on how autonomous vehicles will influence real estate valuation.
To define real estate value factors (factors that residents of city X find influential in determining residential valuation) I am conducting a qualitative survey to exhibit what people are most attracted to.
How can I justify my survey size, of say 100 people?
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Hello,
My area of research is to valuate Exchange option (Margrabe option). I am looking for Monte Carlo simulation technique that can be applied to some real trading data. I have evaluated them using Liu process and wish to compare my results with simulation. In excel I prepare basic model based on Margrabe formula, but results deviate. Thanks in advance.
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To prepare the Monte Carlo simulation, you need 5,000 results.
Step 1: Dice Rolling Events. First, we develop a range of data with the results of each of the three dice for 50 rolls. ...
Step 2: Range of Outcomes. ...
Step 3: Conclusions. ...
Step 4: Number of Dice Rolls. ...
Step 5: Simulation. ...
Step 6: Probability.
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How can property investors/developers benefit from land valuation maps?
Can Local Authorities benefit from land valuation maps?
Is spatial analysis key to property investment and development?
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A mayor información, las decisiones deberían ser más acertadas. Y los mapas son un instrumento de mucha utilidad para obtener información actualizada.
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Value and valuation occupies academics, shareholders and ordinary people's minds, consciously or unconsciously. Although this is more visible in capital markets, almost everybody perform a valuation exercise almost daily.
I am however, interested in "value and valuation" of a functional discipline, Marketing.
The function has been under scrutiny for some time. The big question that most people ask is whether marketing adds value in an organisation.
I would like hear your genuine views on this topic. Do you believe that marketing adds value or not? If it does, in what way do you think it does.
Thank you in advance for your time and contribution.
NB: You do not have to be a marketing person or to have worked in a "corporate environment" to participate. I am more interested in your views, based on what you know, see or have heard.
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Thank you for the detailed response Anamitra Roy
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In a situation where the amplitude of short-term strong changes in valuations of securities, including shares and bonds on securities markets, is increasing, the situation of extreme reappraisal of these valuations is more frequent and the risk of a spectacular, sharp discount, bear market and stock market crash increases. And such violent stock market crashes began with major financial and economic crises.
The largest economic crises lasting a few years were the source of many negative macroeconomic processes, decline in host growth, consumption, investment, and an increase in unemployment. There were large social costs, productivity dropped, tax revenues to the state budget, the state of public finances deteriorated.
Paradoxically, in the situation of increased financing needs for new development projects, which should restore optimal economic growth, in the situation of an economic crisis, the possibilities of financing new investment projects based on public funds were decreasing. The source of this type of economic crises is the lack of a full correlation between the valuation of assets on stock exchanges and the processes of productivity and consumer demand for manufactured economic goods.
In addition, after analyzing the sources of the global financial crisis of 2008, the erroneously pursued monetary policy by the largest central banks, including in particular the Federal Reserve Bank, is added to the sources of this largest financial crisis in the history; moral gaming practiced by investment banking trading in securities used to finance mortgage loans for borrowers without creditworthiness; imperfect credit risk management systems for derivatives or unreliable practices, non-compliance with security procedures for credit risk analysis and control, and many other factors in investment banking.
Do you agree with me on the above matter?
Please reply
I invite you to the discussion
Best wishes
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نعم وارد جدا مع ازدياد الإصابات بالفيروس على الصعيد العالمي
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I want to predict valuation using verbal SAS but there exists a strong nonlinearity between the two variables which makes unfit to use linear regression. Please see the attached scatter plot image of the variables.
Can anyone suggest which model will be a good fit for this data or how should I handle nonlinearity so that I can use linear regression.
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The graph attached does not reveal any non-linearity. But it reveals a mixture distribution for Y.
It is also a good idea to add some jitter to the plot as it is not clear how many observations you have due to the discrete cases for Y.
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Hi,
I have a dataset that contains student data that are nested based on different schools where more that one student belongs to a particular school.
student_id school_id non_verbal quantitative spatial verbal subject score_level valuation 69044 198 117.0 116.0 112.000000 105.0 26 1 77.0 57589 119 104.0 96.0 101.554674 89.0 16 1 62.0 65452 195 83.0 111.0 84.000000 97.0 15 1 62.0 26203 107 98.0 109.0 107.000000 102.0 11 1 47.0 25501 17 111.0 90.0 113.000000 118.0 27 1 62.0
The response variable is valuation and want to predict the same.
The model should consider subject and score_level also. I was thinking to use Linear
mixed effect model where school_id will be my random effect and rest other
as fixed effect. Is linear mixed model is good to go for this dataset or
if any other model that can be used?
Any help will be appriciated. Thank you.
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Great insights.
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Do the significant revaluation of stock quotes on stock exchanges occurring every few or a dozen years is an objective specific feature of this type of financial market or rather it is imperfection of these markets resulting from too high a level of liberalization and deregulation of the mechanisms of these markets, including the reduction control functions of financial supervision institutions?
Since the 1970s, the functioning of individual segments of financial markets has been successively liberalized and deregulated, including primarily the issue of investment banking, international markets and exchange rate systems, rating agencies, financial adversity institutions and financial entities and instruments operating on the securities market. During this time, the scale of the re-valuation of valuations of securities, derivatives, commodities and other assets on the capital markets reached ever higher levels, then spectacularly transformed into a strong decline in these valuations leading to a financial and economic crisis. The last financial crisis in 2008 in many respects, including numerous negative aspects, generated the unruly records characterizing the highest level of investment risk and the scale of financial losses generated by many commercial financial institutions and industrial corporations, which then under the active, interventionist, anti-crisis monetary policy of banking were financed indirectly by public finance funds. Due to this cyclical nature of capital markets, characterized by the growing amplitude of economic fluctuations during periods of bull market and bear market at high levels of overvaluation and investment risk levels and deeper global financial and economic crises, large financial institutions, including investment banks, are becoming larger entities and costs neutralizing the negative aspects of crises is paid off by the whole society, especially by the relatively less-earning middle class.
In the light of the above, encouraging discussion, I turn to you with the following question: Has the time finally come to reform the functioning process and the system of financial markets by restoring former control functions of financial supervision institutions that have been abolished, reduced since the 1970s?
Are increasingly deep financial crises derived from the liberalization and deregulation of financial markets?
Please, answer, comments. I invite you to the discussion.
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Surely we cannot blame everthing on liberalization and deregulation. We cannot have the cake and eat it as well. Libralization and deregulation comes with strengths and weaknesses that we are well aware of. We have enjoyed the positives and the negatives is the outcome of what we went through. A volatile market is better than a flat market. Risk management is key to long-term survival and sustainability of any institution.
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I want to know what precise articles should I write which can contribute to my research. my research objectives are:
1. to examine different brand valuation approaches applicable to manufacturing and service sector
2. to analyse application of appropriate brand valuation techniques to Indian manufacturing and service sector.
please help me in selecting some appropriate topic to write research articles for publication. thank you.
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valuation of ecosystem services
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Seed dispersal as an ecosystem service: seeds --> dispersed --> seedlings --> trees --> attract birds --> create sanctuaries --> attract visitors --> pay to view --> $ & GBP
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I am planning on carrying out a large study to assess and map habitat quality along a development corridor. I am planning to use the InVest tool, but I have not been very successful in understanding the tool through the user guide only. Can anyone help out with some training or recommend some who can offer the training based in Nairobi, Kenya?
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I dont know if this can help you, check the case of Rwanda of HBS. I think than you can make an idea of your theme. https://www.hbs.edu/faculty/Publication%20Files/20070627_Rwanda_5d0cc43d-c990-4cf1-8ee9-ada71094918f.pdf
Best regards
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I am looking into how we can determine the value of Health Information Systems investment as a basis of convincing the county government to invest in it.
However, there are no generally accepted valuation strategy that have been developed for information systems in either the business or health care domains.
I would appreciate theories around the above area.
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Hi,
I think this is a very difficult task, and I unfortunately can not give you a valuation model. I don't even think a good one exists, and would personally distrust any claim that such valuation could be precise. There are just so many dependent and independent variables to adequately cover in a model. Luckily, it is much easier to make the case why governments should invest in HIS or not, irrespective of the specific costs. You don't write what kind of HIS you are thinking of. Some types are easier to justify than others. Some examples:
For logistics management systems, there will be studies on wastage rates, lost to corruption, aborted services etc that will give an indication of costs of NOT having a functioning IS. These figures tend to be very high, and if only a minor percentage of the costs can be saved it will more than cover the costs of a logistics management information system
For other systems, it could be valuable to look at costs of lack of service provision, in terms of DALY or other related way to measure health. BUT, I would argue that it is better to look at the challenges of the health system like quality of services, patient satisfaction, patient waiting time, etc. While some HIS projects are notorious for being among the most expensive IT projects ever, HIS tend to be quite cheap compared to other inputs in the health service like staff, commodities, and infrastructure/buildings. If better information can lead to better efficiency of these other inputs, the savings can be great. What are some key health indicators, and what are the bottlenecks to improve them? If immunization rates are low, and it is because of poor distribution of staff, then HIS that is able to provide analysis on staff density per population will be useful. Etc etc. So to conclude, I think rather than using a valuation "model" or "theory", I would do an assessment of health service provision and the role of information in this and subsequently see if lack of relevant information is a major challenge. Anyway, it will be interesting to see if anyone else knows of such models or theories.
Best regards,
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I have developed a framework that leverages Human Reliability Assessment (HRA) methods to perform agile software feature elicitation and valuation, and have demonstrated the feasibility of the framework by using it in the field. I am seeking to assess the performance of the framework by comparing it to other methods of performing software feature elicitation and valuation (the assignment of a measure of value (typically monetary/return-on-investment)), but am struggling to find published data. Can anyone point me towards literature regarding how long it typically takes to perform software feature elicitation and valuation and/or prioritization (aka "grooming the backlog")? I recognize that the amount of time to perform such tasks varies significantly from project to project, primarily dependent upon the complexity of the software, so data in the form of XX% of total project cost or time would be ideal. Thanks for your help!
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Perhaps have a look at sic capital of gleeson white and the annual report 2018 of Philips
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We are valuing a young company with high growth potential.
Is this a reason for concern if more than 100% of the value of equity today comes from the terminal value?
what does this mean for an equity investor in the firm?
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Hi Mostafi,, let me try to understand your question: if you are asking how to value a new company; one method is according to the projected earnings.
If your question tries to compare the value techniques against the equity value of any entity, the answer is that both results are used for different type of decisions and one does not exclude the other .
Best regards
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If the displacement function of the thin plate is known. How to determine the velocity of the thin plate.
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I don't understand the question. If you have function w(x,y,t) in the first formula, you differentiate it by t to get velocity, which is precisely the second formula.
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I am the student of Environmental Economics. I am searching on the ecosystem services of wetland. The purpose is to value the services provided by wetland ecosystem. Carbon storage is taken to value through contingent valuation method. So how far this method is suitable. what are the alternates for valuation for carbon storage service of wetland.
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Hi Alamzeb,
the world expert in this area and the developer of the LANCA (Land Use Indicator Value Calculation in Life Cycle Assessment) system is Dr. Ulrike Bos. She could answer your questions for sure. You can reach her at ulrike.bos@thinkstep.com.
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I want to use the contingent method, is there any researcher have used it and can give me an idea regarding the methodology and required data for this method.
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Respondent analysis for every services and then Delphi
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Iam working on Brand valuation application in Indian companies. In the initial process I have used one model to value brand of FMCG. I would like to know how do I know if my model is right and if its not right then how to I identify the problem in the model.
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Could you please explain more about your model?
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Since state owned companies are not necessarly profit based and mainly over-crowded with employees. Cash flow that they actualy have do not reflect theur potential cash flow. How to valuate state owned companies?
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Florin,
State companies could be valuated when they are going to be sell to private sector. What they evaluate is the potential earnings, gained according to the strategic changes and orientation of the new board.
To fix a price of state companies, it is usually calculated on the base of the assets value, minus the labor liabilities.
I hope I have been helpful
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I got a positive parameter estimate for cost when analyzing (with mixed logit) data from a choice experiment trying to measure WTP for diverse ecosystem services (meaning that respondents are happier when they pay more taxes). This is an "unusual" finding. I do not know of a similar case. I would appreciate if you can let me know of a similar issue (positive estimate for payment/cost/tax) in the literature. Thanks.
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Dear @Alberto,
That's been very helpful. Thanks a lot again.
Best,
Sanchayan
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Hello! I will be joining the strategy department of a mining company and will be performing research and economic viability studies for new projects in the field. Do you guys have any book recommendations that can help me better execute my job? I have a background in finance / valuation but I understand that the mining industry has many peculiarities and nuances that one need to be aware of. Thank you.
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Bullock, R. L. (2011b). Mineral property feasibility studies, in Darling, P. (ed.) SME Mining Engineering Handbook, 3rd edition, Society for Mining, Metallurgy, and Exploration, Inc., Englewood: U.S.A. 227-261 pp.
Wellmer, F. W., Dalheimer, M. & Wagner, M. (2008). Economic evaluations in exploration, 2nd edition, Springer Verlag, Berlin: Germany. 250p
Mirakovski, D., Krstev, B., Krstev, A. & Petrovski, F. (2009). Mine project evaluation techniques, Natural Resources and Technologies, 3(3): 1-7.
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Article which explain the antecedents and consequences of brand valuation.
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I hope you will find below articles useful. Thank you.
I beleive, there is no single way of measuring brand value, brand equity, service quality of brand and customer satisfaction on brand can be important aspects
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In order to fully assess valuations, I would like to understand the advantages and disadvantages from using real vs nominal values for an investment calculation.
Furthermore, what helps if I try to minimize the impact of the terminal value formula on my calculation?
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In principle, all of the analyses should be in nominal terms. Real terms are not "real"; they are artificial constructs made by economists for convenience.
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Fire Insurance Valuation method of Assessment
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A good question.
Fire insurance is as we all know a contract of indemnity i.e in case of damage or loss the insured property is restored to the nearly the same. In an ordinary policy of fire insurance the insurer is not actually reinstated the property.Once payment for loss suffered is discharged the insurer's obligations are over. It is not practical for an insurance company to make a valuation of every property which the company insures. The liability rests on insured to state the sum insured.
The method of assessment is to estimate the replacement cost in case of total or partial loss.
Thus according to me the assessment for replacement cost should be found out by making detailed estimate in accordance with the current rate and deducting depreciation considering age, repairs and such other aspects.
Yoy may also work out the salvage value as the subsequent to the insured party's payment,the insurer is entitled to the salvaged property.
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I am first year PhD student and my topic is"Valuation of Private Companies", to me it seems very practical topic. So far i have red concerning this topic it seems more about procedures and steps that you have to follow. I can not find the scientific part on it. I would appreciate a lot if you could give me some suggestions.
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According to me the valuation of a company is a more of a scientific and less of a practical topic. As private companies undertake valuation when the company intends to sale it to a private body or a public firm or going to public with IPO or venture capital, the process of valuation has to be scientific.
The normalization of company's earnings and discounted methods that are used are all based on scientific foundation. Whatever method you may use it has a scientific logical step by step process and hence the valuation of a company is scientific topic.
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Fundamental Stock Investing ~ Banking
Which Valuations ratios should be used while making equity stock investment decision banking stock?
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Thanks you all,
I considered from all points found many areas and facets to analyse banks, but I didn't found any answer you context with liquidity position & interest margin.
Any inputs on that
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I would like to find papers or theses - or in fact any article, if from a business publication - that focused on Brand Valuation methods, and tried to compare different methods or different brands according to the same method.
I teach Brand Management to undergraduates and the Brand Valuation methods is a confusing point; i could never develop anything like a class exercise that would allow me to clarify the matter, and the students feel they can't grasp how exactly do consultants determine a global brand's valuation, nor do they understand the full consequences of such attribution.
I would appreciate any material that could help shed a light on this.
thank you,
Paulo L
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Battersby, G. J., Grimes, C. W. (2016). Licensing Royalty Rates: 2016 Edition. New York, NY: Wolters Kluwer.
Degnan, S. A., Horton, C. (1997). A survey of licensed royalties. Les Nouvelles (June 1997), 91–96.
Keller, K. L. (2013) Strategic brand management: Building, measuring, and managing brand equity. Massachusetts, Boston: Pearson.
Parr, R. L. (2018). Intellectual property. Hoboken, New Jersey: John Wiley & Sons.
Salinas, G., Ambler, T. (2009). A taxonomy of brand valuation practice: Methodologies and purposes. Journal of Brand Management 1(17), 39-61.
Janoskova, K., & Krizanova, A. (2017). Comparison of selected internationally recognized brand valuation methods. Oeconomia Copernicana, 8(1), 99-110.
Mellen, C. M., Evans, F. C. (2018). Valuation for M & A: Building and measuring private company value. Hoboken, New Jersey: John Wiley & Sons.
Reilly, R. F., Schweihs, R. P. (2014). Guide to intangible asset valuation. New York, NY: AICPA.
Rubio, G., Manuel, C. M., Pérez-Hernández, F. (2016). Valuing brands under royalty relief methodology according to international accounting and valuation standards. European Journal of Management and Business Economics, 2(25), 76-87.
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Dear All,
In order to quantify risks and predict outcome ranges, I would like to apply Monte-Carlo Simulation to a financial model. Has anyone made experience in using @Risk / Monte-Carlo simulation and has discovered specific reasoning to take into consideration?
I would be grateful for anyone being able to share their experience.
Regards,
Leon
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You can dimensionalize risk and apply Monte Carlo to each dimension in mathematical terms. The two most common risk dimensions, in my experience, are likelihood as a %-age and financial cost as a dollar amount or hi/lo range.
Other dimensions can include safety (quantified as number of injuries or fatalities as applicable to your industry), reputation (quantified as an arithmetic or geometric scale). And there are probably others. You need to reflect on what dimensions of risk are most appropriate to your organization.
I explain this step by step in the attached two articles published by the Institute of Chartered Accountants in England & Wales and the US Institute of Internal Auditors where I use plain vanilla Excel (same principles apply to @Risk). Both articles are available free and in full by clicking on them below. If you like the articles please 'recommend' them and/or citation if appropriate to help their dissemination value.
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I keep going back to Theranos and the russian proverb: doveryai, no proveryai. There always seems to be a rush to a new hype, whether it is digital currency, the cannabis market, or the next hot fintech, startups seem to oscillate according to market perception rather than actual value. On private equity, one would think that the market would be more stable and value oriented but time and again we have seen prominent names be revered as oracles of their times only to have them prove the market wrong in assigning them those titles (i.e.: Madoff).
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Illusions have a great significance in social life and political economy, e.g. the new economy illusion of the 1990s. Economic Analysis (a posteriori) can work out rational essentials, but economic practice is about human action, which is to a great extent guided by irrational expectations (a priori), i.e. game behavior by informed and uninformed guesses.
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List the three categories of information that you think are the most important in fundamental analysis for the valuation of capital companies, issuers of securities and for investing in securities listed on the stock exchange?
Please reply
Best wishes
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Warren Buffett summarises three categories of information in his latest annual report and accounts:
"Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management."
Berkshire Hathaway, 31 Dec 2018 annual report, Note 2, page K-77
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Practical setting in a company. Would like to develop a model to predict future value of customers to the company.
Important is to be able to make a distinction between customer characteristics and product characteristics.
What method is best to use, what CLV method or Customer Equity, CVT (customer valuation theory) etc.?
Anyone that is willing to share some tips with me for implementing such a model into an organization?
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Several studies in the area of Direct Marketing and Customer Relationship Management have shown a strong relationship between future and past pur- chase behavior
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Henkel/Gruber (WPg 2.2019)
With the publication of the interim reports as of March 31, 2018 (Q1/2018), empirical data on the first-time application of IFRS 9 (Accounting for Financial Instruments) is available for the first time. The subject of the article in German is the analysis of the Q1/2018 interim reports of the DAX 30 companies. The analysis focused on three aspects: a) the extent of reporting on first-time adoption of IFRS 9, b) the amount of IFRS 9 equity adjustment effects and c) the migration paths in categorisation, especially the question of the extent to which fair value measurement has increased as a result of the new standard.
Result: A wide range can be seen in the reporting on the transition to IFRS 9. Both equity reducing and equity increasing conversion effects are observed. The absolute figures range between +€101 million and -€391 million and the equity ratio between +0.13% and -1.33%. In most cases, the major part of this equity adjustment effect is attributable to the impairment part. The IFRS 9 equity conversion effects can predominantly be classified as insignificant. An analysis of the migration paths of the new IFRS 9 categorisation shows on the basis of ten companies that for an average of 93.4% of the financial assets of these companies the valuation does not change as a result of the new categorisation. The remaining financial assets are migrated to the category at fair value through. profit or loss, which is likely to make the income statement more volatile and the forecast of net income more difficult.
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Dear Mojca,
thank you for your reply and your question. The subject of my research was the analysis of the quarterly reports as of 31 March 2018 and is therefore based on actual figures. I didn't run through any scenario calculations.
Best regards from Germany
Knut
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I am trying to help myself to understand the Merger and Acquisition (M&A) concepts, processes and evaluation. In the background study, I found few methods which requires information that not available, or not found in the financial statements, or not publicly published. This is I meant for 'data friendly'. So, I need help for understanding the M&A valuation methods (the most significant part) for self-learning and also for doing a research on the South Asian market.
Thank you.
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Thank you Emmanuel V Murray, Tihana Škrinjarić , Milan B. Vemić, for sharing your thoughts. I am waiting to get more ideas and discussion in this web of scholars. Hopefully, I will get what I am searching.
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I am interested in valuation analysis for early stage startups. I am looking for systematic valuation methods for analysis startups.
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COMMON METHODS FOR COMPANY VALUATION are balance sheet-based methods, income statement-based methods, mixed methods, and cash flow discounting-based methods.
Start-up companies, especially at the early or initial stage, do not have adequate financial track records. You just have to go with the pro forma statements then back up with best and worst case scenarios to come up with the most likely outcome. By comparing the subject company to others like it in the industry, what is the probability of achieving its asserted pro forma statements (considering offerings, management profile, technical capability, industry condition, competion, etc.)?
LINKS:
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Hello,
I would like to investigate the capital market-based valuation relevance of accounting information.
Do you have literature recommendations in this regard?
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There is the Ball and Brown study from 1968, which talks about the market reactions to earnings announcements. There is Beaver 1968 on volume trading close to announcements. Also, Li (2011) , Jones and Smith (2011), DeFranco, Wong, and Zhou (2011).
There are quite a few of note. Many of these come from an accounting theory book- by WIlliam R Scott.
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Hey,
I'm simulating the contact of two moving gears in ANSYS Workbench (Static Structural) with multiple load steps and would like to evaluate the stresses in a radial cross section to better see stresses underneath the surface . 
Is there a method in ANSYS Workbench to evaluate the stresses across a cross section? I know you can make a section cut of the simulated bodies with the options in the bottom right corner, but is there a way to create an additional stress result on that cut surface?
From searching for the problem on the internet I gathered that it might be possible to do with cutting the body prior to the simulation in e.g. Design Modeler and then create a result on the cut surface. I tried that and it works but I get some weird stress concentrations in the cut region that were not there before cutting the gear bodies. I also heard somewhere that it should be possible to do in APDL, but I didn't find any example of that.
Thanks in advance for any help!
Regards
Paul
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I asked this same question in another forum (https://studentcommunity.ansys.com/thread/stress-on-radial-cross-section-of-gears/) as well and got a working answer from user peteroznewman there, so I thought I'll just cite it here for later reference.
In Mechanical, RMB on Coordinate Systems and create a new Coordinate System whose XY plane is the plane you want to plot stress on. I assume you know how to rotate a Coordinate System about an axis using the toolbar.  RMB on Model and Insert > Construction Geometry.  RMB on Construction Geometry and Insert > Surface.  On the Coordinate System line for that surface, select the Coordinate System you just made.
RMB on Solution and Insert > Stress > whichever one you want. In the Details window for that stress, change the Scoping Method from Geometry to Surface. That's it.
Regards
Paul
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I read an interesting question this week about a researcher wanting to know how to sell a patient's database... Then, the related question emerged in my brain: is there a set formula that is used to value the database ?
Effectively, a database owner may be asking himself for a price per client record - that is used to value your database when you are looking to sell your clinic or a Research Databse.
An interesting concept don't you think?
The idea being that is you have 1000 clients on your clinic database - when you come to sell the business - you simply multiply the number of clients by a set dollar amount - say $10 per contact - meaning that your database would be worth  $10,000 of your sale price.
However - as I a sure you can appreciate - this simple calculation method is not that easy - or accurate for that matter.
There are many things that can impact on the value of your database - so a simple "dollar amount per record" would not work in many cases.
One of the variables that impact on the value of your database is how responsive this list of people are to your marketing messages.
If you have 1000 contacts in your database - who - when you email them an offer - you get a 50% email opening rate - and 20% of them take you up on your offer - then this is a valuable list.
If your 1000 contacts - have an email opening rate of 10% and 1% respond to your offer - then this list is not as valuable.
Another variable in this valuation process is the lifetime value of the contacts on your list.
If your 1000 contacts are all high income clients who regularly attend your clinic and buy lots of extra products and services- then they are much more valuable than a list of people who attended for a single "lead generation" low price offer - and never return.
Another value determining factor in health business databases is the concept of "Recency" - that being - when was the last time these clients actually attended your clinic for a paid service.
If your business has been established for many years - there may be a large number of past clients who no longer live in your area , have swapped to a new health provider - or sadly - may have even died.
So of your original 1000 contacts - there may only be 500 who have actually visited your clinic in the past 5 years.
Again - this lack of recent buying activity will also impact on the value of your database when it comes time to sell your clinic.
So what is the take home message for you as a current or future health business owner?
If you are looking to buy a clinic - ask lots of questions about email opening rates, age of the database, responsiveness to marketing messages (assuming any marketing messages are even being sent by the current owner) , buying habits, purchase frequency and recency of last visit.
If you are selling a business and want to get maximum value for it - make sure you are in regular contact with your client list and can demonstrate a solid and recent buying history for these clients.
I have personally seen practice databases with over 10,000 clients details but due to poor marketing and lack of follow up - the list is largely worthless to a potential buyer.
Do you have any interesting research database for selling? Do you need help to estimate a good VALUE and CLIENTS for it?
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Dear colleagues, Michal Svoboda and Muhammad Farooq , thank you very much for your kind and valious contribution. I fully agree. Thank you for your comments!
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I understand that ESMO is focusing on clinical benefit assessment. However, taking into account the considerable treatment costs for beneficial cancer drugs an economic statement (or valuation) should be made – at least in a pragmatic way. Of course, this would lead to a lot of controversy but increase the awareness, value and usefulness of the ESMO Value Framework.
Quite possible that I have missed something …
Good luck and best regards,
Kurt
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To support Andrej's argument of the (non) tarnsferability of economic considerations between jurisdictions se work of Saskia Knies (example)
Not only cost-levels differ a lot also what sorts of costs are included as "direct costs" may pose problems - thinking of cost of (long time) care somtimes is a responsibilzty of the health care system and somtimes it is part of the social system.
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We often observe a situation what old furniture is sold for a lower price than its residual value. It is also often rather costly to transport. So we probably do not have here an equilibrium price, like we have in classical microeconomics. Instead, we have two valuations, by buyer and by seller, and their difference should exceed transport cost.
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Samyak, I think that the key inequality is U1-U2 > TC. Here U1 is the utility of a buyer, U2 of a seller, and TC is generalized transport cost (including manpower to carry the stuff and maybe even decompose into pieces before transporting).
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i want to know if there could be a bond portfolio that is composed of bonds issue in different currencies.If so, how to then determine the percentage change in market value of this portfolio.Should we supposed that the bonds are issue in the same currency?
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dear@Brian Barnard, Siyabonga Chule, James Chen, thank you all for your answers, it really helpful
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Among others considering reputational aspects, innovation management, health benefits, etc.
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An asset is a stock, a service is a flow. Of course the cost or value of any flow can be expressed as a lump sum by means of standard arithmetical manipulations.
You may be considering the cost of providing services TO the environment, like water treatment, waste disposal or recycling. In so far as they are provided in the broad framework of a market economy, the provider can estimate the cost incurred in each case.
As for services rendered BY the environment, one can sometimes get an estimate of their value by implication, for instance by comparing the rent of a dwelling in a quiet area with a similar one in a noisy area one can get an idea of the value the market attaches to quiet.
The benefits of a health benefit to THE ECONOMY can be estimated e.g. by estimating the number of work-hours made available by freedom from ill-health due to an unhealthy environment, multiplied by a guess at the hourly value-added of the corresponding labour. Remember however that good health furthermore has benefits beyond the economy.
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I am using the residual income valuation model in order to valuate some companies and I want to get the data related to the forecasting of future periods from Bloomberg terminal.
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I follow
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what the is underlying motives behind the valuation of human resources?
when the costs incurred on human resources is expensed immediately, why do we go for the valuation of human resources?
what are the implications of valuation and reporting of human resources from accounting and finance perspective?
thanks in advance
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To guarantee development and growth of any enterprises, the competence of group must be superior in the correct perspective. Without human resources, the other wherewithal cannot be operationally effective. The original health of the enterprises is indicated by the human behavior variables, like group loyalty, skill, motivation and capacity for effective interaction, communication and decision making. Money, materials, machines, methods and men are the wherewithal essential for an enterprises. These resources are broadly classified into two categories, viz., human and physical wherewithal. Men, otherwise known as the human resources, are considered to be animate resource. Others, namely, Money, materials, machines and methods are considered to be inanimate or physical resources. The success or otherwise of an enterprises depends on how best the limited physical wherewithal are utilized by the human resource.
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who are the professionals to make up a team comprising the Estate Surveyor and Valuer for feasibility and viability valuation of swamp area.
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Please check the quality of the land, and is it prone to flooding and erosion. If so, based on your planned usage, you will need to determine how much of investment will be required to make it ready for what you want to use it for. Use 50 year or 100 year return flood data for this.
Once that is done, develop the cost benefit for the activity that you want to undertake. Accordingly you can take a decision. If the investment is huge, you need to also check if the property and activity can be insured, and then factor-in the insurance costs as well.
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Determining the monetary worth or value of an asset that is not new (especially for purposes of acquisition by prospective purchaser or disposal by the vendor) may not easily lend itself to comparison because of variations in handling and extent of usage.
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Gunnar Lucko has several papers on residual values of heavy construction equipment. You might read: A statistical analysis and model of the residual value of different types of heavy construction equipment, 2003. He wrote, "It is therefore advised to use the regression models only to make predictions for machines of excellent, very good, good, and fair condition." Naturally, condition is correlated with usage hours and maintenance and these additional variables may measure the same thing.
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To apply discount rate on natural resource valuation/ecosystem services valuation has become debate among the researchers, many researchers are in the opinion that discount rate should be applied on natural resources valuation.
I want to know,
  1. What is a discount rate and which equation is used for discount rate?
  2. What is the difference between discount rate and interest rate
  3. How to put discount rate on the values of ecosystem services ?
Key words: Economics, valuation, discount rate, discounting, interest rate, ecosystem services, natural resources.
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There is an idea that Sustainability is about intragenerational and intraregional equity. That implies that the discount rate must be the same everywhere, and everywhen.
There are aspects of the ecosystem that can not be replaced by any means, that humans are reliant on. Sunlight, for example - we can't replace it with anything else to do what it does for us. We can substitute it in very small cases, in highly limited ways, but we can't even replace all of the sunlight stored in our food crops, let alone the rest of the solar energy reaching the planet.
Photosynthesis, gravity, biodiversity, weather, etc. are all in the same class of aspects. For all of these (and many more), there must be no discount rate - these are always equally important. I would argue that because these have a discount rate of 0, then all ecological discount rates must be 0 as well. Which means the math that is used by economists doesn't work ecologically.
Instead, one would have to assume that the duration of 'forever' is much, much longer than human timescales, and the difference of beginning a time series in 5 years vs beginning the time series today is insignificant.
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EBITDA has been widely in finance as metric for both valuation and securities pricing analysis. Pundits for EBITDA argue that it is a sound measure of valuation as it clearly delineates profitability (devoid of impact of accounting policies, capital structure, and taxation regimes) and pure operating performance of a going concern. However some financial analyst loudly think that that EBITDA exaggerate cash flow because it does not take into consideration all the non-cash gains and expenses in addition to changes in working capital. As a result, using EBITDA as a metric for valuation is therefore "highly questionable". Thus, the question is: Is EBITDA an incredulous (dubious) valuation metric?
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EBITDA (EBIT + Depreciation and Amortization, EBITDA) is a proxy, it is an incomplete version of FCF or any other CFs (you can arrive to FCF, to CFE and to CCF starting from EBITDA). What is of interest for valuation is the Free Cash Flow, FCF or the Capital Cash Flow CCF or the Cash Flow to Equity CFE or the FCF + Tax Savings (when using the APV approach for valuation).
In summary, if you need to value a firm, don't use EBITDA, use the proper cashflow (ALL methods, if properly done, will yield the same and identical result: the firm value (in the case of CFE you need to add the value of debt).
In addition, multiples are not a "method" for valuation. Use multiples AFTER you have done a proper and detailed valuation. Having value, you can COMPARE with multiples for the industry. Say, you divide your calculated Value through EBITDA, EBIT, Net Income, Sales, whatever..., and compare that with the average for the industry or with a recently transaction for a firm belonging to the same industry.
Best regards
Ignacio
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A question related to valuation theory.
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If emotionless rational classical valuation theory were true to describe proper values, then robo advisors should never lose money in theory because they would only buy based on rational valuation metrics of classical valuation theory (at least the ones programmed by classical theory programmers to follow classical theory valuation decision manking decision trees).
This won't occur because the markets are not driven by classical valuation theory, but they may revert to classical valuation theory as a theoretical regulator to guide against emotionally unsound misguided decisionmaking. A robo adviser that is programmed to take advantage of trends may outperform the classical valuation robo, depending on the programmed decision tree matrix and ability to properly calculate and forecast probabilities.
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In the valuation of plant and equipment, Valuers operating in environments with thin secondary markets resort to indexation particularly where these assets are outmoded but are still deployed in production
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Dear Terzungwe
Fair value accounting of plant and equipment can use secondary market pricing and/or industry cost indexation. The majority of firms use the average general price inflation rate of the respective country, i.e. inflation indexation. Please review the following article:
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Trust calculation and assignment of a trust score for the nodes in IoT Networks is complex and requires a proper methodology?
How to calculate the trust score for nodes utilizing valuation by the cluster head of the IoT network?
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Interesting...
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Valuation is carried out in the Capital market by Stockbrokers, in respect of business enterprises by Accountants, on on-going capital projects by Cost Consultants (or Quantity Surveyors), for tangible assets by real estate valuers and engineers.
There are branches in law - constitutional law, business law, insurance law, criminal law etc - with each requiring peculiar knowledge insights yet the practice of all these have similar underlying legal principles. Perhaps, a similar reasoning could go for valuation/appraisal/assessment of different assets across different market sectors.
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IFRS 13 applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement.
valuation is very much within the accounting domain
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can anybody suggest best international standard text books on business valuation?
thanks in advance
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A few of my favorites:
1. Valuation. Measuring and Managing the Value of Companies by Koller, Goedhart and Wessels
2. Financial Theory and Corporate Policy by Copeland, Weston, and Shastri
3. Corporate Valuation by Bradford Cornell
4. Valuing a Business by Shannon P. Pratt
5. Understanding Business Valuation by Gary R. Trugman
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Of interest to this project?
Evaluating ecosystem services and amenity valuation systems in the context of a botanic garden: A case study at the Royal Botanic Garden Edinburgh by Amanda Wilkins, Masters Thesis, 2016, Biodiversity and Taxonomy of Plants, Royal Botanic Garden Edinburgh,
University of Edinburgh
Abstract attached.
Robert Cubey
Plant Records Officer
RBGE
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Interesting! Thank you!
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We know business valuation is holistic in terms of overall worth of a company unlike valuation of individual property items or assets - tangible and intangible.
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Prof Deng, thanks indeed for your prompt replies and interest.
You mentioned ' training in urban economics or real estate economics'. This is getting at the heart of the issue as such training tends to impart competence for valuation of real estate, or perhaps, urban real estate assets. The tangible components of business assets which the property valuer has responsibility for however go beyond real estate -to include industrial machinery and equipment for instance. I do not want to pre-empt opinions here but was just wondering if some asset-specific skills are also relevant
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Hello, While going through a couple of literature I found that the consumer surplus estimate in a TCM study, at times becomes very sensitive. What could be those factors causing the sensitivity and how to tackle the issue? Can anybody help?
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Hi Daisy,
To build on the previous answers I would say that TCM may be sensitive to three main effects. First, the time spent covering the distance to a recreational destination should be perceived as a cost (scarcity value) but may also be enjoyed as part of the recreational trip (commodity value) (see for instance McConnell, 1992).
Second, people who like to travel to a certain type of destination may decide to live near such destination, which contradicts the travel cost proxy. It's an endogeneity effect called "spatial sorting effect" (see for instance Baerenklau, 2010).
Third, the spatial context should ideally be controlled for as every location is different. Eligible substitutes to the primary site under valuation may exist at different distances and in different proportions (see for instance Jones et al., 2010). I have also studied substitutability in the case of outdoor recreation (see De Valck et al., 2016).
Hope this helps. Good luck!
References:
  • Baerenklau, K.A., Conzález-Cabán, A., Paez, C., Chavez, E., 2010. Spatial allocation of forest recreation value. Journal of Forest Economics 16(2), 113–126.
  • De Valck, J., Broekx, S., Liekens, I., De Nocker, L., Van Orshoven, J. & Vranken, L. 2016. Contrasting collective preferences for outdoor recreation and substitutability of nature areas using hot spot mapping. Landscape and Urban Planning, 151, 64-78.
  • McConnell, K.E., 1992. On-Site Time in the Demand for Recreation. American Journal of Agricultural Economics 74(4), 918–925.
  • Jones, A., Wright, J., Bateman, I., Schaafsma, M., 2010. Estimating Arrival Numbers for Informal Recreation: A Geographical Approach and Case Study of British Woodlands. Sustainability 2, 684–701.
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How I will conducted urban ecosystem services mapping and valuation research by modeling? Which type of modeling is appropriate for such kind study? Who is the most potential respecter / supervisor in this area? Would you please inform?
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In a OLS regression model, to test APT, I realize that I need to find the risk premium for macro factors such as GDP, and exchange rates, etc by subtracting the returns on 3-Months Tbills from macro factor returns. But, should I find the risk premiums for the security specific factors such as returns on sales, return on inventory (for particular company) etc. as above mentioned by subtracting the returns on bonds? Because, as I see, APT is often used to predict the return on diversified portfolios, minimizing the micro factors and thus consider only systematic risks. However, I would like to construct APT on single equity and consider macro as well as micro factors. But, I don't realize, is it necessary to, for example, subtract return on 3-Months Tbill from the return on sales for corresponding time period? Because I am not sure does it make any sense, as micro factors are not "alternative" to the investigated equity, while macro factors are some kind of "alternative" to the given equity. Thanks a lot.
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