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valuation</title> <meta name="description" content="Search results for: valuation"> <meta name="keywords" content="valuation"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler ml-auto" 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id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="valuation"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 167</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: valuation</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">167</span> Module Valuations and Quasi-Valuations</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shai%20Sarussi">Shai Sarussi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=valuations" title="valuations">valuations</a>, <a href="https://publications.waset.org/abstracts/search?q=quasi-valuations" title=" quasi-valuations"> quasi-valuations</a>, <a href="https://publications.waset.org/abstracts/search?q=prime%20spectrum" title=" prime spectrum"> prime spectrum</a>, <a href="https://publications.waset.org/abstracts/search?q=algebras%20over%20valuation%20domains" title=" algebras over valuation domains"> algebras over valuation domains</a> </p> <a href="https://publications.waset.org/abstracts/139887/module-valuations-and-quasi-valuations" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/139887.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">224</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">166</span> Improved Accuracy of Ratio Multiple Valuation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Julianto%20Agung%20Saputro">Julianto Agung Saputro</a>, <a href="https://publications.waset.org/abstracts/search?q=Jogiyanto%20Hartono"> Jogiyanto Hartono</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=multiple" title="multiple">multiple</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=composite" title=" composite"> composite</a>, <a href="https://publications.waset.org/abstracts/search?q=accuracy" title=" accuracy"> accuracy</a> </p> <a href="https://publications.waset.org/abstracts/57424/improved-accuracy-of-ratio-multiple-valuation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/57424.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">282</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">165</span> Adoption and Diffusion of Valuation Standards in the Forensic Accounting Community and in Courts: Facilitating and Inhibiting Factors</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Matteo%20Manera">Matteo Manera</a>, <a href="https://publications.waset.org/abstracts/search?q=Mariateresa%20Torchia"> Mariateresa Torchia</a>, <a href="https://publications.waset.org/abstracts/search?q=Gregory%20Moscato"> Gregory Moscato</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=forensic%20accounting" title="forensic accounting">forensic accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation%20standards" title=" valuation standards"> valuation standards</a>, <a href="https://publications.waset.org/abstracts/search?q=adoption%20of%20standards" title=" adoption of standards"> adoption of standards</a>, <a href="https://publications.waset.org/abstracts/search?q=motivations" title=" motivations"> motivations</a>, <a href="https://publications.waset.org/abstracts/search?q=benefits" title=" benefits"> benefits</a>, <a href="https://publications.waset.org/abstracts/search?q=barriers" title=" barriers"> barriers</a>, <a href="https://publications.waset.org/abstracts/search?q=Isomorphism" title=" Isomorphism"> Isomorphism</a> </p> <a href="https://publications.waset.org/abstracts/139052/adoption-and-diffusion-of-valuation-standards-in-the-forensic-accounting-community-and-in-courts-facilitating-and-inhibiting-factors" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/139052.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">172</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">164</span> The Non-Uniqueness of Partial Differential Equations Options Price Valuation Formula for Heston Stochastic Volatility Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=H.%20D.%20Ibrahim">H. D. Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=H.%20C.%20Chinwenyi"> H. C. Chinwenyi</a>, <a href="https://publications.waset.org/abstracts/search?q=T.%20Danjuma"> T. Danjuma</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Black-Scholes%20partial%20differential%20equations" title="Black-Scholes partial differential equations">Black-Scholes partial differential equations</a>, <a href="https://publications.waset.org/abstracts/search?q=Ito%20process" title=" Ito process"> Ito process</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20price%20valuation" title=" option price valuation"> option price valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=partial%20differential%20equations" title=" partial differential equations"> partial differential equations</a> </p> <a href="https://publications.waset.org/abstracts/131307/the-non-uniqueness-of-partial-differential-equations-options-price-valuation-formula-for-heston-stochastic-volatility-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/131307.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">145</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">163</span> Valuation of Green Commercial Office Building: A Preliminary Study of Malaysian Valuers' Insight</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tuti%20Haryati%20Jasimin">Tuti Haryati Jasimin</a>, <a href="https://publications.waset.org/abstracts/search?q=Hishamuddin%20Mohd%20Ali"> Hishamuddin Mohd Ali</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=green%20commercial%20office%20building" title="green commercial office building">green commercial office building</a>, <a href="https://publications.waset.org/abstracts/search?q=Malaysia" title=" Malaysia"> Malaysia</a>, <a href="https://publications.waset.org/abstracts/search?q=valuers%E2%80%99%20perception" title=" valuers’ perception"> valuers’ perception</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=commercial%20sector" title=" commercial sector"> commercial sector</a> </p> <a href="https://publications.waset.org/abstracts/29619/valuation-of-green-commercial-office-building-a-preliminary-study-of-malaysian-valuers-insight" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/29619.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">323</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">162</span> Approaches to Valuing Ecosystem Services in Agroecosystems From the Perspectives of Ecological Economics and Agroecology</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sandra%20Cecilia%20Bautista-Rodr%C3%ADguez">Sandra Cecilia Bautista-Rodríguez</a>, <a href="https://publications.waset.org/abstracts/search?q=Vladimir%20Melgarejo"> Vladimir Melgarejo</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=ecological%20economics" title="ecological economics">ecological economics</a>, <a href="https://publications.waset.org/abstracts/search?q=agroecosystems" title=" agroecosystems"> agroecosystems</a>, <a href="https://publications.waset.org/abstracts/search?q=ecosystem%20services" title=" ecosystem services"> ecosystem services</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation%20of%20ecosystem%20services" title=" valuation of ecosystem services"> valuation of ecosystem services</a> </p> <a href="https://publications.waset.org/abstracts/160012/approaches-to-valuing-ecosystem-services-in-agroecosystems-from-the-perspectives-of-ecological-economics-and-agroecology" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/160012.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">123</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">161</span> Disrupted or Discounted Cash Flow: Impact of Digitisation on Business Valuation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Matthias%20Haerri">Matthias Haerri</a>, <a href="https://publications.waset.org/abstracts/search?q=Tobias%20Huettche"> Tobias Huettche</a>, <a href="https://publications.waset.org/abstracts/search?q=Clemens%20Kustner"> Clemens Kustner</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=business%20valuation" title="business valuation">business valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20finance" title=" corporate finance"> corporate finance</a>, <a href="https://publications.waset.org/abstracts/search?q=digitisation" title=" digitisation"> digitisation</a>, <a href="https://publications.waset.org/abstracts/search?q=disruption" title=" disruption"> disruption</a> </p> <a href="https://publications.waset.org/abstracts/105970/disrupted-or-discounted-cash-flow-impact-of-digitisation-on-business-valuation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/105970.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">133</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">160</span> Performativity and Valuation Techniques: Evidence from Investment Banks in the Wake of the Global Financial Crisis </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Alicja%20Reuben">Alicja Reuben</a>, <a href="https://publications.waset.org/abstracts/search?q=Amira%20Annabi"> Amira Annabi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=language" title="language">language</a>, <a href="https://publications.waset.org/abstracts/search?q=linguistics" title=" linguistics"> linguistics</a>, <a href="https://publications.waset.org/abstracts/search?q=performativity" title=" performativity"> performativity</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20techniques" title=" financial techniques"> financial techniques</a> </p> <a href="https://publications.waset.org/abstracts/116825/performativity-and-valuation-techniques-evidence-from-investment-banks-in-the-wake-of-the-global-financial-crisis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/116825.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">160</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">159</span> Economic Valuation of Environmental Services Sustained by Flamboyant Park in Goiania-Go, Brazil</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Brenda%20R.%20Berca">Brenda R. Berca</a>, <a href="https://publications.waset.org/abstracts/search?q=Jessica%20S.%20Vieira"> Jessica S. Vieira</a>, <a href="https://publications.waset.org/abstracts/search?q=Lucas%20G.%20Candido"> Lucas G. Candido</a>, <a href="https://publications.waset.org/abstracts/search?q=Matheus%20C.%20Ferreira"> Matheus C. Ferreira</a>, <a href="https://publications.waset.org/abstracts/search?q=Paulo%20S.%20A.%20Lopes%20Filho"> Paulo S. A. Lopes Filho</a>, <a href="https://publications.waset.org/abstracts/search?q=Rafaella%20O.%20Baracho"> Rafaella O. Baracho</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=contingent%20valuation" title="contingent valuation">contingent valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=ecosystem%20services" title=" ecosystem services"> ecosystem services</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20environmental%20valuation" title=" economic environmental valuation"> economic environmental valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=hedonic%20pricing" title=" hedonic pricing"> hedonic pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=travel%20cost" title=" travel cost"> travel cost</a> </p> <a href="https://publications.waset.org/abstracts/109560/economic-valuation-of-environmental-services-sustained-by-flamboyant-park-in-goiania-go-brazil" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/109560.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">226</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">158</span> Earnings vs Cash Flows: The Valuation Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Megha%20Agarwal">Megha Agarwal</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings" title="earnings">earnings</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20flows" title=" cash flows"> cash flows</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=Residual%20Earnings%20Model%20%28REM%29" title=" Residual Earnings Model (REM)"> Residual Earnings Model (REM)</a> </p> <a href="https://publications.waset.org/abstracts/11464/earnings-vs-cash-flows-the-valuation-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11464.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">375</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">157</span> Integral Domains and Their Algebras: Topological Aspects</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shai%20Sarussi">Shai Sarussi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=integral%20domains" title="integral domains">integral domains</a>, <a href="https://publications.waset.org/abstracts/search?q=Alexandroff%20topology" title=" Alexandroff topology"> Alexandroff topology</a>, <a href="https://publications.waset.org/abstracts/search?q=prime%20spectrum%20of%20a%20ring" title=" prime spectrum of a ring"> prime spectrum of a ring</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation%20domains" title=" valuation domains"> valuation domains</a> </p> <a href="https://publications.waset.org/abstracts/130312/integral-domains-and-their-algebras-topological-aspects" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/130312.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">130</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">156</span> The Development of Asset Valuation Techniques for Government Business Enterprises in Australia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Malcolm%20Abbott">Malcolm Abbott</a>, <a href="https://publications.waset.org/abstracts/search?q=Angela%20Tan-Kantoor"> Angela Tan-Kantoor</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=sset%20valuation" title="sset valuation">sset valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=regulation" title=" regulation"> regulation</a>, <a href="https://publications.waset.org/abstracts/search?q=government%20business%20enterprises" title=" government business enterprises"> government business enterprises</a> </p> <a href="https://publications.waset.org/abstracts/9777/the-development-of-asset-valuation-techniques-for-government-business-enterprises-in-australia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/9777.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">308</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">155</span> Investigating the UAE Residential Valuation System: A Framework for Analysis </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Simon%20Huston">Simon Huston</a>, <a href="https://publications.waset.org/abstracts/search?q=Ebraheim%20Lahbash"> Ebraheim Lahbash</a>, <a href="https://publications.waset.org/abstracts/search?q=Ali%20Parsa"> Ali Parsa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=valuation" title="valuation">valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=property%20rights" title=" property rights"> property rights</a>, <a href="https://publications.waset.org/abstracts/search?q=information" title=" information"> information</a>, <a href="https://publications.waset.org/abstracts/search?q=institutions" title=" institutions"> institutions</a>, <a href="https://publications.waset.org/abstracts/search?q=trust" title=" trust"> trust</a>, <a href="https://publications.waset.org/abstracts/search?q=salience" title=" salience"> salience</a> </p> <a href="https://publications.waset.org/abstracts/25310/investigating-the-uae-residential-valuation-system-a-framework-for-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25310.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">379</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">154</span> Evaluating The Effects of Fundamental Analysis on Earnings Per Share Concept in Stock Valuation in the Zimbabwe Stock Exchange Market</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Brian%20Basvi">Brian Basvi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fundamental%20analysis" title="fundamental analysis">fundamental analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20valuation" title=" stock valuation"> stock valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=EPS" title=" EPS"> EPS</a>, <a href="https://publications.waset.org/abstracts/search?q=share%20pricing" title=" share pricing"> share pricing</a> </p> <a href="https://publications.waset.org/abstracts/188656/evaluating-the-effects-of-fundamental-analysis-on-earnings-per-share-concept-in-stock-valuation-in-the-zimbabwe-stock-exchange-market" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/188656.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">43</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">153</span> The Revealed Preference Methods in Economic Valuation of Environmental Goods: A Review</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sara%20Sousa">Sara Sousa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=economic%20valuation" title="economic valuation">economic valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=environmental%20goods" title=" environmental goods"> environmental goods</a>, <a href="https://publications.waset.org/abstracts/search?q=revealed%20preference%20methods" title=" revealed preference methods"> revealed preference methods</a>, <a href="https://publications.waset.org/abstracts/search?q=total%20economic%20value" title=" total economic value"> total economic value</a> </p> <a href="https://publications.waset.org/abstracts/97435/the-revealed-preference-methods-in-economic-valuation-of-environmental-goods-a-review" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/97435.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">130</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">152</span> The Martingale Options Price Valuation for European Puts Using Stochastic Differential Equation Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=H.%20C.%20Chinwenyi">H. C. Chinwenyi</a>, <a href="https://publications.waset.org/abstracts/search?q=H.%20D.%20Ibrahim"> H. D. Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=F.%20A.%20Ahmed"> F. A. Ahmed</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=equivalent%20martingale%20measure" title="equivalent martingale measure">equivalent martingale measure</a>, <a href="https://publications.waset.org/abstracts/search?q=European%20put%20option" title=" European put option"> European put option</a>, <a href="https://publications.waset.org/abstracts/search?q=girsanov%20theorem" title=" girsanov theorem"> girsanov theorem</a>, <a href="https://publications.waset.org/abstracts/search?q=martingales" title=" martingales"> martingales</a>, <a href="https://publications.waset.org/abstracts/search?q=monte%20carlo%20method" title=" monte carlo method"> monte carlo method</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20price%20valuation%20formula" title=" option price valuation formula"> option price valuation formula</a> </p> <a href="https://publications.waset.org/abstracts/111011/the-martingale-options-price-valuation-for-european-puts-using-stochastic-differential-equation-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/111011.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">133</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">151</span> Cost Valuation Method for Development Concurrent, Phase Appropriate Requirement Valuation Using the Example of Load Carrier Development in the Lithium-Ion-Battery Production</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Achim%20Kampker">Achim Kampker</a>, <a href="https://publications.waset.org/abstracts/search?q=Christoph%20Deutskens"> Christoph Deutskens</a>, <a href="https://publications.waset.org/abstracts/search?q=Heiner%20Hans%20Heimes"> Heiner Hans Heimes</a>, <a href="https://publications.waset.org/abstracts/search?q=Mathias%20Ordung"> Mathias Ordung</a>, <a href="https://publications.waset.org/abstracts/search?q=Felix%20Optehostert"> Felix Optehostert</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=research%20and%20development" title="research and development">research and development</a>, <a href="https://publications.waset.org/abstracts/search?q=technology%20and%20innovation" title=" technology and innovation"> technology and innovation</a>, <a href="https://publications.waset.org/abstracts/search?q=lithium-ion-battery%20production" title=" lithium-ion-battery production"> lithium-ion-battery production</a>, <a href="https://publications.waset.org/abstracts/search?q=load%20carrier%20development%20process" title=" load carrier development process"> load carrier development process</a>, <a href="https://publications.waset.org/abstracts/search?q=cost%20valuation%20method" title=" cost valuation method"> cost valuation method</a> </p> <a href="https://publications.waset.org/abstracts/35403/cost-valuation-method-for-development-concurrent-phase-appropriate-requirement-valuation-using-the-example-of-load-carrier-development-in-the-lithium-ion-battery-production" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/35403.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">594</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">150</span> Linking Business Owners’ Choice of Organizational Form to Appraisers’ Determination of Value: An Agency Theory Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Majdi%20Anwar%20Quttainah">Majdi Anwar Quttainah</a>, <a href="https://publications.waset.org/abstracts/search?q=William%20Paczkowski"> William Paczkowski</a>, <a href="https://publications.waset.org/abstracts/search?q=Ali%20Muhammad"> Ali Muhammad </a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=organizational%20form" title="organizational form">organizational form</a>, <a href="https://publications.waset.org/abstracts/search?q=agency%20theory" title=" agency theory"> agency theory</a>, <a href="https://publications.waset.org/abstracts/search?q=value" title=" value"> value</a> </p> <a href="https://publications.waset.org/abstracts/14967/linking-business-owners-choice-of-organizational-form-to-appraisers-determination-of-value-an-agency-theory-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/14967.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">430</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">149</span> The Economic Valuation of Public Support Ecosystem: A Contingent Valuation Study in Setiu Wetland, Terengganu Malaysia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Elmira%20Shamshity">Elmira Shamshity</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=willingness%20to%20pay" title="willingness to pay">willingness to pay</a>, <a href="https://publications.waset.org/abstracts/search?q=ecosystem" title=" ecosystem"> ecosystem</a>, <a href="https://publications.waset.org/abstracts/search?q=setiu%20wetland" title=" setiu wetland"> setiu wetland</a>, <a href="https://publications.waset.org/abstracts/search?q=Terengganu%20Malaysia" title=" Terengganu Malaysia"> Terengganu Malaysia</a> </p> <a href="https://publications.waset.org/abstracts/32201/the-economic-valuation-of-public-support-ecosystem-a-contingent-valuation-study-in-setiu-wetland-terengganu-malaysia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/32201.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">605</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">148</span> Paradigms of Assessment, Valuation and Quantification to Trade Ecosystem Services: A Review Focusing on Mangroves and Wetlands</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Rama%20Seth">Rama Seth</a>, <a href="https://publications.waset.org/abstracts/search?q=Luise%20Noring"> Luise Noring</a>, <a href="https://publications.waset.org/abstracts/search?q=Pratim%20Majumdar"> Pratim Majumdar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Based on an extensive literature review, this paper presents distinct approaches to value, quantify and trade ecosystem services, with particular emphasis on services provided by mangroves and wetlands. Building on diverse monetary and market-based systems for the improved allocation of natural resources, such trading and exchange-based methods can help tackle the degradation of ecosystem services in a more targeted and structured manner than achievable with stand-alone policy and administrative regulations. Using various threads of literature, the paper proposes a platform that serves as the skeletal foundation for developing an efficient global market for ecosystem services trading. The paper bridges a significant research and practice gap by recommending how to establish an equilibrium in the biosphere via trading mechanisms while also discovering other research gaps and future research potential in the domain of ecosystem valuation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=environment" title="environment">environment</a>, <a href="https://publications.waset.org/abstracts/search?q=economics" title=" economics"> economics</a>, <a href="https://publications.waset.org/abstracts/search?q=mangroves" title=" mangroves"> mangroves</a>, <a href="https://publications.waset.org/abstracts/search?q=wetlands" title=" wetlands"> wetlands</a>, <a href="https://publications.waset.org/abstracts/search?q=markets" title=" markets"> markets</a>, <a href="https://publications.waset.org/abstracts/search?q=ESG" title=" ESG"> ESG</a>, <a href="https://publications.waset.org/abstracts/search?q=global%20capital" title=" global capital"> global capital</a>, <a href="https://publications.waset.org/abstracts/search?q=climate%20investments" title=" climate investments"> climate investments</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=ecosystem%20services" title=" ecosystem services"> ecosystem services</a> </p> <a href="https://publications.waset.org/abstracts/142167/paradigms-of-assessment-valuation-and-quantification-to-trade-ecosystem-services-a-review-focusing-on-mangroves-and-wetlands" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/142167.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">251</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">147</span> A Value-Oriented Metamodel for Small and Medium Enterprises’ Decision Making</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Romain%20Ben%20Taleb">Romain Ben Taleb</a>, <a href="https://publications.waset.org/abstracts/search?q=Aur%C3%A9lie%20Montarnal"> Aurélie Montarnal</a>, <a href="https://publications.waset.org/abstracts/search?q=Matthieu%20Lauras"> Matthieu Lauras</a>, <a href="https://publications.waset.org/abstracts/search?q=Mathieu%20Dahan"> Mathieu Dahan</a>, <a href="https://publications.waset.org/abstracts/search?q=Romain%20Miclo"> Romain Miclo</a> </p> <p class="card-text"><strong>Abstract:</strong></p> To be competitive and sustainable, any company has to maximize its value. However, unlike listed companies that can assess their values based on market shares, most Small and Medium Enterprises (SMEs) which are non-listed cannot have direct and live access to this critical information. Traditional accounting reports only give limited insights to SME decision-makers about the real impact of their day-to-day decisions on the company’s performance and value. Most of the time, an SME’s financial valuation is made one time a year as the associated process is time and resource-consuming, requiring several months and external expertise to be completed. To solve this issue, we propose in this paper a value-oriented metamodel that enables real-time and dynamic assessment of the SME’s value based on the large definition of their assets. These assets cover a wider scope of resources of the company and better account for immaterial assets. The proposal, which is illustrated in a case study, discusses the benefits of incorporating assets in the SME valuation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=SME" title="SME">SME</a>, <a href="https://publications.waset.org/abstracts/search?q=metamodel" title=" metamodel"> metamodel</a>, <a href="https://publications.waset.org/abstracts/search?q=decision%20support%20system" title=" decision support system"> decision support system</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20valuation" title=" financial valuation"> financial valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=assets" title=" assets"> assets</a> </p> <a href="https://publications.waset.org/abstracts/155809/a-value-oriented-metamodel-for-small-and-medium-enterprises-decision-making" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/155809.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">92</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">146</span> Forecasting Stock Prices Based on the Residual Income Valuation Model: Evidence from a Time-Series Approach</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Chen-Yin%20Kuo">Chen-Yin Kuo</a>, <a href="https://publications.waset.org/abstracts/search?q=Yung-Hsin%20Lee"> Yung-Hsin Lee</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Previous studies applying residual income valuation (RIV) model generally use panel data and single-equation model to forecast stock prices. Unlike these, this paper uses Taiwan longitudinal data to estimate multi-equation time-series models such as Vector Autoregressive (VAR), Vector Error Correction Model (VECM), and conduct out-of-sample forecasting. Further, this work assesses their forecasting performance by two instruments. In favor of extant research, the major finding shows that VECM outperforms other three models in forecasting for three stock sectors over entire horizons. It implies that an error correction term containing long-run information contributes to improve forecasting accuracy. Moreover, the pattern of composite shows that at longer horizon, VECM produces the greater reduction in errors, and performs substantially better than VAR. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=residual%20income%20valuation%20model" title="residual income valuation model">residual income valuation model</a>, <a href="https://publications.waset.org/abstracts/search?q=vector%20error%20correction%20model" title=" vector error correction model"> vector error correction model</a>, <a href="https://publications.waset.org/abstracts/search?q=out%20of%20sample%20forecasting" title=" out of sample forecasting"> out of sample forecasting</a>, <a href="https://publications.waset.org/abstracts/search?q=forecasting%20accuracy" title=" forecasting accuracy"> forecasting accuracy</a> </p> <a href="https://publications.waset.org/abstracts/1668/forecasting-stock-prices-based-on-the-residual-income-valuation-model-evidence-from-a-time-series-approach" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/1668.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">316</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">145</span> Critical Accounting Estimates and Transparency in Financial Reporting: An Observation Financial Reporting under US GAAP</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ahmed%20Shaik">Ahmed Shaik</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Estimates are very critical in accounting and Financial Reporting cannot be complete without these estimates. There is a long list of accounting estimates that are required to be made to compute Net Income and to determine the value of assets and liabilities. To name a few, valuation of inventory, depreciation, valuation of goodwill, provision for bad debts and estimated warranties, etc. require the use of different valuation models and forecasts. Different business entities under the same industry may use different approaches to measure the value of financial items being reported in Income Statement and Balance Sheet. The disclosure notes do not provide enough details of the approach used by a business entity to arrive at the value of a financial item. Lack of details in the disclosure notes makes it difficult to compare the financial performance of one business entity with the other in the same industry. This paper is an attempt to identify the lack of enough information about accounting estimates in disclosure notes, the impact of the absence of details of accounting estimates on the comparability of financial data and financial analysis. An attempt is made to suggest the detailed disclosure while taking care of the cost and benefit of making such disclosure. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=accounting%20estimates" title="accounting estimates">accounting estimates</a>, <a href="https://publications.waset.org/abstracts/search?q=disclosure%20notes" title=" disclosure notes"> disclosure notes</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20reporting" title=" financial reporting"> financial reporting</a>, <a href="https://publications.waset.org/abstracts/search?q=transparency" title=" transparency"> transparency</a> </p> <a href="https://publications.waset.org/abstracts/84423/critical-accounting-estimates-and-transparency-in-financial-reporting-an-observation-financial-reporting-under-us-gaap" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/84423.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">200</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">144</span> Decision-Making Under Uncertainty in Obsessive-Compulsive Disorder</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Helen%20Pushkarskaya">Helen Pushkarskaya</a>, <a href="https://publications.waset.org/abstracts/search?q=David%20Tolin"> David Tolin</a>, <a href="https://publications.waset.org/abstracts/search?q=Lital%20Ruderman"> Lital Ruderman</a>, <a href="https://publications.waset.org/abstracts/search?q=Ariel%20Kirshenbaum"> Ariel Kirshenbaum</a>, <a href="https://publications.waset.org/abstracts/search?q=J.%20MacLaren%20Kelly"> J. MacLaren Kelly</a>, <a href="https://publications.waset.org/abstracts/search?q=Christopher%20Pittenger"> Christopher Pittenger</a>, <a href="https://publications.waset.org/abstracts/search?q=Ifat%20Levy"> Ifat Levy</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Obsessive-Compulsive Disorder (OCD) produces profound morbidity. Difficulties with decision making and intolerance of uncertainty are prominent clinical features of OCD. The nature and etiology of these deficits are poorly understood. We used a well-validated choice task, grounded in behavioral economic theory, to investigate differences in valuation and value-based choice during decision making under uncertainty in 20 unmedicated participants with OCD and 20 matched healthy controls. Participants’ choices were used to assess individual decision-making characteristics. Compared to controls, individuals with OCD were less consistent in their choices and less able to identify options that were unambiguously preferable. These differences correlated with symptom severity. OCD participants did not differ from controls in how they valued uncertain options when outcome probabilities were known (risk) but were more likely than controls to avoid uncertain options when these probabilities were imprecisely specified (ambiguity). These results suggest that the underlying neural mechanisms of valuation and value-based choices during decision-making are abnormal in OCD. Individuals with OCD show elevated intolerance of uncertainty, but only when outcome probabilities are themselves uncertain. Future research focused on the neural valuation network, which is implicated in value-based computations, may provide new neurocognitive insights into the pathophysiology of OCD. Deficits in decision-making processes may represent a target for therapeutic intervention. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=obsessive%20compulsive%20disorder" title="obsessive compulsive disorder">obsessive compulsive disorder</a>, <a href="https://publications.waset.org/abstracts/search?q=decision-making" title=" decision-making"> decision-making</a>, <a href="https://publications.waset.org/abstracts/search?q=uncertainty%20intolerance" title=" uncertainty intolerance"> uncertainty intolerance</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20aversion" title=" risk aversion"> risk aversion</a>, <a href="https://publications.waset.org/abstracts/search?q=ambiguity%20aversion" title=" ambiguity aversion"> ambiguity aversion</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a> </p> <a href="https://publications.waset.org/abstracts/27674/decision-making-under-uncertainty-in-obsessive-compulsive-disorder" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/27674.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">615</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">143</span> Economic Valuation of Emissions from Mobile Sources in the Urban Environment of Bogotá</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Dayron%20Camilo%20Bermudez%20Mendoza">Dayron Camilo Bermudez Mendoza</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Road transportation is a significant source of externalities, notably in terms of environmental degradation and the emission of pollutants. These emissions adversely affect public health, attributable to criteria pollutants like particulate matter (PM2.5 and PM10) and carbon monoxide (CO), and also contribute to climate change through the release of greenhouse gases, such as carbon dioxide (CO2). It is, therefore, crucial to quantify the emissions from mobile sources and develop a methodological framework for their economic valuation, aiding in the assessment of associated costs and informing policy decisions. The forthcoming congress will shed light on the externalities of transportation in Bogotá, showcasing methodologies and findings from the construction of emission inventories and their spatial analysis within the city. This research focuses on the economic valuation of emissions from mobile sources in Bogotá, employing methods like hedonic pricing and contingent valuation. Conducted within the urban confines of Bogotá, the study leverages demographic, transportation, and emission data sourced from the Mobility Survey, official emission inventories, and tailored estimates and measurements. The use of hedonic pricing and contingent valuation methodologies facilitates the estimation of the influence of transportation emissions on real estate values and gauges the willingness of Bogotá's residents to invest in reducing these emissions. The findings are anticipated to be instrumental in the formulation and execution of public policies aimed at emission reduction and air quality enhancement. In compiling the emission inventory, innovative data sources were identified to determine activity factors, including information from automotive diagnostic centers and used vehicle sales websites. The COPERT model was utilized to ascertain emission factors, requiring diverse inputs such as data from the national transit registry (RUNT), OpenStreetMap road network details, climatological data from the IDEAM portal, and Google API for speed analysis. Spatial disaggregation employed GIS tools and publicly available official spatial data. The development of the valuation methodology involved an exhaustive systematic review, utilizing platforms like the EVRI (Environmental Valuation Reference Inventory) portal and other relevant sources. The contingent valuation method was implemented via surveys in various public settings across the city, using a referendum-style approach for a sample of 400 residents. For the hedonic price valuation, an extensive database was developed, integrating data from several official sources and basing analyses on the per-square meter property values in each city block. The upcoming conference anticipates the presentation and publication of these results, embodying a multidisciplinary knowledge integration and culminating in a master's thesis. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=economic%20valuation" title="economic valuation">economic valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=transport%20economics" title=" transport economics"> transport economics</a>, <a href="https://publications.waset.org/abstracts/search?q=pollutant%20emissions" title=" pollutant emissions"> pollutant emissions</a>, <a href="https://publications.waset.org/abstracts/search?q=urban%20transportation" title=" urban transportation"> urban transportation</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainable%20mobility" title=" sustainable mobility"> sustainable mobility</a> </p> <a href="https://publications.waset.org/abstracts/182193/economic-valuation-of-emissions-from-mobile-sources-in-the-urban-environment-of-bogota" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/182193.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">57</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">142</span> Impact of Human Resources Accounting on Employees' Performance in Organization</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hamid%20Saremi">Hamid Saremi</a>, <a href="https://publications.waset.org/abstracts/search?q=Shida%20Hanafi"> Shida Hanafi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In an age of technology and economics, human capital has important and axial role in the organization and human resource accounting has a wide perception to key resources of organization i.e. human resources. Human resources accounting is new branch of accounting that has Short-lived and generally deals to a range of policies and measures that are related to various aspects of human resources and It gives importance to an organization's most important asset is its human resources and human resource management is the key to success in an organization and to achieve this important matter must review and evaluation of human resources data be with knowledge of accounting based on empirical studies and methods of measurement and reporting of human resources accounting information. Undoubtedly human resource management without information cannot be done and take decision and human resources accounting is practical way to inform the decision makers who are committed to harnessing human resources,, human resources accounting with applying accounting principles in the organization and is with conducting basic research on the extent of the of human resources accounting information" effect of employees' personal performance. In human resource accounting analysis and criteria and valuation of cost and manpower valuating is as the main resource in each Institute. Protection of human resources is a process that according to human resources accounting is for organization profitability. In fact, this type of accounting can be called as a major source in measurement and trends of costs and human resources valuation in each institution. What is the economic value of such assets? What is the amount of expenditures for education and training of professional individuals to value in asset account? What amount of funds spent should be considered as lost opportunity cost? In this paper, according to the literature of human resource accounting we have studied the human resources matter and its objectives and topic of the importance of human resource valuation on employee performance review and method of reporting of human resources according to different models. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=human%20resources" title="human resources">human resources</a>, <a href="https://publications.waset.org/abstracts/search?q=human%20resources" title=" human resources"> human resources</a>, <a href="https://publications.waset.org/abstracts/search?q=accounting" title=" accounting"> accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=human%20capital" title=" human capital"> human capital</a>, <a href="https://publications.waset.org/abstracts/search?q=human%20resource%20management" title=" human resource management"> human resource management</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation%20and%20cost%20of%20human%20resources" title=" valuation and cost of human resources"> valuation and cost of human resources</a>, <a href="https://publications.waset.org/abstracts/search?q=employees" title=" employees"> employees</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=organization" title=" organization "> organization </a> </p> <a href="https://publications.waset.org/abstracts/25072/impact-of-human-resources-accounting-on-employees-performance-in-organization" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25072.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">548</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">141</span> An Assessment of Impact of Financial Statement Fraud on Profit Performance of Manufacturing Firms in Nigeria: A Study of Food and Beverage Firms in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Wale%20Agbaje">Wale Agbaje</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this research study is to assess the impact of financial statement fraud on profitability of some selected Nigerian manufacturing firms covering (2002-2016). The specific objectives focused on to ascertain the effect of incorrect asset valuation on return on assets (ROA) and to ascertain the relationship between improper expense recognition and return on assets (ROA). To achieve these objectives, descriptive research design was used for the study while secondary data were collected from the financial reports of the selected firms and website of security and exchange commission. The analysis of covariance (ANCOVA) was used and STATA II econometric method was used in the analysis of the data. Altman model and operating expenses ratio was adopted in the analysis of the financial reports to create a dummy variable for the selected firms from 2002-2016 and validation of the parameters were ascertained using various statistical techniques such as t-test, co-efficient of determination (R2), F-statistics and Wald chi-square. Two hypotheses were formulated and tested using the t-statistics at 5% level of significance. The findings of the analysis revealed that there is a significant relationship between financial statement fraud and profitability in Nigerian manufacturing industry. It was revealed that incorrect assets valuation has a significant positive relationship and so also is the improper expense recognition on return on assets (ROA) which serves as a proxy for profitability. The implication of this is that distortion of asset valuation and expense recognition leads to decreasing profit in the long run in the manufacturing industry. The study therefore recommended that pragmatic policy options need to be taken in the manufacturing industry to effectively manage incorrect asset valuation and improper expense recognition in order to enhance manufacturing industry performance in the country and also stemming of financial statement fraud should be adequately inculcated into the internal control system of manufacturing firms for the effective running of the manufacturing industry in Nigeria. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Althman%27s%20Model" title="Althman's Model">Althman's Model</a>, <a href="https://publications.waset.org/abstracts/search?q=improper%20expense%20recognition" title=" improper expense recognition"> improper expense recognition</a>, <a href="https://publications.waset.org/abstracts/search?q=incorrect%20asset%20valuation" title=" incorrect asset valuation"> incorrect asset valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=return%20on%20assets" title=" return on assets"> return on assets</a> </p> <a href="https://publications.waset.org/abstracts/84748/an-assessment-of-impact-of-financial-statement-fraud-on-profit-performance-of-manufacturing-firms-in-nigeria-a-study-of-food-and-beverage-firms-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/84748.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">161</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">140</span> IPO Valuation and Profitability Expectations: Evidence from the Italian Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Matteo%20Bonaventura">Matteo Bonaventura</a>, <a href="https://publications.waset.org/abstracts/search?q=Giancarlo%20Giudici"> Giancarlo Giudici</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=initial%20public%20offerings" title="initial public offerings">initial public offerings</a>, <a href="https://publications.waset.org/abstracts/search?q=DCF" title=" DCF"> DCF</a>, <a href="https://publications.waset.org/abstracts/search?q=book%20building" title=" book building"> book building</a>, <a href="https://publications.waset.org/abstracts/search?q=post-IPO%20profitability%20drop" title=" post-IPO profitability drop"> post-IPO profitability drop</a> </p> <a href="https://publications.waset.org/abstracts/21059/ipo-valuation-and-profitability-expectations-evidence-from-the-italian-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/21059.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">352</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">139</span> Integrating Artificial Neural Network and Taguchi Method on Constructing the Real Estate Appraisal Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mu-Yen%20Chen">Mu-Yen Chen</a>, <a href="https://publications.waset.org/abstracts/search?q=Min-Hsuan%20Fan"> Min-Hsuan Fan</a>, <a href="https://publications.waset.org/abstracts/search?q=Chia-Chen%20Chen"> Chia-Chen Chen</a>, <a href="https://publications.waset.org/abstracts/search?q=Siang-Yu%20Jhong"> Siang-Yu Jhong</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In recent years, real estate prediction or valuation has been a topic of discussion in many developed countries. Improper hype created by investors leads to fluctuating prices of real estate, affecting many consumers to purchase their own homes. Therefore, scholars from various countries have conducted research in real estate valuation and prediction. With the back-propagation neural network that has been popular in recent years and the orthogonal array in the Taguchi method, this study aimed to find the optimal parameter combination at different levels of orthogonal array after the system presented different parameter combinations, so that the artificial neural network obtained the most accurate results. The experimental results also demonstrated that the method presented in the study had a better result than traditional machine learning. Finally, it also showed that the model proposed in this study had the optimal predictive effect, and could significantly reduce the cost of time in simulation operation. The best predictive results could be found with a fewer number of experiments more efficiently. Thus users could predict a real estate transaction price that is not far from the current actual prices. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=artificial%20neural%20network" title="artificial neural network">artificial neural network</a>, <a href="https://publications.waset.org/abstracts/search?q=Taguchi%20method" title=" Taguchi method"> Taguchi method</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20estate%20valuation%20model" title=" real estate valuation model"> real estate valuation model</a>, <a href="https://publications.waset.org/abstracts/search?q=investors" title=" investors"> investors</a> </p> <a href="https://publications.waset.org/abstracts/12958/integrating-artificial-neural-network-and-taguchi-method-on-constructing-the-real-estate-appraisal-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/12958.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">488</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">138</span> Integrating Multiple Types of Value in Natural Capital Accounting Systems: Environmental Value Functions</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Pirta%20Palola">Pirta Palola</a>, <a href="https://publications.waset.org/abstracts/search?q=Richard%20Bailey"> Richard Bailey</a>, <a href="https://publications.waset.org/abstracts/search?q=Lisa%20Wedding"> Lisa Wedding</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Societies and economies worldwide fundamentally depend on natural capital. Alarmingly, natural capital assets are quickly depreciating, posing an existential challenge for humanity. The development of robust natural capital accounting systems is essential for transitioning towards sustainable economic systems and ensuring sound management of capital assets. However, the accurate, equitable and comprehensive estimation of natural capital asset stocks and their accounting values still faces multiple challenges. In particular, the representation of socio-cultural values held by groups or communities has arguably been limited, as to date, the valuation of natural capital assets has primarily been based on monetary valuation methods and assumptions of individual rationality. People relate to and value the natural environment in multiple ways, and no single valuation method can provide a sufficiently comprehensive image of the range of values associated with the environment. Indeed, calls have been made to improve the representation of multiple types of value (instrumental, intrinsic, and relational) and diverse ontological and epistemological perspectives in environmental valuation. This study addresses this need by establishing a novel valuation framework, Environmental Value Functions (EVF), that allows for the integration of multiple types of value in natural capital accounting systems. The EVF framework is based on the estimation and application of value functions, each of which describes the relationship between the value and quantity (or quality) of an ecosystem component of interest. In this framework, values are estimated in terms of change relative to the current level instead of calculating absolute values. Furthermore, EVF was developed to also support non-marginalist conceptualizations of value: it is likely that some environmental values cannot be conceptualized in terms of marginal changes. For example, ecological resilience value may, in some cases, be best understood as a binary: it either exists (1) or is lost (0). In such cases, a logistic value function may be used as the discriminator. Uncertainty in the value function parameterization can be considered through, for example, Monte Carlo sampling analysis. The use of EVF is illustrated with two conceptual examples. For the first time, EVF offers a clear framework and concrete methodology for the representation of multiple types of value in natural capital accounting systems, simultaneously enabling 1) the complementary use and integration of multiple valuation methods (monetary and non-monetary); 2) the synthesis of information from diverse knowledge systems; 3) the recognition of value incommensurability; 4) marginalist and non-marginalist value analysis. Furthermore, with this advancement, the coupling of EVF and ecosystem modeling can offer novel insights to the study of spatial-temporal dynamics in natural capital asset values. For example, value time series can be produced, allowing for the prediction and analysis of volatility, long-term trends, and temporal trade-offs. This approach can provide essential information to help guide the transition to a sustainable economy. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=economics%20of%20biodiversity" title="economics of biodiversity">economics of biodiversity</a>, <a href="https://publications.waset.org/abstracts/search?q=environmental%20valuation" title=" environmental valuation"> environmental valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=natural%20capital" title=" natural capital"> natural capital</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20function" title=" value function"> value function</a> </p> <a href="https://publications.waset.org/abstracts/138430/integrating-multiple-types-of-value-in-natural-capital-accounting-systems-environmental-value-functions" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/138430.pdf" target="_blank" class="btn 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