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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...
Persistent link: https://www.econbiz.de/10011111180
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...
Persistent link: https://www.econbiz.de/10005789544
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The Separate Valuation Relevance of Earnings, Book Value and their Components in Profit and Loss Making Firms: UK Evidence
Akbar, S - Volkswirtschaftliche Fakultät, … - 2007
This study examines the separate value relevance of earnings, book value and their components in profit and loss-making firms. The investigation take place in a context that both profit and loss-making firms have different features that might affect conclusions concerning the value relevance of...
Persistent link: https://www.econbiz.de/10005789857
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Market Valuation and Risk Assessment of Indian Banks using Black -Scholes -Merton Model
Sinha, Pankaj; Sharma, Sakshi; Sondhi, Kriti - Volkswirtschaftliche Fakultät, … - 2013
value and volatility of bank’s assets for a random sample of 13 Public and 8 Private sector banks in India over the period … from March 2003 to March 2012. Further, it calculates yearly Z-score for each bank, allowing for capital adequacy as per … value of bank’s assets obtained from Black-Scholes-Merton is characteristically below its enterprise value since market …
Persistent link: https://www.econbiz.de/10011259139
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An analysis of the R&D effect on stock returns for European listed firms
duqi, andi; mirti, riccardo; torluccio, giuseppe - Volkswirtschaftliche Fakultät, … - 2011
Almost all studies on research and development (R&D) activity are based on US and British companies, and most of them show that this activity positively influences both stock returns and corporate value. This empirical study evaluates the effects of R&D on stock returns for a sample of listed...
Persistent link: https://www.econbiz.de/10011113269
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Market Value and Patent Quality in Japanese Manufacturing Firms
Yasuo, Nakanishi; Setsuo, Yamada - Volkswirtschaftliche Fakultät, … - 2007
We investigate the effect of quality of patents on the market value of firms represented by the Tobin's q. We consider the number of objections as well as the number of citations. We construct the database of patent stock, citation-weighted patent stock and objection-weighted patent stock. Our...
Persistent link: https://www.econbiz.de/10005623395
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R&D intensity and market valuation of firm: a study of R&D incurring manufacturing firms in India
Pramod, Kumar Naik; Krishnan, Narayanan; Puja, Padhi - Volkswirtschaftliche Fakultät, … - 2012
The present study examines the impact of R&D expenditure on market valuation of firm using Tobin’s q. The study uses firm level data for Indian manufacturing sector obtained from Prowess database of CMIE for the period 2001-2010. The study forms an unbalanced panel with 326 R&D incurring...
Persistent link: https://www.econbiz.de/10011259462
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Corporate governance, affirmative action and firm value: evidence from post-apartheid South African firms
Ntim, collins g; Opong, kwaku k; Danbolt, jo - Volkswirtschaftliche Fakultät, … - 2010
Research Question/Issue: The post-Apartheid South African (SA) corporate governance (CG) model is a unique hybridisation of the traditional Anglo-American and Continental European-Asian CG models, distinctively requiring firms to explicitly comply with a number of affirmative action and...
Persistent link: https://www.econbiz.de/10009226818
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Decreasing negative the delivery risk influence on the recepient's firm value: Portfolio approach
Michalski, Grzegorz - Volkswirtschaftliche Fakultät, … - 2008
The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for...
Persistent link: https://www.econbiz.de/10005835660
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Firm Value and the mis-use of the CAPM for valuation and decision making
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents employing this NPV are open to arbitrage losses and miss...
Persistent link: https://www.econbiz.de/10004980381