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The use of accounting information in the valuation of equity securitiesBallas, Apostolos A. January 1992 (has links)
No description available.
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Attention, search, and information diffusion : study of stock network dynamics and returnsLeung, Chung Man Alvin 18 September 2014 (has links)
There is growing literature on search behavior and using search for prediction of market share or macroeconomic indicators. This research explores investors' stock search behaviors and investigates whether there are patterns in stock returns using those for return prediction. Stock search behaviors may reveal common interest among investors. In the first study, we use graph theory to find investment habitats (or search clusters) formed by users who search common set of stocks frequently. We study stock returns of stocks within the clusters and across the clusters to provide theoretical arguments that drive returns among search clusters. In the second study, we analyze return comovement and cross-predictability among economically related stocks searched frequently by investors. As search requires a considerable amount of cognitive resources of investors, they only search a few stocks and pay high attention to them. According to attention theory, the speed of information diffusion is associated with the level of attention. Quick information diffusion allows investors to receive relevant information immediately and take instantaneous trading action. This immediate action may lead to correlated return comovement. Slow information diffusion creates latency between the occurrence of an event and the action of investors. The slower response may lead to cross-predictability. Making use of the discrepancy in information diffusion, we implement a trading strategy to establish arbitrage opportunities among stocks due to difference in user attention. This research enriches the growing IS literature on information search by (1) identifying new investment habitats based on user search behaviors, (2) showing that varying degrees of co-attention and economic linkages may lead to different speed of information diffusion (3) developing a stock forecasting model based on real-time co-attention intensity of a group economically linked stocks and (4) embarking a new research area on search attention in stock market. The methods in handling complex search data may also contribute to big data research. / text
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The Distribution of Property Tax Assessment Inequities in HamiltonDavies, John Wilfred 01 1900 (has links)
<p> Multivariate statistical analysis of the ratios of single family dwelling assessed value to current market value or sale price, has been used to evaluate the administration of the property tax assessment function in Hamilton, Ontario. The Hamilton assessment administration has been found to exhibit an unacceptable level of non-uniformity in the assessment of single family dwellings. It is shown that tax burdens will vary substantially within and between price classes of single family dwellings; thus, both horizontal and vertical inequities are attributed to the administration of the assessment function.</p> <p> The spatial distribution of property tax assessment inequities in Hamilton is presented. It has been shown that certain districts of the city are overassessed relative to others. The spatial pattern is distinct; the area proximate to the industrial waterfront and the central business district have assessment-sales ratios above the mean ratio determined for the city as a whole, while the peripheral or fringe areas of the city are generally characterized by lower assessment-sales ratios.</p> / Thesis / Master of Arts (MA)
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Ocenění vybraného podniku / The assessment of a chosen companyBakaj, Michal January 2011 (has links)
The aim of my thesis is an assessment of market value of a chosen company as of December 31, 2010. The appraisal was proceeded both by assumption of going concern and by assumption of limited duration of the company (in relation to prognosis of depletion of oil reserves).
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The Effect of Underwriting Regulation on IPO Market Valuation and Underwriters¡¦ ProfitsHsiao, Wan-chi 20 July 2011 (has links)
In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs. The FSC plans to achieve four main goals by implementing the new underwriting system. (1) Making the underwriting price more reasonable (2) Increasing the stability of price of a listing stock (3) Increasing the underwriter¡¦s independence in distribution stocks. (4) Enforcing the professional ability of underwriters. Most importantly, it puts the emphasis on the ability of underwriters that involve in the quality for IPOs. This paper compares the IPO market performance between new underwriting system and old underwriting system, and collects the data from 2001 to 2009 about IPOs companies¡¦ related information to figure out the IPO market valuation and profits for underwriters. Finally, this paper finds out that: first one is, in the new underwriting system, the market valuation is more affected by investors¡¦ optimum growth forecast than old underwriting system. In the aspect of the rewards for underwriters, the difference between new underwriting system and old underwriting one is cancelling self-subscription method in new underwriting system. Therefore, the underwriter can¡¦t gain the underwriter proceeds from that; the issuer should make up them by giving more underwriter¡¦s fee which depends on the performance of underwriters. In conclusion, the professional underwriters play an important role in new regulation system.
Keywords: IPOs, underwriter regulation, underwriter, market value, underwriter proceeds
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The Information Contents of EVA-Taking China Steel Corp. as ExampleHsu, Chang-Rong 01 July 2003 (has links)
EVA is the difference between a firm¡¦s net operating profit after taxes and its cost of invested capital. While in EVA calculation, some adjustments on GAAP are made to avoid potential information distortion. This study is to calculate CSC¡¦s EVA using Stern Stewart & Co.¡¦s approach and to discuss its information contents.
The conclusions of this study are presented as follows¡G
1.For CSC, EVA is better than RI and traditional accounting measures of EPS and ROE in explaining stock prices and MVA.
2.The superiority of EVA to RI in explaining stock prices and MVA means that equity equivalent reserve adjustments are needed for calculating EVA.
3.EVA explains share prices and MVA better after CSC privatized, but the sensitivity of share prices and MVA response to EVA has decreased.
4.By stepwise regression tests, contemporary share prices are best explained by lagged EVA. Contemporary EVA cannot predict future share prices.
Implication of this study:
CSC¡¦s EVA measure has higher correlation with its share prices and MVA, EVA results would be reflected to share prices and MVA. Therefore, investment evaluation, performance appraisal and bonus plan by EVA-based are suitable for CSC and its subsidiaries. Using plenty surplus cash to purchase back shares for reducing capital stocks is the most efficient way for CSC to increase EVA. Disclosing EVA related information may improve company transparence and therefore enhance share prices and shareholders¡¦ wealth.
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Ocenění podniku Edenred CZ s.r.o. / The Valuation of Edenred CZ s.r.o.Hýža, Petr January 2014 (has links)
The aim of this diploma thesis is to estimate the market value of the company Edenred CZ s.r.o.. The thesis consists of two parts, theoretical and practical. In theoretical part is described applied methodology for valuation of company. Practical part contains analysis of market potential and company's business potential, financial analysis and analysis of value drivers. Subsequently, there is prepared financial plan as the company is evaluated in long-term perspective. As main valuation method is used DCF Equity and as complementary method Capitalized Net income.
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Ocenění obchodního závodu společnosti PODA a.s. / Valuation of company PODA a.s.Přeček, Ondřej January 2015 (has links)
The aim of this thesis is to estimate market value of company PODA a.s. as at 31. 12. 2014. In the process of valuation I apply common valuation methods consisting of financial and strategic analysis, prognosis of value drivers and financial plan. Taking into account the good prospects of the company I choose the DCF APV method to determine its value. The comparable transactions method is used as a supplemental valuation method.
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Ocenění podniku OKD,a.s. / The Valuation of OKD,a.s.Marek, David January 2012 (has links)
The aim of this diploma thesis is to estimate equity market value of the company OKD,a.s. as of 31.12.2012. The value of the company is to be stated for the purpose of a potential purchase. The thesis consists of theoretical and practical part. The theoretical part determines basic valuation criteria. The practical part includes strategic and financial analysis, analysis of value drivers and financial plan. DCF Entity method of valuation is implemented as the principal one.
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Advertising, earnings prediction and market value: An analysis of persistent UK advertisersShah, S.Z.A., Akbar, Saeed, Ahmad, S., Stark, A.W. 09 August 2019 (has links)
Yes / This paper examines whether major media advertising expenditures help in predicting future earnings. We consider the role of media advertising in firms’ marketing efforts and posit that persistent advertisers are more likely to benefit from advertising activities in creating long‐lived intangible assets. Employing a sample of persistent UK advertisers over the period 1997–2013, we find that advertising expenditures are significantly positively associated with firms’ future earnings and market value. We also report size and sector‐based differences in the association between advertising and firms’ future earnings. Our additional analysis provides support for the arguments that despite the recent rise in digital advertising budgets, traditional advertising media are still effective in positively influencing firms’ performance. Overall, the results of this study are consistent with the view that advertising expenditures produce intangible assets, at least for firms in certain sectors. These findings have implications for marketers in providing evidence of the value generated by firms’ advertising budgets, for investors in validating the relevance of advertising information in influencing future earnings, and for accounting regulators in relation to the provision of useful insights for any future deliberations on financial reporting policies for advertising expenditures.
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