scholarly journals Stock Recommendations from Stochastic Discounted Cash Flows

2020 ◽  
Author(s):  
Giulio Bottazzi ◽  
Francesco Cordoni ◽  
Giulia Livieri ◽  
Stefano Marmi
Keyword(s):  
Cash Flows ◽  
Stock Recommendations

Why Do Firms Write Off Their Goodwill? A Comparison of Different Accounting Systems

2015 ◽  
pp. 23-40 ◽  
Author(s):  
Francesco Avallone ◽  
Claudia Gabbioneta ◽  
Paola Ramassa ◽  
Marco Sorrentino
Keyword(s):  
Good Deal ◽  
Financial Statements ◽  
Cash Flows ◽  
Accounting System ◽  
Anglo Saxon ◽  
Accounting Systems ◽  
Ifrs Adoption ◽  
The Future

Increased comparability of financial statements across adopting countries is one of the main objectives of IFRS adoption. The level of achievement of this objective, however, is still debatable. While some studies have documented that crosscountry comparability of financial statements has increased after IFRS adoption, other studies have found that comparability has actually decreased since 2005. We contribute to this debate by studying whether the motivations for goodwill writeoff are the same or vary across countries with different accounting systems. Although a good deal of research has investigated the motivations for goodwill writeoff, our study is the first to analyze whether these motivations vary across countries with different accounting systems. We find that firms that expect low cash flows in the future are more likely to report goodwill write-offs if they are located in countries with an Anglo-Saxon accounting system than if they are located in countries with a Continental accounting system. These results suggest that IFRS are "interpreted" differently in different countries and that harmonization of financial statements has not been fully achieved yet.

Analyzing the figures of consolidated statement of cash flows of the world's biggest publicly traded oil and gas corporations

2020 ◽  
Vol 19 (6) ◽  
pp. 1101-1120
Author(s):  
O.V. Shimko
Keyword(s):  
Public Sector ◽  
Cash Flow ◽  
Oil And Gas ◽  
Cash Flows ◽  
Annual Reports ◽  
Capital Expenditures ◽  
Publicly Traded ◽  
The Public ◽  
Statement Of Cash Flows ◽  
Oil And Gas Companies

Subject. The article investigates key figures disclosed in consolidated cash flow statements of 25 leading publicly traded oil and gas companies from 2006 to 2018. Objectives. The focus is on determining the current level of values of the main components of consolidated statement of cash flows prepared by leading publicly traded oil and gas companies, identifying key trends within the studied period and factors that led to any transformation. Methods. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated cash flow statements. Results. The comprehensive analysis of annual reports of 25 oil and gas companies enabled to determine changes in the key figures and their relation in the structure of consolidated cash flow statements in the public sector of the industry. It also established main factors that contributed to the changes. Conclusions. In the period under study, I revealed an increase in cash from operating activities; established that capital expenditures in the public sector of the industry show an overall upward trend and depend on the level of oil prices. The analysis demonstrated that even integrated companies’ upstream segment prevail in the capital expenditures structure. The study also unveiled an increase in dividend payments, which, most of the time, exceeded free cash flows thus increasing the debt burden.

Analyzing the current effectiveness of the Russian economy's design

2020 ◽  
Vol 8 (8) ◽  
pp. 1476-1496
Author(s):  
V.V. Smirnov
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Growth Rates ◽  
Systems Approach ◽  
Mineral Resources ◽  
Cash Flows ◽  
Moscow Oblast ◽  
Structural Balance ◽  
Russian Economy ◽  
The Stability

Subject. The article discusses Russia’s economy and analyzes its effectiveness. Objectives. The study attempts to determine to what extent Russia’s economy is effective. Methods. The study is based on the systems approach and the statistical analysis. Results. I discovered significant fluctuations of the structural balance due to changing growth rates of the total gross national debt denominated in the national currency, and the stability of growth rates of governmental revenue. Changes in the RUB exchange rate and an additional growth in GDP are the main stabilizers of the structural balance, as they depend on hydrocarbon export. As a result of the analysis of cash flows, I found that the exports slowed down. Financial resources are strongly centralized, since Moscow and the Moscow Oblast are incrementing their share in the export of mineral resources, oil and refining products and import of electrical machines and equipment. Conclusions and Relevance. The fact that the Russian economy has been effectively organized is proved with the centralization of the economic power and the limits through the cross-regional corporation, such as Moscow and the Moscow Oblast, which is resilient to any regional difficulties ensuring the economic growth and sustainable development. The findings would be valuable for the political and economic community to outline and substantiate actions to keep rates of the economic growth and sustainable development of the Russian economy.

Inventory optimization considering the vehicle capacity and specifics of cash flows at rental storage sites

2020 ◽  
pp. 77-90
Author(s):  
V.D. Gerami ◽  
I.G. Shidlovskii
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Sufficient Conditions ◽  
Cash Flows ◽  
Management Systems ◽  
Cargo Capacity ◽  
Special Modification ◽  
The Cost ◽  
Necessary And Sufficient ◽  
Vehicle Capacity

The article presents a special modification of the EOQ formula and its application to the accounting of the cargo capacity factor for the relevant procedures for optimizing deliveries when renting storage facilities. The specified development will allow managers to take into account the following process specifics in the format of a simulated supply chain when managing inventory. First of all, it will allow considering the most important factor of cargo capacity when optimizing stocks. Moreover, this formula will make it possible to find the optimal strategy for the supply of goods if, also, it is necessary to take into account the combined effect of several factors necessary for practice, which will undoubtedly affect decision-making procedures. Here we are talking about the need for additional consideration of the following essential attributes of the simulated cash flow of the supply chain: 1) time value of money; 2) deferral of payment of the cost of the order; 3) pre-agreed allowable delays in the receipt of revenue from goods sold. Developed analysis and optimization procedures have been implemented to models of this type that are interesting and important for a business. This — inventory management systems, the format of which is related to the special concept of efficient supply. We are talking about models where the presence of the specified delays for the outgoing cash flows allows you to pay for the order and the corresponding costs of the supply chain from the corresponding revenue on the re-order interval. Accordingly, the necessary and sufficient conditions are established based on which managers will be able to identify models of the specified type. The purpose of the article is to draw the attention of managers to real opportunities to improve the efficiency of inventory management systems by taking into account these factors for a simulated supply chain.

ANALISIS EKSPOSUR EKONOMI DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA PADA PERUSAHAAN ROKOK YANG TERCATAT DI BEI

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 98-109
Author(s):  
Ida Musdafia Ibrahim ◽  
Arif Haryono
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Cash Flow ◽  
Firm Value ◽  
Tobacco Industry ◽  
Cash Flows ◽  
Least Square ◽  
Exchange Rate Risk ◽  
Positive Effects ◽  
Rate Risk

This study aims to analyze economic exposures and its factors namely exchange rates and inflation, that influence firm value as reflected through firm cash flow. Analytical method used Ordinary Least Square and eviews as analytical tool. This study used secondary data and cigarette industry companies listed on the Indonesia Stock Exchange as samples along 2008 to 2017. Samples choosing method used purposive sampling based on determined criterias. The results showed that partially economic exposure had positive effects on firm value but insignificant. These could be seen from the economic exposure factors influncenced namely exchange rates and inflations.The exchange rate risk has low influenced cash flow was caused of the tobacco industry has low level of export/import.Enhance,inflation also had low effect on cash flow was caused of the tendency of cigarette consumers will continue to buy cigarettes even though its price increases. In short, economic exposure in the tobacco industry has low influence toward firms value. Hence, simultaneously changes in exchange rates and inflation which are economic exposure indicators have a significant effect on cash flows.  Keywords: Economic Exposure, Exchange Rate Risk, Inflation Risk, Firms Value, Cash Flow

ANALYTICAL TOOLS AND MANAGEMENT METHOD OF CASH FLOWS AT THE ENTERPRISE

2017 ◽  
pp. 93-105
Author(s):  
Olha NIPIALIDI
Keyword(s):  
Financial Stability ◽  
Cash Flows ◽  
Sustainable Growth ◽  
Financial Health ◽  
Traditional Assessment ◽  
Financial Condition ◽  
Efficient Management ◽  
Expert Assessments ◽  
Analytical Tools

Introduction. The most important factors for “financial health” of the company are effectively structured cash flows, precondition for sustainable growth and achievement of high end results of economic activity as a whole. Knowledge and practical use of modern methods of organization and efficient management of cash flows enables transition of the company to a new quality of economic development. Purpose. The aim of the article is the research and development of theoretical, methodological and practical recommendations concerning the organization of the management process of cash flows at the enterprise. Results. Methodology of traditional assessment of financial stability of the enterprise, its elements and the factors influencing it can significantly complement and improve through the use of advanced mathematical models that allow to analyze the accuracy and objectivity of expert assessments for determination the level of the financial condition of the enterprise. Conclusion. The system of indicators used in the analysis of cash flows at the enterprises is investigated and systematized. It is advisable to choose those indicators from the total aggregate of indicators that are the most attracted to specific users of accounting information. Methods for analyzing cash flow is supplemented as regards the determination of the integral index of financial stability, which makes it possible to install ranked of the investigated enterprise. Proposals for amendments the methodological approaches to estimating of future cash flows will allow more effectively increase usefulness and reliability of accounting and analytical information for making management decisions.

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