An Investigation into the Market Valuation Process of Closed-End Country Funds

1994 ◽  
Vol 23 (1) ◽  
pp. 13
Author(s):  
Jeanette N. Medewitz ◽  
Fuad A. Abdullah ◽  
Keith A. Olson
Keyword(s):  
Market Valuation ◽  
Country Funds ◽  
Valuation Process

The effectiveness of intellectual capital disclosure in market assessments of corporate value creation

2019 ◽  
pp. 5-35
Author(s):  
Anna Maria Biscotti ◽  
Eugenio D’Amico ◽  
Sabato Vinci
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Value Creation ◽  
Balance Sheet ◽  
Market Valuation ◽  
Fiscal Year ◽  
High Tech ◽  
Book Value ◽  
Eu Directive ◽  
Valuation Process

According to literature on the value relevance of intellectual capital (IC), a gap between the market and book value of a company larger than one indicates the contribution of IC resources (mostly off-balance sheet) to the value creation potential of a firm as perceived by investors. In Italy, with the introduction of Legislative Decree no. 32/2007 (by which the EU Directive No. 2003/51/CE was partially implemented into Italian law), companies are encouraged (for the first time in Italy) to disclose in the management commentary for the fiscal year-end of 2008 and for subsequent years non-financial information about employee matters. The purpose of this study is to investigate whether a more virtuous corporate disclosure behaviour on nonfinancial IC information relating to the human capital significantly contributes to better explain (more than other IC components) the market-to-book value gap. In addition, this paper aims to investigate the effectiveness of IC disclosure in improving the accuracy of market valuation process. The results demonstrate that both human capital performance and the related (human capital) non-financial disclosure tend to significantly explain the market-to-book value gap, playing a unique role in the market valuation process of high-tech companies. Moreover, a greater disclosure on IC appears to be determinant in improving the accuracy of market assessment of high-tech companies characterised by higher IC performance.

Asymmetric Market Valuation of Carbon Emissions: Evidence from Real Estate Companies

2018 ◽  
Author(s):  
Chyi Lee ◽  
Hanlu Fan ◽  
QingLiang Tang ◽  
Peddy Lai
Keyword(s):  
Real Estate ◽  
Carbon Emissions ◽  
Market Valuation

Analyzing the market valuations of the world's leading public oil and gas corporations

2020 ◽  
Vol 26 (12) ◽  
pp. 2765-2789
Author(s):  
O.V. Shimko
Keyword(s):  
Oil And Gas ◽  
Balance Sheet ◽  
Oil And Gas Industry ◽  
Market Valuation ◽  
Net Income ◽  
Consolidated Financial Statements ◽  
Market Capitalization ◽  
Economic Analyses ◽  
Market Valuations ◽  
Oil And Gas Companies

Subject. This article explores the market valuation ratios of the twenty five leading public oil and gas companies between 2006 and 2018. Objectives. The article aims to identify key trends in the changes in market valuations of the largest public oil and gas companies, and identify the factors that have caused these changes. Methods. For the study, I used comparative, and financial and economic analyses, and generalization of materials of the companies' consolidated financial statements. Results. The article shows certain changes in the main indicators of market valuation of the leading public oil and gas companies and identifies the main factors that contributed to these changes. It establishes that the most significant for comparison and valuation are ratios based on balance sheet values of assets and equity, and EBITDA, DACF and net income ratios are appropriate as auxiliary ratios. The article says that the exchange segment of the industry has increased the debt load, so instead of market capitalization as a component of the coefficients of this group, it is advisable to apply the company's value indicator. Conclusions and Relevance. The article concludes that the market sentiments towards the stock market segment of the global oil and gas industry are getting impaired. This is quite natural against the background of falling profitability of most leading companies. The results of the study can be useful in evaluating, forecasting and developing measures to increase the market capitalization and value of public oil and gas companies.

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