Behavioral valuation in the Russian and Western stock markets

2020 ◽  
Vol 26 (3) ◽  
pp. 549-564
Author(s):  
S.Yu. Bogatyrev
Keyword(s):  
Discount Rate ◽  
Stock Markets ◽  
Market Value ◽  
Practical Implementation ◽  
Behavioral Pricing ◽  
Emotional Tone ◽  
Beta Coefficient ◽  
The One ◽  
Key Indicators ◽  
Valuation Tools

Subject. The article discusses changes in qualities of market actors that influence the valuation of assets, behavioral valuation, ranges of the valuation apparatus components. I focus on the practical implementation of the behavioral pricing and a technique for assessing key indicators of behavioral valuation of assets. Objectives. The study measures ranges of certain values adjusting the beta coefficient, which is used to assess the discount rate under the CAPM so as to arrive at the behavioral discount rate and market value of assets in markets with reference to behavioral factors. Methods. The article demonstrates how the behavioral pricing apparatus is applied. I also present some computations, propose benchmarks for assessing the adjustment to components of the discount rate formula for valuation purposes and in line with the emotional tone in stock markets. Results. I devised and implemented the technique for measuring the emotional tone of news and integrated methods for assessing the behavioral beta in accordance with the behavioral CAMP of Hersch Shefrin and Meir Statman. I tested and verified the hypothesis stating that emotions cause the beta coefficient, which is used by irrational investors use, to diverge from the one embedded in the CAPM. The article shows a range of the beta coefficient used by irrational investors from the one embedded in the CAPM. It can be used to assess the market value of shares in a particular case. Conclusions and Relevance. The theory of behavioral valuation of financial assets was put into practice, unveiling the value of the discount rate constituents, which can serve for cost analysts and appraisers. The findings are useful for valuation, corporate finance, public and municipal finance, fiscal issues, stock exchanges. Behavioral valuation tools are especially relevant in case of instability and crisis, a changing market paradigm, market developments, changes in the rate of return and volatility of financial instruments. Behavioral valuation tools supplements and expands the classical one, improves decision-making on value management in modern markets.

scholarly journals 6.1. Modern techniques of behavioral analysis of financial instruments on the stock market

2020 ◽  
Author(s):  
С.Ю. Богатырев
Keyword(s):  
Stock Market ◽  
Discount Rate ◽  
Stock Markets ◽  
Market Value ◽  
Behavioral Analysis ◽  
Financial Instruments ◽  
Behavioral Factors ◽  
Behavioral Pricing ◽  
Specific Calculations ◽  
Capm Model

В статье рассматриваются диапазоны конкретных значений поправки к бэта-коэффициенту, используемому при расчете ставки дисконтирования по модели CAPM для получения поведенческой ставки дисконтирования и расчета рыночной стоимости акций на рынках с учетом поведенческих факторов. В статье продемонстрировано применение инструментария поведенческого ценообразования. Представлены конкретные расчеты, предложены ориентиры для расчета поправки компонентов формулы расчета ставки дисконтирования для расчета стоимости с учетом эмоционального настроения на фондовых рынках. The article discusses the ranges of specific values of the beta correction ‒ the coefficient used in calculating the discount rate using the CAPM model to obtain a behavioral discount rate and calculating the market value of shares in the markets, taking into account behavioral factors. The article demonstrates the use of behavioral pricing tools. Specific calculations are presented, guidelines are proposed for calculating the amendments to the components of the formula for calculating the discount rate for calculating value, taking into account the emotional mood of stock markets.

P20 phosphor on polyimide as a large area high-resolution transmission screen for slow scan CCD systems

1995 ◽  
Vol 53 ◽  
pp. 20-21
Author(s):  
C. C. Ahn ◽  
S. Karnes ◽  
M. Lvovsky ◽  
C. M. Garland ◽  
H. A. Atwater ◽  
...  
Keyword(s):  
Mechanical Stability ◽  
High Energy ◽  
Practical Implementation ◽  
Line Pair ◽  
Modulation Transfer ◽  
Large Area ◽  
Ccd Imaging ◽  
Transmission Electron ◽  
The One ◽  
Beam Broadening

The bane of CCD imaging systems for transmission electron microscopy at intermediate and high voltages has been their relatively poor modulation transfer function (MTF), or line pair resolution. The problem originates primarily with the phosphor screen. On the one hand, screens should be thick so that as many incident electrons as possible are converted to photons, yielding a high detective quantum efficiency(DQE). The MTF diminishes as a function of scintillator thickness however, and to some extent as a function of fluorescence within the scintillator substrates. Fan has noted that the use of a thin layer of phosphor beneath a self supporting 2μ, thick Al substrate might provide the most appropriate compromise for high DQE and MTF in transmission electron microcscopes which operate at higher voltages. Monte Carlo simulations of high energy electron trajectories reveal that only little beam broadening occurs within this thickness of Al film. Consequently, the MTF is limited predominantly by broadening within the thin phosphor underlayer. There are difficulties however, in the practical implementation of this design, associated mostly with the mechanical stability of the Al support film.

Determining the discount rate when evaluating trade organizations: Some features

2020 ◽  
Vol 13 (1) ◽  
pp. 71-84
Author(s):  
E.A. Grigor'eva ◽  
A.S. Buzhikeeva
Keyword(s):  
Discount Rate ◽  
Economic Activity ◽  
Systems Approach ◽  
Market Value ◽  
Additional Risk ◽  
Evaluation Procedures ◽  
Analytical Research ◽  
Definition Of ◽  
Traditional Approaches

Subject. This article deals with the issues of determining the market value of the trading business, taking into account a number of characteristics. Objectives. The article aims to develop certain provisions of the methodology and practice of evaluating the business of trading organizations, namely, taking into account the additional risk of inventory feasibility when calculating the discount rate. Methods. For the study, we used a systems approach, and the cognition, and economic and analytical research methods. Results. The article presents a three-tiered classification of stocks and a definition of risk based on the criteria for dividing stocks by purpose, degree of implementation, and shelf life in accordance with the scale. Based on the classification, the article offers certain recommendations for determining the discount rate when evaluating trading organizations, aimed at taking into account additional risk. Conclusions. Various evaluation procedures within the framework of traditional approaches and methods in relation to trading organizations do not take into account risk specific to this type of economic activity. The proposed methodology for calculating the discount rate for trade organizations takes into account the features of their functioning.

The Valuation Relevance of Reversing Deferred Tax Liabilities

2004 ◽  
Vol 79 (2) ◽  
pp. 437-451 ◽  
Author(s):  
David A. Guenther ◽  
Richard C. Sansing
Keyword(s):  
Discount Rate ◽  
Firm Value ◽  
Market Value ◽  
Present Value ◽  
Depreciation Rate ◽  
The Future ◽  
Deferred Tax Liabilities ◽  
Deferred Tax ◽  
Tax Depreciation ◽  
Depreciation Methods

This paper compares two attributes of a deferred tax liability (DTL) that arise from differences in book and tax depreciation methods. The first attribute is the effect of the DTL on the market value of the firm. The second is the length of time between when the asset is placed into service and when the DTL associated with that asset begins to reverse. The paper shows that a decrease in the time it takes for the DTL to begin to reverse is neither necessary nor sufficient for the value of the DTL to increase. It also shows that the value of the DTL is not equal to the present value of the future deferred tax expense. The effect of one dollar of DTL on firm value depends only on the tax depreciation rate and the discount rate.

scholarly journals Use of battery swapping for improving environmental balance and price-performance ratio of electric vehicles

2021 ◽  
Author(s):  
Steffen Schmidt
Keyword(s):  
Electric Vehicles ◽  
Performance Ratio ◽  
Practical Implementation ◽  
Sustainable Mobility ◽  
Long Distance ◽  
Environmentally Sustainable ◽  
Battery Capacity ◽  
Battery Packs ◽  
Environmental Balance ◽  
The One

<p> There is a simple concept that can significantly improve the environmental balance of battery electric vehicles and at the same time avoid the known disadvantages of these vehicles (short range, long charging times, high acquisition costs) without having to wait for further developed batteries or a higher proportion of green electricity. For this purpose, the vehicles are equipped with built-in batteries for short and medium distances and are therefore sufficient for the majority of daily journeys. For long-distance journeys, the driver borrows charged additional battery packs at swapping stations, which are automatically inserted into a standardised exchange slot within a few minutes. This paper focuses on the improvements in electric vehicles that can be achieved by combining built-in and exchangeable battery technique and also on the practical feasibility of the concept. It is shown that the battery capacity required for the entire vehicle fleet can be significantly reduced. The resulting ecological advantages on the one hand and grid-stabilising effects of a nationwide network of swapping stations on the other hand, support the transition to environmentally sustainable mobility. The characteristics of the concept presented are advantageous for its practical implementation. The acceptance by customers and manufacturers can thus be improved compared to previous battery swapping systems. The loan system for the exchange batteries may be designed conveniently and information security as well as data protection will be strictly complied.</p>

scholarly journals Capital Structure and the Value of Quoted Firms in Nigeria: A Test of Miller and Modigliani Irrelevant Hypothesis

2019 ◽  
Vol 3 (2) ◽  
pp. 1-15
Author(s):  
Uzokwe Grace Onyinyechi
Keyword(s):  
Capital Structure ◽  
Random Effects ◽  
Market Value ◽  
Annual Reports ◽  
Cross Sectional ◽  
Financial Reports ◽  
Beta Coefficient ◽  
Equity Ratio ◽  
Retained Earnings

This study tested an insignificant hypothesis of the capital structure of Miller and Modiglian in Nigeria. The aim was to investigate the validity of the irrelevant hypothesis. The Tobins Q market value measure was modeled as a function of debt-to-equity ratio, long-term debt to equity ratio, and retained earnings ratio. Twenty companies were selected on the basis of the information needed to conduct the survey and the availability of annual financial reports for the ten-year period 2008-2017. Cross-sectional data were obtained from the annual accounts and annual reports of the companies. Random effects were used in the analysis of fixed and random effects. The study showed that 77% volatility in market value can be predicted by the variation of independent variables in the regression model. The beta coefficient of the variables found that the debt-to-equity ratio, the long-term debt-to-equity ratio, the capital-to-earnings ratio is positively and significantly related to the market value of the selected listed companies. The study concludes that capital structure is relevant, unlike Miller's and Modiglian's irrelevant hypothesis. Therefore, it is recommended that managers ensure an adequate combination of capital and debt.

scholarly journals INDICATIVE APPROACH IN THE EVALUATION OF THE IMPLEMENTATION OF THE CONSTITUTIONAL RIGHT TO JUDICIAL PROTECTION IN THE STATE LANGUAGES OF THE RF SUBJECTS

2019 ◽  
Vol 8 (6) ◽  
Author(s):  
Damir Kh. Valeev ◽  
Anas G. Nuriev ◽  
Rafael V. Shakirjanov
Keyword(s):  
Russian Federation ◽  
The State ◽  
Practical Implementation ◽  
Current State ◽  
Hand Signal ◽  
The Russian Federation ◽  
Civil Cases ◽  
Constitutional Right ◽  
The One ◽  
Judicial Protection

The implementation of the constitutional right to judicial protection is an important guarantee for participants in legal relations in case of violation of the rights of one of the parties or a threat of violation of the rights of participants in legal relations. Judicial protection is of particular relevance for the participants in legal relations, who do not speak the languages in which the administration of justice is carried out. Within the framework of this article, the authors analyze indicators that are designed to, on the one hand, signal on the current state and existing possibilities of implementing the constitutional right to judicial protection in the state languages of the subject of the Russian Federation (statistical function), and, on the other hand, determine growth drivers that can provide language guarantees for the territory of our state, which is defined as a democratic federal legal state according to Art. 1 of the Constitution of the Russian Federation. Within the framework of this article, three indicators are highlighted and analyzed: 1) existing legal potential for the implementation of the constitutional right to judicial protection in civil cases in the state languages of the republics within the Russian Federation; 2) analysis of the practical implementation of the opportunities currently available for the implementation of the constitutional right to judicial protection in civil cases in the state languages of the republics within the Russian Federation; 3) determination of growth points in the implementation of the constitutional right to judicial protection in civil cases in the state languages of the republics within the Russian Federation

scholarly journals Green technologies and firms’ market value: a micro-econometric analysis of European firms

2020 ◽  
Vol 29 (3) ◽  
pp. 855-875 ◽  
Author(s):  
Alessandra Colombelli ◽  
Claudia Ghisetti ◽  
Francesco Quatraro
Keyword(s):  
Positive Impact ◽  
Market Value ◽  
Regulatory Framework ◽  
Economic Effects ◽  
Green Technologies ◽  
Main Hypothesis ◽  
Theoretical Approaches ◽  
The One ◽  
The Uk ◽  
The Impact

Abstract This paper investigates the impact of the generation of green (environmental) technologies on the market value (MV) of a sample of listed companies. The analysis is grounded on the combination of two different theoretical approaches, that is the one focusing on the relationship between MV and innovation and the one pertaining to the economic effects of eco-innovation. Environmental regulation, based on the regulatory push–pull effect, induces firms to cope with more stringent rules through innovation efforts, and this eventually leads to the emergence of new markets for the suppliers of green technologies (GTs). Our main hypothesis is that firms able to generate GTs can be expected to show better stock market performances in this framework, because of the prospects of regulation-driven profitability gains. The empirical analysis has been carried out on a sample of listed firms from France, Germany, Italy, the Netherlands, and the UK observed over the 1985–2011 time span, and it is based on the implementation of the most recent version of the MV equation, corrected for selection bias. Results are consistent with those of previous literature and highlight the positive impact of innovation on MV. When narrowing the focus to firms operating in sectors with a high propensity to generate GTs, we have found that the stringency of the environmental regulatory framework also yields a positive a significant impact, as does the stock of GTs vis-à-vis non-GTs. Moreover, environmental regulatory framework positively moderates the positive effect of the stock of GTs. Lastly, the quality of firms’ own knowledge stocks is also found to positively influence firms’ MV.

Worker Involvement, the New Technologies and New Forms of Company Organization

1999 ◽  
Vol 4 (1) ◽  
pp. 69-82
Author(s):  
Gerhard Leminsky
Keyword(s):  
Personal Development ◽  
Management Strategy ◽  
New Technologies ◽  
Self Organization ◽  
Practical Implementation ◽  
Democratic Participation ◽  
Grass Roots ◽  
The Past ◽  
The One ◽  
Real Responsibility

The concept of democratic participation has been receiving wide attention over the past few years — both in Germany and at the European level. Unfortunately, the same cannot be said for social and corporate praxis where practical implementation of the idea encounters ingrained resistance and reservations from different groups. On the one hand, the trades unions are afraid that forms of direct democratic involvement will act in competition to the institutionalized forms of in-company codetermination; on the other, many managers — having discovered that worker involvement is a good way to improve both productivity and quality — are simultaneously opposed to the transfer to the grass roots of any real responsibility or decision making rights. Nevertheless, the narrow use of employee participation as a mere management strategy should not obscure our view of the opportunities for self-organization, democratization and personal development that are inherent to democratic participation.

«The roads of Power’s soul»: project of development of autotransport infrastructure and of roadside service in the Central Federal District

2015 ◽  
Vol 9 (3) ◽  
pp. 49-60 ◽  
Author(s):  
Юрий Копылов ◽  
Yuriy Kopylov ◽  
Александр Федулин ◽  
Aleksandr Fedulin ◽  
Олег Афанасьев ◽  
...  
Keyword(s):  
Tourism Development ◽  
Development Program ◽  
Federal District ◽  
Road Transport ◽  
Development Project ◽  
Practical Implementation ◽  
Central Federal District ◽  
Economic Interaction ◽  
The Creation ◽  
The One

The development Program project of road transport and tourism infrastructure «The roads of Power´s Soul» is presented in the article. The program was developed by the Coordinating Council for the development of tourism in the Central Federal District (CFD) of the Association of interregional social and economic interaction «Central Federal District» and the Russian State University of Tourism and Service. The urgency of the creation of generalizing, integral tourism and tourist services development programs for all regions of the CFD is justified in the article. It was noted that tourism is the rapidly growing sector of the economy CFD. But comprehensive solution of issues related to creation of the new tourism products cannot be provided by the only development of the infrastructure. This hinders the development of effective promotion tools, introduction of innovative technologies, staff training in the tourism and service of district. The creation of a unified tourism space is the one of the main directions of the tourism sector development in the Central Federal District. Such approach can only be implemented within a unified inter-regional program of tourism development in district and creating a tourist cluster with the active participation of each subject of the CFD. The program development project of road transport and tourism infrastructure in 2015 - 2025 is proposed in the article. The goals, objectives, stages, outcomes of the program are defined. The scheme of the complex federal automobile segmented tourist ring route through the territory of all the regions - subjects of the CFD is proposed. The main results of a comprehensive analysis of tourist routs, facilities and activities recommended for inclusion in the program are rep- resented. The criteria for selection of destinations and also companies and organizations of tourism infrastructure for inclusion in the Program are substantiated. It is concluded that practical implementation of developed Program is very important; it might be very effective for the tourism development in the Central Federal District and Russia as a whole.

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