Real options in business valuation and investment

2018 ◽  
Author(s):  
Андрей Гусев ◽  
Andrey Gusev
Keyword(s):  
Graduate Students ◽  
Real Options ◽  
Scientific Publication ◽  
Investment Analysis ◽  
Investment Activity ◽  
Business Valuation ◽  
Investment Projects ◽  
University Teachers ◽  
Specific Calculations

In the presented monograph discusses the major problems associated with the development of methods of investment analysis and application of real options method in the assessment of efficiency of investment projects and valuation of enterprise (business). Disclosed the content of the basic models of evaluation of real options, a classification of real options, the theoretical principles supported by specific calculations. Scientific publication intended for graduate students, University teachers, scientific employees, specializing in the field of management of investment activity of enterprises and business valuation.

Investment analysis

2018 ◽  
Author(s):  
Виктор Серов ◽  
Viktor Serov ◽  
Екатерина Богомолова ◽  
Ekaterina Bogomolova ◽  
Наталья Моисеенко ◽  
...  
Keyword(s):  
Economic Analysis ◽  
Economic Efficiency ◽  
Portfolio Management ◽  
Financial Support ◽  
Legal Protection ◽  
State Regulation ◽  
Investment Analysis ◽  
Investment Activity ◽  
Business Plans ◽  
Investment Projects

The basic provisions and the content of economic analysis in the process of investment activities of enterprises and organizations. The article reveals the concept and content of investment and investment activity, considers the main tools of economic calculations and justifications during the investment analysis, methods of analysis of the investment market, forms and methods for determining, calculating and analyzing the economic efficiency of investment projects, sources of financial support for investments and evaluation of their value, portfolio management, the content of business plans of investment projects, methods and forms of state regulation of investment activity and legal protection of investments.

THEORETICAL AND METHODOLOGICAL PRINCIPLES OF FORMATION AND ESTIMATION OF THE FINANCIAL POTENTIAL OF SMALL ENTERPRISES' INVESTMENT ACTIVITY

2017 ◽  
Author(s):  
Ruslan Yurkiv ◽  
Keyword(s):  
Small Businesses ◽  
High Rate ◽  
Small Enterprises ◽  
Investment Activity ◽  
Investment Projects ◽  
Factors Influencing ◽  
Business Entities ◽  
Methodological Principles ◽  
Negative Factors

In many countries, small businesses have a significant impact on the total gross domestic product. However, in Ukraine, the opportunities of small businesses to ensure the economic growth of the state are not sufficiently used yet. Among the reasons for this phenomenon is the insufficiently high rate of economic development of domestic small businesses, which, among other things, is due to the low level of investment activity of many small enterprises in Ukraine. In turn, the low volume of investment activity of such enterprises is also because the owners and managers of these enterprises are not competent enough to form and assess the financial potential of investment activities of business entities. Given this, the study aims to develop theoretical and methodological principles for the formation and evaluation of the financial potential of small enterprises’ investment activities. The economic content of the concept of the strategy of formation of the financial potential of small enterprises' investment activity is considered. Classification of factors influencing the magnitude of this potential has been developed. In particular, the primary and secondary, deterministic and non-deterministic, positive and negative factors that are directly or indirectly involved in the formation of the financial potential of small enterprises’ investment activities are highlighted. It is established that the process of such formation involves the transition from the existing to the strategic financial potential of investment activities of economic entities. The main ways of such transition are identified. Indicators for assessing the existing and strategic financial potential of investment activities of small enterprises are proposed. The connection between these indicators is established, and we perform their decomposition. In particular, the amount of the available financial potential of the business entity is presented as the sum of the opportunities to use the company's own funds, as well as obtaining loans and borrowed funds to finance investment projects. The results of the study can be used in planning the investment activities of small enterprises, in particular, in justifying the rational parameters of financial support for these activities.

Methods of measurement of leadership in business (supplementary materials for lectures and tutorials)

2019 ◽  
pp. 95-113
Author(s):  
V.L. Ustyuzhanin
Keyword(s):  
Graduate Students ◽  
Oil And Gas ◽  
Corporate Management ◽  
Corporate Leadership ◽  
University Teachers ◽  
Wide Range ◽  
Definition Of ◽  
Methods Of Measurement

The article, addressed to a wide range of readers interested in the problems of modern corporate management, but above all — University teachers, graduate students and students, identifies and comments on existing approaches to the definition of corporate leadership. The result of the study is the author's classification of the world's leading companies in the automotive, pharmaceutical and oil and gas industries.

A Primer on Mapping Class Groups (PMS-49)

2017 ◽  
Author(s):  
Benson Farb ◽  
Dan Margalit
Keyword(s):  
Graduate Students ◽  
Moduli Space ◽  
Riemann Surfaces ◽  
Class Group ◽  
Mapping Class ◽  
Torelli Group ◽  
Surface Bundles ◽  
Surface Homeomorphisms ◽  
Low Dimensional

The study of the mapping class group Mod(S) is a classical topic that is experiencing a renaissance. It lies at the juncture of geometry, topology, and group theory. This book explains as many important theorems, examples, and techniques as possible, quickly and directly, while at the same time giving full details and keeping the text nearly self-contained. The book is suitable for graduate students. It begins by explaining the main group-theoretical properties of Mod(S), from finite generation by Dehn twists and low-dimensional homology to the Dehn–Nielsen–Baer–theorem. Along the way, central objects and tools are introduced, such as the Birman exact sequence, the complex of curves, the braid group, the symplectic representation, and the Torelli group. The book then introduces Teichmüller space and its geometry, and uses the action of Mod(S) on it to prove the Nielsen-Thurston classification of surface homeomorphisms. Topics include the topology of the moduli space of Riemann surfaces, the connection with surface bundles, pseudo-Anosov theory, and Thurston's approach to the classification.

Project portfolio valuation using real options

2020 ◽  
Vol 13 (2) ◽  
pp. 126-146
Author(s):  
A.B. Lanchakov ◽  
S.A. Filin ◽  
A.Zh. Yakushev
Keyword(s):  
Real Options ◽  
Real Option ◽  
Project Portfolio ◽  
Risk And Uncertainty ◽  
Expected Effect ◽  
Investment Projects ◽  
Financial Options ◽  
Portfolio Efficiency ◽  
The Face ◽  
Effective Development

Subject. The article analyzes the expected effect of a portfolio of projects in the face of risk and uncertainty, when using real options. Objectives. The purpose is to offer a more objective formula to assess the expected impact of a portfolio of projects for real investment objects under risk and uncertainty, using real options, and provide recommendations for improving the portfolio efficiency. Methods. The study draws on methods of real options and evaluation of investment projects through the real option value, the cash flow discounting method, synthesis, and mathematical modeling. Results. We systematized the main types of real options and developed a formula for calculating the expected effect of project portfolio implementation. The said formula shows that considering the additional long-term costs embedded in a portfolio of real options, which are associated with the use of these real options, and, therefore, reducing the overall risk of projects and the entire portfolio, permit to improve the objectivity of such calculations. Conclusions. When analyzing real options that have real assets as underlying instruments, it is often impossible to apply the computational formulae for financial options, as they differ significantly. The systematization of the main types of real options helps expand the range of application of management solutions. The offered formula enables to improve the efficiency of project insurance under risk and uncertainty and to use additional opportunities for effective development of the company.

Tax incentives of China’s investments in Zabaykalsky Krai: implementation of behavioral economic models

2020 ◽  
pp. 69-84
Author(s):  
Evgeniya Mikhailovna Popova ◽  
Irina Vitalevna Mezentseva
Keyword(s):  
Behavioral Economics ◽  
Tax Incentives ◽  
Human Mind ◽  
Investment Climate ◽  
Investment Activity ◽  
Investment Projects ◽  
Tax Incentive ◽  
Regional Budget ◽  
Subjective Aspect ◽  
Investment Process

Currently, the Russian regions apply a vast array of tools for regulating the investment process, including tax incentives. Active use of tax preferences is dictated by the fact that in the conditions of regional budget deficit, tax incentives, unlike subsidies, do not require direct budget expenditures for stimulating investment activity. However, the world experience demonstrates that tax incentives do not fall under the group of factors that strongly affect investment decisions. For determining the degree of preference of tax incentives in relation to other measures of regional support, a survey was carried among Chinese investors, who implement investment projects on the territory of Zabaykalsky Krai. The survey was based on a method of hierarchical analysis based on the special matrices by filed in by the investors. The acquired results displayed that out of ten measures of state support, tax incentives hold the eighth place. The calculated coefficient of the significance of tax incentives testifies to the low attractiveness of fiscal stimuli for the Chinese investors. The authora attempted to find the reasons for tax incentive not being in demand. The scientific novelty of this work consists in conducting the analysis of regional legislation that regulates the order of granting investment tax incentives based on the concept of behavioral economics. In the course of application of the provisions of behavioral economics, emphasis was made on the subjective aspect of the mechanism of preferential taxation. The reasonableness of considering such peculiarities of human mind as cognitive inertia and relativity is substantiated with regards to arranging the structure of tax incentives that would allow increasing the importance of tax incentives in formation of investment climate on the territory of Zabaykalsky Krai. The authors make recommendations on increasing the attractiveness of tax incentives among Chinese investors based on the concept of reference point and the effect of loss aversion.

USING REAL OPTIONS IN AN INVESTMENT VALUATION AND DECISION-MAKING PROCESSES

2020 ◽  
Vol 1 (8) ◽  
pp. 43-46
Author(s):  
T. T. ADAMIYA ◽  
Keyword(s):  
Decision Making ◽  
Real Options ◽  
Financial Management ◽  
Significant Risk ◽  
Investment Project ◽  
Market Uncertainty ◽  
Investment Activity ◽  
Traditional Assessment ◽  
Decision Making Processes ◽  
Additional Value

The current stage of global development is characterized by opportunities for investment activity, along with an instability of the economic situation and high uncertainty, dictates the need for investors and managers to make effective decisions, taking into account constantly changing conditions. An investor, while making a decision which project to accept, for the most part, uses the standard methods of financial management as a basis for forecasting and analysis. Considering fast-moving processes of technology change, as well as the conditions of market uncertainty, significant risk and agency problems, the article proposes the use of real options as an insurance (hedging) tool for investors against risks at different stages of the investment project. Risk management can be carried out through real options - the tool of flexibility in decision making. Traditional assessment methods ignore the ability to adapt internal and external changes, however management flexibility can significantly reduce risks, and therefore create additional value.

FORMS OF PUBLIC-PRIVATE PARTNERSHIP IN THE SYSTEM OF GUARANTEE OF NATURAL TECHNOLOGICAL AND ENVIRONMENTAL SAFETY

2019 ◽  
pp. 34-40 ◽  
Author(s):  
Anatolii Stepanenko ◽  
Alla Omelchenko
Keyword(s):  
Economic Development ◽  
Environmental Safety ◽  
Public Private Partnership ◽  
Financial Resources ◽  
Private Partnership ◽  
Investment Projects ◽  
Ecological Infrastructure

The essence and significance of public-private partnership (PPP) are disclosed, its forms and role as the key tool for solving important problems of balanced economic development are highlighted due to the involvement in the implementation of strategies of private operators. Defined forms of cooperation aimed at organizing interaction under the «business-government-community» scheme, the classification of PPP types is described, its forms and significance are analyzed in the system of providing of natural and technological and environmental safety on the basis of preventive safety. The promotion of the partnership mechanism in preserving and developing the ecological infrastructure is disclosed. The use of PPP as a mechanism for attracting investment projects to financial resources, redistributing risks and strengthening the responsibility of PPP parties for the implementation of investment projects is shown.

Features of Preparation of Teachers of Higher School: Flexible Management Technologies

2020 ◽  
Author(s):  
А.Н. Лебедев ◽  
О.А. Бурукина
Keyword(s):  
Higher Education ◽  
Graduate Students ◽  
Teacher Development ◽  
Educational Programs ◽  
Development Programs ◽  
Modern Management ◽  
University Teachers ◽  
Flexible Management ◽  
Applied Knowledge ◽  
Modern Technologies

авторы рассматривают консерватизм вузовских образовательных программ в качестве одного из препятствий в подготовке потенциальных преподавателей университетов. Рассмотрены особенности подготовки педагогов высшей школы по направлениям социально-гуманитарного образования. Авторы презентуют результаты анкетирования магистрантов и аспирантов, свидетельствующие о дефиците прикладных знаний респондентов в области современных технологий, таких как Agile. Обоснованы предложения по интенсификации программ повышения квалификации преподавателей, насыщению образовательных программ вопросами применения современных технологий менеджмента. the authors consider the conservatism of university educational programs as one of the obstacles in the preparation of potential university teachers. The article discusses the features of training higher education teachers in the areas of social and humanitarian education. The authors present the results of a survey of undergraduates and graduate students, indicating a lack of applied knowledge of postgraduate and graduate students in the field of modern technologies such as Agile. The article substantiates the proposals on the intensification of teacher development programs, the saturation of educational programs with the application of modern management technologies.

scholarly journals Investment projects and development of municipal and regional investment policy

2018 ◽  
pp. 63-67
Author(s):  
I. V. Bolganova
Keyword(s):  
Corporate Culture ◽  
Investment Policy ◽  
Rational Approach ◽  
Infrastructure Development ◽  
Investment Climate ◽  
Investment Activity ◽  
Climate Conditions ◽  
Investment Projects ◽  
The Social ◽  
Skilled Personnel

The article examines the relevant issues related to the investment projects, the creation of investment programs and to carrying out the investment policy on the municipal and regional levels. Any municipality has to solve a lot of problems concerning a decent level of economic and social development of the area and the life standard of their residents. In conditions of the constant shortage of financial resources needed to solve the objectives, the investment policy becomes the major tool. Its main aim is not only to attract extra resources but also to distribute them properly. It requires both some certain legal conditions which allow correct evaluation of the social and economic situation in the municipalities, investment climate, conditions for the investment activities infrastructure development and the properly developed business, investment and corporate culture of the population.For most of the Russian territories the problem of attracting investments into the real production sector remains urgent. The solution of this problem requires rational approach to the determination and selection of the most appropriate investment directions and the evaluation of the perspective investment projects development – suggestions and activities aimed at the achievement of the particular economic, social, ecological and other objectives requiring capital funds.The relevance of the examined problem leads to another important issue connected with the training of a highly skilled personnel capable of giving proper evaluation of the political situation in the country, specific features of tax policy, microeconomic indexes of the certain area and other factors essential for the investment activity.

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