Valuing Carryforwards for the Small Cap Biotechnology Subindustry

2019 ◽  
Vol 25 (1) ◽  
Author(s):  
Robert Beach
Keyword(s):  
Rapid Growth ◽  
Basic Research ◽  
Expected Value ◽  
Tax Law ◽  
Taxable Income ◽  
Valuation Method ◽  
The Future ◽  
Future Income

Under the 2017 tax law, carryforward rules for net operating losses (NOLs) allow corporations to apply these losses forward for up to twenty years of taxable income. Startup corporations primarily engaged in basic research or that require rapid growth to be sustainable can go a number years with no positive earnings and thus accumulate net operating losses. These losses can be used to reduce tax obligations in the future. This paper estimates the value of NOLs across firms in a specific subindustry: small cap biotechnology. A valuation method based on ARIMA estimates of future income is used to calculate the value of the NOLs that can be carried forward. The results indicate that even for a subindustry which typically has net operating losses for many years in a startup phase, the expected value of the future benefit of a reduction in taxes is actually fairly modest. 

THE EFFECT OF SELF CONFIDENCE, QUALITY EDUCATION AND FAMILY ENVIRONMENT ON INDONESIAN YOUTH IN ENTREPRENEURSHIP

2018 ◽  
Vol 1 (1) ◽  
pp. 29-40
Author(s):  
Novita Novita ◽  
Damar Aji Irawan ◽  
Benyamin Suwitorahardjo
Keyword(s):  
Family Environment ◽  
Research Method ◽  
Basic Research ◽  
Quality Education ◽  
Self Confidence ◽  
Job Opportunities ◽  
The World ◽  
The Future

The biggest challenge faced by students nowadays and in the future, is how to deal with the increasingly high competition in the world, the increasing number of undergraduate and limited job opportunities. In this kind of situations, the students had to find a creative way and change the approach of being a university graduate looking for a job, to become scholars who can create their own jobs, or even able to create jobs for others. The purpose of this study was to determine the youth interest on entrepreneurship in Indonesia. It seems that the youth are unaware to see that the job is increasingly difficult to find nowadays. So through this study, researchers wanted to find out what causes youth in Indonesia, reluctant to become an entrepreneur. While being an entrepreneur, the youth can open or create jobs for others and can reduce the level of unemployment in Indonesia. Self-confidence is an important factor in entrepreneurship. Family environment and quality education also participate in creating interest for youth in entrepreneurship. This research is using basic research method; where researchers will try to link the theories of the existing variables. Thus, researchers can conduct research by distributing questionnaires to the youth throughout Indonesia. This study aims to determine the cause of Indonesian youth lack of interest in entrepreneurship.

scholarly journals Mandatory annuitization and money's worth: evidence from Singapore

2021 ◽  
pp. 1-20
Author(s):  
Joelle H. Fong ◽  
Jackie Li
Keyword(s):  
Expected Value ◽  
Longevity Risk ◽  
Future Trends ◽  
The Past ◽  
The Future ◽  
Population Mortality ◽  
Mortality Improvement ◽  
Life Annuities ◽  
Compulsory Purchase ◽  
The Impact

Abstract This paper examines the impact of uncertainties in the future trends of mortality on annuity values in Singapore's compulsory purchase market. We document persistent population mortality improvement trends over the past few decades, which underscores the importance of longevity risk in this market. Using the money's worth framework, we find that the life annuities delivered expected payouts valued at 1.019–1.185 (0.973–1.170) per dollar of annuity premium for males (females). Even in a low mortality improvement scenario, the annuities provide an expected value exceeding 0.950. This suggests that participants in the national annuity pool have access to attractively priced annuities, regardless of sex, product, and premium invested.

The Accrual Accounting Principle and its Implications for Portuguese Tax Courts Decisions

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Daniel Taborda ◽  
João Sousa
Keyword(s):  
Tax Avoidance ◽  
Case Law ◽  
Tax Law ◽  
Income Transfer ◽  
Legal Decisions ◽  
Taxable Income ◽  
Principle Of Justice ◽  
Legal Arguments ◽  
Accounting Principle ◽  
Flexible Application

AbstractTo the best of our knowledge, this is the first paper focusing on the interpretations issued by different Portuguese courts concerning the application of the accrual principle established in the Corporate Income Tax Code.This paper uses a database of the Portuguese tax courts’ decisions and employs a case law-based research methodology to address the following question: under which circumstances the principle of justice may affect the strict application of the accrual principle? After collecting twenty-four legal decisions related to the application of the accrual principle outlined in tax law, this paper summarises eleven, grouping them according to the different issues under dispute. This analysis also includes the confrontation of the assumptions used by the tax authority and the claims of the taxpayers, identifying and discussing the legal arguments to override the strict application of the accrual principle.The main conclusion is that Portuguese courts may summon the principle of justice in taxation when taxpayers violate the accrual principle, in order to prevent unfair corrections to taxable income performed in tax audits. This paper found that the tax authority typically demands a rigid use of the accrual principle while the taxpayers often argue for a more flexible application. This last perspective has been adopted by the tax courts in certain circumstances, in particular when taxable income transfer was not motivated by tax avoidance.

scholarly journals The Analysis of Blocking Behavior and Pricing: The Case of Airbnb

2020 ◽  
pp. 1-28
Author(s):  
Yifeng Peng
Keyword(s):  
Empirical Analysis ◽  
Rapid Growth ◽  
Profit Maximization ◽  
Sharing Economy ◽  
Pricing Strategy ◽  
Pricing Strategies ◽  
Product Pricing ◽  
Starting Point ◽  
The Future ◽  
Resources Sharing

Over the years, as people's lives have improved, our need for transportation and accommodation has increased, driving the rapid growth of the sharing economy. Some well-known network sharing platforms, such as Uber, Drip and Airbnb, provide a large number of convenient options for users with transactional needs, make more use of idle tourism, accommodation and other resources. Sharing economy platforms continue to improve the content and format of their products, but at the same time, the future of sharing platforms and the difficulty of competition is a concern as more platform companies become involved and prices become more transparent. Under this circumstance, optimizing product pricing has become an urgent need for many sharing economy platforms. In this paper, we take Airbnb as the starting point and conduct an empirical analysis of the blocking behavior of homeowners based on proprietary data to explore the factors that affect their product supply. We find that price, number of beds, and listing type all have a significant impact on blocking houses. After that, we conducted further research on price factors and developed a model aiming at profit maximization to obtain the best pricing range for the region and provide suggestions for pricing strategies. Keywords: Sharing Economy, Blocking behavior, Pricing Strategy, Airbnb

scholarly journals "Secondary" myth in the context of doctrinal foundations of non-traditional religions and occult-mystical groups: the evolution of relationships in postmodern culture

2006 ◽  
pp. 13-19
Author(s):  
A.T. Schedrin
Keyword(s):  
Rapid Growth ◽  
Religious Beliefs ◽  
Radical Change ◽  
The State ◽  
Modern Culture ◽  
The Real ◽  
Radical Reform ◽  
Traditional Religions ◽  
The Future ◽  
The Mind

Philosophical and anthropological explorations of the state of modern culture testify to its crisis nature, connected with the acceleration of the processes of radical change of civilizational type of development. The need for a radical reform of the foundations of the future existence of society becomes evident. Lack of understanding of the real means of such reformation leads to the total disregard for the possibilities of the mind. One of its manifestations is the rapid growth of new and unconventional religions and occult-mystical currents; significant revival of the "secondary" myth-making (in particular, naturalistic, socio-technical); the spread of quasi-religious beliefs and infidelities; overall growth of mystical moods. The study of this aspect of the crisis of modern civilization is an urgent philosophical, religious, cultural and cultural problem.

Enlichenment

AI Matters ◽  
2021 ◽  
Vol 7 (2) ◽  
pp. 10-11
Author(s):  
Carolyn P. Rosé
Keyword(s):  
Basic Research ◽  
Achievement Gaps ◽  
Learning Loss ◽  
Policy And Practice ◽  
The Future ◽  
The Face ◽  
Future Of Education

This column raises the question, as we begin to emerge from COVID 19, what is the role of the field of AI in this emerging reality? We specifically consider this in the face of tremendous learning loss and widening achievement gaps. In this wake, what specifically is the role of AI in the future of education as we move forward? This question bridges the worlds of basic research and the seemingly distant worlds of policy and practice.

scholarly journals Longevity Risk Measurement of Life Annuity Products

Risks ◽  
2020 ◽  
Vol 8 (1) ◽  
pp. 31
Author(s):  
Pauline Milaure Ngugnie Diffouo ◽  
Pierre Devolder
Keyword(s):  
Numerical Analysis ◽  
Solvency Ii ◽  
Expected Value ◽  
Risk Measurement ◽  
Longevity Risk ◽  
Life Annuity ◽  
The Future ◽  
Solvency Capital ◽  
The Mean

This paper captures and measures the longevity risk generated by an annuity product. The longevity risk is materialized by the uncertain level of the future liability compared to the initially foretasted or expected value. Herein we compute the solvency capital (SC) of an insurer selling such a product within a single risk setting for three different life annuity products. Within the Solvency II framework, we capture the mortality of policyholders by the mean of the Hull–White model. Using the numerical analysis, we identify the product that requires the most SC from an insurer and the most profitable product for a shareholder. For policyholders we identify the cheapest product by computing the premiums and the most profitable product by computing the benefit levels. We further study how sensitive the SC is with respect to some significant parameters.

5. Income tax

2017 ◽  
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Charitable Giving ◽  
Professional Training ◽  
Tax Law ◽  
Tax Rates ◽  
Taxable Income ◽  
Income Tax Law

Income tax is an essential part of a lawyer’s knowledge and professional training. Whilst it is not necessary to have knowledge to the extent that a specialist tax lawyer would have, it is necessary to have knowledge and understanding sufficient to recognise its implications as they arise and affect the client and ourselves. This chapter discusses sources of income tax law; collection and payment of income tax; rates of income tax and allowances; calculation of income tax; sources of taxable income; and charitable giving. This chapter covers all the changes introduced by the 2015 Budget.

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