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We examine how the accuracy of a multiples-based valuation changes as the number of comparable firms used to estimate the valuation multiple increases. Our research is motivated by a contrast between the approach followed by pract...
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We examine how the accuracy of a multiples-based valuation changes as the number of comparable firms used to estimate the valuation multiple increases. Our research is motivated by a contrast between the approach followed by practitioners, who typically use a small number of closely comparable firms, and the academic literature which often uses all firms in an industry. Using a simple selection rule based on growth rates, we find that using 10 closely comparable firms is as accurate on average as using the entire cross-section of firms in an industry. The loss of accuracy from using five comparable firms rather than 10 firms or the entire industry is not great.
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Using the notion of connexity in codimension one, we give in this paper a new geometric proof of Izumi's theorem in two special cases. We also propose the following conjecture: let (R, m) be a complete, normal local domain and ν_...
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Using the notion of connexity in codimension one, we give in this paper a new geometric proof of Izumi's theorem in two special cases. We also propose the following conjecture: let (R, m) be a complete, normal local domain and ν_1 , ν_2 two divisorial valuations centered in m. Then there exists an m-primary ideal I of R such that the centers of ν_l and ν_2 in the normalised blowing up of SpecR along I are linked in codimension 1. At the end of the paper, we make some comments about this conjecture.
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The purpose of this special issue is to elucidate concepts of value and methods of valuation that will assist in guiding human decisions vis-a-vis ecosystems. The concept of ecosystem service value can be a useful guide when disti...
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The purpose of this special issue is to elucidate concepts of value and methods of valuation that will assist in guiding human decisions vis-a-vis ecosystems. The concept of ecosystem service value can be a useful guide when distinguishing and measuring where trade-offs between society and the rest of nature and possible and where they can be made to enhance human welfare in a sustainable manner. While win-win opportunities for human activities within the environment may exist, they also appear to be increasingly scarce in a 'full' global ecological-economic system. This makes valuation all the more essential for guiding future human activity.
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Purpose - Valuation is the process of determining Market Value. Property valuation, as with the valuation of all assets, is an estimation of price in the market. It is value in exchange. The valuer role is to determine the appropr...
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Purpose - Valuation is the process of determining Market Value. Property valuation, as with the valuation of all assets, is an estimation of price in the market. It is value in exchange. The valuer role is to determine the appropriate approach, the method and use the right model to achieve this aim as best as possible. It is a combination of analysing the market and determining the critical variables for the valuation method/model. The method is separate from the valuation process which should be followed (according to the International Valuation Standards Council Valuation Standards) regardless the valuation method chosen. There are valuation approaches, valuation methods and, as a subset of the methods, techniques or models. Design/methodology/approach - This practice briefing is an overview of the Valuation Methods and Models available to the valuer and comments on the appropriateness of valuation each in assessing Market Value for specific property types. Findings - This briefing is a review of the valuation methods and models and models that can be applied to determine market value. Practical implications - The role of the valuer in practice is to identify the method of valuation and then apply the correct mathematical model for the valuation task in hand. Originality/value - This provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
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While all valuers are obliged to act impartially and transparently to reduce bias, the closer relationship between valuers and clients among internal valuations may raise additional concerns regarding the independence of the value...
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While all valuers are obliged to act impartially and transparently to reduce bias, the closer relationship between valuers and clients among internal valuations may raise additional concerns regarding the independence of the valuer and hence the objectivity of the result. This paper analyses how internal and external valuations differ in their ability to mirror market prices. The dataset for the analyses contained 4,805 commercial properties in Germany between 1995 and 2013. The first part of the analysis was a Market-Adjusted Valuation and Actual Sale Price Comparison, based on sold properties. It showed that a majority of both valuation types had a valuation error within the acceptable threshold of 15% but that external valuations were on average significantly closer to sale prices than internal valuations. Due to sample selection issues, a second analysis, called Actual Valuation and Fitted Sale Price Comparison, was carried out. Real transactions were used to derive hedonic prices that could be compared against valuations of held properties. The Heckman Correction was used to mitigate sample selection bias. The results showed that both valuation types produced a majority of observations within the set threshold but that external valuations were on average closer to sale prices than internal valuations.
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The maximum achievable profit method of patent valuation mitigates problems associated with the contemporary discounted cash flows method. According to this new method, the maximum incremental profit that commercialization of a pa...
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The maximum achievable profit method of patent valuation mitigates problems associated with the contemporary discounted cash flows method. According to this new method, the maximum incremental profit that commercialization of a patent can achieve under ideal circumstances is determined. The present value of this profit is the highest valuation that the patent can receive. All of the factors that are known to affect the value of a patent are graded to provide a score. A transfer function uses the score, the present value of the maximum achievable incremental profit, and an investment amount to determine a valuation.
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Purpose - The aims of this paper are to: provide a systematic overview of various publications and international research efforts undertaken to integrate sustainability considerations into the property valuation process; summarize...
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Purpose - The aims of this paper are to: provide a systematic overview of various publications and international research efforts undertaken to integrate sustainability considerations into the property valuation process; summarize the key results of these publications and research efforts; highlight the role of key valuation-input variables in considering sustainability issues when applying traditional methods of valuing income-producing properties; briefly present and comment on a broader concept of property value and the resulting implications for property valuation practice; and provide recommendations for change in the everyday practice of individual valuation professionals and for the future operation of professional organisations and valuation-standard-setting bodies. Design/methodology/approach - This paper builds on the authors' previous contributions to the discussion on sustainability and valuation, presents advances on these previous works and condenses the more theoretical issues debated earlier into concrete recommendations for future action. Starting from a literature review of the different strands of research relating to the new discipline of sustainable property investment, 31 publications and ten research projects that investigate in detail the topic of sustainability and property valuation are identified and the current stage of discussion is briefly commented on. On this basis, a systematisation of existing approaches for the integration of sustainability issues into the valuation process is presented, followed by further explanations of practical valuation issues such as identifying the key "adjustment screws" or valuation input parameters of traditional valuation methods. Finally, the underlying concept of property value is discussed and a "value map" is presented which conceptualises the relationships between different components of value as well as other value-influencing forces. Findings - Changes are required in the processes of gathering, processing and presenting property-related information, as well as in the methods for determining individual valuation-input parameters and for explicitly stating formerly implicit assumptions and qualitative judgement. This includes but is not limited to the extension of the scope and informational content of standard valuation reports to include sensitivity analyses, risk documentation and a separate section on sustainability. The required changes should be supported by actions that could be undertaken by the professional and valuation-standard-setting bodies and organisations within the valuation world. These actions include: embracing and improved marketing of the qualitative nature of the valuation service; the development of educational material and formal guidelines; the provision of dedicated market research to assist valuation practitioners operating in different market segments, geographic regions and local sub-markets; and adjusting and further developing existing valuation standards to enable and support individual practitioners in offering a two-tier valuation service to clients. Originality/value - This paper proposes that valuation professionals and their professional bodies are confronted with a new reality of changing value perceptions and systems among market participants, and offers practical recommendations on how to cope with this situation.
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We study the distribution and properties of valuation errors yielded by banking industry multiples for European and U.S. banks. The results highlight that stock-market multiples are best suited for U.S. institutions, and that a tw...
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We study the distribution and properties of valuation errors yielded by banking industry multiples for European and U.S. banks. The results highlight that stock-market multiples are best suited for U.S. institutions, and that a two-year-forward P/E is the most precise metric. Contrary to practitioner beliefs, P/tangible book value is less meaningful than P/BV. Multiples are less accurate for small commercial banks than for large ones, and for investment banks than for retail banks. We investigate whether large positive errors lead to one-year positive price performances and negative errors to negative price changes, and find that the forward P/E loses its predictive ability in comparison with historical multiples. Testing three investment strategies, we find that bank multiples can be profitably used in portfolio choices.
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With fierce competition in the market for late stage life sciences assets,pharmaceutical companies seeking partnering strategies to bolster pipelines and drive long-term revenues are increasingly looking towards earlier stage comp...
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With fierce competition in the market for late stage life sciences assets,pharmaceutical companies seeking partnering strategies to bolster pipelines and drive long-term revenues are increasingly looking towards earlier stage compounds and technologies.Valuations are essential components of effective partnering transactions in the life sciencesindustry, however owing to the perceived uncertainty and risk associated with early stage lifesciences technology, early stage valuations are a contentious area of valuation practice.Meaningful early stage valuations require new approaches that integrate complementaryevaluation practices to build more widely accepted, balanced and transparent valuation outputsthat facilitate productive and mutually beneficial transactions and form the basis for successfullong-term partnerships. This article outlines a series of practical steps that encourage the useof encompassing approaches that blend complementary qualitative and quantitative techniquesto build realistic and widely accepted early stage valuations. The methodology promotesrigorous interrogation of early stage life sciences technology to identify and characterise keyvalue drivers, and advocates the development and simulation of robust practical scenarios togenerate meaningful valuation outputs with practical relevance.
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The purpose of this article is to introduce the notion of valuations on a module over a commutative ring. Some basic results on valuations on a module are established. Moreover, the notion of valuation triples of a module is also ...
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The purpose of this article is to introduce the notion of valuations on a module over a commutative ring. Some basic results on valuations on a module are established. Moreover, the notion of valuation triples of a module is also introduced. In this article, it is shown that the so-called valuation triples correspond to valuations on a module.
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