Fundamental Value or DCF Approach to Valuation

2021 ◽  
pp. 71-108
Author(s):  
Yannick Coulon
Keyword(s):  
Fundamental Value

Discovering Fundamental Value

2019 ◽  
Author(s):  
Evan Dudley ◽  
Saad Khan ◽  
Luke Phelps ◽  
Ryan Riordan
Keyword(s):  
Fundamental Value

scholarly journals Wellness Tourism—New Challenges and Opportunities for Tourism in Salou

2021 ◽  
Vol 13 (15) ◽  
pp. 8246
Author(s):  
Marta Gemma Nel-lo Andreu ◽  
Alba Font-Barnet ◽  
Marc Espasa Roca
Keyword(s):  
Environmental Sustainability ◽  
Seasonal Adjustment ◽  
Competitive Advantages ◽  
Strategic Renewal ◽  
Challenges And Opportunities ◽  
The Face ◽  
History Of ◽  
Wellness Tourism ◽  
Fundamental Value ◽  
The Impact

Following a long history of using various strategies and policies for diversification and seasonal adjustment in the face of the challenges of achieving economic, social, and environmental sustainability, sun and beach destinations should also consider targeting the wellness tourism market as a post pandemic opportunity and long-term solution. Salou is a mature sun and beach destination in the Mediterranean, but one which, for some time, has had an increasing commitment to family and sports tourism as a result of a strategic renewal process. Now, with the impact of the coronavirus pandemic, the destination management organization is considering the evolution of the model, the internalization of sustainability as a fundamental value, and the impact of different markets. In this study, we examined the challenges the Salou Tourist Board has faced during the development of a post pandemic model for sustainable tourism and what strategies it has adopted in response. We also considered the opportunities and competitive advantages that Salou has in the field of wellness tourism. The results obtained should encourage the continuation of work that promotes the environmental axis of sustainability and adds value to the natural resources on which it depends, including the sea and the landscape, while maintaining the environmental quality of the resources.

scholarly journals Emergent volatility in asset markets with heterogeneous agents

2001 ◽  
Vol 6 (3) ◽  
pp. 171-180 ◽  
Author(s):  
Honggang Li ◽  
J. Barkley Rosser
Keyword(s):  
Heterogeneous Agents ◽  
Moving Average ◽  
Asset Price ◽  
Market Price ◽  
Switching Behavior ◽  
Asset Markets ◽  
Technical Trading Rules ◽  
Market Participants ◽  
Fundamental Value ◽  
Discrete Formulation

This paper examines the emergence of complex volatility in dynamic asset markets when there are heterogeneous agents. A discrete formulation is studied with two categories of market participants, fundamentalist traders who buy when the asset price is below the fundamental value and sell when it is above and noise traders who use moving average technical trading rules that can lead them to chase trends. Agents switch from one type of strategy to the other according to relative returns. A variety of outcomes are studied using numerical simulation, including variation of market price responsiveness to changes in excess demand, in switching behavior, and the introduction of noise. Bifurcation analysis of certain parameters is presented.

A model for the elaboration of fair divisional projects in inheritance disputes

2018 ◽  
Vol 36 (2) ◽  
pp. 186-202
Author(s):  
Francesco Tajani ◽  
Pierluigi Morano
Keyword(s):  
Design Methodology ◽  
Market Value ◽  
Content Type ◽  
Mathematical Formulas ◽  
Mathematical Algorithms ◽  
Complex Inheritance ◽  
Fundamental Value ◽  
Definition Of ◽  
Calculation Software ◽  
Legal Right

Purpose The purpose of this paper is to develop a method to support the definition of efficient and fair divisional projects in particularly complex cases concerning inheritance disputes. Design/methodology/approach First, the approach involves an appraisal of the market value of the assets, along with an analysis of the respective conditions of concrete divisibility; then, two mathematical models have been developed for the assignment of the assets to the subjects involved in the divisional projects. The logic underlying of both models has been translated into mathematical algorithms that allow for the minimization of the monetary compensations resulting from the differences between the legal right shares and the actual portions to be attributed to them. Findings Both models have been developed through mathematical formulas that can be easily implemented by using an appropriate calculation software. They can be used in particularly complex inheritance divisions, in which the deceased’s assets are numerous and there are several heirs with similar or different legal right shares. Originality/value The methodology is useful in the disputes that could arise in hereditary successions. The fundamental value is that the models could support the definition of the best solution in particularly complex situations, characterized by a large number of assets to be assigned and/or the existence of “preferential” constraints for the assignment of the assets.

scholarly journals Market sentiment and heterogeneous agents in an evolutive financial model

2021 ◽  
Author(s):  
F. Cavalli ◽  
A. Naimzada ◽  
N. Pecora ◽  
M. Pireddu
Keyword(s):  
Time Series ◽  
Heterogeneous Agents ◽  
Financial Time Series ◽  
Financial Model ◽  
Agent Behavior ◽  
Market Sentiment ◽  
Evolutionary Selection ◽  
Animal Spirits ◽  
Return Distributions ◽  
Fundamental Value

AbstractWe study a financial market populated by heterogeneous agents, whose decisions are driven by “animal spirits”. Each agent may have either correct, optimistic or pessimistic beliefs about the fundamental value, which can change from time to time based on an evolutionary mechanism. The evolutionary selection of beliefs depends on a weighted evaluation of the general market sentiment perceived by the agents and on a profitability measure of the existent strategies. As the relevance given to the sentiment index increases, a herding phenomenon in agent behavior may occur and animal spirits can drive the market toward polarized economic regimes, which coexist and are characterized by persistent high or low levels of optimism and pessimism. This conduct is detectable from agents polarized shares and beliefs, which in turn influence the price level. Such polarized regimes can consist in stable steady states or can be characterized by endogenous dynamics, generating persistent alternating waves of optimism and pessimism, as well as return distributions displaying the typical features of financial time series, such as fat tails, excess volatility and multifractality. Moreover, we show that if the sentiment has no or low relevance on belief selection, those stylized facts are abated or are missing from the simulated time series.

Deviations from fundamental value and future closed-end country fund returns

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luis Berggrun ◽  
Emilio Cardona ◽  
Edmundo Lizarzaburu
Keyword(s):  
Control Variable ◽  
Asset Returns ◽  
Weak Form ◽  
Share Price ◽  
Local Market ◽  
Impulse Response Functions ◽  
Content Type ◽  
Vector Autoregressive ◽  
Causality Tests ◽  
Fundamental Value

PurposeThis article examines whether deviations from fundamental value or closed-end country fund's discounts or premiums forecast future share price returns or net asset returns.Design/methodology/approachThe main empirical (econometric) tool is a vector autoregressive (VAR) model. The authors model share price returns and net asset returns as a function of their lagged values, the discounts or premiums, and a control variable for local market returns. The authors also conduct Dickey Fuller and Granger causality tests as well as impulse response functions.FindingsIt was found that deviations from fundamental value do predict share price returns. This predictability is contrary to weak-form market efficiency. Premiums or discounts predict net asset returns but weakly.Originality/valueThe findings point to the idea that the closed-end fund market is somewhat predictable and inefficient (in its weak form) since the market appears to be able to anticipate a fund's future returns using information contained in the premiums (or discounts). In particular, the market has the ability to anticipate future behaviour because growing premiums forecast declining share price returns for one or two periods ahead.

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