scholarly journals Predicting Asset Value through Twitter Buzz

2012 ◽  
pp. 23-34 ◽  
Author(s):  
Xue Zhang ◽  
Hauke Fuehres ◽  
Peter A. Gloor
Keyword(s):  
Asset Value

Pricing an Option on a Non-Decreasing Asset Value: An Application to Movie Revenue

2005 ◽  
Author(s):  
Don M. Chance ◽  
Eric T. Hillebrand ◽  
Jimmy E. Hilliard
Keyword(s):  
Asset Value

scholarly journals Analysis of the Internal Relationship between Ecological Value and Economic Value Based on the Forest Resources in China

2021 ◽  
Vol 13 (12) ◽  
pp. 6795
Author(s):  
Jianxin Geng ◽  
Chengzhi Liang
Keyword(s):  
Ecosystem Services ◽  
Natural Resource ◽  
Ecosystem Service ◽  
Market Value ◽  
Forest Resources ◽  
Atmospheric Environment ◽  
Shanxi Province ◽  
Ecosystem Service Value ◽  
Service Value ◽  
Asset Value

In this study, we applied gross ecosystem product (GEP) theory in a case study to analyze and explain the natural resource asset value and ecosystem service value of forest resources in Jiaokou County, Shanxi Province, Northern China, in 2018. GEP refers to the total value of various final material products and services provided by ecosystems. In this paper, six service functions of a forest system, including water conservation, soil conservation, carbon fixation and oxygen release, forest nutrients, purification of atmospheric environment, and biodiversity, are valued by three calculation methods: the alternative cost method, market value method, and control cost method. The study revealed the following: (1) There is a parallel relationship between the value of natural resource assets and the value of ecosystem services. GEP includes the market value of natural resource assets, but it is mostly the value of ecosystem services. (2) The measurement of the physical quantity of forest ecosystem services depends on parameter data, and the monetary calculation often has no mature pricing basis, which leads to the large scale and uncertainty surrounding the evaluation results of ecosystem services. (3) The ecosystem service value and natural resource asset value have different practical significance, as well as alternate theoretical bases. The value of natural resource assets can be used as the asset valuation basis of economic transactions, which plays a role in macroeconomic management. The value of ecosystem services can be used as the basis of ecological compensation, providing information for the preparation of the balance sheet of natural resources.

Reconsidering Returns

2021 ◽  
Author(s):  
Samuel M Hartzmark ◽  
David H Solomon
Keyword(s):  
Mutual Funds ◽  
Price Index ◽  
Market Performance ◽  
Performance Expectations ◽  
Asset Value ◽  
Net Asset Value ◽  
Perception Of Performance ◽  
Predictable Returns

Abstract Investors’ perception of performance is biased because the relevant measure, returns, is rarely displayed. Major indices ignore dividends, thereby underreporting market performance. Newspapers are more pessimistic on ex-dividend days, consistent with mistaking the index for returns. Market betas should track returns, but track prices more than dividends, creating predictable returns. Mutual funds receive inflows for “beating the S&P 500” price index based on net asset value (also not a return). Investors extrapolate market indices, not returns, when forming annual performance expectations. Displaying returns by default would ameliorate these issues, which arise despite high attention and agreement on the appropriate measure.

scholarly journals Managing Shutdown Decisions in Merchant Commodity and Energy Production: A Social Commerce Perspective

2020 ◽  
Author(s):  
Alessio Trivella ◽  
Selvaprabu Nadarajah ◽  
Stein-Erik Fleten ◽  
Denis Mazieres ◽  
David Pisinger
Keyword(s):  
Energy Production ◽  
Local Community ◽  
Binary Classification ◽  
Problem Definition ◽  
Stochastic Dynamic ◽  
Anticipated Regret ◽  
Social Commerce ◽  
Asset Value ◽  
Plant Closures ◽  
Operating Policies

Problem definition: Merchant commodity and energy production assets operate in markets with volatile prices and exchange rates. Plant closures adversely affect societal entities beyond the specific plant being shut down, such as the parent company and the local community. Motivated by an aluminum producer, we study if mitigating these hard-to-assess broader impacts of a shutdown is financially viable using the plant’s operating flexibility. Academic/practical relevance: Our social commerce perspective toward managing shutdown decisions deviates from the commonly used asset value maximization objective in merchant operations. Identifying operating policies that delay or decrease the likelihood of a shutdown without incurring a significant asset value loss supports socially responsible plant shutdown decisions. Methodology: We formulate a constrained Markov decision process to manage shutdown decisions and limit the probability of future plant closures. We provide theoretical support for approximating this intractable model using unconstrained stochastic dynamic programs with modified shutdown costs and explore two classes of operating policies. Our first policy leverages anticipated regret theory, and the second policy generalizes, using machine learning, production-margin heuristics used in practice. We compute the former and latter policies using a least squares Monte Carlo method and combining this method with binary classification, respectively. Results: Anticipated-regret policies possess desirable asymptotic properties absent in classification-based policies. On instances created using real data, anticipated-regret and classification-based policies outperform practice-based production-margin strategies. Significant reductions in shutdown probability and delays in plant closures are possible while incurring small asset value losses. Managerial implications: A plant’s operating flexibility provides an effective lever to balance the social objective to reduce closures and the financial goal to maximize asset value. Adhering to both objectives requires combining short-term commitments with external stakeholders to avoid shutdown with longer-term internal efforts to reduce the probability of plant closures.

Capturing Effects of Maintenance Practices in Highway Asset Valuation: Replacement-Cost Approach Versus Book-Value Method

2003 ◽  
Vol 1824 (1) ◽  
pp. 57-65 ◽  
Author(s):  
Poovadol Sirirangsi ◽  
Adjo Amekudzi ◽  
Pannapa Herabat
Keyword(s):  
Pavement Management ◽  
Added Value ◽  
Replacement Cost ◽  
Asset Valuation ◽  
Book Value ◽  
Cost Approach ◽  
Trade Offs ◽  
Study Results ◽  
Asset Value ◽  
The Impact

The replacement-cost approach and the book-value method as decision support tools for selecting maintenance alternatives under budget constraints and for capturing the effects of maintenance practices on highway asset value are investigated. By using a case study based on the Thailand Pavement Management System, the replacement-cost approach and the book-value method are applied to analyze maintenance alternatives for selected highways. The versatility of these asset-valuation methods is explored for capturing trade-offs in the type and timing of maintenance and for incorporating the added value of effective maintenance practices and the impact of deferred maintenance in the overall asset value. The study demonstrated that the replacement-cost approach is a more versatile tool for considering the maintenance-related value of highways in maintenance decision making, whereas the book value may be a simpler financial accounting tool. The two approaches may be used together to clarify how maintenance expenditures are being translated into facility replacement value or how the overall value of the infrastructure is being preserved. The study results are potentially useful to agencies interested in capturing the added value of effective maintenance practices in the overall value of their asset base.

Determinants of Hedge Fund Internal Controls and Fees

2010 ◽  
Vol 85 (6) ◽  
pp. 1887-1919 ◽  
Author(s):  
Gavin Cassar ◽  
Joseph Gerakos
Keyword(s):  
Hedge Funds ◽  
Agency Costs ◽  
Hedge Fund ◽  
Short Selling ◽  
Internal Controls ◽  
Fund Managers ◽  
Asset Value ◽  
Net Asset Value ◽  
Financial Misstatements ◽  
Financial Misstatement

ABSTRACT: We investigate the determinants of hedge fund internal controls and their association with the fees that funds charge investors. Hedge funds are subject to minimal regulation. Hence, hedge fund managers voluntarily implement internal controls, and managers and investors freely contract on fees. We find that internal controls are stronger in funds with higher potential agency costs. Further, internal controls are stronger in funds domiciled in jurisdictions that provide investors with limited legal redress for fraud and financial misstatements. Short selling funds, however, are more likely to protect information about their investment positions by implementing weaker internal controls. With respect to fees, we find that the percentage of positive profits that the manager receives increases in the strength of the fund’s internal controls. Finally, removing the manager from setting and reporting the fund’s official net asset value, along with reputational incentives and monitoring by leverage providers, are all associated with lower likelihoods of future regulatory investigations of fraud and/or financial misstatement.

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