scholarly journals MANAGEMENT OF INTANGIBLE ASSETSS OF THE ENTERPRISE INNOVATIVE PERFORMANCE WITH REFERENCE TO RISKS

2019 ◽  
Vol 8 (4) ◽  
pp. 49-68
Author(s):  
Irina Vladimirovna Elokhova ◽  
Lyubov Alexandrovna Nazarova
Keyword(s):  
Discount Rate ◽  
Risk Premium ◽  
Factor Model ◽  
Cash Flows ◽  
Assessment Tools ◽  
Theoretical Research ◽  
Expert Assessment ◽  
Innovative Performance ◽  
Analysis And Synthesis ◽  
Estimated Risk

The article is devoted to the analysis of existing assessment tools of intangible results of innovative performance that are used to manage the innovative development of the enterprise. The authors consider the most common methods for determining the risk premium when calculating the discount rate. The study shows that existing methods take into account intangible results to a different extent. At the same time, not all intangible results of innovative performance and not in all methods are taken into account properly, this proves that accounting of intangible results can change the discount rate and affect the future cash flows of the enterprise and, as a consequence, the value of the enterprise. Purpose: analysis of existing methods of estimated risk correction development of «factor model for calculating the risk premium» taking into account intangible results of innovative performance. Methods and Methodology: complex of methods of theoretical research (description, comparison, analysis and synthesis), empirical research (expert assessment). Results: development of “factor model for calculating the risk premium taking into account the intangible results of innovation”, which allows more reliable calculation of the risk premium, and as a consequence of the discount rate, which makes it possible to make management decisions reasonably and promptly. Practical implications: It is advisable for economic entities to use the obtained results. That can help them expand the number of analyzed intangible results of innovative activity within the framework of a particular risk factor in order to increase the reliability of calculating the risk premium and, as a result, the discount rate.

Protective Factor Assessments: What Are We Measuring?—An Investigation of the Internal Validity of the Structured Assessment of Protective Factors for Violence Risk

2020 ◽  
Vol 47 (4) ◽  
pp. 383-398
Author(s):  
Milena Abbiati ◽  
Philippe Golay ◽  
Jacques Gasser ◽  
Valerie Moulin
Keyword(s):  
Protective Factors ◽  
Protective Factor ◽  
Factor Model ◽  
Internal Validity ◽  
Assessment Tools ◽  
Risk Assessments ◽  
Theoretical Research ◽  
Violence Risk ◽  
Violent Offenses ◽  
Forensic Risk

The use of instruments measuring protective factors is on the rise in risk evaluation, management, and treatment planning. Although assessment tools must have good internal validity to be generalizable and reproducible, little is known about the internal validity of protective factor instruments. The present study evaluated the factor structure of the Structured Assessment of Protective Factors for Violence Risk (SAPROF) via confirmatory and exploratory factor analyses of forensic risk assessments of 143 individuals convicted of violent and sexual violent offenses in Switzerland. The SAPROF did not show any differences by type of offenses. Although our confirmatory factor analysis did not confirm the classic SAPROF scale’s structure, the results of the exploratory analysis were in line with previous theoretical research as it revealed a four-factor model comprising Resilience, Reintegration, Treatability, and Living Conditions. These results have implications for the use of the SAPROF in forensic risk assessments and treatment management plans.

scholarly journals Studying the Impact of Accruals Quality and Market Risk Premium on Stock return Excess Using Fama-French Three Factor Model

2017 ◽  
Vol 10 (2) ◽  
pp. 114
Author(s):  
Shima Khajeh Shalaei
Keyword(s):  
Risk Premium ◽  
Stock Return ◽  
Factor Model ◽  
Cash Flows ◽  
Market Risk ◽  
Series Data ◽  
Significant Relation ◽  
Market Risk Premium ◽  
Accruals Quality ◽  
Three Factor

Determining effective agents in stock return excess behavior (stock risk premium) is one of the key points in investors decision that its benefit and quality of its elements (like accruals) are the impressive factors on stock return excess (stock risk premium) which influence users decision making. Accruals are temporary adjustments that postpone fulfilled cash flows recognition and estimate error degree. Criteria estimating to study these items quality seem necessary because of affecting over future cash flows. Therefore the current study aims to investigate the effect of accruals quality and market risk premium on stock return excess. In order to examine probe hypothesis, we used Fama-French three-factor model that accruals were added to it. For this aim a sample that includes 88 of accepted companies in Tehran stock exchange between 2005 until 2013 was studied. In order to calculate accruals, we used Dechow et al model (1995) utilizing sectional data and to estimate we used Fama-French model (1993) by multivariable regression method and time series data. This study in nature is collateral and in goal is fundamental-experimental. The conclusions show that between accruals quality factors and stock risk premium there is a negative significant relation and between market and stock risk premium there is a positive significant relation. Moreover, the results indicate that among size agent and stock risk premium also between book value to market value ratio factors and stock risk premium there is a negative significant link.

Maxim Berezovsky C-dur symphony in a context of new biographical scenario of artist’s life-creativity

2018 ◽  
pp. 13-25
Author(s):  
Olha Shumilina
Keyword(s):  
Eighteenth Century ◽  
Instrumental Music ◽  
Analytical Approach ◽  
Spiritual Direction ◽  
Theoretical Research ◽  
Orchestral Music ◽  
Musical Life ◽  
Analysis And Synthesis ◽  
Mental Modeling ◽  
Independent Work

Relevance of the study. The article studies recently found symphony of the prominent Ukrainian composer of the second half of the eighteenth century Maxim Berezovsky. He is widely known now as the author of cyclic spiritual concerts written for the Orthodox worship, and is practically unknown as a musician instrumentalist associated with the imperial theater and the court musical life. The work of M. Berezovsky as a secular musician determined the creative interest in composing instrumental music intended for secular chamber and orchestral music. Main objective of the article is a clarification of M.Berezovsky symphony as one of secular field artworks in the light of new summaries about artist’s life-creativity. Methodology. Taking into account peculiarities of the material and the analytical approach to its study, the methods of theoretical research have been chosen(abstraction, analysis and synthesis, induction and deduction, mental modeling, ascension from abstract to concrete, etc.). Conclusions. As a result of a study the symphony analysis in a context of new authentic statements about M.Berezovsky’s life-creativity. It was stated that this artwork was written not accidentally and detects absolute awareness of the artist in all composer’s niceties – how to build a topic and build a homophonic construction based on it, in a technique of orchestral construction, form creations of that time and etc. From the beginning of his creative career, M. Berezovsky was well aware of the possibilities of the orchestra as a performer, attached to the Italian opera and instrumental music. Symphony enriches our imagination about the works of M. Berezovsky in the field of secular instrumental and operatic music and extends the range of works of the artist beyond the spiritual direction. Some signs indicate that the Symphony was not an independent work, but an overture to the opera Demofont.

Maxim Berezovsky C-dur symphony in a context of new biographical scenario of artist’s life-creativity

2018 ◽  
pp. 13-25
Author(s):  
Olha Shumilina
Keyword(s):  
Eighteenth Century ◽  
Instrumental Music ◽  
Analytical Approach ◽  
Spiritual Direction ◽  
Theoretical Research ◽  
Orchestral Music ◽  
Musical Life ◽  
Analysis And Synthesis ◽  
Mental Modeling ◽  
Independent Work

Relevance of the study. The article studies recently found symphony of the prominent Ukrainian composer of the second half of the eighteenth century Maxim Berezovsky. He is widely known now as the author of cyclic spiritual concerts written for the Orthodox worship, and is practically unknown as a musician instrumentalist associated with the imperial theater and the court musical life. The work of M. Berezovsky as a secular musician determined the creative interest in composing instrumental music intended for secular chamber and orchestral music. Main objective of the article is a clarification of M.Berezovsky symphony as one of secular field artworks in the light of new summaries about artist’s life-creativity. Methodology. Taking into account peculiarities of the material and the analytical approach to its study, the methods of theoretical research have been chosen(abstraction, analysis and synthesis, induction and deduction, mental modeling, ascension from abstract to concrete, etc.). Conclusions. As a result of a study the symphony analysis in a context of new authentic statements about M.Berezovsky’s life-creativity. It was stated that this artwork was written not accidentally and detects absolute awareness of the artist in all composer’s niceties – how to build a topic and build a homophonic construction based on it, in a technique of orchestral construction, form creations of that time and etc. From the beginning of his creative career, M. Berezovsky was well aware of the possibilities of the orchestra as a performer, attached to the Italian opera and instrumental music. Symphony enriches our imagination about the works of M. Berezovsky in the field of secular instrumental and operatic music and extends the range of works of the artist beyond the spiritual direction. Some signs indicate that the Symphony was not an independent work, but an overture to the opera Demofont.

Developing the basis of the matrix model of the regional innovation subsystem

2020 ◽  
Vol 18 (11) ◽  
pp. 2183-2204
Author(s):  
E.I. Moskvitina
Keyword(s):  
Russian Federation ◽  
Matrix Model ◽  
Federal District ◽  
Assessment Method ◽  
Expert Assessment ◽  
Regional Innovation ◽  
Regional Strategies ◽  
Analysis And Synthesis ◽  
The Matrix ◽  
The Russian Federation

Subject. This article deals with the issues related to the formation and implementation of the innovation capacity of the Russian Federation subjects. Objectives. The article aims to develop the organizational and methodological foundations for the formation of a model of the regional innovation subsystem. Methods. For the study, I used the methods of analysis and synthesis, economics and statistics analysis, and the expert assessment method. Results. The article presents a developed basis of the regional innovation subsystem matrix model. It helps determine the relationship between the subjects and the parameters of the regional innovation subsystem. To evaluate the indicators characterizing the selected parameters, the Volga Federal District regions are considered as a case study. The article defines the process of reconciliation of interests between the subjects of regional innovation. Conclusions. The results obtained can be used by regional executive bodies when developing regional strategies for the socio-economic advancement of the Russian Federation subjects.

Discretionary Risk Disclosures

2003 ◽  
Vol 78 (2) ◽  
pp. 449-469 ◽  
Author(s):  
Bjorn N. Jorgensen ◽  
Michael T. Kirschenheiter
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Voluntary Disclosure ◽  
Cash Flows ◽  
Share Price ◽  
Risk Disclosure ◽  
Share Prices ◽  
Ex Post ◽  
Partial Disclosure ◽  
Future Cash Flows

We model managers' equilibrium strategies for voluntarily disclosing information about their firm's risk. We consider a multifirm setting in which the variance of each firm's future cash flow is uncertain. A manager can disclose, at a cost, this variance before offering the firm for sale in a competitive stock market with risk-averse investors. In our partial disclosure equilibrium, managers voluntarily disclose if their firm has a low variance of future cash flows, but withhold the information if their firm has highly variable future cash flows. We establish how the manager's discretionary risk disclosure affects the firm's share price, expected stock returns, and beta, within the framework of the Capital Asset Pricing Model. We show that whereas one manager's discretionary disclosure of his firm's risk does not affect other firms' share prices, it does affect the other firms' betas. Also, we demonstrate that a disclosing firm has lower risk premium and beta ex post than a nondisclosing firm. Finally, we show that ex ante, the expected risk premium and expected beta of each firm are higher under a mandatory risk disclosure regime than in the partial disclosure equilibrium that arises under a voluntary disclosure regime.

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