scholarly journals Who Do You Trust While Bubbles Grow and Blow? A Comparative Analysis of the Explanatory Power of Accounting and Patent Information for the Market Values of German Firms

2004 ◽  
Author(s):  
Markus G. Reitzig ◽  
Fred Ramb
Keyword(s):  
Comparative Analysis ◽  
Explanatory Power ◽  
Market Values ◽  
Patent Information

scholarly journals Different levels of corporate governance and the Ohlson valuation framework: The case of Brazil

2012 ◽  
Vol 9 (2) ◽  
pp. 486-497 ◽  
Author(s):  
Talles Vianna Brugni ◽  
Alfredo Sarlo Neto ◽  
Patrícia Maria Bortolon ◽  
António Oscar Santos Góes
Keyword(s):  
Corporate Governance ◽  
Good Governance ◽  
Explanatory Power ◽  
Market Value ◽  
Government Control ◽  
Nonfinancial Information ◽  
Family Control ◽  
Market Values ◽  
Governance Practices ◽  
Linear Regressions

We examine whether Brazilian companies with enhanced corporate governance levels have higher market values according to the model of Ohlson (1995), modified to include variables such as governance level, type of control and shareholding structure. This study produces empirical results based on information taken from the Economática® and Brazilian Securities Commission (CVM) databases, in the period from 2004 to 2010. Multiple linear regressions on panel data is used to analyze a sample of 90 firms through 630 observations. The findings indicate that the addition of governance measures to the model increased its explanatory power, suggesting that nonfinancial information about governance practices and ownership structure also can explain the market value of stocks. The results also indicate that firms with shares traded on the Level 2 and New Market trading segments of the BM&FBovespa, which require enhanced governance practices, are important signals of good governance and consequently increase firms’ market value. The type of control was also positively related to the market value, suggesting that firms under family control and government control are more valuable than companies without concentrated control.

scholarly journals History of European and national toys

2016 ◽  
Vol 5 (1) ◽  
pp. 32-38
Author(s):  
E.O. Smirnova ◽  
M.V. Sokolova
Keyword(s):  
Comparative Analysis ◽  
Gender Stereotypes ◽  
Developmental Trajectory ◽  
Cultural Norms ◽  
Market Values ◽  
History Of

The article examines the role of toys in the life and development of children. It traces the developmental trajectory of shaped toys in Europe and Russia from antiquity to the present day. It also shows the role of ideological factors in shaping the image of toys as well as long lasting contradiction between the developing features of toys and their market values. The article presents the comparative analysis of the image and the playing potential of the traditional and modern popular dolls. Functions of toys as mediums and tools for the transmission of cultural norms is exemplifies by gender stereotypes: it shows how the peculiarity of toys for boys and girls, affects the nature of the game. In the conclusion the article examines the main trends and problems of development of the market of modern toys.

scholarly journals A Dynamic Resourced Based View on Firms Life Cycle Stages and Capital Structure Theories: A Comparative Analysis of Developed and Emerging Asian Markets

2020 ◽  
Vol V (II) ◽  
pp. 61-69
Author(s):  
Misbah Wadood ◽  
Hashim Khan ◽  
Hassan Wadood
Keyword(s):  
Comparative Analysis ◽  
Emerging Markets ◽  
Explanatory Power ◽  
Organizational Capabilities ◽  
Resource Based View ◽  
Book Value ◽  
Explanatory Variables ◽  
Explanatory Factors ◽  
Life Cycle Stages ◽  
Dynamic Resource

Dynamic resource-based view is the major inspiration for this study, which signifies the changes in paths and patterns of the evolution in organizational capabilities during its LCS. Using the Dickinson's (2011) firm's LCS, the study determined diverse behavior of traditionally established explanatory variables across stages. For the purpose of analysis GMM model has been used, the study conducted a comparative analysis of developed and emerging markets in Asia. The results showed higher COE capital during introduction and decline stages in emerging markets implying trade-off theory and dynamic resource-based view. Study denies association between COE capital and market-to-book value in developed markets in line with market timing theory Its concluded that COE's explanatory factors evolve across markets and firm's LCS the explanatory power of the general model is much higher when the study included LCS in its main model justifying resource-based view.

scholarly journals The generation of problem-focussed patent clusters: a comparative analysis of crowd intelligence with algorithmic and expert approaches

2017 ◽  
Vol 3 ◽  
Author(s):  
Andrew Wodehouse ◽  
Gokula Vasantha ◽  
Jonathan Corney ◽  
Ross Maclachlan ◽  
Ananda Jagadeesan
Keyword(s):  
Comparative Analysis ◽  
Systematic Study ◽  
Lower Cost ◽  
Patent Information ◽  
Effective Generation ◽  
Crowd Intelligence ◽  
Algorithmic Approaches

This paper presents a new crowdsourcing approach to the construction of patent clusters, and systematically benchmarks it against previous expert and algorithmic approaches. Patent databases should be rich sources of inspiration which could lead engineering designers to novel solutions for creative problems. However, the sheer volume and complexity of patent information means that this potential is rarely realised. Rather than the keyword driven searches common in commercial systems, designers need tools that help them to understand patents in the context of the problem they are considering. This paper presents an approach to address this problem by using crowd intelligence for effective generation of patent clusters at lower cost and with greater rationale. A systematic study was carried out to compare the crowd’s efficiency with both expert and algorithmic patent clusters, with the results indicating that the crowd was able to create 80% more patent pairs with appropriate rationale.

A Qualitative Comparative Analysis of Patterns in the Acceleration and the Catching Up Performance of the Former Soviet Union Republics

2017 ◽  
Vol 16 (1) ◽  
pp. 39-65
Author(s):  
Zenonas Norkus
Keyword(s):  
Comparative Analysis ◽  
Soviet Union ◽  
Former Soviet Union ◽  
Explanatory Power ◽  
Qualitative Comparative Analysis ◽  
Economic Effects ◽  
Catching Up ◽  
The Status ◽  
Two Measures ◽  
Per Capita

Mikhail Gorbachev’s reform promised to accelerate the growth of the Soviet economy, leading it out of the trap of stagnation. Boris Yeltsin’s circle of reformers also believed that shedding the status of empire would encourage Russia’s process of “catching up.” Nationalists from Soviet republics believed that the independence of their homelands would prompt similar economic effects. Did these hopes and promises materialize? Two measures are used to assess the economic effects of the dissolution of theussr. (1) Acceleration performance: did thegdpper capita of the former Soviet (fSU) republics grow more rapidly during post-communist independence than in the late Soviet “stagnation era”? (2) Catching up performance: did fSU republics decrease thegdpper capita gap, separating them from theu.s.(fulfilling the promise to catch up and overtakeu.s.which legitimated Communist rule in theussrsince 1961)? After dividing the fSU republics into two subsets (“success” and “failure” cases), multi-value qualitative comparative analysis (qca) is applied to explore the explanatory power of differences in the models of post-communist capitalism, involvement in wars, and natural resource endowments.

Defining the Fair Value concept for IFRS application

2021 ◽  
Vol 22 (5) ◽  
pp. 575-591
Author(s):  
Mikhail A. GORODILOV ◽  
Anna A. RADEVICH
Keyword(s):  
Comparative Analysis ◽  
Market Value ◽  
Fair Value ◽  
Clear Definition ◽  
Appropriate Use ◽  
Existing Problems ◽  
Market Values ◽  
Different Types ◽  
Definition Of ◽  
Value Concept

Subject. This article discusses the issue of defining the Fair Value concept, its similarity and identification with the concept of Market Value. It examines the specifics of each particular value, defines the concept of Fair Value, and analyzes approaches (methods) of fair value valuation, clarifies existing problems of determining fair value for the purposes of IFRS application. Objectives. The article aims to define the notion of Fair Value and appropriate use in accounting, as well as explore approaches to assess fair value. Methods. For the study, we used a comparative analysis. Results. The article says of many inconsistencies in the valuation of fair value, starting with the lack of a clear definition of fair value in IFRS, which is actually identified with the concept of market value. It proposes a refined definition of fair value and identifies fundamental differences between fair and market values, which are based on the procedures used in their assessment. Conclusions. Fair and market values are two different types of valuation. Fair value can be the same as market value, but only if there is an active market available. There is no single concept of Fair Value presented in scientific and special literature. The same approaches are used in fair (IFRS) and market (valuation standards) assessments, but the methods described for each approach are not always the same.

scholarly journals On the definition of fair value for purposes of IFRS

2021 ◽  
Vol 26 (2) ◽  
pp. 148-157
Author(s):  
Mikhail A. GORODILOV ◽  
Anna A. RADEVICH
Keyword(s):  
Comparative Analysis ◽  
Market Value ◽  
Fair Value ◽  
Market Valuation ◽  
Clear Definition ◽  
Appropriate Use ◽  
Existing Problems ◽  
Market Values ◽  
Different Types ◽  
Definition Of

Subject. This article discusses the issue of defining the Fair Value concept, its similarity and identification with the concept of Market Value. It examines the specifics of each particular value, defines the concept of Fair Value, and analyzes approaches (methods) of fair value valuation, clarifies existing problems of determining fair value for the purposes of IFRS application. Objectives. The article aims to define the notion of Fair Value and appropriate use in accounting, as well as explore approaches to assess fair value. Methods. For the study, we used a comparative analysis. Results. The article says of many inconsistencies in the valuation of fair value, starting with the lack of a clear definition of fair value in IFRS, which is actually identified with the concept of market value. It proposes a refined definition of fair value and identifies fundamental differences between fair and market values, which are based on the procedures used in their assessment. Conclusions. Fair and market values are two different types of valuation. Fair value can be the same as market value, but only if there is an active market available. There is no single concept of Fair Value presented in scientific and special literature. The same approaches are used in fair (IFRS) and market (valuation standards) assessments, but the methods described for each approach are not always the same.

The Value Relevance of Accounting Information in Times of Crisis

2014 ◽  
Vol 1 (2) ◽  
pp. 44-67
Author(s):  
Lars Mion ◽  
Georgios Georgakopoulos ◽  
Petros Kalantonis ◽  
Nicolaos Eriotis
Keyword(s):  
Value Relevance ◽  
Debt Crisis ◽  
Explanatory Power ◽  
Financial Statements ◽  
Credit Crunch ◽  
Net Income ◽  
Independent Variables ◽  
Market Values ◽  
Research Stream ◽  
Book Values

The financial crisis started in 2007 with the credit crunch persists until today in the form of the European debt crisis. The main focus of this paper is the relevance of financial statements in determining firm market value in such times. The work contributes to this research stream as one of the earliest studies probing into the effects of the credit crunch and the euro-debt crises. This paper examines a sample of firm year observations from 2003 to 2011 of companies listed in the Amsterdam Euronext exchange. It focuses on the relation between market values and both book values and net income measures. The findings suggest that the combined explanatory power of the independent variables decreases in the years marked as crisis years. Net income leads to less value relevance high lighting the importance of book values. Incremental explanatory power of book values increases during the credit crunch, and decreases afterwards.

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