scholarly journals RELATIVE VALUATION MODEL ANALYSIS OF IDX

2013 ◽  
Vol 6 (1) ◽  
pp. 67-96
Author(s):  
Dian K. Inezwari
Keyword(s):  
Prediction Accuracy ◽  
Descriptive Analysis ◽  
Research Result ◽  
Equity Market ◽  
Prediction Errors ◽  
Industry Analysis ◽  
Book Value ◽  
Valuation Model ◽  
Stock Value ◽  
Relative Valuation

There are various valuation models can be used by investors in order to predict the stock value. This paper focuses on the Relative Valuation Model, which is the popular model used by investors as it is easier to use compared to other models. The aim of this paper is to compare the prediction accuracy of various ratios in the model. Ratios examined in this paper are Price to Earning (PE), Price to Book Value (PBV), Price to Cash Flow (PCF), and Price to Sales (PS). Using the LQ45 listed stocks during period 2006 – 2010, it is found that, overall, PBV appears to be the best ratio to predict LQ45 stocks in Indonesian equity market. However, mixed results are found in the yearly analysis, in which PE, PBV, and PCF result in lower prediction errors, in different years. In the sector industry analysis, both PE and PBV are the best predictors in three sectors each. The descriptive analysis is supported by the hypo research testing that shows the accuracy of examined ratios is different. The research result implication is that investors should take time and sectors into the account before choosing a single ratio as a predictor.

Analisis Pengaruh Kecerdasan Intelektual Terhadap Kemampuan Akuntansi dengan Kecerdasan Emosional dan Spiritual sebagai Pemoderasi

2018 ◽  
Vol 16 (1) ◽  
pp. 1
Author(s):  
Ria Manurung
Keyword(s):  
Data Analysis ◽  
Graduate Program ◽  
Descriptive Analysis ◽  
Research Result ◽  
Secondary Data ◽  
Spiritual Intelligence ◽  
Primary Data ◽  
Moderating Variables ◽  
Use Of Data ◽  
Independent Variable

Research conducted to obtain empirical evidence how the influence of independent variables of intellectual intelligence to accounting with moderating variables of emotional and spiritual intelligence. The research method used is descriptive quantitative with explanatory descriptive or explanatory research. This method is an explanatory research that proves the existence of causal relationship of independent variable (independent variable) that is intellectual intelligence; moderating variable (emotional and spiritual intelligence); and dependent variable (accounted dependent variable). Research begins by conducting library search, followed by primary data collection conducted by using questionnaires and secondary data through data analysis. And for the use of data analysis consists of descriptive analysis, classical assumption test and verification analysis with the method of Moderated Regression Analysis (MRA). This study is a census study with homogeneous and limited population of 92 students, all students of Accounting Graduate Program at UNSOED. Conclusion of research result that is: (1) Intellectual intelligence have influence either positively or signifikan to accountancy. Thus intellectual intelligence can lead students to more easily understand accounting, (2) Intellectual intelligence can be strengthened by emotional intelligence on accounting both positively and significantly. (3) Spiritual intelligence can strengthen the influence of intellectual intelligence on accounting both positively and significantly.

An Exploratory Study of the Valuation Properties of Cross-Listed Firms' IAS and U.S. GAAP Earnings and Book Values

2002 ◽  
Vol 77 (1) ◽  
pp. 107-126 ◽  
Author(s):  
Hollis Ashbaugh ◽  
Per Olsson
Keyword(s):  
Exploratory Study ◽  
Accounting Standards ◽  
Equity Market ◽  
Residual Income ◽  
International Accounting Standards ◽  
Generally Accepted Accounting Principles ◽  
Listed Firms ◽  
Valuation Model ◽  
Accounting Principles ◽  
Book Values

Despite the increasing integration of global capital markets, there is little evidence on the valuation properties of cross-listed, non-U.S. firms' accounting variables. We use the relative performance of the earnings capitalization, the book value, and the residual income valuation models to explore the valuation properties of International Accounting Standards and U.S. Generally Accepted Accounting Principles earnings and book values reported by non-U.S., cross-listed firms trading in a common equity market. Using non-U.S./non-U.K. firms whose shares trade on the International Stock Exchange Automated Quotation system in London, we find that the earnings capitalization model is the dominant accounting-based valuation model when crosslisted firms report under International Accounting Standards. In contrast, we find that when cross-listed firms report under U.S. Generally Accepted Accounting Principles, the residual income model is the dominant accountingbased valuation model. Our exploratory study provides insights into the valuation implications of allowing a dual reporting system for foreign registrants trading in a common equity market.

scholarly journals ANALISIS SISTEM KEBIJAKAN PENGEMBALIAN KELEBIHAN PEMBAYARAN WAJIB PAJAK ORANG PRIBADI MELALUI RESTITUSI DAN KOMPESANSI DI KPP PRATAMA MANADO

2017 ◽  
Vol 12 (2) ◽  
Author(s):  
Bryan S Lempas ◽  
Treesje Runtu ◽  
Rudy J. Pusung
Keyword(s):  
Human Resources ◽  
Research Method ◽  
Public Awareness ◽  
Descriptive Analysis ◽  
Research Result ◽  
Good Service ◽  
State Expenditures

Tax is a source of revenue to finance all State expenditures including expenditures for development and expenditure in improving the welfare and quality of Human Resources (HR). The tax contribution in funding State expenditures continues to increase and requires support in the form of raising public awareness to meet its tax obligations. This research was conducted in Manado City, where this study aims to examine the return of overpayment. The research method used is descriptive analysis research. Result of research indicate that KPP Pratama manado give good service for taxpayer individual who apply for restitution of amount of tax debt paid by public also must know that even if money have entered to treasury state if proved there is more pay then State treasury also willing to reverse or compensate for other types of taxes. The refund of the tax payment is a refund of tax overpayment that has been assumed is really a tax that is more paid.Keyword : Refund of overpayments, restitution, and compensation of individual taxpayers

scholarly journals ANALYSIS OF SOCIAL INTERACTION OF MENTALLY RETARDED CHILDREN

2018 ◽  
Vol 2 (2) ◽  
pp. 17-21
Author(s):  
Yudhie Suchyadi ◽  
Yulia Ambarsari ◽  
Elly Sukmanasa
Keyword(s):  
Mental Retardation ◽  
Social Interaction ◽  
Descriptive Analysis ◽  
Research Result ◽  
Mentally Retarded ◽  
Research Approach ◽  
Social Contacts ◽  
The Subject ◽  
Mentally Retarded Children ◽  
The Way

Differences in the characteritics of children with special needs will require the ability of teachers to combine various abilities and talents of each child, such as mentally retarded children who need communication like children in general. His developmental delays are often excluded from his playing enviranment, thus the need for good social interaction with mentally retarded children. Based on these problems, a study was conducted to describe the findings of social interaction in mentally retarded children in extraordinary school Mentari Kita. The research is a descriptive analysis with qualitative research approach. Technique of data analysis was performed with data reduction stage, the presentation of data, and verification (conclusions). Researchers used the test of credibility, transferabilitas, dependabilitas, and konfirmabilitas to obtain the validity of the data. The result showed that the way social interaction with mental retardation children how do social contacts and communication as being able to respond when invited to communicate but it should be repeated over and over,the subject has a weakness in the concentration of so when invited to talk hard staring at your opponents interlocutor. When did the subject communication using language that sounds stilted. Social contact subject well againts his peers is characterized by sensitivity to her friends when in distress, want to help his friend like get a pencil, and divide the food per day taken by subject. Based on the above research result it can be concluded that the way the social interactions of the child with mental retardation how do social contacts and communication in accordance with the terms of the occurrence of social interaction. Keywords: Social Interaction, Mental Retardation

scholarly journals The Need Analysis of Music Department Students to Learn English by Using the Project-Based Approach with Song Lyrics Writing as Supporting Technique

PROMUSIKA ◽  
2015 ◽  
Vol 3 (2) ◽  
pp. 137-148
Author(s):  
Prima Dona Hapsari
Keyword(s):  
Descriptive Analysis ◽  
Research Result ◽  
Positive Influence ◽  
Music Students ◽  
Art Students ◽  
Music Department ◽  
English Class ◽  
Need Analysis ◽  
The Arts ◽  
Song Lyrics

The modern education system and strategies to achieve competitiveness, collaboration, and creativity are being the main focus of Indonesian higher education. They actively give positive influence to English teachers at Indonesia Institute of the Arts of Yogyakarta who particularly seek for the appropriate technique in transferring English to art students who need English as their potential engagement to the world of arts and life. For a project-based approach becomes a part of English for Special Purposes, it has been, therefore, one of the alternative approaches proposed to music students for which English is necessarily needed to accommodate their competence. The need analysis of music students would be essential to find out the appropriate techniques to teach English to art students. Therefore, the research was aimed to analyze the need analysis of music students who did the song lyrics writing as the project in English learning and to find out the significant result of implementing the project in the English class of art students of Music Department. The research used qualitative method which addressesed to descriptive analysis. The subject of this research was students of music department who were divided into six groups consisting of four to five students each, and were selectively chosen based on the purposive-sample method. The research result could be well accepted that music students produced English song lyrics and performed it as well

scholarly journals Black-Scholes Flexibility of European Companies in the Digital Age

2021 ◽  
Vol 129 ◽  
pp. 03032
Author(s):  
Martin Uzik ◽  
Christopher Runge
Keyword(s):  
Business Models ◽  
Value Added ◽  
Digital Age ◽  
Equity Market ◽  
Corporate Management ◽  
Sales Growth ◽  
Book Value ◽  
Explanatory Variables ◽  
Financial Options ◽  
Black Scholes

Research background: “How much is flexibility worth?” This question is the title of one of almost countless contributions. In these, procedures are discussed with which existing room for manoeuvres in corporate management can be quantitatively mapped. When Myers recognized in 1977 that decision-making situations in companies have the characteristics of financial options, he laid the foundation for the theory of real options. In the following years, further articles appeared dealing with the problem of the value-based recording of flexibility. Purpose of the article: The aim of this paper is to empirically test the explanatory variables of Black-Scholes flexibility. A period from 2000 to 2020 is analyzed, as it is assumed that the digital age had already found its way into companies’ business models at that point in time. Methods: In the following, using the approach described above, the value of flexibility from the Black-Scholes call option is determined for the years 2000 to 2020. The sample comprises the STOXX Europe 600. The aim of the model is to test whether the flexibility determined by Black-Scholes can be explained by selected parameters. These include intangibles, sales growth, debt to equity, market to book value, and earnings in the form of profitability Findings & Value added: The results show which variables explain the Black-Scholes flexibility as well as how the Black-Scholes flexibility has evolved over the period studied.

Fundamental Valuation in Seven Asian Countries: Role of Earnings, Book Value, and Dividends

2020 ◽  
pp. 0148558X2094690
Author(s):  
Kriengkrai Boonlert-U-Thai ◽  
Shahrokh M. Saudagaran ◽  
Pradyot K. Sen
Keyword(s):  
Financial Reporting ◽  
Stock Prices ◽  
Asian Countries ◽  
Book Value ◽  
International Firms ◽  
Financial Reporting Standards ◽  
Valuation Model ◽  
Prior Use ◽  
Other Information

We examine the role of earnings, book value, and dividends in examining the valuation of firms in select Asian countries. Besides the usual variables of earnings and book value, inclusion of dividends is motivated by prior use of the variable in the literature, as well as an adaptation of the Ohlson 2001 empirical specification of the valuation model. In our specification, absent credible analysts’ forecasts, as is typical in these markets, dividends together with earnings play the role of “other information” in explaining stock prices. In a large sample of Asian firms from seven Asian countries that lack an active analyst community, we document two key results. First, the model with earnings, book value, and dividends outperforms the earnings capitalization, book value, and a model with earnings and book value together, the traditional benchmarks used in the literature. This is in contrast to Ashbaugh and Olsson, 2002 who find that earnings capitalization is the best model for the international firms. Second, the ability of the model to explain stock valuations does not vary materially over time, thus indicating reasonable consistency across different accounting regimes in these countries that may include International Financial Reporting Standards (IFRS) adaptation at different paces. Our finding highlights the information role of earnings and dividends when other channels of information are blocked.

scholarly journals Enterprise Valuation Analysis Based on Grey Prediction Model and Index Selection—A Case Study of Huayi Brothers Media Group

2016 ◽  
Vol 8 (8) ◽  
pp. 11
Author(s):  
Na Luo ◽  
Jiangrui Chen ◽  
Lingyi Kong ◽  
Yuanfeng Zhu
Keyword(s):  
Prediction Method ◽  
Share Price ◽  
Grey Prediction ◽  
Average Value ◽  
Valuation Model ◽  
Enterprise Valuation ◽  
Reasonable Range ◽  
Significant Area ◽  
Relative Valuation ◽  
Media Group

<p>Research on the investment value of enterprises has been a significant area, which the market investors and corporate decision-makers always pay much attention to. In this paper, Huayi Brothers Media Group, the leading enterprise of the film industry, is chosen as the research subject. The paper firstly targeted the difficulties of evaluating Huayi Brothers through analyzing its financial data. Then we used the improved grey prediction method as an absolute valuation model to estimate the cash flow, with relative valuation models, including PE, PB, PS and PEG, as supplements. From the results, we reached a conclusion that these two kinds of valuation models have a similar market value for Huayi Brothers at about 40 billion, which should be reliable when compared with the current average value, about 39 billion, evaluated by 13 official valuation mechanisms. What’s more, the share price of Huayi Brothers in the bull market in 2015 is far higher than the reasonable range of value, and thus we advised that short-term investors have better not make an investment on Huayi Brothers until its share price is in a reasonable range.</p>

scholarly journals Bank Valuation Models – A Comparative Analysis

2017 ◽  
Vol 6 (3) ◽  
pp. 116
Author(s):  
Chitra Gunshekhar Gounder ◽  
M. Venkateshwarlu
Keyword(s):  
Public Sector ◽  
Private Sector ◽  
Value Creation ◽  
Shareholder Value ◽  
Market Price ◽  
Residual Income ◽  
Valuation Model ◽  
Residual Income Model ◽  
Income Model ◽  
Relative Valuation

The Bank valuation model was designed based on objective to fit  the most  applicable  valuation model for banks to help in forecasting bank specific decision and also forecast the market value of share. First study the accuracy and explanatory value of the value estimates from the residual income model compared to the estimates from the Relative valuation model for banks. Empirical evidence suggests that the residual income model is superior to the relative valuation model when it comes to measuring bank shareholder value. The results of the comparison suggest that value estimates from the residual income model are even more reliable for banks. On this basis, we conclude that residual income is an appropriate value estimate for the shareholder value of banks. There was positive significant relationship identified between the intrinsic value of bank share determined by RIV model and Market price of share in all the cases by performing correlation and Regression study. This study will be useful for forecasting the possible changes in market price. It was identified that determinants vary as per the working and regulatory condition as determinants impacting private, public and Indian banks were not similar so panel regression model will vary for each cases. It was also identified that Public Sector Bank in India shows more positive progressive trend as compared to private Sector Bank even after the fact that public Sector Bank has higher regulatory restriction as compared to Private Sector banks. This research will serve very useful for the banker to plan and take decision regarding shareholder value creation by implementing proper valuation model for getting appropriate value estimate and also adopting proper internal performance measure for having accurate and regular check on the process of value creation. 

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