scholarly journals Periculum maris come il valore contrattuale nel diritto romano

2019 ◽  
pp. 15-31
Author(s):  
Zuzanna Benincasa
Keyword(s):  
Economic Value ◽  
Market Value ◽  
The Other ◽  
Roman Law ◽  
Joint Gain ◽  
International Commerce ◽  
High Interest ◽  
Classical Scheme ◽  
Special Category

For persons who wanted to invest their resources in international commerce, the necessity of a sea voyage significantly increased the risk connected to this venture. Thus the contracts, which took into account the risk related to navigation, constituted under Roman law a special category of contracts, as they modified standard contracts such as a loan or a partnership contract. In the contract of maritime loan the fact that the creditor assumed the risk of losing money in case the condition si salva navis pervenerit was not fulfilled and in exchange could claim high interest to compensate him for such risk transforms this contract into an instrument used for the joint gain of profits. The classical scheme, in which all partners were obliged to share both profits and losses was modified by a partnership contract, in which a partner whose contribution involved exclusively undertaking risky sea voyages was exempt from bearing losses. This pactum made it possible to treat pecuniary contributions and in-kind contributions as equivalent in value. This prevented a situation in which the partner whose sole contribution involved services, in spite of due performance of his obligations, would be liable to repay a part of the loss to the partner who brought capital, if the activity of the partnership resulted in the loss. A typical example, referred to by jurists, of a situation in which services performed by a partner justified discharging him from participating in the loss, was the case in which one of the socii financed the purchase of goods to be subsequently sold with profit in another port, while the other one carried out this venture risking his life during the sea voyage. Therefore, undoubtedly, services entailing a dangerous sea voyage constituted a good example of a partnership, in which the value of a contribution of opera was even greater than the value of the capital invested, and this justified releasing one of the partners from participation in the loss. Therefore, the risk related to navigation, and more specifically the willingness to assume it, starts to be considered as having a certain economic and market value. This value constitutes a special periculi pretium, that is to be taken into consideration in a contract relationship. The acknowledgement by Roman jurists that the willingness to assume the risk connected with certain types of business constituted an economic value, means that the importance of such factors as the partner’s efficiency, resourcefulness, or willingness to embark on a risky activity (in most cases crucial for a success of an enterprise) – was fully appreciated.

scholarly journals ANALISIS EVA DAN MVA PADA PERUSAHAAN JAKARTA ISLAMIC INDEKS

2016 ◽  
Vol 6 (1) ◽  
Author(s):  
Ghazali - Syamni
Keyword(s):  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
The Other ◽  
Economic Value Added ◽  
Other Hand ◽  
Performance Tradition ◽  
The Future ◽  
Market Value Added

AbstrakTujuan penelitian ini adalah menganalisis kinerja keuangan berdasarkan economic value added (EVA) dan market value added (MVA) pada saham yang termasuk di Jakarta Islamic Indeks. Penggunaan analisis ini dikarenakan kinerja perusahaan dengan menggunakan kinerja tradisi belum mencermin nilai ekonomi dari perusahaan. Di masa yang akan datang.  Hasil penelitian menemukan bahwa nilai Economic Value Added pada tahun 2011 sampai dengan 2013 tertinggi dimiliki oleh perusahaan United Tractor Tbk. Sementara Market Value Added tertinggi oleh perusahaan Indocement Tunggal Prakarsa Tbk. Pada tahun 2012 PT Charoen Pokhpand Tbk sedangkan pada tahun 2013 kembali pada perusahaan Indocement Tunggal Prakarsa Tbk. Di sisi lain nilai terendah untuk Economic Value Added pada tahun 2011 sampai dengan 2013 adalah Kalbe Farma Tbk,  perusahaan Telekomunikasi Indonesia Tbk, dan Kalbe Farma Tbk. Sementara Market Value Added nilai terendah pada tahun 2011 sampai 2013 adalah PT . London Sumatera Plantation Tbk Katakunci: kinerja, keuangan, EVA , MVA AbstractThe purpose of this study was to analyze financial performance based on economic value added (EVA) and market value added (MVA) in shares included in the Jakarta Islamic Index. The use of this analysis due to the company's performance using the performance tradition not reflect the economic value of the company. In the future. The results found that the value of Economic Value Added in 2011 to 2013 the highest owned by United Tractor Tbk. While the highest Market Value Added by company Indocement Tbk. In 2012 PT Charoen Pokhpand Tbk whereas in 2013 returned to the company Indocement Tbk. On the other hand the lowest value for Economic Value Added in 2011 to 2013 is Kalbe Farma Tbk, the company Telekomunikasi Indonesia Tbk, and Kalbe Farma Tbk. While the Market Value Added lowest value in 2011 until 2013 were PT. London Sumatra Plantation Tbk Katakunci: performance, Financial, EVA , MVA

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

Harvest Field Sizing as a Technique to Remove Undersize French Prunes

HortScience ◽  
1998 ◽  
Vol 33 (3) ◽  
pp. 452a-452
Author(s):  
Richard Buchner ◽  
Seeley Mudd ◽  
Bruce Carroll ◽  
Mark Gilles
Keyword(s):  
Sugar Content ◽  
Economic Value ◽  
Market Value ◽  
Dry Weight ◽  
Soluble Solids ◽  
Field Size ◽  
Test Machine ◽  
Test Field ◽  
Marginal Value ◽  
High Sugar Content

Overall profitability is a major goal in successful prune production and a major component in any prune management system. Large prune crops in 1996 and 1997 have stimulated considerable interest in undersize fruit. Undersize prunes currently have marginal value and may represent a net loss because of costs to haul, dry, and to market order payments on low value prunes. One technique to control delivery size is to field size at harvest. Field sizing involves installing size-sorting devices on harvesters, which allow small prunes to fall out while valuable fruit is collected. Field sizing is considered a “risky” strategy because of the potential to remove prunes with economic value. During the 1997 harvest, 21 infield harvest sizing evaluations were made in prune orchards throughout Tehama county. The first evaluation occurred on 12 Aug. 1997, at the start of prune harvest. The final evaluation was done on 5 Sept. 1997, at the tail end of harvest. The objective was to sample throughout the harvest period to test field sizing under various sugar, size, and fruit pressure scenarios. The test machine was 1-inch bar sizer. Of the 21 sample dates, undersize fruit was clearly not marketable in 20 of the 21 samples. Discarded fruit averaged 133 dry count per pound. Only one sample out of 21 may have had market value at 86 dry count per pound. Although small in size, these prunes had very high sugar content contributing to their dry weight. In this evaluation, a 1-inch bar sizer did a good job of separating fruit with and without market value under the 1997 price schedule. As harvest date becomes later and soluble solids increase, the chances of sorting out marketable prunes also increases.

Condicio supervacua and related conditions 
in Roman law

2015 ◽  
Vol 83 (1-2) ◽  
pp. 77-106
Author(s):  
Veronika Kleňová ◽  
Zdenko Takáč
Keyword(s):  
The Other ◽  
Legal Norm ◽  
Roman Law ◽  
Legal Situation ◽  
Legal Effect ◽  
Proper Condition ◽  
Legal Opinion

The article deals with the conditions that did not have the legal effect of a ‘proper condition’. The authors distinguish these conditions from a ‘proper condition’ pointing out that the distinguishing feature is an ‘uncertainty’ carried by the condition. Firstly, the authors focus their attention on the condicio supervacua – the term is explicitly used only by Pomponius in the case of legacies. It did not have the effect of a ‘proper condition’, because the uncertainty expressed by the condition already resulted from the legal norm itself. It was an explicitly expressed condicio iuris pursuant to the modern definitions of the term. The authors analyze and compare various cases that seemingly deal with condiciones iuris too. The analysis makes it clear that they were regarded as supervacuae, unless the testator changed the legal situation in some way through their expression. He had to insert some new uncertainty that did not result from the legal norm itself. The other kind of condition that the article deals with is condicio institutionis/substitutionis expressly re-applied to a legatum. This condition is different from condicio supervacua, because in this case the new uncertainty was added by the testator himself. Despite some doubts, the legal opinion which prevailed in Roman law was that such a condition did not have the effect of a ‘proper condition’ in relation to a legacy. The reason is that even if the testator re-applied the condition of institution also to a legacy, he extended only the uncertainty of aditio hereditatis and did not insert any new uncertainty into the legacy itself.


ON THE ETYMOLOGIC DERIVATION OF SOME COMMONLY USED WORDS IN PEDIATRICS: INFANT, CRETIN, MECONIUM, AND ICTERUS

PEDIATRICS ◽  
1970 ◽  
Vol 46 (6) ◽  
pp. 870-870
Author(s):  
T. E. Cone
Keyword(s):  
Newborn Infant ◽  
Newborn Infants ◽  
Old French ◽  
Intestinal Content ◽  
The Other ◽  
Roman Law ◽  
Whole Plant ◽  
Thick Juice ◽  
Brown Color

infant-from Latin infans; in (neg.) + fans speaking (fans is the participle). In Roman law infant means a child not old enough to talk... Cretin-Old French-chretien, a Christian. Perhaps used first as a perjorative term by the ancient Romans because to them the first Christians were stupid enough to "turn the other cheek" when attacked by mobs or by the lions in the Roman amphitheater. Meconium-from Greek mekonion meaning the poppy juice obtained from pressing the whole plant which gives a thick Juice of black, greenish-brown color. The intestinal content of the newborn infant has a similar consistency and appearance and so Galenadopted the term for the content of the bowels of newborn infants. (Meconism means the opium habit). lcterus-from Greek ikteros, a yellow bird, probably the golden thrush or a species of oriole. Pliny relates that if a person suffering from jaundice looks at a yellow bird, the bird will die and the patient recovers. Icterus was first used in pediatrics by Ludwig von Buhl (1816-1880) when he described icterus neonatorum.

Linkage between Economic Value Added and Market Value: An Analysis

2000 ◽  
Vol 25 (3) ◽  
pp. 23-36 ◽  
Author(s):  
Ashok Banerjee
Keyword(s):  
New York ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Shareholder Wealth ◽  
Indian Context ◽  
The Us ◽  
Generating Capacity ◽  
The Cost ◽  
Future Growth

Maximizing shareholder value has become the new corporate paradigm. Corporations in the US have started disclosing EVA information from the beginning of 90s as a measure of corporate performance. It is believed that market value of a firm (hence shareholder wealth) would increase with the increase in EVA. Various studies done in the US also confirm this belief. EVA (a term coined and registered by Stern Stewart & Co. New York) is a residual income that subtracts the cost of capital from the operating profits generated by a business. The present study makes an at tempt to find the relevance of Stewart's claim that market value of the firm is largely driven by its EVA generating capacity in the Indian context. Based on a sample of 200 firms over a period of five years, the study shows that market value of a firm can be well predicted by estimated future EVA streams. The study has also found that market value of most of the firms in the sample is explained more by current operational value than future growth value of firms.

The Influence of Roman Law

2011 ◽  
Author(s):  
Donald R. Kelley
Keyword(s):  
Nineteenth Century ◽  
Twelfth Century ◽  
Civil Law ◽  
Human Condition ◽  
The Other ◽  
Roman Law ◽  
Christian Doctrine ◽  
The Law ◽  
Civil Science

Centuries of Roman jurisprudence were assembled in the great Byzantine collection, the Digest, by Tribonian and the other editors. Roman law became more formal when during the Renaissance of the twelfth century it came to be taught in the first universities, starting with Bologna and the teaching of Irnerius. The main channels of expansion were through the Glossators and post-Glossators, who commented on the main texts and on later legislation by the Holy Roman Emperors, which included “feudal law,” but also by notaries and other proto-lawyers. Christian doctrine also became part of the “Roman” tradition, and canon and civil law were taught together in the universities as “civil science.” According to the ancient Roman jurist Gaius, “all the law which we use pertains either to persons or to things or to actions,” three categories that exhaust the external human condition—personality, reality, and action. In the nineteenth century, the study of Roman law lost its ideological power and became part of philology and history, at least so concludes James Whitman.

scholarly journals Impairment Charges and Market Value of Insurance Firms in Nigeria

2019 ◽  
Vol 14 (4) ◽  
pp. 171
Author(s):  
Gospel J. Chukwu ◽  
Godpower W. Obah
Keyword(s):  
Firm Value ◽  
Insurance Industry ◽  
Economic Value ◽  
Negative Relationship ◽  
Market Value ◽  
Financial Assets ◽  
Sample Period ◽  
Share Prices ◽  
Significant Negative Relationship ◽  
Insurance Firms

The purpose of this study is to examine whether impairment of financial assets affects the behaviour of equity investors in the insurance industry in Nigeria. Using a sample of 102 firm-year observations drawn from 17 insurance firms, and another sample of insurance firms whose shares traded at more than par value, the study investigated whether share prices are associated with insurance receivables and with other financial assets. Findings show that share prices are not significantly associated with insurance receivables, or with other financial assets. This is possibly because the shares of many insurance firms in Nigeria traded mostly at par value within the sample period-2012 to 2017. Empirical results further reveal that for the sample of firms whose shares traded at more than par value, there is a significant negative relationship between impairment charges of financial assets and market value, suggesting that investors negatively view impairment charges and regard them as evidence of decline in the economic value of organisational assets. Even with the sample of firms whose shares traded at more than par value, there is an insignificant relationship between insurance receivables and market value, suggesting that investors do not regard the impairment of trade receivables as sufficiently reliable to include them in their assessment of firm value. Regulators of the insurance industry must therefore emphasise confidence-boosting strategies such as the merger of weak insurance firms. This will create larger firms with greater capacity and better performance, as well as improve investors’ perception of the insurance industry in Nigeria.

scholarly journals KONTRAKT SPÓŁKI JAKO PODSTAWA ODPOWIEDZIALNOŚCI IN SOLIDUM W PRAWIE RZYMSKIM

2017 ◽  
Vol 3 (1) ◽  
pp. 43
Author(s):  
Zuzanna Służewska
Keyword(s):  
Civil Law ◽  
Third Parties ◽  
The Other ◽  
Third Party ◽  
Roman Law ◽  
Joint And Several Liability ◽  
Internal Relation ◽  
Common Opinion ◽  
Formal Procedure ◽  
The Common

THE CONTRACT OF PARTNERSHIP AS A BASE OF IN SOLIDUM LIABILITY IN ROMAN LAWSummary In the modern civil law joint and several liability of partners in a partnership is a rule rather than an exception. According to the common opinion this concept did not originate in the Roman law but was first invented in the medieval times by glossators and commentators. The Roman partnership created only a private relation between partners (who, due to a conclusion of that contract were reciprocally obliged to act together in accordance with a good faith in order to conduct common business and to divide profits and bear losses in proportion to their respective shares) and its conclusion did not affect their liability against third parties. The partners had no right to bind themselves contractually to any third parties, unless they all acted jointly (in this case, however, their joint representation was derived from their expressed declarations and not the existence of a contract o f partnership). Thus, any commitment made by an individual partner, even if made within the scope of a partnership having obtained other partners’ consent, was treated as a personal debt of this partner and the remaining partners were not liable against his contractor. Then, of course, the partner who made a commitment (acting within the partnership’s business) could claim a part of what he had paid to a third party from other partners in proportion to their respective shares in the common enterprise.Such a solution was necessary because of the purely consensual character o f the Roman partnership and the lack of any formal procedure of its conclusion and dissolution. The existence of that contract could not affect the model of the external liability of partners, because it would be too risky for third parties, which had no possibility to make sure if a contract of partnership between some persons had been actually concluded or not. Thus, the role of a contract of partnership in the Roman law was only limited to determine a mutual liability o f partners, to specify their respective rights and obligations and to define the scope of their liability against other partners.There are only a few written sources concerning so called specific kinds of partnership characterized by untypical joint and several responsibility of partners. Moreover these texts are not very clear and are difficult to interpret, so the issue of specific kinds of a partnership is a matter of doubts among Romanists. Some authors even believe that the specific types of partnership did not exist in the Roman law at all.It should be firstly observed that the texts regarding a contract of partnership itself (the texts included in the title pro socio of Justinian’ Digest) did not raise the question of the external liability of partners because they were devoted to internal settlement o f accounts within sociu Thus, taking into account only these texts one cannot ascertain that a conclusion of a contract of partnership could not affect in any way the model of the partners’ liability against third parties.Secondly, the other texts concerning the regulation of conducting an economic activity in the Roman law (actio institoria, actio exercitoria and actio de peculio) present some regularity in an introduction of joint and several liability of debtors.On the one hand that model of the liability was introduced in situations in which protecting safety of trade required that the creditor be able to claim a whole amount o f the debt from one person only.On the other hand this model of liability could be introduced only in these cases in which some internal relation existed between several debtors. On the grounds of such relations the debtor who satisfied in full the creditor’s claim could sue other debtors in order to recover their respective parts in the debt. In the Roman law that internal relation that guaranteed the possibility of a recourse could be either a joint-ownership or a partnership.Having considered that, one may say that the texts concerning specific kinds o f partnership do not prove existence of any special type of societas. These sources regard only the situations when a joint and several liability between several debtors was introduced because it was justified by the circumstances: that is the necessity to protect the safety of trade on one hand and the existence of the contract of partnership that guaranteed a possibility to realize the recourse, on the other.In conclusion one may say that although a closing of a contract of partnership did not create a joint and several liability of partners, in some cases its existence was decisive for introducing this model of liability since it guaranteed to every party a possibility to act against the others to obtain the recourse. Thus, Roman jurisprudence made an important step towards the future introduction o f joint and several liability of partners as a rule of a civil law.

scholarly journals ANALISIS ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) SEBAGAI ALAT UKUR KINERJA KEUANGAN PT GARUDA INDONESIA TBK TAHUN 2017 -2019

2020 ◽  
Vol 2 (1) ◽  
pp. 31-45
Author(s):  
Ferry Irawan ◽  
Nico Yudha Manurung
Keyword(s):  
Financial Performance ◽  
Stock Price ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
The State ◽  
Economic Value Added ◽  
Public Company ◽  
Market Value Added

PT Garuda Indonesia Tbk was one of the state-owned corporation that have go public on Bursa Efek Indonesia (BEI). As a public company, PT Garuda Indonesia should create a good financial performance to attract financier (investor or creditor). The purpose of this study were to measure the financial performance by Economic Value Added (EVA) and Market Value Added (MVA). The result of this study is the company get a negative EVA in 2017 until 2019 which mean the company was not able to create value added for financier. In 2017 and 2018, MVA get a negative value which mean the company was not able to create value added for investor. In 2019, MVA get a positive value because the company’s stock price increased 73% from previous year.PT Garuda Indonesia Tbk merupakan salah satu Badan Usaha Milik Negara (BUMN) yang telah go public di Bursa Efek Indonesia (BEI). Sebagai perusahaan terbuka, PT Garuda Indonesia Tbk harus menciptakan kinerja keuangan yang baik untuk menarik pemodal (investor atau kreditur). Tujuan dari penelitian ini adalah untuk mengukur kinerja keuangan dengan Economic Value Added (EVA) dan Market Value Added (MVA). Hasil penelitian ini adalah perusahaan memperoleh nilai EVA yang negatif pada 2017-2019 yang berarti perusahaan tidak berhasil menciptakan nilai tambah bagi para pemodal. Pada 2017 dan 2018, MVA memperoleh nilai yang negatif yang berarti perusahaan gagal menciptakan nilai tambah pagi para investor. Pada 2019, MVA memperoleh nilai yang positif karena harga saham perusahaan yang meningkat sebesar 73% dari tahun sebelumnya.

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