R&D economic efficiency valuation methods and specifics of their application

2020 ◽  
Vol 10 (6) ◽  
pp. 620-635
Author(s):  
Pavel Y. Serikov ◽  
◽  
Konstantin A. Sivolotsky ◽  
Аndrey А. Balakirev ◽  
◽  
...  
Keyword(s):  
Economic Efficiency ◽  
Cash Flows ◽  
Assessment Method ◽  
Alternative Methods ◽  
Scientific Development ◽  
Practical Result ◽  
Valuation Methods ◽  
Advantages And Disadvantages ◽  
Valuation Method ◽  
Increased Risk

Valuation of research and development projects (R&D) is crucial for technological development, financial and operational performance improvement of companies. However, R&D valuation methods are not fully and in detail disclosed in publications, a single concept for assessing the effectiveness of R&D has not yet been developed. The cause of this scientific and practical problem is that scientific developments are carried out in conditions of increased risk and uncertainty, often aimed at solving strategic, long-term tasks, which does not allow at the initial stage to reliably evaluate their final effect of innovations. The object of research in the article are methods for assessing the economic efficiency of R&D. The aim of the article is to formulate an approach to R&D valuation method selection based on applicability criteria developed by the authors. In the course of the study, a review of existing methods for assessing effectiveness was conducted, their advantages and disadvantages were identified, and the feasibility of using a specific assessment method based on the specifics of scientific development was analyzed. There were considered R&D economic efficiency valuation models (discounted cash flows, Monte-Carlo simulations, real option valuation, decision tree analysis, relief from royalty method) as well as methods for determining discount rates used in these methods. When applying various valuation methods, the discount rate may vary due to differences in risk accounting approaches. There were also considered examples of alternative methods for R&D efficiency valuation such as grading system and integral efficiency index. The theoretical result is a review of R&D valuation methods and generalization of the information. The practical result of the work is the description of approach for selection of optimal R&D economic efficiency valuation method and possible implementation of the described approach in practice.

scholarly journals Analysts’ recommendations and the market impact of the valuation methods

2019 ◽  
Vol 8 (4) ◽  
pp. 46-55
Author(s):  
Elisa Cavezzali ◽  
Enrico Maria Cervellati ◽  
Pierpaolo Pattitoni ◽  
Ugo Rigoni
Keyword(s):  
Market Reaction ◽  
Abnormal Returns ◽  
Earnings Forecasts ◽  
Cash Flows ◽  
Market Impact ◽  
Target Price ◽  
Valuation Methods ◽  
Valuation Method ◽  
Study Methodology ◽  
Recommendation Revisions

Despite its importance, the informative value of the analysts’ valuation methods has not been thoroughly examined in the literature. Such an issue is relevant with regard to the concerns on analysts’ objectivity. We test whether investors’ reaction is jointly influenced by recommendations and target revisions and mainly by valuation method used because it summarizes the information considered to be relevant by the analysts. We analyse the market reaction to recommendation revisions with an event study methodology, calculating market-adjusted abnormal returns at the report release date. We run regressions to test the market impact of recommendations and target price revisions, as well as their interaction, and we then focus on testing several models to discern market reaction to distinct valuation methods. We show that market reaction is influenced by the valuation methods used in their reports. The majority of previous studies relying on commercial databases report the market reaction in relation to analysts’ recommendations, target prices or earnings forecasts, often overlooking the content of the reports and the methodology used therein. This is due to an information constraint of commercial databases, normally including only the above-mentioned synthetic variables. A notable exception is Asquith, Mikhail, and Au (2005) who find no relation between the market reaction and the valuation methods used by analysts. Compared to Asquith et al. (2005), our research uses a larger database and finds a different result. We show the market reacts differently to distinct valuation methods, without favouring the theoretically more correct ones based on discounting cash flows. We also find that the market reaction is larger when the analysts support their recommendation with more than one valuation method. Our research shows that the market pays attention to the content of the reports and analysts can be more influential when they use more valuation methodologies to cross-check their estimates.

Platelet monitoring for PCI

2009 ◽  
Vol 29 (04) ◽  
pp. 376-380 ◽  
Author(s):  
D. Capodanno ◽  
D. J. Angiolillo
Keyword(s):  
Interindividual Variability ◽  
State Of The Art ◽  
Coronary Intervention ◽  
Functional Tests ◽  
Treatment Regimens ◽  
Advantages And Disadvantages ◽  
Coronary Syndrome ◽  
Combined Use ◽  
Increased Risk ◽  
Percutaneous Coronary

SummaryDespite the clinical benefit associated with the combined use of aspirin and clopidogrel in patients with acute coronary syndrome or those undergoing percutaneous coronary intervention, a considerable interindividual variability in response to these drugs have been consistently reported. There is a growing interest on applying platelet functional tests with the goal of identifying patients at increased risk of recurrent ischaemic events and potentially tailoring antiplatelet treatment regimens.This manuscript will review the state of the art on the most commonly available platelet functional tests, describing their advantages and disadvantages and exploring their applicability in clinical practice.

Inflammatory Markers Associated With Diabetes Mellitus – Old and New Players

2020 ◽  
Vol 26 ◽  
Author(s):  
Emir Muzurović ◽  
Zoja Stanković ◽  
Zlata Kovačević ◽  
Benida Šahmanović Škrijelj ◽  
Dimitri P Mikhailidis
Keyword(s):  
Diabetes Mellitus ◽  
Inflammatory Markers ◽  
High Specificity ◽  
Future Directions ◽  
Effective Strategies ◽  
Advantages And Disadvantages ◽  
Type 2 Dm ◽  
Increased Risk ◽  
Made In

: Diabetes mellitus (DM) is a chronic and complex metabolic disorder, and also an important cause of cardiovascular (CV) diseases (CVDs). Subclinical inflammation, observed in patients with type 2 DM (T2DM), cannot be considered the sole or primary cause of T2DM in the absence of classical risk factors, but it represents an important mechanism that serves as a bridge between primary causes of T2DM and its manifestation. Progress has been made in the identification of effective strategies to prevent or delay the onset of T2DM. It is important to identify those at increased risk for DM by using specific biomarkers. Inflammatory markers correlate with insulin resistance (IR) and glycoregulation in patients with DM. Also, several inflammatory markers have been shown to be useful in assessing the risk of developing DM and its complications. However, the intertwining of pathophysiological processes and the not-quite-specificity of inflammatory markers for certain clinical entities limits their practical use. In this review we consider the advantages and disadvantages of various inflammatory biomarkers of DM that have been investigated to date as well as possible future directions. Key features of such biomarkers should be high specificity, non-invasiveness and cost-effectiveness.

scholarly journals Risk Assessment of Large-Scale Infrastructure Projects—Assumptions and Context

2020 ◽  
Vol 11 (1) ◽  
pp. 109
Author(s):  
Jana Korytárová ◽  
Vít Hromádka
Keyword(s):  
Risk Assessment ◽  
Economic Efficiency ◽  
Large Scale ◽  
Cash Flows ◽  
Statistical Characteristics ◽  
Individual Risk ◽  
Dependent Variables ◽  
Research Findings ◽  
Input Variables ◽  
Individual Risk Factors

This article deals with the partial outputs of large-scale infrastructure project risk assessment, specifically in the field of road and motorway construction. The Department of Transport spends a large amount of funds on project preparation and implementation, which however, must be allocated effectively, and with knowledge of the risks that may accompany them. Therefore, documentation for decision-making on project financing also includes their analysis. This article monitors the frequency of occurrence of individual risk factors within the qualitative risk analysis, with the support of the national risk register, and identifies dependent variables that represent part of the economic cash flows for determining project economic efficiency. At the same time, it compares these dependent variables identified by sensitivity analysis with critical variables, followed by testing the interaction of the critical variables’ effect on the project efficiency using the Monte Carlo method. A partial section of the research was focused on the analysis of the probability distribution of input variables, especially “the investment costs” and “time savings of infrastructure users” variables. The research findings conclude that it is necessary to pay attention to the setting of statistical characteristics of variables entering the economic efficiency indicator calculations, as the decision of whether or not to accept projects for funding is based on them.

A Comparison of Disease Assessment Methods for Southern Stem Rot of Peanut

2002 ◽  
Vol 29 (1) ◽  
pp. 66-71 ◽  
Author(s):  
S. L. Rideout ◽  
T. B. Brenneman ◽  
K. L. Stevenson
Keyword(s):  
Alternative Assessment ◽  
Disease Incidence ◽  
Sclerotium Rolfsii ◽  
Correlation Coefficients ◽  
Assessment Method ◽  
Assessment Methods ◽  
Alternative Methods ◽  
Stem Rot ◽  
Disease Assessment ◽  
Time Required

Abstract Southern stem rot (caused by the soilborne fungus Sclerotium rolfsii Sacc.) of peanut (Arachis hypogaea L.) traditionally has been assessed based on the percentage of infected 30.5-cm row segments, commonly referred to as disease incidence. Several alternative disease assessment methods were evaluated in four fungicide trials during the growing season (aboveground ratings) and immediately after peanut inversion (belowground ratings). Pearson's correlation coefficients compared disease assessments and yields for all trials. Across all disease assessment methods, belowground assessments at inversion showed a stronger correlation with yield than in-season aboveground assessments. Several of the alternative assessment methods showed a stronger negative correlation with yield than did the traditional disease incidence rating. However, none of the alternative methods were consistently more precise across all assessment dates and trials. There was a significant positive correlation between many of the alternative methods and the traditional disease incidence method. Furthermore, none of the alternative methods was better than the traditional method for detecting differences among fungicide treatments when subjected to ANOVA and subsequent Waller-Duncan mean separation tests (k-ratio = 100). Based on comparisons of the time required to assess disease intensity, the traditional disease assessment method was found to be the most time efficient method of those tested in this study.

Current aspects of managing the bank’s cash liquidity in terms of minimizing cash circulation

2021 ◽  
Vol 27 (2) ◽  
pp. 133-138
Author(s):  
E. Prokofieva ◽  
Keyword(s):  
Banking Sector ◽  
Cash Flows ◽  
Current Situation ◽  
Advantages And Disadvantages ◽  
Processing Data ◽  
Modern Economy ◽  
Automatic Systems ◽  
Primary Impact ◽  
Banking Operations

The article is devoted to the problem of the banks’ participation in improving the efficiency of the organization of cash circulation, which does not lose its relevance in the modern economy. In the current situation, despite the growth in the volume and share of non-cash payments, the demand for cash is characterized by stability. The article focuses on the features, advantages and disadvantages of the reducing cash circulation process. It is noted that the primary impact on cash circulation is made by settlements made by individuals. In this regard, the study focuses on the fundamental changes in this direction that are taking place in the banking sector. This is, first of all, the reduction of cash withdrawals from plastic cards and the growth of non-cash payments with their use, the lack of growth of the card market; increase in electronic terminals and reduce the number of ATMs installed. At the same time, it is emphasized that one of the main areas that determine both the liquidity and profitability of the bank is the regulation of cash balances. With the number of banks operating in the economy shrinking, the struggle for customers is becoming more acute. The satisfaction of the latter with the quality of the bank’s services, including in terms of settlement liquidity, should be considered as one of the primary factors that ensure the effectiveness of a significant number of banking operations. In this context, special attention is paid to the specifics of the bank’s actions to optimize cash flows, which requires the use of specialized automatic systems that allow processing data on cash balances and turnover to form forecasts that optimize the collection schedule and reduce ATM downtime due to lack of funds

Approaches to motion control intellectualization of a mobile robot

2021 ◽  
Author(s):  
Stepan A. Lapshinov ◽  
Vadim A. Shakhnov ◽  
Anton V. Yudin
Keyword(s):  
Mobile Robot ◽  
Motion Control ◽  
Control Device ◽  
Alternative Methods ◽  
Design Solution ◽  
Movement Direction ◽  
Software Complex ◽  
Advantages And Disadvantages ◽  
Drive Control ◽  
Omni Wheel

The paper considers the principles of intelligent motion control of mobile robots using the example of omni-wheel modules. The proposed design solution uses components of movement intelligence in any direction, receiving commands from a human operator or above a standing automatic control device, consisting of an angle of movement direction and the required distance of movement. This paper presents an embodiment of using omni-wheels to move a mobile robot over a flat surface. Features of device and application of drive with three omni-wheels in comparison with differential drive are considered. Kinematics, basic principles of motion control formation, hardware and software complex for its implementation are described. There were revealed two alternative methods of organization of drive control in conditions of shortage of low-level hardware resources on the basis of 8-bit microcontroller, their advantages and disadvantages have been analyzed. Process support and materials have been presented that allows realizing the competitive advantages of development while minimizing the cost of components. Features of mobile robot travel route development have been mentioned on the example of competitive practice.

scholarly journals The Influence Of Long-Term Tangıble Asset’s Valuatıon On Fınancıal Indıcators: The Attıtude Of Shareholders And Credıtors

2016 ◽  
Vol 12 (4) ◽  
pp. 367
Author(s):  
Lina Paliuliene
Keyword(s):  
Fair Value ◽  
Total Asset ◽  
Financial Indicators ◽  
Historical Cost ◽  
Valuation Methods ◽  
Financial Condition ◽  
Valuation Method

In the article the long-term tangible asset’s valuation methods by the historical cost and the fair value are generalized, indicators that are analyzed by shareholders and creditors when assessing the company's financial condition are identified. For the research eight Lithuanian companies which apply different long-term tangible asset’s valuation methods were selected from two industries. The influence of long-term tangible asset’s valuation was explored by five relative indicators. It was determined that valuation method is associated with long-term tangible asset’s part in the total company's asset. When long-term tangible asset’s part in the total company’s asset constitutes less than 50 percent, the asset’s valuation method has no influence on the analyzed indicators. When long-term tangible asset’s part in the total asset constitutes more than 50 percent, the asset’s valuation method affects solvency and investment indicators. Long-term tangible asset’s valuation method does not affect profitability indicators, independent of long-term tangible asset’s part in the total asset.

scholarly journals Opportunities and Questions: A Short Report on Rubric Assessments in Asia and the Middle East

2019 ◽  
Author(s):  
Ronnie Goodwin
Keyword(s):  
Middle East ◽  
Assessment Tool ◽  
Relevant Literature ◽  
Alternative Methods ◽  
Learning Theories ◽  
Short Report ◽  
Rating Systems ◽  
Self Assessment ◽  
Advantages And Disadvantages ◽  
The Impact

This qualitative short report considers the viability of the use of rubrics or alternative methods to assess writing in Asia and the Middle East. The background of learning theories, assessment types, and self-assessment literature provides a foundation for further discussion of the appropriate use of rubrics, including the prioritization of criterion, the quality of scoring, the impact of organizational features on scoring, the influence of bias, and the best application of rubric assessment. Relevant points for further study are identified, such as differentiation in research between generalized analytical rating systems and rubric assessment with specific, empirical criterion. The contradictory research regarding the advantages and disadvantages of rubric assessment in comparison with holistic assessment are of particular and crucial interest for global pedagogy. Many of the reviewed Western articles excluded Asian perspectives- except for China- and thus present a limited understanding of social and educational compatibility with new assessments and rubric assessments in particular. The discussion identifies patterns and points of contention and seeks to explore viewpoints rather than limit the scope of inquiry and consideration thus noting that relevant literature suggests that with appropriate teacher training, teachers may appropriately use rubrics as a formative assessment tool for writing in Asia and the Middle East.

scholarly journals Intellectual Capital (Intangible Assets) Valuation Considering The Context

2011 ◽  
Vol 4 (9) ◽  
Author(s):  
Miguel Angel Axtle Ortiz
Keyword(s):  
Intellectual Capital ◽  
Intangible Assets ◽  
Font Size ◽  
Valuation Methods ◽  
Valuation Method

<h1 style="margin: 0in 38.3pt 0pt 0.5in; mso-pagination: widow-orphan;"><span style="font-weight: normal; mso-bidi-font-size: 10.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">This article seeks to illustrate the evolution of intangible assets studies to the broader concept of intellectual capital and its valuation methods; then clarifies misunderstood concepts about the existence of intangible liabilities. A systemic dynamics approach to the IC valuation method considering the context finally is explained.<span style="text-decoration: underline;"></span></span></span></span></h1>

Sign in / Sign up

Export Citation Format

Share Document