scholarly journals The Features of Market Value Assessment of the Objects of Intellectual Property When Conducting Forensic Expertise

2019 ◽  
Vol 14 (2) ◽  
pp. 128-135
Author(s):  
K. H. Mamikonyan
Keyword(s):  
Intellectual Property ◽  
Discount Rate ◽  
Initial Conditions ◽  
Traditional Approach ◽  
Weighted Average ◽  
Market Value ◽  
Assessment Method ◽  
Value Assessment ◽  
Debt Capital ◽  
Investment Capital

Illicit use of intellectual property violates the rights of the person/company that owns it. The expertise of intellectual property in many ways helps to restore justice in cases of rights violation. To conduct such expertise the knowledge of not only the intellectual property rights is required, but also of the activity to which the disputed intellectual property belongs. The article discusses some approaches to assessment of the market value of intellectual property, for instance it is assumed that when calculating the discount rate of intellectual property (for example, a brand), a company’s weighted average cost of capital (WACC) can be used. A hypothesis is substantiated that the methodology for determining discount rates using the “traditional” approach, when the discount rate takes all risks into account and is applied to the most probable values of the income measure, is based on the direct observations on the capital value market for a business. It is noted that the discount rate for intangible assets not necessarily should differ from that for a business. Thus, WACC assessment method is a discount rate for the invested capital. The method of estimating the discount rate based on WACC, shows the rate of return to be paid for the use of investment capital. The latter may consist of two sources of financing: own capital and debt capital. The article provides a thorough and detailed analysis of the WACC and notes that it can be used in both financial and investment analysis to assess future returns on investments, considering the initial conditions for profitability of investment capital.

RATE OF COSTS ON INVESTMENT CAPITAL IN EMERGING MARKETS

2019 ◽  
Vol 6 ◽  
pp. 665 ◽  
Author(s):  
Oleg Tereshenko ◽  
Nataliya Voloshanyk ◽  
Dmytro Savchuk
Keyword(s):  
Emerging Markets ◽  
Discount Rate ◽  
Capital Market ◽  
Risk Premium ◽  
Emerging Market ◽  
Weighted Average ◽  
Capital Costs ◽  
Investment Capital ◽  
Capm Model ◽  
Risk Free Rate

To date, there is no adequate methodology for calculating the discount rate that would satisfy most financial analysts. The most common approach to determining the discount rate is to use the weighted average cost of capital (WACC) algorithm. The calculation of capital costs (discount rates) in emerging market countries (EM) is characterized by a number of problems related to the information inefficiency of the capital market, instability of demand for products, inflation, macroeconomic and legal uncertainty and a lack of proper payment discipline. Even more complex are the corresponding calculations during the financial crisis, accompanied by hyperinflation, a fall or significant fluctuations in the rate of the national monetary unit, trade wars, and the collapse of the banking system.Especially problematic for emerging markets is the calculation of the cost of equity (investment) capital. In developed markets, the classical CAPM model is used for these purposes. Taking into account the lack of an effective capital market in EM-related countries, it is quite difficult to determine the standard parameters of the model (risk-free rate of return, market risk premium, beta factor). Significant problems also lie in the sources and shadow schemes for paying high premiums for the risks of investing capital in EM. The aim of the paper is to substantiate recommendations on the procedure for calculating the rate of costs for own (investment) capital, taking into account the specifics of corporate activities in countries related to EM. 

Determining the discount rate when evaluating trade organizations: Some features

2020 ◽  
Vol 13 (1) ◽  
pp. 71-84
Author(s):  
E.A. Grigor'eva ◽  
A.S. Buzhikeeva
Keyword(s):  
Discount Rate ◽  
Economic Activity ◽  
Systems Approach ◽  
Market Value ◽  
Additional Risk ◽  
Evaluation Procedures ◽  
Analytical Research ◽  
Definition Of ◽  
Traditional Approaches

Subject. This article deals with the issues of determining the market value of the trading business, taking into account a number of characteristics. Objectives. The article aims to develop certain provisions of the methodology and practice of evaluating the business of trading organizations, namely, taking into account the additional risk of inventory feasibility when calculating the discount rate. Methods. For the study, we used a systems approach, and the cognition, and economic and analytical research methods. Results. The article presents a three-tiered classification of stocks and a definition of risk based on the criteria for dividing stocks by purpose, degree of implementation, and shelf life in accordance with the scale. Based on the classification, the article offers certain recommendations for determining the discount rate when evaluating trading organizations, aimed at taking into account additional risk. Conclusions. Various evaluation procedures within the framework of traditional approaches and methods in relation to trading organizations do not take into account risk specific to this type of economic activity. The proposed methodology for calculating the discount rate for trade organizations takes into account the features of their functioning.

The Valuation Relevance of Reversing Deferred Tax Liabilities

2004 ◽  
Vol 79 (2) ◽  
pp. 437-451 ◽  
Author(s):  
David A. Guenther ◽  
Richard C. Sansing
Keyword(s):  
Discount Rate ◽  
Firm Value ◽  
Market Value ◽  
Present Value ◽  
Depreciation Rate ◽  
The Future ◽  
Deferred Tax Liabilities ◽  
Deferred Tax ◽  
Tax Depreciation ◽  
Depreciation Methods

This paper compares two attributes of a deferred tax liability (DTL) that arise from differences in book and tax depreciation methods. The first attribute is the effect of the DTL on the market value of the firm. The second is the length of time between when the asset is placed into service and when the DTL associated with that asset begins to reverse. The paper shows that a decrease in the time it takes for the DTL to begin to reverse is neither necessary nor sufficient for the value of the DTL to increase. It also shows that the value of the DTL is not equal to the present value of the future deferred tax expense. The effect of one dollar of DTL on firm value depends only on the tax depreciation rate and the discount rate.

scholarly journals Improved well logs clustering algorithm for shale gas identification and formation evaluation

2021 ◽  
Author(s):  
N. P. Szabó ◽  
B. A. Braun ◽  
M. M. G. Abdelrahman ◽  
M. Dobróka
Keyword(s):  
Cluster Analysis ◽  
Shale Gas ◽  
Clustering Algorithm ◽  
Traditional Approach ◽  
Harmful Effect ◽  
Weighted Average ◽  
Well Logs ◽  
Organic Carbon Content ◽  
Wireline Logs ◽  
Most Frequent Value

AbstractThe identification of lithology, fluid types, and total organic carbon content are of great priority in the exploration of unconventional hydrocarbons. As a new alternative, a further developed K-means type clustering method is suggested for the evaluation of shale gas formations. The traditional approach of cluster analysis is mainly based on the use of the Euclidean distance for grouping the objects of multivariate observations into different clusters. The high sensitivity of the L2 norm applied to non-Gaussian distributed measurement noises is well-known, which can be reduced by selecting a more suitable norm as distance metrics. To suppress the harmful effect of non-systematic errors and outlying data, the Most Frequent Value method as a robust statistical estimator is combined with the K-means clustering algorithm. The Cauchy-Steiner weights calculated by the Most Frequent Value procedure is applied to measure the weighted distance between the objects, which improves the performance of cluster analysis compared to the Euclidean norm. At the same time, the centroids are also calculated as a weighted average (using the Most Frequent Value method), instead of applying arithmetic mean. The suggested statistical method is tested using synthetic datasets as well as observed wireline logs, mud-logging data and core samples collected from the Barnett Shale Formation, USA. The synthetic experiment using extremely noisy well logs demonstrates that the newly developed robust clustering procedure is able to separate the geological-lithological units in hydrocarbon formations and provide additional information to standard well log analysis. It is also shown that the Cauchy-Steiner weighted cluster analysis is affected less by outliers, which allows a more efficient processing of poor-quality wireline logs and an improved evaluation of shale gas reservoirs.

scholarly journals ASSESSMENT SALES RATIO, SUATU ALAT PENGUKUR KINERJA PENETAPAN NPOP (Studi di Desa Ambarketawang, Sleman)

2016 ◽  
Vol 2 (1) ◽  
pp. 102
Author(s):  
Asih Retno Dewi
Keyword(s):  
Performance Measurement ◽  
Market Value ◽  
Land Market ◽  
Analysis Tool ◽  
Value Assessment ◽  
Property Market

Abstract: Performance measurement in determining the Tax Object Acquisition Value as the basis for the imposition of duties onAcquisition of Land and Building Rights is conducted by analysis tool using assessment sales ratio (ASR). ASR analysis aims todetermine the level of conformity of Tax Object Acquisition Value (NPOP) to land market value to determine whether Tax ObjectAcquisition Value is in proportion, experienced under assessment, or over- assessment. Moreover, this technique also aims tomeasure diversity (variability) to account the level of fairness of Tax Object Acquisition Value as the bases of Duty on Acquisitionof Land and Building Rights (BPHTB). The results shows that the determination of Tax Object Acquisition Value as the bases todetermine BPHTB in Ambarketawang is lower compared to its property market value (under-assessment occurred). The variabilityon the determination of Tax Object Sales Value NPOP as the bases to determine BPHTB in Ambarketawang village is high, impliesthat it does not indicate good uniformity.Keywords: Tax Object Acquisition Value, Property Market Value, Assessment Sales RatioIntisari: Pengukuran kinerja dalam penetapan Nilai Perolehan Objek Pajak (NPOP) sebagai dasar pengenaan Bea Perolehan Hakatas Tanah dan Bangunan (BPHTB) dilakukan dengan alat analisis assessment sales ratio(ASR). Analisis ASR bertujuan untukmengetahui tingkat kesesuaian NPOP terhadap nilai pasar tanah apakah dalam penetapan NPOP sudah proporsional, terjadi underassessment, atau over assessment. Selain itu, juga bertujuan untuk mengukur keberagaman (variabilitas) NPOP sehingga diketahuitingkat keadilan penetapan NPOP sebagai dasar pengenaan BPHTB. Hasil penelitian menunjukkan bahwa penetapan NPOP sebagaidasar pengenaan BPHTB di Desa Ambarketawang masih relatif rendah dibandingkan dengan nilai pasar tanahnya (terjadiunderassessment).Tingkat keberagaman dalam penetapan NJOP sebagai dasar penentuan BPHTB di Desa Ambarketawang sangattinggi atau tidak menunjukkan keseragaman yang baik.Kata kunci: NPOP, Nilai Pasar Tanah, Assessment Sales Ratio

scholarly journals Development of scientific and methodological approach to quantitative and qualitative assessment of intellectual property management in industrial enterprises

2021 ◽  
Vol 2 (13 (110)) ◽  
pp. 28-41
Author(s):  
Diana Raiko ◽  
Viktoriia Cherepanova ◽  
Ihor Sylka ◽  
Olha Podrez ◽  
Irina Fedorenko
Keyword(s):  
Intellectual Property ◽  
Quantitative Assessment ◽  
Methodological Approach ◽  
Market Value ◽  
Qualitative Assessment ◽  
Property Management ◽  
Industrial Enterprises ◽  
Intellectual Property Management ◽  
Intellectual Potential ◽  
The Impact

The competitiveness, market value and income of an enterprise depend on the level of intellectual property management. Therefore, the aim of research is to develop, substantiate and test a scientific and methodological approach to a quantitative and qualitative assessment of the management of intellectual property of industrial enterprises.  The originality of the proposed approach is that on the basis of the concept of "management of intellectual property" a procedure for current management has been developed, the main stage of which is a quantitative and qualitative assessment. The assessment is based on the structural and logical model, which is built according to two criteria. The criteria make it possible to determine the current state of the use of intellectual property (intangible assets) – a quantitative assessment, and the prospect of further use (intellectual potential) – a qualitative assessment. A quantitative assessment involves the calculation of indicators characterizing the state of assets, the dynamics of the impact on the market value of the enterprise, the profitability of production, which is proposed to be determined through the net cash flow from operating activities. A qualitative assessment is carried out in terms of components (information and investment, organizational and legal, economic, personnel and motivation), tools and relative indicators that characterize the intellectual potential of an industrial enterprise. The assessment is carried out using a general integral indicator, which is of practical importance, since it shows the existing level of intellectual property management and directions for improvement in the future. The approbation of the scientific and methodological approach was carried out on the example of three Ukrainian coke-chemical enterprises (CJSC Avdeevka Coke Plant, CJSC Zaporozhkoks, CJSC Yuzhkoks) of the American association SUNCOKE ENERGY, INC and the Polish association J.S.W. S.A. Group. Empirical studies for the period from 2015 to 2019 made it possible to build a scale for assessing the level of intellectual property management according to the Harrington function

TOOLS FOR ASSESSING THE COMPETITIVENESS OF A COMMERCIAL ENTERPRISE

2020 ◽  
Vol 10 (9) ◽  
pp. 2047-2061
Author(s):  
I.V. Sibiryatkina ◽  
Keyword(s):  
Weighted Average ◽  
Assessment Method ◽  
Practical Significance ◽  
Expert Assessment ◽  
Complex Coefficient ◽  
Advantages And Disadvantages ◽  
Proposed Model ◽  
Commercial Enterprise ◽  
Business Entities ◽  
Adaptation Model

The article presents the systematization of approaches to assess the enterprises' level of competitiveness. The advantages and disadvantages of the most famous models for assessing the competitiveness of business entities are considered. The identified shortcomings made it possible to form a hypothesis for studying the enterprises' competitiveness, taking into account the industry factor, financial criteria and quality indicators of the enterprise. For the formation of an objective adaptation model for assessing the competitiveness of an enterprise, taking into account its industry specificity, the author's approach to assessing the competitiveness of an enterprise, taking into account industry specifics, based on the relative and qualitative indicators of the enterprise's activities, selected by the expert assessment method, is considered. For trade enterprises, groups of the most significant indicators have been formed that characterize the competitiveness in the areas of observation of the sales of a trade enterprise, its costs, financial position and financial results, for the market share of the trade enterprise, the level of prices for goods, for the level of service of the trade enterprise. The indicators characterizing the level of competitiveness of a trading enterprise are divided into relative critical indicators and a group of qualitative critical indicators, which are included in the calculation of the complex coefficient of enterprise competitiveness model based on the theory of effective competition according to the weighted average arithmetic formula. The article presents the results of approbation of the proposed methodology on the example of the “PAO Magnit” trading enterprise and its trade competitors operating in Voronezh. The obtained results of the author's methodology for assessing the competitiveness of a trading enterprise have practical significance; the proposed model can be adapted according to the criteria for selecting indicators and their quantitative indicator, which contributes to the use of this toolkit in future studies of the competitiveness of trading enterprises.

Boundedness and Other Theories for Complex Systems

2013 ◽  
pp. 108-125
Keyword(s):  
Initial Conditions ◽  
Traditional Approach ◽  
Deterministic Chaos ◽  
Mathematical Object ◽  
Self Organized ◽  
Self Organized Criticality ◽  
Universal Properties ◽  
The One ◽  
Global Invariant ◽  
Sensitivity To Initial Conditions

A comparison between the concept of boundedness on the one hand, and the theory of self-organized criticality (SOC) and the deterministic chaos on the other hand, is made. The focus is put on the methodological importance of the general frame through which an enormous class of empirical observations is viewed. The major difference between the concept of boundedness and the theory of self organized criticality is that under boundedness, the response comprises both specific and universal part, and thus a system has well defined “identity,” while SOC assumes response as a global invariant which has only universal properties. Unlike the deterministic chaos, the boundedness is free to explain the sensitivity to initial conditions independently from the mathematical object that generates them. Alongside, it turns out that the traditional approach to the deterministic chaos has its ample understanding under the concept of boundedness.

scholarly journals Boulder Pickup by Tsunami Surge

2019 ◽  
Vol 13 (05n06) ◽  
pp. 1941006
Author(s):  
Samuel Harry ◽  
Margaret Exton ◽  
Harry Yeh
Keyword(s):  
Pore Water Pressure ◽  
Initial Conditions ◽  
Scale Effects ◽  
Traditional Approach ◽  
Water Pressure ◽  
Free Surface Flow ◽  
Surface Flow ◽  
Flow Conditions ◽  
The Difference ◽  
The Impact

Study of boulder transport by tsunamis is challenging because boulder size, shape, and composition vary greatly; furthermore, flow conditions, topography, and initial conditions are generally unknown. To investigate the mechanism of boulder pickup, experiments of tsunami-like flow past spherical boulders partially buried in a sediment bed are conducted. The experiments are performed in a large centrifuge facility to reduce scale effects and the corresponding dynamic similitude is discussed. The traditional approach to determine boulder pickup is adapted for the case of a half-buried spherical boulder. The adapted model predicts that the boulders are transported, but does not accurately predict the timing of pick up. To investigate the difference in pickup timing, two physical phenomena are discussed: pore-water-pressure dissipation in the soil, and the impact of the free-surface flow on hydrodynamic forces. For a spherical shaped boulder, vertical forces (i.e. buoyant and lift forces) are critical for the initiation of boulder pickup. It was found that spherical boulders that are three-quarter buried in the soil are not transported, even when exposed to flow conditions that would otherwise predict transport.

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