What is value—accumulated reward or evidence?

Children's wear clothing comprises of clothing, designed for children under the age of 14. It is a sector which despite of the pressure on disposable income, expects the market to be most resilient by volume. Parents are reluctant to cut back on Children's wear. Purchases are more need-driven and the market is value-driven, allowing for high volumes – supporting volume recovery. One major factor that will boost the Children's wear market is the current demographic trend towards higher birth rates. In 2010, the total UK market for Children's wear was valued at £5.91bn, increase by 6.5% from 2009. Further, Verdict Retail forecasts the Children's wear market to grow by meager 1.7% in 2012, underperforming total clothing due to lower inflation. This article highlights the findings of a case study on Marks & Spencer (Bond Street, London) a leading UK brand, whose market share, fell down considerably in the Children's wear Department. The suggestions and consultancy have been provided for the brand, to improve their market share in the changing and volatile environment which was once, a market leader in the Kids-wear segment in UK.

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Value Relevance of Disaggregated Information: An Examination of the Rate and Volume Analysis of Bank Net Interest Income

Accounting Horizons ◽

10.2308/acch-52637 ◽

2019 ◽

Vol 34 (1) ◽

pp. 19-43

Author(s):

Qing L. Burke ◽

Terry D. Warfield ◽

Matthew M. Wieland

Keyword(s):

Stock Returns ◽

Value Relevance ◽

Comprehensive Analysis ◽

Funding Sources ◽

Rate Analysis ◽

Interest Income ◽

Performance Drivers ◽

Income Measure ◽

Important Form ◽

Is Value

SYNOPSIS A potentially important form of financial information disaggregation is to segregate the change in an income measure into its underlying performance drivers. In this study, we perform a comprehensive analysis of the usefulness of such disaggregation to investors. We utilize the volume and rate analysis in banks' 10-K filings, in which banks disaggregate annual changes in net interest income into changes in the balances (“volume variance”) and changes in the rates (“rate variance”) of assets and liabilities. We document that volume and rate variances are associated with bank characteristics, including market power, funding sources, and credit risk. We find volume and rate variances are predictive of future net interest income and are positively associated with stock returns and prices, suggesting the disaggregated information is value relevant. Our study informs regulators and users by showing that disaggregated information along volume and rate dimensions has predictive and confirmatory value.

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Discretion in Financial Reporting: The Voluntary Adoption of Fair Value Accounting for Employee Stock Options

Accounting Horizons ◽

10.2308/acch.2004.18.2.97 ◽

2004 ◽

Vol 18 (2) ◽

pp. 97-108 ◽

Cited By ~ 18

Author(s):

Dahlia Robinson ◽

Diane Burton

Keyword(s):

Financial Reporting ◽

Fair Value ◽

Stock Option ◽

Employee Stock Options ◽

Market Returns ◽

Employee Stock Option ◽

Accounting Reports ◽

Voluntary Adoption ◽

The Impact ◽

Is Value

This paper investigates the market reaction to announcements by firms of their decision to adopt the fair value provisions of SFAS No. 123 in accounting for their employee stock option (ESO) expense. Additionally, this paper examines ESO usage and expense of adopting firms and compares the impact of the expense on profitability measures for adopting firms relative to a matched set of control firms. We find a positive and significant abnormal return in the three days around the adoption announcements, suggesting that the decision to expense using the fair value method is value relevant. The positive abnormal announcement returns are mainly attributable to the earlier announcements, consistent with early announcements serving as a credible signal of a commitment to transparency in financial reporting. We find evidence that in the three years prior to the announcement year, adopting firms report significantly higher earnings than control firms yet fail to earn higher market returns, suggesting that adopters stand to benefit the most by improving the market's perception of their accounting reports. We also find that ESO usage, ESO expense, and the impact of ESO expense on profitability are significantly lower for adopters relative to control firms, although the impact of ESO expense is economically significant for 43 percent of the adopters.

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Optimizing preventive maintenance over a finite planning horizon in a semi-Markov framework

IMA Journal of Management Mathematics ◽

10.1093/imaman/dpaa026 ◽

2020 ◽

Author(s):

Antonio Sánchez Herguedas ◽

Adolfo Crespo Márquez ◽

Francisco Rodrigo Muñoz

Keyword(s):

Preventive Maintenance ◽

Recurrence Relations ◽

Direct Calculation ◽

Planning Horizon ◽

Practical Implementation ◽

Practical Application ◽

Mathematical Solution ◽

Accumulated Reward ◽

Finite Planning Horizon

Abstract This paper describes the optimization of preventive maintenance (PM) over a finite planning horizon in a semi-Markov framework. In this framework, the asset may be operating, and providing income for the asset owner, or not operating and undergoing PM, or not operating and undergoing corrective maintenance following failure. PM is triggered when the asset has been operating for τ time units. A number m of transitions specifies the finite horizon. This system is described with a set of recurrence relations, and their z-transform is used to determine the value of τ that maximizes the average accumulated reward over the horizon. We study under what conditions a solution can be found, and for those specific cases the solution τ* is calculated. Despite the complexity of the mathematical solution, the result obtained allows the analyst to provide a quick and easy-to-use tool for practical application in many real-world cases. To demonstrate this, the method has been implemented for a case study, and its accuracy and practical implementation were tested using Monte Carlo simulation and direct calculation.

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Synergic Relationship and Synergic Degree between an Information System and Corporate Strategy

Cybernetics and Information Technologies ◽

10.2478/cait-2013-0042 ◽

2013 ◽

Vol 13 (Special-Issue) ◽

pp. 110-121

Author(s):

Xie Xiang ◽

Guan Zhongliang ◽

Wang Xiaoliang ◽

Liu Jiashi

Keyword(s):

Information Technology ◽

Information System ◽

Core Competence ◽

Corporate Strategy ◽

Key Factors ◽

Measure Model ◽

Matching Degree ◽

Is Value

Abstract With the development of information technology, the Information System (IS) has not the characters of rareness and inimitability, so an IS cannot form core competence alone. Forming synergic relationship and keeping higher synergic degree between IS and corporate strategy will help the enterprises acquire competence advantage and realize IS value. This paper analyzes the conditions of forming synergic relationship between an IS and strategy, and points out that the key factors for a synergic degree are the strategy rationality and the matching degree between the IS and strategy. Based on the analysis result and BCG growth share matrix, this paper constructed a synergy degree measure model to evaluate the synergic relationship between the IS and corporate strategy. Finally, a case study is used to verify the feasibility of the model.

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Estimating the chance of success of information acquisition for the Norne benchmark case

Oil & Gas Science and Technology – Revue d’IFP Energies nouvelles ◽

10.2516/ogst/2018054 ◽

2018 ◽

Vol 73 ◽

pp. 54 ◽

Cited By ~ 1

Author(s):

Vinicius Eduardo Botechia ◽

Daniel Rodrigues dos Santos ◽

Carlos Eduardo Andrade Barreto ◽

Ana Teresa Ferreira da Silva Gaspar ◽

Susana Margarida da Graça Santos ◽

...

Keyword(s):

Information Acquisition ◽

Imperfect Information ◽

Reservoir Model ◽

Economic Return ◽

Average Value ◽

Numerical Reservoir Simulation ◽

Production Strategy ◽

4D Seismic ◽

Is Value ◽

Selection Of

A key decision in field management is whether or not to acquire information to either improve project economics or reduce uncertainties. A widely spread technique to quantify the gain of information acquisition is Value of Information (VoI). However, estimating the possible outcomes of future information without the data is a complex task. While traditional VoI estimates are based on a single average value, the Chance of Success (CoS) methodology works as a diagnostic tool, estimating a range of possible outcomes that vary because of reservoir uncertainties. The objective of this work is to estimate the CoS of a 4D seismic before having the data, applied to a complex real case (Norne field). The objective is to assist the decision of whether, or not, to acquire further data. The methodology comprises the following steps: uncertainty quantification, selection of Representative Models (RMs), estimation of the acquisition period, production strategy optimization and, finally, quantification of the CoS. The estimates use numerical reservoir simulation, economic analysis, and uncertainty evaluation. We performed analyses considering perfect and imperfect information. We aim to verify the increment in economic return when the 4D data identifies the closest-to-reality reservoir model. While the traditional expected VoI calculation provides only an average value, this methodology has the advantage of considering the increase in the economic return due to reservoir uncertainties, characterized by different RMs. Our results showed that decreased reliability of information affected the decision of which production strategy to select. In our case, information reliability less than 70% is insufficient to change the perception of the uncertain reservoir and consequently decisions. Furthermore, when the reliability reached around 50%, the information lost value, as the economic return became similar to that of the case without information acquisition.

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THE WIDENING GYRE: COUNTER-TERRORISM, HUMAN RIGHTS AND THE RULE OF LAW

The Cambridge Law Journal ◽

10.1017/s0008197308000032 ◽

2008 ◽

Vol 67 (1) ◽

pp. 69-91 ◽

Cited By ~ 2

Author(s):

Arthur Chaskalson

Keyword(s):

Human Rights ◽

Rule Of Law ◽

The Internet ◽

The Rule Of Law ◽

Counter Terrorism ◽

Daunting Task ◽

The Subject ◽

Google Search ◽

Is Value ◽

Do So

There are two themes that recur in previous Sir David Williams lectures. First, that it is a considerable honour to be invited to give the lecture. Secondly, that it is a daunting task to do so in the presence of Sir David, particularly in a field in which he has expertise. Since that covers most of the law there is no escape from this dilemma. Let me then acknowledge the privilege of having been asked to give this year's lecture, and confess that it is with some trepidation that I do so. The subject, terrorism and human rights, is not exactly uncharted territory. When I looked into the internet for some guidance on what might be relevant to terrorism and human rights, the response to my Google search informed me that in .03 seconds 32,900,000 references had been found. This seemed to indicate that it was unlikely that I would be able to say anything that has not already been said. But there are some subjects that are of such importance that there is value in reminding ourselves of the issues that are at stake, and if necessary for that purpose, repeating what others have said. And it is with that in mind that I approach my chosen topic.

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