scholarly journals Are Issuer Margins Fairly Stated? Evidence from the Issuer Estimated Value for Retail Structured Products

Forecasting ◽  
2020 ◽  
Vol 2 (4) ◽  
pp. 387-409
Author(s):  
Janis Bauer ◽  
Holger Fink ◽  
Eva Stoller
Keyword(s):  
Product Information ◽  
Fair Value ◽  
Future Research ◽  
Information Sheet ◽  
Gross Margin ◽  
Structured Products ◽  
Retail Investors ◽  
Product Valuation ◽  
Good Guide ◽  
Retail Structured Products

From 2014 to 2018, issuers of retail structured products in Germany established and calculated the Issuer Estimated Value (IEV), a fair value designed to offer more transparency for retail investors. By reporting the IEV in the product information sheet, banks implicitly make a statement on their expected gross margin and, as one of the first papers, we provide an empirical study of the fairness of these disclosed figures. On a sample of discount and capped bonus certificates, we find that reported issuer margins can be verified using standard option pricing models and we illustrate that hedging costs take on an important role for structured product valuation. Consequently, the answer to the raised question in the title seems to be an (initial) ‘yes’ for our chosen product sample. Even though in 2018 the IEV calculations have been replaced by similar margin and cost statements due to the newly introduced Packaged Retail and Insurance-based Investment Products Regulation, this finding might still be a good guide for future research.

Rationality, accounting and benchmarking water businesses

2018 ◽  
Vol 31 (3) ◽  
pp. 290-315 ◽  
Author(s):  
Nicholas Pawsey ◽  
Jayanath Ananda ◽  
Zahirul Hoque
Keyword(s):  
Economic Efficiency ◽  
Fair Value ◽  
Water Utilities ◽  
Future Research ◽  
Data Envelopment ◽  
Water Utility ◽  
Capital Input ◽  
Content Type ◽  
Dea Models ◽  
Future Work

Purpose The purpose of this paper is to explore the sensitivity of economic efficiency rankings of water businesses to the choice of alternative physical and accounting capital input measures. Design/methodology/approach Data envelopment analysis (DEA) was used to compute efficiency rankings for government-owned water businesses from the state of Victoria, Australia, over the period 2005/2006 through 2012/2013. Differences between DEA models when capital inputs were measured using either: statutory accounting values (historic cost and fair value), physical measures, or regulatory accounting values, were scrutinised. Findings Depending on the choice of capital input, significant variation in efficiency scores and the ranking of the top (worst) performing firms was observed. Research limitations/implications Future research may explore the generalisability of findings to a wider sample of water utilities globally. Future work can also consider the most reliable treatment of capital inputs in efficiency analysis. Practical implications Regulators should be cautious when using economic efficiency data in benchmarking exercises. A consistent approach to account for the capital stock is needed in the determination of price caps and designing incentives for poor performers. Originality/value DEA has been widely used to explore the role of ownership structure, firm size and regulation on water utility efficiency. This is the first study of its kind to explore the sensitivity of DEA to alternative physical and accounting capital input measures. This research also improves the conventional performance measurement in water utilities by using a bootstrap procedure to address the deterministic nature of the DEA approach.

Opera costumes and the value of object biographies

2018 ◽  
Vol 74 (6) ◽  
pp. 1162-1174 ◽  
Author(s):  
Helen J. Waller ◽  
David S. Waller
Keyword(s):  
Cultural Context ◽  
Fair Value ◽  
Future Research ◽  
Sufficient Information ◽  
Art World ◽  
Museum Collection ◽  
Auction House ◽  
Potential Implication ◽  
Content Type ◽  
Auction Houses

Purpose The purpose of this paper is to observe the nature of documentation and the description used in object biographies by an auction house catalogue and an online museum collection database in relation opera costumes. This research aims to discuss the issues of cultural and economic value in relation to objects in the art world, and examine examples of object biographies for opera costumes that are sold at an auction and exhibited in a museum. Design/methodology/approach The object biographies are compared from an auction house catalogue and the online museum collection database, based on two factors: costumes worn by a famous singer and costumes designed by a famous designer. Findings This study identified the valuation methods of auction houses and museums, including accounting for the market value and fair value, as well as social and cultural values. The nature of the documentation also clearly shows the different purpose of the object biographies. For auction houses the biography needs to be short and specific as it provides sufficient information and is read out at the auction, while art catalogues can also be used by experts as part of the conversation to understanding heritage value, and will also be viewed and used by researchers, investors, other auction house specialists and art world professionals. Research limitations/implications By comparing two institutions, auction houses and museums, this study has shown that the information that is documented and how it is presented in object biographies is determined by the goals of the institutions. These goals may vary or overlap in providing information, demonstrating cultural importance, to be spoken allowed to an audience and make sales, or to educate, conserve and preserve. Practical implications This study shows that to some extent museum online databases display their collection removed from cultural context, with an isolated image of the item, and in an organised, digitally accessible manner. A potential implication is that museums should not only digitally catalogue an item, but also provide discussion and the cultural background and significance of the item. Social implications Auction catalogues are written for a specific event (the auction), while the online museum collection database is meant to be a permanent record, which aims to digitally preserve objects and provide access to images and information to a general audience, and further could be edited with amendments or new information when future research or events lead to potential updates. Originality/value This study adds to the discourse on approaches to the understanding of costumes as an art object of significance and their potential cultural, economic and heritage value, particularly as represented in the documentation of object biographies.

scholarly journals Analysis and Design of Sales Information System on Web-Based E-Commerce in Yoga Farm Catfish Breeding Business Using UML

2020 ◽  
Vol 4 (3) ◽  
pp. 683
Author(s):  
Muhamad Ridho Dwi Cahyo ◽  
Candiwan Candiwan
Keyword(s):  
Information System ◽  
Business Processes ◽  
Product Information ◽  
Small And Medium Enterprises ◽  
Unified Modeling Language ◽  
Future Research ◽  
Web Based ◽  
Unified Modeling ◽  
Analysis And Design ◽  
Medium Enterprises

Yoga Farm is a Micro, Small, and Medium Enterprises (MSME) that focuses on catfish breeding that is still doing business processes manually. With this process, information received by related parties is very difficult to obtain quickly. Therefore, the product is still not widely known, and customers are still few because the system used in sales and promotions still uses a manual system. The research method used is qualitative. This study aims to create a sales information system recommended at Yoga Farm and design using Unified modeling language (UML) for the recommended business processes. Customers will get product information in real-time, products can be widely recognized, and the number of Yoga Farm customers can increase. Based on the results of this study, adoption of a web-based sales information system can certainly make it easier to get the latest information quickly, can expand the market and can also facilitate customers in the transaction. For future research, this research can be used as a reference for conducting similar studies at other MSMEs to increase sales

scholarly journals Social Media Content Headlinesand Their Impact on Attracting Attention

2020 ◽  
Vol 1/2020 (10) ◽  
pp. 49-59
Author(s):  
Kishokanth Jeganathan ◽  
◽  
Andrzej Szymkowiak ◽  
Keyword(s):  
Social Media ◽  
Product Information ◽  
Future Research ◽  
General Interest ◽  
Media Content ◽  
Anova Analysis ◽  
The Subject ◽  
Two Stages

Social media is an important source of product information for many users. Marketing in social media is based not only on building a community around the brand, but social media is used as a way to reach a defi ned group of users with a marketing message. These users are shown content, including promoted posts, which is to draw their attention, interest and get them to action, i.e. click on the link and read the article promoting an event or product. In this article, we investigated how the diff erent headline wordings (question, traditional, forward referring) aff ect the desire to read the article. An experiment was conducted on 75 participants, which confi rmed that the header has a large eff ect size. The ANOVA analysis was carried out in two stages, additionally taking into account the importance and general interest in the subject of the article by users. Finally, the possible business implications, limitations, and directions for future research were identifi ed.

scholarly journals Fair value accounting: Current practice and perspectives for future research

2020 ◽  
Vol 47 (3-4) ◽  
pp. 303-332 ◽  
Author(s):  
Ryan McDonough ◽  
Argyro Panaretou ◽  
Catherine Shakespeare
Keyword(s):  
Current Practice ◽  
Fair Value ◽  
Future Research ◽  
Fair Value Accounting

scholarly journals The (un)suitability of fair-value accounting in emerging economies: the case of Vietnam

2019 ◽  
Vol 15 (2) ◽  
pp. 170-197 ◽  
Author(s):  
Lisa-Uyen Nguyen
Keyword(s):  
Financial Reporting ◽  
Institutional Environment ◽  
Fair Value ◽  
Business Environment ◽  
Future Research ◽  
Critical Examination ◽  
Fair Value Accounting ◽  
Structured Interviews ◽  
Corporate Misconduct ◽  
Content Type

Purpose This study aims to explore the suitability and challenges of implementing fair value accounting (FVA) in Vietnam, an emerging/transitioning economy. While such implementation would enable convergence with International Financial Reporting Standards, standard setters and auditors have raised practical concerns about its adoption. Design/methodology/approach This qualitative study uses semi-structured interviews with regulators and auditors, together with an analysis of two fraud cases that illustrate the business environment in Vietnam. Public, private and capture theories guide the analysis. Findings The business and institutional environment in Vietnam creates several impediments to FVA being effectively implemented and transparently applied. Given the major challenges identified regarding the infrastructure necessary for this valuation system, the premature adoption of FVA may become a catalyst for corporate misconduct. Research limitations/implications The findings are derived from data aggregated from two fraud cases and interviews, and as such, the results may not be generalisable to other settings. However, these findings may inform future research, particularly after the Ministry of Finance provides further guidance on the use of FVA in Vietnam. Practical implications A timely and critical examination of the challenges of implementing FVA in a transitioning economy is provided, and the two fraud cases reveal the complexities of the business environment in Vietnam. Originality/value This research gives voice to the tensions that developing countries are confronting as they seek to balance external pressures with internal constraints. The introduction of an assemblage of three theoretical lenses enables insights into contemporary issues associated with applying FVA in such settings.

An Empirical Examination of Saudi Consumers Attitudes Towards Online Shopping

2017 ◽  
Vol 7 (2) ◽  
pp. 57-80 ◽  
Author(s):  
Raja Yahya Alsharief ◽  
Felwa Al-Saadi
Keyword(s):  
Customer Service ◽  
Online Shopping ◽  
Product Information ◽  
Consumer Attitudes ◽  
Ease Of Use ◽  
Future Research ◽  
Privacy And Security ◽  
Empirical Examination ◽  
Factors Affecting ◽  
Independent Variables

This paper aims to empirically examine Saudi consumers' attitudes towards online shopping. The papers test a framework that was developed to understand, evaluate and examine the different factors affecting consumer attitudes towards online shopping in Saudi Arabia. Data were collected using a non-probability sample of 1000 Saudi consumers'. The paper investigated several independent variables which were used in previous research studies and its relation with the dependent variable (online shopping attitude among Saudi consumers). The findings indicated that ease of use and reliability were positively related to attitude of consumer towards online shopping. The findings also illustrated a positive relationship between the research remaining independent variables (privacy and security, customer service, trust, product information, satisfaction) and online shopping attitude in KSA. The paper also provides a discussion of its limitations as well as direction for future research in the field.

Auditing Fair Value Measurements: A Synthesis of Relevant Research

2006 ◽  
Vol 20 (3) ◽  
pp. 287-303 ◽  
Author(s):  
Roger D. Martin ◽  
Jay S. Rich ◽  
T. Jeffrey Wilks
Keyword(s):  
Decision Making ◽  
Fair Value ◽  
Two Dimensions ◽  
Judgment And Decision Making ◽  
Future Research ◽  
Relevant Research ◽  
Research Directions ◽  
Academic Literature ◽  
Future Research Directions ◽  
Fair Value Measurements

To contribute to the PCAOB project on auditing fair value measurements (FVMs), we synthesize relevant academic literature to offer insights, conclusions, and future research directions for auditors, standard-setters, and academics focusing on auditing FVMs. We structure our synthesis along two dimensions: (1) an emphasis on the auditor's need to understand how FVMs are prepared, and (2) the audit steps and procedures necessary to verify and attest to FVMs, including an awareness of the potential biases inherent in auditing FVMs. Drawing primarily from the judgment and decision-making literature, we highlight a number of potential biases and limitations in the preparation and audit of FVMs. Additionally, we note that the specialized valuation knowledge necessary to effectively audit FVMs will be difficult for auditors to gain and maintain.

Development of Website Quality Dimensions of Home Appliance Enterprises Based on Exploratory Factor Analysis

2011 ◽  
Vol 204-210 ◽  
pp. 1920-1923
Author(s):  
Jun Zhuo ◽  
Jia Zhen Xiao ◽  
Ming Zhou
Keyword(s):  
Factor Analysis ◽  
Exploratory Factor Analysis ◽  
Customer Service ◽  
Product Information ◽  
Research Direction ◽  
Future Research ◽  
User Friendliness ◽  
Information Accessibility ◽  
Home Appliance ◽  
Quality Features

The paper studied the quality features that are crucial to the success of HAEs websites. Firstly, the paper took a comprehensive review of literature. Secondly, focusing on user-friendliness, we identified 44 quality features, which were quantitatively measured by the questionnaire developed by us. Thirdly, data were collected from 260 subjects. Exploratory factor analysis resulted in the identification of six dimensions, which are customer service, product information and search, transaction, sale support, outlets information, accessibility. Finally, we discussed the implication and limitations of the findings and pointed out future research direction.

scholarly journals Product Recommendation Agents for Cyber Shopping Consumers

2012 ◽  
pp. 586-599
Author(s):  
Tobias Kowatsch ◽  
Wolfgang Maass
Keyword(s):  
Dynamic Pricing ◽  
Product Information ◽  
Consumer Electronics ◽  
Future Research ◽  
Purchase Decision ◽  
Product Reviews ◽  
Product Recommendation ◽  
Future Research Directions ◽  
Recommendation Agents ◽  
Product Recommendation Agents

With cyber shopping, consumers face a massive amount of product information before an educated purchase decision can be made. Identifying relevant products is therefore laborious for consumers, in particular when they look for non-commodity products such as consumer electronics. Product Recommendation Agents (PRAs) help consumers in finding relevant products efficiently. PRAs recommend a set of products either explicitly according to product attributes preferred by the consumer or implicitly based on consumers’ interests and activities. PRAs retrieve hereby product information from various sources such as a retailer’s product database or a third-party’s review database. This entry introduces and discusses PRAs for cyber shopping consumers from five perspectives: (1) Purchase decision-making, (2) natural language interaction, (3) dynamic pricing, (4) product reviews, and finally, (5) product recommendation infrastructures. Future research directions on PRAs for cyber shopping conclude this entry.

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