scholarly journals REDEMPTION RIGHTS FOR ACQUISITION OF NEW EMISSION AS A MEANS OF CORPORATE MANAGEMENT

2018 ◽  
pp. 117-127
Author(s):  
Mykola STETSKO
Keyword(s):  
Market Value ◽  
Fair Value ◽  
Cash Flows ◽  
Influential Factors ◽  
Share Price ◽  
Practical Implementation ◽  
Corporate Management ◽  
Market Rate ◽  
Wide Range ◽  
Definition Of

Introduction. There are cause-effect persistent relationships between the quality of corporate management of an enterprise and its ability to attract investments. Among the wide range of issues related to the definition of "corporate management", the least investigated is the means of redemption rights to purchase shares of new emission. The level of protection of investors’ rights depends directly on its capacity, and hence the investment attractiveness of individual enterprises and the capital market of the country. Purpose of the study is to substantiate the recommendations on the practical implementation of the redemption rights of shareholders to purchase shares of new emission. Methods. In order to create the conditions for the practical implementation of the redemption rights, the model of calculating the domestic fair value of redemption rights is substantiated. This model takes into account the following factors: market share price before additional emission, emission rate, emission and cash flows ratio which will be generated by the company owing to the emission results. It is a model for determining the minimum amount of additional cash flow, which should be generated by a company that carries out an additional share emission in order to preserve the market rate that took place before the increaseof the statutory capital, is offered. Results. The work emphasizes that redemption rights (for the purchase of shares) is a means against blurring the value share of individual shareholders, its devaluation and compensation of owners’ losses. The financial aspects of implementation of redemption rights, in particular, their price, fair value and influential factors are analyzed. If the share emission is low, the "blurring" of the market value of the shares in circulation and losses of shareholders will be high. The task of determining the fair value of redemption rights in the article was solved on the basis of comparing the market value of the company to the increase of the statutory capital and potential market capitalization after the additional share emission. Conclusions. It is shown that as a result of implementation of redemption rights, shareholders do not receive real additional income and increase of their assets. To compensate the shareholders losses related to the additional share emission, the necessity to permit the trade of redemption rights and the tax exemption from the sales revenue of these rights is substantiated.

Methods of measurement of leadership in business (supplementary materials for lectures and tutorials)

2019 ◽  
pp. 95-113
Author(s):  
V.L. Ustyuzhanin
Keyword(s):  
Graduate Students ◽  
Oil And Gas ◽  
Corporate Management ◽  
Corporate Leadership ◽  
University Teachers ◽  
Wide Range ◽  
Definition Of ◽  
Methods Of Measurement

The article, addressed to a wide range of readers interested in the problems of modern corporate management, but above all — University teachers, graduate students and students, identifies and comments on existing approaches to the definition of corporate leadership. The result of the study is the author's classification of the world's leading companies in the automotive, pharmaceutical and oil and gas industries.

Unregulated Corporate Financial Disclosure and Analysts’ Forecast Properties: The Case of Embedded Value Reporting by Life Insurers

2022 ◽  
pp. 0148558X2110632
Author(s):  
Samir M. El-Gazzar ◽  
Rudolph A. Jacob ◽  
Scott P. McGregor
Keyword(s):  
Voluntary Disclosure ◽  
Alternative Hypothesis ◽  
Forecast Accuracy ◽  
Fair Value ◽  
Cash Flows ◽  
Accurate Estimation ◽  
Corporate Management ◽  
Life Insurers ◽  
Embedded Value ◽  
Information Set

This paper investigates the association between life insurers’ voluntary disclosure of embedded value (EV), an unregulated market-driven fair value measure, and analyst forecast accuracy and dispersion. EV is an estimate of the present value of future net cash flows from in-force life insurance business. Advocates of this disclosure believe that EV is a better measure of economic performance than traditional GAAP measures. Others argue that corporate management has discretion in estimating and reporting EV. Further, analysts may have access to information that allows the development of possibly more accurate estimation metrics in the absence of EV disclosure. It is then an empirical issue to determine whether EV disclosure has any incremental effect on analysts’ forecast properties. Using a multi-country setting, we find that EV disclosure is positively associated with analysts’ earnings forecast accuracy and negatively related to forecast dispersion. This result is consistent with the alternative hypothesis that disclosure of EV provides a richer information set that enriches analysts’ forecasts beyond their own in-house developed surrogates. As guidance for insurance accounting and disclosure evolves, our findings support the value of continuing to provide EV information to the public.

Defining the Fair Value concept for IFRS application

2021 ◽  
Vol 22 (5) ◽  
pp. 575-591
Author(s):  
Mikhail A. GORODILOV ◽  
Anna A. RADEVICH
Keyword(s):  
Comparative Analysis ◽  
Market Value ◽  
Fair Value ◽  
Clear Definition ◽  
Appropriate Use ◽  
Existing Problems ◽  
Market Values ◽  
Different Types ◽  
Definition Of ◽  
Value Concept

Subject. This article discusses the issue of defining the Fair Value concept, its similarity and identification with the concept of Market Value. It examines the specifics of each particular value, defines the concept of Fair Value, and analyzes approaches (methods) of fair value valuation, clarifies existing problems of determining fair value for the purposes of IFRS application. Objectives. The article aims to define the notion of Fair Value and appropriate use in accounting, as well as explore approaches to assess fair value. Methods. For the study, we used a comparative analysis. Results. The article says of many inconsistencies in the valuation of fair value, starting with the lack of a clear definition of fair value in IFRS, which is actually identified with the concept of market value. It proposes a refined definition of fair value and identifies fundamental differences between fair and market values, which are based on the procedures used in their assessment. Conclusions. Fair and market values are two different types of valuation. Fair value can be the same as market value, but only if there is an active market available. There is no single concept of Fair Value presented in scientific and special literature. The same approaches are used in fair (IFRS) and market (valuation standards) assessments, but the methods described for each approach are not always the same.

scholarly journals On the definition of fair value for purposes of IFRS

2021 ◽  
Vol 26 (2) ◽  
pp. 148-157
Author(s):  
Mikhail A. GORODILOV ◽  
Anna A. RADEVICH
Keyword(s):  
Comparative Analysis ◽  
Market Value ◽  
Fair Value ◽  
Market Valuation ◽  
Clear Definition ◽  
Appropriate Use ◽  
Existing Problems ◽  
Market Values ◽  
Different Types ◽  
Definition Of

Subject. This article discusses the issue of defining the Fair Value concept, its similarity and identification with the concept of Market Value. It examines the specifics of each particular value, defines the concept of Fair Value, and analyzes approaches (methods) of fair value valuation, clarifies existing problems of determining fair value for the purposes of IFRS application. Objectives. The article aims to define the notion of Fair Value and appropriate use in accounting, as well as explore approaches to assess fair value. Methods. For the study, we used a comparative analysis. Results. The article says of many inconsistencies in the valuation of fair value, starting with the lack of a clear definition of fair value in IFRS, which is actually identified with the concept of market value. It proposes a refined definition of fair value and identifies fundamental differences between fair and market values, which are based on the procedures used in their assessment. Conclusions. Fair and market values are two different types of valuation. Fair value can be the same as market value, but only if there is an active market available. There is no single concept of Fair Value presented in scientific and special literature. The same approaches are used in fair (IFRS) and market (valuation standards) assessments, but the methods described for each approach are not always the same.

scholarly journals SPECIAL KNOWLEDGE IN FORENSIC EXAMINATION DETERMINATION OF THE LIMITATION PERIOD OF THE DOCUMENT

2021 ◽  
Vol 75 (2) ◽  
pp. 140-152
Author(s):  
Kostiantyn Kovalov ◽  
Keyword(s):  
Practical Implementation ◽  
Legal Method ◽  
Wide Range ◽  
Technical Examination ◽  
Scientific Opinion ◽  
General Scientific ◽  
Special Knowledge ◽  
Definition Of ◽  
Forms Of Knowledge

The purpose of the article is to formulate a conceptual vision of improving the scientific and methodological foundations of the application of special knowledge in the field of forensic documentation through the formation within the forensic technical examination of documents of a new expert specialty – determining the statute of limitations (index 2.4). The reliability of the obtained results and conclusions is ensured by the use of a set of general scientific research methods. In particular, with the help of the historical-legal method the scientific opinion on the content of special knowledge in retrospect is investigated; system-analytical – generalized scientific approaches to highlighting the main objectives of the use of special knowledge; system-structural – the range of special knowledge in the field of forensic document science, which should be possessed by an expert documentologist, is defined, the definition of «special knowledge in the field of forensic document science» is formulated; system-functional – formulated a conceptual vision of ways to improve the scientific and methodological foundations of the application of special knowledge in the field of forensic document science. In addition, for practical implementation, such forms of knowledge as concepts, laws, hypotheses, theories are used, which allow to apply them further, receiving scientific approbation. The definition of «special knowledge in the field of forensic document science» is formulated and the necessity of creation within the limits of forensic technical examination of documents of a new expert specialty – definition of prescription of the document (index 2.4) is scientifically substantiated. As a result of retrospective analysis of scientific opinion on the content of special knowledge, it is stated that the discussion on this subject continues, determining the expediency of determining special knowledge by areas of application. A wide range of special knowledge in the field of forensic document science is outlined, which should be possessed by an expert document maker, forming a separate category of knowledgeable persons. Scientifically substantiated, given the amount of special knowledge that document experts should have, promising areas of expanding the possibilities of forensic technical examination of documents, providing for the creation of a new expert specialty – determining the statute of limitations (index 2.4) and initiating new approaches to forensic training.

Measurements method of the audio recordings acoustic quality indicator prepared for registration and processing in the Unified Biometric System

2019 ◽  
pp. 40-46 ◽  
Author(s):  
V.V. Savchenko ◽  
A.V. Savchenko
Keyword(s):  
Quality Control ◽  
Small Sample Size ◽  
Personal Data ◽  
Digital Processing ◽  
Small Sample ◽  
Practical Implementation ◽  
Acoustic Measurements ◽  
Pitch Frequency ◽  
Wide Range ◽  
Automated Quality Control

We consider the task of automated quality control of sound recordings containing voice samples of individuals. It is shown that in this task the most acute is the small sample size. In order to overcome this problem, we propose the novel method of acoustic measurements based on relative stability of the pitch frequency within a voice sample of short duration. An example of its practical implementation using aninter-periodic accumulation of a speech signal is considered. An experimental study with specially developed software provides statistical estimates of the effectiveness of the proposed method in noisy environments. It is shown that this method rejects the audio recording as unsuitable for a voice biometric identification with a probability of 0,95 or more for a signal to noise ratio below 15 dB. The obtained results are intended for use in the development of new and modifying existing systems of collecting and automated quality control of biometric personal data. The article is intended for a wide range of specialists in the field of acoustic measurements and digital processing of speech signals, as well as for practitioners who organize the work of authorized organizations in preparing for registration samples of biometric personal data.

Typologization of security regulation

2020 ◽  
pp. 20-27
Author(s):  
Denis Tikhomirov
Keyword(s):  
Social Relations ◽  
Scientific Literature ◽  
Legal Regulation ◽  
Procedural Understanding ◽  
Limited Ability ◽  
Methodological Basis ◽  
Wide Range ◽  
The Subject ◽  
Definition Of ◽  
Legal Understanding

The purpose of the article is to typologize terminological definitions of security, to find out the general, to identify the originality of their interpretations depending on the subject of legal regulation. The methodological basis of the study is the methods that made it possible to obtain valid conclusions, in particular, the method of comparison, through which it became possible to correlate different interpretations of the term "security"; method of hermeneutics, which allowed to elaborate texts of normative legal acts of Ukraine, method of typologization, which made it possible to create typologization groups of variants of understanding of the term "security". Scientific novelty. The article analyzes the understanding of the term "security" in various regulatory acts in force in Ukraine. Typological groups were understood to understand the term "security". Conclusions. The analysis of the legal material makes it possible to confirm that the issues of security are within the scope of both legislative regulation and various specialized by-laws. However, today there is no single conception on how to interpret security terminology. This is due both to the wide range of social relations that are the subject of legal regulation and to the relativity of the notion of security itself and the lack of coherence of views on its definition in legal acts and in the scientific literature. The multiplicity of definitions is explained by combinations of material and procedural understanding, static - dynamic, and conditioned by the peculiarities of a particular branch of legal regulation, limited ability to use methods of one or another branch, the inter-branch nature of some variations of security, etc. Separation, common and different in the definition of "security" can be used to further standardize, in fact, the regulatory legal understanding of security to more effectively implement the legal regulation of the security direction.

Music after the Fall

2017 ◽  
Author(s):  
Tim Rutherford-Johnson
Keyword(s):  
New Media ◽  
Contemporary Music ◽  
The United States ◽  
Art Music ◽  
Sound Art ◽  
Musical Composition ◽  
Western Art ◽  
Wide Range ◽  
Definition Of ◽  
The Cold War

By the start of the 21st century many of the foundations of postwar culture had disappeared: Europe had been rebuilt and, as the EU, had become one of the world’s largest economies; the United States’ claim to global dominance was threatened; and the postwar social democratic consensus was being replaced by market-led neoliberalism. Most importantly of all, the Cold War was over, and the World Wide Web had been born. Music After The Fall considers contemporary musical composition against this changed backdrop, placing it in the context of globalization, digitization, and new media. Drawing on theories from the other arts, in particular art and architecture, it expands the definition of Western art music to include forms of composition, experimental music, sound art, and crossover work from across the spectrum, inside and beyond the concert hall. Each chapter considers a wide range of composers, performers, works, and institutions are considered critically to build up a broad and rich picture of the new music ecosystem, from North American string quartets to Lebanese improvisers, from South American electroacoustic studios to pianos in the Australian outback. A new approach to the study of contemporary music is developed that relies less on taxonomies of style and technique, and more on the comparison of different responses to common themes, among them permission, fluidity, excess, and loss.

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.

Inco Ltd.: Market Value, Fair Value, and Management Discretion*

2008 ◽  
Author(s):  
Sandy Hilton Hilton ◽  
Patricia C. O'Brien
Keyword(s):  
Market Value ◽  
Fair Value
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