The Effect of the COVID-19 Pandemic on International Stock Exchanges

2022 ◽  
pp. 106-143
Author(s):  
Hakan Altin
Keyword(s):  
Supply And Demand ◽  
Cash Flows ◽  
Stock Exchanges ◽  
Fiscal Policies ◽  
Rehabilitation Process ◽  
The Future ◽  
Current Value ◽  
A Company ◽  
Actual Price ◽  
Selection Of

It is possible to define the concept of risk in various ways. Risk is the deviation possibility of the realized value from the expected value. It has two components, nonsystematic risk and systematic risk. Despite this, pandemics are risk factors that cannot be anticipated. They have deeply affected economies and financial markets under every condition. The importance of the detection of the COVID-19 pandemic comes from the selection of monetary and fiscal policies to be applied by governments during the rehabilitation process of economies. Equity share markets provide important information regarding the future of a company or economy. The reason for this is that the current value of an equity share is dependent on the deducted calculation of the cash flows of the equity share to be provided in the future. The actual price of the equity share is determined according to supply and demand under market conditions.

M-ATTRIBUTES ALGORITHM FOR THE SELECTION OF A COMPANY TO BE AFFECTED BY A PUBLIC OFFERING

2009 ◽  
Vol 17 (03) ◽  
pp. 333-343 ◽  
Author(s):  
JAIME GIL-ALUJA ◽  
ANA MARIA GIL-LAFUENTE ◽  
ANNA KLIMOVA
Keyword(s):  
European Union ◽  
Active Role ◽  
The European Union ◽  
Economic Unit ◽  
Limited Company ◽  
The Future ◽  
Merging Process ◽  
Public Offering ◽  
A Company ◽  
Selection Of

Perhaps more than ever in the European Union many groups and associations of companies and institutions are trying, in different ways, to play an active role in the economic scene of the Union. We verified, on the basis of information obtained, that the studies which precede the decision of a Financial Corporation to initiate the launching of a public offering on a certain economic unit/company or to acquire the shares of a Public Limited Company to take over control, are based on numerical mathematics, adapted mainly to the study of the future hypothetical profitability of the group resulting from the merging process or fusion. We present a proposal based on combinatorial pretopology that leads to an algorithm capable of solving our objective adequately.

scholarly journals The valuation by multiples of Italian firms

2010 ◽  
Vol 7 (3) ◽  
pp. 228-241 ◽  
Author(s):  
Barbara Fidanza
Keyword(s):  
Small Firms ◽  
Stock Exchange ◽  
Cash Flows ◽  
Arithmetic Mean ◽  
Harmonic Mean ◽  
Industrial Firms ◽  
Book Value ◽  
Industrial Sectors ◽  
A Company ◽  
Selection Of

The purpose of this paper is twofold. First, the paper illustrates which comparables selection method provides the most accurate forecasts by using multiples. Firms listed on the Milan stock exchange from 2000 to 2006 were analyzed. Comparable firms were selected by activity sector, sector and size, sector and ROA, ROA and size, and were averaged with the arithmetic mean, median, and harmonic mean. Twelve multiple valuation methods were analyzed. The empirical results suggest that the selection of comparable firms on the basis of sector and ROA or sector and size are the most accurate criteria. Valuation improves when multiples are averaged using a median relative to arithmetic and harmonic mean. Moreover, in order to test which multiples are most effective to value a company, the main multiples were considered and I analyzed how factors such as sector, size and year bias these outcomes. The results show that the multiples based on cash flows are almost always significant; the multiples based on earnings are most significant in industrial sectors, in particular for small firms with many intangible assets; the multiples on book value appear most effective for non-industrial firms.

scholarly journals Stock Valuation: Dividend Discount Models

2011 ◽  
Author(s):  
Syrgak Kydyraliev ◽  
Anarkül Urdaletova
Keyword(s):  
Stock Price ◽  
Supply And Demand ◽  
Cash Flows ◽  
Securities Market ◽  
Present Value ◽  
Stock Valuation ◽  
Stock Value ◽  
The Future ◽  
Definition Of ◽  
Future Cash Flows

One of the most widespread problems on a securities market is the problem of definition of an estimated stock value. It is necessary to note, that the stock price as well as the price of any good in the market is defined as the result of supply and demand interaction. Our task is to offer the mechanism, which allows making decision on purchase or sale. For this purpose the method of asset estimation by future cash flows will be used – i.e. we believe that the estimated value of an asset is equal to present value of the future cash flows which are provided by the asset. In our paper we will introduce methods for the valuation of stocks with arithmetic and pseudo-arithmetic growth of dividends.

scholarly journals ANALISIS BIAYA DIFERENSIAL UNTUK MENGAMBIL KEPUTUSAN MENJUAL LANGSUNG ATAU MEMPROSES LEBIH LANJUT PRODUK PADA INDUTRI KACANG SANGRAI TARSIUS

2015 ◽  
Vol 10 (3) ◽  
Author(s):  
Ellis Fanny Manginsihi ◽  
David Paul Elia Saerang ◽  
Rudy J. Pusung
Keyword(s):  
Decision Making ◽  
Cost Analysis ◽  
Business Owner ◽  
Differential Analysis ◽  
Direct Selling ◽  
The Future ◽  
Processed Products ◽  
A Company ◽  
Selection Of

One of the functions of management is planning. Managers are faced with decisions regarding the selection of various kinds of alternatives. Any decisions taken by management will be a measurement of the success of a company in the future. One way to avoid mistakes in decision-making is by using differential analysis. Where the differential cost analysis is an approach to the analysis of the relevant costs are focused on different charges in a series of alternatives. The purpose of this study is to provide information that is relevant for the business owner to determine what costs and revenues arising from each alternative and compare to see the profits generated between direct selling or further memprosek product. The results showed that if the owner of the Industri Kacang Sangrai Tarsius wants to expand its business by choosing alternative further processing can be applied  if the product is further processed products, the revenue that will be received more than if directly sell the product.

STAGES OF HIGHER MATHEMATICS TEACHING FOR FUTURE CIVIL PROTECTION SPECIALISTS

2018 ◽  
pp. 168-172
Author(s):  
M. Kusiy
Keyword(s):  
Information Search ◽  
Cognitive Activity ◽  
Civil Defense ◽  
Educational Material ◽  
Material System ◽  
Civil Protection ◽  
Intellectual Activity ◽  
Innovative Teaching ◽  
The Future ◽  
Selection Of

Introduction.  During the training of emergency specialists, the development of a clear, structured thinking is important.  And the mathematical disciplines themselves are aimed at activating the intellectual activity of cadets and students, the ability to think logically, consistently, and reasonably.  However, cadets and students consider mathematics to be a complex, inaccessible and not very necessary science.  Therefore, there is a need for continuous, continuous development of methods, technologies of forms of training that would increase interest, accessibility to mathematical disciplines and at the same time, were aimed at improving the quality of training of future rescuers. Purpose.  Identify the main stages of teaching higher mathematics for future civil defense specialists and substantiate their peculiarities. Methods.  The article used methods of scientific knowledge (general), methods used in the empirical and theoretical levels of research (transition from abstract to specific).  Results.  The basic stages of teaching higher mathematics for future specialists of civil defense are determined: motivation, research, assimilation, application.  The proposed stages are analyzed in detail.  The regularities that contribute to the increase of motivation (selection of educational material, system approach, creative approach, a variety of forms and methods of teaching, taking into account the specifics of the future profession, the use of innovative teaching technologies) are highlighted.  There are three phases of knowledge (curiosity, curiosity, theoretical knowledge).  It is determined that for the acquisition of knowledge it is possible to use the information - search type of classes with its microstructure.  Planning the microstructure of occupations in the first place should put the level of cognitive activity, awareness and independence in the performance of educational tasks.  It is noted that the process of assimilation is the process of internalization of knowledge, putting it into the inner plan of man, and the application is to extraorise knowledge, make it to the outline of human activity.  It was investigated that the stage of application of knowledge is divided into two parts (the first is the application of knowledge, skills in standard terms, the second - the transfer of knowledge, skills, skills in new, changed conditions).  Examples of applied tasks that can be solved in higher mathematics classes are given.  It is substantiated that only in combination of all stages is formed the need for knowledge acquisition and their application. Conclusion.  Stages of teaching higher mathematics - a cyclical process that requires constant improvement, hard work of the teacher.  Stages of motivation and application combine the same laws (selection of educational material, creative approach, taking into account the specifics of the future profession, the use of innovative teaching technologies).  And only in a logical, thought-out combination of these stages can one form the future need for civil protection specialists to expand the knowledge and apply it to practical application.

Why Do Firms Write Off Their Goodwill? A Comparison of Different Accounting Systems

2015 ◽  
pp. 23-40 ◽  
Author(s):  
Francesco Avallone ◽  
Claudia Gabbioneta ◽  
Paola Ramassa ◽  
Marco Sorrentino
Keyword(s):  
Good Deal ◽  
Financial Statements ◽  
Cash Flows ◽  
Accounting System ◽  
Anglo Saxon ◽  
Accounting Systems ◽  
Ifrs Adoption ◽  
The Future

Increased comparability of financial statements across adopting countries is one of the main objectives of IFRS adoption. The level of achievement of this objective, however, is still debatable. While some studies have documented that crosscountry comparability of financial statements has increased after IFRS adoption, other studies have found that comparability has actually decreased since 2005. We contribute to this debate by studying whether the motivations for goodwill writeoff are the same or vary across countries with different accounting systems. Although a good deal of research has investigated the motivations for goodwill writeoff, our study is the first to analyze whether these motivations vary across countries with different accounting systems. We find that firms that expect low cash flows in the future are more likely to report goodwill write-offs if they are located in countries with an Anglo-Saxon accounting system than if they are located in countries with a Continental accounting system. These results suggest that IFRS are "interpreted" differently in different countries and that harmonization of financial statements has not been fully achieved yet.

Цифровая морфометрия разнокачественности семян овощных культур

2018 ◽  
Author(s):  
F.B. Musaev ◽  
N.S. Priyatkin ◽  
M.V. Arkhipov ◽  
P.A. Shchukina ◽  
A.F. Bukharov ◽  
...  
Keyword(s):  
Seed Quality ◽  
Image Analysis System ◽  
Flatbed Scanner ◽  
The Future ◽  
Scanned Images ◽  
Computer Morphometry ◽  
Analysis System ◽  
Matrix Heterogeneity ◽  
Relationship Of ◽  
Selection Of

Приведено описание разработанной авторами методики цифровой компьютерной морфометрии семян овощных культур на основе системы анализа изображений, состоящей из планшетного сканера и программного обеспечения для автоматических измерений. В основу метода положено представление о разнокачественности семян, обусловленной генетической неоднородностью самих семенных растений, используемых в промышленном семеноводстве. Физические свойства семян (их форма и линейные размеры) – основные параметры при определении их качества. Цифровые изображения семян получены при помощи планшетного сканера HP Sсanjet 200 на базе Агрофизического НИИ с использованием серийного программного обеспечения «Argus-BIO», производства ООО «АргусСофт» (г. Санкт-Петербург). Метод состоит из подбора контрастной подложки (фона) для сканирования семян с минимальными теневыми эффектами, калибровку программного обеспечения для привязки к истинным размерным величинам, подбор параметров измерений и автоматическое распознавание цифровых сканированных изображений семян. Представлены экспериментальные данные по морфометрии экологически разнокачественных семян фасоли овощной, матрикально разнокачественных семян укропа, пастернака и лука Кристофа. Семена укропа и пастернака, собранные из разных порядков ветвления семенного растения, значительно различались по величине линейных параметров. Наиболее показательный линейный параметр семян – площадь проекции. Предложенная авторами методика цифровой морфометрии, уже использована на практике и в перспективе может быть задействована в исследованиях экологической и матрикальной разнокачественности семян овощных культур. Так, она прошла апробацию на разнокачественных семенах пяти сортов фасоли овощной (Настена, Магура, Миробела, Морена, Бажена) полученных в пяти контрастных эколого-географических условиях среды (Москва, Белгород, Ставрополь, Омск, Горки) в 2011–2012 годах. В дальнейшем методика может быть использована для улучшения качества цифровых изображений семян, изучения разнокачественности семян в том числе и для совершенствования контроля за селекционным процессом. Кроме того, она применима для изучения взаимосвязи совокупности морфометрических характеристик семян и их посевных качеств.The description of the method of digital computer morphometry of vegetable seeds developed by the authors on the basis of the image analysis system consisting of a flatbed scanner and software for automatic measurements is given. The method is based on the idea of seed quality, due to the genetic heterogeneity of the seed plants used in industrial seed production. Physical properties of seeds (their shape and linear dimensions) are the main parameters in determining their quality. Digital image of the seed obtained using the flatbed scanner, HP Sсanjet 200 on the basis of the Agrophysical research Institute with serial software “Argus-BIO”, produced by LLC “Argussoft” (Saint-Petersburg). The method consists of selection of a contrast substrate (background) for scanning seeds with minimal shadow effects, calibration of software for binding to true size values, selection of measurement parameters and automatic recognition of digital scanned images of seeds. Experimental data on the morphometry of ecologically different-quality seeds of vegetable beans, matrix seeds of dill, Pasternak and Christoph onion are presented. Seeds of dill and parsnip, collected from different orders of branching of the seed plant, significantly differed in size of linear parameters. The most revealing linear parameter seed – area projection. The method of digital morphometry proposed by the authors has already been used in practice and in the future can be used in studies of ecological and matrix heterogeneity of vegetable seeds. So, it was tested on different quality seeds of five varieties of vegetable beans (Nastena, Magura, Mirobelа, Morena, Bazhenf) obtained in five contrasting environmental and geographical conditions (Moscow, Belgorod, Stavropol, Omsk, Gorki) in 2011-2012. In the future, the technique can be used to improve the quality of digital images of seeds, study of seed diversity, including to improve the control of the breeding process. In addition, it is applicable to study the relationship of the set of morphometric characteristics of seeds and their sowing qualities.

MODERN CONDITION AND PROSPECTS OF DEVELOPMENT OF THE UKRAINIAN WHITEHEAD BREED

2016 ◽  
Vol 52 ◽  
pp. 194-202
Author(s):  
S. L. Voitenko ◽  
L. V. Vishnevsky
Keyword(s):  
Milk Yield ◽  
Milk Fat ◽  
Objective Assessment ◽  
Live Weight ◽  
Fat Content ◽  
Early Age ◽  
Average Value ◽  
The Future ◽  
Efficiency Of Selection ◽  
Selection Of

The article shows the state of Ukrainian Whiteheaded cattle, which includes distribution of cattle, the number of animals belonging to respective bloodlines, evaluation of young animals with live weight in the process of growing and milk production of cows during the first lactation. It reflects the historic development of the breed when it was colonism whiteheaded cattle, which turned into the original breed, undergone a significant expansion in livestock and increase of productivity, decreased in the number, was as basis for creation of Ukrainian Black-and-White dairy breed and now bred only in one breeding farm. Visual estimation of animal exterior showed good development of cows and calves and their belonging to the dairy type. In the vast majority the cows of the herd have a black suit, a white head with " glasses" around the eyes, white belly, udder, lower legs and brush of the tail. The youngsters aren’t consolidated by the exterior, and among them there are animals which are not typical for Ukrainian Whiteheaded breed. The young animals have some lag in live weight behind the breed standard [12] to 7 months’ age with exceeding of this trait in certain periods quite significantly in the future. It was established that selection of heifers on live weight will be effective at the early age (1-5 months), given the coefficient of variation of live weight – 22,63-30,21% and will not have a significant influence in the future. Milk yields of first-calf heifers vary considerably depending on the origin. The milk yield of first-calf heifers in the herd was 4238,5 kg on average, the heifers belonging to Mart 171 and Ozon 417 bloodlines had the best milk performance – 4483,1 and 4254,9 kg accordingly. The most aligned milk yield during the first lactation was in the cows belonging to Ozon 417 bloodline, the limits of the trait are 4128,5-4327,4 kg with the average value by the line 4254,9 kg. In contrast, the first-calf heifers of Ryezvyi 33 bloodline with average milk yield 4048,9 kg had limits of the trait 2199,3-4736,1 kg. Even greater range in cows’ milk yield during the first lactation R= 4939 kg (limits 1687 – 6626 kg) is characterized for the herd in general, it shows, on the one hand, the possibility of qualitative improvement of cows’ productivity due to selection on the investigated trait and lack of selection in the herd on the other hand. It was established that daughters of bull Chardash belonging to Ryezvyi 33 bloodline produced 4736,1 kg of milk for 305 days of the first lactation with fat content 3,6%, whereas Zlak’s descendants of the same line were characterized by the lowest milk yield for the first completed lactation – 2199,3 kg with fat content 3,7% and the average value by the line – 4048,9 kg of milk, fat content 3,6%. Similar variability of first-calf heifers’ milk yields, depending on the origin, is typical for other bloodlines of Ukrainian Whiteheaded breed. To increase milk productivity of Ukrainian Whiteheaded cows is recommended to repeat successful combinations of parental forms, and to preserve the breed – to carry out an objective assessment of animals by a range of traits, given the efficiency of selection of heifers on live weight at early age.

Future of Commodity Markets and Investments

2018 ◽  
Author(s):  
Hunter M. Holzhauer
Keyword(s):  
Supply And Demand ◽  
Commodity Markets ◽  
Investment Banks ◽  
Algorithmic Trading ◽  
Excess Supply ◽  
The Future ◽  
Change Concerns ◽  
Global Population ◽  
Regulatory Trends

This chapter begins with a breakdown of recent growth trends for the overall commodities market. However, the long-term future of the market will heavily depend on three pressing issues: excess supply, increased regulations, and algorithmic trading. The section on excess supply explores how traders are changing strategies to adjust to the current imbalance between supply and demand, especially in the steel industry, and how that imbalance might change in the future based on global population trends and climate change concerns. The next section examines several regulatory trends, including the dramatic exodus of some investment banks from certain segments of the commodities market followed by a section focusing on how algorithmic trading is influencing how commodities are traded. A discussion of potential scenarios for the commodities market follows. The chapter concludes by examining a few ways in which the market and commodity traders may both survive and even thrive in the future.

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