scholarly journals THE APPRAISAL OF THE COMPANIES WITH NEGATIVE EARNINGS / PROCJENA VRIJEDNOSTI PREDUZEĆA KOJA POSLUJU S GUBITKOM

2020 ◽  
Vol 18 (2) ◽  
Author(s):  
Tajana Serdar Raković
Keyword(s):  
Large Body ◽  
Influential Factors ◽  
The Other ◽  
Strategic Decisions ◽  
Theoretical Assumption ◽  
Going Concern ◽  
Valuation Methods ◽  
Questionnaire Method ◽  
Negative Earnings

A large body of valuation literature comes from the theoretical assumption that businesses operate on a going-concern principle and earn profit in the long-term, except for the liquidation method. When assumptions about going-concern principle and profit-earning are met, it is not too difficult to make cash flow projections and determine the entity’s estimated value. However, for businesses with negative earnings, the problems and concerns of valuation are multiplied. The research aims to point out the specificities of companies with negative earnings and possible ways of overcoming the barriers in valuing such businesses. For companies with temporary problems, it is assumed they will earn profits again in the short term, and instead of losses, stabilized earnings will be generated. One possible solution is in adjusting the expected growth rate in the future period and the other assumes the estimation based on stabilized earnings. In the other group of companies, losses are a manifestation of larger and more serious problems, and it is necessary to estimate whether the problems will be overcome and, if so, when that will occur. Poor strategic decisions, business inefficiencies and over-indebtedness can be the causes of long-term problems in companies. According to the depth of crisis: the liquidation method should be applied if the problems are permanent and serious, and other valuation methods in opposite cases. The first part of the empirical research relates to the comparative analysis of 20 companies’ valuations in Republic of Srpska, and the second part to the analysis of the data collected by the questionnaire method, on a sample of 78 appraisers who hold the license of the certified appraiser. Methods from the domains of correlation analysis, descriptive statistics and statistical inference are used to quantify and process the data and to calculate the qualitative indicators. The results show that in practice, in most cases, three or four valuation methods are applied. For companies with negative earnings, the adjusted book value was determined in 100% and the liquidation value in 87.5% of appraisals. For firms with temporary problems, 94% of appraisers prefer adjusting growth rates and 86% stabilizing earnings when applying income approach methods. Examining influential factors that can affect solving of operational problems in companies with long-term problems, four groups of factors were identified, the most significant being the nature of inefficiencies and the quality of top management. In the valuation of companies where over-indebtedness is the cause of problems, and which are operationally sound, the most used method is a modification of debt ratios, in 76.9% of cases. APV method is used in 35.9% of these companies’ valuations. Valuation of companies whose bankruptcy is almost a certain option is done by liquidation method in almost 98.7% of appraisals. We conclude that in the appraisal of companies with negative earnings, it is crucial to identify the causes of problems and the possibilities of eliminating them, recognizing the ability of entities to continue operating on a going-concern principle and assumptions related to the inactive capital market in BiH.

scholarly journals Conservation of vegetable genetic diversity in Transylvania-Romania

2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Aurel Maxim ◽  
Silvia Străjeru ◽  
Cristian Albu ◽  
Mignon Sandor ◽  
Lucia Mihalescu ◽  
...  
Keyword(s):  
Genetic Diversity ◽  
Food Security ◽  
Old Age ◽  
Environmental Conditions ◽  
The Other ◽  
Local Varieties ◽  
Small Seed ◽  
Set Up ◽  
Questionnaire Method

Abstract The conservation of plant and animal genetic heritage is not a purpose in itself, but it represents the sine qua non condition for practicing a sustainable agriculture and to ensure nutrition and food security on long-term. Our research focused on identifying the areas with the richest genetic diversity of vegetables in Transylvania, Romania, as well as the main vulnerabilities related to seed production for the local vegetables. Our trips included 210 locations where 338 small seed producers were surveyed. The questionnaire method with fixed questions and undisguised multiple-choices was used. A number of 316 out of 565 cultivars taken into study have been proven to be authentic and valuable landraces, meaning 55.9%. In Transylvania, the richest genetic diversity of vegetables is found in the counties of Maramures, Bistrita-Nasaud and Hunedoara—where the cooperativization was lower before the year 1989. The most important risk in losing vegetable landraces is the old age of small growers (68.4%). However, it is encouraging that many NGOs interested in identifying, conserving and promoting local varieties have emerged in the last decade. Therefore, so-called "seed houses" have been set up to facilitate the exchange of seeds, and on the other hand, the expansion of organic farming requires local varieties that are better adapted to harsh environmental conditions.

Radioimmunotherapy for treatment of acute myeloid leukaemia and myelodysplastic syndrome

2005 ◽  
Vol 44 (03) ◽  
pp. 107-117
Author(s):  
R. G. Meyer ◽  
W. Herr ◽  
A. Helisch ◽  
P. Bartenstein ◽  
I. Buchmann
Keyword(s):  
Acute Myeloid Leukaemia ◽  
Myeloid Leukaemia ◽  
Primary Tumour ◽  
The Other ◽  
Haematopoietic Stem Cell ◽  
Other Hand ◽  
Primary Reduction ◽  
The One ◽  
Acute Myeloid

SummaryThe prognosis of patients with acute myeloid leukaemia (AML) has improved considerably by introduction of aggressive consolidation chemotherapy and haematopoietic stem cell transplantation (SCT). Nevertheless, only 20-30% of patients with AML achieve long-term diseasefree survival after SCT. The most common cause of treatment failure is relapse. Additionally, mortality rates are significantly increased by therapy-related causes such as toxicity of chemotherapy and complications of SCT. Including radioimmunotherapies in the treatment of AML and myelodyplastic syndrome (MDS) allows for the achievement of a pronounced antileukaemic effect for the reduction of relapse rates on the one hand. On the other hand, no increase of acute toxicity and later complications should be induced. These effects are important for the primary reduction of tumour cells as well as for the myeloablative conditioning before SCT.This paper provides a systematic and critical review of the currently used radionuclides and immunoconjugates for the treatment of AML and MDS and summarizes the literature on primary tumour cell reductive radioimmunotherapies on the one hand and conditioning radioimmunotherapies before SCT on the other hand.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

Interrelationships between municipal spatial policy strategy and airport operation and development. Lodz Airport case study

2018 ◽  
Vol 59 (1) ◽  
pp. 65-79
Author(s):  
Katarzyna Nikorowicz-Zatorska
Keyword(s):  
Land Use ◽  
Urban Planning ◽  
Cultural Development ◽  
The Other ◽  
Local Authorities ◽  
Spatial Management ◽  
The One ◽  
Surrounding Areas

Abstract The present paper focuses on spatial management regulations in order to carry out investment in the field of airport facilities. The construction, upgrades, and maintenance of airports falls within the area of responsibility of local authorities. This task poses a great challenge in terms of organisation and finances. On the one hand, an active airport is a municipal landmark and drives local economic, social and cultural development, and on the other, the scale of investment often exceeds the capabilities of local authorities. The immediate environment of the airport determines its final use and prosperity. The objective of the paper is to review legislation that affects airports and the surrounding communities. The process of urban planning in Lodz and surrounding areas will be presented as a background to the problem of land use management in the vicinity of the airport. This paper seeks to address the following questions: if and how airports have affected urban planning in Lodz, does the land use around the airport prevent the development of Lodz Airport, and how has the situation changed over the time? It can be assumed that as a result of lack of experience, land resources and size of investments on one hand and legislative dissonance and peculiar practices on the other, aviation infrastructure in Lodz is designed to meet temporary needs and is characterised by achieving short-term goals. Cyclical problems are solved in an intermittent manner and involve all the municipal resources, so there’s little left to secure long-term investments.

Russian-Japanese Relations: Long-Term Development Factors

2020 ◽  
Vol 13 (3) ◽  
pp. 68-85
Author(s):  
D. V. Streltsov
Keyword(s):  
Security Policy ◽  
The United States ◽  
Peace Treaty ◽  
Strategic Decisions ◽  
Chinese Market ◽  
External Energy ◽  
Economic Relations ◽  
Bilateral Relations ◽  
Personal Diplomacy

The article analyzes long-term external and internal factors determining the course of development of Russian-Japanese relations in 2019-2020. On the one hand, the anti-Russian component in Tokyo's foreign policy is shaped by its membership in the Security Treaty with the United States and its solidarity with the sanctions policy of the Group of Seven towards Russia. On the other hand, Japan and Russia are both interested interest in political cooperation in creating multilateral dialog mechanisms of international security in East Asia, resolving the nuclear issue on the Korean Peninsula, and easing tensions around territorial disputes in the East China and South China seas. Among the economic factors, the author focuses on the significant place of Russia in the context of Japan's task of diversifying sources of external energy supplies, as well as on Russia's desire to avoid unilateral dependence on the Chinese market while reorienting the system of foreign economic relations from the West to the East. Personal diplomacy of political leaders plays a significant role in relations between Russia and Japan, and, above all, close personal relationships and frequent meetings between Prime Minister Abe and President Putin, which make it possible to partially compensate the unfavorable image of the partner country in the public opinion of both Russia and Japan. Against the background of a deadlock in the Peace Treaty talks which emerged in 2019, the search for a way out of the diplomatic impasse is on the agenda. In the author's opinion, it would be appropriate at the first stage to proceed to the conclusion of a basic agreement on the basis bilateral relations, which would be "untied" from the Peace Treaty. In addition, Russia could stop criticizing Japan for its security policy and show greater understanding of the Japanese initiative in the field of quality infrastructure. In turn, Japan could take a number of strategic decisions on cooperation with Russia and announce them in the Prime Minister's keynote speech. In addition, Tokyo could stop positioning the issue of the peace Treaty as the main issue in relations with Russia, which would allow our countries to "untie" bilateral relations from the problem of border demarcation and focus on their positive agenda.

Pengaruh Financial Leverage terhadap Financial Performance pada Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015

2018 ◽  
Vol 9 (2) ◽  
pp. 33-48
Author(s):  
Rivaldy Februansyah ◽  
Ika Yanuarti
Keyword(s):  
Financial Performance ◽  
Manufacturing Sector ◽  
Linear Regression Analysis ◽  
The Other ◽  
Debt Ratio ◽  
Financial Leverage ◽  
Coverage Ratio ◽  
Equity Ratio ◽  
Internal Fund

The manufacturing sector is one of the most dominant economic sectors in in achieving growth and development in Indonesia. It needs adequate fund to develop its business. The sources of fund are from internal and external. The firm usually optimized the usage of internal fund prior to external fund. The internal fund comes from equity while the external funds are from debt and stock. Debt is also known as financial leverage. There is a phenomenon that the usage of debt increased the firm’s financial performance, since interest on debt could lower the payment of tax (tax shield). On the other side, the higher the financial leverage the higher the risk of bankruptcy. This research aims to analyze whether financial leverage has an influence on financial performance in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) period 2015. The method of analysis used in this research is multiple linear regression analysis. This research uses quantitative approach with a sample of 140 listed companies in the manufacturing industry. The firm’s financial performance could be measured by the financial ratios. Financial Leverage ratios are ratios that measure the ability of firm’s to meet its financial obligation and the level of usage debt as compared to equity. There are several financial leverage ratios that used in this research, such as Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR). Financial performance indicates the ability of firm to generate profit and measured by Profitability Ratio. Return on Asset (ROA) is one of the Profitability Ratio. The statistical result shows that Debt Ratio (DR) negatively affect Return on Asset (ROA) and Interest Coverage Ratio (ICR) positively affect Return on Asset (ROA). Meanwhile, Debt to Equity Ratio (DER) and Long Term Debt Ratio (LTDR) did not affect Return on Asset (ROA). On the other hand, result shows that Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR) affect Return on Asset (ROA) simultaneously. Keywords: Financial Leverage, Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), Long Term Debt Ratio (LTDR), Financial Performance, Return on Assets (ROA)

The effects of long-term vigorous endurance exercise on the coronary arteries

2019 ◽  
Vol 67 (2) ◽  
Keyword(s):  
Endurance Training ◽  
Coronary Atherosclerosis ◽  
Calcium Score ◽  
The Other ◽  
Disease Phenotype ◽  
Male Athletes ◽  
Artery Disease ◽  
Future Work ◽  
Summary Data

Moderate endurance training is known to improve cardiovascular risk factors, and prolongs life expectancy. On the other hand, there has been some discussion whether “too much” exercise might have a contrarious effect by accelerating coronary atherosclerosis. The goal of this review was to evaluate the current literature on the effects of long-term vigorous endurance training on the coronary vasculature. In summary, data point to an increased calcium score, and a higher burden of atherosclerotic plaque in male athletes compared to sedentary controls. However, the plaques found in athletes were more prone to be calcified. The pathogenesis and clinical relevance of this athlete coronary artery disease phenotype remains incompletely understood and represents an area of important future work.

The effects of long-term vigorous endurance exercise on the coronary arteries

2019 ◽  
Vol 67 (2) ◽  
Keyword(s):  
Endurance Training ◽  
Coronary Atherosclerosis ◽  
Calcium Score ◽  
The Other ◽  
Disease Phenotype ◽  
Male Athletes ◽  
Artery Disease ◽  
Future Work ◽  
Summary Data

Moderate endurance training is known to improve cardiovascular risk factors, and prolongs life expectancy. On the other hand, there has been some discussion whether “too much” exercise might have a contrarious effect by accelerating coronary atherosclerosis. The goal of this review was to evaluate the current literature on the effects of long-term vigorous endurance training on the coronary vasculature. In summary, data point to an increased calcium score, and a higher burden of atherosclerotic plaque in male athletes compared to sedentary controls. However, the plaques found in athletes were more prone to be calcified. The pathogenesis and clinical relevance of this athlete coronary artery disease phenotype remains incompletely understood and represents an area of important future work.

INFORMATION SUPPORT FOR MAKING MANAGEMENT DECISIONS IN THE FIELD OF PREVENTION OF EYE DISEASES AT STUDENTS BASED ON MULTI-VARIANT SIMULATION AND FORECASTING

2020 ◽  
pp. 147-153
Author(s):  
Юлия Владимировна Татаркова ◽  
Татьяна Николаевна Петрова ◽  
Олег Валериевич Судаков ◽  
Александр Юрьевич Гончаров ◽  
Ольга Николаевна Крюкова
Keyword(s):  
Preventive Measures ◽  
Influential Factors ◽  
Eye Diseases ◽  
Information Support ◽  
Factor Space ◽  
Factors Affecting ◽  
Eye Fatigue ◽  
Modeling And Forecasting ◽  
Medical Examinations

В настоящей статье представлен обзор основных решений, доступных сегодня для формирования как краткосрочных, так и долгосрочных проекций заболеваемости болезней глаза и его придаточного аппарата в студенческой среде. С другой стороны, существует ряд проблем, связанных с многообразием факторов, влияющих на заболеваемость, статистической необоснованностью и противоречивостью имеющихся результатов анализа данных. Представлены результаты математического моделирования зависимости показателя заболеваемости от наиболее влиятельных факторов образовательной и социальной среды. Перечислены важнейшие направления разработки математических моделей распространения заболеваемости. С помощью разработанного программного комплекса проведена серия вычислительных экспериментов по оценке и прогнозированию заболеваемости обучающихся в вузах разного профиля. Показана эффективность применения методики многовариантного моделирования и прогнозирования, указаны их ограничения и возможности практического применения. По расположению обобщенной области благоприятного прогноза в факторном пространстве можно определить время воздействия неблагоприятных для зрения факторов, которое должно составлять не более 10 ... 11 часов в сутки, количество профилактических мероприятий должно составлять не менее 3 ... 4. При этом риск развития миопии составит не более 0,4, вероятность усталости глаз за компьютером составит не более 0,4, вероятность дискомфорта глаз на занятиях составит не более 0,15. Исходя из характера прогноза, определяется длительность диспансерного наблюдения, а также потребность профилактических мероприятий по устранению или ослаблению действия неблагоприятно влияющих социально-гигиенических и медико-биологических факторов конкретного больного. Использование прогностической матрицы в практическом здравоохранении позволяет существенно улучшить работу по профилактике офтальмологической заболеваемости и является одним из эффективных мероприятий диспансеризации студенческой молодежи, так как дает возможность выделить из числа обучающихся группу с высоким риском неблагоприятного исхода заболевания This article provides an overview of the main solutions available today for the formation of both short-term and long-term projections of the incidence of eye diseases and its adnexa in the student environment. On the other hand, there are a number of problems associated with a variety of factors affecting the incidence, statistical unreasonability and inconsistency of the available data analysis results. The results of mathematical modeling of the dependence of the incidence rate on the most influential factors of the educational and social environment are presented. The most important areas of developing mathematical models for the spread of morbidity are listed. With the help of the developed software package, a series of computational experiments was carried out to assess and predict the incidence of students in universities of various profiles. The effectiveness of the application of multivariate modeling and forecasting methods is shown, their limitations and practical application possibilities are indicated. By the location of the generalized region of favorable prognosis in the factor space, it is possible to determine the exposure time of factors unfavorable for vision, which should be no more than 10 ... 11 hours a day, the number of preventive measures should be at least 3 ... 4. At the same time, the risk of development myopia will be no more than 0.4, the probability of eye fatigue at the computer will be no more than 0.4, the likelihood of eye discomfort in the classroom will be no more than 0.15. Based on the nature of the forecast, the duration of the follow-up observation is determined, as well as the need for preventive measures to eliminate or weaken the action of adverse social, hygienic and biomedical factors of a particular patient. The use of the prognostic matrix in practical health care can significantly improve the work on the prevention of ophthalmic morbidity and is one of the effective medical examinations for students, since it makes it possible to distinguish among the students a group with a high risk of an unfavorable outcome of the disease

Does Performing Other Audit Tasks Affect Going-Concern Judgments?

1999 ◽  
Vol 74 (4) ◽  
pp. 493-508 ◽  
Author(s):  
Stephen E. Rau ◽  
Donald V. Moser
Keyword(s):  
Information Processing ◽  
Review Process ◽  
Negative Information ◽  
The Other ◽  
Positive Information ◽  
Going Concern ◽  
Staff Members

This study examines whether personally performing other audit tasks can bias supervising seniors' going-concern judgments. During an audit, the senior performs some audit tasks him/herself and delegates other tasks to staff members. When personally performing an audit task, the senior would focus on the evidence related to that task. We predict that such evidence will have greater influence on the senior's subsequent going-concern judgment. The results of our experiment are consistent with our predictions. When provided with an identical set of information, seniors who performed another audit task for which the underlying facts of the case reflected positively (negatively) on the company's viability, subsequently made going-concern judgments that were relatively more positive (negative). Our results also demonstrate that the well-documented tendency of auditors to attend more to negative information does not always dominate auditors' information processing. Subjects who performed the task for which the underlying facts reflected positively on the company's viability directed their attention to such positive information and, consequently, both their memory and judgments were more positive than those of subjects in the other conditions. Recent findings indicating that biases in seniors' going-concern judgments may not be fully offset in the review process are discussed along with other potential implications of our results.

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