A Study on Intelligent Technology Valuation System: Introduction of KIBO Patent Appraisal System II

Technology finance, which has attracted worldwide attention for the successful business development of small-and-medium enterprises (SMEs) or start-ups, has advanced an innovation or stagnation way-out resolution strategy for companies in line with the low-growth economic trends. Although the development of new technologies and the establishment of active R&D and commercialization strategies are essential factors in a company’s management sustainability, the activation of the technology market in practice is still in progress for its golden age. In this study, to promote a technology transfer-based company’s growth and to run technology-based various financial support activities, we develop and propose a new intelligent, deep learning-based technology valuation system that enables technology holders to estimate the economic values of their innovative technologies and further to establish a firm’s commercialization strategy. For the last years, the KIBO Patent Appraisal System (KPAS-II) herein proposed has been advanced by KIBO as a web-based, artificial intelligence (AI) and evaluation data applications valuation system that automatically calculates and estimates a technology’s feasible economic value by utilizing both the intrinsic and extrinsic index information of a patent and the commercialization entity’s business capabilities, and by applying to the discounted cash flow (DCF) method in valuation theory, and finally integrating with deep learning results based on the in-advance previously established patent DB and the financial DB. The KPAS-II proposed in this study can be said to have dramatically overcome the long-term preparation period and high levels of R&D and commercialization costs in terms of the limitations that the existing technology valuation method possesses by enhancing the reliability of approximate economic values from the deep learning results based on financial data and completed valuation data. In addition, it is expected that technology marketing coordinators, researchers, and non-specialty business agents, not limited to valuation experts, can easily estimate the economic values of their patents or technologies, and they can be actively utilized in a technology-based company’s decision-making and technologically dependent financial activities.

Who Can Buffer Marginalization Risk? Affect Experience, Affect Valuation, and Social Marginalization in Japan and Brazil

Previous research has associated social marginalization with the rejection of mainstream cultural values. Since cultural values reflect affect valuation, the present research investigates the relationships between social marginalization and ideal/actual affect in two different non-WEIRD cultures, Brazil and Japan. As a social marginalization index, we used the NEET-Hikikomori Risk Scale (NHR). We predicted that cultural differences would emerge in the valuation of affective states. Affect valuation theory suggests that in East Asia, individuals are encouraged to pursue and value low arousal positive emotions (LAP: e.g., calmness, serenity) over high arousal positive emotions (HAP: e.g., excitement, elation, etc.) as they can harm social relationships in these societies. In contrast, Latin American cultures value HAP over LAP, because social relationships are promoted through vibrant positive emotional expression in these cultures. Hence, we hypothesized that individuals’ ideal affect, actual affect, and the discrepancy between ideal and actual affect would be associated with higher risk of social marginalization. Participants from Japan (N = 54) and Brazil (N = 54) reported their ideal affect and actual affect and completed the NEET-Hikikomori Risk Scale (NHR). Regression analyses showed that actual HAP and the discrepancy between ideal and actual HAP were negatively associated with NHR in Brazil, but no association was found in the Japanese data. The other variables, including ideal affect, were only minorly or not significantly associated with NHR. Though the study has limitations regarding its small sample size, we can explore future perspectives and discuss the relationships between emotion and cultural marginalization. Socioecological factors that promote actual HAP in Brazilians may encourage other mainstream cultural ideals, which buffers against cultural marginalization.

Valuation of Machines with a Random Service Life Based on the System of National Accounts – 2008

We propose a mathematical model describing the decrease in the market value of machines (depreciation) with age in a situation where its service life is random and has a Weibull distribution. We measure the depreciation of a used machinery item using a goodness factor, that is, the ratio of its value to the value of a similar new machinery item. The model is based on the principle of anticipation of benefits adopted in the valuation theory and the discounting cash flows method. The model takes into account that machine’s technical and economic characteristics deteriorate with age and its benefits are reduced according to the hyperbolic dependence adopted in the system of national accounts SNA‑2008. We have built the dependences of average machine's goodness factor on its relative age (the ratio of the actual age to the average service life). Calculations show that the discount rate and average service life have little effect on these dependencies. This made it possible to divide the machines into three categories and propose for each of them its own dependence of the goodness factor on the relative age, which is convenient for practical use in appraisal activities.

Pengaruh ROA dan DER pada Rasio PBV dengan VAICTM sebagai Pemoderasi

The aim of this study is to analyze the effect of return on assets (ROA) and debt to equity ratio (DER) on the price to book value (PBV) ratio with the value added intellectual coefficient (VAICTM) as moderating variable. The population of this study is all companies that were listed on the Indonesia Stock Exchange at 2019 year end. The research sample of 138 companies was determined using simple random sampling and the number of samples was determined using the Slovin formula. The hypothesis in this study was tested using moderated regression analysis. The results of the analysis show that ROA had a positive effect on the PBV ratio, while DER had no effect on the PBV ratio, and VAICTM did not moderate the effect of ROA and DER on the PBV ratio. The results of this study confirm the valuation theory which states that an asset is purchased on the basis of expected cash flow in the future. It is recommended for companies to always pay attention to and increase ROAto maintani PBV ratio. Keywords: PBV; ROA; DER; VAICTM.

Market and Regulatory Coefficients for Determining the Rent for Public Land in Regions

As opposed to international studies, Russian scientists apply multifactorial models with specific coefficients to determine the rent for public lands. This research analyses and summarises the existing theoretical and normative approaches to coefficient calculation covered by domestic literature. We examine two types of coefficients: permitted use of land (K) and categories of land users (K 1 ). Based on the property valuation theory (income and comparative approaches), we demonstrated problems and disadvantages of the methods currently used to determine K and K 1 coefficients. Then, using the economic contract theory, we identified market and non-market (hybrid and hierarchical) regulation mechanisms and distinguished K and K 1 coefficients. Institutional differences of these indicators were theoretically substantiated. As a result, we developed economic algorithms for calculating market (K) and regulatory (K 1 ) coefficients that take into account both types of permitted use of land (for K) and categories of land users (for K 1 ) by considering preferences and restrictions in the field. The elaborated methodology was tested by performing complex calculations, which allowed us to obtain the values of K and K 1 coefficients for 18 local councils located in Pervomaysky District of Altai Krai for 112 types of permitted use of land. Proposed methodological recommendations can be applied for developing municipal programmes in Russia and abroad to increase the effectiveness and transparency of public land rent.

Valuation practices under business rescue circumstances in South Africa

Background: A business rescue plan should indicate the benefits of adopting a business rescue plan as opposed to the benefits of immediate liquidation. Performing a valuation is thus a vital aspect of the business rescue process as the estimated values determine the amount to be divided between creditors and, if possible, shareholders. Conventional valuation methods have the underlying assumption that the business is a going concern (based on liquidy and solvency tests). However, a company in business rescue is not necessarily a going concern, nor in liquidation, leaving the company in a grey area in terms of valuation.Aim: This research explored how the business rescue value of a financially distressed company is determined.Setting: The setting for this study was South Africa.Method: Thematic analysis of qualitative data collected through 11 semi-structured interviews with senior business rescue practitioners (BRPs).Results: When the intention is to return the company to solvency, the BRPs prepared a short-term, undiscounted cash flow budget to determine the business rescue value, but without including a terminal value in the projected cash flows. In contrast, when the intention is to obtain a better return compared to immediate liquidation, BRPs follow an asset approach to determine the business rescue value. The results also showed that the business, digital and relational acumen of the BRP is a major influencer in the business rescue value.Conclusion: The financial elements identified and substantiated in this study may serve as best practice guidance in the business rescue industry and lead to an expansion of the existing valuation theory.

The impact of early phase price agreements on prices of orphan drugs

Background Innovative orphan drugs often have an incremental cost-effectiveness ratio (ICER) which is higher than the maximum threshold for reimbursement. Payers have limited budgets and often cannot pay the full price of a new product, but pharmaceutical and biotechnology companies require a minimum price to satisfy their investors. The objective of this study was to present a possible solution to bridge this pricing gap by having early phase price agreements, which reduce the risk for investors. Methods We used a Pricing Model, which determines the minimum (break-even) price of an innovative drug from an investor’s perspective. This model is based on economic valuation theory, which uses the expected free cash flows and the required cost of capital. We selected two orphan drugs with a positive clinical assessment and an ICER higsher than the Dutch maximum threshold of €80,000 per QALY gained to use as examples in the model: Spinraza for spinal muscular atrophy and Orkambi for cystic fibrosis. RESULTS: The results show that early pricing agreements before phase III trials can substantially lower the drug price resulting from a lower cost of capital. The minimum price for orphan drugs can be reduced by 27.4%, when cost of capital decreases from 12 to 9%. An additional adjustment of other critical parameters due to early pricing agreements (lower probabilities of phase III failure and lower research and development (R&D) costs) can further reduce the minimal price by 62.8%. Conclusion This study shows that earlier timing of price negotiations resulting in an agreement on drug price can substantially lower the minimal price of orphan drugs for the investor.

Anger and Sadness Expressions Situated in Both Positive and Negative Contexts: An Investigation in South Korea and the United States

A formidable challenge to the research of non-verbal behavior can be in the assumptions that we sometimes make, and the subsequent questions that arise from those assumptions. In this article, we proceed with an investigation that would have been precluded by the assumption of a 1:1 correspondence between facial expressions and discrete emotional experiences. We investigated two expressions that in the normative sense are considered negative expressions. One expression, “anger” could be described as clenched fists, furrowed brows, tense jaws and lips, the showing of teeth, and flared nostrils, and the other “sadness” could be described as downward turned mouths, tears, drooping eyes, and wrinkled foreheads. Here, we investigated the prevalence, understanding, and use of these expressions in both positive and negative contexts in South Korea and the United States. We found evidence in both cultures, that anger and sadness displays are used to express positive emotions, a notion relevant to Dimorphous Theory. Moreover, we found that anger and sadness expressions communicated appetitive feelings of wanting to “go!” and consummatory feelings of wanting to “pause,” respectively. There were moderations of our effects consistent with past work in Affect Valuation Theory and Display Rule Theory. We discuss our findings, their theoretical relevance, and how the assumptions that are made can narrow the questions that we ask in the field on non-verbal behavior.