Journal of Business Valuation and Economic Loss Analysis最新文献_第7页

Is Financial Distress Value Relevant? – Implications for Multiple-Based Valuation 财务危机价值相关吗?-多重估值的影响

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-02-01 DOI: 10.1515/jbvela-2019-0015

Sabrina Goetz

{"title":"Is Financial Distress Value Relevant? – Implications for Multiple-Based Valuation","authors":"Sabrina Goetz","doi":"10.1515/jbvela-2019-0015","DOIUrl":"https://doi.org/10.1515/jbvela-2019-0015","url":null,"abstract":"Abstract In relative valuation peer groups of comparable companies are essential to derive the value of the firm. Valuing a target firm that is in financial distress by using a set of healthy peer group firms probably leads to an overvaluation. We examine whether the financial distress risk has an influence on a company’s value and quantify the discount through financial distress. We identify financial distress by Standard and Poor’s long-term issuer ratings and Altman’s z″-score. We then match the identified firms in financial distress with healthy counterparts that are comparable in value relevant characteristics, i. e. profitability, risk, and growth, to estimate the percentage difference in valuation multiples. Using rating information, in every year almost half of the companies are in financial distress whereas by Altman’s z″-score about 20% of the companies in the sample are in financial distress. We find that the discount caused by financial distress makes up about 4–7% of firm value. The discount increases for lower rating classes and lower z″-scores. Besides the degree of financial distress, market downturns as the financial crisis affect the distress discount.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbvela-2019-0015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44239009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

MESSAGE FROM THE GUEST EDITOR 来自客座编辑的留言

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.1142/s2737566820010027

M. Almunawar

引用次数: 0

Employer Satisfaction in Brunei Darussalam 文莱达鲁萨兰国的雇主满意度

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3303

Juliet Chui Suan Hoh, Shaorong Wu, Qiuheng Shi

{"title":"Employer Satisfaction in Brunei Darussalam","authors":"Juliet Chui Suan Hoh, Shaorong Wu, Qiuheng Shi","doi":"10.36924/sbe.2020.3303","DOIUrl":"https://doi.org/10.36924/sbe.2020.3303","url":null,"abstract":"Brunei Darussalam’s Long-Term Development Plan 2035 outlines the Ministry’s goals for the national education system to prepare Bruneian youths for employment and to embrace Malay Islamic Monarchy (MIB) as a concept that guides one’s way of life. Keeping that in perspective, a research was initiated to find out employer satisfaction on employees in Brunei. Employer data and contact details were collected through various database, yellow pages and social media. Broadly, this study supports the established Input-Environment-Output (IEO) model in evaluating employer satisfaction in Brunei Darussalam. The study analyzed data from 454 employer self-reports from private and public sectors with a diverse employer profile and 24 employers were interviewed. Employers were asked to rate their satisfaction with the 24 competencies the graduates employed in their respective companies possess. The highest level of employer expectation in job competencies were communication abilities, problem solving skill, commitment, self-confidence, managerial skills, time management, creativity and innovative, knowledge of specific computer applications, punctually and specific technical knowledge. The analysis of this study shows that employers are mostly satisfied. A set of recommendations were also formulated based on the results of the study.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87660264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Peripheral Banking System Fragility and its Effect on EMU Monetary Policy Transmission Mechanism 外围银行体系脆弱性及其对EMU货币政策传导机制的影响

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3301

Michail E. Petsalakis, Ahmed M. Khalid, G. Premaratne

{"title":"Peripheral Banking System Fragility and its Effect on EMU Monetary Policy Transmission Mechanism","authors":"Michail E. Petsalakis, Ahmed M. Khalid, G. Premaratne","doi":"10.36924/sbe.2020.3301","DOIUrl":"https://doi.org/10.36924/sbe.2020.3301","url":null,"abstract":"This article evaluates the transmission through intermediaries taking into consideration the dichotomy between peripheral and core banking systems with regards to the ECB’s standard and non-standard measures of monetary policy by the use of “shadow rate” as an indicator of the monetary policy stance. Bank sector is represented by lending surveys data (BLS) which contain robust quarterly information on changes in loan terms, conditions and standards for both firms and households. By using a Factor Augmented VAR (FAVAR) methodology, we conclude that our model performs well, but it only contradicts the predictions of theory as far as it concerns the credit volume impulse responses functions (IRFs). Selecting a sample of core and peripheral banking systems to apply our methodology, we find the theoretical predictions are confirmed only when the peripheral banking systems are neutralized, indicating that the erratic behaviour of IRFs results from the periphery’s banking system inclusion. We conclude that dislocation in the peripheral segment of European banking system impairs seriously the monetary policy transmission mechanism and, importantly, steps should be undertaken towards risk-sharing in EMU and risk reduction in peripheral banking systems to cure banking system imbalances in the context of EMU.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74774452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Islam and Urbanisation Economics: The Khaldūnian Perspective 伊斯兰教与城市化经济学:Khaldūnian视角

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.1142/j_10.36924sbe.2020.3305

Abdul Halim Abdul Karim

{"title":"Islam and Urbanisation Economics: The Khaldūnian Perspective","authors":"Abdul Halim Abdul Karim","doi":"10.1142/j_10.36924sbe.2020.3305","DOIUrl":"https://doi.org/10.1142/j_10.36924sbe.2020.3305","url":null,"abstract":"Ibn Khaldūn’s in-depth analysis of civilizational development and dynamics encapsulates the socio-economic impact caused by the shift from a migratory society to a sedentary society in human history. This shift is a precursor to and reflects the process of urbanization and city living in modern life. Indeed, today’s economists, sociologists and policy makers are familiar with the problems of urbanization vis-à-vis social and economic imbalances as a result of decaying cities and neglected rural areas. The problems of urbanization are aggravated by globalization but there is little development in the understanding of the nature and impact of urbanization in the context of globalization. All indications are that the problems associated with urbanization has not only been unresolved but has worsened due to globalization. Furthermore, the emergence of cities and mega-cities around the globe together with the attendant socio-economic and political upheavals suggests a need to revisit urbanization economics. This paper attempts to contribute to fulfilling this need by drawing from Islamic scholarship with specific reference to Ibn Khaldūn’s ideas regarding civilizational dynamics. Specifically, we will leverage on a conceptual and historical approach to revisit Khaldūnian key-concepts relevant to the socio-economic impacts resulting from urbanization. This would further inform us about the dynamics of urbanization as a globalized phenomenon impacting upon the global economy and our understanding of urbanization economics.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72759883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Time-Variant Sources of Inflation and Inflation Volatility and Their Interrelations and Effects on Macroeconomic Fluctuations: Evidence from Indonesia and Thailand 通货膨胀和通货膨胀波动的时变来源及其相互关系和对宏观经济波动的影响:来自印度尼西亚和泰国的证据

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3302

A. Hossain, M. Raghavan

{"title":"The Time-Variant Sources of Inflation and Inflation Volatility and Their Interrelations and Effects on Macroeconomic Fluctuations: Evidence from Indonesia and Thailand","authors":"A. Hossain, M. Raghavan","doi":"10.36924/sbe.2020.3302","DOIUrl":"https://doi.org/10.36924/sbe.2020.3302","url":null,"abstract":"Indonesia and Thailand, two major open economies in Southeast Asia which operate under ‘managed-float’ exchange rate systems, have remained susceptible to both the external and domestic shocks since the East-Asian financial crisis of the late 1990s. Unlike the standard monetary-policy literature, these countries have introduced ‘flexible inflation targeting’ as the monetary policy strategy under managed-float exchange rate systems. Although these countries have managed to keep inflation low on average in a low-inflation environment, inflation has however remained highly volatile. This paper attempts to answer how significant are external shocks, relative to domestic shocks, as the drivers of inflation and inflation volatility for these countries? The paper uses a Structural Vector Autoregression (SVAR) modelling framework and monthly macroeconomic data over the period 2000M1-2015M12. The empirical results suggest that in both countries, (i) inflation is more sensitive to external shocks relative to domestic shocks, which is consistent with the inflation globalization hypothesis; (ii) Inflation volatility however remains sensitive to both the external and domestic shocks; (iii) As expected, inflation and inflation volatility exhibit a feedback relation between them, which is consistent with the Friedman‐Ball and Cukierman‐Meltzer propositions. The paper also highlights that inflation and inflation volatility affect the real interest and exchange rates, which affect real output and asset prices. The paper concludes that Indonesia and Thailand can make monetary policy more effective for maintaining price stability if they make the exchange rates more flexible to ameliorate the effects of external shocks on these economies","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82458933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Modelling Business Ecosystem of Digital Marketplace Using Value Network 基于价值网络的数字化市场商业生态系统建模

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3203

M. Almunawar, M F Anshari, S. Lim

引用次数: 1

Factors Affecting Internet Transactions: Case of Services Industry 影响互联网交易的因素:以服务业为例

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3201

N. D. Dela Cruz, Alyssa Cyrielle B. Villanueva

引用次数: 1

Boosting Learning Goal Orientation through Work Engagement: From the Lens of Malaysian Academics 通过工作投入促进学习目标导向:来自马来西亚学者的视角

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3105

F. Tan, Johanim Johari, Khulida Kirana. Yahya

引用次数: 0

The Determinants of Turnover Intention among Bank Employees 银行员工离职倾向的决定因素

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2020-01-01 DOI: 10.36924/sbe.2020.3103

C. H. Yeo

{"title":"The Determinants of Turnover Intention among Bank Employees","authors":"C. H. Yeo","doi":"10.36924/sbe.2020.3103","DOIUrl":"https://doi.org/10.36924/sbe.2020.3103","url":null,"abstract":"The aim of this study is to identify the determinants of turnover intention among bank employees in Kuala Lumpur. Specifically, the objective of this study is to assess the relationships between employee relations, working environment and conditions, compensation and benefit packages, career advancement opportunities and turnover intention. A total of 150 questionnaires were distributed among bank employees in the Masjid Jamek area and the researchers successfully collected 120 questionnaires from the respective respondents. All the data was analyzed using Statistical Package for Social Science (SPSS) 23.0 version. Two types of data analysis were used - descriptive analysis and inferential analysis. Descriptive analysis was used to study the respondent demographic information such as age, gender, education level, length of services, and monthly income level. Meanwhile, the inferential analysis was used to examine the relationships between employee relations, working environment and conditions, compensation and benefit packages, career advancement opportunities and turnover intention. The results show that the relationship between turnover intention and employee relations is weak. However, working environment and conditions, compensation and benefit packages, and career advancement opportunities are moderately correlated to turnover intention among bank employees. Based on a multiple regression analysis, working environment and conditions, and compensation and benefit packages have negative and significant relationship with turnover intention.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89939542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3