Journal of Business Valuation and Economic Loss Analysis最新文献

{"title":"About the Authors","authors":"E. Botha, C. Couret","doi":"10.36019/9780813570006-012","DOIUrl":"https://doi.org/10.36019/9780813570006-012","url":null,"abstract":"— The methodological base are acmeological approach, which is based on the idea of unity of the personal and professional development of the person, the identification of resources and conditions of the mo-bilization of the human installing its highest achievements in the most complete self-realization (A.A. Derkach, N.V. Kuzmina, E.V. Seleznyova and others) and labor psychology approach to the professional development of the human as the subject of work (E.A. Klimov, A.K. Markova, L.M. Mitina, V.D. Shadrikov and others). Methods: theoretical analysis of the literature. The results: disclosed the content of the category of readiness for professional work; described constructs personal and professional development of the human: motivation, activity, reflective, creative. Scope: the system of professional education.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85184436","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}

{"title":"Lost Profits in Intellectual Property Cases","authors":"Stanley P. Stephenson, Gauri Prakash-Canjels","doi":"10.1515/jbvela-2019-0018","DOIUrl":"https://doi.org/10.1515/jbvela-2019-0018","url":null,"abstract":"Abstract Much has been written about various remedies in litigation involving intellectual property (“IP”) infringements, some economic and other non-economic. A common remedy across different types of IP is lost profits. This paper explores similarities and differences among different types of IP infringement: patent, copyright, trademark, and trade secrets. Common elements needed in any lost profits claim, especially causality, are presented and along with damages implications for plaintiff and infringer by type of IP. These are a few of issues considered along with brief discussion of key statutes, cases, and the alternative of damages based on reasonable royalty rates.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbvela-2019-0018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42341075","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}

{"title":"The Corporate Life Cycle and the Cost of Equity","authors":"Sergio Bravo","doi":"10.1515/jbvela-2018-0009","DOIUrl":"https://doi.org/10.1515/jbvela-2018-0009","url":null,"abstract":"Abstract A widely used methodology for estimating the beta of companies with the Capital Asset Pricing Model (CAPM) uses comparable firms based only on industry or sector classifications (Bancel, F., and U. R. Mittoo. 2014. “The Gap between the Theory and Practice of Corporate Valuation: Survey of European Experts.” Journal of Applied Corporate Finance 26, no. 4 (Fall): 106–17. doi:https://doi.org/10.1111/jacf.12095, 112; KPMG. 2017. “Cost of Capital Study 2017: Diverging Markets, Converging Business Models.” Accessed September 28, 2018. https://assets.kpmg.com/content/dam/kpmg/ch/pdf/cost-of-capital-study-2017-en.pdf, 37). We hypothesize that even within industries, there is a significant relationship between the cost of equity and the life cycle of a firm. We argue that these variables are correlated because different life-cycle stages exhibit different degrees of systematic risk. Therefore, as the firm moves along its life cycle, its unlevered beta decreases. We define the stages of the firm life cycle based on a modification of the theoretical typology of (Miller, D., and P. Friesen. 1984. “A Longitudinal Study of the Corporate Life-Cycle.” Management Sciences 30 (10): 1161–83. http://www.jstor.org/stable/2631384, 1162–3) and then classify a sample of listed companies into these stages using (Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life-Cycle.” The Accounting Review 86 (6): 1969–94. doi:https://doi.org/10.2308/accr-10130) cash flow statements methodology. We construct value-weighted portfolios that are formed based on our life-cycle stages classification, adapting the procedure of (Fama, E., and K. R. French. 1993. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33 (1): 3–56. doi:https://doi.org/10.1016/0304-405X(93)90023-5). Finally, we compare the betas (levered and unlevered) of these portfolios to determine whether there are statistically significant differences. Our results show clear evidence of a relationship between betas and the corporate life cycle and that this relationship is robust to both changes in the period of analysis and omitted variables bias (when controlling with the four-factor model of (Carhart, M. M. 1997. “On Persistence in Mutual Fund Performance.” The Journal of Finance 52 (1): 57–82. doi:https://doi.org/10.1111/j.1540-6261.1997.tb03808.x). We believe our results show an important shortcoming in a widely used methodology among practitioners for estimating the CAPM.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbvela-2018-0009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45488470","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}

{"title":"Introduction to Islamic Economics: Theory and Application","authors":"Shafinah Rahim","doi":"10.1142/10.36924sbe.2019.2206","DOIUrl":"https://doi.org/10.1142/10.36924sbe.2019.2206","url":null,"abstract":"Book Review \u0000By Hossein Askari, Zamir Iqbal and, Abbas Mirakhor Wiley Finance Series, 2015. 402 pp., ISBN: 978-1-118-73296-0 \u0000The first two chapters revisits the different types and evolutions of economic systems, highlighting the current state of global economy with its major failure to tackle the most concerns in economies; distribution of incomes, caused by irrational assumptions leading to regret of societal wellbeing, environmental degradation and recurring financial crises. Focus is directed the Islamic Economic Paradigm as an alternative to managing resources efficiently in ways that upholds justice for all members of a nation in a sustainable manner. Salient features including agenttrustee relationship, rule compliance, scarcity, freedom of choice, and the Law in a nutshell are briefly previewed to build the case for the subsequent chapters.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82286080","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}

{"title":"Analysis of the Impact of Gold Credit Product Prohibition on the Society Interest in Using Islamic Banking Products","authors":"Muhammad Rizal Hidayat, Rizky Tri Utomo, K. Nisa'","doi":"10.36924/sbe.2019.2204","DOIUrl":"https://doi.org/10.36924/sbe.2019.2204","url":null,"abstract":"The purpose of this research is to analyze the prohibition of gold credit products as the current issue in the world of Islamic Economics and finance and its implications for the interest of the society in using Islamic banking products in Indonesia (a case study in Bank Syariah Mandiri in Semarang City). This research uses the Logistic Regression method to analyze the impact of the prohibition of gold credit products on society's interest in using Islamic banking products. The results indicate that even though there was a prohibition ruling of buying gold credit products after being previously allowed, the interest of the society in using Islamic banking products did not decrease at all. What underlines the society’s consideration of not reducing their interests in using Islamic banking products is the abundance of alternative Islamic banking products that can be chosen by them according to their preferences. The result of this research can potentially contribute to the revision or renewal of Islamic economics and finance legal policies made by Dewan Syariah Nasional Majelis Ulama Indonesia (DSN MUI) namely the Fatwa DSN MUI Number 77/DSN-MUI/VI/2010 about Sale and Purchase of Non-Cash Gold.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88814282","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}

{"title":"CO-OP’S Roles in Community Economic Development in Kulon Progo, Indonesia","authors":"C. Arifianto, Veritia","doi":"10.1142/s2737566821900052","DOIUrl":"https://doi.org/10.1142/s2737566821900052","url":null,"abstract":"The purpose of this research is to analyse the role of Koperasi Wana Lestari Menoreh (KWLM) in implementing certification, the role in Community Economic Development and the role of external parties to develop the KWLM it-self. This research is qualitative with a case study method at KWLM with five subjects as a member of KWLM and five subjects as a non-member of KWLM. Interviews were conducted in-depth using semi-structured questions. Data and information use key informants and reviewed by several experts. This study concludes that, first, KWLM has met FSC certification standards in accordance with the demands of the world market and consumers. Next, regarding community economic development, there are several principles according to Bruce (2001) that need to be improved in KWLM including the need for a comprehensive strategy, building human resources, building local capacity, integrating economic objectives, and empowering communities. Finally, the role of external parties, namely PT. Solusi Bisnis Indonesia (SOBI) is needed for the continuation of KWLM. Especially in bridging the certification process (FSC and SVLK) forest products and marketing KWLM member timber.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79373554","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}

{"title":"Bottled Water Industry in Brunei Darussalam: The Unregulated Sector?","authors":"L. Pang","doi":"10.36924/sbe.2019.2205","DOIUrl":"https://doi.org/10.36924/sbe.2019.2205","url":null,"abstract":"Brunei is seeing a proliferation of bottled companies established in the country in the last decade, driven by cheap water supplies, easily available water filtering systems and demand by the public. This research found 16 ‘companies,’ ‘producing’ and distributing over 34 brands of bottled waters in the country. Since bottled water industry is ‘popular,’ it is necessary to understand how the industry is being monitored and regulated by the government as it involved products consumed by the public. Since most of the bottled water companies use water drawn from the pipes supplied by the government, it is also important to understand how the government is protecting, monitoring and regulating this valuable resource from exploitation. This paper is a preliminary research on the bottled water industry in Brunei Darussalam.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80578743","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}

{"title":"U.S. Monetary Policy and its Role in the Global Financial Crisis: An Assessment after Ten Years","authors":"A. Hossain","doi":"10.1142/s2737566821900015","DOIUrl":"https://doi.org/10.1142/s2737566821900015","url":null,"abstract":"This paper reviews three interrelated propositions advanced in the literature to explain the U.S. financial crisis of 2007 to 2009, and draws cogent implications for the roles of monetary and fiscal policies in improving macroeconomic management across countries to sustain global financial stability. The three propositions advanced to explain the U.S. financial crisis are: (1) the monetary-excess hypothesis (2) lax regulation and supervision of banks and financial institutions, and (3) large-scale foreign capital inflows. Of these interrelated explanations, the first appears to be the primary cause of the boom-bust cycle in the U.S. residential housing industry. It led to the financial crisis in an environment of lax regulation and supervision of banks and financial institutions, which intermediated large-scale inflows of foreign capital to finance large, sustained budget deficits. The U.S. financial crisis engulfed the global economy from 2007 to 2009. Its consequences continue to be felt internationally, especially in the context of the debate on the role of monetary policy in reviving an economy in recession in a low-inflationary environment. The body of literature that has emerged since the peak of the financial crisis suggests that the monetary and fiscal stimuli, aimed at rescuing the U.S. and other major economies from the recession, had limited effect. The key lesson that can be drawn from the U.S. financial crisis in a global setup is that rules-based monetary and fiscal policies can be more effective at not creating a boom-bust level of volatility in one or more economies. In addition, this paper concurs with the view that rules-based monetary and fiscal policies should be associated with improved financial regulation and supervision, in order to maintain global financial stability under the current regime of deregulated global capital markets.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76367087","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}

{"title":"Exploring Creative Education Practices and Implications: A Case study of National Chengchi University, Taiwan","authors":"Hui Li, S. I. Khattak, Suan Hoh Chui","doi":"10.36924/sbe.2019.2202","DOIUrl":"https://doi.org/10.36924/sbe.2019.2202","url":null,"abstract":"Globalization has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86735872","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}

{"title":"Innovation and the Power of Ignorance – The Case of Renewable Energy","authors":"Gordon R. Clarke","doi":"10.36924/sbe.2019.2203","DOIUrl":"https://doi.org/10.36924/sbe.2019.2203","url":null,"abstract":"Globalization has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83302731","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}