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Aims to examine a comprehensive approach to combine several simple multiple valuation, so as to improve the valuation, accuracy of the simple multiple valuation technique.
Abstract
Purpose
Aims to examine a comprehensive approach to combine several simple multiple valuation, so as to improve the valuation, accuracy of the simple multiple valuation technique.
Design/methodology/approach
In order to combine several simple multiple valuations, the equity value is estimated by a weighted average of the valuation outcomes obtained from several simple multiple valuations. To calculate the weight of each valuation outcome, the out‐of‐sample price‐deflated regression of stock prices on several simple multiple valuation outcomes is conducted. Next, the alternative hypothesis of whether the composite approach yields a higher valuation accuracy than the simple multiple valuation is tested, using the actual stock price of the valued firm as the benchmark to measure the valuation accuracy under the assumption of market efficiency.
Findings
It was found that combining several simple multiple valuation outcomes of a firm, each of which is based on a stock price multiple to a historical accounting performance measure of the comparable firms (historical multiple), improves the valuation accuracy of the simple multiple valuation using a single historical multiple. However, further analysis shows that the combination of the simple multiple valuation outcomes based on a stock price multiple to analysts’ earnings forecasts of the comparable firms (forward earnings multiple) and several simple multiple valuation outcomes based on historical multiples does not improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple.
Research limitations/implications
One caveat of this study is that only the linear combination of the simple multiple valuation outcomes is considered. Non‐linear combination of the simple multiple valuation outcomes based on both forward earnings multiple and historical multiples may be able to improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple. This possibility is still an open question.
Practical implications
The findings imply that a historical multiple contains incremental information not captured by other historical multiples, which is useful for the improvement of the valuation accuracy. However, the historical multiples may have no incremental information beyond a forward earnings multiple.
Originality/value
The forward earnings multiples as well as the historical multiples for the equity valuations of broader firms are considered. Given the previous finding that forward earnings multiple presents the highest valuation accuracy among the valuation multiples, it is further investigated whether the composite approach using forward earnings multiple and historical multiples can improve the valuation accuracy of the simple multiple valuation using a forward earnings multiple. In addition, the potential problem of selection bias in the previous study is addressed, which examines only the equity valuations in the tax court.
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Godson Ayertei Tetteh and Frederick Asafo-Adjei Sarpong
The purpose of this paper is to explore the influence of constructivism on assessment approach, where the type of question (true or false, multiple-choice, calculation or essay…
Abstract
Purpose
The purpose of this paper is to explore the influence of constructivism on assessment approach, where the type of question (true or false, multiple-choice, calculation or essay) is used productively. Although the student’s approach to learning and the teacher’s approach to teaching are concepts that have been widely researched, few studies have explored how the type of assessment (true or false, multiple-choice, calculation or essay questions) and stress would manifest themselves or influence the students’ learning outcome to fulfill Bloom’s taxonomy. Multiple-choice questions have been used for efficient assessment; however, this method has been criticized for encouraging surface learning. And also some students complain of excelling in essay questions and failing in multiple-choice questions. A concern has arisen that changes may be necessary in the type of assessment that is perceived to fulfill Bloom’s taxonomy.
Design/methodology/approach
Students’ learning outcomes were measured using true or false, multiple-choice, calculations or essay questions to fulfill Bloom’s taxonomy and the students’ reaction to the test questionnaire. To assess the influence of the type of assessment and the stress level factors of interest, MANOVA was used to identify whether any differences exist and to assess the extent to which these differences are significantly different, both individually and collectively. Second, to assess if the feedback information given to respondents after the mid-semester assessment was effective, the one-way ANOVA procedure was used to test the equality of means and the differences in means of the mid-semester assessment scores and the final assessment scores.
Findings
Results revealed that the type of questions (true or false, multiple-choice, calculations or essay) will not significantly affect the learning outcome for each subgroup. The ANOVA results, comparing the mid-semester and final assessments, indicated that there is sufficient evidence means are not equal. Thus, the feedback given to respondents after the mid-semester assessment had a positive impact on the final assessment to actively improve student learning.
Research limitations/implications
This study is restricted to students in a particular university in Ghana, and may not necessarily be applicable universally.
Practical implications
The practical implications of this research is that assessments for learning, and the importance of assessment impact not only on students, but also on teachers and the literature.
Originality/value
This study contributes to the literature by examining how the combination of the type of assessment (true or false, multiple-choice, calculation or essay) and stress contributes to the learning outcome.
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S. Mahdi Hosseinian, Elham Farahpour and David G. Carmichael
The purpose of this paper is to propose an optimum form of incentive contracts with multiple outcomes and multiple agents.
Abstract
Purpose
The purpose of this paper is to propose an optimum form of incentive contracts with multiple outcomes and multiple agents.
Design/methodology/approach
Utility theory and principal-agent theory provide the underlying basis for this paper. A sample of 60 practitioners from public organizations and private companies participated in an exercise to validate the proposed model.
Findings
The paper shows that, in outcome sharing contracts, the contributions of agents toward outcomes are positively related, while agent effort costs, outcome uncertainty, outcome correlation and agent level of risk aversion are negatively related. The paper further demonstrates that outcome sharing is positively associated with the level of effort selected by the agents.
Originality/value
Outcome sharing models might be used in construction contracts to encourage the agent to act in the interests of the principal. However, few studies have looked at contracts with multiple outcomes and multiple agents. This paper contributes to the current practice of contract management through simplifying the complex nature of multiple incentive contracts and providing theoretical guidance for multi arrangements.
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Rodolphe Durand, Pierre-Antoine Kremp and Tomasz Obloj
In this chapter we develop a new approach, based on the identification of strategy classes, to study how firms face multiple demands. The procedure that we propose (called…
Abstract
In this chapter we develop a new approach, based on the identification of strategy classes, to study how firms face multiple demands. The procedure that we propose (called Relational Class Analysis) stems from an analysis of the similarity of associative patterns across multiple observable outcomes, which reflect the underlying set of choices firms make to similarly address demands. Empirically, the study of 18 financial and extra-financial performance outcomes for 3,655 firms shows the existence of three main strategic classes. Drawing on our analysis, we redefine strategy as the set of committed decisions undertaken to resolve trade-offs between multiple concurrent objectives and discuss the implications of our approach for eight core questions for strategy and organizational theory.
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S. Mahdi Hosseinian and David G. Carmichael
The purpose of this paper is to address a shortfall in the literature dealing with optimal sharing arrangements. In construction projects, where the owner is concerned about…
Abstract
Purpose
The purpose of this paper is to address a shortfall in the literature dealing with optimal sharing arrangements. In construction projects, where the owner is concerned about multiple project outcomes (cost, time, quality, […]), there exist no guidelines in the literature on what a sharing arrangement should be between the owner and the contractor. This paper gives that arrangement, under defined risk assumptions on the contractor (risk averse ranging to risk neutral) and the owner (risk neutral). The sharing aligns the contractor's interests with those of the owner.
Design/methodology/approach
The results are based on solving a constrained maximisation problem involving the expected utilities of both the owner and contractor. Construction practitioners were interviewed in a designed experiment to validate the results.
Findings
It is demonstrated that, at the optimum, the proportions of outcomes sharing to the contractor should be higher for outcomes with lower effort cost and a lower level of uncertainty, and by increasing the correlation between outcomes, the fixed component of the contractor’s fee should increase and the proportions to the contractor should decrease.
Research limitations/implications
The theoretical results assume that the contractor is risk-averse ranging to risk-neutral, and that the owner is risk-neutral. The theory is supported through conducting an empirical study based on interviewing a sample of practitioners working for medium-sized contractors, and hence the support is limited to similar situations, until further data are assembled.
Practical implications
By providing a broader understanding of sharing arrangements within contracts, a contribution is made to the current practice of contracts management. The results may be used in the design of contracts, or as benchmarks, by which contracts designed differently, may be compared.
Originality/value
The results address a shortfall in the literature and are an original solution to establishing an optimal multiple-outcome sharing arrangement.
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Jennifer E. Rivera and William F. Heinrich
This study aimed to match high-impact, experiential learning with equally powerful assessment practices.
Abstract
Purpose
This study aimed to match high-impact, experiential learning with equally powerful assessment practices.
Methodology/approach
We observed three examples of programs, analyzing individual student artifacts to identify multiple learning outcomes across domains through a novel approach to assessment.
Findings
Important outcomes from this effort were boundary-crossing qualities made visible through a multi perspective assessment process.
Research limitations/implications
Future research should focus on the nature of experiential learning and measurement thereof.
Practical implications
Learning design should consider experiences as a means to reflection, which complement content delivery. Instructors may restructure course credit loads to better reflect additional learning outcomes.
Social implications
Learners with this feedback may be able to better articulate sociocultural learning.
Originality/value
Describes learning in experiential and high-impact education; novel assessment of experiential learning in university setting.
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S. Mahdi Hosseinian and Amirhomayoun Jaberi
Although outcome sharing in construction is a well-established concept in the literature, there is still an ongoing debate on the most effective approach for distributing project…
Abstract
Purpose
Although outcome sharing in construction is a well-established concept in the literature, there is still an ongoing debate on the most effective approach for distributing project outcomes between an owner and downstream contracting parties (DCPs). To address this issue, this paper aims to investigate an optimal framework for distributing project outcomes among various levels of subcontracting in construction projects. The framework includes contractors, subcontractors, sub-subcontractors and other related parties.
Design/methodology/approach
To formulate the optimization problem, the principal–agent model is utilized. The theoretical development is validated through an experiment conducted with employees from road construction companies.
Findings
When distributing outcomes among various levels of subcontracting, the sharing should be determined by their contribution to the outcome, effort costs, level of outcome uncertainty and risk preference.
Originality/value
This paper expands on the existing principal–agent theory by incorporating multiple levels of agents, transforming the conventional view of outcome sharing among downstream subcontracting levels into testable hypotheses and well-defined concepts. The paper has practical implications for industry practitioners seeking to effectively allocate benefits and costs throughout a project's subcontracting chain.
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Sriram Thirumalai, Scott Lindsey and Jeff K. Stratman
In the face of growing demand for care and tightening resource constraints, hospitals need to ensure access to care that is affordable and effective. Yet, the multiplicity of…
Abstract
Purpose
In the face of growing demand for care and tightening resource constraints, hospitals need to ensure access to care that is affordable and effective. Yet, the multiplicity of objectives is a key challenge in this industry. An understanding of the interrelationships (tradeoffs) between the multiple outcome objectives of care (throughput, experiential and financial performance) and returns to operational inputs (diversification of care) is fundamental to improving access to care that is effective and affordable. This study serves to address this need.
Design/methodology/approach
The empirical analysis in the study builds on an output-oriented distance function model and uses a longitudinal panel dataset from 153 hospitals in California.
Findings
This study results point to key insights related to output–output tradeoffs along the production frontier. Specifically, the authors find that higher throughput rates may lead to significantly lower levels of experiential quality, and net revenue from operations, accounting for the clinical quality of care. Similarly, the authors’ findings highlight the resource intensity and operational challenges of improving experiential quality of care. In regards to input–output relationships, this study finds diversification of care is associated with increased throughput, improvements in service satisfaction and a corresponding increase in the net revenue from operations.
Originality/value
Highlighting the tradeoffs along the production frontier among the various outcomes of interest (throughput, experiential quality and net revenue from operations), and highlighting the link between diversification of care and care delivery outcomes at the hospital level are key contributions of this study. An understanding of the tradeoffs and returns in healthcare delivery serves to inform policy-making with key managerial implications in the delivery of care.
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Rebecca K. Givan, Ariel Avgar and Mingwei Liu
This paper examines the relationship between human resource practices in 173 hospitals in the United Kingdom and four organizational outcome categories – clinical, financial…
Abstract
This paper examines the relationship between human resource practices in 173 hospitals in the United Kingdom and four organizational outcome categories – clinical, financial, employee attitudes and perceptions, and patient attitudes and perceptions. The overarching proposition set forth and examined in this paper is that human resource management (HRM) practices and delivery of care practices have varied effects on each of these outcomes. More specifically, the authors set forth the proposition that specific practices will have positive effects on one outcome category while simultaneously having a negative effect on other performance outcomes, broadly defined.
The paper introduces a broader stakeholder framework for assessing the HR–performance relationship in the healthcare setting. This multi-dimensional framework incorporates the effects of human resource practices on customers (patients), management, and frontline staff and can also be applied to other sectors such as manufacturing. This approach acknowledges the potential for incompatibilities between stakeholder performance objectives. In the healthcare industry specifically, our framework broadens the notion of performance.
Overall, our results provide support for the proposition that different stakeholders will be affected differently by the use of managerial practices. We believe that the findings reported in this paper highlight the importance of examining multiple stakeholder outcomes associated with managerial practices and the need to identify the inherent trade-offs associated with their adoption.
Deepankar Roy, Himadri Sikhar Pramanik, Chayan Bandyopadhyay, Sayantan Datta and Manish Kirtania
Bank–fintech associations are significant globally, establishing purposeful eco-systems towards extending and complementing capabilities, reach and customer experiences. This…
Abstract
Purpose
Bank–fintech associations are significant globally, establishing purposeful eco-systems towards extending and complementing capabilities, reach and customer experiences. This paper aims to explore 39 leading fintechs in India catering across payments, lending, wealth management, regulation, neo-banks and other banking functions. Alongside fintechs, the research studies 19 leading banks (public and private) to understand the nature of bank–fintech associations in the Indian context.
Design/methodology/approach
The research focuses on narratives from leading banks and top fintechs in India, captured from public disclosures and leadership interviews. The study leverages qualitative research techniques, including grounded theory approaches of inductive analysis, to codify interview and narrative observations to discover relevant objectives, scenarios, challenges and outcomes in India-centric bank–fintech associations.
Findings
Bank–fintech associations in India are increasingly focusing on financial services portfolio diversification and improvement in customer experience. Simultaneously, both banks and fintechs, differentiate with innovations and extend offerings to target underserved customer segments. The associations are beneficial for both banks and fintechs in transforming offerings and improving efficiency, scale across channels. Through codification of observations, review of existing literature and evaluation of best practices, alongside subject matter expertise, the study evolves a generalized “Association Model”. The model can steer meaningful bank–fintech associations in India and globally. The association model relates to observables like objectives, enablers of bank–fintech associations, challenges and association-driven value outcomes. Built from study of practices, the proposed model is relevant for strategic orientation in bank–fintech associations.
Originality/value
The findings reveal practices in bank–fintech associations in India with significant learning opportunity for organizational leaders globally. Understanding the nature of association is relevant for strategic interventions, particularly in scenarios of inter-organization collaborations. Central banks, policymakers, governments, investors, banks and fintechs can use the derived association model to establish, govern and steer purposeful value-driven associations.