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Open Access
Article
Publication date: 13 May 2024

Lars Olbert

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a…

Abstract

Purpose

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

Design/methodology/approach

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

Findings

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

Originality/value

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Content available
Article
Publication date: 19 May 2023

Syeda Marjia Hossain, Jorn van de Wetering, Steven Devaney and Sarah Sayce

This paper investigates the extent to which commercial property valuers in the UK refer to Royal Institution of Chartered Surveyors (RICS) professional standards and guidance on…

Abstract

Purpose

This paper investigates the extent to which commercial property valuers in the UK refer to Royal Institution of Chartered Surveyors (RICS) professional standards and guidance on the inclusion of sustainability in valuation reports. Data collection, analysis and reporting related to sustainability attributes is examined, as well as the perceived importance of these attributes to clients and any value impacts that are associated with them.

Design/methodology/approach

An online survey of UK commercial property valuers was conducted from July to September 2019. The survey included both structured and open-ended questions.

Findings

Reference to RICS standards and guidance on sustainability has improved since earlier research. However, progress on data collection is still limited. At the time of the survey, UK valuers indicated that sustainability attributes were of more importance to owner-occupiers than investors and lenders. UK valuers also indicated that, out of a range of sustainability attributes, only certification was influencing market value (MV) and investment value (IV) to any great extent.

Research limitations/implications

The online survey had 53 responses and this limited the ability to draw definitive conclusions. Hence, whilst the results may be indicative of the perceptions of some valuers of the significance of sustainability-related matters in the UK, the sample is not large enough to be considered representative of the opinions of property valuers per se in the UK.

Practical implications

Explicit reflection of sustainability in market or investment values is still limited in the UK valuation practice, but there are challenges faced by valuers that need further investigation, including difficulties in pricing sustainability attributes.

Originality/value

This is the first empirical investigation of the perception of sustainability by valuers in the UK commercial property market since the 2012 survey reported by Michl et al. (2016).

Details

Journal of Property Investment & Finance, vol. 41 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
1416

Abstract

Details

Journal of Property Investment & Finance, vol. 30 no. 4
Type: Research Article
ISSN: 1463-578X

Open Access
Article
Publication date: 21 November 2018

An Tongliang and Wang Wenyi

The way to measure the value of an enterprise’s R&D investments remains elusive for theoretical and empirical study on innovation economics. The paper aims to discuss this issue…

1698

Abstract

Purpose

The way to measure the value of an enterprise’s R&D investments remains elusive for theoretical and empirical study on innovation economics. The paper aims to discuss this issue.

Design/methodology/approach

This paper expands the asset-value model pioneered by Griliches (1981) and applies it for the first time to the Chinese stock market to calculate the value of R&D investment instilled by Chinese manufacturing listed companies (CMLCs) from 2003 to 2014.

Findings

The authors find that: the assets-value model can better explain the enterprise value composition of CMLCs; with equal input, the value of R&D is higher than that of tangible assets, and lower than that of organizational assets; compared with the developed countries, the R&D value of CMLCs is lower; and the R&D value of CMLCs saw a downward trend from 2007 to 2014.

Originality/value

Furthermore, by rationally estimating the value of organizational assets and non-tradable shares, and innovatively introducing semi-annual momentum indicators from the perspective of behavioral finance to control the influence of investor sentiment on enterprise value, this paper tries to develop the asset-value model and provides a feasible solution to the problem of measuring the value of Chinese enterprises’ R&D investment.

Details

China Political Economy, vol. 1 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Content available
Book part
Publication date: 25 October 2019

Pawan Handa, Jean Pagani and Denise Bedford

Abstract

Details

Knowledge Assets and Knowledge Audits
Type: Book
ISBN: 978-1-78973-771-4

Content available
Book part
Publication date: 19 August 2017

Abstract

Details

Human Capital and Assets in the Networked World
Type: Book
ISBN: 978-1-78714-828-4

Content available
Article
Publication date: 1 March 1998

Bill Deddis

183

Abstract

Details

Journal of Property Valuation and Investment, vol. 16 no. 1
Type: Research Article
ISSN: 0960-2712

Open Access
Article
Publication date: 6 February 2024

Francesco Paolone, Matteo Pozzoli, Meghna Chhabra and Assunta Di Vaio

This study aims to investigate the effects of board cultural diversity (BCD) and board gender diversity (BGD) of the board of directors on environmental, social and governance…

4805

Abstract

Purpose

This study aims to investigate the effects of board cultural diversity (BCD) and board gender diversity (BGD) of the board of directors on environmental, social and governance (ESG) performance in the European banking sector using resource-based view (RBV) theory. In addition, this study analyses the linkages between BCD and BGD and knowledge sharing on the board of directors to improve ESG performance.

Design/methodology/approach

This study selected a sample of European-listed banks covering the period 2021. ESG and diversity variables were collected from Refinitiv Eikon and analysed using the ordinary least squares model. This study was conducted in the European context regulated by Directive 95/2014/EU, which requires sustainability disclosure. The original population was represented by 250 banks; after missing data were excluded, the final sample comprised 96 European-listed banks.

Findings

The findings highlight the positive linkages between BGD, BCD and ESG scores in the European banking sector. In addition, the findings highlight that diversity contributes to knowledge sharing by improving ESG performance in a regulated sector. Nonetheless, the combined effect of BGD and BCD negatively impacts ESG performance.

Originality/value

To the best of the authors’ knowledge, this is the first study to measure and analyse a regulated sector, such as banking, and the relationship between cultural and gender diversity for sharing knowledge under the RBV theory lens in the ESG framework.

Details

Journal of Knowledge Management, vol. 28 no. 11
Type: Research Article
ISSN: 1367-3270

Keywords

Content available
Article
Publication date: 1 October 2001

David Mackmin

353

Abstract

Details

Property Management, vol. 19 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Open Access
Article
Publication date: 5 July 2022

Luca Marinelli, Sara Bartoloni, Federica Pascucci, Gian Luca Gregori and Massimiliano Farina Briamonte

The aim of the study is to explore the genesis of entrepreneurial ecosystems (EE) and highlight the role played by intellectual capital (IC) in that process. Specifically, the…

2718

Abstract

Purpose

The aim of the study is to explore the genesis of entrepreneurial ecosystems (EE) and highlight the role played by intellectual capital (IC) in that process. Specifically, the paper adopts the collective intelligence approach, and the study shows how human capital (HC), structural capital (SC) and relational capital (RC) interact to create an entrepreneurial ecosystem.

Design/methodology/approach

The paper adopts a single case study of an Italian EE. The data analysis is based upon the collection of different sources of data: semi-structured interviews with representatives of each actor of the ecosystem; email correspondence; meetings report; a 24-months period of direct observation. Given the novelty of the topic, the qualitative method seems well suited for studying innovation-based EE since the method offers rich data about a phenomenon in real-life context.

Findings

The case is a top-down, innovation-based EE in which all main components of the IC play a crucial role from the initial stage. Findings show how the constant interchange between IC components occurs at two different levels: the micro and the meso level. HC and RC play major roles at both levels, whilst SC only occurs at a meso level, representing the environment in which the whole ecosystem takes place. Additionally, the use case, a new intangible asset integrating all three components of IC, emerged as one of the main outcomes of this innovation-based EE.

Originality/value

The paper contributes to a rather unexplored topic in the existing literature on EE and IC, namely the formation process of EE and the role played by IC within that process. Additionally, through the application of the collective intelligence approach, the authors shed light on the need to manage IC at both micro and meso level in the creation of an EE.

Details

Journal of Intellectual Capital, vol. 24 no. 1
Type: Research Article
ISSN: 1469-1930

Keywords

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