Search results

The purpose of this paper is to assess how technology transfer offices (TTOs) of a public university of the state of São Paulo use patent valuation methods in the process of using developed technology value and transferring technology to industry.

This study is an exploratory qualitative investigation based on a case study conducted in a public university in the state of São Paulo. The university has a TTO and an internal structure for technology transfer. In-depth interviews were conducted with the TTO manager about patent valuation and the answers given were analysed.

The results on how TTOs use patent valuation methods in the process of assigning value to technology indicate which factors facilitate and which factors hinder the valuation of patents in technologies developed at universities.

The possible lack of data disclosure due to confidentiality regarding royalties and trading fees makes further comparisons between Brazilian public universities difficult. Therefore, this study recommends that further studies on patent valuation and technology transfer process at private universities, research institutes and public and private companies should be performed.

In the practice, this study contributes to companies and TTOs by increasing their synergies in licensing negotiations, as well as by reducing the gap of information, between the business parties for assignment and transfer of technologies. With regard to theoretical contribution, this study can cite advances in the methods to measure the financial benefits arising from the valuation of technologies embedded in the patents.

Owing to the lack of research on the methods of valuation used by TTOs of Brazilian universities, the present study can be useful in serving as a theoretical source for future research and in supporting future TTO negotiations in the process of transferring technologies to productive industry.

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.

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.

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.

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.

Increased economic activity in sub-Saharan Africa (SSA) has given rise to increased demand for port development. Given the often scarce availability of national public funding, port institutional reform programmes have been implemented to pave the way for the inclusion of external port investors. Notwithstanding this fact, some sub-Saharan African Governments remain institutionally locked into the notion that state-owned enterprises remain an appropriate vehicle for port terminal operations. This, despite the fact that terminal operational concessions globally and within the continent of Africa are increasingly being managed by global terminal operators. Given this context, this study aims to evaluate different port valuation and funding strategies. Two research questions form the core of this research: what is the financial value of a concession? What is the most cost advantageous funding strategy? The methodology is applied to the development of a two-berth container terminal in SSA.

After reviewing a range of financial valuation and funding techniques, the study presents valuation and funding model applicability-fit tests. Thereafter, a suitable valuation technique is selected and applied to the case study providing a concession valuation. Different funding strategies are applied to the valuation model to determine the cost implications of each funding instrument given the local context and institutional constraints applicable to SSA. Finally, the study discusses the significance of the results to potential SSA port investors by highlighting the impact of each funding approach on key financial metrics.

The study presents a range of financial investment appraisal results for the case study concession in consideration of four specific funding strategies. The highest concession valuation could be attributed to a higher debt ratio as a principal funding strategy. In addition, this funding approach (100% debt) realised the shortest payback period and the highest internal rate of return values. The authors, however, maintain that the optimal funding strategy for a concession depends ultimately on the financial goals of the investor.

This research makes a contribution to the existing literature on port finance and development by presenting a structured approach to the evaluation of the valuation and funding techniques, which can be used in terminal development subject to the specific local context and institutional constraints (in this case applicable to SSA). The study provides practical insight into the potential cost of the considered terminal concession for private or public sector participants and a view of the most cost advantageous funding strategy available for interested investors.

In this study the authors aim to outline new ways of information extraction for automated valuation models, which in turn would help to increase transparency in valuation procedures and thus contribute to more reliable statements about the value of real estate.

The authors hypothesize that empirical error in the interpretation and qualitative assessment of visual content can be minimized by collating the assessments of multiple individuals and through use of repeated trials. Motivated by this problem, the authors developed an experimental approach for semi-automatic extraction of qualitative real estate metadata based on Comparative Judgments and Deep Learning. The authors evaluate the feasibility of our approach with the help of Hedonic Models.

The results show that the collated assessments of qualitative features of interior images show a notable effect on the price models and thus over potential for further research within this paradigm.

To the best of the authors’ knowledge, this is the first approach that combines and collates the subjective ratings of visual features and deep learning for real estate use cases.

The purpose of this article is to study how fair values in financial reports are audited.

The study is a qualitative case study based on in-depth interviews.

One important finding is that auditors anchor in the figure presented by the company, and despite the auditing efforts, there is a substantial risk of management bias in the fair values reported. There is a risk for confirmation bias.

Relatively, few respondents were employed in this study, but their background and competence lead to the assessment that the study provides a representative picture of what is being investigated.

Auditors may need to develop ways of performing auditing of fair values to reduce the risks identified in this study.

This study presents a perspective of the auditing process enabling an evaluation of the quality of fair value estimates regarding investment properties in the financial reports. This study also provides users of financial reports as investors, bankers and other institutions with an enhanced understanding of reported estimates of fair (market) values.

Very few studies have investigated how auditors evaluate fair values of investment properties. This study contributes by giving users of financial reports an enhanced understanding of the quality of reported estimates of fair (market) values.

The study aims to investigate whether the adoption of IFRS could ensure ultimate intercompany comparability of operating performance in terms of uniformity in the application of accounting methods and reporting style.

Using content analysis on 125 annual financial statements of 25 companies from five industries listed on the Dhaka Stock Exchange in Bangladesh, this study reports that only the sole adoption and application of principle based IFRS cannot ensure ultimate intercompany comparability of financial reports.

The findings document that the adoption of IFRS cannot ensure the application of same accounting methods as well as way of presentations which is a precondition of greater comparability of operating performance of competitive firms. The methodological and reporting direction through local regulatory agencies alongside maximum compliance with principle based IFRS can enhance intercompany comparability of financial reports in the same industry.

This study tries to manifest that sole adoption cum implementation of IFRS could not ensure ultimate intercompany comparability of operating performance within the same industry and urges to conduct further research to find out the ways to do so.

The estimation of market value of intangible benefits of afforestation has always been a challenging task, and the contingent valuation method is a popular method used in environmental assessment. The NTPC set up a coal-based power plant in Korba, India and planted 1.6 million trees on 19% of the project area.

The individual's mean and median willingness to pay (WTP) for four intangible benefits, namely, pollution control (PC), improvement in underground water level (IUGWL), soil conservation and remediation (SCR) in addition to total WTP from the afforestation program of NTPC were estimated using a customized procedure for logit model based upon respondent's age, education, occupation, income and bid amount asked to pay. Stratified multistage random sampling has been used to select the respondents.

The procedure increases the number of respondents who are willing to pay as compared to conventional CVM. The finding of the study shows that the highest WTP was observed for PC (Rs. 462.84 per month per household) followed by SCR and IUGWL, whereas for total WTP it was Rs. 972.60.

The proposed customized procedure and the results thereof would be useful in improving the WTP estimates for other similar studies in order to conserve the environment.