Family firms are thought to pursue nonfinancial goals that provide socioemotional wealth, but socioemotional wealth is feasible only with family control of the firm. Using prospect theory, we ...hypothesize that socioemotional wealth increases with the extent of current control, duration of control, and intentions for transgenerational control, thus adding to the price at which owners would be willing to sell their firms to nonfamily buyers. Findings from two countries show that current control has no impact, and duration of control has a mixed impact. However, intention for transgenerational control has a consistently positive impact on the perceived acceptable selling price.
We examine the evolution of international currency exposures, with a particular focus on the 2002–12 period. During the run up to the global financial crisis, there was a widespread shift towards ...positive net foreign currency positions, such that relatively few countries exhibited the archetypal emerging-market “short foreign currency” position on the eve of the global financial crisis. During the crisis, the upheaval in currency markets generated substantial currency-generated valuation effects — much of which were not reversed. There is some evidence that the distribution of valuation effects was stabilizing in the sense of showing a negative covariation pattern with pre-crisis net foreign asset positions.
This article analyzes the IT project valuation mechanism, and proposes that the basis of IT project valuation is to assess its value and price. On the basis of that, it specifically explains the ...conception, composition and characteristic of the IT project value. The article also discusses the IT project price as well as the generation of its value and price.
The city, as an object of organisational study, has received scant attention within the discipline of Organisational Studies in particular, and in the business school in general. While the management ...and organisational literature dealing with urban matters is abundant, the city itself, as opposed to phenomena taking place within it, has rarely been the focus of true scholarly attention, from an organisational point-of-view. This research aims to address this very issue, by first identifying the strands of organisational thought about the city and problematizing the prevalent narratives underlying most urban OS scholarship, thus stressing the need to generate a novel urban account. By conducting an Actor-Network Theory oriented ethnographic study in and around the Tel-Aviv council, all the while rethinking the theoretical premises which inform our fieldwork, an attempt is made to advance our understanding of the city with a view to resolve this lacuna. Opening the Real-Estate Value (REV) black-box by following the praxis of professional valuation and the ways it assembles the city landscape, and by focusing on REVs material manifestation via Real-Estate Valuation documents, we were able to register a novel account of urban-organization that succeeds in portraying a complex and multifarious city. This novel account allows us, in conclusion, to gain new insights into heterogeneous urban phenomenon and their interrelation to the various different Actor-Networks which make up the city. We showcase the utility of our approach by examining gentrification, without pre-assuming its nature, via a follow-up of the ways REVs and their manufacturing connects diverse sets of actors into what is commonly understood as a symptom of either an economic, political, or cultural reality. This breaking down of misapprehensions regarding the assembly of an unbounded organisation such as the city is not only useful for broadening our organisational understanding of the city, but has far-reaching implications on the field of OS as a whole, as it allows one to study different registers of formality without succumbing to pre-assumed structural limits and myths.
Let Γ be a torsionless grading monoid,
R
=
⊕
α
∈
Γ
R
α
a Γ-graded integral domain,
H
the set of nonzero homogeneous elements of
R
,
K
the quotient field of
R
0
and
G
0
the group of units of Γ. We say ...that
R
is a
graded almost valuation domain
(gr-AVD) if for every nonzero homogeneous element
x
∈
R
H
, there exists an integer
n
=
n
(
x
) ≥ 1 with
x
n
or
x
−
n
∈
R
. In this paper, we show that
R
is a gr-AVD if and only if the following conditions hold.
Γ is an almost valuation monoid,
K
⊆
R
H
0
is a root extension,
If
α
∈Γ is not a unit, then for every 0 ≠
x
∈
R
α
and 0 ≠
r
∈
R
0
,
r
n
∣
x
n
in
R
for some
n
≥ 1, and
T
=
⊕
α
∈
G
0
R
α
is a gr-AVD.
Prior literature has long recognized the substantial economic value that patents hold in the market. Yet, we know much less about the valuation process, i.e., how market audiences estimate (or ...determine) the value of newly granted patents. Building on behavioral economics, we propose the anchoring effect as an important cognitive mechanism, such that a patent's valuation is anchored on the value that preceding patents have secured. Analyzing financial valuation of U.S. patents between 1991 and 2010, we find broad support to the anchoring effect. The effect is more pronounced when focal patents are of lower novelty, when prior anchors are more consistent, and when focal firms have a higher patenting frequency. Furthermore, our extensional analysis suggests that anchoring acts as an important driver for the divergence between patents' economic value and scientific quality, which deserves attention from firms and policy makers.
•Draw attention to the cognitive heuristics in the market valuation of patents.•Emphasize anchoring as an important valuation mechanism.•Highlight anchoring as a potential source for valuation ‘bias’.
In this paper, a decision framework designed for spatially explicit value transfer was used to estimate ecosystem service flow values and to map results for three case studies representing a ...diversity of spatial scales and locations: 1) Massachusetts; 2) Maury Island, Washington; and 3) three counties in California. In each case, a unique typology of land cover and aquatic resources was developed and relevant economic valuation studies were queried in order to assign estimates of ecosystem service values to each category in the typology. The result was a set of unique standardized ecosystem service value coefficients broken down by land cover class and service type for each case study. GIS analysis was then used to map the spatial distribution of each cover class at each study site. Economic values were summarized and mapped by tributary basin for Massachusetts and California and by property parcel for Maury Island. For Maury Island, changes in ecosystem service value flows were estimated under two alternative development scenarios. Drawing on lessons learned during the implementation of the case studies, the authors present some of the practical challenges that accompany spatially explicit ecosystem service value transfer. They also discuss how variability in the site characteristics and data availability for each project limits the ability to generalize a single comprehensive methodology.
Purpose
The competitive model has changed. In this context, society entered into an era in which intangible assets are the greatest assets of a company. However, some gaps and uncertainties are ...presented in the literature as to understand the value of a company based on knowledge intensive activities. The purpose of this paper is to analyze the methods of evaluation of intangible assets in the context of business, economic and strategic management.
Design/methodology/approach
This is a qualitative research. This research is characterized as descriptive, bibliographic, inductive.
Findings
The main results of this research can highlight the existence of valuation methods of intangible assets intended for specific industries, as public and/or private, that can be better aligned to the context of business; economic and/or strategic management.
Originality/value
It was found that intangible assets are a current topic and increasingly addressed in the literature.
The idea of associating a monetary value with human life is very challenging and can seem insensitive or harsh. Life is indeed priceless, at least when considered from the complex perspective of an ...individual. However, policy makers are regularly devising policies and regulations that affect people's risk of death and that seek to protect lives in society, and require methodologies for comparing the costs of reducing risk with the expected benefits in terms of lives saved. The analysis presented in this report will help policy makers get a better measure of such benefits. The report takes stock of surveys from around the world where people have been asked about their willingness to pay for a small reduction in mortality risk, and analyses the variation in the estimates resulting from differences in study designs (including the way risk changes are displayed), characteristics of risk (type and size of risk changes, baseline risks, etc.), socio-economic characteristics (age, income, gender, health status, etc.), and other variables. The report offers guidance on how the findings of the analysis can be included in future assessments of policies that affect mortality risks. Such assessments will need to take into account the income level in the given country, as well as characteristics of the risk change in question and the population affected by it. Such guidance will help to improve the information base upon which important decisions are taken on mortality risks faced by society.
This paper provides with a review of the state of the art of environmental valuation with discrete choice experiments (DCEs). The growing body of literature on this field serves to emphasize the ...increasing role that DCEs are playing in environmental decision making in the last decade. The paper attempts to cover the full process of undertaking a choice experiment, including survey and experimental design, econometric analysis of choice data and welfare analysis. The research on this field is found to be intense, although many challenges are put forward (e.g. choice-task complexity and cognitive effort, experimental design, preference and scale heterogeneity, endogeneity or model uncertainty). Reviewing the state of the art of DCEs serves to draw attention to the main challenges that this methodological approach will need to overcome in the coming years and to identify the frontiers in discrete choice analysis.
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