Total Market Value Research Articles

Analysis Of Strategies for Strengthening the Online Game Industry Using an Industrial Cluster Approach

Based on data, as one of the creative economy sectors, the game industry has much potential to boost the Indonesian economy. The total market value of the games industry in Indonesia is US$ 1.92 billion or 25 trillion rupiah. However, Foreign developers from Europe and the US dominate the games industry market in Indonesia, making Indonesia only able to contribute 0.49% of total revenue. This research aims to map Indonesia's game industry players, analyse its ecosystem's environmental determinants, and formulate effective industry development strategies. This qualitative research uses interview methods with key informants, observation, and literature study, with purposive sampling as a sampling technique. The results show that the core industry value chain of the game industry cluster consists of Game Developers and Game Publishers and is supported by Supply industries (hardware providers, HR, digital content, and financial services) and supporting industries (marketing, logistics, law, and networks). There are related institutions/institutions such as the Ministry of Tourism and Creative Economy, the Coordinating Ministry for Maritime and Investment Affairs, the Ministry of Communications and Informatics, the Ministry of Education and Culture, and the Indonesian Game Association. This industry is also related to animation, music, e-sports and tourism. This value chain ends with buyers. This research recommends concrete steps for relevant agencies to enhance the gaming industry ecosystem through human resource development, increasing access to financing, promotion and providing technological infrastructure. Collaboration across industries is expected to increase the global competitiveness and contribute significantly to the national creative economy.

ASSESSMENT OF PRIVATIZED CEMENT INDUSTRY’S PERFORMANCE AND CORPORATE GOVERNANCE IN NIGERIA: AN APPLICATION OF TOBIN’S Q MODEL

The paper investigates the application of Tobin’s Q model in assessing the impact of corporate governance on firm value of cement industry. The variables studied were Tobin’s Q as firm value’s proxy (dependent variable) and corporate governance proxies as independent variables. Data was obtained from the secondary source, and the statistical tools employed in the Methodology were; Performance Trend Analysis and OLS regression. Trend analysis result shows that, post-privatisation has higher firm value. Inferential statistics result suggests that, Average Minority ownership, average percentage of executive directors, average foreign ownership, average board size, average percentage of non-executive directors, average percentage of management staff and average workforce have a positive and significant impact on Cement industry’s performance (Tobin’s q). However, average total market value of shares, institutional ownership and privatisation have negative and significant impact on the Cement industry’s market value while, State ownership has positive and insignificant impact on market value of cement industry. In conclusion, the result of inferential statistics has rejected the null hypothesis that corporate governance does not have significant impact on the performance of Cement industry. Admirably, the result confirmed the findings of the performance trend analysis result. The study recommends that cement industry need to; introduce effectives mechanisms of protecting the overall interest of existing shareholders and potential investors, create a strong corporate governance practice that is value-oriented and ensures economic efficient method of production to maximize earnings per share as well as timely dividend payment, the board of directors should increase the numbers of independent audit committee in order to improve transparency, timely and accurate information flow and prudent financial statement and corporate governance reporting system.

Money and Uncertainty of Outcome in Modern Sports Based on the Example of Football

One of the fundamental aspects of professional football is competition, which not only captivates fans but also drives its economic success. Money undeniably plays a significant role in determining sports outcomes, as clubs with larger budgets often possess better players. This article aims to examine the relationship between the market value of football clubs’ squads and their performance in the top 15 European leagues, as per the UEFA ranking. Among these leagues, Manchester City boasts the highest players market value in Europe, estimated at 1,110 million EUR, accounting for a mere 11.21% of the total market value of all English Premier League players. In summary, over the course of the last five seasons, out of 75 possible champions across the analysed leagues, the team with the most expensive squad has emerged victorious on 54 occasions. Consequently, it prompts consideration as to whether any measures should be taken to foster greater balance and to reduce the domination of wealthy teams in national football leagues.

Improvement of DEVA Model in Valuation Research of Internet Financial Information Service Companies

With the development of the digital economy and the internet, the internet financial information service industry has shown strong momentum. Different from traditional enterprises, internet financial information service companies possess characteristics of low assets, high risks, and difficulties in measuring non-financial indicators. As a result, traditional valuation methods exhibit inaccuracies in application and require the introduction of non-financial valuation models for validation. Therefore, considering the industry's characteristics from a user perspective, we introduce the Metcalfe valuation modelthe DEVA valuation model. Simultaneously, we improve this model and, using Hithink Royalflush Information Network Co., Ltd. as a case study, estimate the value at the evaluation point using both the original DEVA model and the revised new model. Finally, we analyze and compare the differences between the various valuations and Royalflush's total market value at the evaluation point, concluding that the improved DEVA model yields more fair and accurate valuation results.

Analysis of the Correlation between Corporate Dividend Policy and Stock Price

Based on the basic premise and assumption of building a multiple linear regression model and the correlation theory between corporate dividend policy and stock price, this paper adopts the multiple linear regression method of cross-section data to analyze the correlation between corporate dividend policy and stock price of 1458 enterprises from Choice financial terminal after strictly eliminating outliers. It is concluded that the significant positive correlation between dividend per share and stock price is stronger than that between fundamental indicators such as company total market value, return on equity, turnover rate of trading indicators and dividend distribution ratio and stock price, respectively. It is concluded that dividend distribution ratio is helpful to stabilize stock price fluctuations and improve investor return mechanism is beneficial to the healthy development of A-share market.

Analysis of the effectiveness of multi-factor stock selection model under COVID-19

Contemporarily, quantitative finance and multi-factor stock selection have begun to develop in China. Meanwhile, the new coronavirus from 2020 has brought a huge impact on the market, so it is very important to explore the effectiveness of multi-factor stock selection model during the period. In this study, stocks in the medical industry are selected as the research object, and price-earnings ratio, total market value and market sales ratio are selected as the research indicators. In this study, RiceQuant quantitative trading platform was used to conduct backtesting during the epidemic period, and the effectiveness of stock selection indicators during the epidemic period was analysed through data results. The results showed that under the epidemic situation, changing the P/E ratio, total market value and price-to-sales ratio had an impact on the earnings of stock selection portfolio, which proved that the P/E ratio, total market value and price-to-sales ratio were all effective indicators. These results prove the effectiveness of multi-factor stock selection model under the COVID-19, and list the effective stock selection factors under the epidemic situation. It can provide an in-depth understanding of the impact of the epidemic on the market and enrich the study of multi-factor stock selection model.

Exploration of Data Asset Valuation for Internet Platform Companies Based on the DEA-BCC Model

The valuation and pricing of data assets is not only a key factor in the national strategic development but also of extreme importance for corporate operations. This article proposes to explore the valuation and pricing of data assets from the perspective of intangible assets based on the theory that “data assets are a component of intangible assets.” Secondly, it focuses on the internet platform companies that rely on massive user data. Considering that a company’s value is influenced by various asset values (including the value of fixed assets, intangible assets, current assets, etc.), this article constructs an input-output indicator system based on corporate assets, and describes the value of data assets from three aspects: data quality, data application, and data risk. Ultimately, the total value of a company’s data assets is obtained through the proportion of various data asset indicators in the company’s total market value.

Customer Purchase Decision for Mixue Ice Cream and Tea: Role of Product, Price, Place and E-WOM

In the Southeast Asia region, Indonesia holds the position of the largest market for Boba drinks. with an estimated market value of US$1.6 billion, accounting for 43.7% of the total boba market value in the region. Mixue Ice Cream and Tea is one of the leading contemporary beverage brands in Southeast Asia, with over 1000 outlets. This brand has gained considerable attention in Indonesia, with many social media users sharing posts about their products and prices, as well as the brnd's rapid and expansive business growth in the country. This study purposed to determine how much influence Product, Price, Place, Information Quality, Information Quantity, Information Credibility have on Purchase Decision of Mixue. The study was carried out with a survey of 400 respondents participated, and the data analysis were using the Structural Equation Modeling with Smart PLS 4.0 Software. Product, Price, Place, Information Quality, Information Credibility, and Information Quantity all fall into the category of "good" based on descriptive analysis. The outcomes of this study reveal that the variables of Product, Price, Place, and Information Quality exerted a notable positive and statistically significant impact on the Purchase Decision. Conversely, both Information Quantity and Information Credibility were found to lack a significant influence on the Purchase Decision.

Approximating the global economic (market) value of farmed animals

Understanding the global economic importance of farmed animals to society is essential as a baseline for decision making about future food systems. We estimated the annual global economic (market) value of live animals and primary production outputs, e.g., meat, eggs, milk, from terrestrial and aquatic farmed animal systems. The results suggest that the total global market value of farmed animals ranges between 1.61 and 3.3 trillion USD (2018) and is expected to be similar in absolute terms to the market value of crop outputs (2.57 trillion USD). The cattle sector dominates the market value of farmed animals. The study highlights the need to consider other values of farmed animals to society, e.g., finance/insurance value and cultural value, in decisions about the sector’s future.

Analysis on the Investment Value of BYD

The policy of peak carbon emission and achieving carbon neutrality has received much at-tention in China since its issuance, research by experts found that automobile emissions occupied a major proportion of carbon emissions, on this basis, the new energys automo-bile is in the ascendancy. Nevertheless, there is still a lack of unified interpretation for the influencing factors and variation range behind the new energy automobile market. Hence, the rangeability of data was analyzed in this paper by means of collecting the data of BYD Corporate in the international market, Chinese market, liquidity ratio, accounts receivable turnover rate,quick ratio, total assets turnover rate, inventory turnover ratio, price-to-earnings ratio, total market value, as well as stocks from the year of 2018 to 2021, so as to proceed study research on the investment value of BYD Corporate against such market backdrop. In light of this, there is an increasingly escalating tendency for the reasonable stock price, profits and aggregate market value for BYD Corporate against such backdrop, manifesting that the investment value for BYD Corporate is extraordinarily high. This study has signif-icant implications for investors to make investment decisions relevant to BYD Corporate.

Empirical Study and Reflection on the Impact of COVID-19 Pandemic on Chinese A-share Market--Based on Fama French Five-factor Model

The COVID-19 pandemic has caused severe imbalances in the global economy and intensified stock market turmoil worldwide. Based on Fama-French five-factor model, this paper studies Chinas A-share market changes before and after the epidemic. The stocks treated by ST (special treatment) and * ST (delisting warning) are screened, excluding companies and banking stocks with shortlisting time. The equities are finally divided into groups using the two-by-three grouping approach. According to the median of the total market value of stocks, the entire sample is separated into two categories: modest market value (S) and large market value (B). The samples are classified into three categories based on the book-to-market ratio's 30% and 70% quantiles: high (H), medium (N), and low (L). Comparing the different times of the impact of the five factors on stock earnings is conducive to explaining the changes in the factors affecting the stock price of listed companies before and after the epidemic. It is possible to analyze which factors have declined and fluctuated after the epidemic, resulting in a decline in stock prices, a slowdown in the growth of listed companies, or even a recession. The analysis of the five-factor model can clarify which factors have led to the decline in stock prices after the beginning of the epidemic, which is conducive to the formulation of related policies and plans by listed companies and makes up for the decline in stock prices and the slowdown in company growth caused by the corresponding decline, which has apparent practical value.

A continuous heterogeneous agent model for multi-asset pricing and portfolio construction under market matching friction

We propose a novel continuous Heterogeneous Agent Model (HAM) that applies to the general n>1 risky assets. In this model, every heterogeneous investor is identified with the continuous variables reflecting their personal characteristics. The heterogeneity of the market is captured by the distribution of these variables. By introducing market friction via a matching-based pricing mechanism, we derive a pricing equation from market clearing. The equation extends the classical CAPM and specifies how the bounded rationality and heterogeneity of investors can drive the actual price of risky assets away from their CAPM price. A system of ordinary (stochastic) differential equations are derived to govern the evolution of the total wealth and market value of risky assets held by the entire market (individual investors). From the equation system, a rolling-window-based maximum likelihood algorithm is developed to calibrate the model, which turn our HAM to a forecast tool for stock returns and an adaptive adjustment strategy for portfolio construction. This bridges the theoretical study on HAMs with the empirical studies of asset pricing and portfolio theory. We apply this tool to the Chinese A-share market and make a comparative analysis on its performance. The results demonstrate that compared to the classical forecast approaches in literature, our HAM has the advantage in identifying the tail risk in real market, which results in a more profitable portfolio in a variety of different investment horizons.

Analisis Likuiditas, Leverage dan Ukuran Perusahaan

Research to better understand the real estate and plantation market in Indonesia, analyze the factors that affect returns on investment, and make policy recommendations that can improve efficiency and productivity in these areas. Combined quantitative research was conducted to investigate liquidity, leverage, and company size to determine the relationship between these variables. One factor that affects a business's value is its profitability, which can be measured from the profits generated by the company every year. If the company is very productive and profits increase, it will attract investors, and the value of the company will grow. Profitability is the ability to generate profits from sales or investments, while liquidity is the ability to pay short-term obligations on time. Leverage measures how well a company uses debt to finance its operations, and company size is the company's total market value.

Research on the Influence of Market Value Fluctuation on Innovation Decision of Listed Enterprises from the Perspective of Loss Aversion

Concerns regarding publicly traded companies' R&D investment have long existed among academics domestically and overseas. Scholars have conducted much research on the R&D investment of enterprises from different angles. This study starts from the perspective of market expectation and loss aversion, taking the data of Chinese quoted companies from 2011 to 2020 as a sample and using the empirical analysis method to research the impact of changes in market value on quoted companies' innovation decisions. Robustness tests effectively corroborate the findings of the study, which found a substantial positive association between changes in the market value of listed businesses and the degree of innovation investment. Additionally, this study conducts a group regression test on the R&D investment growth rate (RDI) of state-owned companies (SOEs) and non-state-owned firms using the two explanatory variables of total market value growth rate (RDI) and Tobin's Q value (Tobin's Q) (NSOEs). It is discovered that NSOEs are more vulnerable to market capitalization change than SOEs are, and the listed businesses' intentions to innovate are influenced by changes in market capitalization through the loss aversion mechanism.

The Application Of DCF Model in the Enterprise Value AssessmentA Case Study of Tesla, Inc

With the rapid development of today's society and economy, more and more public investors are not satisfied with bank financial products, which have lower value-added, but turn their attention to the capital market. The quantitative technique of DCF model combined with qualitative analysis to assess the intrinsic value of enterprises provides an effective reference for public investors. Tesla, a company that produces new energy vehicles, has shown rapid growth in recent years and is suitable for valuation using DCF models. This paper predicts the growth rate of Tesla's operating income in the next five years based on its historical financial data, and uses the percentage of sales method combined with qualitative analysis to calculate the present value of the enterprise's free cash flow in the next five years, and also calculates the present value of the enterprise's future perpetuity based on the assumption of the enterprise's going concern, and the two are added together to obtain the intrinsic value of Tesla Inc. as $5160.95 billion. The total market value of Tesla Inc. on November 22, 2022 (valuation point in time) is $5365.34 billion (data source: https://www.msn.cn). The intrinsic value of the enterprise is lower than the market price, and investors are advised not to buy.

War impact on the market value of the industrial complex enterprises of Ukraine

The purpose of the paper is to assess the war impact on the market value of the industrial complex enterprises of Ukraine. This is an important task for determining the investment needs to restore the Ukrainian economy, substantiating the reparations for Russia’s aggression against Ukraine, which should include the damage caused after the unleashing of a full-scale war from 24.02.2022 , and losses in the early phases of military aggression (after 22.02.2014).The author’s method of assessing the market value is based on the CVA concept. The war impact on the enterprises market value should be manifested through changes in the effects of exploitation and financing liabilities, which show a differentiated effect from changes in the internal and external business environment of enterprises in wartime. Estimates should be based on the possibility of both negative and positive effects. The main direction of the negative influence is the financing effect, which is due to the action of the external business environment factor. The Kane-Essian argument should be considered in the estimates by calculating normalized effect sizes.The normalized cumulative war impact equaled 165.1 billion dollars, which corresponds to 44.4% of the total market value of industrial enterprises of Ukraine, estimated for the period 2014–2022. About 14.4% of the total war impact on the market value of Ukraine’s industrial enterprises is attributed to the financing effect. Loss assessments can be used to evaluate the investment needs to restore destroyed and damaged business property. To determine the amount of compensation for damage caused by the war, the market value of an enterprise according to the CVA method can be used.

Assessing and managing charismatic marine megafauna in Palau: Bumphead parrotfish (Bolbometopon muricatum) and Napoleon wrasse (Cheilinus undulatus)

Abstract Bumphead parrotfish (Bolbometopon muricatum) and Napoleon wrasse (Cheilinus undulatus) are large, charismatic species with high economic and cultural value in Palau and are important for ecosystem function. As a result of intense fishing pressure, landings in Palau for both species declined dramatically in the 1990s and, in response, national legislation was enacted in 2006 that imposed a total ban on the extraction, possession, and sale of both species. In 2013 and 2021, fisheries‐independent stock assessments were conducted and found that the spawning potential ratios (SPRs) for bumphead parrotfish increased slightly from 30% to 34%. Conversely, the SPRs for Napoleon wrasse declined from 12% in 2013 to 4% in 2021. Despite the fishery being closed since 2006, these data suggest the likelihood of significant poaching, resulting in low SPR values, particularly for Napoleon wrasse. Prior to the COVID‐19 pandemic, marine tourism played a central role in the economic and social life of Palau. A willingness‐to‐pay survey found that divers would pay $1.27 million (2020 USD) more for strictly managed catches of both species, and nearly $3.00 million more if the fishery remained closed. The total market value for bumphead parrotfish peaked in 1995 at $112,190. The peak total market value for Napoleon wrasse was $66,434 in 2002. The welfare gain/loss for diver tourism is an order of magnitude greater than the fishery market gain/loss, and healthy marine ecosystems are essential for the post‐COVID‐19 economic recovery of Palau. However, because of the cultural importance of these species, there is a desire to manage this fishery for customary use. Opening a general subsistence harvest season is not recommended ecologically; however, the results suggest that if the SPR of bumphead parrotfish can recover to 40%, a limited quota of individuals with a total length of >95 cm could be sustained, which could be allocated via lottery. However, the fishery for Napoleon wrasse should remain closed given the extremely low SPR values and limited number of large adults in the population.

Analyzing the Relationship between the Features of Direct Real Estate Assets and Their Corresponding Australian—REITs

This study investigated the relationship between a sector-specific Australian Real Estate Investment Trust (A-REITs) and the underlying property assets in its property portfolio. The existing studies have assessed the connectedness/correlation between the A-REITs market and a variety of other asset markets, including the overall stock, bond, and direct real estate markets. This study applied regression analysis methods and discovered that there exists a certain degree of linear correlation between the underlying property assets and the return of the subject A-REITs. The most significant variable is the occupancy of the offices. The higher the occupancy is, the better the dividend can be. Features of the A-REITs also affect the dividend outcomes, specifically, the total portfolio market value and the capitalization rate. This suggests that the annual valuation outcomes show a positive relation with the performance of the A-REITs.

Irish faba beans (Fabales: Fabaceae) depend on wild bumblebee pollination for marketable yields

Abstract Quantifying the contributions of insect pollinators to crops provides insight into how pollination services should be managed and protected into the future. Faba bean, Vicia faba var minor (Linneaus), is a widely grown crop globally that can benefit from pollinator visitation, but only from species that are morphologically compatible with the plant's long‐corollae flowers. Here, we rank insect pollinators in terms of their potential importance to faba bean pollination and quantify the economic value of pollination for Irish faba beans. Our findings demonstrate that bee pollination contributes significantly to the pod set of faba beans, and, consequently, the crop's production value. We find that pollination services account for almost half of Ireland's total faba bean market value, with the pollinator contribution estimated at almost €4,000,000 per year. We estimate that, relative to other pollinators, wild bumblebees contribute to approximately 70% of the economic value of pollination services in faba bean fields, driven mainly by the contributions of a long‐tongued bumblebee species, Bombus hortorum (Linneaus; Hymenoptera: Apidae). Based on these results, we suggest that B. hortorum populations be encouraged on farmland through appropriate management to ensure the continued delivery of pollination services to Irish faba beans.

Economic value and latent demand for agricultural drought forecast: Emerging market for weather and climate information in Central-Southern Nigeria

Provision of weather and climate services are expected to improve the capacity for rural households’ preparedness and response plans to weather shocks. With increase in public investments in developing and communicating weather information on local scale in Nigeria, uncertainty in timescales that meet farmers’ needs and economic value of the information is still poorly understood. It is now a policy concern on whether farmers’ preferences and demands might increase its uptake. This study analyzed the economic value, latent demand, and emerging market of weather and climate information in Central-Southern Nigeria. Farm-level cross-sectional data reveals that 76% of the respondents were willing to pay for improved weather information and early warnings in taking climate smart decisions. Within farmers who showed positive responses, 86% would pay for sub-seasonal to seasonal weather information while 38% would pay for medium and short range weather information respectively. The economic value of sub-seasonal to seasonal weather information was estimated at N1600 ($3.60) per year per capita with total aggregated value of N1.3 billion ($2.9 m) yearly for the derived savannah area. Predictive total market value of N17.43billion ($39 m) would be obtained from improved weather information in Nigeria. Simulated results of 5% increase in the uptake with better dissemination channel through mobile phones in addition to robust farmers’ oriented features will generate additional annual market value at N86m ($193,360) for service providers. Large farm size, good farm-income, mobile phone dissemination channels, and location-specific information were drivers of farmers’ uptake decisions of weather information in the dry savannah area. The huge emerging market for improved weather information should be developed into a public–private market to efficiently facilitate uptake and use in Nigeria.