Valuation Stage Research Articles

Confirmatory analysis of the 13-MD and ranking of its meta-dimensions and items.

The 13-MD is a new generic instrument developed to measure general health-related quality of life (GHRQoL). This instrument considers all aspects of health (i.e., physical, mental, and social) in a balanced way. A previous study led to minor changes in the original version of the 13-MD. The objective of this study was to confirm the validity of the modified 13-MD. Validity was assessed with recent data from the general population of Quebec, Canada. The meta-dimensions and items composing the 13-MD were also subjected to a ranking procedure, which allowed to determine the most important aspects for respondents. A total of 1337 French-speaking participants were recruited with 1099 completing the 13-MD for validation purposes and 1084 completing the ranking procedure. The 13-MD showed very satisfactory results and confirmed to be a valid instrument. The ranking of the meta-dimensions revealed that "Well-being" received the most points, followed by "Sleep and energy" and "Body functioning." These results will be very useful in the continuous improvement of the 13-MD, ultimately leading to the valuation stage (i.e., development of a value set).

VALUATION OF STOCK VALUE WITH RELATIVE VALUATION AND ABSOLUTE VALUATION APPROACH IN BANKING SECTOR AT LQ 45 PERIOD 2015-2020

Investment in Indonesia during the COVID-19 pandemic increased. One of the significant and good indices in describing the condition of stocks in Indonesia is LQ45. Dlaam LQ45 The largest market capitalists are held by the financial sector Specifically the bank subsector therefore it needs to be further researched regarding these stocks. One of the interesting things is whether these stocks deserve to be considered a good investment instrument. One of the efforts to assess investment instruments is through the valuation stage. The valuation method used there are two, namely relative valuation with price to book value benchmarks and price earnings ratio and absolute valuation with dividend growth model method and some modifications of the model. From the results obtained, the recommendation of the position of the four financial stocks in LQ45 varies depending on the valuation technique used. On this basis, it can be said that it is important to know, know, and ethically the valuation techniques used are appropriate, good, and correct.

Psychometric Performance of the EQ Health and Wellbeing Short in a United Kingdom Population Sample

ObjectivesThis study assessed the psychometric performance and construct validity of the EQ Health and Wellbeing Short (EQ-HWB-S), using a validated measure, the EQ-5D-5L, as a comparator. MethodsThe experimental version of the EQ-HWB-S was compared with the EQ-5D-5L to assess the psychometric performance of the measures. Data were drawn from the valuation stages of the Extending the Quality-Adjusted Life-Year project (UK general population, n = 429) and the EQ-5D-5L UK valuation pilot study (UK general population, n = 248). Construct validity was assessed based on convergent validity, using Spearman correlations and Pearson correlations. Known-group validity was assessed by estimating effect sizes to assess the ability of the EQ-HWB-S and EQ-5D-5L to discriminate between known groups based on “healthy” status, presence of a long-term condition, health and life satisfaction, age, and employment status. The degree of agreement in utility values across instruments was also evaluated using Bland-Altman plots. ResultsStrong associations (rs ≥ 0.5, P < .001) were found between conceptually overlapping dimensions and the utility scores of the EQ-HWB-S and EQ-5D-5L. The instruments performed comparably in discriminating between known groups including healthy versus unhealthy groups (based on the visual analog scale ≥ 80), long-term condition (vs no long-term condition), and above versus below average health and life satisfaction and employed (vs unemployed and long-term sick). ConclusionsThe EQ-HWB-S performs favorably with utility values successfully discriminating between groups in which differences are expected. Convergence between the EQ-HWB-S and EQ-5D-5L is evident, especially between conceptually overlapping dimensions.

Partisipasi Petani dalam Program Indeks Pertanaman (IP) Padi 400 di Desa Kragan, Kecamatan Gondangrejo, Kabupaten Karanganyar

The Ministry of Agriculture conducted a program to increase the Rice Planting Index (IP) to 400 or commonly known as the IP400 program. One of the factors determining the success of the Rice Planting Index (IP) 400 program is the participation of farmers in following the program, because without active participation from farmers the program will not run smoothly. This study aims to assess the level of farmer participation, examine the factors that shape farmer participation, and analyze the relationship between the factors that shape farmer participation in the Rice 400 Cropping Index (IP) program in Kragan Village. Sampling was conducted using saturated sampling method (census) with a sample size of 30 respondents. Data analysis used the Spearman Rank Correlation Coefficient Test (rs) at the 95% confidence level. The results showed that the planning stage was in the medium category, while the implementation, utilization of results, and valuation stages were in the high category. The relationship between factors shaping farmer participation in the Rice 400 Planting Index (IP) program is that there is a significant relationship between non-formal education, personal experience of farmers in farming, the influence of people who are considered important, and land area with farmer participation in the IP Rice 400 program. Factors shaping farmer participation in the Rice 400 Planting Index (IP) program that do not have a significant relationship are the age of farmers and formal education of farmers.

Valuation of Software Agency for Pre IPO Using DCF and Relative Valuation Method (Study Case: PT XYZ)

An Initial Public Offering (IPO) is a pivotal moment in a company’s life cycle. It’s a process where a private company offers its shares to the public in the capital market to raise funds. The move from private to public affecting the company to prepare for many changes, including increased supervision and the responsibility of delivering value to shareholders. However, before stepping on this significant IPO step, the company needs a clear understanding of various factors, which includes macroeconomic conditions, the dynamics of the market it operates in, and the company’s internal conditions. The company, PT XYZ, specializes in creating software solutions, a sector that is currently needed by a lot of company due to digitalization era. Fair share price for PT XYZ must be calculated when it goes public. In addition to understanding the macroeconomic condition, the Porter’s Five Forces framework is described to assess the competitive aspect in the market and potential opportunities. After analysing the external factors, the next step is doing in-depth internal analysis. This involved a SWOT analysis by identifying PT XYZ’s Strengths, Weaknesses, Opportunities, and Threats, and an evaluation of the company’s financial health. The business solution proceeded to the valuation stage, using the Discounted Cash Flow (DCF) method with Free Cash Flow to Equity (FCFE). This process involved making growth projections for the next decade. It anticipates that the company’s growth rate would eventually align with Indonesia’s Gross Domestic Product (GDP), serving as the long-term growth rate. To ensure a holistic evaluation, there must be a complementary valuation method, Relative Valuation. Three similar companies in the software sector were picked and their EV/EBITDA was used as a multiplier ratio. The two separate valuation methodologies led to two distinct results. Thus the average of these two methods can be proposed. Overvalued or undervalued share pricing can significantly affect investor decisions and the amount of funds raised from the IPO.

Sustainable tax system design for use of mass real estate appraisal in land management

Sustainable land management aims at land use by protecting nature. Real estate value is one of the important parts of land management, especially at the decision stages. The value associated with a major part of domestic real estate is tax value. The purpose of this study is to develop a tax system that is easy to understand and use as well as compatible with innovations. The sustainability of mass real estate appraisal is provided with legal, physical, locational, neighborhood and economic criteria according to ordinary and extraordinary conditions. The plots reserved for housing in urban areas were selected as the real property type with updates regarding appraised value for taxation. Valuation stages were discussed separately from general to detail, and coefficients were used under the current tax law. Sustainable mass plot appraisal system was designed by providing sustainable cycle economic and extraordinary criteria. The application was carried out in Konya/Lalebahçe Neighborhood and the sustainability of the system was observed. A multiple regression model was created from the samples of 2015 and the real estate value estimation was made with the data of the criteria affecting the value. With the model obtained from the economic criteria of 2005–2015, the economic valuation rate of real estate was found for the years 2016–2021. The results were compared with 10 market sample data for the years 2020–2021. The values estimated by the economic valuation rate of the real estate in 2020 approached the market values with an average of ± 7 % standard deviation and in 2021 with a ± 14 % standard deviation. A sustainable mass appraisal system for taxation was successfully tested and its sustainability was observed.

The Importance of Digitization in Estimating Housing Fair Value with the Artificial Neural Networks Method: The Case of Yenimahalle/Ankara/Turkey

With the rapid development in the construction sector in recent years, housing sales, which is one of the economic investments, have accelerated, making an objective valuation difficult and making it impossible to predict the real price due to the fact that there are too many parameters in the valuation stage and there is no definite formula. In addition, in real estate appraisal processes, the use of artificial neural networks (ANN), which is one of the artificial intelligence methods, has made it attractive to perform and adapt machine learning using examples, to provide information about unprecedented examples, to work fast and easy to identify, to provides solutions to complex problems, to work with little information. In this study, ANN models were created by rearranging the quantification values in an existing study by creating ANN models with 14 parameters that are effective in determining the fair value of a total of 220 houses for sale advertised on an e-commerce site in different neighborhoods of Yenimahalle district of Ankara/Turkey, and it was observed that with the use of rearranged quantification values, the ANN architecture selected with mean square error (MSE) 0.000016, regression (R) 95.99% and accuracy rate 91.73% gave more successful results in predicting the house price.

Neuronal origins of reduced accuracy and biases in economic choices under sequential offers.

Economic choices are characterized by a variety of biases. Understanding their origins is a long-term goal for neuroeconomics, but progress on this front has been limited. Here, we examined choice biases observed when two goods are offered sequentially. In the experiments, rhesus monkeys chose between different juices offered simultaneously or in sequence. Choices under sequential offers were less accurate (higher variability). They were also biased in favor of the second offer (order bias) and in favor of the preferred juice (preference bias). Analysis of neuronal activity recorded in the orbitofrontal cortex revealed that these phenomena emerged at different computational stages. Lower choice accuracy reflected weaker offer value signals (valuation stage), the order bias emerged during value comparison (decision stage), and the preference bias emerged late in the trial (post-comparison). By neuronal measures, each phenomenon reduced the value obtained on average in each trial and was thus costly to the monkey.

Dissociating value-based neurocomputation from subsequent selection-related activations in human decision-making.

Human decision-making requires the brain to fulfill neural computation of benefit and risk and therewith a selection between options. It remains unclear how value-based neural computation and subsequent brain activity evolve to achieve a final decision and which process is modulated by irrational factors. We adopted a sequential risk-taking task that asked participants to successively decide whether to open a box with potential reward/punishment in an eight-box trial, or not to open. With time-resolved multivariate pattern analyses, we decoded electroencephalography and magnetoencephalography responses to two successive low- and high-risk boxes before open-box action. Referencing the specificity of decoding-accuracy peak to a first-stage processing completion, we set it as the demarcation and dissociated the neural time course of decision-making into valuation and selection stages. The behavioral hierarchical drift diffusion modeling confirmed different information processing in two stages, that is, the valuation stage was related to the drift rate of evidence accumulation, while the selection stage was related to the nondecision time spent in response-producing. We further observed that medial orbitofrontal cortex participated in the valuation stage, while superior frontal gyrus engaged in the selection stage of irrational open-box decisions. Afterward, we revealed that irrational factors influenced decision-making through the selection stage rather than the valuation stage.

Your happy expressions encourage me to take risks: ERP evidence from an interpersonal gambling game

Although the influence of endogenous emotion on decision-making has been widely studied, the effect of interpersonal emotions on risk decision-making is less understood. To address this issue, participants were asked to perform an interpersonal gambling game after perceiving their cooperator’s facial emotions. The results found that the cooperator’s happy expressions increased individuals’ risk-approaching choice compared with angry expressions. Moreover, happy expressions induced larger P300 potentials in the option assessment stage, and diminished the differences between losses and wins in feedback-related FRN/RewP in the outcome valuation stage. Additionally, single-trial analysis found that the neural response induced by interpersonal expressions and feedback could predict participants’ subsequent decision-making. These findings suggest that interpersonal emotions shape individuals’ risk preference through enhancing in-depth valuation in the option assessment stage and early motivational salience valuation in the outcome valuation stage.

Applied structural geology for stability assessment and geotechnical risk management in mines

The adequate geological support and engineering of production processes requires mining companies to have structural geologists to be in charge for the acquisition, processing, analysis and preparation of geological and related data during development of a mineral deposit, starting from prospecting and exploration and up to reclaiming. In the prevailing practice, geologists of mining and servicing companies are mostly aimed at the appraisal and control of mineral resources while the study of geological structure of a deposit is assumed finished at the stage of prospecting and valuation as arule. At the later stages, geologists focus mainly on the quality and quantity of minerals, and geological bodies are often interpreted without regard to the actual geological structure of a deposit. The structural geology as a branch within a mining company should have a specific development strategy. This strategy is to account for the necessity of the other services for the input geological data, while the applied geological models should be used in mine design and be integrated in the production process. The intending specialists in the allied services should be informed on the available models, their value and completeness, as well as should possess free and intelligible access for operation. Efficient production management and risk control requires close communication between structural geologists, geomechanics, resource geologists, mining engineers, mineral dressing engineers and surveyors.

Criteria for item selection for a preference-based measure for use in economic evaluation

Preference-based measures allow patients to report their level of health, and the responses are then scored using preference weights from a representative general population sample for use in cost utility analysis. The development process of new preference-based measures should ensure that valid items are selected to reflect the constructs of interest included in the measure and that are suitable for use in preference-elicitation exercises. Existing criteria on patient-reported outcome measures (PROMs) development were reviewed, and additional considerations were taken into account in order to generate criteria to support development of new preference-based measures. Criteria covering 22 different aspects related to item selection for preference-based measures are presented. These include criteria related to how items are phrased to ensure accurate completion, the coverage of items in terms of range of domains as well as focus on current outcomes and whether items are suitable for valuation. The criteria are aimed at supporting the development of new preference-based measures with discussion to ensure that even where there is conflict between criteria, issues have been considered at the item selection stage. This would minimize problems at valuation stage by harmonizing established criteria and expanding lists to reflect the unique characteristics of preference-based measures.

An analysis of mathematical connection ability based on student learning style on visualization auditory kinesthetic (VAK) learning model with self-assessment

This research aims to analyze the quality of VAK learning with self-assessment toward the ability of mathematical connection performed by students and to analyze students’ mathematical connection ability based on learning styles in VAK learning model with self-assessment. This research applies mixed method type with concurrent embedded design. The subject of this research consists of VIII grade students from State Junior High School 9 Semarang who apply visual learning style, auditory learning style, and kinesthetic learning style. The data of learning style is collected by using questionnaires, the data of mathematical connection ability is collected by performing tests, and the data of self-assessment is collected by using assessment sheets. The quality of learning is qualitatively valued from planning stage, realization stage, and valuation stage. The result of mathematical connection ability test is analyzed quantitatively by mean test, conducting completeness test, mean differentiation test, and mean proportional differentiation test. The result of the research shows that VAK learning model results in well-qualified learning regarded from qualitative and quantitative sides. Students with visual learning style perform the highest mathematical connection ability, students with kinesthetic learning style perform average mathematical connection ability, and students with auditory learning style perform the lowest mathematical connection ability.

ESTIMATION OF POTENTIAL OF ENERGY SAVING IN THE BUDGET SPHERE BASED ON THE RANGE ANALYSIS

The article outlines the issues of increasing energy efficiency and energy security of Ukraine, presents the technical energy system, and considers the problems of optimization of energy efficiency management. The research levels in the field of energy saving are presented and analyzed. The methods of mathematical statistics and technocenological methods of energy consumption modeling are presented. A normal distribution law (often called the Gauss law) and rank analysis, which is understood as the method of research technocenosis, involves optimization based on the criteria of the form of hyperbolic H-distributions, is considered. The procedures of interval estimation, parametric rationing, forecasting and standardization of consumption of resources are resulted. Rank analysis is presented in procedures such as: difflex analysis (performed at the interval evaluation interval), GZ-analysis (performed at the stage of forecasting) and ASR-analysis (carried out at the stage of valuation). The mathematical apparatus of the technocenological approach is represented by three models of hyperbolic H distribution: sighting, ranked and ranked by parameter. The algorithm of the rank analysis for the forecast of power consumption is developed. The procedure of technocenological optimization is described. Studies of cenoses are reduced to their systematic description of the hierarchical system of indicators (which is necessary for the identification of the cenosis) and to the structural cenological description. The paper presents the ranked parametric distribution of technocenoses for the consumption of electric energy by budgetary organizations and institutions of Solomyansky district of Kyiv in 2016, and the analytical dependence of this technocenose for the subsequent optimization procedure on the parameter of electric power consumption is calculated.

The impact of information, value-deliberation and group-based decision-making on values for ecosystem services: Integrating deliberative monetary valuation and storytelling

Monetary valuation quantifies exchange values, but broader approaches are needed to understand the meaning of those monetary values and the shared, plural and cultural values that underpin them. In this study, we integrated deliberative monetary valuation, storytelling, subjective well-being and psychometric approaches to comprehensively elicit cultural ecosystem service values for proposed UK marine protected areas. We elicit and compare five valuation stages: individual values from an online survey; individual and group values following deliberation on information in workshops; and individual and group values following storytelling and a ‘transcendental values compass’ deliberation. Deliberated group values significantly differed from non-deliberated individual values, with reduced willingness to pay and increased convergence with subjective wellbeing; deliberated individual values fell between the two. Storytelling played an important role in revealing values that were previously implicit. Participants were more confident about values elicited in the workshops than the online survey and felt that deliberated values should be used in decision-making. The results of this study (albeit with a limited sample size) suggest that shared values may be a better reflection of welfare implications than non-deliberated individual values, while at the same time more reflective of participants' transcendental values: their broader life goals and principles.

Subjective probability and financial valuation: contrasting paradigms

Purpose – The purpose of this paper is to theorize the existing idea of subjective probability a la Keynes’s Treatise on Probability Theory. Then to show that, under the especial kind of financial valuation model in the absence of interest rate and speculation, subjective probability is not of a major concern in Islamic financial theory. Design/methodology/approach – The topic is of an epistemological nature premised on the Islamic unity of knowledge and the world-system with special attention given to the formulation of the financial model for evaluation under its unitary characteristic at each time period of financial evaluation. The approach, while being epistemological, is also mathematical in the financial valuation field. Findings – Mathematical calculation of approximate solution using Newton-Raphson method applied to Islamic financial valuation model with yields, evolutionary learning and of the nature of unitary discursive experience at every stage of valuation taken continuously establishes the innovative method approximating subjective probability of events to limiting negligible field. Practical implications – The nature and importance of Islamic valuation models brings about the implication of diversification of risk and production diversification that altogether underlie the limiting phenomenon of subjective probability in a narrow closure. Social implications – The epistemological implication of unity of knowledge and unity of the specific events during the valuation experience causes the socio-economic system to gain increasing levels of stability and certainty while subjective probability narrows down in its small closure. Originality/value – This paper is boldly original in the light of its methodology that addresses the much pursued topic of subjective probability in the Islamic heterodox economic and financial field.

Social Evaluation Approaches in Landscape Projects

Landscape is a crucial component of world heritage and, in the last few years, landscape projects have played a vital role in the development of sustainable scenarios. As reported in the European Landscape Convention, landscape means an area, as perceived by people, of which the character is the result of the action and interaction of natural and/or human factors. Therefore, in landscape planning and assessment, the community is necessarily involved. In order to improve the effectiveness of a project for landscape enhancement, this study suggests strategies for an integrated project, taking into account the numerous, heterogeneous variables involved. A landscape project, therefore, is a complex project that requires structured valuation stages, open to the community dimension. The qualitative, intergenerational, and inclusive characteristics of landscapes suggest that the limits of traditional economic analysis should be exceeded by adopting new assessment methods. With this aim in mind, this paper proposes social evaluation approaches, which operate by combining deliberative processes with total economic and multidimensional approaches. In this paper, we present: (1) a brief overview of the main features and issues concerning landscape projects; (2) strategies for integrated projects in landscape enhancement; and (3) social approaches in landscape assessment that account for complexity and social inclusion.

Hierarchical competitions subserving multi-attribute choice.

Valuation is a key tenet of decision neuroscience, where it is generally assumed that different attributes of competing options are assimilated into unitary values. Such values are central to current neural models of choice. By contrast, psychological studies emphasize complex interactions between choice and valuation. Principles of neuronal selection also suggest competitive inhibition may occur in early valuation stages, before option selection. Here, we show behavior in multi-attribute choice is best explained by a model involving competition at multiple levels of representation. This hierarchical model also explains neural signals in human brain regions previously linked to valuation, including striatum, parietal and prefrontal cortex, where activity represents competition within-attribute, competition between attributes, and option selection. This multi-layered inhibition framework challenges the assumption that option values are computed before choice. Instead our results indicate a canonical competition mechanism throughout all stages of a processing hierarchy, not simply at a final choice stage.

Determinants Of Firm Terminal Value: The Perspective Of North American And European Financial Analysts

Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Model (DDM), the Discount Cash Flow (DCF), or RIM (Residual Income Models) group, discount one attribute (dividends, free cash flow, or results) to a given discount rate. This discount rate, obtained in most cases by the CAPM (Capital asset pricing model) or APT (Arbitrage pricing theory) allows including in the analysis the cost of invested capital based on the risk taking of the attributes. However, one cannot ignore that the second stage of valuation that is usually 53-80% of the company value (Berkman et al., 1998) and is loaded with uncertainties. In this context, particular attention is needed to estimate the value of this portion of the company, under penalty of the assessment producing a high level of error. Mindful of this concern, this study sought to collect the perception of European and North American financial analysts on the key features of the company that they believe contribute most to its value. For this feat, we used a survey with closed answers. From the analysis of 123 valid responses using factor analysis, the authors conclude that there is great importance attached (1) to the life expectancy of the company, (2) to liquidity and operating performance, (3) to innovation and ability to allocate resources to R&amp;D, and (4) to management capacity and capital structure, in determining the value of a company or business in long term. These results contribute to our belief that we can formulate a model for valuating companies and businesses where the results to be obtained in the evaluations are as close as possible to those found in the stock market.

Critical Issues for Implementing DB Projects in Taiwan

Even though the design-build (DB) delivery method has become a popular construction project delivery method in many countries, it is relatively rare in Taiwan. This study investigates the problems and difficulties that Taiwanese owners may encounter during using DB delivery methods. Twenty six problems over the four key stages of the DB process were first identified based on previous studies and expert interviews. A questionnaire survey was then conducted to determine the most pressing problems for Taiwan. The results of statistical analyses show that Taiwanese owners face key problems at all stages of the DB delivery method, especially during the tender preparation and valuation stages. These findings can be used by Taiwanese owners for successfully executing DB projects.