Asset and investment valuation

TOPIC:
REASONS ACCOUNTING FOR THE INCREASE IN THE PRODUCTION OF READY TO WEAR GARMENTS IN GHANA

ABSTRACT
This paper examined the role of perception, personality and price on consumer preference for “ready to wear” garments as well as their assessment of locally made wears. The study was however restricted to working class consumer in Accra metropolis. Data were collected through the use of questionnaire and analysed using t- statistics. It was discovered that most consumer attributed their inability to patronise locally made garments to their social status, low quality and durability of the wears.  Also, the prices of the wears have great influence on them.  It was, therefore, recommended that local manufacturers should improve on the quality of their products.  Government should as well enforce laws intended to reduce the exploitation of consumers by producers in the areas of product quality and price.  In addition, government should ensure that high quality long fibre cotton is grown locally by providing farmers with high quality seeds at subsidized rates.  Finally, consumer should also have a change of attitude towards Ghanaian “ready to wear” garments.

This study has 4 contributions to the literature. First, the authors analyze the risk characteristics for 11 Relative Value hedge fund strategies. Second, the authors introduce 3 families of behavioral factors, the D family, the L family, and the R family. In contrast to previous hedge fund studies, these new factors assume investors use historical and behavioral data such as average drawdown, run-up, and liquidity from each hedge fund category to assess the risk. Third, additional macroeconomic variables, such as the CRB, Copper, and Oil are found to be statistically significant in some strategies. This economic and historical information, when included with asset pricing models, is more powerful in explaining hedge fund returns than previous models. Fourth, unlike the previous literature, these generated models are corrected for time-series assumption violations and heteroskedasticity. To more fully understand the timing of risks and returns associated with investing in relative v...

This conference paper proposes a new type of art investment platform. The unified decentralized platform aims to solve the problem of collapse and stagnation on the art market, art investment, and creative industry in general. The project is aimed at all the main parties in the art business and it is using blockchain technology and tokenization. The paper summarizes the situation on the market and describes the resolution to the problem.

In order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric informat...

The following ratio analysis will look at the financial performance of American Eagle Outfitters (AEO), Inc. and Urban Outfitters (UO), Inc.  Both companies compete within the retail family clothing stores industry and have domestic and foreign operations. 
    AEO opened its first store in the United States (US) in 1977 and as of December 31, 2008 is operating in 1,098 stores and also operates e-commerce sites under AEO Direct.  AEO has 37,500 employees who work under the name American Eagle Outfitters, and wholly-owned subsidiaries, American Eagle, and AE brand names (aerie, Dormware®, AE® Martin + OSA® and 77kids™), (Libby, Libby, & Short,  2011, pp. B-2 – B-3)
UO was founded in 1970 as a predecessor partnership and later “incorporated in the Commonwealth of Pennsylvania in 1976….The company’s principle business is the operation of a general consumer product retail and wholesale business selling to customers through various channels including retail stores, three catalogs, and four web sites” (Libby et al, 2011, p. C-7). As of January 31, 2009, the company operated out of 294 stores and “in addition, the company’s wholesale segment sold and distributed apparel to approximately 1,800 better specialty retailers worldwide” (Libby et al, 2011, p. C-7).

Investors are forever in need of an asset that adds value to the portfolio. Therefore, along with fixed income investments, stocks, gold and other assets are inevitable parts of a balanced portfolio. For Indian investors, gold is not only an investment asset but a commodity with a major importance in the social customs that makes it all the more interesting to study. As an investment asset, it is considered a diversifier asset and a hedging asset. Not only that, it is called a ‘safe-haven’ asset for times of economic distress, meaning that it retains its value when the stock market is giving low or negative returns. In this paper, we analyze the risk-return parameters of both the gold and Sensex for a period from 1992 to 2017 and find out how they perform along with each other. We also do detailed subperiod analysis in terms of Pearson’s correlation coefficient and see how it changes in pre-recession and post-recession period. We analyze whether gold is a diversifier asset, a hedge,...

The main contribution of the paper is to present hard evidence on risk exposure, hedging strategies, and agency problems resulting in speculation with derivatives, by focusing on the case of Aracruz Celulose. It highlights the failure of risk management systems in non-financial firms in the face of extreme events like the financial crisis of 2008. The company posted financial losses of U$2.1 billion due to currency derivatives trading in the third quarter of 2008. We show how the company‟s real hedge position deviated from its optimal hedge as a result of the speculation with OTC derivatives, permitted by weak governance structures that failed in preventing hubris and mistakes in risk management.

Performance assessment is key to business management in any industry sector as it helps organizations to control, compare and even correct their performance. This paper proposes a model to evaluate the Argentine insurance sector, analyzing efficiency and relative productivity during the 2002-2011 period, using an efficient frontier technique known as Data Envelopment Analysis and the Malmquist Index. The results indicate that the market has not improved its productivity over the last ten years. One of the causes is attributed to the technological decline suffered in the period. Companies needed more resources to keep up their production, they have not invested in pursuit of improving their administrative and technological practices, or investments have not brought an increase in the volume of negotiated premiums.

Research based on the returns across asset classes since 1980 in India, and subsequent analysis of its impact on the various Investment Portfolios. The whole project concludes with an analysis of how each asset class (and portfolio baskets) performed in each phase between 1980 and 2012.

The aim of the paper is to study the value created by foreign shareholders in Indonesia finance company industry over the period 2001-2011. We analysed the financial performance of the Japanese owned finance companies and the foreign non Japanese owned finance companies. Japanese companies are the major players in automotive industry with market share more than 90% in both 2 wheeler and 4 wheeler. Meanwhile, the automotive manufacturers and dealers are the one who provide the products of financing for finance company. We analysed 7 micro key financial ratios (profitability, efficiency, growth, firm size, liquidity, solvency and asset quality). We use non parametric Mann Whitney and parametric panel data dummy regression. The empirical results show that finance companies owned by Japanese shareholders, are better in asset allocation, more profitable, bigger in size, and higher in growth capability.

Income capitalization is a widely used in commercial property for valuation, development appraisal or for project feasibility analysis. As a decision-making tool, its technical and philosophical limitations are manifest but often overlooked. If bungled, capitalization, can lead to ‘white elephant’ projects, investment losses, corporate collapse. To avoid such waste, the research investigates capitalisation technical issues and philosophical conundrums. Sound capitalization practice scopes project and clarifies valuation base(s). Market comparison, risk diagnostics and analytics help render complex data to estimate yields or an appropriate discount rate. For a project feasibility analysis, supplementary salient concerns include wider strategic imperatives, indigenous land rights, stakeholder management, administrative probity and the inclusion of environmental or social spillovers.

“Multiple Spread Trading” (MST) is the multidimensional evolution of the traditional “Pair Trading”, also known as “Spread Trading”.
MST is an investment strategy that does not depend on the market trend. It is based on quantitative algorithms that calculate the temporary misalignment between three or more correlated and cointegrated assets compared to their statistical relative trend, exploiting their intrinsic feature of return to “normal” values.
MST can be applied independently of the market conditions – bull, bear or sided market – and on different asset classes, such as futures, Forex, stocks or ETFs.
Due to its peculiarities, MST is an extremely protected approach from the market risks, and it is profitable, as many practical cases demonstrate.

The Impact of dividend decision on the share price volatility in the Indian Stock Market is the subject matter of this study. Using the correlation analysis and the least square multiple regression methods, the study found only 32% of the changes in the share prices are explained by Dividend Yield, Dividend Payout Ratio, Investment growth, Size of the Firm, Leverage, and Earnings Volatility.

Indian Textile industry is playing an essential role in the world after China and it is contributing growth towards GDP, employment, exchange reserves, exports, total production etc. It investigates the investment decision factors, risk, and growth factors of CMIE registered Indian Textile companies from the state of Tamil Nadu. The study has used regression analysis to know which investment factor is highly impacting on the financial performance and which risk factors are highly impacting on the textile finance companies. Factor analysis used to explore the growth factors of textile companies and have identified four factors from pilot study using SPSS. The study finds management outlook is the highest impact factor on the performance of textile companies from the investment factors, it also find that the competitor risk is the highest impact among the risk factors of textile companies. Further the study suggests that the companies first emphasize on utilizing the resources efficiently to improve the performance through up-gradation of new technology, make changes in the textile policy by the local government, generate quality products with less cost, focusing on sustainability in order to boost the overall efficiency.

Using objective measures of investor protections in 170 countries, I establish that the level of investor protection matters for cross-country differences in GDP growth: countries with stronger protections tend to grow faster than those with poor investor protections.

The Segment that resists the art market crisis

The global market of modern and contemporary African art performed strongly in 2016 with a sell-through rate of 72% in a morose context of the international art market and the slowing down of African economies.
This segment proved to be an exception. The huge direct and indirect investments, mainly in western countries as well as new structural initiatives in Africa ranging between US$ 300 million to US$ 400 million in the last five years.
Modern art led the market with a sell-through rate of 76%, and 55% in value of the total amount of sales, reaching US$23.3 million. Bids that exceeded the symbolic threshold of US$1 million rose by 200%, including 50% for modern art and 50% for contemporary art. Strauss & Co, based in Johannesburg, South Africa, is the leading auction house for the total amount of works sold with 31% in value and 57% of lots.
Auction houses based in the African continent counting for 46.1% of the total value, fetching US$19.6 million and 93.2% of lots London held the most important place in the market in 2016, considering the number of operators in our study that organised sales (40% of the total), the number of proposed lots (2.9% of the total) and of sold lots (28.1% and US$11.9 million in the year) and institutional and commercial exhibitions.
The enlargement of the buyers' base in all categories.
In contemporary art, the works sold beyond their high estimates, representing 58% in value, or US$8 million, and 37.9% between their estimates or US$5,7 million with regard to the total number of sales in this category.
Female artists continue to lead this market for the second consecutive year and constitute a very important market share. They represent 60% of the top five most expensive selling lots in all categories and 66.5% in value for this same ranking.
One of the pillars of this segment's improvement is the African diaspora. In this new report, we have decided to scrutinize its contribution, importance and impact because for a long time it has been active in making African art the segment with the biggest growth potential in the art market.

Download the report for free here http://bit.ly/2E2B8RA

Investment funds first appeared in the Netherlands in the late 18th century for the purpose of financing trade expeditions. The first modern fund was established in the United States, Massachusetts in 1924, in his first year of formation increased by 50,000 to 392,000 US dollars.
For Mark Tompkins of Montrose Capital is obvious that the time of investment funds in the country is yet to come. Trust is basically divided into indoor and outdoor (mutual funds) and private funds (hedge funds). According to the number and importance to have the dominant open funds. Private funds like Mark Tompkins Montrose Capital INC however, came twenty years later, also in the United States. After their features, these vary from open on the possibility to sell shares on the stock market (which is not allowed in the open funds) and thus effectively reduce the risk of existing positions (hedging), hence the name Hegde Fund. This feature is extremely important for Montrose Capital because in terms of a general decline in share prices on the stock exchange, private funds can still make profit (selling higher level and closing short positions at a lower price). The growth of Mark Tompkins Montrose Capital in recent times is accompanied by enormous growth in funds under management because of the exceptional techniques for hedging and introducing innovations in financial intermediation. Because these features are said hedge funds are able to generate alpha refund, which is an exercise over a benchmark such as yield annually the index S & P, and is due exclusively to the ability of Montrose Capital portfolio managers to create unique portfolios and strategies .

Wellbeing is gaining momentum and slowly but surely entering into conversations around business and property. Privately,  people value and recognise it but it has not translated into business and value decision making. The Feeling Good Foundation recognises wellbeing as a core metric in our lives. We know it matters but does the property industry recognise it? Do agents, developers or investors believe that wellbeing has a role in the design, marketing or management of property assets?

We had a sense that the answer would be no, that the attitude of the mainstream property industry would be cynical and dismissive. So we decided to find out.  We were offered an opportunity to add a set of wellbeing questions into the Autumn 2013 Estates Gazette/Grosvenor Estates Sentiment Survey.  Far from the scepticism we expected, the results of the survey uncovered a heartening level of support for wellbeing as a viable and useful way of evaluating the built environment.

The stakeholder management concept has increasingly become more prominent in the project and portfolio literature in recent years. While the need to work effectively with stakeholders have been identified, it remains a continuing challenge for portfolio governance network to identify appropriate stakeholders, to determine when and how to engage with them and to effectively manage and coordinate policies and relationships to achieve expected results and derive portfolio value. This paper considers the definition, identification and classification of portfolio stakeholders. Then the salience of stakeholders and how various combinations of salience are linked to stakeholder engagement activities will be examined. As a classification system three variables: power, urgency, legitimacy are aggregated into the construct of portfolio stakeholder salience.

This book introduces the online marketing & disclosure techniques which enable listed corporations to engage effectively with financial markets. These techniques are part of the discipline of Investor Relations (IR) which is the corporate function responsible for advising the senior officers of a listed company on the relationship between the company and the market for corporate stock. As a corporate function IR is very young in the UK but since the 1980s it has rapidly penetrated the highest levels of corporate management as its value becomes clearer. The marketing of corporate stock is a key part of the value of effective IR, although the highly regulated nature of the world’s leading stock markets means that a specialised form of marketing is required.

Digital channels present great but under-utilised potential to contribute to ever more effective IR. Online platforms offer fast, comprehensive, economical, flexible and regulation-compliant methods of disclosing corporate information to investors, analysts and other relevant parties in the investment evaluation and decision making process. The book then examines the ways in which digital mechanisms can facilitate the building of transparent, mutually-beneficial and lasting relationships between companies and the investors and financial analysts that comprise the UK equity markets, using both established and emerging channels and technology, within the constraints of the UK regulatory context, and customs of the equity markets.  The problems with using “social media” in particular for disclosure are discussed and a number of risks connected with use of the new media are explored. The book concludes by summarising the key challenges facing investor marketing in the next decade.

Overview Transport is the number-one source of air pollution in cities, causing serious problems to human health, the economy, climate and the environment. Current approaches to reducing transport emissions have not led to the desired results, leaving city regulators with challenges of protecting the health and wellbeing of their residents. The Air Quality & Transport (AQT) Green Bond provides public authorities and investors with exciting opportunities to capitalize on clean transport projects that monitor, manage and reduce emissions. Returns on investment are maximized through economic benefits of improved public health and economic productivity, climate change mitigation and reduced public expenditure on transport-related externalities. The AQT Bond is particularly suitable for cities wanting to take global leadership on air quality management and climate change mitigation, providing win-win-win solutions that benefits people, the economy, climate and the environment

The paper aims to explore the potential for outperformance of the enhanced
index fund constructed using a multifactor model that has been widely used by practitioners.
By presenting an empirical implementation of the factor model to construct the enhanced
index fund based on the component stocks of the Shanghai Stock Exchange 50 (SSE50)
index, the paper also identifies significant factors to explain excess return on securities
in the Chinese market. By introducing an ad hoc weight-allocating approach, the paper
constructs the enhanced index fund that can deliver a higher active return and information
ratio and lower tracking error through an optimal mix of the benchmark weight and renewal
rate obtained from backtesting results.

The study is Identify and describe the characteristic features of the art marketplace, determine organizational functions and key stages of the development of international art market. Particular attention payed to the economic and legal aspects, Defined the specific features of the approach to the articles of the Uniform Commercial Code of the United States. In priority shown aspects of legal regulations of the New York General Business Law, which is focused on relationships of art market parties. Established interrelationships between economy and art in a row with the large-scale volumes and forms of the art market. This study additionally raises questions about the pricing of contemporary art in the art market. The article reveals the problems of unregulated art market, the lack of transparency in prices, as well as in transactions. Discussion keep on the issue of circulation of forgeries in the art market, that leads to pay more attention for the authenticity. The article examines trends in the US’s art market, it’s investments potential and contribution to the country’s economy through private and public income, which leads to the leader position at the international arena of art industry.