For the first time, a framework is introduced that allows for a real options analysis to be performed in an EVA/MVA-embedded binomial tree. This framework enhances traditional EVA/MVA analysis so that it can capture the additional value generated through strategic decision making during a project’s life. The EVA calculation is separated into three parts: a variable component, a fixed component in regard to the cash flow, and a fixed component in regard to the cost of capital. A reconciliation of methods shows that the EVA/MVA framework produces the same real option valuation as an equivalent NPV-embedded binomial tree.
{"title":"Introducing a Real Option Framework for EVA/MVA Analysis","authors":"Tom Arnold, T. Crack, C. Marshall, Adam Schwartz","doi":"10.2139/ssrn.3681473","DOIUrl":"https://doi.org/10.2139/ssrn.3681473","url":null,"abstract":"For the first time, a framework is introduced that allows for a real options analysis to be performed in an EVA/MVA-embedded binomial tree. This framework enhances traditional EVA/MVA analysis so that it can capture the additional value generated through strategic decision making during a project’s life. The EVA calculation is separated into three parts: a variable component, a fixed component in regard to the cash flow, and a fixed component in regard to the cost of capital. A reconciliation of methods shows that the EVA/MVA framework produces the same real option valuation as an equivalent NPV-embedded binomial tree.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123826419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alexandre Truc, O. Santerre, Y. Gingras, François Claveau
Economics has the reputation to be an insular discipline with little consideration for other social sciences and humanities (SSH). New research [Angrist et al, 2020, JEL] challenges this perception of economics: the perception would be historically inaccurate and especially at odds with the recent interdisciplinarity of economics. By systematically studying citation patterns since the 1950 in thousands of journals, we offer the best established conclusions to date on this issue. Our results do show that the discipline is uniquely insular from a historical point of view. But we also document an important turn after the 1990s that drastically transformed the discipline has it became more open, very quickly, to the influence of management, environmental sciences, and to a lesser degree, a variety of SSH. While this turn made economics less uniquely insular, as of today economics remains the least outward-looking discipline with management among all SSH. Furthermore, unlike in the other major social sciences, the most influential journals in economics have not significantly contributed to the recent increase in the interdisciplinarity of the discipline. While economics is changing, it is too soon to claim that it has completed an interdisciplinary turn.
经济学被认为是一门孤立的学科，很少考虑其他社会科学和人文科学。新的研究[Angrist et al .， 2020, JEL]挑战了对经济学的这种看法:这种看法在历史上是不准确的，特别是与最近经济学的跨学科性不一致。通过系统地研究自1950年以来数千种期刊的引文模式，我们提供了迄今为止关于这一问题的最佳确定结论。我们的结果确实表明，从历史的角度来看，这门学科是独特的孤立。但我们也记录了一个重要的转折，在20世纪90年代之后，这门学科发生了巨大的变化，它变得更加开放，非常迅速，受到管理学，环境科学的影响，以及在较小程度上，各种SSH。虽然这一转变使经济学不再那么孤立，但时至今日，经济学仍然是所有学科中最不外向型的学科。此外，与其他主要社会科学不同，经济学领域最具影响力的期刊并没有对该学科跨学科性的近期增长做出显著贡献。尽管经济学正在发生变化，但现在断言它已经完成了跨学科的转变还为时过早。
{"title":"The Interdisciplinarity of Economics","authors":"Alexandre Truc, O. Santerre, Y. Gingras, François Claveau","doi":"10.2139/ssrn.3669335","DOIUrl":"https://doi.org/10.2139/ssrn.3669335","url":null,"abstract":"Economics has the reputation to be an insular discipline with little consideration for other social sciences and humanities (SSH). New research [Angrist et al, 2020, JEL] challenges this perception of economics: the perception would be historically inaccurate and especially at odds with the recent interdisciplinarity of economics. By systematically studying citation patterns since the 1950 in thousands of journals, we offer the best established conclusions to date on this issue. Our results do show that the discipline is uniquely insular from a historical point of view. But we also document an important turn after the 1990s that drastically transformed the discipline has it became more open, very quickly, to the influence of management, environmental sciences, and to a lesser degree, a variety of SSH. While this turn made economics less uniquely insular, as of today economics remains the least outward-looking discipline with management among all SSH. Furthermore, unlike in the other major social sciences, the most influential journals in economics have not significantly contributed to the recent increase in the interdisciplinarity of the discipline. While economics is changing, it is too soon to claim that it has completed an interdisciplinary turn.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121588719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Google LLC is an American multinational technology firm that began its business as a search engine company. The firm has managed to expand its revenue avenues by adding other revenue streams such as hardware production (phones) software development (Android for phones), cloud computing, and many other products. The company has a strong brand reputation that has ensured it has created a profitable business as indicated by the ratio analysis of its liquidity, profitability, and operational efficiency.
{"title":"Financial Statement Analysis of Google","authors":"A. Abdelsalam, Haitham Nobanee","doi":"10.2139/ssrn.3647444","DOIUrl":"https://doi.org/10.2139/ssrn.3647444","url":null,"abstract":"Google LLC is an American multinational technology firm that began its business as a search engine company. The firm has managed to expand its revenue avenues by adding other revenue streams such as hardware production (phones) software development (Android for phones), cloud computing, and many other products. The company has a strong brand reputation that has ensured it has created a profitable business as indicated by the ratio analysis of its liquidity, profitability, and operational efficiency.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130498491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this research paper, I collected the financial data from puma annual reports and analyzed the main ratios of liquidity, efficiency, leverage, and profitability.
{"title":"Financial Statement Analysis of Puma","authors":"A. Salam, Haitham Nobanee","doi":"10.2139/ssrn.3647438","DOIUrl":"https://doi.org/10.2139/ssrn.3647438","url":null,"abstract":"In this research paper, I collected the financial data from puma annual reports and analyzed the main ratios of liquidity, efficiency, leverage, and profitability.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121733960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper discusses and analyses Netflix’s financial performance over the past 4 years between 2016 and 2019, with the use of financial ratios. Netflix is well known to many as a major streaming platform and the company that changed traditional DVD players as the main source for movies and TV shows into the more equipped and reliable streaming services. We gather our information from yahoo finance about the performance of Netflix and look at how it has fared between 2016-19 and the points in which Netflix has excelled and the point in which they need some improvements.
{"title":"Financial Statement Analyses of Netflix","authors":"Hazim Mohamed Ahmed, Haitham Nobanee","doi":"10.2139/ssrn.3647452","DOIUrl":"https://doi.org/10.2139/ssrn.3647452","url":null,"abstract":"This paper discusses and analyses Netflix’s financial performance over the past 4 years between 2016 and 2019, with the use of financial ratios. Netflix is well known to many as a major streaming platform and the company that changed traditional DVD players as the main source for movies and TV shows into the more equipped and reliable streaming services. We gather our information from yahoo finance about the performance of Netflix and look at how it has fared between 2016-19 and the points in which Netflix has excelled and the point in which they need some improvements.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128008987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this project; we will cover up many of Amazon's development. Their beginning, Jeff Bezos purpose to transition Amazon into an online business. The successful business and marketing strategy, how Amazon continues to evolve and innovate with new products and services. We will look at Amazon's financial statement and the ratio analysis, how well Amazon is performing year by year. This report will evaluate how much progress and recession Amazon made from 2016 to 2019.
{"title":"Financial Analysis of Amazon","authors":"Mohamed Bader Al-Marzooqi, Haitham Nobanee","doi":"10.2139/ssrn.3647442","DOIUrl":"https://doi.org/10.2139/ssrn.3647442","url":null,"abstract":"In this project; we will cover up many of Amazon's development. Their beginning, Jeff Bezos purpose to transition Amazon into an online business. The successful business and marketing strategy, how Amazon continues to evolve and innovate with new products and services. We will look at Amazon's financial statement and the ratio analysis, how well Amazon is performing year by year. This report will evaluate how much progress and recession Amazon made from 2016 to 2019.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117283453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A process for multi-stage stock pricing is presented with evidence of improved classroom performance. The technique is expanded upon for more advanced class presentations and for potential fintech applications by taking advantage of present value annuity and future value annuity due structures.
{"title":"Multi-Stage Stock Pricing Techniques for the Classroom","authors":"Maura Alexander, Tom Arnold, Ge Wu","doi":"10.2139/ssrn.3628546","DOIUrl":"https://doi.org/10.2139/ssrn.3628546","url":null,"abstract":"A process for multi-stage stock pricing is presented with evidence of improved classroom performance. The technique is expanded upon for more advanced class presentations and for potential fintech applications by taking advantage of present value annuity and future value annuity due structures.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117234274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In these working notes, we introduce the concept of the diversification potential, which expresses the maximum diversification premium available by rebalancing to fixed target weights for a collection of assets. We distinguish between two forms of diversification potential: the unconstrained (which allows portfolios with short positions) and the constrained (which only permits long-only portfolios).
{"title":"Diversification Potential","authors":"V. Papathanakos","doi":"10.2139/ssrn.3622775","DOIUrl":"https://doi.org/10.2139/ssrn.3622775","url":null,"abstract":"In these working notes, we introduce the concept of the diversification potential, which expresses the maximum diversification premium available by rebalancing to fixed target weights for a collection of assets. We distinguish between two forms of diversification potential: the unconstrained (which allows portfolios with short positions) and the constrained (which only permits long-only portfolios).","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131894891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alexander, Arnold and Wu (2020) introduce an algorithm for multi-stage stock pricing that uses a present value annuity structure. This algorithm is adapted for a financial calculator by using an iterative bond pricing structure.
{"title":"Multi-Stage Stock Pricing with a Financial Calculator","authors":"Tom Arnold, Ge Wu","doi":"10.2139/ssrn.3628566","DOIUrl":"https://doi.org/10.2139/ssrn.3628566","url":null,"abstract":"Alexander, Arnold and Wu (2020) introduce an algorithm for multi-stage stock pricing that uses a present value annuity structure. This algorithm is adapted for a financial calculator by using an iterative bond pricing structure.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132973392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
To minimize credit risks, banks must first analyze the financial condition of a potential borrower and evaluate their creditworthiness. The technique used for this purposes should be comprehensive, accurate and reliable. However, criticism of existing approaches to assessing creditworthiness is often associated with their lack of flexibility and absence of industry-specific approach.
The metallurgical industry is very important for the Russian economy. Many organizations operating in related industries consume the metallurgical production, and the products themselves have a significant share in national exports. Russian metallurgical organizations are leaders not only in the domestic, but also in the global market.
The concepts of credit risk, insolvency and creditworthiness were studied. The milestones of assessing the creditworthiness of organizations were considered, the evolution of approaches to valuation was presented during the second half of the last century and to the present moment. A brief overview of existing banking practices is provided.
The financial performance of Russian metallurgic enterprises were analyzed. Particular attention is paid to the review of industry leaders as examples of the most sustainable organizations. Based on the reporting data, the characteristics of financial indicators and capital structure inherent in the industry were identified.
The process of creating the methodology for assessing creditworthiness, which would take into account the characteristics of metallurgical organizations, is presented. A compilation of financial ratios for analysis was selected, the probability of bankruptcy was estimated for each company in the sample. Based on panel data on 35 companies for 2014-2018, through using a logistic regression, a scoring model was built to assess the creditworthiness of metallurgical organizations. The result of the work was an express methodology that allows to assess the creditworthiness of a metallurgical organization quickly and transparently, and at the same time, with sufficient accuracy, taking into account industry specifics.
{"title":"Development of the Model for the Creditworthiness Analysis in Russian Metallurgy","authors":"Dmitry Doroshevskiy, E. Markovskaya","doi":"10.2139/ssrn.3614190","DOIUrl":"https://doi.org/10.2139/ssrn.3614190","url":null,"abstract":"To minimize credit risks, banks must first analyze the financial condition of a potential borrower and evaluate their creditworthiness. The technique used for this purposes should be comprehensive, accurate and reliable. However, criticism of existing approaches to assessing creditworthiness is often associated with their lack of flexibility and absence of industry-specific approach.<br><br>The metallurgical industry is very important for the Russian economy. Many organizations operating in related industries consume the metallurgical production, and the products themselves have a significant share in national exports. Russian metallurgical organizations are leaders not only in the domestic, but also in the global market.<br><br>The concepts of credit risk, insolvency and creditworthiness were studied. The milestones of assessing the creditworthiness of organizations were considered, the evolution of approaches to valuation was presented during the second half of the last century and to the present moment. A brief overview of existing banking practices is provided.<br><br>The financial performance of Russian metallurgic enterprises were analyzed. Particular attention is paid to the review of industry leaders as examples of the most sustainable organizations. Based on the reporting data, the characteristics of financial indicators and capital structure inherent in the industry were identified.<br><br>The process of creating the methodology for assessing creditworthiness, which would take into account the characteristics of metallurgical organizations, is presented. A compilation of financial ratios for analysis was selected, the probability of bankruptcy was estimated for each company in the sample. Based on panel data on 35 companies for 2014-2018, through using a logistic regression, a scoring model was built to assess the creditworthiness of metallurgical organizations.<br>The result of the work was an express methodology that allows to assess the creditworthiness of a metallurgical organization quickly and transparently, and at the same time, with sufficient accuracy, taking into account industry specifics.<br><br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133161277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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