The aim of this paper is to introduce the application of the multi criteria methodology AHP (Analytic Hierarchy Process) on the valuation of football players. This is a pioneering work in this field. The importance of the topic is very relevant, given the size of football’s economy. The main advantages of this novel valuation methodology are that it can be used even thought number of comparables is scarce and that all the process is tradable and transparent. In this paper, following the description of the valuation methodology, a real-life application is presented.
{"title":"Implementation of the Analytic Hierarchy Process on football players’ valuation","authors":"J. Aznar, V. Estruch","doi":"10.46503/khdk5867","DOIUrl":"https://doi.org/10.46503/khdk5867","url":null,"abstract":"The aim of this paper is to introduce the application of the multi criteria methodology AHP (Analytic Hierarchy Process) on the valuation of football players. This is a pioneering work in this field. The importance of the topic is very relevant, given the size of football’s economy. The main advantages of this novel valuation methodology are that it can be used even thought number of comparables is scarce and that all the process is tradable and transparent. In this paper, following the description of the valuation methodology, a real-life application is presented.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128302101","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 Spain, the functions assigned to the University are varied and have changed over time. Currently, it is considered that university activity should be focused on improving the well-being of the society in which the university is located. Thus, any quality control of the Spanish university system must consider whether the university is fulfilling the purposes that society has assigned to it. In Spain, the task of quality control of universities is mainly assigned to the National Agency for Quality Assessment and Accreditation (ANECA). In principle, through different programs, this agency evaluates different aspects of the Universities. However, as can be seen in this research, the control activity is limited to university degrees and the activity of the teaching staff. Moreover, this control hardly measures to what extent the University system is achieving its goals.
{"title":"International university rankings as a quality measure for the Spanish universities","authors":"F. García","doi":"10.46503/rvqk6962","DOIUrl":"https://doi.org/10.46503/rvqk6962","url":null,"abstract":"In Spain, the functions assigned to the University are varied and have changed over time. Currently, it is considered that university activity should be focused on improving the well-being of the society in which the university is located. Thus, any quality control of the Spanish university system must consider whether the university is fulfilling the purposes that society has assigned to it. In Spain, the task of quality control of universities is mainly assigned to the National Agency for Quality Assessment and Accreditation (ANECA). In principle, through different programs, this agency evaluates different aspects of the Universities. However, as can be seen in this research, the control activity is limited to university degrees and the activity of the teaching staff. Moreover, this control hardly measures to what extent the University system is achieving its goals.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126271074","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}
Sustainability is a concept that has been positioned at the corporate and business world level, which raises the question of how one of the main actors in this field: accountants, has been trained to understand and apply this concept in his work. This article aims to discuss the training that future accounting professionals receive, how curricula and content should be adapted and transformed to prepare accountants with a critical and human sense that allows them to analyze business activities not only from a single perspective economic but also environmental and social, which would give way to the teaching of accounting for sustainability.
{"title":"Inclusion of accounting for sustainability by professors of accounting programs","authors":"Mónica Lizette Bernal Montero, Helga Lucero Barrera Arciniegas","doi":"10.46503/pieo1008","DOIUrl":"https://doi.org/10.46503/pieo1008","url":null,"abstract":"Sustainability is a concept that has been positioned at the corporate and business world level, which raises the question of how one of the main actors in this field: accountants, has been trained to understand and apply this concept in his work. This article aims to discuss the training that future accounting professionals receive, how curricula and content should be adapted and transformed to prepare accountants with a critical and human sense that allows them to analyze business activities not only from a single perspective economic but also environmental and social, which would give way to the teaching of accounting for sustainability.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115558924","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 article deals with the problems caused by the expiry of the sanctioning procedure and the prescription of offences and sanctions in the social order. It analyzes those sanctioning procedures initiated ex officio in which, once the proposal for a sanction has been formulated and notified to the administrated party, the latter appeals it and, once the statute of limitations for the infraction and the sanction has expired, the Administration issues an express resolution rejecting the appeal that empowers it to collect the sanction imposed. This way of acting by the Administration, leaving the appeal without a resolution, without executing the sanction and prolonging this situation for years, means that the administered party is submerged in the most absolute legal uncertainty. This article reconsiders this unjust jurisprudential criterion in the light of the new Law 39/2015.
{"title":"Prescription of sanctions in the social order after appealing against the sanctioning decision","authors":"M. García-Gallego","doi":"10.46503/xgdy5663","DOIUrl":"https://doi.org/10.46503/xgdy5663","url":null,"abstract":"This article deals with the problems caused by the expiry of the sanctioning procedure and the prescription of offences and sanctions in the social order. It analyzes those sanctioning procedures initiated ex officio in which, once the proposal for a sanction has been formulated and notified to the administrated party, the latter appeals it and, once the statute of limitations for the infraction and the sanction has expired, the Administration issues an express resolution rejecting the appeal that empowers it to collect the sanction imposed. This way of acting by the Administration, leaving the appeal without a resolution, without executing the sanction and prolonging this situation for years, means that the administered party is submerged in the most absolute legal uncertainty. This article reconsiders this unjust jurisprudential criterion in the light of the new Law 39/2015.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124647259","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 competitive environments, the design and election of strategies demand to consider three potential sources of uncertainty: risks derived from self-actions, risks emerged from states of nature and risks derived from competitors´ decisions. For that, a numerical model that considers the competitors´ actions is required, for value strategies, join venture design and penalty quantification. The paper proposes a simple numerical model of Game Theory and Real Options with multiples source of risk. The first part exposes the mathematical basis of the model. Its functioning is illustrated with the cases valuation related to strategies without collaborative agreement. Next, the cooperation strategy and default monetary penalties are valued. Finally, the main conclusions are exposed.
{"title":"Games Theory and Real Options: A model to asses strategies, agreements and penalties","authors":"Gastón Silverio Milanesi","doi":"10.46503/rrgp4512","DOIUrl":"https://doi.org/10.46503/rrgp4512","url":null,"abstract":"In competitive environments, the design and election of strategies demand to consider three potential sources of uncertainty: risks derived from self-actions, risks emerged from states of nature and risks derived from competitors´ decisions. For that, a numerical model that considers the competitors´ actions is required, for value strategies, join venture design and penalty quantification. The paper proposes a simple numerical model of Game Theory and Real Options with multiples source of risk. The first part exposes the mathematical basis of the model. Its functioning is illustrated with the cases valuation related to strategies without collaborative agreement. Next, the cooperation strategy and default monetary penalties are valued. Finally, the main conclusions are exposed.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130785740","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}
The aim of this paper is to present and compare models that estimate the value of a property according to its characteristics. This information can be required by, for example, potential investors in the real estate markett. In this way, they will be able to compare the offer price of the property with the value obtained by the model, before making investment or disinvestment decisions. In this paper we apply supervised (regression tree, random forerst, nearest neighbour, SVM) and unsupervised (clustering) data analysis methods in order to estimate the value of dwellings located in the city of Madrid, Spain. It is found that the housing characteristic that most influences the price is the surface area, and to a lesser extent the number of rooms, whether the building has a lift, the number of bathrooms and whether the building has a car park. The best method of estimation, according to the MAPE, was the random forest method.
{"title":"Comparison of real estate appraisal methodologies based on artificial intelligence","authors":"José Legido Casanoves","doi":"10.46503/rivf7714","DOIUrl":"https://doi.org/10.46503/rivf7714","url":null,"abstract":"The aim of this paper is to present and compare models that estimate the value of a property according to its characteristics. This information can be required by, for example, potential investors in the real estate markett. In this way, they will be able to compare the offer price of the property with the value obtained by the model, before making investment or disinvestment decisions. In this paper we apply supervised (regression tree, random forerst, nearest neighbour, SVM) and unsupervised (clustering) data analysis methods in order to estimate the value of dwellings located in the city of Madrid, Spain. It is found that the housing characteristic that most influences the price is the surface area, and to a lesser extent the number of rooms, whether the building has a lift, the number of bathrooms and whether the building has a car park. The best method of estimation, according to the MAPE, was the random forest method.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125414651","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}
Rural entrepreneurship corresponds to the creation of business in rural settings, with the purpose of generating value and wealth from small and medium non-formalized productive units to the formality of small, medium and large business. Therefore, rural entrepreneurship is considered one of the great strategies to reduce poverty in the world. For that reason, countries work on entrepreneurial initiatives to generate progress through their different economic activities. The above, highlights the importance of investigating the critical success factors that contribute to sustainability over time and generation of wealth of rural entrepreneurship, contributing to the local and regional development of nations. The purpose of this research is to characterize the critical factors of rural entrepreneurship identified following a literature review of empirical scientific articles related to this field of research in the last ten years framed in a proposed new rural entrepreneurship development model that draws on two existing theories of entrepreneurship: Paturel’s 3E model and Freire’s inverted triangle. The proposed model has four dimensions: the entrepreneur, the idea, the resources, and the environment. The results show equality and differences between factors but they can organize and characterized by the rural entrepreneurship development model.
{"title":"Characterization success critical factors for the strengthening of rural enterprises: a literature review","authors":"Jenny Rocío García-Rojas, J. F. Reyes-Rodríguez","doi":"10.46503/EOTZ2437","DOIUrl":"https://doi.org/10.46503/EOTZ2437","url":null,"abstract":"Rural entrepreneurship corresponds to the creation of business in rural settings, with the purpose of generating value and wealth from small and medium non-formalized productive units to the formality of small, medium and large business. Therefore, rural entrepreneurship is considered one of the great strategies to reduce poverty in the world. For that reason, countries work on entrepreneurial initiatives to generate progress through their different economic activities. The above, highlights the importance of investigating the critical success factors that contribute to sustainability over time and generation of wealth of rural entrepreneurship, contributing to the local and regional development of nations. The purpose of this research is to characterize the critical factors of rural entrepreneurship identified following a literature review of empirical scientific articles related to this field of research in the last ten years framed in a proposed new rural entrepreneurship development model that draws on two existing theories of entrepreneurship: Paturel’s 3E model and Freire’s inverted triangle. The proposed model has four dimensions: the entrepreneur, the idea, the resources, and the environment. The results show equality and differences between factors but they can organize and characterized by the rural entrepreneurship development model.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121833521","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}
The growing importance of the digital press and the decline of the traditional one makes the companies in this sector undertaking new management strategies to gain notoriety in the internet. A simple way to contrast the validity of the strategies is through a ranking which allows to compare the relative position of the companies within the industry from a global perspective. This work introduces a multicriteria ranking methodology to quantify the influence of the Spanish digital newspapers using a number of criteria, weighting them objectively. Furthermore, new research lines are commented regarding new criteria that could be used to calculate the ranking.
{"title":"Multicriteria ranking of the Spanish digital press","authors":"F. Guijarro","doi":"10.46503/tpbl1500","DOIUrl":"https://doi.org/10.46503/tpbl1500","url":null,"abstract":"The growing importance of the digital press and the decline of the traditional one makes the companies in this sector undertaking new management strategies to gain notoriety in the internet. A simple way to contrast the validity of the strategies is through a ranking which allows to compare the relative position of the companies within the industry from a global perspective. This work introduces a multicriteria ranking methodology to quantify the influence of the Spanish digital newspapers using a number of criteria, weighting them objectively. Furthermore, new research lines are commented regarding new criteria that could be used to calculate the ranking.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128095145","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}
The discount cash flow model must incorporate, in emerging economic systems, a conceptual framework for the inflation and valuation in two currencies treatment. The start point are the parity theories and Fisher effect, adding fuzzy logic for project uncertainty variables: interest rates, inflation, exchange rates and quantities, becoming one of its main contributions. The structure of the paper as follows: they are developed the parity theories and model´s equation at the fuzzy logic framework. Its functioning is illustrated with case of a firm located in an emerging and inflationary economy like Argentina, using spreadsheets. Finally, the results obtained showed the consistency with the parity theories, adding fuzzy logic for the uncertainty treatment, at the comprehensive framework of discounted cash flow model in two currencies.
{"title":"Fuzzy logic, parity theories and two currencies valuation for emerging markets with de discount cash flow model","authors":"Gastón Silverio Milanesi","doi":"10.46503/dhiq4370","DOIUrl":"https://doi.org/10.46503/dhiq4370","url":null,"abstract":"The discount cash flow model must incorporate, in emerging economic systems, a conceptual framework for the inflation and valuation in two currencies treatment. The start point are the parity theories and Fisher effect, adding fuzzy logic for project uncertainty variables: interest rates, inflation, exchange rates and quantities, becoming one of its main contributions. The structure of the paper as follows: they are developed the parity theories and model´s equation at the fuzzy logic framework. Its functioning is illustrated with case of a firm located in an emerging and inflationary economy like Argentina, using spreadsheets. Finally, the results obtained showed the consistency with the parity theories, adding fuzzy logic for the uncertainty treatment, at the comprehensive framework of discounted cash flow model in two currencies.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130478996","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}
Raimonda Martinkutė-Kaulienė, Radvinė Skobaitė, Viktorija Stasytytė, Nijolė Maknickienė
Investors apply various methods to select stocks and construct an investment portfolio. In the majority of methods, the principle of diversification is relevant. Also, sometimes investors‘ behaviour generate biases related to portfolio formation. Multicriteria decision-making methods can overcome such shortcomings of investors' decision-making; thus, they are widely used for portfolio selection. In the performed research, the portfolio is constructed from the stocks of the Spanish stock market. Stocks are selected based on financial indicators. SAW and TOPSIS multicriteria methods are used to range the suitable stocks. Portfolio weights are proportionate to the obtained multicriteria rank. Characteristics of the final selected stocks are presented graphically. Expected portfolio return and risk are also described when comparing two portfolios. The results of the research prove that multicriteria decision-making methods are suitable for portfolio formation. However, such portfolios should be kept for a long time in order to receive a return.
{"title":"Comparison of multicriteria decision-making methods in portfolio formation","authors":"Raimonda Martinkutė-Kaulienė, Radvinė Skobaitė, Viktorija Stasytytė, Nijolė Maknickienė","doi":"10.46503/qwpu4486","DOIUrl":"https://doi.org/10.46503/qwpu4486","url":null,"abstract":"Investors apply various methods to select stocks and construct an investment portfolio. In the majority of methods, the principle of diversification is relevant. Also, sometimes investors‘ behaviour generate biases related to portfolio formation. Multicriteria decision-making methods can overcome such shortcomings of investors' decision-making; thus, they are widely used for portfolio selection. In the performed research, the portfolio is constructed from the stocks of the Spanish stock market. Stocks are selected based on financial indicators. SAW and TOPSIS multicriteria methods are used to range the suitable stocks. Portfolio weights are proportionate to the obtained multicriteria rank. Characteristics of the final selected stocks are presented graphically. Expected portfolio return and risk are also described when comparing two portfolios. The results of the research prove that multicriteria decision-making methods are suitable for portfolio formation. However, such portfolios should be kept for a long time in order to receive a return.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116439255","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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