The objective of this paper is to provide an alternative model which can be used to test for oligopsony market power applying plant-level data. For this purpose, we took into account empirical studies and specific developments in the Hungarian dairy industry and specified a model that provides useful benchmarks for an econometric test of market power. The results of the econometric analysis show that the effects from policy changes in Hungary, as well as from plant specific issues are highly statistically significant, and produce evidence suggesting the exercise of oligopsony market power in the Hungarian dairy industry.

/pdf/identification-of-market-power-in-the-hungarian-dairy-2ihpx5cs7f.pdf

Identification of market power in the Hungarian dairy industry: A Plant-Level Analysis

Purpose – The main purpose of this study is to contribute to the theory of intellectual capital (IC) with the new IC valuation method based on the economic value added (EVA®) concept as well as to present the Innovation Funnel, which is a useful management method and tool from which companies would benefit.Design/methodology/approach – The paper first explains the links and differences between IC and intellectual assets (IAs) and aims at improving the reader's understanding of the share of the two classes of shareholders, monetary capital investors and intellectual capital investors, of the innovative start‐ups. The paper provides practical guidance for use in IC valuation and financial management of innovation rather than a theoretical framework, and is based on the literature on innovation, IC, corporate finance as well as the practical experience of a few early stage venture capitals with whom the author cooperates.Findings – The findings show a way of calculating fair share of an innovative company's ...

/pdf/valuing-intellectual-capital-of-innovative-start-ups-54x1ocac4g.pdf

Valuing intellectual capital of innovative start‐ups

Financial Statement Analysis

Water pasteurization has the potential to overcome some of the drawbacks of more conventional disinfection techniques such as chlorination, ozonation and ultraviolet radiation treatment. However, the high throughput of community water systems requires energy-intensive processes, and renewable energy sources have the potential to improve the sustainability of water pasteurization plants. In case of water pasteurization by solar thermal treatment, the continuity of operation is limited by the intermittent availability of the solar irradiance. Here we show that this problem can be addressed by a proper design of the plant layout, which includes a thermal energy storage system and an auxiliary gas boiler. Based on a target pasteurization protocol validated by experiments, a complete lumped-component model of the plant is developed and used to determine the operating parameters and size of the components for a given delivery flow rate. Finally, we report an economic analysis of the proposed plant layout, which allows its optimization for different scenarios based on two design variables, namely the solar multiple and the duration of the thermal energy storage. Based on the analyzed cases, it is found that the proposed plant layouts may yield a unit cost of water treatment ranging from ≈32 EUR-cents m−3 to ≈25 EUR-cents m−3.

/pdf/techno-economic-analysis-of-a-solar-thermal-plant-for-large-537wy75iwv.pdf

Techno-economic analysis of a solar thermal plant for large-scale water pasteurization

We assess the long-term financial returns from high-quality collectible real assets, and review the unique risks that are associated with such investments. Over the period 1900-2012, art, stamps, and musical instruments (violins) have appreciated at an average annual rate of 6.4%-6.9% in nominal terms, or 2.4%-2.8% in real terms. Despite the similarity in long-term returns, short-term trends can vary substantially across these different types of emotional assets. Collectibles have enjoyed higher average returns than government bonds, bills, and gold. However, it is important to recognize the quantitative importance of transaction costs in collectibles markets. In addition, price volatility is larger than is suggested by conventional measures of risk, and these assets are also exposed to fluctuating tastes and potential frauds. Yet, despite the large costs and many pitfalls, investment in emotional assets can pay off, because of the non-financial yield they provide.

Investment performance of art and other collectibles

Winning through Merger and Acquisition Building Value in a Nonpublicly Traded Entity Competitive Analysis Merger and Acquisition Market and Planning Process Measuring Synergies Valuation Approaches and Fundamentals Income Approach: Using Rates and Returns to Establish Value Cost of Capital Essentials for Accurate Valuations Weighted Average Cost of Capital Market Approach: Using Guideline Companies and Strategic Transactions Asset Approach Adjusting Value through Premiums and Discounts Reconciling Initial Value Estimates and Determining Value Conclusion Art of the Deal Measuring and Managing Value in High-Tech Start-Ups Merger and Acquisition Valuation Case Study.Index

Valuation for M&A: Building Value in Private Companies

Art of the Deal

Valuation for M&A: Building and Measuring Private Company Value

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Valuation for M&A: Building Value in Private Companies

Art of the Deal

Valuation for M&A: Building and Measuring Private Company Value