Abstract: This article discusses the issues of increasing the perception of measurements for the creation of corporate value by introducing the concept of superior size, as well as relativization for e.g. evaluation of the benchmark. Consideration is also given to the connection between measurements used for creating added, market and income corporate value. The application section contains surveys carried out on listed companies, leading in the creation and destruction of added value in manufacturing. The findings have helped to assess the medium–term correlation of changes in superior market added value with changes in company capitalization and the economic added value and income value relative to market value

Abstract: The value of a firm in computerized business gaming simulations can be determined through five different measures: book value, market value, capitalized value, deductive judgment, and adjusted net worth. The firm’s book value may be an unreasonable measure of its true value because of the idiosyncrasies of accounting. True market value may be unavailable or unreliable. The capitalized value measure requires an arbitrary parameter, the deductive judgment measure requires subjective judgment, and the adjusted net worth measure requires detailed knowledge of the gaming simulation’s model. Developers are in the best position to apply the adjusted net worth measure, so they should code it into their simulation’s computer programs.

Abstract: Period profit is a result. It starts with an investment generating cash. After deduction of value differences and taxes, net profit remains. Share capital (embedded value - what really is present), shareholder value (economic value - what might happen, additional to the existing activities or 'the market value of the company's shares') and cash flows, are all inter-related.Analogous to the law of conservation of energy in physics, the law of preservation of value holds true in economics, a natural law. Within thorough calculations, everything fits together seamlessly. Although being different notions (e.g. shareholder value and period profit), each having its own peculiarities, in between the various quantities, no euro, no dime, no cent can disappear or appear just like that. In other words, all amounts of money (inherent in an exemplary problem) are inter-dependent.Measuring and reporting a variety of non-financial indicators i.e. widening the information spectrum is a welcome development, generally speaking, but information about the game cannot step into the result. Management is in continuous need of up to date financial accounts, that are clear and complete, speak for themselves, contain proven numbers, and unravel the future. Ex ante accounts are signposts on the road to the future. Walking down the road, ex post accounts are made regarding past time periods and new data will generate new signposts on the road ahead. Nothing is able to replace thorough financial statements, not even the most extensive balanced scorecard/performance-review.This paper presents uniform metrics that are capable of handling both risk (by using for instance an alternative rate) and time value of money to the fullest extent. No more is necessary than a simple and easy procedure, which provides a check at any point in time against stipulated project value. Performance measurement, monitoring and control, from project inception to completion. Assessing NVA (Net Value Added) is transparent, it eases the tension among multiple interest groups and it makes the decision-making less complex, costly and subjective. This is compared to the disparity of metrics (between project appraisal and subsequent evaluation) so far applied to measure and control project performances.

Abstract: The purpose of this paper is to determine the value of business intelligence software in the adjusted net assets value used in the process of evaluating a company's goodwill. The paper starts with a literature based approach for asserting the added value brought by business intelligence software in a company which will be used as a support for proposing a new method of determining the adjusted net assets value. These new market value oriented approaches are benchmarked for a diverse sample consisting of both BVB and NYSE listed companies. The estimated result of this research is the determination of an adjusted net assets valuation method that will take into account the value of business intelligence software a company uses and correct its goodwill. The research presents an extensive literature review and adopts a positivist paradigm in evaluating the theoretically constructed method. It also consists of a critical approach of case studies presented by literature. The importance of this research is to provide the investors with a better way of valuating adjusted net assets and, as a consequence, a company's goodwill, which can lead to better investing, practices in the future. Also, this research can provide a new and improved tool for anyone who wishes to adapt their valuation instruments to the changes resulted from technological progress.

Abstract: Actuarial theory in a stochastic interest rate environment is an active research area in life insurance. Installment joint life insurance actuarial theories are one of the key contents in actuarial theory. In this study, an interest force accumulation function model with a Wiener process and a Poisson process is proposed as the basis for the installment joint life insurance actuarial models. Then increasing life insurance actuarial models with the consumer price index are approximated. With the proposed model, the net single premium, net level premium, the reserves and the risk of loss model are provided. The actuarial models in the paper provide a feasible method to calculate the life insurance premium.

Abstract: Third party insurance is obligatory in Iran. Therefore a large proportion of portfolio in insurance companies dedicates to car policy, especially third party policy. Regarding to this misbalanced portfolio, we decided to represent a suitable model for heteroskedasticity of car insurance data in Dana insurance company. Conditional heteroskedasticity can increase the certitude of value at risk estimation considerably. The results showed that the best models for estimating conditional variance of collision and third party insurance profits are GJR(1,1) and EGARCH(1,1) models alternatively. Then we calculated value at risk with student's t-distribution and observed that this value in third party insurance is about % and much more than collision insurance value at risk. Thus insurance companies are persuaded to sell collision policy and represent an accurate rate to calculate premium. So value at risk can provide an instruction for more profitability in insurance companies.

Abstract: Value creation and maximising the appropriation of value vis-a-vis other entities in the supply chain are key aims of any organisation. Studies on the contribution of product returns management to firm value are limited and fragmented. Most have taken the narrow view that value is derived from product disposal activities. This paper synthesises the literature on value and applies the value construct to the product returns process in the business-to-business (B2B) context. The paper reviews the literature on value and distils the applicability of this construct to the management of product returns. The Strategic Profit Model (SPM), which connects an organisation's revenues, costs, and resources to its return on assets based on activities in the forward supply chain, guided the literature synthesis. The value elements were mapped against key elements of the SPM to develop an integrated framework for value creation in the B2B product return chain.

Abstract: The subject matter of this thesis is a proposal for a method of valuation of special effects that will impact real estate prices. It deals with proposed procedures for valuation of intangible assets (goodwill), and definitions of such property. Special effects are in particular name, historical value, design, quality of layout, security aspects, accessibility, conflict groups of inhabitants in or near the property, location and other. The value of special effects can be calculated as the difference between market value and the material value of such property without coefficients of merchantability.

Abstract: People gradually understand the enterprise value in continuous knowledge process of enterprise operating evaluation.But there are many theoretical debates about how to carry on enterprise value evaluation.This paper introduces the application of economic value added theory in enterprise value evaluation and introduces the calculation method of economic value added.

Abstract: The concept of the time value of money is important to actuarial science, and to other areas of the economic world. Actuaries use this concept, together with the concept of random variability, in the calculation of actuarial present values. Present values allow actuaries to make judgments as to actuarial equivalence, and other matters important to the profession.

Abstract: Some companies declare a profit as a goal, other – customers’ satisfaction, revenue growth, international expansion, and so on. Establishing the following goals, related to increasing cash flow, the companies usually ignore the initial condition for the company formation – an increase in shareholders’ wealth, along with value of the company, which is important in order to maintain and increase market competitiveness. In addition, to assess the achievement of the goals, the companies calculate the number of different financial indicators that, although interrelated, but cannot guarantee connection between decision making and general goal – value creation. For this, Economic Value Added method, which assesses value of the capital invested and return on investment, could be used. In relation to other methods it is more suitable due to the fact that this method is easily understood and calculated, promotes the efficient use of capital, evaluates economic profit, quality of management decision making, determines value creation of future periods, shows contribution of the individual business units for value creation, motivates management and employees, helps to understand and implement the company’s goal – to create value, etc. Research methods: analysis of economics, management, accounting and other scientific literature, comparison, systematization, summation, modeling and graphical representation. Research findings. From the economic point of view, value is created when a company generates revenue, greater than the economic cost of these revenue. Value creation as a performance criterion is the main goal of the company, that only can be implemented by combining operational, investment and financing decisions. Not only shareholders, who demand return on invested capital and risk, are interested in value creation, but also the company’s managers and employees, whose wage depends on created value. Due to the changes in financial market, the traditional performance methods such as profit and related rates were considered as inefficient, because they assessed the return on invested capital, but did not take into account the cost of equity capital. Therefore, instead of these, the modern performance methods, exclusively Economic Value Added, are proposed to use in order to assess value. Value of the company becoming more and more important, Economic Value Added method is used as a measure of performance which accurately reflects the company’s ability to create value, ensure the normal operation of the existence and adequacy of funds for development. Easily calculated method not only allows to assess value of the company, but also evaluates all of its operations and quality of management – operational, investment and financing – decisions. Still, it has to be admitted that Economic Value Added method has some limitations such as industry in which the company operates, inflation and necessity of the method for determining accurately the cost of capital and the traditional financial statements correction. Since the company does not directly increase its value, the company can do it within a manageable value factors. The authors propose a theoretical model of Economic Value Added method’s adaptability for the company’s value determination. It consists of five phases: corporate strategy, business modeling, performance measurement system, performance evaluation and performance analysis and improvement. The third and fourth phases of the model should be based on Economic Value Added method. DOI: https://doi.org/10.15544/ssaf.2014.15

Abstract: Shareholders always seek criteria based on which they could evaluate company's performance in order to value creation. A suitable criterion to evaluate performance should be related to shareholders on one hand and their ability to determine the value created for them on the other hand. Achieving such a criterion together with growth in management system is introduced based on value. There are several tools to run value added management system among which economic value added and market value added can be mentioned. Economic value added is a suggested value to evaluate performance of the commercial unit and an indicator for creating value derived from performance. Value added more than any other criteria is related to the real financial benefit and is considered as the best criteria to create shareholders' value, Normal 0 false false false RU X-NONE X-NONE

Abstract: In the current academic and professional setting, there are further numerous concerns regarding the determination of a real and fair enterprise value, especially when considering the current socio-economic context dominated by speed, complexity and uncertainty, characteristics resulting in a permanent change of context. Both literature and specialty practice offer numerous methodologies, standards and specific indicators to quantify the enterprise value based on certain considerations or assumptions, which makes the methods and techniques used to meet their demands and thus provide an enterprise’s value from their perspective  wherefrom controversy arrises over which method is better or most accurately reflects reality. This paper, developed by academics and practitioners, does not aim to establish criteria to underline the better method, nor to realize an inventory of these methods, but it aims to explain, in a structured way, the possibilities for establishing the enterprise’s value based on its patrimonial wealth assessment, its market value through stock capitalization respectively. Moreover, the paper focuses on the analysis of the net asset value calculated at the enterprise level, as an expression of patrimonial value (book value) and stock return as an expression of the performance market validation and attractiveness to investors (market value). Finally, it weights the values obtained through both angles and expresses the relationship that must exist between them.