Abstract: Purpose – The purpose of this paper is to propose the concept of higher education institutions (HEIs) offering educational services based on value for money. The value is determined based on customers’ (i.e. students) expectations of the service and the costs in comparison to the competitors. Understanding the value and creating customer value are a means to attain competitive advantage and constitute the basis of price setting. Drawing upon this belief, as an initial step towards value-based pricing method, the possible value factors are suggested for calculating educational programme prices across HEIs. Design/methodology/approach – This is a conceptual paper introducing the value-based pricing approach in setting HEI tuition fees. Extending prior discussion on the demand for quality education and current financial challenges faced by HEIs, it introduces the concept pricing based upon customer perceived value (student/industry). Value-based pricing is deemed appropriate in view of the value of short tan...

Abstract: Maximizing the value of the company is one of the financial issues are interesting to study. Profitability is one of the factors that influence value of enterprise be in accordance with asset and equity owned. The purpose of this research is to describe the correlation between profitability and company value. Based on the problem and purpose research, the research is designed as quantitative research. Secondary data used as the basis for the analysis was obtained from ICMD with observation period of 5 years to 10 companies. Data analyzed by using linear regression multiple analyses. Empirical results show that profitability variability explains change of company value. Return on Investment and Return on Equity has positive and significant effect on company value, but Net Profit Margin negatively and significantly affects company value.

Abstract: One of the impacts of IFRS convergence is the tendency to leave historical cost to the fair value primarily for financial instruments, one of which is bank loans. Therefore, the benefit of the use of historical cost and fair value needs to be examined. This study aims to evaluate the relationship of the difference between loan book value and fair value, book value per share, earnings per share and the company size to the stock price of banks that use accounting standard that has been converged to IFRS. The samples used are banks listed in Indonesia Stock Exchange during the period of 2010-2013. The relationship between the difference loans book value and fair value, book value per share, earnings per share and the size with the stock price were analyzed using multiple linear regression. The results of this study indicate that the difference between loans book value and fair value, book value per share, earnings per share and the size can be used to predict the stock price of bank. Thus, the difference between loan book value and fair value of financial instruments have a relevant value.

Abstract: (ProQuest: ... denotes formulae omitted.)INTRODUCTIONThe exact origin of the term "actuary" is not currently defined. It is believed that it came from the Latin "actuaries", and meant verbatim clerk, registrar, otherwise the post of person recording the meetings of the Senate in ancient Rome (J.Richard, 2000). In the middle ages, the clerks, who led the proceedings of the courts and recorded decisions made by the Court, were called actuaries. Over time, the term has lost the Secretary meaning and since the end of the XVIII-th century the post of actuary was inextricably linked with insurance. The historical roots of modern interpretation of this notion can be traced back to 1762, when the society of fair life insurance and survival was established in the United Kingdom. Further development of profession of actuary was connected with development of insurance as both science and profession. In the early XIX-th century in the United Kingdom at the legislative level, there was defined the duty of insurance societies to testify authenticity of calculations in the tables of payments and rules, on the basis of which these calculations were made, by the opinion of at least two professional actuaries or other professionals. As noted by James Hickman (2), in the XIX-th century, accountants, as well as actuaries, ensured the interests of creditors in assessing the changes in ability to pay and emerging threats of bankruptcies of commercial organizations. In the base of actuarial calculations there are mathematical models, which can make financial forecasts for short and long term, taking into account the possible risks.THEORYIn the base of actuarial evaluation there is formation of actuarial assumptions and determination of the basis used for the purposes of such assessment. Typical components of actuarial basis are:-actuarial rates (discounting, anticipated growth of pensions and wages, etc.);-models of dismissals (decrements), for example, models of death, retirement, dismissal of workers.The actuarial rates are typically based on peer reviews. So, the Western actuarial companies recommend in determining discount rates to be oriented on the yield of long-term bonds (public or corporate with the highest reliability rating) (Aletkin P.A., 2014; Richard N. Cooper, 2010). In addition, the macroeconomic forecasts are taken into account, for example, inflation rate and average duration of discounted obligations.The construction of such a balance will determine the real cost of any enterprise as a property complex.We believe that in order to get the most accurate picture of property situation and financial results of activities of the enterprise and its economic value it is necessary to carry out the appropriate data corrections of accounting (financial) reporting and seek the solution of evaluation problem of the enterprise as a property complex in making the actuarial balance. As it is shown by analysis of existing methods for assessing the economic value of the company (Kulikova L.I., Goshunova A.V., 2014), such corrections are diverse in nature and can be applied both for assessing the value of the property and for the purpose of integrated assessment of efficiency and profitability of the company's activities.Thus, the objective of actuarial accounting is to determine the market value of the company. In actuarial accounting, the interests of potential and current investors are expressed. The concept of actuarial accounting was singled out as a separate balance theory from the static concept, the founder of which is Henry Nicklish. However, actuarial accounting does not imply a return to the static and is not only the assessment of the company's assets to cover the debts. In terms of actuarial accounting instead of cost accounting comes the accounting at fair value. In this case the actuarial accounting system is expected to determine the value of the company under condition of its sale or purchase as a property complex to attract new investors. …

Abstract: Since 2005, China has implemented the split-share reform After entering the full-circulation era of stock equity, the pursuit for maximize the company value has turned into the primary goal of listed companies in the course of their management and development Thus, they attach great importance to the concept of market value management The management of stockholders in listed companies began to pay attention to the inner values and the performances in the stock market of their enterprises, and thereby the concept of market value management is established However, the weak efficiency of China’s capital market has resulted in the deviation between market values and inner values of companies Thus, companies need to implement market value management and devise corresponding solutions so that two kinds of values can be well-matched This paper presents the definition of market value management at first Next, it studies the background of the emergence of market value management as well as its development status in China, which are also compared with the overseas value management And then, it makes a literature review and analyzes Economic Value Added Evaluation System (EVA), a performance evaluation system of market value management It adopts the method of Rank Sum Ratio (RSR)and Principal Component Analysis to make empirical analyses,which evaluates the level of market value management of listed companies in China and discovers the weak links existing in the process of market value management This paper eventually puts forward corresponding countermeasures and suggestions

Abstract: The purpose of this paper is to study in the French context the impact of the application of fair value on the shareholder value creation by comparing the information’s relevance of accounting indicators of French corporate groups in the industrial sector included in the CAC All-Tradable between pre-fair value period (2001-2003) and the post-fair value (2005-2007). Using the method of logistic regression permits us to demonstrate, firstly, that the variables of traditional character still retain their rank as key indicators determining stock return whatever the accounting principle relating thereto, and we noticed, on the other hand, that there is a marked improvement in information content of variables if and only they were submitted as understandable and uncomplicated under the model of fair value.

Abstract: After-tax performance measurement requires a rigorous definition of after-tax portfolio value. An understanding of after-tax value is also a prerequisite for effective management of taxable portfolios. We propose that the tax option, which is the right to execute tax-beneficial transactions – colloquially referred to as ‘tax-loss selling’– should be included in the value of the portfolio.Currently there are several definitions of after-tax portfolio value in use, including ‘hold’ value and ‘intrinsic’ value. Hold value is the present value of the after-tax cash flows assuming a buy-and-hold strategy. The shortcoming of hold value is that it fails to consider tax-beneficial transactions. Intrinsic value partially corrects for this by recognizing current tax-beneficial transactions. However, intrinsic value does not consider potential future tax-beneficial transactions, i.e. the time value of the tax option. Our proposed definition of after-tax portfolio value is the sum of the hold value and the value of the tax option, including time value. Incorporating the time value of an option is in line with contemporary finance theory. The tax option can be valued with existing industry standard methodology, incorporating investor-specific parameters such as tax rates and mortality rates.Exercise of the tax option is a trade-off: cashflow savings in exchange for forfeited option value. Reinvestment of the proceeds automatically gives rise to a new tax option, whose value should be incorporated into the sale decision. Thus sale and reinvestment also entails swapping an in-the-money tax option for an at-the-money option. Reinvestment in a ‘like’ security ensures that the asset allocation and the risk characteristics of the portfolio remain the same. While the concept of the tax option is applicable to any asset class, municipal bonds, which are normally held in taxable accounts, are especially suitable to illustrate the basic concepts. Due to tax-related factors the hold value of a municipal bond can substantially differ from its market price. This contributes to the complexity of the valuation of the tax option, and it can guide issuers in designing products to appeal to tax-aware investors. According to our analysis, intermediate 5% bonds callable in 10 years are ideal tax-beneficial structures. Remarkably, this coincides with the current market practice of issuing 5% non-call 10 bonds. Unlike a conventional embedded bond option, such as a call or a put, the value of the tax option is not reflected in the market value of the portfolio. Nevertheless, this value should be recognized. Even if option-enhanced value is not practical for external reporting, it provides an added dimension for the portfolio manager by quantifying the value of potential tax-beneficial trading opportunities.

Abstract: The latest developments of both prudential (Solvency II) and financial reporting (MCEV, IFRS) frameworks seem to consecrate market consistent valuation as a kind of paragon of insurance liabilities assessment. In this chapter, we initially try to analyze the underlying motivations of this evolution. We show that it results from an objective of harmonization of measurement of quite different insurance contrats. This heterogeneity being the result of heterogeneous national insurance regulations. In the second part, we analyze the limitations of this measurement principle. For that, we mobilize some of the arguments opposed to Fair Value Accounting. Moreover, we insist on the limitations resulting as well from the implementation issues as of their use in a risk management perspective.

Abstract: The valuation of an entity is an intricate process leading to the establishment of its market value. A company’s value is created, on one hand, by its assets and liabilities and, on the other hand, by its capacity to generate future economic benefits. In order to evaluate the equity of a company a balance sheet-based valuation method is used, most commonly the adjusted net assets valuation method. The goal of this paper is to present the theoretical background of this method as well as its practical application. We will first analyze the main theoretical issues regarding the corrections that need to be performed in order to transform the book value of assets and liabilities to their market value, afterwards proceeding to an example on how this method is applied to the balance sheet of a company. Finally, we will conclude on the importance of the method for a company’s evaluation process.

Abstract: This article examines the determinants of economic value added (EVA) in insurance industries. It addresses the key components of EVA, the value drivers that are more important in managing economic value and the combination of these value drivers that best explain EVA as a group. The study covers the life insurance sector in South Africa, specifically focusing on the big five companies: Discovery Holdings, Liberty Holdings, MMI Holdings, Old Mutual plc, and Sanlam Ltd for the period 2004-2014. Variance and principal component analyses are used to identify the main drivers of EVA. Five main drivers were prominent, namely: underwriting, asset management, costs, opportunity cost and strategic investments. The implications of the results for best practice in the insurance industry are discussed.

Abstract: The paper establishes the regression model based on the economic value added(EVA), refined economic value added(REVA), net profit, net cash flow and other indicators selected from the financial data of power industry. Correlation analysis indicates that, in comparison with traditional financial indicators, EVA and REVA are more efficient in studying the value of China’s electric power enterprises. And the interpretation to enterprise value will be more persuasive when combining EVA, REVA with traditional financial indicators. The study also finds out that the interpretative power of EVA-related indicators to enterprise value has been gradually increasing over the past seven years. Keywords-economic value added; refined economic value added; market value added; enterprise value

Abstract: In view of firms financial prudence, firms see how best or poor they have achieved the set goals that existed in their Strategic reasoning. Financial prudence should be one of the fundamental factors taken into consideration by insurance companies before they venture either into any market or the launch of new products or services. A review on financial strategic intelligence plays a crucial role in the determination of whether a strategic plan is achieving the goals for which it was intended for and on whether programmes that were set to be accomplished are on track in terms of period and resource distribution. Insurance company Performance rating on the other hand provides a simplistic tool through which companies can strategically troubleshoot their position in terms of performance and how best they can work on their drawbacks as well as continue improving on what they are doing best this is important especially in making financial related decisions.

Abstract: Values are embedded in the golden age will shape the character according to the embedded value. Planning learning on the subjects of Social Sciences about planting entrepreneurial values essential to recognize by the teacher, so that the entrepreneurial character can be created as early as possible. This study aims to (1) determine the values of entrepreneurship is embedded in SD Negeri Malang Model, (2) how to settle them in the Model SD Negeri Malang. This study used a qualitative approach various case studies. Methods of data collection using observation, interviews, and documentation. Data were analyzed using data reduction, data presentation, and conclusion. Implementing research in SD Negeri Malang Model, because the mission is to make entrepreneurship in schools as a cornerstone of learning, adequate infrastructure, and the achievement of students who achieved both nationally and internationally. The survey results revealed that, (1) the values of entrepreneurship that have been invested in SD Negeri Model Malang is: the value of independent, creative value, value orientation on performance, the value of risk-taking, leadership values, values of hard work, and the value of honest, (2) planting the values of entrepreneurship by integrating the values of entrepreneurship into every subject, extracurricular, self-development and local content. Keywords : entrepreneurial values, social sciences

Abstract: In a quest to devise exotic measures of value of the firm, the literature has often ignored an important fundamental and profound indicator of the firm value which is value added. Value added can be regarded as the simplest but one of the most important accounting measures of economic activity. The present study aims at examining the predictive power of cash value added as one of the determinants of market value by analyzing the relation between the value added and the stock price. A sample of 50 firms from CNX Nifty is selected for the analysis. The calculation of value added is for the period of 12 years from 2001-02 to 2013-14. The results of correlation and regression analysis show statistically significant explanatory power of net value added when used as a separate indicator. However, the additive power of the net value added as an indicator along with Earnings Per Share (EPS) and Price to Earnings (PE) ratio is unreliable due to the multicollinearity of value added and earnings.

Abstract: This study explores what type of industries have higher portion of companies with market value below book value. In addition, this paper studied the change of the market value/book value gap in different industries between year 2000 and year 2015. Using correlation analysis and LOS regression, we tried to quantify the relationship between the market value/book value gap and firm characters. Furthermore, our quantitative results suggest that by forecasting market value/book value gap, we could make speculative investments and gain positive return by longing stocks with lower than expected market value.

Abstract: Traditional life insurance accounting standards rely on various types of book and cost values, the result being that the income and balance sheet statements do not neccessarily give a true and transparent picture of the result of the life business. As examples, assets are typically stated as a mix of cost, current and amortised cost values, whereas life insurance provisions are calculated according to the approved technical basis. In this paper, it is suggested that this deficiency can be corrected by preparing life insurance accounts at current value. The proposed method implies that the life insurance provisions shall amount to the present value of the company's net liabilities to the policyholders including a provision for future bonus distribution. Moreover, any unrealised investment reserves are thrown into light, and it is shown how a bonus equalisation provision at current value may serve as a key indicator of the financial strength of the company. The method has been designed primarily for the Danish market, but aspects of the method should be of relevance more widely. Finally, the results are illustrated by a number of numerical examples.

Abstract: Under corporate governance, organizations articulate corporate values, codes of conduct, and standards of appropriate behavior etc., and develop systems, procedures, and controls to ensure compliance with them. The core management team sets the strategic objectives, corporate values and specifies transparent lines of responsibility and accountability. Performance of a firm is measured by valued based performance measures – economic Value added and market value added. These values are expected to create value to the firm and to the shareholders. In this article, annual reports and using panel regression models were used to determine the effects of explanatory variables on the financial performance of IT sector. It is concluded that corporate performance influence both Economic Value and Market Value But it has more influence on Economic Value of the company which reveals that corporate governance influences significantly how well a company produced value for its investors than the company has managed to create value on corporate success.

Abstract: This chapter will focus on the fi nancial side of Corporate Real Estate (CRE). The effect of ownership or leasing on the balance sheet will be discussed. In addition, the lifecycle effects of ownership will be looked at from the point of view of aspects such as renovation, restructuring or alternative use. The importance of regularly valuing CRE at market value will be highlighted, as well as the fi nancial risks of not valuing and not strategically managing CRE. CRE is not always easy to value: it might have specifi c characteristics, which will not have a market value, or only for similar enterprises and specifi c use. The value might also be infl uenced by industry trends or labour costs followed by shifts of the company’s activities to other locations or even other countries. Consequently, active CRE fi nancial management should be given high priority. Involvement of CREM in business plans and decisions is essential to fulfi l that role.