浮动净值货币基金来了

浮动净值型货基与传统货基在投资范围及投资标的上差异并不大,最大的区别体现在估值方式上——由摊余成本法改为按照市价估值。转向浮动净值货币基金领域风平浪静已久,直到最近推出了浮动净值货币基金。

Assessment of Direct Eco-value of Liangzi Lake

[Obective] This study amied to evaluate the direct usage value of Liangzi Lake, like plants and animal resources and water storage value. [Method] It was measured through the market value method. The physical environment was introduced and the productivity of the lake was investigated both through the literature materials and the investigations. The market value method was clarified in this paper as well as its operation process and the application fields. [Result] Based on the introduction of the current situation in Liangzi Lake, the direct usage value was estimated as 1.32 billion Yuan/year. Plant resources value was 318 million Yuan/year; animal resources value was 675 million Yuan/year; and water storage value was 325 million Yuan/year for the three parts. [Conclusion] This paper will attract more attention to the emphasis of the reasonable development of nature sources.

Scenic Beauty Estimation of Greenbelts in Arterial Roads in Chongqing City

In the research, trees along 42 roads in Chongqing were explored and es- timated in terms of aesthetics, and aesthetic tendency and major influential factors of aesthetic value of street greenbelts in Chongqing arterial roads were estimated with phychophysical method to establish SBE model of arterial road greenbelts land- scape.

Fair Valuation Issues and the Subprime Mortgage Debacle： Could Generally Accepted Accounting Principles Underlying the Historical Cost Method Have Prevented the Crisis？

There are three primary methodologies employed to determine real estate value in the appraisal industry： the cost approach, the sales approach and the income approach. The definition of market value is defined as： ＂a type of value, stated as an opinion that includes a set of assumptions concerning the market＂. Unfortunately, untrained and unlicensed appraisers provided opinions using primarily the sales approach or market data approach and virtually ignored the other two methodologies. The ensuing game of ＂Can You Top This＂ resulted in creating an out-of-control real estate market driven by unregulated fiduciaries as appraisers.

Assessing the Economic Value of Vernacular Architecture of Mountain Regions Using Contingent Valuation

Human pressure on mountain resources poses certain threats to their natural and man-made environment. Although there are many parameters involved, one of the driving forces behind this situation is the emphasis given so far only to the market value of mountain goods and services, ignoring the true social and environmental costs of using mountain resources. Towards this direction, the use of non-market valuation techniques could prove to be beneficial. Bearing in mind the above remarks, the paper presents an application of the Contingent Valuation Method, which aims at estimating the monetary value of a mountain settlement’s vernacular architecture, namely Metsovo. For this purpose, the survey focuses on Metsovo visitors’ willingness to pay a single annual voluntary contribution to an institution that would be founded in order to undertake all necessary actions required to preserve the town’s traditional character. The results are very promising and indicate that vernacular architecture holds a significant economic value that could justify the implementation of appropriate policies towards the protection of vernacular settlements in mountain areas.

Discussions on Fair Value

In the eighth edition of International Valuation Standards （IVS） published by International Valuation Standards Committee （IVSC）, ＂Fair value＂ is introduced into the asset valuation standards as one specific kind of valuation beside the market value. This definition is not only quite different from the one in the accounting standards, but also difficult to explain in the perspective of asset valuation. This paper focuses on the ＂Fair Value＂ in order to make its relevant meaning and application scope clear in accounting and asset valuation respectively. The discussion helps to avoid the abuse and the misunderstanding of ＂Fair Value＂ for the sake of vague definition.

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.

The Impacts of Carbon Sequestration on Oil Production Projects Decision-Making： A Real Option Valuation Approach

A traditional real option model is applied to a simulation of an oil production project. This analysis includes a carbon sequestration structure cost and possible revenues from carbon credit markets. The evaluation focuses on the determination of an optimal timing for the investment in different scenarios, regarding the volatility of the uncertain variable, oil prices. Historical prices data from different moments are used to estimate different prices uncertainty scenarios and its impacts on the decision making on building a carbon sequestration structure. The results are compared between a real option model to the ones obtained using the traditional net present value evaluation. Trigger point of investments are defined for different scenarios with and without carbon sequestration. There is also an analysis of the effects on decision-making in different scenarios for carbon market prices. It is perceived an important difference in the decision making considering the different methods of economic analysis. The real option model is a fundamental valuation tool in periods of high price volatility and higher sunk costs added to a project such as the carbon sequestration structure. Greenhouse gas projects demand high oil prices, positive market trend expectation and volatility.

A Method of Catchments Health Assessment under Value-pressure Model and Its Application in Urbanized River Network Area:A Case Study in Shanghai,China

Catchments health assessment is fundamental to effective catchments management. Generally, an assessment method should be selected to reflect both the purpose of assessment and local characteristics. A trial in Shanghai was conducted to test the method for catchments health assessment in urbanized fiver network area. Seven indicators that described four dimensions of river, river network, land use and function, and local feature were used to assess catchments values; while possible change rate of urbanization and industrialization in the next 3 years were chosen for catchments pressure assessment in the value-pressure model. Factors related to catchments classification, indicators measurement and protection priority have been considered in the development strategies for catchments health management. The results showed that value-pressure assessment was applicable in urbanized catchments health management, particularly when both human and catchments had multiple demands. As a result of over 30-year rapid urbanization, more than 70% of Shanghai fiver network area was still in a healthy condition with high catchments values, among them, 39.3% was under high pressure. Poor water quality, simplified river system and weakened local feature of fiver pattern had largely affected catchments health in Shanghai. Lack of long-term monitoring data would seriously restrict the development and validity of catchments health assessment.

EXPLICIT EXPRESSIONS FOR THE VALUATION AND HEDGING OF THE ARITHMETIC ASIAN OPTION

On the basis of a result in Yor (1992), this paper gives explicit expressions for the valuation and hedging of the arithmetic Asian option.

Values of the Farmland Ecosystem Services of Qingdao City, China, and their Changes

The values of farmland ecosystem services are composed of several components: provisioning service value, regulating service value, supporting service value and cultural service value, so it is important to make a full assessment of the values of farmland ecosystem services for agriculture and farmland protection. Here, we assessed the values of farmland ecosystem services in Qingdao City in 1997, 2002, 2007, 2012 and 2017 by using various methods(market value method, carbon tax method, afforestation cost method, substitute cost method, equivalent factor method, etc.) based on establishing an assessment index system for the farmland ecosystem services value. The results show that the total yearly value of farmland ecosystem services increased from 499.74× 10~8 Yuan to 681.74× 10~8 Yuan in the period of 1997-2017, and the yearly value of farmland ecosystem services per hectare increased from 6.57× 10~4 Yuan to 9.73× 10~4 Yuan. The product provisioning service, carbon fixation service and oxygen release service, as well as the soil conservation service, are the main farmland ecosystem services, and the proportions of these four ecosystem service values to the total value of farmland ecosystem services in Qingdao City were large and kept increasing. Some countermeasures are put forward to adequately use the indirect service value of the farmland ecosystem and provide improved well-being for humans, such as protecting and wisely using farmland, developing agriculture that is rooted in local conditions, promoting agricultural production efficiency, speeding up construction of modern agriculture gardens, deepening the supply-side structural reform of agriculture, developing agricultural eco-tourism, etc.