In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the ma...In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.展开更多
Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
The article first addresses the following questions:“Why does gross domestic product(GDP)rises,but the stock market value falls?”;“Among the macroeconomic factors,which factor has a greater impact on the promotion ...The article first addresses the following questions:“Why does gross domestic product(GDP)rises,but the stock market value falls?”;“Among the macroeconomic factors,which factor has a greater impact on the promotion of investment value in the securities market?”.With these questions in mind,we put forward a hypothesis emphasizing on the impact of macroeconomic factors on the value of the stock market based on existing research and used the regression method to verify this hypothesis.The following conclusions were drawn:(1)variables that have a positive nonlinear relationship with stock market value include balance of payments surplus,rising GDP level,M1,the whole society’s fixed asset investment,and national per capita disposable income;(2)variables that have a negative nonlinear relationship with stock market value include deposit,loan interest rate,new RMB loan amount,consumer price index(CPI),and producer price index;(3)deposit reserve ratio has an S-shaped curve relationship with stock market value;(4)exchange rate has an inverted U-shaped curve relationship with stock market value.展开更多
The market demand for gluten free foods is increasing due to frequent incidences of celiac disease and increasing awareness on consumption of gluten free foods.Millets have become the major constituent of diet as they...The market demand for gluten free foods is increasing due to frequent incidences of celiac disease and increasing awareness on consumption of gluten free foods.Millets have become the major constituent of diet as they are gluten-free and also excellent sources of micro and macro nutrients such as vitamins,minerals,dietary fibers and phenolic compounds.Among various millets,the finger millet and the pearl millet are the two most important and common millet varieties grown extensively.Since,they are regarded as the staple foods of the poor and vulnerable populations,development of new products and improvements in their nutritional quality will aid in the general health of these population.Processing of millets and production of variable gluten-free ready-to-eat and nutritional supplements has increased their market value in the recent years.Furthermore,processing can also help in shelf-life extension of the millets with nutritional enrichment,expanding its markets to non-traditional millet consumers.In this context,the present review is aimed to focus on the current processing methods to develop products from the two millet varieties that are gluten free and outline their nutritional benefits.展开更多
This article explores the rise of the Chinese women’s basketball team in professional basketball and its relationship to gender equality issues.In view of the gender differences in salary,market value,social status,a...This article explores the rise of the Chinese women’s basketball team in professional basketball and its relationship to gender equality issues.In view of the gender differences in salary,market value,social status,and other aspects,the article proposes a series of strategies to promote the realization of gender equality for female basketball players in professional basketball.This article points out that the rise of the Chinese women’s basketball team will lead the process of gender equality and lay the foundation for a more equitable and inclusive future.To achieve this goal,this article highlights the importance of improving the competitive level of female athletes,improving basic education,promoting basketball culture,and promoting gender equality.展开更多
Purpose: In this contribution we try to find new indicators to measure characteristics of a finn's patents and their influence on a company's profits. Design/methodology/approach: We realize that patentevaluation ...Purpose: In this contribution we try to find new indicators to measure characteristics of a finn's patents and their influence on a company's profits. Design/methodology/approach: We realize that patentevaluation and influence on a company's profits is a complicated issue requiring different perspectives. For this reason we design two types of structural h-indices, derived from the International Patent Classification (IPC). In a case study we apply not only basic statistics but also a nested case-control methodology. Findings: The resulting indicator values based on a large dataset (19,080 patents in total) from the pharmaceutical industry show that the new structural indices are significantly correlated with a firm's profits. Research limitations: The new structural index and the synthetic structural index have just been applied in one case study in the pharmaceutical industry. Practical implications: Our study suggests useful implications for patentometric studies and leads to suggestions for different sized firms to include a healthy research and development (R&D) policy management. The structural h-index can be used to gauge the profits resulting from the innovative performance of a firm's patent portfolio. Originality/value: Traditionally, the breadth and depth of patents of a firm and their citations are considered separately. This approach, however, does not provide an integrated insight in the major characteristics of a firm's patents. The Sh(Y) index, proposed in our investigation, can reflect a firm's innovation activities, its technological breadth, and its influence in an integrated way.展开更多
Historically the price of a forest estate has, at least in Sweden, been closely related to the financial return from the estate, but this connection no longer seems to be that strong, other factors that previously had...Historically the price of a forest estate has, at least in Sweden, been closely related to the financial return from the estate, but this connection no longer seems to be that strong, other factors that previously had limited influence on prices now add to the price. Factors like site productivity and age distribution affect the financial return of a forest estate but is it obvious that these factors still influence prices as they once did? Over the last 20 years, the price of forest estates has increased dramatically. If development of prices has led to a weakened connection between return and price, could this be explained by the fact that previously price affecting factors have less weight when valuing forest estates? The purpose of the study was therefore to investigate how a number of factors influence the forest estate price;including site productivity and age distribution. The results shows that neither site productivity, nor age distribution have a significant impact on the forest estate price. What mainly influence the prices seems to be the standing forest volume on the estate and region. The development of the prices seems not only to have influenced the relationship between the return from the forest and the prices, but also minimized the influence of factors like age distribution and site productivity. This means that estates that are bought within the same region, at the same price per cubic meter, can have considerably different potential to gain financial return.展开更多
Objective To find out several patented technologies of antihypertensive drugs with the most market value through analysis,and provide a reference for the research and development of enterprises.Methods The most valuab...Objective To find out several patented technologies of antihypertensive drugs with the most market value through analysis,and provide a reference for the research and development of enterprises.Methods The most valuable patented technologies of antihypertensive drugs from 2009 to 2019 were analyzed to explore the patent layout and technical characteristics of the main patent applicants,and then the key directions of their research and development were gotten.Results and Conclusion Based on the method of patent analysis,five patents with the most market value are extracted to provide important technical support and market value reference for the research and development of generic drugs or new drugs.展开更多
This study uses a sample of A-share listed companies to investigate the impact of China's Data Basic Institutional System on capital market reactions and the mechanism by which it exerts influence.The findings rev...This study uses a sample of A-share listed companies to investigate the impact of China's Data Basic Institutional System on capital market reactions and the mechanism by which it exerts influence.The findings reveal that within a 5-day period before and after the policy announcement,listed companies with high data resources experience a significantly higher abnormal return compared to those with low data resources.Moreover,this difference becomes more pronounced as enterprise technology intensity increases.Furthermore,the policy enhances the capital market's perception of the value of data resources and its potential for generating multiplier effects.Additional tests confirm that post-implementation of the policy,the capital market reevaluates the long-term value of enterprises associated with data resources.This comprehensive examination contributes empirical evidence to support academic research,inform policy formulation,and guide strategic planning in relevantindustries.展开更多
Fungi provide ecological and environmental services to humans, as well as health and nutritional benefits, and are vital to numerousindustries. Fermented food and beverage products from fungi are circulating in the ma...Fungi provide ecological and environmental services to humans, as well as health and nutritional benefits, and are vital to numerousindustries. Fermented food and beverage products from fungi are circulating in the market, generating billions of USD.However, the highest potential monetary value of fungi is their role in blue carbon trading because of their ability to sequesterlarge amounts of carbon in the soil. There are no conclusive estimates available on the global monetary value of fungi, primarilybecause there are limited data for extrapolation. This study outlines the contribution of fungi to the global economy and providesa first attempt at quantifying the global monetary value of fungi. Our estimate of USD 54.57 trillion provides a starting point thatcan be analysed and improved, highlighting the significance of fungi and providing an appreciation of their value. This paperidentifies the different economically valuable products and services provided by fungi. By giving a monetary value to all importantfungal products, services, and industrial applications underscores their significance in biodiversity and conservation. Furthermore,if the value of fungi is well established, they will be considered in future policies for effective ecosystem management.展开更多
基金research grants(P0030199 and P0038209)from the Hong Kong Polytechnic University。
文摘In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
文摘The article first addresses the following questions:“Why does gross domestic product(GDP)rises,but the stock market value falls?”;“Among the macroeconomic factors,which factor has a greater impact on the promotion of investment value in the securities market?”.With these questions in mind,we put forward a hypothesis emphasizing on the impact of macroeconomic factors on the value of the stock market based on existing research and used the regression method to verify this hypothesis.The following conclusions were drawn:(1)variables that have a positive nonlinear relationship with stock market value include balance of payments surplus,rising GDP level,M1,the whole society’s fixed asset investment,and national per capita disposable income;(2)variables that have a negative nonlinear relationship with stock market value include deposit,loan interest rate,new RMB loan amount,consumer price index(CPI),and producer price index;(3)deposit reserve ratio has an S-shaped curve relationship with stock market value;(4)exchange rate has an inverted U-shaped curve relationship with stock market value.
基金The manuscript is a part of the contribution no.20-351-J from the Kansas State University Agricultural Experiment Station.
文摘The market demand for gluten free foods is increasing due to frequent incidences of celiac disease and increasing awareness on consumption of gluten free foods.Millets have become the major constituent of diet as they are gluten-free and also excellent sources of micro and macro nutrients such as vitamins,minerals,dietary fibers and phenolic compounds.Among various millets,the finger millet and the pearl millet are the two most important and common millet varieties grown extensively.Since,they are regarded as the staple foods of the poor and vulnerable populations,development of new products and improvements in their nutritional quality will aid in the general health of these population.Processing of millets and production of variable gluten-free ready-to-eat and nutritional supplements has increased their market value in the recent years.Furthermore,processing can also help in shelf-life extension of the millets with nutritional enrichment,expanding its markets to non-traditional millet consumers.In this context,the present review is aimed to focus on the current processing methods to develop products from the two millet varieties that are gluten free and outline their nutritional benefits.
基金Research on the Construction and Application of Intelligent Educational Literacy Assessment Model for College Physical Education Teachers(23BYPT07)。
文摘This article explores the rise of the Chinese women’s basketball team in professional basketball and its relationship to gender equality issues.In view of the gender differences in salary,market value,social status,and other aspects,the article proposes a series of strategies to promote the realization of gender equality for female basketball players in professional basketball.This article points out that the rise of the Chinese women’s basketball team will lead the process of gender equality and lay the foundation for a more equitable and inclusive future.To achieve this goal,this article highlights the importance of improving the competitive level of female athletes,improving basic education,promoting basketball culture,and promoting gender equality.
基金supported by the National Natural Science Foundation of China(Grant Nos:71173185 and 71573225)
文摘Purpose: In this contribution we try to find new indicators to measure characteristics of a finn's patents and their influence on a company's profits. Design/methodology/approach: We realize that patentevaluation and influence on a company's profits is a complicated issue requiring different perspectives. For this reason we design two types of structural h-indices, derived from the International Patent Classification (IPC). In a case study we apply not only basic statistics but also a nested case-control methodology. Findings: The resulting indicator values based on a large dataset (19,080 patents in total) from the pharmaceutical industry show that the new structural indices are significantly correlated with a firm's profits. Research limitations: The new structural index and the synthetic structural index have just been applied in one case study in the pharmaceutical industry. Practical implications: Our study suggests useful implications for patentometric studies and leads to suggestions for different sized firms to include a healthy research and development (R&D) policy management. The structural h-index can be used to gauge the profits resulting from the innovative performance of a firm's patent portfolio. Originality/value: Traditionally, the breadth and depth of patents of a firm and their citations are considered separately. This approach, however, does not provide an integrated insight in the major characteristics of a firm's patents. The Sh(Y) index, proposed in our investigation, can reflect a firm's innovation activities, its technological breadth, and its influence in an integrated way.
文摘Historically the price of a forest estate has, at least in Sweden, been closely related to the financial return from the estate, but this connection no longer seems to be that strong, other factors that previously had limited influence on prices now add to the price. Factors like site productivity and age distribution affect the financial return of a forest estate but is it obvious that these factors still influence prices as they once did? Over the last 20 years, the price of forest estates has increased dramatically. If development of prices has led to a weakened connection between return and price, could this be explained by the fact that previously price affecting factors have less weight when valuing forest estates? The purpose of the study was therefore to investigate how a number of factors influence the forest estate price;including site productivity and age distribution. The results shows that neither site productivity, nor age distribution have a significant impact on the forest estate price. What mainly influence the prices seems to be the standing forest volume on the estate and region. The development of the prices seems not only to have influenced the relationship between the return from the forest and the prices, but also minimized the influence of factors like age distribution and site productivity. This means that estates that are bought within the same region, at the same price per cubic meter, can have considerably different potential to gain financial return.
文摘Objective To find out several patented technologies of antihypertensive drugs with the most market value through analysis,and provide a reference for the research and development of enterprises.Methods The most valuable patented technologies of antihypertensive drugs from 2009 to 2019 were analyzed to explore the patent layout and technical characteristics of the main patent applicants,and then the key directions of their research and development were gotten.Results and Conclusion Based on the method of patent analysis,five patents with the most market value are extracted to provide important technical support and market value reference for the research and development of generic drugs or new drugs.
基金the project"Research on the Verification Method and Value Evaluation of Digital Assets in Enterprises"(No.22YJA630047),funded by the Humanities and Social Sciences Fund of the Ministry of Education,China。
文摘This study uses a sample of A-share listed companies to investigate the impact of China's Data Basic Institutional System on capital market reactions and the mechanism by which it exerts influence.The findings reveal that within a 5-day period before and after the policy announcement,listed companies with high data resources experience a significantly higher abnormal return compared to those with low data resources.Moreover,this difference becomes more pronounced as enterprise technology intensity increases.Furthermore,the policy enhances the capital market's perception of the value of data resources and its potential for generating multiplier effects.Additional tests confirm that post-implementation of the policy,the capital market reevaluates the long-term value of enterprises associated with data resources.This comprehensive examination contributes empirical evidence to support academic research,inform policy formulation,and guide strategic planning in relevantindustries.
基金the Thailand Science Research and Innovation grant“Macrofungi diversity research from the Lancang-Mekong Watershed and surrounding areas”(Grant No.DBG6280009)the National Research Council of Thailand(NRCT)grant“Total fungal diversity in a given forest area with implications towards species numbers,chemical diversity and biotechnology”(Grant No.N42A650547+1 种基金We thank the Mushroom Research Foundation,Chiang Rai,Thailand for supporting the Ph.D studies of A.G.Niego.Niego would like to acknowledge the Mae Fah Luang University Thesis/Dissertation Support Grant(Reference No.Oh 7702(6)/49)EC-G was supported by the HZI POF IV Cooperativity and Creativity Project Call and CL was funded by a PhD stipend of the Life Science Foundation,Munich.
文摘Fungi provide ecological and environmental services to humans, as well as health and nutritional benefits, and are vital to numerousindustries. Fermented food and beverage products from fungi are circulating in the market, generating billions of USD.However, the highest potential monetary value of fungi is their role in blue carbon trading because of their ability to sequesterlarge amounts of carbon in the soil. There are no conclusive estimates available on the global monetary value of fungi, primarilybecause there are limited data for extrapolation. This study outlines the contribution of fungi to the global economy and providesa first attempt at quantifying the global monetary value of fungi. Our estimate of USD 54.57 trillion provides a starting point thatcan be analysed and improved, highlighting the significance of fungi and providing an appreciation of their value. This paperidentifies the different economically valuable products and services provided by fungi. By giving a monetary value to all importantfungal products, services, and industrial applications underscores their significance in biodiversity and conservation. Furthermore,if the value of fungi is well established, they will be considered in future policies for effective ecosystem management.