The valuation methods for small and medium-sized enterprises

none2The aim of this work is to verify which valuation methods are used by accountants to define the value of Italian Small and Medium-sized Enterprises, considering the event of a change in the decision-making owner. Moreover, the objective is also to examine if the valuation methods employed in practice coincide with those methods considered theoretically correct and suggested by international bodies like the Federation of European Accountants. An adequate valuation should strongly increase the probability of achieving development corporate processes, through business transfers or rearrangement of ownership structure with the entrance of new partners or the start of entrepreneurial successions. The findings of this work are based on the analysis of 70 cases concerning Italian SMEs (according to the definition of European Commission), which span the period from 1978 to 2012. Specifically, we have analyzed the valuation reports, elaborated by professionals. The empirical data clearly shows us that the preferred method to valuate Italian SMEs is the mixed method, particularly the Anglo-Saxon method (with limited capitalization of goodwill). SMEs are shaped by their entrepreneurs that strongly affect the future perspectives of profit. Therefore, in the case of changes in the decision-making owner, perspectives of profit will significantly change, as they especially depend on the entrepreneur. Thus, it is reasonable to suppose that goodwill has a limited duration, in case of changes in ownership arrangement. However it is also important to consider the assets consistency of a business, because such a consistency guarantees the prosecution of business activity, also to the different decision-making owner. When an expert has to define the value of a SME, he cannot abstract from specific peculiarities of this type of firm that inevitably condition the choice of valuation method: the entrepreneur is the owner and decision-maker of the firm; SMEs do not have adequate planning and control systems, therefore it is very difficult to make trustworthy previsions.openGrandis, F.G.; Palazzi, F.Grandis, F. G.; Palazzi, Federic

Towards an efficient prover for the C1 paraconsistent logic

The KE inference system is a tableau method developed by Marco Mondadori which was presented as an improvement, in the computational efficiency sense, over Analytic Tableaux. In the literature, there is no description of a theorem prover based on the KE method for the C1 paraconsistent logic. Paraconsistent logics have several applications, such as in robot control and medicine. These applications could benefit from the existence of such a prover. We present a sound and complete KE system for C1, an informal specification of a strategy for the C1 prover as well as problem families that can be used to evaluate provers for C1. The C1 KE system and the strategy described in this paper will be used to implement a KE based prover for C1, which will be useful for those who study and apply paraconsistent logics.Comment: 16 page

Recovery operators, paraconsistency and duality

There are two foundational, but not fully developed, ideas in paraconsistency, namely, the duality between paraconsistent and intuitionistic paradigms, and the introduction of logical operators that express meta-logical notions in the object language. The aim of this paper is to show how these two ideas can be adequately accomplished by the Logics of Formal Inconsistency (LFIs) and by the Logics of Formal Undeterminedness (LFUs). LFIs recover the validity of the principle of explosion in a paraconsistent scenario, while LFUs recover the validity of the principle of excluded middle in a paracomplete scenario. We introduce definitions of duality between inference rules and connectives that allow comparing rules and connectives that belong to different logics. Two formal systems are studied, the logics mbC and mbD, that display the duality between paraconsistency and paracompleteness as a duality between inference rules added to a common core– in the case studied here, this common core is classical positive propositional logic (CPL + ). The logics mbC and mbD are equipped with recovery operators that restore classical logic for, respectively, consistent and determined propositions. These two logics are then combined obtaining a pair of logics of formal inconsistency and undeterminedness (LFIUs), namely, mbCD and mbCDE. The logic mbCDE exhibits some nice duality properties. Besides, it is simultaneously paraconsistent and paracomplete, and able to recover the principles of excluded middle and explosion at once. The last sections offer an algebraic account for such logics by adapting the swap-structures semantics framework of the LFIs the LFUs. This semantics highlights some subtle aspects of these logics, and allows us to prove decidability by means of finite non-deterministic matrices

Transformations of Logic Programs on Infinite Lists

We consider an extension of logic programs, called \omega-programs, that can be used to define predicates over infinite lists. \omega-programs allow us to specify properties of the infinite behavior of reactive systems and, in general, properties of infinite sequences of events. The semantics of \omega-programs is an extension of the perfect model semantics. We present variants of the familiar unfold/fold rules which can be used for transforming \omega-programs. We show that these new rules are correct, that is, their application preserves the perfect model semantics. Then we outline a general methodology based on program transformation for verifying properties of \omega-programs. We demonstrate the power of our transformation-based verification methodology by proving some properties of Buechi automata and \omega-regular languages.Comment: 37 pages, including the appendix with proofs. This is an extended version of a paper published in Theory and Practice of Logic Programming, see belo

Tree Projections and Constraint Optimization Problems: Fixed-Parameter Tractability and Parallel Algorithms

Tree projections provide a unifying framework to deal with most structural decomposition methods of constraint satisfaction problems (CSPs). Within this framework, a CSP instance is decomposed into a number of sub-problems, called views, whose solutions are either already available or can be computed efficiently. The goal is to arrange portions of these views in a tree-like structure, called tree projection, which determines an efficiently solvable CSP instance equivalent to the original one. Deciding whether a tree projection exists is NP-hard. Solution methods have therefore been proposed in the literature that do not require a tree projection to be given, and that either correctly decide whether the given CSP instance is satisfiable, or return that a tree projection actually does not exist. These approaches had not been generalized so far on CSP extensions for optimization problems, where the goal is to compute a solution of maximum value/minimum cost. The paper fills the gap, by exhibiting a fixed-parameter polynomial-time algorithm that either disproves the existence of tree projections or computes an optimal solution, with the parameter being the size of the expression of the objective function to be optimized over all possible solutions (and not the size of the whole constraint formula, used in related works). Tractability results are also established for the problem of returning the best K solutions. Finally, parallel algorithms for such optimization problems are proposed and analyzed. Given that the classes of acyclic hypergraphs, hypergraphs of bounded treewidth, and hypergraphs of bounded generalized hypertree width are all covered as special cases of the tree projection framework, the results in this paper directly apply to these classes. These classes are extensively considered in the CSP setting, as well as in conjunctive database query evaluation and optimization

Coherent Integration of Databases by Abductive Logic Programming

We introduce an abductive method for a coherent integration of independent data-sources. The idea is to compute a list of data-facts that should be inserted to the amalgamated database or retracted from it in order to restore its consistency. This method is implemented by an abductive solver, called Asystem, that applies SLDNFA-resolution on a meta-theory that relates different, possibly contradicting, input databases. We also give a pure model-theoretic analysis of the possible ways to `recover' consistent data from an inconsistent database in terms of those models of the database that exhibit as minimal inconsistent information as reasonably possible. This allows us to characterize the `recovered databases' in terms of the `preferred' (i.e., most consistent) models of the theory. The outcome is an abductive-based application that is sound and complete with respect to a corresponding model-based, preferential semantics, and -- to the best of our knowledge -- is more expressive (thus more general) than any other implementation of coherent integration of databases