Integrated share valuation approach based on real options

Cilj ovog istraživanja ogleda se u sveobuhvatnom predstavljanju, analiziranju i utvrđivanju realnih opcija i načina na koje one utiču na povećanje vrednosti za akcionare, kao i definisanje mogućeg pristupa vrednovanju običnih akcija korporacija iz visokorizičnih i fleksibilnih delatnosti. U istraživanju je dat pregled postojećih koncepata vezanih za formulisanje strategije i načini na koji njihova realizacija doprinosi stvaranju vrednosti za akcionare. Realizacija strategije dovedena je u vezu sa različitim vrstama realnih opcija, koje nastaju njenim sprovođenjem. Na osnovu pregleda literature utvrđeno je da postoji određeni broj indikatora fleksibilnosti i neizvesnosti, koji ukazuju na potencijal za postojanje realnih opcija. Ovi indikatori upotrebljeni su kako bi se izvršilo sortiranje korporacija i utvrdilo koje su to korporacije koje na raspolaganju imaju vredne realne opcije. Finansijske mere perfomansi ovih korporacija su izračunate i utvrđene su njihove karakteristike. U doktorskoj disertaciji izvršena je detaljna identifikacija i dat je kritički osvrt na postojeće modele vrednovanja vlasničkih hartija od vrednosti. Na osnovu toga, ekstra prinos na akcije doveden je u vezu sa rizikom, indikatorima realnih opcija i indikatorima različitih vrsta generičkih strategija koje korporacija može realizovati. U istraživanju je upotrebljena analiza panela podataka. Analiza osetljivosti modela izvršena je upotrebom različitih načina na koje je postojeća literatura definisala opciju rasta. U cilju verifikacije definisanog modela i postavljenih hipoteza, izvršeno je grafičko poređenje predviđanja baziranih na osnovu modela i realno generisanog ekstra prinosa. Indikatori postojanja realnih opcija pokazuju značaj u vezi između prinosa i rizika, ali tržište je obazrivije prilikom njihovog vrednovanja. Strategija vođstva u troškovima povećava ekstra prinos investitora.The goal of this research is to present, analyze, and determine different types of real options, and to explore their influence on shareholder value creation. Based on the findings, the aim is to propose a new equity valuation approach, for high risk high flexibility corporations. This research presents an overview of contemporary strategy concepts and relates them to the shareholder value creation. By conducting a certain strategy, company has different real options at its disposal. Based on the literature review, different flexibility and uncertainty indicators were determined which can suggest that there is a potential for the presence of the real options. These indicators were used to sort corporations, and to determine which have valuable real options. Furthermore, financial performance measures of high flexibility, high uncertainty companies were calculated and their characteristics were presented. This doctoral thesis identifies and critically addresses existing stock pricing models. Based on all the findings, excess return is related to the risk, real options, and generic strategies. Panel data analysis is employed in this research. Different growth option definitions were used to test the sensitivity of the proposed approach. Additionally, this approach is verified through comparison of the predicted and actual excess return results. Real options indicators show significance for an explanation of the risk-return relationship, but it can be seen that the market is more conservative when valuing those options. Cost-leadership strategy increases the investors’ excess return

Ispitivanje dejstva pojedinih paragenetskih faktora na osobine plodnosti bikovskih majki simentalske rase

Investigation included bull dams of Simmental breed selected on farms of agricultural producers on the territory of the Republic of Serbia. Method of Least Squares - LSMLMW (Harvey 1987) was used for analysis of the effect of region and order of lactation on reproductive traits. Obtained results indicate the justification for investigation of paragenetic factors, since the knowledge of their effect can contribute to more objective evaluation of random effects. Regions had highly significant effect (P (lt) 0,01) on age at first conception, duration of service period and interval between calvings whereas no significant effect on duration of pregnancy was registered (p>0.05). The effect of region of breeding many factors are included and most important one is nutrition. Order of lactation as second factor investigated in this research had no effect on any of the fertility traits (p>0.05). General average of mean values of least squares for fertility was: for age at first conception 517.61 days, duration of pregnancy 285.51 days, duration of service period 108.98 days, interval between calving 395.34 days.U radu su detaljno ispitani uticaji odgajivačkog područja i laktacije po redu na uzrast pri prvoj oplodnji, trajanje bremenitosti, trajanje servis perioda, trajanje intervala između dva telenja. Ispitivanja su se odnosila na bikovske majke simentalske rase odabrane na imanjima poljoprivrednih proizvođača na teritoriji Republike Srbije. Za analizu uticaja odgajivačkog područja i laktacije po redu na reproduktivne osobine korišćen je Metod najmanjih kvadrata-LSMLMW (Harvey 1987). Odgajivačko područje imalo je visoko znacajno dejstvo na uzrast pri prvoj oplodnji, trajanje servis perioda i na dužinu međutelidbenog intervala (p (lt) 0.01), dok na dužinu bremenitosti nije imalo značajnijeg uticaja (p>0.05). Laktacije po redu nije imala značajnijeg uticaja ni na jednu od ispitivanih osobina (p>0.05).Srednje vrednosti opšteg proseka iznosile su za uzrast pri prvoj oplodnji 517.61 dana; trajanje bremenitosti 285.51 dana; trajanje servis perioda 108.98 dana;trajanje međutelidbenog intervala 395.34 dana

Linearno ocenjivanje bikovskih majki simentalske rase

Investigation included 292 Simmental cows selected as bull-dams on the territory of the Republic of Serbia in year 2002. For all investigated traits main variation-statistical parameters were calculated: arithmetic mean value, standard deviation, variation coefficients, standard error and variation interval. Average values of evaluation of the type of Simmental bull-dams were following: for type (frame) 7,89, muscle development 7,78, form (appearance) 7,79 and for udder 7,64. Linear evaluation values were above the average determined for Simmental population under control, which justifies the conclusion that bull-dams represent the elite heads of main herd. Visual evaluation and recognition of milk characteristics of cows are preliminary indicators of milk production, and partially also of longevity and reproductive ability of head of cattle, which is very important from the aspect of economical efficiency of milk production.Cilj ovih istraživanja je bio da se na imanjima individualnih poljoprivrednih proizvođača primenom linearnog metoda ocenjivanja krava izračunaju osnovne vrednosti tipa grla. Istraživanjem je obuhvaćeno 292 krave simentalske rase odabrane u kategoriju bikovskih majki na području Republike Srbije u toku 2002. godine. Ispitivanja su uključila sledeće linearne ocene: tip ili okvir, muskuloznost, formu ili izgled i vime. Za sve ispitivane osobine izračunati su osnovni varijaciono-statistički parametri: aritmetička sredina, standardna devijacija, koeficijenti varijacije, standardna greška i interval varijacije. Prosečne vrednosti ocene tipa bikovskih majki simentalske rase iznosile su za okvir 7,89, muskuloznost 7,78, formu 7,79 i za vime 7,64

Travel burden and clinical presentation of retinoblastoma: analysis of 1024 patients from 43 African countries and 518 patients from 40 European countries

BACKGROUND: The travel distance from home to a treatment centre, which may impact the stage at diagnosis, has not been investigated for retinoblastoma, the most common childhood eye cancer. We aimed to investigate the travel burden and its impact on clinical presentation in a large sample of patients with retinoblastoma from Africa and Europe. METHODS: A cross-sectional analysis including 518 treatment-naïve patients with retinoblastoma residing in 40 European countries and 1024 treatment-naïve patients with retinoblastoma residing in 43 African countries. RESULTS: Capture rate was 42.2% of expected patients from Africa and 108.8% from Europe. African patients were older (95% CI -12.4 to -5.4, p<0.001), had fewer cases of familial retinoblastoma (95% CI 2.0 to 5.3, p<0.001) and presented with more advanced disease (95% CI 6.0 to 9.8, p<0.001); 43.4% and 15.4% of Africans had extraocular retinoblastoma and distant metastasis at the time of diagnosis, respectively, compared to 2.9% and 1.0% of the Europeans. To reach a retinoblastoma centre, European patients travelled 421.8 km compared to Africans who travelled 185.7 km (p<0.001). On regression analysis, lower-national income level, African residence and older age (p<0.001), but not travel distance (p=0.19), were risk factors for advanced disease. CONCLUSIONS: Fewer than half the expected number of patients with retinoblastoma presented to African referral centres in 2017, suggesting poor awareness or other barriers to access. Despite the relatively shorter distance travelled by African patients, they presented with later-stage disease. Health education about retinoblastoma is needed for carers and health workers in Africa in order to increase capture rate and promote early referral

Travel burden and clinical presentation of retinoblastoma: analysis of 1024 patients from 43 African countries and 518 patients from 40 European countries

BACKGROUND: The travel distance from home to a treatment centre, which may impact the stage at diagnosis, has not been investigated for retinoblastoma, the most common childhood eye cancer. We aimed to investigate the travel burden and its impact on clinical presentation in a large sample of patients with retinoblastoma from Africa and Europe. METHODS: A cross-sectional analysis including 518 treatment-naïve patients with retinoblastoma residing in 40 European countries and 1024 treatment-naïve patients with retinoblastoma residing in 43 African countries. RESULTS: Capture rate was 42.2% of expected patients from Africa and 108.8% from Europe. African patients were older (95% CI -12.4 to -5.4, p<0.001), had fewer cases of familial retinoblastoma (95% CI 2.0 to 5.3, p<0.001) and presented with more advanced disease (95% CI 6.0 to 9.8, p<0.001); 43.4% and 15.4% of Africans had extraocular retinoblastoma and distant metastasis at the time of diagnosis, respectively, compared to 2.9% and 1.0% of the Europeans. To reach a retinoblastoma centre, European patients travelled 421.8 km compared to Africans who travelled 185.7 km (p<0.001). On regression analysis, lower-national income level, African residence and older age (p<0.001), but not travel distance (p=0.19), were risk factors for advanced disease. CONCLUSIONS: Fewer than half the expected number of patients with retinoblastoma presented to African referral centres in 2017, suggesting poor awareness or other barriers to access. Despite the relatively shorter distance travelled by African patients, they presented with later-stage disease. Health education about retinoblastoma is needed for carers and health workers in Africa in order to increase capture rate and promote early referral

Integrated share valuation approach based on real options

Cilj ovog istraživanja ogleda se u sveobuhvatnom predstavljanju, analiziranju i utvrđivanju realnih opcija i načina na koje one utiču na povećanje vrednosti za akcionare, kao i definisanje mogućeg pristupa vrednovanju običnih akcija korporacija iz visokorizičnih i fleksibilnih delatnosti. U istraživanju je dat pregled postojećih koncepata vezanih za formulisanje strategije i načini na koji njihova realizacija doprinosi stvaranju vrednosti za akcionare. Realizacija strategije dovedena je u vezu sa različitim vrstama realnih opcija, koje nastaju njenim sprovođenjem. Na osnovu pregleda literature utvrđeno je da postoji određeni broj indikatora fleksibilnosti i neizvesnosti, koji ukazuju na potencijal za postojanje realnih opcija. Ovi indikatori upotrebljeni su kako bi se izvršilo sortiranje korporacija i utvrdilo koje su to korporacije koje na raspolaganju imaju vredne realne opcije. Finansijske mere perfomansi ovih korporacija su izračunate i utvrđene su njihove karakteristike. U doktorskoj disertaciji izvršena je detaljna identifikacija i dat je kritički osvrt na postojeće modele vrednovanja vlasničkih hartija od vrednosti. Na osnovu toga, ekstra prinos na akcije doveden je u vezu sa rizikom, indikatorima realnih opcija i indikatorima različitih vrsta generičkih strategija koje korporacija može realizovati. U istraživanju je upotrebljena analiza panela podataka. Analiza osetljivosti modela izvršena je upotrebom različitih načina na koje je postojeća literatura definisala opciju rasta. U cilju verifikacije definisanog modela i postavljenih hipoteza, izvršeno je grafičko poređenje predviđanja baziranih na osnovu modela i realno generisanog ekstra prinosa. Indikatori postojanja realnih opcija pokazuju značaj u vezi između prinosa i rizika, ali tržište je obazrivije prilikom njihovog vrednovanja. Strategija vođstva u troškovima povećava ekstra prinos investitora.The goal of this research is to present, analyze, and determine different types of real options, and to explore their influence on shareholder value creation. Based on the findings, the aim is to propose a new equity valuation approach, for high risk high flexibility corporations. This research presents an overview of contemporary strategy concepts and relates them to the shareholder value creation. By conducting a certain strategy, company has different real options at its disposal. Based on the literature review, different flexibility and uncertainty indicators were determined which can suggest that there is a potential for the presence of the real options. These indicators were used to sort corporations, and to determine which have valuable real options. Furthermore, financial performance measures of high flexibility, high uncertainty companies were calculated and their characteristics were presented. This doctoral thesis identifies and critically addresses existing stock pricing models. Based on all the findings, excess return is related to the risk, real options, and generic strategies. Panel data analysis is employed in this research. Different growth option definitions were used to test the sensitivity of the proposed approach. Additionally, this approach is verified through comparison of the predicted and actual excess return results. Real options indicators show significance for an explanation of the risk-return relationship, but it can be seen that the market is more conservative when valuing those options. Cost-leadership strategy increases the investors’ excess return