569,377 research outputs found
Quasi-Valuations Extending a Valuation
Suppose is a field with valuation and valuation ring , is
a finite field extension and is a quasi-valuation on extending . We
study quasi-valuations on that extend ; in particular, their
corresponding rings and their prime spectrums. We prove that these ring
extensions satisfy INC (incomparability), LO (lying over), and GD (going down)
over ; in particular, they have the same Krull Dimension. We also prove
that every such quasi-valuation is dominated by some valuation extending .
Under the assumption that the value monoid of the quasi-valuation is a group
we prove that these ring extensions satisfy GU (going up) over , and a
bound on the size of the prime spectrum is given. In addition, a 1:1
correspondence is obtained between exponential quasi-valuations and integrally
closed quasi-valuation rings.
Given , an algebra over , we construct a quasi-valuation on ; we
also construct a quasi-valuation on which helps us prove
our main Theorem. The main Theorem states that if satisfies and is the field of fractions of , then and induce
a quasi-valuation on such that and extends ; thus
satisfies the properties of a quasi-valuation ring.Comment: 51 page
Business Value of IT Investment: The Case of a Low Cost Airline’s Website
Using the case of a low cost airline company’s website we analyze some special research questions of information technology valuation. The distinctive characteristics of this research are the ex post valuation perspective; the parallel and comparative use of accounting and business valuation approaches; and the integrated application of discounted cash flow and real option valuation. As the examined international company is a strategic user of e-technology and wants to manage and account intangible IT-assets explicitly, these specific valuation perspectives are gaining practical significance
The use of intellectual capital information by sell-side analysts in company valuation
This paper investigates the role of intellectual capital information (ICI) in sell-side analysts’ fundamental analysis and valuation of companies. Using in-depth semi-structured interviews, it penetrates the black box of analysts’ valuation decision-making by identifying and conceptualising the mechanisms and rationales by which ICI is integrated within their valuation decision processes. We find that capital market participants are not ambivalent to ICI, and ICI is used: (1) to form analysts’ perceptions of the overall quality, strengths and future prospects of companies; (2) in deriving valuation model inputs; (3) in setting price targets and making investment recommendations; and (4) as an important and integral element in analyst–client communications. We show that: there is a ‘pecking order’ of mechanisms for incorporating ICI in valuations, based on quantifiability; IC valuation is grounded in valuation theory; there are designated entry points in the valuation process for ICI; and a number of factors affect analysts’ ICI use in valuation. We also identify a need to redefine ‘value-relevant’ ICI to include non-price-sensitive information; acknowledge the boundedness and contextuality of analysts’ rationality and motives of their ICI use; and the important role of analyst–client meetings for ICI communication
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