1,720,957 research outputs found
Why IRR is not the rate of return for your investment: introducing AIRR to the real estate community
No full textThe internal rate of return (IRR) is used extensively in the real estate sector, notwithstanding certain nagging deficiencies taught in most business school texts. One of those deficiencies is that the IRR may have multiple solutions which cannot be reconciled. Unbeknownst to most practitioners, this “nagging deficiency” has been refuted in the last decade, seemingly great news for IRR advocates. However, the elimination of this deficiency exposes a more fundamental criticism, one which is addressed in this article; and it is that the IRR calculation itself assumes interim investment values that are mechanically generated by the IRR equation itself and will almost surely differ from the true interim values of the project under consideration. To the extent that these values differ, the IRR result will not be an accurate rate of return. Furthermore, from an ex-post, i.e., performance reporting standpoint, such values implied by the IRR will almost certainly contradict any estimated project values being used for time-weighted rate of return (TWR) purposes. A new metric called AIRR (Average IRR) overcomes these criticisms and produces a correct money-weighted rate of return (MWR) for a project. Furthermore, AIRR has none of the other problems that the IRR has: e.g. it always exists and is unique, and it appropriately accounts for the amounts actually invested, from time to time, over the course of the investment
Introducing Aggregate Return on Investment as a solution to the contradiction between some PME metrics and IRR
Get PDFThe Index Comparison Method (ICM) is a well-known approach for measuring a Private Equity Investment’s (PEI) performance. It is based on the construction of a benchmark portfolio that, each period, earns the index return. This generates a time series of interim net asset values that leads to a terminal NAV, from which an Internal Rate of Return is computed. However, the IRR is itself necessarily associated with its own time series of built-in NAVs, to which the IRR is applied. And, unfortunately, this series of values will be different from the aforementioned benchmark portfolio’s NAVs. As a result, the ICM approach rests on two contradictory sets of values, thereby rendering it illegitimate. Furthermore, the ICM approach does not preserve additivity of the rates of return, and, in principle, might even generate multiple IRRs. This paper presents the Aggregate Return on Investment (AROI), a metric which (i) uses one consistent time series of NAVs (the benchmark portfolio’s true values) (ii) preserves additivity, and (iii) does not incur the problem of multiple solutions
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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