1,724,323 research outputs found
Valuation of brands and intellectual capital
Get PDFIn this paper we review several methods used for valuing brands. Among them, those of Interbrand, Damodaran, Financial World, Houlihan Valuation Advisors, Market Facts, Young & Rubicam and CDB Research & Consulting. In particular, we analyze in depth the valuations of Kellogg's and Coca-Cola performed by Damodaran and the method proposed by Interbrand. Damodaran valued the Coca-Cola brand at 24.6 billion dollars in 1993 and at 102.6 billion dollars in 1998. In recent years, a lot has been said about the value of companies' intellectual capital. However, almost all of the studies on the subject are highly descriptive and a long way from obtaining a quantitative valuation. It is by no means clear what the company's intellectual capital is, and even less so if we intend to value the company's brand and intellectual capital separately. Our goal is to show the limitations of a number of the methods proposed for valuing brands and intellectual capital and, within the limits imposed by the brand's intrinsic reality, establish guidelines for value creation through the study of brands and intellectual capital. We also propose a scheme for identifying brand value drivers, that is, the parameters influencing the brand's value.Brand value; brand value drivers; intellectual capital; brand valuation process
The equity premium in 100 textbooks
Get PDFI review 100 finance and valuation textbooks published between 1979 and 2008 by authors such as Brealey and Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Weston, Brigham and Arzac and find that their recommendations regarding the equity premium range from 3% to 10%. I also find that several books use different equity premia on different pages. Some of the confusion arises from not distinguishing among the four concepts that the term equity premium designates: historical equity premium, expected equity premium, required equity premium and implied equity premium. Finance textbooks should clarify the equity premium by providing distinguishing definitions of these four concepts and conveying a clearer message about their sensible magnitudes.equity premium; equity premium puzzle; required market risk premium; historical market risk premium; expected market risk premium; risk premium; market risk premium; market premium;
Cash flow is cash and is a fact. Net income is just an opinion
Get PDFA company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several that can be obtained, depending on the criteria applied. Profit after tax (PAT) is equal to the equity cash flow when the company is not growing, buys fixed assets for an amount identical to depreciation, keeps debt constant, and only writes off or sells fully depreciated assets. Profit after tax (PAT) is also equal to the equity cash flow when the company collects in cash, pays in cash, holds no stock (this company's working capital requirements are zero), and buys fixed assets for an amount identical to depreciation. When making projections, the dividends and other forecast payments to shareholders must be exactly equal to expected equity cash flows.Cash flow; Net income; Equity cash flow; Free cash flow; Capital cash flow;
NUMERICAL INVESTIGATION OF THE PERFORMANCE OF FLUID FILM JOURNAL BEARINGS
No full textMaster'sMASTER OF SCIENCE IN HIGH PERFORMANCE COMPUTATION FOR ENGINEERED SYSTEMS1. Assoc. Prof. Damodaran Murali, SMA Fellow, NT
The Value of External Synergy With Fuzzy Variables
Get PDFThe purpose of this paper is interconnection of concept of internal synergy value of business (Sabolovic 2009; Hand – Lev 2004; Ohlson 1995) in terms of fuzzy measure (Casta et. al. 1998, 2003, 2005; Cummis – Derrig 1997; Kosko 1993; Sugeno 1977; Zadeh 1965) to value of external synergy (Damodaran 2006). The conception of fair value of business measurement and assets misevaluations from internal synergy is applied to network economics on measurement of value changes in business combinations.Value, Synergy, Fuzzy Integral, Choquet Integral, Network
SIMULINK MODEL OF AN AC MOTOR ACTUATED CONTROL VALVE FOR THERMAL COOLING CIRCUIT IN WIND TURBINES
No full textMaster'sMASTER OF SCIENCE IN COMPUTATIONAL ENGINEERING1. Mr. Ravi Kandasamy, Principal Engineer, Vestas Technology R&D Singapore Pte. Ltd. 2. Prof. Murali Damodaran, Assoc. Prof. , SMA Fellow, NT
FLEXIBLE QUANTITATIVE SIMULATION IN CELL CYCLE CONTROL, ALGORITHMS AND IMPLEMENTATION
No full textMaster'sMASTER OF SCIENCE IN HIGH PERFORMANCE COMPUTATION FOR ENGINEERED SYSTEMSDissertation Supervisors: 1. Dr. Pawan Dhar, Principle Investigator, BII. 2. Prof Murali Damodaran, SMA Fellow, NTU
DETAILED GEOMETRIC DEFINITION OF HARD DISK DRIVE ENCLOSURE AND AIR FLOW CALCULATIONS USING CFX
No full textMaster'sMASTER OF SCIENCE IN HIGH PERFORMANCE COMPUTATION FOR ENGINEERED SYSTEMS1. Dr. Ng Quock, Seagate Technology. 2. Assoc. Prof. Murali Damodaran SMA Fellow, NT
On the Damodaran Estimator of Price Adjustment Coefficients
No full textThis paper investigates the properties of the Damodaran (Journal of Finance, 1993) estimator of price adjustment. It is concluded that strong bias and low precision of the Damodaran estimator renders it useless for empirical work, even when the available sample size is very large. As an alternative, a GMM-based estimator is derived. Its properties are significantly better than those of the Damodaran estimator. However, for empirical applications it is still preferable to estimate price adjustment speeds using concurrent information from related time series.Informational efficiency; price adjustment; GMM estimation; power test; simulation
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