1,720,968 research outputs found
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe 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
Reálopciók az üzleti inkubációs folyamatban
Full text linkTHE AIMS OF THE STUDY
Real option theory has been analyzed for more than forty years in more industries and research areas but some of these have received less attention. One potential but yet untapped area of real option theory application is the business incubation process, which can be a key success factor of start-up companies. The study focuses on the business incubation process and the real option theory and aims to present the steps of the business incubation process and the decision-making phases for both the business incubator and the participants, and to develop a framework that ensures the efficient operation of incubators.
METHODOLOGY
By exploiting and modelling uncertainty and managerial flexibility I examine the opportunities in business incubation process applying real option theory. In the course of the qualitative analysis I identify the different types of real options inherent in the business incubation process and determine the benefits of applying them as well as emphasizing their positive features.
MOST IMPORTANT RESULTS
Although many literature review sources treat incubation process models with a "black box" approach, considering the model process and its structure-oriented nature enables its in-depth analysis and conclusion about the potential in the incubation process. In the process we can also identify timing, staging, contract and growth real options and exercising or discarding these options ensures corporate value creation.
RECOMMENDATION
Identifying and exploiting real options gives scope for business incubators to achieve operational effectiveness and value-creation. They study and the subsequent research provide new approach to practitioners, including the real option logic and use real option valuation.A TANULMÁNY CÉLJA
A reálopció elmélet vizsgálatára az elmúlt több mint negyven évben több iparág és kutatási terület esetében tettek kísérletet, azonban vannak olyanok, amelyek kevesebb figyelmet kaptak. Egy lehetséges, még kiaknázatlan területe a reálopció alkalmazásának az üzleti inkubáció folyamata, amely az újonnan induló vállalkozások sikerének kulcsát jelentheti. A tanulmány fókuszában az üzleti inkubációs folyamat, valamint a reálopció elmélet áll, és célja bemutatni az üzleti inkubációs folyamat lépéseit, döntési fázisait mind az üzleti inkubátor, mind pedig a résztvevők szempontjából, emellett egy olyan keretrendszert kialakítani, amely biztosítja az inkubátorok hatékony működését reálopciók azonosítása és menedzselése segítségével.
ALKALMAZOTT MÓDSZERTAN
A bizonytalanság, valamint a menedzseri rugalmasság feltárása és modellbe ágyazása révén a reálopció elmélet alkalmazásával vizsgálom az üzleti inkubációs folyamatban rejlő opciós lehetőségeket. A kvalitatív elemzés során azonosítom az üzleti inkubációs folyamatban rejlő halasztási, elvetési, szakaszos, növekedési, méretváltoztatásra irányuló reálopciókat, és meghatározom ezek alkalmazásának előnyeit pozitív jellemzőik hangsúlyozása mellett.
LEGFONTOSABB EREDMÉNYEK
Bár számos szakirodalmi forrás az inkubációs folyamat modelleket „fekete doboz” szemléletben kezeli, belátható, hogy a modell folyamat- és struktúraorientált természetének figyelembevétele egyaránt lehetővé teszi annak mélyreható vizsgálatát, és következtetéseket enged levonni az inkubációs folyamatban rejlő potenciálról. A folyamatban időzítési, szakaszos, elvetési, valamint növekedési reálopciók is azonosíthatók, amelyek lehívása vagy elvetése révén biztosítják a vállalati értékteremtés megvalósulását.
GYAKORLATI JAVASLATOK
A reálopciók menedzselése révén az üzleti inkubátoroknak működési hatékonyságuk növelésére, valamint vállalati értékteremtésre nyílik lehetőségük. A tanulmány, illetve a későbbi kutatások gyakorlati szakemberek számára biztosítanak újfajta megközelítést, a reálopciós logika beépítésének, valamint a reálopciós értékelés alkalmazásának lehetőségét
Variations on the Author
Full text link“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
Full text linkWe 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
The evaluation of venture capital investments using real option approach
Full text linkTHE AIMS OF THE PAPER
This study attempts to explore the links between venture capital (VC) investments and the real option approach (ROA) with analyzing the characteristic features of the venture capital investments and their process. The real options can be examined as a way of thinking and evaluation method and the study’s aim is to show that real option approach can provide an answer to the valuation challenges of venture capital investments.
METHODOLOGY
The choice of the appropriate valuation method requires consideration of its conditions of application, which, in the case of real option theory, result from the examination of uncertainty, flexibility and irreversibility. The venture capital investments are characterized by a high degree of uncertainty and risk, which can also be traced back to the provision of financing to innovative, early-stage companies. Real option theory also provides venture capital investors with professional experience through their active role in decision-making. The study evaluates a Hungarian start-up company venture capital investment with the help of a traditional discounted cash flow method and two real option valuation models: Black – Scholes model and binomial pricing model. Then a sensitivity analysis is prepared to analyze the value driver effect on option value and a volatility analysis to verify the importance of high-degree of uncertainty in real option valuation.
MOST IMPORTANT RESULTS
The paper concludes that the option-based valuation methods are more suitable for evaluating venture capital investments than other approaches such as the discounted cash flow methods, and the embedded flexibility can be determined by the real option approach. The binomial pricing model points out the advantages of staging investments with the higher real (call) option value. Besides the real option valuation, the sensitivity analysis shows a positive effect of the present value of the underlying assets, the time to maturity, the risk-free interest rate and volatility on the call option value. The analysis of the volatility emphasizes the importance of the degree of uncertainty in real option valuation.
RECOMMENDATIONS
The real option approach ensures proper evaluation of venture capital investment, avoiding the undervaluation and taking advantage of staging and timing investments in practice.
Acknowledgment: Supported by the ÚNKP-19-3 New National Excellence Program of the Ministry for Innovation and Technology.THE AIMS OF THE PAPER
This study attempts to explore the links between venture capital (VC) investments and the real option approach (ROA) with analyzing the characteristic features of the venture capital investments and their process. The real options can be examined as a way of thinking and evaluation method and the study’s aim is to show that real option approach can provide an answer to the valuation challenges of venture capital investments.
METHODOLOGY
The choice of the appropriate valuation method requires consideration of its conditions of application, which, in the case of real option theory, result from the examination of uncertainty, flexibility and irreversibility. The venture capital investments are characterized by a high degree of uncertainty and risk, which can also be traced back to the provision of financing to innovative, early-stage companies. Real option theory also provides venture capital investors with professional experience through their active role in decision-making. The study evaluates a Hungarian start-up company venture capital investment with the help of a traditional discounted cash flow method and two real option valuation models: Black – Scholes model and binomial pricing model. Then a sensitivity analysis is prepared to analyze the value driver effect on option value and a volatility analysis to verify the importance of high-degree of uncertainty in real option valuation.
MOST IMPORTANT RESULTS
The paper concludes that the option-based valuation methods are more suitable for evaluating venture capital investments than other approaches such as the discounted cash flow methods, and the embedded flexibility can be determined by the real option approach. The binomial pricing model points out the advantages of staging investments with the higher real (call) option value. Besides the real option valuation, the sensitivity analysis shows a positive effect of the present value of the underlying assets, the time to maturity, the risk-free interest rate and volatility on the call option value. The analysis of the volatility emphasizes the importance of the degree of uncertainty in real option valuation.
RECOMMENDATIONS
The real option approach ensures proper evaluation of venture capital investment, avoiding the undervaluation and taking advantage of staging and timing investments in practice.
Acknowledgment: Supported by the ÚNKP-19-3 New National Excellence Program of the Ministry for Innovation and Technology
Blahó András - Czakó Erzsébet - Poór József (szerk.) Nemzetközi menedzsment. Akadémiai Kiadó, Budapest, 2015
Full text linkKovács Kármen: Kutatási és publikálási kézikönyv nem csak közgazdászoknak. Akadémiai kiadó, Budapest, 2013
No full textDispelling the Myths Behind First-author Citation Counts
Full text linkWe 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
- …
