Valuation Of Unlisted Direct Investment Equity

Author : Emmanuel O. Kumah,Jannick Damgaard,Thomas Elkjaer
Publisher : International Monetary Fund
Page : 75 pages
File Size : 50,6 Mb
Release : 2009-11-01
Category : Business & Economics
ISBN : 9781451873894

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Valuation of Unlisted Direct Investment Equity by Emmanuel O. Kumah,Jannick Damgaard,Thomas Elkjaer Pdf

This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.

Author : OECD
Publisher : OECD Publishing
Page : 241 pages
File Size : 46,5 Mb
Release : 2009-10-15
Category : Electronic
ISBN : 9789264045743

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OECD Benchmark Definition of Foreign Direct Investment 2008 Fourth Edition by OECD Pdf

The OECD Benchmark Definition of Foreign Direct Investment sets the world standard for FDI statistics. It provides a single point of reference for statisticians and users on all aspect of FDI statistics, while remaining compatible with other internationally accepted statistical standards.

Author : Emma Angulo,Alicia Hierro
Publisher : International Monetary Fund
Page : 49 pages
File Size : 43,7 Mb
Release : 2017-11-21
Category : Business & Economics
ISBN : 9781484330036

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Asymmetries in the Coordinated Direct Investment Survey: What Lies Behind? by Emma Angulo,Alicia Hierro Pdf

This paper analyzes asymmetries in direct investment positions reported in the Coordinated Direct Investment Survey (CDIS) following a top down approach. First, it examines asymmetries at global level; second, it examines asymmetries between CDIS reported and derived data for individual economies; and third, the paper analyzes data at bilateral economy level. Then, the paper explores seven main reasons for asymmetries, including those arising even when economies follow international standards. Finally, the paper includes a section on addressing bilateral asymmetries and concludes with specific planned actions to reduce asymmetries, including initiatives led by international organizations.

Author : OECD,International Monetary Fund
Publisher : OECD Publishing
Page : 169 pages
File Size : 51,5 Mb
Release : 2004-01-27
Category : Electronic
ISBN : 9781589062207

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Foreign Direct Investment Statistics How Countries Measure FDI by OECD,International Monetary Fund Pdf

Foreign Direct Investment Statistics: How Countries Measure FDI shows progress in recent years in moving toward compilation in accordance with international standards that have been established by the International Monetary Fund (IMF) and the ...

Author : OECD
Publisher : OECD Publishing
Page : 56 pages
File Size : 46,6 Mb
Release : 1996-11-03
Category : Electronic
ISBN : 9789264064805

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OECD Benchmark Definition of Foreign Direct Investment Third Edition by OECD Pdf

ThIS Third Edition of the OECD Benchmark Definition, fully consistent with the IMF Balance of Payments Manual, provides operational guidance on how FDI data should be compiled to meet internationally agreed standards.

Author : Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas
Publisher : CFA Institute Research Foundation
Page : 136 pages
File Size : 53,8 Mb
Release : 2017-12-27
Category : Business & Economics
ISBN : 9781944960346

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Equity Valuation: Science, Art, or Craft? by Frank J. Fabozzi,Sergio M. Focardi,Caroline Jonas Pdf

The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified). The study underlines additional problems when it comes to valuing IPOs and private equity: Both are sensitive to the timing of the offer, suffer from information asymmetry, and are more subject to behavioral elements than is the case for shares of listed firms. In the case of IPOs in particular, the authors discuss how communication strategies and media hype play an important role in the IPO valuation/pricing process.

Author : John D. Stowe
Publisher : Cfa Inst
Page : 318 pages
File Size : 49,9 Mb
Release : 2002
Category : Corporations
ISBN : 0935015760

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Analysis of Equity Investments by John D. Stowe Pdf

Author : Jannick Damgaard,Thomas Elkjaer,Niels Johannesen
Publisher : International Monetary Fund
Page : 54 pages
File Size : 51,9 Mb
Release : 2019-12-11
Category : Business & Economics
ISBN : 9781513521527

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What Is Real and What Is Not in the Global FDI Network? by Jannick Damgaard,Thomas Elkjaer,Niels Johannesen Pdf

Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor economies. We find that phantom investment into corporate shells with no substance and no real links to the local economy may account for almost 40 percent of global FDI. Ignoring phantom investment and allocating real investment to ultimate investors increases the explanatory power of standard gravity variables by around 25 percent.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 398 pages
File Size : 42,8 Mb
Release : 1995-03-15
Category : Business & Economics
ISBN : 1557754705

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Balance of Payments Compilation Guide by International Monetary Fund Pdf

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. the Guide is designed to assist balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionnaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 159 pages
File Size : 43,6 Mb
Release : 1996-04-15
Category : Business & Economics
ISBN : 9781557755704

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Balance of Payments Textbook by International Monetary Fund Pdf

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

Author : Jannick Damgaard,Thomas Elkjaer
Publisher : International Monetary Fund
Page : 25 pages
File Size : 50,7 Mb
Release : 2017-11-17
Category : Business & Economics
ISBN : 9781484330296

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The Global FDI Network: Searching for Ultimate Investors by Jannick Damgaard,Thomas Elkjaer Pdf

This paper addresses three types of geographical decoupling in foreign direct investment (FDI), i.e., challenges when using traditional FDI data as a proxy for real economic integration between economies: (i) large bilateral asymmetries between inward and outward FDI, (ii) the role of special purpose entities (SPEs), and (iii) the effect of moving from immediate counterpart to ultimate investing economy (UIE). A unique global FDI network is estimated, where SPEs are removed and FDI positions are broken down by the UIE. Total inward FDI in the new network is reduced by one-third, and financial centers are less dominant.

Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 1812 pages
File Size : 41,9 Mb
Release : 2010-11-29
Category : Business & Economics
ISBN : 9781616350024

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Balance of Payments Statistics Yearbook, 2010 by International Monetary Fund. Statistics Dept. Pdf

The BOPS Yearbook, usually published in December, contains balance of payments statistics for most of the world, compiled in accordance with the IMF’s Balance of Payments Manual. Part 1 includes aggregate as well as detailed information in the form of analytical and standard component presentations for countries. Part 2 provides tables of data, featuring area and world totals of balance of payments components and aggregates. Part 3 presents descriptions of methodologies, compilation practices, and data sources used by individual member countries in compiling their balance of payments and international investment position statistics.

Author : MissRita Mesias
Publisher : International Monetary Fund
Page : 126 pages
File Size : 46,6 Mb
Release : 2015-10-08
Category : Business & Economics
ISBN : 9781513519418

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The Coordinated Direct Investment Survey Guide 2015 by MissRita Mesias Pdf

This Coordinated Direct Investment Survey Guide (Guide) has been prepared to assist economies in participating in the Coordinated Direct Investment Survey (CDIS). The CDIS is being conducted under the auspices of the Statistics Department of the IMF across a wide range of economies. The survey is conducted simultaneously by all participating economies; uses consistent definitions; and encourages best practices in collecting, compiling, and disseminating data on direct investment positions. The CDIS is thus an important tool in capturing world totals and the geographic distribution of direct investment positions, thereby contributing to important new understandings of the extent of globalization, and improving the overall quality of direct investment data worldwide. As of the writing of this updated Guide, more than 100 economies participate in the CDIS.

Author : Mr.Eduardo Valdivia-Velarde,Ms.Tamara Razin
Publisher : International Monetary Fund
Page : 634 pages
File Size : 53,8 Mb
Release : 2014-12-08
Category : Business & Economics
ISBN : 9781484312759

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Balance of Payments Manual, Sixth Edition Compilation Guide by Mr.Eduardo Valdivia-Velarde,Ms.Tamara Razin Pdf

The Balance of Payments and International Investment Position Manual 6: Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). The purpose of the Guide is to show how the conceptual framework described in the BPM6 may be implemented in practice and to provide practical advice on source data and methodologies for compiling statistics on the balance of payments and the international investment position. The Guide is not intended to be a stand-alone manual, and readers should be familiar with the BPM6.

Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 1829 pages
File Size : 40,8 Mb
Release : 2011-11-29
Category : Business & Economics
ISBN : 9781616351472

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Balance of Payments Statistics Yearbook, 2011 by International Monetary Fund. Statistics Dept. Pdf

Composed of international economic transactions data, BOPS delivers critical statistical information that covers: total goods, services, income, and current transfers an economy receives from or provides to the rest of the world; capital transfers and changes in each economy’s external financial claims and liabilities; tables featuring area and world totals of balance of payments; and IIP components and aggregates. The IMF Balance of Payments Statistics contains over 200,000 quarterly and annual time series data. The data include aggregate as well as detailed information in the form of analytical and standard component presentations for countries. Additional documentation is included with descriptions of methodologies, compilation practices, and data sources used by individual member countries in compiling their balance of payments and international investment position statistics.