https://www.um.edu.mt/library/oar/handle/123456789/31067 2026-04-12T14:23:08Z 2026-04-12T14:23:08Z Tsamis, Anastasios Liapis, Konstantinos J. https://www.um.edu.mt/library/oar/handle/123456789/31244 2020-05-06T12:04:53Z 2017-01-01T00:00:00Z

Title: Fair value and cost accounting, depreciation methods, recognition and measurement for fixed assets Authors: Tsamis, Anastasios; Liapis, Konstantinos J. Abstract: In accounting and finance, fair value is a rational and unbiased estimate of the potential market price of a good, service or asset. On the other hand, cost accounting policy is more conservative and prudence. Accounting fairness refers mostly to the fair presentation, the initial recognition and measurement or valuation of an element. Therefore, adopting different accounting policies results in the assets being presented in the entity’s financial statements with different values. With the application of cost or fair value accounting policies across firms or countries, the financial statements are being incomparable. Another issue arises from depreciation methods applied. With the application of different depreciation accounting methods across firms or countries, the financial statements are being incomparable. Both accounting policies for recognition and measurement and depreciation methods, determine the net value of fixed assets in financial statements’ presentations. Thus, a decision-making procedure exists for recognition and measurement of property assets using the above components. The research objects of the paper are to explore in detail the relationship between cost and fair value accounting policies with depreciation methods, by enabling decision-making options. The financial method of discounted cash flow (DCF) technique is used for fair value accounting as well as for impairment test and the depreciation accounting methods are used for cost accounting policy, in order to explore the decision options for a property asset recognition and measurement. Following the above procedure, a fair value accounting model is correlated with the deprecation methods and an analysis of the impact of each decision-making alternative in financial statements’ figures is produced

2017-01-01T00:00:00Z Pazarzi, Georgia https://www.um.edu.mt/library/oar/handle/123456789/31243 2018-06-23T01:32:25Z 2014-01-01T00:00:00Z

Title: Comparison of the residual income and the pricing - multiples equity valuation models Authors: Pazarzi, Georgia Abstract: The paper aims at analyzing the performance of two of the equity valuation models, the residual income (RIVM) and the pricing - multiples model. I test first how the residual income valuation model performs relative to the pricing - multiples model for a set of different value drivers and industries, second whether the performance of the different multiples increases when these are measured either with the mean, the median or the harmonic mean of the absolute prediction error and the signed prediction error. The pricing - multiples approach is in most cases a better predictor of market prices than the residual income valuation model. In addition, the harmonic mean yields to more reliable estimates of value for a set of different industries. Finally, there are some value drivers that are supposed to be more reliable than others in specific industries, but there isn’t any value driver that dominates all the industries.

2014-01-01T00:00:00Z Ugurlu, Erginbay Thalassinos, Eleftherios Muratoglu, Yusuf https://www.um.edu.mt/library/oar/handle/123456789/31242 2018-06-23T01:32:13Z 2014-01-01T00:00:00Z

Title: Modeling volatility in the stock markets using GARCH models : European emerging economies and Turkey Authors: Ugurlu, Erginbay; Thalassinos, Eleftherios; Muratoglu, Yusuf Abstract: This paper examines the use of GARCH-type models for modeling volatility of stock markets returns for four European emerging countries and Turkey. We use daily data from Bulgaria (SOFIX), Czech Republic (PX), Poland (WIG), Hungary (BUX) and Turkey (XU100) which are considered as emerging markets in finance. We find that GARCH, GJR-GARCH and EGARCH effects are apparent for returns of PX and BUX, WIG and XU whereas for SOFIX there is no significant GARCH effect. For both markets, we conclude that volatility shocks are quite persistent and the impact of old news on volatility is significant. Future research should examine the performance of multivariate time series models while using daily returns of international emerging markets.

2014-01-01T00:00:00Z Rovolis, Antonios Liapis, Konstantinos J. Spilioti, Stella N. https://www.um.edu.mt/library/oar/handle/123456789/31241 2020-05-06T12:04:59Z 2014-01-01T00:00:00Z

Title: A capital structure financial analysis and unmeasured effect of each countries regime : the real estate companies (REITS) Authors: Rovolis, Antonios; Liapis, Konstantinos J.; Spilioti, Stella N. Abstract: This article investigates the capital structure of Real Estate companies (REITS) and how it is connected with key financial ratios. Financial analysis provides significant insight of the company capital structure. Existing financial models accumulate the dynamics of different key factors that enhance or diminish the capabilities of a company to extend the debt finance. Previous literature review in trade-off theory, pecking order theory, agency costs and market timing hypothesis postulate the relation of capital structure with several financial measurements. The contribution of this research is to link debt to capital ratio with independent variables, which are important within the real estate business context. Panel data analysis of an adequate sample, from 2005 to 2010, of 371 international listed real estate companies’, materialize our assumptions of this linkage of debt ratio. The unmeasured effect of each countries regime is inherited into the equation with the incorporation of dummy variables. This valuation methodology is an easy accessible tool for professionals and practitioners engaged in real estate business.

2014-01-01T00:00:00Z