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Value-based controlling & international accounting
of Economic Value Added (EVA) – An overview
(2022)
This paper will discuss an important target variable in value-based management: the Economic Value Added (or EVA). EVA is a measure of a company's financial performance based on the residual wealth calculated by deducting its cost of capital from its operting profit, adjusted for taxes on a cash basis. EVA can also be referred to as economic profit, as it attempts to capture the true economic profit of a company. This measure was devised by management consulting firm Stern Value Management, originally incorporated as Stern Stewart & Co. This research will also discuss adjustments and different types of assumptions that are necessary for the calculation as well as how to use them properly to obtain an interpretable result. Paper will explain the formula and which conversions should be considered. It remains to be noted that the EVA concept only leads to small progress from a scientific point of view, but that the clever marketing by Stern & Stewart has initiated a renaissance of the underlying residual profit concept. The paper provides practitioners and academics with a good overview of the demonstrable added value of EVA controlling and, in contrast, also illustrates the weaknesses of the calculation model or the inaccuracy due to interpretation variables, which overall limit the value of EVA as a management key performance indicator. The research includes comprehensive and substantial discussion in the scientific literature on EVA and its interpretation.
This text will explain which role “Green Bonds” play in financing projects and how the green factor is weighted. It will be discussed on how the term “green” can change the price of the bond, if there is a “green premium” and for which group of investors this type of bond is interesting. We will discuss ways to reduce their cost of capital, also considering the risks and on ways on how to improve their conditions. The sustainable and eco-friendly aspects are also highlighted in this text and they might become crucial in future investing, which gives the bond an interesting role.
Global change effects on biodiversity and human wellbeing call for improved long-term environmental data as a basis for science, policy and decision making, including increased interoperability, multifunctionality, and harmonization. Based on the example of two global initiatives, the International Long-Term Ecological Research (ILTER) network and the Group on Earth Observations Biodiversity Observation Network (GEO BON), we propose merging the frameworks behind these initiatives, namely ecosystem integrity and essential biodiversity variables, to serve as an improved guideline for future site-based long-term research and monitoring in terrestrial, freshwater and coastal ecosystems. We derive a list of specific recommendations of what and how to measure at a monitoring site and call for an integration of sites into co-located site networks across individual monitoring initiatives, and centered on ecosystems. This facilitates the generation of linked comprehensive ecosystem monitoring data, supports synergies in the use of costly infrastructures, fosters cross-initiative research and provides a template for collaboration beyond the ILTER and GEO BON communities.
This article investigates the representation of the issue of refugees travelling to the Italian coast that was reported by two major Italian newspapers between August 8th and August 19th, 2017. Using analysis tools belonging to communication theory and cognitive sciences, i.e. the concepts of frame and attitude, this article highlights two major points: firstly, the analysis reveals how the two newspapers aimed at establishing a specific relationship with their readers on this topic in the relevant period on the basis of specific interpretative models; secondly, each of these interpretative models relies on the representation of specific emotions which play a central role in the interpretation of reality according to a characteristic facet of the definition of post-truth.
Covid-19 outbreak had a huge impact on the economy worldwide as businesses had to close or cease their activities due to the lockdown regulations. The “luckiest” firms were able to operate but under restricted conditions. In order to avoid what certain authors called “bankruptcy epidemic” European countries took economic and fiscal measures to help companies compensate their financial losses. In addition to Government Grants, emergency legislations have been adopted with the aim to adapt insolvency and restructuring procedures to the sanitary situation and specific rules relating to company Law have also been implemented. This paper deals with the measures taken by the state of Luxembourg and gives a brief overview of the legal amendments.
Optimal mental workload plays a key role in driving performance. Thus, driver-assisting systems that automatically adapt to a drivers current mental workload via brain–computer interfacing might greatly contribute to traffic safety. To design economic brain computer interfaces that do not compromise driver comfort, it is necessary to identify brain areas that are most sensitive to mental workload changes. In this study, we used functional near-infrared spectroscopy and subjective ratings to measure mental workload in two virtual driving environments with distinct demands. We found that demanding city environments induced both higher subjective workload ratings as well as higher bilateral middle frontal gyrus activation than less demanding country environments. A further analysis with higher spatial resolution revealed a center of activation in the right anterior dorsolateral prefrontal cortex. The area is highly involved in spatial working memory processing. Thus, a main component of drivers’ mental workload in complex surroundings might stem from the fact that large amounts of spatial information about the course of the road as well as other road users has to constantly be upheld, processed and updated. We propose that the right middle frontal gyrus might be a suitable region for the application of powerful small-area brain computer interfaces.
The purpose of this article is to evaluate optimal expected utility risk measures (OEU) in a risk-constrained portfolio optimization context where the expected portfolio return is maximized. We compare the portfolio optimization with OEU constraint to a portfolio selection model using value at risk as constraint. The former is a coherent risk measure for utility functions with constant relative risk aversion and allows individual specifications to the investor’s risk attitude and time preference. In a case study with three indices, we investigate how these theoretical differences influence the performance of the portfolio selection strategies. A copula approach with univariate ARMA-GARCH models is used in a rolling forecast to simulate monthly future returns and calculate the derived measures for the optimization. The results of this study illustrate that both optimization strategies perform considerably better than an equally weighted portfolio and a buy and hold portfolio. Moreover, our results illustrate that portfolio optimization with OEU constraint experiences individualized effects, e.g., less risk-averse investors lose more portfolio value in the financial crises but outperform their more risk-averse counterparts in bull markets.
Following a quantitative analysis of adequate feedstock, comprising 11 woody biomass species, four biochars were generated using a Kon-Tiki flame curtain kiln in the state of Aguascalientes, Mexico. Despite the high quality (certified by European Biochar Certificate), the biochars contain substantial quantities of hazardous substances, such as polycyclic aromatic hydrocarbons, polychlorinated dibenzo-p-dioxins and dibenzofurans, polychlorinated biphenyls, and heavy metals, which can induce adverse effects if wrongly applied to the environment. To assess the toxicity of biochars to non-target organisms, toxicity tests with four benthic and zooplanktonic invertebrate species, the ciliate Paramecium caudatum, the rotifer Lecane quadridentata, and the cladocerans Daphnia magna and Moina macrocopa were performed using biochar elutriates. In acute and chronic toxicity tests, no acute toxic effect to ciliates, but significant lethality to rotifers and cladocerans was detected. This lethal toxicity might be due to ingestion/digestion by enzymatic/mechanic processes of biochar by cladocerans and rotifers of toxic substances present in the biochar. No chronic toxicity was found where biochar elutriates were mixed with soil. These data indicate that it is instrumental to use toxicity tests to assess biochars’ toxicity to the environment, especially when applied close to sensitive habitats, and to stick closely to the quantitative set-point values.
This paper is structured into two parts, which are closely related: first, the analysis of the parlamentary and governmental measures against the covid-19 pandemic; and second, the future regulatory framework about freedom of movement and other rights in the European area, according to the new European pact on migration and asylum.
This paper analyzed the characteristic of the tourism destination ecosystem from perspective of entropy in Dunhuang City. Given these circumstances, an evaluation index system that considers the potential of sustainable development was formed based on dissipative structure and entropy change for the tourism destination ecosystem. The sustainable development potential evaluation model for tourism destination ecosystem was built up based on information entropy. Then, we analyzed each indicator impact for the sustainable development potential and proposed some measures for the tourism destination ecosystem. The conclusions include: (a) the requirements of Dunhuang tourism destination ecosystem on the natural ecosystem continuously grew between 2000 and 2012; (b) The sustainable development potential of the Dunhuang tourism destination ecosystem was on an oscillation upward trend during the study period, which is dependent on government attention, and pollution problems were improved.