The valuation of digital intangibles: technology, marketing and internet
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| Format: | Buch |
| Sprache: | English |
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Cham, Switzerland
Palgrave Macmillan
[2020]
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxii, 536 Seiten Diagramme |
| ISBN: | 9783030369170 |
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| 245 | 1 | 0 | |a The valuation of digital intangibles |b technology, marketing and internet |c Roberto Moro Visconti |
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| adam_text | Contents 1 Introduction Part I 2 I A General Valuation Approach The Valuation of Intangible Assets: An Introduction 2.1 Purpose of the Firm Evaluation 2.2 The Balance Sheet-Based Approach 2.3 The Income Approach 2.3.1 Estimated Normalized Income 2.3.2 Choice of the Capitalization Rate 2.3.3 Choice of the Capitalization Formula 2.4 The Mixed Capital Income Approach 2.5 The Financial Approach 2.6 Empirical Approaches 2.6.1 The Economic Value Added (EVA®) 2.7 Potential Tax Liabilities 2.8 Majority Premiums and Minority Discounts 2.9 гЊе Control Approach 2.10 The Accounting Value of Intangible Assets 2.10.1 Intangible Assets and Capitalized Cost 2.10.2 Valuation Drivers, Overcoming the Accounting Puzzle 9 9 12 15 15 17 18 19 21 30 35 36 36 38 38 41 42 v
vi CONTENTS 2.11 3 Intangible Assets Valuation According to IVS 210 2.11.1 Cost Approach 2.11.2 Income/Financial Approach 2.11.3 Market Approach 2.12 Intangibles with a Definite and Indefinite Useful Life 2.13 Surplus Intangible Assets 2.14 Hard-to-Value Intangibles 2.15 Resource-Based View and Balanced Scorecard: Introductory Remarks Selected References 43 47 48 51 Digital Scalability and Growth Options 3.1 Introduction 3.2 Vertical and Horizontal Scalability 3.3 Digital Scalability 3.4 Scalability as a Real Option 3.5 The Impact of Scalable Intangibles on CAPEX and ОРЕХ 3.6 The Accounting Background: Operating Leverage 3.7 Break-Even Analysis 3.8 The Impact of Scalability on the Enterprise Valuation 3.9 Corporate Profitability and Scalability 3.10 Metcalfe’s Law 3.11 Moore’s Law 3.12 Exponential Growth 3.13 Geo-Localization and Traceability 3.14 From Digital Scalability to Blitzscaling 3.15 E-commerce and Scalable Internet Trading 3.16 Scalable and Digital Supply Chains 3.17 Digital Transformation 3.18 Networking Digital Platforms Appendix: Examples of Operating Leverage Changes Selected References 63 63 64 67 67 52 54 55 56 58 71 75 78 80 83 85 86 88 92 92 94 95 98 100 102 103
CONTENTS vii Part II Technology 4 The Valuation of Know-How The Uncertain Perimeter of “Know-How”, Between Organization and Technology 4.2 Galilean Replicability and Industrializationof the Experimental Scientific Method 4.3 Protection, Sharing, and Transfer of Know-How 4.4 Economic and Financial Valuation 4.4.1 The Relieffrom-Royalty Approach 4.4.2 The Incremental Income Approach 4.4.3 The Estimate of the Cost Incurred (or of Reproduction) 4.4.4 The Complex Balance Sheet-Based Approach 4.4.5 The Mixed Capital Income Approach, with an Independent Estimate of Goodwill 4.5 Product and Process Innovation 4.6 Know-How and Creditworthiness Selected References 111 4.1 5 Patent Valuation 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 Patents: Definition and Rationale From Know-How to Patents Accounting as a Pre-requisite for Valuation License or Salei A Comprehensive Valuation Approach Cost-Based Approaches Market Valuations and Net Present Value Comparability Factors Income Approach Real Options Quick and Dirty Valuation Techniques Forecasting Patent Outcomes with Big Data and Stochastic Estimates 5.13 Medtech and Biotech Companies and the Technology Transfer Cycle Selected References 111 115 116 118 120 121 122 123 123 123 125 125 127 127 129 130 131 135 138 139 142 143 146 147 147 148 150
viii CONTENTS 6 The Valuation of Technological Startups 6.1 Risk Capital for Growth: The Role of Venture Capital, Private Equity, and Business Angels 6.2 Types of Investments, Intermediaries, and Bankability 6.2.1 Startup Loans and Venture Capital Activities 6.2.2 Financing for Expansion and Development: The Role of Private Equity and Bridge Financing 6.2.3 Financing of Change and Modification of Ownership Structures: Replacement Capital, Buyout, Venture Purchase, and Turnaround Financing 6.3 The Investment Process 6.4 The IPEV Valuation Guidelines 6.4.1 An Estimate of the Fair Value in Investee Companies 6.4.2 An Estimate of the Fair Value of Investments in Portfolio Companies 6.5 Startup Evaluation with Binomial Trees 6.6 The Venture Capital Method 6.7 Break-Up Value of Venture-Backed Comparties 6.8 Stock Exchange Listing and Other Exit Procedures 6.9 Valuation of the Investment Portfolio with a Net Asset Value 6.10 FinTech 6.11 Unicorns 6.12 Key Person Discounts Selected References 7 The Valuation of Software and Database 7.1 Definition and Main Features 7.2 Accounting and Fiscal Aspects 7.3 Legal Protection of Software: Lntroductory Remarks 7.4 Economic and Financial Valuation 7.4.1 Software House Revenue Model 7.4.2 Applicability of Empirical and Analytical Evaluation Approaches to Software 7.4.3 CO.CO.MO. Approach 155 155 158 159 161 162 163 170 171 173 174 176 178 180 181 182 185 188 189 193 193 195 196 197 198 200 203
CONTENTS Open-Source Software Software as a Service (SaaS) 7.7 Definition and Characteristics of Databases 7.8 Legal Protection 7.9 Accounting and Fiscal Aspects of Database 7.10 Information Value Chain, Data Mining, and Interaction with Networks, Big Data, and the Internet of Things 7.11 Economic Valuation of Database 7.11.1 The Cost Approach 7.11.2 The Income-Financial Approach 7.11.3 The Empirical Approach 7.12 New Assessment Scenarios and Monetization Strategies Selected References 205 207 207 208 209 The Valuation of Artificial Intelligence 219 219 220 221 224 7.5 7.6 8 ix 8.1 Introduction 8.2 The Fundamentals of Artificial Intelligence 8.3 Applications and Business Models 8.4 Legal Aspects: Introductory Notes 8.5 Valuation Metrics 8.6 The Financial Method 8.7 The Empirical Method of Market Multiples 8.8 Forecasting Rational Expected Outcomes Selected References 210 212 213 213 213 214 215 226 229 231 232 233 Part III Marketing 9 The Valuation of Trademarks and Digital Branding 9.1 9.2 9.3 9.4 The Trademark’s Differential Strategic Value Trademark Accounting 9.2.1 Trademarks and International Accounting Standards: Impairment Test and Inapplicability of the Fair Value The Evaluation Standard ISO 10668 Economic, Financial and Accounting Analysis 237 237 243 244 244 245
X CONTENTS 9.5 Evaluation Principles According to the ISO 10668 Standard 9.5.1 Income Approach 9.5.2 The Relief-from-Royalty Approach 9.5.3 The Incremental Income Approach 9.5.4 Market Approach 9.5.5 Cost Approach 9.6 Other International Evaluation Standards 9.7 Brand Equity 9.8 Brand Valuation in Business Crises and Residual Creditworthiness 9.9 The “Strong Brand - Weak Company” Paradox 9.10 Logos 9.11 Digital Branding 9.12 The Impact of Advertising Platforms on Brands Selected References 10 The Valuation of Newspaper Headings, Publishing Tides, and Copyright 10.1 10.2 10.3 The Characteristics of Newspaper Headings Accounting Issues and Tax Treatment Valuation Approaches 10.3.1 The Contextualization of the Assessment, Depending on the Type of Heading 10.3.2 The Valuation Paradox “Strong Heading, Weak Publishing Company” 10.4 The Online Headings 10.5 The Valuation of Thematic Channels 10.6 The Prospects of the Media Sector, from Paper to Digital 10.7 Legal Protection of Editorial Headings and Copyright: Some Introductory Notes 10.8 Digital Publishing 10.8.1 Forms of Digital Publishing 10.9 Bankability of the Newspaper Headings 10.10 Copyright and Artistic-Related (Creative) Intangibles Selected References 245 247 248 249 249 250 251 251 252 254 261 261 263 265 267 267 269 270 275 276 277 279 280 281 282 285 285 286 290
CONTENTS xi Part IV Internet Domain Name and Website Valuation Introduction Input Parameters for Valuation Characteristics of Sellable Domain Names Accounting Data Web Search Engine Ranking Internet Traffic and Advertising Impact on Evaluation Web Analytics 11.7 Ranking Parameters 11.8 Domain Auctions 11.9 11.10 Other Evaluation Parameters 11.11 Valuation with “Quick and Dirty” Algorithms 11.12 Market Approach 11.13 Premium Domain Names 11.14 The Valuation of Stand-Alone Domain Names 11.14.1 Domains and (Web) Trademarb 11.14.2 Domains and Social Networks 11.15 Cybersquatting, Typosquatting, and Domain Trolls 11.16 Conclusion Selected References 11.1 11.2 11.3 11.4 11.5 11.6 The Valuation of Mobile Apps Definition and Types Digital Value Chains: Erom Development to Dissemination of Apps Accounting and Fiscal Aspects: An Introduction 12.3 The Business Plan and the PESTLE and SWOT 12.4 Analysis Economic Valuation 12.5 12.5.1 The Cost Approach 12.5.2 The Income-Financial Approach 12.5.3 The Empirical Approach Criticalities of the Assessment 12.6 Financing App Developers 12.7 Selected References 12.1 12.2 295 295 298 299 301 302 303 307 308 309 310 310 313 315 317 319 319 320 321 323 327 327 331 333 334 337 340 341 342 342 343 344
CONTENTS Big Data Valuation Introduction 13.1 Biß Data lOVs 13.2 Biß Data Reßulation 13.3 The Value Chain 13.4 Data-Driven Information and the Impact on 13.5 Know-How The Dark Side of the Web: Criticalities of the New 13.6 Information Paradißms and Impact on the Economic Value Biß Data and Business Planninß with Real Options 13.7 and Stochastic Projections Biß Data and Bankability 13.8 Selected References Internet of Things Valuation Internet of Thinßs and New Intanßible Assets 14.1 Internet of Thinßs, Networks, and Biß Data 14.2 Internet-Related Product and Process Innovation and 14.3 B2B and B2C Solutions Valuation of the Portfolio of Internet-Related 14.4 Intanßibles Selected References The Valuation of Internet Companies and Social Networks Internet Companies 15.1 Networks 15.2 15.3 Network Theory: An Introduction 15.4 Social Networks and Social Media The Firm as a Coasian Nexus (Network) of 15.5 Contracts Social Networks Diffusion 15.6 Misinformation in the Ąge of the Internet: Fake News 15.7 and the Rißht to Be Forßotten Sharinß Economy and Value Co-creation 15.8 Personalized Marketinß, Social Networks, and Digital 15.9 Branding 345 345 346 347 349 350 351 353 356 358 361 361 363 367 368 370 371 371 373 376 384 386 389 391 391 392
CONTENTS 15.10 Valuation of Social Networks 15.11 Valuation with Traditional Methodologies 15.12 Specific Valuation Methodologies 15.13 Valuation with Real Options Selected References 16 Blockchain Valuation: Internet of Value and Smart Transactions 16.1 Blockehains: Definition and Main Features 16.2 Disrupting Traditional Business Models 16.3 Internet of Value 16.4 The Legal Nature of Blockchains as a Prerequisite for Valuation 16.5 Economic and Financial Valuation 16.6 Accounting of Intellectual Property as a Prerequisite for Valuation 16.6.1 General Valuation Methodologies 16.6.2 Financial Evaluation 16.6.3 “With or Without” Incremental Valuation 16.7 Conclusion Selected References Part V 17 ХІІІ 393 394 395 2 97 398 401 402 404 407 408 411 412 414 415 418 419 420 Residual Goodwill, Bundled Intangibles and Bankability Issues Goodwill Valuation 17.1 The Controversial Concept of Goodwill 17.1.1 Accounting 17.1.2 Useful Life, Limited Period of Use, and Impairment Test 17.2 Badwill 17.3 An Introduction to Valuation 17.4 The Estimate of Goodwill: Fair Value, Value of Use, Impairment Test, and Firm Valuation 17.5 Competitive Advantage Period and Monopolistic Rents 17.6 Economic and Market Value Added 425 425 427 427 428 429 430 432 434
xiv CONTENTS 17.7 A Cocktail of Approaches for an IntegratedAssessment 17.8 Valuation of Turnaround Companies 17.9 Customers’Portfolio 17.10 Bankability Issues Selected References 18 Portfolio of Intangibles, Smart Infrastructural Investments, and Royalty Companies 18.1 The Portfolio of Intangible Assets 18.2 Smart Cities and Smart Hospitals 18.3 Digital Infrastructural Investments with Public-Private Partnerships 18.3.1 The Risk Matrix 18.3.2 A Synthetic Financial Measure of Risk: WACC 18.4 Royalty Companies 18.5 Centralization of the Intangible Assets with a Royalty Conduit Company 18.6 18.7 Royalties Charged to the Licensee The Capital Structure of the Royalty Company and Its Borrowing Capacity 18.8 Valuation of the Royalty Companies: Intangible Synergies and Holding Discount 18.9 The Creditworthiness of the Intangible Portfolio and Royalty Companies Selected References 19 Corporate Governance Concerns and Bankability Issues of the Intangible Assets: More Guarantees with Less Collateral? 19.1 Leveraging Intangible Assets 19.2 Unsecured Intangible-Driven Growth 19.3 Information Asymmetries and the Signaling Effects of Intangible Assets 19.4 Types of Debt and Support Guarantees 19.5 The Financial Hierarchy in the Use of External Capital 436 439 440 444 445 449 449 453 454 456 459 466 476 477 484 486 487 489 491 491 494 495 497 499
CONTENTS Profitability and Borrowing Capacity in a Going Concern Context 19.7 Market Value as Collateral in an Insolvency Scenario 19.8 Intangible Assets, Rating, and Borrowing Capacity 19.9 Cover Ratios and Other Bankability Parameters 19.10 Impact of Intangible Assets on Borrowing Capacity 19.11 Information Asymmetries and Debt Rationing 19.12 Corporate Governance Concerns Selected References xv 19.6 Index 500 502 504 506 511 514 518 522 527
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Contents 1 Introduction Part I 2 I A General Valuation Approach The Valuation of Intangible Assets: An Introduction 2.1 Purpose of the Firm Evaluation 2.2 The Balance Sheet-Based Approach 2.3 The Income Approach 2.3.1 Estimated Normalized Income 2.3.2 Choice of the Capitalization Rate 2.3.3 Choice of the Capitalization Formula 2.4 The Mixed Capital Income Approach 2.5 The Financial Approach 2.6 Empirical Approaches 2.6.1 The Economic Value Added (EVA®) 2.7 Potential Tax Liabilities 2.8 Majority Premiums and Minority Discounts 2.9 гЊе Control Approach 2.10 The Accounting Value of Intangible Assets 2.10.1 Intangible Assets and Capitalized Cost 2.10.2 Valuation Drivers, Overcoming the Accounting Puzzle 9 9 12 15 15 17 18 19 21 30 35 36 36 38 38 41 42 v
vi CONTENTS 2.11 3 Intangible Assets Valuation According to IVS 210 2.11.1 Cost Approach 2.11.2 Income/Financial Approach 2.11.3 Market Approach 2.12 Intangibles with a Definite and Indefinite Useful Life 2.13 Surplus Intangible Assets 2.14 Hard-to-Value Intangibles 2.15 Resource-Based View and Balanced Scorecard: Introductory Remarks Selected References 43 47 48 51 Digital Scalability and Growth Options 3.1 Introduction 3.2 Vertical and Horizontal Scalability 3.3 Digital Scalability 3.4 Scalability as a Real Option 3.5 The Impact of Scalable Intangibles on CAPEX and ОРЕХ 3.6 The Accounting Background: Operating Leverage 3.7 Break-Even Analysis 3.8 The Impact of Scalability on the Enterprise Valuation 3.9 Corporate Profitability and Scalability 3.10 Metcalfe’s Law 3.11 Moore’s Law 3.12 Exponential Growth 3.13 Geo-Localization and Traceability 3.14 From Digital Scalability to Blitzscaling 3.15 E-commerce and Scalable Internet Trading 3.16 Scalable and Digital Supply Chains 3.17 Digital Transformation 3.18 Networking Digital Platforms Appendix: Examples of Operating Leverage Changes Selected References 63 63 64 67 67 52 54 55 56 58 71 75 78 80 83 85 86 88 92 92 94 95 98 100 102 103
CONTENTS vii Part II Technology 4 The Valuation of Know-How The Uncertain Perimeter of “Know-How”, Between Organization and Technology 4.2 Galilean Replicability and Industrializationof the Experimental Scientific Method 4.3 Protection, Sharing, and Transfer of Know-How 4.4 Economic and Financial Valuation 4.4.1 The Relieffrom-Royalty Approach 4.4.2 The Incremental Income Approach 4.4.3 The Estimate of the Cost Incurred (or of Reproduction) 4.4.4 The Complex Balance Sheet-Based Approach 4.4.5 The Mixed Capital Income Approach, with an Independent Estimate of Goodwill 4.5 Product and Process Innovation 4.6 Know-How and Creditworthiness Selected References 111 4.1 5 Patent Valuation 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 Patents: Definition and Rationale From Know-How to Patents Accounting as a Pre-requisite for Valuation License or Salei A Comprehensive Valuation Approach Cost-Based Approaches Market Valuations and Net Present Value Comparability Factors Income Approach Real Options Quick and Dirty Valuation Techniques Forecasting Patent Outcomes with Big Data and Stochastic Estimates 5.13 Medtech and Biotech Companies and the Technology Transfer Cycle Selected References 111 115 116 118 120 121 122 123 123 123 125 125 127 127 129 130 131 135 138 139 142 143 146 147 147 148 150
viii CONTENTS 6 The Valuation of Technological Startups 6.1 Risk Capital for Growth: The Role of Venture Capital, Private Equity, and Business Angels 6.2 Types of Investments, Intermediaries, and Bankability 6.2.1 Startup Loans and Venture Capital Activities 6.2.2 Financing for Expansion and Development: The Role of Private Equity and Bridge Financing 6.2.3 Financing of Change and Modification of Ownership Structures: Replacement Capital, Buyout, Venture Purchase, and Turnaround Financing 6.3 The Investment Process 6.4 The IPEV Valuation Guidelines 6.4.1 An Estimate of the Fair Value in Investee Companies 6.4.2 An Estimate of the Fair Value of Investments in Portfolio Companies 6.5 Startup Evaluation with Binomial Trees 6.6 The Venture Capital Method 6.7 Break-Up Value of Venture-Backed Comparties 6.8 Stock Exchange Listing and Other Exit Procedures 6.9 Valuation of the Investment Portfolio with a Net Asset Value 6.10 FinTech 6.11 Unicorns 6.12 Key Person Discounts Selected References 7 The Valuation of Software and Database 7.1 Definition and Main Features 7.2 Accounting and Fiscal Aspects 7.3 Legal Protection of Software: Lntroductory Remarks 7.4 Economic and Financial Valuation 7.4.1 Software House Revenue Model 7.4.2 Applicability of Empirical and Analytical Evaluation Approaches to Software 7.4.3 CO.CO.MO. Approach 155 155 158 159 161 162 163 170 171 173 174 176 178 180 181 182 185 188 189 193 193 195 196 197 198 200 203
CONTENTS Open-Source Software Software as a Service (SaaS) 7.7 Definition and Characteristics of Databases 7.8 Legal Protection 7.9 Accounting and Fiscal Aspects of Database 7.10 Information Value Chain, Data Mining, and Interaction with Networks, Big Data, and the Internet of Things 7.11 Economic Valuation of Database 7.11.1 The Cost Approach 7.11.2 The Income-Financial Approach 7.11.3 The Empirical Approach 7.12 New Assessment Scenarios and Monetization Strategies Selected References 205 207 207 208 209 The Valuation of Artificial Intelligence 219 219 220 221 224 7.5 7.6 8 ix 8.1 Introduction 8.2 The Fundamentals of Artificial Intelligence 8.3 Applications and Business Models 8.4 Legal Aspects: Introductory Notes 8.5 Valuation Metrics 8.6 The Financial Method 8.7 The Empirical Method of Market Multiples 8.8 Forecasting Rational Expected Outcomes Selected References 210 212 213 213 213 214 215 226 229 231 232 233 Part III Marketing 9 The Valuation of Trademarks and Digital Branding 9.1 9.2 9.3 9.4 The Trademark’s Differential Strategic Value Trademark Accounting 9.2.1 Trademarks and International Accounting Standards: Impairment Test and Inapplicability of the Fair Value The Evaluation Standard ISO 10668 Economic, Financial and Accounting Analysis 237 237 243 244 244 245
X CONTENTS 9.5 Evaluation Principles According to the ISO 10668 Standard 9.5.1 Income Approach 9.5.2 The Relief-from-Royalty Approach 9.5.3 The Incremental Income Approach 9.5.4 Market Approach 9.5.5 Cost Approach 9.6 Other International Evaluation Standards 9.7 Brand Equity 9.8 Brand Valuation in Business Crises and Residual Creditworthiness 9.9 The “Strong Brand - Weak Company” Paradox 9.10 Logos 9.11 Digital Branding 9.12 The Impact of Advertising Platforms on Brands Selected References 10 The Valuation of Newspaper Headings, Publishing Tides, and Copyright 10.1 10.2 10.3 The Characteristics of Newspaper Headings Accounting Issues and Tax Treatment Valuation Approaches 10.3.1 The Contextualization of the Assessment, Depending on the Type of Heading 10.3.2 The Valuation Paradox “Strong Heading, Weak Publishing Company” 10.4 The Online Headings 10.5 The Valuation of Thematic Channels 10.6 The Prospects of the Media Sector, from Paper to Digital 10.7 Legal Protection of Editorial Headings and Copyright: Some Introductory Notes 10.8 Digital Publishing 10.8.1 Forms of Digital Publishing 10.9 Bankability of the Newspaper Headings 10.10 Copyright and Artistic-Related (Creative) Intangibles Selected References 245 247 248 249 249 250 251 251 252 254 261 261 263 265 267 267 269 270 275 276 277 279 280 281 282 285 285 286 290
CONTENTS xi Part IV Internet Domain Name and Website Valuation Introduction Input Parameters for Valuation Characteristics of Sellable Domain Names Accounting Data Web Search Engine Ranking Internet Traffic and Advertising Impact on Evaluation Web Analytics 11.7 Ranking Parameters 11.8 Domain Auctions 11.9 11.10 Other Evaluation Parameters 11.11 Valuation with “Quick and Dirty” Algorithms 11.12 Market Approach 11.13 Premium Domain Names 11.14 The Valuation of Stand-Alone Domain Names 11.14.1 Domains and (Web) Trademarb 11.14.2 Domains and Social Networks 11.15 Cybersquatting, Typosquatting, and Domain Trolls 11.16 Conclusion Selected References 11.1 11.2 11.3 11.4 11.5 11.6 The Valuation of Mobile Apps Definition and Types Digital Value Chains: Erom Development to Dissemination of Apps Accounting and Fiscal Aspects: An Introduction 12.3 The Business Plan and the PESTLE and SWOT 12.4 Analysis Economic Valuation 12.5 12.5.1 The Cost Approach 12.5.2 The Income-Financial Approach 12.5.3 The Empirical Approach Criticalities of the Assessment 12.6 Financing App Developers 12.7 Selected References 12.1 12.2 295 295 298 299 301 302 303 307 308 309 310 310 313 315 317 319 319 320 321 323 327 327 331 333 334 337 340 341 342 342 343 344
CONTENTS Big Data Valuation Introduction 13.1 Biß Data lOVs 13.2 Biß Data Reßulation 13.3 The Value Chain 13.4 Data-Driven Information and the Impact on 13.5 Know-How The Dark Side of the Web: Criticalities of the New 13.6 Information Paradißms and Impact on the Economic Value Biß Data and Business Planninß with Real Options 13.7 and Stochastic Projections Biß Data and Bankability 13.8 Selected References Internet of Things Valuation Internet of Thinßs and New Intanßible Assets 14.1 Internet of Thinßs, Networks, and Biß Data 14.2 Internet-Related Product and Process Innovation and 14.3 B2B and B2C Solutions Valuation of the Portfolio of Internet-Related 14.4 Intanßibles Selected References The Valuation of Internet Companies and Social Networks Internet Companies 15.1 Networks 15.2 15.3 Network Theory: An Introduction 15.4 Social Networks and Social Media The Firm as a Coasian Nexus (Network) of 15.5 Contracts Social Networks Diffusion 15.6 Misinformation in the Ąge of the Internet: Fake News 15.7 and the Rißht to Be Forßotten Sharinß Economy and Value Co-creation 15.8 Personalized Marketinß, Social Networks, and Digital 15.9 Branding 345 345 346 347 349 350 351 353 356 358 361 361 363 367 368 370 371 371 373 376 384 386 389 391 391 392
CONTENTS 15.10 Valuation of Social Networks 15.11 Valuation with Traditional Methodologies 15.12 Specific Valuation Methodologies 15.13 Valuation with Real Options Selected References 16 Blockchain Valuation: Internet of Value and Smart Transactions 16.1 Blockehains: Definition and Main Features 16.2 Disrupting Traditional Business Models 16.3 Internet of Value 16.4 The Legal Nature of Blockchains as a Prerequisite for Valuation 16.5 Economic and Financial Valuation 16.6 Accounting of Intellectual Property as a Prerequisite for Valuation 16.6.1 General Valuation Methodologies 16.6.2 Financial Evaluation 16.6.3 “With or Without” Incremental Valuation 16.7 Conclusion Selected References Part V 17 ХІІІ 393 394 395 2 97 398 401 402 404 407 408 411 412 414 415 418 419 420 Residual Goodwill, Bundled Intangibles and Bankability Issues Goodwill Valuation 17.1 The Controversial Concept of Goodwill 17.1.1 Accounting 17.1.2 Useful Life, Limited Period of Use, and Impairment Test 17.2 Badwill 17.3 An Introduction to Valuation 17.4 The Estimate of Goodwill: Fair Value, Value of Use, Impairment Test, and Firm Valuation 17.5 Competitive Advantage Period and Monopolistic Rents 17.6 Economic and Market Value Added 425 425 427 427 428 429 430 432 434
xiv CONTENTS 17.7 A Cocktail of Approaches for an IntegratedAssessment 17.8 Valuation of Turnaround Companies 17.9 Customers’Portfolio 17.10 Bankability Issues Selected References 18 Portfolio of Intangibles, Smart Infrastructural Investments, and Royalty Companies 18.1 The Portfolio of Intangible Assets 18.2 Smart Cities and Smart Hospitals 18.3 Digital Infrastructural Investments with Public-Private Partnerships 18.3.1 The Risk Matrix 18.3.2 A Synthetic Financial Measure of Risk: WACC 18.4 Royalty Companies 18.5 Centralization of the Intangible Assets with a Royalty Conduit Company 18.6 18.7 Royalties Charged to the Licensee The Capital Structure of the Royalty Company and Its Borrowing Capacity 18.8 Valuation of the Royalty Companies: Intangible Synergies and Holding Discount 18.9 The Creditworthiness of the Intangible Portfolio and Royalty Companies Selected References 19 Corporate Governance Concerns and Bankability Issues of the Intangible Assets: More Guarantees with Less Collateral? 19.1 Leveraging Intangible Assets 19.2 Unsecured Intangible-Driven Growth 19.3 Information Asymmetries and the Signaling Effects of Intangible Assets 19.4 Types of Debt and Support Guarantees 19.5 The Financial Hierarchy in the Use of External Capital 436 439 440 444 445 449 449 453 454 456 459 466 476 477 484 486 487 489 491 491 494 495 497 499
CONTENTS Profitability and Borrowing Capacity in a Going Concern Context 19.7 Market Value as Collateral in an Insolvency Scenario 19.8 Intangible Assets, Rating, and Borrowing Capacity 19.9 Cover Ratios and Other Bankability Parameters 19.10 Impact of Intangible Assets on Borrowing Capacity 19.11 Information Asymmetries and Debt Rationing 19.12 Corporate Governance Concerns Selected References xv 19.6 Index 500 502 504 506 511 514 518 522 527 |
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| id | DE-604.BV046837006 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T15:06:56Z |
| indexdate | 2024-07-10T08:55:14Z |
| institution | BVB |
| isbn | 9783030369170 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032246060 |
| oclc_num | 1250465964 |
| open_access_boolean | |
| owner | DE-M382 DE-355 DE-BY-UBR |
| owner_facet | DE-M382 DE-355 DE-BY-UBR |
| physical | xxii, 536 Seiten Diagramme |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Palgrave Macmillan |
| record_format | marc |
| spelling | Moro Visconti, Roberto Verfasser (DE-588)170807819 aut The valuation of digital intangibles technology, marketing and internet Roberto Moro Visconti Cham, Switzerland Palgrave Macmillan [2020] xxii, 536 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Immaterialgut (DE-588)4161342-9 gnd rswk-swf Marketing (DE-588)4037589-4 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Immaterialgut (DE-588)4161342-9 s Kreditmarkt (DE-588)4073788-3 s Marketing (DE-588)4037589-4 s DE-604 Erscheint auch als Online-Ausgabe 978-3-030-36918-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032246060&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moro Visconti, Roberto The valuation of digital intangibles technology, marketing and internet Immaterialgut (DE-588)4161342-9 gnd Marketing (DE-588)4037589-4 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4161342-9 (DE-588)4037589-4 (DE-588)4073788-3 |
| title | The valuation of digital intangibles technology, marketing and internet |
| title_auth | The valuation of digital intangibles technology, marketing and internet |
| title_exact_search | The valuation of digital intangibles technology, marketing and internet |
| title_exact_search_txtP | The valuation of digital intangibles technology, marketing and internet |
| title_full | The valuation of digital intangibles technology, marketing and internet Roberto Moro Visconti |
| title_fullStr | The valuation of digital intangibles technology, marketing and internet Roberto Moro Visconti |
| title_full_unstemmed | The valuation of digital intangibles technology, marketing and internet Roberto Moro Visconti |
| title_short | The valuation of digital intangibles |
| title_sort | the valuation of digital intangibles technology marketing and internet |
| title_sub | technology, marketing and internet |
| topic | Immaterialgut (DE-588)4161342-9 gnd Marketing (DE-588)4037589-4 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Immaterialgut Marketing Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032246060&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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