Augmented corporate valuation: from digital networking to ESG compliance
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palgrave macmillan
[2022]
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| Beschreibung: | xxv, 769 Seiten Illustrationen |
| ISBN: | 9783030971168 |
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| 245 | 1 | 0 | |a Augmented corporate valuation |b from digital networking to ESG compliance |c Roberto Moro-Visconti |
| 264 | 1 | |a Cham |b palgrave macmillan |c [2022] | |
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| 653 | 0 | |a Valuation | |
| 653 | 0 | |a Business enterprises—Finance | |
| 653 | 0 | |a Financial engineering | |
| 653 | 0 | |a Sustainability | |
| 653 | 0 | |a Investment Appraisal | |
| 653 | 0 | |a Corporate Valuation | |
| 653 | 0 | |a Discounted Cash Flows | |
| 653 | 0 | |a Business Planning | |
| 653 | 0 | |a ESG Investing | |
| 653 | 0 | |a Financial Digitalization | |
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Datensatz im Suchindex
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| adam_text | Contents 1 Introduction 1 Part I Valuation Principles General Principles of Valuation 2.1 Purpose of the Firm Evaluation 2.2 2.3 2.4 2.5 2.6 2.7 2.8 The Theory of Value: From Economic Principles to Valuation Paradigms Valuation Approaches The Balance Sheet-Based Approach 2.4.1 Monetary Equity The Income Approach 2.5.1 Estimated Normalized Income 2.5.2 Choice of the Capitalization Rate 2.5.3 Choice of the Capitalization Formula The Value Added 2.6.1 Use-Value and Exchange Value 2.6.2 Practical Example—The Value-Added Cake The Mixed Capital-Income Approach Cash is King: The Superiority of the Financial Approach 2.8.1 The Capital Asset Pricing Model and the Dividend Discount Model 13 13 19 23 24 29 30 32 34 35 37 39 40 42 45 56 V
VÍ CONTENTS Empirical Approaches 2.9.1 The Economic Value Added (EVA®) 2.10 Potential Tax Liabilities 2.11 Majority Premiums and Minority Discounts 2.12 The Control Approach 2.13 Terminal Value Appendix 1: Interaction Between WA CC and Other Key Financial Ratios Selected References 62 69 70 70 The Valuation of Intangible Assets: An Introduction 83 83 86 2.9 The Accounting Value of Intangible Assets 3.1.1 Intangible Assets and Capitalized Cost 3.1.2 Valuation Drivers, Overcoming the Accounting Puzzle 3.2 Intangible Assets Valuation According to TVS 210 3.2.1 Cost Approach 3.2.2 Income/Financial Approach 3.2.3 Market Approach Intangibles with a Defined or Indefinite Useful Life 3.3 3.4 Surplus Intangible Assets Hard-to-Value Intangibles 3.5 3.6 The Resource-Based View and Balanced Scorecard: Introductory Remarks The Intangible Roadmap: From Patents 3.7 and Trademarks to Blockchains, Big Data, and Artificial Intelligence Intangible-Driven EBITDA 3.8 Selected References 3.1 Goodwill Valuation 4.1 4.2 4.3 4.4 The Controversial Concept of Goodwill 4.1.1 Accounting 4.1.2 Useful Life, Limited Period of Use, and Impairment Test Badwill An Introduction to Valuation The Estimate of Goodwill: Fair Value, the Value of Use, Impairment Test, and Firm Valuation 72 73 76 82 87 88 94 96 98 99 102 102 103 105 105 107 109 109 111 112 113 114 115
CONTENTS From Competitive Advantage Period to Monopolistic Rents 4.6 Economic and Market Value-Added 4.7 A Cocktail of Approaches for an Integrated Assessment 4.8 Valuation of Turnaround Companies 4.9 Customers’ Portfolio 4.10 Bankability Issues Selected References vii 4.5 Augmented Business Modeling and Planning as a Prerequisite for Valuation Introduction Literature Review From Big Data-Driven Forecasting to Augmented Business Planning 5.4 Big Data and Business Planning 5.5 Networking Ecosystems 5.6 Artificial Intelligence and Predictive Analytics 5.7 Stochastic Simulation 5.8 The Impact of Business Planning and Productivity Gains on Market Value 5.9 Capital Budgeting 5.10 An Empirical Simulation 5.11 Trendy Research Streams 5.12 Conclusion Appendix Selected References 5.1 5.2 5.3 Profitability and Value Creation 6.1 6.2 6.3 6.4 Return on Equity, Return on Invested Capital, and Other Profitability Ratios 6.1.1 Return on Equity (ROE) 6.1.2 Return on Invested Capital (ROIC) and Return on Assets (ROA) 6.1.3 Ratio Tree and DuPont Formulation Invested Capital Relationships Between ROIC and ROE From Economic Value Added (EVA) to Market Value Added (MVA) 118 120 123 125 126 130 131 133 133 135 140 142 148 152 154 155 161 163 169 170 172 173 179 179 180 182 183 183 184 186
viii CONTENTS Operating Leverage Break-Even Analysis Digital Scalability The Impact of Intangible Investments on EBITDA-Driven Market Valuation 6.9 Valuation Drivers, Overcoming the Accounting Puzzle 6.10 From EBITDA to EBIT 6.11 The Scalable Impact of the Intangibles on Revenues and Monetary ОРЕХ 6.12 lhe Impact of EBITDA on the Profitability Ratios 6.13 The Impact of the EBITDA on the Market Multipliers 6.14 Franchise Factor Growth 6.15 Expectations Investing and Growth-Value Creation Selected References 6.5 6.6 6.7 6.8 7 8 Network Theory to Digital Scalability Network Theory Digital Platforms and Networks Networking Effects and Scalability of Digital Platforms 7.4 Digital (Smart) Supply Chains 7.5 Multilayer Networks 7.6 Conclusion Selected References From 7.1 7.2 7.3 ESG-Driven Valuation: From Father Profit to Mother Nature 8.1 Introduction 8.2 The Big Accounting and Market Picture 8.3 From Book to Market Value of Equity 8.4 TOTEX (CAPEX + ОРЕХ) and Capital Budgeting 240 8.5 Sustainable Business Planning 8.6 DCF and Cost of Capital Metrics 8.6.1 The Cost of Collecting Capital: A Comparison Between Traditional and ESG-Firms 258 190 195 197 198 199 201 202 203 206 211 213 214 217 217 220 222 225 228 230 231 235 235 237 239 247 249
CONTENTS Networking Supply and Value Chains, Mastered by Digital Platforms The Financial Value of Growth: Multi-stage Cash 8.8 Flows and Dividends ESG Drivers and Ethical Funding 8.9 Sustainability Patterns 8.10 8.10.1 Circular Economy 8.10.2 Resilient Supply and Value Chains 8.10.3 Sharing Economy and Collaborative Commons 8.10.4 Scalability and Real Options Beyond Market Value Maximization: Towards 8.11 a New Theory of the Firmi 8.12 Corporate Governance Implications 8.12.1 Beyond Fake News and Greenwashing: Data Validation with Blockchains 8.13 ESG Reporting and Investment Management Process 8.14 ESG-Compliant Investment Ratios 8.15 The Relationship Between the ESG Drivers and the Investment Parameters 8.16 Facing the Green Swan: Climate Value at Risk (VaR) 8.17 Green CAPEX 8.18 The ОРЕХ Dilemma: Inside the Green Supply Chain 8.19 ESG-Driven Goodwill 8.20 ESG-Related Bonds 8.21 Smart Capital Structure and ESG Compliant Pecking Order 8.22 ESG Behavioral Finance 8.23 From ESG to PESTLE Considerations 8.24 An Empirical Analysis 8.25 Concluding Remarks Selected References ІХ 8.7 Startup and Scaleup Valuation 9.1 An Adaptation of the General Valuation Approaches 260 263 266 269 271 272 273 274 276 280 285 287 288 292 293 295 298 298 301 302 303 304 305 306 310 315 315
X CONTENTS Debt-Free Startups The IPEV Valuation Guidelines The Fair Value of the Investments in the Target Firms 9.5 The Fair Value of the Investments in the Portfolio Companies 329 9.6 Startup Evaluation with Binomial Trees 9.7 Thè Venture Capital Method 9.8 The Break-Up Value of Venture-Backed Companies 9.9 Stock Exchange Listing and Other Exit Procedures 9.10 Valuation of the Investment Portfolio with a Net Asset Value 9.11 Unicorns 9.12 Key Person Discounts, Founder Control, and Governance Implications 9.13 A Practical Valuation Case Selected References 9.2 9.3 9.4 Part П 319 323 328 330 333 334 336 338 339 342 342 348 Industry Applications 10 Video Games and Digital Media: Business Models and Valuation Approaches 355 10.1 Introduction: Taxonomy and Market Trends 355 10.2 Business Models 361 10.2.1 Value per Client 363 10.3 Digital Platforms and Scalability 364 10.4 The Accounting Background for Valuation 366 10.5 Valuation Methods 367 10.6 Valuation 369 10.6.1 The Financial Approach 369 10.6.2 Empirical Approaches (Market Multipliers) 377 10.7 Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill 381 Selected References 387 11 Pharma Patent Valuation 11.1 Introduction 11.2 Business Models 11.3 The Accounting Background for Valuation 389 389 390 391
CONTENTS 11.4 Valuation Methods 11.4.1 The Financial Approach 11.4.2 Empirical Approaches (Market Multipliers) 402 11.5 Patent Valuation 11.6 License or Salei 11.7 Real Options 11.8 Forecasting Patent Outcomes with Big Data and Stochastic Estimates 11.9 Medtech and Biotech Companies and the Technology Transfer Cycle SelectedReferences 12 Medtech and Biotech Valuation Introduction Medical Devices Regulation The Market Business Models The Accounting Background for Valuation Valuation Methods 12.6.1 The Financial Approach 12.6.2 Empirical Approaches (Market Multipliers) 12.7 Patent Valuation 12.8 License or Salei 12.9 Real Options 12.10 Forecasting Patent Outcomes with Big Data and Stochastic Estimates Selected References Digital Art Valuation and Non-fungible Tokens 13.1 Introduction 13.2 Timestamps 13.3 Evaluation Approaches 13.4 Valuation of Intangible Assets 13.4.1 Cost Approach 13.4.2 Income/Financial Approach 13.4.3 Market Approach 13.5 Interactive Art (Participatory or Relational) and Value Co-creation 393 394 406 407 412 414 415 416 419 419 420 421 427 430 431 433 12.1 12.2 12.3 12.4 12.5 12.6 13 ХІ 441 445 446 451 453 453 455 455 458 459 464 464 464 466 467
ХІІ CONTENTS Copyright Framework and Evaluation 13.6.1 Exploitation and Copyright Protection 13.6.2 From Copyright to Copyleft and Creative Commons 13.7 Reproducibility of Works, Real Options, and Digital Scalability Selected References 13.6 14 15 Decarbonizing the Global Economy: The Valuation of Climate-Tech Firms 14.1 Warnings from Climate Change 14.2 What Are Climate-Tech Companies? 14.3 Industry Taxonomy 14.3.1 Industrial Sector 14.3.2 Energy 14.3.3 Mobility and Transport 14.3.4 Food, Agriculture, Land, and Others 14.4 Business Models 14.5 Climate-Tech Compliance with the Sustainable Development Goals 14.6 The Valuation Background 14.7 Valuation Methods 14.7.1 The Transition from Traditional to Green Firms 14.7.2 The Financial Approach 14.7.3 Empirical Approaches (Market Multipliers) Selected References Smart Grids Valuation 15.1 Introduction 15 2 Digital Platforms and Scalability 15.3 Networked Grids 15.4 Business Models 15.5 Investors and Market Players 15.6 The Accounting Background for Valuation 15.7 Valuation Methods 15.7.1 The Financial Approach 15.7.2 Empirical Approaches (Market Multipliers) 467 470 473 473 477 479 479 481 484 485 486 487 487 489 491 491 494 494 499 506 509 511 511 512 515 516 517 517 519 521 529
CONTENTS ХІІІ Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill Selected References 533 538 16 Internet Protocol Addresses Valuation IP Addresses 16.1 From IPv4 to IPv6 16.2 Evaluation Profiles 16.3 16.3.1 The Valuation of Intangible Assets 16.4 IP Address Evaluation Selected References 541 541 543 545 545 549 551 17 Cloud Computing Valuation 553 553 554 560 561 15.8 Introduction The Market Digital Networks and Metcalfe’s Law Networking Digital Platforms The Nature of Cloud Computing as a Prerequisite for Valuation 17.6 The Accounting Background for Valuation 17.7 Valuation Methods 17.7.1 The Financial Approach 17.7.2 Empirical Approaches (Market Multipliers) Selected References 17.1 17.2 17.3 17.4 17.5 18 Music Recording Labels: Business Models and Valuation (with Andrea Cesaretti) 18.1 Introduction 18.2 History 18.3 The Business Models of the Labels 18.3.1 Sources of Revenues 18.4 Records Selling 18.4.1 The Vinyl Boom 18.5 Digital Platform Royalties 18.6 Live Performances 18.7 Merchandising 18.8 Relationships with the Artists 18.9 Relationship with Third Parties 18.10 The Revenue Factors 564 569 571 572 578 581 583 583 584 587 587 588 589 589 590 591 592 593 593
xiv 19 CONTENTS 18.10.1 The Ownership Model 18.10.2 The Access Model 18.11 The COVID-19 Impact on the Music Industry 18.12 The Disruptive Impact of Digitalization 18.13 A Perspective of the Future 18.14 Brief Notes on Rights on Musical Works According to the Italian Law 18.15 The Birth of Copyright 18.15.1 Author and Co-authors 18.15.2 Publisher 18.15.3 Phonogram Producer—Record Company or Label 18.15.4 Musicians and Performers 18.15.5 Related Property Rights in Favor of the Artist 18.15.6 Moral Rights of the Artist 18.15.7 Fair Compensation 18.15.8 The Additional Rem uneration 18.15.9 Media Manufacturer 18.15.10 Radio and Television Broadcasting 18.15.11 Copyright Collecting Company 18.16 Music and Structured Finance 18.16.1 The Beginnings 18.16.2 The Decline in Bonds and Recovery » Thanks to Streaming 18.16.3 A Notes 18.17 The Non-fungible-Tokens (NFT) 18.18 Intangible Assets Valuation According to IVS 210 18.18.1 Cost Approach 18.18.2 Income/Financial Approach 18.18.3 Market Approach 18.19 Copyright and Artistic-Related (Creative) Intangibles Selected References 593 594 594 597 598 The Valuation of FashionTechand Digital Clothing 19.1 The Fashion Industry 19.2 Traditional Fashion Branding 19.3 Brand Equity 629 629 629 634 599 599 599 602 602 604 606 608 608 610 611 611 613 613 613 614 614 615 617 619 620 622 624 627
CONTENTS Digital Branding FashionTech NFT-Backed Virtual Fashion and Dematerialized Digital Clothing 19.7 The Transition from Traditional Fashion to FashionTech and Smart (Augmented) Fashion 19.8 Valuation Approaches 19.8.1 The Financial Approach 19.8.2 Empirical Approaches (Market Multipliers) Selected References 19.4 19.5 19.6 20 The Valuation of Special Purpose Vehicles in Project Finance Infrastructural Investments 659 20.1 Project Financing and Public-Private Partnerships 20.1.1 Value for Money 20.1.2 Special Purpose Vehicles 20.2 The Investment Perimeter 20.3 Long-Term Infrastructural Business Planning 20.3.1 Augmented (Big Data-Driven) Business Planning 20.4 Assessing and Mitigating Risk 20.5 Dynamic Timesheets and Agency Milestones 20.6 Valuation Approaches 20.6.1 Discounted Cash Flows 20.6.2 Key Investment Ratios: Net Present Values, Internal Rates of Return, and Payback Selected References 21 The Valuation of Sports Brands 21.1 Brands and Sport Clubs 21.2 Economic Protection of the Distinctive Signs of Sports Clubs 21.3 The Trademark’s Differential Strategic Value 21.4 Brand Accounting 21.4.1 Trademarks and International Accounting Standards: Impairment Test and Inapplicability of the Fair Value XV 635 637 637 640 640 646 653 656 659 662 664 667 669 672 673 675 676 678 682 688 691 691 692 694 699 700
xvi CONTENTS The Preliminary Analysis for the Evaluation 21.5.1 Legal Analysis 21.5.2 Behavioral, Strategic, and Marketing Analysis 21.5.3 Economic, Financial, and Accounting Analysis 21.6 The Evaluation Standard ISO 10668 21.7 Evaluation Principles According to the ISO 10668 Standard 21.7.1 Income Approach 21.7.2 The Relief-from-Royalty Approach 21.7.3 The Incremental Income Approach 21.7.4 Market Approach 21.7.5 Cost Approach 21.8 Other International Evaluation Standards 21.9 Brand Equity 21.10 Brand Valuation in Business Crises 21.11 The “Strong Brand—Weak Company” Paradox 21.12 Digital Branding Selected References 21.5 701 701 702 702 703 703 705 705 747 708 708 709 710 711 713 719 721 References 813 Index 843
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Contents 1 Introduction 1 Part I Valuation Principles General Principles of Valuation 2.1 Purpose of the Firm Evaluation 2.2 2.3 2.4 2.5 2.6 2.7 2.8 The Theory of Value: From Economic Principles to Valuation Paradigms Valuation Approaches The Balance Sheet-Based Approach 2.4.1 Monetary Equity The Income Approach 2.5.1 Estimated Normalized Income 2.5.2 Choice of the Capitalization Rate 2.5.3 Choice of the Capitalization Formula The Value Added 2.6.1 Use-Value and Exchange Value 2.6.2 Practical Example—The Value-Added Cake The Mixed Capital-Income Approach Cash is King: The Superiority of the Financial Approach 2.8.1 The Capital Asset Pricing Model and the Dividend Discount Model 13 13 19 23 24 29 30 32 34 35 37 39 40 42 45 56 V
VÍ CONTENTS Empirical Approaches 2.9.1 The Economic Value Added (EVA®) 2.10 Potential Tax Liabilities 2.11 Majority Premiums and Minority Discounts 2.12 The Control Approach 2.13 Terminal Value Appendix 1: Interaction Between WA CC and Other Key Financial'Ratios Selected References 62 69 70 70 The Valuation of Intangible Assets: An Introduction 83 83 86 2.9 The Accounting Value of Intangible Assets 3.1.1 Intangible Assets and Capitalized Cost 3.1.2 Valuation Drivers, Overcoming the Accounting Puzzle 3.2 Intangible Assets Valuation According to TVS 210 3.2.1 Cost Approach 3.2.2 Income/Financial Approach 3.2.3 Market Approach Intangibles with a Defined or Indefinite Useful Life 3.3 3.4 Surplus Intangible Assets Hard-to-Value Intangibles 3.5 3.6 The Resource-Based View and Balanced Scorecard: Introductory Remarks The Intangible Roadmap: From Patents 3.7 and Trademarks to Blockchains, Big Data, and Artificial Intelligence Intangible-Driven EBITDA 3.8 Selected References 3.1 Goodwill Valuation 4.1 4.2 4.3 4.4 The Controversial Concept of Goodwill 4.1.1 Accounting 4.1.2 Useful Life, Limited Period of Use, and Impairment Test Badwill An Introduction to Valuation The Estimate of Goodwill: Fair Value, the Value of Use, Impairment Test, and Firm Valuation 72 73 76 82 87 88 94 96 98 99 102 102 103 105 105 107 109 109 111 112 113 114 115
CONTENTS From Competitive Advantage Period to Monopolistic Rents 4.6 Economic and Market Value-Added 4.7 A Cocktail of Approaches for an Integrated Assessment 4.8 Valuation of Turnaround Companies 4.9 Customers’ Portfolio 4.10 Bankability Issues Selected References vii 4.5 Augmented Business Modeling and Planning as a Prerequisite for Valuation Introduction Literature Review From Big Data-Driven Forecasting to Augmented Business Planning 5.4 Big Data and Business Planning 5.5 Networking Ecosystems 5.6 Artificial Intelligence and Predictive Analytics 5.7 Stochastic Simulation 5.8 The Impact of Business Planning and Productivity Gains on Market Value 5.9 Capital Budgeting 5.10 An Empirical Simulation 5.11 Trendy Research Streams 5.12 Conclusion Appendix Selected References 5.1 5.2 5.3 Profitability and Value Creation 6.1 6.2 6.3 6.4 Return on Equity, Return on Invested Capital, and Other Profitability Ratios 6.1.1 Return on Equity (ROE) 6.1.2 Return on Invested Capital (ROIC) and Return on Assets (ROA) 6.1.3 Ratio Tree and DuPont Formulation Invested Capital Relationships Between ROIC and ROE From Economic Value Added (EVA) to Market Value Added (MVA) 118 120 123 125 126 130 131 133 133 135 140 142 148 152 154 155 161 163 169 170 172 173 179 179 180 182 183 183 184 186
viii CONTENTS Operating Leverage Break-Even Analysis Digital Scalability The Impact of Intangible Investments on EBITDA-Driven Market Valuation 6.9 Valuation Drivers, Overcoming the Accounting Puzzle 6.10 From EBITDA to EBIT 6.11 The Scalable Impact of the Intangibles on Revenues and Monetary ОРЕХ 6.12 lhe Impact of EBITDA on the Profitability Ratios 6.13 The Impact of the EBITDA on the Market Multipliers 6.14 Franchise Factor Growth 6.15 Expectations Investing and Growth-Value Creation Selected References 6.5 6.6 6.7 6.8 7 8 Network Theory to Digital Scalability Network Theory Digital Platforms and Networks Networking Effects and Scalability of Digital Platforms 7.4 Digital (Smart) Supply Chains 7.5 Multilayer Networks 7.6 Conclusion Selected References From 7.1 7.2 7.3 ESG-Driven Valuation: From Father Profit to Mother Nature 8.1 Introduction 8.2 The Big Accounting and Market Picture 8.3 From Book to Market Value of Equity 8.4 TOTEX (CAPEX + ОРЕХ) and Capital Budgeting 240 8.5 Sustainable Business Planning 8.6 DCF and Cost of Capital Metrics 8.6.1 The Cost of Collecting Capital: A Comparison Between Traditional and ESG-Firms 258 190 195 197 198 199 201 202 203 206 211 213 214 217 217 220 222 225 228 230 231 235 235 237 239 247 249
CONTENTS Networking Supply and Value Chains, Mastered by Digital Platforms The Financial Value of Growth: Multi-stage Cash 8.8 Flows and Dividends ESG Drivers and Ethical Funding 8.9 Sustainability Patterns 8.10 8.10.1 Circular Economy 8.10.2 Resilient Supply and Value Chains 8.10.3 Sharing Economy and Collaborative Commons 8.10.4 Scalability and Real Options Beyond Market Value Maximization: Towards 8.11 a New Theory of the Firmi 8.12 Corporate Governance Implications 8.12.1 Beyond Fake News and Greenwashing: Data Validation with Blockchains 8.13 ESG Reporting and Investment Management Process 8.14 ESG-Compliant Investment Ratios 8.15 The Relationship Between the ESG Drivers and the Investment Parameters 8.16 Facing the Green Swan: Climate Value at Risk (VaR) 8.17 Green CAPEX 8.18 The ОРЕХ Dilemma: Inside the Green Supply Chain 8.19 ESG-Driven Goodwill 8.20 ESG-Related Bonds 8.21 Smart Capital Structure and ESG Compliant Pecking Order 8.22 ESG Behavioral Finance 8.23 From ESG to PESTLE Considerations 8.24 An Empirical Analysis 8.25 Concluding Remarks Selected References ІХ 8.7 Startup and Scaleup Valuation 9.1 An Adaptation of the General Valuation Approaches 260 263 266 269 271 272 273 274 276 280 285 287 288 292 293 295 298 298 301 302 303 304 305 306 310 315 315
X CONTENTS Debt-Free Startups The IPEV Valuation Guidelines The Fair Value of the Investments in the Target Firms 9.5 The Fair Value of the Investments in the Portfolio Companies 329 9.6 Startup Evaluation with Binomial Trees 9.7 Thè Venture Capital Method 9.8 The Break-Up Value of Venture-Backed Companies 9.9 Stock Exchange Listing and Other Exit Procedures 9.10 Valuation of the Investment Portfolio with a Net Asset Value 9.11 Unicorns 9.12 Key Person Discounts, Founder Control, and Governance Implications 9.13 A Practical Valuation Case Selected References 9.2 9.3 9.4 Part П 319 323 328 330 333 334 336 338 339 342 342 348 Industry Applications 10 Video Games and Digital Media: Business Models and Valuation Approaches 355 10.1 Introduction: Taxonomy and Market Trends 355 10.2 Business Models 361 10.2.1 Value per Client 363 10.3 Digital Platforms and Scalability 364 10.4 The Accounting Background for Valuation 366 10.5 Valuation Methods 367 10.6 Valuation 369 10.6.1 The Financial Approach 369 10.6.2 Empirical Approaches (Market Multipliers) 377 10.7 Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill 381 Selected References 387 11 Pharma Patent Valuation 11.1 Introduction 11.2 Business Models 11.3 The Accounting Background for Valuation 389 389 390 391
CONTENTS 11.4 Valuation Methods 11.4.1 The Financial Approach 11.4.2 Empirical Approaches (Market Multipliers) 402 11.5 Patent Valuation 11.6 License or Salei 11.7 Real Options 11.8 Forecasting Patent Outcomes with Big Data and Stochastic Estimates 11.9 Medtech and Biotech Companies and the Technology Transfer Cycle SelectedReferences 12 Medtech and Biotech Valuation Introduction Medical Devices Regulation The Market Business Models The Accounting Background for Valuation Valuation Methods 12.6.1 The Financial Approach 12.6.2 Empirical Approaches (Market Multipliers) 12.7 Patent Valuation 12.8 License or Salei 12.9 Real Options 12.10 Forecasting Patent Outcomes with Big Data and Stochastic Estimates Selected References Digital Art Valuation and Non-fungible Tokens 13.1 Introduction 13.2 Timestamps 13.3 Evaluation Approaches 13.4 Valuation of Intangible Assets 13.4.1 Cost Approach 13.4.2 Income/Financial Approach 13.4.3 Market Approach 13.5 Interactive Art (Participatory or Relational) and Value Co-creation 393 394 406 407 412 414 415 416 419 419 420 421 427 430 431 433 12.1 12.2 12.3 12.4 12.5 12.6 13 ХІ 441 445 446 451 453 453 455 455 458 459 464 464 464 466 467
ХІІ CONTENTS Copyright Framework and Evaluation 13.6.1 Exploitation and Copyright Protection 13.6.2 From Copyright to Copyleft and Creative Commons 13.7 Reproducibility of Works, Real Options, and Digital Scalability Selected References 13.6 14 15 Decarbonizing the Global Economy: The Valuation of Climate-Tech Firms 14.1 Warnings from Climate Change 14.2 What Are Climate-Tech Companies? 14.3 Industry Taxonomy 14.3.1 Industrial Sector 14.3.2 Energy 14.3.3 Mobility and Transport 14.3.4 Food, Agriculture, Land, and Others 14.4 Business Models 14.5 Climate-Tech Compliance with the Sustainable Development Goals 14.6 The Valuation Background 14.7 Valuation Methods 14.7.1 The Transition from Traditional to Green Firms 14.7.2 The Financial Approach 14.7.3 Empirical Approaches (Market Multipliers) Selected References Smart Grids Valuation 15.1 Introduction 15 2 Digital Platforms and Scalability 15.3 Networked Grids 15.4 Business Models 15.5 Investors and Market Players 15.6 The Accounting Background for Valuation 15.7 Valuation Methods 15.7.1 The Financial Approach 15.7.2 Empirical Approaches (Market Multipliers) 467 470 473 473 477 479 479 481 484 485 486 487 487 489 491 491 494 494 499 506 509 511 511 512 515 516 517 517 519 521 529
CONTENTS ХІІІ Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill Selected References 533 538 16 Internet Protocol Addresses Valuation IP Addresses 16.1 From IPv4 to IPv6 16.2 Evaluation Profiles 16.3 16.3.1 The Valuation of Intangible Assets 16.4 IP Address Evaluation Selected References 541 541 543 545 545 549 551 17 Cloud Computing Valuation 553 553 554 560 561 15.8 Introduction The Market Digital Networks and Metcalfe’s Law Networking Digital Platforms The Nature of Cloud Computing as a Prerequisite for Valuation 17.6 The Accounting Background for Valuation 17.7 Valuation Methods 17.7.1 The Financial Approach 17.7.2 Empirical Approaches (Market Multipliers) Selected References 17.1 17.2 17.3 17.4 17.5 18 Music Recording Labels: Business Models and Valuation (with Andrea Cesaretti) 18.1 Introduction 18.2 History 18.3 The Business Models of the Labels 18.3.1 Sources of Revenues 18.4 Records Selling 18.4.1 The Vinyl Boom 18.5 Digital Platform Royalties 18.6 Live Performances 18.7 Merchandising 18.8 Relationships with the Artists 18.9 Relationship with Third Parties 18.10 The Revenue Factors 564 569 571 572 578 581 583 583 584 587 587 588 589 589 590 591 592 593 593
xiv 19 CONTENTS 18.10.1 The Ownership Model 18.10.2 The Access Model 18.11 The COVID-19 Impact on the Music Industry 18.12 The Disruptive Impact of Digitalization 18.13 A Perspective of the Future 18.14 Brief Notes on Rights on Musical Works According to the Italian Law 18.15 The Birth of Copyright 18.15.1 Author and Co-authors 18.15.2 Publisher 18.15.3 Phonogram Producer—Record Company or Label 18.15.4 Musicians and Performers 18.15.5 Related Property Rights in Favor of the Artist 18.15.6 Moral Rights of the Artist 18.15.7 Fair Compensation 18.15.8 The Additional Rem uneration 18.15.9 Media Manufacturer 18.15.10 Radio and Television Broadcasting 18.15.11 Copyright Collecting Company 18.16 Music and Structured Finance 18.16.1 The Beginnings 18.16.2 The Decline in Bonds and Recovery » Thanks to Streaming 18.16.3 A Notes 18.17 The Non-fungible-Tokens (NFT) 18.18 Intangible Assets Valuation According to IVS 210 18.18.1 Cost Approach 18.18.2 Income/Financial Approach 18.18.3 Market Approach 18.19 Copyright and Artistic-Related (Creative) Intangibles Selected References 593 594 594 597 598 The Valuation of FashionTechand Digital Clothing 19.1 The Fashion Industry 19.2 Traditional Fashion Branding 19.3 Brand Equity 629 629 629 634 599 599 599 602 602 604 606 608 608 610 611 611 613 613 613 614 614 615 617 619 620 622 624 627
CONTENTS Digital Branding FashionTech NFT-Backed Virtual Fashion and Dematerialized Digital Clothing 19.7 The Transition from Traditional Fashion to FashionTech and Smart (Augmented) Fashion 19.8 Valuation Approaches 19.8.1 The Financial Approach 19.8.2 Empirical Approaches (Market Multipliers) Selected References 19.4 19.5 19.6 20 The Valuation of Special Purpose Vehicles in Project Finance Infrastructural Investments 659 20.1 Project Financing and Public-Private Partnerships 20.1.1 Value for Money 20.1.2 Special Purpose Vehicles 20.2 The Investment Perimeter 20.3 Long-Term Infrastructural Business Planning 20.3.1 Augmented (Big Data-Driven) Business Planning 20.4 Assessing and Mitigating Risk 20.5 Dynamic Timesheets and Agency Milestones 20.6 Valuation Approaches 20.6.1 Discounted Cash Flows 20.6.2 Key Investment Ratios: Net Present Values, Internal Rates of Return, and Payback Selected References 21 The Valuation of Sports Brands 21.1 Brands and Sport Clubs 21.2 Economic Protection of the Distinctive Signs of Sports Clubs 21.3 The Trademark’s Differential Strategic Value 21.4 Brand Accounting 21.4.1 Trademarks and International Accounting Standards: Impairment Test and Inapplicability of the Fair Value XV 635 637 637 640 640 646 653 656 659 662 664 667 669 672 673 675 676 678 682 688 691 691 692 694 699 700
xvi CONTENTS The Preliminary Analysis for the Evaluation 21.5.1 Legal Analysis 21.5.2 Behavioral, Strategic, and Marketing Analysis 21.5.3 Economic, Financial, and Accounting Analysis 21.6 The Evaluation Standard ISO 10668 21.7 Evaluation Principles According to the ISO 10668 Standard 21.7.1 Income Approach 21.7.2 The Relief-from-Royalty Approach 21.7.3 The Incremental Income Approach 21.7.4 Market Approach 21.7.5 Cost Approach 21.8 Other International Evaluation Standards 21.9 Brand Equity 21.10 Brand Valuation in Business Crises 21.11 The “Strong Brand—Weak Company” Paradox 21.12 Digital Branding Selected References 21.5 701 701 702 702 703 703 705 705 747 708 708 709 710 711 713 719 721 References 813 Index 843 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T19:48:36Z |
| indexdate | 2024-07-10T09:32:07Z |
| institution | BVB |
| isbn | 9783030971168 |
| language | English |
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| spelling | Moro Visconti, Roberto Verfasser (DE-588)170807819 aut Augmented corporate valuation from digital networking to ESG compliance Roberto Moro-Visconti Cham palgrave macmillan [2022] xxv, 769 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Valuation Business enterprises—Finance Financial engineering Sustainability Investment Appraisal Corporate Valuation Discounted Cash Flows Business Planning ESG Investing Financial Digitalization Unternehmensbewertung (DE-588)4078594-4 s DE-604 Erscheint auch als Online-Ausgabe 978-3-030-97117-5 V:DE-576 X:SPRINGER image/jpeg https://swbplus.bsz-bw.de/bsz1800270089cov.jpg 20220428115149 Cover 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=033592219&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moro Visconti, Roberto Augmented corporate valuation from digital networking to ESG compliance Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Augmented corporate valuation from digital networking to ESG compliance |
| title_auth | Augmented corporate valuation from digital networking to ESG compliance |
| title_exact_search | Augmented corporate valuation from digital networking to ESG compliance |
| title_exact_search_txtP | Augmented corporate valuation from digital networking to ESG compliance |
| title_full | Augmented corporate valuation from digital networking to ESG compliance Roberto Moro-Visconti |
| title_fullStr | Augmented corporate valuation from digital networking to ESG compliance Roberto Moro-Visconti |
| title_full_unstemmed | Augmented corporate valuation from digital networking to ESG compliance Roberto Moro-Visconti |
| title_short | Augmented corporate valuation |
| title_sort | augmented corporate valuation from digital networking to esg compliance |
| title_sub | from digital networking to ESG compliance |
| topic | Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmensbewertung |
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