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From a microeconomic perspective, if we refer to a company as an economic agent, its organizational resilience/flexibility, in the unprecedented global economic context generated by COVID-19, is in the limelight, given that a resilient company would design and implement effective actions in order to increase the probability of its own survival. Assuming that a company's assets are those means by which a company can secure an income for a period of several years, since they are economic resources that can generate economic benefits in the future for the company that owns them, we have considered it appropriate to analyse the return on assets at the level of the companies in the HORECA sector. The comprehensive research undertaken is an empirical study in which we have analysed all the companies in the HORECA sector on the territory of Constanta County, located in the coastal area of the Black Sea, for a period of 3 years, 2018-2020, a period which includes the year of the onset of the SARS-COVID-19 pandemic. The selected economic and financial indicators have been fixed assets, current assets, prepaid expenses and net profit, with the help of which we have calculated and analysed the return on total assets. Of the many subgroups of the HORECA sector, the "Other Food Services" subgroup, which had the highest return on assets (ROA), proved to be the most flexible and creative subgroup. Catering specialists, exploiting the context generated by the closing of hotels and restaurants, have modified their business so as to amplify the intrinsic value of their products and to become a psychological and social connection for their consumers.

TThis study aims to determine whether there is a difference in the value of the shares of PT. Kimia Farma Tbk. after the acquisition of PT. Phapros Tbk. The data used is the value of shares consisting of book value, market value, and the intrinsic value of shares of PT. Kimia Farma Tbk, which was taken ten months before the acquisition of PT. Phapros Tbk. by PT Kimia Farma Tbk. This study is a comparative study with a quantitative descriptive approach, data analysis using the Wilcoxon signed-rank test. The results of this study indicate that the book value of PT. Kimia Farma Tbk. which has a significant difference before and after the acquisition, while the indicators of the stock market value and the intrinsic value of PT. Kimia Farma Tbk. does not have a significant difference before and after the acquisition event.

This study aims to determine the intrinsic value or fair value of shares and the position of share value in Agriculture sub-sector companies, whether Overvalued (expensive), undervalued (cheap), or fair-valued (fair) using the relative valuation method approach for the 2016 – 2019 observation period in Agriculture sub-sector companies. The population in this study were 70 samples of companies from various sub-sectors. Determination of the sample is with the technique of purose sampling. So that the sample obtained is three companies in the field of agriculture with the provision that they have the most liquid index. Calculation data is processed using Ms. Excel 2010. The calculation results using the Relative Valuation Method are that AALI and LSIP companies are recommended for sale because they are in an Overvalued position, while SIMP company shares are recommended to be purchased because they are in an undervalued position

The study examined the relevance of the statement of cash flow in the measurement of Business performance. The methodology used is a review of relevant and extant literature, First Bank share prices from 2012 -2021 after which a conclusion was made. Statement of cash flow has been a subject of debate among scholars due to some limitations in the preparation of cash flow statements. It was revealed that First Bank share prices that rose from all-time low in 2015 and 2016 to a sudden upsurge in 2018 is a reflection that the share prices did not reflect the intrinsic value of the firm. The information in the financial statement was not adequate to guide the various stakeholders. Failure of First Bank to disclose Central Bank of Nigeria forbearances, amount to material misrepresentation and led to a bubble of the share prices. The quick pick-up of the share prices after the sacked of FBN management is evidence of some investors ' belief in the bubble share prices.

The intrinsic value of a company refers to the real value of a company. Company value in the concept of intrinsic value is not just the price of a set of assets, but the value of the company as a business entity that has the ability to generate profits at a later date. In the company appraisal process, that how the capital structure can affect the value of the company or not, the presence of various risks, taxes, and other costs, as well as changes in leverage can increase the value of the company and reduce it. This study aims to analyze the effect of company size and asset growth through capital structure on the intrinsic value of companies in the property and real estate industry listed on the Indonesia Stock Exchange in 2018 with a total sample of 37 companies. The results of the analysis in this study indicate that company size has a positive and significant effect on capital structure, asset growth has no effect on capital structure, company size and asset growth have a positive and significant effect on intrinsic value, while capital structure has no effect on intrinsic value, and firm size and asset growth there are no direct effect on intrinsic value through capital structure. This study also obtained the result that firm size is more dominant in supporting intrinsic values of Property and Real Estate Companies in Indonesia. Keywords: Company Size, Asset Growth, Capital Structure, Intrinsic Value.

This study aims to analyze the sale and purchase of Monstera Adansonii plants in Indonesia according to Islamic law. This research is motivated by a phenomenon that occurs in Indonesian people buying and selling ordinary ornamental plants Monstera Adansonii at fantastic prices, even though these plants are not difficult to obtain, are not difficult to maintain, nor do they have extraordinary intrinsic value. The phenomenon of soaring crop prices is influenced by inflated prices by unscrupulous sellers and several parties they cooperate with and use good strategies so that the price of this plant soars (irrational). This study used a qualitative descriptive method, the data sources used were phenomena that occurred in the field and some news on the internet about the phenomenon of buying and selling Monstera Adansonii plants, the data analysis used deductive analysis. The result of this research is the sale and purchase of Monstera Adansonii plants which contain elements of fasid legal price engineering, even though they meet the principles and requirements of buying and selling in Islam, because there is an element of fraud by manipulating prices. This buying and selling includes buying and selling which is prohibited in Islamic law because it is included in the sale and purchase of najasy. From the maqashid syari’ah, buying and selling of monstera adansonii plants is included in the necessity of tahsiniyayyat, because this sale and purchase is not to meet primary or secondary needs and is in the ishraf category (excessive attitude in spending assets).

Corporate managers often view short sellers as market manipulators whose actions drive their company's stock price below intrinsic value. But recent academic research suggests that some short sellers are effective in processing publicly available information and that their short selling may provide useful information to market participants. This article summarizes the authors’ own published research, which provides evidence of informed short selling by linking it to changes in corporate fundamentals. More specifically, the authors’ findings indicate that increases in short interest are reliable indicators of an economically (as well as statistically) significant decline in a company's operating performance over the following three years. And when examining changes in short interest around announcements of seasoned equity offerings, the authors also find a negative relation between an increase in short interest and future operating performance. In addition, they find that the greater the increase in short interest in the period leading up to the SEO announcement, the more negative is the stock‐price response to the announcement itself. The authors’ findings suggest that corporate managers can benefit from monitoring the short‐selling activity in their company's stock. Short‐selling data can be used to reassess corporate strategy or rethink major corporate decisions that have been announced but not carried out, and take preemptive actions to forestall impending future declines in performance and so preserve value.

Purpose This study aims to investigate the valuation accuracy of Malaysian initial public offerings (IPOs) by using price-multiple methods. Design/methodology/approach Cross-sectional data including 467 IPOs listed on the Malaysian stock exchange were used for the period of 2000–2017. This study used univariate ordinary least square (OLS) regression to analyse the relationship between IPOs’ price-multiples and comparable firms’ price-multiples. The test of valuation accuracy was conducted via computing valuation errors by segregating the sample into two groups: fixed-price IPOs and book-built IPOs. Furthermore, multiple OLS regression was used to examine the influence of IPO valuation on underpricing. Findings The findings of the results suggested that IPOs price-to-earnings (P/E), price-to-book (P/B) and price-to-sales (P/S) multiples were positively related to the median P/E, P/B and P/S multiples of five comparable firms matched by industry and revenues. The P/S multiple was shown to be the most significant valuation method, specifically in book-built IPOs. The findings indicated that those firms that had a lower valuation in comparison to the comparable firms were inclined to underprice their IPOs to allure investors to subscribe IPOs. In addition, book-built IPOs that had fair valuations were inclined to generate higher initial returns for investors. Practical implications The findings of this study observed implications for underwriters in avoiding the mis-valuation issue by considering the book-building mechanism. Originality/value This study attempted to explore the suitability of the valuation method to value IPOs in Malaysia.

Natural gas storage valuation is an important problem in energy trading, yet most valuation approaches are based on heuristics or ignore that gas markets are incomplete. We propose an exact valuation model for incomplete gas markets based on multistage stochastic programming. Market incompleteness structurally changes the problem of storage valuation and asset backed trading and the resulting model requires analysis of a combined control problem of storage operation and futures trading that takes risk preferences into account. As the problem is subject to the curse of dimensionality, we reduce the stochastic process to a scenario lattice and solve the resulting problem using stochastic dual dynamic programming. We show that the intrinsic value of storage corresponds to the value under perfect risk aversion and that the rolling intrinsic value, which is popular among practitioners and has been found to be near-optimal when markets are complete, is an inconsistent price rule in incomplete markets. Our results inform managerial decisions on risk management and asset pricing for natural gas highlighting the importance of explicitly modeling risk preferences.

PurposeThis study aims to examine whether corporate social responsibility (CSR) reporting adds any value to the firm.Design/methodology/approachThis study uses content analysis to capture the specific CSR-related attributes and to construct a CSR reporting index. The data is manually collected from 115 publicly listed firms on the Dhaka Stock Exchange. The companies audited financial statements were the source of data. This study uses an ordinary least square regression analysis to examine the relationship between CSR reporting and firm performance.FindingsThe results of this study show that firms’ involvement in CSR activities and related reporting has a significant positive influence on firm performance only under an accounting-based performance measure. However, firms’ involvement in CSR activities and related reporting has a significant negative influence on firm performance under a market-based performance measure.Research limitations/implicationsThis study is subject to some limitations, such as the subjectivity or judgement associated in the coding process.Practical implicationsThe findings of this study imply that firms may be involved in CSR reporting to meet the stakeholders’ expectations, CSR reporting does not necessarily increase the intrinsic value of the firm.Originality/valueThis study supports the stakeholder theory and contributes to the literature on the practices of CSR reporting in the context of developing countries.

Valuation provides proper evidence on the financial situation of the firms. Incorrect valuation delivers wrong signals for the market participants and stands on the concepts of markets with information asymmetry. The study measures the estimated intrinsic value of the selected companies listed in the Prague Stock Exchange. Moreover, the results of the work observe influencing factors that deviate stock prices of the companies listed in the Prague Stock Exchange (PSE) from their estimated intrinsic value. Valuation techniques and Monte Carlo Simulation were employed to detain the estimated intrinsic of the selected companies from the Prague Stock Exchange. The estimated results indicate that Czech listed companies deviate from the intrinsic value in the range of 58% while international companies in the range of 301%. However, the average deviation within market prices and intrinsic value of the companies listed in the PSE was 179%. © 2020 Mendel University of Agriculture and Forestry Brno. All rights reserved.

Objectives: Research is the foundation of technological progress; the aim of this study is to investigate research success in the USA, the EU and other countries in basic medical, biochemical and biotechnological topics. Methods: Research assessments were performed using the number of publications, the e(p) index and the probability that a publication reaches the top 0.01% by citation. The index reveals an important characteristic of citation distribution. The distribution of the publications from a country in global percentiles follows a power law and the e(p) index is a mathematical derivative of the exponent of this power law. In addition to its intrinsic value as performance indicator, this index allows calculating a country's probability of publishing highly cited papers and, consequently, of achieving important discoveries or scientific breakthroughs. Findings: Our results show that the USA is scientifically ahead of all countries and that its research is likely to produce approximately 80% of the important global breakthroughs in the research topics investigated in this study. EU research has maintained a constant weak position with reference to USA research over the last 30 years. Countries different from the USA and the EU are increasing enormously their number of publications. Currently, the probability that these publications report an important breakthrough is slightly lower than that of the EU.

We consider pricing and product-bundling strategies for two competing platforms with two groups of agents, customers and sellers (independent content developers). In this paper, two such groups are required to pay the platforms fixed (subscription) fees to gain access; each platform also produces its own integrated content. We investigate the impacts of installed base, mixed bundling, and competition on the platforms’ pricing and product-bundling strategies. We find that in the presence of both installed base and competition, each platform will charge sellers the same fee, regardless of whether the unbundling or mixed-bundling strategy is chosen. However, if the mixed-bundling strategy is used, the prices charged to customers may be higher relative to the unbundling equilibrium. Importantly, our results reveal that the mixed product-bundling strategy can be used as a strategic competitive tool for the competing platforms to seize more market share and induce the platforms to subsidize customers who buy the bundle by charging customers who only access the platforms (without bundling) a higher price. Moreover, we find that the proposed mixed product-bundling strategy is a dominant equilibrium solution for two competing platforms. We also show that under certain conditions, the mixed-bundling strategy can always bring larger value for both platforms if the intrinsic value of the integrated content (the fractions of the installed base) becomes smaller (higher) relative to the unbundling strategy. These results offer valuable implications for relevant practices.

Users who have an ad-blocker installed present a genuine predicament for a website (also known as the publisher): On the one hand, these users do not generate revenue for the website; on the other hand, denying them access can shrink the user base and adversely affect the popularity of the website, ultimately reducing traffic over the long run. This has led some websites to require that ad-block users “white-list” them for obtaining access to an “ad-light” experience. We model the decision problem for a website facing two user segments: regular users and ad-block users . The first-level decision or gating strategy is whether to allow ad-free access to ad-block users or require them to white-list the website for gaining access. When ad-block users are allowed ad-free access, the second-level decision is the level of advertising (or ad-intensity ) for regular users. When ad-block users are required to white-list, the second-level decisions are the ad-intensities for regular users and ad-block users. The net utility of a user from visiting the website depends on the intrinsic value of the website’s content, the value obtained due to network effects driven by the amount of traffic/popularity of the website, and the cost incurred due to the presence of ads. We derive an optimal gating and ad-intensity strategy for the website and also solve an identical model for a world without ad-block software. We show that the website can increase its revenue by discriminating between regular and ad-block users via the ad-intensities shown to them. More interestingly, we find that the discriminatory power bestowed on the website by ad-blockers can increase the social surplus and, in particular, increase the surplus of both user segments, namely, regular users and ad-block users, when the utility from their outside option is below a threshold. Thus, the advent of ad-blockers can lead to a win-win for both the website and its users. Finally, we propose a superior selective-gating strategy in which only a fraction of ad-block users are gated. We establish the robustness of our conclusions under several enhancements to our base setting: (a) heterogeneous profitabilities from regular users and ad-block users, (b) endogenous adoption of ad-blockers, (c) the presence of a subscription option, and (d) negative externality due to increased traffic. Our analysis ends with recommendations for three stakeholders in this problem, namely, publishers, web-browser developers, and policy makers.

The theory of the firm states that the company's survival can be maintained by maximizing the company's wealth or value by obtaining maximum profit. Plantation companies are national industries which are strategic industries in the macro economy, regional economic development and poverty reduction. The plantation sector is one of the mainstays of generating foreign exchange for the non-oil and gas sector, which tends to continue to increase. Where the intrinsic value of this company is the net present value of the projection of free cash flow to firm (FCFF). This research was conducted to analyze the significant effect of value added human capital, disclosure of corporate social responsibility, intensity of research and development on intrinsic value of companies with profitability as an intervening variable in the plantation sector listed on the Indonesia Stock Exchange (IDX). This population was selected as a target population with a total of 5 sample companies with an observation period from 2010 to 2018. Hypothesis testing uses structural equation modeling data analysis techniques. The results of this study indicate that value added human capital has a positive and most significant effect on profitability. The disclosure of corporate social responsibility has a positive and significant effect on profitability. The intensity of research and development has a positive but insignificant effect on profitability. Value added human capital has a positive and most significant effect on the intrinsic value of companies, disclosure of corporate social responsibility has a positive and significant effect on intrinsic value of companies, intensity of research and development has a negative and significant effect on intrinsic value of companies, profitability has a positive and significant effect on intrinsic value of companies. Profitability is not able to mediate the relationship between value added human capital and intrinsic value of companies, profitability is not able to mediate the relationship between disclosure of corporate social responsibility and intrinsic value of companies and profitability is not able to mediate the relationship between research and development intensity and intrinsic value of companies.

We find that mergers and acquisitions (M&As) occurring after the 2007–2009 financial crisis were significantly more value enhancing than precrisis M&As, in both the short and long term. This superior postcrisis performance can be attributed to an increase in external financing constraints following the crisis that caused a decline in general financing availability. This decline restricted the universe of potential acquiring firms to those that were less financially constrained, whereas the typical postcrisis target firm was more financially constrained. As a result, postcrisis acquirers were able to obtain targets at more attractive prices relative to their intrinsic value during the precrisis period when external financing was much less constrained. We also find that the typical postcrisis acquirer had greater long‐term focus than their precrisis counterparts, and used their financial strength to capitalize on strategic opportunities.

The intrinsic value of a firm’s equity is determined by the present value of future payoffs to equity-holders. Thus, to estimate equity value, one needs to identify and process a series of information that is relevant to the present value of expected future payoffs. Among the value-relevant information, earnings pertain to a summary measure of firm performance, and thus play a key role in the equity valuation. Nevertheless, it is not uncommon in practice that firm managers either intentionally or unintentionally misreport earnings, making valuation challenging for outsiders. This chapter aims to explore the role earnings management plays in equity valuation, and how market participants may detect and adjust for misreported earnings, if any, in their forecasts and valuation for a firm. The chapter is organized to comprise the following sections: (i) varied managerial incentives for earnings management; (ii) various tactics of earnings management via accruals manipulation; (iii) various tactics of earnings management via real activities manipulation; (iv) consequences and determinants of earnings management; (v) trade-off between accruals manipulation and real activities manipulation to manage earnings; (vi) how to discern and measure earnings management; (vii) introduction of various equity-valuation models; (viii) how to adjust for the effects of accruals-based and real earnings management in equity valuation.

Water is a rapidly shrinking commodity. As we continue to use water for industry, farming, and sustaining our own lives, we must realize its intrinsic value. In December of 2020, water was given a new value as a future on a commodities market. This paper aims to discuss the practical, ethical, and financial considerations of trading water in this manner. A thorough conceptual analysis of the literature and research from 2009 to 2020 related to commodities and their history was performed, and a more contemporary review of water policy and pricing. The goal is to develop a mixed solution that gives value to water without allowing it to be exploited to the detriment of the poor; water must be accessible and affordable if it is to be managed ethically. Approaching water as a high-value resource might create a market that makes it unobtainable for most of us; however, with a system that controls pricing, creates standards, and simultaneously works to increase the supply of water, we may be able to create a “market.” Our critique of the research and available solutions indicates rising water prices and mostly regressive policies. As a result, market controls need to be implemented to control pricing while ensuring water availability for all.

In the fall of 2018, I was asked to calculate the value of Grand Valley State University’s (GVSU) general collection (defined as everything except Special Collections and University Archives) as part of risk mitigation planning and updating insurance coverage. Records indicated that our collection’s value was last calculated 11 years earlier, and we lacked both written documentation and institutional memory regarding the process used to calculate that value. While there is a fairly significant body of knowledge around calculating the value of monographs, I struggled to find guidance on calculating the monetary value FDLP collections. There is a robust body of scholarship on promoting the intrinsic value of being a member of the FDLP to library administration and other stakeholders, but very few of them focus on detailed financial benefits of tangible collections.

Artificial intelligence companies are different from traditional labor-intensive and capital-intensive companies in that their core competitiveness lies in technology, knowledge, and manpower. Enterprises show the characteristics of a high proportion of intangible assets, strong profitability, and rapid growth. At the same time, there are also the characteristics of high risk and high uncertainty. In addition to the existing value brought by existing profitability, corporate value should also consider the potential value brought by potential profitability. Enterprise value is affected by many factors such as profitability, growth ability, innovation ability, and external environment. Traditional valuation techniques are often utilised to value artificial intelligence businesses in the present market. Traditional valuation methods ignore the dynamics and uncertainties of artificial intelligence enterprise value evaluation, make static and single predictions of future earnings, ignore the value of enterprise management flexibility, and are unable to assess the intrinsic value of artificial intelligence businesses. Based on the projection pursuit method, this paper constructs a modern high-quality development enterprise high-quality development evaluation model, uses real-code accelerated genetic algorithm to optimize the projection objective function, and calculates the best projection direction vector and projection value. The collected sample data can be imported into the evaluation model to calculate the comprehensive evaluation value of the high-quality development of modern high-quality development enterprises and the weights of various indicators included. By comparing the size of the comprehensive evaluation value, each sample can be calculated Evaluation of the level of high-quality development. The results show that the high-quality development level of China’s overall economy is on the rise, but the level of development is still low, and there is a large gap between the development level of the eastern region and the central and western regions. Using the systematic generalized moment estimation method, empirically, we analyse the impact of artificial intelligence on the high-quality economic development. The results show that artificial intelligence at the national level and in the central and western regions will significantly promote high-quality economic development, while artificial intelligence in the eastern region has a significant inhibitory effect on high-quality economic development.

This on-going research delineates the constructing of an interlocking ecosystem around popularity magnification on popular Chinese digital platforms, which we refer as “data bubble”. Similar to the bubble in a stock market or in real estate market in different economies where the price of assets substantially exceeds its intrinsic value, we propose “data bubble” as a neologism to describe the phenomenon and ecosystem of manipulating data to aim for an inflated popularity on Chinese digital platforms, which ultimately pitch to higher commercial and financial values. We argue that data bubble is laced with platform company’s commercial and financial imperatives, logics of datafication and popularity of platform as data infrastructure, and active participation from different user groups and complementors, and a deeply embedded mentality of “traffic is king”. It is achieved through mixed data practices including data optimization, commercial astroturfing, and counterfeit data manufacturing behind which a wide range of actors and entities are involved. They range from platforms, individual end users (fans in particular), influencers, multi-channel networks (MCNs) and incubators, celebrities and their agencies, click farms, and advertisers—all of them have achieved their own ends and thus actively participated in fabricating data bubble in one way or another. The practices of data manipulating and optimization by different participants in constructing data bubble, as a result, have driven the data metrics on Chinese platforms far over—and no longer representative of—the actual popularity.

Complex securities generally do not diffuse smoothly but by fits and starts in response to sudden shifts in demand, occurring as investors learn about the intrinsic value of the securities from their noisy performance. We use CAT bonds, a capital market-based alternative to CAT risk reinsurance, to illustrate the diffusion of a complex security that competes against a legacy financial product offered by financial intermediaries. We find that the diffusion of the security is highly path-dependent with the capricious ups and downs of its actual performance plus the competitive response of CAT reinsurers jointly determining its ultimate success or failure.

Purpose – This study aims to examine the factors that affect consumers' intention to use a global business-to-consumer sharing platform. Design/methodology – The questionnaire collected 300 copies from June 25 to July 11, 2019, of which 281 were used for statistical processing. The structural equation model (SEM) was used to test hypothesis in this research. Findings – The results showed that information innovation, personalization, and personal innovation influenced perceived usefulness, and social connectivity did not affect perceived usefulness. And perceived usefulness greatly influenced the intention to use. Research limitations/implications – The limitations of the study are that most of the survey respondents were in their twenties and could not grasp the perception of sharing economy services for various age groups. This paper derived implications that sharing platform promotes sharing and cooperation, which are the basic principles of international trade, to increase the intrinsic value of resources by cyclically using and utilizing limited resources around the world. Originality/value – It aims to contribute to the growth of consumer value-related industries and the welfare of society by providing implications from the point of view of sharing platform services.

In a highly competitive global scenario, companies are looking for ways to optimize their processes, reducing costs and improving the quality of their products. In this context, several tools were developed to improve the companies' inventory management, one of them being the ABC Curve as a method to hierarchize the inventory according to the intrinsic value of each material, allowing the analysis of how the supply should work. from each supplier. The present work aims to perform the application of the ABC curve method in the zagaia restaurant, located in the city of Manaus / AM that will allow the stock hierarchy and will be through the classification of the raw material according to its annual demand and its Unit price. As a premise, a bibliographic research on content planning and inventory management was adopted, as well as an on-site study to catalog the items and check with the restaurant management, their values, their quantities and how the chain works. of supplies. The results presented confirm that Class A items need greater attention due to their high value, while Class C items do not impact financially as much, but need attention to be properly allocated within inventory as they represent the largest volume.

This article provides a systematic review of cloud pricing in an interdisciplinary approach. It examines many historical cases of pricing in practice and tracks down multiple roots of pricing in research. The aim is to help both cloud service provider (CSP) and cloud customers to capture the essence of cloud pricing when they need to make a critical decision either to achieve competitive advantages or to manage cloud resource effectively. Currently, the number of available pricing schemes in the cloud market is overwhelming. It is an intricate issue to understand these schemes and associated pricing models clearly due to involving several domains of knowledge, such as cloud technologies, microeconomics, operations research, and value theory. Some earlier studies have introduced this topic unsystematically. Their approaches inevitably lead to much confusion for many cloud decision-makers. To address their weaknesses, we present a comprehensive taxonomy of cloud pricing, which is driven by a framework of three fundamental pricing strategies that are built on nine cloud pricing categories. These categories can be further mapped onto a total of 60 pricing models. Many of the pricing models have been already adopted by CSPs. Others have been widespread across in other industries. We give descriptions of these model categories and highlight both advantages and disadvantages. Moreover, this article offers an extensive survey of many cloud pricing models that were proposed by many researchers during the past decade. Based on the survey, we identify four trends of cloud pricing and the general direction, which is moving from intrinsic value per physical box to extrinsic value per serverless sandbox. We conclude that hyper-converged cloud resources pool supported by cloud orchestration, virtual machine, Open Application Programming Interface, and serverless sandbox will drive the future of cloud pricing.

Location data from mobile devices is a sensitive yet valuable commodity for location-based services and advertising. We investigate the intrinsic value of location data in the context of strong privacy, where location information is only available from end users via purchase. We present an algorithm to compute the expected value of location data from a user, without access to the specific coordinates of the location data point. We use decision-theoretic techniques to provide a principled way for a potential buyer to make purchasing decisions about private user location data. We illustrate our approach in three scenarios: the delivery of targeted ads specific to a user’s home location, the estimation of traffic speed, and location prediction. In all three cases, the methodology leads to quantifiably better purchasing decisions than competing methods.

El objetivo del presente estudio fue mapear la cadena productiva de tilapia del estado de Veracruz, realizado durante los meses de julio a septiembre de 2016. Para tal efecto, el estudio se realizó en dos etapas. En la primera se efectuó la clasificación de los diferentes actores de la producción de tilapia en los eslabones (materias primas, tipología de productores, proceso y comercialización) de la cadena productiva. En la segunda fueron determinados los siguientes aspectos: tipo de especie, categoría de productores, nivel de producción por categoría, forma de comercialización, presentación del producto, valor agregado, mercados para compraventa y problemáticas para la venta del producto final. Los resultados de la primera etapa del estudio determinaron que los principales insumos son importados y el mercado de mayor importancia es el local. Asimismo, los productores fueron tipificados acorde a su producción (autoconsumo, semi-comercial y comercial) y al mercado que se dirigen (autoconsumo, local y regional). En la segunda etapa de la investigación se encontró que la especie más representativa es la tilapia y su venta es a pie de granja con un valor agregado intrínseco siendo los mercados de compraventa más representativos los de las grandes ciudades. Se concluye que mediante la esquematización de la cadena productiva de la tilapia del estado de Veracruz los principales insumos son importados los cuales deben ser sustituidos por proveeduría y tecnologías nacionales.

This paper offers a new avenue in contemplating semiology beyond linguistics: it introduces accounting as ‘Financial Semiology’. The paper discusses the implications of a semiological theorisation of accounting, particularly in problematising the conventional assumptions underlying two important accounting issues: recognition and measurement of the firm's assets, specifically with respect to the notion of alleged 'representation' of assets and their seemingly 'intrinsic value'. Through two core pillars in Saussure's semiology, re-titled here as 'reciprocal articulation' and 'value constellation', the paper offers an alternative theorisation of such accounting procedures. The paper also shows the implications of such Financial Semiology for the general theory of semiology, and distils its core characteristics as a framework for explicating the non-substantive operation of social sign systems.

This study aims to determine the fair price of shares and investment decisions fundamentally by using the Price Earning Ratio approach seen from the development of the company’s financial condition. The fundamental variables used are ROE, EPS, DPS, PER, DPR. The type of research used is quantitative descriptive. This study analyzed six companies as a sample, namely PT Delta Djakarta Tbk, PT Indofood Sukses Makmur Tbk, PT Kalbe Farma Tbk, PT Multi Bintang Indonesia Tbk, PT Jamu and Pharmaceutical Industry Sido Muncul Tbk and PT Tempo Scan Pacific Tbk. The sample was obtained using purposive sampling technique. The results of this study indicate that PT. Delta Djakarta Tbk is in an overvalued position so that the investment decision that can be taken is by selling the shares. While PT Indofood Sukses Makmur Tbk, PT Kalbe Farma Tbk and PT Jamu and Pharmaceutical Industry Sido Muncul Tbk are in a correctly valued position so that the investment decision that can be taken is by holding the shares. While PT Multi Bintang Indonesia Tbk and PT. Tempo Scan Pacific Tbk is in an undervalued position so that the investment decision that can be taken is by buying the shares. Keywords: Stock Valuation, Fundamental Analysis, Price Earning Ratio, Intrinsic Value, Investment Decision

An investor must be able to consider all kinds of steps that will be taken or that will be carried out, assessing stocks - shares that will provide optimal benefits in making an investment decision. By analyzing the intrinsic value of the price of a company's stock, investors can assess the fairness of the stock price. The method used to analize intrinsic value is fundamental analysis using the Price Earning Ratio (PER) approach. The samples to be taken in this research are manufacturing companies in Indonesia which are listed on the Indonesia Stock Exchange (IDX) for the period 2016 - 2017 with certain criteria. The results of this research will show that the shares of companies listed are in overvalued, undervalued or correctly valued conditions. So investors can decide to buy, hold or sell their shares.

The major research question addressed by this paper is how to evolve corporate governance beyond its traditional shareholder focus towards the broader perspective of a stakeholder focus with intrinsic value. Intrinsic value refers to the monetary value of a company, stock, currency, or product determined by fundamental analysis, without reference to extant market value. It is ordinarily calculated by summing the discounted future income generated by the company, stock, currency or product to obtain its present value. In this paper we observe the evolution of corporate governance towards an intrinsic, long-term value focus by the boards of directors, corporate executives, owners and shareholders, regulators and legislators, and other stakeholders. These major players are encouraged to develop more wisdom in order to assess the emerging threats, challenges, and opportunities from technology for intrinsic value, especially with the perspective of the public corporation as a separate legal personhood, as advocated by the European Parliament’s Committee on Legal Affairs in 2015. The rapid increase in the development of artificial intelligence (AI) and other technologies has tremendous significance for these major players broadly contributing to effective corporate governance. To facilitate the development and evolution of intrinsic value for public corporations and other entities, these major players need wisdom for more effective corporate governance in challenging times. Accordingly, this paper discusses the evolution of corporate governance and board members’ perspectives from a shareholder focus to a stakeholder focus with intrinsic value; the key success factor being wisdom for boards; the three-dimensional wisdom scale; and, the AI challenge, including the “Deadly Soul” of a new machine, to the wisdom of company executives and their boards of directors.

We introduce “trusting effects” to market complexity strategy and, through modeling, measure the decision‐making behavior of financial institutions' complexity choices as online and offline finance develops into different stages. We find that the complexity of financial products is not only determined by the intrinsic value and structure of products but also largely influenced by the behavior of investors. In addition, the characteristics of financial institutions, as well as different investor structures, also affect the complexity of the products and the equilibrium. Therefore, financial institutions attempt to exploit investors' biases and cognitive limitations through complexity strategies and ultimately obtain excess returns.

This paper investigates the shareholder wealth impact of government investment in listed companies (and by extension, government subsidisation of those companies), using data from Malaysia. We distinguish two overlapping categories of government-related investors: those whose principal mission relates to economic policy and those whose principal mission relates to social policy. The methodology entails Ordinary Least Squares regressions. There are two dependent variables measuring management success at generating shareholder wealth: an intrinsic value surrogate and return on equity. The final sample comprises 1732 company–year observations from the investigation period 2011–2014. The evidence indicates that companies subject to shareholder by a government-related investor with a social (economic) policy mission are more (less) successful at generating wealth than companies without any government shareholding at all. The findings indicate that for companies subject to ownership by government investors with a mission related to economic policy, government subsidies are wealth-enhancing, subject to diminishing marginal returns beyond a threshold level of government shareholding. The research design reflects adaptations to the Malaysian institutional setting via choice of control variables and usage of data from a leading Malaysian equity analyst.

Zoning practice is an important study used to ensure planned sustainability in the urban area and to create the city infrastructure. Until recently, studies on zoning practice have been in the form of method applications to create zoning parcels ready for construction and to provide urban reinforcement areas. Although there are various methods that can be used in the implementation of the zoning plan, the preferred method was the ‘land arrangement (LA) on a determined site’. According to the implementing legislation in Turkey, the arrangement studies are carried out with the ‘equal proportion’ approach. In this application, for the purpose of supplying the urban reinforcement areas stipulated by the plan, up to 45% of each parcel included in the regulation is deducted free of charge under the name of ‘Rearrangement Participation Share (RPS)’; the remaining part is given as zoning parcel. This situation is contrary to the principle of the Turkish Legal System that ‘in land arrangement studies, free deductions are made in return for the increase in the value of the immovable as a result of the zoning plan and its implementation’. Therefore, based on the ‘equivalence’ approach instead of ‘equivalence’ in the free RPS deduction transaction, there is a need for a universal evaluation that ensures the equality of the parcel value before and after the arrangement. In this study, our purpose is to examine the area-value relationship of the zoning parcels allocated to the cadastral parcels with different distribution methods before the arrangement within the scope of land arrangements. In this direction, graphic and vector data were obtained from the relevant public institutions and private offices. In the application of two different value-based methods, ‘factors affecting value’ and ‘market fair values’ were used to determine parcel values. With these values obtained, a zoning application with the content of arrangement was made, and the results of the zoning parcel allocation were examined with the help of regression analysis. The results were tested by comparing the value-based zoning proposal with the still-applied proportionality method. As a result of the application, it was determined that the majority of the parcels allocated in the current proportionality method ‘were given more value than their intrinsic value’.

Theory of Change (ToC) and Social Return of Investment (SROI) are planning tools that help projects craft strategic approaches in order to create the most impact. In 2018, the Management & Ecology of Malaysian Elephants (MEME) carried out planning exercises using these tools to develop an Asian elephant conservation project with agriculture communities. First, a problem tree was constructed together with stakeholders, with issues arranged along a cause-and-effect continuum. There were 17 main issues identified, ranging from habitat connectivity and fragmentation, to the lack of tolerance toward wild elephants. All issues ultimately stemmed from a human mindset that favors human-centric development. The stakeholders recognize the need to extend conservation efforts beyond protected areas and move toward coexistence with agriculture communities for the survival of the wild elephants. We mapped previous Human-Elephant Conflict (HEC) management methods and other governmental policies in Malaysia against the problem tree, and provided an overview of the different groups of stakeholders. The ToC was developed and adapted for each entity, while including Asian elephants as a stakeholder in the project. From the SROI estimation, we extrapolated the intrinsic value of the wild Asian elephant population in Johor, Malaysia, to be conservatively worth at least MYR 7.3 million (USD 1.8 million) per year. From the overall calculations, the potential SROI value of the project is 18.96 within 5 years, meaning for every ringgit invested in the project, it generates MYR 18.96 (USD 4.74) worth of social return value. There are caveats with using these value estimations outside of the SROI context, which was thoroughly discussed. The SROI provides projects with the ability to justify to funders the social return values of its activities, which we have adapted to include the intrinsic value of an endangered megafauna. Moreover, SROI encourages projects to consider unintended impacts (i.e., replacement, displacement, and deadweight), and acknowledge contributions from stakeholders. The development of the problem tree and ToC via SROI approach, can help in clarifying priorities and encourage thinking out of the box. For this case study, we presented the thinking process, full framework and provided evidences to support the Theory of Change.

Purpose This paper aims to enrich the scope of the influence of media reports on the stock risk, and it also provides a path to support the research on the relationship between media reports and idiosyncratic risks in the stock market. Design/methodology/approach The authors select financial restatement samples of listed companies in China from Jan 2015 to Dec 2017 to explore the impact of the financial restatement on the idiosyncratic risk of stocks. Further, the financial restatement that has more media attention may play a more significant role in promoting the idiosyncratic risk. Findings The authors found that the financial restatement of listed companies has a significant positive effect on the idiosyncratic risk of stocks. Specifically, the idiosyncratic risk changed five months before the restatement. After the restatement, the idiosyncratic risk increased by 83.47 in five days then decreased slowly, which lasted about one year. The restatement caused by sensitive issues and legal issues has a greater impact on the idiosyncratic risk. Both current restatement and delayed restatements will increase the idiosyncratic risk of stocks, but the impact of the latter is higher than the former. Research limitations/implications Possible deficiencies in the paper are that the number of restatements caused by major accounting errors is low. Therefore, no regular conclusions were drawn on the impact of the financial restatement caused by major accounting errors. Practical implications The conclusions provide a basis for targeted supervisory measures on the restatements of listed companies. The increase in financial restatements is closely related to the lack of governance mechanisms in the stock market. For investors, although the mystery of idiosyncratic volatility exists significantly in the market, the company's valuation level will affect the relationship between the idiosyncratic risk and expected return. Investors should pay attention to the intrinsic value of the company and should not blindly pursue stocks with a low idiosyncratic risk. Originality/value These conclusions may enrich the scope of the influence of media reports on the stock risk and also provide a path to support the research on the relationship between media reports and idiosyncratic risks in the capital market.

We propose a model of collaborative work in pairs. Each potential partner draws an idea from a distribution that depends on their unobserved ability. The partners then choose to combine their ideas, or work separately. These decisions are based on the intrinsic value of their projects, but also on signaling payoffs, which depend on the public’s assessment of individual contributions to joint work. In equilibrium, collaboration strategies both justify and are justified by public assessments. When partners are symmetric, equilibria with symmetric collaborative strategies are often fragile, in a sense made precise in the paper. In such cases, asymmetric equilibria exist: upon observing a collaborative outcome, the public ascribes higher credit to one of the partners based on payoff-irrelevant “identities.” Such favored identities do receive a higher payoff relative to their disfavored counterparts conditional on collaborating, but may receive lower overall expected payoff. Finally, we study a policy that sometimes (but not always) clarifies the ordinal ranking of partners’ contributions, and find that such disclosures can be Pareto-improving and reduce the scope for discrimination across payoff-irrelevant identities. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.

The "Replacement of Business Tax by VAT reform" (hereby refer to as "VAT reform" for short) is a newly promulgated and implemented tax policy, and its impact on various industries in China is very different, and the highway project industry is no exception. The implementation of the "VAT reform" will not only have a positive impact on the cost of highway projects, but will also have some negative impacts. For this reason, highway project construction corporates must actively respond. The author explores and analyzes the positive and negative effects of the "VAT reform" on the cost of highway projects, and proposes a reform strategy for highway project cost work under the background of the "VAT reform", in hope of helping with bringing out the intrinsic value of highway project cost management work.

The chapter on water and globalization overlaps earlier chapters, particularly water and equity and water and security. With a robust global market, water, like so many other resources, has been commodified; even to the point where it is traded on the Australian Stock Market. Yet objections from scholars and activists contend that water has intrinsic value and should be categorized as a market good, a commodity. But booming sales in bottled water and the trade of water in countries, such as Peru, to support agribusiness, facilitate water’s identity as a market good. The global economy, however, has also raised awareness of what is termed “virtual water.” Now when a country determines its water use and subsequent water independence, virtual water is part of the measurement.

In Brazil, from capitals to small municipalities, urban solid waste treatment deeply relies on the sorting of collected residues by local associations. Those Sorting Units are composed of low-income workers that rely on the selling of the waste as their main revenue source. However, the trading of the sorted residues hinges on the commercial interest from buyers, therefore only a few materials of interest are potentially recyclable, while the rest ends up being discarded in landfills or open-air dumps all over the country. Due to the COVID-19 pandemic, the country has observed a significant increase in the consumption and generation of polymeric packaging waste throughout 2020 and 2021. Particularly, expanded polystyrene (EPS) packaging has its use risen mostly due to lockdown measures and the consequent increase in delivery services and takeout meals. Despite the low cost and practicability of single-use packaging in terms of food safety, some materials are considered problematic regarding their recyclability, such as the case of EPS. This chapter addresses the case study of EPS packaging waste in two cities of southern Brazil, over recyclability issues considering social, environmental, economic, and political spheres. The possibilities for increasing the recyclability of EPS in Brazil are discussed as well as the main challenges of making the waste more interesting for potential buyers. In general, being EPS a notable low-cost and lightweight commodity, its transport as a residue for reuse purposes often is hampered by logistics costs, as well as the low intrinsic value of the recycled material for application in different products. Finally, we propose a new application of chemically recycled EPS as a gemstone for application in contemporary jewelry, using silver recovered from scrap sources. The material recycling and the gemstone manufacturing processes are described using simplified techniques as a way to permit its replication by both jewelry professionals and untrained workers, aiming at valorizing the residue. Parting from an extremely inexpensive material with a low-quality perception, we discuss the opportunities of the trash-to-treasure transformation as a way to potentially increase the material value and consequently the revenue of the Sorting Units workers, while reducing its environmental impact.

This study examines the impact of technology and network externalities on exchange-listed Initial Coin Offerings (ICOs). ICOs are a new fundraising instrument used to finance technological innovation against a digital voucher or receipt. They diffuse the ownership of claim for a digital good. Utilising an online database comprising of self-reported ICO characteristics, measures of post-ICO performance, along with information on business social networks, higher fundraising figures are found to contribute to the ICO long-term success, but this impact is multiplied by six times when fundraising is conducted to existing, proprietary blockchain. This is explained by the network effect. The modified information ratio measure is used to approximate the quality signalling of ICO organisations using price timeseries and benchmarking these to already functioning blockchain technology, e.g. ethereum in the long-term. The ICO sample’s mean trading period on exchanges is 1.5 years and is used for long-period asset analysis. Additionally, the cointegration to the market technology benchmark is found to have a large, significant negative effect on long-term ICO organisational success as this indicates lower ICO intrinsic value.

Notwithstanding the financial slowdown and severity of the Coronavirus pandemic during 2020, several retail investors ventures directly to the secondary equities market, setting off gigantic purchasing. A review of SEBI data indicates that over 6 million new dematerialization accounts between April and September 2020 are about 125 percent growth on year on year basis. At the same time, data reported by AMFI shows net outflows from equity funds by retail investors. These data points indicate that retail investors may have opted to invest using direct stock investments instead of relying on the equity mutual fund manager. Equity Investment is a dynamic process requiring and require considering different variables in selecting and, more importantly, avoiding stocks. The cornerstone of wealth creation is to invest in stores at a price considerably smaller than their intrinsic value. The very foundation of creating long-term wealth using equities is deeply embedded. One is buying businesses at a price substantially below its intrinsic value (intrinsic value indicates the entity's future cash flows after estimating the number of accounting risk, macro-economic, managerial, and behavioral risk determinants). This Literature review, therefore, is organized to cover Behavioral, Accounting, Macro-economic, Volatility, and Management theories and Forecasting and ML techniques for clustering, predictions, and classification to support risk decisions using different models, e.g., ARIMA, LSTM, VAR, Facebook Prophet, ARCH and GARCH family models, etc. The literature review also establishes that the concept of risk is highly subjective and is perceived by different investors differently; it is not always entirely objective and outside the beliefs, cognitive and socio-cultural considerations requiring careful assessment before making investment decisions. However, examining the critical risk indicators would allow investors to make a more informed decision. The research gap and identified agenda for further review were defined and assessed using valuable ABCD and SWOT management frameworks. Consequently, the literature investigation findings are analyzed by offering recommendations for creating a comprehensive research agenda pertinent to long-term equity investors in the Indian Equity market.

Digital currencies have the potential to improve the speed and efficiency of payments and to broaden financial inclusion. The principal goal is to facilitate payments among consumers on a day-to-day basis as an alternative to cash, both domestically and across national borders. This Article begins by critically examining and critiquing the ongoing progress to try to develop retail digital currencies, focusing on the two most feasible approaches: central bank digital currencies (CBDC), and privately-issued currencies that are backed by assets having intrinsic value (stablecoins). The Article then analyzes how these digital currencies should be regulated and supervised, exploring their similarities and differences. Both CBDC and stablecoins raise innovative legal issues as well as the types of legal issues normally associated with payment systems, although in novel contexts. If widely used, stablecoins also could impair central banks’ ability to control monetary policy and possibly undermine confidence in the value or operational continuity of currencies, which could threaten international monetary and financial stability. Stablecoin regulation must also address that potential threat.

Contrary to existing literature, here we consider the foreign exchange reserve balance of a particular country as an indicator of how much goods, services and/or physical asset the country has transferred to the rest of the world in exchange of some fiat foreign currencies. On the other hand, the reserve balances of the rest of the world denominated in the currency of that particular country can be considered as the amount of goods, services and/or physical assets that the particular country has received from the rest of the world in exchange of its own fiat currencies. Hence, if we subtract the second quantity from the first one, we get an estimate of the extent of net non-monetary wealth that the particular country has transferred so far to the rest of the world in exchange of some fiat foreign money. We calculate the amount of net non-monetary wealth (thus defined) transferred to and from some major economies stemming from cross border financial transactions and analyze their long term and short term dynamics using VECM. The main objective of this study is to give a new perspective to what we conventionally mean by foreign exchange reserve of a country: Instead of assuming the reserve balance of a country as an asset we consider it as a measure of gross wealth (i.e., goods, services and physical asset) the country has transferred so far to other countries around the globe in exchange of some paper currencies with no intrinsic value.

This paper proposes a model in which the borrower credit risk is associated with the cash flow method to assess the economic value of a consumer credit portfolio. A Monte Carlo simulation applying the method in an illustrative loan reveals that the lending standards of the institution, captured in the model by the expected and unexpected losses of the contract according to the Basel II Internal Rating Based Approach, is a key driver for the intrinsic value of the portfolio, lending support to the evidence that a bank’s credit policy and bank valuation are associated

O presente artigo tem o objetivo de realizar uma análise acerca das empresas do ramo do saneamento no Brasil, o andamento da implantação do projeto de saneamento do país, com o visível impacto dos investimentos aplicados ao Novo Marco do saneamento (Lei Federal no 14.026/2020). Foi realizada uma pesquisa bibliográfica através de obras a respeito do tema que tem impactos além de sociais, econômicos, principalmente do setor do saneamento no mercado de ações, que é uma régua para o setor do saneamento em geral. Analisou-se qual o impacto econômico gerado diante desse projeto e a real importância dos investimentos dessas quantias investidas levando em consideração uma projeção futura com as fórmulas propostas, o valor intrínseco de um ativo, como também seu valor de mercado projetado. O crescimento no ramo do saneamento nos próximos dez anos pode ser previsto através de suas ações, com uma média de desenvolvimento em seu valor de mercado em 154,78%, como também crescimentos nos principais indicadores fundamentalistas dos ativos relacionados, gerando assim muitos benefícios e bonificações.

This paper deals with the determination of the intrinsic value of the company Seznam.cz, a.s. using discounted cash flow. Specifically, it is concerned with determining the value of the business from the perspective of the company&rsquo, s shareholders. The Free Cash Flow to Equity (FCFE) method is chosen for analysis and determination of the value. According to this method, the specific FCFE values are discovered. However, the enterprise value must also be analyzed on the basis of other key indicators, such as financial leverage, the Capital Asset Pricing Model (CAPM) method, or the net present and future value of the FCFE. This is especially important so that the results can be put into mutual relations and a sufficient representative value of the FCFE results can be achieved. Input values stem from the company&rsquo, s annual reports. From the results of the mentioned methods and indicators, it was found that the value of the FCFE is quite high, which means that the capital used is used appropriately. Based on the result of the continuing value of the FCFE, it can be said that the company&rsquo, s intrinsic value is at a very good level.

The search for an unbiased company valuation method to reduce uncertainty, whether or not it is automatic, has been a relevant topic in social sciences and business development for decades. Many methods have been described in the literature, but consensus has not been reached. In the companion paper we aimed to review the assessment capabilities of traditional company valuation model, based on company&rsquo, s intrinsic value using the Discounted Cash Flow (DCF). In this paper, we capitalized on the potential of exogenous information combined with Machine Learning (ML) techniques. To do so, we performed an extensive analysis to evaluate the predictive capabilities with up to 18 different ML techniques. Endogenous variables (features) related to value creation (DCF) were proved to be crucial elements for the models, while the incorporation of exogenous, industry/country specific ones, incrementally improves the ML performance. Bagging Trees, Supported Vector Regression, Gaussian Process Regression methods consistently provided the best results. We concluded that an unbiased model can be created based on endogenous and exogenous information to build a reference framework, to price and benchmark Enterprise Value for valuation and credit risk assessment.

With the development of digital economy and big data technology, data resources owned by enterprises have become one of the important production factors in the era of digital economy. Via data empowerment, enterprises analyze the intrinsic value of data, and then realize their own business transformation and innovation and development. After more than ten years of rapid development, China is now the world’s largest automobile production country. Behind the huge automobile market, there are a lot of data resources related to the market and products. However, due to the problems of scattered data sources, inconsistent statistical caliber and untimely updating, it brings great inconvenience to the researchers engaged in automobile industry. This paper proposes a set of passenger car product data governance framework, which aims to provide high-quality passenger car product database for enterprises in the process of studying the market and technology of passenger car products, mining the value of data assets, and assisting managers in decision-making.

Currently, there are several cryptocurrencies based on blockchain technology and a debate whether these kinds of assets are really a currency or if they are only an instrument for speculation is prevalent. Cryptocurrencies are technologies that allow sending value from person to person, without intermediaries. A cryptocurrency is digital money, which uses a type of encryption to protect transactions in a public and decentralized manner. This work argues that cryptocurrencies have intrinsic value and that their price is not only determined by supply and demand. It is concluded that this kind of digital asset contains some value drivers beyond the profitability that is generated through speculation. Some of the elements of value are cost of production associated with intellectual capacity, baggage of knowledge, time and resources invested in the creation process. Those resources can be found in electricity and sophisticated computer equipment, codes generating smaller units of measure, networks without physical barriers, artificial intelligence and human enhancement, and varied payment methods.