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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

Depending on the chosen perspective, cryptocurrencies either constitute a unique opportunity to end national patronizing built on debt-based fiat money (currency) or a menace to a well-established financial order that ensures economic stability. A central issue in the heated debate surrounding cryptocurrencies is whether they have any intrinsic value at all. In this conceptual position paper, we briefly summarize existing standpoints and suggest three alternative propositions: (1) to avoid using the term “intrinsic value” for the valuation of cryptocurrencies, (2) to refer to the sum total of all properties that could potentially qualify them as money, and (3) to consider the amount of capital and energy that is needed to create them. These suggestions bear substantial implications for the economic classification of cryptocurrencies.

PurposeThis paper aims to examine the impact of the intangible intensity of the firm on the relevance of research and development (R&D) information to determine equity values in India. Additionally, the study compares the association of input information on R&D investment (the reported R&D cost) and output information on R&D investment (patent count) with equity values. Further, the study also examines the operational nature of the firm and patent count, which is the better proxy to measure the intangible intensity of the firm.Design/methodology/approachThe authors compared the explanatory power of R&D information between intangible and non-intangible intensive firms. To estimate the value relevance of R&D information, the authors followed the statistical model based on the theoretical framework of the residual income model.FindingsThe results indicate that there is a significant moderating impact of the intangible intensity of the firm on the relevance of R&D information to determine equity values in India over the 25 years study period (from 1991 to 2016). Further, in India, the study finds that the input information of R&D outlay is more relevant than output information on R&D outlay to determine equity values, irrespective of the proxy measure of intangible intensity. Moreover, the study finds that the operational nature of the firm is a better proxy of the intangible intensity of the firm compared to patent counts.Research limitations/implicationsIn this study, pooled cross-sectional data were used for analysis. In the future, longitudinal and panel data can be used for more insightful results.Practical implicationsThe findings of the study provide direction to investors and creditors to find the intrinsic value of the investments in internally developed intangible assets, which will reduce the asymmetry between the market value and accounting value of equity.Originality/valueThe paper offers insights into the impact of intangible intensity on the relevance quality of R&D information in an emerging country.

The critical price $$S^{*}\left( t\right) $$ S ∗ t of an American put option is the underlying stock price level that triggers its immediate optimal exercise. We provide a new perspective on the determination of the critical price near the option maturity T when the jump-adjusted dividend yield of the underlying stock is either greater than or weakly smaller than the riskfree rate. Firstly, we prove that $$S^{*}\left( t\right) $$ S ∗ t coincides with the critical price of the covered American put (a portfolio that is long in the put as well as in the stock). Secondly, we show that the stock price that represents the indifference point between exercising the covered put and waiting until T is the European-put critical price, at which the European put is worth its intrinsic value. Finally, we prove that the indifference point’s behavior at T equals $$S^{*}\left( t\right) $$ S ∗ t ’s behavior at T when the stock price is either a geometric Brownian motion or a jump-diffusion. Our results provide a thorough economic analysis of $$S^{*}\left( t\right) $$ S ∗ t and rigorously show the correspondence of an American option problem to an easier European option problem at maturity .

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.

RESUMEN. Este articulo analiza el proceso para la armonización del derecho mercantil en el Caribe, cuyo primer producto son los Principios ÜHADAC aplicables a los contratos mercantiles internacionales. Para ello, se examinan: la región caribeña en los ámbitos jurídico, educativo y lingüístico; la participación de organismos internacionales; los Principios OHADAC y la técnica legislativa soft law. Se concluye que la aplicación de los Principios OHADAC otorga seguridad jurídica y celeridad en la determinación del derecho aplicable a los acuerdos comerciales internacionales, estando su eficacia determinada por su propio valor intrínseco en ausencia de fuerza vinculante. ABSTRACT. This article analyzes the process for the harmonization of commercial law in the Caribbean and its first product the OHADAC Principles applicable to international commercial contracts. To do this, it examines: the Caribbean region in the legal, educational and linguistic fields; the participation of international organizations; the OHADAC Principles and soft law legislative technique. It is concluded that, the application of the OHADAC Principles grants legal certainty and speed in the determination of the applicable law in international trade agreements and its effectiveness would be determined by its own intrinsic value in the absence of binding force.

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.

Purpose A composite sentiment index (CSI) from quantitative proxy sentiment indicators is likely to be a lag sentiment measure as it reflects only the information absorbed in the market. Information theories and behavioral finance research suggest that market prices may not adjust to all the available information at a point in time. This study hypothesizes that the sentiment from the unincorporated information may provide possible market leads. Thus, this paper aims to discuss a method to identify the un-incorporated qualitative Sentiment from information unadjusted in the market price to test whether sentiment polarity from the information can impact stock returns. Factoring market sentiment extracted from unincorporated information (residual sentiment or sentiment backlog) in CSI is an essential step for developing an integrated sentiment index to explain deviation in asset prices from their intrinsic value. Identifying the unincorporated Sentiment also helps in text analytics to distinguish between current and future market sentiment. Design/methodology/approach Initially, this study collects the news from various textual sources and runs the NVivo tool to compute the corpus data’s sentiment polarity. Subsequently, using the predictability horizon technique, this paper mines the unincorporated component of the news’s sentiment polarity. This study regresses three months’ sentiment polarity (the current period and its lags for two months) on the NIFTY50 index of the National Stock Exchange of India. If the three-month lags are significant, it indicates that news sentiment from the three months is unabsorbed and is likely to impact the future NIFTY50 index. The sentiment is also conditionally tested for firm size, volatility and specific industry sector-dependence. This paper discusses the implications of the results. Findings Based on information theories and empirical findings, the paper demonstrates that it is possible to identify unincorporated information and extract the sentiment polarity to predict future market direction. The sentiment polarity variables are significant for the current period and two-month lags. The magnitude of the sentiment polarity coefficient has decreased from the current period to lag one and lag two. This study finds that the unabsorbed component or backlog of news consisted of mainly negative market news or unconfirmed news of the previous period, as illustrated in Tables 1 and 2 and Figure 2. The findings on unadjusted news effects vary with firm size, volatility and sectoral indices as depicted in Figures 3, 4, 5 and 6. Originality/value The related literature on sentiment index describes top-down/ bottom-up models using quantitative proxy sentiment indicators and natural language processing (NLP)/machine learning approaches to compute the sentiment from qualitative information to explain variance in market returns. NLP approaches use current period sentiment to understand market trends ignoring the unadjusted sentiment carried from the previous period. The underlying assumption here is that the market adjusts to all available information instantly, which is proved false in various empirical studies backed by information theories. The paper discusses a novel approach to identify and extract sentiment from unincorporated information, which is a critical sentiment measure for developing a holistic sentiment index, both in text analytics and in top-down quantitative models. Practitioners may use the methodology in the algorithmic trading models and conduct stock market research.

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).

An easily proved theoretical principle in option pricing is that an American call option should never be exercised early, except possibly just before an ex-dividend date. This result depends on the ability to liquidate an option position, European or American, for its theoretical value (the European call price) in the market. But this is normally impossible in a real world option market, where the best bid for an in-the-money short maturity option is generally below intrinsic value even for an option on a liquid stock. An American option can always be exercised to recover intrinsic value while a European contract must be liquidated at the best available bid in the market. If an investor has to exit an American call position before maturity, exercise can often return more than selling at the market's best bid. This paper derives the value of liquidity-based early exercise of both calls and puts in closed-form, as a function of the bid-ask spread. An illustrative example using a small amount of market data shows that the value of Americanness can be substantial, even for the most actively traded options whose spreads are very tight. For somewhat less active options the premium for liquidity-based early exercise can easily exceed the theoretical value of the early exercise option for an American put or a call on a typical dividend-paying stock.

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.

There are two types of analysis done for a stock market. One is fundamental analysis, where an investor looks at an intrinsic value of the stock, and another is technical analysis, where investors determine the future trend of the market looking at the current pattern or trend of the market. This paper is focused on one of the technical analysis tools, i.e., Moving Average Convergence-Divergence. It is a tool based on the three exponential moving average (9-12-26 EMA Rule). The MACD analysis, with the help of a single line, was helpful to find out the exact bullish and the bearish trend of the Nepse. A signal line is a benchmark to determine the stock market moving either to a bullish or bearish trend. It can help an investor, where the market is going in a direction. A market convergence, divergence, and crossover were better identified with the help of the MACD histogram. The paper found that the Nepse return was stable for a very minimal period from 1998-99 to 2019-20. The shift from the bullish to bearish or vice-verse were seen easily identified with the help of a MACD histogram. Finally, a better-combined knowledge of moving average and candlestick chart analysis will help an investor, to put a clear picture of a market trend with the help of MACD analysis.

Fraud acts as a major deterrent to a company’s growth if uncontrolled. It challenges the fundamental value of “Trust” in the Insurance business. COVID-19 brought additional challenges of increased potential fraud to health insurance business. This work describes implementation of existing and enhanced fraud detection methods in the pre-COVID-19 and COVID-19 environments. For this purpose, we have developed an innovative enhanced fraud detection framework using actuarial and data science techniques. Triggers specific to COVID-19 are identified in addition to the existing triggers. We have also explored the relationship between insurance fraud and COVID-19. To determine this we calculated Pearson correlation coefficient and fitted logarithmic regression model between fraud in health insurance and COVID-19 cases. This work uses two datasets: health insurance dataset and Kaggle dataset on COVID-19 cases for the same select geographical location in India. Our experimental results shows Pearson correlation coefficient of 0.86, which implies that the month on month rate of fraudulent cases is highly correlated with month on month rate of COVID-19 cases. The logarithmic regression performed on the data gave the r-squared value of 0.91 which indicates that the model is a good fit. This work aims to provide much needed tools and techniques for health insurance business to counter the fraud.

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.

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 the prediction of location. In all three cases, the methodology leads to quantifiably better purchasing decisions than competing approaches.

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.

This article evaluates several investment scenarios that could result from the rather dire economic situation existing in early 2020 caused by the coronavirus pandemic that is restricting economic production of goods and services at the same time that cost-push factors and the unlimited creation of money by central banks worldwide create upward inflationary pressures. Just as during the similar situation in Germany in 1923, the nominal prices of both equities and fixed-rate instruments might be propped up, but all security investments would generate highly negative real returns short-term. Only stock prices might eventually match the inflation rate. TOPIC:Financial crises and financial market history Key Findings • This article provides a timely evaluation of the investment outlook in the context of various scenarios that may unfold as a result of the various measures implemented to prevent the spread of the coronavirus that are inhibiting the production of goods and services at the same time that unlimited monetary and fiscal stimulus is being applied. • With the economic outlook in 2020 being very similar to that in Germany in 1923, the returns on stocks and bonds in that hyperinflation over a century ago are explained to provide perspective on the potential returns on different asset types if the worldwide monetization of the large fiscal deficits continues unabated.

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.

Subject. This article examines the issues related to the fundamental value of a company that is non-permanent. Objectives. The article aims to define the role of modeling of the fundamental value of a company in Russia and its estimation based on economic capacity indicators and dependent on the enterprise value calculated through various methods. Methods. For the study, I used the methods of induction and deduction, and analysis and synthesis. Results. The article determines that at present in Russia, a great deal of attention is paid to the evaluation and modeling of the fundamental value of a company. Conclusions and Relevance. To assess and model the fundamental value of a business, it is necessary to rely on economic performance, as well as the enterprise value indicators using different approaches. While developing, companies should focus not only on enhancement in value for shareholders, but also on the possibility of creating shared essential values that would be beneficial both for business and society. The results of the study can be used at enterprises of different forms of ownership when evaluating and modeling of the business fundamental value.

Authentication devices transform cheap paper into legitimate documents. They are the sensory, informational, and computational features that make up valuable papers like banknotes and passports, and they provide the confidence required in moments of exchange and passage. These devices – which include techniques like watermarks and specialized threads, proprietary substrates and inks, or RFID chips – are the product of security printing, an industry that continuously reinvents the possibilities of paper. Importantly, these components protect paper things from counterfeiting, allowing it to function as an original and authentic copy and to do the logistical work of connecting quotidian materials to global networks. The value of valuable papers is therefore not purely extrinsic, socially or discursively established, but is also performed through its intrinsic material qualities. These are the authentication devices that are read, assessed, and trusted as paper things are circulated, and they are what securely connects paper to infrastructures of mobility.

Stock markets are popular investment avenues to people who plan to receive premium returns compared to other financial instruments, but they are highly volatile and risky due to the complex financial dynamics and poor understanding of the market forces involved in the price determination. A system that can forecast, predict the stock prices and automatically create a portfolio of top performing stocks is of great value to individual investors who do not have sufficient knowledge to understand the complex dynamics involved in evaluating and predicting stock prices. In this paper the authors propose a Stock prediction, Portfolio Generation and Selection model based on Machine learning algorithms, Artificial neural networks (ANNs) are used for stock price prediction, Mathematical and Statistical techniques are used for Portfolio generation and Un-Supervised Machine learning based on K-Means Clustering algorithms are used for Portfolio Evaluation and Selection which take in to account the Portfolio Return and Risk in to consideration. The model presented here is limited to predicting stock prices on a long term basis as the inputs to the model are based on fundamental attributes and intrinsic value of the stock. The results of this study are quite encouraging as the stock prediction models are able predict stock prices at least a financial quarter in advance with an accuracy of around 90 percent and the portfolio selection classifiers are giving returns in excess of average market returns.

Do option investors rationally exercise their options? Numerous studies report evidence of irrational behavior. In this paper, we pay careful attention to intraday option quotes and reach the opposite conclusion. An exercise boundary violation (EBV) occurs when the best bid price for an American option is below the option’s intrinsic value. Far from being unusual, we show that EBVs occur very frequently. Under these conditions, the rational response of an investor liquidating an option is to exercise the option rather than sell it. Empirically, we find that the likelihood of early exercise is strongly influenced by the existence and duration of EBVs. Not only do these results reverse standard theory on American option valuation and optimal exercise strategy, but they also suggest that the ability to avoid selling at an EBV price creates an additional source of value for American options that is unrelated, and in addition to, dividend payments. This additional value may help explain why American options appear overpriced relative to European options.

The scholarship on innovation hitherto has prioritized exchange value, scalability and large scale commercialization, overlooking the other significant human centric values discussed in 'va...

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.

This paper sets out to explore whether the investor herding in the cryptocurrency market induces correlations in cryptocurrency returns using the methodology of Chang et al. (2000) and Galariotis et al. (2015) from a daily data sampling period of 3/30/2015 to 5/24/2019. The initial regression results show that the cross-sectional absolute deviation of return can only be explained by GSCI oil and gold index return, but no relationship exists between cross-sectional absolute deviation of return and other regression variables, such as return on CCi30, US equity risk premium and US/Euro exchange rate return. The herding regression results under normal market condition show that a strong tendency exists to herd on non-fundamental information that explains cross-sectional absolute deviation of returns. As such, cryptocurrency returns cannot be predicted on the basis of fundamental economic information (e.g., major macroeconomic announcements). Herding on non-fundamental information is found to be more pronounced during an upward-trending period of the market and other than upward-trending period. No signs of herding on fundamental information could be observed under other market conditions. Although the theory suggests that herding on non-fundamental information results in more efficient outcomes, the above findings do not encourage the diversification of traditional assets with cryptocurrency on the basis of low correlation. Since cryptocurrency lacks intrinsic value, the exchange is shown to provide a pseudo-efficient trading platform for speculative investors. Implications for future research are discussed.

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 paper examines the equity market return predictability of institutional investor sentiment, in comparison to individual investor sentiment. Our findings suggest that institutional traders are informed and that their sentiment helps to tilt stock prices towards the intrinsic value. This is because the sentiment of institutions encompasses news regarding expectations on future cash flows of underlying firms that impounds itself into future price expectations. In this study, we add to the large number of studies that investigate the role and implications of investor sentiment, which has long been viewed as a pure behavioural phenomenon, on market efficiency and price discovery.

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.

We develop a random-matching model to study the price dynamics of divisible monies produced privately through mining. The equilibrium set is composed of a unique equilibrium where the value of money increases until it reaches a steady state and, if money has no intrinsic value, a continuum of perfect-foresight equilibria where the price of money inflates and bursts over time. Early on private money is held for a speculative motive and it acquires a transactional role when money supply becomes sufficiently abundant. We study different mining and matching technologies, fiat and commodity monies, single and competing currencies.

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.

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.

Purpose Too often, academic library selectors of DVDs purchase Japanese animation (anime) for their popularity without any further concern of their important contributions to the combined wealth of researches of an academic library. The purpose of this paper is to offer considerations for an academic selector to ponder before adding this particular type of animation. These considerations do not necessary pertain to the collection development considerations for selectors at public libraries. Design/methodology/approach This paper will discuss the major problems of actively adding anime to an academic library, the present areas of concern, and will offer warnings and suggestions based on a conceptual framework of anime having true academic value. Findings Anime cannot be chosen independently as if it has any apparently intrinsic value sui generis. Anime must be added concomitantly according to the collection development policies with other resources, especially DVDs, to create a full, rich and useful collection to scholars. Originality/value Academic studies concerning anime and collection development for academic libraries are usually comprised of only long lists of suggested anime, with no further discussions about its implications to the general worth of an academic library. This paper offers no such lists. Instead, it offers considerations selectors must take into account before investing time and money adding anime to an academic library collection.