In previous publications, we reported on the geographical distribution of the economic feasibility of customer-owned commercial PV systems in the US [1,2]. The results showed that several regions in the country were near or above economic breakeven. However, we noted that these results only reflected business as usual assumptions. They did not account for existing or prospective external value ...

The simulation-based company valuation values a on the basis of risks actually present in without having to derive them from capital market data. takes into account imperfections, such as probability insolvency or lack diversification, and fulfils legal requirements auditing standards for valuation. is an alternative CAPM-based valuation, which, under assumption perfect markets, derives through...

In a paper entitled Noncommutative valuations, Schilling [8] proved that if an algebra of finite order over its center is relatively complete in a valuation (where the value group of the nonarchimedean, exponential valuation is not assumed to be commutative) then the value group is commutative. A similar type of theorem, proved by Albert [l], states that if an algebra of finite order over a fie...

Appraisals should assess the market value of properties and are necessary for buying, selling or building decisions, for lending and for taxation. Despite this unambiguous task different techniques exist for ascertaining market values. An valuation approach should be in accordance with economic theory and should generate appraisals, which are reliable estimates for transaction prices. This diss...

We show that investor recognition and bonding associated with cross-listing on a U.S. exchange are distinct effects using a sample of Canadian firms . In contrast to the post-listing decline documented in the literature, we find that cross-listed firms with a single class of shares enjoy a permanent increase in valuation if they attract and maintain investor recognition over time. Valuations of...

This paper presents and applies a methodology for valuing electricity derivatives by constructing replicating portfolios from electricity futures and the risk free asset. Futures based replication is argued to be made necessary by the non-storable nature of electricity, which rules out the traditional spot market, storage-based method of valuing commodity derivatives. Using the futures based ap...

This paper completely characterizes the set of Nash equilibria of the Vickrey auction for multiple identical units when buyers have non-increasing marginal valuations and there at least three potential buyers. There are two types of equilibria: In the first class of equilibria there are positive bids below the maximum valuation. In this class, above a threshold value all bidders bid truthfully ...

IT investments are usually risky by nature and account for a considerable part of annual investment budgets. Though value-based IT portfolio management (ITPM) aims at sustained economic growth and long-term value creation regarding IT investments, companies often fail to implement a synchronized ITPM approach that considers all relevant risk-/return components within IT investment valuation. In...

We study the valuation of unit-linked life insurance contracts with surrender guarantees. Instead of solving an optimal stopping problem, we propose a more realistic approach accounting for policyholders’ rationality in exercising their surrender option. The valuation is conducted at the portfolio level by assuming the surrender intensity to be bounded from below and from above. The lower bound...