We examine the association between the presence of monitoring board committees (i.e., audit, nomination, and remuneration) and market valuation in South Africa using a sample of listed corporations. We find a significant positive connection between the presence of monitoring board committees and market valuation, but only in corporations that have independent monitoring board committees and/or ...

This study examines the impact of working capital management on firms’ performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship...

We study the valuation of similar assets in different national markets and how the valuation differentials have evolved through time. We focus on the impact of globalization and propose a (model free) measure of the degree of segmentation of world equity markets. We characterize which factors determine its cross-sectional and time series variation. Our first goal is to link the measure to the d...

A finite probability mixture model is combined with a contingent valuation model to analyze the existence of differential market segments in a hypothetical market. The approach has at least two principle benefits. First, the model is capable of identifying market segments within the hypothetical market. Second, the model can be used to estimate WTP/WTA within each segment. The model is illustra...

The financialisation literature has been criticised for its limited empirical base and its failure adequately to link the everyday world with that of high finance. The paper addresses these shortcomings by examining the calculative practice of property valuation. The way that valuations are performed affects their results and, therefore, the operation of the property market. The paper traces th...

estate and gift taxes are imposed on the value of the property subject to the tax.1 Thus, valuative standards and techniques become critical, valuation being the "key factor in the imposition of estate tax and gift tax."2 Fair market value3 has long been the standard of valuation for the imposition of these taxes, 4 with negotiation and compromise commonplace in agent-taxpayer dealings, althoug...

This paper examines the capability of firm fundamentals in explaining the cross-sectional variation of credit default swap spreads. We start with the Merton (1974) model, which combines two major credit risk determinants into a distance-to-default measure. We convert the distance-to-default measure into a raw CDS valuation based on a constant hazard rate assumption and then map the raw CDS valu...

Australian and New Zealand environmental economists have played a significant role in the development of concepts and their application across three fields within their subdiscipline: non-market valuation, institutional economics and bioeconomic modelling. These contributions have been spurred on by debates within and outside the discipline. Much of the controversy has centred on the validity o...

This paper investigates a market-valuation-based hypothesis for employee stock options (ESOs). It examines how market valuation has affected the decision to grant ESOs, the amount of options granted, and the distribution of options among executives and rankand-file employees. I find strong empirical evidence that firms with high market valuation and high probability of future overvaluation are ...