A legal and economic study of the new Consolidated Text of the Land Use Act of 2008 in Spain

The study conducts a legal and economic analysis comparing the new Consolidated Text of the Land Use Act of 2008 (Texto Refundido de la Ley de Suelo) and the Land Law 6/1998, April 13 now repealed. The study examines various articles contained in the new law and the old law. Although the study analyzes every title in both laws, it focuses on Title III regarding valuations for the expropriation of property owners.     

Investor protection,hedge fund leverage and valuation

Weak investor protection inevitably causes concentrated insider equity ownership, economic decision distortion and resource misallocation (Shleifer and Vishny, 1993). Our paper focuses on theoretical hedge fund valuation and dynamic leverage choice by incorporating the consideration of weak investor protection. The weak investor protection effect on dynamic leverage choice is ambiguous, as it depends on the managers’ moneyness ratio, which will certainly have a negative effect on the hedge fund investors’ payoff. Thus, managers should take more ownership and engage in short volatility strategies in weak investor protection to secure their total payoff.Weak investor protection also significantly increases the hedge fund founding break-even alpha.     

上市公司估值模型的研究与实证分析

本文对上市公司估值模型的分析与设计进行了较为详细的介绍,分别阐述了贴现现金流估值法的计算过程和系统设计的相关方面,并以神华能源公司股票的估值为例,使读者对估值过程更为熟悉。     

Private equity valuation under time-inconsistent preferences

Our research expands on the private equity (PE) valuation theory by incorporating the limited partner’s (LP) time-inconsistent preferences. Our findings show that time inconsistency has a detrimental impact on the LP’s certainty-equivalent valuation, which is dependent on the duration of investment and the value of PE asset. Through a comparative static analysis of the risk-attitude parameter and the future self arrival intensity, we have determined that the negative effects of time inconsistency can be mitigated by a more conservative attitude on the part of LP, while a higher future self arrival intensity exacerbates the impact of LP’s time inconsistency on their certainty-equivalent valuation.