Andrey Igorevich Artemenkov

GUU-State University of Management

99, Ruzyanski Prospect

Haifa , 123060

Israel

SCHOLARLY PAPERS

31

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5,180

SSRN CITATIONS
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SSRN RANKINGS

Top 41,394

in Total Papers Citations

1

CROSSREF CITATIONS

12

Ideas:
“  The cost of market cyclicality for the business valuation context  ”

Scholarly Papers (31)

1.

Income Approach and Discount Rates for Valuing Income-Producing Illiquid Assets - Outlines of New Framework: Revisiting the Concepts in Income Approach and Developing the Model of Illiquid Assets Transactional Pricing

Icfai Journal of Applied Finance, December 2007, Proceedings of the Icfai University and the University of Philadelphia V International Conference on Business and Finance, Hyderabad (India), 2006
Number of pages: 38 Posted: 28 Jun 2007 Last Revised: 26 Sep 2017
Vladimir Borisovich Michaletz, Andrey Igorevich Artemenkov and Igor Lvovich Artemenkov
Independent, GUU-State University of Management and State University of Management
Downloads 688 (37,469)

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illiquid assets valuation, income approach, discount rates, capital assets pricing model (CAPM), DCF technique, Gordon Model, Inwood model, assumptions of income capitalization techniques

2.

Valuation at the Time of Crisis: Methodological Issues

Number of pages: 16 Posted: 14 Dec 2008 Last Revised: 05 Oct 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 512 (55,016)

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Economic Measurements, Professional Valuation (and History of), Methodological individualism in Valuation, liquidity pricing, Impact of valaution on market pricing

3.

Financial Crisis of 2008-2009 and Other Financial Crises: How to Manage Them?

Number of pages: 22 Posted: 12 Nov 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 476 (60,345)

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Causes of financial crises and depressions, Growth trajectories of real and financial sectors, Aggregate demand deficits, Keynesian framework of demand management

4.

Modern Portfolio Theory (MPT) and Financial Economics: A Theory of Lesser Turf?

Number of pages: 16 Posted: 02 Apr 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 468 (61,623)

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Applicability of Modern Portfolio Theory (MPT), CAPM, M&M theorems, performativity of MPT, Efficiency assessment and valuation in SOFE (Novozhilov, Kantorovich, Lurje)

5.

Discounted Cash Flows Analysis and the Discounting Procedure in Market Valuations - How We Understand Them: A Brief Conceptual Note for Professional Valuers

Number of pages: 6 Posted: 05 Feb 2008
Andrey Igorevich Artemenkov and Vladimir B. Michailetz
GUU-State University of Management and Russian Society of Appraisers
Downloads 296 (104,566)
Citation 2

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Assets Valation, DCF analysis, yield capitalization techniques, discount rates for market valuations, CAPM, the principle of equi-benificiality of market exchange (transactional equilibrum principle), types of risks in market valuations

6.

Broadening Accounting Fair Value in Three Dimensions: Strands in the Current SEC Roundtable Discussions

Number of pages: 13 Posted: 14 Dec 2008
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 218 (143,051)

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Fair Value concept in accounting, SFAS 157, procyclicality of accounting measurements, liquidity pricing vs. fundamental pricing

7.

Essay on the Integrated Theory of Business Valuation (in Russian)

State University of Management GYY, Vol. 1, No. 19, pp. 41-62, 2007
Number of pages: 24 Posted: 06 Feb 2008
Andrey Igorevich Artemenkov, Igor Lvovich Artemenkov and Georgiy Ivanovich Mikerin
GUU-State University of Management, State University of Management and State University of Management - Department of Economic measurements
Downloads 217 (143,660)

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Business Valuation (BV), The Integrated theory of BV, Quantitative marketability discount Model (QMDM), Discount for lack of marketabilty(DLOM) adjustment, 'levels of value' diagram in BV, dividend reinvestment policy

8.

Valuation of Leasehold Interests: Their Worth, Exchange Value and Relation to Rent

Number of pages: 9 Posted: 20 May 2008
Andrey Igorevich Artemenkov, Vladimir B. Michailetz and Igor Lvovich Artemenkov
GUU-State University of Management, Russian Society of Appraisers and State University of Management
Downloads 215 (144,884)

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Leasehold valuation, market rent, IVS 2007 Fair Value, worth vs. exchange value

9.

What to Value in Business Valuations? (Бизнес как объект оценки)

Number of pages: 30 Posted: 15 May 2008 Last Revised: 15 Apr 2009
Andrey Igorevich Artemenkov, Georgiy Ivanovich Mikerin and Anton Romashevski
GUU-State University of Management, State University of Management - Department of Economic measurements and The Moscow Interbank Stock Exchange (MICEX)
Downloads 214 (145,524)

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Illiquid assets valaution, Private vs. public business valaution, Discount rates, CAPM, M&M propositions, Valuation standadds

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illiquid assets valuation, (оценка стоимости неликвидных активов, ставки дисконтирования, CAPM, анализ ДДП, Модели Гордона, Инвуда, Хоскольда)

11.

The Cost Approach Triad in Property Valuation

Number of pages: 3 Posted: 12 Oct 2008
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 180 (170,808)

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property valuation and appraisal, calculation of worth, replacement and reproduction costs, long run costs, DRC

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Notion of illiquidity, Discounts for lack of marketability or control in business valuations, levels-of-value diagram

13.

History of Methodology in the Professional Valuation of Capital

Number of pages: 55 Posted: 09 Nov 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 163 (186,101)
Citation 2

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Methodological history of Professional Valuation, Positivist revolution in Valuation, Neoclassical roots of the Professional Valuation methods, Public and Macroeconomic role of the Professional Valuation

14.
Downloads 156 (193,251)

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Professional Valuation, Investment Financial Valuation, illiquid assets, CAPM, DLOM, real options, contingent valuations

15.

Concepts of Value, Price and Valuation in Antiquity and Medieval World: A Note for Professional Valuers

Number of pages: 18 Posted: 14 Dec 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 153 (196,423)

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History of value concepts in Antiquity, The nature of value and price, Valuation and interest-rate thought in pre-capitalistic societies

16.

From Roadrage to Roadmap: Functional Approach to Valuation Standard-Setting and Professional Valuation Standards: The Case of Russia

Presented at the 44th IOV National Seminar concurrent with the 6th International WAVO Congress 27-29 December, 2013 Chennai, India
Number of pages: 31 Posted: 05 Jan 2014
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 129 (225,408)

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Russian Valuation Profession, Valuer Professional Standards, valuation policy, functional finance, Mortgage lending value

17.

Pricing and Valuation on the Capital Markets: How to Clear the Fallout?

Number of pages: 13 Posted: 10 Feb 2009
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 125 (230,929)

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Social ends of capital markets, Market processes: investment vs. speculation, Keynesianism vs. Modern Financial Economics, New Architecture for economic measurements, rating and valuation, Types of Methodology for economic measurements

18.

Neoclassical and Postneoclassical Perspectives in Valuation Theory

Number of pages: 28 Posted: 04 Feb 2008
Andrey Igorevich Artemenkov and Vladimir B. Michailetz
GUU-State University of Management and Russian Society of Appraisers
Downloads 99 (272,602)

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neoclassic valuation theory, professional valuation and appraisal practice, three approaches to valuation, Highest and best use analysis, definition of Market Value, Russian and International Valuation Standards

19.

The Theory of Professional Valuation: Towards Postneoclassic Synthesis

Number of pages: 13 Posted: 16 Jan 2008
Andrey Igorevich Artemenkov and Igor Lvovich Artemenkov
GUU-State University of Management and State University of Management
Downloads 99 (272,602)

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Professional Valuation, Investment financial valuation, neoclassic economics, postneoclassic (neo-Austrian) economics, assets pricing models, bases of value

20.

Postneoclassical Movement in the Practical Theory of Valuation: The Trend from Value to Worth and the International Valuation Standards 2007

Russian Society of Appraisers Voproci Ocenki Quarterly, No. 4, pp. 2-10, 2007
Number of pages: 13 Posted: 24 May 2008
Andrey Igorevich Artemenkov and Igor Lvovich Artemenkov
GUU-State University of Management and State University of Management
Downloads 79 (313,976)

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neoclassical valuation theory, from value to worth movement, individual's worth, Nash equilibrium & transaction equilibria principles, gains from trade pricing models, Fair Value in Professional Valuation, Bases of Value in the International Valuation Standards 2007

21.

Professional Valuation at the Cross-Roads: The Policy of Methodology

Number of pages: 10 Posted: 14 Dec 2009 Last Revised: 08 Feb 2010
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 61 (361,425)

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Methodology of Professional Valuation (modern features of), Valuation Profession in Russia, Macroeconomic valuation policy

22.

Overview of Professional Valuation in Russia at the Juncture of its 20th Year of History.

PVAI International Valuation Conference Madurai, India, August 16-18th 2013
Number of pages: 18 Posted: 05 Aug 2014
Andrey Igorevich Artemenkov and Igor Lvovich Artemenkov
GUU-State University of Management and State University of Management
Downloads 40 (433,510)

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Appraisal qualifications, Cultural Influences on Appraisal Methodology, The Federal Valuation Standards (FSO), International Valuation Challenges, The Institution of Costs and Works Accountants of India (ICWAI), The Practicing Valuers Association of India, The Russian society of Appraisers, The Nat

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Professional Valuation industry in Russia, Public functions of Economic Meassurements, Self-regulated professional valuation organizations (SRPOs), Russian Valuation Reform 2007, National Valuation Standards

24.

The Transactional Asset Pricing Approach (TAPA): A new framework for valuing illiquid-income producing assets.

Forthcoming, ANEVAR Valuation Journal
Number of pages: 7 Posted: 23 Mar 2019 Last Revised: 07 Aug 2019
Vladimir B. Michailetz and Andrey Igorevich Artemenkov
Russian Society of Appraisers and GUU-State University of Management
Downloads 38 (441,759)

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Transactional Asset Pricing Approach (TAPA), Fair Value, valuation theory, DCF, Direct Income capitalization, Gordon model, Inwood, Hoskald, Ring, time-variant discount rates

25.

The Santuago School of Cognition - or How We Reflect the World?

Number of pages: 14 Posted: 01 Oct 2008
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 38 (441,759)

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Santuago School of Cognition, epistemological process, Social consensual domains

26.

The Transactional Asset Pricing Approach: Its Application in Professional Business Valuation and Fair Value Theories

TALK TO IVSC-ANEVAR INTERNATIONAL BUSINESS VALUATION CONFERENCE Bucharest, Romania, 7 Sept, 2018
Number of pages: 27 Posted: 30 Aug 2018
Vladimir B. Michailetz and Andrey Igorevich Artemenkov
Russian Society of Appraisers and GUU-State University of Management
Downloads 36 (450,134)

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Transactional Assets Pricing Approach (TAPA), Direct Income Capitalization, DCF Analysis, Economic Measurements, Multi-Period Discount Rates, Gordon Growth Model, Income Approach, Investment-Financial Valuation, Inwood Model, Ring Model, Professional Valuation, Valuation Benchmark

27.
Downloads 32 (467,767)

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Economic Measurements, Investment-Financial Valuation, Professional Valuation, the Assessment of Efficiency of Investment Projects, Transactional Asset Pricing Approach, Fair Value Procyclicality, Fundamental Value

28.

Professional Valuation as a Field within Economic Measurements: Its Bases of Valuation and Other International Standardization Challenges

Number of pages: 8 Posted: 22 Sep 2017 Last Revised: 24 Sep 2017
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 28 (487,697)
Citation 2

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Accounting measurements, Professional Valuation, Investment-Financial Valuation, bases of value, Market value, Fair value, Equitable value, International Valuation Standards, European Valuation Standards

29.

Y.Kozir & Panferov: A Dispute between Little-Ender and Big-Ender?

Number of pages: 4 Posted: 15 May 2008
Andrey Igorevich Artemenkov
GUU-State University of Management
Downloads 22 (521,191)

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CAPM, risk premia, real discount rate, inflationary adjustments, Fisher real interest rate approach

30.

Liquidation Value Basis in the Context of Exposure Periods: A Deductive Model

Posted: 07 Nov 2009 Last Revised: 24 Feb 2019
Vladimir B. Michailetz and Andrey Igorevich Artemenkov
Russian Society of Appraisers and GUU-State University of Management

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Liquidation value, forced sale discounts, optimal exposure periods, seller indifference (SI) curve, market indifference (MI) curve, optimal LTV ratios, elasticities of transaction intensity

31.

Proposal for the Development of the National Valuation Standards for Russia

Posted: 12 Dec 2008
Andrey Igorevich Artemenkov
GUU-State University of Management

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Russian Federal Valaution Standards, Statutory Valaution