Andrey I. Artemenkov

Westminster International University in Tashkent (WIUT)

12 Istiqbol St

Tashkent, 100047

Uzbekistan

Ariel University

Israel

  • Westminster International University in Tashkent (WIUT)

  • Ariel University

SCHOLARLY PAPERS

39

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SSRN CITATIONS

4

CROSSREF CITATIONS

12

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

  • Westminster International University in Tashkent (WIUT)

  • Ariel University

Scholarly Papers (39)

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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 I. Artemenkov and Igor Lvovich Artemenkov
Independent, Westminster International University in Tashkent (WIUT) and State University of Management
Downloads 791 (58,494)
Citation 2

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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.

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

Number of pages: 16 Posted: 02 Apr 2009
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 590 (85,289)

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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)

3.

Valuation at the Time of Crisis: Methodological Issues

Number of pages: 16 Posted: 14 Dec 2008 Last Revised: 05 Oct 2009
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 552 (92,807)

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

4.

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

Number of pages: 22 Posted: 12 Nov 2009
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 531 (97,397)

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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

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 I. Artemenkov and Vladimir B. Michailetz
Westminster International University in Tashkent (WIUT) and Russian Society of Appraisers
Downloads 324 (171,845)
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.

Essay on the Integrated Theory of Business Valuation

State University of Management GYY, Vol. 1, No. 19, pp. 41-62, 2007
Number of pages: 24 Posted: 06 Feb 2008 Last Revised: 15 Jul 2023
Andrey I. Artemenkov, Igor Lvovich Artemenkov and Georgiy Ivanovich Mikerin
Westminster International University in Tashkent (WIUT), State University of Management and State University of Management - Department of Economic measurements
Downloads 274 (204,666)

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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

7.

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

Number of pages: 9 Posted: 20 May 2008
Andrey I. Artemenkov, Vladimir B. Michailetz and Igor Lvovich Artemenkov
Westminster International University in Tashkent (WIUT), Russian Society of Appraisers and State University of Management
Downloads 247 (226,904)

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

8.

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

Number of pages: 30 Posted: 15 May 2008 Last Revised: 15 Apr 2009
Andrey I. Artemenkov, Georgiy Ivanovich Mikerin and Anton Romashevski
Westminster International University in Tashkent (WIUT), State University of Management - Department of Economic measurements and The Moscow Interbank Stock Exchange (MICEX)
Downloads 244 (229,625)
Citation 1

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

9.

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

Number of pages: 13 Posted: 14 Dec 2008
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 243 (230,546)

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

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

11.

History of Methodology in the Professional Valuation of Capital

Number of pages: 55 Posted: 09 Nov 2009 Last Revised: 09 Jun 2021
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 216 (258,022)
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

12.

The Cost Approach Triad in Property Valuation

Number of pages: 3 Posted: 12 Oct 2008
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 213 (261,422)

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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

14.

A Financial Model Case Study: Creating a Regional Airline

Number of pages: 8 Posted: 20 Apr 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 200 (276,885)

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three statement financial model, flags in financial modelling, Free Cash Flow to the Firm (FCFF), Free Cash Flow to Equity (FCFE)

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 I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 199 (278,189)
Citation 1

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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.

On the Distinctions between the Professional Valuation and the Investment-Financial Valuation: Possible Explanations Considering the Present Revisiting the Concepts Drive - The Professional Valuation on its Way to Establishing its Niche in the General Spectrum of Valuations

Number of pages: 21 Posted: 16 Jan 2008
Andrey I. Artemenkov, Georgiy Ivanovich Mikerin and Igor Lvovich Artemenkov
Westminster International University in Tashkent (WIUT), State University of Management - Department of Economic measurements and State University of Management
Downloads 198 (279,478)
Citation 1

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

17.

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 I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 165 (328,416)

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

18.

Developing a 3-Statement Financial Model for Truck and Rail Operations (A Case Study)

Number of pages: 17 Posted: 08 Jun 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 157 (342,462)

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3-statement financial models, DCF analysis, investment project appraisal, Business valuation, investment schedule, financial modelling

19.

Neoclassical and Postneoclassical Perspectives in Valuation Theory

Number of pages: 28 Posted: 04 Feb 2008
Andrey I. Artemenkov and Vladimir B. Michailetz
Westminster International University in Tashkent (WIUT) and Russian Society of Appraisers
Downloads 157 (342,462)

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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

20.

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

Number of pages: 13 Posted: 10 Feb 2009
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 150 (355,615)

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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

21.

Applied Corporate Finance Textbook, Part 1 (Draft - 7 Chapters)

Number of pages: 186 Posted: 18 May 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 139 (377,863)

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Applied Corporate Finance; Capital budgeting, Modiglianni & Miller propositions, Evaluation of investment projects

22.

The Theory of Professional Valuation: Towards Postneoclassic Synthesis

Number of pages: 13 Posted: 16 Jan 2008
Andrey I. Artemenkov and Igor Lvovich Artemenkov
Westminster International University in Tashkent (WIUT) and State University of Management
Downloads 120 (422,881)

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

23.

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 I. Artemenkov and Igor Lvovich Artemenkov
Westminster International University in Tashkent (WIUT) and State University of Management
Downloads 107 (460,440)

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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

24.

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 I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 92 (509,781)
Citation 4

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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

25.

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

Number of pages: 10 Posted: 14 Dec 2009 Last Revised: 08 Feb 2010
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 88 (524,182)

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

26.

Coвременные течения в теориях Экономических измерений: анализ и макроэкономические последствия (Modern Developments within the Fields of Economic Measurements: Analysis and Macroeconomic Implications)

Number of pages: 53 Posted: 29 Mar 2019
Andrey I. Artemenkov and Olga Medvedeva
Westminster International University in Tashkent (WIUT) and The State University of Management - Department of Economic measurements
Downloads 81 (551,249)

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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

27.

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 I. Artemenkov
Russian Society of Appraisers and Westminster International University in Tashkent (WIUT)
Downloads 81 (555,338)

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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

28.

Review of the Russian Professional Valuation

Number of pages: 22 Posted: 08 Nov 2009 Last Revised: 15 Jul 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 69 (603,351)

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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

29.

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 I. Artemenkov and Igor Lvovich Artemenkov
Westminster International University in Tashkent (WIUT) and State University of Management
Downloads 56 (669,747)

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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

30.

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

Number of pages: 14 Posted: 01 Oct 2008
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 54 (681,077)

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Santuago School of Cognition, epistemological process, Social consensual domains

31.

Fair Value in the Professional Valuation: Concepts and Models

Artemenkov A.I.(2018) "Fair Value in the professional Valuation: concepts and models" , Int. J. Critical Accounting, Vol. 10, No.6, (2018), pp. 427-446
Number of pages: 20 Posted: 19 Jun 2020
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 49 (711,164)

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accounting measurements; equitable (fair) value; Venn-diagrammatic approach to valuation-bases; the international valuation standards; IVS; the European valuation standards; professional valuation; transactional asset pricing approach; TAPA; Galasyuk fair value theory.

32.

Applied Corporate finance textbook: Part 1 (draft)

Number of pages: 133 Posted: 11 Oct 2021
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 43 (750,413)

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Applied Corporate Finance, Capital budtgeting, Modiglianni&Miller propositions, Evaluation of investment projects

33.

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

Number of pages: 4 Posted: 15 May 2008
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 41 (764,383)

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

34.

Integrated Financial Modelling: A Case of Sea Launch

Number of pages: 12 Posted: 12 Jun 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 34 (816,807)

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Sea Launch, 3 Statement Financial Model, Auto-Fill Macros in Excel

35.

Market Value as a Specie of Public Value: Incorporation of Externalities, Including in the Context of the Azerbaijan Post-War Reconstruction Process

Number of pages: 9 Posted: 23 Jun 2023 Last Revised: 15 Jul 2023
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)
Downloads 28 (866,298)

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public value, market value, HABU, heritage assets, contingent valuation

36.

Analysis of the Optimal Service Lives of Trucks Under EUAC and Benefit-Based Methods: A Case-Study of a Road Tanker Fleet

Number of pages: 14 Posted: 21 Feb 2023
Andrey I. Artemenkov and Abdulaziz Djalilov
Westminster International University in Tashkent (WIUT) and Westminster International University in Tashkent (WIUT)
Downloads 23 (911,856)

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optimal service lives for equipment, Equivalent Uniform Annual Costs (EUAC) criterion, Smolyak criterion, trucks, modified cost benefits approach.

37.

Economic Measurements Today: A Textbook

Posted: 23 Jun 2020 Last Revised: 08 Sep 2021
Andrey I. Artemenkov
Westminster International University in Tashkent (WIUT)

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Economic Measurements, Accounting Measurements, Investment-Financial Valuation, Professional Valuation, Assessment of Eficiency of Investment Projects, Fair Value, Fundamental Value, Liquidity Effects

38.

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
Posted: 30 Aug 2018
Vladimir B. Michailetz and Andrey I. Artemenkov
Russian Society of Appraisers and Westminster International University in Tashkent (WIUT)

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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

39.

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 I. Artemenkov
Russian Society of Appraisers and Westminster International University in Tashkent (WIUT)

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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