The Dynamic and Changing Development of EERA Networks

In this article the authors use two EERA networks as a case for a discussion on the development of research networks within the European Educational Research Association (EERA). They contend that EERA networks through their way of working create a European research space. As their case shows, the development of networks is diverse. The emergence of networks and the current group of thirty-one networks do not display a coherent and unified system. Thus they argue that EERA networks have to be studied as an open complex system in order to comprehend the multiplicity and creative and innovative space that these networks represent. They create a space for knowledge production in a European context, enabling educational researchers to see and experience their research in a more diverse setting.

Loop openness: a video reflection on the open work of art

The objective of this article is to reflect on the video art work in its loop production to perceive the possibility of it being received as an open work. In order to contextualize this reflection the text is anchored in the concept of image-crystal from Gilles Deleuze. For the purpose of empirically explore theoretical concepts such as video art, open work and image-crystal it was produced a practical project of video art that intends to reflect on the notion of time in a context of a loop exhibition. Therefore this project aims to motivate the reflection on the loop as a mechanism to contour the ephemeral character of video art and, at the same time, it seeks to emphasize questions about the element of multiplicity and plurality in art. It is a scientific and artistic project in which the practical component supports the dialectic between theory and practice, action and reflection. In this sense, based on the video entitled "The Walk" this article demonstrates how the theoretical concepts were used to support the artistic creation. Finally the conclusions sustain that the work of video art, when presented in loop, is a creative and expository strategy which encourages multiple interpretations that vary according to the narrative, the context in which it takes place and the attitude and the background of the spectator.

Determinants of Terminal Value in the Evaluation of Companies: A Panel Data Approach to the Context of European Companies.

The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.

The Terminal Value (TV) Performing in Firm Valuation: The Gap of Literature and Research Agenda

The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value (TV). There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.