Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 19 (2015) 314 –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¶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±DQRIILFHEXLOGLQJDVSDUWRIDUHDOSURSHUW\GHYHORSHU¶VIL[HGDVVHWVSRUWIROLR±DQGLL DYHVVHO±D +DQG\PD[DVSDUWRIWKHIL[HGDVVHWVRIDVKLSSLQJFRPSDQ\±LQRUGHUWRH[SORUHWKHUHODWLRQVKLSEHWZHHQWKHVHPHWKRGVZKHQ DSSOLHG WR WKH YDOXDWLRQ RI IL[HG DVVHWV DQG KRZ WKHVH PHWKRGV FRUUHODWH ZLWK HDFK RWKHU )ROORZLQJ WKH DERYH PHQWLRQHG SURFHGXUHRXUDLPLVWRSURYLGHDQVZHUVWRWKHIROORZLQJTXHVWLRQVL µZKLFKGHSUHFLDWLRQPHWKRGLVPRUHDSSURSULDWHWREHXVHG DVWKHDFFRXQWLQJPHWKRGIRUIL[HGDVVHWV"¶DQGLL µLQZKDWZD\WKH/&&PHWKRGRORJ\LVDVVRFLDWHGZLWKGHSUHFLDWLRQPHWKRGV DQGPRUHEURDGO\ZLWKDFFRXQWLQJPHWKRGVDQGSUDFWLFHV"¶ 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license 6HOHFWLRQDQGRU3HHUUHYLHZZLOOEHXQGHUUHVSRQVLELOLW\RI'HSDUWPHQWRI$FFRXQWDQF\DQG)LQDQFH(DVWHUQ0DFHGRQLDDQG (http://creativecommons.org/licenses/by-nc-nd/4.0/). 7KUDFH,QVWLWXWHRI7HFKQRORJ\.DYDOD*UHHFH will be under responsibility of Department of Accountancy and Finance, Eastern Macedonia and Peer-review Thrace Institute of Technology, Kavala, Greece. .H\ZRUGV)L[HG$VVHWV'HSUHFLDWLRQ0HWKRGV/&&$FFRXQWLQJ &RUUHVSRQGLQJDXWKRU7HOID[ (PDLODGGUHVVNRQVWDQWLQRVOLDSLV#SDQWHLRQJU 2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review will be under responsibility of Department of Accountancy and Finance, Eastern Macedonia and Thrace Institute of Technology, Kavala, Greece. doi:10.1016/S2212-5671(15)00032-5 Konstantinos J. Liapis and Dimitrios D. 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