CEEOL - Search Result

COST BUDGETING METHODS IN CONSTRUCTION PROJECTS IN POLAND

Author(s): Piotr Tworek,Dorota Adamek-Hyska / Language(s): English / Publication Year: 0

Keywords: costs; cost budgeting methods; construction projects; construction industry; Poland;

The methodical approach to project cost management in the construction industry requires the knowledge of accounting principles applicable to cost calculations. Such knowledge helps toexert actual control over expenses incurred on the execution of a construction investment project.

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IMPACT OF SELECTED FACTORS ON THE DIVIDEND POLICY OF JOINT-STOCK COMPANY

Author(s): Radim Gottwald / Language(s): English / Publication Year: 0

Keywords: dividend policy; dividends; information asymmetry; dividend irrelevance theory; dividend payout; dividend growth;

The paper focuses on impact of selected factors on the dividend policy of joint-stock company. Especially, there are analyzed the factors like information asymmetry, managerial signaling motives and preferences of controlling stockholders. At the beginning of the paper, different types of the dividend policies are characterized. Then individual factors, which havean influence on dividend policy, are presented, including level of the influence.

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DETERMINATION OF THE GENERAL VALUE OF SELECTED ENGINEERING ENTERPRISES

Author(s): Igor Hudak,Eva Kafkova / Language(s): English / Publication Year: 0

Keywords: general value of the enterprise; business method; engineering companies; generated cash flows; sustained value of enterprise; weaknesses of business method;

In calculating the technical efficiency of manufacturing companies is necessary, regard to the input and output variables of the model, to choose the appropriate method of calculating the general value of the enterprise. The aim of this paper is to present a business method as the most appropriate method of calculating the general value of the enterprise. As benefit of this paper we considered the evaluation of results calculated with business method, the identification of method weaknesses and generalization of knowledge for the whole group of engineering companies.

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THE ALTERNATIVE INVESTMENT FUNDS MANAGERS DIRECTIVE AND THE REGULATION ON VENTURE CAPITAL FUNDS - SELECTED COMMENTS

Author(s): Zdenek Hustak / Language(s): English / Publication Year: 0

Keywords: AIFMD; investment funds; private equity; venture capital; regulation;

The Alternative Investment Funds Managers Directive (AIFMD) published in July 2011 aims to capture all diverse forms of funds which have not been previously subject to the harmonised UCITS rules in the EU. The AIFMD represents two tier systems - harmonised regime for managers of AIFs above certain limit of assets under management (AuM) and less demanding national regime for smaller players.

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AGENCY THEORY AND ITS APPLICATION IN THE BUSINESS OF THE FINANCIAL SECTOR IN SLOVAKIA

Author(s): Erika Mária Jamborová / Language(s): English / Publication Year: 0

Keywords: agency theory; the financial sector; banking industry; financial and economic crisis; regulation;

Our contribution focuses on the concretization and implementation of the agency theory interms of the economic practice, under the influence and impact of the financial and economic crisis. It is intended to define the different roles, which are significantly affecting business entities in the financial sector, in characterizing not only the traditional roles - investor manager-employee-client, but also the role and position of the state as the regulator of the financial industry sector.

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THE EFFECTS OF DOMESTIC AND FOREIGN ENTERPRISES’ FINANCIAL ACTIVITY IN HOST COUNTRY ECONOMY – COMPARATIVE ANALYSIS

Author(s): Magdalena Jasiniak / Language(s): English / Publication Year: 0

Keywords: the effects of financial activity; financial analysis; foreign enterprises’ activity;

The main purpose of this article is to compare the financial effects of foreign and domestic enterprises’ activity in the host country economy including domestic enterprises producing only for the internal market and domestic enterprises producing on both the domestic market and foreign markets. As a result of the researches carried out by the author of this article: a survey and a comparative analysis of the enterprises’ financial data it appeared that Polish enterprises producing both for the internal market and external markets are able to compete successfully with foreign firms on the domestic scene.

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DISPOSITION EFFECT: DO HUNGARIAN INVESTORS KEEP THEIR MISTAKES?

Author(s): István Joó,Mihály Ormos / Language(s): English / Publication Year: 0

Keywords: disposition effect; behavioral finance; market efficiency;

In our paper, we examine disposition effect known from behavioral finance, according to investors kept their losing positions too long and close their winning positions too early. Analyzing individual transactions of Hungarian higher education students in 2009 and 2010 –based on realized and non-realized gains and losses – we came to conclusion that investors participating in the researches were inclined to disposition.

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CLAIM PAID POSITION IN RANK OF ALTERNATIVE SOURCE OF FUNDING

Author(s): František Kalouda / Language(s): English / Publication Year: 0

Keywords: Claim paid; parameters; comparison;

Paper discusses the evaluation of the claim paid as a source of financing of business activities. It notes the current situation in which claim paid is in the literature of mainstream theory of corporate finance as a source of financing practically absent. The paper analyzes the key factors in the characteristics of the sources of funding sources used and assess this resources by simple statisical method (frequency test). It compares the selected sources of funding to the claim paid as well as to the volume (size of source).

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THE BANKING SECTOR UNDER THE CONDITIONS OF THE CRISIS

Author(s): Martin Vovk,Mária Klimiková / Language(s): English / Publication Year: 0

Keywords: Financial crisis; the banking sector; impacts of crisis; contributions; mortgage; credit; account receivable; profitability of banking sector;

Long-term imbalance of the largest economies, which is crossing sustainable limits, global overbalance in global markets and ideas that internal self-regulatory devices of banking system are sufficient, led to outbreak of financial crisis, which has had global character. The aim of the paper is to analyze the impact of crisis on banking sector and pointing out on the influence of banking sector to creation of the financial crisis.

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AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION

Author(s): Veronika Krsikova,Lukasz Rybka / Language(s): English / Publication Year: 0

Keywords: audit risk; audit profession; business risk; ethics of auditor;

The economic life is closely associated with the audit profession that is accompanied by audit risks. These risks are usually determined by business risks. All accounting units are subject tothe business risks while carrying out their business activities. The accounting unit management is responsible for identifying potential risks and responding appropriately. The audit profession might eliminate these risks. The auditor is focused on the risks which may affect the financial statements due to the fact that not all risks concern a preparation of financial statements.

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BANKS AND CASH MANAGEMENT

Author(s): Jan Krajíček / Language(s): English / Publication Year: 0

Keywords: Bank Cash Management; Cash Pooling; Cash Collection;

One of the major components of banking, which has its own historical traditions, is primarily a commercial bank - the financing of large firms and the problems that are associated with it. It involves a two areas, both our own bank marketing, creation of new banking products and their further use, while the satisfaction of bank customers. In particular, the large bank clients are crucial - their meaning is not, I'll just their size, but also many other clients who are strings attached, be it retail as well as well as corporate clientele.

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CHANGES IN REPORTING OF GOODWILL IN MERGERS & ACQUISITIONS

Author(s): Zuzana Křížová,Eva Hýblová / Language(s): English / Publication Year: 0

Keywords: Accounting standards; disclosure of intangibles; goodwill; intangible assets; mergers and acquisitions; reporting;

Recent growth of the service sector and of the information technology- related business, along with the dramatic increase in the number and size of mergers and acquisitions, has made accounting for intangible assets very significant, especially in the field of reporting of goodwill. Comparative analysis is focused on the differences between IFRS, US GAAP accounting procedures and Czech accounting legislation. Main areas of analysis and synthesis are the identification of mehods for goodwill recognition and reporting. The result is to recommend more broadly voluntary disclosure in the reported financial statements of companies.

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TAX PROGRESSION AS AN INSTRUMENT OF INCOME REDISTRIBUTION

Author(s): Katarzyna Lewkowicz-Grzegorczyk / Language(s): English / Publication Year: 0

Keywords: personal income tax; progression; redistribution;

Empirical studies confirm that progressive personal income tax can become an important instrument of income redistribution. The purpose of this paper is to demonstrate how income redistribution criteria can influence the structure of income tax. After examining the nature of and reasons for the redistribution of income, the author provides analysis of the Polish personal income tax system.

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INVESTIGATION OF THE WEEKEND EFFECT ON THE PRAGUE STOCK EXCHANGE

Author(s): Oleg Deev,Martin Cupal,Dagmar Linnertová / Language(s): English / Publication Year: 0

Keywords: EMT; weekend effect; close to close; PSE;

Since the 1980's numerous studies based on historical data have shown that stock returns depend on the day of the week. So called weekend effect suggests that stock returns on Mondays are often significantly lower than those of the immediately preceding Fridays. In this proceeding we will apply the analysis of the weekend effect on the Prague Stock Exchange.

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THE METHODOLOGY FOR THE RISK DETECTION IN NON-PUBLIC COMPANIES. RUSSIA, NRU HSE

Author(s): Vasilisa A. Makarova / Language(s): English / Publication Year: 0

Keywords: the requirements for the risk classification; flexible and adaptable classification; business process risk groups;

Risk-management and financial management are going to become the main components of corporate economic governance, for all the existing theories of financial management consist both of financial analysis, planning, and the allowance of the implied volatile of further incomes and costs. According to the methodology of a systematic analysis, ERM system must be presented as a multi-level system, which involves all employees in the process of risk management.

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THE IMPORTANCE OF OFFSHORE FINANCIAL CENTRES IN THE FINANCIAL SYSTEM IN THE TIMES OF CRISIS

Author(s): Magdalena Markiewicz / Language(s): English / Publication Year: 0

Keywords: offshore financial centres; multinational corporations; globalisation; offshore banking; tax competition; crisis;

The goal of the article is to verify the significance of offshore financial centres (OFCs) interms of destabilization of the international financial system. Statistical data confirm that many multinational corporations hold the headquarters in the countries offering some privileges and most of OFCs offer also low corporate taxes (CIT, VAT).

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EFFICIENCY OF ACCOUNTS RECEIVABLE MANAGEMENT IN POLISH INSTITUTIONS

Author(s): Grzegorz Michalski / Language(s): English / Publication Year: 0

Keywords: efficiency of decisions; accounts receivable management; entrepreneurial finance;

Accounts receivable management should contribute to realization of basic financial purpose of an enterprise which is the realization of such strategy which is linked with its owner (or its stake holders) wealth maximization. The enterprise performance and value maximization strategy realization is more effective when it is realized in the most efficiency way. It is also executed with a focus on risk and uncertainty (Gentry 1988, Michalski 2012). This paper presents the consequences that can result from operating risk to determine the level of accounts receivable in the enterprise.

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STRUCTURED PRODUCTS AND MODERN PORTFOLIO THEORY

Author(s): Petr Červinek,Peter Mokrička / Language(s): English / Publication Year: 0

Keywords: Structured products; certificate; return; risk; portfolio;

The subjects of this paper are structured products assessed in a portfolio context. The authors are trying to find ways to build a portfolio of financial instruments, which includes structured products. The construction of portfolio should be relatively simple. Therefore, the authors have chosen modern portfolio theory as the first approach. In this paper are demonstrated the possibilities of application of modern portfolio theory methods on the structured products.

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INVESTIGATION OF WEAK-FORM EFFICIENCY IN THE CEE REGION APPLYING VARIANCE RATIO TEST

Author(s): Mihály Ormos,Gábor Botár / Language(s): English / Publication Year: 0

Keywords: Market efficiency; CEE countries; Variance ratio test;

We test weak form efficiency for the Central and Eastern European stock markets applying variance ratio test. We investigate the price changes of seven CEE markets (Austria, Hungary, Estonia, the Czech Republic, Poland, Romania, Slovakia) for the period 1991-2011. In order to make the results for these markets directly comparable with results for other developed markets, Germany, United Kingdom and the USA were also incorporated. Our results present contrarian pricing behavior in the investigated countries while instead of the mean reverting (negative autocorrelation) pricing process experienced in the US or in the UK we measure positive autocorrelation especially in the early years of the investigated stock exchanges.

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ANALYSIS OF SKIMMING IN THE CZECH REPUBLIC AND PROTECTION TECHNIQUES AGAINST SKIMMING

Author(s): Gabriela Oškrdalová / Language(s): English / Publication Year: 0

Keywords: e-business; e-banking; security; risk; security risks; fraud; skimming; payment card;

The subject of the paper “Analysis of skimming in the Czech Republic and protection techniques against skimming” is an analysis of skimming in the Czech Republic, an identification of warning signs of skimming, a creating of a model of this type of fraud and an identification of the basic recommendations for payment card users to reduce security risks connected with using of payment cards.

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