CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

In this paper, we have presented a corporate valuation model. The model combine several valuation methods in order to get more accurate results. To determine the corporate asset value we have used the Gordon-like two-stage asset valuation model based on the calculation of the free cash flow to the firm. We have used the free cash flow to the firm to determine the corporate market value, which was calculated with use of the Black-Scholes option pricing model in frame of the two-dimensional Monte Carlo simulation method. The combined model and the use of the two-dimensional simulation model provides a better opportunity for the corporate value estimation.corporate valuation, free cash flow to the firm, real options, Black-Scholes option pricing model, two-dimensional Monte Carlo simulation, R statistics

The comparative analysis of Romanian and Hungarian stock market indices and exchange rates

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Az Észak-Alföldi regió élelmiszer-kiskereskedelmi vállalatainak kockázatelemzése

Based on the financial ratios of analyzed companies we were performed a risk analysis, highlighting the degree of operational and financial leverages and the degree of combined leverage combining preceding ratios. We introduced a new aspect of the risk concept which began to spread in recent times. In the interest of to be able to analyse together cross-sectional and time series data, panel regression model was used. The panel regression is an extension of the multivariate linear regression interpreted as a multi-level model. In our study, the panel regression was used for analysis of food retailer companies, in the Northern Great Plain region's counties, in the period 2009-2014.A vizsgált vállalatok pénzügyi mutatóira alapozva kockázatelemzést végeztünk, kiemelve a működési és a pénzügyi kockázati fok mutatókat, illetve azokat kombinálva a kombinált vállalati kockázati fokot. Bemutattuk a kockázat fogalmának egy új aspektusát, amely az utóbbi időben kezdett elterjedni. Annak érdekében, hogy a keresztmetszeti és az idősor adatokat együtt tudjuk vizsgálni, panel-regressziós modellt használtunk. A panelregresszió a többváltozós lineáris regresszió kiterjesztése és egy többszintű modellként is felfogható. Tanulmányunkban a panel-regressziós elemzést az Észak-Alföld régió kiskereskedelmi tevékenységet folytató vállalkozásainak vizsgálatára használtuk, a 2009-2014-es időszakot figyelembe véve

Fraud detection by testing the conformity to benford's law in the case of wholesale enterprises

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Financial performance of Hungarian and Romanian retail food small businesses

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A forgótőke menedzsment jelentősége a vezetői döntésekben = Importance of circulating capital management in the managerial decisions

As a consequence of the economic crisis, the access to external financing sources has significantly narrowed down and the creditors have become much more cautious as well. This means that the parties ensuring external sources more thoroughly analyse the parties demanding sources and the ones requiring sources need to be more aware of their own positions and have to know their financing opportunities from internal sources. Ensuring the internal sources at an adequate level and the continuous financing of a corporation's activity are closely related to the circulating capital management. The circulating capital is of fundamental importance in order to determine the short-term financial situation of corporations. One key area of the circulating capital management is the liquidity management i.e. the continuous maintenance of solvency since it is the guarantee of a corporation's survival in the short term and it also establishes the long-term development. During the financial analysis of enterprises, we can often meet the problem that the liquidity indicators show incorrect values, at the same time, its indications are not visible in the corporate operation yet. Other times, a reverse situation occurs, that is, the liquidity indicators of an enterprise are adequate, yet the firm has payment problems. Why do these situations exist? In the study, we try to find a solution to that how such indicator values can be obtained which more accurately indicate the current solvency situation of a corporation

Analysis of the Notes to the Financial Statement Related to Balance Sheet in Case of Hungarian Information-Technology Service Companies

The main aim of the study to examine the extent to which the companies of a specific Hungarian sector fulfil their obligation to provide information in their notes to the financial statements as stipulated by the Accounting Act. Accordingly, it should be examined whether the notes to financial statements contains the required data regarding the balance sheets of companies investigated. For the analyses, it was used the notes to the financial statement of 8,226 companies with Hungarian headquarters, which are regulated by the Hungarian Accounting Act and which have information-technology services as the main business activity. It was investigated 95.78% of the financial reports containing the notes. The analysis was performed using text mining method, utilizing every available notes to the financial statement of the sector. Findings of the study reveal that the amount of published information shows greater and lesser differences and in many cases, the quantity of published data does not fulfil even the minimal obligations stipulated legally.JEL Codes - M41; C1