58 research outputs found

    PŇô√≠stupy k interpretaci souńćasn√© hodnoty a nitŇôn√≠ √ļrokov√© m√≠ry v pŇôedmńõtu finance podniku

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    K z√°kladn√≠m principŇĮm Ňô√≠zen√≠ podnikov√Ĺch financ√≠ patŇô√≠ princip penńõŇĺn√≠ch tokŇĮ a princip souńćasn√© hodnoty. Oba principy mus√≠ b√Ĺt respektov√°ny pŇôi hodnocen√≠ efektivnosti investińćn√≠ ńćinnosti podnikŇĮ i procesu podnikov√©ho financov√°n√≠ pomoc√≠ velińćin ńćist√© souńćasn√© hodnoty a vnitŇôn√≠ √ļrokov√© m√≠ry. Nicm√©nńõ vysokoŇ°kolsk√° pedagogick√° praxe poukazuje na nedostatky ve schopnosti posluchańćŇĮ spr√°vnńõ tyto velińćiny interpretovat. ńĆl√°nek prezentuje modelov√© situace, jejichŇĺ aplikace v pedagogick√©m procesu by mohla pŇôispńõt k lepŇ°√≠mu pochopen√≠ metod kvantifikace a zpŇĮsobŇĮ interpretace zmiŇąovan√Ĺch velińćin

    Private Equity and Venture Capital: an Empirical Analysis

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    The paper deals with the analysis of the private equity and venture capital investment and divestment trends and activities on the European market, particularly on the market of Central and Eastern Europe (CEE), in times of economic crises 2007-2009. The analysis is based on the data published by the European Private Equity and Venture Capital Association (EVCA), the Czech Private Equity and Venture Capital Association (CVCA) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK). The economic crisis in 2008-2009 caused a rapid cooling of the European market. Private equity and venture capital management companies located in Europe have decreased significantly both investment and divestment activity. The economic crisis on CEE market showed a delay and a lower intensity in comparison with Western Europe. CEE market is, however, underdeveloped. This argument is supported by the data indicating annual investment and divestment value, and number of companies received private equity financing

    IPO ‚Äď Prvotn√≠ veŇôejn√° nab√≠dka akci√≠ jako zdroj financov√°n√≠ rozvoje podniku

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    Initial Public Offerings: The Relevance of the Market Timing Hypothesis Under Conditions of the Czech Capital Market

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    Abstract In this article, the authors study the relevance of the market timing hypothesis of going public, which tends to explain the lower post-issue operating performance of Czech initial public offerings. The data collected under the conditions of the Czech capital market are compared with the performance of companies selected from the main European stock exchanges, when they decided to adopt the IPO strategy. Achieving the objective required an empirical survey that involved a collection of accounting data in companies that had completed an initial public offer in the Czech capital market. The data were evaluated by financial performance measures. The comparisons were made using descriptive statistical methods. The research results broaden and deepen the present understanding of the market timing hypothesis in companies going public, particularly in the Czech Republic

    Gender Unemployment in the Czech and Polish Labour Market

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    Making use of EU-Labour Force Survey data, the authors estimated logistic regressions with a maximum likelihood method and found that gender unemployment risk was largely explained by human capital, marital status, receiving financial support, job experience and gender discrimination in both Poland and the Czech Republic. The gender unemployment risk gap amounted to 8% and 10% in Poland and the Czech Republic, respectively. Although the impact of marital status was significant and considerable, married wome in the Czech Republic benefited from their marital status on average three times less than men in the Czech Republic, and men and women in Poland. In both countries only women aged below 30 were ‚Äėrewarded‚Äô, while women beyond 50 years of age were penalized in terms of unemployment risk. As opposed to that, men up to 60 years old have their unemployment risk reduced all else equalled. The authors argue that this form of possible discrimination in some respects is a better measure of injustice than the commonly used pay gap and it constitutes an alternative dimension of ‚Äėgender inequality‚Äô. The results can contribute to better targeted policies against discriminatory practices by enhancing the career paths demanded in the labour market and by breaking the stereotypes rooted in the cultures of Polish and Czech societies

    Business angels and early stage decision making criteria: empirical evidence from an emerging market

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    How do business angels assess a prospective entrepreneurial firm when they make an investment decision? This article examines a central question that informal venture capitalists have been struggling with for decades: What early stage decision making criteria do investors define and apply to reduce the volume of potential deals to a more manageable size? Based on semi-structured interviews with business angels in an emerging market, we show that investors are focused on the industry structure and product features, on the other side, our results also suggest a very strong support for the personality of the entrepreneur and management team. More specifically, entrepreneur trustworthiness is an essential element affecting an investor’s decision to close a deal. Business angels set requirements in terms of the entrepreneur’s equity stake in the start-up and monitoring tools to prevent the failure of investee firms. Our findings suggest that if there are warning signs that the project is in an existential crisis, most of the investors will reject their participation. We believe that our empirical results support both researchers and practitioners to establish a better understanding between the well-developed financial theories and the underresearched informal venture capital market in a Central and Eastern European country

    Brand valuation: an innovative approach based on conversion ratios

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    We present a novel brand valuation method based on conversion ratios. The proposed approach uses brand-related parameters, which are usually accessible, however, the established brand valuation methods have not yet used them. These key parameters include the ability to acquire new customers and retain current customers. We argue that such parameters can be reflected through the cost of reaching new customers and retaining current customers. The method proposed relies on observable inputs, hence, it specifically addresses the limitation of the brand valuation methods defined so far. The method is based on the cost savings reached by the investors who acquire the brand. It can be applied in situations in which brand users reach average to below average results not admitting the application of incomebased approaches. Furthermore, the method is a suitable analytical tool supporting financial executives, analysts, and consultants while identifying contributions made by the brand. We test the concept on a model company within a case study. The method can be also a contribution in terms of the calibration and refinement of the existing approaches and will support both researchers and practitioners to improve the understanding between the already accepted brand valuation methods and novel perspectives on the issue
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