Aktuální články z financí


CROSS-BORDER ACQUISITIONS IN CENTRAL AND EASTERN EUROPE WITH FOCUS ON RUSSIA VERSUS GERMANY DEALS: AN EMPIRICAL ANALYSIS

Cross-border mergers and acquisitions (M&As) have gained popularity over the last two decades (Erel, Liao, & Weisbach, 2012). They have become a dominant form of foreign direct investment in world economy (Zhu, 2011). Research on this type of expansion strategy, however, has not kept pace with this trend and it is highly fragmented, leaving gaps that need to be addressed (Collins et al., 2009). The area of cross-border acquisitions in Central and Eastern Europe, which is also of interest in this paper, represents such a gap.
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MEASURING FINANCIAL INTERMEDIATION: A MODEL AND APPLICATION TO THE SLOVAK BANKING SECTOR

Martin Boďa, Emília Zimková

Several factors may be earmarked as vital to smooth and successful working of a developed economy; and one of these factors is the financial system, which provides valuable services to the economy and its stability is always deemed imperative to the stability of the entire economy (e.g. Beck et al., 2014, p. 1-2). This laudatory statement is by no manner diminished by the fact that there is – at it happens – a scattered mosaic of opposing opinions to what extent a sound financial system is actually important to economic growth (Levine, 1997; Thiel, 2001). The key function of the financial system in an economy is “to channel savings to investment” (Thiel, 2001, p. 7), or – putting it differently – to connect agents with surplus funds to those who are in deficit, which are merely two different ways to describe the essence of financial intermediation. The definition is suggestive that financial intermediation should be assessed by comparing how surplus funds are matched against deficit needs.
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INDEXING FINANCIAL REPORTING INFORMATION FOR HERITAGE MANAGEMENT

Nabiela Noaman, Hassan Ouda, Johan Christiaens

The way ‘Heritage Assets’ are preserved is a symbol of a country’s civilization (Shan, 2006). Heritage assets (HA) are of utmost significance to shaping nations’ identities. Their significance is derived from their historical, aesthetic, scientific and social values. They should be well preserved to continue offering social benefits for an indefinite period (Barton, 2005). Countries possessing rich legacies of HA should manage them properly to evade negligence and loss of such irreplaceable possessions. Thus, governments are responsible for safeguarding HA and ensuring their retention for future generations.
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FISCAL DECENTRALIZATION DETERMINANTS: ANALYSIS OF THE EU COUNTRIES´ CLUSTERED SAMPLE IN PERIOD 1995-2015

Lenka Maličká, Slavomíra Martinková

In industrial and developed countries, the restructuring of public sector increased the importance of fiscal decentralization in the second half of 20th century. In Eastern Europe its implementation delayed to the 1990´s. The decentralization of decision-making powers was supported by the fiscal federalism theory in the 1950´s and 1960´s (Oates, 2005) developed by Samuelson (1954; 1955), Tiebout (1956), Musgrave (1959). In this period many famous authors as Olson, Buchanan, etc. published their ideas in the field of collective action (Zabkowicz, 2017). Famous is also the decentralization theorem formalized by Oates (1972) and the Leviathan hypothesis elaborated by Brennan and Buchanan (1980).
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THE INFORMATION CONTENT OF SHARE REPURCHASES – EVIDENCE FROM POLAND

Elżbieta Wrońska-Bukalska, Bogna Kaźmierska-Jóźwiak, Jiří Rozkovec

Share repurchase is a phenomenon that has recently been thoroughly studied around the world. Despite being seen as a substitution for dividends and a tool for distributing excess cash, it would appear that there are more reasons for repurchasing shares and more complex problems than only distributing excess cash to shareholders. The bulk of the research concerns the market reaction to the announcement and implementation of share repurchase programmes. We attempt to ascertain the market reaction to the announcement of share repurchases and to determine the reasons for the reaction. We assume that share repurchase programmes might be explained by the agency theory or signalling theory. We expect that share repurchases convey valuable information to the investors because of the separation of ownership and management. We seek to identify what kind of information the share repurchase conveys.
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