Aktuální články z financí


THE DOWNSIDE RISK APPROACH TO COST OF EQUITY DETERMINATION FOR SLOVENIAN, CROATIAN AND SERBIAN CAPITAL MARKETS

Mirela Momcilovic, Dejan Zivkov, Sanja Vlaovic Begovic

The cost of equity represents significant input in the investment process evaluation, company valuation or in the process of an acquisition. In developed countries, the cost of equity is usually determined on the basis of Capital Asset Pricing Model – CAPM (Sharpe, 1964; Litner, 1965) according to which in the state of market equilibrium investors expect return from the security proportional to its systematic risk. The model uses beta coefficient of secutity as a measure of systematic risk. The CAPM disregards unsystematic risk, because the model assumes that investors hold highly diversified portfolios, which enable investors to eliminate unsystematic risk (see Wagner & Lau, 1971; Klemosky & Martin, 1975). Investors at developed markets, besides CAPM often use some other asset pricing models, like Arbitrage Pricing Model (Ross, 1976) or Fama-French Three-Factor Model (Fama & French, 1992; 1993).
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WHY DO SOME MUNICIPALITIES APPLY ACCRUAL-BASED RULES MORE THAN OTHERS? EVIDENCE FROM TURKEY

Selver Seda Ada, Johan Christiaens

In recent decades, public sector accounting reforms have been one of the most striking aspects of the adoption of New Public Management (NPM) (Lapsley & Pallot, 2000; Christensen, 2007; Christensen & Parker, 2010; Ball & Craig, 2010; Pollanen & LoiselleLappointe, 2012). Accrual accounting, which is closely related to public-sector accounting reforms, has been studied in various contexts from various perspectives (Pallot, 1994; Shand, 1990; English, Guthrie, & Carlin, 2000; Ryan, 1998; Carnegie & Wolnizer, 1995; Barton, 1999; Carnegie & Wolnizer, 1999; Salinas, 2002; Carlin, 2005).
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THE IMPACT OF SOVEREIGN WEALTH FUND OWNERSHIP ON THE FINANCIAL PERFORMANCE OF FIRMS: THE EVIDENCE FROM EMERGING MARKETS

Dariusz Urban

Sovereign Wealth Funds (SWFs) are still considered to be new-born institutional investors, in international financial markets, as well as innovative investment vehicles, despite their relatively long history. Several funds have been operating at a global level for more than fifty years, however the number of those created after the year 2000 represents the majority of the total in existence. For many years, these state-run funds have been almost anonymous investors, existing in the shadows, maintaining a low profile in the public eye. SWFs have been regarded as investment vehicles established in order to manage, in a rational and profitoriented way, pools of national wealth for future generations.
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FACTORS AFFECTING SENSITIVITY OF COMMERCIAL BANKS TO BANK RUN IN THE VISEGRAD COUNTRIES

Pavla Klepková Vodová, Daniel Stavárek

The recent financial crisis has shown that liquidity risk plays an important role in the contemporary financial system. This is especially true for economies that are traditionally based on banks and credit markets. A liquidity shock may propagate through a real channel or an information channel and then affect the entire financial system (Frait & Komárková, 2011). As a systemic banking crisis can have costly consequences such as declines in gross domestic product growth, real house prices and real equity prices and increases in unemployment rate, real public debt, among other effects (Reinhart and Rogoff, 2009), it is not surprising that most regulators, policymakers and academics devote significant attention to various aspects of liquidity risk measurement and management.
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DIMENSIONS OF LIQUIDITY AND THEIR FACTORS IN THE SLOVENIAN BANKING SECTOR

Jana Laštůvková

The interest in bank liquidity has grown significantly in recent times not only among regulators, but in authors’ studies as well. The trigger mechanism was mainly the recent global financial crisis, where a number of systems faced liquidity problems. On the basis of the crisis, the regulation on the part of the Basel Committee (Bank for International Settlements, 2010) in the area of liquidity has increased. The Basel Committee proposed the introduction of two liquidity indicators: the LCR (Liquidity Coverage Ratio) and the NSFR (Net Stable Funding Ratio), which the member states must obligatorily fulfil based on European law.
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