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).
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.
Václav Klepáč, David Hampel
The best defense against existential problems of a company appears to be good ﬁnancial health, based on a satisfactory ﬁnancial situation. If, however, considerably weakened, the company gets into ﬁnancial distress, which may turn into a ﬁnancial crisis and end up in bankruptcy. The primary means, by which we would be informed about the condition of the enterprise, are bookkeeping data of a company. From there, based on ﬁnancial analysis, we can identify scenarios leading to good management decisions and, consequently, to the ﬁnancial health of the company.
Matus Kubak, Andrea Tkacova, Armenia Androniceanu, Manuela Tvaronavičienė, Eva Huculova
Financial literacy (FL) represents a basic and inevitable skill that is important for human existence in the 21st century. In recent years, there are evident activities in a support of ﬁ nancial education especially from the European Commission (EC) side. The EC issued “The Communication on Financial Education” report. This report explicitly states economic and social advantages of a higher level of FL as well as fundamental principles of ﬁnancial education control according to the chosen procedures (European Commission, 2007).
Boris Radovanov, Aleksandra Marcikić
Technical analysis is an approach to predicting future prices based on detecting regularity patterns in prices, volume and other market indicators. It ordinarily proceeds by noting market activity in some graphical form and then deducing possible future trends from the observed historical data. This paper stands on the postulate that stock prices manifest various regularities; once these regularities are identiﬁed, technical analysts and/or market participants should be consulted about what is likely to happen next.