Aktuální články z financí


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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PREDICTING BANKRUPTCY OF MANUFACTURING COMPANIES IN EU

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.
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FINANCIAL LITERACY OF STUDENTS IN CHOSEN UNIVERSITIES – RESEARCH PLATFORM FOR REGULATORY PROCESSES OF EDUCATIONAL SYSTEM IN SLOVAKIA

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).
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BOOTSTRAP TESTING OF TRADING STRATEGIES IN EMERGING BALKAN STOCK MARKETS

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.
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