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New Articles – Finance


ALTMAN MODEL VERIFICATION USING A MULTI-CRITERIA APPROACH FOR SLOVAKIAN AGRICULTURAL ENTERPRISES

Roman Vavrek, Petra Gundová, Ivana Kravčáková Vozárová, Rastislav Kotulič

a successful business is good knowledge of past and current trends, for the right long-term decisions to be made. According to Brealey et al. (2011), knowing where a company stands today is a necessary prelude to contemplating where the company might end up in the future. One of the options for supporting short-term and long-term decisions is financial analysis and financial ratios. Financial ratios have traditionally been indicators of a corporate’s overall performance (Rahman et al., 2017) and may help to quantify the potential impact of internal ratings on financial performance (Belas et al., 2012; Klieštik et al., 2020).
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SOVEREIGN CREDIT RATINGS AND ASIAN FINANCIAL MARKETS

Khansa Pervaiz, Zuzana Virglerová, Muhammad Asif Khan, Usman Akbar, József Popp

Sovereign credit rating (SCR) is an important utensil to judge the creditworthiness and competitiveness of an economy, which facilitates the potential investors to gain confidence in making investment decisions across the globe (Yang et al., 2019). It serves as a “credit passport” to investors to gain useful information about the financial markets in terms of dependable share prices, trim financial obstacles along with provocative effective investment (Mclean et al., 2012; Xu et al., 2019; Zhao et al., 2020). Higher SCR signals a relatively higher performance of companies/ economies (Cubas-Díaz et al., 2018). The efficient market hypothesis holds that financial markets are sensitive to new information, where a piece of information is translated into security prices, depending upon the development of such markets.
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THE USE OF INTERNATIONAL TAX PLANNING IN SUBSIDIARIES FROM THE FINANCIAL AND ICT SECTORS IN THE CZECH REPUBLIC

Vít Jedlička

the profitability of their company’s investments. They also encounter various types of costs – from the managerial perspective, these include paid taxes. Therefore, the management at multinational corporations takes advantage of the global digital economy and tries to plan tax liabilities in order to minimize them. Ignoring the opportunity to avoid taxes can result in a less competitive position. Tax planning has become an important tool for achieving better financial results. Within the global economy, the international aspect of tax planning is a key factor for multinational corporation management. The importance of tax burdens can also be seen in decision making on where to invest. Lower tax burdens can increase an investment’s profitability; therefore, managers incorporate rating tax legislation into their decision-making process for investment.
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AN ANALYSIS OF BOND MARKET LIQUIDITY AND REAL SECTOR OUTPUT IN SELECTED AFRICAN ECONOMIES

Patrick O. Eke, Kehinde A Adetiloye, Esther O Adegbite

The debate on development of the bond market as major channel of industrial finance is gaining traction in many African economies. The secondary arm of the market, aside from the liquidity window it provides for investors in the primary market, additionally creates information linkage by fostering capital formation for prospective investors and producers that require capital to meet their investment opportunities, assisting in the allocation and operational efficiency of the capital market. Except if the market remains thin, overtime, liquidity in the market becomes more visible in the economy’s financial architecture, as it ignites market dynamism in the financial services linkage with other sectors of the economy. Liquidity is a pre-requisite to deepening the bond market, conditioned on information availability to ease asset valuation. The rapidity and randomness of information is what actually distinguishes capital market functionality and efficiency (Wijst, 2013).
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TRANSMISSION OF FINANCIAL STRESS SHOCKS BETWEEN THE USA AND THE EURO AREA DURING DIFFERENT BUSINESS CYCLE PHASES

Silvo Dajčman, Alenka Kavkler, Peter Mikek, Dejan Romih

After the global financial crisis and the Great Recession, a large and growing body of literature has examined real business-financial cycle linkages. To this end, Claessens et al. (2012) examined a large database of business and financial stress periods, corroborating that financial crisis periods are often longer and deeper than economic recessions and tend to amplify and prolong the latter. Our research aims to contribute to an understanding of the financial stress-macroeconomy nexus by studying the spillovers of US (euro area) financial stress shocks and their macroeconomic effects (i.e. effects on industrial production, inflation and unemployment) into the euro area (USA). This paper asks whether these effects are contingent on the phase of the business cycle. Traditionally, domestic and international financial stress-business cycle linkages have been investigated within the linear modelling framework.
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