New Trends in Finance and Accounting : Proceedings of the 17th Annual Conference on Finance and Accounting 1st Edition David Procházka (Eds.) 3319495593 9783319495583

ISBN 10: 3319495593

ISBN 13: 9783319495583

Author: David Procházka

This book presents the most current trends in the field of finance and accounting from an international perspective. Featuring contributions presented at the 17th Annual Conference on Finance and Accounting at the University of Economics in Prague, this title provides a mix of research methods used to uncover the hidden consequences of accounting convergence in the private (IFRS) and public sectors (IPSAS). Topics covered include international taxation (from both the micro- and macroeconomic level), international investment, monetary economics, risk management, management accounting, auditing, investment capital, corporate finance and banking, among others. The global business environment shapes the international financial flows of finance and the demand for international harmonization of accounting. As such, the field of global finance and accounting has encountered some new challenges. For example, policy-makers and regulators are forced to restructure their tools to tackle with new features of trading at global capital markets and international investment. This book complements this global view of development with country-specific studies, focusing on emerging and transitioning economies, which are affected indirectly and in unforeseen ways. The combination of global perspective and local specifics makes this volume attractive and useful to academics, researchers, regulators and policy-makers in the field of finance and accounting.

1 The Euro Marriage

Abstract

1.1 Introduction

1.2 Broad Definition of Price Competition

1.3 Possibilities and Limitations on Calculating REERs

1.4 Price Competition in the Economy of the Czech Republic

1.5 Price Competitiveness of the Czech Industry

1.6 An International Comparison

1.7 Theory and Recommendations for Economic Policymakers

1.8 A Proposal for Rethinking the EMU Entry Criteria

1.9 Conclusion

Acknowledgments

References

2 Does Euro Introduction Ensure Lower Vulnerability of the New Euro Area Members to the External Sho

Abstract

2.1 Introduction

2.2 Literature Review

2.3 Research Methodology and Data

2.4 Research Results

2.5 Conclusion

Acknowledgments

References

3 Does Strong Employment Support Strong National Currency? An Empirical Analysis for the US Economy

Abstract

3.1 Introduction

3.2 Framework

3.3 Literature Review

3.4 Empirical Analysis

3.4.1 Data

3.4.2 Econometric Model

3.4.3 Method

3.4.4 Unit Root Tests

3.4.5 Causality Tests

3.4.6 Cointegration Test

3.4.7 Long-Term Analysis

3.4.8 Short-Term Analysis

3.5 Conclusion

Appendix

References

4 The Theory of Debt-Deflation: A Possibility of Incompatibility of Goals of Monetary Policy

Abstract

4.1 Introduction

4.2 Theoretical Exposition

4.3 Hayek’s Hypothesis of Two Rates of Interest

4.4 Conclusion

Acknowledgments

References

5 Gold Versus Stocks as an Inflationary Hedge: The Case of Spain

Abstract

5.1 Introduction

5.2 Literature Review

5.2.1 Stocks and Inflation

5.2.2 Gold and Inflation

5.3 Data and Methodology

5.3.1 Data

5.3.2 Methodology

5.3.2.1 Unit Root

5.3.2.2 Cointegration and Vector Error Correction Models (VECMs)

5.4 Empirical Results

5.4.1 Unit Root Test Results

5.4.2 Cointegration

5.4.2.1 Maki Cointegration

5.4.2.2 Vector Error Correction Model Results

5.5 Conclusion

References

6 Is There a Relation Between HDI and Economic Performances?

Abstract

6.1 Introduction

6.2 Literature Review

6.3 Methodology

6.3.1 Analytic Hierarchical Process (AHP)

6.3.2 TOPSIS

6.4 Implementation and Results

6.5 Conclusion

References

7 Foreign Capital Inflows and Stock Market Development in Turkey

Abstract

7.1 Introduction

7.2 Literature Review

7.3 Data and Econometric Methodology

7.3.1 Data

7.3.2 Econometric Methodology

7.4 Empirical Analysis

7.4.1 Unit Root Test

7.4.2 Hacker and Hatemi-J (2006) Bootstrap Causality Test

7.5 Conclusion

References

8 Count Data Modeling About Relationship Between Dubai Housing Sales Transactions and Financial Indi

Abstract

8.1 Introduction

8.2 Methods

8.2.1 Poisson Regression Model

8.2.2 Negative Binomial Regression Model

8.2.3 Zero-Inflated Regression Models

8.2.4 Hurdle Regression Models

8.2.5 Model Comparison

8.3 Application

8.3.1 Data

8.3.2 Data Analysis

8.4 Conclusion

References

9 Predictive Bankruptcy of European e-Commerce: Credit Underwriters Inexperience and Self-assessment

Abstract

9.1 Introduction

9.2 Literature Review

9.3 Data, Results, and Discussion

9.3.1 Decision Tree

9.3.2 Logistic Model

9.3.3 Discriminant Analysis

9.4 Conclusion

Acknowledgments

References

10 Cost Efficiency of European Cooperative Banks: Are Small Institutions Predestined to Fail?

Abstract

10.1 Introduction

10.2 History and Principles of Cooperative Banking in a Nutshell

10.3 Theoretical Explanation of (Dis)Economies of Scale in Cooperative Banks

10.4 Empirical Literature Overview

10.5 Analysis of European Cooperative Banks Cost Efficiency

10.6 Conclusion

Acknowledgments

References

11 The Banking Union: A View of the New Regulatory Rules

Abstract

11.1 Introduction

11.2 The Banking Union and Regulatory Rules

11.2.1 Status Quo

11.2.2 The Five Chairmen Report

11.3 Bank Recovery and Resolution Directive (BRRD): Bail-In Mechanism and MREL

11.3.1 Bail-In Mechanism

11.3.2 MREL

11.4 The Czech National Bank’s Stance to Regulatory Changes

11.5 Conclusion

Acknowledgments

References

12 Forecasting Jumps in the Intraday Foreign Exchange Rate Time Series with Hawkes Processes and Log

Abstract

12.1 Introduction

12.2 Nonparametric Jump Identification

12.3 Forecasting Jumps

12.3.1 Hawkes Process-Based Model

12.3.2 Using Logistic Regression to Model Jumps

12.4 Predicting Jumps in the EUR/USD Exchange Rate

12.4.1 Model of the Intraday Jump Seasonality

12.4.2 Modelling Jump Intensity with Hawkes Process Models

12.4.3 Modelling Jump Intensity with Logistic Regression

12.4.4 Assessing the Predictive Accuracy of the Models

12.5 Conclusion

Acknowledgments

References

13 Influence of Selected Factors on Hedge Fund Return

Abstract

13.1 Introduction

13.2 Hedge Funds

13.3 Data

13.4 Hypotheses

13.4.1 Does Hedge Fund Inclusion into Index Bring Enhanced Yield?

13.4.2 Does Optimum Hedge Fund Size Bring Additional Yield?

13.4.3 Does Higher Fee Bring Higher Return?

13.4.4 Does Hedge Fund Returns Diminish in Time?

13.5 Conclusion

References

14 Interest Rate Sensitivity of Non-maturing Bank Products

Abstract

14.1 Introduction

14.2 Interest Rate Sensitivity of Non-maturing Products—Motivation

14.2.1 Interest Rate Sensitivity of Non-maturing Liabilities

14.2.2 Interest Rate Sensitivity of Non-maturing Assets

14.3 Interest Rate Sensitivity of Non-maturing Products—Empirical Analysis

14.3.1 Empirical Analysis of Interest Rate Sensitivity of Non-maturing Liabilities

14.3.2 Empirical Analysis of Interest Rate Sensitivity of Non-maturing Assets

14.4 Conclusion

Acknowledgments

References

15 Examining the Interdependencies Between Leverage and Capital Ratios in the Banking Sector of the

Abstract

15.1 Introduction

15.2 Literature Review

15.3 Data, Results, and Discussion

15.4 Conclusion

Acknowledgments

References

16 Alternative Approaches to Insurance of Extreme Flood Risk

Abstract

16.1 Introduction

16.2 Extreme Flood Risk

16.3 Alternatives in Uninsurable Flood Risk Cover

16.3.1 Pool System of Cooperation

16.3.2 Alternative Risk Transfer Methods

16.4 Foreign Approaches to Extreme Flood Risk

16.4.1 National Flood Insurance Program

16.4.2 Flood Re

16.4.3 Natural Catastrophe Compensation System

16.5 Conclusion

Acknowledgments

References

17 Non-life Insurance Purchases of Polish Households: A Study of Leading Trends

Abstract

17.1 Introduction

17.2 Polish Non-life Insurance Market—Introductory Considerations

17.3 Contribution of Households to the Non-life Market in Poland

17.4 The Products’ Structure of Non-life Purchases by Polish Households

17.4.1 General Preferences

17.4.2 Volatility of the Products’ Structure

17.5 Conclusion

Annex

References

18 Ukrainian Exchange Returns: The Day-of-the-Week Effect

Abstract

18.1 Introduction

18.2 The Day-of-the-Week Effect: Theoretical Analysis

18.3 Literature Review

18.4 Analysis of the Ukrainian Stock Exchange Index

18.4.1 The Methodology

18.5 Results

18.6 Conclusion

Acknowledgments

References

19 Selected Passages from the Development History of Hungarian Banking Supervision in the Turn of Tw

Abstract

19.1 Introduction

19.2 Initiatives for the Establishment of Supervisory Bodies

19.3 Debates Concerning the Organisation of Supervisory Bodies

19.4 Conclusion

Acknowledgments

References

20 State Aid for Rescuing and Restructuring Firms in Difficulty and Its Impact on the State of Publi

Abstract

20.1 Introduction

20.2 Methodology of the Research

20.3 Admissibility of State Aid for Rescuing and Restructuring Undertakings in Difficulty

20.4 Does the Provision of State Aid by the EU Member States for Rescuing and Restructuring Enterpri

20.5 Conclusion

References

21 Dependence of VAT Revenues on Other Macroeconomic Indicators

Abstract

21.1 Introduction

21.2 Features of VAT

21.3 Literature Review

21.4 Analysis of Factors Affecting Value Added Tax Revenues

21.5 Conclusion

Acknowledgments

References

22 Shares in Central Government Income Taxes as a Revenues Source of Urban Municipalities in Poland

Abstract

22.1 Introduction

22.2 Research Methods, Scope, and Purpose of Work

22.3 Literature Review

22.4 Data Analysis Results

22.5 Conclusion

References

23 Can the Charitable Tax Deduction Stimulate Corporate Giving? Evidence from the Russian Banking Sy

Abstract

23.1 Introduction

23.2 Literature Review

23.3 Modeling of Corporate Giving in Russian Banking System

23.4 Results

23.5 Conclusion

Acknowledgments

References

24 The Impact of Taxation on Unemployment of University Absolvents

Abstract

24.1 Introduction

24.2 Data and Methodology

24.2.1 Selected Data

24.2.2 Analysis Methodology

24.3 Analysis Results

24.4 Conclusion

Acknowledgments

References

25 Analysis of Tax Burden in the Slovak Republic with Emphasis on Depreciation

Abstract

25.1 Introduction

25.2 Literature Review

25.3 Data, Results and Discussion

25.4 Conclusion

Acknowledgments

References

26 Fees or Taxes? The Question for the Czech Municipality

Abstract

26.1 Introduction

26.2 Financing Municipal Services—Theoretical Background

26.2.1 Financing Municipal Services—Legislative Perspective

26.3 Methodology and Data

26.4 Results and Discussion

26.5 Conclusions

Acknowledgments

References

27 Game-Theoretic Model of Principal–Agent Relationship Application in Corporate Tax Policy Design

Abstract

27.1 Introduction

27.2 Problem Statement

27.2.1 Concept Core

27.2.2 Model Framework

27.3 Computation

27.4 Conclusion

References

28 Shadow Economy in the Regions of the Russian Federation and the Ukraine

Abstract

28.1 Introduction

28.2 Measurement of Shadow Economy in Regions: Literature Review

28.3 The Model of Shadow Economy in the Regions

28.3.1 Selection of Model Indicators on the Basis of Factor Analysis

28.3.2 MIMIC Model

28.4 Results

28.5 Conclusion

Acknowledgments

References

29 Availability of Healthcare Services in Rural Areas: The Analysis of Spatial Differentiation

Abstract

29.1 Introduction

29.2 Data and Methods

29.3 Results and Discussion

29.4 Conclusions

References

30 Spatial Analysis of Turkish Voter Behaviours: Does Regional Distribution of Public Expenditures A

Abstract

30.1 Introduction

30.2 Data and Methodology

30.2.1 Spatial Analysis

30.2.2 Spatial Weight Matrix

30.2.3 Moran’s I for Global Spatial Autocorrelation

30.3 Findings and Regional Comparisons

30.4 Conclusion

Acknowledgments

References

31 Does Privatization Affect Airports Performance? A Comparative Analysis with AHP-TOPSIS and DEA

Abstract

31.1 Introduction

31.2 Methodology

31.3 Implementation

31.3.1 TOPSIS

31.3.2 Data Envelopment Analysis

31.4 Conclusion

References

32 An Empirical Analysis of Post-contractual Behaviour Regarding Public Contracts for Construction W

Abstract

32.1 Introduction

32.2 Basis of the Analysis

32.3 Data and Methods

32.3.1 Response Variables

32.3.2 Explanatory Variables

32.4 Results

32.5 Discussion

32.6 Conclusion

References

33 Reasons for Differences in European Financial Reporting

Abstract

33.1 Introduction

33.2 Literature Review

33.3 Results and Discussion

33.4 Conclusion

Acknowledgments

References

34 Forced IFRS Adoption: Direction of the “EU-15 Parents—CEE Subsidiaries” Links

Abstract

34.1 Introduction

34.2 Literature Review

34.3 Data, Results, and Discussion

34.4 Conclusion

Acknowledgments

References

35 The IFRS Adoption by BRICS Countries: A Comparative Analysis

Abstract

35.1 Introduction

35.2 Literature Review

35.3 Data, Results, and Discussion

35.3.1 Modern Accounting in Russia

35.3.2 Modern Accounting in Brazil

35.3.3 Modern Accounting in India

35.4 Conclusion

Acknowledgments

References

36 Intangibles Disclosure: Evidence from Annual Reports of the Jordanian Industrial Public Listed Co

Abstract

36.1 Introduction

36.2 Literature Review

36.3 Research Design, Sample and Data

36.4 Results and Discussion

36.5 Conclusion

Acknowledgments

References

37 Specifics of Accounting in the Agricultural Sector

Abstract

37.1 Introduction

37.2 Literature Review

37.2.1 Forms of Accounting

37.2.2 Workers in Accounting

37.2.3 Functions of Accounting

37.2.4 Individual Areas of Accounting

37.3 Methods

37.3.1 Determining the Basic and Sample Sets

37.3.2 Data Collection Methods

37.4 Results and Discussion

37.5 Conclusion

References

38 New Legislation Concerning Cash Accounting in the Czech Republic and Comments on the Application

Abstract

38.1 Introduction

38.2 Basic Premises and Literature Review

38.3 Legislation Concerning Cash Accounting in the Czech Republic

38.3.1 Historic Context

38.3.2 Basic Principles of Legislation Concerning Cash Accounting as of 1 January 2016

38.3.2.1 Accounting Entities that May Use Cash-Basis Accounting

38.3.2.2 Accounting Books, Accounting Methods and Statements

38.4 Assessment of the New Legislation Concerning Cash Accounting in Relation to the Principle of Ca

38.5 Conclusion

Acknowledgments

References

39 Comparison of Accounting for Mergers in the Czech Republic and Poland

Abstract

39.1 Introduction and Literature Review

39.2 Accounting for Mergers in the Czech Republic

39.2.1 Accounting Methods for Mergers Based on Czech Regulation

39.2.2 Treatment of the Acquisition Difference and Merger Date in Czech Republic

39.3 Accounting for Mergers in Poland

39.3.1 Accounting Methods for Mergers Based on Acc. Act

39.3.2 Goodwill

39.4 Conclusion

Acknowledgments

References

40 The Revised Control Concept in the Consolidated Financial Statements of Czech Companies

Abstract

40.1 Introduction

40.2 Revised Control Concept

40.3 Literature Review

40.4 Data, Results and Discussion

40.5 Conclusion

Acknowledgments

References

41 Audit Market Concentration Analysis Focusing on Auditors of Public Interest Entities

Abstract

41.1 Introduction

41.2 Literature Review and Research Hypotheses Formulation

41.3 Data and Methodology

41.3.1 Data

41.3.2 Methodology

41.4 Discussion

41.5 Conclusion

Acknowledgments

References

42 Audit Committees in Corporate Governance: Selected Issues in the Czech Environment

Abstract

42.1 Introduction

42.2 Literature Review

42.3 Audit Committee

42.4 Tax Aspects of Remuneration of the Members of Audit Committees

42.4.1 Taxation of Remuneration of a Member of Audit Committee

42.4.2 Assessment of Tax Deductibility of the Remuneration of a Member of the Audit Committee

42.5 Conclusion

Acknowledgments

References

43 The Municipality Economic Review by Auditor or by Regional Authority?

Abstract

43.1 Introduction

43.2 Literature Review

43.3 Economic Review

43.3.1 Term

43.3.2 Legislation

43.3.3 The Economic Review by a Regional Authority

43.3.4 Economic Review by an Auditor

43.4 Statistics

43.4.1 Frequency of the Economic Review

43.4.2 Number of Errors

43.4.3 Imperfections by Acts (Regularity Audit)

43.5 Conclusion

Acknowledgments

References

44 All for One and One for All: A Cross-Sector Analysis of Reporting Standards

Abstract

44.1 Introduction

44.2 Research Methodology

44.3 A Conceptual Comparison Between Sectors

44.4 Reporting Standardization for Both Sectors: A Never-Ending Story?

44.5 Connecting the Dots: Insights and Discussion on Reporting Standards and Principles

44.6 Conclusion, Limits and Perspectives

Acknowledgments

References

45 Disclosure of Financial Information About the General Government Sector by IPSAS

Abstract

45.1 Introduction

45.2 Literature Review

45.3 Data and Methodology

45.4 Results and Discussion

45.5 Conclusion

Acknowledgments

References

46 The Comparative Analysis of CAS and IPSAS Requirements on Tangible Fixed Assets

Abstract

46.1 Introduction

46.2 Review of Literature and Background of the Paper

46.3 The Development of Public Sector Accounting Standards

46.4 Differential Analysis

46.5 Conclusion

Acknowledgments

References

47 Sustainability Reporting Versus Integrated Reporting: BIST Sustainability Index

Abstract

47.1 Introduction

47.2 Sustainability Reporting

47.3 Integrated Reporting

47.4 BIST Sustainability Index

47.4.1 BIST Sustainability Index Ground Rules

47.5 BIST Sustainability Index Inclusion Rules

47.5.1 Expected Contribution from Index

47.6 Conclusion

References

48 Management Control Systems Through the Lens of the Agency Theory

Abstract

48.1 Introduction

48.2 The Agency Theory

48.3 MCSs Through the Lens of the Agency Theory

48.4 MCS Functions Derived from the Agency Theory

48.5 Conclusion

Acknowledgments

References

49 Sustainable Controlling: Measuring Method Based on the Catalogue of Controller Tasks

Abstract

49.1 Introduction

49.2 Tasks of Modern Controlling

49.3 Sustainable Controlling

49.4 Sustainable Controlling Measures

49.5 Conclusion

References

50 Empirical Study of Approach to Sustainability Management and Reporting in the Czech and Slovak Re

Abstract

50.1 Introduction

50.2 Literature Review

50.3 Methodology

50.4 Results

50.5 Conclusion

Acknowledgments

References

51 Adoption of Strategic Management Accounting Techniques in Czech and Slovak Companies

Abstract

51.1 Introduction

51.2 Strategic Management Accounting (SMA) Techniques

51.3 Methodology of Empirical Study

51.3.1 Data Collection and Sample of Responses

51.4 Findings

51.5 Conclusions

Acknowledgments

References

52 The Use of Assessment of Work Performance of Human Resources as a Tool of Management Accounting t

Abstract

52.1 Introduction

52.2 Theoretical Background

52.2.1 Management Control System

52.2.2 Result (Output) Controls Versus Management Accounting Versus Personnel Management

52.2.3 Assessment of Work Performance of Human Resources

52.2.4 The Methods of Assessment

52.3 Paper Objective and Methodology

52.4 Results and Discussion

52.4.1 Formal Systems of Assessment

52.4.2 Dividing of Systems of Assessment According to Categories of Employees

52.4.3 An Option to React to Results of Assessment

52.4.4 Use of Gained Information from Assessment

52.5 Conclusion

Acknowledgments

References

53 Use of Management Accounting Information for the Formation of the Business Model of a Public Comp

Abstract

53.1 Introduction

53.2 Methods

53.3 Data, Results, and Discussion

53.4 Conclusion

References

54 How Demands of Donors Influence the Design of the Management Control System of Not-for-Profit Non

Abstract

54.1 Introduction

54.2 Typology of Donors

54.3 Key Management Control Parameters of Projects

54.4 Donor’s Contractual Framework

54.5 Conclusion

Acknowledgments

References

55 Actual Problems of Accounting Ensuring Asset Management at the Enterprises of Ukraine

Abstract

55.1 Introduction

55.2 The Place of Assets in an Enterprise Management System

55.3 The Accounting Valuation of Assets in the Theory and Normative Regulation

55.4 Theoretical Aspects of Estimation of Cost of Assets

55.5 Standard Regulation of Estimation of Cost of Assets

55.6 Current State of Display of Information on Assets in the Report on a Financial State

55.7 Conclusion

References

56 Direct and Indirect Influence of Information and Communication Technology on Corporate Performanc

Abstract

56.1 Introduction

56.2 Methods

56.3 Results

56.4 Discussion

56.5 Conclusion

Acknowledgments

References

57 Facility Management as a Partner of Cost Controlling at Costs Optimization in the Selected Enterp

Abstract

57.1 Introduction

57.2 Theoretical Background

57.3 Paper Aim and Methodology

57.4 Process of Reducing Heating Costs

57.5 Conclusion

Acknowledgments

References

58 Pecking Order Theory and Innovativeness of Companies

Abstract

58.1 Introduction

58.2 Literature Review

58.3 Data and Methodology

58.4 Results

58.5 Conclusion

Acknowledgments

References

59 A Compulsory Corporate Finance: Reflections on the Scope and Method

Abstract

59.1 Introduction

59.2 The Origin of the Economics of Corporate Finance Within Limits

59.3 The Roots and Fruits: The Scope of Compulsory Corporate Finance

59.4 Many Questions but One Answer: The Method of Compulsory Corporate Finance

59.5 Conclusion

Acknowledgments

References

60 Socially Responsible Investment Market Size in Poland: The Content Analysis

Abstract

60.1 Introduction

60.2 Socially Responsible Investment Market Size—Literature Review

60.3 Research Design

60.4 Results and Discussion

60.5 Conclusion

References

61 The Role of Convertible Bonds in the Corporate Financing: Polish Experience

Abstract

61.1 Introduction

61.2 Convertible Bonds as a Corporate Financing Instrument (Opportunities and Threats)

61.3 The Issuance of Convertible Debt: The Experience of Polish Companies

61.4 Conclusion

References

62 Evaluation of Investment Attractiveness of Commonwealth of Independent States

Abstract

62.1 Introduction

62.2 Literature Review

62.3 Methodology, Data and Results

62.4 Conclusion

Acknowledgments

References

63 Using Rating for Credit Risk Measurement

Abstract

63.1 Introduction

63.2 Literature Review

63.3 Data, Results and Discussion

63.4 Conclusion

Acknowledgments

References

64 Applicability of Selected Predictive Models in the Slovak Companies

Abstract

64.1 Introduction

64.2 Theoretical Background and Methodology

64.3 Data Analysis and Results

64.3.1 Results of Predictive Models

64.3.2 Results of Economic Value Added

64.3.3 Verification of Predictive Models with EVA

64.4 Conclusion

Acknowledgments

References

65 Model of Hospitals’ Financial Distress Forecasting: Comparative Study

Abstract

65.1 Introduction

65.2 Methodology and Data

65.3 Results and Discussion

65.4 Conclusions

References

66 Determinants of Long-Term and Short-Term Debt Financing: Evidence from Poland

Abstract

66.1 Introduction

66.2 Literature Review

66.2.1 Size of a Company

66.2.2 Profitability

66.2.3 Tangibility

66.2.4 Growth

66.3 Research Methodology

66.4 Results—Analysis of Long-Term and Short-Term Debt Financing Determinants

66.5 Conclusions

References

67 A Working Capital and Liquidity

Abstract

67.1 Introduction

67.2 Working Capital

67.3 Liquidity

67.4 Conclusion

Acknowledgments

References

68 Determinant Factors of Economic Value Added: Case of Ukrainian Wineries

Abstract

68.1 Introduction

68.2 Wine-Making Industry in Ukraine

68.2.1 Literature Review and Hypotheses Development

68.2.2 Results and Discussion

68.3 Conclusion

References

69 Dividend Policy of State-Owned Companies: Evidence from the Russian Federation

Abstract

69.1 Introduction

69.2 Literature Review

69.3 Emerging Capital Markets Dividend Policy

69.3.1 Dividends in Emerging Markets on the Worldwide Scale

69.3.2 The Dividend Policy of the Russian State-Owned Joint Stock Companies

69.3.3 On the Standard Dividend Payout Ratio for Russian State-Owned Joint Stock Companies

69.3.4 The Background for the Development of the Dividend Policy of Russian Joint Stock Companies

69.4 Conclusion

References

70 Personal Bankruptcy in Královéhradecký and Pardubický Regions

Abstract

70.1 Introduction

70.2 Debt Relief

70.3 Methodology

70.4 Results

70.5 Conclusion

Acknowledgments

References

71 Existence of Size Premium: A Review of Literature and Suggestions for Future Research

Abstract

71.1 Introduction

71.2 Current Knowledge and Findings

71.3 Conclusion

Acknowledgments

References

72 Invested Capital, Its Importance, and Interpretability Within Income-Based Methods for Determinin

Abstract

72.1 Introduction

72.2 The Volume of Capital Invested in Income-Based Valuation Methods

72.2.1 Discounted Free Cash Flow Method

72.2.2 Economic Value-Added Method

72.2.3 The Importance of the Volume of Invested Capital in Terms of Economic Meaningfulness and Inte

72.3 Methodology of the Problem Solving in Relation to IFRS 3

72.4 Conclusion

Acknowledgments

References

73 Constructing Czech Risk-Free Yield Curve by Nelson-Siegel and Svensson Method and Their Compariso

Abstract

73.1 Introduction

73.2 Usage of Nelson-Siegel and Svensson Methods in Foreign Praxis

73.3 Theoretical Fundamentals of the Methods

73.3.1 Nelson-Siegel Method

73.3.2 Svensson Method

73.4 Construction Czech Risk-Free Yield Curve by Nelson-Siegel and Svensson Method

73.4.1 Estimation Technique of Nelson-Siegel and Svensson Method

73.4.2 Estimation Results of Nelson-Siegel and Svensson Method

73.5 Conclusion

Acknowledgments

References

74 Discount Rate for Human Life-Related Decisions

Abstract

74.1 Introduction

74.2 Legislation

74.2.1 Cost of Sustenance of Close Persons § 2966, § 2967, § 2968

74.2.2 Compensation for Mental Harm § 2959

74.2.3 Costs of Funeral § 2961

74.2.4 Costs of Health Damage and Death § 2958

74.2.5 Methodology of the Highest Court of Czech Republic

74.2.6 Ogden Tables

74.3 Theoretical Approaches to Value of Human Life

74.3.1 Human Capital

74.3.2 Willingness to Pay

74.4 Risk-Free Discount Rate

74.5 Indicative Calculation of Discount Rate

74.6 Discount Rate Based on Risk of Death

74.7 Discussion

74.8 Conclusion

Acknowledgments

References

75 Discount Rate in Business Damage Cases

Abstract

75.1 Introduction

75.2 Basic Methodologies Used for Damage Calculation

75.3 Discounting in Business Damage Cases

75.4 Conclusion

Acknowledgments

References

76 Medical Device Price and Valuation

Abstract

76.1 Introduction

76.2 Literature Review

76.3 Data, Results, and Discussion

76.3.1 Reimbursement and Early-Stage Development Decisions: Bayesian Approach

76.3.2 Health Technology Assessment (HTA)

76.3.3 Options Valuation and Pay-for-Performance

76.3.4 Specificities of the Medical Device Market

76.4 Conclusion

Acknowledgments

References

77 Specification of Net Operating Assets for Economic Value Added Calculation from Balance Sheets Re

Abstract

77.1 Introduction

77.2 EVA and Net Operating Assets

77.3 Annual Accounts of Business Companies’ Survey Results

77.3.1 Investment Property

77.4 Companies Using Fair Value Model

77.5 Companies Using Cost Model

77.5.1 Non-current Assets Held for Sale and Discontinued Operations

77.5.2 Finance Leases

77.5.3 Goodwill

77.6 Conclusion

Acknowledgments

References

78 Agricultural Land Valuation and Capitalization Ratio

Abstract

78.1 Introduction

78.2 Basic Three Methods for Land Valuation

78.3 Agricultural Land Valuation

78.4 Problems on Determination of the Agricultural Land Values by Using Income Approach

78.5 Conclusion