Journals UITM University of Information Technology and Management
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COMPANY VALUATION. HOW TO DEAL WITH A RANGE OF VALUES?
Get PDFCompany valuation is not done after having generated a few values being a result of applying different valuation methods. In many cases institutions ordering the valuation request a value which can be an equivalent of a market, transactional value. Often the one method (and the valuation resulting from the method) can be indicated, since the valuer claims that it gives the most precise value of the company. However, it is safer to consider the range of values and then try to determine the final value which is the result of a combination of several methods. However, the question is how to consistently deal with a range of values. One of the solutions are so-called mixed methods of company valuation. They are criticized in this paper as they are too subjective. Instead we suggest considering a portfolio approach – PATEV (Portfolio Approach to Equity Valuation). In addition to having to choose a method of defining one value, the value is subject to further corrections: liquidity and control discounts
THE USE OF CAPITAL MARKET INSTRUMENTS IN INVESTMENT OF EUROPEAN INSURANCE COMPANIES
Get PDFThe financial and the insurance markets are increasingly penetrating each other, accounting for the fact that insurers are more and more often seen as major institutional investors of capital markets. The capital market offers a range of new opportunities, although it is not devoid of faults, mercilessly exposed by consecutive stock market collapses. Do insurance companies use the capital market instruments? And if so, to what extent? The conducted analysis has pointed at growing involvement of insurers in capital assets. This involvement varies significantly in particular European countries, although research shows that on average it maintains a relatively high level
REGIONAL POLICY AND THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES
No full textThis paper investigates regional policy of the European Union and its impact on the development of small and medium enterprises. The process of economic transformation and recession in a global economy requires changes of operational principle in the European Union. The European Union is aware that small and medium enterprises are the driving force for the economy. The aim of this article is to present aspects of regional policy related to small and medium enterprises
WEALTH OF THE NATIONS MEASUREMENT METHODS IN THE FACE OF CHANGING GLOBAL SOCIAL-ECONOMIC ENVIRONMENT
No full textOne of the main debates in economics concerns the analysis of the global wealth. Economics became multidisciplinary research field which includes achievements of psychology, neurology, ethics and social science. As a result, the GDP should increasingly become multi-polar indicator. Alongside this work authors underline growing recognition of the importance of other contributions to individual global wealth, most especially psychology factors, health status, IQ, environment, personal security and aspects of CSR
THE ANALYSIS OF AN INVESTMENT RISK WITHIN EMERGING CAPITAL MARKETS. THE CASE OF THE WARSAW STOCK EXCHANGE
Get PDFThe purpose of the paper is to show that the three-factor Fama-French model can be a good instrument for analysis of investment risk on emerging capital markets if, because of the relatively small number of quoted companies, for calculation of the SMB and HML values we applied division of all companies into four portfolios (contrary to Fama – French who propose division of all companies into six portfolios). The usefulness of the above concept was verified on the Warsaw Stock Exchange. The models estimated with the Generalized Least Squares Method on monthly data within the period 1994 – 2008 have the signs of coefficients which are consistent with those of the Fama-French three-factor model and there is no autocorrelation of disturbances and no ARCH effect. Models are relatively high adjusted. Estimated coefficients are also robust. The models fully confirm the thesis posed by Fama and French that in addition to market risk there are two other risk factors which influence the return on investment. These are: risk associated with investing in small companies and risk connected with investing in companies undervalued by the market
ROLE OF POLAND IN DEVELOPMENT OF OUTSOURCING SERVICES FROM BPO
No full textIn a time of constantly growing unemployment and global economic crisis, new jobs for graduates from high schools as well as for specialists are very important. Also foreign investment bringing possibilities for dynamic economic development for the hosting country is important as well. In today’s hard times for business the answer to the above problems seems to be investment from Business Process Outsourcing services. One of the main reasons and factors which influences final decisions about starting BPO activity without any doubt is the location of the forthcoming center. This factor is strictly connected with other key aspects such as the price of the service to be provided, access to well qualified human resources, and support and tax relief from the side of government. For several years Poland has been increasingly recognized and priced as a potential destination, for investment in BPO activities. Thanks to many factors Poland is able to compete with word class giants and potentates in BPO services like India, and often wins this competition. This article shows the influences on Poland advantage and put Poland on the list of top eastern Europe countries, in which services for the business sector are constantly developing very rapidly and dynamically. It shows crucial elements which determine how smoothly the BPO companies function on the market and their prosperity
THE PROCESS OF ASSET-BACKED SECURITIZATION IN THE CONTEXT OF SUBPRIME MORTGAGE CRISIS
No full textThe main target of this paper is the review and systematizing of the most important stages of the development of the US subprime market. The layout of the article is a consequence its target and in this manner has to reflect its character of review. The author presents the process of securitization which on the one side had a fundamental influence on the development of this market, and on the other hand contributed to its fall. The most essential tools used on the market of real estate loans including those based on securitization assets (ABS) and those based on debt (CDO are discussed), and mechanisms which brought losses counted in billions of dollars are discussed. Finally, the author makes an attempt to draw conclusions from the present credit crunch as well in reference to the sector of financial institutions and banking supervision
EXPENDITURES ON RESEARCH AND DEVELOPMENT IN POLAND AND OTHER COUNTRIES - DIAGNOSIS AND ATTEMPT EVALUATION
No full textIn today\'s market reality is not a secret that economic development is mainly based on new innovations. The most measurable effect of it, is cooperation between universities (science) and world of business. Unfortunately, this co-operation in our country is on a really poor level. There are many indicators that prove such situation. This article is focused on one of them, namely: expenditure on research and development (R & D). The aim of this article is to present problems of financing of R&D in Poland on the background of the European Union. Article is based on data obtained from available literature and analysis of existing research results. It is an attempt to find an answer for the question: what can be done that Poland was not called an anti-leader in the field of expenditure of R & D
THE NETWORK CONNECTIONS AMONG ENTERPRISES
Get PDFThe aim of this paper is to present the network connections between enterprises, i.e. all connections (formal and informal) between enterprises and other organizations. The connections are to increase their innovativeness and competitiveness. Remaining in an innovation network has a lot of potential advantages regarding an innovation process: access to a bigger database of ideas, sharing risk, sharing innovation costs, access to new markets and technologies, synergy effect. Such networks are very flexible and, if necessary, make it possible to move the whole production between countries quickly, which reduces the risk connected with a political or economic situation in a given country. This article focuses on a few issues: definitions of networks, types of networks, creating networks and network functioning, an example of a successful and unsuccessful cooperation within a network. In the last part of this article the main participants - transnational corporations - were presented briefly