1,720,974 research outputs found
Analiza procesów M & A na rynku FMCG na przykładzie transakcji przejęcia firmy Gillette przez koncern Procter & Gamble
No full textNiniejsza praca jest poświęcona zagadnieniom fuzji i przejęć na rynku FMCG. Cel badawczy autora stanowiło poznanie przesłanek, korzyści oraz skutków największej w historii transakcji nabycia w branży FMCG- przejęcia firmy Gillette przez koncern Procter & Gamble. Szeroko opisany został kontekst rynkowy, w którym działały oba przedsiębiorstwa. Analizy przeprowadzono w oparciu o literaturę naukową, artykuły prasowe, roczne raporty obu spółek oraz studia przypadków opisujące transakcję. Autor wnioskuje, że przejęcie Gillette było częściowo stymulowane przez zmiany zachodzące w branży FMCG. Pozytywnie zweryfikował motywy transakcji po stronie nabywcy i sprzedawcy oraz stwierdził, że była on opłacalna i uzasadniona ekonomicznie. Potwierdzono też wpływ transakcji na zmiany w branży FMCG i podmioty w niej działające.This Bachelor Thesis describes various aspects of mergers and acquisitions on Fast Moving Consumer Goods Industry market. The author’s main objective was to define premises, advantages and results of the biggest takeover transaction in FMCG sector, which was the Procter & Gamble acquisition of Gillette. The stress was put on the specificity of the market both companies operated in. Analysis were based on scientific literature, articles in review journals, Internet news, companies’ annual reports and cases. Author has concluded that the acquisition of Gillette was partly stimulated by the major changes in FMCG sector. The reasons for the transaction were defined for both parties and verified positively. The transaction was proved to be profitable and beneficial for the consolidated company. Finally, it had also an impact on the situation in FMCG sector and its parties
Faktoring samorządowy – nowość na polskim rynku faktoringu
No full textFactoring samorządowy to jedna z najnowszych metod finansowania przedsiębiorstwa. Pozwala na poprawienie płynności finansowej oraz niesie ze sobą szereg wielu innych korzyści. Usługa ta, w okresie obecnego kryzysu gospodarczego pozwala na sprawne funkcjonowanie organizacji. Niniejsza praca zgłębia pojęcia z nią związane oraz przedstawia szereg przykładów odzwierciedlających jej funkcjonowanie. W pracy omówiono zagadnienie factoringu samorządowego, w oparciu o literaturę polską i obcą. Głównym celem pracy było zbadanie skali zastosowania usługi factoringowej przez jednostki samorządu terytorialnego powiatu nowosądeckiego oraz poznanie przyczyn jej słabej powszechności. W pracy określono również cele szczegółowe tj. zapoznanie się ze źródłami finansowania inwestycji gminnych, określenie rodzaju tych inwestycji, poznanie opinii pracowników gminnych na temat usługi factoringu, przedstawienie wad i zalet factoringu samorządowego, ocena poziomu wiedzy pracowników gmin z zakresu factoringu. Do osiągnięcia powyższych celów została zastosowana metoda sondażu, a wybraną techniką była ankieta. Dane zgromadzono za pomocą kwestionariusza. Pochodziły one z trzynastu gmin powiatu nowosądeckiego, województwa małopolskiego. Ankieta była anonimowa co zapewniło rzetelność udzielanych odpowiedzi przez ankieterów. Na podstawie analizy uzyskanych wyników jednoznacznie stwierdzono, że factoring samorządowy nie jest stosowany przez gminy w wybranego rejonu. Ukazano również szereg przyczyn wpływających na taką, a nie inną sytuację. Oceniono podejście pracowników do wykorzystywania factoringu samorządowego oraz określono jego korzyść dla przedsiębiorstwa
QUASI-BETA INDEX: MULTIDIMENSIONAL COMPARATIVE ANALYSIS APPLICATION TO DETERMINE RISK INDEX FOR STOCK INVESTMENTS ON WARSAW STOCK EXCHANGE (Indeks quasi-beta: Wykorzystanie wielowymiarowej analizy porownawczej do wyznaczania indeksu ryzyka inwestycji
No full textCost of capital is the key parameter when evaluating company's financial performance and valuing a firm or a project. The cost of equity calculation methods most commonly used in practice, are based on market data. When such a data is not available, classical methods used to determine required rate of return on equity capital are substituted with techniques based on accounting data. One of these techniques is multidimensional comparative analysis. This text shows an attempt to assess quasi-beta indices using multidimensional comparative analysis. Using five financial ratios calculated for companies from Warsaw Stock Exchange indices WIG20, mWIG40 and sWIG80, risk coefficients were determined as taxonomic measures of development, and then they were compared to traditional beta indices. The final results are promising – the highest values of quasi-beta indices are assigned to companies that are characterized by equally high values of beta coefficients (characterized by high volatility of stock returns compared to volatility of broad market returns)
VOLATILITY - GOOD OR BAD? ANALYSIS OF THE POLISH STOCK MARKET (Zmiennosc - dobra czy zla? Analiza polskiego rynku kapitalowego)
No full textThe application of the Capital Asset Pricing Model, which is a mean-variance technique, requires the distribution of stock returns to be symmetric. Securities traded on many emerging capital markets, including the Warsaw Stock Exchange (WSE), usually do not have such a feature. In these cases, methods of risk evaluation based on semivariance seem to be superior to those based on total variance. Since the ratio of companies having asymmetric stock return distributions is still high (although it is declining each year, proving that the Polish market is becoming increasingly mature year after year), methods based on semivariance (three versions of downside Capital Asset Pricing Model) are used to assess investment risk. The outcomes obtained conclude that the best results for assessing the risk of negative deviations in rate of returns on the Polish capital market is provided by the Bawa and Lindenberg model
Does the definition of the cost of consumer credit according to the regulations support credit decisions? Results of individual in-depth interviews with experts
Get PDFAccording to the regulations in force, including in Poland, loan institutions must disclose the costs of consumer credit. However, these costs can be presented in many ways. By conducting in -depth interviews with experts, we analyse whether the way in which the applicable regulations are imposed supports the credit decisions of the average consumer. Experts' statements show that the regulatory solutions currently in use may deliver far from what is expected. AER, annual effective rate (RRSO in Poland), the key measure of the cost of consumer credit introduced in Poland by the provisions of the Consumer Credit Act, is very ambiguous and, in the opinion of experts, in many cases distorts the actual cost of credit, thus making it difficult for consumers to make rational credit decisions. The conclusions of the study may be of significant importance both for institutions regulating the consumer credit market and for entities operating on this market
QUASI-BETA INDEX: MULTIDIMENSIONAL COMPARATIVE ANALYSIS APPLICATION TO DETERMINE RISK INDEX FOR STOCK INVESTMENTS ON THE WARSAW STOCK EXCHANGE
Get PDFCost of capital is the key parameter when evaluating a company’s financial performance and valuing a firm or a project. The cost of equity calculation methods most commonly used in practice are based on market data. When such data is not available, classical methods used to determine required rate of return on equity capital are substituted with techniques based on accounting data. One of these techniques is multidimensional comparative analysis. This text shows an attempt to assess quasi-beta indices using multidimensional comparative analysis. Using five financial ratios calculated for companies from the Warsaw Stock Exchange indices WIG20, mWIG40 and sWIG80, risk coefficients were determined as taxonomic measures of development, and then they were compared to traditional beta indices. The final results are promising – the highest values of quasi-beta indices are assigned to companies that are characterized as above average in risk level
VOLATILITY – GOOD OR BAD? ANALYSIS OF THE POLISH STOCK MARKET
No full textThe application of the Capital Asset Pricing Model, which is a mean-variance technique, requires the distribution of stock returns to be symmetric. Securities traded on many emerging capital markets, including the Warsaw Stock Exchange (WSE), usually do not have such a feature. In these cases, methods of risk evaluation based on semivariance seem to be superior to those based on total variance. Since the ratio of companies having asymmetric stock return distributions is still high (although it is declining each year, proving that the Polish market is becoming increasingly mature year after year), methods based on semivariance (three versions of downside Capital Asset Pricing Model) are used to assess investment risk. The outcomes obtained conclude that the best results for assessing the risk of negative deviations in rate of returns on the Polish capital market is provided by the Bawa and Lindenberg model
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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