67 research outputs found
Determinants of Cross-Border M&As and Shareholder Wealth Effects in a Globalized World
No full textWe analyze theoretical insights and empirical regularities related to factors determining the cross-border mergers and acquisitions (M&As) and impact of M&As on shareholder value of acquires and targets. The analysis of cross-border M&As is a relatively new subject and only recently received rigorous attention in academic research. Within this nascent literature, the survey pays particular attention to the emerging markets, which, in line with their growing role of in the global economy, became an increasingly important arena for cross-border M&As. The existing evidence point out to prevailing challenges in studying cross-border M&As by emerging markets firms. The results are often contradictory and tend to focus on a single country falling short of formally testing existing theories or developing comprehensive theories for emerging economies. We show that the type of factors increasing the value enhancing effects of M&As tends to be similar to the factors affecting the likelihood of M&As transactions. The remaining methodological challenges for the existing studies are related to strong evidence with respect to nonrandom selection of acquisition targets, which, among other “selection issues,” has important implications for choosing counterfactual evidence in order to appropriately compare pre- and postacquisition performance of firms
Financing choices of firms in EU accession countries
No full textThe paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia). We consider the financial constraints of private companies and compare the level of indebtedness and the determinants firms’ choices of capital structure in selected EU accession countries and EU countries. A dynamic non-linear adjustment model is adopted to explicitly model the adjustment of a firm’s leverage to a target leverage.
The dynamics of capital structure in transition economies
No full textThis paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies’ leverage to a target leverage, and this target leverage is itself explained by a set of factors. The panel data methodology combines cross-section and time-series information. The results indicate that the Bulgarian corporate credit markets were less supply-constrained than those of the Czech Republic during the period under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of adjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies. The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies.capital structure, leverage, dynamic adjustment model, the Czech Republic, Bulgaria
The Great Divide: Ruralisation of Poverty in Russia
No full textUsing data from the RLMS for the period 2000-2004 we investigate poverty trends in Russia. We find that urban poverty declines at twice the rate of rural poverty so that by 2004 poverty in Russia had become a largely rural phenomenon for the first time since transition began. This finding does not stem from changing population characteristics or shares, is not dependent on the use of a particular poverty line nor is it driven by the rapid expansions that have occurred in Moscow, St. Petersburg or other urban areas. Our findings flesh out those of Ravallion et al (2007) who, in contrast to other regions, "find signs" of a ruralisation of poverty in Eastern Europe and the Former Soviet Union. We attribute some of the differential to the labour market
The dynamics of capital structure in transition economies
No full textThis paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria.We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors.The panel data methodology combines cross-section and time-series information.The results indicate that the Bulgarian corporate credit markets were less supply constrained than those of the Czech Republic during the period under investigation.Bulgarian companies adjusted much faster to the target leverage than Czech firms.The speed of adjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies.The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies. G30, G32, O12, O52 capital structure; leverage; dynamic adjustment model; the Czech Republic; Bulgari
Do Government Sponsored Vocational Training Programs Help the Unemployed Find Jobs? Evidence from Russia
No full textThe study estimates the employment effect of vocational training programs for the unemployed in urban Russia. The results of propensity score matching indicate that training programs had a non-negative overall effect on the program participants relative to non-participants.Unemployment, transition economies, active labour market programs, evaluation, propensity score
Formování portfolia firemních investorů: jaká kritéria se používají a jak portfolio ovlivňuje výkonnost korporací?
No full textCapital Asset Pricing Model (CAPM) is an equilibrium model to test relationship between expected return and market risk (Sharpe, 1964). The model research on pricing and return when the securities market reaches equilibrium and investors are rational and investing by diversification based on Markovitz portfolio theory (Markovitz, 1952). Fama and MacBeth (1973) proposed a cross-sectional testing methodology on CAPM and this regression method has been widely used in testing CAPM in developed markets since then. While CAPM is hard to explain more and more market anomalies (excessive return in smaller market value company) in cross section regression, Fama and French (1992) added two more factors (SMB and HML) and proposed three factor model. The empirical results show that three factor model is superior to CAPM in developed markets. Relevant studies have been conducted by Manjuunatha (2006) and Trimech et al. (2015) but show different results. This dissertation will use Fama-MacBeth cross section approach to test CAPM and Fama-French's three factor model in Chinese and Polish stock market respectively. Following Fama and MacBeth (1972) and Shweta and Anil (2015), three sub periods of Polish and Chinese stock market returns ranging from 2007 to 2018 are examined. The empirical results in this thesis...Abstraktní Cenový model kapitálových aktiv (CAPM) je rovnovážný model pro testování vztahu mezi očekávaným výnosem a tržním rizikem (Sharpe, 1964). Modelový výzkum cen a návratnosti, když trh s cennými papíry dosáhne rovnováhy a investoři jsou racionální a investují diverzifikací založenou na teorii portfolia Markovitz (Markovitz, 1952). Fama a MacBeth (1973) navrhli průřezovou metodiku testování CAPM a tato regresní metoda se od té doby široce používá při testování CAPM na rozvinutých trzích. Zatímco CAPM je obtížné vysvětlit stále více tržních anomálií (nadměrná návratnost v menší společnosti s tržní hodnotou) v průřezové regresi, Fama a French (1992) přidaly další dva faktory (SMB a HML) a navrhly třífaktorový model. Empirické výsledky ukazují, že třífaktorový model je na rozvinutých trzích lepší než CAPM. Relevantní studie byly provedeny Manjuunatha (2006) a Trimech et al. (2015), ale vykazují odlišné výsledky. Tato dizertační práce bude používat průřezový přístup Fama-MacBeth k testování CAPM a třífaktorového modelu Fama-French na čínském a polském akciovém trhu. V návaznosti na Fama a MacBeth (1972) a Shweta a Anil (2015) se zkoumají tři podobdobí výnosů polského a čínského akciového trhu v období od roku 2007 do roku 2018. Empirické výsledky v této diplomové práci zahrnující různá časová období mají...Katedra ruských a východoevropských studiíDepartment of Russian and East European StudiesFakulta sociálních vědFaculty of Social Science
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