National Repository of Grey Literature 185 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Earnings Management under Financial Distress Conditions, the Effect of Tax Considerations
Britskiy, Andrey ; Novák, Jiří (advisor) ; Palanský, Miroslav (referee)
This master thesis attempts to contribute to the existing earnings management literature by examining whether tax avoidance incentives affect opportunistic accounting choices in distress conditions. To address this issue, it investigates 2668 companies in the quarters around breach of debt covenant spanning from 1996 to 2006. This allows to analyze two distress scenarios: first, whether the companies having the opportunity to minimize tax expenses and thus improve their financial stability, would deliberately switch from engaging in aggressive upwards real earnings management to tax considerations to mitigate the potential consequences of technical default; second, whether the companies facing increased lender's scrutiny after subsequent violation are compelled to switch by the creditor. The results indicate that tax considerations do not deter misreporting in the quarters around debt covenant violation. This thesis further provides evidence against the debt covenant hypothesis: the companies in the analyzed sample engaged in negative revenue manipulation in the quarters of new breach of debt covenant and in the quarters in which the firms remained in violation. In additional analysis, it was found that the above relationship is more prominent for the companies exhibiting poor financial performance.
Working capital management in retail
Dibon, Michael ; Čornanič, Aleš (advisor) ; Novák, Jiří (referee)
This master thesis is focused on operating working capital and its implication towards corporate performance in the retail industry in a relevant business framework that takes into account structural changes in the industry. Our results suggest that there is a negative relationship between cash conversion cycle and corporate performance. Therefore, the management of retail companies should focus on shortening the cash conversion cycle to create value. However, in the apparel retail industry, companies with exceptionally long cash conversion cycles are better off keeping working capital investments high as those companies generate on the WC higher profitability than are the opportunity costs for this allocated capital. Finally, we have not found enough evidence to conclude that investment strategies based on the cash conversion cycle are able to generate alpha. However, there seems to be a sign of persistence for value-weighted portfolios. JEL Classification G31, G32 Keywords Working capital, Working capital management, Cash Conversion Cycle, Retail Author's e-mail Supervisor's e-mail
Is Revenue Management to Meet Earnings Benchmarks Informative?
Habětínek, Jan ; Novák, Jiří (advisor) ; Čech, František (referee)
We propose and empirically test a new hypothesis that managers rationally choose between specific channels of earnings management to meet earnings benchmarks. Prior research documents that managers are ready to interfere with the neutrality of financial reporting process to report earnings above zero, earnings above last year's earnings, and earnings above analysts' forecast. However, there is a controversy over whether this earnings management to meet or beat earnings benchmarks is intended to distort investors' view by delaying the disclosure of bad news or whether it is intended to communicate managers' private information about the firm's strong future performance. We argue that the credibility of the earnings management signal crucially depends on the cost of its imitation. As revenue management is more costly to imitate than cost management, we argue that managers who intend to send a credible signal about their firm's future performance likely boost revenues rather than depress costs. To test this prediction, we use a recently developed model of discretionary revenues that is arguably more powerful in detecting earnings management than traditional techniques. The empirical results are consistent with our predictions for the most important earnings benchmark - the consensus of analysts'...
Determinants of Non-Performing Loans in Eurozone and Non-Eurozone Countries
Rruga, Alisa ; Teplý, Petr (advisor) ; Novák, Jiří (referee)
This paper represents an empirical analysis of the determinants of Non- performing loans in Eurozone and Non- Eurozone countries. We contribute to the literature by including a comprehensive literature review and examining a large sample of annual data on 534 banks from both euro and non- euro member countries during the time period from 2012 to 2017. The timeline taken into study includes also the period of zero and negative rates in EU. By applying System GMM methodology, we find the empirical evidence to draw the conclusions regarding our four hypotheses as it follows. First, a better loan quality is found to be in Eurozone countries compared to the Non-Eurozone countries. We found out that both macroeconomic and bank related variables significantly impact the levels of NPLs. Second, the bank size resulted to have a non significant impact on loan quality during the studied period. Third, we considered also three industry related variables which also resulted to not have any impact in the fluctuations of bad loans. Finally, we show that the prolonged period of low interest rates has shaped the expectations for the future and has changed the slope of the yield curve thus significantly impacting the quality of loans. JEL Classification C33, E43, E52, E58, G21F12, F21, F23, H25, H71, H87 Keywords...
When two do the same, it is not the same: cost of equity estimation techniques used by valuation experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
Performative Aspects in the Works of the Novi Sad Neo-Avant-Garde in 1960's and 1970's
Novák, Jiří ; Mikušiak, Igor (advisor) ; Otčenášek, Jaroslav (referee)
(in English): This bachelor thesis deals with the topic of constitution and artistic initiative of the so-called Novi Sad Neo-avantgarde generation in the 1960s and 1970s and emphasizes the performativeness of their activities. Vojvodina, with its tradition of multiculturalism and its centre in Novi Sad, same as the international socio-political climate of the 1960s created an environment for the art and social expression of the new generation of artists who stood out against the prevailing modernist discourse in culture and the bureaucratization and institutionalization of cultural activities of that time. The most radical demands for the democratization of culture culminated between years 1968-1972 and came from the cultural and artistic circles in Novi Sad, which were formed mainly around the cultural centre "Tribina mladih" and the literary magazines "Polja" and Hungarian-language "Új Symposion". Based on primary and secondary sources, the thesis analyses and summarizes the basic research and perception of this period and the specifics of individual artistic expressions of this so-called "Other Line".
On the Utilization of Machine Learning in Asset Return Prediction on Limited Datasets
Petrásek, Lukáš ; Baruník, Jozef (advisor) ; Novák, Jiří (referee)
In this thesis, we conduct a comparative analysis of how various modern ma- chine learning techniques perform when employed to asset return prediction on a relatively small sample. We consider a broad selection of machine learn- ing methods, including e.g. elastic nets, random forests or recently highly popularized neural networks. We find that these methods fail to outperform a simple linear model containing only 5 factors and estimated via ordinary least squares. Our conclusion is that applications of machine learning in fi- nance should be conducted carefully, because the techniques may not actually be as powerful as one might think when they are applied under unfavorable circumstances. JEL Classification C45, C52, C53, C58, G12 Keywords asset pricing, machine learning, return predic- tion, regression, decision tree, random forest, neural network Title On the Utilization of Machine Learning in Asset Return Prediction on Limited Datasets Author's e-mail Supervisor's e-mail
Assessment of the Information System and the Proposal for Modification of Specific Company
Čička, Dominik ; Novák, Jiří (referee) ; Klusák, Aleš (advisor)
This diploma thesis deals with the analysis of the environment of the company TEFIS s.r.o., active in the logistics industry. It discusses the assessment and suggestions for changes to the company's information system. Given issues contains the theoretical background to the given issues and analyzes that were carried out in the company environment. Based on the analysis, the work actually includes suggestions for solutions for streamlining the information system and an overall summary.

National Repository of Grey Literature : 185 records found   1 - 10nextend  jump to record:
See also: similar author names
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