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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Quantitative Link between Founder-CEOs and Total Shareholder Return
 Chyba, Jakub ; Kočenda, Evžen (advisor) ; Gregor, Martin (referee)
In our work we aim to study the effect of Founder-CEO presence in a company on excess shareholder returns. Hence, this work continues in the footsteps of asset pricing literature studying statistical effects of variables such as of Beta, Size and Price to Book ratio. We gather data on panel of NASDAQ 100 companies and note presence of firm and time effect in our data. In this situation we use two methodologies to try to tackle the issues in our data. Specifically, we employ Hausman Taylor approach and Fama Macbeth regression. We find some evidence in favour of Founder-CEO effect, yet overall we arrive to inconclusive results. Our Hausman Taylor approach arrives to positive statistically significant effect at Founder- CEOs, while Fama Macbeth arrives to insignificant effect. We note that different issues with endogeneity might be an important factor behind the difference, yet we argue that given our options the methods employed are valid choices.
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Impact of Capital Structure and Its Changes on the Value of Companies Obtained Through the Discounted Cash Flow Formula
 Chyba, Jakub ; Mejstřík, Michal (advisor) ; Kurka, Josef (referee)
The thesis aims to address the issue of using improper weights of equity and debt in Weighted Average Cost of Capital in the Discounted Cash Flow to Firm valuation technique. In theoretical part I present the textbook derivations of the discussed method and algebraically show the necessity of using target market value of equity in Weighted Average Cost of Capital for this method to lead to unbiased results. Furthermore, I argue that in practice current market value of equity is more than often used instead of target value. In practical part I then try to quantify the biases which may stem from using improper weights for equity. I model resulting biases based on variables such as Return on Invested Capital and growth profiles. I find that in my modeling the level of relative bias gets ceteris paribus larger with lower Return on Invested Capital and larger relative difference between target value of equity and value of equity used in Weighted Average Cost of Capital.
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