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National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
International taxation and cross-border mergers and acquisition
 Pokorný, Josef ; Janský, Petr (advisor) ; Baxa, Jaromír (referee)
This thesis studies the effects of differences in the international tax system on the location of target companies and potential tax savings leading from international transactions. Using a large sample of M&A transaction data, we develop a target location choice model and estimate it by a multinomial logistic regression. The results show that differences in taxation of target and acquirer country provide opportunities for tax optimization practices that increase the probability of choosing a target location with higher tax difference. We further evaluate these effect using regression on takeover premium which shows that 1 percentage point increase in difference of effective average tax rate may cause up to 0.5 percentage point increase in takeover premium. The found effects are heterogenous for individual companies and correspond to characteristics of tax-inversions and profit shifting practices. i
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Indicative Valuation of Mergers and Acquisitions – CK Fischer and NEV-DAMA
 Hofmanová, Tereza ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
The main goal of this diploma thesis is to estimate the value of an entity NEV-DAMA, a.s. as of 30.6.2011; to describe the acquisition processes between CK Fisher, a.s. and NEV-DAMA, a.s. To achieve the former one, a discounted cash- flow method, namely DCF entity, was used. The valuation itself consists of a strategic and financial analysis. These constitute the cornerstone for value drivers analyses and financial plan. Lastly, both the market valuation using comparable enterprises was conducted and the outline of synergies from the above mentioned acquisition was compiled.
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