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IFRS Adoption and Its Influence on Capital Markets in Transition Countries: The Case of Russia
Talykova, Gerenzel ; Procházka, David (advisor) ; Vašek, Libor (referee)
Capital markets development is an integral part of overall economic growth of any country. Accounting harmonization is aimed to increase the attractiveness of capital markets by creation of synchronized financial reporting environment globally so that the capital is effectively allocated with the lowest costs and increased liquidity. To the date, more than a hundred of countries implemented IFRS into the national accounting frameworks, therefore the need for the assessment of the real impacts on capital markets is obvious. The main goal of this study is to identify whether there is statistical evidence of the relationship between decreased/increased cost of equity capital among Russian listed companies and mandatory adoption of IFRS. Theoretical part includes an overview of the relevant theory, reasons of accounting harmonization as well as potential challenges. There are also described the main findings and real evidences of adoption impacts on the main capital and financial markets. Practical part of this paper is aimed to investigate whether the proposed benefits of IFRS adoption may be similarly observed in an environment of transition economy.
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Analysing Transition Process of Russia: Foreign Direct Investment Distribution across Regions
Iusufova, Elza ; Alimukhamedova, Nargiza (advisor) ; Chytilová, Julie (referee)
The purpose of this thesis is to shed more light on the determinants for attracting foreign direct investment (FDI) into the regions in case of Russia. As a novel contribution to the general literature on FDI, a new variable of quality-of-life, which has not been used in previous works, is tested for its impact on FDI. Using a sample of 70 regions for the year 2013, we find that the two variables have the strongest effect on determining FDI inflows towards Russia: gross regional product and investment risk. While other variables as regional population, quality-of-life index, educated population, level of industrialization and transportation are fount not to be significant. This implies that most regions in Russia have similar level of development, which makes them not different from their neighbours, and hence not attractive for foreign investors. Powered by TCPDF (www.tcpdf.org)
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Current account sustainability
Joppa, Filip ; Pour, Jiří (advisor) ; Šíma, Ondřej (referee)
This bachelor thesis deals with the analysis of current account sustainability in three selected transition economies that have undergone ana economic transformation about a quarter century ago. Selected economies are Bulgaria, Romania and Croatia. The thesis is divided into three parts. In the first part, the thesis deals with balance of payments, especially on current account. Follows defining of current accoount sustainability and factors that have impact on this. The third key part and at the same time the aim of thesis is assessing of current account sustainability of selected countries with emphasis on the last decade. This period has been associated with important events such as the entry into the European Union and global and financial crisis. For assessment of current account are used main indicators of sustainability supplemented with other macroeconomic indicators and economic countries´ characteristic. As emerged from the result of the thesis, after large current account deficits in the pre-crisis period, in the present the countries run current account surpluses. It contributes to their sustainability.
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Reorganization of Insolvent Companies – a Comparison of Selected Countries
Švoma, Jan ; Kislingerová, Eva (advisor) ; Dvořáček, Jiří (referee) ; Freiberg, František (referee)
This dissertation deals with the non-performing loans of companies that are resolved within insolvency proceedings, with a focus on reorganization. The work compares insolvency systems of various developed markets with those of emerging/transition economies. The practical part is oriented toward domestic insolvency issues in the Czech market based on a survey structured as a questionnaire that was responded to by top insolvency professionals, bankers and lawyers. The survey was followed-up and complemented by structured interviews with selected respondents. The work also entails practical observations arising from the author´s recent working experience with debt-recovery both in the Czech market and abroad. The dissertation seeks answers regarding whether reorganization provides banking creditors with added-value and the transferability of western approaches to reorganization in the context of the environment of transition economies. A clear answer to this complex question is not found and based on his research the author remains skeptical as to the frequent and often over optimistic opinions provided in support of the general benefit of reorganizations.
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The price effects of an emerging retail market
Podpiera, Jiří ; Raková, Marie
In this paper writers analyze the effects of changing market structure on price dynamics of final goods in the emerging Czech retail market. Writers estimate the extent of upstream and downstream market power and find that changing market structure was responsible for an average yearly decrease in the prices of retailed products of 0.8 p.p. during 2000–2005. At the same time, however, they anticipate that the already started period of mergers and acquisitions could cause yearly increases in the prices of retailed products of 1.2 p.p. (approximately 0.5 p.p. in the CPI) over the next ten years.
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Měření neformálního sektoru v transformačních ekonomikách použitím makroekonomických metod: nové důkazy
Hanousek, Jan ; Palda, F.
An easy and popular method for measuring the size of the underground economy is to use macro-data such as money demand or electricity demand to infer what the legitimate economy needs, an then to attribute the remaining consumption to the underground economy. Such inferences rely on the stability of parameters of the money demand and electricity demand equations, or at the very least on knowledge of how these parameters are changing. We argue that the pace of change of these parameters (such as velocity) is too variable in transition economies for the above methods of estimating the size of the underground economy to be applicable.
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