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Discount Rate Estimation Practices of Czech Valuation Experts in Minority Shareholder Squeeze-Outs
Bobysud, Jakub ; Novák, Jiří (advisor) ; Čech, František (referee)
This thesis examines the environment of expert appraisals in the Czech Republic and studies the conflict of interests arising from a setting when a valuation expert is contracted to provide valuation for the purpose of a minority shareholder squeeze-out. This underlying conflict of incentives stems from the fact the expert is paid by the majority shareholder and also from possible efforts relationship building (resulting in securing future engagements) from the expert's side with the majority shareholder that would arise from discretionary adjustments to discount rate calculations and decreased squeeze-out price. This opportunistic behavior is deterred by reputational and legal consequences upon discovery of such practices which can be facilitated by institutional barriers such as a requirement for an approval of the squeeze-out by the Czech National Bank. The previous quantitative research into fields of expert appraisals, methodologies used by valuation experts, and minority squeeze-outs is limited in both Czech and international setting. We rely on previous research into litigation and reputational risks and based on its findings introduce checks for structural differences in behavior of expert groups in discount rate estimation practices. We combine data provided by a valuation team of one of...
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Analysis of expertise in business valuation
Doležalová, Lucie ; Hlaváč, Jiří (advisor) ; Mařík, Miloš (referee)
The content of this work is the analysis of expert opinions on the valuation of the business or its parts in several respects. In the introduction it is mentioned adjustment of valuation by Czech methodology ZNAL, International Valuation Standards IVS and European Valuation Standards EVS. Furthermore, it is carried out the comparison of these methodologies, including the German Standard IDW S1, according to some criteria. The analytical section is dedicated to the analysis of expert opinions, to assess their level of processing, and to point out some weaknesses or strengths. The conclusion is a quantitative summary of the results of analysis of expertise, as well as pointing out the most common shortcomings and proposals for their elimination.
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The issue of adequate consideration by squeeze out in the legal systems of the Czech Republic and Slovakia
Šimo, Peter ; Kříž, Radim (advisor) ; Labancz, Ladislav (referee)
In the first chapter I define the concept of reasonable consideration by squeeze out on the basis of the Czech Republic, Slovakia and the European Union. In the second chapter are compared basis laws which regulate the purchase of participating securities in the Czech Republic and Slovakia, together with the EU legislation. The third chapter deals with the legislation for the surveys in compared countries. The fifth chapter deals with economic aspects of the determination of adequate consideration in connection with the views of experts in the field. The sixth chapter provides concrete examples of the determination of reasonable consideration in the Czech and Slovak Republic, including the major differences. The final chapter compares legislation in the Czech and Slovak Republics, and proposes ways to eliminate existing deficiencies.
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