Číslo 16, ročník VII

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Jednorázové a pravidelné investice na světových akciových trzích
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Šoba, Oldřich; Škatulárová, Ivana
Purpose of the article: The focus of this article are lump sum and regular investments (dollar cost averaging method) on selected world stock markets in the period from 1990 to 2010 for different investment horizons. Scientific aim: The aim of this Paper is to compare and evaluate lump sum and regular investments (dollar cost averaging method) on important world stock markets according to the return-risk profile in the period from 1990 to 2010 for different investment horizons. The following world stock markets were chosen: US stock market (S&P 500 Total Return index), European stock market (S&P Europe 350 Total Return index) and Japan stock market (S&P TOPIX 150 Total Return index). Methodology: The Methodology used in this Paper is based on the quantification of return and risk indicators for different investment horizons. The following investment horizons were chosen: 1 year, 3 years, 5 years and 10 years. The Paper works with quarterly data of selected indices in the period from 1990 to 2010. Indices are used in total return form, i.e. dividends and their reinvesting on the same market are included. Standard deviation is used as the risk indicator and internal rate of return is used as the return indicator. The return-risk profile is quantified as the share of the return indicator and the risk indicator. Findings: Regular investment through the dollar cost averaging method brought substantially better (higher) values of the return-risk profile than lump sum investments made during the same period on the same market, mostly over short-term investment horizons (one-year and three-year horizons). Over longer investment horizons, regular investment with the dollar cost averaging method was still bringing better results than the return-risk profile, but given the trend of a growing US and European market, more return could be achieved with lump sum investments than regular investments made over the same period. As the Japanese stock market was stagnating, the gap between the results of the return-risk profile for regular and lump sum investments was closing with growing length of the investment horizon. Conclusions: Regular investments with the dollar cost averaging method are desirable particularly for short-term investment horizons (1-year and 3-year horizons) where volatility can be reduced thanks to the right investment timing, but the losses following a slump on the stock market are not so vast as in one-time investments (thanks to cost averaging). On the other hand, the recommendation to invest over the one- or threeyear investment horizon can partially contradict the recommendations for stock markets. Here, the shortest recommended investment horizon is five years. Regular investment with the dollar cost averaging method however significantly reduces the stock market risk also over these investment horizons when compared with one-time investments. As this Paper has however shown, even when the results of the return-risk profile were not so much better for longer investment horizons in regular investments with the dollar cost averaging method than for short-term investment horizons, investments with this method can be still clearly recommended also for these investment horizons – both for growing stock markets, and for long-term stagnating markets.
Strategická volba v České republice: Jsou manažeři poboček chytřejší?
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Žáková Talpová, Sylva
Purpose of the article: This contribution focuses on the parent-subsidiary relationship from the perspective of centralisation in the strategy-making process. Methodology/methods: First, the development and contemporary state of theory relating to parent-subsidiary relationship are analyzed and research questions are formulated. Second, the empirical data from 155 MNE subsidiaries are used to reveal which strategies are pursued by these subsidiaries, taking into consideration the level of centralisation of the strategy-making process. Finally, the performance implications of strategies deployed by the companies are examined. Scientific aim: The role of the MNE subsidiary may vary between creation of the strategy and adoption of a strategy created by the parent company. The main objective of this study is to reveal differences among strategies chosen by subsidiaries with different levels of centralisation of the strategy-making process, and to evaluate performance implications. Findings: Findings show that subsidiaries that are allowed to determine their strategy choose innovative and prospective strategies. Such strategies proved to be related to higher subsidiary performance, followed by the defender strategy. Conclusions: The results imply that the MNE subsidiary could be more efficient than headquarters in adjusting to the local environment and might benefit from familiarity with the local environment. Therefore, this study confirms that a subsidiary can be a powerful determinant in the strategy-making process. This study has important implications for managers at MNC headquarters and at their subsidiaries. Since the emerging market of the Czech Republic is considered attractive for foreign direct investment, the findings of this study may have implications for executives already active in this market, but they are primarily for those intending to enter this market.
Aktuálne trendy v získavaní zamestnancov generácie Y v kontexte moderných Informačno-komunikačných technológií
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Kuchárová Mačkayová, Veronika
Purpose of the article: In this article the author deals with the latest trends in the process of employees’ recruitment based on application of possibilities provided by the modern information and communication technologies (ICT). ICT substantially change the shape of world people were accustomed to. Due to their massive development different areas of lives, e.g. personnel work and employees’ recruitment gets impersonal or virtual form. ICT mostly influence the way of life of younger generations (i.e. Y generation or Millennials generation) since they grew up in mutual connection with them and consider them as a natural part of their personal and working life. Methodology/methods: The author applies the secondary data of Statistical Office of the Slovak Republic concerning ICT utilization in Slovak households and the results of analysis of Institute for Public Affairs concerning the social networks in Slovakia. Primary research uses the author to identify the relation of Y generation towards IKT modern mediums. Scientific aim: The main aim of the author is to provide a basis for HR managers in choosing appropriate personnel policy of recruitment young talented people from generation Y. The author on the basis of research identifies and analyzes the relationship of generation Y to modern means of ICT. Preferred compositions can be addressed communication channels for HR managers. Findings: The author points out possibilities to address potential employers from generation Y by companies by means of modern ICT facilities they prefer (mobile phones and social networks). She found that most members of generation Y communicate through phone. Up to 93.06% of respondents use it for calling and sending SMS. They actively communicate their ideas, feelings and attitudes on social networks. Seven out of ten respondents visit social networks daily. Only 5.50% of respondents are not members of any social network. Conclusions: The results of research can help personnel managers in the process of employees’ recruitment of potential young employees. Modern ICT mediums that prefer to communicate members of Slovak generation Y may be suitable addressable channels to reach them with the offer of job vacancies.
Stanovení nákladů na mezzaninový kapitál
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Konečný, Zdeněk
Purpose of the article: There are more kinds of used financial sources and the chargeable of them are termed as capital. They can can be divided into two basic groups according to the legal position of the provider, namely into equity and debt. Each item of capital is connected with some costs because of the existence of risk. There is generally known, that owners bear a higher rate of risk than creditors, thus the cost of equity should be higher than cost of debt. But there are also differences in risk rates within each group of capital, because there are more kinds of equity and debt. So the cost of every item of equity and debt should be estimated differently. Furthermore, there is used a mezzanine capital, which has some characteristics of both equity and debt. Methodology/methods: There is implemented a secondary research based on studying existing literature dedicated to either kinds of capital, including the mezzanine capital, or cost of capital. The existing theory about estimating cost of equity and debt is consequently applied on individual types of mezzanine capital. Scientific aim: This article has its aim to estimate cost of mezzanine capital, which can be used in three basic forms, namely senior subordinated debt, convertible subordinated debt or redeemable preferred stock. To fulfill this aim, there is used the theory of estimating cost of common and preferred stock and the theory of options. Findings: The providers of senior subordinated debt bear a higher risk than other “classical” creditors, which is analogous to holders of common and preferred stock. So the difference between cost of these two kinds of debt (before interest tax shield) should be the same as the difference between cost of common and preferred stock. By estimating cost of convertible subordinated debt can be used the theory of options. So the convertible subordinated debt is divided into two parts, debt itself and the call option, whose cost is estimated as cost of equity. Costs of both parts are added up. Cost of redeemable preferred stock is estimated by using the theory of options, too. But in this case, the holder of preferred stock is in the short position, which means, that cost of this option is subtracted from the cost of preferred stock itself. Conclusions: Cost of any types of mezzanine capital is higher than cost of debt, but lower than cost of equity, which is related to the rate of risk. Furthermore, cost of senior subordinated debt is lower than cost of convertible subordinated debt and cost of this type of mezzanine capital is lower than cost of redeemable preferred stock, because of different rates of risk, too. So using mezzanine capital can significantly affect the capital structure and the weighted average cost of capital.
Vliv peněžní nabídky na akciové bubliny v Japonsku
(Vysoké učení technické v Brně, Fakulta podnikatelská, 2013-12) Širůček, Martin
Purpose of the article: The present article deals with associations between the development of money supply measured by the monetary base M2 and the development of the Japanesee wider stock index Nikkei 225. The objective of the article is set if the money supply is significant macroeconomic factor which cause the stock bubbles. Methodology/methods: Regarding to the aim of the article was using historic monthly nominal data of money supply (measured with monetary base M2) and monthly close price of Nikkei 225 since 1967 to 2011, adjusted of splites and dividends. This period contain two bubbles which were on japanesee market and the time of economic crisis after 2007. From econometric methods, will be using stationary test – Augmented Dickey- Fuller test, for cointegration between two time series is using Engel-Granger cointegration test and the impact of money supply on japanesee stock index is measured by Granger causality test. Scientific aim: The aim of this article is by using econometric methods find if the nominal money supply, measured by monetary base M2 is a significant factor, which cause the stock bubbles on japanesee stock market. Findings: According to the results of the empirical analysis was found that mnominal money supply represented by wider monetary base M2 is not a significant factor which cause the bubbles, which were identify on japanese stock market in selected period. Concrete wasn’t found the impact of money supply on Archipelago boom in 70th and Heisei boom in the 80th. In empirical analysis was only found a long relationship (cointegration) between money supply and stock index Nikkei 225, what correspond with economic theory. Conclusions: This paper can be expand with real variables (inflation adjusted) and compare the result. Higher potencial of this paper is added there another macroeconomic variables, first of all oil price or producer price index, because according to the literature review this can be a significant factors which cabn cause the bubbles and find relationship between these factors and japanese stock index development. Other way is compare the results with e.g. US capital maret, which suppport the market and economy by quantitative easing too.

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