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Private Equity and Venture Capital: Investment Fund Structures in Europe
(IBIMA, 2012-12-31) Zinecker, Marek; Svirák, Pavel; Hodinková, Monika
Suitable legal fund structures for private equity and venture capital (PE/VC) investments and their tax treatment have been considered as a key factor for stimulating the business environment. The Czech Venture Capital Association stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market. In order to encourage the development of the market, this paper addresses filling the existing research gap concerning the following issues of the Czech PE/VC market: How the current Czech legislation regulates the legal fund structures for PE/VC investments? What is the tax treatment of PE/VC funds and individual investors in the Czech Republic? What are the legal and tax regulations on the main European markets for PE/VC? What are the key requirements for improvements of the current situation on the Czech PE/VC market? The nature of this study is explorative and it relies on primary and secondary data. Results of the study stress that the non-existence of the Limited Partnership legal form in particular is a weak spot of the current Czech legislation. The only Czech legal structure for PE/VC investments – the Qualified Investor Fund – does not sufficiently accommodate the requirements of market participants. Inadequate manner of market regulations can also be pointed out in addition to inflexible corporate law, tax obstructions and non-transparency of the current structures. In conclusion this study formulates proposals how to change the existing corporate law and the regulation of the PE/VC financial market segment in the Czech Republic. The proposals are based on models provided by selected European countries and create suitable conditions for a successful development of the Czech PE/VC market.
Could the Coefficients Re-Estimation Solve the Industry or Time Specific Issues?
(IARAS, 2017-08-24) Karas, Michal; Režňáková, Mária
The aim of this paper is to examine discrimination performance of three bankruptcy prediction models in environments and periods different from the ones utilized by deriving the models. We compared selected models’ accuracy in the original setting and present conditions. Secondary aim was to examine a way of possible increasing of the discrimination performance of models by the recalculation of the classification functions. Discrimination performance of the models and financial ratios was tested on companies operating in manufacturing business. Results conclusively demonstrate that the discrimination accuracy of bankruptcy models deteriorates significantly in different environments. The classification function of each model was recalculated using the data from Czech manufacturing companies. For the adjustment of models’ coefficients the same methods, as used originally by theirs authors, were applied, i.e. the probit method, the linear discrimination analysis and the logit method. The results shown, that the re-estimation of model coefficient could lead to its higher classification accuracy in alternative conditions. We can dedicate that recalculating of the classification rules is one of the ways to increase discrimination performance of the bankruptcy prediction models in different environment.
Age related discrimination in the context of corporate social responsibility and company performance. The case of the Czech Republic
(Elsevier, 2014-10-30) Musilová, Helena; Režňáková, Mária
At least 30 % of European population will be formed by people of age 65 and above. At the moment it is more than 7 % in the Czech Republic. To sustain their quality of life it is necessary for them to stay in employment longer than in the past. These changes in the demographical structure bring about social tension between job applicants. Apart from that there have been many stereotypes about the lower performance of older employees. This leads to unwillingness to employ these employees, which in effect may lead to a loss of the crucial knowledge possessed by them. This is one of the most worrying dangers the companies face today. Although the current legislation of the Czech Republic does conform to the EU standards, occasional cases can be found of age-related discrimination.
Predicting bankruptcy under alternative conditions: the effect of a change in industry and time period on the accuracy of the model
(Elsevier, 2015-12-01) Karas, Michal; Režňáková, Mária
According to literature bankruptcy prediction models are less accurate if applied in under alternative conditions. In our previous research we created our own bankruptcy prediction model. When creating the model we tried to applicate an approach different to previous ones. For creating the model we used the traditional method of linear discrimination analysis, but we employed only transformed variables with approximately normal distribution. What is more, the variables pairs are mostly negatively correlated. According to literature such factors should positively influence the model accuracy. However there is a very limited literacy how such application affects the stability of model’s accuracy. The aim of this paper is to analyse the stability of model’s accuracy in application in different time period or different line of business. Moreover, we aim to examine and discuss the effectiveness of the procedure which was used to create the model.
To what degree is the accuracy of a bankruptcy prediction model affected by the environment? The case of the Baltic States and the Czech Republic
(Elsevier, 2014-12-27) Karas, Michal; Režňáková, Mária
According to some authors, bankruptcy models are less accurate if used in an environment different from the one for which they were designed. This is due to the higher heterogeneity of the data. The accuracy of the prediction model may be improved by reducing this heterogeneity. An alternative solution to the problem of the limited transferability (e.g. robustness) of a model may be to identify the environmental factors that affect the models prediction accuracy and incorporate them into it. This paper presents research of the prediction accuracy of a bankruptcy model in four countries and the correlation found between the development of selected macroeconomic indicators in these countries. It proved possible in this way to identify those macroeconomic factors that show similar correlation patterns between given environments as investigated by the accuracy of the bankruptcy model. These factors include, first and foremost, the performance of the economy, inflation and unemployment. The incorporation into the model of such factors is very likely to increase model robustness.

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