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We present a novel brand valuation method based on conversion ratios. The proposed approach uses brand-related parameters, which are usually accessible, however, the established brand valuation methods have not yet used them. These key parameters include the ability to acquire new customers and retain current customers. We argue that such parameters can be reflected through the cost of reaching new customers and retaining current customers. The method proposed relies on observable inputs, hence, it specifically addresses the limitation of the brand valuation methods defined so far. The method is based on the cost savings reached by the investors who acquire the brand. It can be applied in situations in which brand users reach average to below average results not admitting the application of incomebased approaches. Furthermore, the method is a suitable analytical tool supporting financial executives, analysts, and consultants while identifying contributions made by the brand. We test the concept on a model company within a case study. The method can be also a contribution in terms of the calibration and refinement of the existing approaches and will support both researchers and practitioners to improve the understanding between the already accepted brand valuation methods and novel perspectives on the issue.

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.

In this paper, we intend to contribute evidence in regard to going public financial impact and thus motivation on a sample of mature companies that launched an IPO at the Warsaw Stock Exchange between 2005 and 2015. First, we review recent literature focusing on financial and non-financial consequences of an IPO. Next, we use fuzzy sets and fuzzy reasoning to define a “mature” company and assess financial consequences of going public. Our main conclusion is that the majority of Polish mature companies use an IPO as a channel how to raise capital and accelerate their investments and growth. This contradicts many previous empirical studies highlighting that the main motivation of mature companies to go public is to use the capital raised within an IPO to rebalance their capital structure.

Sustainable investing is an investment approach in line with the values of sustainable development and compliance with environmental, social, and corporate governance (ESG) criteria. The aim of the article is to propose a sustainable investing model (SIM) to support the decision-making of responsible individual investors. The proposed model aggregates economic indicators of investment decision-making, positive and negative ESG criteria, the market value of the stock, a systematic and unsystematic risk (expressed by the capital asset pricing model (CAPM)), thus widening the investment triangle by another peak—and that is sustainability. The research methodology is based on four key areas (environmental, social, corporate governance, and economic) associated with sustainable investments, stock market value, and risk. The research methodology of structural equation models is applied for the construction of the SIM. Mathematical equations are used to apply the SIM, which expresses values, the so-called factor scores. For the classification of sustainable investments, a classification scale is created that divides investments into three groups: above-average, average, and below-average. The SIM comprehensively evaluates individual ESG criteria and economic areas of sustainable investments, thus assisting the investor in deciding on sustainable investments of Czech joint-stock companies in the manufacturing industry, including benchmarking with other sustainable investments.

Objective: In this paper, we intend to contribute evidence in regard to going public motivation on a sample of companies that launched an IPO at the Prague Stock Exchange between 2004 and 2017. Research Design & Methods: In order to evaluate the prevailing motives for the IPO launch, we design and apply a set of composite indicators the values of which may be understood as an indication of the extent to which IPO launch motives originate in the zone of the issuing company’s needs or in the zone of interest of its owner (owners). Findings: Our main conclusion is that the dominant going public motivation is to allow current shareholders to cash out and to enhance the company´s publicity and image. Implications & Recommendations: Since the study disclosed that the prevailing motive of primary issues at the Prague Stock Exchange was the exit of investors and enhancing publicity and image we suggest that companies launching the Prague Stock Exchange in recent years were predominantly determined by non-financial aspects. Thus, the research findings represent substantial implications for issuers, investment bankers, the stock exchange, and macroeconomic policy makers when the concept of incentive schemes how to increase the attractiveness of the local capital market will be proposed. Contribution & Value Added: Our set of composite indicators allows assessing not only the predominant IPO motive zone, but also measuring the intensity of the motives. This helps to better understand the urgency of the needs of the issuing companies satisfied by the IPO implementation.

This paper aims at the impact of R&D investments on economic stability in the Czech enterprises. The authors study relationships between R&D investments and financial indicators and ratios for period 2007 – 2014. The empirical analysis is based on a sample of 103 Czech electronic industries innovative enterprises with R&D investments during the period 2007 – 2013. The paper deals with the hypothesis that R&D investments are utilized to increase economic efficiency. The second hypothesis is represented by an idea that enterprises invest systematically to be able to cope better with the effects of depressions. Financial indicators are analyzed and presented with the aim to verify these hypotheses. Tento dokument se zaměřuje na dopady R&D investic na ekonomickou stabilitu v českých podnicích. Autoři studovali vztahy mezi VaV investicemi a finančních ukazatelů a poměry pro období 2007-2014. Empirická analýza je založena na vzorku 103 českých inovativních podniků působících v elektronickém průmyslu v období 2007 – 2013. Clánek se zabývá hypotézu, že R&D investice jsou využívány ke zvýšení ekonomické efektivity. Druhá hypotéza předpokládá, že podniky investující systematicky do VaV se mohli lépe vyrovnat s důsledky deprese. Finanční ukazatele jsou analyzovány a prezentovány s cílem ověřit tyto hypotézy.

This paper aims to examine the similarities between innovative companies in the Engineering and the Electrotechnical industry in the Czech Republic. The main question is whether R & D spending in companies with eco-innovation leads to a rise in turnover even in a short period of time. The paper uses the Burea Van Dijk database – Amadeus as a data source. This data source includes 186 large enterprises with information on employee’s numbers, turnover, sector affiliation and R & D expenditure. A binomial test of statistical significance was used for the comparison of the two groups of companies. The authors find that approximately one-third of enterprises record revenue slump. There was no statistically significant difference at the level of significance α = 0,05 between the shares of enterprises with eco-innovations that showed a decrease in turnover. DOI: https://doi.org/10.3846/bm.2018.19

International audience; In this paper we compile and evaluate the research available on internal factors influencing the cost of equity capital. The topic has been extensively studied for the past few decades; however, the information is spread and is not accumulated. We begin by reiterating the reasons why information asymmetry drives financial decisions. Next, we review recent literature that focuses on financial disclosure and accounting information, i.e. internal factors that are directly connected with information asymmetry. In the remainder of our review we discuss a recent debate on the impact of corporate governance and social factors. Aside from theoretical contribution, the comprehensive literature review of existing studies results in formulation of a strategy how to decrease to cost of equity capital by means of internal factors adjustments. We believe that highlighting the key points in the debate will be beneficial for both academicians and practitioners who will be able to form an independent view of the approaches how to take influence on the cost of equity capital.

Postepująca globalizacja światowych gospodarek przyczynia sie do wzrostu powiązan miedzy rynkami kapitalowymi. W związku z tym identyfikacja powiązan miedzy rynkamioraz analiza zmian sily tych powiązan w czasie stanowią istotną wskazowke dla krajowych decydentow makroekonomicznych i stają sie waznym elementem zarządzania ryzykiem związanym z funkcjonowaniem rynkow kapitalowych. Tym samym glownym celem prezentowanego artykulu jest analiza powiązan pomiedzy rynkami kapitalowymi wybranych krajow Grupy Wyszehradzkiej: Polski, Czech i Wegier. Badanie relacji pomiedzy wskazanymi rynkami zostalo dodatkowo uzupelnione o analize ich powiązan z nieodleglym geograficzneg, a jednocześnie zaliczanych do wiodących w Unii Europejskiej rynkiem niemieckim. W badaniach wykorzystano model DCC-GARCH z warunkowym rozkladem t- studenta. A nalize przeprowadzono w latach 1997-2015, co pozwala na sformulowanie wnioskow odnośnie do tendencji w ksztaltowaniu sie powiązan miedzy wybranymi rynkami, mierzonymi za pomocą warunkowych korelacji.

This study deals with Initial Public Offering (IPO) developments in the Czech Republic and Poland over the period 2000 – 2012 and aims to indicate the influence of external going public determinants, in particular the capital market size- and liquidityindicators, on IPO numbers and values. Our sample includes enterprises that conducted an IPO on the main markets of the Prague and Warsaw Stock Exchanges. The following steps were undertaken to analyse the quantitative data. Firstly, we performed a quantitative analysis of the Czech and Polish capital market in order to draw attention to certain specific issues existing on these markets between 2000 and 2012. Next, we compared internal IPO characteristics on the particular capital markets with the empirical evidence on IPOs in the Central and Eastern Europe- and EU-wide capital markets. Our results indicate the favourable development of fundamental capital market indicators on the Warsaw Stock Exchange. This could be seen as a signal of increasing market attractiveness for both investors and potential issuers (IPO candidates) and thereby accelerate IPO activity. On the other hand, the size and liquidity of the Czech capital market still presents an investment barrier. Studie se zabývá primárními emisemi akcií v ČR a Polsku za období 2000-2012 a jejím cílem je zhodnotit vliv externích determinantů, zejména pak faktorů kapitálového trhu, na počet a objem primárních emisí na zkoumaných trzích.

Increasing globalization contributes to the growing role primary capital markets play for raising external equity capital. This phenomenon is becoming more significant in both developed and emerging markets and influences the effectiveness of national economy. Therefore, the identification of going public motivations can be a source of knowledge for enterprises, stock exchanges, investment banks and national macroeconomic policy makers. In this paper, we aim to document the sentiments toward going public expressed by 45 CFOs of not public and not financial companies – IPO candidates - from the Czech Republic and Poland in the period between 2012 and 2014. These markets belong to the most important among the Central and Eastern European countries. In the statistical analysis descriptive methods, contingency tables and chi-square test were applied. Results are compared with academic literature and empirical evidence for developed US and EU capital markets. The survey results can be summarised as follows. First, a considerably larger number of CFOs (IPO candidates) is motivated by raising external equity capital. Surveyed companies tend to conduct an IPO in the expansion stage of their life cycle, which is perceived as a positive signal, especially for the investors. Second, our assumption a company listing on the capital market will have a positive effect on its image and publicity could be confirmed by empirical evidence. Next, analysing conditional variables revealed some other insights into the strategy of corporate financing. Polish companies are more likely to conduct an IPO than their Czech counterparts and at the same time raising external equity capital is the prevailing reason for conducting an IPO in Poland while this motive is significantly less important for Czech CFOs. Furthermore, there is no evidence that older firms might have a greater tendency to go public. However, more mature companies prefer using the funds raised by IPO to pay down debt, which corresponds to the results of previous studies conducted in continental Europe. The motive of lowering the cost of capital prevails in small companies as well as another non-financial IPO driver, publicity and image enhancement.DOI: http://dx.doi.org/10.5755/j01.ee.27.4.14755

IntroductionGlobalisation phenomenon and changes in the main development determinants of industrialised countries lead to growing interdependencies among economies (Balcerzak, 2009, 2016a; Janda et al., 2013; Pohulak-Zolcdowska, 2016; Kondratiuk-Nierodzinska, 2016; Pietrzak and Balcerzak, 2016a; Balcerzak and Pietrzak, 2016a, 2017). That factor can be especially significant in the case of capital markets (Meluzin and Zinecker, 2016; Meluzin et al., 2016; Osinska et al., 2016). Last global financial crisis has proved the growing influence of "financisation" of economy on the situation on labour markets (Glazar and Strielkowski, RECENT ISSUES IN ECONOMIC DEVELOPMENT 2010; Muller-Frcczek and Pietrzak, 2011; Pietrzak and Balcerzak, 2016b), macroeconomic fiscal stability (Hadas-Dyduch, 2015; Miklaszewicz, 2016; Majerova, 2016; Lajtkepova, 2016; Balcerzak, 2016b; Balcerzak and Rogalska, 2016; Balcerzak et al., 2016) and sustainability of whole economies (Pietrzak et al., 2014; Pietrzak and Balcerzak, 2016c; Balcerzak and Pietrzak, 2016b). As a result, identification of international linkages among markets and analysis of their variability over time is the condition for effective management of risk associated to potential negative influence of global capital markets (Arshanapalli et al., 1995; Andersen et al., 1999; Baur, 2003; Pericoli and Sbracia, 2003; Engle, 2009; Billio and Caporin, 2010; Syllignakis and Kouretas, 2011; Baek and Jun, 2011; Karanasos et al., 2014; Reboredo et al., 2015; Heryan and Ziegelbauer, 2016; Gawronska-Nowak and Grabowski, 2016). It is of great importance both for policy makers at macroeconomic level and managers operating in international environment from microeconomic perspective. As a result, in spite of relatively big supply of research on this subject, the identification of linkages among markets, analysis of changes in the strength of these dependencies must be considered as an important field of scientific research (Forbes and Rigobon, 2002; Corsetti et al., 2005).The main aim of this article is to analyse interdependences among Austrian, Czech, Hungarian and Polish capital markets and the market of Germany. The analysis is carried out both in terms of the impact of short-term shocks and long-term path of these markets. Two hypotheses are proposed in the article. The first one states that there is a similar formation process of long term interdependencies among German and pointed Central European capital markets. According to the second hypothesis it is assumed that volatility of individual capital markets significantly affects the changes of strength of the interdependencies among analysed markets.The article is a continuation and further development of previous research efforts of the authors (Faldzinski and Pietrzak, 2015; Faldzinski et al., 2016; Zinecker et al., 2016; Balcerzak et al., 2016). In this article in order to measure relationships among markets conditional correlations calculated on the basis of the results of estimation of parameters of ARMA(p, q)-APARCH(1,1)-DCC model were used. To verify the hypotheses of the article cointegration analysis for the conditional correlations among selected markets on the basis of VECM model was performed. In the case of specification of VECM model authors have proposed a novel approach in the form of adding the conditional variances for the capital markets as an additional explanatory variable. The inclusion of the variances in the VECM model allowed to assess the impact of short-term shocks on the change of the strength of interdependencies among the analysed capital markets.1.Literature ReviewAs it has been already stated in the introduction, last global financial crisis with the problem of contagion effect was an important factor that has resulted in growing interests in potential consequences of interdependencies among financial markets. The research in that field usually takes a global perspective, where the econometric models are applied to analysis of wide set of international stock indices, or it has regional character from the perspective of world economy, where the main attention is given to interdependencies among markets from a group of countries with similar fundamental characteristics. …

The aim of this article is to identify the main reasons for the implementation of the IPO strategy according to the contemporary theory, and to compare it with practical approaches to this type of financing in companies that implemented the IPO in the Polish capital market. In agreement with the theoretical approaches, respondents from issuer companies mentioned the raising of external equity to be used to finance development investments as the main reason for the IPO implementation. The second most important reason for the IPO implementation is to use publicly traded shares for later acquisitions and mergers. Other important reasons for the IPO implementation include the increase of publicity and enhancement of the corporate image, increase in the company's attractiveness as an employer, and the determination of its market value. As far as disadvantages associated with the IPO are concerned, it follows from the results of our survey that respondents were mainly concerned about the time demands and the cost of the entire process when deciding whether to implement the IPO. Neither the fear of a loss or a curtailment of the control over the company, of the broadening of the shareholders' structure, nor the fear of strategic information leaks and its disuse by competitors gained any empirical support.

The objective of the paper is to critically evaluate and determine risk return profile environmentally focused stocks companies which are covered by STOXX Global ESG Environmental Leaders Index and whether this index should be taken in as an independent asset class of investments portfolio for its risk return improvement. This paper gives an empirical view on the ex post asset classes characteristics focused mainly on risk side of investment Cílem práce je kriticky zhodnotit a určit rizika a návratnosti profi životnímu prostředí zaměřené akciové společnosti, v které se vztahuje STOXX Global Leaders ESG životního prostředí

This paper deals with the analysis of initial public offerings of shares in terms of their quantity and the amount of capital raised by this form of financing on the world markets. Relevant global developments will be analyzed first, followed by a description of regional situation. The analysis is based on secondary data which are processed by descriptive statistics methods. The analysis of IPO trends on the world markets indicates that, in the period of 2004-2007, IPO-based financing of corporate growth gained in importance on both developed and emerging markets. The IPO segment was dominated by the largest emerging markets (Brazil, Russia, India and China) and at the same time the US American and Western European markets decline in their importance. The world-wide economic crisis of 2008 suppressed the interest in new IPOs, particularly in the developed economies. As the economy of most countries is beginning to revive, the interest in the IPO approach from businesses and investors is on the rise. It can be expected that, in the next few years, the arena of initial public offerings will be dominated by visionary companies operating on emerging markets where the execution of an IPO will constitute the key element in securing the capital essential for further expansion. Článek hodnotí vývoj počtu a hodnotové dimenze prvotních veřejných nabídek akcií v podmínkách světového finančního trhu a dále nastiňuje trendy vývoje v podmínkách trhů regionálních. Analýza vychází ze sekundárních dat za období 2004-2007. Data jsou zpracována metodami deskriptivní statistiky a dále interpretována s důrazem na perspektivy budoucího vývoje.

This paper examines the determinants influencing the IPO timing by enterprises under the conditions in force on the Polish capital market. In the study we asked CFOs Polish enterprises divided into two groups to formulate their insights in the area of IPO timing. The first group consisted of the entities that have previously executed an initial public offering, the second one included the entities that have not executed an IPO (but considered doing so in the past or were candidates for doing it in the future). The survey results can be summarised as follows. First, in choosing an opportune time for an IPO, both subsamples of companies take into considerations the current need of external equity capital for continuing their growth. Second, managers also take advantage of macroeconomic development and effort conducting IPOs when present and projected state of the national and global economy is favorable. Overall stock market conditions, conditions in the business sector and investors interest in the business sector were identified as determinants of IPOs timing with a very strong support. Finally, Polish CFOs attach less importance to the interest that other companies operating in the same type of business may have in IPOs. The interest that firms from other business sectors may have in going public does not have an appreciable effect on timing as well. Článek prezentuje výsledky empirického výzkumu faktorů ovlivňujících "načasování" IPO v podmínkách polského kapitálového trhu. Respondenti v pozici CFO působili buď v podnicích, ve kterých byla IPO úspěšně realizována, případně v podnicích, které jsou vhodnými kandidáty na IPO. Výzkumné výsledky naznačují, že v obou skupinách podniků je klíčovým faktorem ovlivňujícím "načasování" IPO potřeba externího kapitálu za účelem financování rozvojových projektů. Významným faktorem ovlivňujícím okamžik realizace IPO je rovněž makroekonomický vývoj, tj. současný stav a predikovaný vývoj domácí i světové ekonomiky. Podmínky na akciových trzích, podmínky v oboru podnikání a zájem investorů o obor podnikání představují další faktory, které významným způsobem ovlivňují rozhodování podniků. Naopak, z výzkumných výsledků vyplývá, že na rozhodování polských průmyslových podniků o okamžiku realizace IPO má velmi nízký vliv zájem ostatních podniků o realizaci IPO bez ohledu na skutečnost, jedná-li se o podniky ve stejném nebo jiném oboru podnikání.

The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the previous research. Applying descriptive statistics, relevant local developments are analysed first before being compared with leading European markets (London Stock Exchange and Deutsche Börse). We also investigated the assumption that a growing market has an explanatory power for the accelerating IPO activity. For this purpose we performed a Spearman correlation analysis. The data were evaluated at the significance level of = 5 %. All CEE capital markets recorded strong dynamism over the observed period. All fundamental capital market parameters increase the attractiveness of individual capital markets, although their values lag behind developed European capital countries. The unambiguous leader in the region is Poland with a flourishing IPO market. Our assumption that a growing market has a positive impact on IPO activities could not be supported by empirical evidence. Cílem článku je zhodnotit vývoj primárních emisí akcií v pěti zemích střední a východní Evropy za období let 2003 až 2012.

The paper deals with the analysis of the private equity and venture capital investment and divestment trends and activities on the European market, particularly on the market of Central and Eastern Europe (CEE), in times of economic crises 2007-2009. The analysis is based on the data published by the European Private Equity and Venture Capital Association (EVCA), the Czech Private Equity and Venture Capital Association (CVCA) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK). The economic crisis in 2008-2009 caused a rapid cooling of the European market. Private equity and venture capital management companies located in Europe have decreased significantly both investment and divestment activity. The economic crisis on CEE market showed a delay and a lower intensity in comparison with Western Europe. CEE market is, however, underdeveloped. This argument is supported by the data indicating annual investment and divestment value, and number of companies received private equity financing.

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. The objective of this paper is to analyze the current situation in the area of IPO on the Czech capital market and identify the causes of the low numbers of IPOs in the Czech Republic. The paper was written with the financial support of the Czech Science Foundation (Grant Agency of the Czech Republic), grant project No. 402/09/P134 “Decision Model of Company Financing via IPO”.

The intent of this study is to explore macro- and microeconomic aspects of going public in the Czech Republic and in Poland. There are significant differences in the going public activity on both markets and we firstly aim to determine the influence of GDP growth rates, reference interest rates, industrial production growth rates and a main stock exchange index on numbers of IPOs. Secondly, we survey chief financial officers (CFOs) in the Czech and Polish enterprises to compare practice in the CEE region to findings in previous empirical studies and theoretical approaches in the area of initial public offering motivation. Cílem studie je výzkum makroekonomických a mikroekonomických aspektů prvotních veřejných nabídek akcií v ČR a Polsku. Na obou kapitálových trzích lze vysledovat významný rozdíl v oblasti IPO aktivity. Předmětem našeho zájmu jsou v první fázi makroekonomické faktory a faktory kapitálového trhu, ve druhé fázi se pak zaměřujeme na interní příčiny vzniklých diskrepancí.

This paper examines determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. The intent of this research required to collect primary data. The sample has been divided into two groups. The first group consisted of the entities that have previously executed an initial public offering (IPO), the second one included the entities that considered doing so in the past or are IPO candidates. The survey results can be summarized as follows. First, raising external capital as a reason for IPO received a strong support from the respondents of both groups of companies. Next, more than 50 % of respondents in each group believe that IPO will have a positive effect on its image and publicity. Most of the respondents also believe that IPO will improve the company valuation, strengthen the management's bargaining position in negotiations with providers of external capital, and increase the attractiveness of the company as an employer. Thirdly, the respondents do not see debt reduction as a reason to go public. Low level of support was given to other reasons, which include withdrawal from the venture capital fund, diversification of the existing shareholders' portfolios, and solution to the succession problem. The results of this survey made it possible to formulate new insights as contributions towards a better understanding of corporate financing strategies under the specific conditions of the CEE region. Článek se zabývá studiem důvodů ovlivňujících rozhodování podniků uskutečnit IPO v podmínkách polského kapitálového trhu. Dosažení výzkumného cíle předpokládalo sběr primárních dat. Výzkumný vzorek podniků je rozdělen do dvou skupin. První z nich zahrnuje podniky, které IPO uskutečnily, druhá pak subjekty, které o IPO v minulosti uvažovaly, případně jsou ve vztahu k prvotní emisi vhodnými kandidáty. Výsledky výzkumu lze shrnout následovně. Zaprvé, získání externího financování je nejvýznamnějším důvodem pro emisi v obou skupinách respondentů. Více než 50 % respondentů rovněž sdílí názor, že IPO bude mít pozitivní efekt na jejich image a publicitu. Zadruhé, většina respondentů rovněž očekává, že IPO zvýší hodnotu podniku, posílí vyjednávací pozici managementu vůči poskytovatelům externího kapitálu a v neposlední řadě pozitivně ovlivní atraktivnost podniku coby zaměstnavatele. Zatřetí, respondenti nespatřují v možném snížení zadluženosti důvod pro uskutečnění IPO. Nízká míra významnosti se dotýká rovněž ostatních důvodů, jakými jsou exit venture kapitálového investora, diverzifikace stávajícího majetkového portfolia akcionářů, nebo řešení problému nástupnictví. Výsledky výzkumu umožňují lépe pochopit strategii podnikového financování ve specifických podmínkách regionu střední a východní Evropy.

This book deals with the topic of corporate financing through Initial Public Offerings. It aspires to broaden both knowledge and comprehension of this subject. For issuers, it identifies some practical approaches to IPO-related decisions under the conditions in force on the Czech and Polish capital markets. The introductory chapter delineates the specifics of joint-stock compa- nies and reviews the resources available to such legal entities in raising the capital needed for investments in company development. The term ?Initial Public Offering? is then defined, followed by an assessment of IPO trends in terms of their numbers and the value of the capital obtained by this form of financing on global equity markets. In the next section of the book, the authors survey the most frequently stated reasons for launching an IPO with their respective pros and cons. The book then analyses the IPO structure and the related costs on global equity markets. The following chapter cov- ers the characteristic features of IPOs, these being underpricing and the lower profitability of shares after the initial public offering. This part of the book concludes with a discussion of the methods used to evaluate the issu- ing companies. The third part of the book begins with an outline of the main conditions for a successful IPO implementation on the Czech and Polish capital mar- kets. This is followed by the main characteristics of the initial public offer- ings that have appeared on the Czech capital market, and an articulation of the policies, views and experiences of the companies that implemented them. This section of the book also presents the results of research into factors that influence decisions about a prospective IPO under the condi- tions in force on the Polish capital market. The results of the empirical re- search are compared with modern theoretical approaches seeking a solution to this decisive juncture within a company. The final chapter presents a summary and a discussion of the results produced.

Concepts of chaos have been introduced into time series theory relatively long time ago. However, multidimensional chaotic tasks are still prohibitively difficult to solve. Qualitative models are based on three values only — decreasing, constant, and increasing. A qualitative solution of a chaotic model gives a set of time scenarios. E.g. Lorenz model has 813 qualitative scenarios. There are 8222 transitions among the set of Lorenz scenarios. A qualitative interpretation of quantitative multidimensional time series is based on some quantitative smoothing algorithm followed by qualitative descriptions of the first and second derivatives. If a qualitative interpretation of a time series represents a path in the Lorenz oriented graph then the time series has the Lorenz chaotic patterns.

Many different formal tools, e.g. statistic, fuzzy logic, neural networks, are used to study different bankruptcy related tasks. A qualitative modeling philosophy has been developed in an effort to produce a general and reasonably unified common sense approach to modeling of unique, complex and unsteady state systems. A qualitative description is information non intensive as it is based just on three values, namely positive, zero, negative. No quantifiers are used, e.g. numbers, fuzzy and rough sets. A simple set of three qualitative relations, among five variables is used as a model. There are 17 scenarios and 40 possible transitions among them.

Empirické výzkumy dochází k závěru, že většinou existuje kladný rozdíl mezi kurzem akcií vytvořeným během prvního dne obchodování na sekundárním trhu a emisním kurzem akcií při IPO. Tato skutečnost, ve světové odborné literatuře označovaná termínem underpricing, představuje v současné době jedno z nejvíce diskutovaných témat spojených s IPO. Cílem článku je analyzovat dopad underpricingu na emitující společnosti, resp. jejich akcionáře a podrobit diskusi soudobé teoretické přístupy k vysvětlení existence tohoto fenoménu. Příspěvek byl uskutečněn za finanční podpory Grantové agentury České republiky v rámci řešení grantového projektu č. 402/09/P134 s názvem „Rozhodovací model financování podniků prostřednictvím IPO“.

Funding development of the company through the “Initial Public Offering” has a high representation globally and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. Also in the Central and Eastern European countries, including the Czech Republic, there can be found growing interest in this form of company financing. The objective of the article is to analyze the amount of costs related to an IPO launch on the main world security markets, and compare the same to the costs of IPO‘s launched on the Prague Stock Exchange during its modern history. To attain the objectives, research based on the collection of secondary and primary data was carried out. The results obtained show that the direct IPO costs are reaching the minimum value on the market Euronext, the maximum on the market HKSE. Results showed that the direct IPO costs on the Czech capital market range between 5.6% and 9.0% of the value of issue. The biggest cost element are underwriting fees, generating usually more than half of all direct IPO costs. The rest of direct IPO costs include fees due to professional advisors for audits, legal and other advisory services, costs of marketing and issuer’s internal costs.

The paper presents the results of a comparative analysis of the term “Initial Public Offering” as it is defined in foreign literature and specifies how it differs from the present-day approach to this term in Czech literature. Based on the acquired knowledge, the Czech equivalent of “Initial Public Offering” is proposed while respecting its essential meaning and substance.