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The aim of the article is to identify problematic issues of valuation of property (assets) of banks that are in the process of liquidation, and substantiate proposals for the desired solution, taking into account the need to protect the rights of bank creditors. Although the bankruptcy of banks causes significant economic and moral losses, the processes of removing insolvent banks from the market, their reorganization or liquidation are constantly taking place. Therefore, regulators and banks that have been declared insolvent face many questions, including the adequate valuation of banking assets and the determination of the liquidation estate. The article discusses approaches to asset valuation and features of their application in Ukrainian practice, as well as peculiarities of the sale of assets of banks in liquidation according to the Dutch auction model. It is noted that the imperfection of management of banks’ assets in the process of their functioning leads to discrepancies in the valuation of these low-quality assets in the liquidation procedure. It is determined that the ratio between the estimated value of assets and their book value for banks declared insolvent is on average 26.2 %, and the median value is 22.3 % This leads to a number of problems, including the inability of the Deposit Guarantee Fund (DGF) to ensure the repayment of part of the bank’s liabilities, which could be repaid in case of timely acceptance of tender offers at market value. It is noted that the most liquid assets, which are real estate and property, occupy an insignificant share in the structure of the liquidation mass – about 5 %, and the conversion rate in the sale of real estate quite often reaches 200 %. It is proposed, in accordance with European practice, to empower the Fund to monitor the assets of banks in the process of their functioning. The expediency of valuating assets not from the position of doing business «as usual» but from the point of view of the objective need to sell assets, focusing on the quick sale of assets at a market price, is emphasized. In order to improve the process of valuating the assets of an insolvent bank and focusing on the quick and transparent sale of the bank’s assets, it is proposed to implement the international experience of using loss-sharing agreements into domestic practice.

The aim of the article is to identify problematic issues of valuation of property (assets) of banks that are in the process of liquidation, and substantiate proposals for the desired solution, taking into account the need to protect the rights of bank creditors. Although the bankruptcy of banks causes significant economic and moral losses, the processes of removing insolvent banks from the market, their reorganization or liquidation are constantly taking place. Therefore, regulators and banks that have been declared insolvent face many questions, including the adequate valuation of banking assets and the determination of the liquidation estate. The article discusses approaches to asset valuation and features of their application in Ukrainian practice, as well as peculiarities of the sale of assets of banks in liquidation according to the Dutch auction model. It is noted that the imperfection of management of banks’ assets in the process of their functioning leads to discrepancies in the valuation of these low-quality assets in the liquidation procedure. It is determined that the ratio between the estimated value of assets and their book value for banks declared insolvent is on average 26.2 %, and the median value is 22.3 % This leads to a number of problems, including the inability of the Deposit Guarantee Fund (DGF) to ensure the repayment of part of the bank’s liabilities, which could be repaid in case of timely acceptance of tender offers at market value. It is noted that the most liquid assets, which are real estate and property, occupy an insignificant share in the structure of the liquidation mass – about 5 %, and the conversion rate in the sale of real estate quite often reaches 200 %. It is proposed, in accordance with European practice, to empower the Fund to monitor the assets of banks in the process of their functioning. The expediency of valuating assets not from the position of doing business «as usual» but from the point of view of the objective need to sell assets, focusing on the quick sale of assets at a market price, is emphasized. In order to improve the process of valuating the assets of an insolvent bank and focusing on the quick and transparent sale of the bank’s assets, it is proposed to implement the international experience of using loss-sharing agreements into domestic practice. [ABSTRACT FROM AUTHOR]

This paper deals with an analysis of causes that lead to the change in price (value of construction costs) of road infrastructure projects in selected phases of the building structure life-cycle, more specifically procurement and construction phases, with the aim to refine the price estimation in the Estimated Value determination phase. The sample of regional road construction projects in the South Moravian Region (Czech Republic) documentation forms the basis for the research. The methodological procedure is aimed at monitoring changes in the value of construction costs during the preparation and implementation phase of the construction. Estimated values, contract prices and actual prices of individual projects are compared to determine them and the reasons for their differences are discussed. The changes (decrease) in the values of construction costs determined by estimated value and contract price show the strong influence of the construction market and the interest of construction companies in the implementation of public works contracts in the field of road infrastructure projects. The relative differences range up to 47%. The changes (increase) in construction costs determined by contract price and actual price are much lower, up to 13%, and result from specific situations during the implementation of the construction, for which subsoil bearing capacity problems and material changes were determined as the most significant.

This paper deals with an analysis of causes that lead to the change in price (value of construction costs) of road infrastructure projects in selected phases of the building structure life-cycle, more specifically procurement and construction phases, with the aim to refine the price estimation in the estimated value determination phase. The sample of regional road construction projects in the South Moravian Region (Czech Republic) documentation forms the basis for the research. The methodological procedure is aimed at monitoring changes in the value of construction costs during the preparation and implementation phase of the construction. Estimated values, contract prices and actual prices of individual projects are compared to determine them and the reasons for their differences are discussed. The changes (decrease) in the values of construction costs determined by estimated value and contract price show the strong influence of the construction market and the interest of construction companies in the implementation of public works contracts in the field of road infrastructure projects. The relative differences range up to 47%. The changes (increase) in construction costs determined by contract price and actual price are much lower, up to 13%, and result from specific situations during the implementation of the construction, for which subsoil bearing capacity problems and material changes were determined as the most significant. [ABSTRACT FROM AUTHOR]

(Series Information) European Papers - A Journal on Law and Integration, 2019 4(3), 809-821 | European Forum Insight of 17 November 2019 | (Table of Contents) I. Introduction. - II. The principle of transparency in public procurement. - II.1. Transparency before the award of contracts. - II.2. Ex post requirements stemming from transparency. - III. Framework agreements. - IV. The case in the national stage. - IV.1. The contract concluded by Garda and its extension to Valcamonica. - IV.2. The first-instance Judgment. - IV.3. The appeal before Consiglio di Stato and the referral to the Court of Justice. - V. First slip of the Court of Justice: the (inexistent) defective transposition of the Directive. - VI. Admissibility of the preliminary questions: Is it really a framework, despite it lasts nine years? Equivocal conceptions and an unnecessary reprimand from the Court. - VII. The Directive applicable ratione temporis. - VIII. Can a contracting authority sign a framework on behalf of itself and other authorities? - IX. Should the quantity that may be required by the potential users of the agreement be determined? - IX.1. Seven arguments for quantification. - IX.2. Two arguments for express quantification. - X. Conclusions. | (Abstract) Antritrust and Coopservice (judgment of 19 December 2018, case C-216/17) is a peculiar product of the Court of Justice. It is one of a kind in aggregate procurement, a subfield of public procurement that has remained virtually untouched by the Court. A number of very helpful and reasonable directions can be drawn from this judgment with respect to the duration and quantification of framework agreements as well as the identification of the authorities entitled to use them in the case of framework agreements concluded jointly by several authorities. At the same time, it is not a model of adjudication, incurring in some inaccuracies, obvious mistakes, and even unkindness to the referring national court. This surely makes it more enjoyable to read and comment. The present Insight shows the slips of the Court, while highlighting the main directions that can be extracted vis-à-vis the operation of framework agreements and joint contracts.

General information about reuse, recycling and materials recovery of construction and demolition waste in European Union Countries and in Turkey has been given and it has been aimed to analyze the process of demolition of public buildings for scrap, and to propose solutions to increase public revenues. We have examined all demolition works for scrap contracted by public authorities and institutions between the years of 2016 and 2020. We have contacted the relevant public authorities and institutions that put out to tender for two hundred and five demolition works and requested information regarding the contract prices and the method of calculating the estimated value related to these works. As a result of evaluating the data obtained for fifty-nine demolition works, it has been observed that different methods are used in the calculation of the estimated prices. These are; the quantity calculation of demolition waste and the use of the unit prices published by the public authorities, the quantity calculation of demolition waste and the demolition experts' proposals for the unit prices, only the demolition experts' proposals for the works, or the relevant public authority's estimation based on its own experience. It has been observed that there is a serious fluctuation between the contract price and the estimated price in the contracted demolition works, however we have seen that there is no relation with the method of calculation of the estimated prices. In our evaluation, it was concluded that serious losses in public income may occur in case the estimated price is undervalue and if there is not enough competition in the tender. [ABSTRACT FROM AUTHOR]

This paper is the last in the series of three papers devoted to the estimated value of intellectual capital belonging to any socioeconomic area: voivodship (province), municipality, country, region etc. An idea of the estimated value is based on the assumption that the value of a given socioeconomic area for its residents is determined by income generated due to the presence of a business activity in a given area. The structure of the presented method allows for covering all components of intellectual capital within estimated value regardless whether their existence is realized or not. The paper, the third in the series, makes an approximate estimate of intellectual capital in individual voivodships in Poland for the year 2013. Therefore, it is possible to disclose significant quantitative and qualitative relationships , inter alia between intellectual capital and population of individual provinces.

Objective: This study aims to evaluate the effects of combining Acute Physiology and Chronic Health Disease Classification System II (APACHE II) scores and the NIHSS score for short-term prognosis of cerebral hemorrhage patients.Methods: APACHE II and NIHSS scores were respectively carried out for 189 acute cerebral hemorrhage patients who were admitted to the hospital for 24 h, and the area under ROC curve was used to measure the ability of these score systems to forecast the prognosis, in order to find the best dividing value. The discriminant analysis method should be used to carry out a comprehensive analysis of these two score methods and establish the mathematical model to provide a reasonable basis for accurately mastering these illness conditions, and its prognosis.Results: The areas under the ROC curve of APACHE II and NIHSS scores in forecasting cerebral hemorrhage prognosis was 0.853 and 0.845, respectively, the dividing value was 15 and 17, respectively, and the forecasting accuracy was 77.2 and 79.9%, respectively; The forecasting accuracy of the combined discrimination model was 85.96%.Conclusion: APACHE II and NIHSS scores have good forecasting value to the short-term prognosis of acute cerebral hemorrhage patients, and the combination of these two can provide a higher forecasting value.

Objective: This study aims to evaluate the effects of combining Acute Physiology and Chronic Health Disease Classification System II (APACHE II) scores and the NIHSS score for short-term prognosis of cerebral hemorrhage patients. Methods: APACHE II and NIHSS scores were respectively carried out for 189 acute cerebral hemorrhage patients who were admitted to the hospital for 24 h, and the area under ROC curve was used to measure the ability of these score systems to forecast the prognosis, in order to find the best dividing value. The discriminant analysis method should be used to carry out a comprehensive analysis of these two score methods and establish the mathematical model to provide a reasonable basis for accurately mastering these illness conditions, and its prognosis. Results: The areas under the ROC curve of APACHE II and NIHSS scores in forecasting cerebral hemorrhage prognosis was 0.853 and 0.845, respectively, the dividing value was 15 and 17, respectively, and the forecasting accuracy was 77.2 and 79.9%, respectively; The forecasting accuracy of the combined discrimination model was 85.96%. Conclusion: APACHE II and NIHSS scores have good forecasting value to the short-term prognosis of acute cerebral hemorrhage patients, and the combination of these two can provide a higher forecasting value. [ABSTRACT FROM AUTHOR]

Tax evasion is a transnational phenomenon, harmful for all economies, its counteracting being an important purpose for policymakers all around the world. However, in order to be able to control tax evasion, first we should be able to understand it better and also to know its extent. Due to the nature of this phenomenon, that cannot be directly observed - fact that makes it difficult to be measured - determining its dimension by different theoretical, experimental and statistical and mathematical methods was the central theme in many scientific works. In this context, this paper's main focus is exploring the relevant literature in order to identify and review different scientific approaches regarding the measurement of tax evasion. It has been found that these approaches can be included in one of the following categories: direct methods, indirect methods and modeling approaches. The main finding of the research is that no matter the method or procedure used for measuring this phenomenon the result is an estimated value that usually captures the dimension of tax evasion only partially. [ABSTRACT FROM AUTHOR]

The article briefly analysis a series of implications of transparency principle in public procurement. Firstly, the article highlights a legal loophole determined by the absence of a legal definition of this principle in the main internal enactment. The practical applicability of this principle is shown both at the regulation level and the case law. To sum up, the transparency principle imposes drafting all the relevant information for an award procedure in a precise, clear and unequivocally manner and communication of the said information to all third parties. Transparency creates the premises of equality of treatment between bidders and subsequently allows an accurate verification of compliance with the said rules. [ABSTRACT FROM AUTHOR]

The article consider the structure of a word meaning a family in diachronic aspect. The valuable attitude towards concept «family» is characteristic of the entire periods in the history of Russian, and transformation of semantics of the word concept is insignificant. The central idea in definition of a family in modern Russian is the idea of spiritual proximity of people, the close emotional relations. The word is actively used in figurative sense for expression of estimated meanings. In a different way there is a history of values of the terms of relationship entering a theme group «family». In modern Russian these words cease to express a positive emotional assessment at the use in relation to not relatives. According to authors, it demonstrates change of valuable reference points in a modern language picture of the world.

This paper examines the impact of EUR/RON exchange rate policy on the exports in Romania, using monthly average values registered in the period 2006-2014. The results show that between the EUR/RON exchange rate and exports there is a significant direct relationship. The regression model was tested for estimation of the Romanian exports using the EUR/RON exchange rate in the period January 2015 - January 2016. We found that an increase of the EUR/RON exchange rate with 0.0971% determines an increase of real exports with 0.82%, that show the direct relationship is maintained. Thus, our results clearly highlight the importance of exchange rate policy in exports development [ABSTRACT FROM AUTHOR]

This paper presents an agile metric based on complex network theory for agile supply chain network. Firstly, the mathematical expression of agile supply chain network and its agility measurement method are defined, and the constraints of complex network theory are also defined. Secondly, to facilitate the calculation of agility metrics, complex network theory is introduced into agile supply chain network. In addition, a large number of experiments have been designed and implemented to verify the accuracy of the proposed complex network theory in agile supply chain network measurement. At the same time, the agility of the supply chain network is measured, and its changing rules and optimization methods are summarized. The experimental results show that the proposed complex network theory can accurately measure the agility of agile supply chain network. [ABSTRACT FROM AUTHOR]

This paper is the last in the series of three papers devoted to the estimated value of intellectual capital belonging to any socioeconomic area: voivodship (province), municipality, country, region etc. An idea of the estimated value is based on the assumption that the value of a given socioeconomic area for its residents is determined by income generated due to the presence of a business activity in a given area. The structure of the presented method allows for covering all components of intellectual capital within estimated value regardless whether their existence is realized or not. The paper, the third in the series, makes an approximate estimate of intellectual capital in individual voivodships in Poland for the year 2013. Therefore, it is possible to disclose significant quantitative and qualitative relationships , inter alia between intellectual capital and population of individual provinces. [ABSTRACT FROM AUTHOR]

This paper is the second in the series of three papers devoted to the estimated value of intellectual capital belonging to any socioeconomic area: province, municipality, country, region etc. An idea of the estimated value is based on the assumption that the value of a given socioeconomic area for its residents is determined by income generated due to the presence of a business activity in a given area. The structure of the presented method allows for covering all components of intellectual capital within estimated value regardless whether their existence is realized or not. The paper presents the valuation method of intellectual capital to be found in a given socioeconomic area for the purpose of using this method in the third part of the series in which estimates will be conducted for each individual voivodeship (province) in Poland. [ABSTRACT FROM AUTHOR]

This paper is the second in the series of three papers devoted to the estimated value of intellectual capital belonging to any socioeconomic area: province, municipality, country, region etc. An idea of the estimated value is based on the assumption that the value of a given socioeconomic area for its residents is determined by income generated due to the presence of a business activity in a given area. The structure of the presented method allows for covering all components of intellectual capital within estimated value regardless whether their existence is realized or not. The paper presents the valuation method of intellectual capital to be found in a given socioeconomic area for the purpose of using this method in the third part of the series in which estimates will be conducted for each individual voivodeship (province) in Poland.

PUBLIC WORK CONTRACTS CREATE A SUBSTANTIAL SHARE OF BUILDING INDUSTRY PERFORMANCE AND CONSUME A LARGE AMOUNT OF PUBLIC FINANCIAL RESOURCES. Construction process should be efficient without additional costs and overrun time schedules. A very important point in this process is represented by hedging public contracts against potential risk. There are many instruments used in the Czech Republic - insurance construction contracts, contractual penalty and retention or a bank guarantee to name several of them. But not all of them are as effective as the contractors need them to be. The main aim of this paper is to find an effective set of hedging instruments in contracts for work to sufficiently fulfil their function and protect the goals of both the investor and the contractor impending business risks. Information on hedging instruments has been studied on the sample of 246 public works contracts of sewage facilities and equipment. The empirical part of the research focuses on the extent of hedging instruments used, and discusses their application in the context of efficiency. Research finds out that the most commonly used instruments are retention and bank guarantees. Furthermore, the reasons for significant changes in shares of these instruments in the course of monitoring have been analyzed. The final outputs can have societal benefits and serve the contracting authorities and suppliers as a comparison of conditions of their own work contracts or as a help in creation of new work contracts. As additional outputs of this research is also comparison of contract prices and estimated values of tender according to number of tenders and type of award procedures. [ABSTRACT FROM AUTHOR]