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The current study aims to examine the relationship between delay in the announcement of quarterly forecasts of annual earnings and the type of earnings news in a unique context. Running a multiple linear regression on data collected from Rahavard Novin software and the companies’ financial statements, is the method of this study to investigate this relationship. Consistent with the pattern of good news early, bad news late, it was found that there is a positive relationship between the bad news type and the amount of delay in announcing quarterly forecast of annual earnings so that the firms with negative adjustments in earnings forecast (bad news), on average, have 12 more days delay in the announcement. Considering other variables showed that as coverage percentage - a sign of success - increases, the amount of delay in announcing earnings forecast decreases, but companies with losses per share, on average, have an additional delay of about 6 days. The results obtained indicate that at least, in some industries there is certain time for reporting. Finally, it became clear that in the period after the adoption of the new disclosure instruction, despite the increased deadline, the amount of delay in earnings announcement has declined by about 2 days. In this study, for the first time in Iran, one of the company’s financial news (quarterly forecasts of annual earnings), have been classified into good and bad, based on comparison with the market expectation, and the relationship between the news type and the amount of delay in announcing the news, has been examined. Cilj prikazane raziskave je v specifičnem kontekstu proučiti povezavo med zakasnitvijo objave četrtletnih napovedi dohodka in vsebino objave. Uporabili smo multiplo regresijsko analizo, podatke, ki jih je zbral programski paket Rahavard Novin, in finančna poročila podjetij. V skladu z vzorcem »dobre novice prej, slabe kasneje« ugotavljamo, da obstaja pozitivna povezava med vrsto slabe novice in velikostjo zakasnitve pri objavi prognoze letnih zaslužkov. Firme, pri katerih so napovedi zaslužka negativne (slabe novice) so objavljene s poprečno zakasnitvijo 12 dni. Če upoštevamo še druge spremenljivke, je pokazalo naslednje: če se poveča odstotek pokritja – znak uspešnosti – je zakasnitev manjša, toda pri firmah z izgubo se zakasnitev poveča za dodatnih približno 6 dni. Dobljeni rezultati tudi kažejo, da je za nekatere gospodarske panoge uveljavljen nek čas za poročanje.

A central element in organization of financal means by a person, a company or societal group consists in the constitution, analysis and optimization of portfolios. This requests the time-depending modeling of processes. Likewise many processes in nature, technology and economy, financial processes suffer from stochastic fluctuations. Therefore, we consider stochastic differential equations (Kloeden, Platen and Schurz, 1994) since in reality, especially, in the financial sector, many processes are affected with noise. As a drawback, these equations are hard to represent by a computer and hard to resolve. In our paper, we express them in simplified manner of approximation by both a discretization and additive models based on splines. Our parameter estimation refers to the linearly involved spline coefficients as prepared in (Taylan and Weber, 2007) and the partially nonlinearly involved probabilistic parameters. We construct a penalized residual sum of square for this model and face occuring nonlinearities by Gauss-Newton's and Levenberg-Marquardt's method on determining the iteration step. We also investigate when the related minimization program can be written as a Tikhonov regularization problem (sometimes called ridge regression), and we treat it using continuous optimization techniques. In particular, we prepare access to the elegant framework of conic quadratic programming. These convex optimation problems are very well-structured, herewith resembling linear programs and, hence, permitting the use of interior point methods (Nesterov and Nemirovskii, 1993). Osrednji element v organizaciji finančnih sredstev, tako sredstev posameznika kot tudi podjetja ali družbene skupine, je oblikovanje, analiza in optimizacija portfelja. To zahteva modeliranje časovno spremenljivih procesov. Tako kot na mnoge procese v naravi, tehniki ali gospodarstvu tudi na finančne procese vplivajo naključne fluktuacije. Zato smo uporabili stohastične diferencialne enačbe, saj v realnosti, še posebej v finančnem sektorju, na mnoge procese vpliva naključni šum. Pomanjkljivost tega načina pa je, da je te enačbe težko predstaviti v obliki primerni za računalnik, in jih je težko reševati. V tem članku smo jih izrazili na poenostavljen način, tako, da smo uporabili aproksimacijo tako z diskretizacijo in kot tudi aditivnimi modeli, ki temeljijo na zlepkih. Določanje parametrov se nanaša na linearne koeficiente zlepkov in delno nelinearne probabilistične parametre. Izgradili smo penalizirano residualno vsoto kvadratov za ta model in obravnavali nelinearnosti, ki os se pojavljale, z Gauss-Newtonovo in Levenberg-Marquardt-ovo metodo za določanje iteracijskih korakov. Raziskovali smo tudi kdaj je s tem povezani program za minimizacijo lahko napisan kot Tikhonov problem regularizacije , in ga obravnavamo z uporabo zveznih optimizacijskih tehnik. Bolj natančno, pripravimo dostop do elegantnega okvirja koničnega kvadratnega programiranja. Ti konveksni optimizacijski problemi so zelo dobro strukturirani, zato so podobni linearnim programom, torej omogočajo uporabo metod interne točke.

Decision-making problems in the area of financial status evaluation are considered very important. Making incorrect decisions in firms is very likely to cause financial crises and distress. Predicting financial distress of factories and manufacturing companies is the desire of managers and investors, auditors, financial analysts, governmental officials, employees. Therefore, the current study aims to predict financial distress of Iranian Companies. The current study applies support vector data description (SVDD) to the financial distress prediction problem in an attempt to suggest a new model with better explanatory power and stability. To serve this purpose, we use a grid-search technique using 3-fold cross-validation to find out the optimal parameter values of kernel function of SVDD. To evaluate the prediction accuracy of SVDD, we compare its performance with fuzzy c-means (FCM).The experiment results show that SVDD outperforms the other method in years before financial distress occurrence. The data used in this research were obtained from Iran Stock Market and Accounting Research Database. According to the data between 2000 and 2009, 70 pairs of companies listed in Tehran Stock Exchange are selected as initial data set. Odločanje na področju evaluacije finančnega statusa podjetij so zelo pomembne: napačne odločitve zelo verjetno povzročijo pretres in finančno krizo podjetja. Predvidevanje finančnih kriz in pretresov v proizvodnih podjetjih je pomembno za manager­je, investitorje, revizorje, finančne analitike, državne uradnike in zaposlene. Cilj tega članka je analizirati predvidevanje finanč­nih pretresov v iranskih podjetjih. Naša študija uporablja metodo SVDD (Support Vector Data Description) za predvidevanje finančnih pretresov in predlaga nov bolj stabilen model predvidevanja z večjo močjo razlage. V ta namen smo uporabili tehni­ko preiskovanja mreže in uporabili 3-kratno prečno validacijo, da smo poiskali parametre jedrne funkcije SVDD. Da bi ocenili natančnost predvidevanja SVDD, smo jo primerjali z metodo FCM (fuzzy c-means). Rezultati eksperimenta so pokazali, da je SVDD uspešnejša od drugih metod v letih pred pojavam finančnega pretresa. Podatke, ki smo jih uporabili v naši študiji, smo dobili s teheranske borze in baze podatkov računovodskih raziskav. V skladu s podatki iz obdobja 2000 in 2009 smo izbrali 70 parov družb, ki so bile uvrščene na teheransko borzo.

S terminom financiranje z obveznostmi do dobaviteljev je obravnavana v magistrskem delu dinamika takšnega financiranja v Sloveniji in Veliki Britaniji v obdobju pred in med finančno krizo. Kadarkoli se plačilo ne opravi sočasno z dobavo blaga oz. opravljeno storitvijo dobavitelja, ta dobavitelj zagotavlja kupcu po definiciji posojilo. Takšen vir financiranja pomeni za podjetje cenejši in hitreje dostopen vir sredstev kot kakršnikoli drug zunanji vir financiranja. Namen magistrskega dela je bil potrditi ali zavrniti dve hipotezi. Kot prvo, da podjetja v času finančne krize hkrati podaljšujejo odlog plačila dobaviteljem in dajejo daljši odlog plačila svojim kupcem. Ter kot drugo, da podjetja, ki delujejo v panogah, ki so bolj podvržena finančni krizi, povečajo financiranje z obveznostmi do dobaviteljev bolj kot tista, ki delujejo v panogah, ki niso. Testiranje je bilo v obeh gospodarstvih opravljeno za panoge finančnega sektorja, gostinstva, kmetijstva, proizvodnje, trgovine in gradbeništva. Pri testiranju prve hipoteze smo agregatne računovodske izkaze posameznih panog v Sloveniji in Veliki Britaniji analizirali z metodo indeksov s stalno osnovo, verižnih indeksov, stopnjami rasti in statističnih koeficientov. Za vse panoge v Sloveniji smo prvo hipotezo dokazano zavrgli, kar pomeni, da podjetja v teh panogah niso hkrati podaljševala in dajala daljšega odloga plačila kupcem in dobaviteljev. Za panoge v Veliki Britaniji smo hipotezo ena zavrgli samo za panogi kmetijstva in finančnega sektorja, za vse preostale panoge pa smo dokazano hipotezo ena potrdili. Pri testiranju druge hipoteze smo dovzetnost posamezne panoge določili na osnovi kriterija upada števila zaposlenih in stopnje realne rasti posamezne panoge. Na osnovi izračuna vezanih in kvantilnih rangov smo določili mesto posamezne panoge glede na vzorec. Panoge, ki so se nahajale v zgornji polovici testiranega vzorca smo upoštevali kot bolj dovzetne. Pri testiranju druge hipoteze smo na ravni obeh gospodarstev, torej Slovenije in Velike Britanije uspeli potrditi drugo hipotezo. Kar pomeni, da so podjetja, ki delujejo v panogah, ki so bolj podvržene gospodarski krizi na območju Slovenije in Velike Britanije, povečale financiranje z obveznostmi do dobaviteljev. In this thesis the term financing with obligations to suppliers is discussed as dynamics of such financing in Slovenia and in the United Kingdom in the period before and during the financial crisis. Whenever the payment is not made concurrently with the supply of goods or services performed, the supplier by definition provides a loan to the buyer. This source of financing is cheaper for the company in provides accessibility of assets quicker than any other kind of external source of financing. The purpose of the master thesis was to confirm or reject two hypotheses. The first hypotheses was that companies during the financial crisis extend the deferral of payments and at the same time give longer delay payments to its customers. The second hypotheses was that the companies operating in sectors which are more prone to financial crisis, increase financing with obligations to suppliers more than those companies who operate in sectors that are not. Testing was made in both economies for the sectors of financial and insurance, agriculture, manufacturing, construction, Wholesale, accommodation and food service activities. Testing the first hypothesis, aggregate accounts of each tested sector in Slovenia and United Kingdom was analyzed by indices with fixed base, chain indexes, growth rates and statistical coefficients. For all sectors in Slovenia the first hypothesis was rejected, which means that the companies in these sectors didn’t at the same time lengthen the deferral of payments and gave longer delay payments to its customers. For the sectors in United Kingdom, the first hypothesis was rejected only in the sectors of agriculture and financial and insurance. For all other tested sector, the first hypothesis was confirmed. Testing the second hypothesis, the subjection to the financial crisis for each sector was analyzed based of the employment percentage drop in each sector and each sector growth rates. Based on the calculations of average in quartile ranks, the individual place in the sample for each sector was determined. Sector, positioned in upper half were considered as more subjected to financial crisis. Testing the second hypothesis on the level of both countries, we managed to confirm the hypothesis in Slovenia in United Kingdom, meaning that the companies, operating in sectors which are more subjected to financial crisis, increase financing with suppliers more than those sector who are subjected less.

Delo diplomskega seminarja podrobneje obravnava trg investicijskih storitev v Evropski Uniji. Evropske banke, ki se poleg komercialnih storitev ukvarjajo tudi z investicijskim bančništvom so urejene kot univerzalne banke. Te ponujajo široko paleto storitev, kot so upravljanje premoženja, svetovanje in posli z vrednostnimi papirji. Vse banke ne ponujajo istih storitev, tako poznamo več tipov investicijskih bank. Njihova vloga v finančnem sistemu je velikega pomena, zato jo spremlja močna regulacija. Bančništvo velja za precej kompleksno in dinamično industrijo, zato se je v skladu z razvojem finančnega sistema, spreminjala tudi regulativa. V analitični del so vključene tri večje evropske banke, ki se ukvarjajo z investicijskimi storitvami. Prikazane so spremembe količin prihodkov iz investicijskega bančništva in njihova struktura. Podatki so zajeti v obdobju med leti 2007 in 2014. To obdobje jasno prikazuje stanje pred in po gospodarski in finančni krizi. V času krize so se prihodki iz naslova investicijskega bančništva bistveno zmanjšali, hkrati se je spremenila tudi njihova struktura. The work of this diploma seminar elaborates on the market of investment services in the European Union. European banks, which in addition to commercial services also engage in investment banking are organized as an universal bank. They offer a wide range of services such as asset management, consulting and securities. All banks do not offer the same services, in this way there are several types of investment banks. Their role in the financial system is of great importance, therefore, accompanied by strong regulation. Banking is considered to be quite a complex and dynamic industry. Therefore, in line with the developement of the financial system, changes occurred in the regulation. The analytical part includes three major European banks who engage in investment services. The analysis includes changes in volume of revenues from investment banking and its structure. The data is recorded in the period between 2007 and 2014. This period clearly shows the conditions before and after the economic and financial crisis. During the time of crisis, the revenues from investment banking significantly reduced, whilst also changing their structure.

Determining cost of capital : #the #key to firm value

Harvard business review on entrepreneurship