1. Performance indicators of management buyouts using the analytic hierarchy process methodPetra Grah, Vesna Čančer, Borut Bratina, 2018, izvirni znanstveni članek Opis: Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs.
Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO.
Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful.
Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.
Ključne besede: management buy-outs, management, bankruptcy models, financial and non-financial indicators, the analytic hierarchy process
Objavljeno v DKUM: 10.10.2018; Ogledov: 1529; Prenosov: 322
 Celotno besedilo (634,12 KB)
Gradivo ima več datotek! Več... |
2. Are excessive legislative restrictions of pension fundʼs investments required to ensure these fundsʼ operational stability and minimum guaranted return?Tanja Markovič-Hribernik, Igor Jakopanec, 2013, izvirni znanstveni članek Opis: In this paper, it is investigated whether government, when promises pension fundʼs members a so-called minimum guaranteed return, to reduce the exposure of members to financial risks , should at the same time hinders portfolio diversification process of pension funds. We provide a detailed analysis of the connection between the requirements for providing a minimum guaranteed return and managing financial risks on the one hand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrative case, using the simulation technique and a combination of actual data and some hypothetical one, that by precisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, some important financial risks can even be hedged entirely. We also intend to demonstrate that with the implementation of a proper policy of risk measurement and management, complemented with stress testing practices, excessive legislative restrictions for investments are no longer necessary. At the very least, governments should avoid implementing legislation that hinders the portfolio diversification process and therefore makes pension fund risk management more difficult.
Ključne besede: pension funds, financial risks, minimum guaranteed return, asset-liability management
Objavljeno v DKUM: 07.07.2017; Ogledov: 1000; Prenosov: 101
Celotno besedilo (871,43 KB)
Gradivo ima več datotek! Več... |
3. Synergies between an observed port and a logistic company : application of the discounted cash-flow model and the Monte Carlo simulationDejan Dragan, Bojan Rosi, Toni Avžner, 2017, izvirni znanstveni članek Opis: The paper addresses an analysis of potential synergies in collaboration between an observed Port in the Mediterranean Sea and Central-European logistic railway-services based company. Both companies have established a strategic partnership. The main motive was cooperation in rail transport, with a particular emphasis on potential synergies that would a rail traffic have brought to a port's business. For the purpose of synergies valuation under uncertain conditions, a Monte Carlo simulation-based framework with integrated discounted cash flow (DCF) model is applied. The possible values of future synergies are calculated via the DCF model by simultaneously changing values of different uncertain financial parameters at each repetition of a Monte Carlo scenario-playing mechanism. In this process, predicted forecasts of future synergetic throughputs are also used for various types of observed cargo. As it turned out, the generated synergies' values follow the approximate normal distribution. Based on statistical inference and analysis of probability intervals it was discovered that there might indeed exist certain important synergies in the collaboration between both companies. This fact has convinced us into a belief in the correctness of companies' decision to enter into such kind of strategic cooperation.
Ključne besede: port economics, financial management, valuation, discounted cash-flow model, Monte Carlo simulation, logistics
Objavljeno v DKUM: 06.07.2017; Ogledov: 1915; Prenosov: 278
Celotno besedilo (1,22 MB)
Gradivo ima več datotek! Več... |
4. Market leader : upper intermediate business EnglishDavid Cotton, David Falvey, Simon Kent, 2001, učbenik za višje in visoke šole Ključne besede: linguistics, English, business language, reading, skills, communication, international marketing, interpersonal relations, business successfulness, success of business operation, career success, job satisfaction, work, satisfaction, risk, electronic commerce, team work, financial business operation, consumer, customer, services, risk management, takeovers, mergers, business, future, textbooks, cases, case study, vocabularies
Objavljeno v DKUM: 01.06.2012; Ogledov: 2684; Prenosov: 77
 Povezava na celotno besedilo |
5. Market leader : upper intermediate business EnglishBill Mascull, 2001, učbenik za višje in visoke šole Ključne besede: linguistics, English, business language, communication, international marketing, interpersonal relations, business successfulness, success of business operation, career success, job satisfaction, work, satisfaction, risk, electronic commerce, team work, financial business operation, consumer, customer, services, risk management, takeovers, mergers, business, future, manuals, teaching, teaching methods, cases, case study, vocabularies
Objavljeno v DKUM: 01.06.2012; Ogledov: 2750; Prenosov: 57
Povezava na celotno besedilo |
6. Market leader : intermediate business EnglishDavid Cotton, David Falvey, Simon Kent, 2001, učbenik za višje in visoke šole Ključne besede: linguistics, English, business language, reading, skills, communication, international marketing, interpersonal relations, business successfulness, success of business operation, career success, job satisfaction, work, satisfaction, risk, electronic commerce, team work, financial business operation, consumer, customer, services, risk management, takeovers, mergers, business, future, textbooks, cases, case study, vocabularies
Objavljeno v DKUM: 01.06.2012; Ogledov: 2698; Prenosov: 59
Povezava na celotno besedilo |
7. The new financial capitalists : Kohlberg Kravis Roberts and the creation of corporate valueGeorge Pierce Baker, George David Smith, 1999, strokovno delo Ključne besede: financial capital, capitalism, capital company, institutionalization, maintenance, debts, USA, corporations, valuation, creativity, business finance, financial engineering, capital, restructuring, value added, management, creativity, risk
Objavljeno v DKUM: 01.06.2012; Ogledov: 2634; Prenosov: 119
Povezava na celotno besedilo |
8. Technical analysis of the financial markets : a comprehensive guide to trading methods and applicationsJohn J. Murphy, priročnik Ključne besede: financial market, finances, financial systems, securities, stock market, indicators, derivatives, futures, options, interests, cycles, trading, financial management, methods, application, technical analysis, financial analysis, exchange, trends, guidebooks
Objavljeno v DKUM: 01.06.2012; Ogledov: 3455; Prenosov: 241
Povezava na celotno besedilo |
