The determinants of employee ownership plan implementation in EU countries - the quest for economic democracyRicardo Machado
, 2016, izvirni znanstveni članek
Opis: Background and purpose: Kelso’s quest to identify the economic counterpart of political democracy and, as a corollary, his concern about the nature of the economic system’s organisation needed to support the institutions of a politically free society, contributed two important terms: economic power and democracy. Following Kelso’s reasoning, my research study aims to understand the determinants of the implementation of economic democracy, measured by the incidence of employee share ownership plans, within European Union countries.
Methodology: Setting out with the theory of one of the founding fathers of employee stock ownership plans, I perform a cross-country analysis spanning five years (2008-2012) to explain the incidence level of employee ownership by independent variables operationalizing the political, legal, socio-educational and economic structures of twenty European Union countries. Using secondary data from the European Federation of Employee Share Ownership, I explain the determinants’ pertinence, while accounting for severe data limitations.
Results: I report a strong correlation between employee ownership incidence and the index of economic freedom. However, the labour market’s freedom, the trustworthiness of and confidence in financial markets and the quality of secondary and tertiary education do not deliver clear-cut results.
Conclusion: Further research should comprehensively scrutinise country-specific factors regarding corporate governance issues and cross-cultural controls. Employee ownership researchers should consider this field of research to understand why countries that are so-called employee ownership champions are experiencing widening income inequality.
Ključne besede: employee ownership, economic democracy, free markets, economic freedom, equity markets
Objavljeno: 22.01.2018; Ogledov: 429; Prenosov: 70
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Strategic asset allocation for institutional portfolios with private equityManuel Wedra
, 2017, diplomsko delo
Opis: It is possible to participate in the PE industry in different ways. Direct investment, co-investments, alongside specialized investors, indirect investments through limited partnership, and indirect investments through fund of funds.
Big institutional investors usually make direct investments. For this approach to PE it is required to invest in a fund management team, which has an intensive relationship and due diligence skills to select the appropriate PE investments. For medium or small size investors, who do not have such high amount to invest, direct investment might not be achievable and it is recommended to invest in funds. Investing in PE funds also gives a higher level of diversification, and is managed by a specialized fund management team.
From a PE backed company perspective, fund managers do not only provide capital, but also offer management support, take an active role, where they contribute their skills, network, and experience.
Besides the opportunity to get exposure to unlisted PE funds with Limited Partnership, it is also possible to invest in exchange-traded PE companies or LPE. These PE investments are done either directly, indirectly or through the capital of their customers. Investments are conducted in the same way as Limited Partnerships, through various investment horizons (venture, buyout and growth) and financing styles (equity, mezzanine and debt). These exchange-traded PE companies offer the investor an immediate, liquid exposure to the PE investment class.
The problem with investing in unlisted PE funds is the minimum required capital to participate in the PE investment class, which is usually too high for smaller or individual investors. It is also difficult to determine the price, which is determined on a illiquid and not transparent secondary market. While the LPE is traded on an organized exchange market, that is liquid, has transparent market prices available and the possibility to get access to the investment class even for smaller institutional or individual investors with a minimum initial investment volume. Another advantage is the capability to rebalance their PE allocation in a flexible way. From analytic perspective it is also much easier to compare LPE to other public traded asset classes using common standard analysing tools.
In the analysis with the efficient frontier the portfolios with the additional asset class PE has a clear improvement of the risk, and return characteristics. Over the standard deviation range from 3.28% to 11.90%, the average improvement in return in the optimization framework is 0.48%.
For big institutional, smaller or even individual investors, the LPE gives a liquid, transparent and immediate exposure to PE.
In the environment of low interest rate, the PE mode is working well. If these kind conditions will continue in 2017, the asset class will continue to contribute a high absolute return and portfolio diversification.
Ključne besede: Private Equity, diversification, institutional and individual investors, strategic asset allocation.
Objavljeno: 26.05.2017; Ogledov: 698; Prenosov: 55
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Student CD-ROM to accompany Principles of finance, 2eScott Besley
, Eugene F. Brigham
Ključne besede: CD-ROM, compact disc, computer application, finance, theory, enterprises, business finance, fundamental analysis, valuation, corporations, decision making, business decision-making, financial market, investment banks, banking systems, money, cash flows, interest rate, taxes, financial statements, end checking, financial planning, income, return on equity, capital, costs, budgeting, dividends, working capital, productions means, investments, investment decision-making, textbooks
Objavljeno: 02.06.2012; Ogledov: 1508; Prenosov: 31
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KRŠITEV POGODBE IN SANKCIJE V ANGLEŠKEM PRAVUMonika Skledar
, 2010, diplomsko delo
Opis: V diplomskem delu predstavim sankcije kršitev pogodb v angleškem pravu. Za boljše razumevanje, podam na začetku kratek opis razvoja pogodbenega prava ter dva tipična sistema, ki sta se razvila v angleškem pravu, in sicer sistem common law in sistem equity. Čeprav sodišča niso več ločena na tak način, je še vedno potrebno ločevati sankcije common law in sankcije equity. Na kratko opišem tudi učinke in vrste kršitev. Najpogostejša oz. najsplošnejša sankcija common law je odškodnina. V nadaljevanju navedem in opišem različne kriterije in izračune odškodnin. Prikažem, da se stranki pogodbe lahko tudi sami dogovorita o odškodnini; kadar pa stranki odškodnine nista določili, se uporabi quantum meruit oziroma primerna odškodnina. Možna je tudi restitucija, in sicer v primeru, kadar stranka ni prejela, kar je plačala. Ob neprimerni uporabi odškodnine se, po preudarku sodišča, uporabijo sankcije po equity; to sta izpolnitveni zahtevek in injunction. Vse opisane sankcije podkrepim s primeri iz sodne prakse, kajti angleško pravo temelji na sodni praksi oziroma je pravo primerov (case law). Na koncu diplomskega dela predstavim roke za zastaranje zahtevkov.
Ključne besede: sankcije, common law, equity, odškodnina, quantum meruit, restitucija, izpolnitveni zahtevek, injunction, sodna praksa, zastaranje zahtevkov
Objavljeno: 10.06.2010; Ogledov: 2959; Prenosov: 423
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