Oceňování, 2019 (vol. 12), issue 1

Articles

Fair settlement (consideration) in squeeze-outs

Tomáš Buus

Oceňování 2019, 12(1):3-22 | DOI: 10.18267/j.ocenovani.223  

Minority shareholders in almost 470 companies received almost CZK 17.8 billion of payments in squeeze-outs between 2005 and 2013. Courts are in charge of consideration for settlement in many cases. It is an urgent problem of Czech justice, which requires a solution to the question of what category of value is relevant in these cases. Although value category choice in squeeze-outs has been stabilized by court rulings, Kohoutek et al. (2018) present already abandoned conclusions, and they came with opinion that laws, resp. experts are not unambiguous in these cases. Unfortunately, the courts mostly do not define assignment of expertise as accurately...

Overview of the main changes to the proposed Act on Experts, Expert Offices and Expert Institutes

Viktor Hodek

Oceňování 2019, 12(1):23-28 | DOI: 10.18267/j.ocenovani.224  

This paper deals with the draft law on experts, expert offices and expert institutes. It introduces the reader to the most important proposed changes, tries to predict the final wording of the law, taking into account the proposed amendments. At the same time, he responds to some of the earlier criticisms of the bill.

Some reflections on commercial real estate indices

Jaroslav Kaizr

Oceňování 2019, 12(1):29-41 | DOI: 10.18267/j.ocenovani.225  

The article summarizes approaches to constructing real estate indices and considers the advantages and disadvantages of each type of index model. The first part is based on the current literature, the second part of the article is devoted to considerations of the construction of the Czech real estate index for the industrial sector. In conclusion, it summarizes areas of further research in the construction of such Czech index.

Influence of subsidies in the concept of Czech accounting rules on the valuation of the company

Pavla Maříková, Andrea Sýkorová

Oceňování 2019, 12(1):42-63 | DOI: 10.18267/j.ocenovani.226  

The article analyses the ways in which subsidies are reflected in the accounting data and specifies the locations which may give the valuer distorted information and an inappropriate basis for the valuation of the undertaking. The main implications of the accounting effects of the subsidies on the value drivers and the valuation of the enterprise are explained in the text. The most important risk is overvaluing the company's profitability and undervaluing its assets. The results of the analyses are the proposals for adjustments to the accounting data and their transfer to an economic model and other proposals of recommendation on how to handle subsidies...

Discussion

Expert valuation, squeeze-out and Constitutional Court

Lukáš Křístek

Oceňování 2019, 12(1):64-70 | DOI: 10.18267/j.ocenovani.227  

This article deals with the issue of expert valuation in squeeze-out or crowding out. The valuation in the squeeze-out process has its peculiarities, which are not known to the experts and sometimes to the lawyers. This results in disproportionately long court proceedings. In the article I first mention the definition of the squeeze-out itself and its meaning. Next, I deal with the case-law that has been issued on this issue, the basis (category) of the value that should be established and the premium that reduce valuation. The article shows the approach of the Supreme Court and Constitutional Court of the Czech Republic, which recently issued a resolution...