Oceňování, 2020 (vol. 13), issue 3-4
Articles
Total amount and structure of compensation for corporate executives: case study Germany
Jakub Mašek, Radana Šmídová
Oceňování 2020, 13(3):3-17 | DOI: 10.18267/j.ocenovani.250 
The aim of this article is to examine development of total amount and structure of compensation for corporate executives. The article contains basic overview about the discussion concerning extent of corporate executive compensation and analysis of time series with particular focus on renumeration structure. As case study were for easy accessibility of data and similarity with Czech corporate environment chosen companies quoted on German stock indexes - DAX, MDAX and SDAX.
Theoretical review of capital structure theories
Hoang Long Pham
Oceňování 2020, 13(3):18-24 | DOI: 10.18267/j.ocenovani.251
This article describes the best-known theories related to the capital structure topic. Since the publication of the Modigliani and Miller's (1958), the theory of capital structure of firms has been a study of interest to finance economists. In the paper, we will describe three main theories of capital structure, which diverge from the assumption of perfect capital markets under which the MM model is working. The first is the Trade off theory. The trade-off theory is the trading-off the benefits of the firm with cost of debt and equity. It means that companies try to find "optimal" capital structure to have a best combination of debt and equity. The...
The Use of Embedded Value in Business Valuation Practice
Markéta Pláničková
Oceňování 2020, 13(3):25-36 | DOI: 10.18267/j.ocenovani.252
This article is focused on Embedded Value and Appraisal Value, which are used in the insurance industry as a key indicator of the performance of life insurance companies. In addition to the methodology of their calculation it is shown how these methods are used in practice of insurance industry and how they can be used by appraisers.
The impact of working capital optimization on the value of the company - part 1
Barbora Rýdlová, Ivana Svatová
Oceňování 2020, 13(3):37-50 | DOI: 10.18267/j.ocenovani.253
The article analyzes the relationship between working capital, as one of the value drivers, and the value of the company. It focuses on the synthesis of the conclusions of empirical studies of the relationship between working capital and various corporate indicators, such as profit, profitability, but also, for example, corporate indebtedness. The subject of research is also the relationship between working capital and industry and working capital and the size of the company. The relationship between the volume of working capital and the need for investment (existence of investment opportunities) also proves to be significant. The results of domestic...
Selecting a peer group of companies for valuation and outline of future research using machine learning
Veronika Staňková, Miloš Mařík
Oceňování 2020, 13(3):51-64 | DOI: 10.18267/j.ocenovani.254
This article deals with peer group selection for the purpose of the market valuation approach. The academic professional public does not agree on the optimal approach in respect of the peer group selection. Therefore, in this article we start with a synthesis of the current literature on this matter, including a description and discussion of the three main approaches, namely: (i) aggregated groups based on industry classification, (ii) search for fundamental indicators and (iii) alternative methods using the big data. Following is the explanation of machine learning applied in the finance and an outline of future research in which we want to verify...
Default value of forming machine: above-standard equipment of press brake
Roman Šůstek
Oceňování 2020, 13(3):65-74 | DOI: 10.18267/j.ocenovani.255
Press brakes are among the most widely used in sheet metal manufacturing plants. There are a few additional equipment to the basic equipment of the bending press, and the valuation must be carefully considered by the expert. Valuation is one of the problems of determining the initial price, which generally depends on the price of the asset on the market, or it can be deduced from the price of the asset on the market. With regard to technical progress and development, the solution to this problem is becoming more and more difficult. The initial price includes the factors that must be considered in the valuation. This paper deals with above-standard...