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A new approach to private firm fair value valuation in line with IFRS 13 – the concept of the most advantageous market discount (MAMD)

100%
Mielcarz P.
Business and Economic Horizons
|
2014
|
vol. 10
|
issue 1
79-85
EN
IFRS 13, adopted in 2013, introduced a general framework for fair value valuation of unquoted equity instruments. It has to be performed in line with the “highest and best use” concept and in the conditions of potential transactions carried out on “the most advantageous market”. This article presents a new and comprehensive approach to the valuation process of such instruments, which meets these IFRS 13 requirements. This approach applies a concept of the most advantageous market discount (MAMD), based on the well-known underpricing phenomenon. The application of this discount along with the Markowitz theory results in a cohesive, comprehensive and practical framework for unquoted equity instruments valuation according to the fair value concept compliant with IFRS 13. Additionally, this paper presents estimations of MAMD for the UK, Germany, France, Switzerland, and Poland. The obtained results can help valuation practitioners apply the MAMD concept in the process of unquoted equity instruments valuation according to IFRS 13. Compared to other approaches which address the issue of private company valuation, the presented valuation framework for the first time reconciles the requirements set in IFRS 13 fair value definition with the assumption of valuation in the reality of imperfect markets.
2

Inwestycje a wyniki finansowe przedsiębiorstw w okresie kryzysu

63%
Jackowicz K., Mielcarz P.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2015
|
issue 2(938)
31-43
PL
W artykule analizowany jest wpływ inwestycji dokonanych w latach dobrej koniunktury gospodarczej (2005–2007) na wyniki finansowe osiągnięte przez przedsiębiorstwa giełdowe okresie kryzysowym (2009–2011). Wykorzystując narzędzia długookresowej analizy zdarzeń, autorzy ustalili, że w całej próbie efekty kosztowe inwestycji były silniejsze niż korzyści płynące z modernizacji procesu produkcyjnego. W konsekwencji duża skala inwestycji przed kryzysem na ogół przyczyniała się do odnotowania gorszej rentowności w okresie kryzysu. Od tej zasady występowały jednak wyjątki branżowe.
EN
The article investigates how investments made during the pre-crisis period from 2005 to 2007 influenced the financial performance of listed firms in Poland during the crisis. Using long-term event study methodology, we established that the investments had a negative impact on operational performance as the cost effects of investment were stronger than the effects of modernising the production process. However, there were industry-specific exceptions to this rule.
3
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Determinants of the liability maturity of Polish companies

63%
Mielcarz P., Osiichuk D.
Nauki o Finansach
|
2016
|
issue 4(29)
49-63
EN
Using the firm-level panel data for Polish companies, we analyze the determinants of liability maturity with particular attention paid to the factors of financing constraints and information asymmetry. Consistent with prior research, we find that asset tangibility, liquidity, leverage and profitability significantly influence liability maturity choices. Additionally, we evidence that financing constraints may alter the impact of these factors. Companies identified as being financially constrained appear to have lower maturity of liabilities. Firms quoted on the main market of the Warsaw Stock Exchange are shown to hold a higher proportion of long-term liabilities compared to those quoted on New Connect, a stock exchange dedicated to young small cap companies. We also find that constrained status may determine firm’s financing decisions under crisis settings. Our empirical results show that companies experiencing financing constraints are likely to reduce liability maturity during a crisis, while their unconstrained counterparts may recur to additional long-term external financing in order to accommodate the repercussions of a trough. These findings contribute to the discussion of the financing constraints theory and shed light on some of the firms’ tactical financing decisions in an emerging economy
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