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Trends in IPOs: The Evidence From Financial Markets

100%
Meluzín T., Zinecker M.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2013
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vol. 8
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issue 2
45-63
EN
This paper deals with the analysis of initial public offerings of shares in terms of their quantity and the amount of capital raised by this form of financing on the world markets. Relevant global developments will be analyzed first, followed by a description of regional situation. The analysis is based on secondary data which are processed by descriptive statistics methods. The analysis of IPO trends on the world markets indicates that, in the period of 2004-2007, IPO-based financing of corporate growth gained in importance on both developed and emerging markets. The IPO segment was dominated by the largest emerging markets (Brazil, Russia, India and China) and at the same time the US American and Western European markets decline in their importance. The world-wide economic crisis of 2008 sup-pressed the interest in new IPOs, particularly in the developed economies. As the economy of most countries is beginning to revive, the interest in the IPO approach from businesses and investors is on the rise. It can be expected that, in the next few years, the arena of initial public offerings will be dominated by visionary companies operating on emerging markets where the execution of an IPO will constitute the key element in securing the capital essential for further expansion.
2

German Language Proficiency among Students of Business and Management in the Czech Republic and its Perception: The Importance of German Language Skills on the Labour Market and the Role of Universities in Foreign Language Training

100%
Zinecker M., Konečná Z.
DANUBE: Law and Economics Review
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2014
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vol. 5
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issue 3
173-200
EN
This paper presents the results of an empirical study designed to map German language proficiency among students at Czech universities of business and management. The results of this empirical survey can be summarised as follows. First, the ability of students at Czech universities of business and management to communicate in German is poor, and exceeds the general German language proficiency of the Czech population only to an insignificant extent. Second, the school environment (the opportunity to learn the language, compulsory subject, language study motivation) has a decisive influence on the respondents’ ability to communicate in German. Third, nearly three-quarters of the respondents perceive German as a language that is very or rather important for their profession and career growth. Fourth, almost two-thirds of the respondents consider the role played by a university of business and management in the improvement of German language proficiency rather or very important. In conclusion, the study proposes directions for the potential development of the national educational system in the area of German language proficiency of university graduates in business and management in the Czech Republic, with an emphasis on the concept of content and language integrated learning (CLIL). We believe that the survey results are also very important from the point of view of enterprises operating in the Czech Republic because of the very close economic relations between the Czech Republic and German-speaking countries.
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Brand valuation: an innovative approach based on the risk difference

81%
Skalický R., Meluzín T., Zinecker M.
Oeconomia Copernicana
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2021
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vol. 12
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issue 1
159-191
EN
Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.
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