https://www.um.edu.mt/library/oar/handle/123456789/31573 2026-04-22T14:45:26Z 2026-04-22T14:45:26Z Kassidova, Sophia https://www.um.edu.mt/library/oar/handle/123456789/31761 2018-07-17T01:34:34Z 2016-01-01T00:00:00Z

Title: Capital change and the cost of equity : evidence from Bulgarian banks. Is there a Modigliani-Miller offset? Authors: Kassidova, Sophia Abstract: This paper studies the cost of equity and capital of three Bulgarian listed banks in the framework of the Modigliani-Miller (MM) theory of capital structure. It measures the impact of an increase in capital ratios on the equity risk (equity beta) of these banks. It finds that, historically, while more equity results in lower banks’ systematic risk no causal relationship can be found between an increase in capital ratios and the predicted by the theory decrease in banks’ systematic risk. MM irrelevance argument holds that a decrease in equity risk will lead to a decrease in the shareholders’ required (and expected) return on equity and thus offsetting the higher equity (capital) level. Thus, the results cannot find evidence in support of the so-called “Modigliani-Miller” offset.

2016-01-01T00:00:00Z Korbelova, Miluae https://www.um.edu.mt/library/oar/handle/123456789/31760 2018-07-17T01:34:44Z 2016-01-01T00:00:00Z

Title: How international financial reporting standards (IFRS) improve the financing of SME’s in the Czech Republic Authors: Korbelova, Miluae Abstract: he accountancy management inline with the IFRS provides quality and trustworthy information for financial statement users and provides the comparison with similar companies at international level. The importance of creating the closing financial statements inline with the IFRS grows with the development of cross-border trade, cooperation and competition within the business environment where the prevailing economical element are the small and medium sized enterprises (SME). The support of SME and their bussiness activities at the national and international market is the target of national politics and politics of the EU. To help the international comparison the IFRS for SME and many other programs were created to support the SME funding within the EU. The Czech Republic doesn’t allow to assemble and public the closing financial statement inline with the IFRS. The access to the funds is therefore complicated, the economic indicators show different values when assembling the closing financial statement inline with the IFRS or inline with Czech accounting standards (CAS). The seven SMEs out of different bussiness sectors focusing on cross-border trade are illustrative of the current situation in the Czech Republic.

2016-01-01T00:00:00Z Katsanevas, Theodore https://www.um.edu.mt/library/oar/handle/123456789/31759 2018-07-17T01:34:33Z 2016-01-01T00:00:00Z

Title: The debt trap of the Greek economy and the way out Authors: Katsanevas, Theodore Abstract: In this paper it is argued that, in an economy with heavy loans such as Greece, structural reforms are not enough to lead the country out of the crisis. Only a Grexit with deep cuts and restructuring of debts, together with efficient state management and development policies may lead to growth. Greece has fallen in a huge debt trap which is perpetually growing by new loans. A little less than half of these loans have been created during the euro zone period and particularly after the 2008 crisis. In accordance with the Eurogroup agreements, Greece is obliged to pay every year to its lenders 15% of its GDP (27 billion euro) up to the year of 2023 and 20% of its GDP (36 billion), between the years 2023 and 2060. No country in the world can survive under such a heavy burden of debt obligations. It is argued that, even a country with heavy loans such as Greece, can succeed growth by imposing structural reforms such as sweeping impediments of labour, goods and service markets, breaking business and union monopoly power, make it easy to fire unwanted employees, removing regulations, red tape and licensing fees, privatizing state assets, increasing taxes and suppressing pensions etc. This is nothing but a totally false hypothesis. It has been illustrated in research that, structural reforms may provide in the long run a yearly growth of a little over 1%. It is also found that, they do not increase output during a crisis and they might have negative effects in the medium run. Thus, in the case of Greece, only deep cuts and restructuring of the debt (as with the German debt in the London 1953 agreement), accompanied with Grexit, development policies, efficient state management and reasonable structural reforms, may lead to the way out of the crisis and to growth.

2016-01-01T00:00:00Z Blagoycheva, Hristina https://www.um.edu.mt/library/oar/handle/123456789/31758 2018-07-17T01:34:37Z 2016-01-01T00:00:00Z

Title: Employment and the "working poor" phenomenon in the EU Authors: Blagoycheva, Hristina Abstract: The topics of poverty and social inclusion are most often addressed within the labour market integration issue. Since 2013, the employment in the EU has increased. In 2015, the total employment rate is 65.6% (population aged 15-64). In the same time 9.4% of all employed (21 million people) are at risk of poverty. The conclusion is that almost a quarter of all poor people in Europe are working and the employment did not protect them from the poverty. Therefore, this report is focused the labour market factors that provoke different levels of poverty spreading among the employed and the possibilities of the policies to limit the problem.

2016-01-01T00:00:00Z