Papers by Maria Misankova
"Objective – The issue of bankrupt of company is very actual topic not only in Slovakia but ... more "Objective – The issue of bankrupt of company is very actual topic not only in Slovakia but also in abroad. The reason is that many companies have problem with the question of their probability of default or bankrupt and also with their financial health as a whole. This paper deals with the issue of prediction models and captures the applicability of these models in the Slovak conditions. Methodology/Technique – In this paper are applied eight selected prediction models in the sample of 74 companies from Slovak Republic. In addition, this paper calculated one financial ratio from the category of company´s indebtedness. Based on this calculation is done the comparison between results of predictions models and results of indebtedness financial ratio. Findings – They tested eight different prediction models and their findings present that best results were achieved by Fulmer, Poznanski and Zmijewski model. Weak results achieved IN05, CH-index and Sharita model. Novelty – This paper provides explanatory ability and success of individual prediction models in Slovak conditions."
One of the most important intangible asset of the company is brand. Therefore, it is important no... more One of the most important intangible asset of the company is brand. Therefore, it is important not only to successfully manage brand of the company, but also to provide brand valuation on a regular basis. In order to assess the value of individual brand can be used numerous models developed worldwide. These models are based on different input data and evaluation methodologies. The presented study provides critical literature review of disharmonies in the brand definitions and presents comprehensive overview of approaches and models applied for the brand valuation worldwide, as well as in the Slovak Republic. Based on these we have detected main limitations and deficiencies of these models emphasizing the necessity to design a brand valuation model founded on the specific conditions of Slovakia.
Economics and Culture, Jun 27, 2017
Numerous economists and analysts from all over the world have been trying to find an appropriate ... more Numerous economists and analysts from all over the world have been trying to find an appropriate method to assess company health and to predict its eventual financial distress for many years. No economy is a small isolated subject, and the bankruptcy of a company can cause through its stakeholders' significant impact on the sustainable economic development. Otherwise, companies are very complicated entities, and it is not a simple task to estimate company's future development. Together with the best-known Z-Score model of bankruptcy prediction developed by Altman, numerous models worldwide that are based on different methodologies have been developed. We assume that individual state's economy has major influence on the final form of these models as well as there are several common characteristics between Slovak economy and economy of countries of Visegrad Four. Therefore, we applied chosen bankruptcy prediction models developed in countries of Visegrad Four on the set of Slovak companies and validated their prediction ability in specific condition of the Slovak economy. On the basis of the provided calculations, we compared gained results with the prediction capability of other popular prediction models also applied on the data set of Slovak companies. Through this, we pointed out the importance of the development of unique bankruptcy prediction model, which will be constructed in the specific condition of individual countries, and highlighted the weak forecasting ability of foreign models.
Journal of Economics, Business and Management, 2017
Recent surveys show the need for the implementation of receivables management in business practic... more Recent surveys show the need for the implementation of receivables management in business practice. The key role of receivables management is the effective management of company's claims to ensure payment properly and on time. This process can be divided into three parts, namely prevention, monitoring and debt recovery. The selection of business partners plays a key role in the first phase of receivables management. This article is focused on predicting the financial health of business partners based on selected quantitative and qualitative indicators. Company's business partners were divided into four groups based on the achievements of selected indicators. Finally, we set some recommendations for each group. Index Terms-Bad debts, prediction of financial health, receivables management, trade credit.
Proceedings of 5th International Scientific Conference Contemporary Issues in Business, Management and Education ‘2017, May 11, 2017
Brand represents one of the most important assets of the company. Brand-managing activities are t... more Brand represents one of the most important assets of the company. Brand-managing activities are typically related to brand positioning and integration with marketing campaigns, and can involve complex decisions. The branding of an organization is indeed a dynamic system with many cause-effect relationships as well as intangible and heterogeneous variables. In order to assess the value of individual brands can be used various models developed worldwide, based on different input data and valuation methodologies. We assume that individual environment in which company operates and consumers' perceptions in different countries influence the ability and usability of these models in other countries. Therefore, we applied chosen well-known brand value models on the set of Slovak companies and validated their assessment ability in specific condition of the Slovak Republic. This was provided by the critical comparison of calculated values with the official values of brands of these companies listed in the Slovak journal. Through this, we pointed out the importance of the development of unique brand value model, which will be constructed in the specific condition of individual countries and highlight the weak assessment ability of foreign models.
Journal of Security and Sustainability Issues
Financial security of companies is of the strategic importance. An effective credit risk manageme... more Financial security of companies is of the strategic importance. An effective credit risk management greatly impacts on a company security because its failure can threaten the existence of the company. These aspects are closely related to the sustainability of the SME sector, which is determined by many negative processes in the current post-crisis period. The aim of this article is to research the dependence between the entrepreneur's ability to manage the credit risk in their company effectively and their knowledge of the corporate capital. Within the set goal, we looked at the differences in the attitudes of entrepreneurs depending on a company size, gender and education of entrepreneurs. To analyze acquired data, we used descriptive statistics, regression analyses and Z-score in our research. The originality of the article is that the whole process and result trajectory is focused on highlighting the financial security and sustainability of the searched sector. The results of our research brought an interesting finding. On the one hand, entrepreneurs declared a high capability of the effective credit risk management in their companies and, on the other hand, demonstrated a low level of knowledge in managing the corporate capital. This trend creates a potential possibility of a growth of corporate financial risks. The research results confirmed that the theoretical knowledge of the corporate capital has a significant impact on the formation of effective attitudes of the entrepreneur to manage the credit risk. Larger companies, men and entrepreneurs with higher education have much better level of knowledge of the corporate capital management. The research results enable to form a platform for a deeper insight into the financial security processes in companies and in the sustainability of the SME sector, especially in the current post-crisis period.
Journal of Business Economics and Management
In our study, we focused on the assessment of four bankruptcy prediction models, to figure out wh... more In our study, we focused on the assessment of four bankruptcy prediction models, to figure out which model is most appropriate in the conditions of the Slovak business environment. Based on the previous research within the Slovak conditions, we set a portfolio of 4 models to be assessed: Altman model (1984), Ohlson model (1980), indexes IN01 and IN05 that were validated on the sample of 700 Slovak companies. Based on previous studies we expected that IN indexes are superior to Ohlson and Altman model. The excellency of our research lies in validation and assessing the accuracy of bankruptcy prediction models at three levels: the overall accuracy, accuracy of the bankruptcy prediction, and the non-bankruptcy prediction accuracy. This analytical structure enables to look at the topic more complexly and to increase the objectification of accuracy of analysed models. Based on the results, we showed that Ohlson model is not applicable to predict bankruptcy in the Slovak conditions as rea...
Credit derivatives are an up to date innovation in financial markets. These financial instrument ... more Credit derivatives are an up to date innovation in financial markets. These financial instrument have a potential to allow enterprises to trade and manage the credit risks and market risks. The striking growth of credit derivatives suggest that participant of financial markets find them to be useful instrument for risk management. The most popular and fundamental credit derivatives is a credit default swaps (CDS). In the paper we detailed the risk management of the credit default swaps and quantified the credit risk of investors in two way: (i) calculate the term structure of default probabilities from the market prices of traded CDS and (ii) calculate prices of CDS from the probability distribution of the time-to-default
The article is dedicated to the optimization of credit risk through the application of Conditiona... more The article is dedicated to the optimization of credit risk through the application of Conditional Value at Risk (CVaR). CVaR is a risk measure, the expected loss exceeding Value-at-Risk and is also known as Mean Excess, Mean Shortfall, or Tail VaR. The link between credit risk and the current financial crisis accentuates the importance of measuring and predicting extreme credit risk. Conditional Value at Risk has become an increasingly popular method for measurement and optimization of extreme market risk. The use of model can regulate all positions in a portfolio of financial instruments in order to minimize CVaR subject to trading and return constraints at the same time. The credit risk distribution is created by Monte Carlo simulations and the optimization problem is solved effectively by linear programming. We apply these CVaR techniques to the optimization of credit risk on portfolio of selected bonds.
Science and engineering ethics, Jan 20, 2017
Many reports independently confirm that even more than a quarter of a century after the collapse ... more Many reports independently confirm that even more than a quarter of a century after the collapse of the Soviet Union, the results of research and development in those countries that were under its influence are insufficient in comparison to the rest of the world. Given that human intelligence is not distributed unevenly and that science is a powerful driving force for the future of an economy, there is a hidden problem, which, if it can be resolved, may release great economic potential. The first generation of researchers from Armenia, Czech Republic, Georgia, Slovakia and Ukraine, who successfully completed their education after the political revolution, were surveyed. The survey revealed many similarities with regards to ethics, but that there is mounting evidence that the main cause of the current situation is the state of the local legal systems. The conclusion was drawn that a conceptual change in staffing within the relevant legal systems is required to release potential and s...
Science and Engineering Ethics
Every corporation has an economic and moral responsibility to its stockholders to perform well fi... more Every corporation has an economic and moral responsibility to its stockholders to perform well financially. However, the number of bankruptcies in Slovakia has been growing for several years without an apparent macroeconomic cause. To prevent a rapid denigration and to prevent the outflow of foreign capital, various efforts are being zealously implemented. Robust analysis using conventional bankruptcy prediction tools revealed that the existing models are adaptable to local conditions, particularly local legislation. Furthermore, it was confirmed that most of these outdated tools have sufficient capability to warn of impending financial problems several years in advance. A novel bankruptcy prediction tool that outperforms the conventional models was developed. However, it is increasingly challenging to predict bankruptcy risk as corporations have become more global and more complex and as they have developed sophisticated schemes to hide their actual situations under the guise of ''optimization'' for tax authorities. Nevertheless, scepticism remains because economic engineers have established bankruptcy as a strategy to limit the liability resulting from court-imposed penalties.
Procedia Economics and Finance, 2015
Abstract Corporate failure can exist in various types and dimensions, and has different effects o... more Abstract Corporate failure can exist in various types and dimensions, and has different effects on stakeholders according to magnitude of the failure and its type. The rise of corporate failure in different types brought about the use of different definitions and different concepts connoting failure. Over the past 35 years, the topic of “business failure prediction” has developed to a major research domain in corporate finance. Many academic studies have been dedicated to the search for the best corporate failure prediction, based on publicly available data and statistical techniques. This article will be focus on techniques used for prediction of bankruptcy such as logit and probit analysis.
Oeconomia Copernicana
Research background: Bankruptcy shouldn´t be considered only as negative phenomena although its i... more Research background: Bankruptcy shouldn´t be considered only as negative phenomena although its impact is for companies in most cases more than devastating. This change of point of view is invoked by the needs of contemporary socio-economic evolution. If society wants to reach sustainable development, the bankruptcy should be perceived as an immanent part of normal cyclical economic development. Moreover, if the view of bankruptcy is changed in a positive way, it can be a stimulus for innovations, investment and global welfare. But it is not possible without an increase in the effectiveness of national and international bankruptcy law.Purpose of the article: The goal of this study is to analyse the position of a creditor in the case of a debtor´s bankruptcy on the basis of comparative law in the Slovak Republic de lege ferenda. It is because we assume that continuous attention should be given to the issue of the creditor’s position with regard to a debtor´s bankruptcy to achieve su...
Procedia Economics and Finance, 2015
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Papers by Maria Misankova