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The focus of interest in this research is the value relevance of superannuation disclosures for corporate employers sponsoring Defined Benefit Plans on behalf of employees. For the period of this study, the two years 2002 and 2003, the relevant reporting requirements came within the accounting standard for employee benefits, AASB 1028. Prior Australian research on superannuation disclosures has already established that such disclosures were value relevant, at least based on an industrial sample in 1995, and more recently on a full sample for the period 2000 to 2003. The primary purpose of this study is to examine the hypothesis that this relationship between shareholder value and superannuation disclosures is asymmetrical i.e. significantly different depending on whether the company-sponsored fund represents a liability (deficit) or an asset (surplus) of the sponsor firm. The reason for investigating this conjecture was that, in light of the changed conditions in the Australian market for many firms, the net asset position of a number of superannuation plans deteriorated, providing the evidence to investigate this hypothesis for the first time. The research methodology used in this study investigates value relevance using the balance sheet valuation model developed by Landsman (1986) and since used in several studies. The findings of the study provide new evidence in support of this hypothesis, consistent with the view that the market will devalue the firm heavily when the fund is in deficit, but will appreciate the value of the firm significantly less heavily when the fund is in surplus. The study finds support for the observed market behaviour in prior research relevant to the impact of ‘bad news’ and the consequent market reaction. The findings are particularly relevant at a time of change in the accounting regulations for superannuation disclosures for corporate sponsors with the move to adoption of International Financial Reporting Standards from January 2005.

The focus of interest in this research is the value relevance of superannuation disclosures for corporate employers sponsoring Defined Benefit Plans on behalf of employees. For the period of this study, the two years 2002 and 2003, the relevant reporting requirements came within the accounting standard for employee benefits, AASB 1028. Prior Australian research on superannuation disclosures has already established that such disclosures were value relevant, at least based on an industrial sample in 1995, and more recently on a full sample for the period 2000 to 2003. The primary purpose of this study is to examine the hypothesis that this relationship between shareholder value and superannuation disclosures is asymmetrical i.e. significantly different depending on whether the company-sponsored fund represents a liability (deficit) or an asset (surplus) of the sponsor firm. The reason for investigating this conjecture was that, in light of the changed conditions in the Australian market for many firms, the net asset position of a number of superannuation plans deteriorated, providing the evidence to investigate this hypothesis for the first time. The research methodology used in this study investigates value relevance using the balance sheet valuation model developed by Landsman (1986) and since used in several studies. The findings of the study provide new evidence in support of this hypothesis, consistent with the view that the market will devalue the firm heavily when the fund is in deficit, but will appreciate the value of the firm significantly less heavily when the fund is in surplus. The study finds support for the observed market behaviour in prior research relevant to the impact of ‘bad news’ and the consequent market reaction. The findings are particularly relevant at a time of change in the accounting regulations for superannuation disclosures for corporate sponsors with the move to adoption of International Financial Reporting Standards from January 2005.

The aim of this thesis is to analyze conflict of interest which is connected to investment services as well as its current and upcoming regulation. The reason for that is quite obvious - there simply is a lot of going on within financial market and its regulation right now. This particular issue might seem to be theoretical and technical, though the consequences are crucial for practice in today's sophisticated, global and complex financial market that is under pressure from the public and politicians. The thesis is composed of six chapters, each of them dealing with different sorts of regulation of conflict of interest, except for Chapter One that is introductory, defines basic terminology used in the thesis and its purpose as well as points out basic questions that are answered in conclusion. First question is whether or not regulate conflict of interest. If so, what is the direction that should be followed by legislators - prevention, management of conflict of interest etc.? And is current regulation of conflict of interest sufficient and effective? And in that regard is it correct to differentiate more between retail and professional investors? I present answers based on my deep and precise research. Chapter Two describes conflicts of interest in general and then particularly in the area of...

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Resume: The aim of my thesis is to define the area of investment banking and point out its specifics in terms of Czech life and institutions in carrying out securities transactions by way of analyzing relevant legislation, its doctrinal interpretation, supplemented by some practical conclusions drawn from relevant case law and opinions of regulatory bodies. The thesis is divided into three separate parts. The first part tries to grasp theoretical concepts used in the title of this work. The definition and nature of security is essential for its later usage in terms of operations which are performed with such securities by investment banks. Types of such operations are defined by various investment services which determine the extent of investment banks' scope of business. In addition to those investment services, the Czech regulatory environment also addresses the status of investment banks whose different models (in terms of their functioning) can lead to terminological questions of why some investment banks are not a bank in a legal sense. The above provides a basis for the second part of my thesis, which is concerned with an analysis of respective securities operations that are usually carried out by investment banks operating in the Czech Republic. These operations are linked together and are often...

This thesis examines the relationship between equity valuation and four value drivers: revenue growth, volatility, profit margin and competitive advantage. It is motivated by evidence that the predominant valuation techniques of equity analysts are not associated with improved portfolio performance. Prior research suggests that equity analysts devote considerable resources into forecasting near-term earnings, but derive target prices from those earnings in an almost arbitrary fashion. In contrast, the valuation techniques in the commercial world are increasing in sophistication. Around 30 percent of large corporations in the United States and Australia use real options analysis for project evaluation, according to recent surveys. Thus, the research question is whether sophisticated equity valuation, based on rigorous economic assumptions, is useful for investment decision-making.

Protection of Investor on Capital Market Investor protection on the capital market is a highly topical subject. The main aim of this dissertation was to confirm or refute the hypotheses presented in the introduction, and in particular to ascertain whether there is sufficient investor protection on the capital market. Besides its introduction and conclusion, the dissertation has five parts which, in turn, are broken down into separate chapters. At the time the dissertation was being drawn up, there were a number of investment opportunities on the capital market that posed higher or lower risks. As it is difficult for ordinary investors to identify the degree of risk associated with a particular type of investment opportunity, the dissertation aims to describe the level of investor protection linked to the most common types of investment opportunities. Investment funds are unquestionably the most commonly used investment vehicle. Consequently, these investment instruments are covered in most detail. The dissertation explains the level of investor protection according to the type of investment fund. In particular, this chapter describes investment via mutual funds, as this is the most widespread type of fund in the Czech Republic and across the world. Since a mutual fund is an entity with no legal...