In 2008 the Committee of Fiscal Affairs of OECD published its report on profit attributable to a permanent establishment. In 2010 article 7 of the OECD model tax convention was reformed, and the report was revised to better conform to the article. The authorised OECD approach is that a permanent establishment is a separate and independent entity, engaged in the same or similar activities under the same or similar conditions, taking into account the functions performed, assets used and risks assumed by the enterprise through the permanent establishment and through other parts of the enterprise. The approach is built on a two step analysis, the first is a functional and factual analysis and the second is determining the income of the permanent establishment. The authorised OECD approach is that the Transfer Pricing Guidelines should be applied by analogy in transactions between the permanent establishment and the rest of the enterprise. The Swedish Income Tax Law has the view that the permanent establishment is a separate and independent entity. The Swedish approach is a two step analysis; the basis is the accountings of the enterprise adjusted for internal dealings, and the second step is a functional analysis. The Swedish law does not allow allocation of “free” capital to a permanent establishment, nor does it allow a permanent establishment to deduct royalty payments to other parts of the enterprise. The Swedish provision regarding documentation of transactions between enterprises with economic interest in each other does not apply to permanent establishments. For reasons of certainty and predictability, the best thing would be for the legislator to reform the Swedish Income Tax Law. Seeing that a permanent establishment is obliged to have its own accounting, the burden and cost of obliging it to document internal dealings would not be that big.

This qualitative research study described African American female secondary educators’ challenges in their educational working relationships. The purpose was to truly understand the challenges that African American female secondary teachers experienced in the classroom, outside of the classroom, in their dealings with their students’ parents, colleagues, and their relationships with school administrators. This study focused on the challenges 10 African American female secondary teachers encountered in their educational work environment. This study also took into account how those teachers’ relationships with their students’ parents, colleagues, and administrators affected the teacher/student relationship. In an effort to increase student achievement, researchers, educators, students, parents, and administrators must all work closely to improve relationships between teachers and students within their district. Moreover, district policies must continue to encourage the development of schoolamily-community collaboration as an essential component vital to student academic improvement efforts. Administrators must continue to equip African American female secondary educators with a range of practices for involving students, parents, colleagues, and administrators to improve student outcomes. The best efforts are comprehensive, seeking to involve all teachers, students, parents, their colleagues, and administrators in a variety of roles. African American female secondary teachers can be empowered through training, time, and support. There are long-lasting, long-term investments in cultivating positive relationships between teachers and students that will help students reach their full potential. The cost in terms of student outcomes not achieved is incalculable.

Yes / This paper investigates the relation between insider trading and the likelihood of insolvency with a specific focus on the directors’ sale and purchase transactions preceding insolvency.We use a unique data set on directors’ dealings in 474 non-financial UK firms, of which 117 filed for insolvency, over the period 2000–2010.We show that the directors of insolvent firms increase their purchase transactions significantly as the insolvency approaches. The results also reveal a significant relation between three different measures of insider trading activity and the likelihood of insolvency, which is observed to be positive only during the last six-month trading period. The relation is negative for the earlier trading periods. While the earlier purchase transactions appear to be motivated by superior information held by insiders, the purchase trades closer to the insolvency date are possibly initiated by directors’ motives to influence the market’s perception of the firm in an attempt to avert or delay insolvency.

The thesis describes the main assumptions of professional real estate agents. First at the theoretical level and then it compares these findings with real data. The result of this thesis is a picture of the characteristics of real estate agents and a creation of basic recommendations for improving their business practices.

The times when closing of the contract was as simple as making an offer and receiving its acceptance are long over now. A variuosly long period preceeds an establishment of a contractual relationship. During such period, when a contract is being formed, the parties exchange their requests or essential information and negotiate the content of the contract. The longer this pre-contractual negotiation lasts, the more time, money or other means parties invest in good faith that they shall be compensated once the contract is concluded. In case the closing of the contract is not going to occur, because of a party's unfair dealings, the party in harm shall be entitled to engage liability of the other contractor. In these circumstances, the party in harm shall base its claim on a pre-contractual liability, also referred to as culpa in contrahendo. Apart from determining the pre-contractual obligations and liability for their breach in general fashion, the subject matter of this thesis is mainly an effective comparison of Czech and French relevant legal regulation. Since the legislation does not currently regulate the issue of pre-contractual liability, this thesis is focused primarily on the case law issued by courts from both states. In particular, the thesis analyzes the case law of the Czech Supreme...

The purpose of this diploma thesis is to describe the features of the American culture by analyzing the cultural standards, use them for comparison with the Slovak culture and create a set of recommendations for easier adaptation of the Slovaks in the United States. The work is divided into three parts - theoretical, practical and empirical. In the theoretical section we define the concept of culture, cultural standards and cultural dimensions, and on this basis we compare the features of the American and Slovak culture. The practical part describes the characteristics of the USA - national symbols, history, geography, religion, population, economy, political system, basic features of the US market, the impact of globalization and the specifics of the US business environment. The empirical section uses a questionnaire survey to examine the American culture from the Slovak point of view. The result of this thesis is a manual created with the use of the synthesis and comparison methods.

Diese Dissertation zielt darauf ab, ein besseres Verständnis für Anomalien und Insiderhandel zu schaffen, sowie die Verfügbarkeit von qualitativ hochwertigen Daten für den deutschen Aktienmarkt zu verbessern. Der erste Aufsatz beinhaltet eine verzerrungsfreie Zeitreihe von monatlichen Renditen deutscher Aktien für die Jahre 1954 bis 2013, die auf der Basis stabiler Regeln berechnet und gut dokumentiert ist. Im Weiteren enthält der Aufsatz eine detaillierte Beschreibung des deutschen Aktienmarktes und dessen Besonderheiten, insbesondere im Vergleich zu den USA. Der zweite Aufsatz zeigt am Beispiel des Fama/French Drei-Faktoren-Modells die Probleme auf, die Anbieter und Nutzer von Faktorendaten haben, die sich nicht auf die USA beziehen. Die empirische Analyse von sieben Faktorensets für Deutschland zeigt, dass die Übernahme von Faktormodellen in einen anderen Kapitalmarkt eine komplexe Thematik ist. Der Aufsatz gibt Anregungen für Nutzer und Anbieter von Faktorensets und zeigt, wie die Wahl des Faktorensets das Ergebnis einer Studie beeinflussen kann. Im dritten Aufsatz werden verschiedene zyklische und antizyklische Handelsstrategien hinsichtlich ihrer Performance im deutschen Aktienmarkt untersucht. Von den untersuchten Strategien erscheint nur Momentum konsequent abnormale Renditen zu erzielen, dies auch nach Transaktionskosten. Die vierte Arbeit untersucht öffentlich bekannt gegebene Aktientransaktionen von Insidern börsennotierter deutscher Unternehmen. Der Aufsatz zeigt, dass Insider von TecDAX-Unternehmen und ihre Imitatoren hohe und statistisch signifikante abnormale Renditen erzielen. Insgesamt zeigt die Dissertation, dass methodische Variationen, die Verwendung verschiedener Untersuchungsdesigns, die Datenqualität und die Sorgfalt beim Erstellen von empirischen Analysen zur Beurteilung der Robustheit und der Stabilität der Ergebnisse unerlässlich sind. Der deutsche Aktienmarkt scheint effizienter zu sein als bisherigere Studien typischerweise nahelegen. / This doctoral thesis aims to contribute to a better understanding of stock market anomalies and insider trading as well as to improve the availability of high quality data for the German stock market. The first paper provides a sixty-year time series of monthly returns on German stocks that is constructed on the basis of stable rules, is well documented, includes all return components, and is free of biases. The paper also contains a detailed description of the German stock market, its peculiarities, regulation and differences as compared to the U.S. The second paper uses the Fama/French three-factor model as an example to point out the problems that providers and users of non-U.S factor data sets face. The empirical analysis of seven different factor data sets available for Germany shows that exporting a specific factor model from the U.S. to another capital market is neither an easy nor well-defined task. The paper gives suggestions to users and creators of factor sets and shows how the choice of a factor set affects the result of an empirical study. The third paper provides evidence on how various contrarian, momentum and seasonality strategies perform in the German stock market. Among these strategies, only momentum investing appears to earn persistently non-zero returns, even after transaction costs. The fourth paper studies publicly disclosed stock transactions by insiders of listed German firms. The paper finds that insiders of TecDAX firms earn large and statistically significant abnormal returns net of transaction costs; for DAX insiders they are indistinguishable from zero. Overall, this thesis illustrates that methodological variations, the use of different specifications, data quality and care when preparing empirical analyses is essential in the assessment of the robustness and stability of results. In sum, the German stock market appears to be more efficient than previous studies have typically suggested.

This dissertation looks at selected matters covered by the statutory provisions on the shareholders protection as set out in the Commercial Code. It focuses mainly on the matters contained in Section 196a of the Commercial Code, Section 193 (2) of the Commercial Code, and on the issue of financial assistance. In addition, this dissertation deals with the legal protection of shareholders under the Business Corporations Act which is to take effect on 1 January 2014, and provides a brief outline of how these matters are regulated under certain foreign laws. As well, it provides a comparison with the legal regulations of the European Union. This dissertation is comprised of three sections, each having several parts. The parts are further divided into articles. Section 1 analyses the statutory provisions on the protection of shareholders as given in the Commercial Code, and is divided into four parts. The introduction, given in Part I, focuses on the protection of shareholders under the Commercial Code in the general sense. The remaining three parts concentrate on the above said selected statutory provisions. In each of those three parts, I attempt to discuss the key purpose of the provisions, describe how they developed including respective amendment (novelizations) of the Commercial Code and, in this context,...