Ekonomika 2010 89(4)
INVESTMENT MANAGEMENT: THEORETICAL AND PRACTICAL ASPECTS
Stasys Valentinavičius
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The purpose of this article is to present the result of productivity analysis of university hospitals in Poland. The hospital sector, and especially the tertiary hospital subsector, are a large consumer of scarce health care resources, and it is of particular relevance to use these scarce resources as effectively and efficiently as possible. This is why it is so important to measure the efficiency and productivity of a hospital to find out whether it is still possible to improve their performance. In this paper, an analysis of 40 tertiary hospitals (which are called university hospitals in Poland) for the period from 2000 to 2007 is presented. To measure hospital productivity, the Malmquist index was employed. The usage of the Malmquist index is based on the data envelopment analysis (DEA), a non-parametric method to estimate the frontier functions, and this is a reason why this method was also employed in this research. The data comprise the number of physicians and nurses employed in university hospitals, the number of beds and the total number of bed days. The results show that in general there has been a worsening of the productivity of these hospitals over this period, and it was caused by an inappropriate usage of inputs. The paper is organized as follows: a brief description of hospital systems in Poland and the concept of their efficiency and productivity are presented, and then the method and data are discussed. In the fourth section, the results are presented, followed by conclusions.
21EVALUATION OF INVESTMENT PROJECTS IN CASE OF CONFLICT BETWEEN THE INTERNAL RATE OF RETURN AND THE NET PRESENT VALUE METHODS
Jonas Mackevičius, Vladislav TomaševičResults obtained by employing the net present value (NPV) and the internal rate of return (IRR) methods allow to objectively determine the effectiveness and attractiveness of an investment project and to compare investment projects differing in scope, length or the amount of expected profit. While results obtained by the NPV and IRR methods normally correlate, contradictions are possible in individual cases. Such contradictions are called ‘conflict between the IRR and NPV methods’. The paper deals with the main characteristics of NPV and IRR, analysing the substance of the conflict and cases of its manifestation. A technique for the resolution of the NPV and IRR conflict is proposed.
28STATISTICAL SCORING MODEL OF LITHUANIAN COMPANIES
Laima DzidzevičiūtėIn the banking sector of Lithuania, the necessity to apply statistical scoring models has especially increased after the transposition of the New Capital Adequacy Directive into the national legal acts. According to them, banks are allowed to apply their own statistical models to calculate capital adequacy. However, banks‘ internal data are not allways sufficient for developing internal statistical models. The need to apply statistical scoring models increases not only for banks, but also for other institutions that grant credits. Until now, only several authors in Lithuania have proposed their own statistical scoring models for corporates; however, these models were developed using very small data samples and are suitable for specific types of companies for which they were developed only. The model proposed in this article solves these problems because it is appropriate for assessment of all companies, it is not industry-specific and has been developed using a large data sample. The objective of this study was to develop a logistic regression scoring model for assessment of corporates, using data of the external register JSC Creditinfo Lietuva1. In the proposed model, there are 19 variables characterizing all the features of a company: size, locality, age, economic sector, financial condition, past due payments, negative facts and claims from external debt collection institutions.
23MULTIFACTOR ASSET PRICING ANALYSIS OF THE BALTIC STOCK MARKET
Raimonds LieksnisThis study investigates whether the Fama–French three-factor asset pricing model is applicable for explaining cross-sectional returns of stocks listed in the Baltic stock exchanges. Findings confirm the validity and economic significance of the three-factor model for the Baltic stock market: only investors who chose to invest in value stocks during the reference period achieved positive returns by matching or beating the returns of the stock market index. The monthly returns of 8 Latvian, 13 Estonian and 27 Lithuanian company stocks are analyzed for the time period from June 2002 till February 2010 by the methodology presented in Davis, Fama, and French (2000). Cross-sectional multivariate regression is calculated with stock portfolios representing the book-to-market and capitalization of companies as independent variables along with the stock market index. The study concludes that these three factors in the three-factor model are statistically significant, but, in line with earlier studies, regression intercepts are significantly different from zero and the model is not statistically confirmed.
25STRUCTURED SECURITIES AND THEIR DEVELOPMENT IN LITHUANIA
Arvydas Paškevičius, Ovidijus SačilkaThe principal purpose of the article is to introduce structured securities, their particular features and advent into the Lithuanian financial market. The authors of the article address the premises and preconditions for the appearance of structured finance and structured securities, interpretations of related concepts and the global development trends.
The system of structured securities is being designed on the basis of the principal methods of the composition of structured securities. The focus of the paper is on the group of financial instruments, including structured securities, currently designed and offered in the Lithuanian market.
The article presents an analysis of the Lithuanian market in structured securities comparing it to traditional saving
and investment instruments, issue volumes including the best and worst samples in terms of return rates, risks inherent to secondary securities markets and peculiarities of price calculation, also aspects of adaptation to market demands as well as the trends of its further development.
25THE MODEL OF TAX EVASION, ITS COHERENCE TO THE PRACTICAL TAX ADMINISTRATION
Aurelija Anciūtė , Rūta KropienėIn this paper, a theoretical model of tax evasion, proposed by Allingham and Sandmo, is briefly presented. This model tries to explain the taxpayer’s decision to reveal only part of the taxable income and to evade taxes in this way. The main parameters of the model are personal income, the rates of tax and penalty, probability of the tax audit. By the method of comparative statics it is possible, at least partially, to evaluate the influence of changes of the model’s parameters on a person’s decision to evade tax.
As some of the assumptions of the Allingam–Sandmo model differ from taxation rules in practice or the model’s conclusions do not match the actual taxpayers’ behaviour, in this paper some criticism and improvements of the proposed model are reviewed. A comparison of the model’s assumptions and actual aspects of the tax administration in Lithuania is also provided.
This article contains also a model of tax evasion with regard for the peculiarities of tax administration in Lithuania and the possible corrections of tax audit probability function.
25THE EVALUATION OF THE INFLUENCE OF A POLITICAL FACTOR FOR ECONOMIC GROWTH IN UKRAINE
Stavytskyy A.V, Zatonatska T.G.The article deals with the complex of economic-mathematical models applied for the investigation of the influence of some kinds of budget expenses on economic growth considering changes in the Ukrainian economic system over the last years. The main idea of the investigation is to analyze the effectiveness of budget expenditures under the political changes that took place in Ukraine in 2005–2009.
23STABILITY POLICY DURING ECONOMIC DOWNTURN: INSTITUTIONAL AND INTERVENTIONALISTIC ASPECTS
Regina PaliulyteThe issue of stable policy became extremely relevant during the recession. Stable policy encompasses recovery of the lost equilibrium, prevention of the undesirable situation and assurance of sustainable economic development. Two competitive decisions of stable policy – intervention and institutional – can be accentuated. Intervention strategy means supply stimulation and balance recovery through fiscal and monetary policy. Institutional stable policy stresses the prevention of unwanted situations through creating a resilient institutional economic structure and freeing the market self-regulation mechanism. The article compares both strategies, analyzes their consequences, influence on the development and depth of the crisis, and possibilities of the national adaptation mechanism.
21This paper discusses some recent socio-economic achievements and losses in Central and Eastern Europe from a comparative perspective. Yet, the paper examines whether the economic-social-political restructuring of Central and Eastern Europe and the ensuing social policy reform has brought new forms of welfare regimes into focus. The paper demonstrates that, despite an increase in poverty and inequalities in many Central and Easter European countries during the last 18 years, the social policy systems have not experienced a radical dismantlement throughout the entire region and still show more comprehensive solutions to social problems than residual ones. Furthermore, the Central and Eastern European region is very diverse regarding the scope and depth of social problems encountered, and some countries have implemented more successful policy solutions than other ones. Nevertheless, the experience of the communist regime, the relatively lower fiscal capacity of the states as well as the higher share of GDP produced in the shadow economy allow the Central and Eastern European countries to group into a distinct post-communist regime. The current global economic crisis, which is felt in the CEE region much more than in the rest of the globe, can reinforce the features of the post-communist welfare model: still quite comprehensive in its structures, but weak in its performance to ensure a decent standard of living for its citizens.
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