Suchergebnisse

The main purpose of this Master's Paper is to analyze the assets owned by the state of Lithuania and to determine whether the assets are used effectively. To achieve that, the author elaborates on two main strategical aspects: 1) the strategy of real property management (devised by the Government of the Republic of Lithuania in 2009) and 2) the strategy of financial property management (the Bank of Lithuania's official international reserves strategic investment guidelines). The paper consists of three main parts: 1) the theoretical review of literature and other research sources; 2) the methodology of analyzing state assets and constructing the optimal investment portfolio using Harry Markowitz's model; 3) the author's research: dynamic analysis of state assets and the Bank of Lithuania's owned official international reserves, optimizing the portfolio, measuring the value at risk, comparing the structure of the portfolio to theoretical guidelines and discussing the alternative strategies. Theoretical analysis reveals that the assets owned by the state of Lithuania consist of 1) long-term and short-term real assets, 2) intangible assets; 3) financial assets. A high number of institutions in the organizational structure reveal that the country operates on a decentralized asset management model. The real property management strategy document's main purpose is to centralize the model, following examples of countries like Estonia, by making the Ministry of Finance the key supervisor. Its merits are comprehensive state asset management model analysis, successful appointment of a single leading institution and SWOT analysis. The main drawbacks: lacking control of main goals, such as creating the informative search database of state assets, and ignoring other asset classes, such as financial assets. The strategy of financial assets management in Lithuania can be defined by the Bank of Lithuania's official international reserves investment portfolio management. Ineffective results from previous years and joining the euro zone suggested major strategic changes, such as adding volatile (and more profitable) shares to the portfolio and significantly increasing investments in non-euro currencies, which elevates currency risk. Results of the practical research reveal that the weight of financial assets in total state assets has doubled in the span of 10 years. A strong correlation between the real GDP growth and the Bank of Lithuania's financial assets/profitability implies that the effectiveness of financial assets management has a nationally wide impact, however the Bank's profit/invested value indicator has reached a record low in 2012 – 2013, meaning the previous strategy was highly ineffective. Therefore, the author constructed an optimal and more profitable portfolio, consisting of 19 assets: USA, UK, euro zone (EZ) and Japanese bonds (from government, quasi-government and corporate sectors accordingly), USA, UK, EZ and Japanese share indices and foreign currency spot transactions of USD, JPY and GBP. The portfolio was constructed using daily returns/prices data that covers the span of 18 years (1997 – 2014). The size of the initial investment is 4,14 bn euros and the maximum VaR (possible annual loss) allowed is -100 mln euro/year, as stated by the Bank of Lithuania's risk budget guidelines. The portfolio yields 4,1 percent annual return at 1,5 percent risk. It consists of 9,85 percent risk-free asset (1 – 6 month German Treasury bills) and 90,15 percent risky assets part, the riskiest being Japanese TOPIX stock index with the standard deviation of 24,6 percent. The addition of foreign currency spot exchanges provides positive results of increasing the return by 0,3 percent (while the risk remains the same), which translates to +12,3 mln. euros annualy. Finally, the portfolio is flexible and simple to reshape into a less risky variant, if the institution predicts the dangers of possible future economic downfalls.

The main purpose of this Master's Paper is to analyze the assets owned by the state of Lithuania and to determine whether the assets are used effectively. To achieve that, the author elaborates on two main strategical aspects: 1) the strategy of real property management (devised by the Government of the Republic of Lithuania in 2009) and 2) the strategy of financial property management (the Bank of Lithuania's official international reserves strategic investment guidelines). The paper consists of three main parts: 1) the theoretical review of literature and other research sources; 2) the methodology of analyzing state assets and constructing the optimal investment portfolio using Harry Markowitz's model; 3) the author's research: dynamic analysis of state assets and the Bank of Lithuania's owned official international reserves, optimizing the portfolio, measuring the value at risk, comparing the structure of the portfolio to theoretical guidelines and discussing the alternative strategies. Theoretical analysis reveals that the assets owned by the state of Lithuania consist of 1) long-term and short-term real assets, 2) intangible assets; 3) financial assets. A high number of institutions in the organizational structure reveal that the country operates on a decentralized asset management model. The real property management strategy document's main purpose is to centralize the model, following examples of countries like Estonia, by making the Ministry of Finance the key supervisor. Its merits are comprehensive state asset management model analysis, successful appointment of a single leading institution and SWOT analysis. The main drawbacks: lacking control of main goals, such as creating the informative search database of state assets, and ignoring other asset classes, such as financial assets. The strategy of financial assets management in Lithuania can be defined by the Bank of Lithuania's official international reserves investment portfolio management. Ineffective results from previous years and joining the euro zone suggested major strategic changes, such as adding volatile (and more profitable) shares to the portfolio and significantly increasing investments in non-euro currencies, which elevates currency risk. Results of the practical research reveal that the weight of financial assets in total state assets has doubled in the span of 10 years. A strong correlation between the real GDP growth and the Bank of Lithuania's financial assets/profitability implies that the effectiveness of financial assets management has a nationally wide impact, however the Bank's profit/invested value indicator has reached a record low in 2012 – 2013, meaning the previous strategy was highly ineffective. Therefore, the author constructed an optimal and more profitable portfolio, consisting of 19 assets: USA, UK, euro zone (EZ) and Japanese bonds (from government, quasi-government and corporate sectors accordingly), USA, UK, EZ and Japanese share indices and foreign currency spot transactions of USD, JPY and GBP. The portfolio was constructed using daily returns/prices data that covers the span of 18 years (1997 – 2014). The size of the initial investment is 4,14 bn euros and the maximum VaR (possible annual loss) allowed is -100 mln euro/year, as stated by the Bank of Lithuania's risk budget guidelines. The portfolio yields 4,1 percent annual return at 1,5 percent risk. It consists of 9,85 percent risk-free asset (1 – 6 month German Treasury bills) and 90,15 percent risky assets part, the riskiest being Japanese TOPIX stock index with the standard deviation of 24,6 percent. The addition of foreign currency spot exchanges provides positive results of increasing the return by 0,3 percent (while the risk remains the same), which translates to +12,3 mln. euros annualy. Finally, the portfolio is flexible and simple to reshape into a less risky variant, if the institution predicts the dangers of possible future economic downfalls.

The main purpose of this Master's Paper is to analyze the assets owned by the state of Lithuania and to determine whether the assets are used effectively. To achieve that, the author elaborates on two main strategical aspects: 1) the strategy of real property management (devised by the Government of the Republic of Lithuania in 2009) and 2) the strategy of financial property management (the Bank of Lithuania's official international reserves strategic investment guidelines). The paper consists of three main parts: 1) the theoretical review of literature and other research sources; 2) the methodology of analyzing state assets and constructing the optimal investment portfolio using Harry Markowitz's model; 3) the author's research: dynamic analysis of state assets and the Bank of Lithuania's owned official international reserves, optimizing the portfolio, measuring the value at risk, comparing the structure of the portfolio to theoretical guidelines and discussing the alternative strategies. Theoretical analysis reveals that the assets owned by the state of Lithuania consist of 1) long-term and short-term real assets, 2) intangible assets; 3) financial assets. A high number of institutions in the organizational structure reveal that the country operates on a decentralized asset management model. The real property management strategy document's main purpose is to centralize the model, following examples of countries like Estonia, by making the Ministry of Finance the key supervisor. Its merits are comprehensive state asset management model analysis, successful appointment of a single leading institution and SWOT analysis. The main drawbacks: lacking control of main goals, such as creating the informative search database of state assets, and ignoring other asset classes, such as financial assets. The strategy of financial assets management in Lithuania can be defined by the Bank of Lithuania's official international reserves investment portfolio management. Ineffective results from previous years and joining the euro zone suggested major strategic changes, such as adding volatile (and more profitable) shares to the portfolio and significantly increasing investments in non-euro currencies, which elevates currency risk. Results of the practical research reveal that the weight of financial assets in total state assets has doubled in the span of 10 years. A strong correlation between the real GDP growth and the Bank of Lithuania's financial assets/profitability implies that the effectiveness of financial assets management has a nationally wide impact, however the Bank's profit/invested value indicator has reached a record low in 2012 – 2013, meaning the previous strategy was highly ineffective. Therefore, the author constructed an optimal and more profitable portfolio, consisting of 19 assets: USA, UK, euro zone (EZ) and Japanese bonds (from government, quasi-government and corporate sectors accordingly), USA, UK, EZ and Japanese share indices and foreign currency spot transactions of USD, JPY and GBP. The portfolio was constructed using daily returns/prices data that covers the span of 18 years (1997 – 2014). The size of the initial investment is 4,14 bn euros and the maximum VaR (possible annual loss) allowed is -100 mln euro/year, as stated by the Bank of Lithuania's risk budget guidelines. The portfolio yields 4,1 percent annual return at 1,5 percent risk. It consists of 9,85 percent risk-free asset (1 – 6 month German Treasury bills) and 90,15 percent risky assets part, the riskiest being Japanese TOPIX stock index with the standard deviation of 24,6 percent. The addition of foreign currency spot exchanges provides positive results of increasing the return by 0,3 percent (while the risk remains the same), which translates to +12,3 mln. euros annualy. Finally, the portfolio is flexible and simple to reshape into a less risky variant, if the institution predicts the dangers of possible future economic downfalls.

The main purpose of this Master's Paper is to analyze the assets owned by the state of Lithuania and to determine whether the assets are used effectively. To achieve that, the author elaborates on two main strategical aspects: 1) the strategy of real property management (devised by the Government of the Republic of Lithuania in 2009) and 2) the strategy of financial property management (the Bank of Lithuania's official international reserves strategic investment guidelines). The paper consists of three main parts: 1) the theoretical review of literature and other research sources; 2) the methodology of analyzing state assets and constructing the optimal investment portfolio using Harry Markowitz's model; 3) the author's research: dynamic analysis of state assets and the Bank of Lithuania's owned official international reserves, optimizing the portfolio, measuring the value at risk, comparing the structure of the portfolio to theoretical guidelines and discussing the alternative strategies. Theoretical analysis reveals that the assets owned by the state of Lithuania consist of 1) long-term and short-term real assets, 2) intangible assets; 3) financial assets. A high number of institutions in the organizational structure reveal that the country operates on a decentralized asset management model. The real property management strategy document's main purpose is to centralize the model, following examples of countries like Estonia, by making the Ministry of Finance the key supervisor. Its merits are comprehensive state asset management model analysis, successful appointment of a single leading institution and SWOT analysis. The main drawbacks: lacking control of main goals, such as creating the informative search database of state assets, and ignoring other asset classes, such as financial assets. The strategy of financial assets management in Lithuania can be defined by the Bank of Lithuania's official international reserves investment portfolio management. Ineffective results from previous years and joining the euro zone suggested major strategic changes, such as adding volatile (and more profitable) shares to the portfolio and significantly increasing investments in non-euro currencies, which elevates currency risk. Results of the practical research reveal that the weight of financial assets in total state assets has doubled in the span of 10 years. A strong correlation between the real GDP growth and the Bank of Lithuania's financial assets/profitability implies that the effectiveness of financial assets management has a nationally wide impact, however the Bank's profit/invested value indicator has reached a record low in 2012 – 2013, meaning the previous strategy was highly ineffective. Therefore, the author constructed an optimal and more profitable portfolio, consisting of 19 assets: USA, UK, euro zone (EZ) and Japanese bonds (from government, quasi-government and corporate sectors accordingly), USA, UK, EZ and Japanese share indices and foreign currency spot transactions of USD, JPY and GBP. The portfolio was constructed using daily returns/prices data that covers the span of 18 years (1997 – 2014). The size of the initial investment is 4,14 bn euros and the maximum VaR (possible annual loss) allowed is -100 mln euro/year, as stated by the Bank of Lithuania's risk budget guidelines. The portfolio yields 4,1 percent annual return at 1,5 percent risk. It consists of 9,85 percent risk-free asset (1 – 6 month German Treasury bills) and 90,15 percent risky assets part, the riskiest being Japanese TOPIX stock index with the standard deviation of 24,6 percent. The addition of foreign currency spot exchanges provides positive results of increasing the return by 0,3 percent (while the risk remains the same), which translates to +12,3 mln. euros annualy. Finally, the portfolio is flexible and simple to reshape into a less risky variant, if the institution predicts the dangers of possible future economic downfalls.

This Master's thesis analyzes the enforcement measures that are realized by the bailiff - the forced sale of assets (the forced realization of the assets). The objectives of this thesis were: to identify the concept of enforcement process, to determine the place of realization of assets in the context of enforcement measures; to identify the conditions for the realization of the assets; to analyze three specific forms of realization of the assets, which are executed by the bailiff, to determine their problematic aspects and suggest possible solutions. By implementing the objectives, the goals of this thesis were reached, i.e. to determine whether the legal regulation of coercive sale of assets ensures the practical implementation of purposes raised in enforcement process, as well as seeking balance of interests between debtor and creditor. While exploring the legislation and judicial practice of enforcement proceedings, it was proved that non-comprehensive legal regulation of realization of the assets in enforcement proceedings causes practical problems, a different interpretation of the law and leads to violation of person's rights and interests.

This Master's thesis analyzes the enforcement measures that are realized by the bailiff - the forced sale of assets (the forced realization of the assets). The objectives of this thesis were: to identify the concept of enforcement process, to determine the place of realization of assets in the context of enforcement measures; to identify the conditions for the realization of the assets; to analyze three specific forms of realization of the assets, which are executed by the bailiff, to determine their problematic aspects and suggest possible solutions. By implementing the objectives, the goals of this thesis were reached, i.e. to determine whether the legal regulation of coercive sale of assets ensures the practical implementation of purposes raised in enforcement process, as well as seeking balance of interests between debtor and creditor. While exploring the legislation and judicial practice of enforcement proceedings, it was proved that non-comprehensive legal regulation of realization of the assets in enforcement proceedings causes practical problems, a different interpretation of the law and leads to violation of person's rights and interests.

In the conditions of economic depression it is very important for each organization to make correct decisions regarding financing and investments, to effectively manage the assets, and to command the timely and correct accounting information that allows reflecting financial results of the organization. Tangible assets are used and the total businesses. In many companies, this property makes up most of the available assets. Therefore, fixed assets accounting and analysis is a very hot topic master thesis. In order to provide accurate and truthful information about the company's status and performance of the company accountants and managers is important to choose the most appropriate long-term tangible assets in the accounting and depreciation methods. The main tangible fixed assets accounting issue discussed in the paper is that it misunderstood the law or conflict distorts financial results, which makes it possible to deceive financial statement users. The object of research: tangible asset accounting and analysis of JSC \"Skuodas siluma" Objective. To investigate the theoretical and practical aspects of fixed asset accounting principles, analysis of issues and make proposals on how better to reveal the use of property, plant and reserves. Hypothesis: the proper choice of fixed asset accounting methodology has a significant impact on the performance of companies JSC \"Skuodas siluma\" rationally manage fixed assets, which has a positive impact on overall company performance. The goals: to carry out the definitions of property, plant and comparative analysis, based on the Lithuanian and foreign authors to analyze the classification of fixed assets accounting features, consider the purchase of fixed assets, the accounting features of appreciable wear, a choice of long-term tangible asset structure, dynamics, technical analysis of the situation, to calculate company property, plant profitability, turnover, and forecasts for these variables. Working Methodology: scientific publications and the regulations of the analysis, comparison, synthesis of Lithuanian legislation with the requirements and their adaptation to the company's accounting practice, analysis of company financial data clustering, statistical and econometric methods use calculations to verify prediction of the (trend, regression - correlation analysis ), changes in chain mode of property, plant yield and factors affecting the assessment of the turnover. Master's thesis consists of three parts: theoretical part deals with the concept of property, plant and the structure of fixed assets and valuation methods. It also examined the long-term tangible asset classification and grouping. Methodological part is analyzed, evaluated and compared to fixed assets accounts in accordance with applicable laws. Researchers presented a depreciation of fixed assets valuation methods. The third part of this company \"Skuodas siluma\" of property, plant structure analysis, the technical condition of circulation and profitability analysis and forecasts. Expert summed up the data obtained during the investigation confirmed the hypothesis and draw conclusions.

In the conditions of economic depression it is very important for each organization to make correct decisions regarding financing and investments, to effectively manage the assets, and to command the timely and correct accounting information that allows reflecting financial results of the organization. Tangible assets are used and the total businesses. In many companies, this property makes up most of the available assets. Therefore, fixed assets accounting and analysis is a very hot topic master thesis. In order to provide accurate and truthful information about the company's status and performance of the company accountants and managers is important to choose the most appropriate long-term tangible assets in the accounting and depreciation methods. The main tangible fixed assets accounting issue discussed in the paper is that it misunderstood the law or conflict distorts financial results, which makes it possible to deceive financial statement users. The object of research: tangible asset accounting and analysis of JSC \"Skuodas siluma" Objective. To investigate the theoretical and practical aspects of fixed asset accounting principles, analysis of issues and make proposals on how better to reveal the use of property, plant and reserves. Hypothesis: the proper choice of fixed asset accounting methodology has a significant impact on the performance of companies JSC \"Skuodas siluma\" rationally manage fixed assets, which has a positive impact on overall company performance. The goals: to carry out the definitions of property, plant and comparative analysis, based on the Lithuanian and foreign authors to analyze the classification of fixed assets accounting features, consider the purchase of fixed assets, the accounting features of appreciable wear, a choice of long-term tangible asset structure, dynamics, technical analysis of the situation, to calculate company property, plant profitability, turnover, and forecasts for these variables. Working Methodology: scientific publications and the regulations of the analysis, comparison, synthesis of Lithuanian legislation with the requirements and their adaptation to the company's accounting practice, analysis of company financial data clustering, statistical and econometric methods use calculations to verify prediction of the (trend, regression - correlation analysis ), changes in chain mode of property, plant yield and factors affecting the assessment of the turnover. Master's thesis consists of three parts: theoretical part deals with the concept of property, plant and the structure of fixed assets and valuation methods. It also examined the long-term tangible asset classification and grouping. Methodological part is analyzed, evaluated and compared to fixed assets accounts in accordance with applicable laws. Researchers presented a depreciation of fixed assets valuation methods. The third part of this company \"Skuodas siluma\" of property, plant structure analysis, the technical condition of circulation and profitability analysis and forecasts. Expert summed up the data obtained during the investigation confirmed the hypothesis and draw conclusions.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.

The object of the research is the asset-based policy, as a measure to reduce poverty and inequality, based on saving, investment and asset accumulation. The purpose of the research is to analyse the experience of foreign countries, evaluate the need of asset-based policy in Lithuania and create a hypothetical model for implementation of this policy. In order to meet this purpose theoretical aspects of the asset-based welfare have been reviewed, asset-based policy models implemented in foreign countries have been analyzed, socio-economic, demographic situation of Lithuanian population, as well as the state of the country's investments and innovations have been assessed, the survey about the attitude of the Lithuanian population towards the asset-based policy has been conducted, the hypothetical model for the implementation of the asset-based policy in Lithuania has been created.