Suchergebnisse

In the basis of contemporary portfolio theory is Markowitz model of portfolio analysis which accurately defines a set of efficient portfolios for a relatively small number of securities in its composition. With the increase in the number of securities in the portfolio, the application of the Markowitz's model becomes complex, so financial theory found the solution of the problem in the single-index Sharpe's model. The later emergence of multi-index models, which better reflect reality, increased precision in determining a set of efficient portfolios, but at the cost of greater complexity of the model. The aim of the research is to analyze a kind of substitution between the simplicity and precision of the model, and to search answer to the question of what is the optimal number of explanatory factors of the model. Using qualitative economic analysis method, it was concluded that the number of factors (indexes) in the model should be increased until marginal benefits in the form of increased precision are equalized with marginal costs in the form of increased complexity, reduced applicability and associated costs of obtaining informations. In striving for greater precision of models, financial analysts must not overlook that the index models emerged from the practical necessity of simplifying the original Markowitz's model.

The term "project financing" is often used to describe all types of project financing, but in recent years it has evolved towards a more precise definition, so that it implies the financing of a particular economic unit in which lenders are comfortable to rely initially on the cash flow and income of these economic units, which the loans will be repaid from, and on the property of that economic unit as collateral for the given loan. Project funds can be adequately used to finance the defense system. They generally fall into the category of development priorities and usually enjoy numerous benefits (primarily tax and customs benefits) provided by the host country of a project, which generally generates more income for participants in project financing than when it comes to conventional credit. The BOT model for financing infrastructure projects has a number of potential benefits and it is an effective alternative in many countries with a more traditional approach to using government borrowing or state budget, with the government retaining strategic control over the project which will become public sector property.

Agro-budget policy is the basic lever of modern fiscal theory. For this reason, it is scientifically challenging for all market economies, but also for countries in transition. Agro-budget deficits and amounts of public debts faced by many countries requires orientation on this policy. Harmonization of economic policies, inter alia, tax rates, is a necessity but difficulties in its realization are numerous. Numerous authors emphasize its necessity, but also the need to investigate the correlation of categories of government revenues. This article is based on determining the dependence between property incomes and social contributions and the obtained results will confirm or reject hypotheses. In addition, obtained results will show the degree of development of budget policy and thus agrobudget policy and leave space for future authors to find appropriate measures and instruments in future researches for achieving basic macroeconomic goals. ; Published