Suchergebnisse

Government's role in promoting the country's economy remains a relevant issue both in academics and politicians debates. Not only for individual countries but also for the European Union as a whole the promotion of high value-added activities, in particular in lower development small open economies which hardly recover from external economic shocks and experience significant social problems due to high unemployment level remains a relevant issue. The country's competitiveness and level of development, as well as the country's economy growth, depend on high value-added investment growth, and both private and public investments play a significant role in economy of each country. Government's role, in particular through the fiscal policy, in the promotion of these activities is crucial. The prevailing view in the scientific literature is that in developed countries public investment crowds out private investment, while in developing – crowds in, but it is not clear under what conditions these effects occur because the countries are very different. Also the effect of the taxes revenues and the government expenditure indicators on private investment is unclear because the effect of these variables on private investment has not been studied comprehensively. So the aim of the research is to evaluate the relationship between fiscal policy indicators, such as the government revenues from taxes and the government expenditure, and private investment comprehensively including indicators of macroeconomic environment in the Baltic States, by applying correlation and regression analysis. [.]

Government's role in promoting the country's economy remains a relevant issue both in academics and politicians debates. Not only for individual countries but also for the European Union as a whole the promotion of high value-added activities, in particular in lower development small open economies which hardly recover from external economic shocks and experience significant social problems due to high unemployment level remains a relevant issue. The country's competitiveness and level of development, as well as the country's economy growth, depend on high value-added investment growth, and both private and public investments play a significant role in economy of each country. Government's role, in particular through the fiscal policy, in the promotion of these activities is crucial. The prevailing view in the scientific literature is that in developed countries public investment crowds out private investment, while in developing – crowds in, but it is not clear under what conditions these effects occur because the countries are very different. Also the effect of the taxes revenues and the government expenditure indicators on private investment is unclear because the effect of these variables on private investment has not been studied comprehensively. So the aim of the research is to evaluate the relationship between fiscal policy indicators, such as the government revenues from taxes and the government expenditure, and private investment comprehensively including indicators of macroeconomic environment in the Baltic States, by applying correlation and regression analysis. [.]

There are no inaccessible stock markets in these technology and globalization modern-days. Financial capital is very mobile, during several ours financial capital can be transferred from one market to another. Using information systems, new modern technologies, information is accessible for all users. Central and East Europe stock markets during five years were very attractive for investors, because the level risk of investments and profit was appropriate. Central Balkan stock markets are new area for investors and speculators. There is big positive influence from European Union to stabilize political and economical situation in Balkans. This is reason to trust that investments are safety and can be profitable. The mane purpose is to evaluate macro and micro environment for investments in stock market of Central Balkan region countries, Croatia, Serbia, Bosnia and Herzegovina and verify optimal stock portfolio theory (W. Sharpe) in practice, when market is in growing and downgrade trends. There are tasks to find the answers to the mane goal: • To make analysis for macro economical indicators of Central Balkan region countries; • To make business environmental review in macro level; • To evaluate opportunities and limitations to trade securities in stock markets; • To evaluate stock markets risk and profit; • To separate stocks for optimal stock portfolio construction using W. Sharpe model; • To make six stock portfolios when stock market is in growing and downgrade trends.; • To test portfolios in practice; The paper consists of 5 main parts; 1 The macro economical environmental in Balkans; 2 The stock market exchanges of Central Balkans; 3 The Capital market theories; 4 The stock portfolio construction using W. Sharpe model. The results of research shows, that optimal portfolio construction using W. Sharpe model is more effective in growing stock markets, but also in downgrade market portfolio profit (loss) was better then market results. W. Sharpe model is expedient in stock market were a lot of securities and market fluctuation is very weak. The model is not effective to make investment profit prognosis.

There are no inaccessible stock markets in these technology and globalization modern-days. Financial capital is very mobile, during several ours financial capital can be transferred from one market to another. Using information systems, new modern technologies, information is accessible for all users. Central and East Europe stock markets during five years were very attractive for investors, because the level risk of investments and profit was appropriate. Central Balkan stock markets are new area for investors and speculators. There is big positive influence from European Union to stabilize political and economical situation in Balkans. This is reason to trust that investments are safety and can be profitable. The mane purpose is to evaluate macro and micro environment for investments in stock market of Central Balkan region countries, Croatia, Serbia, Bosnia and Herzegovina and verify optimal stock portfolio theory (W. Sharpe) in practice, when market is in growing and downgrade trends. There are tasks to find the answers to the mane goal: • To make analysis for macro economical indicators of Central Balkan region countries; • To make business environmental review in macro level; • To evaluate opportunities and limitations to trade securities in stock markets; • To evaluate stock markets risk and profit; • To separate stocks for optimal stock portfolio construction using W. Sharpe model; • To make six stock portfolios when stock market is in growing and downgrade trends.; • To test portfolios in practice; The paper consists of 5 main parts; 1 The macro economical environmental in Balkans; 2 The stock market exchanges of Central Balkans; 3 The Capital market theories; 4 The stock portfolio construction using W. Sharpe model. The results of research shows, that optimal portfolio construction using W. Sharpe model is more effective in growing stock markets, but also in downgrade market portfolio profit (loss) was better then market results. W. Sharpe model is expedient in stock market were a lot of securities and market fluctuation is very weak. The model is not effective to make investment profit prognosis.

Project management is an instrument of modern Public administration paradigms. It is used in order to make public institutions more efficient. This instrument is quite new in Lithuania and was started to use intensively when European Union gave opportunity soak up support from EU funds. Now in Lithuania big investment projects are becoming more and more popular. The main purpose of these projects is to create efficient relations between principal (public organization) and agent (private organization). Both participants are maximizing their efforts in order to reach some particular purpose with less money and more quality. In this paper it will be analysed the concept of investment project and implementation of investment project. Besides, there will be presented the model of research, which can help to analyse the interactions between principal and agent. This model is based on two theories – Principal agent ant Contract theory. In third part of this paper there will be research of principal and agent interactions. This research should reveal, which factors cause problems in investment project implementation. The main purposes of this paper are to analyse the implementation of investment projects in Lithuania, to investigate interactions in investment projects and to reveal the way of control in projects implementation. The base of research will be the analyse of investment project "Kauno pramogų ir sporto rūmai Nemuno saloje". At the end of this paper will be revealed why implementation of mentioned project is going wrong. Plus, there will be some recommendations, which could help to avoid problems in implementation process.

Project management is an instrument of modern Public administration paradigms. It is used in order to make public institutions more efficient. This instrument is quite new in Lithuania and was started to use intensively when European Union gave opportunity soak up support from EU funds. Now in Lithuania big investment projects are becoming more and more popular. The main purpose of these projects is to create efficient relations between principal (public organization) and agent (private organization). Both participants are maximizing their efforts in order to reach some particular purpose with less money and more quality. In this paper it will be analysed the concept of investment project and implementation of investment project. Besides, there will be presented the model of research, which can help to analyse the interactions between principal and agent. This model is based on two theories – Principal agent ant Contract theory. In third part of this paper there will be research of principal and agent interactions. This research should reveal, which factors cause problems in investment project implementation. The main purposes of this paper are to analyse the implementation of investment projects in Lithuania, to investigate interactions in investment projects and to reveal the way of control in projects implementation. The base of research will be the analyse of investment project "Kauno pramogų ir sporto rūmai Nemuno saloje". At the end of this paper will be revealed why implementation of mentioned project is going wrong. Plus, there will be some recommendations, which could help to avoid problems in implementation process.

Project management is an instrument of modern Public administration paradigms. It is used in order to make public institutions more efficient. This instrument is quite new in Lithuania and was started to use intensively when European Union gave opportunity soak up support from EU funds. Now in Lithuania big investment projects are becoming more and more popular. The main purpose of these projects is to create efficient relations between principal (public organization) and agent (private organization). Both participants are maximizing their efforts in order to reach some particular purpose with less money and more quality. In this paper it will be analysed the concept of investment project and implementation of investment project. Besides, there will be presented the model of research, which can help to analyse the interactions between principal and agent. This model is based on two theories – Principal agent ant Contract theory. In third part of this paper there will be research of principal and agent interactions. This research should reveal, which factors cause problems in investment project implementation. The main purposes of this paper are to analyse the implementation of investment projects in Lithuania, to investigate interactions in investment projects and to reveal the way of control in projects implementation. The base of research will be the analyse of investment project "Kauno pramogų ir sporto rūmai Nemuno saloje". At the end of this paper will be revealed why implementation of mentioned project is going wrong. Plus, there will be some recommendations, which could help to avoid problems in implementation process.

This paper provides analysis of the determinants that have the biggest influence on differences in foreign direct investment stocks between Lithuania and Estonia and the main objective of the master thesis is to identify the factors that allow Estonia to attract higher FDI flows than Lithuania throughout the post-Soviet period until these days despite a similar historical past and economic situation of both states or the time of the accession to the EU. Through the course of the paper academic literature on foreign direct investment (FDI) determinants in other EU countries, positive or negative impacts that the investment flows may have on the economy of the host country and researches that are related to FDI flows in these two Baltic States are examined. The following hypotheses are examined in order to identify the possible causes of differences in FDI stocks between Lithuania and Estonia. Differences in FDI flows in Lithuania and Estonia are related to different privatization policies in the post-Soviet period; the earlier time of Estonia's accession to the euro area; higher quality infrastructure in Estonia; higher political stability and institutional quality in Estonia; lower labour cost and higher employees knowledge in Estonia; more competitive Estonian tax system; more favourable legal environment in Estonia; lower level of corruption in Estonia. Empirical research is divided into two complementary parts – regression analysis and qualitative survey – that allows to ensure reliability and validity of a study and to test a wider range of independent variables. The results suggest that different privatization policies in the post-Soviet period, higher quality infrastructure, higher institutional quality and political stability and lower level of corruption in Estonia significantly determine the differences of FDI stocks between Lithuania and Estonia, whereas labour cost, employees knowledge, legal environment, the earlier time of Estonia's accession to the euro area and zero tax rates on reinvested profits implemented by Estonia are not statistically significant variables. The main suggestions for Lithuania are to develop foreign direct investment agencies, to ensure that the employees of the Ministry of Economy and Innovation of Lithuania and members of the Seimas join the FDI attracting process, to review the expansion of flight directions. Besides revealing the key determinants that have the greatest influence on differences in foreign direct investment stocks between Lithuania and Estonia, this paper proposes a direction for future researches. The impact of new flight directions from Lithuania's airports has not been analysed in this paper due to the short period of their application, so comprehensive analysis is required to fill this gap in academic literature.

This paper provides analysis of the determinants that have the biggest influence on differences in foreign direct investment stocks between Lithuania and Estonia and the main objective of the master thesis is to identify the factors that allow Estonia to attract higher FDI flows than Lithuania throughout the post-Soviet period until these days despite a similar historical past and economic situation of both states or the time of the accession to the EU. Through the course of the paper academic literature on foreign direct investment (FDI) determinants in other EU countries, positive or negative impacts that the investment flows may have on the economy of the host country and researches that are related to FDI flows in these two Baltic States are examined. The following hypotheses are examined in order to identify the possible causes of differences in FDI stocks between Lithuania and Estonia. Differences in FDI flows in Lithuania and Estonia are related to different privatization policies in the post-Soviet period; the earlier time of Estonia's accession to the euro area; higher quality infrastructure in Estonia; higher political stability and institutional quality in Estonia; lower labour cost and higher employees knowledge in Estonia; more competitive Estonian tax system; more favourable legal environment in Estonia; lower level of corruption in Estonia. Empirical research is divided into two complementary parts – regression analysis and qualitative survey – that allows to ensure reliability and validity of a study and to test a wider range of independent variables. The results suggest that different privatization policies in the post-Soviet period, higher quality infrastructure, higher institutional quality and political stability and lower level of corruption in Estonia significantly determine the differences of FDI stocks between Lithuania and Estonia, whereas labour cost, employees knowledge, legal environment, the earlier time of Estonia's accession to the euro area and zero tax rates on reinvested profits implemented by Estonia are not statistically significant variables. The main suggestions for Lithuania are to develop foreign direct investment agencies, to ensure that the employees of the Ministry of Economy and Innovation of Lithuania and members of the Seimas join the FDI attracting process, to review the expansion of flight directions. Besides revealing the key determinants that have the greatest influence on differences in foreign direct investment stocks between Lithuania and Estonia, this paper proposes a direction for future researches. The impact of new flight directions from Lithuania's airports has not been analysed in this paper due to the short period of their application, so comprehensive analysis is required to fill this gap in academic literature.

This paper provides analysis of the determinants that have the biggest influence on differences in foreign direct investment stocks between Lithuania and Estonia and the main objective of the master thesis is to identify the factors that allow Estonia to attract higher FDI flows than Lithuania throughout the post-Soviet period until these days despite a similar historical past and economic situation of both states or the time of the accession to the EU. Through the course of the paper academic literature on foreign direct investment (FDI) determinants in other EU countries, positive or negative impacts that the investment flows may have on the economy of the host country and researches that are related to FDI flows in these two Baltic States are examined. The following hypotheses are examined in order to identify the possible causes of differences in FDI stocks between Lithuania and Estonia. Differences in FDI flows in Lithuania and Estonia are related to different privatization policies in the post-Soviet period; the earlier time of Estonia's accession to the euro area; higher quality infrastructure in Estonia; higher political stability and institutional quality in Estonia; lower labour cost and higher employees knowledge in Estonia; more competitive Estonian tax system; more favourable legal environment in Estonia; lower level of corruption in Estonia. Empirical research is divided into two complementary parts – regression analysis and qualitative survey – that allows to ensure reliability and validity of a study and to test a wider range of independent variables. The results suggest that different privatization policies in the post-Soviet period, higher quality infrastructure, higher institutional quality and political stability and lower level of corruption in Estonia significantly determine the differences of FDI stocks between Lithuania and Estonia, whereas labour cost, employees knowledge, legal environment, the earlier time of Estonia's accession to the euro area and zero tax rates on reinvested profits implemented by Estonia are not statistically significant variables. The main suggestions for Lithuania are to develop foreign direct investment agencies, to ensure that the employees of the Ministry of Economy and Innovation of Lithuania and members of the Seimas join the FDI attracting process, to review the expansion of flight directions. Besides revealing the key determinants that have the greatest influence on differences in foreign direct investment stocks between Lithuania and Estonia, this paper proposes a direction for future researches. The impact of new flight directions from Lithuania's airports has not been analysed in this paper due to the short period of their application, so comprehensive analysis is required to fill this gap in academic literature.

This paper provides analysis of the determinants that have the biggest influence on differences in foreign direct investment stocks between Lithuania and Estonia and the main objective of the master thesis is to identify the factors that allow Estonia to attract higher FDI flows than Lithuania throughout the post-Soviet period until these days despite a similar historical past and economic situation of both states or the time of the accession to the EU. Through the course of the paper academic literature on foreign direct investment (FDI) determinants in other EU countries, positive or negative impacts that the investment flows may have on the economy of the host country and researches that are related to FDI flows in these two Baltic States are examined. The following hypotheses are examined in order to identify the possible causes of differences in FDI stocks between Lithuania and Estonia. Differences in FDI flows in Lithuania and Estonia are related to different privatization policies in the post-Soviet period; the earlier time of Estonia's accession to the euro area; higher quality infrastructure in Estonia; higher political stability and institutional quality in Estonia; lower labour cost and higher employees knowledge in Estonia; more competitive Estonian tax system; more favourable legal environment in Estonia; lower level of corruption in Estonia. Empirical research is divided into two complementary parts – regression analysis and qualitative survey – that allows to ensure reliability and validity of a study and to test a wider range of independent variables. The results suggest that different privatization policies in the post-Soviet period, higher quality infrastructure, higher institutional quality and political stability and lower level of corruption in Estonia significantly determine the differences of FDI stocks between Lithuania and Estonia, whereas labour cost, employees knowledge, legal environment, the earlier time of Estonia's accession to the euro area and zero tax rates on reinvested profits implemented by Estonia are not statistically significant variables. The main suggestions for Lithuania are to develop foreign direct investment agencies, to ensure that the employees of the Ministry of Economy and Innovation of Lithuania and members of the Seimas join the FDI attracting process, to review the expansion of flight directions. Besides revealing the key determinants that have the greatest influence on differences in foreign direct investment stocks between Lithuania and Estonia, this paper proposes a direction for future researches. The impact of new flight directions from Lithuania's airports has not been analysed in this paper due to the short period of their application, so comprehensive analysis is required to fill this gap in academic literature.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.