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1.

001-es BibID:	BIBFORM112800
Első szerző:	Becsky-Nagy Patrícia (közgazdász)
Cím:	Growth and venture capital investment in technology-based small firms : the case of Hungary / Becsky-Nagy Patrícia
Dátum:	2014
Tárgyszavak:	Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk technology-oriented enterprises venture capital
Megjelenés:	Annals of the University of Oradea Economic Science. - 1 : 1 (2014), p. 828-836. -
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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2.

001-es BibID:	BIBFORM068688
Első szerző:	Becsky-Nagy Patrícia (közgazdász)
Cím:	Returns of private equity : comparative analyses of the returns of venture capital and buyout funds in Europe and in the US / Becsky-Nagy Patrícia, Fazekas Balázs
Dátum:	2014
ISSN:	1222-569X 1582-5450
Megjegyzések:	This paper focuses on the returns of two segments of Private Equity (PE) market in Europe and in the US; Venture Capital (VC) and Buyout (BO). Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90's US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the sensitivity of these asset classes to economic cycles. The ♭dotcom' boom of the millennia affected greatly the PE industry as well as the recession of 2008. The first section of this article describes the different subsets of PE, than it shows the differences in terms of returns of the US and European market, than in the third part the paper compares the characteristics of the different classes of PE.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban venture capital
Megjelenés:	Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science. - 23 : 1 (2014), p. 820-827. -
További szerzők:	Fazekas Balázs (1989-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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3.

001-es BibID:	BIBFORM106500
Első szerző:	Dudhe, Chetan Suresh
Cím:	Financial efficiency measurement of indian banking system using data envelopment analysis / Dudhe Chetan Suresh, Tarnóczi Tibor
Dátum:	2019
Megjegyzések:	The main objective of this paper to analyse the efficiency of the selected ten Indian Banks. The efficiency analysis was performed by using of DEA method. DEA (Data Envelopment Analysis) is the optimization method of mathematical programming to generalize the Farrell(1957). Thus DEA become a new tool in operational research for measuring technical efficiency. This examination focused on the measure of the operation efficiency of the Indian banking sector in the period 2010-2016. Indian Banking Sector is contributing to the development of the Indian economy in a significant measure. Financial efficiency measurement in this aspect is very vital. The analysis was made of two ways: constant return to scale (CRS) and variable returns to scale (VRS). In DEA, the use of constant returns to scale models requires the assumption of full proportionality between all inputs and output. The country's leading banks should pay closer attention to the regulations and administrations. The studies also show to tenure the private sector banks is better than the public sector banks during this period as well foreign banks. The results are insightful to the financial policy planner as it identifies priority areas for different banks, which can improve the performance. This paper evaluates the performance of Banking Sectors in India. Being major banks in the country, they deserve better attention by the regulators and the administrators. All the banks are operating in India and are represented in three homogeneous categories as per their size. Out of 10 banks, there are 3 foreign banks, 3 banks are nationalized and 4 private Indian banks. In the variable return scale model the public sector banks state bank of India (SBI), Panjab National Bank (PNB) are performing well, they have good efficiency. Since this study attempts to maximize output, so the output oriented Data Envelopment Analysis is used. The most efficient bank is one that obtains the highest efficiency score.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk efficiency DEA constant return to scale variable return to scale bank performance
Megjelenés:	The Annals of the University of Oradea. Economic Sciences. - 28 : 1 (2019), p. 107-113. -
További szerzők:	Tarnóczi Tibor (1952-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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4.

001-es BibID:	BIBFORM068692
Első szerző:	Fazekas Balázs (közgazdász)
Cím:	The role of venture capital in the bridging of funding gaps : a real options reasoning / Balázs Fazekas, Patrícia Becsky-Nagy
Dátum:	2015
ISSN:	1222-569X 1582-5450
Megjegyzések:	Funding gaps occur when for a particular group of enterprises there are not enough available funds to finance their growth. Such enterprises are typically young, innovative and technology-oriented startup companies. These companies do not have significant revenues or collaterals; hence they are not suitable for bank financing. On the other hand the information problems decrease their chances to attract investors and also there is high uncertainty involved in these companies. The method of venture capital financing was established to operate in this financing gap and to provide funds for these technology-oriented, young startup enterprises. There is an extensive literature that highlights that venture capitalists are capable and willing to provide financing for these enterprises as a result of their special expertise and business experience and their sophisticated value creation methods. In this article the authors introduce a real options reasoning in order to give an interpretation of venture capital decision-making method and why venture capital is willing to operate in funding gaps and how it is able to bridge them. With the involvement in the operation of the invested companies venture capitalists create options that increase the value of the firm. Also in option-valuation the higher the uncertainty of the asset is, the higher the value of the option is. That is the reason, why other passive funding forms reject the financing of startup enterprises, while venture capital is willing to provide funds for them. In this article we will describe the problem of funding gaps, than we will introduce real options and their effect on investment decision. In the last part of the article we will demonstrate how real options appear and are created in venture capital financing as a result of its special characteristics and how the real options approach can explain the ability of venture capitalist of bridging funding gaps.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
Megjelenés:	Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science. - 24 : 1 (2015), p. 825-830. -
További szerzők:	Becsky-Nagy Patrícia (1977-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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5.

001-es BibID:	BIBFORM068680
Első szerző:	Fazekas Balázs (közgazdász)
Cím:	Government interventions in the venture capital market - How JEREMIE affects the Hungarian venture capital market? / Fazekas Balázs
Dátum:	2014
ISSN:	1222-569X 1582-5450
Megjegyzések:	JEREMIE (Joint European Resources for Micro to Medium Enterprises) program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME's through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary's venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This paper aims for evaluating how successful JEREMIE program is in enhancing the development of venture capital industry.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban venture capital
Megjelenés:	Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science. - 23 : 1 (2014), p. 883-892. -
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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6.

001-es BibID:	BIBFORM078020
Első szerző:	Fenyves Veronika (gazdasági agrármérnök)
Cím:	Analysis of the notes on the accounts of companies carrying out information technology services / Fenyves Veronika, Bács Zoltán, Tarnóczi Tibor
Dátum:	2018
ISSN:	1222-569X 1582-5450
Megjegyzések:	In the globalized and accelerated world of our time, competition among enterprises has become mmuch more intense. In this world, information, knowledge and promptness are of paramount importance for decision-making. This means that challenges can only be met by companies that possess the necessary information and are able to convert it rapidly into organisational knowledge. Annual accounting statements are an important source of information within business relations amongst companies. However, it should be noted that due to their aggregate nature, the necessary information and trough that, the necessary knowledge can only be obtained from the two fundamental parts of the annual statements (balance sheet and profit and loss account,) if the third part of the statement (the notes on the account) contains the textual and qualitative information that contributes to the more comprehensive interpretation of the other two parts of the annual statement. Without notes on the accounts, which possess adequate information, effective utilisation of the balance sheet and profit and loss account might be problematic. It is also to be pointed out decision-making based on inadequate knowledge further increases economic risk that are already high. However, annual statements should helpd reduce risks through more established decision-making. In our research, we examine whether the notes on the accounts of companies include the information, which could help obtain necessary financial knowledge concerning the partner companies. For the analyses, we used the notes on the accounts of companies, which have information-technology sevices (Hungarian NACE No. 62) as their main line of business. The analyses were carried out by means of various packages of the R statistical system. By means of text mining, we analyse the extent to which the notes on the accounts provide the necessary information that would be indispensable for the proper interpretation of the balance sheet and the profit and the loss account. The scope of this information is also regulated by the Accounting Act. In present study, the notes on the accounts of 8,226 companies are analysed. The content of the notes on the accounts is analysed for each type of company and annual statement, looking for correlation between the two aspects and the notes on the accounts.
Tárgyszavak:	Műszaki tudományok Informatikai tudományok idegen nyelvű folyóiratközlemény külföldi lapban information-technology text mining information annual statement
Megjelenés:	The Annals of the University of Oradea. Economic Sciences. - 27 : 1 (2018), p. 173-180. -
További szerzők:	Bács Zoltán (1969-) (agrármérnök) Tarnóczi Tibor (1952-) (közgazdász)
Pályázati támogatás:	ÚNKP-17-4 Egyéb
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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7.

001-es BibID:	BIBFORM079535
Első szerző:	Gál Béla (közgazdász)
Cím:	Applied corporate valuation using FCFF method: the case of RABA Plc the only company from the automotive industry present in the Hungarian Stock Exchange / Gál Béla, Andrea Rózsa
Dátum:	2017
ISSN:	222-569X 1582-5450
Megjegyzések:	The article primarily seeks to analyze the corporate performance of one of the significant players of the Budapest Stock Exchange, Rába PLC (RABA) and to prepare its corporate valuation based on the free cash flow method. RABA is a premium share and one of the components of the BUX index, as well as the only company from the automotive industry present in the Hungarian Stock Exchange. Another reason for this study is that in 2011 the Hungarian State (Hungarian National Asset Management Inc.) acquired 74% ownership in the company, so the ownership structure was significantly changed compared to the previous period. We were interested in knowing how the change in the ownership structure had been valued by investors. Is the steady growth of share prices demonstrable? Has the performance of the company improved on the basis of annual financial statements and financial ratios compared to the period before the government acquired major stake? How did government influence affect profitability and capitalization? As a general background to the studies, we first reviewed the automotive industry's economic processes based on publicly available information. Second, we presented the most important financial features of the company's 10-year development trend. Third, based on the historical, fundamental data series of RABA, we conducted a trend analysis. We estimated the expected future free cash flow to firm data and the relevant weighted average cost of capital. When determining the equity component of the weighted average cost of capital, the capital asset pricing model was used and a systematic risk assessment was also performed. With a two-phase free cash flow model and scenario analysis, we defined a target exchange rate band that, according to our analyses and expectations, indicates the expected future exchange rate trend. Finally, we evaluated our results compared to the current market trading data.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban corporate valuation free cash flow to firm weighted average cost of capital
Megjelenés:	Annals of The University of Oradea Economic Science. - 26 : 2 (2017), p. 177-189. -
További szerzők:	Rózsa Andrea (1971-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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8.

001-es BibID:	BIBFORM106143
Első szerző:	Hamad, Mirjam (közgazdász)
Cím:	Valuation of intellectual capital based on Baruch lev's knowledge capital earnings method / Hamad Mirjam
Dátum:	2019
ISSN:	1222-569X 1582-5450
Megjegyzések:	In the scope of the present study, I deal with intangible assets and present those intangible assets that are accountable by the Hungarian accounting system and international financial reporting standards. The article mentions intangible assets existing in the everyday life of enterprises, although the accounting systems cannot fully present them for various reasons in their balance sheet.I present the intangible assets separately which have different statement ways and different future evaluation methods in various accounting systems. As numerous economists have tried to develop different methods/models for measuring the above assets, the study presents Baruch Lev`s knowledge capital earnings model through an example of a company applying international financial reporting standards. The model divides the earnings of the company into three parts, earnings achievable through physical, financial and intangible assets. The model considers the value of intangible assets (intellectual capital) as a residual value remaining the deduction of the earnings linked to physical and financial assets. For the illustration of this method, a free cash flow-based model has been developed, which was solved in several variations using the Monte Carlo simulation, and the method applicability was demonstrated by analysing the simulation results of the practical example.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk
Megjelenés:	Annals of University of Oradea. Economic science. - 28 : 1 (2019), p. 134-145. -
Internet cím:	Intézményi repozitóriumban (DEA) tárolt változat
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9.

001-es BibID:	BIBFORM072725
Első szerző:	Kulcsár Edina (közgazdász)
Cím:	The comparative analysis of Romanian and Hungarian stock market indices and exchange rates / Kulcsár Edina, Tarnóczi Tibor
Dátum:	2012
ISSN:	1222-569X 1582-5450
Megjegyzések:	Nowadays, when we are witnessing a serious macro-level changes, to deal with financial and economic indicators becomes more and more important in the economy, in particular to evaluate the changes of these indicators and especially their impact to the private sector. This paper aims to analyze in comparison for two countries, in what extent can explain the changes of the most important stock market indices with the fluctuations of those two countries national currency exchange rates in euro. To determinate the relationship between the macro indicators we've used traditional statistical methods, namely simple linear regression model and the Bayesian statistics. In case of both Romania and Hungary, the analyses show that there is a relationship between exchange rates and the changes of stock indices. If we compare the analysis results of the two countries, we can see that the relationship between the BET index and Lei/EUR exchange rate is much more stronger than between the BUX index and Ft/EUR exchange rate, in the latter case we can see a much weaker relationship.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban stock indices exchange rate financial crisis macro-indicators Bayesian statistics
Megjelenés:	Analele Universitatii din Oradea : Stiinte Economice = Annals of University of Oradea. Economic science 1 : 2 (2012), p. 564-570. -
További szerzők:	Tarnóczi Tibor (1952-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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10.

001-es BibID:	BIBFORM065850
Első szerző:	Miskolczi Panna (alkalmazott matematikus, matematika tanár)
Cím:	Differences between mean-variance and mean-cvar portfolio optimization models / Panna Miskolczi
Dátum:	2016
ISSN:	1222-569X 1582-5450
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
Megjelenés:	Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science 25 : 1 (2016), p. 548-557. -
Internet cím:	Intézményi repozitóriumban (DEA) tárolt változat
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11.

001-es BibID:	BIBFORM086101
Első szerző:	Nagy Tünde Orsolya (közgazdász)
Cím:	The Competitiveness and its Measurement by Means of the Pyramid Model / Nagy Tünde Orsolya
Dátum:	2015
ISSN:	1222-569X 1582-5450
Megjegyzések:	The competition itself, the fighting for the scarce resources is as old as the mankind. However, the naming ♭competitiveness' has been present in the specialized literature since the 1980s. Nowadays, by crescendo of the international competition, concept of the competitiveness has become increasingly important among the decision makers at national economic and corporate levels alike. However, almost everyone means something different by competitiveness, even the researchers dealing with it have not created a uniform definition accepted by everyone. Most of them have worded their competitiveness definition with regard to corporate and national economic levels. The localization appears more pronouncedly in the economic formed and changed by effect of the globalization; economic roles of the regions, sub-regions are increasingly revaluated. This procedure is also mirrored by the competitiveness-themed theoretical and practical researches of the recent years; a significant part of them is aimed at some local levels. Topic of present treatise is the investigation of competitiveness of the regional level, among the local levels. This choice is justified by the fact the European Union decides about disbursement of the financial sources improving the competitiveness, with regard to the regional level NUTS 2. Models dealing with examination of the regional competitiveness can basically be grouped around two basic models. Members of the model family built on the benefits have largely a case study nature while the pyramid model to be presented belongs to the so called input-performance-output models. Basis of the model is the success factors which influence the region's competitiveness in a long term through metastases. And the success factors determine such basic factors as the research-development; the organizational background of the region's economy; investments from the outside; infrastructure and human capital; as well as the institutions and social capital. At next level of the model, there are such index numbers suitable for establishing the competitiveness sequence as the income, employment and labour productivity. On top of the pyramid, there is the last purpose of the competitive economy which is to increase the society's quality of life, standard of living. The final part of this essay will show the connection of the basic categories and basic factors of the pyramid model, through the example of Northern Great Plain region Hungary. According practice of the EU, GDP per capita is the basic category which determines the developmental sequence of the Hungarian regions. Presentation of the basic factors happens based on the most recent data (regarding to 2012/2013) of KSH (Központi Statisztikai Hivatal - Centrals Statistical Office) sorted by area. The treatise is of theoretical nature and partially based on an empirical research.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk competitiveness regional competitiveness pyramid model Northern Great Plain region
Megjelenés:	Annals of the University of Oradea Economic Science. - 24 : 1 (2015), p. 277-285. -
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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12.

001-es BibID:	BIBFORM086102
Első szerző:	Pető Dalma (közgazdász)
Cím:	Financial Future Prospect Investigation Using Bankruptcy Forecasting Models In Hungarian Meat Processing Industry / Pető Dalma, Rózsa Andrea
Dátum:	2015
ISSN:	1222-569X 1582-5450
Megjegyzések:	Our main research topic is the analysis of leading companies in the Hungarian meat processing industry in terms of liquidity criteria. We examine this scientific subject by application of financial indicators and several important bankruptcy forecasting models. In our thesis the emphasis is placed on the presentation and evaluation of business failure models. The topicality of the research subject is rooted in the economic crisis and recession, which made solvency a key issue. Maintaining the competitive position in the market and the ability to stay in competition depend on the capability to generate an appropriate level of net operative cash flow. The most important research questions are the following. Which financial methods can be used to predict and estimate the situation when a company is facing bankruptcy? Do bankruptcy forecasting models provide accurate forecasts and what conclusions can be drawn based on these results? In our study we present the actual economic situation and the main problems of the sector, select the sample companies, calculate and compare the applied financial ratios and the most relevant bankruptcy forecasting models. On the basis of annual reports concerning 2010-2013 interval we investigate the financial position of leading pork processing companies. We make a comprehensive and comparative analysis concerning capital structure, liquidity, and profitability; consequently identify risky processes and companies having high probability of insolvency. Finally, we demonstrate and evaluate the results of three traditional bankruptcy forecasting models (Altman, Springate, and Fulmer) and four modern models (DA, LR, industrial DA and industrial LR).
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk financial analysis bankruptcy models meat processing industry Hungary
Megjelenés:	Annals of the University of Oradea Economic Science. - 24 : 1 (2015), p. 801-809. -
További szerzők:	Rózsa Andrea (1971-) (közgazdász)
Internet cím:	Szerző által megadott URL Intézményi repozitóriumban (DEA) tárolt változat
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