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European Financial Systems 2010: Proceedings of the International Scientific Conference Cover Image

Evropské finanční systémy 2010: Sborník příspěvků z mezinárodní vědecké konference
European Financial Systems 2010: Proceedings of the International Scientific Conference

Contributor(s): Petr Červinek (Editor)
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Political Theory, Sociology, Economic policy, Government/Political systems, Political economy, Economic development, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
Published by: Masarykova univerzita nakladatelství
Keywords: Financial systems; Fields of banking; Insurance policies; Accounting; Taxation and Budgeting; Economic policy; Discount rate; Investment; SMEs; Czech Republic; Poland;
Summary/Abstract: The International Conference is focused on the presentation of theoretical and practical knowledge in the field of financial systems. A special emphasis is laid on new conditions and regulatory measures in the fields of banking, financial markets, insurance, accounting, taxation and their impacts in the corporate sphere. In the insurance field besides, questions covering of new risks, their prophylaxis and financing.

  • E-ISBN-13: 978-80-210-8702-6
  • Page Count: 252
  • Publication Year: 2010
  • Language: Slovak, English, Czech
PUBLIC-PRIVATE PARTNERSHIP (PPP) AS A WAY OF RISK DISTRIBUTION IN PUBLIC PROJECTS

PUBLIC-PRIVATE PARTNERSHIP (PPP) AS A WAY OF RISK DISTRIBUTION IN PUBLIC PROJECTS
(PUBLIC-PRIVATE PARTNERSHIP (PPP) AS A WAY OF RISK DISTRIBUTION IN PUBLIC PROJECTS)

  • Author(s):Piotr Tworek, Dorota Adamek-Hyska
  • Language:English
  • Subject(s):Business Economy / Management, Public Finances
  • Page Range:7-11
  • No. of Pages:5
  • Keywords:Public-Private Partnership; public projects; risk distribution;
  • Summary/Abstract:Public-Private Partnership (PPP) may be perceived as a specific form and source of funding for investments carried out by entities belonging to the public finance sector. Due to the fact that public projects are legally complex, capital-intensive and time-consuming undertakings, enjoying a lot of interest from the society, generating a lot of publicity and affected by a variety of political phenomena, special significance should be given to risk management in such activities conducted by the public sector.
UŽIVATELÉ ÚČETNÍCH INFORMACÍ A JEJICH INFORMAČNÍ POTŘEBY

UŽIVATELÉ ÚČETNÍCH INFORMACÍ A JEJICH INFORMAČNÍ POTŘEBY
(USERS OF ACCOUNTING INFORMATION AND THEIR INFORMATION NEEDS)

  • Author(s):Lenka Zemánková, Anna Fedorova
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:12-16
  • No. of Pages:5
  • Keywords:users of accounting information; going concern as a prerequisite for financial statements and information as a state enterprise; financial statements;
  • Summary/Abstract:The paper deals with valuations of tangible assets in the Czech accounting and its implications to meet the information needs of users of financial statements.
AN ATTEMPT TO DEFINE THE DISCOUNT RATE IN THE LIGHT OF THE TYPE OF INVESTMENT PROJECT

AN ATTEMPT TO DEFINE THE DISCOUNT RATE IN THE LIGHT OF THE TYPE OF INVESTMENT PROJECT
(AN ATTEMPT TO DEFINE THE DISCOUNT RATE IN THE LIGHT OF THE TYPE OF INVESTMENT PROJECT)

  • Author(s):Monika Foltyn-Zarychta
  • Language:English
  • Subject(s):Business Economy / Management
  • Page Range:17-21
  • No. of Pages:5
  • Keywords:discount rate; investment appraisal;
  • Summary/Abstract:The problem of estimating the discount rate level is a crucial issue in investment project appraisal procedure. The discount rate is strongly determined by the type of investment that sets the scope of decision criteria. The need to apply financial efficiency, economic efficiency or justice criterion impose the frames for theoretically correct measure of the discount rate.
PROBLÉMY FINANCOVIA PROJEKTOV VEREJNO-SÚKROMNÉHO PARTNERSTVA NA SLOVENSKU

PROBLÉMY FINANCOVIA PROJEKTOV VEREJNO-SÚKROMNÉHO PARTNERSTVA NA SLOVENSKU
(PROBLEMS OF FINANCING PROJECTS PUBLIC-PRIVATE PARTNERSHIP IN SLOVAKIA)

  • Author(s):Veronika Jánošová, Eduard Hyránek
  • Language:Slovak
  • Subject(s):Business Economy / Management, Public Finances
  • Page Range:22-26
  • No. of Pages:5
  • Keywords:new financial instrument; infrastructure; services; advanture of PPP projects; kinds of PPP projects; criteria;
  • Summary/Abstract:Public Private Partnerships (PPP) are a form of cooperation between private and public sector. Their goal is to finance building, reconstruction, operation and maintenance of infrastructure and providing of public services with help of this infrastructure. PPP are a new financial tool, which has been used in Europe since eighties.
VÝVOJ FÚZÍ A AKVIZIC V UPLYNULÉ DEKÁDĚ

VÝVOJ FÚZÍ A AKVIZIC V UPLYNULÉ DEKÁDĚ
(DEVELOPMENT OF MERGERS AND ACQUISITIONS IN THE PAST DECADE)

  • Author(s):Alois Konečný
  • Language:Czech
  • Subject(s):Business Economy / Management, Economic development
  • Page Range:27-31
  • No. of Pages:5
  • Keywords:mergers; acquisitions; combination; evolution; venture capital;
  • Summary/Abstract:The goal of the entry Development of mergers and acquisitions in the past decade is analysis of development of company combinations, mainly on the basis of venture capital investments in the Czech Republic. Therefore there are analyzed reasons for this evolution and characterized global economic environment as a main affecting factor.
CUSTOMER VALUE IN CONTEMPORARY PERFORMANCE MEASUREMENT SYSTEMS

CUSTOMER VALUE IN CONTEMPORARY PERFORMANCE MEASUREMENT SYSTEMS
(CUSTOMER VALUE IN CONTEMPORARY PERFORMANCE MEASUREMENT SYSTEMS)

  • Author(s):Monika Łada, Alina Kozarkiewicz
  • Language:English
  • Subject(s):Business Economy / Management, Socio-Economic Research
  • Page Range:32-36
  • No. of Pages:5
  • Keywords:performance measurement; customer perspective; customer value; value for customer;
  • Summary/Abstract:Contemporary management accounting offers a number of concepts and tools focused on customers, their profitability and cost. In performance measurement systems customer value and its development are an important objects of measurement. Although there is a difference between two concepts: customer value and value for customer, an analysis of performance measurement systems can reveal that both seem to be used changeably.
INVESTIČNÍ ROZHODOVÁNÍ V NEJISTOTĚ

INVESTIČNÍ ROZHODOVÁNÍ V NEJISTOTĚ
(INVESTMENT DECISIONS UNDER UNCERTAINTY)

  • Author(s):Eva Kramná
  • Language:Czech
  • Subject(s):Business Economy / Management
  • Page Range:37-41
  • No. of Pages:5
  • Keywords:investments; uncertainty; managerial flexibility; real options; corporate strategy;
  • Summary/Abstract:Investment decisions belong to the most important activities in the company because it has an impact on its future development and effectiveness. The company that wants to develop itself and be competitive can exist without investments. In the connection with the increasing turbulence and uncertainty of future market development, it is important that managers have acertain flexibility in decision making. Flexibility in strategic investment decision-making allows companies to manage their investments and adapt their development to current market conditions to create value in the future and be advantageous for the company.
SROVNÁNÍ VYKAZOVÁNÍ NEHMOTNÝCH AKTIV V RŮZNÝCH ÚČETNÍCH SYSTÉMECH

SROVNÁNÍ VYKAZOVÁNÍ NEHMOTNÝCH AKTIV V RŮZNÝCH ÚČETNÍCH SYSTÉMECH
(COMPARISON ON REPORTING ON INTANGIBLE ASSETS IN DIFFERENT REPORTING SYSTEMS)

  • Author(s):Eva Hýblová, Zuzana Křížová
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:42-46
  • No. of Pages:5
  • Keywords:Intangible assets; reporting; SMEs;
  • Summary/Abstract:Intangible assets represent one part of the assets showing significant differnces in reporting depending on what accountig system is applied for the finacial statements preparation. The purpose of the article is process analytic survey of reporting on intangible assets according Czech accounting legislation, International Financial Reporting Standards and new International Financial Reporting Standard for Small and Medium-sized Enterprises.
HODNOCENÍ FINANČNÍ SITUACE FIREM PŘI PŘECHODU NA VYKAZOVÁNÍ DLE IAS/IFRS

HODNOCENÍ FINANČNÍ SITUACE FIREM PŘI PŘECHODU NA VYKAZOVÁNÍ DLE IAS/IFRS
(ASSESMENT OF THE FIRM´S FINANCIAL PERFORMANCE ON THE FINANCIAL STATEMENTS ACCORDING TO IAS/IFRS)

  • Author(s):Darina Kubíčková
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:47-51
  • No. of Pages:5
  • Keywords:International financial reporting standards; financial statements; assessment of the financial performance;
  • Summary/Abstract:After the release of IAS/IFRS for SME´s there is a question not only about the implementation of them, but also about the changes in the assessment of the financial situation and performance based on the financial statements. Financial Statements according to the International Financial Reporting Standards give the other dates. The ratios of financial analysis based on these dates create the other picture about the financial situation and financial efficiency of the enterprises in comparison with these based on the Financial Statements according to Czech Accounting Standards.
MEZINÁRODNÍ DAŇOVÉ PLÁNOVÁNÍ V ČESKÉ PRAXI

MEZINÁRODNÍ DAŇOVÉ PLÁNOVÁNÍ V ČESKÉ PRAXI
(INTERNATIONAL TAX PLANNING IN CZECH PRACTICE)

  • Author(s):Jiří Žežulka, Lukáš Moravec
  • Language:Czech
  • Subject(s):Economic policy, Public Finances, Fiscal Politics / Budgeting
  • Page Range:52-55
  • No. of Pages:4
  • Keywords:DTA (DTT); tax planning; optimisation; avoidance;
  • Summary/Abstract:The article solves the international tax planning techniques approach in the Czech environment and confronts the Inland Revenue and tax payers’ opinions.
FINANČNÍ VÝKONNOST VYBRANÝCH ODVĚTVÍ V OBDOBÍ KRIZE

FINANČNÍ VÝKONNOST VYBRANÝCH ODVĚTVÍ V OBDOBÍ KRIZE
(FINANCIAL PERFORMANCE OF SELECTED BRANCHES DURING THE DEPRESSION PERIOD)

  • Author(s):Inka a Ivan Neumaierovi
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:56-60
  • No. of Pages:5
  • Keywords:Financial performance of branches; industry; building; services;
  • Summary/Abstract:The main goal of the report is to document the real development of the financial performance in selected branches during the period of depression. The study is based on current available data from “Financial analysis of business (adjusted data since year 2007)” - the document from Ministry of Industry and Trade of the Czech Republic.
METODY STANOVENÍ REÁLNÉ HODNOTY PODLE IFRS

METODY STANOVENÍ REÁLNÉ HODNOTY PODLE IFRS
(METHODS FOR DETERMINING FAIR VALUE UNDER IFRS)

  • Author(s):Jaroslav Sedláček
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:61-65
  • No. of Pages:5
  • Keywords:fair value; the comparative method; income method; cost method;
  • Summary/Abstract:This paper deals with methods that are suitable for determining fair value according to IFRS. There are listed the basic criteria for selecting appropriate valuation methods and procedures for determining fair value in accordance with the methods. The prerequisite for the use of models is to obtain and use a maximum of relevant inputs from the preferred group of data sources.
KEDY JE DAŇOVNÍK POVINNÝ PODAŤ DAŇOVÉ PRIZNANIE NA DAŇ Z PRÍJMOV FO V SR

KEDY JE DAŇOVNÍK POVINNÝ PODAŤ DAŇOVÉ PRIZNANIE NA DAŇ Z PRÍJMOV FO V SR
(WHEN IS THE TAXPAYER NECESSARY TO REGISTER THE DECLARATION OF THE INDIVIDUAL INCOME TAX IN SR)

  • Author(s):Marina Sedliačiková
  • Language:Slovak
  • Subject(s):Public Finances, Fiscal Politics / Budgeting
  • Page Range:66-70
  • No. of Pages:5
  • Keywords:individual income tax; declaration of taxes; tax base; tax calculation; tax base; non-taxable part of tax base; tax bonus;
  • Summary/Abstract:Yearly, the end of March is connected with the date, when it is necessary to make returns to the individual income tax and to pay the tax pro the last period of taxation. The paper is focused on the presentation of information that is essential for the declaration of taxes and forthe tax calculation. The presented paper is enriched by the practical demonstration of this problem, namely individual income tax calculation pro the last period of taxation, shown at the example from the business praxis in SR.
DAŇ Z PŘIDANÉ HODNOTY A FINANČNÍ SLUŽBY

DAŇ Z PŘIDANÉ HODNOTY A FINANČNÍ SLUŽBY
(VALUE ADDED TAX AND FINANCIAL SERVICES)

  • Author(s):Jiří Šindelář, Jakub Šindelář
  • Language:Czech
  • Subject(s):Public Finances, Fiscal Politics / Budgeting
  • Page Range:71-75
  • No. of Pages:5
  • Keywords:Tax system; value added tax; financial services;
  • Summary/Abstract:Our text focuses on the possible application of Value added tax to financial services and its economic consequences. To be able to apply VAT in this respect, several factors have to be taken into account (disunity of international legislation, problematic determination of tax base etc.). We are describing such issues and subsequently, we are trying to simulate different scenarios that could arise after mentioned VAT implementation.
SOURCES OF RISK IN THE ACTIVITIES OF THE LARGEST CONSTRUCTION COMPANIES IN POLAND – SURVEY RESEARCH

SOURCES OF RISK IN THE ACTIVITIES OF THE LARGEST CONSTRUCTION COMPANIES IN POLAND – SURVEY RESEARCH
(SOURCES OF RISK IN THE ACTIVITIES OF THE LARGEST CONSTRUCTION COMPANIES IN POLAND – SURVEY RESEARCH)

  • Author(s):Piotr Tworek
  • Language:English
  • Subject(s):Business Economy / Management
  • Page Range:76-80
  • No. of Pages:5
  • Keywords:Risk; risk management; sources of risk; construction industry; Poland;
  • Summary/Abstract:The paper presents an outcome of the empirical research conducted by the author among the 100 biggest construction and assembly companies in Poland. In particular, the research concerned the problems of risks in the construction industry.
THE ECONOMIC CRISIS IN THE CZECH REPUBLIC AND POLAND: A CASE OF THE CONSTRUCTION INDUSTRY AND THE REAL ESTATE MARKET

THE ECONOMIC CRISIS IN THE CZECH REPUBLIC AND POLAND: A CASE OF THE CONSTRUCTION INDUSTRY AND THE REAL ESTATE MARKET
(THE ECONOMIC CRISIS IN THE CZECH REPUBLIC AND POLAND: A CASE OF THE CONSTRUCTION INDUSTRY AND THE REAL ESTATE MARKET)

  • Author(s):Piotr Tworek
  • Language:English
  • Subject(s):Business Economy / Management, Evaluation research, Financial Markets
  • Page Range:81-85
  • No. of Pages:5
  • Keywords:Financial crisis; construction industry; real estate; business risk; Czech Republic; Poland;
  • Summary/Abstract:The paper deals with the impact of the financial crisis on the construction industries in the Czech Republic and Poland. The author describes some selected issues related to this problem, i.e. presents a synthetic approach. The article results, in particular, from the studies carried out by the author during his research and scientific trainee ship in the Department of Finance, the Masaryk University in Brno, in March of 2010.
MIMOŘÁDNÉ DAŇOVÉ ODPISY V ZÁKLADU DANĚ Z PŘÍJMŮ

MIMOŘÁDNÉ DAŇOVÉ ODPISY V ZÁKLADU DANĚ Z PŘÍJMŮ
(EXTRAORDINARY DEPRECIATION IN THE INCOME TAX BASE)

  • Author(s):Petr Valouch
  • Language:Czech
  • Subject(s):Fiscal Politics / Budgeting
  • Page Range:86-90
  • No. of Pages:5
  • Keywords:Income tax base; extraordinary depreciation; optimizing of the income tax base;
  • Summary/Abstract:The amendment to Act No. 586/1992 Coll., The Income Tax Act (ITA), Act No. 216/2009 Coll. came into force on July 20 2009. This amendment has introduced a new § 30a. This provision allows to use for certain types of depreciable tangible assets the special method of tax depreciation called extraordinary depreciation.
BANKOVNÍ SEKTOR A MĚŘENÍ JEJICH NÁKLADŮ

BANKOVNÍ SEKTOR A MĚŘENÍ JEJICH NÁKLADŮ
(BANKING SECTOR AND HIS COST)

  • Author(s):Jarmil Vlach
  • Language:Czech
  • Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
  • Page Range:92-96
  • No. of Pages:5
  • Keywords:Funktion of the bank; bank sector; bank systems; bank cost; basic sort of cost; center of responsibility; savings;
  • Summary/Abstract:I want to show the basic funtion of the bank. What are the bank systems and their basic sorts of costs I would like to discuss about reducing of bank cost. I want to show the basic center of responsibilty. The target for this topic is to have the cost under the control. For reducing of cost is important to see the way for a savings
VYUŽITÍ SYSTÉMOVĚ DYNAMICKÝCH SIMULAČNÍCH MODELŮ PRO TVORBU STRATEGICKÉHO FINANČNÍHO PLÁNU

VYUŽITÍ SYSTÉMOVĚ DYNAMICKÝCH SIMULAČNÍCH MODELŮ PRO TVORBU STRATEGICKÉHO FINANČNÍHO PLÁNU
(USE OF SYSTEM DYNAMIC SIMULATION MODELS IN STRATEGIC FINANCIAL PLANNING)

  • Author(s):Petr Vrbský
  • Language:Czech
  • Subject(s):Business Economy / Management, Evaluation research
  • Page Range:96-100
  • No. of Pages:5
  • Keywords:system dynamics; strategy; financial plan; simulating models;
  • Summary/Abstract:The main goal of the report is to introduce the role of system dynamic simulation modeling in the process of creation of the business strategy and strategic financial plan. These models provide a valuable tool for testing influences of different decisions on strategic variables and the impact of their change on the financial situation of the business. The value of simulating models lies in their ability to describe complex relations between variables which manifest themselves through so called causal feedback loops, the basic components of dynamic systems.
THE VALUATION OF BRANDS AS AN INTANGIBLE ASSET: OVER ESTIMATION OR UNDER ESTIMATION OF A COMPANY’S WORTH?

THE VALUATION OF BRANDS AS AN INTANGIBLE ASSET: OVER ESTIMATION OR UNDER ESTIMATION OF A COMPANY’S WORTH?
(THE VALUATION OF BRANDS AS AN INTANGIBLE ASSET: OVER ESTIMATION OR UNDER ESTIMATION OF A COMPANY’S WORTH?)

  • Author(s):Emmanuel Selase Asamoah
  • Language:English
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:12-16
  • No. of Pages:5
  • Keywords:Brand; value;valuation; intangible assets
  • Summary/Abstract:The value of a brand is an important asset for businesses in this era of globalization. Brandsare different from other assets because they are intangible in nature. Reputable brands haveover the years served as a source of competitive advantage for firms. However, there are stilldifferent opinions among marketers and financial accountants on whether to include the valueof a brand in the balance sheet of firms. The bone of contention is not about whether the brandis an asset or not, but rather about the methods that can be used to provide a comprehensivevaluations that will be acceptable by the various stakeholders of a business.
BANK LENDING CHANNEL IN SLOVENIA

BANK LENDING CHANNEL IN SLOVENIA
(BANK LENDING CHANNEL IN SLOVENIA)

  • Author(s):Meta Ahtik
  • Language:English
  • Subject(s):Economic policy, Financial Markets
  • Page Range:102-105
  • No. of Pages:4
  • Keywords:monetary policy transmission; bank lending channel; bank characteristics; Slovenia;
  • Summary/Abstract:Channels through which monetary policy affects aggregate demand can be divided into three paths: traditional interest rate channel, other asset price channels and credit channel composed of balance sheet channel (named also broad credit channel), only recently separated bank capital channel and bank lending channel. Banks face troubles in keeping their present or acquiring new financial sources, when central bank tightens its monetary policy. Banks characterized by differences in size, capitalization, liquidity and ownership face different levels of informational asymmetry and are therefore differently affected by changes in monetary policy.
FINANČNÍ INSTRUMENTY PRO TRANSFER KREDITNÍCH RIZIK

FINANČNÍ INSTRUMENTY PRO TRANSFER KREDITNÍCH RIZIK
(FINANCIAL INSTRUMENTS FOR CREDIT RISK TRANSFER)

  • Author(s):Veronika Bučková
  • Language:Czech
  • Subject(s):Economic policy, Financial Markets
  • Page Range:106-110
  • No. of Pages:5
  • Keywords:Financial crisis; regulation of financial markets; securitization; credit risk transfer;
  • Summary/Abstract:The paper is focused on the products of financial markets for credit risk transfer. It contains the definition of these products and their characteristics in light of their riskiness. Other partsof the paper are devoted to the contribution of these instruments to the origin of the financial crisis in 2007 and following recommendations for changes in regulation of financial markets.
TOXICKÉ PRODUKTY A SEKURITIZÁCIA

TOXICKÉ PRODUKTY A SEKURITIZÁCIA
(TOXIC PRODUCTS AND SECURITIZATION)

  • Author(s):Blanka Kameníková, Eva Cipovová
  • Language:Slovak
  • Subject(s):Supranational / Global Economy, Financial Markets
  • Page Range:111-115
  • No. of Pages:5
  • Keywords:toxic assets; rating of underlying pools; systematic risk; credit rating; structured notes; CDO; securitization;
  • Summary/Abstract:This paper investigates securitization, which is the most discusses topic 21st century, because of causing a collapse in global capital markets and later world economy. Unfortunately, securitization is regarded as a one of the major causes of the financial crisis that began in the U.S. mortgage crisis, but the question is, if it was the primary cause. It can be concluded thatthe process of securitization wasn’t the reason of the financial crisis, but the actual input into the process. When you securitized assets at the beginning of the process, which have no credit standing, then the process can give you results, which will be no better than on the beginning.
REGULACE ZPROSTŘEDKOVATELŮ FINANČNÍCH PRODUKTŮ

REGULACE ZPROSTŘEDKOVATELŮ FINANČNÍCH PRODUKTŮ
(FINANCIAL INTERMEDIARIES REGULATION)

  • Author(s):Hynek Černý
  • Language:Czech
  • Subject(s):Financial Markets, Globalization
  • Page Range:116-120
  • No. of Pages:5
  • Keywords:Globalization; regulation; financial products; financial mediation;
  • Summary/Abstract:The global financial crisis of 2008 re-opened the discussion of the causes and possible preventative measures of its origin. Generally this means that it will not be possible to prevent a crisis in the future, but we can study its nature and mechanics. By establishing proper rules and regulatory instruments it will be possible to prevent rising imbalance in the economy and minimize the consequences of a crisis. One of the causes of the latest crisis was the extraordinary pressure of profitability on financial institutions. Traditional banking services in a period of globalization and increasing competitions were not able to achieve acceptable levels of profitability.
EMPIRICKÉ TESTOVÁNÍ MODELŮ SESTAVENÍ PORTFOLIA AKCIÍ

EMPIRICKÉ TESTOVÁNÍ MODELŮ SESTAVENÍ PORTFOLIA AKCIÍ
(EMPIRICAL TESTING OF STOCK PORTFOLIO SELECTION PROCESS)

  • Author(s):Petr Málek, Petr Červinek
  • Language:Czech
  • Subject(s):International relations/trade, Financial Markets
  • Page Range:121-125
  • No. of Pages:5
  • Keywords:Portfolio Theory; Markowitz; Cut off rate; SPAD; NYSE; PX; DJIA;
  • Summary/Abstract:There are known several approaches and procedures to the portfolio selection process. The question is which of the portfolio selection processes provides the best results involving the real data. We have examined three different procedures of stock portfolio selection and the resulting portfolios were tested with real data starting with the first trading day in 2010 until 28th April 2010.
K VYBRANÝM PROBLÉMOM FINANČNEJ KRÍZY – PRÍČINY FINANČNEJ KRÍZY V USA

K VYBRANÝM PROBLÉMOM FINANČNEJ KRÍZY – PRÍČINY FINANČNEJ KRÍZY V USA
(THE SELECTED PROBLEMS OF THE FINANCIAL CRISIS - CAUSES OF FINANCIAL CRISIS IN THE U.S.)

  • Author(s):Boris Šturc, Libuša Čurlejova
  • Language:Slovak
  • Subject(s):Economic policy, Financial Markets
  • Page Range:126-129
  • No. of Pages:4
  • Keywords:crisis; the Internet bubble; loans; loan;
  • Summary/Abstract:The contribution deals with selected problems of the current financial crisis in the USA and its causes.
USING OF RPSN AT MEASURING OF PROFITABILITY OF MORTGAGE CREDITS

USING OF RPSN AT MEASURING OF PROFITABILITY OF MORTGAGE CREDITS
(USING OF RPSN AT MEASURING OF PROFITABILITY OF MORTGAGE CREDITS)

  • Author(s):Radim Gottwald
  • Language:English
  • Subject(s):Economic policy, Financial Markets
  • Page Range:130-133
  • No. of Pages:4
  • Keywords:RPSN; mortgage credit; credit profitability;
  • Summary/Abstract:The subject of this paper is RPSN, concretely its using at measuring of profitability of mortgage credits. First of all this ratio is defined. Then factors, which have an influence on RPSN are described – especially amount of credit, term of credit grant and costs arising from credit grant. RPSN is compared with annual percentage rate and the computing way is described by means of example.
POROVNANIE RIADENIA ÚVEROVÉHO RIZIKA DVOCH VYBRANÝCH BÁNK V ČR

POROVNANIE RIADENIA ÚVEROVÉHO RIZIKA DVOCH VYBRANÝCH BÁNK V ČR
(CREDIT RISK MANAGEMENT COMPARISON IN TWO CHOSEN BANKS IN ČR)

  • Author(s):Peter Halický
  • Language:Slovak
  • Subject(s):Business Economy / Management, Financial Markets
  • Page Range:134-138
  • No. of Pages:5
  • Keywords:Credit risk; credit portfolio; credit management; quality of portfolio; credit classification;
  • Summary/Abstract:This paper describes comparison and analysis of credit risk management and some methods of credit risk management in two chosen banks in ČR. By comparing approach to credit risk management, and structure of clientage I try to compare impact of this approaches on quality of credit portfolio expressed by ČNB classification.
MARKETING A CASH MANAGAMENT

MARKETING A CASH MANAGAMENT
(ADVERTISING AND CASH MANAGEMENT)

  • Author(s):Jan Krajíček
  • Language:Czech
  • Subject(s):Business Economy / Management, Marketing / Advertising
  • Page Range:139-143
  • No. of Pages:5
  • Keywords:Advertising; Bank Cash Management; Client Crisis Service;
  • Summary/Abstract:Bank advertising and Cash Management are special access consequence Advertising. Is herein specialty access same Bank. The bank must have new clients access.
MOŽNOSTI VYUŽITÍ ETFS PRO SHORT SALE

MOŽNOSTI VYUŽITÍ ETFS PRO SHORT SALE
(APPLICATION OF ETFS FOR SHORT SALE)

  • Author(s):Luděk Benada, Dagmar Linnertová
  • Language:Czech
  • Subject(s):International relations/trade, Financial Markets
  • Page Range:144-147
  • No. of Pages:4
  • Keywords:ETFs; short sale; securitization; uptick rule;
  • Summary/Abstract:In the 1970’s capital markets started to change. A lot of new financial products emerged; one of them was also ETFs. Generally, we can say that ETFs are investment funds that are traded in Stock Exchanges. ETFs have, because of the Stock Exchange trading, several market applications including short sale. The aim of this proceeding is ETFs analysis and focus on the kind of ETFs that are used in short sale predominantly.
ANALYSIS OF CONFIDENCE IN THE EURO

ANALYSIS OF CONFIDENCE IN THE EURO
(ANALYSIS OF CONFIDENCE IN THE EURO)

  • Author(s):Daniela Maťovčíková
  • Language:English
  • Subject(s):Business Economy / Management, International relations/trade, Financial Markets
  • Page Range:148-152
  • No. of Pages:5
  • Keywords:Greece; confidence; business climate indicators; economic sentiment indicators; private final consumption expenditure;
  • Summary/Abstract:The paper presents the more detailed description of euro-zone confidence and sentiment indicators that can forecast the direction of the euro-zone economy. It focuses on business climate and economic indicators such as industrial, service, consumer, construction and retail trade confidence indicators.
SYSTEMATIZACE INVESTIČNÍCH CERTIFIKÁTŮ

SYSTEMATIZACE INVESTIČNÍCH CERTIFIKÁTŮ
(SYSTEMATIZATION OF INVESTMENT CERTIFICATES)

  • Author(s):Miroslava Šikulová, Peter Mokrička
  • Language:Czech
  • Subject(s):Business Economy / Management, Financial Markets
  • Page Range:153-156
  • No. of Pages:4
  • Keywords:investment certificates; criteria; guarantee; limitation;
  • Summary/Abstract:Within the frame of systematization of derivative financial instruments - structured products may be considered on two perspectives: the system within this segment of investment instruments and the inclusion of structured products to the existing system of financial instruments.
ZKOUŠKY ODBORNÉ ZPŮSOBILOSTI NA KAPITÁLOVÉM TRHU

ZKOUŠKY ODBORNÉ ZPŮSOBILOSTI NA KAPITÁLOVÉM TRHU
(TESTING OF THE CAPITAL MARKETS PROFICIENCY)

  • Author(s):Gabriela Oškrdalová
  • Language:Czech
  • Subject(s):Evaluation research, Financial Markets
  • Page Range:157-161
  • No. of Pages:5
  • Keywords:financial market; capital market; securities dealer; proficiency; professional qualification; testing; broker’s exams;
  • Summary/Abstract:The subject of the paper “Testing of the Capital Markets Proficiency” is a presentation of testing of the capital markets proficiency organized by Institute for financial market of Faculty of Economics and Administration of Masaryk University, an analysis of their structure and classification methodology.
INTEGRACE DOHLEDU FINANČNÍHO TRHU A PODSTUPOVANÁ RIZIKA FINANČNÍCH INSTITUCÍ

INTEGRACE DOHLEDU FINANČNÍHO TRHU A PODSTUPOVANÁ RIZIKA FINANČNÍCH INSTITUCÍ
(INTEGRATION OF THE FINANCIAL MARKET SUPERVISION AND RISKS OF FINANCIAL INSTITUTIONS)

  • Author(s):Dalibor Pánek
  • Language:Czech
  • Subject(s):Financial Markets
  • Page Range:162-166
  • No. of Pages:5
  • Keywords:Financial institutions; financial risks; integration of regulation; rules restriction;
  • Summary/Abstract:This text contens risks of financial institutions with the aim of identification types of this risks and their task in the process of integration regulation.
THE IMPACT OF THE GOVERNMENT’S FISCAL POLICY ON ECONOMIC DEVELOPMENT

THE IMPACT OF THE GOVERNMENT’S FISCAL POLICY ON ECONOMIC DEVELOPMENT
(THE IMPACT OF THE GOVERNMENT’S FISCAL POLICY ON ECONOMIC DEVELOPMENT)

  • Author(s):Vladimir Shatrevich
  • Language:English
  • Subject(s):Economic policy, Government/Political systems, Economic development, Fiscal Politics / Budgeting
  • Page Range:167-171
  • No. of Pages:5
  • Keywords:Fiscal policy; economic modelling; government spending; economic growth;
  • Summary/Abstract:This paper reviews the effects of government fiscal policy on economic development in the short run and long run. It describes the role of government investment policy on economic growth. Specifically, a research about relationship between government taxation on economic growth rates and economic growth using different approaches based primarily on the theoryof economic growth is conducted.
MODEL DYNAMICKÉHO FINANČNÍHO TRHU A PŘEDPOKLÁDANÉ PRAVDĚPODOBNOSTNÍ ROZDĚLENÍ

MODEL DYNAMICKÉHO FINANČNÍHO TRHU A PŘEDPOKLÁDANÉ PRAVDĚPODOBNOSTNÍ ROZDĚLENÍ
(EXPECTED PROBABILITY DISTRUBUTIONS OF FINANCIAL MARKET INSTRUMENTS AND EMPIRICAL PROOFS (DYNAMIC FINANCIAL MARKET MODEL))

  • Author(s):Bohumil Stádník
  • Language:Czech
  • Subject(s):Evaluation research, Financial Markets
  • Page Range:172-176
  • No. of Pages:5
  • Keywords:binomial random walk; fractal structure; trends; correction; normal (Gaussian)/ binomical distribution;
  • Summary/Abstract:Dynamic Financial Market Model is a meodern liquid financial market model. It considers feedback processes on financial markets which cause an dependence in a probability of next price/yield step direction and also expects mix of random processes as a final result.
SYSTÉM VÝKONU A REGULÁCIE FINANČNÉHO DOHĽADU NÁRODNEJ BANKY SLOVENSKA V KONTEXTE FINANČNEJ KRÍZY

SYSTÉM VÝKONU A REGULÁCIE FINANČNÉHO DOHĽADU NÁRODNEJ BANKY SLOVENSKA V KONTEXTE FINANČNEJ KRÍZY
(THE SYSTEM OF FINANCIAL REGULATION AND SUPERVISION OF THE NATIONAL BANK OF SLOVAKIA IN THE CONTEXT OF FINANCIAL CRISIS)

  • Author(s):Monika Sobeková Májková, Viera Sysáková
  • Language:Czech
  • Subject(s):Micro-Economics, Financial Markets
  • Page Range:177-180
  • No. of Pages:4
  • Keywords:European system of financial supervision; micro and makrosystem; colleges; performance and regulation of financial supervision;
  • Summary/Abstract:The National Bank of Slovakia thoroughly analyzed structure of the new architecture of supervisory control of financial institutions on the basis of recommendations of the Groupe de Larosière and adopted several recommendations that will help to improve the proposed system.
STOCK MARKET PREDICTION USING ARTIFICIAL NEURAL NETWORK AND TECHNICAL ANALYSIS

STOCK MARKET PREDICTION USING ARTIFICIAL NEURAL NETWORK AND TECHNICAL ANALYSIS
(STOCK MARKET PREDICTION USING ARTIFICIAL NEURAL NETWORK AND TECHNICAL ANALYSIS)

  • Author(s):Ján Šterba, Katarína Hiľovská, Zuzana Milecová
  • Language:English
  • Subject(s):Evaluation research, Financial Markets
  • Page Range:181-185
  • No. of Pages:5
  • Keywords:Stock market; prediction; technical analysis; neural network; hybrid system;
  • Summary/Abstract:Stock Market Prediction is an area of active research. In our research we investigated the possibility to predict the future values of Newmont Mining stock, which is a gold mining company. In this paper, we used an approach which combines different prediction systems -indicators of technical analysis and feed-forward neural networks are proposed.
FINANČNÍ KRIZE A JEJÍ DOPAD NA REGULACI

FINANČNÍ KRIZE A JEJÍ DOPAD NA REGULACI
(FINANCIAL CRISIS AND ITS IMPACT ON REGULATION)

  • Author(s):Ivana Valová
  • Language:Czech
  • Subject(s):Business Economy / Management, Financial Markets
  • Page Range:186-190
  • No. of Pages:5
  • Keywords:Czech banking sector; financial crisis; capital adequacy; prevention; rating; risk management;
  • Summary/Abstract:Impacts of the actual financial crisis, origins in the United States of America, are apparent in the Czech Republic today too. The financial crisis changes and comes into economic crisis. Low willingness of banks gives credits, growing unemployment and reduction of demand cause trouble for quite a number of fields. These problems expand on. The paper is engagedin choice problems and some impacts of world financial crisis to the Czech banking sector, implemented and forthcoming changes in regulation.
ČESKÝ KAPITÁLOVÝ TRH POHLEDEM GLOBÁLNÍ FUNDAMENTÁLNÍ ANALÝZY

ČESKÝ KAPITÁLOVÝ TRH POHLEDEM GLOBÁLNÍ FUNDAMENTÁLNÍ ANALÝZY
(CZECH CAPITAL MARKET IN TERM OF ECONOMY FUNDAMENTAL ANALYSIS)

  • Author(s):Jitka Veselá
  • Language:Czech
  • Subject(s):National Economy, Evaluation research, Financial Markets
  • Page Range:191-196
  • No. of Pages:6
  • Keywords:capital market; stock; fundamental analysis; stock prices; interest rates; inflation; GDP;
  • Summary/Abstract:Economy fundamental analysis is a useful instrument for identification and subsequent exploration of important macroeconomic factors influence on capital market situation in every country. The recognized relationships between macroeconomic fundamental quantities (as e.g. GDP, interest rates, inflation, monetary supply) and stock prices are usable to estimate a future trend in given capital market.
INFLUENCE OF MORTGAGE LENDING TO THE REAL ESTATE’S INSURANCE MARKET IN LATVIA

INFLUENCE OF MORTGAGE LENDING TO THE REAL ESTATE’S INSURANCE MARKET IN LATVIA
(INFLUENCE OF MORTGAGE LENDING TO THE REAL ESTATE’S INSURANCE MARKET IN LATVIA)

  • Author(s):Jānis Zvanītājs, Didzis Ādmīdiņš
  • Language:English
  • Subject(s):Business Economy / Management, Financial Markets
  • Page Range:197-201
  • No. of Pages:5
  • Keywords:Insurance of the real estate; giving credits; real estate market in Latvia; bank influence to insurance market;
  • Summary/Abstract:This article describes the impact of crediting and banks to the real estate insurance market in Latvia. It also describes the main developments of the last decade in the real estate market in Latvia. Stimulated by the rapid growth of mortgage lending market the real estate market developed very fast and resulted in a rapid growth of prices, which turned in to a price drop in 2007. In separate real estate market segments the price drop reached more than 70%.
PRINCÍPY OHODNOCOVANIA ŽIVOTNÉHO PORTFÓLIA

PRINCÍPY OHODNOCOVANIA ŽIVOTNÉHO PORTFÓLIA
(LIFE INSURANCE VALUATION PRINCIPLES)

  • Author(s):Mária Bilíková, Alexandra Cisková
  • Language:Slovak
  • Subject(s):Methodology and research technology
  • Page Range:202-206
  • No. of Pages:5
  • Keywords:Embedded Value; IFRS; Solvency II;
  • Summary/Abstract:The aim of this paper is to indicate modern trends in modelling in life insurance and to make known the basic approaches relating to the evaluation of a life insurance portfolio. These approaches are based on the present value of future cash-flows and usually are applied to the company, or a particular portfolio of the company, as a whole. The authors deal with the calculation of the value of a portfolio in accordance with Solvency II and IFRS and the calculation of the Embedded Value.
ANALÝZA VYBRANÝCH UKAZOVATEĽOV POISTNÉHO V SLOVENSKEJ REPUBLIKE

ANALÝZA VYBRANÝCH UKAZOVATEĽOV POISTNÉHO V SLOVENSKEJ REPUBLIKE
(INDICATORS THE INSURANCE MARKET IN THE SLOVAK REPUBLIC)

  • Author(s):Barbora Drugdová
  • Language:Slovak
  • Subject(s):Business Economy / Management, Evaluation research, Financial Markets
  • Page Range:207-210
  • No. of Pages:4
  • Keywords:commercial insurance market; life insurance; non-life insurance; indicators the insurance market;
  • Summary/Abstract:The article is concentrated on the Slovak insurance. The Slovak insurance is well developed. As many as 22 commercial insurance companies, of this number 22 associated in the Association of Slovak Insurers, operated in the Slovak Republic until 31.12.2008. Development of insurance in the area of life insurance in recent years is more dynamic than in non-life insurance. The Slovak Republic is gradually getting closer to the European average on the insurance market, which is about 61 percent in favour of life insurance
VÝVOJ ŽIVOTNÍHO POJIŠTĚNÍ V SOUČASNÉM OBDOBÍ

VÝVOJ ŽIVOTNÍHO POJIŠTĚNÍ V SOUČASNÉM OBDOBÍ
(THE DEVELOPMENT OF THE LIFE INSURANCE IN CURRENT EPOCH)

  • Author(s):Eva Ducháčková
  • Language:Czech
  • Subject(s):Evaluation research, Financial Markets
  • Page Range:211-215
  • No. of Pages:5
  • Keywords:life insurance; penetrance; development trends; financial crisis; unit linked life assurance;
  • Summary/Abstract:Life insurance is the instrument for the cove of life risks. The survival risk and the death risk. The importance and the form of life insurance change over the time. In the Czech Republic has the life insurance low level compared with industrialized countries. In the early 21th century analyze in several years the life insurance in the Czech Republic variations in value of changing in premiums.
ŽIVOTNÍ POJIŠTĚNÍ JAKO INVESTICE

ŽIVOTNÍ POJIŠTĚNÍ JAKO INVESTICE
(LIFE INSURANCE AS AN INVESTMENT)

  • Author(s):Vojtěch Jindra
  • Language:Czech
  • Subject(s):Business Economy / Management, Accounting - Business Administration
  • Page Range:216-220
  • No. of Pages:5
  • Keywords:joint life insurance; capital life insurance; savings account; productivity of products; varieties of parameters modern products;
  • Summary/Abstract:The argument for contracting with clients should take into account the sample of the final sum insured, which exceeds the total premiums paid. By comparing appropriate products, one can weigh the merits of these arguments. In order to evaluate the merit of investing in life insurance, one should compare the progression of Capital Life insurance and the profit of the savings account.
VÝVOJ KOMERČNÉHO POISŤOVNÍCTVA VO FÍNSKU V OBDOBÍ 2006 – 2008

VÝVOJ KOMERČNÉHO POISŤOVNÍCTVA VO FÍNSKU V OBDOBÍ 2006 – 2008
(DEVELOPMENT OF COMMERCIAL INSURANCE IN FINLAND DURING 2006 – 2008)

  • Author(s):Jaroslava Albertová, Igor Hudak, Eva Kafkova
  • Language:Slovak
  • Subject(s):Economic history, Transformation Period (1990 - 2010), Financial Markets
  • Page Range:221-225
  • No. of Pages:5
  • Keywords:Insurance market; financial crisis; commercial insurance; technical reserves; written premiums; insurance penetration; investment activity;
  • Summary/Abstract:In this paper we evaluate the most important indicators of dynamics in the insurance market during the financial crisis in Finland, one of the most developed EU countries. After a brief characterization of the Finnish insurance market followed by a description of the development of insurance premiums, technical provisions, investment and investment activities.
THE IMPORTANCE OF SERVICES OF INSURANCE IN LATVIAN ECONOMY

THE IMPORTANCE OF SERVICES OF INSURANCE IN LATVIAN ECONOMY
(THE IMPORTANCE OF SERVICES OF INSURANCE IN LATVIAN ECONOMY)

  • Author(s):Svetlana Polovko
  • Language:English
  • Subject(s):National Economy, Transformation Period (1990 - 2010), Financial Markets
  • Page Range:226-230
  • No. of Pages:5
  • Keywords:Insurance; gross domestic product; national economy; life insurance; non-life insurance; insurance company;
  • Summary/Abstract:Insurance is one of the major, but the least studied branches of economy. Insurance services appeared a long time ago. The main aim of insurance is to satisfy various requirements of people who need insurance protection in various emergency situations. The article considers the economic nature of insurance consisting of available special relations of income distribution, which are created on the basis of premiums paid by the insured. These premium payments are used for covering losses and paying compensations in case of the occurrence of the insured event.
FINANČNÍ GRAMOTNOST A JEJÍ VLIV NA POJIŠTĚNÍ

FINANČNÍ GRAMOTNOST A JEJÍ VLIV NA POJIŠTĚNÍ
(FINANCIAL LITERACY AND ITS IMPACT ON THE INSURANCE)

  • Author(s):Jarmila Šlechtová
  • Language:Czech
  • Subject(s):Evaluation research, Financial Markets
  • Page Range:231-235
  • No. of Pages:5
  • Keywords:financial literacy; insurance; private insurance; financial independence;
  • Summary/Abstract:The current state of a supply of the financial products in the Czech Republic means for the citizens to prove to navigate in them. It is therefore necessary to have only basic knowledge of these products, but also be able to compare the convenience of one investment versus the other. Focus on the financial literacy education in the elementary and secondary schools, which the Czech National Bank helps to organize, certainly not enough.
VYBRANÉ PROBLÉMY ODHADU INDEXU KLIMATICKÝCH DERIVÁTŮ V ZEMĚDĚLSTVÍ

VYBRANÉ PROBLÉMY ODHADU INDEXU KLIMATICKÝCH DERIVÁTŮ V ZEMĚDĚLSTVÍ
(SELECTED PROBLEMS OF INDEX ESTIMATION OF WEATHER DERIVATIVES IN AGRICULTURE)

  • Author(s):Jindřich Špička
  • Language:Czech
  • Subject(s):Business Economy / Management, Agriculture
  • Page Range:236-240
  • No. of Pages:5
  • Keywords:Weather derivatives; index; agriculture; risk management;
  • Summary/Abstract:The paper presents a potentially new tool for risk management of agricultural enterprises seeking to mitigate their income exposure to variations in weather conditions. The aim of the paper is to point out some problems of index estimation for the purposes of weather derivatives valuation considering the particularities of agriculture.
KLASIFIKACE RIZIK V POJIŠŤOVNICTVÍ DLE MODELU SOLVENCY II

KLASIFIKACE RIZIK V POJIŠŤOVNICTVÍ DLE MODELU SOLVENCY II
(RISK CLASSIFICATION IN INSURANCE ACCORDING TO MODEL SOLVENCY II)

  • Author(s):Kristýna Tůmová
  • Language:Czech
  • Subject(s):Business Economy / Management, Financial Markets
  • Page Range:241-245
  • No. of Pages:5
  • Keywords:solvency of insurance companies; risk classification; underwriting risk; credit risk; market risk; operational risk; liquidity risk;
  • Summary/Abstract:The new rules of solvability assessment are related besides a banking sector also to another financial segment – insurance business. The question of solvency of an insurance company is important in context of the new system called Solvency II. Solvency II deals with risk analysis of portfolio and with an application of integrated approach that considers dependencies among risk categories.
ASPEKTY KOMPARACE REGULATORNÍCH PŘÍSTUPŮ

ASPEKTY KOMPARACE REGULATORNÍCH PŘÍSTUPŮ
(COMPARISON OF ASPECTS OF REGULATORY APPROACHES)

  • Author(s):Eva Vávrová
  • Language:Czech
  • Subject(s):Evaluation research, Financial Markets, Globalization
  • Page Range:246-250
  • No. of Pages:5
  • Keywords:insurance industry; banking; supervisory authority; financial institution; commercial insurance company; solvency; Basel II; Solvency II; risk management;
  • Summary/Abstract:To the process of liberalization, integration and globalization of financial markets, European institutions have responded by formulating regulatory approaches based on risk management, in banking called Basel II and in insurance industry called Solvency II. Both regulatory approaches are based on the same bases of regulation, they are based on risk management of financial institutions.
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