CEEOL - Search Result

The yield curve as a predictor of economic activity – the case of the Visegrad group

Author(s): Veronika Kajurová,Jana Hvozdenská / Language(s): English / Publication Year: 0

Keywords: yield curve; slope; Visegrad; GDP; spread;

In this paper we study the ability of the yield curve to predict GDP activity in four countries of the Visegrad group – Czech Republic, Slovakia, Poland and Hungary. The dataset contains the spread between 10-year and 3-month sovereign bonds and real GDP of the countries mentioned above between the years 2002 and 2012.

More...

Mergers in Czech Agricultural Companies

Author(s): Eva Hýblová,Zuzana Křížová,Jaroslav Sedláček / Language(s): English / Publication Year: 0

Keywords: mergers; financial position; performance; agriculture; economic development of a company;

Mergers of trading companies are significant trading transactions that represent a combination of companies from an economic as well as legal perspective. The aim of mergers is usually a further development of a company. One of the factors that influence the number of mergers and their results is the field of business of relevant companies.

More...

The calculation of the output gap in the machinery sector of the Slovak Republic

Author(s): Eva Kafkova,Igor Hudak / Language(s): English / Publication Year: 0

Keywords: output gap; Cobb-Douglas function; sectorial growth; economy performance;

The aim of this paper is the calculation and evaluation of the output gap by Cobb-Douglas function in the terms of the Slovak economy with focus on the mechanical sector as an important part of the national economy during the period 2000 – 2012. The advantage of the chosen calculation of the output gap is the possibility to use it for the part of economy. The output gap is an important economic indicator determining the difference between actual and potential output of the economy, respectively of its part.

More...

Credibility Theory and Its Using In Insurance Practice

Author(s): Silvie Kafková / Language(s): English / Publication Year: 0

Keywords: Bühlmann model; premium; theory of credibility;

The subject of this paper is to introduce the theory of credibility. Credibility theory is a set of quantitative tools that allows an insurer to estimate future premiums based on past experience of policy holder. First, risk factor for policyholders is defined. Then sorts of premium are described and the credibility premium is introduced as a linear function of the past data.

More...

Linkages between bonds and credit default swaps of the European financial institutions

Author(s): Veronika Kajurová,Jana Hvozdenská / Language(s): English / Publication Year: 0

Keywords: credit default swap market; bond market; causality;

Credit default swap markets have been considered as a leading indicator of the future development of credit worthiness, which can point out the potential situation in economy. The aim of the study is to find out whether the role of credit default swap markets and bond markets has been changed by the financial crisis and the debt crisis. The attention is paid to the credit default swaps and bonds of 22 financial institutions, which are included in Markit iTraxx Europe Senior Financial index.

More...

Alternative bankruptcy models – first results

Author(s): František Kalouda,Roman Vaníček / Language(s): English / Publication Year: 0

Keywords: discriminant function; alternative bankruptcy models; standard models;

The article is focused on showing first results of two newly created (alternative) bankruptcy models. The used database contains available data of Czech companies (Credit Info database). Based on result comparison with standardized bankruptcy models (IN 05, Z-fce) the two new models are equivalent in one case and significantly better in the second case.

More...

Crisis Management of Banks in the Context of Financial Crisis

Author(s): Mária Klímková,Martin Vovk / Language(s): English / Publication Year: 0

Keywords: management of commercial bank; crisis management of bank; financial crisis; EU supervision;

The aim of the paper is an analysis of impacts of the existing financial crisis on the management of a commercial bank. The present financial crisis has drawn attention to the fact that there was not created a system of management of financial institutions for the crisis period and only few rules and measures which should be applied in the case of emergency of a bank crisis were made. The absence of effective instruments to manage institutions in the period of crisis often resulted in the necessity of using public means to restore confidence in the banking sector to prevent even higher negative impacts on the real economy.

More...

Cash Management in Practice

Author(s): Jan Krajíček / Language(s): English / Publication Year: 0

Keywords: Bank; Client; Cash Management; Cash Poolin; Profit;

One of the major components of banking is commercial banking and innovation of its products. Banks in an effort to retain significant clients create new, sophisticated banking products that safeguard the bank even at the cost of lower profits, if these clients remain with her, it will make a profit through the economies of scale and creating competition to other banks.

More...

Polluter Pays Principle in the Czech Republic in the Context of Public Environmental Protection Expenditures

Author(s): Pavla Kubová,Karina Mužáková / Language(s): English / Publication Year: 0

Keywords: Polluter Pays Principle; environmental risks; environmental damage; public environmental proteciton expenditures;

In light of the significant economic, technical, and technological growths are increasingly being implemented environmental risks. In practice, there are situations where the polluter does not have enough funds to repair and implementation of financial responsibility, which then passes to the state. Remediation of damage implemented within the environmental risks are not only time consuming but also particularly expensive.

More...

The fundamentals of accounting for business combinations

Author(s): Oleksandra Lemeshko / Language(s): English / Publication Year: 0

Keywords: accounting for business combinations; US GAAP; IAS/IFRS; acquisition method;

Currently international accounting for business combinations is considered to be the one of the predominant features of the 21st century economy. In response to such current challenges the aim of the paper consists in an attempt to introduce the fundamentals of US GAAP and IAS/IFRS accounting for business combinations and perform their qualitative comparison. The applied methodology is based on multidisciplinary approach designed for accounting for business combinations. The conducted research indicates that for today the accounting amounts reported under USGAAP and IAS/IFRS in context of accounting for business combinations are considered to be highly relevant and comparable.

More...

Investigation of factors affecting short interest in the Australian Stock Exchange

Author(s): Dagmar Linnertová,Oleg Deev,Martin Cupal / Language(s): English / Publication Year: 0

Keywords: short interest; Australian Stock Exchange; short sell; ETFs; determinants;

ETFs (Exchange Traded Funds) represent financial innovation that combines characteristics of mutual funds with advantages provided by continual exchange trading. ETFs shares can be also used for specific operations such as short selling or trading on margin. Because of minimal regulation the short sell interest (SI) with ETFs is several times higher than short sell interest with common stocks.

More...

Public Contracts in Czech Teaching Hospitals - efficiency issues

Author(s): Alena Maaytová,Stanislav Klazar / Language(s): English / Publication Year: 0

Keywords: teaching hospitals; efficiency; public expenditures; public procurement;

The average overall expenses spent on health-care services in the Czech Republic is 7.5% of the GDP. The estimated degree of inefficiency of these expenses is the serious issue in context of public finance. The goal of the text was to verify whether the efficiency can be increased in the area of public procurements in teaching hospitals by using the specific kind of public procurement procedures.

More...

Contemporary crisis and strategic management of the private banking sector in the Czech Republic

Author(s): Jan Matoušek,Miroslav Mareš / Language(s): English / Publication Year: 0

Keywords: financial crisis; banking;

This paper analyses reaction of the Czech private banking sector to the financial crisis. The change of management strategies towards external as well as internal financial market threats is described. Specific attention is paid to the role of the Czech Banking Association, including its communication strategies with individual private banks, with the governmental sector and with foreign partners. The impact of the CBA on the stability of the finance market in the Czech Republic is assessed.

More...

Financial consequences linked with investments in current assets: Polish firms case

Author(s): Grzegorz Michalski / Language(s): English / Publication Year: 0

Keywords: current assets; financial liquidity; risk management;

Investments in financial liquidity of the firm are done thru investing money incurrent assets. The goal of the paper is to find if efficiency measure ROA is linked with current ratio, liquidity ratio and collection period. Paper presents a classification of financial consequences of managerial decisions in current assets investments level. There are two kinds of current assets investment influences: positive, linked with cash revenues stimulation and decreasing level of risk, and negative, linked with increasing cash expenses.

More...

Influence of volatility on the value of the modern structured products

Author(s): Peter Mokrička / Language(s): English / Publication Year: 0

Keywords: volatility; certificates; structured products;

For investors, volatility may be one of the investment criteria. Changes in implied volatility along with the changes in the value of the underlying assets have cardinal influence on the value development of modern structured products during their duration. This paper therefore examines the influence of volatility on the value of modern structured products and his result is a systematization of this group of investment instruments according to mentioned criteria.

More...

History of Financial Crises and its impact to current regulatory development of Basel Committee

Author(s): Vladimir Novotny / Language(s): English / Publication Year: 0

Keywords: financial crises; regulation; Basel 3;

This paper is summarizing all major crises and is trying to give an answer to few questions: a) what are possible mitigants of financial crises if any; b) does the new regulation help us to do that; c) what is potential impact of new regulation to the sector. In more detail this paper is summarizing the history of financial crises from 17th century to the present.

More...

Asset Pricing with Conditional Value at Risk

Author(s): Mihály Ormos,Dusán Timotity / Language(s): English / Publication Year: 0

Keywords: Behavioral Finance; Asset Pricing; Prospect Theory; Anchoring; Conditional Value-at-Risk;

We introduce a novel equilibrium asset-pricing model, which we build on the relationship between Conditional Value-at-Risk (CVaR) and the expected return. This approach of risk measure allows us to get rid of the normality condition of returns. Combining the CVaR risk measure method with our regression model, nonrealistic assumptions – such as rational and risk–averse investors, unlimited leverage opportunity and price-taker investors – of the most commonly used models can be almost entirely omitted.

More...

Asset Pricing and Entropy

Author(s): Mihály Ormos,Dávid Zibriczky / Language(s): English / Publication Year: 0

Keywords: Asset Pricing; Entropy; Risk measure;

We investigate entropy as a novel risk measure which explains the equity premium of securities and portfolios in a simpler way and at the same time with higher explanatory power than the beta parameter of the capital asset pricing. To measure therisk of an investment opportunity the portfolio theory applies the variance of the return, and show that the risk can be reduced by diversification and the systematic risk (beta) isapplied as the risk measure. Entropy represents a measure of the uncertainty of aprobability variable.

More...

Analysis of phishing in the e-banking field and protection techniques against this type of fraud

Author(s): Gabriela Oškrdalová / Language(s): English / Publication Year: 0

Keywords: e-banking; security; risk; fraud; phishing;

The subject of the paper “Analysis of phishing in the e-banking field and protection techniques against this type of fraud” is an analysis of phishing in thee-banking (internet banking, phone banking, payment cards etc.) field, an identification of warning signs of phishing, a creating of models of this type of fraud and an identification of the basic recommendations for users of e-banking services to reduce security risks connected with using of e-banking services.

More...

Single supervisory mechanism bank as a first step to the banking union

Author(s): Dalibor Pánek / Language(s): English / Publication Year: 0

Keywords: Regulation and supervision; banking sector; union bank; single supervisory mechanism;

The text focuses on the reasons for the establishment, structure, and issues with banking union in the European Union. Describes the basic element and the first step of implementation, a single supervisory mechanism bank. Includes banking entities under the direct supervision of the European Central Bank and supervision of national supervisors. Contain some problems when creating a banking union and a single bank supervisory mechanism. In final assessment provides selected for successful implementation of the project and its benefits.

More...