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The Use of Financial Advisory in Czech Republic: Self-confidence

Author(s): Věra Jančurová,Petra Formánková / Language(s): English Publication Year: 0

The study of behavioral finance and decision making, especially in finance, have grown on importance during last decades. There were conducted many studies of decision making at financial markets all around the world. This study was conducted to analyze financial decision making and behavioral characteristics of Czech population. The purpose of this study is to show how people in Czech Republic control their financial affairs; one of the studied areas is if they use the help of financial advisors, especially, if this is influenced by gender, the level of education or even by the self-evaluation of own financial skills and knowledge. There was conducted a field research based on electronic and printed questionnaire that was answered by 302 respondents. Based on the results of the testing it was confirmed that level of education is significant for both selfevaluation and the use of financial advisors. However the hypothesis that higher education level increase the probability of self-evaluation and decreases the need to use the help of financial advisors was not confirmed. One of possible explanation could be the overconfidence of individuals that is strongly shown by the sample; 70,52% of total respondents consider their financial knowledge better than average and only 3,32% of the respondents consider them worse than average. And only 29,6% pf the respondents use for their financial decisions the help of financial advisor.

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Practical Application of Sentiment Indicators in Financial Analysis: Behavioral Finance Approach

Author(s): Zuzana Rakovská,Martin Svoboda / Language(s): English Publication Year: 0

Behavioral finance assumes that individual financial decisions are influenced by emotions and mood. A public sentiment and its effect on collective decision-making have been studied in a number of publications giving the vast variety of research design. This paper examines various techniques in measuring market sentiment and its applications in analysis of financial data. Using a qualitative, exploratory approach, the study identifies trends in sentiment indicators and also tries to analytically categorize heuristics and behavioral biases connected to public mood.

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Factors Influencing Clients in Selection of Insurance Company

Author(s): Elena Šira,Katarina Radvanska,Zuzana Grančaiová / Language(s): English Publication Year: 0

The aim of the article is to show, if clients have changed their preferences in selection of insurance company during 5 years. This article compares how the scheme of client’s behaviour has been changed. Our research compares the data from the years 2010 and the years 2015, which show factors influencing clients in selection of insurance company in Slovakia. We have also analysed and compared the factors with the biggest influence on clients in the year 2010 and 2015. In addition to analysis of client’s behaviour, we have also analysed and compared insurance market environment via selected indicators. We have analysed the volume of written premium, density, penetration and others. The level of economic development of the country may also affect clients in their preferences of the insurance company. We have analysed the unemployment, average monthly wage and other factors in the years 2010 and 2015 to gain the adequate findings.

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Risk-Taking Attitudes and Lottery Experiment

Author(s): Jozef Nemec,Tomáš Želinský,Matúš Kubák / Language(s): English Publication Year: 0

We carry out framed lottery game experiments with the aim to study whether economic agents behave in accordance with expected utility theory. We control for socio-economic background of the participants and we use Domain-Specific Risk-Taking [DoSpeRT) scale to detect, which of the five risk domains [ETHICAL, FINANCIAL, HEALTH, RECREATIONAL, SOCIAL) have most impact on risky behavior in a lottery game. We find out, that females are more rational than males in non-risky environment and males are more rational in a risky environment. Also, the evidence of more frequent use of risky strategy by males is found.

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Offer, Receive and Share: How to Measure Proposers in fMRI Ultimatum and Dictator Game

Author(s): Lenka Kopečková,Jan ŘEZÁČ / Language(s): English Publication Year: 0

Ultimatum game is in fMRI tested overwhelmingly from the responder's point of view. We assessed experimental designs which would allow for simultaneous testing of a proposer and a receiver under hyperscanning protocol. Our final laboratory designs use a specific set of choice sets and enables an iterated ultimatum game combined with control condition and dictator game. We run two pilots with different settings.

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Behavioral Biases: Analyzes of Investment Strategies

Author(s): Věra Jančurová / Language(s): English Publication Year: 0

The study is based on the knowledge of behavioral finance that financial markets are strongly influenced by the psychology of financial markets. Besides investment strategies are affected by behavior of participants of financial markets. By referring to psychology the study proves particular features of investment strategies for presence of behavioral biases. Conducted analyzes shows that each feature of investment strategy inclines to several biases and some biases repeat frequently. The findings of the paper may help to avoid psychological effects on investment strategies, which could be useful especially for investors.

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The Banking System of the Czech Republic as a Cybernetic System - a Unit Step Response Analysis

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

The aim of this paper is to further describe and analyze the behavior of Czech banking as a cybernetic system. Studying the Czech Republic's banking system using cybernetic methodology has to date given essentialy unambiguous results as regards its static charakteristics (transfer function). It si principially a linear system, which further analysis to some extent simplifies. From a methodological point of view, in order to consider appropriate control interventions, the dynamical charakteristics - i.e. the step response - of the behavior of the system crucial

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Love and sex

Author(s): Lenka Lacinová,Radka Michalčáková,Anna Ševčíková,Štěpán Konečný / Language(s): English Publication Year: 0

There are not many issues that hold such a prestigious position in fiction or lyrics as being in love and love in all its forms. This can be also viewed as a proof of how significant this experience is in human life. Romantic relationships in adulthood represent a deeply embedded and fairly frequent topic in counselling and clinical practice, as well as in empirical research in psychology of intimate relationships. As opposed to that, adolescent romantic relationships represent a relatively new topic in research (Brown, Feiring, & Furman, 1999); the development of its examination follows the developmental line of interest in adolescent intimate relationships in the direction away from relationships with parents, over peer relationships in a group, to the phenomenon of friendship and first platonic relationships.

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Risk behaviour in adolescence: Two perspectives

Author(s): Eva Beranová,Stanislav Ježek,Jan Širůček / Language(s): English Publication Year: 0

Risk, problem or antisocial behaviour or risk-taking in general are in their various forms arelatively common and frequently examined phenomena in adolescence. Risk behaviour was traditionally perceived as an undesirable phenomenon affected by a wide range of well described risk factors (e.g. Jessor, 1977, 1991, 1995; Kandel, Simcha-Fagan, & Davies,1986; Baumrind, 1991; Kaplan, Martina & Robbins, 1984). According to the concept of risk factors, adolescents are shaped during their development by many internal and external factors that make them more or less susceptible to various types of risk behaviour. Risk behaviour is regarded as a negative phenomenon from which adolescents must be protected.

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Why Homo Economicus help each other? (Insights from behavioral economics and neuroeconomics)

Author(s): Lenka Kopečková / Language(s): English Publication Year: 0

Students of economics are commonly “drummed into head” that people do not care about others. Our subjects are “Homo Economicus” and they only care about maximization of own utility no matter of what impact it has on others. Yet in our daily, we can observe many examples that go against this assumption. People contribute to charities, donate blood and sometimes they even sacrifice theirs life to help others. This clearly contradicts assumption of rationality- but is this behavior irrational? This review study aims to briefly map development of economic thinking about rationality in a relation to social decision making. It begins with neoclassical „rational man“ and its origins. It goes further by introducing behavioral economics and its theories of social preferences -which claim that helping others may in fact lead to maximization of one’s own utility. On examples of selected studies it shows its strengths and weaknesses.

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The terrible, horrible, not good, very bad truth about economics and what to do about it

Author(s): Lukáš Likavčan / Language(s): English Publication Year: 0

This paper presents a sketch of a philosophical defence of heterodoxical methodologies in social sciences from a perspective of behavioural and ecological economics. Its main thesis explores the bad truth about contemporary mainstream economics: that it stays at least partly uninformed about the nature of actors and environment, what is particularly dangerous when it comes to the matter of policy-advising and policy-making. Provided that any social science which postulates norms without the framework of descriptive facts produces in the long run unbearable and counter productive social practice, I propose that economists have to slog through the hard stuff of understanding the material structure of the objects they are interested in, and not simply taking their nature for granted.

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How Can Economist Contribute to the Research of Charitable Giving?

Author(s): Marie Hladká / Language(s): English Publication Year: 0

The topic of philanthropy has been receiving attention internationally for several decades. Like other areas of non-profit studies, charitable giving and volunteering are attracting more and more attention from researchers in a wide variety of disciplines including economics. Even though philanthropy tends to be considered a sociological theme rather than an economic one, it poses a lot of questions that challenge economists too.

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SHORT-TERM INDEBTEDNESS ON STUDENT FINANCIAL MARKET

Author(s): Michaela Baňařová / Language(s): English Publication Year: 0

Today, we cannot imagine our life without banks and their products. Every day we pay by our credit cards or cheques, our wages are sent to our bank accounts and majority of our monthly bills are paid through internet banking. So our bank is with us all the time. Banks have various groups of clients. The university students create one of these groups. Why only just university students? Because they are mature but they do not have enough money on their accommodation costs, living expenses or tuition fees in some countries.

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Model chování souvisejícího se zdravím – analýza latentní faktorové struktury

Author(s): Jana Marie Havigerová / Language(s): Czech Publication Year: 0

Tato kapitola sleduje projevy chování souvisejícího se zdravím, pozornost je zaměřena na skupinu projevů chování preventivního a protektivního, a to, jak název projektu předjímá, především dvou typů – chování zdraví podporujícího a zdraví poškozujícího. Sledováno je chování v jeho každodenní podobě. Projevy chování (a jeho konsekvence v rámci dalších samostatných studií) jsou zkoumány na běžné populaci (snahou bylo získat reprezentativní vzorek dospělé české populace). Respondenti pocházejí z prostředí, kde jsou socioekonomické podmínky na takové úrovni, že lze anticipovat možnost volby chování souvisejícího se zdravím – pro ilustraci, pociťuje-li typizovaný jedinec z našeho výzkumného souboru žízeň, má zpravidla možnost zvolit mezi několika alternativami, například zda si uvaří čaj, koupí slazenou limonádu nebo třeba natočí vodu z kohoutku (v prostředí, kde je nouze o vodu, patrně lidé nebudou řešit, zda preferovat perlivou nebo neperlivou), vycházíme tedy z předpokladu blahobytu.

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Neuropsychologické markery chování zdraví podporujícího a neuropsychologické markery chování zdraví ohrožujícího

Author(s): Lubomír Vašina / Language(s): Czech Publication Year: 0

Tato kapitola se opírá o nové paradigma pojímání vztahu mezi mozkem a psychikou. Potvrdit, nebo vyvrátit hypotézu, že psychický fenomén je specifický fenomén kvantové povahy (SQC phenomenon), který má nelineární povahu a je více než jedenáctirozměrný, nelze v rámci jednoho výzkumného projektu. Zvýšené nároky jsou dány skutečností, že máme k dispozici pouze takové diagnostické nástroje, které jsou schopny měřit jevy lineární povahy. Přesto chceme v naší výzkumné činnosti dospět k podstatě lidské psychiky a k mechanismům, které zabezpečují fungování živého mozku, nesoucí sebe organizující, sebe regulující a sebe si uvědomující fenomén já, manifestující se na makroskopické úrovni. Tak složitý problém je možné řešit pouze transdisciplinárně a po etapách, kdy výsledky jedné ukončené etapy jsou současně zdrojem informací pro konstituování etapy následující.

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POST - MODERN MARKETING AND MARKETING COMMUNICATIONS

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

The paper deals with the problem of marketing communications at the time – so called “post –modern” marketing. Conventional marketing models and techniques are built on modernistic paradigm, which presents unique and structured view of the world. Today's marketing communications are controlled by rational rules and they are concentrated above all on measurement, objectivity and verification possibilities.

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Overconfidence as a Cognitive Bias and its Implications for Insurance Industry

Author(s): Tomáš Ondruška / Language(s): English Publication Year: 0

The behavior of individuals is influenced by many biases that cause their deviation from the rationality. One of them, discussed extensively in the financial industry is cognitive bias - overconfidence. It is a firmly established feature of an individual behavior in the psychological point of view. On the other hand in the economics it is extensively explained by inefficient market outcomes connected to a biased sense of self-confidence. In short, the bias is shown for numerous real-world situations and cause changes in consumers’ behavior.

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Power Play, Because of Pay? How Pay Transparency Affects Counterproductive Work Behaviors

Author(s): Andrew Millin / Language(s): English Publication Year: 0

With social comparison theory as our theoretical foundation, how employees target one another based on the presentation of information that they see and evaluate, we explain how process pay transparency and outcome pay transparency affect the probability of counterproductive work behaviors from employees toward individuals (CWB-I) and organizations (CWB-O). We utilize field study data courtesy of Mendeley (“Pay Communication, Justice and Affect: The Asymmetric Effects of Process and Outcome Pay Transparency on Counterproductive Workplace Behavior,” 2020) and select methods from SimanTov-Nachlieli and Bamberger (2021, 235) using SmartPLS. While three hypotheses failed to produce significant results, and the only hypothesis that produced significant results was not supported (process pay transparency negatively, not positively, related to counterproductive work behaviors directed at the organization), our final bootstrapped SEM fit our data for our saturated model (SRMR = 0.046 < 0.08, NFI = 0.915 > 0.9). Implications are discussed.

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Applying Behavioural Economics to Bring In Social Transformation: Rural Shoring for Stakeholder Wellbeing

Author(s): Vikramaditya Kanodia,Rima Ghose Chowdhury / Language(s): English Publication Year: 0

Corporates have won wars with human behavioural dimensions and their interplay as starting points. Using behavioural economics has helped corporates advance business causes and create win-win situations. This chapter aims to highlight the motivating factors of social research such as stimulation of respondents, sense of participation, growth of knowledge, the quest for progress, and curiosity to understand the cause and effect relationship of various social phenomena. The research aims at finding: How a behaviour change impacted society? How a societal outlook change furthered a business cause? This chapter also attempts to provide a strong case for corporates to explore behavioural economics to further their businesses ethically and inclusively. The premise brings unique value to end consumers in a perceived upliftment of socioeconomic worth.

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SPOTŘEBITELSKÉ CHOVÁNÍ V CESTOVNÍM RUCHU – GENERACE X, Y, Z

Author(s): Ondřej Repík / Language(s): Czech Publication Year: 0

The development of our society and particular markets can be observed in certain generational waves. Tourism sector is no exception. Generational waves and changes in consumer demand are key factors that determine the direction in which tourism develops, who it affects, what kind of preferences individual consumers have and how market supply evolves. Generational waves have gradually become one of the most important factor which influences current and future shape of tourism and its market environment. Following text is dedicated to the development of consumer behavior, habits, expectations and preferences in tourism in the context of generational renewal of society.

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