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The aim of this first chapter is to provide an overview of currently available data on women’s labour market participation in Brno. For this purpose, our main data source is census data from the years 1991, 2001 and 2011. As not all relevant datais available from the census, however, we also use regional and national data in order to complete the picture.
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In this chapter we present the key results of two focus group discussions (one with women with higher educational attainment and one with women with lower educational attainment) which were organized in March 2013 with employed women with pre-school children living in Brno. In our analysis, we primarily focus on how these women manage to reconcile their gainful employment with their care responsibilities. After an overall outline of the method of focus group discussions, the presentation of our results begins with how meaningfully the respondents perceive their employment. We then move on to their reconciling strategies and based on that will analyse their decision making on both their labour market integration as well as their care arrangements.
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In this chapter we present the key results of two March 2013 focus group discussions with employed women who care for a frail elderly person and live in Brno. One focus group is comprised of women with higher educational attainment and the other is comprised of women with lower educational attainment. Our analysis primarily focuses on how these women manage to reconcile their gainful employment with their care responsibilities. After a short introduction, presenting the method of our research and relating it to previous research in the Czech Republic on this topic, our results begin with how meaningfully the respondents perceive their employment.
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This chapter begins by looking at the career-orientations of women in Brno. Then it examines both attitudes toward and experiences with policies for taking care of children. Finally, it analyzes the issue of care for the elderly and how it influences women.
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This book described and discussed two central care norms, how they are institutionalized in related policy areas and how they potentially structure the lives of women in the Czech Republic and Brno in general and their labour market chances in particular: the norm of personal full-time care for children under the age of 3 by their mother and the norm of enabling frail elderly family members to stay in their home environment as long as possible. Though these two care norms are related to very different life situations, they have a common denominator.
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The life insurance is considered to be an instrument to cover the needs of people, on the one hand, a tool of covering the consequences of the risk (death and other risks – accident, invalidity, illness etc.), and on the other hand, a tool for savings to cover the needs of people in post-productive age. At present, many factors affect the development of life insurance and especially its efficiency. In the use of life insurance as a means of addressing the needs of people in old age is in the last period on the Czech insurance market a number of problems. The problems arise from the form of life insurance products, from regulatory approaches in life insurance, from approaches to selling life insurance contracts. The paper focuses on the analysis and evaluation of the role of life insurance in current conditions and on the question of consumer protection issues in connection with the life insurance. The aim of the paper: analyze the role of the life insurance by the cover the needs of the people nowadays in the Czech Republic in the context new changes on the market, in the new conditions on the insurance market.
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The goal of the paper is to deepen understanding between the two key indicators of bank branch production, the quality of services and the technical efficiency. The indicator of service quality is a composite indicator harmonized at the European level that includes the assessment of three main areas: the quality of customer service, the quality of sale of financial products, and customer satisfaction. The technical efficiency of the bank branches is analysed with the aid of non-radial SBM model by Tone. A spatial aspect is found to be a factor that affects both, quality and technical efficiency of the bank's branches. The paper reveals, that individual managers have still enough room to improve their skills in managing their branches.
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Longevity risk, the risk that people will live longer than expected, weighs heavily on those who run pension schemes and on insurers that provide annuities. Hence the prediction of future mortality rates is an issue of fundamental importance for the insurance and pensions industry. Our analysis focuses on mortality at higher ages (65-95), given our interest in pension-related applications where the risk associated with longer-term cash flow is primarily linked to uncertainty in future rates of mortality. The Lee-Carter model became one of the most applied models and it is used to forecast agespecific death rates. The main goal of this paper is to apply the Lee-Carter model to construct the so-called “cohort life tables” for calculation of a 30-year annuity to a person aged 65 in 2015. We use data on deaths and exposures for the Czech Republic from the Human Mortality Database (HMD). The HMD provides evidence that life expectancy is increasing. We have shown that if the today rate of increase will continue, it will at age 65 concluded (after calculation) to increase the present value of pension liabilities in defined-benefit schemes about 5 % if we use cohort life table instead of period life table. Probability statements derived from the use of a single model and parameter set should be treated with caution. Hence, there is a need for awareness of model risk when assessing longevity-related liabilities.
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Paper aims to analyze the specifics of the efficiency of Czech and Slovak commercial insurers arising from the impact of environmental factors. Models of data envelopment analysis (DEA) are used to analyze the efficiency of insurance companies. Efficiency is evaluated based on the efficiency score. DEA models allow for the evaluation of factors which in the short term are not under the influence of the analyzed entities. These are called environmental factors. Impact of environmental factors is studied based on an approach proposed by Charnes, Cooper and Rhodes (1981). This procedure divides the analyzed subjects into and in each subgroup efficiency scores are determined. Target values corresponding to the full efficiency are calculated for inefficient subjects. In the next step the efficiency score is expressed on the basis of above mentioned target values and a statistical hypothesis testing is used to determine the statistical significance of the difference between the efficiency scores in groups. This approach allows to compare differences in the efficiency of various groups of insurance companies.
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The paper is focused on the specialized financial product, esp. on mortgages that are the most often used products in the field of own housing financing in the Czech Republic. These products provide selected banks on the Czech market. The aim of the paper is to analyze the situation on the financial market focused on the mortgages. The organization of the paper is as follows: firstly a theoretical background with a review of the literature is provided, then research methodology is described, the key part brings results of development of mortgages according to the purpose of use since 2005, development of interest rates and the analysis of the current situation on the mortgage market. Interest rates on mortgage loans have on the Czech market downward trend. Statistical data suggest that people are not afraid to borrow money after the economic crisis and invest more in housing funds. Hypoteční banka was classified as the main player on the market closely followed by Česká spořitelna and Komerční banka. The article is based on primary and secondary sources. A detailed research together with the analysis and critical assessment of accessible materials will enable to identify the main objectives in the field of study. The analysis of the initial state will consequently enable to identify the key factors and knowledge.
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The aim of this article is to analyze the results of the study regarding financial literacy topics. The study was implemented at Masaryk University among the students of the Faculty of Economics and Administration. The paper presents the results of empirical study conducted in two consecutive years 2013-2014 testing the students’ knowledge in the areas of personal budgeting, numerical literacy, price literacy, payment methods, how to search for relevant information, breach of a contract and its consequences, indebtedness, right and obligation of consumers in the financial markets. The results of data gathered from the studies over the time enable an insight into the shift of the financial knowledge of the surveyed target group.
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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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Psychological features have an important role in evaluation processes. Studies indicate that investment decisions are strongly determined by behavioral factors. As a result investors behave irrationally. One of parameters that influence purchasing decision is price. Perceiving price as high generally discourage the purchase. As a consequence, goods at lower price are more attractive to bought what creates higher demand and influence companies’ revenues. Following paper analyze whether the face nominal effect observed at consumer market also occur in stock exchange market. The main aim of this article is to verify whether investors are influenced by face nominal values on stock market exchange. Author state that cheap assets characterized by nominally lower prices are more attractive to buy and bring higher profits (as a consequence of increased demand) in comparison to assets described as expensive. In order to verify the hypothesis, database of 13789 quotations from 1.07.1999 to 30.12.2013 was created. The sample was divided into three groups – cheap, average and expensive stocks. Finally the statistical analysis was conducted among 2924 records including only cheap and expensive units. Statistical analysis confirm that assets defined as “cheap” generate higher profits and lower losses.
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The purpose of the article is to estimate the consequences that can arise in the household of the injured person, when they discontinue to pay social security insurance contributions because disability caused by motor accident. If the accident causes inability to work arose from someone's guilt, the offender shall bear the cost to repair the damage. If the damage is long-term, this compensation should be based on the payment of annuity, where there can be used two concepts: lifetime annuity, the value of the first payment at the level of net salary of the injured person, term life annuity paid till retirement age, the value of the first payment at the level of the gross salary of the injured person (including contributions to retirement insurance) and indexed by eg. the rate of inflation. In the second case, it is assumed that the injured person receives greater amount and spend it on pension contributions. The authors will make a comparison, which of these two methods of compensation for lost income is more favourable for victims of different age categories from three European countries: Czech Republic, Germany, Poland.
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For the last few decades, the retail banking market has been influenced by many economic, political, legal, technological and social factors. Mobile technology has changed both the information and communication sharing, and customers’ market behaviour. The social revolution has already happened and changed customers’ expectations concerning banking services. Today there are 2,6 billion smartphone subscriptions globally. It is estimated that by 2020 the number of smartphone users will reach 6,1 billion. Mobile phones haves increasingly become tools that consumers use for banking, payments, budgeting and shopping. Today they enable using a different kind of financial applications offered not only by banks but also by other providers as telecoms or FinTech enterprises. The increasing number of offerings makes the choice much more difficult for customers. The purpose of the paper is to presents global and regional trends relating to mobile technology application on the retail banking market, customers’ expectations and selected factors influencing the adoption of this technology. The paper includes desk research of existing data. The authors try to answer the question if the implementation of mobile technology on retail banking market means the future of retail banking or just new distribution channel.
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The protection of customers who take out life insurance becomes to be more important, as there is an increasing number of such products. Therefore, it is more likely that customers do not have all decisive information they need to deal with an insured event. The goal of this article is to verify the level of financial literacy in the field of life insurance products. Consequently, the goal is to investigate whether customers of insurance companies are provided with sufficient amount of information related to the products they look for, or whether some important information is missing, and such clients have to search for it on their own. The research is based on an electronic questionnaire. The target audience of this research is limited to those who have already taken out life insurance, since this group of people should be more familiar with conditions, restrictions and other features of such products. In terms of used methods, Pearson chi-squared test is employed in order to reveal a link between financial literacy of insurance products and between different criteria. Other methods are descriptive statistics and basic statistical data processes.
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This study was conducted with the aim of assessing and analyzing financial literacy against the demographic characteristics of customers of commercial banks in emerging financial market in Vietnam. Primary data was collected by a structured questionnaire from 240 respondents in 12 branches of four commercial banks in Ho Chi Minh City. The results of descriptive statistics indicated that the average of basic financial and general investment knowledge of commercial banks' customers in Vietnam is moderated. Regression analyses revealed that levels of education, gender, and age scale (age over 55) are significant factors which enhance the basic financial knowledge and general investment knowledge while income, job status and marital status are insignificant to financial literacy. The results of this study assist to improve the level of personal financial knowledge by creating a wide range of education programs related to financial knowledge as well as implementing further research into this field in Vietnam.
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Health care in Poland is financed from mixed sources, both private and public. Similarly to the majority of developed countries, public funds are the main source of financing. However, since the 1990s private expenditure has constituted a significant proportion of the total expenditure on health. Apart from out-of-pocket payments, which are the main source of generating private resources, pre-paid plans are used. The paper presents the legal and market coexistence of private health insurance (PHI) and other pre-paid schemes in the form of the so-called “medical subscriptions”. The analysis will be focused, inter alia, on: the value of collected funds, the number of operating providers, and the percentage of the population covered. One of the leading goals will be to stress the specific character of the Polish legal state of affairs among private pre-paid plans. This is especially important when making international comparisons devoted to PHI schemes as a different legal status can influence the findings of the market analysis. The need to draw public attention to legal differences is critically important if they are not rooted in the functional aspect of different mechanisms of funding, which is the case in Poland.
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rauds with a hidden camera, touch sensors and a counterfeit payment card belong to the basic types of frauds in the e-banking and e-shopping field. The principle of frauds with a hidden camera and touch sensors is the same - by installing of a special equipment to obtain the PIN code. The knowledge of user’s PIN code is not sufficient to abuse the payment card. Therefore these frauds are often combined with a Lebanese loop, a theft of a payment card or with skimming and producing of a counterfeit payment card. Recommendations to reduce security risks are variable. The aim of this paper is to describe payment card frauds with a hidden camera, touch sensors and a counterfeit payment card, identify the usual ways for realizing these types of frauds and its warning signs, create a scheme of the usual ways for these types of payment card frauds, introduce and interpret results of own quantitative research focused on knowledge of these frauds and define the basic recommendations for payment card users, banks and other subjects to reduce security risks connected with using of payment cards.
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