European Financial Systems 2012: 21st and 22nd June 2012
European Financial Systems 2012: 21st and 22nd June 2012
Contributor(s): Petr Červinek (Editor)
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Political Theory, Political Sciences, Economic policy, Political economy, Comparative politics, EU-Accession / EU-DEvelopment, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
Published by: Masarykova univerzita nakladatelství
Keywords: Cost budgeting; Poland; Finanacial and tax accounting; EU; Eastern European Stock Markets; Insurance Markets; Czech Republic; European Monetary Union; Business; Financial activity; Funding; Bank and Cash Management;
Summary/Abstract: The methodical approach to project cost management in the construction industry requires the knowledge of accounting principles applicable to cost calculations. Such knowledge helps to exert actual control over expenses incurred on the execution of a construction investment project. There are various approaches to cost calculation for the presentation in the cost budget of a construction project. In practice, the methods which can be used for this purpose include expert estimation, estimation by analogy, parametric modelling and the specific identification method. The paper focuses on these methods and its main aim is to outline them and indicate their possible applications in economy, taking Poland as an example.
- E-ISBN-13: 978-80-210-8695-1
- Page Count: 245
- Publication Year: 2012
- Language: English
COST BUDGETING METHODS IN CONSTRUCTION PROJECTS IN POLAND
COST BUDGETING METHODS IN CONSTRUCTION PROJECTS IN POLAND
(COST BUDGETING METHODS IN CONSTRUCTION PROJECTS IN POLAND)
- Author(s):Piotr Tworek, Dorota Adamek-Hyska
- Language:English
- Subject(s):Business Economy / Management, Economic policy, Fiscal Politics / Budgeting
- Page Range:6-11
- No. of Pages:6
- Keywords:costs; cost budgeting methods; construction projects; construction industry; Poland;
- Summary/Abstract:The methodical approach to project cost management in the construction industry requires the knowledge of accounting principles applicable to cost calculations. Such knowledge helps toexert actual control over expenses incurred on the execution of a construction investment project.
THE ANALYSIS OF THE CORPORATE FINANCIAL AND TAX ACCOUNTING IN THE EU AND THEIR HARMONIZATION
THE ANALYSIS OF THE CORPORATE FINANCIAL AND TAX ACCOUNTING IN THE EU AND THEIR HARMONIZATION
(THE ANALYSIS OF THE CORPORATE FINANCIAL AND TAX ACCOUNTING IN THE EU AND THEIR HARMONIZATION)
- Author(s):Beata Blechová
- Language:English
- Subject(s):EU-Accession / EU-DEvelopment, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
- Page Range:12-17
- No. of Pages:6
- Keywords:Financial accounting; tax accounting; harmonization of financial and tax legislation; IAS/IFRS; CCCTB; convergence of financial and tax accounting;
- Summary/Abstract:In some EU Member States, there is a long and complex relationship between financial and tax accounting, which can be significantly affected by the introduction of new international financial reporting standards such as IAS/IFRS (International Accounting Standards/International Financial Reporting Standards). This article therefore aims to analyze therelationship between financial accounting and reporting for corporate income tax purposes inthe EU and also explore the effects of adopting IAS/IFRS on tax accounting within the EU.
A NONPARAMETRIC SERIAL CORRELATION TEST OF THE CENTRAL AND EASTERN EUROPEAN STOCK MARKETS
A NONPARAMETRIC SERIAL CORRELATION TEST OF THE CENTRAL AND EASTERN EUROPEAN STOCK MARKETS
(A NONPARAMETRIC SERIAL CORRELATION TEST OF THE CENTRAL AND EASTERN EUROPEAN STOCK MARKETS)
- Author(s):Mihály Ormos, Gábor Botár
- Language:English
- Subject(s):Comparative politics, Evaluation research, Financial Markets
- Page Range:18-23
- No. of Pages:6
- Keywords:Market efficiency; CEE countries; Runs test;
- Summary/Abstract:We test weak form efficiency for the Central and Eastern European stock markets applying runs tests. We investigate the price changes of seven CEE markets (Austria, Hungary, Estonia, the Czech Republic, Poland, Romania, Slovakia) for the period 1991-2011. In order to make the results for these markets directly comparable with results for other developed markets, Germany, United Kingdom and the USA were also incorporated.
THE INSURANCE MARKET IN EUROPE
THE INSURANCE MARKET IN EUROPE
(THE INSURANCE MARKET IN EUROPE)
- Author(s):Svatopluk Nečas, Viktória Čejková
- Language:English
- Subject(s):Business Economy / Management, Evaluation research, Financial Markets
- Page Range:24-29
- No. of Pages:6
- Keywords:insurance market; insurance market level indicators; premium written; insurance penetration; insurance companies; life insurance; non-life insurance;
- Summary/Abstract:The paper showsthe characteristics of insurance market in Europe, as well as of CEA insurance market economies and the EU single insurance market. Various indicators of the level of the insurance marketare used in the paper. In this paper we present data on the level of the insurance market in several advanced economies, with particular regard to data on indicators of the level of the insurance market in Slovakia and the Czech Republic.
EMPIRICAL TEST OF THE CAPM USING LINEAR REGRESSION
EMPIRICAL TEST OF THE CAPM USING LINEAR REGRESSION
(EMPIRICAL TEST OF THE CAPM USING LINEAR REGRESSION)
- Author(s):Petr Červinek, Jana Hvozdenská
- Language:English
- Subject(s):Evaluation research, Financial Markets
- Page Range:30-34
- No. of Pages:5
- Keywords:CAPM; linear regression; analysis of variance;
- Summary/Abstract:This paper summarizes the results of series of empirical tests of the Capital Asset Pricing Model (CAPM). The empirical tests were performed for the shares traded in the system SPAD of the Prague Stock Exchange. CAPM is the equilibrium model of the single-index model. Therefore we use test of linear regression for single-index model. The results indicate that the CAPM is not appropriate for modelling the return on the considered shares in the considered time interval.
STOCK MARKET BUBBLES INVESTIGATION IN THE CZECH REPUBLIC
STOCK MARKET BUBBLES INVESTIGATION IN THE CZECH REPUBLIC
(STOCK MARKET BUBBLES INVESTIGATION IN THE CZECH REPUBLIC)
- Author(s):Oleg Deev, Veronika Kajurová, Daniel Stavarek
- Language:English
- Subject(s):Evaluation research, Financial Markets
- Page Range:35-40
- No. of Pages:6
- Keywords:Stock bubble; regime switching test; Hurst persistence test;
- Summary/Abstract:In this paper, we employ a special methodological technique to examine the presence/absence of the phenomenon of stock market bubbles in the Czech Republic. The methodology is based on the examining of residuals of VAR fundamentals with exclusion of ARCH effects. The presence/absence of bubbles is studied by Hurst persistence tests and regime switching tests. Although we observed the bubbles presence over various time periods, almost no evidence of speculative bubbles was found in the Czech stock market.
THE APPLICATION OF OCA CRITERIA ON THE EUROPEAN MONETARY UNION
THE APPLICATION OF OCA CRITERIA ON THE EUROPEAN MONETARY UNION
(THE APPLICATION OF OCA CRITERIA ON THE EUROPEAN MONETARY UNION)
- Author(s):Michal Fabuš
- Language:English
- Subject(s):Economic policy, EU-Accession / EU-DEvelopment
- Page Range:41-44
- No. of Pages:4
- Keywords:Theory of optimum currency areas; European Monetary Union; OCA criteria; future of EMU;
- Summary/Abstract:The paper deals with the application of selected OCA criteria on the European Monetary Union, which monitors whether EMU is or is not an optimal currency area. Concludes that EMU is not according to OCA theory an optimum currency area and outlines what may follow in the future.
BIASES IN CONTINGENT VALUATION METHOD USED FOR INVESTMENT PROJECT APPRAISAL
BIASES IN CONTINGENT VALUATION METHOD USED FOR INVESTMENT PROJECT APPRAISAL
(BIASES IN CONTINGENT VALUATION METHOD USED FOR INVESTMENT PROJECT APPRAISAL)
- Author(s):Monika Foltyn-Zarychta
- Language:English
- Subject(s):Evaluation research, Financial Markets
- Page Range:45-50
- No. of Pages:6
- Keywords:investment appraisal; non-market goods; contingent valuation; bias;
- Summary/Abstract:The paper is devoted to theoretical analysis of problems arising in contingent valuation method used in project appraisal for estimating the value of non-market goods. Using hypothetical markets for deriving people’s willingness to pay or willingness to accept compensation for changes in public goods due to project implementation is followed by a number of specific biases that can distort the final outcome of the analysis. Although the literature offers various definitions as well as classifications and ways to overcome those tendencies, some new overview may be seen as indispensable for clarity and efficiency inusing CVM in investment project appraisal procedure.
ANALYSIS OF BANKRUPTCY AND SECURE RISK MANAGEMENT MODELS AND APPLICATION FOR THEIR EXTENSION
ANALYSIS OF BANKRUPTCY AND SECURE RISK MANAGEMENT MODELS AND APPLICATION FOR THEIR EXTENSION
(ANALYSIS OF BANKRUPTCY AND SECURE RISK MANAGEMENT MODELS AND APPLICATION FOR THEIR EXTENSION)
- Author(s):Monika Garguláková
- Language:English
- Subject(s):Business Economy / Management, Evaluation research, Financial Markets
- Page Range:51-55
- No. of Pages:5
- Keywords:risk; risk management methods; bankruptcy and financial standing models;
- Summary/Abstract:In modern management risk has management become an inevitable part of financial management. Company financial health is evaluated by financial standing and bankruptcy models. Article analyzes the selected financial standing and bankruptcy models in terms of their predictability and based on the results of this analysis suggests a new model for evaluation of financial risks in the corporate sector.
IMPACT OF SELECTED FACTORS ON THE DIVIDEND POLICY OF JOINT-STOCK COMPANY
IMPACT OF SELECTED FACTORS ON THE DIVIDEND POLICY OF JOINT-STOCK COMPANY
(IMPACT OF SELECTED FACTORS ON THE DIVIDEND POLICY OF JOINT-STOCK COMPANY)
- Author(s):Radim Gottwald
- Language:English
- Subject(s):Business Economy / Management, Economic policy
- Page Range:57-61
- No. of Pages:5
- Keywords:dividend policy; dividends; information asymmetry; dividend irrelevance theory; dividend payout; dividend growth;
- Summary/Abstract:The paper focuses on impact of selected factors on the dividend policy of joint-stock company. Especially, there are analyzed the factors like information asymmetry, managerial signaling motives and preferences of controlling stockholders. At the beginning of the paper, different types of the dividend policies are characterized. Then individual factors, which havean influence on dividend policy, are presented, including level of the influence.
DETERMINATION OF THE GENERAL VALUE OF SELECTED ENGINEERING ENTERPRISES
DETERMINATION OF THE GENERAL VALUE OF SELECTED ENGINEERING ENTERPRISES
(DETERMINATION OF THE GENERAL VALUE OF SELECTED ENGINEERING ENTERPRISES)
- Author(s):Igor Hudak, Eva Kafkova
- Language:English
- Subject(s):Business Economy / Management, Evaluation research
- Page Range:62-66
- No. of Pages:5
- Keywords:general value of the enterprise; business method; engineering companies; generated cash flows; sustained value of enterprise; weaknesses of business method;
- Summary/Abstract:In calculating the technical efficiency of manufacturing companies is necessary, regard to the input and output variables of the model, to choose the appropriate method of calculating the general value of the enterprise. The aim of this paper is to present a business method as the most appropriate method of calculating the general value of the enterprise. As benefit of this paper we considered the evaluation of results calculated with business method, the identification of method weaknesses and generalization of knowledge for the whole group of engineering companies.
THE ALTERNATIVE INVESTMENT FUNDS MANAGERS DIRECTIVE AND THE REGULATION ON VENTURE CAPITAL FUNDS - SELECTED COMMENTS
THE ALTERNATIVE INVESTMENT FUNDS MANAGERS DIRECTIVE AND THE REGULATION ON VENTURE CAPITAL FUNDS - SELECTED COMMENTS
(THE ALTERNATIVE INVESTMENT FUNDS MANAGERS DIRECTIVE AND THE REGULATION ON VENTURE CAPITAL FUNDS - SELECTED COMMENTS)
- Author(s):Zdenek Hustak
- Language:English
- Subject(s):Business Economy / Management, Economic policy
- Page Range:67-72
- No. of Pages:6
- Keywords:AIFMD; investment funds; private equity; venture capital; regulation;
- Summary/Abstract:The Alternative Investment Funds Managers Directive (AIFMD) published in July 2011 aims to capture all diverse forms of funds which have not been previously subject to the harmonised UCITS rules in the EU. The AIFMD represents two tier systems - harmonised regime for managers of AIFs above certain limit of assets under management (AuM) and less demanding national regime for smaller players.
AGENCY THEORY AND ITS APPLICATION IN THE BUSINESS OF THE FINANCIAL SECTOR IN SLOVAKIA
AGENCY THEORY AND ITS APPLICATION IN THE BUSINESS OF THE FINANCIAL SECTOR IN SLOVAKIA
(AGENCY THEORY AND ITS APPLICATION IN THE BUSINESS OF THE FINANCIAL SECTOR IN SLOVAKIA)
- Author(s):Erika Mária Jamborová
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:73-78
- No. of Pages:6
- Keywords:agency theory; the financial sector; banking industry; financial and economic crisis; regulation;
- Summary/Abstract:Our contribution focuses on the concretization and implementation of the agency theory interms of the economic practice, under the influence and impact of the financial and economic crisis. It is intended to define the different roles, which are significantly affecting business entities in the financial sector, in characterizing not only the traditional roles - investor manager-employee-client, but also the role and position of the state as the regulator of the financial industry sector.
THE EFFECTS OF DOMESTIC AND FOREIGN ENTERPRISES’ FINANCIAL ACTIVITY IN HOST COUNTRY ECONOMY – COMPARATIVE ANALYSIS
THE EFFECTS OF DOMESTIC AND FOREIGN ENTERPRISES’ FINANCIAL ACTIVITY IN HOST COUNTRY ECONOMY – COMPARATIVE ANALYSIS
(THE EFFECTS OF DOMESTIC AND FOREIGN ENTERPRISES’ FINANCIAL ACTIVITY IN HOST COUNTRY ECONOMY – COMPARATIVE ANALYSIS)
- Author(s):Magdalena Jasiniak
- Language:English
- Subject(s):Business Economy / Management, Economic policy, Financial Markets
- Page Range:79-84
- No. of Pages:6
- Keywords:the effects of financial activity; financial analysis; foreign enterprises’ activity;
- Summary/Abstract:The main purpose of this article is to compare the financial effects of foreign and domestic enterprises’ activity in the host country economy including domestic enterprises producing only for the internal market and domestic enterprises producing on both the domestic market and foreign markets. As a result of the researches carried out by the author of this article: a survey and a comparative analysis of the enterprises’ financial data it appeared that Polish enterprises producing both for the internal market and external markets are able to compete successfully with foreign firms on the domestic scene.
DISPOSITION EFFECT: DO HUNGARIAN INVESTORS KEEP THEIR MISTAKES?
DISPOSITION EFFECT: DO HUNGARIAN INVESTORS KEEP THEIR MISTAKES?
(DISPOSITION EFFECT: DO HUNGARIAN INVESTORS KEEP THEIR MISTAKES?)
- Author(s):István Joó, Mihály Ormos
- Language:English
- Subject(s):Evaluation research, Financial Markets
- Page Range:85-90
- No. of Pages:6
- Keywords:disposition effect; behavioral finance; market efficiency;
- Summary/Abstract:In our paper, we examine disposition effect known from behavioral finance, according to investors kept their losing positions too long and close their winning positions too early. Analyzing individual transactions of Hungarian higher education students in 2009 and 2010 –based on realized and non-realized gains and losses – we came to conclusion that investors participating in the researches were inclined to disposition.
CLAIM PAID POSITION IN RANK OF ALTERNATIVE SOURCE OF FUNDING
CLAIM PAID POSITION IN RANK OF ALTERNATIVE SOURCE OF FUNDING
(CLAIM PAID POSITION IN RANK OF ALTERNATIVE SOURCE OF FUNDING)
- Author(s):František Kalouda
- Language:English
- Subject(s):Business Economy / Management, Evaluation research
- Page Range:91-96
- No. of Pages:6
- Keywords:Claim paid; parameters; comparison;
- Summary/Abstract:Paper discusses the evaluation of the claim paid as a source of financing of business activities. It notes the current situation in which claim paid is in the literature of mainstream theory of corporate finance as a source of financing practically absent. The paper analyzes the key factors in the characteristics of the sources of funding sources used and assess this resources by simple statisical method (frequency test). It compares the selected sources of funding to the claim paid as well as to the volume (size of source).
THE BANKING SECTOR UNDER THE CONDITIONS OF THE CRISIS
THE BANKING SECTOR UNDER THE CONDITIONS OF THE CRISIS
(THE BANKING SECTOR UNDER THE CONDITIONS OF THE CRISIS)
- Author(s):Martin Vovk, Mária Klimiková
- Language:English
- Subject(s):Business Economy / Management, Economic policy, Financial Markets
- Page Range:97-101
- No. of Pages:5
- Keywords:Financial crisis; the banking sector; impacts of crisis; contributions; mortgage; credit; account receivable; profitability of banking sector;
- Summary/Abstract:Long-term imbalance of the largest economies, which is crossing sustainable limits, global overbalance in global markets and ideas that internal self-regulatory devices of banking system are sufficient, led to outbreak of financial crisis, which has had global character. The aim of the paper is to analyze the impact of crisis on banking sector and pointing out on the influence of banking sector to creation of the financial crisis.
AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION
AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION
(AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION)
- Author(s):Veronika Krsikova, Lukasz Rybka
- Language:English
- Subject(s):Business Economy / Management, Accounting - Business Administration, Business Ethics
- Page Range:102-106
- No. of Pages:5
- Keywords:audit risk; audit profession; business risk; ethics of auditor;
- Summary/Abstract:The economic life is closely associated with the audit profession that is accompanied by audit risks. These risks are usually determined by business risks. All accounting units are subject tothe business risks while carrying out their business activities. The accounting unit management is responsible for identifying potential risks and responding appropriately. The audit profession might eliminate these risks. The auditor is focused on the risks which may affect the financial statements due to the fact that not all risks concern a preparation of financial statements.
BANKS AND CASH MANAGEMENT
BANKS AND CASH MANAGEMENT
(BANKS AND CASH MANAGEMENT)
- Author(s):Jan Krajíček
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:107-112
- No. of Pages:6
- Keywords:Bank Cash Management; Cash Pooling; Cash Collection;
- Summary/Abstract:One of the major components of banking, which has its own historical traditions, is primarily a commercial bank - the financing of large firms and the problems that are associated with it. It involves a two areas, both our own bank marketing, creation of new banking products and their further use, while the satisfaction of bank customers. In particular, the large bank clients are crucial - their meaning is not, I'll just their size, but also many other clients who are strings attached, be it retail as well as well as corporate clientele.
APPLICATION OF OPERATIONS RESEARCH METHOD TO SOLVE INCREASE IN UNEMPLOYMENT
APPLICATION OF OPERATIONS RESEARCH METHOD TO SOLVE INCREASE IN UNEMPLOYMENT
(APPLICATION OF OPERATIONS RESEARCH METHOD TO SOLVE INCREASE IN UNEMPLOYMENT)
- Author(s):Veronika Křelinová, Jiřina Krajčová, Pavla Vanduchova
- Language:English
- Subject(s):Labor relations, Socio-Economic Research
- Page Range:113-118
- No. of Pages:6
- Keywords:Unemployment; Jobseeker; State; Multi-Criteria Analysis Model of Variants;
- Summary/Abstract:Even today, it is clear that the Czech Republic has failed to cope with effects of a financial crisis that broke out in 2011. Surely would be nice to say that this crisis is similar to that which we went through in 2008, which would be much easier as well as its subsequent solution, where it would be possible to use past experience. However, this global crisis,compared to the current one, spread from the bottom upwards.
CHANGES IN REPORTING OF GOODWILL IN MERGERS & ACQUISITIONS
CHANGES IN REPORTING OF GOODWILL IN MERGERS & ACQUISITIONS
(CHANGES IN REPORTING OF GOODWILL IN MERGERS & ACQUISITIONS)
- Author(s):Zuzana Křížová, Eva Hýblová
- Language:English
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:119-124
- No. of Pages:6
- Keywords:Accounting standards; disclosure of intangibles; goodwill; intangible assets; mergers and acquisitions; reporting;
- Summary/Abstract:Recent growth of the service sector and of the information technology- related business, along with the dramatic increase in the number and size of mergers and acquisitions, has made accounting for intangible assets very significant, especially in the field of reporting of goodwill. Comparative analysis is focused on the differences between IFRS, US GAAP accounting procedures and Czech accounting legislation. Main areas of analysis and synthesis are the identification of mehods for goodwill recognition and reporting. The result is to recommend more broadly voluntary disclosure in the reported financial statements of companies.
TAX PROGRESSION AS AN INSTRUMENT OF INCOME REDISTRIBUTION
TAX PROGRESSION AS AN INSTRUMENT OF INCOME REDISTRIBUTION
(TAX PROGRESSION AS AN INSTRUMENT OF INCOME REDISTRIBUTION)
- Author(s):Katarzyna Lewkowicz-Grzegorczyk
- Language:English
- Subject(s):Economic policy, Public Finances, Fiscal Politics / Budgeting
- Page Range:125-130
- No. of Pages:6
- Keywords:personal income tax; progression; redistribution;
- Summary/Abstract:Empirical studies confirm that progressive personal income tax can become an important instrument of income redistribution. The purpose of this paper is to demonstrate how income redistribution criteria can influence the structure of income tax. After examining the nature of and reasons for the redistribution of income, the author provides analysis of the Polish personal income tax system.
INVESTIGATION OF THE WEEKEND EFFECT ON THE PRAGUE STOCK EXCHANGE
INVESTIGATION OF THE WEEKEND EFFECT ON THE PRAGUE STOCK EXCHANGE
(INVESTIGATION OF THE WEEKEND EFFECT ON THE PRAGUE STOCK EXCHANGE)
- Author(s):Oleg Deev, Martin Cupal, Dagmar Linnertová
- Language:English
- Subject(s):Evaluation research, Financial Markets
- Page Range:131-135
- No. of Pages:5
- Keywords:EMT; weekend effect; close to close; PSE;
- Summary/Abstract:Since the 1980's numerous studies based on historical data have shown that stock returns depend on the day of the week. So called weekend effect suggests that stock returns on Mondays are often significantly lower than those of the immediately preceding Fridays. In this proceeding we will apply the analysis of the weekend effect on the Prague Stock Exchange.
THE METHODOLOGY FOR THE RISK DETECTION IN NON-PUBLIC COMPANIES. RUSSIA, NRU HSE
THE METHODOLOGY FOR THE RISK DETECTION IN NON-PUBLIC COMPANIES. RUSSIA, NRU HSE
(THE METHODOLOGY FOR THE RISK DETECTION IN NON-PUBLIC COMPANIES. RUSSIA, NRU HSE)
- Author(s):Vasilisa A. Makarova
- Language:English
- Subject(s):Business Economy / Management, Evaluation research, Financial Markets
- Page Range:136-141
- No. of Pages:6
- Keywords:the requirements for the risk classification; flexible and adaptable classification; business process risk groups;
- Summary/Abstract:Risk-management and financial management are going to become the main components of corporate economic governance, for all the existing theories of financial management consist both of financial analysis, planning, and the allowance of the implied volatile of further incomes and costs. According to the methodology of a systematic analysis, ERM system must be presented as a multi-level system, which involves all employees in the process of risk management.
THE IMPORTANCE OF OFFSHORE FINANCIAL CENTRES IN THE FINANCIAL SYSTEM IN THE TIMES OF CRISIS
THE IMPORTANCE OF OFFSHORE FINANCIAL CENTRES IN THE FINANCIAL SYSTEM IN THE TIMES OF CRISIS
(THE IMPORTANCE OF OFFSHORE FINANCIAL CENTRES IN THE FINANCIAL SYSTEM IN THE TIMES OF CRISIS)
- Author(s):Magdalena Markiewicz
- Language:English
- Subject(s):Economic policy, Financial Markets, Public Finances, Fiscal Politics / Budgeting
- Page Range:142-147
- No. of Pages:6
- Keywords:offshore financial centres; multinational corporations; globalisation; offshore banking; tax competition; crisis;
- Summary/Abstract:The goal of the article is to verify the significance of offshore financial centres (OFCs) interms of destabilization of the international financial system. Statistical data confirm that many multinational corporations hold the headquarters in the countries offering some privileges and most of OFCs offer also low corporate taxes (CIT, VAT).
EFFICIENCY OF ACCOUNTS RECEIVABLE MANAGEMENT IN POLISH INSTITUTIONS
EFFICIENCY OF ACCOUNTS RECEIVABLE MANAGEMENT IN POLISH INSTITUTIONS
(EFFICIENCY OF ACCOUNTS RECEIVABLE MANAGEMENT IN POLISH INSTITUTIONS)
- Author(s):Grzegorz Michalski
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:148-153
- No. of Pages:6
- Keywords:efficiency of decisions; accounts receivable management; entrepreneurial finance;
- Summary/Abstract:Accounts receivable management should contribute to realization of basic financial purpose of an enterprise which is the realization of such strategy which is linked with its owner (or its stake holders) wealth maximization. The enterprise performance and value maximization strategy realization is more effective when it is realized in the most efficiency way. It is also executed with a focus on risk and uncertainty (Gentry 1988, Michalski 2012). This paper presents the consequences that can result from operating risk to determine the level of accounts receivable in the enterprise.
STRUCTURED PRODUCTS AND MODERN PORTFOLIO THEORY
STRUCTURED PRODUCTS AND MODERN PORTFOLIO THEORY
(STRUCTURED PRODUCTS AND MODERN PORTFOLIO THEORY)
- Author(s):Petr Červinek, Peter Mokrička
- Language:English
- Subject(s):Business Economy / Management, Evaluation research
- Page Range:154-159
- No. of Pages:6
- Keywords:Structured products; certificate; return; risk; portfolio;
- Summary/Abstract:The subjects of this paper are structured products assessed in a portfolio context. The authors are trying to find ways to build a portfolio of financial instruments, which includes structured products. The construction of portfolio should be relatively simple. Therefore, the authors have chosen modern portfolio theory as the first approach. In this paper are demonstrated the possibilities of application of modern portfolio theory methods on the structured products.
INVESTIGATION OF WEAK-FORM EFFICIENCY IN THE CEE REGION APPLYING VARIANCE RATIO TEST
INVESTIGATION OF WEAK-FORM EFFICIENCY IN THE CEE REGION APPLYING VARIANCE RATIO TEST
(INVESTIGATION OF WEAK-FORM EFFICIENCY IN THE CEE REGION APPLYING VARIANCE RATIO TEST)
- Author(s):Mihály Ormos, Gábor Botár
- Language:English
- Subject(s):Economic history, Evaluation research, Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
- Page Range:160-165
- No. of Pages:6
- Keywords:Market efficiency; CEE countries; Variance ratio test;
- Summary/Abstract:We test weak form efficiency for the Central and Eastern European stock markets applying variance ratio test. We investigate the price changes of seven CEE markets (Austria, Hungary, Estonia, the Czech Republic, Poland, Romania, Slovakia) for the period 1991-2011. In order to make the results for these markets directly comparable with results for other developed markets, Germany, United Kingdom and the USA were also incorporated. Our results present contrarian pricing behavior in the investigated countries while instead of the mean reverting (negative autocorrelation) pricing process experienced in the US or in the UK we measure positive autocorrelation especially in the early years of the investigated stock exchanges.
ANALYSIS OF SKIMMING IN THE CZECH REPUBLIC AND PROTECTION TECHNIQUES AGAINST SKIMMING
ANALYSIS OF SKIMMING IN THE CZECH REPUBLIC AND PROTECTION TECHNIQUES AGAINST SKIMMING
(ANALYSIS OF SKIMMING IN THE CZECH REPUBLIC AND PROTECTION TECHNIQUES AGAINST SKIMMING)
- Author(s):Gabriela Oškrdalová
- Language:English
- Subject(s):Business Economy / Management, Security and defense, ICT Information and Communications Technologies
- Page Range:166-171
- No. of Pages:6
- Keywords:e-business; e-banking; security; risk; security risks; fraud; skimming; payment card;
- Summary/Abstract:The subject of the paper “Analysis of skimming in the Czech Republic and protection techniques against skimming” is an analysis of skimming in the Czech Republic, an identification of warning signs of skimming, a creating of a model of this type of fraud and an identification of the basic recommendations for payment card users to reduce security risks connected with using of payment cards.
TRENDS IN THE ORGANIZATION OF FINANCIAL SUPERVISION OVER THE OCEAN
TRENDS IN THE ORGANIZATION OF FINANCIAL SUPERVISION OVER THE OCEAN
(TRENDS IN THE ORGANIZATION OF FINANCIAL SUPERVISION OVER THE OCEAN)
- Author(s):Dalibor Pánek
- Language:English
- Subject(s):Economic policy, Financial Markets
- Page Range:172-176
- No. of Pages:4
- Keywords:Financial supervision; institutional arrangements of supervision; financial system; financial institutions risks;
- Summary/Abstract:Text of the paper includes the curent issue of institutional arrangements and supervision of financial market supervision in the United States and Canada with the aim of understanding current trends in the financial system.
THE USE OF VAR IN THE PROCESS OF TRANSACTION SYSTEM RISK REDUCTION: THE EXAMPLE OF DERIVATIVES
THE USE OF VAR IN THE PROCESS OF TRANSACTION SYSTEM RISK REDUCTION: THE EXAMPLE OF DERIVATIVES
(THE USE OF VAR IN THE PROCESS OF TRANSACTION SYSTEM RISK REDUCTION: THE EXAMPLE OF DERIVATIVES)
- Author(s):Radosław Pastusiak
- Language:English
- Subject(s):Business Economy / Management, Economic history, Transformation Period (1990 - 2010), Financial Markets
- Page Range:176-181
- No. of Pages:6
- Keywords:Value at Risk; risk; capital market; technical analysis; mechanical system;
- Summary/Abstract:The goal of this paper was to show the applicability of VaR risk management tool to increase the efficiency of transaction system for the WIG20 futures traded on the Warsaw Stock Exchange. For this purpose, a simple but presenting high efficiency trading system based on data from the years 2003-2011 was built. It is a mechanical system, providing the investor with specific values signaling the reversal of position in everyday trading.
RISK FACTORS OF CONTEMPORARY „FINANCIAL CRISIS“ AND THEIR INFLUENCE ON FUTURE DEVELOPMENT OF WORLD ECONOMY
RISK FACTORS OF CONTEMPORARY „FINANCIAL CRISIS“ AND THEIR INFLUENCE ON FUTURE DEVELOPMENT OF WORLD ECONOMY
(RISK FACTORS OF CONTEMPORARY „FINANCIAL CRISIS“ AND THEIR INFLUENCE ON FUTURE DEVELOPMENT OF WORLD ECONOMY)
- Author(s):Oldřich Rejnuš
- Language:English
- Subject(s):Supranational / Global Economy, Economic development, Financial Markets
- Page Range:182-187
- No. of Pages:6
- Keywords:Financial crises; risk factors; economic crisis; financial markets; global economy; market economy; critical factors; state regulation; quantitative easing;
- Summary/Abstract:The article deals with problems of contemporary “financial crisis” that appeared in 2008 and subsequently developed into very serious global economy crisis. First of all, factors that lead to the crisis are identified, consequently, their influence on contemporary developmental trends, intruding operation of world financial system and endangering future development of world economy are analyzed. At the same time essential issues regarding future “market economy", which depends on contemporary society are formulated.
THE IMPACT OF THE FINANCIAL AND DEBT CRISES ON THE INVESTMENT ACTIVITIES OF INSURANCE COMPANIES
THE IMPACT OF THE FINANCIAL AND DEBT CRISES ON THE INVESTMENT ACTIVITIES OF INSURANCE COMPANIES
(THE IMPACT OF THE FINANCIAL AND DEBT CRISES ON THE INVESTMENT ACTIVITIES OF INSURANCE COMPANIES)
- Author(s):František Řezáč
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:188-193
- No. of Pages:6
- Keywords:Financial and debt crises; investment activities of insurance companies; investments; financial instruments;
- Summary/Abstract:Financial and debt crises have not significantly influenced the activities of insurance companies, especially their investment activities. Using methods for the analysis to show that the European insurance market and insurance market in the Czech Republic there was little change in the financial position of insurance companies available funds.
AN ANALYSIS OF UNSUCCESSFUL MERGERS IN THE CZECH ENVIRONMENT
AN ANALYSIS OF UNSUCCESSFUL MERGERS IN THE CZECH ENVIRONMENT
(AN ANALYSIS OF UNSUCCESSFUL MERGERS IN THE CZECH ENVIRONMENT)
- Author(s):Kristýna Kuhrová, Jaroslav Sedláček
- Language:English
- Subject(s):Supranational / Global Economy, Business Economy / Management
- Page Range:194-200
- No. of Pages:7
- Keywords:company transformations; types of mergers; merger development; unsuccessful mergers; macroeconomic environment; regression and correlation analysis;
- Summary/Abstract:Mergers are perceived as strategic decisions made by owners (and the management) of acompany which bring significant changes of the activity of the company. A successful merger can cause a concurrence of several individual factors affecting the company and thus increase its economic performance and stability. However, in the case of an unsuccessful merger, the resulting impact of all factors can be so negative that it can threaten the very existence of the transformed company.
COST MANAGEMENT EVOLUTION FOR MANUFACTURING COMPANIES
COST MANAGEMENT EVOLUTION FOR MANUFACTURING COMPANIES
(COST MANAGEMENT EVOLUTION FOR MANUFACTURING COMPANIES)
- Author(s):Vladimir Shatrevich
- Language:English
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:201-206
- No. of Pages:6
- Keywords:Cost management; manufacturing; business strategy; innovation; sustainable development; strategic management;
- Summary/Abstract:This paper researches of newest tendencies of cost management evolution. The main goal of this paper is to evaluate of the current situation, tasks and development trends for the manufacturing companies in developing countries. The aim of this paper is to analyze the crucial aspects of cost management tools that influence the financial output of the companies. Our main conclusion is that cost management needs to be upgraded with some tools from strategic management.
SEGMENTATION OF CORPORATE CLIENTS IN A BANK
SEGMENTATION OF CORPORATE CLIENTS IN A BANK
(SEGMENTATION OF CORPORATE CLIENTS IN A BANK)
- Author(s):Miroslav Sponer
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:207-213
- No. of Pages:7
- Keywords:Segmentation; segmentation criteria; segment; bank strategy; corporate client;
- Summary/Abstract:The goal of this paper is to define applicable segmentation criteria for corporate banking clients based upon analyses of corporate client needs. In the first section, I summarize the principles of segmentation and segmentation specifically as it relates to bank strategy. I further analyze client needs and developments in business in the Czech Republic. Applicable segmentation criteria are proposed based upon corporate client need analyses and on a comparison of the segmentation criteria used by leading financial institutions in the Czech Republic and the European Union.
APPLICABILITY OF IFRS IN THE PRACTICE OF CZECH SMES: INSIGHT OF CZECH ACCOUNTING PROFESSION REPRESENTATIVES
APPLICABILITY OF IFRS IN THE PRACTICE OF CZECH SMES: INSIGHT OF CZECH ACCOUNTING PROFESSION REPRESENTATIVES
(APPLICABILITY OF IFRS IN THE PRACTICE OF CZECH SMES: INSIGHT OF CZECH ACCOUNTING PROFESSION REPRESENTATIVES)
- Author(s):Jiří Strouhal
- Language:English
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:214-219
- No. of Pages:6
- Keywords:implementation; IFRS; IFRS for SMEs; accounting profession; Czech Republic; CEE countries;
- Summary/Abstract:The originality of the paper also consists in offering insights of Czech accounting profession representatives onto the issues of IFRS/IFRS for SMEs implementation. There was employedan interpretive research design to provide deep, rich understanding and theoretical generalisation of approached field of research.
SELECTED MACROECONOMIC FACTORS AND THEIR RELATIONSHIP TO IMPAIRED LOANS OF DEUTSCHE BANK
SELECTED MACROECONOMIC FACTORS AND THEIR RELATIONSHIP TO IMPAIRED LOANS OF DEUTSCHE BANK
(SELECTED MACROECONOMIC FACTORS AND THEIR RELATIONSHIP TO IMPAIRED LOANS OF DEUTSCHE BANK)
- Author(s):Natália Žoldáková, Boris Šturc
- Language:English
- Subject(s):Supranational / Global Economy, Economic policy, Financial Markets
- Page Range:220-225
- No. of Pages:6
- Keywords:stepwise regression; impaired loans; macroeconomic indicators; forward selection; euro area; Deutsche Bank;
- Summary/Abstract:There are three hypotheses considered in this article. As first stands hypothesis of mutual horizontal correlation of macroeconomic indicators in EU17 and in Germany separately. It establishes that these factors are highly correlated. Second hypothesis says that the same factors are correlated also vertically – between Germany and euro area. Third hypothesis is focused on claiming that the portion of impaired loans on total loans of Deutsche Bank correlates with the development of significant macroeconomic factors.
INFLUENCE OF A MERGER ON THE VALUE OF ASSETS OF MERGED COMPANIES IN THE CZECH REPUBLIC
INFLUENCE OF A MERGER ON THE VALUE OF ASSETS OF MERGED COMPANIES IN THE CZECH REPUBLIC
(INFLUENCE OF A MERGER ON THE VALUE OF ASSETS OF MERGED COMPANIES IN THE CZECH REPUBLIC)
- Author(s):Maria Králová, Petr Valouch
- Language:English
- Subject(s):Business Economy / Management, Economic policy
- Page Range:226-231
- No. of Pages:6
- Keywords:Merger; total assets; financial statements; influence of the merger on the value of total assets;
- Summary/Abstract:The aim of this paper is to assess whether mergers of companies in the Czech Republic influence the value of the total assets of merged companies in the period of three years after the merger. At the first stage of the statistical evaluation of the influence of mergers on particular accounting, financial and economic quantities of merging companies in the Czech Republic in 2001–2010, the influence of mergers on the total value of assets of merged companies 3 years after the merger is assessed in comparison with the sum of total assets of merging companies as of the date of merger.
CURRENT APPROACHES TO ASSESS THE FINANCIAL PERFORMANCE OF A COMMERCIAL INSURANCE COMPANY
CURRENT APPROACHES TO ASSESS THE FINANCIAL PERFORMANCE OF A COMMERCIAL INSURANCE COMPANY
(CURRENT APPROACHES TO ASSESS THE FINANCIAL PERFORMANCE OF A COMMERCIAL INSURANCE COMPANY)
- Author(s):Eva Vávrová
- Language:English
- Subject(s):Business Economy / Management, Evaluation research
- Page Range:232-236
- No. of Pages:5
- Keywords:commercial insurance company; insurance industry; financial analysis; profitability; indicator; return on equity; return on assets; return on sales; technical provisions; premiums written;
- Summary/Abstract:The aim of this paper is to evaluate current approaches to assessing the financial performance of a commercial insurance company as a financial institution specializing in covering the risks taken by economic entities. Its function is also reflected in the specifics of both, financial analysis and the evaluation of financial performance in the insurance industry, which differs significantly from other types of financial institutions in other financial sectors, typically from evaluating financial performance of banks.
THE SUCCESS OF THE SPECULATIVE BUBBLES BURST PREDICTION USING ARTIFICIAL NEURAL NETWORKS
THE SUCCESS OF THE SPECULATIVE BUBBLES BURST PREDICTION USING ARTIFICIAL NEURAL NETWORKS
(THE SUCCESS OF THE SPECULATIVE BUBBLES BURST PREDICTION USING ARTIFICIAL NEURAL NETWORKS)
- Author(s):Soňa Poláková, Jitka Veselá
- Language:English
- Subject(s):Business Economy / Management, Evaluation research, Financial Markets
- Page Range:237-242
- No. of Pages:6
- Keywords:Speculative Bubbles; Technical Analysis; Artificial Neural Network; Technology (Dotcom) Bubble; Real Estate Bubble;
- Summary/Abstract:Creating and cracking of speculative bubbles in recent years become more frequent reality offinancial markets. The consequence of bursting speculative bubble is a huge increase in market risk, drastic reduction of the wealth of investors, decline in economic activity and substantial disruption of market mechanism functioning. In an effort to mitigate the negativeand dangerous impact of bursting of speculative bubbles in financial markets, analysts are trying to use various analytical tools and methods for identifying speculative bubbles, and then to predict its breaking point.
