European Financial Systems 2015: Proceedings of the 12th International Scientific Conference

Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation

Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation
(Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation)

Author(s):Katarína Belanová
Language:English
Subject(s):National Economy, Economic policy, Economic development, Financial Markets
Page Range:12-19
No. of Pages:8
Keywords:gross fixed capital formation; economic growth; gross domestic product;
Summary/Abstract:Economic growth is a fundamental objective of economic policy of every developed market economy. Investments are the main source of it. That is why it is important to observe the development of investments, their structure and share on GDP. The aim of the article is to analyze the development of gross fixed capital formation (GFCF), to compare its level with EU - 28, as well as to present interdependence between GDP and GFCF. As statistical data reveal, the values of GFCF have increased from 2010, what indicates economic recovery.

Profitability versus Debt in Hospital Industry

Profitability versus Debt in Hospital Industry
(Profitability versus Debt in Hospital Industry)

Author(s):Agnieszka Bem, Paweł Prędkiewicz, Paulina Ucieklak-Jeż, Rafal Siedlecki
Language:English
Subject(s):Business Economy / Management, Economic policy, Health and medicine and law
Page Range:20-27
No. of Pages:8
Keywords:hospital; profitability; debt; financial management;
Summary/Abstract:The paper examines the relationship between profitability of hospitals and their debt ratios. The main objective is to investigate, whether hospitals use debt as a source of funding, in the absence of sufficient profits from operating activities. Using statistical methods, we have proved a negative relationship between the profitability measured on many levels (ROA, EBIT margin, EBITDA margin) and hospitals' total debt ratio. On the other hand, we have found a positive relationship between the debt and profitability, taking into account only short-term and long-term loans and credit.

Natural Disasters and their Impact on Long-term Growth

Natural Disasters and their Impact on Long-term Growth
(Natural Disasters and their Impact on Long-term Growth)

Author(s):Karina Benetti
Language:English
Subject(s):National Economy, Energy and Environmental Studies, Evaluation research, Economic development
Page Range:28-36
No. of Pages:9
Keywords:catastrophic risk; economic growth; natural disaster;
Summary/Abstract:Article deals by using empirical analysis with evaluation of the long-run relationship among the realization of natural disasters and with economic growth in selected countries. According to the research results Skidmore & Toya (2002) there is a correlation between higher frequency of natural disasters and higher rate of accumulation of human capital, which ultimately leads to the increase in total factor productivity and therefore economic growth, but mostly only in the long term.

Global Economy, Monetary Policies and their Impact on Financial Markets

Global Economy, Monetary Policies and their Impact on Financial Markets
(Global Economy, Monetary Policies and their Impact on Financial Markets)

Author(s):Miroslav KMEŤKO, Miloš Bikár
Language:English
Subject(s):Supranational / Global Economy, Financial Markets
Page Range:37-44
No. of Pages:8
Keywords:monetary policy; quantitative easing; market volatility; currency movements; asset reallocation; institutional investors;
Summary/Abstract:The Global Economic and Financial Crisis led central banks in advanced economies to adopt a variety of standard and non-standard measures to ease monetary conditions. In the US, the UK, and Japan the centerpiece of these non-standard measures has been large-scale purchases of financial assets, also known as quantitative easing (QE). Purchases of financial assets financed by central bank money increase liquidity and push up asset prices, as those who have sold assets to the central bank rebalance their portfolios into riskier assets.

The Effect of a New Lease Reporting in Transport Companies

The Effect of a New Lease Reporting in Transport Companies
(The Effect of a New Lease Reporting in Transport Companies)

Author(s):Hana Bohušová, Alžběta Srnova
Language:English
Subject(s):Accounting - Business Administration, Transport / Logistics
Page Range:45-52
No. of Pages:8
Keywords:lessee; capitalization; Re-exposure draft;
Summary/Abstract:Current differences between the accounting treatments for a financial and an operating lease force users of the financial statements to capitalize individually the operating lease. The Re - exposure draft of the new standard Lease should eliminate the problems of the current reporting principles. As a result of the application of the new standard, it is expected that more leases will be activated on the balance sheet on the lessees' side. It is probable that the most significant impact will be observable in the case of companies where operating leases are major sources of financing (e.g. transport companies, airlines).

Fees or Taxes - The Hamlet Question for the Czech Municipality

Fees or Taxes - The Hamlet Question for the Czech Municipality
(Fees or Taxes - The Hamlet Question for the Czech Municipality)

Author(s):Pavlina Brabcová
Language:English
Subject(s):Public Administration, Public Finances, Fiscal Politics / Budgeting
Page Range:53-60
No. of Pages:8
Keywords:tax; fee; local coefficient; fee for the municipal waste; vote; industry;
Summary/Abstract:This paper is focused on the analysis of the basic patterns of the municipal revenue in the Czech Republic, especially the trade-off between the tax and fee financing. Data reveals that the Czech municipalities often introduced local coefficient of 2 which doubled the basic property tax revenue. This is the mean value applied for more than one half of the surveyed units. Local fee is often introduced at the level of 500 CZK per capita. It seems that the municipality rather prefers such values, which are used by the vast majority of municipalities.

Economic and Demographic Determinants of Life Insurance Industry Development

Economic and Demographic Determinants of Life Insurance Industry Development
(Economic and Demographic Determinants of Life Insurance Industry Development)

Author(s):Zuzana Brokešova, Tomáš Ondruška, Erika Pastoráková
Language:English
Subject(s):Business Economy / Management, Demography and human biology, Socio-Economic Research
Page Range:61-65
No. of Pages:5
Keywords:life insurance industry; industry development; economic determinants; demographic determinants;
Summary/Abstract:countries. In European area, the majority of life insurance business is concentrated in the West European countries, where life insurance has a long tradition in the population. Central and Eastern European (CEE) countries are significantly behind in this area, what is documented by the level of their life insurance density and penetration. However, during the last few decades, we have observed extensive growth in these markets. In addition, CEE countries also overcome dynamic changes in economy and demography, during this period.

Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law

Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law
(Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law)

Author(s):Barbora Chmelíková, Martin Svoboda
Language:English
Subject(s):Law, Constitution, Jurisprudence, Higher Education , Financial Markets
Page Range:66-72
No. of Pages:7
Keywords:financial literacy; university students; financial education;
Summary/Abstract:The objective of this article is to analyze results of the comparative study related to the financial literacy conducted among the students of the Faculty of Economic and Administration and the students of the Faculty of Law at Masaryk University. The empirical survey was focused on the examination of the financial literacy in terms 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.

Management of Insurance Mediation for Small and Medium Enterprises

Management of Insurance Mediation for Small and Medium Enterprises
(Management of Insurance Mediation for Small and Medium Enterprises)

Author(s):Viktória Čejková, Michal Fabuš
Language:English
Subject(s):Business Economy / Management, Financial Markets
Page Range:73-78
No. of Pages:6
Keywords:insurance; premium; insuring; commercial insurance company; insurance mediation; insurance intermediary; risks; small and medium enterprises; insurance products;
Summary/Abstract:The aim is to characterise the risks of SMEs and recommending insurance mediation through experts, i.e. insurance intermediaries of commercial insurance companies. Furthermore this paper deals with insurance, insurance brokerage and selected risks of insurance risk by SMEs. Specifically on premium insurance products for SMEs their characteristics and evolution. This paper also presents current issues and trends in risk insurance intermediation for SMEs in Slovakia.

European Evidence on the Long-Run Superneutrality of Money

European Evidence on the Long-Run Superneutrality of Money
(European Evidence on the Long-Run Superneutrality of Money)

Author(s):Oleg Deev, Martin Hodula
Language:English
Subject(s):Supranational / Global Economy, Political economy, Financial Markets
Page Range:79-86
No. of Pages:8
Keywords:money superneutrality; SVAR;
Summary/Abstract:This paper investigates the validity of the money superneutrality concept for the sample of 30 European economies. Using a structural vector autoregressive framework, we examine the long-run response of real output to a permanent inflation shock for each country. We find that for the majority of countries in our sample the long- run superneutrality concept is confirmed as the original increase/decrease in output growth fades in time. We also fail to proof the additional hypothesis that the exception to superneutrality validity is a group of countries with smaller in-sample inflation mean.

Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance

Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance
(Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance)

Author(s):Ján Dobrovič, Anton Korauš
Language:English
Subject(s):National Economy, Comparative politics, Public Finances, Fiscal Politics / Budgeting
Page Range:87-92
No. of Pages:6
Keywords:taxes; tax reform; tax administration; efficiency; process management;
Summary/Abstract:Within the frame of the research on this matter, we came out form the existing functional organizational structures and tax administration systems not only in Slovakia but also in Hungary, Poland, Czech Republic and Slovenia, where as the fundamental prerequisite of investigation was increasing efficiency of the system globally.

Capital Structure and Credit Risk in the Czech Republic

Capital Structure and Credit Risk in the Czech Republic
(Capital Structure and Credit Risk in the Czech Republic)

Author(s):Bohuslava Doláková
Language:English
Subject(s):Business Economy / Management, Economic policy, Financial Markets
Page Range:93-99
No. of Pages:7
Keywords:risk management; capital structure; banks; lending;
Summary/Abstract:The paper deals with the risk management being a very important concept for any business as most financial decisions revolve around the corporate cost of holding risk. This issue is particularly important to banks since risk constitutes their core business processes. This paper examines how credit risk affects a bank's capital structure, profitability and lending decisions. Banks hold private information about their borrowers that makes sales of loan difficult due to adverse selection.

Performance of Actively Managed Funds in Various Stages of Business Cycle

Performance of Actively Managed Funds in Various Stages of Business Cycle
(Performance of Actively Managed Funds in Various Stages of Business Cycle)

Author(s):Tomáš Dráb
Language:English
Subject(s):Business Economy / Management, Financial Markets
Page Range:100-105
No. of Pages:6
Keywords:active investments; passive investments; investment strategies; investment funds; financial markets;
Summary/Abstract:Discussion between advocates of active and passive investments has been going on for at least three decades. Broadly speaking, evidence in favor of passive investments against active investment strategies has grown very strong during that period bringing active investments almost on the edge of obscure methods. The aim of this paper is to contribute to mentioned discussion by submitting an analysis of performance of actively managed funds in various stages of business cycle with given benchmarks within particular time periods and on particular markets.

Optimal Strategies for Tax Policy and Social Policy Tools Mix

Optimal Strategies for Tax Policy and Social Policy Tools Mix
(Optimal Strategies for Tax Policy and Social Policy Tools Mix)

Author(s):Nadiya Dubrovina, Jana Péliová
Language:English
Subject(s):Economic policy, Public Finances, Fiscal Politics / Budgeting
Page Range:106-113
No. of Pages:8
Keywords:optimal taxation; tax policy; game theory; tax; transfer;
Summary/Abstract:In the paper the problems of optimal taxation and tax policy are considered. We use the game theory approach for the mathematical formulation of the problems discussed in the tax theory. In the paper, we developed own simple matrix game using the dilemma between taxes and transfers, and ideas for optimal tax-transfers policy.

The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking

The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking
(The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking)

Author(s):Jiří Dvořák, Karel Urbanovský, Martina Jankova
Language:English
Subject(s):Economy, Security and defense, ICT Information and Communications Technologies
Page Range:114-119
No. of Pages:6
Keywords:economic cybernetics; electronic banking; system integration; cybersecurity; cyberspace;
Summary/Abstract:The aim of the contribution is, based on the solving tasks of specific researches, express systematically adaptive environment of the modern intelligent cashless payment system as a cybernetic model aimed to the safety profile of the future system integrated electronic banking. To inform mainly experts of the possible use of the environment modeling in the new cybernetic space (cyberspace). Furthermore express methodology of the research work of an investigator team with regard to the necessary integration processes in the areas of banking and business.

Holding Company, Reasons for Creation, Advantages and Disadvantages

Holding Company, Reasons for Creation, Advantages and Disadvantages
(Holding Company, Reasons for Creation, Advantages and Disadvantages)

Author(s):David Ficbauer
Language:English
Subject(s):Business Economy / Management, Evaluation research
Page Range:120-128
No. of Pages:9
Keywords:olding company; reasons for creating a holding company; diversification of business risk; advantages and disadvantages of a holding company;
Summary/Abstract:Research projects in the area of financial management of holdings deal mainly with transfer pricing, an overall assessment of mergers and acquisitions and valuation of concerns. This paper presents research on holding companies in relation to cash management. The research included 15 holdings, comprising 188 business enterprises on the date of the research. The research was performed at holding companies (parent companies) and selected subsidiaries. The research was carried out in two stages. The first stage consisted of a questionnaire survey.

Influence of Volatility on Hedging Strategies

Influence of Volatility on Hedging Strategies
(Influence of Volatility on Hedging Strategies)

Author(s):Hana Florianová
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:129-134
No. of Pages:6
Keywords:warrants; delta-hedging; portfolio; Frankfurt Stock Exchange;
Summary/Abstract:Subjects of financial markets who invest their funds in financial derivatives undergo high risks. The way how to protect from risk portfolio that includes warrants may be delta-hedging and gamma-hedging. The former is immune to the small changes in underlying asset's price and the letter even for greater changes in price. In this paper we try to answer the question what is the small change in price of an underlying asset. For this purpose we construct 50 portfolios which are delta-neutral and observe and compare how their value reacts to the certain levels of volatility of the underlying asset's price.

Premium Calculation for Critical Illness Products

Premium Calculation for Critical Illness Products
(Premium Calculation for Critical Illness Products)

Author(s):Ján Gogola
Language:English
Subject(s):Business Economy / Management, Evaluation research, Financial Markets
Page Range:135-142
No. of Pages:8
Keywords:premium; mortality; life table; dread disease; critical illness policy;
Summary/Abstract:According to the World Health Organization (WHO) Europe had the highest incidence of the cancer disease in 2008 and by the World Bank the cancer incidence rates rises as the country income increases. In this framework, people are stepping up their requests for the welfare services or for the insurance companies' financial backing in order to face up to the risks concerning the human health and life, like the risk of becoming invalid, losing the own physical or mental ability to live independently or contracting a critical illness. Critical Illness Insurance is an insurance product where a fixed sum (lump sum) is payable on the diagnosis of one of a specified list of critical illnesses.

Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price

Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price
(Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price)

Author(s):Matúš GREGA, Juraj Nemec
Language:English
Subject(s):Business Economy / Management, Comparative politics, Evaluation research
Page Range:143-150
No. of Pages:8
Keywords:public procurement; competitiveness; savings; final price;
Summary/Abstract:Public expenditures via public procurement accounts for a significant percentage of GDP - around 15 %. Most authors agree that there is an inversely proportional relation between competitiveness and the final price of the public procurement (Kuhlman and Johnson, 1983; Brannman, 1987; Rose-Akerman, 1999; Gupta, 2002; Pavel, 2010; and many others). According to some authors, price decreases caused by increasing competitiveness stop when there are 6-8 participating competitors and they describe this point as fully competitive procurement. When full competitiveness is reached, subsequent additional competitors have only a minimal or no impact on the final procurement price.

Efficiency of National Life Insurance Markets in Europe

Efficiency of National Life Insurance Markets in Europe
(Efficiency of National Life Insurance Markets in Europe)

Author(s):Eva Grmanová
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:151-157
No. of Pages:7
Keywords:data envelopment analysis; efficiency; life insurance market;
Summary/Abstract:The European insurance market is expanding rapidly. Currently, is has a larger share of premiums written than North America or Asia. However, there are big differences between national insurance markets. The paper is aimed at assessing the efficiency of national life insurance markets in Europe by applying DEA models. DEA models are nonparametric methods for assessing the efficiency and which use linear programming. For each analysed subject the efficiency score is expressed, and this score is then used to compare the transformation of multiple inputs into multiple outputs.

Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies

Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies
(Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies)

Author(s):Eva Grmanová
Language:English
Subject(s):Business Economy / Management, Financial Markets
Page Range:158-165
No. of Pages:8
Keywords:two-stage data envelopment analysis; efficiency; insurance companies;
Summary/Abstract:The paper is focused on the application of the two-stage DEA in assessing the efficiency of Slovak and Czech commercial insurance companies. DEA models are nonparametric methods for assessing the efficiency, which use linear programming. The efficiency score is expressed for each subject analyzed and used to compare the transformation of multiple inputs into multiple outputs. Two-stage models allow comparing the efficiency of subprocesses, into which the whole process is divided. By adding the sequence of steps consisting of the application of various statistical methods, two-stage models allow to assess the efficiency of the subprocesses and thereby to determine the strengths and weaknesses of the analyzed subjects, respectively of individual subgroups of subjects.

Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?

Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?
(Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?)

Author(s):Gerhard Fink, Wolfgang Rainer, Peter Haiss
Language:English
Subject(s):Political economy, Financial Markets
Page Range:166-173
No. of Pages:8
Keywords:non-performing loans; Euro loans; foreign currency lending; foreign banks; CEE;
Summary/Abstract:We compile data about Euro denominated lending in Central and Eastern European Countries (CEE EU) during 2001-2011. Our analysis of the determinants of non-performing loans (NPL) with panel regressions for CEE EU suggests that foreign currency loans contributed significantly to the increase in NPLs, reinforced by effective changes in exchange rates, which cannot be sustained by the local borrowers. We find that there are serious limits to Euro-globalization with Euro denominated loans.

Financial Models in the Nonprofit Sector

Financial Models in the Nonprofit Sector
(Financial Models in the Nonprofit Sector)

Author(s):Taťána Hajdíková, Štěpánka Ondoková, Lenka Komárková
Language:English
Subject(s):Evaluation research, Health and medicine and law, Financial Markets
Page Range:174-180
No. of Pages:7
Keywords:hospitals; financial ratios; bankruptcy models; creditworthiness indexes; contributory organizations;
Summary/Abstract:In this paper the corporate bankruptcy and creditworthiness models are applied to the Czech health care sector, particularly, on the inpatient healthcare providers. To test and compare the selected three models we use the data from hospitals, which are different from the management perspective. Concretely, we focus on the hospitals from Vysočina region, whose legal form is a contributory organization and hospitals from Southern Bohemia region, which have the legal form of a joint-stock company. Our research is based on the financial data from the hospital annual reports for the year 2012. From the analysis we get very heterogeneous results when comparing selected regions.

Analysis of Banking Fees and Clients' Needs

Analysis of Banking Fees and Clients' Needs
(Analysis of Banking Fees and Clients' Needs)

Author(s):Martina Hedvičáková, Libuše Svobodová
Language:English
Subject(s):Business Economy / Management, Economic policy, Financial Markets, Accounting - Business Administration
Page Range:181-188
No. of Pages:8
Keywords:Retail core banking services; needs; account; costs; survey;
Summary/Abstract:The banking market (like other business fields) is faced with growing competition. The last six years were characterised by the increasing entry of new low cost banks, which are based on lower monthly cost but in some cases limited services. The first part of the paper is devoted to an introduction to the topic, it describes the situation in the banking market of the Czech Republic and the literature search is carried out. This paper aims to analyse products and services from banks on the market and compares them with the needs and wishes of bank clients, and using the Client index to verify that indeed there was a decrease in average monthly costs for bank accounts due to the entry of low-cost banks.

Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS)

Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS)
(Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS))

Author(s):Irena Honková, Jonáš Výbora
Language:English
Subject(s):Economic policy, Comparative politics, Accounting - Business Administration
Page Range:189-194
No. of Pages:6
Keywords:Czech accounting standards; International financial reporting standards; International accounting standards;
Summary/Abstract:This texts is concerned with financial results of the company depending upon chosen procedures of accounting. Accounting procedures based on the Czech accounting standards (CAS) and accounting procedures based on the International accounting standards/International financial reporting standards (IAS/IFRS) are compared. The comparison of achieved financial results is based on the known synthetic index of the financial analyses - Altman Z-score - of the bankruptcy model.

Development of Oil Prices and Key Determinants Influencing its Development

Development of Oil Prices and Key Determinants Influencing its Development
(Development of Oil Prices and Key Determinants Influencing its Development)

Author(s):Ján Horvát
Language:English
Subject(s):Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Financial Markets
Page Range:195-200
No. of Pages:6
Keywords:WTI Price; Brent Price;
Summary/Abstract:Oil is one of the most important and liquid commodities, which development is highly focused by traders and theoretical economists. The practice showed that change in oil prices is positive correlated with inflation, when there is even indirect influence of oil because oil is oil necessary in delivering goods. Prices of oil influences positive the energetically stocks and negative with airlines stocks. The most important prices are formed in New York WTI crude oil and in London Brent oil.

Coverage of Mortgage Bonds as Important Condition of Investor's Confidence

Coverage of Mortgage Bonds as Important Condition of Investor's Confidence
(Coverage of Mortgage Bonds as Important Condition of Investor's Confidence)

Author(s):Eva Horvátová
Language:English
Subject(s):Business Economy / Management, Financial Markets
Page Range:201-210
No. of Pages:10
Keywords:mortgage covered bonds; mortgage credits; credit portfolio;
Summary/Abstract:In terms of countries of Central and Eastern Europe has developed mortgage banking in a form that puts the emphasis on mortgage loans. Several times we pointed out that these markets are not sufficiently benefit from mortgage bonds. The mortgage system in the developed countries of the world should benefit mainly of mortgage bonds as a source for funding and for investors as an appropriate object of investment with moderate returns and low risk.

Optimal Sampling for the Detection of Market Microstructure Noise

Optimal Sampling for the Detection of Market Microstructure Noise
(Optimal Sampling for the Detection of Market Microstructure Noise)

Author(s):Juraj Hruška, Oleg Deev
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:211-217
No. of Pages:7
Keywords:market microstructure noise; optimal sampling; LM test;
Summary/Abstract:Volatility patterns and its dynamics are the core measures of risk in the financial theory. However, given the algorithmic nature of modern securities trading, frequently used parametric volatility models should be used with great caution when applied on high frequency data. Modelling volatility in high frequency data is fairly complex since such data contains a disruptive volatility component, which only occurs in this kind of data and is not observable in lower frequency data.

Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America

Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America
(Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America)

Author(s):Jana Hvozdenská, Veronika Kajurová
Language:English
Subject(s):National Economy, Economic policy, Comparative politics, Economic development
Page Range:218-223
No. of Pages:6
Keywords:GDP prediction; yield curve; slope; spread;
Summary/Abstract:The yield curve - specifically the spread between long term and short term interest rates is a valuable forecasting tool. It is simple to use and significantly outperforms other financial and macroeconomic indicators in predicting recessions two to six quarters ahead. The steepness of the yield curve should be an excellent indicator of a possible future economic activity. A rise in the short rate tends to flatten the yield curve as well as to slow real growth the near term. This paper aims to analyze the dependence between slope of the yield curve and an economic activity of countries of North America (Canada, Mexico, the United States of America) between the years 2000 and 2014. The slope of the yield curve can be measured as the yield spread between sovereign 10-year bonds and sovereign 3-month bonds.

Behavioral Biases: Analyzes of Investment Strategies

Behavioral Biases: Analyzes of Investment Strategies
(Behavioral Biases: Analyzes of Investment Strategies)

Author(s):Věra Jančurová
Language:English
Subject(s):Behaviorism, Evaluation research, Financial Markets
Page Range:224-229
No. of Pages:6
Keywords:behavioral finance; investment strategies; heuristics and biases;
Summary/Abstract: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.

Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance

Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance
(Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance)

Author(s):Anna Jędrzychowska
Language:English
Subject(s):Health and medicine and law, Socio-Economic Research
Page Range:230-237
No. of Pages:8
Keywords:Medical Liability Insurance; personal injuries; provision for capitalized value of pensions;
Summary/Abstract:Medical Liability Insurance is a financial product that covers the individual physician's liability and the liability of a healthcare facility. Liability insurance protects the insured against the financial consequences of the potential claims of persons or entities to whom the insured causes injury and, according to law, is obliged to provide reparations to. At the same time liability insurance protects third parties who are injured as a result of the events for which the insurance holder is responsible. It should be remembered that the responsibility of the insurer in liability insurance is limited by the amount of cover defined in the contract, representing mostly the limit of liability.

Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions

Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions
(Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions)

Author(s):Anna Jędrzychowska, Ilona Kwiecien
Language:English
Subject(s):Labor relations, Socio-Economic Research
Page Range:238-245
No. of Pages:8
Keywords:occupational accidents; liability insurance; risk management;
Summary/Abstract:Increased awareness of victims in the range of claiming and the growing value of those claims in the area of bodily injuries imply an increased risk of employer's liability for work-related accidents. This justifies the need for a more detailed analysis of the category of risk in the risk management process. In the present study, the authors analyse trends regarding the number of accidents in Poland and other countries. Against this background, data on accidents at work in Poland are classified using selected criteria.

Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic

Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic
(Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic)

Author(s):Pavla Jindrová, Kateřina Seinerová
Language:English
Subject(s):Government/Political systems, Welfare systems, Health and medicine and law
Page Range:246-252
No. of Pages:7
Keywords:health care costs; Bayesian estimation; credibility premium; credibility factor;
Summary/Abstract:Unlike commercial insurance premiums, monthly contribution to the health insurance system depends mainly on the income of the insured person. Amount of revenue of the health insurance companies, however, should be sufficient to cover all costs, especially the cost of health care. Health care costs vary. The paper presents the process of the health care costs estimation in the regions of the Czech Republic by applying the empirical Bayesian credibility models.

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

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

Author(s):František Kalouda
Language:English
Subject(s):Economic policy, Behaviorism, Evaluation research, Financial Markets
Page Range:253-261
No. of Pages:9
Keywords:banking system; cybernetics; market interest rate; unit step response;
Summary/Abstract: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

Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime

Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime
(Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime)

Author(s):Özcan Karahan
Language:English
Subject(s):National Economy, Economic policy, Financial Markets
Page Range:262-268
No. of Pages:7
Keywords:exchange rate pass through; inflation targeting; error correction model; Turkey;
Summary/Abstract:Exchange rate pass through, the impact of exchange rate change on the domestic price level through changes in the import prices, has long been of interest in international economics literature. Along with the application of inflation targeting regime widely, the focus of this interest has also evolved to examine the changes in degree and speed of exchange rate pass through under inflation targeting regime. Turkey, adopted Inflation Targeting (IT) as a monetary regime between 2001 and 2006 implicitly and then explicitly, exhibits a genuine experience to be analyzed in this respect.

Latest Developments in Banking Regulation in tee European Union

Latest Developments in Banking Regulation in tee European Union
(Latest Developments in Banking Regulation in tee European Union)

Author(s):Mária Klimiková, Martin Vovk
Language:English
Subject(s):Governance, EU-Accession / EU-DEvelopment, Financial Markets
Page Range:269-276
No. of Pages:8
Keywords:financial crisis; banks; banking regulation; EU; BRRD;
Summary/Abstract:The financial crisis has revealed that there has been no effective system of governance of financial institutions in crisis, and that there are very few measures that should be adopted by banks in the event of a banking crisis. This fact was an important reason to make an effective policy framework, which would be organized managed the financial institutions if they get into trouble, and so could prevent infection of others.

Acqusition Activity in Financial Sector

Acqusition Activity in Financial Sector
(Acqusition Activity in Financial Sector)

Author(s):Anton Korauš, Róbert Štefko, Ján Dobrovič
Language:English
Subject(s):Business Economy / Management, Evaluation research, Financial Markets
Page Range:277-286
No. of Pages:10
Keywords:acquisition; acquisition activity; financial institution; commercial banks; insurance company; satisfaction of financial institution clients; existent or potential clients; behaviour of clients;
Summary/Abstract:Acquisition activity is a complex notion which includes all activities leading to the increase in the market share, overall yields from banking operation targeted on clientele segments in form of business activities with one or several specific (existing or potential) clients. The epicentre of financial institution’s attention is a client and his needs. A modern financial institution - a financial supermarket adapts its strategy to him, it offers a wide range of products and services to keep a credit of the best bank in the client's eyes. It tries to come closer to a client with products and spaces. The aim of this article was to create a model of acquisition banking and insurance activity in financial sector in Czech and Slovak Republics.

Net Working Capitol across Sectors in toe Czech Republic

Net Working Capitol across Sectors in toe Czech Republic
(Net Working Capitol across Sectors in toe Czech Republic)

Author(s):Petra Kozakova, Jana Pevna
Language:English
Subject(s):National Economy, Business Economy / Management, Evaluation research, Financial Markets
Page Range:287-294
No. of Pages:8
Keywords:liquidity; net working capital; current assets; liabilities; analysis;
Summary/Abstract:This paper calculates the net working capital of enterprises included in various sectors of the national economy in the years 2004 to 2012. The goal of the paper is to highlight the development and structure of net working capital in the analysed period and the represented sectors, to assess the differences between the indicators in the represented sectors and to highlight the factors influencing the level of net working capital. In absolute terms, the highest level of net working capital throughout the analysed period is reached by the Agriculture, Forestry and Fishing sector.

Profit versus Cash Flow in Sectors of toe Czech Republic

Profit versus Cash Flow in Sectors of toe Czech Republic
(Profit versus Cash Flow in Sectors of toe Czech Republic)

Author(s):Petra Kozakova
Language:English
Subject(s):National Economy, Financial Markets
Page Range:295-302
No. of Pages:8
Keywords:profit; cash flow; sector of the national economy;
Summary/Abstract:The paper deals with the comparison of profits and cash flows in companies representing various sectors of the national economy in the Czech Republic. The paper compares the parallel development of these financial indicators and reflects upon the eventual cause of a different indicator development. Results confirm that the profit exceeds the annual cash flow, in many cases even several times. Positively may be evaluated, that in the most represented sectors, the situation where profit and cash flow are positive dominates - in 3A of the cases in the given sectors and period. Significant changes of indicators are characteristic in the development of cash flow.

Fields: Investigating the Visibility of the Flows in Digital Business

Fields: Investigating the Visibility of the Flows in Digital Business
(Fields: Investigating the Visibility of the Flows in Digital Business)

Author(s):Tomáš Krabec, Percy Venegas
Language:English
Subject(s):Business Economy / Management, Evaluation research, ICT Information and Communications Technologies
Page Range:303-312
No. of Pages:10
Keywords:brand valuation; valuation of intangibles; complex systems; predictive analytics; digital economy;
Summary/Abstract:Traditional investment and management tools fail to capture the complexities of a networked, digital business economy: SWOT analysis are static, accounting ratios are unidimensional. More importantly, those artifacts are unfit to deal with intangibles- by definition, the "material" information-based economies transact on.

The Impact of Interbank Interest Rates to Banks' Profit

The Impact of Interbank Interest Rates to Banks' Profit
(The Impact of Interbank Interest Rates to Banks' Profit)

Author(s):Jan Krajíček
Language:English
Subject(s):Business Economy / Management, Economic policy, Financial Markets
Page Range:313-319
No. of Pages:7
Keywords:liabilities; profit; rates; risk; management;
Summary/Abstract:This paper aims to clarify on the basis of historical data analysis, development PRIBOR impact on the development of profitability of commercial banks. Attention is also paid to their impact on risk. In parallel with the decline in the growth of PRIBOR and liabilities of the banking sector, there are changes in their profits and attitudes to risk.

Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces

Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces
(Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces)

Author(s):Miroslav Krč, Vladimír Golik
Language:English
Subject(s):Economic policy, Military policy, Fiscal Politics / Budgeting, Accounting - Business Administration
Page Range:320-325
No. of Pages:6
Keywords:Resource accounting and budgeting; effective allocation; RAB; accrual accounting;
Summary/Abstract:The paper "Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces" analyses the use of accrual accounting and the resulting consequences of the introduction of Resource Accounting and Budgeting in the UK Armed Forces. This paper examines statistically, whether growing costs of manpower causes that the amount of investment spending changes, or not. In the case of personnel expenses, this new approach to resource management using RAB system has led to improvement of utilization of the resources. The research is based on data for total staff numbers and unit personnel costs (in 2005 constant prices) that were spent on maintaining army manpower from 1980 to 2011.

Definition of Electronic Banking Crisis Management in Financial Markets Cyberspace

Definition of Electronic Banking Crisis Management in Financial Markets Cyberspace
(Definition of Electronic Banking Crisis Management in Financial Markets Cyberspace)

Author(s):Marian Kršiak, Jiří Dvořák
Language:English
Subject(s):Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Page Range:326-334
No. of Pages:9
Keywords:electronic banking; system integration; crisis management; cyberspace; European financial markets;
Summary/Abstract:The aim of this paper is to systemically express the classical management capabilities with regard to the dynamics of electronic banking based on specific research. From this perspective, to define modern approach to limit states of the system and also the definition of the management of electronic banking by classical (traditional) methods. At gained status variables, using data from real bank, an appropriate model of system- defined environment was created as possible and also expected crisis management in this area. In terms of management the attention was focused on the modeling of crisis management and on the dynamically developing area of information and communication technologies.

Determination and Analysis of Actual IN05 Accuracy in Prediction of Creditworthiness

Determination and Analysis of Actual IN05 Accuracy in Prediction of Creditworthiness
(Determination and Analysis of Actual IN05 Accuracy in Prediction of Creditworthiness)

Author(s):Michal Kuběnka, Aneta Bolečkova
Language:English
Subject(s):Business Economy / Management, Evaluation research, Financial Markets
Page Range:335-342
No. of Pages:8
Keywords:creditworthiness; index IN05; economic value added; ROE;
Summary/Abstract:The IN05 is considered as the most accurate financial model that predicts the creditworthiness of the company in a measurable way. IN05 was based on the financial data from 2004. It is an updated version of the model IN01 that showed different predictive ability in verifying in 2005, only 4 years after its creation. The situation in the manufacturing industry evolves, and with following 8 years the risk-free rates, interest rates, risk rates and sector averages have changed. The question is how much the ability of IN05 to predict economic value added (EVA) has changed in consequence of it.

Compulsory Insurance of Liability for Environmental Damage: Arguments and Consequences

Compulsory Insurance of Liability for Environmental Damage: Arguments and Consequences
(Compulsory Insurance of Liability for Environmental Damage: Arguments and Consequences)

Author(s):Pavla Kubová
Language:English
Subject(s):Environmental and Energy policy, Human Ecology, Environmental interactions
Page Range:343-348
No. of Pages:6
Keywords:ecological damage and detriment; environment; environmental insurance; liability for environmental damage; polluter pays principle;
Summary/Abstract:Solution liability for environmental damage is one of the important components of enterprise-wide risk. Currently, it is necessary for the undertaking thorough knowledge of legislation, full use of the instruments in the system, from prevention to insurance. The legal doctrine is often supported by compulsory insurance as a means to protect innocent victims. Polluter's obligation to negotiate liability insurance is a good way to protect victims from insolvency polluters.

Application of Gravity Framework to Bilateral Mutual Fund Flows in the Asia Pacific Region

Application of Gravity Framework to Bilateral Mutual Fund Flows in the Asia Pacific Region
(Application of Gravity Framework to Bilateral Mutual Fund Flows in the Asia Pacific Region)

Author(s):Oleksandra Lemeshko, Veronika Končikova
Language:English
Subject(s):Economic policy, Financial Markets
Page Range:349-358
No. of Pages:10
Keywords:fund flows; gravity model; extensive and intensive margin; the AP5;
Summary/Abstract:Already for more than century investigation of allocation of international investment funds is a topic of considerable interest for both practitioners and academicians. To the former such investigation provides a useful aid for efficient diversification of their investment portfolios. To the latter identification of significance of impact of certain factors on international investment flows may provide a proof for violation of efficient market hypothesis, which, if found, will have far-reaching implications for the theory of finance. Despite being an innovative modern scheme for international investment allocation mutual funds still are puzzling from the viewpoint of factors, which determine the status of a particular fund or national fund industry to be or not to be attractive for international investment flows.

Timing Abilities of Mutual Funds in Countries of the Central and Eastern Europe

Timing Abilities of Mutual Funds in Countries of the Central and Eastern Europe
(Timing Abilities of Mutual Funds in Countries of the Central and Eastern Europe)

Author(s):Oleksandra Lemeshko, Oldřich Rejnuš
Language:English
Subject(s):National Economy, Economic policy, Financial Markets
Page Range:359-366
No. of Pages:8
Keywords:timing abilities; volatility; liquidity; mutual fund managers; the CEE;
Summary/Abstract:Being a part of developing economies with high growth rates and increasing wealth and financial literacy of local population in the recent decade mutual funds from the Central and Eastern Europe have increasingly started to draw investors' attention. However the amount of academic research on performance of local funds is small in comparison to their recent economic importance. Rare existing studies suffer one major drawback - they are structured mainly upon country evidence, thus limiting the possibility to derive some generalized conclusions about overall mutual funds performance on the regional or country group level.

Cross-sectional Analysis of Short Sale Determinants in the U.S. Market Sectors

Cross-sectional Analysis of Short Sale Determinants in the U.S. Market Sectors
(Cross-sectional Analysis of Short Sale Determinants in the U.S. Market Sectors)

Author(s):Dagmar Linnertová, Silvie Kafková
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:367-374
No. of Pages:8
Keywords:short sale; panel regression with fixed effect; blue chips; Standard & Poor's index;
Summary/Abstract:The aim of this paper is to analyze short sale determinants along particular sectors in the U.S. market. The analysis is carried out for firm-specific and market characteristics of blue chips traded in the NYSE in the period 2000 - 2014. The motivation of investors for short sale is explained by four short sale hypotheses.

Application of the Nonlinear Oscillations Theory to toe Study of Non-equilibrium Financial Market

Application of the Nonlinear Oscillations Theory to toe Study of Non-equilibrium Financial Market
(Application of the Nonlinear Oscillations Theory to toe Study of Non-equilibrium Financial Market)

Author(s):Nikolay Markov, Viktor Dmitriev, Svetlana Vladislavovna Maltseva, Andrey Dmitriev
Language:English
Subject(s):Methodology and research technology, Financial Markets
Page Range:375-381
No. of Pages:7
Keywords:financial market; non-equilibrium model; nonlinear oscillations; Lorenz system;
Summary/Abstract:The research deals with the construction, implementation and analysis of the model of non-equilibrium financial market using econophysical approach and the theory of nonlinear oscillations. We used scaled variation of supply and demand prices and elasticity of these two variables as dynamic variables in the simulation of the nonequilibrium financial market. View of the dynamical variables data was determined on the strength of econophysical prerequisites using the model of hydrodynamic type.

Cash Levels and its Role in Full Operating Cycle Enterprises: 2005-2013 Czech, Slovak, Hungarian and Polish Enterprises Case

Cash Levels and its Role in Full Operating Cycle Enterprises: 2005-2013 Czech, Slovak, Hungarian and Polish Enterprises Case
(Cash Levels and its Role in Full Operating Cycle Enterprises: 2005-2013 Czech, Slovak, Hungarian and Polish Enterprises Case)

Author(s):Grzegorz Michalski, Emilia Brożyna, Joanna Soroczynska
Language:English
Subject(s):Business Economy / Management, Comparative politics, Evaluation research, Financial Markets
Page Range:382-390
No. of Pages:9
Keywords:cash management; financial liquidity; risk sensitivity; full operating cycle; European financial systems;
Summary/Abstract:The main purpose of the paper is a scientific discussion about the influence of risk and uncertainty on cash levels in enterprises in the context of their innovative economic policy realized in their specific economic environment. The aim of the study is to determine the rules governing the modern cash management in V4 enterprises with a full operating cycle with particular emphasis on economic environmental conditions influencing enterprises.

Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia

Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia
(Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia)

Author(s):Dmitry Mitin, Maria Ginzburg, Nadezhda Yashina
Language:English
Subject(s):National Economy, Business Economy / Management, Economic policy, Government/Political systems, Political economy, Economic development
Page Range:391-399
No. of Pages:9
Keywords:economic risks; political uncertainty; political risks; entrepreneurship; SME;
Summary/Abstract:The academic circles and media commonly associate political uncertainty with aggravated economic risks, discouraged investments, and stunted economic growth. The goal of this survey is to explore the reaction of domestic businesses to political signaling. It allows addressing a key question regarding the perception of uncertainty in Russia: how sensitive are the economic agents to political trends? How robust is their assessment of the extent to which the rules of the game are changing, and what are the threshold levels of political change at which the uncertainty begins to affect economic decisions?

The Threats of the Banking Union for foe Polish Banking Sector

The Threats of the Banking Union for foe Polish Banking Sector
(The Threats of the Banking Union for foe Polish Banking Sector)

Author(s):Krystyna Mitręga-Niestrój, Blandyna Puszer
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:400-407
No. of Pages:8
Keywords:European banking union; banking sector; single supervisory and resolution mechanism;
Summary/Abstract:The main aim of the article is the assessment of the threats of the European banking union for the Polish banking sector. The problem is difficult and complex due to the large degree of internationalization of the Polish banking sector and the presence EU banking groups. The article shows the most considerable potential risks connected with the Single Supervisory Mechanism and the Single Resolution Mechanism for banks in Poland. There are currently no strong arguments for a quick Poland's accession to the banking union. Polish authorities see important threats related to the establishments of close cooperation.

Systematization of Modem Structured Products according to the Parameters Common to all these Instruments

Systematization of Modem Structured Products according to the Parameters Common to all these Instruments
(Systematization of Modem Structured Products according to the Parameters Common to all these Instruments)

Author(s):Peter Mokrička
Language:English
Subject(s):Business Economy / Management, Economic policy, Financial Markets
Page Range:408-413
No. of Pages:6
Keywords:investments; structured products; systematization; derivative financial instruments;
Summary/Abstract:Modern structured products are mostly derivative financial instruments aimed at retail clients. These products allow implementing different investment strategies using derivatives by retail investors. Currently it is issued and traded many types of structured products at the markets. The potential investor has a very difficult orientation in order to make effectively decision and choose a product that meets his expectations and risk profile. Systematization of this segment of investment instruments is necessary.

Comparing Stock Market Efficiency with Detrended Fluctuation Analysis

Comparing Stock Market Efficiency with Detrended Fluctuation Analysis
(Comparing Stock Market Efficiency with Detrended Fluctuation Analysis)

Author(s):Galina Mukhacheva
Language:English
Subject(s):National Economy, Evaluation research, Financial Markets
Page Range:414-420
No. of Pages:7
Keywords:efficient market hypothesis; random walk; detrended fluctuation analysis; DAX; SHCOMP;
Summary/Abstract:Efficient market hypothesis is a core assumption of financial economics upon which the majority of asset pricing models are built. Therefore, before employing asset pricing models for the cost of capital calculations and stock performance predictability, we need to test the random walk properties of stock prices. EMH is closely related to random walk hypothesis that implies unpredictability of stock returns behavior on financial markets. The measure of the random walk content of stock returns is computed with detrended fluctuation analysis of Peng et al. (1994). According to the EMH, the returns within time series present uncorrelated values and are not predictable on a historical basis. The detrended fluctuation analysis is implemented to check the possible correlations in price returns within the studied time series.

Prediction of Oil Depletion in Ghana Based on Hubbert's Model

Prediction of Oil Depletion in Ghana Based on Hubbert's Model
(Prediction of Oil Depletion in Ghana Based on Hubbert's Model)

Author(s):Dennis Nchor, VÁCLAV KLEPÁČ
Language:English
Subject(s):Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy
Page Range:421-427
No. of Pages:7
Keywords:hubbert's curve; hubbert's linearization; oil production; oil depletion; Ghana;
Summary/Abstract:This paper seeks to investigate the potential peak production of oil in Ghana beyond which declining production occurs. Ghana has over the years explored the possibilities of producing oil but major discoveries and subsequent commercial production began in 2010. As important as this resource is to the quest for economic transformation and diversification of the Ghanaian economy, its usage should also take into consideration challenges of depletion. This is so relevant given the fact that, the country needs to make plans that will cover the future generations.

Evaluation Criteria for Public Procurement

Evaluation Criteria for Public Procurement
(Evaluation Criteria for Public Procurement)

Author(s):František Ochrana, Michal Plaček, Veronika Abonyiová, Milan Půček
Language:English
Subject(s):Business Economy / Management, Politics and law
Page Range:428-435
No. of Pages:8
Keywords:public procurement; public contracts for construction; evaluation criteria; the lowest price; the economic advantages of offers;
Summary/Abstract:The paper analyzes evaluation criteria in public procurements. It examines a data set of public procurements for construction that were awarded in Czech Republic in 2013. Evaluation criteria for public contracts was applied to a set of 5065 public contracts. Two methods of evaluating bids can be used for the evaluation of public contracts: single-criterion (the lowest bid price) and Multi-criterion (economically advantageous tender).

Identification of the Consumer of Insurance Services: Evidence from the Slovak Republic

Identification of the Consumer of Insurance Services: Evidence from the Slovak Republic
(Identification of the Consumer of Insurance Services: Evidence from the Slovak Republic)

Author(s):Tomáš Ondruška, Zuzana Brokešova, Erika Pastoráková
Language:English
Subject(s):Socio-Economic Research
Page Range:436-442
No. of Pages:7
Keywords:consumer; consumption; classification tree; life insurance; non-life insurance;
Summary/Abstract:Insurance industry is a dynamic part of the economy that must constantly reflect the change in needs of potential clients. Therefore, knowledge who is the potential client is essential requirement of the success of any insurance company which is trying to bring the tailor-made insurance offer. Similarly, because of the predominance of the supply-side in the insurance market, the proposed offer of the insurance should meet the expectations of consumers themselves and their current needs. The main aim of the paper is to identify the typical consumer of life and non-life insurance in Slovakia through personal, demographic and financial characteristics of individuals.

Lebanese Loop and Protection Techniques against this Type of Fraud

Lebanese Loop and Protection Techniques against this Type of Fraud
(Lebanese Loop and Protection Techniques against this Type of Fraud)

Author(s):Gabriela Oškrdalová
Language:English
Subject(s):Business Economy / Management, Security and defense, ICT Information and Communications Technologies
Page Range:443-450
No. of Pages:8
Keywords:e-banking; security; risk; fraud; Lebanese loop;
Summary/Abstract:Lebanese loop is one of the most frequent types of frauds relating to cash withdrawals from ATMs when an ATM is modificated by a defrauder by installing special additional equipment to gain user's payment card and then payment card user's trust and ignorance are exploited by the defrauder to gain the PIN code. If the defrauder has user's payment card and knows the right PIN code, he/she can withdraw cash, pay for goods and services at shops and e-shops etc. Though currently frauds using the principle of Lebanese loop do not belong to common types of frauds in the Czech Republic, this risk should not be underestimated. Recommendations to reduce Lebanese loop risk are variable.

The Interest Rates of tee Central Bank and tee Banking Sector

The Interest Rates of tee Central Bank and tee Banking Sector
(The Interest Rates of tee Central Bank and tee Banking Sector)

Author(s):Dalibor Pánek
Language:English
Subject(s):Business Economy / Management, Financial Markets
Page Range:451-461
No. of Pages:11
Keywords:central bank; commercial bank; interest rate; affectiveness of instrument; rate time series;
Summary/Abstract:The text contains the issue of the custody of the interest rates of the central bank and interest rates in the banking sector of the Czech republic. The text includes the characteristics of the instruments of monetary policy of the central bank, their current options for the use and the reasons for the currently limited the effectiveness of the interest rates of the central bank on the banking sector. In the text is used for the model identification of the nature of the dependence of the time series of interest rates of the central bank and the commercial banks in the last ten years.

The Costs of Deflation: Are they Really so High?

The Costs of Deflation: Are they Really so High?
(The Costs of Deflation: Are they Really so High?)

Author(s):Stanislav Polouček, Martin Hodula
Language:English
Subject(s):Supranational / Global Economy, Financial Markets
Page Range:462-471
No. of Pages:10
Keywords:ARMA; cyclicity; deflation; growth;
Summary/Abstract:The recent financial crisis raised several challenges for central banks. Monetary policy that was fundamentally based on interest rate regulation was neutralized by a liquidity trap. Central banks started to look for and use unconventional instruments: quantitative easing (QE), negative interest rates, currency floor. The reason for such radical steps was fear of deflation: most economists consider deflation (a fall in the price level) as a very costly development of economies. It seems politicians and central bankers are even more afraid of deflation. The Swiss National Bank (SNB) is one of the first central banks that started to use unconventional monetary policy measures.

Analysis of the Effectiveness of Selected New Types of Bonus-Malus Systems - A Simulation Approach

Analysis of the Effectiveness of Selected New Types of Bonus-Malus Systems - A Simulation Approach
(Analysis of the Effectiveness of Selected New Types of Bonus-Malus Systems - A Simulation Approach)

Author(s):Ewa Poprawska
Language:English
Subject(s):National Economy, Political economy, Methodology and research technology
Page Range:472-480
No. of Pages:9
Keywords:bonus-malus systems; motor insurance;
Summary/Abstract:Bonus-malus systems are used for the classification of the insured in different tariff classes based on the individual history of claims. The aim of such systems is to differentiate premiums for clients with high and low claims ratios to limit the phenomenon of the negative selection of customers and to attract low-claims ratio customers. Thus, bonus-malus systems also fulfil a marketing function and are a tool for gaining competitive advantage.

Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013

Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013
(Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013)

Author(s):Lenka Přečková
Language:English
Subject(s):Business Economy / Management, Economic policy, Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
Page Range:481-489
No. of Pages:9
Keywords:premium written; market share; insurance group; strategic transformation;
Summary/Abstract:The aim of this article is to evaluate how the premium written and market share of the Vienna Insurance Group (VIG) developed on the insurance market of the Slovak Republic. This article also wants to find out whether this development was affected by strategic transformations which insurance companies belonging to the VIG underwent. The time period monitored and evaluated was 9 years - from 2005 to 2013. First, this article describes individual insurance companies belonging to the VIG group and their historical development.

Unit-linked Insurances as an Element that Shapes the Savings Portfolio of Households in Poland after the Accession to the European Union

Unit-linked Insurances as an Element that Shapes the Savings Portfolio of Households in Poland after the Accession to the European Union
(Unit-linked Insurances as an Element that Shapes the Savings Portfolio of Households in Poland after the Accession to the European Union)

Author(s):Peter Adamišin, Ryszard Pukała
Language:English
Subject(s):Evaluation research, Economic development, EU-Accession / EU-DEvelopment, Financial Markets
Page Range:490-497
No. of Pages:8
Keywords:household savings constitute; unit - linked; life insurance; mathematical model; multiple regression;
Summary/Abstract:Household savings constitute a very important factor that triggers the economic growth. Savings accumulation is also an element that shapes the pension policy system, particularly in the segment of individual, voluntary savings products that can be burdened with a considerable value impairment risk, which results from macroeconomic factors. This is a current problem in the face of the financial crisis, where diversification of household savings portfolio that provides security to households under changing economic conditions gains significance. The aim of this research is to present one of the constituents of this portfolio - unit-linked life insurances where the investment risk is borne by the policy holder - compared to other savings products available on the Polish market in the years 2004-2013.

Contemporary Development of the European Monetary Union and its Risk Factors

Contemporary Development of the European Monetary Union and its Risk Factors
(Contemporary Development of the European Monetary Union and its Risk Factors)

Author(s):Oldřich Rejnuš
Language:English
Subject(s):Economic policy, Economic development, Financial Markets
Page Range:498-506
No. of Pages:9
Keywords:financial system; Eurozone; regulation; central banks; quantitative easing;
Summary/Abstract:The paper deals with the problems of the development of financial system of the European Union (EU) countries with special focus on solution of existing crisis. First and foremost, reasonability and present advancement in accomplishing "Euro Area" project, including the process of progressive introduction of single European currency is assessed. In connection with this, existing development of the European Union, with special focus on specification of contemporary economic problems that are currently being solved by enforcing so called "rescue" measures, is analysed.

The Brand in Accounting and Economic Concepts - Comparison of the Czech and the International Approach

The Brand in Accounting and Economic Concepts - Comparison of the Czech and the International Approach
(The Brand in Accounting and Economic Concepts - Comparison of the Czech and the International Approach)

Author(s):Jaroslav Sedláček, Roman Skalicky
Language:English
Subject(s):Business Economy / Management, Law on Economics, Accounting - Business Administration
Page Range:507-513
No. of Pages:7
Keywords:brand, trademark; enterprise name; accounting; revaluation; comparison;
Summary/Abstract:paper examines the accounting aspects of the new available dispositions such as accounting procedures, methods of valuation, options of depreciation, etc. The brand can be represented not only by a trademark but also by the enterprise name, i.e. the name under which the entrepreneur is registered in the Commercial Register („firma"). While before the recodification of the Czech Civil Code was the transfer of the business of the company bound to the concurrent transfer of a business (today, the business establishment) or its part, the concept of the business of the company and disposition with her is in the new civil code completely different.

Valuation of Companies in an Early Stage of Development Using S-curve

Valuation of Companies in an Early Stage of Development Using S-curve
(Valuation of Companies in an Early Stage of Development Using S-curve)

Author(s):Rafal Siedlecki, Daniel Papla, Małgorzata Kwiedorowicz-Andrzejewska
Language:English
Subject(s):Business Economy / Management, Methodology and research technology
Page Range:514-520
No. of Pages:7
Keywords:companies in the early stage of development; valuation; s-curve;
Summary/Abstract:Valuation of companies in the early stage of development is a task particularly difficult and important from the point of view of potential strategic investors, financial (private equity funds) as well as the owners themselves. The presented proposal of model where cash flow will be predicted using s-curve. S- curve is most frequently used to describe economic or natural phenomena which obey the logistic growth law.

Assessment of Institutions of Financial Education and Literacy in the Czech Republic, the Slovak Republic and the United Kingdom of Great Britain and Northern Ireland

Assessment of Institutions of Financial Education and Literacy in the Czech Republic, the Slovak Republic and the United Kingdom of Great Britain and Northern Ireland
(Assessment of Institutions of Financial Education and Literacy in the Czech Republic, the Slovak Republic and the United Kingdom of Great Britain and Northern Ireland)

Author(s):Barbora Smoradová, Martin Svoboda
Language:English
Subject(s):Economy, Higher Education
Page Range:521-527
No. of Pages:7
Keywords:financial literacy; financial education; national strategy;
Summary/Abstract:This paper discusses financial literacy issue, its definitions and deviations in chosen countries with a purpose to show different approaches to financial literacy in the world. The attention is also aimed at assessment of financial literacy institutions in the Czech Republic, the Slovak Republic and the United Kingdom of Great Britain and Northern Ireland. This analysis sums up activities of governments of chosen countries with a goal to show national differences in financial literacy approaches.

Could Financial Literacy Overcome Price Information Asymmetry: Empirical Study

Could Financial Literacy Overcome Price Information Asymmetry: Empirical Study
(Could Financial Literacy Overcome Price Information Asymmetry: Empirical Study)

Author(s):Ivan Soukal, Jan Draessler
Language:English
Subject(s):Business Economy / Management, Evaluation research
Page Range:528-535
No. of Pages:8
Keywords:retail core banking services; financial literacy; optimal choice; empirical study;
Summary/Abstract:Our empirical study is focused on retail core banking services provided through the payment account and financial literacy. Financially literate consumer makes sound financial decisions and so we study on the real market if the optimal choice is made. There are factors that make the choice more difficult due to demand on monetary literacy such as various pricing, tariff complexity and links between products. We perform wide empirical study with a sample of 14 484 individual consumer payment account usage records to study the magnitude of the consumer decision making problem. Our results show very low share of optimal choices defined by the range of individually demanded services and the lowest price. The 95% confidence interval of optimal share is only (0,159; 0,171).

Labour Costs and Capital Employed of Limited Liability Companies in the Czech Republic

Labour Costs and Capital Employed of Limited Liability Companies in the Czech Republic
(Labour Costs and Capital Employed of Limited Liability Companies in the Czech Republic)

Author(s):Jana Steklá
Language:English
Subject(s):Agriculture, Labor relations, Socio-Economic Research
Page Range:536-543
No. of Pages:8
Keywords:labor costs; capital employed; limited liability companies; output ratio;
Summary/Abstract:The problem of the differences of labor costs in the agricultural sector has been well-known mainly for the agricultural sector due to its specific characteristics of the agricultural production and seasonal workforce. Less monitored intra-industry labor costs differences are used for the analysis and for the uncovering of the reasons behind the labor costs differences among limited liability companies in different regions. The aim of this paper is to find out differences of the labor costs to output ratio and capital employed to output ratio of limited liability companies across regions in the Czech Republic for a period from 2007 to 2013.

Relationship between Estimated Value of Public Contract and its Price

Relationship between Estimated Value of Public Contract and its Price
(Relationship between Estimated Value of Public Contract and its Price)

Author(s):Radek Jurčík, Tereza Stloukalová
Language:English
Subject(s):Public Law
Page Range:544-551
No. of Pages:8
Keywords:public contracts; estimated value of public contracts; contract price; factor for critical assessment;
Summary/Abstract:The aim of this paper is to realise the study indicates that there are differences between the estimated value of public contract and its tendered (or final) price. This fact surfaces that in some cases due to an inaccurately estimated price of the public contract were such public contracts awarded within a different type of an award procedure than was needed due to the public contract Law in European countries or due to the European Directives. The Subject of analysis in relation to different type of contract: supply, services and works contracts and type of supplier (its business policy and its size - bigger and smaller suppliers).

Impact of Selected Value Drivers on the Performance of Companies in the Manufacturing Industry

Impact of Selected Value Drivers on the Performance of Companies in the Manufacturing Industry
(Impact of Selected Value Drivers on the Performance of Companies in the Manufacturing Industry)

Author(s):Michal Karas, Mária Režnáková, Michala Strnadová
Language:English
Subject(s):Business Economy / Management, Economic policy, Evaluation research
Page Range:552-560
No. of Pages:9
Keywords:value drivers; performance measurement; financial strategy; reinvestment;
Summary/Abstract:This paper presents the results of research aimed at examining the impact of selected factors belonging among value drivers on the performance of companies operating in the manufacturing industry (CZ-NACE 28). Primary data obtained by a questionnaire survey were supplemented with data from financial statements used to calculate company performance indicators.

Consumer Satisfaction and Enterprise Performance

Consumer Satisfaction and Enterprise Performance
(Consumer Satisfaction and Enterprise Performance)

Author(s):Petr Suchánek, Maria Králová
Language:English
Subject(s):Business Economy / Management, Socio-Economic Research
Page Range:561-567
No. of Pages:7
Keywords:consumer satisfaction; performance; ratios;
Summary/Abstract:The subject of this paper is the relationship between consumer satisfaction and enterprise performance. The aim of this paper is to analyse the effect that consumer satisfaction has on enterprise performance. The paper is based on research into consumer satisfaction (consumers of the enterprises being surveyed) and the performance of the food industry in the Czech Republic. The research was conducted using a questionnaire (for consumers) and the Albertina database (for enterprises). The evaluation was carried out using standard statistical methods.

Evaluation of Financial Strategy in Agricultural Companies

Evaluation of Financial Strategy in Agricultural Companies
(Evaluation of Financial Strategy in Agricultural Companies)

Author(s):Veronika Svatošová
Language:English
Subject(s):Business Economy / Management, Agriculture, Economic policy
Page Range:568-578
No. of Pages:11
Keywords:agricultural companies; financial analysis; financial management; financial strategy;
Summary/Abstract:The subject of this paper is the relationship between consumer satisfaction and enterprise performance. The aim of this paper is to analyse the effect that consumer satisfaction has on enterprise performance. The paper is based on research into consumer satisfaction (consumers of the enterprises being surveyed) and the performance of the food industry in the Czech Republic. The research was conducted using a questionnaire (for consumers) and the Albertina database (for enterprises). The evaluation was carried out using standard statistical methods.The practice shows that the financial strategy is in current companies deeply underestimated. This fact can reduce the overall financial effectiveness of companies and cause its stagnation and impossibility to be developed. The main aim of this paper is to analyze and evaluate the financial strategy and financial policy of the selected agricultural companies in the Czech Republic. The scope of the activity is mainly focused on the analysis of capital structure and individual items of financial base. The data are received mainly from financial statements of the selected agricultural companies. The main criteria for selecting the agricultural companies were - legal form of the business, focusing on crop production and residence.

Is Methodology Based on Rights-of-use Transfer Suitable for SMEs Lease Reporting?

Is Methodology Based on Rights-of-use Transfer Suitable for SMEs Lease Reporting?
(Is Methodology Based on Rights-of-use Transfer Suitable for SMEs Lease Reporting?)

Author(s):Patrik Svoboda, Hana Bohušová
Language:English
Subject(s):Business Economy / Management, Methodology and research technology
Page Range:579-586
No. of Pages:8
Keywords:small and medium-sized entities (SME); lease reporting; right-of-use; lessee;
Summary/Abstract:FASB and IASB have been working on a long-term project Leases in order to unify the methodological procedures for leasing reporting under full IFRS. The main aim of the project is reduction of the possibility of adapting their lease contract intentionally in order to achieve the desired impact on the financial statements of entities. The paper concerns on evaluation of lease reporting principles based on the transfer of usage rights for SMEs leases reporting.

The Payment Cards and their Utilization in the Czech Republic

The Payment Cards and their Utilization in the Czech Republic
(The Payment Cards and their Utilization in the Czech Republic)

Author(s):Libuše Svobodová, Martina Hedvičáková
Language:English
Subject(s):Economic policy, Evaluation research
Page Range:587-595
No. of Pages:9
Keywords:credit card; debit card; payment card; survey; utilization;
Summary/Abstract:The paper deals with payment cards. It can be expected that due to the development, investment and utilization of advanced technologies, there are changes in the area of banking services, specifically in the field of payment cards. The aim of the article is to map current situation in the field of payment cards in the Czech Republic. The first two parts bring the introduction into the topic and literature review. The main part of the submitted article is based on the comparison of selected results from three questionnaire surveys, which were conducted in previous years in the Czech Republic.

Relationship between Government Bond Yield Spread and Fiscal Fundamentals in Selected EU Countries

Relationship between Government Bond Yield Spread and Fiscal Fundamentals in Selected EU Countries
(Relationship between Government Bond Yield Spread and Fiscal Fundamentals in Selected EU Countries)

Author(s):Irena Szarowská
Language:English
Subject(s):National Economy, Government/Political systems, Political economy, Fiscal Politics / Budgeting
Page Range:596-604
No. of Pages:9
Keywords:government bond yield; debt; budget balance; GDP growth; fiscal discipline;
Summary/Abstract:This paper investigates relationship between government bond yield spread and fiscal fundamentals in selected European Union member states in the period 1995-2012. The aim of the paper is to examine impact of GDP growth, budget balance, debt and the fiscal rules index on government bond yield spread. The empirical evidence is based on unbalanced annual panel data of 15 EU countries (time span is divided into a pre-crisis and a post-crisis period), data are taken from Eurostat and OECD database.

The Role of ECB as a Supervisory Authority within European Union

The Role of ECB as a Supervisory Authority within European Union
(The Role of ECB as a Supervisory Authority within European Union)

Author(s):Łukasz Szewczyk
Language:English
Subject(s):EU-Accession / EU-DEvelopment, Financial Markets
Page Range:605-610
No. of Pages:6
Keywords:European Central Bank; micro and micro financial supervision; Banking Union;
Summary/Abstract:The aim of this study is to present the new role of European Central Bank in the European financial safety net. This role is connected with both macro- and microprudential financial supervision. It is the result of work towards strengthening panEuropean safety net, where next to European Systemic Risk Board (which is responsible for macro-prudential supervision), micro- prudential supervisor, responsible for microprudential supervision should have been established. It is also very important that nowadays almost every central bank plays a significant role in modern safety net, especially in its lender of last resort function.

Augmented Gravity Model of International Trade: An Empirical Application to Poland's Trade Flows

Augmented Gravity Model of International Trade: An Empirical Application to Poland's Trade Flows
(Augmented Gravity Model of International Trade: An Empirical Application to Poland's Trade Flows)

Author(s):Jana Šimáková
Language:English
Subject(s):National Economy, Economic policy, International relations/trade
Page Range:611-617
No. of Pages:7
Keywords:exchange rate volatility; international trade; gravity model; sector analysis;
Summary/Abstract:This paper applies the gravity model to Poland's international trade with aim to assess the impact of exchange rate uncertainty of Polish zloty on the trade flows with its main trading partners. Basic gravity model shows trade volume between a pair of countries as an increasing function of their sizes (GDP) and a decreasing function of the distance between them. Additional factors included in extended model are population, common border and exchange rate volatility. The measure of exchange rate volatility is estimated by GARCH model. The analysis is provided by using quarterly data over the period 1999:1 - 2014:3. Analysis uses panel data regression for 10 sectors of Poland's international trade based on SITC classification and six major trading partners (Czech Republic, Germany, France, Great Britain, Italy and Slovakia).

The Analysis of Market Concentration of Audit Services in the Czech Republic

The Analysis of Market Concentration of Audit Services in the Czech Republic
(The Analysis of Market Concentration of Audit Services in the Czech Republic)

Author(s):Michal Šindelář
Language:English
Subject(s):Evaluation research, Financial Markets
Page Range:618-625
No. of Pages:8
Keywords:concentration of audit services; audit fees; non-audit fees; auditor's independence;
Summary/Abstract:The aim of this paper is to analyze the market concentration of audit services in the Czech Republic with a focus on relation between audit fees and non-audit fees. The analysis is based on 36 transparency reports for the year 2013. Auditors that in the reporting period carried out the statutory audit at any public interest entity are required to prepare and publish the transparency report. Among other information, auditors are required to specify their total turnover divided into audit fees and non-audit fees. Herfindahl-Hirschman index (HHI) is selected as an appropriate analytical tool.

Monetary Aggregates and Consumer Price Inflation in the Euro Area

Monetary Aggregates and Consumer Price Inflation in the Euro Area
(Monetary Aggregates and Consumer Price Inflation in the Euro Area)

Author(s):Ľudomír Šlahor, Peter Stanko, Mária Barteková
Language:English
Subject(s):Economic policy, Political economy, Evaluation research, EU-Accession / EU-DEvelopment
Page Range:626-632
No. of Pages:7
Keywords:monetary aggregates; monetary policy; leading indicators; inflation;
Summary/Abstract:In this paper we study the relationships between monetary aggregates M1, M2 and M3 and inflation (represented by HICP) using statistical analysis. We analyse the extent of correlations between money growth (M1, M2, and M3) and inflation at different frequencies and different points in time as well as the time-lag relationships between these variables. The analysis serves to verify the quantity theory of money for a transmission mechanism within the maximum period of 6 months. Our main focus is on correlations in the time interval from January 2010 until December 2014 which allows a meaningful and representative analysis.

Relationships between Health Care Services and Health System Outcomes - Empirical Study on Health System Efficiency

Relationships between Health Care Services and Health System Outcomes - Empirical Study on Health System Efficiency
(Relationships between Health Care Services and Health System Outcomes - Empirical Study on Health System Efficiency)

Author(s):Paulina Ucieklak-Jeż, Agnieszka Bem, Paweł Prędkiewicz
Language:English
Subject(s):Welfare systems, Health and medicine and law
Page Range:633-640
No. of Pages:8
Keywords:efficiency; health outcomes; health services; health indicators;
Summary/Abstract:The paper presents research concerning the assessment of health system effectiveness. The aim of the study is the analysis of relationships between the number of health benefits generated in the health system and the health state of the population. We have built an econometric model describing the impact of selected services on Life Expectancy (LE) for women aged 40 +, 60 +, 80 + and 65 +.

Nexus of Ruble Exchange Rate and Other Macroeconomic Factors in the Period of Recent Economic Instability

Nexus of Ruble Exchange Rate and Other Macroeconomic Factors in the Period of Recent Economic Instability
(Nexus of Ruble Exchange Rate and Other Macroeconomic Factors in the Period of Recent Economic Instability)

Author(s):Tomáš Urbanovský
Language:English
Subject(s):Supranational / Global Economy, Energy and Environmental Studies, Environmental and Energy policy
Page Range:641-648
No. of Pages:8
Keywords:ruble exchange rate; oil price; VAR; Granger causality; correlation;
Summary/Abstract:Primary cause of recent Russian economic downturn was the decline in global oil prices, which led to currency crisis in Russia. But more factors need to be taken into consideration, specifically commodity prices, Russian interest rates, development of Russian stock market and development of the USD exchange rate. Existence of direct relationship between these individual factors and ruble exchange rate is likely. However, it is not sufficient to investigate only correlational relationships between these variables - causal relationships need to be identified as well.

The Possibilities of Modem Simulation Modeling of Electronic Banking in Cyberspace of Information Society

The Possibilities of Modem Simulation Modeling of Electronic Banking in Cyberspace of Information Society
(The Possibilities of Modem Simulation Modeling of Electronic Banking in Cyberspace of Information Society)

Author(s):Karel Urbanovský, Jiří Dvořák, Martina Jankova
Language:English
Subject(s):Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Page Range:649-655
No. of Pages:7
Keywords:economic cybernetics; simulation; electronic banking; system integration; cyberspace;
Summary/Abstract:In this paper, based on the tasks at specific research at ESF MU, systemically express new modern modeling and simulation on a computer environment for possible applications of intelligent cashless payment system as a cybernetic model. To inform mainly experts on the possible use of that modeling environment of electronic banking also redesigned cyberspace (cyberspace) information and gradually formed also the knowledge society.

Impact of Mergers of Czech Companies on their Value Added

Impact of Mergers of Czech Companies on their Value Added
(Impact of Mergers of Czech Companies on their Value Added)

Author(s):Petr Valouch, Maria Králová
Language:English
Subject(s):Business Economy / Management, Evaluation research
Page Range:656-662
No. of Pages:7
Keywords:Mergers; value added; effects of mergers; statistical tests;
Summary/Abstract:The aim of this paper is to assess whether mergers of companies in the Czech Republic meet the expected goals as regards an increasing efficiency of business activities, specifically in the field of the increasing value added of the merged companies. The performed analysis is based on a sample of 312 companies merging in the Czech Republic in 2001 -20l 0. The development of the value added of the merging companies as of the merger day was compared with the situation three years after.

Insurance Solutions of Covering Agricultural Risks: The Case of the Czech Republic

Insurance Solutions of Covering Agricultural Risks: The Case of the Czech Republic
(Insurance Solutions of Covering Agricultural Risks: The Case of the Czech Republic)

Author(s):Eva Vávrová
Language:English
Subject(s):Business Economy / Management, Agriculture
Page Range:663-669
No. of Pages:7
Keywords:risk; risk management; insurance subsidies; commercial insurance company; crop insurance; livestock insurance;
Summary/Abstract:The aim of this paper is to analyze the possibility of eliminating risks of agricultural production and to analyze the current forms of covering the risks associated with agricultural production on the commercial insurance market in the Czech Republic. Insurance is a factor limiting and reducing uncertainty in the agriculture business. It helps to mitigate and eliminate risks, and it regulates the severity of risk occurrence and allows the business continuity in the event of total loss of production. The analysis shows the importance of a functioning system of agricultural insurance in the Czech Republic.

The Long-term Assets Reporting in the Czech State Administration Organizations

The Long-term Assets Reporting in the Czech State Administration Organizations
(The Long-term Assets Reporting in the Czech State Administration Organizations)

Author(s):Jana Vodáková
Language:English
Subject(s):Public Administration, Government/Political systems, Evaluation research
Page Range:670-677
No. of Pages:8
Keywords:long-term assets; reporting; state administration; financial statements; accrual principle;
Summary/Abstract:This paper deals with the long-term assets reporting in the area of the Czech state administration organizations. The long-term assets represent a significant part of the total assets of the public sector entities generally therefore they also require substantial amounts of budget resources. The paper describes the current state of the long-term assets reporting in the Czech state administration organization and analyses the long-term assets figures and their trends. Thanks to the proceeding public finance reform the long-term assets data are prepared under the accrual basis from 2011 in the whole Czech public sector.

What is the Future of Public Expenditure in the European Countries?

What is the Future of Public Expenditure in the European Countries?
(What is the Future of Public Expenditure in the European Countries?)

Author(s):Mirka Wildmannova
Language:English
Subject(s):Welfare systems, Political economy, Public Finances
Page Range:678-685
No. of Pages:8
Keywords:welfare state; public expenditure; financing; crisis of welfare state; social reform;
Summary/Abstract:The 20th century experienced major changes in the structure and conception of the welfare state, mainly as a result of demographic, economic and social changes. This was accompanied by a multiple increase in public expenditure in the social sector and the welfare state has found itself in a crisis since the 1990's. Given the fiscal unsustainability of the present social systems, measures and reforms addressing the fiscal crisis of the welfare state are being introduced.

The Conflict between the Frequency of the Polish Firms' Liquidity Problems and the Polish Bankruptcy Law Interpretation

The Conflict between the Frequency of the Polish Firms' Liquidity Problems and the Polish Bankruptcy Law Interpretation
(The Conflict between the Frequency of the Polish Firms' Liquidity Problems and the Polish Bankruptcy Law Interpretation)

Author(s):Joanna Wyrobek
Language:English
Subject(s):Business Economy / Management, Law on Economics
Page Range:686-695
No. of Pages:10
Keywords:insolvency; liquidity; corporate finance; Polish Bankruptcy Law;
Summary/Abstract:The purpose of the paper was to present the conflict between business practice in Poland and the common court interpretation of the Polish Bankruptcy Act. Court interpretation states that if a company has got two unpaid in time invoices it should file for bankruptcy (however, under certain circumstances the judge can dismiss the case). Most practitioners do not follow this interpretation and wait much longer before they file for bankruptcy. Consequently, if a company finally goes bankrupt the managers are charged with negligence for waiting too long with starting bankruptcy proceedings.

Socio-economic Situation of the Countries and their Public Debt: Perspective 2015

Socio-economic Situation of the Countries and their Public Debt: Perspective 2015
(Socio-economic Situation of the Countries and their Public Debt: Perspective 2015)

Author(s):Nadezhda Yashina, Maria Ginzburg, Natalia N. PRONCHATOVA-RUBTSOVA
Language:English
Subject(s):National Economy, Public Finances, Socio-Economic Research
Page Range:696-703
No. of Pages:8
Keywords:socio-economic position; public debt; standardization; integrated standardized index; rating;
Summary/Abstract:The study deals with the problems of the theory and methodology of social, political and economic processes risks in different countries with relative indicators of the socio-economic development level, as well as the size and condition of the public debt. Developed by the authors the method of determining the risks of social, political and economic processes of public policy around the world revealed the close relationship between socio-economic situation of the countries and their public debt.

Financial Literacy: An International Comparison between Germany and the Czech Republic

Financial Literacy: An International Comparison between Germany and the Czech Republic
(Financial Literacy: An International Comparison between Germany and the Czech Republic)

Author(s):Alexander Zureck, Martin Svoboda
Language:English
Subject(s):Economic policy, Comparative politics, Higher Education , Financial Markets
Page Range:704-710
No. of Pages:7
Keywords:financial literacy; financial education; decision making; Germany; Czech Republic;
Summary/Abstract:The paper analyzes the financial decision making of students from Germany and from the Czech Republic. The countries have different financial education strategies to improve financial literacy. This has impacts on students' financial decision making. In comparison, German students favor traditional financial products like call money, saving books, life insurance, and funds. Students from Czech Republic invest more than the average in real estates and in capital market products like stocks, corporate bonds, and government bonds.

European Financial Systems 2015: Proceedings of the 12th International Scientific Conference European Financial Systems 2015: Proceedings of the 12th International Scientific Conference

Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation

Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation (Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation)

Profitability versus Debt in Hospital Industry

Profitability versus Debt in Hospital Industry (Profitability versus Debt in Hospital Industry)

Natural Disasters and their Impact on Long-term Growth

Natural Disasters and their Impact on Long-term Growth (Natural Disasters and their Impact on Long-term Growth)

Global Economy, Monetary Policies and their Impact on Financial Markets

Global Economy, Monetary Policies and their Impact on Financial Markets (Global Economy, Monetary Policies and their Impact on Financial Markets)

The Effect of a New Lease Reporting in Transport Companies

The Effect of a New Lease Reporting in Transport Companies (The Effect of a New Lease Reporting in Transport Companies)

Fees or Taxes - The Hamlet Question for the Czech Municipality

Fees or Taxes - The Hamlet Question for the Czech Municipality (Fees or Taxes - The Hamlet Question for the Czech Municipality)

Economic and Demographic Determinants of Life Insurance Industry Development

Economic and Demographic Determinants of Life Insurance Industry Development (Economic and Demographic Determinants of Life Insurance Industry Development)

Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law

Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law (Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law)

Management of Insurance Mediation for Small and Medium Enterprises

Management of Insurance Mediation for Small and Medium Enterprises (Management of Insurance Mediation for Small and Medium Enterprises)

European Evidence on the Long-Run Superneutrality of Money

European Evidence on the Long-Run Superneutrality of Money (European Evidence on the Long-Run Superneutrality of Money)

Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance

Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance (Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance)

Capital Structure and Credit Risk in the Czech Republic

Capital Structure and Credit Risk in the Czech Republic (Capital Structure and Credit Risk in the Czech Republic)

Performance of Actively Managed Funds in Various Stages of Business Cycle

Performance of Actively Managed Funds in Various Stages of Business Cycle (Performance of Actively Managed Funds in Various Stages of Business Cycle)

Optimal Strategies for Tax Policy and Social Policy Tools Mix

Optimal Strategies for Tax Policy and Social Policy Tools Mix (Optimal Strategies for Tax Policy and Social Policy Tools Mix)

The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking

The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking (The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking)

Holding Company, Reasons for Creation, Advantages and Disadvantages

Holding Company, Reasons for Creation, Advantages and Disadvantages (Holding Company, Reasons for Creation, Advantages and Disadvantages)

Influence of Volatility on Hedging Strategies

Influence of Volatility on Hedging Strategies (Influence of Volatility on Hedging Strategies)

Premium Calculation for Critical Illness Products

Premium Calculation for Critical Illness Products (Premium Calculation for Critical Illness Products)

Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price

Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price (Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price)

Efficiency of National Life Insurance Markets in Europe

Efficiency of National Life Insurance Markets in Europe (Efficiency of National Life Insurance Markets in Europe)

Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies

Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies (Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies)

Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?

Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality? (Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?)

Financial Models in the Nonprofit Sector

Financial Models in the Nonprofit Sector (Financial Models in the Nonprofit Sector)

Analysis of Banking Fees and Clients' Needs

Analysis of Banking Fees and Clients' Needs (Analysis of Banking Fees and Clients' Needs)

Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS)

Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS) (Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS))

Development of Oil Prices and Key Determinants Influencing its Development

Development of Oil Prices and Key Determinants Influencing its Development (Development of Oil Prices and Key Determinants Influencing its Development)

Coverage of Mortgage Bonds as Important Condition of Investor's Confidence

Coverage of Mortgage Bonds as Important Condition of Investor's Confidence (Coverage of Mortgage Bonds as Important Condition of Investor's Confidence)

Optimal Sampling for the Detection of Market Microstructure Noise

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Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America

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Behavioral Biases: Analyzes of Investment Strategies

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Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance

Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance (Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance)

Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions

Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions (Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions)

Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic

Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic (Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic)

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

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Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime

Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime (Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime)

Latest Developments in Banking Regulation in tee European Union

Latest Developments in Banking Regulation in tee European Union (Latest Developments in Banking Regulation in tee European Union)

Acqusition Activity in Financial Sector

Acqusition Activity in Financial Sector (Acqusition Activity in Financial Sector)

Net Working Capitol across Sectors in toe Czech Republic

Net Working Capitol across Sectors in toe Czech Republic (Net Working Capitol across Sectors in toe Czech Republic)

Profit versus Cash Flow in Sectors of toe Czech Republic

Profit versus Cash Flow in Sectors of toe Czech Republic (Profit versus Cash Flow in Sectors of toe Czech Republic)

Fields: Investigating the Visibility of the Flows in Digital Business

European Financial Systems 2015: Proceedings of the 12th International Scientific Conference
European Financial Systems 2015: Proceedings of the 12th International Scientific Conference

Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation
(Evaluation of Investment Activity in the SR through the Development of Gross Fixed Capital Formation)

Profitability versus Debt in Hospital Industry
(Profitability versus Debt in Hospital Industry)

Natural Disasters and their Impact on Long-term Growth
(Natural Disasters and their Impact on Long-term Growth)

Global Economy, Monetary Policies and their Impact on Financial Markets
(Global Economy, Monetary Policies and their Impact on Financial Markets)

The Effect of a New Lease Reporting in Transport Companies
(The Effect of a New Lease Reporting in Transport Companies)

Fees or Taxes - The Hamlet Question for the Czech Municipality
(Fees or Taxes - The Hamlet Question for the Czech Municipality)

Economic and Demographic Determinants of Life Insurance Industry Development
(Economic and Demographic Determinants of Life Insurance Industry Development)

Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law
(Comparative Study: The Financial Literacy of Students of Economics and Finance versus Students of Law)

Management of Insurance Mediation for Small and Medium Enterprises
(Management of Insurance Mediation for Small and Medium Enterprises)

European Evidence on the Long-Run Superneutrality of Money
(European Evidence on the Long-Run Superneutrality of Money)

Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance
(Management Trends in Slovakia's Tax Revenue Administration and its Process Model for Slovakia's Economic Performance)

Capital Structure and Credit Risk in the Czech Republic
(Capital Structure and Credit Risk in the Czech Republic)

Performance of Actively Managed Funds in Various Stages of Business Cycle
(Performance of Actively Managed Funds in Various Stages of Business Cycle)

Optimal Strategies for Tax Policy and Social Policy Tools Mix
(Optimal Strategies for Tax Policy and Social Policy Tools Mix)

The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking
(The Options of Adaptive Modeling Environment in Cyberspace of Secure Electronic Banking)

Holding Company, Reasons for Creation, Advantages and Disadvantages
(Holding Company, Reasons for Creation, Advantages and Disadvantages)

Influence of Volatility on Hedging Strategies
(Influence of Volatility on Hedging Strategies)

Premium Calculation for Critical Illness Products
(Premium Calculation for Critical Illness Products)

Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price
(Competitiveness in Slovak and Czech Public Procurement and its Effect on the Final Price)

Efficiency of National Life Insurance Markets in Europe
(Efficiency of National Life Insurance Markets in Europe)

Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies
(Efficiency in Two-stage Data Envelopment Analysis: An Application to Insurance Companies)

Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?
(Foreign Currency Loans in Central and Eastern Europe: Did Regional Euro Internationalization Worsen Credit Quality?)

Financial Models in the Nonprofit Sector
(Financial Models in the Nonprofit Sector)

Analysis of Banking Fees and Clients' Needs
(Analysis of Banking Fees and Clients' Needs)

Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS)
(Financial Results of the Company Depending upon Accounting Procedures (Comparison of the Czech Accounting Standards and IAS/IFRS))

Development of Oil Prices and Key Determinants Influencing its Development
(Development of Oil Prices and Key Determinants Influencing its Development)

Coverage of Mortgage Bonds as Important Condition of Investor's Confidence
(Coverage of Mortgage Bonds as Important Condition of Investor's Confidence)

Optimal Sampling for the Detection of Market Microstructure Noise
(Optimal Sampling for the Detection of Market Microstructure Noise)

Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America
(Sovereign Bond Spreads as a Predictors of Gross Domestic Product Growth in North America)

Behavioral Biases: Analyzes of Investment Strategies
(Behavioral Biases: Analyzes of Investment Strategies)

Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance
(Size of Compensation for Personal In juries Offered by the Currant Coverage Plans in Medical Liability Insurance)

Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions
(Classification of Work-related Accidents as the Basis of Analysis of Employer's Liability Risk and Insurance Decisions)

Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic
(Bayesian Estimates of the Regional Costs in Public Health System of the Czech Republic)

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

Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime
(Exchange Rate Pass-Through in Turkey under Inflation Targeting Regime)

Latest Developments in Banking Regulation in tee European Union
(Latest Developments in Banking Regulation in tee European Union)

Acqusition Activity in Financial Sector
(Acqusition Activity in Financial Sector)

Net Working Capitol across Sectors in toe Czech Republic
(Net Working Capitol across Sectors in toe Czech Republic)

Profit versus Cash Flow in Sectors of toe Czech Republic
(Profit versus Cash Flow in Sectors of toe Czech Republic)

Fields: Investigating the Visibility of the Flows in Digital Business
(Fields: Investigating the Visibility of the Flows in Digital Business)

The Impact of Interbank Interest Rates to Banks' Profit
(The Impact of Interbank Interest Rates to Banks' Profit)

Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces
(Resource Accounting and Budgeting for Managing Personnel Costs and the Amount of Capital Expenditures in the UK Armed Forces)

Definition of Electronic Banking Crisis Management in Financial Markets Cyberspace
(Definition of Electronic Banking Crisis Management in Financial Markets Cyberspace)

Determination and Analysis of Actual IN05 Accuracy in Prediction of Creditworthiness
(Determination and Analysis of Actual IN05 Accuracy in Prediction of Creditworthiness)

Compulsory Insurance of Liability for Environmental Damage: Arguments and Consequences
(Compulsory Insurance of Liability for Environmental Damage: Arguments and Consequences)

Application of Gravity Framework to Bilateral Mutual Fund Flows in the Asia Pacific Region
(Application of Gravity Framework to Bilateral Mutual Fund Flows in the Asia Pacific Region)

Timing Abilities of Mutual Funds in Countries of the Central and Eastern Europe
(Timing Abilities of Mutual Funds in Countries of the Central and Eastern Europe)

Cross-sectional Analysis of Short Sale Determinants in the U.S. Market Sectors
(Cross-sectional Analysis of Short Sale Determinants in the U.S. Market Sectors)

Application of the Nonlinear Oscillations Theory to toe Study of Non-equilibrium Financial Market
(Application of the Nonlinear Oscillations Theory to toe Study of Non-equilibrium Financial Market)

Cash Levels and its Role in Full Operating Cycle Enterprises: 2005-2013 Czech, Slovak, Hungarian and Polish Enterprises Case
(Cash Levels and its Role in Full Operating Cycle Enterprises: 2005-2013 Czech, Slovak, Hungarian and Polish Enterprises Case)

Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia
(Political Uncertainty as an Economic Risk Factor: the Regional Perspective from Russia)

The Threats of the Banking Union for foe Polish Banking Sector
(The Threats of the Banking Union for foe Polish Banking Sector)

Systematization of Modem Structured Products according to the Parameters Common to all these Instruments
(Systematization of Modem Structured Products according to the Parameters Common to all these Instruments)

Comparing Stock Market Efficiency with Detrended Fluctuation Analysis
(Comparing Stock Market Efficiency with Detrended Fluctuation Analysis)

Prediction of Oil Depletion in Ghana Based on Hubbert's Model
(Prediction of Oil Depletion in Ghana Based on Hubbert's Model)

Evaluation Criteria for Public Procurement
(Evaluation Criteria for Public Procurement)

Identification of the Consumer of Insurance Services: Evidence from the Slovak Republic
(Identification of the Consumer of Insurance Services: Evidence from the Slovak Republic)

Lebanese Loop and Protection Techniques against this Type of Fraud
(Lebanese Loop and Protection Techniques against this Type of Fraud)

The Interest Rates of tee Central Bank and tee Banking Sector
(The Interest Rates of tee Central Bank and tee Banking Sector)

The Costs of Deflation: Are they Really so High?
(The Costs of Deflation: Are they Really so High?)

Analysis of the Effectiveness of Selected New Types of Bonus-Malus Systems - A Simulation Approach
(Analysis of the Effectiveness of Selected New Types of Bonus-Malus Systems - A Simulation Approach)

Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013
(Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013)

Unit-linked Insurances as an Element that Shapes the Savings Portfolio of Households in Poland after the Accession to the European Union
(Unit-linked Insurances as an Element that Shapes the Savings Portfolio of Households in Poland after the Accession to the European Union)

Contemporary Development of the European Monetary Union and its Risk Factors
(Contemporary Development of the European Monetary Union and its Risk Factors)

The Brand in Accounting and Economic Concepts - Comparison of the Czech and the International Approach
(The Brand in Accounting and Economic Concepts - Comparison of the Czech and the International Approach)

Valuation of Companies in an Early Stage of Development Using S-curve
(Valuation of Companies in an Early Stage of Development Using S-curve)

Could Financial Literacy Overcome Price Information Asymmetry: Empirical Study
(Could Financial Literacy Overcome Price Information Asymmetry: Empirical Study)

Labour Costs and Capital Employed of Limited Liability Companies in the Czech Republic
(Labour Costs and Capital Employed of Limited Liability Companies in the Czech Republic)

Relationship between Estimated Value of Public Contract and its Price
(Relationship between Estimated Value of Public Contract and its Price)

Impact of Selected Value Drivers on the Performance of Companies in the Manufacturing Industry
(Impact of Selected Value Drivers on the Performance of Companies in the Manufacturing Industry)

Consumer Satisfaction and Enterprise Performance
(Consumer Satisfaction and Enterprise Performance)

Evaluation of Financial Strategy in Agricultural Companies
(Evaluation of Financial Strategy in Agricultural Companies)

Is Methodology Based on Rights-of-use Transfer Suitable for SMEs Lease Reporting?
(Is Methodology Based on Rights-of-use Transfer Suitable for SMEs Lease Reporting?)