New Economic Challenges: 2nd International PhD Students Conference. Part II. 20. 1. – 21. 1. 2010
New Economic Challenges: 2nd International PhD Students Conference. Part II. 20. 1. – 21. 1. 2010
Contributor(s): Petr Červinek (Editor), Petr Musil (Editor)
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Sociology, Labor relations, Health and medicine and law, Policy, planning, forecast and speculation, Economic development, Marketing / Advertising, Human Resources in Economy, ICT Information and Communications Technologies, Globalization, Socio-Economic Research, Transport / Logistics
Published by: Masarykova univerzita nakladatelství
Keywords: currency relations; financial markets; interest rate; insurance; diversification of risk; labour market; project management; environmental protection; air quality; management; HRM; Czech Republic;
Summary/Abstract: The aim of the conference is to provide the PhD students and postdocs with a forum for presentations of their research papers, obtaining feedback from conference participants and moderators, and building-up useful contacts for scientific research and sharing experience.
- Print-ISBN-13: 978-80-210-5146-1
- Page Count: 88
- Publication Year: 2010
- Language: English
Mandatory Convertibles
Mandatory Convertibles
(Mandatory Convertibles)
- Author(s):Luděk Benada
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:5-9
- No. of Pages:5
- Keywords:bond; coupon; equity; pay-off profile; share; underlying asset;
- Summary/Abstract:The following article presents Mandatory Convertibles as an instrument of hybrid financing. The paper describes its genesis, characteristics and advantages over traditional financing instruments. There are graphically depicted different pay-off profiles and decomposition, which is important for the valuation of the product.
Stochastic Modelling of Interest Rate in Application in the Field of Life Insurance – Stochastic Models
Stochastic Modelling of Interest Rate in Application in the Field of Life Insurance – Stochastic Models
(Stochastic Modelling of Interest Rate in Application in the Field of Life Insurance – Stochastic Models)
- Author(s):Petr Červinek
- Language:English
- Subject(s):Methodology and research technology, Financial Markets
- Page Range:10-12
- No. of Pages:3
- Keywords:Interest rate; life insurance; Vasicek’s model; Cox-Ingersoll-Ross model; Ho-Lee model, Hull-White model;
- Summary/Abstract:Interest rate plays the essential role in life insurance. When used for life insurance calculation the interest rate is known as the technical interest rate. It is the minimum interest rate guaranteed for the entire term of the insurance policy. Improper setting of technical interest rate can result in far-reaching consequences. Interest rate movement is random. This can be described by stochastic differential equation. There doesn’t exist any universal model for random movement of interest rate at the moment, although many experts/specialists believe that this is just a question of time. And that’s why it is necessary to be familiarised with current models and to choose the most appropriate one. Models relate to the term structure of interest rates and they try to simulate it.
Diversification of Risk Through Financial Innovation - Securitization
Diversification of Risk Through Financial Innovation - Securitization
(Diversification of Risk Through Financial Innovation - Securitization)
- Author(s):Blanka Kameníková, Eva Cipovová
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:13-18
- No. of Pages:6
- Keywords:bank restructuring; the process of securitization; diversification of risk pooling; rating; tranche; financial innovation; SPV;
- Summary/Abstract:The paper deals with one of the most important trends in world financial markets - securitization. This trend line has started to use already in 80th years of the twentieth century, but its popularity was given to the 21st century. Securitization is an important investment instrument of the companies, which reduce the importance of financing through traditional loans and it replaced by financing through securitization of commercial products in the capital markets. The advantage of using this tool for companies is to increase liquidity and risk diversification, on the other hand, this type of transactions requires strict legislative control. Aim of this paper is to explain the basic structure of the securitization process, regulatory measures, which have lead to a reduction in the risk and consequences that entails bringing in financial markets.
Labour Market Attributes, Focusing on "People Living With Disabilities"
Labour Market Attributes, Focusing on "People Living With Disabilities"
(Labour Market Attributes, Focusing on "People Living With Disabilities")
- Author(s):Zsolt Csapó, Nóra Nagymáté
- Language:English
- Subject(s):Labor relations, Health and medicine and law, Human Resources in Economy, Socio-Economic Research
- Page Range:19-22
- No. of Pages:4
- Keywords:labour market; people living with disabilities;
- Summary/Abstract:Nowadays employment is a hot topic in Hungary. Many kinds of supplies are provided by the state (on the basis of the 8/1983. EüM-PM Hungarian Law), for example for the group ‘people living with disabilities’. It is very difficult to provide job for these people after their rehabilitation. Statistical figures show, that the highest ratio of ‘people living with disabilities’ can be found in the North Great Plain Region of Hungary (30 per cent of the total number of ‘people living with disabilities’). The employment of these people means extra costs for enterprises. At the same time the complete accessibility of workplaces is still not realized in many cases in Hungary yet. Currently only a few enterprises are specialized to employ people living with disabilities in the North Great Plain Region. Unfortunately most of the enterprises don’t want to employ them. New workplaces for these people should be created by the utilisation of European Union and national available sources in order to integrate them into the job’s world in long run.
British Pound U.S. Dollar Fundamental Analysis
British Pound U.S. Dollar Fundamental Analysis
(British Pound U.S. Dollar Fundamental Analysis)
- Author(s):Boris Šturc, Libuša Čurlejova
- Language:English
- Subject(s):Supranational / Global Economy, Financial Markets
- Page Range:23-27
- No. of Pages:5
- Keywords:British Pound; US Dollar; London; GDP; 3M; market moving indicator; credit crisis;
- Summary/Abstract:Since the beginning of the credit crisis, perhaps no currency has been beaten down more than the British Pound. Experts point to the Pond’s historic volatility, and are afraid that this will continue to flee the United Kingdom in times of uncertainty. The financial debacle in the US is also not playing up to the US Dollar.
Process Management of Revitalisation Projects
Process Management of Revitalisation Projects
(Process Management of Revitalisation Projects)
- Author(s):Agnieszka Goździewska-Nowicka
- Language:English
- Subject(s):Business Economy / Management, Policy, planning, forecast and speculation, Economic development
- Page Range:28-32
- No. of Pages:5
- Keywords:Brownfields; revialisation; project management; sustainable development;
- Summary/Abstract:Process of revitalisation is integrated and comprehensive vision and actions which lead to the resolution of urban problems and which seek to bring about a lasting improvement in the environmental, economic, physical and social conditions of an area that has been subject to change. Revitalisation should lead to the creation of new urban space and restores the unique character of old quarters and sites. Process of revitalisation has many different dimensions. In the social dimension the quality of life of the residents is intended to improve, while the economic goal of revitalisation is to initiate new impulses for the economic development and stimulate market mechanism.
Analysis of the Influence of Environmental Protection Investments on Trends in Air Quality for the Specific Regions of the Czech Republic
Analysis of the Influence of Environmental Protection Investments on Trends in Air Quality for the Specific Regions of the Czech Republic
(Analysis of the Influence of Environmental Protection Investments on Trends in Air Quality for the Specific Regions of the Czech Republic)
- Author(s):Helena Mikulíková
- Language:English
- Subject(s):Geography, Regional studies, Energy and Environmental Studies
- Page Range:33-39
- No. of Pages:7
- Keywords:acquired investment; emissions; air quality; regression analysis; determination index;
- Summary/Abstract:The contribution is focused on the evaluation of the trends of environmental protection investments and the trends of air pollution levels for the specific regions over a given period of time. The methods of empiricism, comparison, excerption and trend analysis are used.
Analysis Monetary Poverty
Analysis Monetary Poverty
(Analysis Monetary Poverty)
- Author(s):He Nguyen Dinh
- Language:English
- Subject(s):Financial Markets, Socio-Economic Research
- Page Range:40-45
- No. of Pages:6
- Keywords:Monetary Poverty; EU SILC 2008; Binary Logistic regression;
- Summary/Abstract:In this article we try to analyze the significant factors which influence to poverty. Our analysis in based on collected data from project EU SILC in Slovakia. We used binary logistic regression to analyze data.
Innovation Through Simplicity. Practical Ways to Put Innovation Into Business Practice
Innovation Through Simplicity. Practical Ways to Put Innovation Into Business Practice
(Innovation Through Simplicity. Practical Ways to Put Innovation Into Business Practice)
- Author(s):Michał Piłat
- Language:English
- Subject(s):Business Economy / Management, Human Resources in Economy
- Page Range:46-51
- No. of Pages:6
- Keywords:management; human resources; innovation; enterprise; motivation;
- Summary/Abstract:The paper presents a few simple to introduce, however highly effective management innovations applied mainly in the American companies. As the space is very limited the author shortly characterizes their essence and advantages, which can be achieved through their implementation. Additionally he demonstrates how to release innovative thinking around workers. Moreover the paper is an attempt to find the answer whether all the depicted innovations could also prove useful on the Polish ground.
Is Perceived Significance Determining Decision Strategy Selection?
Is Perceived Significance Determining Decision Strategy Selection?
(Is Perceived Significance Determining Decision Strategy Selection?)
- Author(s):Axel Sonntag
- Language:English
- Subject(s):Economy, Evaluation research, Socio-Economic Research
- Page Range:52-55
- No. of Pages:4
- Keywords:Decision Making; Metaheuristics; Strategy Selection Model; Perceived Significance; Classroom Experiment;
- Summary/Abstract:“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." Focusing on the term human behavior, makes clear what human beings as economic actors actually can do: Decide between alternatives. This emphasizes the role of decision making as a core topic within a huge variety of economic theories and gives an idea why especially this area of research has been and still is paid much attention to. Humans repeatedly have been claimed unable to be rational optimizers because our brains lack the required processing power and storage capacity to do so. Consequently, to meet our every day decision making needs, less effort-demanding strategies are applied. Instead of calculating the optimal solution, simpler and therefore more humane decision rules which make the best out of our cognitive apparatus could be used to infer a problem. Such strategies are also known as heuristics. However, as can be seen from many empirical studies (e.g. [2][3][4]), there is no perfect heuristic which in general results in the most preferable outcome. As there are many fast and frugal methods, whose accuracy and decision outcome dramatically depend on the actual decision environment, the question arises, which strategy should be selected under which circumstances. Procedures used to select a specific heuristic out of a pool of available decision strategies are called metaheuristics. Cost-benefit models, like the effort-accuracy model by Payne, Bettman and Johnson, compare the beneficial accuracy of a decision strategy in finding the best alternative with the effort necessary when applying that strategy. Unfortunately, this theoretically elegant approach refers to an optimization process which is in direct conflict with the preclusion of such procedures due to limited human processing capability. Consequently, a different, nonoptimizing, approach is chosen to select decision strategies in this paper. A new metaheuristic model for decision strategy selection for consumer goods is introduced. It uses the measures as perceived relative costs and relativ holding times of consumer products to trigger the underlying decision effort (metalevel) in selecting an appropriate alternative (choice level).
Relation Between Innovation Potential and Economic Efficiency of Regions in the Czech Republic
Relation Between Innovation Potential and Economic Efficiency of Regions in the Czech Republic
(Relation Between Innovation Potential and Economic Efficiency of Regions in the Czech Republic)
- Author(s):Eva Štichhauerová
- Language:English
- Subject(s):Geography, Regional studies, National Economy, Evaluation research, Economic development
- Page Range:56-62
- No. of Pages:7
- Keywords:gross domestic product; regional economic efficiency; regional innovation potential; statistical dependence; analysis of variance;
- Summary/Abstract:This paper treats of relation between the level of regional economic efficiency and the level of regional innovation potential in the Czech Republic. It is one of more steps, that back the drift up, which has to be to verify the hypothesis: “Weak regional innovation potential is the cause of regional economic backwardness”. That is closely linked with ability of absorbing business support programs by regions and the possibility of its measuring. Not only that was investigated within the frame of Ministry for Regional Development ČR research project No. WD-30-07-1 entitled as „Innovative approach to the solving of disparities at regional level“. More methodologies are presently used by some subjects in the Czech Republic for valuation of regional economic efficiency level. Two methodologies were identified for valuation of regional innovation potential’s level in the Czech Republic and their outputs availability differs. The goal of this article was to compare two groups of data gained from specific resources, and to investigate the statistical dependence between regional economic efficiency and regional innovation potential level in the Czech Republic with help of suitable statistical method.
Comparative Performance Analysis of the Central European Regional Airports by Means of Spider Analysis
Comparative Performance Analysis of the Central European Regional Airports by Means of Spider Analysis
(Comparative Performance Analysis of the Central European Regional Airports by Means of Spider Analysis)
- Author(s):Ivana Stryčeková
- Language:English
- Subject(s):Geography, Regional studies, Transport / Logistics
- Page Range:63-71
- No. of Pages:9
- Keywords:regional airport; economic performance; Spider analysis; spider graph; spider gram;
- Summary/Abstract:The paper encompasses an analysis of economic performance of seven regional airports in Central Europe in 2008. The selected airports are divided into three categories according to their geographical position (Slovakia, Czech Republic and Austria). There is no existence of the studies dealing with economic performance of regional airports. The attention being paid to measure economic performance of major international airports and regional ones have always stayed behind. The method which is used to estimate best performing airport in the sample is Spider analysis. Apart of the shortcomings of this method in practice, in theoretical application Spider analysis is used by economists as the best approach to evaluate economic and financial situation of the enterprises. The aim of the paper is to evaluate economic performance of Central European regional airports from point of view of the different assessment areas including labour productivity, capital productivity, revenue generation, profitability and cost efficiency in accordance with application of ratio indicators implied in Spider analysis.
Best Management Practices in Multinational Enterprises
Best Management Practices in Multinational Enterprises
(Best Management Practices in Multinational Enterprises)
- Author(s):Martin Turčan
- Language:English
- Subject(s):Supranational / Global Economy, Business Economy / Management, ICT Information and Communications Technologies, Globalization
- Page Range:72-77
- No. of Pages:6
- Keywords:management; motivation; corporations; world economy; globalization; IBM;
- Summary/Abstract:There are several multinational corporations which last for more than hundred years, employ several hundred thousand people and do business across the whole world. Such an organization must have special techniques how to manage its resources, motivate the people. This paper describes techniques and main ideas in few companies with the most significant inside driver, these companies are more likely to be called institutions than just firms to produce revenue and profit. Management and environment of these companies are able to persuade its employees about higher aim to motivate the employees to their best. I would like to show some main ideas coming mainly from multinationals with traditions that can be used not just in big companies but also in smaller family companies or institutions like universities.
Measuring the Perceived Quality Impact of Third-Party Product Reviews via Paired Comparisons
Measuring the Perceived Quality Impact of Third-Party Product Reviews via Paired Comparisons
(Measuring the Perceived Quality Impact of Third-Party Product Reviews via Paired Comparisons)
- Author(s):Wolfgang Ziniel
- Language:English
- Subject(s):Business Economy / Management, Marketing / Advertising
- Page Range:78-88
- No. of Pages:11
- Keywords:Third-Party Product Reviews; Perceived Quality; Bradley-Terry Model; Web Text Mining;
- Summary/Abstract:Perceived product quality is one of the key factors to successfully compete on today’s crowded markets. Beyond that perceived quality substantially affects other core concepts of consumer behaviour research like satisfaction and willingness-to-buy. A lot of research has been devoted to the concept of perceived quality. Nevertheless, the linkage to the effect of third-party product reviews (TPPRs) on quality as it is perceived by the consumer has not been established yet. This dissertation is based on cue utilisation theory. Steenkamp’s model of perceived quality serves as the theoretical framework. Data collection will take place in the context of windsurfing sails. Web text mining methods will be employed to relevant forum postings. This makes it possible to understand quality attributes from the consumer’s perspective and to compare the results to those attributes propagated by the manufacturers. An online experimental approach via paired comparisons that uses extended Bradley-Terry models reflects an innovative approach to measure perceived quality and allows for estimating various quality effects of TPPRs.