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The purpose of the research is to identify the relationship between the size of the hospital, measured by annual revenue or number of beds, and current liquidity ratio. We’ve posed two research hypotheses, assuming, that financial liquidity should be lower for smaller hospitals that for larger ones. We have also hypothesized, that for the largest hospital this correlation should be negative.
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The goal of the paper is to investigate into technical efficiency exhibited by Slovak commercial banks and its changes over the period from 2000 to 2012. Under the premise of the intermediation approach to evaluating technical efficiency in banking and by dint of the decomposition based the Malmquist index, both efficiency changes and productivity changes are analysed and commented in order to draw conclusions relevant for managerial purposes and to macro-regulation of commercial banks.
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We analyze the return gained by cointegration-based pairs trading arbitrage strategy in Western and Eastern European capital markets. We find contrarian evidence to the weak form of market efficiency. The aim of the paper is to explore the mean reversion nature of the highly cointegrated stock pairs and create a trading strategy with predefined entry and exit points. We create portfolios by using 250 day long test periods based on the cointegration selection of the pairs and then traded for 125 days.
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The paper shows the characteristic of risks of small and medium-sized enterprises (SMEs), which represent a significant market economy element. Insurance is comprehended as a type of business entities protection in case of the occurrence of business risks. Decision-making criteria of a company upon the selection of a commercial insurance company to insure the given company are an up-to-date issue nowadays. Commercial insurance companies provide insurance protection and company management decide what criteria they choose selecting a commercial insurance company.
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The contribution is dealing with selected assessments of the most important risk in the banking sector in the Czech Republic. The aim of this article is calculate, compare capital requirements and calibrate effective portfolio of business loans regarding to the optimal amount of the final capital adequacy of the given commercial bank in the Czech Republic. Paper is focused on the credit risk management where the evaluation of the capital adequacy with using Standardized Based Approach (STA approach) with external rating and Foundation Internal Rating Based Approach (IRB approach) methodology of legislative framework of Basel III is used.
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Recent events taking place on the housing project market provide a strong impetus to the study of risk in housing projects development. This issue is important not only from the point of view of the developer but also his client. This paper proposes a dynamic model of the financial surplus process. The model takes into account structure of the credit payments, the random nature of the real estate sale process (compound Poisson process: the moment of sale and sale price), predictable and unpredictable expenses.
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In this paper we investigate the interdependence of the sovereign default risk and its domestic banks on the example of China during the time period of 2003-2011using credit default swaps as a proxy for default risk. China’s banking industry has predominantly remained state-owned, even after a series of significant reforms in the last two decades. We employ bivariate vector autoregressive (VAR) and vector error correction (VECM) framework to analyze the short- and long-run dynamics of the chosen data series. To
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The study is aimed at finding the optimal default prediction model for Slovak companies. As partial goals, the accuracy of 49 individual ratios as well as 17 most established comprehensive default prediction models used through the history of predicting default was compared. The dataset for comparing and creating own model consists of more than 300,000 individual observations for each variable within years 2003 - 2012. Methodology used for comparing ratios and models include Receiver Operating Curves (ROCs) and from them derived Area Under Curve (AUC) indicator.
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The appointment of a new coach is often a turning point for the development of a football club’s game. But apart from the development of its game, the change affects the club’s economic prospects as well. The coach has a position similar to that of a leading manager in “classic” firms. Other studies have intensively investigated reactions in share prices to results of specific games (see, instead of many, Ashton et al. 2011).The relationship between a change in a club’s coach and the reaction of share prices has rarely been investigated.
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Many important classes of liability in life insurance business are sensitive to the direction of future mortality trends. Therefore the prediction of future mortality rates is an issue of fundamental importance for insurance companies. The Lee-Carter model became one of the most applied models and it is used in different countries around the world to forecast age-specific death rates. The main goal of this paper is to apply the method of P-splines to the smoothing and forecasting of two-dimensional mortality tables for the population in the Czech Republic.
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Today's research on cyclical fluctuation in economy is one of the main topic in scientific debate in the field of many different approaches. The current stage of business cycle affects both the financial institution and consumer behavior, so the established cartel stability within the changing business cycle phases depends on the members’ flexibility and speed of reaction to changes within the market. Financial institutions, having collusive agreement, are more orientated to gain benefit from collective action when there is economic boom.
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The paper represents the current state of indebtedness of Czech hospitals independence on the selected financial indicators and parameters. It responds to the current challenges related to adjustments of the health care financing system which not only EU countries are facing. It also points to the problem of financial reporting and accounting processes of organizations providing health care. The research was based on analysis of secondary data, which were selected from annual reports and internal documents of hospitals in the year 2012.
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Analysis of bank liquidity has several aspects of the investigation. The problems of bank liquidity reflect the major internal factors of the Bank, as well as external conditions of economic development, in particular interest rates and the state of the economic cycle. Therefore, possible effects on liquidity are varied. The Bank's liquidity is a pillar of stability in the banking sector and at this context is very closely linked with the issue of solvency and regulation of the banking sector.
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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 apossible 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 V4 countries (Czech Republic, Hungary, Poland, Slovakia) between the years 2000 and 2013.
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The article describes the problem of dividend policies of the companies quoted on Warsaw Stock Exchange. The objective of the article is to present the result of the research carried out on the information provided by 118 stock exchange companies in the period 2006-2012. The research aimed at the description of the types of dividend policies applied by the companies and the analysis of investor relations from the point of view of the regularity of passing the information about the dividend policy to investors, its principles, possible changes or stopping the dividend payout.
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Liability insurance protect 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 repair. 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. They give a sense of security and greater certainty of receipt of future benefits. It should be remembered that the responsibility of the insurer in the liability insurance is limited by amount of cover defined in the contract, representing mostly the limit of liability for one and / or all of the events.
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The paper is devoted to the Czech banking system identification as a cybernetic system. The behaviour of banking system defined in this way is analysed herein the branch of capital cost management (bank loan). The aim of the paper is analysis of the managing system relations (regulator – central bank) to managed system (regulated cadre – commercial banks) as relationships between operational indicator (discount rate) and regulated indicator (commercial rates).
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This paper processes values from the database of the corporate data Albertina from which calculates the current liquidity indicator for companies representing individual sectors of the national economy in 2004 – 2011. The goal of the paper is to introduce the development of current liquidity in monitored period and sectors, to point to differences among represented sectors and especially to analyse differences in development of current liquidity.
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The paper focuses on the assessment of the problems and the usual methods of medieval numismatics (analysis of coin hoards, analysis of coin dies, style criticism and monetary geography). Furthermore, short attention is dedicated to the position within the medieval numismatics, especially in relation to other auxiliary historical sciences. The relationship between numismatics and economic history as a possible starting point for further interdisciplinary study is examined in the final part of the paper.
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The paper shows the characteristics of the Czech and Slovak non-life insurance market and its comparison. The aim of the article is to compare the non-life insurance in the Czech Republic and Slovakia and to find out which market is more developed.
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