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The Efficiency of Health Systems in OECD Countries with Novel DEA Methodology

Author(s): Kristína Kočišová,Jakub Sopko / Language(s): English Publication Year: 0

The main purpose of this paper is to determine the relative scores of the efficiency of health systems in the OECD countries. The data used in the analysis of this paper has been obtained from the official OECD database and we have been analyzing the data between 2005 and 2015. We use the health indicators to point out the performance of healthcare systems of individual OECD countries. The efficiency results are obtained by Data Envelopment Analysis (DEA). DEA is an analysis of the efficiency of production units, which give us the efficiency score of the specified individual units. DEA is also used for the examination of the efficiency in the services sector. In this way, we can point to the level of efficiency of the health systems of the individual OECD countries. Traditional DEA methods are limited in some cases with regard to the nature of the selected variables. Emrouznejad and Amin (2009) point to the limitations of DEA models using the indicators expressed as ratio variables. In our paper, we will use the novel method for assessing efficiency – Dynamic Network Data Envelopment Analysis (DNDEA), applied by Ozcan and Khushalani (2016).

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Spatial Inequality in Ownership and Activity of Banking Sector: Case of Russia

Author(s): Marina Yuryevna Malkina / Language(s): English Publication Year: 0

Our study is aimed at evaluation of spatial inequality in ownership and activity of commercial banks of Russian Federation in 2001-2016. The level of interregional inequality in banking sector was assessed for its assets, financial results, attracted deposits and provided loans, which were calculated both per capita and as their ratio to GRP of regional economies. To eliminate the effect of price level on the variables in time series we determined their real values using the cumulative GRP-deflator indices. The inequality in spatial distribution of assets, liabilities and financial results of banking sector was evaluated by means of the weighted coefficients of Gini and variation and tested for - and -types convergence. We found significant growth of the spatial concentration of ownership and management of assets in Russian banking sector accompanied by low and cyclical concentration of financial results (net profits) within the sector, which meantime increased noticeably last year. At the same time, banking activity demonstrated much lower and sometimes diminishing regional disparities. First of all, we observed decrease in spatial inequality in the level of lending to enterprises and population, and the both types of convergence were proved for them. This trend was opposite to the growth of interregional disparities in the average personal deposits and almost nil change in inequality of the deposits of enterprises. We concluded that discrepancy between distribution of ownership on assets and actual implementation of banking activity, in combination with high interest rate (cost of capital), contributed to further redistribution of financial resources of the periphery in favor of the center and prevented the improvement of financial position of backward regions.

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The Efficiency of Health Care Systems in OECD Countries. Does it Make a Difference?

Author(s): Anatoliy Pilyavskyy,Lucie Kopecká / Language(s): English Publication Year: 0

The main aim of this article is to compare the Efficiency of Health Care Systems in 35 OECD countries during period 2008 – 2015. The efficiency of health care system is discussed topic in many articles and it is very difficult task to find the right methods according to which to measure health care efficiency. In our case for the comparing of the efficiency of health care systems we use nonparametric method, namely Data Envelopment Analysis (DEA). Two different output oriented models are used. The first one is with one output: life expectancy at birth and three inputs: health expenditures, total health and social employment and number of hospitals. The second one is with two outputs: all causes of deaths and infant mortality and three inputs like in the first model. All indicators are obtained from OECD database. Comparing results for these two models, that are very similar, show that both developing and developed countries can be effective.

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Profitability of Selected Technical Analysis Indicators

Author(s): Pavla Říhová,Milan Svoboda / Language(s): English Publication Year: 0

This empirical study is another part of our long-term research that deals with stochastic modelling of a short-term share price development. We use Markov Chain Analysis (MCA) to predict the share price development. The principal of this method consists in finding such states in which there is a high probability of changing the tertiary trend. These states are then used to generate buy and sell signals. The aim of this study is to compare the profitability of a business strategy using MCA with varying state space with the selected indicators of technical analysis. The indicators that are often recommended in traders´ articles, i.e. MACD, RSI and OBV, have been selected for this comparison. The basic success rate of individual methods is to overcome the profitability of the Buy & Hold (B&H) passive strategy, profitability of which is calculated as well. The study was performed using historical daily prices (open and close) of the ČEZ´s shares for a period of 12 years; from the beginning of 2006 until the end of 2017 (3 010 trading days). Based on the results of some selected technical indicators it can be stated that none of them outperforms the B&H strategy in the long term, while the models based on MCA are able to outperform the B&H strategy. If we include fees, the trading strategy using the MCA is unprofitable. Only trading based on the RSI would bring a positive appreciation and slightly outperform the B&H strategy.

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The Influence of Accounting for Goodwill on the Bottom Line of Business Corporations

Author(s): Jaroslav Sedláček,Filip Hampl,Elena Láncošová / Language(s): English Publication Year: 0

The paper is dedicated to methods of accounting for goodwill and their relationship to the bottom line of business corporations. Methodically it is based on the comparison of Czech and international accounting rules. Empirical research is conducted on business companies operating in the Czech Republic in the period from 2007 to 2016. Differences and connections between intangible assets including goodwill and performance indicator represented by earnings before interests and taxes (EBIT) reported in accordance with the Czech Accounting Standards (CAS) and the International Financial Reporting Standards (IFRS) are examined. Particularly, Spearman’s correlation coefficient and F-test are used for hypothesis testing. It was identified a lagged relationship between EBIT and the index indicator of acquired intangible/tangible assets and concluded that approach of CAS and IFRS regarding revaluation of goodwill is not comparable in terms of variability and predictability.

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Syndicated Loan Market Germany: Deep Dive into Role Allocation

Author(s): Ilja Schaab,Eric Frère,Alexander Zureck / Language(s): English Publication Year: 0

The selection and mandate of capable partners in a syndicate loan transaction is essential to a successful realization. However, financial managers have not only to decide which banks but also how many banks should be involved in the transaction at hand to generate an optimal cost-benefit-ratio. While other studies have investigated the impact of arranger reputation on the syndicate structure, this paper focuses on the identification of significant transaction-related determinants of mandate allocation on the syndicated loan market in Germany. The analysis of the 2,161 data sets from transactions between 2001 and 2017 is conducted by the ordinary least squares method. The findings show that the transaction volumes have a significant positive impact on the number of mandated banks, whereas the complexity of the transaction, represented by the number and type of facilities as well as the total allocation of arranger titles, has a significantly negative impact on the mandate allocation. Furthermore, the study reveals a structural break in the strategy of role allocation in the market which occurs in the year 2009 during the financial crisis. Ever since, the allocation of MLA and Bookrunner titles increased significantly.

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Backtesting Expected Shortfall – Is There a Method Suitable for Middle-sized Banks?

Author(s): Eugenia Schmitt / Language(s): English Publication Year: 0

The financial crisis 2008 revealed weaknesses in the valuation and capital backing for market risks. The new regulatory requirements, the Fundamental Review of the Trading Book (FRTB), is a reaction of the Basel Committee on Banking Supervision and should create transparency based on a unification of market risk criteria to be met by all banks. One of the novelties is the move from Value at Risk (VaR) to Expected Shortfall (ES) as the standard for measuring risk and calculating capital. It is motivated by better theoretical properties of ES as a risk measure. Especially, VaR doesn’t account for “tail risk”. ES in contrast captures high-value low-probability events and has other advantages too. At the same time, ES has been criticized for unavailability of simple tools for its validation, for possibilities of backtesting. Because backtesting is one of the key quantitative tools used to assess the conservativeness of the risk measurement methodology, estimation techniques are being constantly improved. This article shows the current, new methods for backtesting ES reviewed in literature and discuss which methods are appropriate to implement in middle-sized banks. ES will be necessary for internal validation and for regulatory control. Hence, practical methods for backtesting the ES are of particular interest.

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The Effect of the Accounting Hocus–Pocus on the Management Earnings Forecast Precision in the IPO

Author(s): Tomasz Sosnowski,Anna Wawryszuk–Misztal / Language(s): English Publication Year: 0

Issuers of initial public offerings can make a voluntary decision to post the earnings forecast in the prospectus. This paper explores whether managers of IPO firms take intentional action in the form of earnings management to reduce the forecast error and thereby improve the quality of such forward looking financial information revealed in the going public process. Using a sample of 87 IPOs from Warsaw Stock Exchange between 2006 and 2015 we find that, generally, managers of the new listed companies use discretionary accruals and abnormal cash flows from operations in the periods around the IPO to improve the accuracy of the earnings forecast disclosed in the IPO prospectus. Real earnings management is likely to take place in the year preceding IPO and accruals-based earnings management is used in the IPO and following year.

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Application of Selected Machine Learning Methods to Companies’ Insolvency Prediction

Author(s): Joanna Wyrobek / Language(s): English Publication Year: 0

The purpose of the paper was to test the efficiency of various modern machine learning methods on the representative sample of Polish companies for the time period 2008 – 2017. The novelty factor in the paper is that it uses a representative sample of companies, which seems to improve the efficiency of the models and that the training sample and the validation sample include data from different time periods and different companies (the training sample data covered the period of 2008 – 2013 and the validation sample covered the period 2014 – 217). The hypothesis verified in the paper is [H1] that: the most efficient algorithms in bankruptcy prediction are: Gradient Boosting Decision Trees and Random Decision Forest.

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Impact of Brexit on Volatility Connectedness across ASX’s Subindices

Author(s): Lukáš Marek / Language(s): English Publication Year: 0

In this paper, we apply (Diebold and Yilmaz, 2012) a generalised variance autoregressive framework to measure historical FTSE All-share Index’s (hereafter ASX) sector volatility connectedness with a focus on the Brexit era. The main goal of the paper is to examine if Brexit has altered British inter-market connectedness. We analyse six major ASX’s sectors provided by Bloomberg, which stands for almost 50 % of ASX’s market capitalisation. We use daily prices from May 2006 to the end of May 2019 obtained via Bloomberg Terminal to compute weekly volatility. Then the forecast error variance decomposition is applied to the volatility dataset. The static, as well as the dynamic measurement, is being calculated. We find that the methodology greatly captures volatility shocks, including the shocks primarily caused by Brexit issue. Based on the results, we infer, that the increased volatility connectedness is more of a temporary character than a structural nature.

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Does the Linkage between Agricultural Business Insurance and Use of Debt Exist? Empirical Evidence from Polish Farm Businesses

Author(s): Michał Soliwoda,Agnieszka Kurdyś-Kujawska / Language(s): English Publication Year: 0

The objective of this paper is to investigate into the linkage between participation in agricultural business (crop/livestock) insurance programs and debt ratios (mainly debt-to-assets and debt-to-equity ratio). Our methodological approach was based on previous empirical studies on the role of determinants of purchase of agricultural insurance. We used a farm-level data from Farm Accountancy Data Network (FADN) for 2009-2015 (after significant changes in Polish law on agricultural insurance). We performed a Mann-Whitney U test between insured and non-insured farm businesses. Additionally, we used chi-squared test for data in contingency tables in order to indicate dependencies between agricultural insurance participation and use of liabilities, long-term and short-term credits and loans. Our findings were mostly consistent with previous studies. Farm business that use crop/livestock insurance (about 20% in FADN sample) were characterized by higher debt ratios (Debt-to-Assets, Debt-to-Equity) and the share of long-term liabilities in total liabilities. Our findings may be useful insurers and financial institution that offer various credits for rural inhabitants. The use of crop/livestock insurance is important variable from the perspective of credit scoring. Further research will refer to dynamic processes, including credit risk migration of farmers and credit signaling in agriculture. Particular attention should be paid in two types of farms: “field crops” and “mixed” that are sensitive to risk related to crop production.

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VYBRANÉ CHARAKTERISTIKY TVORBY A ŠÍRENIA ZNALOSTÍ NA ZÁPADNOM SLOVENSKU V OBDOBÍ 2007-2017

Author(s): Pavla ŠTEFKOVIČOVÁ / Language(s): Slovak Publication Year: 0

The aim of the article is to outline the importance of knowledge for regional development and introduce selected features of research and development within technical sciences regarding the creation and dissemination of knowledge in the regions of western Slovakia in 2007 – 2017. Bratislavský kraj has a dominant position in human resources and financing of research and development among other regions, as evidenced by the analysis of processed statistical data. Based on the analysis of information about cooperating R&D organizations from the database of projects supported by Slovak Research and Development Agency, we created a map of spatial bonds, which we consider as preconditions for the originating of knowledge flows. Results showed that most of the knowledge flows were initiated in Bratislava, where many public as well as private organizations that carry out research and development in technical sciences are concentrated. Bratislava therefore plays a crucial role in creation and dissemination of knowledge from technical sciences and other regions in western Slovakia can acquire it more easily through knowledge spillovers because of their geographical proximity.

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TELEVIZNÍ PŘÍSPĚVKY O KRAJÍCH ČESKÉ REPUBLIKY Z POHLEDU ZPRAVODAJSKÝCH RELACÍ

Author(s): Ján Sucháček / Language(s): Czech Publication Year: 0

It is apparent that national media substantially affect the look on individual regions. The same holds true also for TV coverage. The objective of the article is to analyze and evaluate the amount of regionally-bound contributions according to the selected news programmes. The coverage of public Czech TV is represented just by two news programmes Události and Události, komentáře. Its private counterparts, i.e. TV Nova and TV Prima are embodied by Televizní noviny and Zprávy FTV Prima news programmes. It is worth noticing that during the investigated period between 2004 and 2010 the most regionally-orientated news appeared in Televizní noviny by TV Nova. As for amounts of nationally broadcasted news that are bound just to individual self-governing regions, all four previously mentioned TV news programmes favour different regions. The degree of medialization of particular regions differs quite a lot across these news programmes.

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REGIONÁLNÍ DISPARITY DETERMINANT ZDRAVOTNÍHO STAVU OBYVATELSTVA KRAJE VYSOČINA A ÚSTECKÉHO KRAJE V ROCE 2006 A 2016

Author(s): Dana Hübelová ,MICHAL HOŘÍNEK,Alice Kozumplíková / Language(s): Czech Publication Year: 0

The level of health of the population is an important indicator of regional development, quality and competitiveness. The aim of the paper is to determine regional disparities in 5 districts of the Vysočina Region and 7 districts of the Ústí Region in 2006 and 2016. Disparities are determined according to the values of 11 demographic and 2 economic determinants of health and 4 indicators of health interventions. The composite indicator method and cluster analysis were used to compare the regions. The determinant values are better in the Vysočina Region districts in 2006 and 2016 as well. The values of economic determinants and health interventions have improved over time. Only the divorce indicator improved in demographic determinants, life expectancy increased and the proportion of deaths (circulatory system diseases and neoplasms) decreased. The adverse change in demographic sub-indicators in comparison with 2006 and 2016 means a decrease in the composite indicator values in most districts. Composite indicator growth only occurred in the districts of Havlíčkův Brod, Jihlava and Ústí nad Labem. The results of the analyses clearly show that there are still considerable disparities between the districts.

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ИННОВАЦИОННЫЕ ИЗМЕНЕНИЯ В СТРУКТУРЕ СЛОВОСОЧЕТАНИЯ И ПРЕДЛОЖЕНИЯ В РУССКОМ ЯЗЫКЕ КОНЦА ХХ – НАЧАЛА ХХI ВЕКА

Author(s): Stanislav Aleksandrovich Rylov / Language(s): Russian Publication Year: 0

Rapid changes in Russian society in the last three decades, its democratization and other social, psychological factors are indirectly reflected in language and speech, including at the syntactic level. An important result of the action of various factors is the mass entry into the literary and speech use of innovations that require analysis and evaluation. The purpose of the research is to identify the most active innovative changes in modern Russian speech, to establish their character, to capture in them the manifestation of the main trends in the development of the syntactic system. The subject of observations and analysis in the work – new syntactic phenomena in the structure of phrases and simple sentences that arose in Russian speech at the end of the twentieth century and are actively manifested in the first decades of the XXI century. The main material was collected by the author himself and was extracted from newspaper texts of modern Russian periodicals, from radio and television. Examples from published scientific works were used. The most active changes in the structure of the phrase are analyzed: transposition (destruction in the phrase of the control connection and development of the coordination connection), innovative shifts, often representing anomalies, expansion of prepositions in subordinate phrases. The most important changes in the structure of a simple sentence are revealed: segmentation, actualization of the necessary part of the statement, compression, parceling, innovative processes in the functioning of impersonal sentences, which are a bright national specificity of the Russian language. The considered innovative changes indicate the manifestation of the main trends: the «democratization» of Russian syntax, the tendency to the development of syncretism, the trend of strengthening of analysis. The results obtained in the work should undoubtedly find practical application in linguodidactics, including in the process of teaching Russian as a foreign language in the Czech environment.

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СИНТЕЗ ИСКУССТВ В РУССКОЙ ЛИТЕРАТУРЕ 1990-х —2010-х гг.

Author(s): Irina Mineralova / Language(s): Russian Publication Year: 0

The phenomenon of “Synthesis of arts” being productive in Europe during the Romantic period bore completely unexpected fruit at the turn of XXth century. As a rule of thumb, periods of crisis and changes are destructive on different levels and “crave” (Vyach. Ivanov) for synthesis. The turn of XXIth age is not an exception. This article defines specific causes and conditions for calling synthesis into life (fictional, interliterary, particularly synthesis of genres, and, furthermore, convergence of journalism, philosophy, sociology and philology). In this sense the synthesis of music and fictional literature is extremely graphic, it can be seen in works of old masters of prose and popular poets who represents “author’s song” (Russian contemporary folk music) or rockmusicians and rock-poets. Also of a great importance are the new flash fiction and poetry of modern age answering on the questions of today. The synthesis of philosophy, sociology, journalism and pictorial art is the most graphic in artistic heritage of Alexander Zinoviev, who has no match in today’s generation. The study of “synthesis of arts” phenomenon and its use in individual style of contemporary authors is not only interesting, but also fresh and meaningful. This will be shown in the analysis of particular literary works of contemporary authors. The synthesis in contemporary Russian culture differs from what it was in the first third of XXth century. The change of “exchanging” and “storing” information format leads to the fictional product that often comes out to be a surrogate pleasing the lowest tastes, without any aesthetic value. The question of value is often about creating “reputation” determining commercial worth of the product and not about artistic evaluation.

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Heydər Əliyev və Cənubi Qafqaz Respublikalarının Dünya Birliyinə İnteqrasiyası

Author(s): Qabil Əliyev / Language(s): Azerbaijani Publication Year: 0

Cənubi Qafqaz respublikalarının Dünya Birliyinə və regional təşkilatlara inteqrasiyası prosesi müstəqillik bərpa edildikdən sonra qarşıda duran ən önəmli vəzifələrdən biri olmuşdur. Gürcüstan Respublikası 1991-ci il aprelin 9-da, Ermənistan Respublikası 1991-ci il sentyabrın 21-də, Azərbaycan Respublikası 1991-ci il oktyabrın 18-də dövlət müstəqilliyini bərpa etdilər [1, c.40, 45, 38]. Bu da həmin respublikaların beynəlxalq və regional təşkilatlara tamhüquqlu üzv kimi qəbul edilmələrinə şərait yaratdı. Yeni istiqlaliyyət qazanmış bu respublikalar özlərinin suveren hüquqlarını qorumaq, dövlət müstəqilliklərini möhkəmləndirmək, beynəlxalq münasibətlər sistemində layiqli yer tutmaq və üzləşdikləri münaqişələri ədalətli həll etmək üçün ardıcıl və prinsipial xarici siyasət yeridərək, qonşu ölkələr və dünyanın nüfuzlu dövlətləri ilə, eləcə də bütün beynəlxalq və regional təşkilatlarla sıx əməkdaşlıq əlaqələri qurmağa təşəbbüs göstərdilər.

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The Volatility Spillover Effects Among Six Major Asian Sovereign CDS Markets

Author(s): Hüseyin Özdemir / Language(s): English Publication Year: 0

This study examines the volatility spillover indexes among the 5-year maturity credit default swaps of six major Asian countries (China, Indonesia, Korea, Malaysia, Thailand, and Vietnam) from June 2008 to August 2022. We find that China, Indonesia, and Vietnam are net receivers of the spillovers, whereas South Korea, Malaysia, and Thailand are net transmitters of volatility in the Asian CDS market. Further, the total volatility spillover index is around 79%, suggesting a very high level of connectedness among these Asian CDS markets and implying high systemic risk among markets. Moreover, our empirical finding provides strong evidence that the total spillover index can be used as an early warning of the rise of uncertainty in South Korea and China, especially during crisis periods. The fact that volatility can be transmitted between CDS markets shows that an increase in volatility in one credit swap market is a clear sign of an increase in volatility in other sovereign CDS markets.

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Belirsizliğin Spekülatif Baskı Endeksi Üzerindeki Asimetrik Etkisi: Türkiye Örneği (2005-2022)

Author(s): Tuncer Yılmaz,Ömer Uğur Bulut / Language(s): Turkish Publication Year: 0

Temel iktisadi birimlerin ve ekonomik karar mekanizmalarının bakış açısına göre belirsizlik, gelecekteki potansiyel sonuçları içeren çok yönlü bir göstergedir. Ekonomik değişimlerle beraber toplumsal ve siyasi bağlamda birbirinden farklı eylemleri de içermektedir (Bloom, 2014: 167-168).

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Gümüşhane Şehrinde Nüfusun Mekânsal Dağılımı (2000-2021)

Author(s): Mehmet Üzülmez / Language(s): Turkish Publication Year: 0

İnsanoğlunun varlığından beri dünya nüfusu sürekli artmaktadır. Bazen savaşlar bazen de salgın hastalıklar yüzünden nüfus artış oranı azalmaya gitse bile dünya nüfusu hiçbir zaman azalışa geçmemiştir. Öyle ki Sanayi Devrimi’nin yaşanmasıyla birlikte nüfus patlaması yaşanmıştır. Böylece dünya nüfusu ilk defa 1 milyar eşiğini 19. yüzyılın ortalarında geçmiş, zaman ilerledikçe nüfusun iki katına çıkma süresi de kısalmıştır. 2011 yılında 7 milyarı geçen dünya nüfusu, 8 milyarı 15 Kasım 2022 yılında geçmiştir (www.un.org). Ancak burada kaliteli nüfusun artması önemlidir (Koday, 2010, s. 46).

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