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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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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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The Financialization and Operating Performance of Non-financial Companies Listed on the Warsaw Stock Exchange

Author(s): Błażej Socha,Dariusz Urban / Language(s): English Publication Year: 0

This paper deals with the issue of financialization of companies. The financialization reflects the growing asymmetry between production and exchange processes, in particular regarding the financial component of the exchange process. This asymmetry was revealed along with gradual changes in the financial behavior of nonfinancial enterprises, banks and households. The indication of this transformation process has been increasing the profit generated through financial transactions instead of operating activities. The main goal of this article was to answer the question about the coefficient between the level of financialization and the operating performance of companies from Poland. The research sample consists of the listed non-financial companies and the research period covers 2011-2017. The authors used calculated on their own synthetic indicators of company financialization reflecting their financial as well as investment performance and financial indicators measuring operating activity performance. In order to achieve the research goal, a standard statistical analysis of results was performed and correlation coefficients were used to measure the strength and the direction of association that exists between the level of financialization and the operating performance of companies. The empirical findings suggest the existence of differences in terms of operating activity performance (e.g. EBITDA Margin, EBITDA/Total Assets, Assets Turnover, Revenue/Working Capital) among companies with different level of financialization. It also suggests that financialization reflecting investment performance interact with operating activity performance differently to financialization reflecting financial performance.

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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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The Role of Nonfinancial Indicators in the Process of Credit Risk Assessment

Author(s): Martina Sponerová,Miroslav Svoboda,Miroslav Sponer / Language(s): English Publication Year: 0

Credit risk management is closely related to the bankruptcy prediction and even it was intensively investigated by the banking industry it is still at the forefront of researchers. There is a pressure on financial institutions to still improve their credit risk management system to eliminate credit risk which is one of the most significant financial risks in the banking industry. Many research studies, scientific articles and publications are still trying to find the best method to predict bankruptcy through different bankruptcy models. The reviews from the last years show that using only financial data is not sufficient to predict bankruptcy precisely and some of the researchers also include nonfinancial indicators to their models. The aim of this article is to find which of the nonfinancial indicators have the most significant prediction power to predict failure of Czech small and middle enterprises (SMEs) based on the exclusive nonfinancial data from a bank. We have investigated around 1000 companies from the SMEs segment, of which 100 failed during the period 2010 – 2016. The most important nonfinancial indicators from the credit risk point of view were found by using logistic regression.

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Debt Capacity and Capital Structure of the Companies Managed by Overconfident CEO

Author(s): Elżbieta Wrońska-Bukalska / Language(s): English Publication Year: 0

Overconfidence is one of the psychological biases that have impact on financial decisions. Still, as for financing decisions there is no consensus on the direction of the impact, and in assessing this - some research show using excessive debt while others debtconservatism. We, in turn, assume that inconsistency on the capital structure decisions of overconfident managers might be explained by debt capacity of the their companies. We think that companies managed by overconfident managers have lower debt capacity and, at the same time, they use a higher debt ratio than their debt capacity allows. We collected a unique sample composed of 145 non-listed companies and their financial data for the 2010-2015 period. We then divided the sample into two subsamples depending on managerial overconfidence. We found that debt capacity is lower for companies managed by overconfident managers. There are also differences in sources of debt capacity: for companies managed by overconfident managers the main source is size and tangibility. Moreover, companies managed by overconfident managers have lower debt ratio. This might indicate safe financing strategy, but using a low debt ratio means that companies managed by overconfident managers are constrained to use equity because they exhaust their debt capacity.

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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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Financial Position of the Slovak Spa Companies

Author(s): Sylvia Jencova,Petra Vašaničová,Igor Petruška / Language(s): English Publication Year: 0

In recent years, the Slovak spa companies, through increasing in spa guests (self-payers, or clients of insurance companies), has been significantly contributing to the support of tourism, especially health tourism. The aim of the paper is to evaluate the financial position of non-financial business entities divided by SK NACE 869 - Other human health activities. In the analysis, we use financial data about 21 spa companies for the period 2013-2017 that are obtained from the Register of Financial Statements of the Ministry of Finance of the Slovak Republic. The research sample is considered according its revenues in a given period. In terms of legal form, research sample consists of 16 joint stock companies (a.s.), 3 limited liability companies (s.r.o.), and 2 stateowned companies (s.o.). Financial and economic analysis of spa companies in space is determined using four methods of Multi-Criteria Evaluation. Within this methodology, we use productivity and intensity indicators, namely basic earning power of the decision making unit, return on sales, personal costs-to-net turnover ratio, value added-to-sales ratio. Results have shown that the best position in the period 2013-2017 have had these Slovak spa companies: Spa Bojnice, Spa Lúčky, Spa Dudince, Bardejov Spa, and Slovak Health Spa Piešťany.

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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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STROJÍRENSKÝ PRŮMYSL V ČESKÉ REPUBLICE V LETECH 2011 - 2016

Author(s): Jan Králík,VÁCLAV NOVÁK / Language(s): Czech Publication Year: 0

The main goal of the paper is to evaluate the economic performance of one of the manufacturing industries in the Czech Republic after the last world economic crisis. An important added value of the article is the presentation of data for the engineering industry on a regional scale. Those data were collected from the company's closing financial statements. These financial indicators were further related to the number of employees in aggregate form for the whole Czech Republic and individual regions. There was not found a high growth dynamic of employment in the engineering industry in 2011 - 2016. However, it has been confirmed, it is a sector with high added value per employee and higher than average salary evaluation of employees. There are significant regional differences in the economic performance of the engineering industry, which is a surprising finding.

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VÝVOJ POČTU PODNIKATELSKÝCH SUBJEKTŮ V JEDNOTLIVÝCH KRAJÍCH ČESKÉ REPUBLIKY

Author(s): PETRA CHMIELOVÁ,Kamila Turečková / Language(s): Czech Publication Year: 0

The aim of the article is to conduct an initial survey of the business environment in the regions of the Czech Republic. With regard to the objective of this research, an analysis of registered economic entities, their total number, establishment and termination in 2010 to 2017 in individual regions of the Czech Republic will be carried out based on which data provided by Eurostat for statistical comparison of regions (NUTS) supplemented o data from the Czech Statistical Office. The analysis revealed a long-term development of the decline in the number of emerging economic entities in the individual regions and also a long-term development of the growth of extinct entities. In all cases, the dominance of metropolitan Prague and the Central Bohemian Region is evident in all cases.

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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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FINANCOVÁNÍ VEŘEJNÉHO VYSOKÉHO ŠKOLSTVÍ V ČESKÉ REPUBLICE V LETECH 2010 AŽ 2017 V REGIONÁLNÍCH SOUVISLOSTECH

Author(s): Michal Tvrdoň / Language(s): Czech Publication Year: 0

Czech public higher education has seen significant changes in both its structure and funding over the past two decades. The aim of the paper is to evaluate the development of financing of public higher education in the Czech Republic between 2010 and 2017. Publicly available data of the Ministry of Education, Youth and Sports were applied for the analysis. Three financial sources were taken into consideration - budget headings I to IV, institutional support for the long-term conceptual development of the research organization and support for specific research. European resources were excluded from the analysis. The data show that although the financial support increased slightly in the observed period, the individual components developed differently. The biggest drop was seen in funding under heading I, while the large increase was typical for institutional support. Another finding is a different impact on individual public higher education institutions, when the largest universities included in segment IV reached the largest increase.

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SPATIAL ASPECT AND BEHAVIOR OF TOUR OPERATORS IN SLOVAKIA (CASE STUDY)

Author(s): Lucia Šolcová,Jozef Petrikovič / Language(s): English Publication Year: 0

Slovakia recorded rapid development in tourism. This phenomenon also follow the increase in the number of tour operators and travel agencies. Part of the paper is devoted to spatial aspects of travel agencies and disparities within individual regions of Slovakia. Good management and marketing in controling and new approaches and trends accelerate the development and advancement of tour operators. The paper is focused to the functional evaluation of German tour operator which operates in Slovakia for the period 2011-2017. The aim is to analyze the effectiveness of management on the basis of the overall balance in relation to the number of clients and evaluate the number of travel agencies that offer product of tour operator within the regions of Slovakia. Research was running in 2017 during the summer season. The number of clients depends mainly on the political stability of the destination that the tour operator can not influence, but can influence a whole range of factors and management practices.

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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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VÝDAJE NA SLUŽBY SOCIÁLNÍ PÉČE Z POHLEDU REGIONÁLNÍ ANALÝZY V ČESKÉ REPUBLICE

Author(s): Renata Halásková / Language(s): Czech Publication Year: 0

Availability and economic sustainability of social services are being discussed in relation to ageing of population and financing of social services. The aim of the article is to evaluate the volume of allocated expenditure on selected social-care services, accentuating similarities and differences in regions of the Czech Republic. By use of cluster analysis in years 2010 and 2017, expenditure per user is analysed in four social-care services for senior citizens and the disabled. Results of the cluster analysis confirmed both similarities and significant differences between Czech regions. The regions were divided into three and four clusters in years 2010 and 2017, respectively, based on similarity of expenditure per user of the evaluated services. In 2010, regions in the first and second clusters were more similar in expenditure allocated for personal assistance and day care. In 2017, regions in the second and third clusters were more similar in the volume of expenditure per user by expenditure allocated to day care, as well as regions in the third and fourth clusters by expenditure on personal assistance.

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KVALITA ŽIVOTA JAKO PREDIKTOR VOLEB PREZIDENTA ČESKA V LETECH 2013 A 2018

Author(s): František Murgaš / Language(s): Czech Publication Year: 0

This paper is focused on the correlation of the quality of life and the elections of the President of the Czech Republic in 2013 and 2018. We explore the influence of quality of life on the choice of the president in context of the geographical approach, which is focused on voters. We are focusing on the two candidates who progressed to the second round of elections. Exploring the quality of life as an election predictor can be considered as a part of electoral geography, the essence of which is to investigate the spatial differentiation of voting behaviour. Considering two theoretical approaches in electoral geography, we chose to draw from a contextual approach focused on the characteristics of the space and its influence on voters. The hypothesis is formulated as: The quality of life was a conflict line during presidential elections in Czechia in 2013 and 2018. The aim of this article is to answer the question whether the quality of life can be considered as one of the predictors of the presidential election. It is apparent from the analysis of the effect of spatial differentiation of the quality of life on the results of the presidential elections and their correlation that the quality of life is a predictor of election results. The coefficient of correlation from the point of view of candidate Miloš Zeman reached -0.55, which implies that the better the quality of life in the district meant achieving the worse outcome for Zeman.

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Küresel Finansal Kriz ve Covid-19 Pandemisi Altında Bulaşma Etkisi

Author(s): Eray Gemici / Language(s): Turkish Publication Year: 0

Para politikası, optimal varlık tahsisi, risk ölçümü, sermaye yeterliliği ve varlık fiyatlandırması noktasında küresel ekonomi üzerinde önemli sonuçları olan finansal bulaşma (Çelik, 2012, s. 1946) tek bir ülke veya bir grup ülkede meydana gelen bir şokun piyasalar arası bağlantılarda belirgin bir artışa neden olmasına yol açmaktadır (Dornbusch vd., 2000:178). Bu tanıma göre, bir bulaşma etkisinin varlığı, ancak bir şoktan sonra piyasalar arası ortak hareketliğin önemli ölçüde artmasına bağlı olmakla birlikte şokun etkisiyle ortak hareketliliğin önemli bir şekilde artmadığı fakat devam eden yüksek korelasyonun varlığı sadece iki ülke ekonomisi arasında güçlü bir bağlantılılığın olduğunu göstermektedir (Forbes ve Rigobon, 2002:2224). Piyasalar arasındaki ortak hareketleri tetikleyen faktörler Karolyi (2003:184) tarafından iki şekilde kategorize edilmiştir. Bu faktörlerden birisi ortak küresel faktör olarak sanayileşmiş ülke ekonomilerindeki büyük değişim veya emtia fiyatlarında meydana gelebilecek bir şok, krizleri veya büyük sermaye akışlarını tetikleyebilmektedir. İkinci faktör ise irrasyonel bulaşma olarak adlandırılan makroekonomik veya diğer temel değişikliklerle ilgili olmayan ancak yatırımcıların veya diğer finansal kurumların davranışlarının bir sonucu olarak ortaya çıkan finansal krizleri içermektedir.

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Türkiye’de CDS Primlerinin Belirleyicilerinin Ekonometrik Analizi

Author(s): Sefa Özbek / Language(s): Turkish Publication Year: 0

There are two main goals in this study. The first one determines the short- and long-term macroeconomic determinants of Credit Default Swap (CDS) premiums in the Turkish economy in the sample period of 2010:Q2-2020:Q3. The second goal is to test the relevant determinants with FMOLS, DOLS and CCR estimators, as well as ARDL bounds test, and compare the results. In line with these objectives, in this study, econometric analyzes of the Turkish economy's CDS premiums, real effective exchange rate, interest rate, international investment position, foreign exchange reserves, consumer price index, current account deficit and growth rate variables were made. According to the results of the empirical analysis, the variables are statistically significant at the 5% level of significance in the short and long term. On the other hand, it was concluded that both ARDL and FMOLS, DOLS, CCR estimator results were generally compatible with each other.

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