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

Author(s): Eva Grmanová / Language(s): English Publication Year: 0

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.

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

Author(s): Gerhard Fink,Wolfgang Rainer,Peter Haiss / Language(s): English Publication Year: 0

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.

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Profit versus Cash Flow in Sectors of toe Czech Republic

Author(s): Petra Kozakova / Language(s): English Publication Year: 0

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.

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

Author(s): Oleksandra Lemeshko,Veronika Končikova / Language(s): English Publication Year: 0

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.

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

Author(s): Dagmar Linnertová,Silvie Kafková / Language(s): English Publication Year: 0

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.

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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(s): English Publication Year: 0

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.

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The Threats of the Banking Union for foe Polish Banking Sector

Author(s): Krystyna Mitręga-Niestrój,Blandyna Puszer / Language(s): English Publication Year: 0

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.

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The Interest Rates of tee Central Bank and tee Banking Sector

Author(s): Dalibor Pánek / Language(s): English Publication Year: 0

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.

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The Costs of Deflation: Are they Really so High?

Author(s): Stanislav Polouček,Martin Hodula / Language(s): English Publication Year: 0

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.

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The Role of ECB as a Supervisory Authority within European Union

Author(s): Łukasz Szewczyk / Language(s): English Publication Year: 0

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.

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

Author(s): Michal Šindelář / Language(s): English Publication Year: 0

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.

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The usage of artificial neural network on EUR/USD prediction model

Author(s): Stanislav Kudelás / Language(s): English Publication Year: 0

The paper describes method of trend change prediction focused on market with foreign exchanges (FOREX) in short-term time-series. The main assumption of the method is based on use of artificial neural network as a tool for analyzing and predicting the point of trend changing. Point of trend changing define beginning or end of period where trend is rising or falling. The method has extraordinary view to prediction making. Method is based on fundaments of technical analysis with use of artificial neural network (ANN) as a core for prediction making.

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Ex-post merger analysis: A case study of a P&G/Gillette merger

Author(s): Tomáš Houška / Language(s): English Publication Year: 0

Recent trends in competition policy emphasize the significance of post-merger assessment studies, especially in cases where competition agencies actively intervened. Reviewing these merger decisions later in time can determine their efficiency and identify whether there was a more appropriate way to reach the economic objective of merger regulation. Identifying weaknesses in merger-review process is desirable as it improves the efficiency of the future merger decision issued by the competition authority. Using a case study of P&G/Gillette merger from 2005, I conduct a post-merger analysis and evaluate the efficiency of structural remedies imposed by Federal Trade Commission (FTC) on one of the influenced markets (market for men's deodorants).

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EMPIRICAL TEST OF THE CAPM USING LINEAR REGRESSION

Author(s): Petr Červinek,Jana Hvozdenská / Language(s): English Publication Year: 0

This paper summarizes the results of series of empirical tests of the Capital Asset Pricing Model (CAPM). The empirical tests were performed for the shares traded in the system SPAD of the Prague Stock Exchange. CAPM is the equilibrium model of the single-index model. Therefore we use test of linear regression for single-index model. The results indicate that the CAPM is not appropriate for modelling the return on the considered shares in the considered time interval.

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STOCK MARKET BUBBLES INVESTIGATION IN THE CZECH REPUBLIC

Author(s): Oleg Deev,Veronika Kajurová,Daniel Stavarek / Language(s): English Publication Year: 0

In this paper, we employ a special methodological technique to examine the presence/absence of the phenomenon of stock market bubbles in the Czech Republic. The methodology is based on the examining of residuals of VAR fundamentals with exclusion of ARCH effects. The presence/absence of bubbles is studied by Hurst persistence tests and regime switching tests. Although we observed the bubbles presence over various time periods, almost no evidence of speculative bubbles was found in the Czech stock market.

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BIASES IN CONTINGENT VALUATION METHOD USED FOR INVESTMENT PROJECT APPRAISAL

Author(s): Monika Foltyn-Zarychta / Language(s): English Publication Year: 0

The paper is devoted to theoretical analysis of problems arising in contingent valuation method used in project appraisal for estimating the value of non-market goods. Using hypothetical markets for deriving people’s willingness to pay or willingness to accept compensation for changes in public goods due to project implementation is followed by a number of specific biases that can distort the final outcome of the analysis. Although the literature offers various definitions as well as classifications and ways to overcome those tendencies, some new overview may be seen as indispensable for clarity and efficiency inusing CVM in investment project appraisal procedure.

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AGENCY THEORY AND ITS APPLICATION IN THE BUSINESS OF THE FINANCIAL SECTOR IN SLOVAKIA

Author(s): Erika Mária Jamborová / Language(s): English Publication Year: 0

Our contribution focuses on the concretization and implementation of the agency theory interms of the economic practice, under the influence and impact of the financial and economic crisis. It is intended to define the different roles, which are significantly affecting business entities in the financial sector, in characterizing not only the traditional roles - investor manager-employee-client, but also the role and position of the state as the regulator of the financial industry sector.

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DISPOSITION EFFECT: DO HUNGARIAN INVESTORS KEEP THEIR MISTAKES?

Author(s): István Joó,Mihály Ormos / Language(s): English Publication Year: 0

In our paper, we examine disposition effect known from behavioral finance, according to investors kept their losing positions too long and close their winning positions too early. Analyzing individual transactions of Hungarian higher education students in 2009 and 2010 –based on realized and non-realized gains and losses – we came to conclusion that investors participating in the researches were inclined to disposition.

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BANKS AND CASH MANAGEMENT

Author(s): Jan Krajíček / Language(s): English Publication Year: 0

One of the major components of banking, which has its own historical traditions, is primarily a commercial bank - the financing of large firms and the problems that are associated with it. It involves a two areas, both our own bank marketing, creation of new banking products and their further use, while the satisfaction of bank customers. In particular, the large bank clients are crucial - their meaning is not, I'll just their size, but also many other clients who are strings attached, be it retail as well as well as corporate clientele.

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EFFICIENCY OF ACCOUNTS RECEIVABLE MANAGEMENT IN POLISH INSTITUTIONS

Author(s): Grzegorz Michalski / Language(s): English Publication Year: 0

Accounts receivable management should contribute to realization of basic financial purpose of an enterprise which is the realization of such strategy which is linked with its owner (or its stake holders) wealth maximization. The enterprise performance and value maximization strategy realization is more effective when it is realized in the most efficiency way. It is also executed with a focus on risk and uncertainty (Gentry 1988, Michalski 2012). This paper presents the consequences that can result from operating risk to determine the level of accounts receivable in the enterprise.

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