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Since the 1980's numerous studies based on historical data have shown that stock returns depend on the day of the week. So called weekend effect suggests that stock returns on Mondays are often significantly lower than those of the immediately preceding Fridays. In this proceeding we will apply the analysis of the weekend effect on the Prague Stock Exchange.
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Text of the paper includes the curent issue of institutional arrangements and supervision of financial market supervision in the United States and Canada with the aim of understanding current trends in the financial system.
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Financial and debt crises have not significantly influenced the activities of insurance companies, especially their investment activities. Using methods for the analysis to show that the European insurance market and insurance market in the Czech Republic there was little change in the financial position of insurance companies available funds.
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The goal of this paper is to define applicable segmentation criteria for corporate banking clients based upon analyses of corporate client needs. In the first section, I summarize the principles of segmentation and segmentation specifically as it relates to bank strategy. I further analyze client needs and developments in business in the Czech Republic. Applicable segmentation criteria are proposed based upon corporate client need analyses and on a comparison of the segmentation criteria used by leading financial institutions in the Czech Republic and the European Union.
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This paper examines the interrelations between six bank stock indices, illustrating world's biggest banking systems, to test the directions of market integration and possible contagion. Employing cointegration analysis methodology, we find evidence of cross-border banking sector interdependence, apparently formed separately by investment and commercial banks, and contagion, which in our case follow the timing convention in business activities of the chosen countries.
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Credit default swap markets have been considered as a leading indicator of the future development of credit worthiness, which can point out the potential situation in economy. The aim of the study is to find out whether the role of credit default swap markets and bond markets has been changed by the financial crisis and the debt crisis. The attention is paid to the credit default swaps and bonds of 22 financial institutions, which are included in Markit iTraxx Europe Senior Financial index.
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The article is focused on showing first results of two newly created (alternative) bankruptcy models. The used database contains available data of Czech companies (Credit Info database). Based on result comparison with standardized bankruptcy models (IN 05, Z-fce) the two new models are equivalent in one case and significantly better in the second case.
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ETFs (Exchange Traded Funds) represent financial innovation that combines characteristics of mutual funds with advantages provided by continual exchange trading. ETFs shares can be also used for specific operations such as short selling or trading on margin. Because of minimal regulation the short sell interest (SI) with ETFs is several times higher than short sell interest with common stocks.
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This paper analyses reaction of the Czech private banking sector to the financial crisis. The change of management strategies towards external as well as internal financial market threats is described. Specific attention is paid to the role of the Czech Banking Association, including its communication strategies with individual private banks, with the governmental sector and with foreign partners. The impact of the CBA on the stability of the finance market in the Czech Republic is assessed.
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For investors, volatility may be one of the investment criteria. Changes in implied volatility along with the changes in the value of the underlying assets have cardinal influence on the value development of modern structured products during their duration. This paper therefore examines the influence of volatility on the value of modern structured products and his result is a systematization of this group of investment instruments according to mentioned criteria.
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This paper is summarizing all major crises and is trying to give an answer to few questions: a) what are possible mitigants of financial crises if any; b) does the new regulation help us to do that; c) what is potential impact of new regulation to the sector. In more detail this paper is summarizing the history of financial crises from 17th century to the present.
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The text focuses on the reasons for the establishment, structure, and issues with banking union in the European Union. Describes the basic element and the first step of implementation, a single supervisory mechanism bank. Includes banking entities under the direct supervision of the European Central Bank and supervision of national supervisors. Contain some problems when creating a banking union and a single bank supervisory mechanism. In final assessment provides selected for successful implementation of the project and its benefits.
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The paper deals with on one of the possible event of information a symmetry on the insurance market in the Czech Republic. The event is the comprehensiveness of information about an insurance product. The information about the company insurance against natural hazards on the insurers´ website is the subject of the research. The valuation was carried out till the date 1. 3. 2013. The valuation is focused on the possibility of looking up the insurance conditions on the website and on the formale laboration of insurance conditions by the criterion the number of the extrinsic information of the insurance product and by the criterion the number of insurance conditions documents.
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This paper deals with the financialization of contemporary world commodity markets and its influence on the economy. Firstly, it defines the ways in which this current trend shows itself and then analyzes its impact on the economy. Concurrently the paper tries to find out in what way is the effect positive for the economy as well as in what is negative.
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The European Commission and the European Parliament finalized the implementation of Basel III. From 01.01.2014, the relevant rules of CRR and CRD have to be fulfilled. But what effects do these rules have onto the banks, their strategies and profitability? This article discusses the main new aspects, their impacts onto the banks –and offers a strategy, how banks should deal with Basel III.
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In relation to the impact of the financial and debt crisis, commercial insurance companies operating not only at the insurance market of the Czech Republic but also in global market conditions are looking for possible ways to make their activities more efficient as well as the ways to decrease the costs of insurance service provision. One of the effective ways to increase efficiency and decrease costs is outsourcing.
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The theory of games as a domain of mathematics is one of the methods proper for making decisions in the world of economics when we do not know how the other subjects are going to act. It seems to be a suitable tool for gambling on the stock exchange. During gambling on the stock exchange the problem of the choice of proper portfolio appears. The player wants both great profit and low risk. It is reasonable to limitthe choice only to portfolios which belong to the effective set.
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Channels through which monetary policy affects aggregate demand can be divided into three paths: traditional interest rate channel, other asset price channels and credit channel composed of balance sheet channel (named also broad credit channel), only recently separated bank capital channel and bank lending channel. Banks face troubles in keeping their present or acquiring new financial sources, when central bank tightens its monetary policy. Banks characterized by differences in size, capitalization, liquidity and ownership face different levels of informational asymmetry and are therefore differently affected by changes in monetary policy.
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The paper is focused on the products of financial markets for credit risk transfer. It contains the definition of these products and their characteristics in light of their riskiness. Other partsof the paper are devoted to the contribution of these instruments to the origin of the financial crisis in 2007 and following recommendations for changes in regulation of financial markets.
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This paper investigates securitization, which is the most discusses topic 21st century, because of causing a collapse in global capital markets and later world economy. Unfortunately, securitization is regarded as a one of the major causes of the financial crisis that began in the U.S. mortgage crisis, but the question is, if it was the primary cause. It can be concluded thatthe process of securitization wasn’t the reason of the financial crisis, but the actual input into the process. When you securitized assets at the beginning of the process, which have no credit standing, then the process can give you results, which will be no better than on the beginning.
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