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Linkages between bonds and credit default swaps of the European financial institutions

Author(s): Veronika Kajurová,Jana Hvozdenská / Language(s): English Publication Year: 0

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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Investigation of factors affecting short interest in the Australian Stock Exchange

Author(s): Dagmar Linnertová,Oleg Deev,Martin Cupal / Language(s): English Publication Year: 0

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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Contemporary crisis and strategic management of the private banking sector in the Czech Republic

Author(s): Jan Matoušek,Miroslav Mareš / Language(s): English Publication Year: 0

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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Influence of volatility on the value of the modern structured products

Author(s): Peter Mokrička / Language(s): English Publication Year: 0

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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History of Financial Crises and its impact to current regulatory development of Basel Committee

Author(s): Vladimir Novotny / Language(s): English Publication Year: 0

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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Single supervisory mechanism bank as a first step to the banking union

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

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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Availability of Information about the Company Insurance against Natural Hazards on the Czech Insurance Market

Author(s): Lenka Přečková / Language(s): English Publication Year: 0

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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Commodity Markets Financialization and its Impact on the World Economy

Author(s): Oldřich Rejnuš,Kamil Smolik / Language(s): English Publication Year: 0

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 Impacts of Basel III onto the European Banking Sector

Author(s): Svend Reuse,Martin Svoboda / Language(s): English Publication Year: 0

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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Outsourcing in Insurance

Author(s): František Řezáč,Martin Řezáč / Language(s): English Publication Year: 0

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 choice of portfolio based on the theory of cooperative games

Author(s): Anna Sroczyńska-Baron / Language(s): English Publication Year: 0

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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BANK LENDING CHANNEL IN SLOVENIA

Author(s): Meta Ahtik / Language(s): English Publication Year: 0

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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FINANČNÍ INSTRUMENTY PRO TRANSFER KREDITNÍCH RIZIK

Author(s): Veronika Bučková / Language(s): Czech Publication Year: 0

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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TOXICKÉ PRODUKTY A SEKURITIZÁCIA

Author(s): Blanka Kameníková,Eva Cipovová / Language(s): Slovak Publication Year: 0

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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K VYBRANÝM PROBLÉMOM FINANČNEJ KRÍZY – PRÍČINY FINANČNEJ KRÍZY V USA

Author(s): Boris Šturc,Libuša Čurlejova / Language(s): Slovak Publication Year: 0

The contribution deals with selected problems of the current financial crisis in the USA and its causes.

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USING OF RPSN AT MEASURING OF PROFITABILITY OF MORTGAGE CREDITS

Author(s): Radim Gottwald / Language(s): English Publication Year: 0

The subject of this paper is RPSN, concretely its using at measuring of profitability of mortgage credits. First of all this ratio is defined. Then factors, which have an influence on RPSN are described – especially amount of credit, term of credit grant and costs arising from credit grant. RPSN is compared with annual percentage rate and the computing way is described by means of example.

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POROVNANIE RIADENIA ÚVEROVÉHO RIZIKA DVOCH VYBRANÝCH BÁNK V ČR

Author(s): Peter Halický / Language(s): Slovak Publication Year: 0

This paper describes comparison and analysis of credit risk management and some methods of credit risk management in two chosen banks in ČR. By comparing approach to credit risk management, and structure of clientage I try to compare impact of this approaches on quality of credit portfolio expressed by ČNB classification.

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MOŽNOSTI VYUŽITÍ ETFS PRO SHORT SALE

Author(s): Luděk Benada,Dagmar Linnertová / Language(s): Czech Publication Year: 0

In the 1970’s capital markets started to change. A lot of new financial products emerged; one of them was also ETFs. Generally, we can say that ETFs are investment funds that are traded in Stock Exchanges. ETFs have, because of the Stock Exchange trading, several market applications including short sale. The aim of this proceeding is ETFs analysis and focus on the kind of ETFs that are used in short sale predominantly.

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SYSTEMATIZACE INVESTIČNÍCH CERTIFIKÁTŮ

Author(s): Miroslava Šikulová,Peter Mokrička / Language(s): Czech Publication Year: 0

Within the frame of systematization of derivative financial instruments - structured products may be considered on two perspectives: the system within this segment of investment instruments and the inclusion of structured products to the existing system of financial instruments.

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ZKOUŠKY ODBORNÉ ZPŮSOBILOSTI NA KAPITÁLOVÉM TRHU

Author(s): Gabriela Oškrdalová / Language(s): Czech Publication Year: 0

The subject of the paper “Testing of the Capital Markets Proficiency” is a presentation of testing of the capital markets proficiency organized by Institute for financial market of Faculty of Economics and Administration of Masaryk University, an analysis of their structure and classification methodology.

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