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The subject of the paper “New rules of consumer credit granting in the Czech Republic since January 1 of 2011” is an analysis of the Law No. 145/2010 Coll., about consumer credit and changes of some laws and an identification of the most important changes in consumer credit granting in the Czech Republic that the new regulation produced since January 1 of 2011.
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This article deals with the topic of the new institutional organisation of the supervision over the single European financial market, which came in force in January the 1st 2011.Establishment of new institutions and supervision competences is the reaction to the global financial crises. Their target is to create preconditions to prevent the formation of serious systematic risks in the financial market, which could break out into the problems in real economics.
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The paper deals with current issues related to risk management in the insurance industry at the present time, chaotic development. The basic framework is the newly adopted EU Directiveon Solvency II, focusing on selected risks. In particular, one of the oldest known risks, which is operational risk, and more recently a very underrated underwriting risk.
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The paper is focused on special purpose entities as a form of off-balance sheet financing. It examines special purpose entities as a form of off-balance sheet financing, their characteristics and reasons for their creation. Furthermore, it is engaged in the possibilities of consolidation of SPE.
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We test the nullhypothesis of linearity of the Capital Asset Pricing Model (CAPM), we aim to test whether or not there is a linear relationship between risk and return (security market line) and between the return of a given stock and the return of the market portfolio (characteristic line). On the other hand, we question the validity of linearity when we derive the market risk measure. If we can reject the linearity of the characteristic line, new risk measures are required to derive.
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The aim of this proceeding is comparison of the active managed funds performance with index managed instruments (their performance is reflected by a market index) that can be represented by index certificates (very popular in the Europe) or ETFs funds with an index underlying (popular in the United States). The comparison will be implemented in a particular time period and in particular markets.
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While the debut of the euro and the foundation of the Eurozone at the beginning of 1999 amounted to a very important point in the international monetary system, Slovakia was not directly affected. At that time the country only kept hoping to enter the European Union, never imagining that a membership in the Eurozone could possibly take the place almost promptly afterwards.
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In this paper, we will focus in the first place on the analysis of primary legislation, which concerns the protection of the capital market and the investors on the capital market. This is avery current topic, particularly in relation to changes brought about by the recent implementation of the EU regulation.
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The conception of Corporate Social Responsibility takes a specially position in today’s economy. It has a reflection on many planes of operating activity of enterprises, financial institutions as well as the consumers. CEO of many banks introduces to their activity many aims from this conception. It’s came many activities, that promote responsible working. It’s have a reflection in three dimensions: ecological, economic and social-cultural.
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Yields of market price assets as shares or bonds are often treated as normal distributed. But do these yields really follow the normal distribution? This article answers this question by applying the Kolmogorov-Smirnov and Jarque Bera test onto DAX and RexP yields since 1967.
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The efficient market theory examines which groups of information are included in the market price. It also provides a hypothesis of efficient market where prices fully reflect all available information. However, the theory does not describe the behaviour of economic agents which leads to the state where the market is efficient. Robert Lucas, with his model based on rational expectations, offers a possible solution.
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The global market place has become more and more dynamic and multinational companies are constantly faced with the challenge of managing the various brands in their portfolio. Depending on the nature of a company and the size of its product range, appropriate structures can be put in place to gain a favorable position in the target market. The aim of this paper is to find ways of creating and managing brand architecture across international markets. The paper suggests ways on how firms can develop a workable brand architecture that will facilitate its operations in the global market place.
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Innovation is generally considered as a motive power of economic growth nowadays. Especially new products, services and new methods of their production and providing are increasing the economic value and enable to improve the standard of living. SMEs are responsible for the most of the innovations that lead to new more valuable goods and services. SMEs include all types of companies from the single proprietorship to the cooperatives. Whereas some SMEs offer very traditional goods and services or craft products, many others are fast-growing companies in the field of top-technologies.
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The subject of this paper is to determine the role of mergers and acquisitions in Chinese expansion to the Czech Republic, notably to review the popularity of mergers and acquisitionsin comparison to the green field investment. Zero roles of mergers and acquisitions were determined in realised Chinese investments to the Czech Republic.
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Gray models represent a class of models that allows forecasting processes using incomplete information. This article will present a gray model GM (1,1) and its modification in the form of a rolling model GM (1,1). For the lower level advantages of the gray models is the possibility of their use for very short time series for which it is impossible to estimate the basic parameters as well as the identification of the probability distribution.
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Black-Scholes model (BS) and lattices are well-known methodologies applied to option pricing, with their own specific features and properties. Briefly, lattices are discrete in the inner computing process and stochastically based, while BS is represented by a continuous functional form without single steps, but deterministic only. The strong assumption of constant volatility and the inability of application in valuing “American”options represent major disadvantages of the BS model. Its main advantage is its simplicity and ease of application. The use of Monte Carlo simulations constitutes an alternative to this model.
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The goal of the paper is to investigate possibilities of utilizing multi factor APT models in constructing portfolios of securities under circumstances of Czech capital market. Authors are focusing on using several econometrical models like multifactor regression, regression including lags of explaining variables, Cochran Orcutts procedure with and without lags of explanatory variables, ARDL models and sequential F-tests for identifying factors that are crucial for explaining development of Czech market represented by index of Prague Stock Exchange.
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Life insurance industry represents an integral part of the financial market in all developed economies. In the Slovak Republic, its importance begun to increase during the first decade of new millennium, when the life insurance exceeded the non-life insurance measured by the amount of gross written premium. This newly elicited demand also flew into the changes on the supply side of life insurance and the structure of the Slovak insurance market varied significantly during this period.
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From November 4th, 2014 the ECB, acting on its responsibility as regional supervisor will be launching the Single Supervisory Mechanism (SSM). The Mechanism puts in place a system of community banks supervision that involves national supervisors and the ECB. Participation in the SSM is not mandatory for the countries outside the euro area. They have the option to participate in the system by entering into close cooperation agreement with ECB. For this purpose, the ECB will have to issue and adopt many rules and operating procedures before the commencement of the SSM.
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Among a range of yield curve models are parsimonious methods that become the most popular in countries with well developed debt markets. Since these models let receive the implied forward rate directly they play a crucial role in modern monetary policy. The questions that arise during the modeling process reflect a choice of the best estimation method (the objective function). The solution provided in this paper implements a multiple criteria decision making which through its methodology allows to create an aggregated rating based on different evaluation criteria.
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