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Many previous studies associated with long-term monitoring of equity returns data and inflation led to the conclusion that, historically, stock prices failed to keep up with inflation and the rate of return on shares was negatively correlated with the rate of inflation. When examining the impact of inflation on stock prices, several aspects can be applied, being an important element the different levels of expected inflation.
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The paper analyses the structured financial products known as discount certificates and its modifications involving the particular conditions – expected rise/fall of underlying asset’s price and barrier. By assuming this Discount Plus certificate, Reverse Discount certificate and Reverse Discount Plus certificate are presented in analytical form.
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The study is focused on the efficiency of non-life insurance lines and life insurance lines of commercial insurance companies in the Slovak Republic in the times of global financial and economic crisis. It compares the efficiency scores of insurance lines on the Slovak insurance market. Data envelopment analysis (DEA) was used in order to reflect the efficiency scores. The following characteristics are taking into account in our analysis − premium, claims and administrative costs. The analysis will also review the differences in relative efficiency in different years and relative differences of specific subgroups of insurance lines.
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Abstract: Algorithmic trading has become the crucial part of trading on world equity markets. Almost every big stock exchange undertook process of hybridization and allowed automated order submission. This led to many manipulative strategies which could have impact on market volatility. This paper is focused on these strategies and their impact on volatility. Furthermore, the reduction of the volatility is tested as a result of implemented regulations. Econometrical methods are used to determine relationship between high-frequency trading activity and volatility of chosen securities.
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The paper examines dependability and connectedness in the world ETFs market. Respectively, what are similarities and differences between world indices and particular index ETFs. The usage of network structure helps to fully identify relation between particular ETFs and indices that represent the underlying assets of these ETFs.
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Emerging stock markets are generally considered the highly profitable opportunity for global investors. However, their relative instability, especially disclosed in high volatility and lower trading volumes, makes the forecast of returns on these markets extremely difficult. In this paper, we test the forecast accuracy of classic asset pricing models, namely capital asset pricing model (CAPM) and several specifications of multifactor asset pricing models with time-varying risk factor measurements to predict returns of Russian stocks.
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This paper presents hedging analysis against an underlying price rise by using Vertical Ratio Call Back Spread strategy formed with barrier options. The main theoretical contribution is to specify profit functions for this strategy which can be applied in practice for a variety of underlying assets. In this paper the strategy is applied to real option data for SPDR Gold Shares, which are traded on the stock exchange.
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The Czech PX is – as most of the indices – a price index. Nevertheless, a performance index of the PX is developed as well. This articles analyses risk/return of the PX in comparison to the German DAX 30 and the EuroStoxx 50. Diversification effects as well as the tests onto normal distribution are analyzed.
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The aim of this paper is to present the results of an analysis of contract enforceability and suitable methods of resolving disputes in the Czech Republic both in general terms and also focusing on the area of financial services. From this point of view, the main reasons of the low efficiency of dispute resolution from agreements are considered. In the Czech Republic most often a dispute resolution in court proceedings isused. In comparison with other countries, alternative dispute resolutions have been used rarely.
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In this paper we discuss the topological properties of the European banking network and its evolution over time based on the BIS consolidated banking statistics data exploiting information from complex network analysis. This method allows us to detect the key nodes of the system in a weighted network environment.
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The main aim of the paper is focused on the impact of the possibility of reviewing the expected lease term after the initial recognition of the leased subject on the financial analysis ration on lessee´s side. The authors´ approach to the right to use measurement is based on the IASB´s and FASB´s possible approaches to the uncertainty taking into account and its quantification in the case of the option to extend the lease term.
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Considering the global financial crisis, the paper highlights the importance of the export credit insurance provided both on a commercial basis and with the state support. The main scientific objective of this paper is to analyse the export credit insurance on the Czech insurance market including the assessment of ECA's activities for the selected time period with respect to the changes in the territorial structure and the volume of insurance exposure.
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The following article presents Mandatory Convertibles as an instrument of hybrid financing. The paper describes its genesis, characteristics and advantages over traditional financing instruments. There are graphically depicted different pay-off profiles and decomposition, which is important for the valuation of the product.
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Interest rate plays the essential role in life insurance. When used for life insurance calculation the interest rate is known as the technical interest rate. It is the minimum interest rate guaranteed for the entire term of the insurance policy. Improper setting of technical interest rate can result in far-reaching consequences. Interest rate movement is random. This can be described by stochastic differential equation. There doesn’t exist any universal model for random movement of interest rate at the moment, although many experts/specialists believe that this is just a question of time. And that’s why it is necessary to be familiarised with current models and to choose the most appropriate one. Models relate to the term structure of interest rates and they try to simulate it.
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The paper deals with one of the most important trends in world financial markets - securitization. This trend line has started to use already in 80th years of the twentieth century, but its popularity was given to the 21st century. Securitization is an important investment instrument of the companies, which reduce the importance of financing through traditional loans and it replaced by financing through securitization of commercial products in the capital markets. The advantage of using this tool for companies is to increase liquidity and risk diversification, on the other hand, this type of transactions requires strict legislative control. Aim of this paper is to explain the basic structure of the securitization process, regulatory measures, which have lead to a reduction in the risk and consequences that entails bringing in financial markets.
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Since the beginning of the credit crisis, perhaps no currency has been beaten down more than the British Pound. Experts point to the Pond’s historic volatility, and are afraid that this will continue to flee the United Kingdom in times of uncertainty. The financial debacle in the US is also not playing up to the US Dollar.
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In this article we try to analyze the significant factors which influence to poverty. Our analysis in based on collected data from project EU SILC in Slovakia. We used binary logistic regression to analyze data.
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Finance after the Great COVID-19 Reset may include three trends of resilience finance in the largest-ever wave of governmental rescue and recovery funds given out all over the world. Responsible investment trends continue to rise with a particular focus on social equity and inequality alleviation with attention to the disparate impact of inflation. Lastly, finance has become political in divestiture but also active stakeholder engagement and regulation fostering community investment projects in the finance world after the COVID-19 pandemic.
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The purpose of the article is to analyze the condition of personal finances among university students interested in economics and entrepreneurship. The article looks at a survey conducted on a group of a couple of hundred economics and business students. An executive summary and a review of the survey results provide a starting point for the formulation of conclusions. The survey is divided into several subsections: banking, alternatives to banking, student-investor, cryptocurrencies, and student debt. The most apparent conclusion is the relatively low level of understanding of blockchain mechanisms, or banking and financial services – particularly with the survey awareness of students in finance-related majors.
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Jak informuje portal Fintek.pl, obecnie 100 spółek w Polsce działa jako aktywne Małe Instytucje Płatnicze. Osiągnięcie tego kamienia milowego to doskonała okazja do pochylenia się nad MIP-ami oraz ich przyszłością, w świetle planowanych zmian legislacji.
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