DSpace at VSB - Technical University of Ostrava
http://dspace.vsb.cz:80
The DSpace digital repository system captures, stores, indexes, preserves, and distributes digital research material.Thu, 30 Jun 2016 12:11:46 GMT2016-06-30T12:11:46ZFitting probability distributions to market risk and insurance risk
http://hdl.handle.net/10084/111776
Fitting probability distributions to market risk and insurance risk
Zelinková, Kateřina
Determining the parametric VaR approach is very important in establishing the probability distribution of a risk factor. We assume that a normal distribution is symmetric; however, it has some limitations. This distribution is used for modelling asymmetric data or data that have only positive values, such as insurance claims. The aim of the paper is to find the best probability distribution for stock exchange index returns and for insurance claims. The paper is structured as follows. Firstly, we describe the typical probability distributions used in finance, namely normal, Student, logistic, gamma, exponential and lognormal distribution, and the methods of verification. Subsequently, parameters of the distribution types are estimated via the maximum likelihood method, and after that we calculate the value at risk. The VaR is calculated even though the time series do not correspond to the stated types of proba-bility distribution; nevertheless, we calculate the value at risk for all the stated types of probability distribution because it is apparent that large mistake can arise if an incorrect type of probability distribution is used.
Thu, 01 Jan 2015 00:00:00 GMThttp://hdl.handle.net/10084/1117762015-01-01T00:00:00ZEvaluation of transparency in local decision-making through the information availability on Czech municipal websites
http://hdl.handle.net/10084/111775
Evaluation of transparency in local decision-making through the information availability on Czech municipal websites
Ardielli, Eva; Vavrek, Roman
Transparency is considered to be the fundamental element of well-functioning and effective public administration on the local level of government. Open and straightforward access to information considerably supports transparency with better public control as well as supporting compliance with the public interest. One suitable tool that allows better public access to information, greater transparency and citizen participation in decision making is the use of the Internet in the public sector and the development of e-government. This paper focuses on e-government on the local level, especially the disclosure of information on municipal websites. The research was conducted on selected Czech municipal websites. The main goal was to evaluate the availability of information about decision making in the Czech municipalities and the availability of participation tools for citizens. For this purpose, selected information published on the municipal websites in the Moravian-Silesian Region was analysed. The results of the research pointed out the shortcomings in the publishing of information on municipal websites. The low level of citizen participation on the local level of government was also stressed.
Thu, 01 Jan 2015 00:00:00 GMThttp://hdl.handle.net/10084/1117752015-01-01T00:00:00ZAnchoring in willingness-to-pay decisions: an experimental comparison of two research approaches
http://hdl.handle.net/10084/111774
Anchoring in willingness-to-pay decisions: an experimental comparison of two research approaches
Ďuriník, Michal
Businesses can increase customers’ willingness to pay by simply displaying multi-digit numbers, utilizing the anchoring effect. This paper compares two methodological approaches to test for the anchoring effect experimentally: a hypothetical one (subjects answering what-if questions) and a real situation (subjects making decisions involving their own real money). Although previous studies have examined anchoring in each of these settings separately, no direct comparison is available to date. In this paper, we conduct an experiment to compare anchoring in a hypothetical and a real-purchase setting. As hypothesized, the anchoring effect is more prevalent in the hypothetical than in the real-purchase condition. This produces some concerns regarding the suitability of the methods used to examine the anchoring effect.
Thu, 01 Jan 2015 00:00:00 GMThttp://hdl.handle.net/10084/1117742015-01-01T00:00:00ZThe Czech evidence for the explanatory power of formula factors on profitability
http://hdl.handle.net/10084/111773
The Czech evidence for the explanatory power of formula factors on profitability
Krchnivá, Kateřina
The allocation formula for the distribution of the Common Consolidated Corporate Tax Base (CCCTB) should include the three equally weighted formula factors that are considered to have the largest impact on the generation of profit/loss. The objective of the paper is to analyse the explanatory power of the proposed formula factors from the perspective of Czech independent enterprises. The analysis is based on the comparison of coefficients of determination as the indicators of explained variability of a regression model. The paper concludes that the proposed formula factors, as defined by the CCCTB Draft Directive, are able to explain almost 35% of the variance in profit/loss but also indicates that the other balance sheet items can have a higher explanatory power.
Thu, 01 Jan 2015 00:00:00 GMThttp://hdl.handle.net/10084/1117732015-01-01T00:00:00Z