Ekonomická revue. 2017, roč. 20

Permanent URI for this collectionhttp://hdl.handle.net/10084/123545

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Now showing 1 - 12 out of 12 results

Socio-economic development, income inequality and redistribution
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Halásková, Renáta; Mikušová Meričková, Beáta
Tackling the issue of income equity through redistribution consists of a discussion about the extent and forms of redistribution. The study responds to the issue of income redistribution defined within the neoclassical welfare economy by addressing the research question concerning the relation of the selected areas of social policy (expenditure of social protection) and of socio-economic development (Human Development Index, Gini coefficient). The study uses a quantitative approach to the research question, statistically tests the relation between social protection expenditure and socio-economic development, and tests income inequality using the Pearson’s correlation coefficient. The results show that social protection expenditure on health care and old age had a positive impact on socio-economic development, assessed through the Human Development index; only social protection expenditure on disability had a negative impact on socio-economic development. Also, social protection expenditure on health care, on the disabled and on old age had a mainly negative impact on income inequity, based on the Gini coefficient.
Liquidity analysis and prediction in the processing industry by applying VG process: The case of the Czech Republic
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Gurný, Petr; Richtarová, Dagmar; Čulík, Miroslav
This paper is devoted to liquidity analysis and prediction possibilities in the processing industry in the Czech Republic. The objective of this paper is to propose and apply pyramidal decomposition of the current liquidity ratio time series of the processing industry in the Czech Republic. Further, we analysed the primary factors affecting liquidity ratio evolution and predicted a two-year probability distribution of the current liquidity ratio by applying the variance gamma process. In the paper, we identified four main factors, which influence liquidity in the processing industry in Czech Republic. Based on these findings, we modelled probability distribution of the liquidity for the period 2016 and 2017 with respect to the empirical distribution. It was shown that when Gaussian distribution is used, the risk is undervalued especially for heavy tails (extreme values) of the probability distribution.
Convergence in house prices across OECD countries: A panel data analysis
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Demir, Caner; Yildirim, Mustafa Ozan
This study examines whether housing prices converged in OECD countries over the 1996–2015 period. The unconditional and conditional convergence hypotheses are tested via the system-GMM method using five-year span panel data of twenty OECD countries. The results reveal that there exists a significant convergence process within this country group. To test the conditional convergence hypothesis, the convergence equation is estimated also with some control variables that may reflect market activity and demand side impacts such as income level, construction, unemployment rate, permits for dwellings and share prices. The findings show that the speed of convergence is even higher when the above-mentioned variables are controlled.
Evidence of the weekday effect anomaly in the Chinese stock market
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Novotná, Martina; Zeng, Jin
The weekday effect anomaly is considered as a market pricing anomaly which refers to some regularities in the rates of return during the week and thus, is a category of calendar anomalies. This article is focused on the Chinese stock market and its main objective is to assess the presence of the day of the week effect anomaly through examining the SSE and SZSE Composite Indexes. In this study, it is firstly examined whether there are significant differences between Monday and other weekday daily returns using the tests of differences between two means. The following empirical study is focused on the relationship between daily returns and weekdays, which is conducted using binary logistic regression analysis. The overall results indicate that both indexes show the presence of the day of the week effect, and the effect is significantly greater in the Shenzhen stock exchange. In both markets, Thursday daily returns significantly differ from other daily returns, which suggests a specific day of the week effect in the Chinese stock markets.
The technical efficiency of Public Libraries in the Czech Republic
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Vaňková, Ivana; Vrabková, Iveta
The purpose of this article is to define and evaluate the development of the aggregated technical efficiency of public libraries in the Czech Republic from 1993 to 2014. To simulate technical efficiency, the Data Envelopment Analysis Model (The BCC model) was chosen. To evaluate the production units (the unit of the Czech Republic from 1993 to 2014 and its production is given by the sum of real homogenous units, i.e. the public libraries operating in a given area and in a given time), two input variables (the recalculated number of employees and the library collection) and two output variables (the number of registered readers and the number of loans) were analysed. Two basic models were simulated – the M1 model oriented to inputs and the M2 model oriented to outputs. Correlation between the input and output variables was researched using Pearson’s coefficient. Within the range of the M1 and M2 basic models, partial models were simulated. All of the basic and partial models identically showed eight efficient periods of public libraries in the Czech Republic (1995, 1997, 1999–2000, 2002–2005). Public libraries were, according to the chosen variables, inefficient in the remaining 16 observed years.
Impact of selected factors on job satisfaction
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Botek, Marek
The current concept of employee management includes increasing employee satisfaction and involvement. Many studies have been realised on this topic, but the results are inconsistent. However, satisfaction is understood as one of the aspects of employee involvement. The article is based on the assumption that an important part of involvement is work enjoyment. The aim was to create a model that described work enjoyment. In order to find the independent variables influencing work enjoyment, a research study was conducted, followed by the use of regression analysis. It was found that of the 11 observed independent variables, the only two that had a significant influence was recognition of the employee’s opinion and their sense of importance to the company, and partly also opportunities for growth. Interdependence between the factors influencing satisfaction was also confirmed.
Lifelong learning in organizations in the Czech Republic with regard to the Europe 2020 strategy
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Fajčíková, Adéla; Urbancová, Hana; Jarkovská, Martina
People are the main asset of the European Union (EU) and the key to the creation and transfer of knowledge, i.e. they constitute one of the factors determining the innovation potential of each society. Investment in education and training is a decisive factor in competitiveness, sustainable development and employment within the EU, which significantly affects the quality of life. The aim of this article is to assess the position of the Czech Republic (CZ) in an international comparison based on EU indicators in the field of education and to evaluate the involvement of Czech organizations in the process of lifelong learning. The evaluation of data has shown that the CZ is below the EU average in most of the indicators set out in the Europe 2020 strategy; however, in the CZ there is an ongoing change in the structure of education, the level of achieved education is gradually incresing. The results of the primary research indicate that the organizations that systematically plan educational activities and greatly exceed the expected rate are primarily large, international and state organizations.
Break-even analysis under randomness with heavy-tailed distribution
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Kresta, Aleš; Lisztwanová, Karolina
Break-even analysis is a tool suitable for making short-term decisions about the quantity of production. Traditional break-even analysis is based on certain assumptions among which the most important are the following limitations: variable costs are linearly dependent on sales volume; price of the product is stable; fixed costs do not change. Moreover, we assume that all the input variables (variable costs per unit, fixed costs and price of the product) are known with certainty. However, these variables may be random and thus not known in advance. For instance, a firm can be price-taker – the price of the product is a random variable determined by the market, variable costs per unit depend on the price of raw materials, which again cannot be known in advance with certainty. In our paper, we discuss the break-even analysis introducing randomness. We focus on two input variables – the price of the product, which influences the revenues, and the variable costs per unit, which influence the costs. Both random inputs are supposed to follow joint normal distribution and normal inverse Gaussian distributions joined together by copula function.
State price density estimation for options with dividend yields
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Vitali, Sebastiano; Kopa, Miloš; Tichý, Tomáš
Option pricing is a challenging issue that requires the fulfilment of many assumptions. The market practice for the pricing of illiquid options is often based on the usage of implied volatilities of liquid options for the construction of a so-called volatility surface. Since the surface is obtained by interpolation and a smoothing procedure, it might break the no-arbitrage condition of positive state price densities or price relations. In this paper, we extend our previous works and focus on the pricing of selected options on dividend-paying stocks traded on the German market. In particular, we construct the implied volatility surface for a large selection of combinations of time to maturity and moneyness, calculate state price densities and analyse the behaviour in different time grids.
The positive and negative aspects of tax administration as part of the business environment in Slovakia
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Ďurinová, Ivona
The tax system of a country undoubtedly has a major effect on the business climate. An efficiently functioning tax system is also based on proper taxation, the relationship between taxpayers and tax officials, tax office services and every other aspect of tax administration. The aim of this paper is to define the positive and negative aspects of tax administration in Slovakia in terms of the business sphere, to identify any problems and their causes and to propose possible solutions. The partial objective is to verify the hypothesis that there are significant differences between legal entities and natural persons in the way that they approach tax issues. The author of this paper presents her own survey aiming to ascertain the views of businesses on tax administration in Slovakia to capture their experience and suggestions. For this survey, a quantitative method was selected – a written questionnaire. It is clear from the results of the survey that the established hypothesis was confirmed. Overall, however, selected aspects of tax administration in Slovakia and the present trend are perceived mostly positively by the entrepreneurial subjects. Negative perceptions can be considered, respectively, in the following areas: human resources, legislation, financial management information systems and awareness of business entities. Considering the mentioned shortcomings, the author presents some suggestions for solving the problems identified.
Use of multiple correspondence analysis to identify the influence of risk attitude on trading behaviour
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Mikulec, Ondřej
This study aims to examine the associations between risk attitude and trading behaviour using multiple correspondence analysis. Trading behaviour is represented by success in investment activity and frequency of trading on the foreign exchange market. Trading on the foreign exchange market was performed in real-life conditions via an electronic trading platform by a group of university students. The study empirically confirms associations among observed sets of categorical variables and defines patterns in given relationships. The study further shows that risk-averse investors are associated with low losses and low frequency of trading. Risk-neutral investors divert the frequency of trading with profitability corresponding to the frequency of trading, while risk lovers tend to have volatile trading behaviour and on average little success in trading. The results produced by multiple correspondence analysis of the observed sets of variables summarize the analogies between trading behaviour and risk attitude using a combined coordinated biplot as a diagnostic graphical method.
Analysis of the mandatory publication of foundations’ annual reports in the Czech Republic
(Vysoká škola báňská - Technická univerzita Ostrava, 2017) Valentová, Andrea
The main objective of this paper is to analyse whether there has been some progress in the mandatory publication of annual reports of Czech foundations for the years 2001–2014. The foundations handle large financial amounts and should strive for transparency by providing information about their economic activities as stated in their annual reports. They are available in the Collection of Documents run by the Commercial Court, where annual reports are published. In the past, several researches have taken place to found out how many foundations do fulfill this duty, and have had quite different results. This article shows a conclusion to the current research, which was aimed at 2012–2014 and compares the current findings with previous results. Data for the research were gained from the Collection of Documents and subsequently analysed. Based on this analysis and a comparison with previous findings, it can be concluded that there was almost no improvement in terms of an increase in published annual reports; still less than 50% of foundations release their annual reports. Of these, less than one third of foundations meet their obligations regularly and, in addition, more than half of the foundations do not submit their annual reports at all.

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