Ekonomická revue. 2020, roč. 23
Permanent URI for this collectionhttp://hdl.handle.net/10084/148821
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Item type: Item , What is the impact of share repurchase? Evidence from the US equity market(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Guo, HaochenThis paper analyses the impact of share repurchase and studies its drawbacks. In the US equity market, the most significant source of demand for equities has always been repurchased. The assessment, therefore, covers the US equity market. The result suggest the potential share repurchase restrictions would likely have the implications of slow growth in EPS, boosting cash spending on dividends, M&A, and debt payouts, widening trading ranges, de- creasing demand for shares and lower corporate valuations. The summaries that the share repurchase is a good signal to increase the stock price and enhance investor confidence. However, once the company becomes too obsessed with share repurchase, it may cause the real economy to miss long-term growth opportunities due to insufficient investment.Item type: Item , Evaluation of sectors’ performance according to EVA: The case of the Czech Republic(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Richtarová, Dagmar; Ptáčková, Barbora; Borovcová, MartinaThis paper is dedicated to a financial performance analysis. Its aim is to analyse the financial performance of sectors of the Czech economy using economic value added (EVA) and, based on the results, to propose a pyramidal de- composition to quantify the indicators affecting EVA. The analysis considers the period from 2012 to 2019. Based on our findings, we identify the main divisions influencing the manufacturing sector and, respectively, the Czech economy. First, EVA is used to evaluate the financial performance of sectors of the Czech economy. The sectors are sorted according to the mean value of EVA. From our previous research, it is known that the manufacturing sector is the main driving force of the Czech economy. Then, the method of pyramidal decomposition is applied and the main component indicators affecting the EVA of the manufacturing sector are distinguished. The integral method is used to quantify the influence of the component indicators on EVA.Item type: Item , Research on the Risk Spillover Effect Applying the EVT–Copula–CoVAR Model(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Čulík, Miroslav; Gurný, Petr; Gao, LunThe goal of this paper is to apply the extreme value theory, copula function and conditional value-at-risk method. Specifically, the EVT–copula–CoVaR model is constructed and combined with the Copula function to analyse the dynamic correlation between the price of gold and the world’s major stock markets. On the basis of the proposed model and results, the conditional value at risk (CoVaR) and the marginal risk spillover effect (ΔCoVaR) measures are used to analyse the impact of gold prices on the world’s major stock markets. The empirical results show that the fluctuation of the gold price has a certain risk spillover effect on the world’s major stock markets.Item type: Item , Labour Market Institutions in the European Union and Their Impact on Total Factor Productivity Growth(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Chovancová, PetraThe paper provides an insight into the institutional set-up of labour markets in member states of the European Union. Besides the current trends, the impact of labour market institutions on the overall economic performance is assessed. The main goal of this paper is to determine the effect of selected labour market institutions on the total factor productivity growth in the European Union, with an emphasis on their interactions. More precisely, five labour market institutions are considered: active labour market policies, employment protection legislation, the minimum wage, trade unions and unemployment benefits. The impact of institutions on productivity growth is estimated through the application of a policy-augmented productivity equation via panel data regression models. The empirical analysis is conducted on an unbalanced dataset covering observations on 28 member states of the European Union over the period 1995–2017. The main results confirm our assumption that, besides the direct effect of selected labour market institutions, their interactions are also decisive in determining total factor produc- tivity growth.Item type: Item , Influence of tender type on seller participation(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Heinisch, MartinWhen announcing a tender, the buyer decides on its setting, which includes its type. In practice, the most widespread types of tenders are sealed bids and English reverse auctions. The two types have different settings and thus affect the seller behaviour in the tender. One of these is the participation in the entry round. It is possible to assume that the seller participation in the entering round of English reverse auctions, in which sellers receive some market in- formation, is higher than that in sealed bids, in which sellers gain no market information. The aim of the paper is to verify the above-mentioned assumption of seller participation in the entering round of sealed bids and English reverse auctions. The research was carried out on a sample of 1077 sealed bids and 3083 English reverse auctions. The result of statistical testing using the Mann–Whitney test is that the type of tender has an effect on the seller participation in the entering round at the 5% level of significance. A comparison of average seller participation in the entering round in sealed bids and English reverse auctions confirms the above-mentioned assumption.Item type: Item , Security for Old Age with a Focus on Pension Reform in the Czech Republic(Vysoká škola báňská - Technická univerzita Ostrava, 2020) Kořená, KateřinaThe aim of this paper is to appraise security for old age in the Czech Republic. The main focus is on the description of the development and contemporary situation of the pension system and the pension reform during the years 2013– 2019. The main part of the pension reform started in the Czech Republic in 2013. The author aims to discuss this development and to explain the necessity of the fast further implementation of the next steps or, better, the new pension reform. The important motivation for this is the gap between expenditures on pension insurance benefits and incomes from pension insurance premiums. Therefore, the long-term sustainability of the main first pillar is impossible without crucial changes to the whole pension system. The goal of this paper is to determine whether any progress has been made in solving this important problem. The paper also deals with the role of the pension funds in this process and explains the necessity of retirement security for future pensioners through their own preparation and investment.