| id | jmeno | pozice | organizace | telefon | email | prispevek | prisp_sekce | klicova_slova | abstrakt | platba | cas_vlozeni |
| 1 | Čulík Miroslav | odborný asistent | VŠB-TU Ostrava | +420597322471 | miroslav.culik@vsb.cz | ano | 15. aplikace reálných opcí | xx | xx | prevod | 2015-03-30 13:16:17 |
| 2 | ISAAC KWABENA ADOMAKO | ADMINISTRATIVE MANAGER | P.O.BOX AN 8560 ACCRA-NORTH GHANA | +233272006700 | shardfotechcomltdgh@gmail.com | no | 1. financial management of firms | N/A | PARTICIPATING AS LISTENER | cash | 2015-04-24 23:14:36 |
| 3 | Agha Jahanzeb, Dr | Assistant Professor | Universiti Tunku Abdul Rahman, Jalan Universiti Bandar Barat, 31900, Kampar, Perak, Malaysia | +601116395842 | aghajahanzeb@outlook.com | yes | 1. financial management of firms | Capital structure, leverage, debt financing, textile, Pakistan | The purpose of this study is to look for capital structure determinants in the textile sector of Pakistan. The study provides a logical explanation towards the factors affecting capital structure. The study analyzed 33 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003-2012, which belong to textile sector. It has been seen that most of the determinants remained highly significant except growth, dividend payouts and risk. To the best of authors’ knowledge, this is the first study that investigates the relationship between capital structure and its determinants in Pakistan by employing the ten (10) years data of 54 non-financial listed textile firms. | cash | 2015-05-05 10:37:28 |
| 4 | Bohušová, Hana, doc. a kol. | docent | Ústav účetnictví a daní
PEF MENDELU v Brně
Zemědělská 1
613 00 Brno | 545132305 | uchana@mendelu.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | IFRS pro SME, kapitalizace leasingu, finanční analýza | Rozdíly, které mezi vykazováním operativního a finančního leasingu v souladu s IFRS či US GAAP v současnosti existují, nutí uživatele účetních výkazů k individuální kapitalizaci operativních pronájmů. Návrh nového standardu pro vykazování leasingů by měl odstranit tento nedostatek. Cílem návrhu je vykazovat veškeré pronájmy s dobou pronájmu delší než jeden rok ve výkazu o finanční pozici nájemce.Vzhledem ke skutečnosti, že plné IFRS jsou určeny zejména pro účetní jednotky – emitenty cenných papírů obchodovaných na regulovaných finančních trzích, týká se tato úprava vykazování poměrně úzkého okruhu účetních jednotek. Nástrojem harmonizace účetního výkaznictví malých a středních podniků, které představují většinu účetních jednotek, slouží IFRS pro SME. IFRS pro SME by měl být do jisté míry kompatibilní s plnými IFRS, pro zajištění kompatibility slouží pravidelné úpravy v tříletých periodách. V rámci úprav v období 2015-2017 by mělo dojít i k odpovídající změně vykazování leasingů.Cílem příspěvku je zhodnocení dopadu navrhovaného způsobu vykazování leasingů založeného na převodu práva užívání na ukazatele finanční analýzy SME. Lze předpokládat, že k nejvíce ovlivněným účetním jednotkám budou patřit účetní jednotky operující v odvětvích, ve kterých představuje operativní leasing významný způsob financování dlouhodobého majetku (přepravní společnosti, letecké společnosti aj.). V příspěvku je zkoumán potenciální dopad na ukazatele finanční analýzy v oblasti malých a středních společností působících v sektoru nákladní letecké dopravy v ČR. | prevod | 2015-05-29 11:27:29 |
| 5 | Jančurová, Věra, Ing | student, MUNI | Masarykova univerzita
ESF
Lipová 41 a | 728633532 | jancurova.vera@gmail.com | ano | 23. jiné | behaviorální finance, investční strategie | The article concentrates on investment strategies and how they are influenced by human behavior. The study is based on the knowledge of behavioral finance that financial markets are strongly influenced by the psychology of financial markets and thus investment strategies must be as well. Conducted research described two different psychological influences that affect each investment strategy and their reciprocal influence. We created a matrix of their possible combination and analyzed their influence on investment strategies. The study shows that the background of the investment strategy has crucial influence on its success. The study shows that the knowledge of behavioral finance are crucial for decision making in the field of investment strategies. | prevod | 2015-06-11 12:28:39 |
| 6 | Kouklík, Michal, Ing. | Doktorand | Katedra strategie, Fakulta podnikohospodářská,
Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
130 67 Praha 3
| 724677490 | xkoum41@vse.cz | ano | 14. aplikace metodologie Value at Risk | Value at Risk, Net Present Value, Nuclear Power Plant, Power Purchase Agreement, Contracts for Differences, Electricity price on wholesale market | Hedging against electricity price risk - Application of Contracts for Difference or Power Purchase Agreement in the New Nuclear Power Plant project
This study analyzes the impact of the electricity price on investment decision concerning realization of the new nuclear power plant. The aim of this study is to quantify the change of Value at Risk and the probability for which is Net Present Value (NPV) nonnegative (acceptance criterion), while risk mitigation is suggested to by performed by constant real price of the generated electricity. “Contracts for Difference” (CfD) and “Power Purchase Agreement” (PPA) are tools used to tackle the risk of the electricity price fluctuation on wholesale market. The project’s time horizon is about 90 years, of which 8 years are duration for preparation phase, 5 years for construction phase, 2 years for commissioning and trial operation phase, 60 years for operation phase and 15 years for decommissioning phase. Simulation has revealed that adequate value of the constant price using PPA and CfD tools reduced project risks and directly influenced the mean value of project’s NPV.
| prevod | 2015-06-12 16:01:38 |
| 7 | Sedláček Marek, Ing., PhD. | (I.) Zástupce ředitele, (II.) Výzkumný pracovník - postdoktorand | (I.) Montix a.s., Náměstí Osvobození 14, 783 35 Horka nad Moravou, Czech republic
(II.) Tomas Bata University in Zlín, Faculty of Management and Economics
Mostní 5139, 76001 Zlín, Czech Republic
| 774 378 208 | msedlacek@fame.utb.cz | ano | 23. jiné | economic crisis, company performance, result indicators, sales, strategy | The main aim of this article was to analyse impacts of the global economic situation especially during the pre, crisis and post crisis period 2007 – 2013 into functioning and performance of the companies associated in The Automotive Industry Association Czech at their interaction with this way developed macroeconomic surroundings. For this kind of research were used some chosen company performance indicators like Sales, RoS and Added Value. On the other hand in the article there was founded and analysed the possible intensity of dependency the Czech Republic, respectively its total economic indicator Gross Domestic Product on realized Sales in the sector of automotive industry in the Czech Republic. For this purpose of research the companies from the Czech automotive industry were devided into two cathegories: the finishers – end product producers and suppliers – producers of parts, components and assembly groups. This kind of research was done with the regress and correlation analysis.
The first part of the article contains except the introduction and literature review also the problem formulation, description of the research metodology and description of its restrictions. The second part of the article then contains the main research results, discussion about them and conclusion.
| prevod | 2015-06-13 18:44:31 |
| 8 | prof. Jerzy Wiśniewski, dr Ewelina Sokołowska | full professor | Department of Econometrics & Statistics, Nicholaus Copernicus University
Ul. Gagarina 13 A
87-100 Toruń
Poland | +48517437733 | jerzy.wisniewski@umk.pl | yes | 12. forecastion of financial variables | econometric forecasts, payment cards, econometric model | The dynamic development of cashless payments makes business operations more secure and transparent. The subject of this article is the payment cards market in Poland in the years 2004 - 2014. The card payments, falling to 1 device were examined in comparison to the whole infrastructure of this kind of payments. The econometric models describing the mechanisms of changes in the value of card payments and explaining the variability of the number of devices were built. Empirical models were used to estimate the corresponding quarterly forecasts elements of the payment card market for the years 2015 and 2016. | transfer | 2015-06-14 23:04:15 |
| 9 | Aysa Ipek Erdogan | Assistant Professor | Bogazici University Department of Tourism Administration Hisar Campus Bebek | +905325813566 | aysa.erdogan@boun.edu.tr | yes | 1. financial management of firms | Bank loans, SME, Turkey, Financing Constraints | Financing constraints are thought to be one of the most important aspects that hinder the development of SMEs in almost all economies in the world. To add to the growing literature on the financing constraints encountered by SMEs, this paper embarks to study the firm level determinants of the SMEs’ perceived difficulty in paying off loans. The analysis uses the cross-sectional data set of 573 SMEs for the year 2015. We find that firms with a larger size and a higher sales growth rate encounter less difficulty in paying off their bank loans. Firms that make profit and firms that break even perceive less difficulty in discharging their loans than firms that make a loss. | cash | 2015-06-15 19:06:06 |
| 10 | Jan Krajíček, Ing., Ph.D. | lektor | Masarykova univerzita
Ekonomicko-správní fakulta
katedra financí
Lipová 41a
602 00 Brno | 603 163 022 | krajicek@econ.muni.cz | ano | 10. bankovní management | Bank; Risks, Liabilities; Rates. | At this moment the banks operating in the Czech market, as well as other financial institutions cope with a decline in interest rates. A decline in interest rates reflect the growth of liabilities in the banking sector, which is influenced mainly by growth in client deposits. At present there by the CNB implemented quantitative easing and growth in client deposits contributed primarily by clients of banks. Banks must react to this situation. Reactions banking sector is reflected in several aspects. It's both a decline in interest rates on customer deposits and subsequently credits. Excess of free resources reduces the risk aversion of banks - the goal is to place free cash flow. Other options for the banking and financial sector pressure to change client orientation towards products that are more profitable to him. | prevod | 2015-06-16 09:53:51 |
| 11 | Borovička, Adam, Ing., Ph.D. | Odborný asistent | Vysoká škola ekonomická v Praze
Fakulta informatiky a statistiky
Katedra ekonometrie
nám. W. Churchilla 4
130 67 Praha 3 | +420 224 09 5447 | adam.borovicka@vse.cz | ano | 16. optimalizace a řízení portfolií | 3-stage decision making procedure, fuzzy multicriteria evaluation method, fuzzy multiple objective programming method, investment policy, triangular fuzzy number, unit trust | The main aim of this article is to propose a complex 3-stage decision making procedure for an investment portfolio making under uncertainty. In terms of the first stage, the investment policy of a potential investor is formulated. The group of potential investment instruments is specified. In the second phase, a group of the chosen investment instruments is reduced. Then an investment portfolio is made from the selected investment instruments during the third phase. The proposed concept accepts the elements of uncertainty, as inaccurate input data or approximate preferences about criteria importance, which are expressed via the triangular fuzzy numbers. In order to reduce a group of investment instruments, the fuzzy multicriteria evaluation method is proposed. To make a portfolio, the fuzzy multiple objective programming method is developed. The whole proposed 3-stage decision making procedure is applied to a making portfolio of the open unit trusts. | prevod | 2015-06-16 16:23:14 |
| 12 | Hýblová, Eva, Ing., Ph.D. | odborná asistentka | Masarykova univerzita,
Ekonomicko-správní fakulta, katedra financí,
Lipová 41a,
602 00
Brno | 549494456 | hyblova@econ.muni.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Accounting, harmonization of financial statements, small and medium sized enterprises, directive. | In line with the current development of economy in Europe and the world, the significance of small and medium-sized enterprises is increasing together with their support provided by European institutions. Documents issued by the European Union aim at promoting the development and simplifying the operations of small and medium-sized enterprises. One of the areas in which an excessive burden has been identified is financial reporting. The introductory part of Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements emphasizes a focus on small and medium-sized enterprises; the text indicates possible simplifications of accounting and reporting. Another very important area is the harmonization of the financial statements, an exact definition of the contents and the valuation of individual items. Statements must provide information about the financial position and performance of the undertakings that will be comprehensible to all users and useful for their economic decisions. The aim of the paper is to carry out the analysis and evaluation of the Directive in relation to the accounting harmonization of small and medium-sized enterprises. | prevod | 2015-06-17 12:32:43 |
| 13 | Machek, Ondřej, Ing. Ph.D. | Odborný asistent | Katedra strategie
Fakulta podnikohospodářská
Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
13067 Praha 3 | 224098351 | ondrej.machek@vse.cz | ano | 1. finanční řízení podniků | family business; financial performance; Czech Republic | Family business became a promising area of research in countries of the former Eastern Bloc, including the Czech Republic. According to the literature, there are differences in performance of family and non-family firms. By applying Student's t-test to a sample of 963 family and 4085 non-family firms, we didn't find any significant differences in return on equity in 2009-2013. However, statistically significant differences between family and non-family firms have been observed in the three components of ROE: return on sales, asset turnover and equity multiplier. Family firms tend to have lower profit margin, lower asset turnover and higher level of debt. We explain the possible reasons for differences using semi-structured interviews with family firm owners. | prevod | 2015-06-18 11:52:37 |
| 14 | Harumová, Anna, doc. Ing. PhD. | VŠ učiteľ | Ekonomická univerzita v Bratislave
Dolnozemská cesta 1
852 35 Bratislava | +421 905517779 | harumova@gmail.com | ano | 6. analýza a stav daňového zatížení a daňových stimulů | Key words
Analysis, deferred taxes, deferred tax assets, deferred tax liability, tax rate, the carrying amount of assets and liabilities, tax bases of assets and liabilities.
| Abstract
Formation of deferred tax is mainly related to different view on the amount of income tax in the current accounting and tax period in accounting and in accordance with the Law on Income Tax. It is thus an accounting view and tax view on the assets and liabilities of a company which has economic impacts on enterprise management. Deferred income taxes may be in the nature of deferred tax liabilities and deferred tax assets. Deferred tax liability represents a specific provision for taxes in the future. Deferred tax assets represent future entitlement to a lower tax base in future periods. From the economical point of view, the important function of deferred taxes is the balanced distribution of tax expense (current and deferred) in each period. The amount of such tax expenses affects the amount of trading income, after taxation.
| prevod | 2015-06-19 11:47:02 |
| 15 | Kubíčková Dana Ing., CSc. | odborný asistent | Vysoká škola finanční a správní
Estonská 500
100 00 Praha 10 | 606217218 | dana.kubickova@centrum.cz | ano | 1. finanční řízení podniků | náklady kapitálu, kapitálová struktura, SME, | This paper is focused on the indicator of WACC in the conditions of SMEs in the transitional economic in the Czech Republic. WACC is identified as a complex function of capital structure. The behavior of SMEs in connection with the capital structure is described as specific, with a special features rooted in the national economic conditions. The research question is what is the typical model of capital structure of these companies in the Czech Republic and if there are differences in the individual section of SMEs, i. e. in micro, small and medium companies. The research is based on the set of three hundreds of Czech small and medium companies, data of which were derived from the database of Albertina. The results confirmed the findings of previous research: the main part of the firms´ capital is formed by the equity. The share of foreign resources is composed primarily of trade payables. Indicator WACC thus reflects mainly costs of equity in a concrete branch and company.
| prevod | 2015-06-19 16:23:22 |
| 16 | Beáta Bednárová, Ing. | Interná doktorandka | Ekonomická univerzita v Bratislave, Fakulta hospodárskej informatiky, Katedra účtovníctva a audítorstva,
Dolnozemská cesta 1,
85235 Bratislava | +421907512990 | beatabednarova@gmail.com | ano | 3. analýza finanční situace podniku | oceňovanie v účtovnej závierke, užitočnosť informácií z účtovnej závierky vybraných podnikov pre používateľov. | Účtovníctvo ako systém zaznamenávania informácií o ekonomickej stránke účtovnej jednotky v peňažných jednotkách poskytuje informácie o identifikovaných ekonomických skutočnostiach ich používateľom prostredníctvom účtovnej závierky. Identifikácia, kvantifikácia, a vyjadrenie skutočností, ktoré sú predmetom účtovníctva, v peňažných jednotkách je zabezpečovaná prostredníctvom oceňovania. Oceňovanie v účtovníctve má nezastupiteľný význam pre používateľov informácií z účtovnej závierky pri ich rozhodovaní. Preto je nevyhnutné, aby používatelia posúdili užitočnosť prezentovaných informácií pri ich rozhodovaní vzhľadom na ich väzbu k účtovnej jednotke a sledovaný cieľ. Na to, aby používatelia dokázali správne posúdiť informácie prezentované v účtovnej závierke o finančnej situácii, výnosnosti a zmenách vo finančnej situácii, vychádzajú z kvantitatívnych informácií vo výkazoch účtovnej závierky, ktoré sú spájané s ďalšími informáciami prezentovanými v poznámkach účtovnej závierky.
V príspevku sa zameriavame na analýzu prístupov k oceňovaniu v účtovných závierkach vybraných podnikov priemyslu pôsobiacich na slovenskom trhu, ktorých vplyv na hrubý domáci produkt slovenskej ekonomiky v roku 2013 bol najmarkantnejší. Použité oceňovanie v účtovnej závierke sme skúmali z týchto hľadísk: priradená oceňovacia veličina (základňa); výška oceňovacej veličiny (základne) vyjadrenej v peňažných jednotkách, ktorá je nositeľom informácií pre používateľov informácií z účtovnej závierky a vplýva na prijímanie ich rozhodnutí; percentuálny podiel ocenenia na stanovenom celku. Medzi najväčšie účtovné jednotky v oblasti priemyslu v SR patria: Volkswagen Slovakia, a. s., Bratislava – strojársky priemysel (VW), Slovenské elektrárne, a. s., Bratislava – elektroenergetika (SE), Slovnaft, a .s., Bratislava – chemický priemysel (Slovnaft). Všetky analyzované účtovné jednotky zostavili k 31. 12. 2013 vzhľadom na splnenie veľkostných kritérií účtovnú závierku podľa IFRS v znení prijatom EÚ (zákon o účtovníctve, §17a, ods. 2). Pri analýze oceňovania sme vychádzali z individuálnych účtovných závierok každej z uvedených účtovných jednotiek. Výsledkom je analýza prístupov k oceňovaniu v účtovných závierkach vybraných podnikov, ich syntéza a komparácia vo vzťahu k užitočnosti prezentovaných informácií pre používateľov.
| prevod | 2015-06-19 16:39:11 |
| 17 | Petr Koblovský | odborný asistent | Fakulta sociálně ekonomická (FSE)
Univerzita J. E. Purkyně v Ústí nad Labem
Moskevská 54, Ústí nad Labem, 400 96 | 777556650 | petr.koblovsky@gmail.com | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | stochasticity, ilusive causality, skills, luck, risk taking, overconfidence, self-attribution | We argue, in concert with psychological literature, that individuals systematically interpret sequences of events in a causal manner. It seems that people do so even if they are aware of stochastic nature of the respective sequence. Consequently, on financial markets small as well as professional investors may illusorily perceive causality of former random success and the future yield. Laboratory experiments testing the interpretation of stochastically occurring events in financial designs as well as analysis of real trading data from financial markets confirm that investors indeed interpret random events casually, they make incorrect predictions as well as they egocentrically allocate responsibility for their success. Causality illusion induces overconfidence, inefficient investment and risk seeking. At the conclusion we discuss factors that may limit effects of causality illusion and may suggest future areas for the research. | prevod | 2015-06-21 11:00:35 |
| 18 | Ing. Dalibor Pánek, Ph.D. | odborný asistent | Masarykova univerzita
Ekonomicko-správní fakulta
Katedra financí
Lipová 41a
602 00 Brno | 549 49 6490 | panek@econ.muni.cz | ano | 10. bankovní management | Kyewords
central bank, commercial bank, interest rate, affectiveness of instruments
| Abstract
The text contains the issue of the custody of the interest rates of the central bank and interest rates in the banking sector of the Czech republic. The text includes the characteristics of the instruments of monetary policy of the central bank, their current options for the use and the reasons for the currently limited the effectiveness of the interest rates of the central bank on the banking sector. The text used for the model identification of the nature of the dependence of the time series of interest rates of the central bank and the commercial banks in the last ten years. The conclusion includes a summary of the knowledge gained custody of the interest rates of the central bank and rates of the commercial banks and the causes of the influences acting on these links.
| prevod | 2015-06-22 13:55:45 |
| 19 | Monika Foltyn-Zarychta, PhD | assistant professor | University of Economics in Katowice
ul. 1 Maja 50, 40-287 Katowice | +48 32 257 71 39 | monika.foltyn-zarychta@ue.katowice.pl | yes | 23. others | intergenerational investments, project evaluation methods | The aim of the paper is to investigate the characteristics of long-term infrastructure investments with intergenerational impacts and the influence of the identified features on methodological assumptions of project evaluation methods and their applicability for intergenerational time frame.
The paper presents the characteristics crucial for the appraisal process. The main reason for taking the problem into consideration is the discontinuity between generations, however other features like the high level of uncertainty toward physical and monetary quantification of impacts as well as the discount rate issue are also crucial for the evaluation process. Then, the approaches of financial as well as social appraisal, and selected alternative tools for evaluation are compared and contrasted with the aim of indicating fair value of the project in the light of identified investment characteristics. | transfer | 2015-06-22 14:18:23 |
| 20 | Sedláček Jaroslav, doc. Ing. CSc. | docent | Masarykova univerzita, ESF, Lipová 41a, 60200 Brno | 549497042 | sedl@econ.muni.cz | ano | 21. úspory, investice a kapitál v ekonomických analýzách | sectors of the economy, real investment, comparison of the development, regression analysis, investment requirements | The paper is devoted to a comparison of the development of investment in selected sectors of the Czech economy. The methodology of the problem comes from the creation of a representative data file, its comparative analysis and evaluation of existing relationships in the framework of selected sectors of the national economy. Empirical research was based on the results of the measurement of return on total assets and equity, bound and turnover of investments, investment performance and elasticity of sales growth and added value. Results analysis allowed to compare the tendencies of random variables between sectors of economic activity and to evaluate the relationships, between real investment and growth in sales and added value. They were detected significant differences in the investment behavior of the monitored sectors and relatively low statistical dependence growth rate dependent variables. | prevod | 2015-06-22 16:46:00 |
| 21 | MAREK, Patrice, Ing., Ph.D. | odborný asistent | Fakulta aplikovaných věd,
Západočeská univerzita v Plzni,
Univerzitní 8, 306 14 Plzeň | +420377632686 | patrke@kma.zcu.cz | ano | 17. aplikace hedgingových strategií, oceňování opcí a termínových kontraktů | Trinomial model, Yang–Zhang volatility, option pricing, American option, dividends | Binomial and Trinomial option pricing models are popular because they can be used for many types of options. Both models produce the same results for a vanilla option on a stock that does not pay a dividend and the main advantage of the trinomial model for pricing this type of option is, therefore, only in the number of time steps as it requires half the number of steps compared to the binomial model.
This paper is focused on pricing of the American options where the underlying stock pays several dividends during the life of an option. Special attention is paid to the estimation of the volatility. The trinomial model with the Yang-Zhang volatility that handles both opening jumps and drift is used in this paper to estimate the price of options for several stocks that pay dividends and results are compared to the market price of the options. | prevod | 2015-06-23 10:09:20 |
| 22 | Šrenkel, Ľudovít, Ing., PhD. - Smorada, Marián, Ing., PhD. - Markovič, Peter, prof., Ing., PhD. | odborný asistent | Ekonomická univerzita v Bratislave
Dolnozemská cesta 1/a
852 35 Bratislava
Slovenská republika | +421908555321 | ludovit.srenkel@euba.sk | ano | 4. charakteristika a typy finančních zdrojů na podporu podniků | crowdfunding, innovation, SME, micro finance, corporate finance | Crowdfunding has become the new phenomenon in the field of corporate finance recently. It is based on providing of micro contributions from the individuals to the company. Not every project is convenient for this financial tool. The aim of the article is to analyze the most successful campaigns in order to describe the type of products or services, which have the highest probability to raise the required capital. It also includes the main advantages and disadvantages of crowdfunding as a financial source. | prevod | 2015-06-23 11:15:38 |
| 23 | Smorada, Marián, Ing., PhD. - Šrenkel, Ľudovít, Ing., PhD. - Markovič, Peter, prof., Ing., PhD. | prodekan | Ekonomická univerzita v Bratislave
Fakulta podnikového manažmentu
Dolnozemská cesta 1,
852 35 Bratislava | +421908320032 | marian.smorada@euba.sk | ano | 3. analýza finanční situace podniku | financial analysis, ratio, profitability | Profitability ratios, such as ROE, ROI, ROA and ROS are well-used in many fields of financial management. Despite these facts, under certain circumstances they provide inadequate information that may result into mistakes especially during financial decision-making process. The aim of the article is to highlight the main situations, which lead to quantification of values that are difficult to interpret. It also includes suggestions how to avoid them. | prevod | 2015-06-23 11:19:33 |
| 24 | Ťoupal Tomáš, Ing., Ph.D. | Odborný asistent | Fakulta aplikovaných věd, Západočeská univerzita v Plzni, Univerzitní 8,
306 14 Plzeň | +420377632674 | ttoupal@kma.zcu.cz | ano | 12. forecasting finančních veličin | Time series, trend component, orthonormal system, qualitative indicators. | This paper deals with the problem of time series prediction, particularly for the economic time series. In real-life situations, there are many macroeconomic indicators affecting operating and strategic decisions of a company (Unemployment, Inflation, Gross Domestic Product, etc.). This approach is based on the paper about trend component estimation where the main estimation model is derived from an orthonormal system generated by Gram-Schmidt orthonormalization process. More precisely, there is considered an extension of this paper by prediction of time series depending on selected qualitative indicators. These results are then applied to real data collections using time shifts to compare obtained predictions of time series. | prevod | 2015-06-23 14:26:14 |
| 25 | Ťoupal Tomáš, Ing., Ph.D. | Odborný asistent | Fakulta aplikovaných věd, Západočeská univerzita v Plzni, Univerzitní 8,
306 14 Plzeň | +420377632674 | ttoupal@kma.zcu.cz | ano | 12. forecasting finančních veličin | Time series, trend component, orthonormal system, qualitative indicators. | This paper deals with the problem of time series prediction, particularly for the economic time series. In real-life situations, there are many macroeconomic indicators affecting operating and strategic decisions of a company (Unemployment, Inflation, Gross Domestic Product, etc.). This approach is based on the paper about trend component estimation where the main estimation model is derived from an orthonormal system generated by Gram-Schmidt orthonormalization process. More precisely, there is considered an extension of this paper by prediction of time series depending on selected qualitative indicators. These results are then applied to real data collections using time shifts to compare obtained predictions of time series. | prevod | 2015-06-23 14:27:14 |
| 26 | Vávra František, doc., Ing., CSc. | docent | Fakulta aplikovaných věd, Západočeská univerzita v Plzni, Univerzitní 8,
306 14 Plzeň | +420377632615 | vavra@kma.zcu.cz | ne | | Time series, trend component, orthonormal system, qualitative indicators. | This paper deals with the problem of time series prediction, particularly for the economic time series. In real-life situations, there are many macroeconomic indicators affecting operating and strategic decisions of a company (Unemployment, Inflation, Gross Domestic Product, etc.). This approach is based on the paper about trend component estimation where the main estimation model is derived from an orthonormal system generated by Gram-Schmidt orthonormalization process. More precisely, there is considered an extension of this paper by prediction of time series depending on selected qualitative indicators. These results are then applied to real data collections using time shifts to compare obtained predictions of time series. | prevod | 2015-06-23 14:35:31 |
| 27 | Bartošová, Viera, doc. Ing. PhD. | docent, ved.oddelenia | Žilinská univerzita v Žiline, Fakulta PEDAS, Katedra ekonomiky, Univerzitná 8215/1, 010 26 Žilina, SR | +421 0911814857 | viera.bartosova@fpedas.uniza.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | účtovníctvo podnikateľov, finančné účtovníctvo, právna úprava v SR, výsledok hospodárenia, ukazovatele finančnej analýzy | Novely právnych predpisov upravujúcich účtovníctvo podnikateľov v Slovenskej republike priniesli niektoré významné zmeny, ktoré budú mať vplyv nielen na vykazované skutočnosti v rámci regulovaného finančného účtovníctva, ale ovplyvnia aj ukazovatele finančnej analýzy podnikov chápanej v jej širšom kontexte. | prevod | 2015-06-23 19:44:28 |
| 28 | Petra Růčková, Ing. Ph.D. | odborný asistent | Slezská univerzita v Opavě
Obchodně podnikatelská fakulta v Karviné
Univerzitní náměstí 1934/3
733 40 Karviná | 596398271 | ruckova@opf.slu.cz | ano | 1. finanční řízení podniků | finance sources, external sources, equity, debt/equity ratio, return on equity, fixed assets | The paper deals with an analysis of impact of selected factors onto the level of use of external finance sources in companies in the building industry in V4 countries from 2006 to 2013. The building branch is considered an indicator of development of the economic cycle, so in the context of the current economic cycle the choice of just this industry was adequate. At the same time, the selected period respects the period right before the start of the global crisis and crisis period. The aim of the paper is to perform an analysis by means of panel regression and correlation and, based on this, to find the impact of fixed assets on assets and the impact of return on equity on the use of external finance sources in companies in the building industry in conditions of the V4 countries. The choice of factors is conditioned by prior studies as well as by financial environment where these companies operate. The analysis is done at two levels. The first level monitors the relations on average values in building in individual countries. The latter value processes data by means of panel regression on a sample of building companies in the category of large to medium companies in individual countries. The results indicate whether the generally valid theories are met in the real environment of economies in Central Europe. | prevod | 2015-06-24 11:54:13 |
| 29 | Sucháček, Jan | docent | EkF VŠB-TU
Havlíčkovo nábřeží 38a
70121 Ostrava | +420 59 699 2229 | jan.suchacek@vsb.cz | ano | 23. jiné | Affiliates, location factors, cluster analysis, enterprise hierarchy, regions, Czech Republic | Contrary to enterprise head offices, their affiliates have been traditionally much less discussed. Our paper deals with location factors determining the spatial distribution of large enterprise affiliates in the Czech Republic. Cluster analysis provides us with useful instrument helping to determine sets of location factors based on inner similarity and outer dissimilarity. In that way, classification and evaluation of location factors can be accomplished which is of interest to both scholars and practitioners. | prevod | 2015-06-24 14:07:51 |
| 30 | Strouhal, Jiří, doc. Ing. Ph.D. | docent | Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
130 67 Praha 3 | 224098356 | jiri.strouhal@vse.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | reporting, presentation, international accounting, local GAAP | The timeliness of data are crucial for potential investors to make proper economic decisions. Paper focuses on current trends in disclosing practices of highly ranked companies in selected jurisdictions around European Union and within USA and Canada. There is provided a general evaluation of current national accounting system with international referential (US GAAP) and tested whether companies within countries are willing to disclose financial statements on time. Results show that companies from Western countries are more likely do present their reports on time compared to Czech companies or Russian companies. | prevod | 2015-06-24 18:11:59 |
| 31 | Vlachý, Jan, doc. Ing. Ph.D. | docent | České vysoké učení technické v Praze
Masarykův ústav vyšších studií
Kolejní 2637/2a
160 00 Praha 6 | +420608265015 | vlachy@atlas.cz | ano | 6. analýza a stav daňového zatížení a daňových stimulů | daň z příjmů, finanční modelování | Příspěvek reaguje na aktuální otázku optimalizace a harmonizace daňových systémů a představuje statistický model, který obohacuje konvenční mikroekonomický přístup o prvky hodnotové analýzy v rámci životního cyklu za podmínek rizika. Model je testován na reálných datech. | prevod | 2015-06-24 18:57:59 |
| 32 | Mihola, Jiří, Ing. CSc. | odborný asistent | Vysoká škola finanční a správní
Estonská 500
101 00 Praha 10 | 603185174 | jiri.mihola@quic.cz | ano | 1. finanční řízení podniků | dynamický parametr, souhrnná produktivita faktorů, intenzita, intenzivní faktory, souhrnný input faktor | Podstatou znalostní ekonomiky je permanentní inovační proces a implementace intenzivních faktorů vývoje. Proto je účelné zabývat se dostatečně univerzální, prakticky reálně proveditelnou a dobře interpretovatelnou analýzou kvality vývoje vybraných zemí pro účely generování podnikových strategií. Tento příspěvek se zabývá návrhem informačně nenáročné metodiky využívající dynamický parametr intenzity a extenzity. Navržená metodika byla aplikována na trajektorie vývoje Česka a Slovenska. | prevod | 2015-06-25 14:19:19 |
| 33 | Kotěšovcová, Jana, Ing. | odborný asistent | Vysoká škola finanční a správní
Estonská 500,
101 00 Praha 10 | 606612970 | jkotesovcova@volny.cz | ano | 3. analýza finanční situace podniku | dynamický parametr, efektivnost, intenzita, intenzivní faktory, zisk | Inovační aktivita firmy je klíčovým faktorem konkurenceschopnosti. Tento příspěvek se zabývá realizačně nenáročnou, avšak z hlediska vypovídací schopnosti účinnou metodikou výpočtu parametrů intenzity a extenzity. Princip této analýzy je natolik obecný, že jej lze použít i pro dynamizaci Du Pont’s modelu. Příklady použití budou z oblasti automobilového průmyslu. | prevod | 2015-06-25 14:23:16 |
| 34 | Belanová, Katarína, Ing., PhD. | odborný asistent | Ekonomická Univerzita v Bratislave, Dolnozemská cesta 1, 852 35 Bratislava | +421 2 67 29 11 46 | katarina.belanova@euba.sk | ano | 1. finanční řízení podniků | okolie podniku, finančná politika podniku | Current business world is a subject of constant changes, which are caused by the growing instability of business environment, both in national and global scale. The paper deals with one of these two parts, namely with national environment. It consists of factors and conditions that arise independently from the will of the company. The company can not influence the conditions, it can only adjust to them, what means to use potential opportunities or avoid threats. The aim of the paper is to present those parts of the national surroundings, which have the most important influence on the financial decisions of a company. Regarding this, we analyze the development of the basic macroeconomic indicators of the Slovak Republic. | prevod | 2015-06-25 17:14:38 |
| 35 | Musílek Petr prof. Ing. Ph.D. | prorektor pro vědu a výzkum | Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
130 67 Praha 3 | 224095759 | musilek@vse.cz | ano | 11. úloha kapitálových trhů při řízení společností a podniků | kapitálový trh, emise, likvidita, informační asymetrie | Český kapitálový trh neprošel v období globální finanční krizí klasickou investiční krizí (např. rozvrat investičních trhů, masivní výprodej investičních aktiv a zhroucení jejich tržních cen nebo krach významných investičních prostředníků). I když česká ekonomika byla v letech 2008-2013 postižena nepříznivým ekonomickým vývojem, v oblasti kapitálových trhů se především jednalo o skrytou krizi, poněvadž tento finanční segment upadl do dlouhodobých systémových problémů. Je evidentní, že český kapitálový trh i po čtvrtstoletí po jeho renesanci stále vykazuje charakteristické znaky nově vznikajícího trhu, mezi jehož definiční charakteristiky patří: slabá emisní aktivita, neúměrně vysoká riziková averznost přebytkových jednotek, vysoký stupeň informační asymetrie, nízká likvidita sekundárních investičních trhů, vysoká transakční volatilita investičních trhů a nedostatečná ochrana vnějších investorů. Cílem příspěvku „Nerozvinutost českého kapitálového trhu“ je proto zejména analyzovat základní příčiny této nerozvinutosti českého kapitálového trhu (např. nejen nedokonalé institucionální uspořádání, netransparentní investiční prostředí, neúčinná ochrana práv vnějších investorů, ale i nízká motivace pro nové emise ze strany podnikatelských subjektů či absentující privatizační aktivity českého státu prostřednictvím kapitálového trhu). | hotove | 2015-06-25 20:18:33 |
| 36 | Pakšiová Renáta, doc. Ing. Mgr. , PhD. | docent | Fakulta hospodárskej informatiky
Ekonomická univerzita v Bratislave
Dolnozemská cesta 1
852 35 Bratislava | +421 2 6729 5111 | renata.paksiova@euba.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | valuation methods of reduction assets, First in-first out, Last in–first out, weighted average prices, measuring enterprise performance, economic result, profit | Costs and revenues are the basic components of the income statement and are directly related to the measurement of the company’s performance. The financial result is one of the instruments used to measure financial performance. The quantification of the financial result is based on the rules of accounting and is calculated as the difference between accrued revenues and accrued costs. It is important to analyze the profit from the point of view of its recognition and nature. The profit recognition is associated with different kinds of activities an entity carries out - operating and financial activities. The operating activity is associated mainly with the major line of business and the revenue is recognized from the sale of products, goods and services. The costs associated with the realization of products, goods and services are determined on the basis of consumption related to the company’s activities. Direct costs can be attributed to a particular realization of goods and services, which leads to the recognition of revenues. Direct costs include primarily material consumption and costs associated with the sale of products, goods, and other kinds of fungible items of assets. The choice of the valuation method to reflect asset decrease is directly related to the provision of a true and fair view of the entity, which provides the accounting. It is also indicated in the financial result. This paper analyzes how valuation methods influence the informative value of this indicator in relation to long-term sustainability of the company’s performance. | prevod | 2015-06-25 21:27:52 |
| 37 | Papoušková, Monika, Ing. | Asistent | Univerzita Pardubice
Fakulta ekonomicko-správní
Studentská 95
532 10 Pardubice | 724714425 | monika.papouskova@upce.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Credibility premium, Empirical Bayes credibility model II, Credibility factor | Empirical Bayes credibility theory is a set of techniques for calculating premiums for short term insurance contracts using two ingredients: past data from the risk itself and collateral data from other sources considered to be relevant. In this article we deal with application of the Bühlmann and Bühlmann-Straub empirical Bayesian credibility models based on the real data from the selected insurance companies that provide motor third-party liability insurance on the Czech insurance market. | hotove | 2015-06-26 09:22:02 |
| 38 | Meluchová Jitka, doc. Ing. PhD., Mateášová Martina, Ing. PhD. | docent | Ekonomická univerzita v Bratislave, FHI,Katedra účtovníctva a audítorstva
Dolnozemská cesta 1/b, 852 35 Bratislava, SR
| +421905432531 | jitka.meluchova@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Ethics, insurance company, intermediary, financial market, questionnaire, survey. | The paper deals with the ethical aspects of the insurance activity in terms of globalized financial markets of the EU and examines the requirements for ethical and professional conduct insurance company and its selected stakeholders. The paper explores the ethical responsibility of insurance companies and insurance intermediaries in the provision of insurance services. The questionnaire survey analyzed how the participants perceive the insurance relationship (the client, the insurer and the intermediary) the application of ethics.
The solution of the issue is to create a systematic overview the genesis of the transition to insurance companies that fulfill the same economic, social and ethical criteria for the safe and reliable provision of insurance and financial services to other financial institutions in the EU.
| prevod | 2015-06-26 09:30:50 |
| 39 | Ing. Aleš Melecký, Ph.D. | Odborný asistent | Vysoká škola báňská - Technická univerzita Ostrava
Ekonomická fakulta (K114)
Sokolská třída 33,
701 21 Ostrava 1 | 597 32 2214 | ales.melecky@vsb.cz | ano | 18. rozvoj měnové teorie a problémy měnové politiky | Non-performing loans, state-space model, time varying parameters, Czech Republic, macroeconomic determinants | Are the effects of macroeconomic determinants on non-performing loans constant over time?
This article employs state-space model with time varying parameters to examine if the effects of macroeconomic determinants on non-performing loans vary significantly over time. The model is applied on the Czech data. The article focus on non-performing loans ratio as a key indicator of the credit risk materialization at the aggregate level. Performance of the model with time varying parameters is also compared with the simpler model where the effects of parameters are fixed over time in the forecasting exercise. The preliminary results suggest that the effects of macroeconomic determinants on non-performing loans ratio can vary over time and allowing for this possibility may improve forecasting performance of the model.
| prevod | 2015-06-26 09:43:27 |
| 40 | Jindrová Pavla, Mgr., Ph.D. | Odborný asistent | Univerzita Pardubice
Fakulta ekonomicko-správní
Studentská 84
Pardubice
532 10 | 466036018 | pavla.jindrova@upce.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Credibility Model, Health Insurance Companies, Estimation, Total Expenses. | The basis of estimates of the total expenses of the health insurance companies in the Czech Republic are time-space series of the total numbers of insured persons and of the total health care expenses of seven health insurance companies in the Czech Republic in the period 2008-2012. For estimating the costs for the next period is applied empirical Bühlmann-Straub credibility model. Estimation of expenses of each insurance company is the linear combination of estimation based on own historical data and of estimation based information from other insurance companies. This approach which takes into account not only the actual costs of a particular insurance company but also the costs of comparable insurance companies guarantees greater objectivity of estimates. | prevod | 2015-06-26 10:33:18 |
| 41 | Andrzej Sołoma PhD, Ing. Maciej Wesołowski PhD | Assistant Professor | University of Warmia and Mazury in Olsztyn, Oczapowskiego 4,
10-719 Olsztyn, Poland | 502575226 | soloma@uwm.edu.pl | yes | 4. sources for firm financing | venture capital, private equity, small and medium –sized enterprises, Poland | Title of article:
Venture capital and private equity in financing the SME sector in Central and Eastern Europe: evidence from Poland.
Abstract:
Problems with access to capital continue to be a challenge for firms from the small and medium-sized enterprise (SME) sector in Poland. Venture capital (VC) and private equity(PE) funds constitute an alternative to traditional external sources of enterprise financing, such as bank loans. This paper aims to VC and PE investment strategies and its implications for SMEs in Poland. Our analysis builds on an important literature in entrepreneurial finance and VC finance. The statistical data used in the article has been based on publications of the Polish Private Equity Association and reports of the European Private Equity and Venture Capital Association. The data indicate the following key results. First, we find that Poland PE shows a tendency towards concentration of investment on later stages of company development. Observations of Central and Eastern Europe (CEE) markets also indicate limited preoccupation of PE funds with investment in start-up and early- stage entrepreneurial firms. Second, our results show that many PE firms presented in Poland are growing in size and, consequently, are aiming to employ capital in larger buyout transactions to improve deal economics. This pattern of investment is not effective in closing equity gap for start-up and early- stage entrepreneurial firms.
| transfer | 2015-06-26 11:32:22 |
| 42 | Katarzyna Prędkiewicz | assistant profesor | Uniwersytet Ekonomiczny
we Wrocławiu
ul. Komandorska 118-120
53-345 Wrocław
VAT number: 896-000-69-97 | +48505273900 | katarzyna.predkiewicz@ue.wroc.pl | yes | 4. sources for firm financing | innovation, capital access, SME | Title: Access to finance for innovative SME in V4 group
Abstract:
It is known that small and medium enterprises may face financial constraints especially when a company develops an innovative product, service etc. its situation may get worse in terms of capital access. The reasons may be the information asymmetry and higher level of uncertainty. However innovative companies may have higher demand for capital and internally generated cash flow can run out so according to pecking order theory after exhausting internal funds they have to look for external capital.
The objectives of the article is to check if innovative entities are more prone to look for external finance compared to their non-innovative peers and then to assess their success rate if their apply for bank loan.
We are going to do the analysis for countries from V4 group.
We set up two hypotheses:
| transfer | 2015-06-26 11:55:31 |
| 43 | Valéria Skřivánková, doc., RNDr., CSc. | docent | FP UPJŠ, Jesenná 5., Košice, SR | +421902747450 | valeria.skrivankova@upjs.sk | yes | 8. actual situation and problems in banking and insurance policy | Bonus-malus system, Markov chains, efficiency criteria, factor analysis. | The paper analyses and compares the effectiveness of selected bonus-malus systems (BMS) in Slovakia and other V4 countries. We mainly concentrate here on the problem of finding the average optimal retention in automobile insurance. We study the dependence of this criterion on the other basic criteria of efficiency considered earlier, by factor analysis. We also construct our own BMS using Markov chains and discuss its advantages and disadvantages. | transfer | 2015-06-26 14:04:42 |
| 44 | Ewa Dziwok, dr hab. | adjunct | Uniwersytet Ekonomiczny w Katowicach
ul. 1 Maja 50, 40-287 Katowice
tel. +48 32 257 70 00
NIP 634 000 88 25 | +48322577843 | ewa.dziwok@ue.katowice.pl | yes | 5. firm valuation | sensitivity analysis, start-up valuation | Sensitivity analysis of IPO valuation for start-up companies.
The valuation of start-up companies is slightly different from long-living companies. The different approach should be made for revenues and costs in case of J-curve. The aim of the article is to show the fragile variables that are crucial in enterprise valuation and for chosen variables establish the range of expected volatility and create sensitivity matrix of the expected price. | transfer | 2015-06-26 14:12:06 |
| 45 | Ing. Marie Slabá, Ph.D. | vedoucí katedry, akademický pracovník | Vysoká škola technická a ekonomická
v Českých Budějovicích
Okružní 517/10,
370 01 České Budějovice | +420 380 070 213 | slaba@mail.vstecb.cz | ano | 23. jiné | | | prevod | 2015-06-26 21:22:19 |
| 46 | Marček Dušan, prof., Ing., CSc. | akadem. pracovník | VŠB-TU Ostrava, EkF, Katedra apliované informatiky | 597322378 | dusan.marcek@vsb.cz | ano | 12. forecasting finančních veličin | Time series, classes of ARIMA-GARCH models, volatility modeling, forecasting, neural networks, cloud concept, forecast accuracy, cloud activation function. | We evaluate statistical and machine learning methods for predicting Malaysia KLCI - Price Index and consider the accuracy of forecasting models based on statistical (stochastic), machine learning methods and an intelligent methodology based on soft or granular computing. In this paper, we apply the ARIMA-ARCH methodology on the developing forecast models and compare their forecast accuracy with the class of RBF neural network models. We found that it is possible to enhance forecast accuracy and also achieve significant risk reduction in managerial decision-making by applying intelligent forecasting models based on latest information technologies. In a comparative study is shown that the presented approach is able to model and predict high frequency data with reasonable accuracy and more efficient than statistical methods. | prevod | 2015-06-27 10:19:56 |
| 47 | Tumpach, Miloš, prof. | vedúci Katedry účtovníctva a audítorstva | Ekonomická univerzita v Bratislave
Dolnozemská cesta 1
852 35 Bratislava
Slovensko | +421948186226 | tumpach@euba.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | IFRS, boilerplate reporting, true and fair view | In our article, we have followed the hypothesis that instead of providing relevant information, few of the submitters are merely reproducing the text of so-called model financial statements (i. e. boilerplate reporting). In many cases, notes of the different submitters and in different periods contains the same text. Such practice contributes to an increased risk that such statements will not provide a true and fair view of the financial positions and the performance of an accounting entity. Untill quite recently, notes compiled in Slovakia under the national accounting regulation were in the structured rather than loss narrative form. Consequently, we have decided to analyze the existence of “boilerplate reporting” in the sample of financial statements provided by the Slovak IFRS adopters. To do so, from all notes in the sample we had extracted only the text that is related to income taxes. Subsequently, we have computed the dice coefficient which is presenting similarity of different texts. As a result of our research we have been able to found the evidence that such practice is rather common | hotove | 2015-06-27 12:33:26 |
| 48 | Mgr.Natália Matkovčíková, PhD. | odborná asistantka | Katedra manažmentu,
Fakulta podnikavého manažmentu,Ekonomická univerzita v Bratislave,Dolnozemská 1 | +421/2/6729 5638 | natalia.matkovcikova@euba.sk | ne | 23. jiné | Finančné náklady, pracovný úraz, chorobu z povolania, bezpečnosť a zdravie. | Súčasné výskumy poukazujú na dôležitosť odhadov finančných nákladov na spoločnosti v EÚ o pracovných úrazov a chorôb z povolania. Pracovné úrazy môže mať výrazný finančný vplyv najmä na malé podniky. Zlepšenie bezpečnosti a ochrany zdravia pri práci môžu spoločnosti, zamestnancov a spoločnosti ako celku priniesť ekonomické výhody. Efektívny proces môže byť uskutočnený prostredníctvom finančných alebo ekonomických prognóz, a poskytnúť realistický prehľad o celkových nákladov nehôd a výnosov v prípade prevencia nehôd. Podniky sa tak môžu stať úspešným, konkurencieschopným a udržateľným, a tým podporovať dlhodobý rast a hospodárstvo. | prevod | 2015-06-28 12:48:35 |
| 49 | Prof.Ing. Božena Hrvoľová, CSc. | profesor | Katedra podnikových financií,Fakulta podnikového manažmentu, Ekonomická univerzita v Bratislave, Dolnozemská 1 | +421/2/6729 5676 | bozena.hrvolova@euba.sk | ne | 5. oceňování podniků | Ohodnocovanie cenných papierov, konvertibilné obligácie, warrant, špecifiká ohodnocovania konvertibilných obligácií. | Do skupiny hybridných (syntetických) cenných papierov patria napríklad konvertibilné obligácie a obligácie s warrantami (predkupnými právami). Konvertibilné obligácie a obligácie s warrantami sú inováciami, ktoré spájajú vlastnosti viacerých cenných papierov – obligácií a akcií. Príspevok pojednáva o výhodách týchto cenných papierov pre investora i emitenta, o špecifikách ich ohodnocovania, ako aj o rozhodovaním investorov, či v prípade konvertibilných obligácií ostanú v pozícii veriteľa alebo vymenia konvertibilnú obligáciu za akcie spoločnosti a v prípade obligácií s warrantom, či warrant uplatnia a kúpia si akcie spoločnosti, či ho predajú alebo nechajú prepadnúť. | prevod | 2015-06-28 12:56:15 |
| 50 | Prof. PhDr.Miroslava Szarková, CSc. | profesor | Katedra manažmentu,
Fakulta podnikového manažmentu, Ekonomická univerzita v Bratislave,
Dolnozemská 1, | +421/2/6729 5637 | szarkova@euba.sk | ne | 10. bankovní management | pracovný výkon, hodnotenie pracovného výkonu, bankový sektor | Bankový sektor v SR tvorí špecifickú skupinu dcérskych spoločností nadnárodných korporácií, čo sa premieta do všetkých oblastí ich vnútropodnikového života, hodnotenie pracovného výkonu zamestnancov nevynímajúc. S výnimkou jednej bankovej inštitúcie s majetkovou účasťou domáceho kapitálu, vnútropodnikový život všetkých bánk výrazne ovplyvňujú materské spoločnosti. Tie metodicky usmerňujú aj oblasť hodnotenia pracovného výkonu zamestnancov, v rámci ktorého presadzujú nové, moderné metódy a postupy. Príspevok charakterizuje súčasné nové metódy a postupy hodnotenia pracovného výkonu zamestnancov v bankovom sektore v SR. Vznikol v rámci riešenia projektu 1/0662/15. | prevod | 2015-06-28 13:00:30 |
| 51 | Markovič, Peter, prof. Ing., PhD. | vysokoškolský profesor | Fakulta podnikového manažmentu EU v Bratislave
DOlnozemská cesta 1/b
852 35 Bratislava 5 | +421267295535 | peter.markovic@euba.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Controllig, Corporate Governace, Cost accounting, Financial reporting, IFRS/IAS, Slovak accounting standards | Cílem příspěvku (v anglickém jazyce) bude zpracování relevantních změn v oblasti účetnictví, které výrazným způsobem determinují správu společnosti v oblasti nákladů. Různé pohledy na náklady, ve vazbě na požadavky mezinárodních regulátorů mají upozornit na potřebu selektivního hodnocení nákladovosti podnikání a její prezentace různým zájmovým skupinám podniku. Příspěvek je zčásti výsledkem společného výzkumu s universitou v německém Ulmu. | prevod | 2015-06-28 13:51:30 |
| 52 | Prof. PhDr.Miroslava Szarková, CSc. | profesor | Katedra manažmentu,
Fakulta podnikového manažmentu, Ekonomická univerzita v Bratislave,
Dolnozemská 1, | +421/2/6729 5637 | szarkova@euba.sk | ne | 10. bankovní management | pracovný výkon, hodnotenie pracovného výkonu, bankový sektor | Bankový sektor v SR tvorí špecifickú skupinu dcérskych spoločností nadnárodných korporácií, čo sa premieta do všetkých oblastí ich vnútropodnikového života, hodnotenie pracovného výkonu zamestnancov nevynímajúc. S výnimkou jednej bankovej inštitúcie s majetkovou účasťou domáceho kapitálu, vnútropodnikový život všetkých bánk výrazne ovplyvňujú materské spoločnosti. Tie metodicky usmerňujú aj oblasť hodnotenia pracovného výkonu zamestnancov, v rámci ktorého presadzujú nové, moderné metódy a postupy. Príspevok charakterizuje súčasné nové metódy a postupy hodnotenia pracovného výkonu zamestnancov v bankovom sektore v SR. Vznikol v rámci riešenia projektu 1/0662/15. | prevod | 2015-06-28 15:36:39 |
| 53 | doc.Dr. Ing. Anna Poledankova | docent | Katedra podnikových financií,
Fakulta podnikového manažmentu,
Ekonomická univerzita v Bratislave,
Dolnozemská 1 | +421/2/6729 5678 | anna.polednakova@euba.sk | ano | 15. aplikace reálných opcí | Ohodnocovanie fúzií a akvizícií, koncept reálnych opcií, rozdiel medzi tradičnými modelmi a modelmi reálnych opcií, limity modelov. | Existuje niekoľko modelov využívaných podnikmi na vyhodnotenie cieľa. Môžeme ich všeobecne | rozdeliť na tie, založené na zisku a násobkoch aktív, a na diskontovaných príjmoch alebo cash flow. Zisk a násobky aktív sú menej informatívne ako modely založené na diskontovaní cash flow a tiež menej prísnejšie. V posledných rokoch boli vyvinuté nové modely, aby zohľadnili sekvenčný charakter mnohých podnikových investícií, s počiatočnou investíciou založenou na práve voľby na následné investície. Táto voľba umožňuje manažérom určiť, či a kedy budú vykonané aj ďalšie investície, ak investícia je už realizovaná, či a kedy môže byť opustená. Táto manažérska flexibilita pridáva hodnotu podnikových investícií, ako sú akvizície a odpredaje. Tieto opcie sa nazývajú reálne alebo strategické opcie a ohodnocovanie modely vyvinuté pre ohodnocovanie finančného aktíva boli rozšírené na ohodnocovanie reálnych opcií. Ohodnocovanie prostredníctvom reálnych opcií so sebou nesie veľa nepresností, a preto rastie riziko spojené s ohodnocovaním.
| prevod | 2015-06-28 15:46:57 |
| 54 | Seďa, Petr, Ing. Ph.D. | odborný asistent | Ekonomická fakulta,
Vysoká škola báňská - Technická univerzita Ostrava,
Sokolská třída 33,
701 21 Ostrava 1
| +420597322510 | petr.seda@vsb.cz | ano | 12. forecasting finančních veličin | backtesting, forecasting, futures, GARCH, optimisation, volatility | Volatility can be defined as a value of risk of financial instruments over defined time period. Globalisation of financial markets makes a pressure to develop new methods and models that deliver more stable predictions of future development of financial data. This paper deals with application of forecasting volatility models in futures trading strategy. The aim of this paper is to provide a backtesting and optimisation of trading strategy based on volatility estimation using linear and nonlinear conditional volatility models. Empirical analysis is provided on illustrative example using sample time series of US stock index e-mini market. In this paper, we analysed daily returns of selected time series data depending on volatility modeling tools. | prevod | 2015-06-28 20:06:12 |
| 55 | Jošt Marek Ing. | Doktorand | Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra finančního účetnictví a auditingu, nám. W. Churchilla 4, 130 67 Praha 3 | 724851284 | xjosm00@vse.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Auditor´s expert, management´s expert, valuation in accounting, audit | Characteristics of certain types of assets and liabilities often bring a problem with their | prevod | 2015-06-29 06:54:30 |
| 56 | Terezie Bartusková, Ing. | odborný asistent | VŠB - TU Ostrava
17. listopadu 15/2172
708 33 Ostrava | 597322275 | terezie.bartuskova@vsb.cz | ano | 23. jiné | Analytic Hierarchy Process, SWOT analysis, SWOT matrix | SWOT analysis is one of the most frequently used tools of strategic analysis. It creates the information basis for strategy setting. It combines internal and external factors, which influence the company. Despite its advantages and popularity it has been criticized. One of the critics is the lack of methodology in the evaluation of partial analyses results. SWOT analysis uses data from several methods of internal and external analysis as a basis for SWOT matrix compilation. But objective evaluation of obtained results and of real impact of each factor is missing. It can happen that factors, which appear in the matrix, are not crucial for the company. On the other hand, some important factors can be underestimated and do not appear in the matrix, when the proper methodology is not used. Also it cannot be dogmatically asserted that the factor is always either strength or weakness, or either opportunity or threat. Synthesis of partial results can be done by means of Analytical Hierarchy Process (AHP), which can help to evaluate the impact of each factor and compile SWOT matrix. The aim of the paper is to introduce the methodology of using AHP method for SWOT matrix compilation. | prevod | 2015-06-29 10:18:34 |
| 57 | Urminský, Jaroslav, Ing. | Interní doktorand | Vysoká škola báňská – Technická univerzita Ostrava
Ekonomická fakulta
Sokolská třída 33,
701 21 Ostrava 1 | 731 490 935 | jaroslav.urminsky@vsb.cz | ano | 23. jiné | Banking Sector, Headquarters, Location, Czech Republic | LOCATION FACTORS OF BANKING HEADQUARTERS - This paper focuses on the location of banking headquarters in the Czech Republic. Attention is devoted to selected location factors, which determine the spatial distribution of banking head offices in the country. The objective of this paper is to analyze and evaluate the importance of various factors in the final decision about the location of banking headquarters. The evaluation was based on item analysis, which was based on previous qualitative research. | prevod | 2015-06-29 11:27:27 |
| 58 | Beníšková, Tereza, Ing. | Interní doktorand | Vysoká škola báňská – Technická univerzita Ostrava
Ekonomická fakulta
Sokolská třída 33,
701 21 Ostrava 1 | 773 177 641 | tereza.beniskova@vsb.cz | ano | 23. jiné | Banking Sector, Headquarters, Location, Czech Republic | LOCATION FACTORS OF BANKING HEADQUARTERS - This paper focuses on the location of banking headquarters in the Czech Republic. Attention is devoted to selected location factors, which determine the spatial distribution of banking head offices in the country. The objective of this paper is to analyze and evaluate the importance of various factors in the final decision about the location of banking headquarters. The evaluation was based on item analysis, which was based on previous qualitative research. | prevod | 2015-06-29 11:29:10 |
| 59 | Haochen Guo | researcher | VŠB-Technical University of Ostrava
Sokolská třída 33
701 21 Ostrava
Czech Republic | +420 597 322 461 | haochen.guo@vsb.cz | yes | 1. financial management of firms | Corporate financial Risk Management, Corporate Metrics, EaR, EPSaR, CFaR | Nowadays, many companies often do face some market risks, such as commodity price risk or foreign exchange risk. Hence, corporate financial risk management become more and more important to company, usually they prefer use corporate financial risk management as tool that a company uses to minimize financial losses. The paper presents a risk measurement tool which operated from J. P. Morgan – Corporate Metrics. It is a conceptual framework for measuring market risk in the corporate environment. Also it concentrates on two corporate financial results that affect, and that are commonly used to gauge a company’s value – earnings and cash flow. Specifically, Corporate Metrics enables companies to forecast earnings and cash flow for a range of different projected market rates – foreign exchange rates, interest rates, commodity prices, and equity prices. Inside of the paper, it will presents how importance of corporate financial risk management and how to calculate EaR, EPSaR and CFaR according to corporate metrics with examples. | transfer | 2015-06-29 11:59:01 |
| 60 | Doc. Ing. Peter Kardoš, PhD., Ing. Ján Havier | 1.spoluautor - Docent, odborný asistent, 2.spoluautor - interný doktorand | Ekonomická univerzita v Bratislave
Fakulta podnikového manažmentu
Katedra podnikovohospodárska
Dolnozemská cesta 1/b
852 35 Bratislava
Slovenská republika
| +421902503626, +421903204888 | peter.kardos@euba.sk , janhavier9@gmail.com | ano | 23. jiné | Intellectual property, valuation, transfer of intellectual property, royalties | Abstract
Intellectual property creates very important part of value of many companies and it is also very important for their economic and financial prosperity. The aim of the article is to clarify the issue of appropriate royalties to the transfer and valuation of intellectual property. The idea of this article is to give an overview of the field of the transfer of intellectual property and also to show how transfer of intellectual property can be used as a constructive tool for practice, industry, innovation or whole development of society. Transfer of chosen part of intellectual property is related to the valuation of this part of intellectual property. One of the key parameter of the valuation by the relief of royalty method is the amount of the royalties. The main goal of the article is to research this appropriate amount by using national and international sources.
| prevod | 2015-06-29 12:08:43 |
| 61 | Jana Kostalova | Ph.D. candidate | University of Pardubice
Studentska 95
Pardubice
537 01
| 466037789 | jana.kostalova@upce.cz | yes | 22. European Union funds and their using for selected purposes | project, Structural and Investment Funds, Cohesion Fund, project implementation rules, the programming period 2014 – 2020, the programming period 2007 – 2013 | This paper is dedicated to the system of support of projects co-financed by European Structural and Investment Funds in the Czech Republic in the programming period 2014 – 2020 as compared to the programming period 2007 – 2013. The system of support in the programming period 2007 – 2013 faced a number of problems. Nowadays, the basic conditions of provision of support have been set up in the Czech Republic for the programming period 2014 – 2020. The authors of this paper aim to make comparison of the systems of support in the programming periods 2007 – 2013 and 2014 – 2020 and to assess how the conditions valid in the new programming period eliminate the problems that prevented smooth drawing of support from European Structural and Investment Funds in the previous period and made the situation of the applicants and project solvers more difficult. | transfer | 2015-06-29 12:19:52 |
| 62 | Olbrecht Vojtěch, Ing. | student | Mendelova Univerzita v Brně, Zemědělská 1, Brno | 721905040 | olbrecht.v@seznam.cz | ano | 1. finanční řízení podniků | working capital, export, China | The presented article engages in exploring the differences in working capital between exporting companies and non exporting ones with particular interest in chinese economy as the target export country. The article is built on microeconomic regression function that differentiate between companies with and without the exporting activities and by this econometric approach it allows to deduce conclusions about the differences between individual parts of working capital. | prevod | 2015-06-29 12:49:01 |
| 63 | Katarína Valášková, Ing. Phd. | vysokoškolský učiteľ | Žilinská univerzita v Žiline
Fakulta prevádzky a ekonomiky dopravy a spojov, Katedra ekonomiky
Univerzitná 1
010 26 Žilina
Slovenská republika | +421/41/513 32 37 | katarina.valaskova@fpedas.uniza.sk | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | credit risk, structural models, loss given default, KMV model. | In the last decade, particularly in connection with the development of credit derivatives, an attention paid to credit risk modelling has increased. Credit derivatives allow trading with credit risk. Therefore, there is a need to quantify it. Moreover, it is necessary to estimate the probability of default of the underlying instrument and the expected loss given default. Currently, there are two groups of models aimed to estimate the credit risk. There are the structural and reduced models. The basis of the structural models is the linking of a credit event with corporate fundamentals, for example assets or capital structure. This linking is based on a mutual dependence of, e.g. probability of default of a company or term structure of credit spreads on the value of these fundamentals. In the paper only selected structural models will be characterized and analysed. The aim is mainly to outline the basic assumptions of the models, their limitations and economic interpretation. Then the way, in which the market price of corporate assets can be calculated, will be presented. Finally is mentioned very successfully used KMV model, which is inspired by the Black-Scholes-Merton model. | prevod | 2015-06-29 13:11:26 |
| 64 | Jakubec Miroslav, Ing. PhD. | Odborný asistent | Ekonomická univerzita v Bratislave
Fakulta podnikového manažmentu
Dolnozemská cesta 1
852 35 Bratislava | +421903652041 | miroslav.jakubec@euba.sk | ano | 5. oceňování podniků | Trademark, Valuation method, Cost method, Market method, Income method, Economic Benefit, Economic Life, Royalty rates | Trademark Valuation:
Trademarks are among the most intangible of assets, yet they have enormous value for an enterprise. This article is focused on the calculation of the trade mark value. Experts for this kind of valuation have to solve quite important problems when they determine value of the trade mark, because they have to set royalty rate (licence fee), useful life of the trade mark, tax amortization benefit and they have to choose the correct method of valuation. Royalty method is one of the most important method for trade-mark valuation, but we can find several variants of this method.
In theory we can meet with three groups of valuation methods of trademarks - cost method, market method, income method. | prevod | 2015-06-29 13:30:02 |
| 65 | Kubíček Aleš, Ph.D. | Assistant Professor | University of Economics, Prague
W. Churchill Sq. 4
130 67 Prague 3
Czech Republic | +420224094364 | ales.kubicek@vse.cz | yes | 23. others | Corporate Governance, Initial Public Offering, Underpricing, Diversity, Governing bodies | The objective of this paper is to investigate companies entering the public market and examines whether board structure and diversity have an impact on the success of the Initial Public Offering (IPO). Relying on signaling theory, we investigate the relationship between various types of board characteristics and IPO underpricing of 120 IPOs realized in Central European countries. The signaling theory suggests that the issuing firm is better informed on its future development and strategy than the potential investors. The aim of the firm undertaking an IPO is to convince investors through signals about its value. Within the signaling theory the quality and composition of board members may represent such a signal for potential investors. | transfer | 2015-06-29 13:59:44 |
| 66 | Ing. Magdaléna KUBRANOVÁ, PhD. - Ing. Gabriela PONECOVÁ - Ing. Alena TÓTHOVÁ, PhD. | assistant professor | Fakulta podnikového manažmentu, EU v Bratislave
Dolnozemská cesta 1/b
852 35 Bratislava 5, Slovenská republika
| +421267295659 | magdalena.kubranova@euba.sk, gabriela.ponecova@euba.sk, alena.tothova@euba.sk | no | 1. financial management of firms | payment methods, collection policy, European Union rules, transactions services | The purpose of this article is to present how to create an effective payment and collection policy in the corporation. The paper shows defining characteristics and analyses of chosen aspects of corporate payment and collection policy which are the important field in corporate cash management. The rules on payment terms are one of the key factors which are controlled in most contracts involved in European Union businesses. The collection process would be everything that occurs after the approval of a credit limit and terms. This would include the conditions of invoicing, follow-up calls, pre-due date calls and payment processing. The final task is to reduce accounts receivables by active collections function. There should be a system how to solve overdue invoices problem by economically collection payment. | transfer | 2015-06-29 14:54:27 |
| 67 | Bokšová, Jiřina, doc. Ing. Ph.D. | vedoucí katedry KFMÚ | ŠKODA AUTO VYSOKÁ ŠKOLA, o.p.s.
Na Karmeli 1457
293 01 Mladá Boleslav | +420 728 148 152 | jirina.boksova@savs.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | financial statements, presentation of financial statements, companies in the automotive industry | Obligation of each accounting entity that is registered in the Commercial register is to publish the financial statements in the Collection of documents after approval by the general assembly. This publication requirement is based on the regulations of the European Union and it aims to inform third parties about the financial position and performance of each accounting entity. Unlike other EU countries, the Czech companies often do not respect the obligation to publish financial statements in practice. The partial aim of ongoing research, which deals with this paper as to verify the compliance with obligation to publish financial statements for the years 2011, 2012 and 2013. The research was focused on companies operating in the automotive industry in the Czech Republic. Whereas the data were gathered during first six months of the year 2015, financial statements could not be examined for the year 2014, because companies have the obligation to publish these financial statements till the end of the year 2015. | prevod | 2015-06-29 15:07:35 |
| 68 | Špička, Jindřich, doc. Ing. Ph.D. | docent | Vysoká škola ekonomická v Praze
Fakulta podnikohospodářská
nám. W. Churchilla 4
130 67 | 224098650 | spicka.vse@gmail.com | ano | 3. analýza finanční situace podniku | insolvence, zemědělství, ekonomická situace, provozní dotace | Zemědělství je klíčovým sektorem národního hospodářství, které je značně rizikové z důvodu biologického charakteru produkce a závislosti výnosů na počasí. Je zároveň sektorem s jednou z nejvyšších provozních podpor z veřejných zdrojů. Zemědělství se z pohledu počtu bankrotů na 1000 registrovaných firem umisťuje na velmi příznivé pozici vůči ostatním odvětvím. Za tímto úspěchem stojí provozní dotace a podpory. Článek se zabývá vlivem provozních dotací a podpor na ekonomické výsledky různých typů zemědělských podniků podle databáze FADN ČR. Zohledněny jsou vlivy fixních a variabilních výnosů a nákladů včetně zásadního vlivu fixních provozních dotací. Článek je zpracován jako jeden z výstupů projektu TAČR TD020190. | prevod | 2015-06-29 16:07:28 |
| 69 | Nicolas Escartin | Banking analyst and PhD Candidate | Universitat International de Catalunya
Barcelona, Spain | 0034699520040 | nicoescartin@gmail.com | yes | 21. savings, investments and capital in economy analysis | Islamic Banking, Business Cycle, Banking Regulation | Counterciclicity and Islamic Banking | cash | 2015-06-29 16:17:24 |
| 70 | Mr John Ofori Gyamfi | Accountant | P.O.BOX 5406 AN ACCRA | 00233274107612 | shiphome91@gmail.com | no | 1. financial management of firms | please i need visa invitation letter so that i can start my visa processing as soon as possible. hope to hear from you soon. | N/A | cash | 2015-06-29 19:46:48 |
| 71 | Piotr Tworek, Ph.D. | Assistant Professor | University of Economics in Katowice | +48322577500 | piotr.tworek@ue.katowice.pl | yes | 23. others | risk management, public economics, public management, public risk management | The aim of the paper is to discuss the issues on risk management in public organizations. In particular, the issue of implementing the comprehensive risk management system in the public sector in Poland is of top priority in the discourse. For the complex risk management requires the integrated management thereof. Only such a formula ensures the comprehensive management of any risks in public organizations in Poland. | transfer | 2015-06-29 19:52:18 |
| 72 | Piotr Tworek, Ph.D., Prof. Józef Myrczek, Ph.D, D.Sc. | Assistant Professor / Professor | University of Economics in Katowice / University of Bielsko-Biała | +48322577500; +48338227400 | piotr.tworek@ue.katowice.pl / jmyrczek@ath.bielsko.pl | yes | 1. financial management of firms | risk management, construction risks, construction projects, construction risk management, construction industry | The practical application of risk management methods in investment projects carried out in the construction industry requires specialised knowledge in this field. In particular, it is necessary to know the advantages and disadvantages of the methods. As different investment projects are carried out in the economy, including the construction industry, every time different methods, techniques and tools need to be used to manage risks. These issues are addressed in the paper, the aim of which is to discuss the selected methods used to manage risk in investment projects in the construction industry, focusing on their advantages and disadvantages. The problems are discussed theoretically and presented in a synthetic way. | transfer | 2015-06-29 20:17:00 |
| 73 | Juhászová, Zuzana, doc. Ing. Mgr., PhD. | prorektorka pre vzdelávanie | Katedra účtovníctva a audítorstva
Dolnozemská cesta 1
852 35 Bratislava | 02 672 95 372 | zuzana.juhaszova@euba.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | účtovná závierka poisťovne, zaslúžené poistné, IFRS, verný a pravdivý obraz | Poisťovne, ktoré zostavujú účtovnú závierku podľa Medzinárodných štandardov finančného výkazníctva (IFRS), nemajú presne stanovenú štruktúru finančných výkazov, ktoré ku koncu účtovného obdobia zostavujú. Každá poisťovňa si výkazy zostavuje samostatne, pričom pre potreby vykazovania si štruktúru výkazov volí individuálne. Z tohto dôvodu je vykazovanie jednotlivých informácií, ako napr. aj zaslúženého poistného,vrátane jeho štruktúry, rôzna V príspevku sa zameriame na analýzu štruktúry vykazovania poistného v účtovnej závierke a navrhneme takú štruktúru, ktorá by bola pre používateľov údajov z účtovnej závierky najvhodnejšia. | prevod | 2015-06-29 23:10:41 |
| 74 | Ďurinová, Ivona, Ing., PhD. | odborná asistentka | Fakulta podnikového manažmentu EU v Bratislave, Dolnozemská cesta 1/b, 852 35 Bratislava 5 | +421267295622 | ivona.durinova@euba.sk | ne | 7. legislativní změny v oblasti daní a daňové problematiky | personal income tax, corporate tax, tax incentives, depreciation, redemption losses, tax expenditures, tax license, survey | Aim of this paper will to highlight the selected legislative changes in taxation in Slovakia which significantly affect the tax burden of businesses. The author focuses on the area of income taxation, particularly on the selected tax incentives (changes in depreciation, redemption losses, application costs, etc.) as well as the introduction of the institute of tax license. The author will evaluate developments in this field and in terms of perception of these changes to business entities based on the results of realized survey. The author results of that survey will be to confront the results of a similar survey to take place after the introduction of flat tax. | prevod | 2015-06-30 02:10:12 |
| 75 | Jošt Marek Ing. | Doktorand | Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra finančního účetnictví a auditingu, nám. W. Churchilla 4, 130 67 Praha 3 | 724851284 | xjosm00@vse.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | auditor´ expert, management´s expert, valuation in accounting, audit | Characteristics of certain types of assets and liabilities often bring a problem with their | prevod | 2015-06-30 06:48:09 |
| 76 | Poniščiaková Oľga, Tokarčíková Emese | vysokoškolský učiteľ | Žilinská univerzita v Žiline
Univerzitná 1 010 26 Žilina SR | 00421415133216 | olga.ponisciakova@fpedas.uniza.sk | ano | 1. finanční řízení podniků | finančné riadenie, dopravné podniky, controlling, finančný controlling | Riadenie podnikov je v súčasnej dynamickej dobe čoraz náročnejšie. Všetky podnikové oblasti musia byť pod kontrolou, ale často sa najväčší doraz kladie na oblasť finančnú, a teda finančné riadenie. V príspevku sa venujeme uvedenej problematike s akcentom na možnosť využívania progresívnych nástroj na podporu finančného riadenie. Jedným z nich sú aj nástroje controllingu, ktoré aplikujeme na podmienky dopravných podnikov. | prevod | 2015-06-30 09:00:51 |
| 77 | Ing. Lenka Lízalová, Ph.D. | odborný asistent | Vysoká škola polytechnická Jihlava,
Tolstého 16, 586 01 Jihlava | 731529712 | lizalova@vspj.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | insurance fraud; hypothesis testing; multiple regression analysis; Backward Elimination Procedure; multicollinearity | The most recent figures issued by the Czech Insurance Association for 2013 show an alarming level of insurance fraud, worth more than one billion CZK. Insurance companies have investigated more than ten thousand questionable insurance events. This paper introduces some of the possible causes of this unpropitious trend. The authors of this study thus focused on five factors, of which the economic situation represents a demonstrable factor influencing the number of insurance frauds in different years. The hypotheses presented are verified by means of the multiple regression analysis of eleven-year time series of data on insurance frauds detected in various sectors of the insurance industry. | prevod | 2015-06-30 09:23:09 |
| 78 | Ondrušová Lucia, Ing., PhD. | Odborný asistent | Katedra účtovníctva a audítorstva
Fakulta hospodárskej informatiky
Ekonomická univerzita v Bratislave
Dolnozemská cesta 1/b
852 35 Bratislava
Slovenská republika | 00421903522806 | luciaondrusova@gmail.com | ano | 5. oceňování podniků | transfer pricing, related parties, arm´s length principle, valuation | Currently, many commercial companies seek from business influence and adjust the tax base and thus reduce their tax burden. When adjusting the tax base made various fictional transactions carried out in cooperation with other commercial companies with which they may be linked to a human, economic or otherwise. Such interconnected persons are referred to as dependents either domestic or foreign. Transactions carried out between related parties may take the form of buying and selling of goods or provision of services or financial transactions. All transactions carried out between related parties include transactions between controlled and must be valued and ensure compliance with the arm's length principle. Through arm's length principle provides for equality between dependent and independent entities, thereby avoiding the creation of tax benefits for dependents due to the fact that this principle gives the dependent and independent persons to the same level. The valuation of the transaction controlled company can use one of the transfer pricing method provided for by the law on income tax. | prevod | 2015-06-30 10:15:27 |
| 79 | Šukalová Viera , Ing. EUR ING, PhD.; Pavel Ceniga, doc. Ing., PhD. | odborný asistent; docent | Žilinská univerzita v Žiline,
F PEDAS, Katedra ekonomiky, Univerzitná 1 , 01026 Žilina | +241415133214 | sukalova@fpedas.uniza.sk; pavel.ceniga@fpedas.uniza.sk | ano | 10. bankovní management | organizácia, riziko, organizačná štruktúra | Banka v súčasnom v neistom stále sa meniacom prostredí musí mať schopnosť prispôsobiť sa, alebo zmeniť sa v záujme dosiahnutia určitého súladu vlastnej organizácie, činnosti, vlastných cieľov s podmienkami okolia, ktoré sa menia a ktoré môžu byť zdrojom narušenia stability. Jej úspešnosť závisí nielen od voľby vhodnej stratégie, ale hlavne od schopnosti jej implementácie pomocou optimálnej organizačnej štruktúry. Pri tvorbe organizačnej štruktúry je potrebné dbať na zaistenie bezpečnosti banky voči ohrozeniu z vonkajšieho prostredia ale aj vnútornej bezpečnosti v záujme eliminácie potenciálnych rizík. Systémové predpoklady v tejto oblasti je nutné zakomponovať do organizačnej štruktúry banky s priamou nadväznosťou na kvalitu ľudských zdrojov, ktoré tieto opatrenia zabezpečujú.
The Bank is present in an uncertain ever changing environment must be able to adapt or change in order to achieve a certain coherence own organization, activities, own goals with the ambient conditions, which vary and may be a source of disturbance stability. Its success depends not only on the choice of an appropriate strategy, but mainly on the ability of its implementation using the optimal organizational structure. By the creating organizational structure shall be taken to ensure the safety of the bank against threats from outside as well as internal security in order to eliminate potential risks. System requirements in this field must be integrated into the organizational structure of the bank with a direct relationship to the quality of human resources that these measures provide. | prevod | 2015-06-30 10:29:49 |
| 80 | doc. Ing. Darina Chlebíková, PhD. | docent | Žilinská Univerzita v Žiline, Fakulta prevádzky a ekonomiky dopravy a spojov, Katedra ekonomiky, Univerzitná 8215/1, 010 26 Žilina | 00421415133222 | darina.chlebikova@fpedas.uniza.sk | ano | 23. jiné | business environment, competitiveness, measurement of competitiveness, competitive advantages, factors, global competitiveness index | Business environment actually represents terms and conditions for the economic activity of business entities. Driving force for the improvement of business environment is also the freedom of business and healthy competitive environment. Competitiveness is closely related to performance measurement, which should be different for each level (enterprise, sector, country, region). The main aim, in each case, should be its increasing. | prevod | 2015-06-30 11:00:44 |
| 81 | Riederová, Sylvie, Ing., Ph.D. | odborná asistentka | Mendelova univerzita v Brně
Provozně ekonomická fakulta
Zemědělská 1
613 00 Brno | +420545132623 | xriedero@node.mendelu.cz | ano | 1. finanční řízení podniků | liquidity, capital structure, internal funds, current ratio, leverage | Liquidity is considered to be one of the basic indicators of companies’ financial health, which, among the others, gives information about the level of companies’ internal funds. Moreover, as it has been indicated by previous studies, the degree of asset liquidity may influence the level of corporate leverage both in increasing and decreasing tendency. Since the direction of the trend is then dependent on many other aspects, such as country and industry specifics, findings of preceding studies cannot be generally accepted. The objective of the paper is to investigate the association between asset liquidity and capital structure in case of medium-sized enterprises located in the Czech Republic and operating in the automotive industry. Final conclusions may be used for better understanding of the effect of asset liquidity on the process of capital structure choice. | prevod | 2015-06-30 11:10:54 |
| 82 | Weissová Ivana, Ing. | interný doktorand | Žilinská univerzita v Žiline | 0415133227 | ivana.weissova@fpedas.uniza.sk | ano | 5. oceňování podniků | purchased goodwill,
internally generated goodwill, market capitalization | This contribution provides fundamental description of company´s goodwill. The main subject of contribution interest is issue of purchased goodwill and internally generated goodwill. Furthermore the differences between these two types of goodwill. The contribution is divided into the two parts, theoretical part and practical part. Theoretical part states various approaches based on the accounting standards to these issues. In addition, theoretical part describes the significance of market capitalization statement in the process of determining the value of goodwill. Market capitalization represents the aggregate value of a company or its shares. In the practical part, contribution provides model example of market capitalization statement. The model example contains the value of purchased goodwill and internally generated goodwill. | prevod | 2015-06-30 11:27:36 |
| 83 | Anna Siekelová, Ing. | Interný doktorand | Žilinská univerzita v Žiline
Fakulta prevádzky a ekonomiky dopravy a spojov
Katedra ekonomiky
Univerzitná 1
010 26 Žilina | 0415133249 | anna.siekelova@fpedas.uniza.sk | ano | 3. analýza finanční situace podniku | financial – economic analysis, financial health of the company, liquidity analysis, liquidity ratios | Financial analysis is an important part of corporate financial management. One key area of financial analysis involves extrapolating the company's past performance into an estimate of the company's future performance. Profit and profitability is in the center of attention in many companies. The issue of liquidity is often underestimated. It is also important to monitor company's liquidity when we analyze the financial health of a company. If a company achieve a profit at the end of accounting period it does not mean that it has no problems with payment.
It follows that the development of profit and the liquidity is different. The paper is focused on the liquidity analysis of the selected company. The aim of this work is assessing the financial situation of the selected company and proposes measures to improve its liquidity by calculating the liquidity ratios.
| prevod | 2015-06-30 11:38:59 |
| 84 | Slavíček, Ondřej, Mgr. | Asistent | Univerzita Pardubice
Fakulta ekonomicko-správní
Ústav matematiky a kvantitativních metod
Studentská 95,
532 10 Pardubice 2 | 777088231 | ondrej.slavicek@upce.cz | ano | 3. analýza finanční situace podniku | predikční modely, finanční ukazatele, diskriminační analýza, finanční zdraví | Na základě bonitních a bankrotních modelů, využívajících nástrojů finanční analýzy, je možné usuzovat o finančním zdraví podniků. Mezi nejznámější patří Kralickův rychlý test, Index bonity, Altmanova formule bankrotu, indexy důvěryhodnosti IN, Tafflerův model a Argentiniho model. Tyto obecné modely však neodrážení specifika určitých odvětví. Cílem článku je na základě vhodného výběru finančních ukazatelů s využitím diskriminační analýzy sestavit vlastní predikční model pro firmy působící ve stavebnictví a porovnat jeho predikční schopnosti s již existujícími obecnými modely. | prevod | 2015-06-30 11:47:06 |
| 85 | Berzáková, Viera, Ing. | interný doktorand | Žilinská univerzita v Žiline, Univerzitná 8215/1, 010 26 Žilina, Slovensko | +421/41/513 32 49 | berzakova@fpedas.uniza.sk | ano | 5. oceňování podniků | Evaluation, business share, valuating method, discounted cash flow | Every company has certain value. It is up to the managers to manage this value to the higher level. This value has to be determined in the process of evaluation. Evaluation can be characterized as an economic act measuring the value of the company. There is constantly increasing importance of valuation in corporate practice, especially for the company owners who want to know the value of their business share. Process of evaluating of the company gains more and more attention of economic public and the experts are still developing and improving the methods. Methods of business evaluation serve for detecting the market value of the company and it is important to choose the right method and to adapt it to the specific conditions in the company. This article deals with the issue of business share evaluation using the chosen methods. | prevod | 2015-06-30 11:47:57 |
| 86 | Boďa, Martin, Mgr. Ing., PhD. | odborný asistent | Univerzita Mateja Bela v Banskej Bystrici, Ekonomická fakulta, Tajovského 10, 975 90 Banská Bystrica, Slovensko
| 004214466617 | martin.boda@umb.sk | ano | 3. analýza finanční situace podniku | Title of the paper: On usability of the Altman bankruptcy formula in the Slovak economic conditions
Authors: Martin Boďa & Vladimír Úradníček | The aim of the contribution is to demonstrate that mechanical using of the most frequent bankruptcy model developed by Edward I. Altman in the ex ante financial analalysis of Slovak enterprise is not only incorrect, but also lack rational arguments. The former quest is secured through an empirical investigation, in which the Altman bankruptcy model is applied to a sample of Slovak enterprises and which illustrates limitations of this model in the Slovak economic conditions for the purpose of predicting financial distress. | prevod | 2015-06-30 11:49:36 |
| 87 | Jiří Málek, Doc. Ph.D.; Quang Van Tran, ing, Ph.D. | Učitelé fakulty financí a účetnictví, VŠE Praha | VŠE, Nám. W. Churchila 4,
130 67 Praha 3 | 224 095 188 | malek@vse.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | stable distribution, α-parameter, fat tails, quantile methods, recursive regression algorithm. | Normal distribution due to its simplicity and easy processing is often used for modeling the returns on financial instruments. However, it appears that the tails of the empirical distributions tend to be thicker than the normal ones, which in turn has implications in the management of financial risks: The probability of the loss is much higher than in a normal distribution. The α-stable distribution can be a useful tool that replaces the normal distribution, since it allows to model variable power tails. In this paper we analyze the log-returns of some instruments of Czech currency market (exchange rates CZK/EUR, CZK /USD). There are made the estimates of four basic parameters of univariate stable distributions at different time frequencies (day, week, month) and then two dimensional distribution of both exchange rates is examined. The application of this research is in the area of currency risk management and VaR especially. | hotove | 2015-06-30 12:03:27 |
| 88 | Fiala Roman, Ing., Ph.D. | zástupce vedoucí katedry, odborný asistent | Vysoká škola polytechnická Jihlava, Tolstého 16, 586 01 Jihlava | +420777 478 052 | roman.fiala@vspj.cz | ano | 23. jiné | firm growth, firm size, Gibrat’s law, Law of proportionate effect | The aim of the paper is to make an overview of empirical studies which analyzed the relationship between firm size and firm growth. The aim of these studies was to investigate the validity of Gibrat’s law (Law of proportionate effect). We divided studies focused on Gibrat’s into three categories. Studies, which accepted Gibrat’s law, rejected Gibrat’s law and papers which found mixed results and in some cases they rejected Gibrat’s law and in some cases confirmed this Law. While older papers tended confirmed the Gibrat’s law, more recent studies rejected this Law. However, some studies investigated Gibrat’s law through time (year-by-year estimation) and there is and there is a convergence toward Gibrat’s law through time. | prevod | 2015-06-30 12:08:37 |
| 89 | Randáková, Monika, Ing. Ph.D. | Odborný asistent | Vysoká škola ekonomická v Praze,
náměstí Winstona Churchilla 4, 130 67 Praha 3 | 604 427 412 | randakm@vse.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Notes to financial statements,parts of notes to financial statements, quality of published information | The paper focuses on a very significant part of a financial statement – notes, without which it would be impossible to properly judge financial statements of accounting units. The significance of notes to a financial statement has been on the rise in the past few years. That should correspond with the constantly extending scope and quality of described and published information. The research concerns with the quality and range of information listed in separate parts of notes to financial statements of a randomly selected sample of 4 companies from the TOP 100 list of companies in the Czech Republic. The research lays down criteria for comparison and proceeds with evaluating the quality and scope of provided information in relation to submitted accounting statements. | prevod | 2015-06-30 12:21:01 |
| 90 | Majerčák Peter, Ing., PhD. | odborný asistent | Žilinská univerzita v Žiline, Fakulta PEDAS, Katedra ekonomiky.
univerzitná 1, 01026 Žilina
Slovensko | 421949735115 | peter.majercak@fpedas.uniza.sk | ano | 12. forecasting finančních veličin | modular methods, cost, financial analysis, equity capital | In this paper author would like to explain one of the methods for cost of equity capital estimation the build-up method.
We can use this method in the country where a capital market is not developed and we cannot use the information from this market. Author describe the basic components of this model and the general equation for cost of equity capital estimation. The build-up method includes two models the model INFA and the complex build up methods. Both methods are described in the last part of the paper.
| prevod | 2015-06-30 12:29:10 |
| 91 | Majerčák Peter, Ing., PhD. | odborný asistent | Žilinská univerzita v Žiline, Fakulta PEDAS, Katedra ekonomiky.
Univerzitná 1, 01026 Žilina
Slovensko
| 421949735115 | peter.majercak@fpedas.uniza.sk | ano | 21. úspory, investice a kapitál v ekonomických analýzách | financial analysis, non-statistical methods, fuzzy method | In financial analysis, there are many cases where the using of statistical methods is complicated. We know that economic phenomena are not stationary, dynamically are changing, numbers and characteristics of these phenomena have not been the normal distribution character. Often times we do not have enough data or statistics for batch processing. These and other cases can then be addressed through non-statistical methods used in addition to knowledge of mathematics in computer science, biology or physics, we can say that mathematicians or economists can be inspired by nature and create new theories. | prevod | 2015-06-30 12:31:42 |
| 92 | Majerčák Peter, Ing., PhD. | odborný asistent | Žilinská univerzita v Žiline, Fakulta PEDAS, Katedra ekonomiky.
univerzitná 1, 01026 Žilina
Slovensko
| 421949735115 | peter.majercak@fpedas.uniza.sk | ano | 16. optimalizace a řízení portfolií | bonds, stock market, value at risk, investor | Investors at the stock market are constantly looking for the ways how to find the bonds, which would bring a high income by the minimal risk. They are using the methods resulting from the historical prices of bonds, looking for the factors that could influence the price of bonds, thinking of the mind of the investor. But no method has appeared as
hundred percent. Methods can indicate different conclusions. The aim of the paper is to call attention to imperfections of those methods.
| prevod | 2015-06-30 12:34:58 |
| 93 | Pinda, Ľudovít, prof., RNDr., CSc. - Komadel, Daniel, Mgr. | profesor - doktorand | Katedra matematiky a aktuárstva,
Fakulta hospodárskej informatiky,
Ekonomická univerzita v Bratislave,
Dolnozemská cesta 1/b,
852 35 Bratislava | +421267295813 | ludovit.pinda@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | insurance, securitization, agriculture, risk decomposition | The essential risk of an agricultural producer consists of relatively low yield compared to the long-term average. While the lowest layer of this risk is usually retained, the producer is likely to transfer the further risk. This paper proposes the definition of the individual loss event in particular year as the relative loss of actual yield to the expected yield of the individual producer. The probability distribution of individual losses is supposed to be identically distributed and mutually independent among the group of producers. The cummulation of loss events within a single year might be seen as a catastrophic risk of the insurer. This paper proposes the possible approach of insurer to handle this risk by the combination of insurance and securitization. | prevod | 2015-06-30 12:36:13 |
| 94 | Bokšová, Jiřina, doc. Ing. Ph.D. | Vedoucí katedry KFMÚ | ŠKODA AUTO VYSOKÁ ŠKOLA, o.p.s., Na Karmeli 1457, 293 01 Mladá Boleslav | 728 148 152 | jirina.boksova@savs.cz | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Equity, business corporations, recodification of law, sharing profits in theform of an advance payment | The paper concerns with owners demands for net equity of business corporations. The new civil code of law, which has come into effect on the 1st of January 2014, allows business corporations to pay out its owners sharing profits for the current year in the form of advance payments. There are multiple limiting conditions linked to this possibility of paying out sharing profits, which need to be tested before the sharing profits can be paid out. The paper presents several illustrative examples of solution methods including the duty to repay back already paid out advance payment. Practical research in this area will start at the beginning of the year 2016 and will be based on a questionnaire survey. The final form of the questionnaire is still in the process of preparation because financial statements for the year 2014 have not been published yet. | prevod | 2015-06-30 12:46:35 |
| 95 | Maixner, Jakub, Bc. - Ondřej, Buben, Bc. - Randáková, Monika, Ing., Ph.D. - Bokšová, Jiřina, doc., Ing., Ph.D. | Student, student, odborný asistent, docent | Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
130 67 Praha 3 | +420775052798 | xmaij01@vse.cz | ano | 23. jiné | Bankruptcy, Debt relief, Debtors, Creditors | The paper compares the results of a research of personal bankruptcies of individuals in two regions in the Czech Republic – Ústecký and Středočeský. It is also part of a broader research that analyses personal bankruptcies in all regions of the Czech Republic. The new law on personal bankruptcies, which had come into effect on the 1st of January 2008, the number of applications for personal bankruptcies of individuals has been rising substantially. There are multiple legal conditions that need to be fulfilled in order to allow a personal bankruptcy. For the purpose of this research several categories were defined according to which all debtors were divided and compared in the aforementioned regions. The paper presents success rate of debtors’ applications in Ústecký and Středočeský regions respectively. Furthermore it analyses the demographic structure of the debtors, the size of their liabilities and structure of their creditors. | prevod | 2015-06-30 12:49:27 |
| 96 | Palečková Iveta, Ing., Ph.D. | Odborný asistent katedry financí a účetnictví | Slezská univerzita, Obchodně podnikatelská fakulta,
Univerzitní nám. 1934/3,
733 40 Karviná | 731719268 | paleckova@opf.slu.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | efficiency, dynamic DEA, Czech Republic, Slovakia, mortgage banks, | The aim of the paper is to estimated efficiency of the morgage banks in the Czech Republic and Slovakia. In order to achieve this aim, we apply Dynamic Data Envelopment Analysis (DEA) on the data of the Czech and Slovak morgage banks. The DEA measures the relative efficiency of a homogeneous set of decision-making units (DMUs) in their use of multiple inputs to produce multiple outputs. Dynamic Data Envelopment Analysis is a new approach which estimates the performance of a group of DMUs during several periods of time. The Dynamic DEA model takes into account the internal heterogeneous organizations of DMUs for which divisions are mutually connected by link variables and trade internal products with each other. Additionally, each DMU has carry-over variables that take into account a positive or negative factor in the previous period. This model has the huge advantage of being able to evaluate the policy effect on the individual divisions of each DMU. First literature review and theoretical background of banking efficiency will be described. Next section will present the data set used in the empirical part of the paper. Next section presents the estimated results and discussion. | prevod | 2015-06-30 12:54:45 |
| 97 | Branda, Martin, Dr. | postdoktorand | Ústav teorie informace a automatizace AV ČR,
Pod Vodárenskou věží 4
182 08, Praha 8 | 608570022 | branda@karlin.mff.cuni.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | energy market,
wind energy,
day-ahead bidding,
uncertainty | Wind resources production is highly influenced by uncertain weather conditions. We provide several simple models for bidding on day-ahead energy markets, which take into account the uncertainty. The final bidding curve is based not only on the point prediction, but also on the forecasted distribution. | prevod | 2015-06-30 13:15:42 |
| 98 | Šulganová, Monika, Ing. | akademický pracovník | EKF (VŠB-TUO)
Sokolska trida 33,
70121
Ostrava 1
| 597 322 214 | monika.sulganova.st@vsb.cz | ano | 18. rozvoj měnové teorie a problémy měnové politiky | Eurozone, monetary policy, shadow banking, SVAR | This paper investigates the mutual relationship between shadow banking and monetary policy within the Eurozone. Using a structural vector autoregressive (SVAR) framework we examine the impact of shadow banking development on monetary policy and vice versa. The shadow banking growth is estimated using Bakk-Simon et al. (2012) methodology. We use impulse responses to capture shocks to the shadow banking and real economy. Our findings show that discretionary monetary policy shock negatively influences the shadow banking development while output structural shock promote the growth of shadow banking. In reverse, it is noted that the shadow banking system could cause a change of some major macroeconomic variables, resulting in damaged price and financial stability. The variance decomposition showed that shadow banking system growth respond is explained to a significant level by a sudden rise in short-term interest rate making the cost of borrowing the key driver of shadow banking system development in EA. | prevod | 2015-06-30 14:14:40 |
| 99 | Ing. Zdeněk Motlíček; Mgr. Ing. Pavlína Matějová; Ing. Sylvie Riederová, Ph.D. | technický pracovník pro výuku, doktorand | Mendelova univerzita v Brně
Zemědělská 1
613 00 Brno
IČ: 62156489 | +420 545 132 627 | zdenek.motlicek@mendelu.cz | ano | 1. finanční řízení podniků | Net working capital, interest rate, current assets, financial resources, financial constraints | In response to the economic crisis the European central banks started to cut interest rates. Currently, the representatives of the bank authorities point to the fact that these interest rates are set at technical zero and the economy reached a situation known as a liquidity trap. Nevertheless, prospectively, a gradual increase of the interest rates can be anticipated in the context of an improving economy. Based on the studies of net working capital management it follows that setting a policy for financing of current assets is significantly influenced by the financial constraints. The objective of the study is to clarify the effect of changes in interest rates on net working capital management in manufacturing medium-sized enterprises using econometric models. | prevod | 2015-06-30 14:20:53 |
| 100 | Klepková Vodová Pavla, doc. Ing. Ph.D. | docent katedry financí a účetnictví | Slezská univerzita v Opavě
Obchodně podnikatelská fakulta v Karviné
Univerzitní nám. 1934/3
733 40 Karviná | 596398406 | klepkova@opf.slu.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | banka, riziko likvidity, scénářová analýza | Cílem příspěvku je porovnat citlivost českých a slovenských bank vůči vybraným stresovým scénářům z oblasti rizika likvidity. | prevod | 2015-06-30 14:45:12 |
| 101 | Gogolová, Martina, Ing. PhD. | vysokoškolský pedagóg | Katedra ekonomiky
F PEDAS, ŽU v Žiline
Univerzitná 1
010 26 Žilina | 0421415133206 | martina.gogolova@fpedas.uniza.sk | ano | 23. jiné | Integrated Transport System, profit distribution, methodological proposal, flow diagram | This article deals with profit distribution among public passenger transport companies – Integrated Transport System (ITS) operators in the context of the Slovak Republic. For correct profit distribution, it is necessary to conduct a survey dealing with the use of the ITS tickets, especially railway tickets. This article also presents the survey results. The methodological proposal of profit distribution is presented as sequence of steps (flow diagram). | prevod | 2015-06-30 14:52:09 |
| 102 | KALOUDA František, Ing., CSc., M.B.A. | odborný asistent | Masarykova universita, fakulta ekonomicko-správní, katedra financí.
Lipová 41a, 602 00 Brno | 604 200 491 | kalouda@econ.muni.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | PRIBOR, prognosis, interest rate risk, discount and commercial rate | The contribution aim is to examine usability of the PRIBOR rate prognosis (by Czech central bank) for interest rate risk management of the firm (discount and commercial rate). Methodology of the contribution is strategically focused to forecast processing of the future PRIBOR progression. In detail, in the contribution there are used time series methods (first of all correlation and regressin), trends analysis and graphs. The usual analytic-syntetic methods, literary research, description and comparison are used here as well. Such as preliminary results they are expected fundamental linkages (still not explored) between PRIBOR rate on the one and the discount and commercial rate on the other side. | hotove | 2015-06-30 15:07:51 |
| 103 | Petra Štamfestová, Ing., Ph.D. | odborná asistentka | Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
Praha3
130 67
| +420224098652 | petra.stamfestova@vse.cz | ano | 23. jiné | Lidský kapitál, zákaznický kapitál, finanční výkonnost, zpracovatelský průmysl | Interakce mezi lidským a zákaznickým kapitálem jakožto předpoklad finanční výkonnosti zpracovatelských podniků ČR
Cílem článku je analyzovat vztah mezi lidským a zákaznickým kapitálem zpracovatelských podniků v České republice. Zákaznický kapitál je v podstatě ten, který do podniku přináší tržby a tím zvyšuje finanční výkonnost, proto je třeba zkoumat faktory, které ovlivňují jeho úroveň. Jako jeden ze zásadních faktorů se jeví lidský kapitál. Za účelem ověření tohoto vztahu bylo realizováno dotazníkové šetření, kde zkoumaný vzorek tvořilo 777 zpracovatelských podniků v České republice a výsledky výzkumu jsou prezentovány v tomto článku.
| prevod | 2015-06-30 15:31:02 |
| 104 | Úradníček, Vladimír, doc. Ing., Ph.D. | docent | Univerzita Mateja Bela v Banskej Bystrici, Ekonomická fakulta, Tajovského 10, 975 90 Banská Bystrica | +421484466616 | vladimir.uradnicek@umb.sk | ano | 3. analýza finanční situace podniku | bankruptcy model;ex-ante financial analysis; predicting financial distress
| The aim of the contribution is to demonstrate that mechanical using of the most frequent bankruptcy model developed by Edward I. Altman in the ex ante financial analysis of Slovak enterprise is not only incorrect, but also lack rational arguments. The former quest is secured through an empirical investigation, in which the Altman bankruptcy model is applied to a sample of Slovak enterprises and which illustrates limitations of this model in the Slovak economic conditions for the purpose of predicting financial distress.
| prevod | 2015-06-30 15:31:38 |
| 105 | Chytilová, Lucie, Mgr. Ing. | PhD student | VŠB-TU Ostrava
Ekonomická fakulta
Katedra 157
Sokolská třída 33,
701 21 Ostrava 1 | 597 322 104 | lucie.chytilova@vsb.cz | ano | 23. jiné | DEA, banks, Visegrad group, efficiency | The banking industry all around the world is going throw hard time. For example the banks from Central Europe are confronted not only with new rules and laws from the European Commission or economical crisis, but there are also problems coming out from the history. The aim of this article is to determine the cost efficiency/inefficiency and its components for the banking industry in Visegrad Group and analyse closely the factors which influence the banking industry. We estimate the efficiency of some banks in the Visegrad Group for years from 2004 to 2013. The input-oriented CCR model is used for the estimation. The Malmquist productivity index (MPI) is used to observe the changes in the efficiency. The results show that the Visegrád Group is diverse group even the geological and historical conditions are similar for all countries. | prevod | 2015-06-30 15:50:14 |
| 106 | doc. Ing. Hussam Musa, PhD., Ing. Zuzana Stroková | prodekan pre pedagogickú činnosť, docent, interný doktorand | Ekonomická fakulta
Tajovského 10
975 90 Banská Bystrica
Slovenská republika | +421484466314, +421484462130 | hussam.musa@umb.sk, zuzana.strokova@umb.sk | ano | 1. finanční řízení podniků | Documentary letter of credit, documentary collection, documents, exporter, importer, bank,risks. | One of the most important aspect of export and import activities is the way of their financial security. There are various financial instruments which are used for this purpose. Documentary letter of credit is one of the oldest payment instrument which has adapted in changing banking and business environment for many years. Nowadays, we can find its various modifications in practice - from the simplest forms to the most complex. The aim of the article is to introduce this payment and security instrument and the volume of letters of credit use in different regions of the world. | prevod | 2015-06-30 16:01:13 |
| 107 | Hozman Jiří, RNDr., Ph.D. | odborný asistent | Technical University of Liberec,
Studentská 2, Liberec, 461 17,
Czech Republic | +420485352826 | jiri.hozman@tul.cz | ano | 17. aplikace hedgingových strategií, oceňování opcí a termínových kontraktů | Option pricing, discontinuous Galerkin method, basket option, barrier option, discrete
monitoring. | Numerical pricing of European discrete barrier basket options
via the discontinuous Galerkin method: This paper extends the results from our previous research on a single plain vanilla option pricing problem.
Here we focus on options, whose payoff is given by two sources supplemented with barriers
activating at discrete time instances. The developed numerical scheme for pricing these options arises
from the discontinuous Galerkin method, which is suitable for resolution of a priori discontinuities in
solutions due to the discrete monitoring. Several barriers are discussed here and the resulting algorithm
is verified on experiments with real market data. | prevod | 2015-06-30 16:05:41 |
| 108 | Valečková Jana, ing. | odborný asistent | Ekonomická fakulta (VŠB-TU Ostrava)
Sokolská třída 33
701 21 Ostrava 1 | +420 597 322 142 | jana.valeckova@vsb.cz | ano | 23. jiné | bank services provider; cluster analysis; consumer behavior; factor analysis; generation Z; generation X | The paper is focused on selection of bank institution. The aim of this paper is identify factors influencing the choice of bank services provider. It is focused on two groups of generation; generation Z and generation Y. Members of Generation Y are people who were born between years 1980 and 1996. Members of Generation Z can be defined such as people who were born after year 1996. There are two groups of factors which influencing the choice of bank provider (or consumer behaviour general); internal and external factors. Internal factors include perception, attitude, motivation and emotion. External factors include reference groups and social groups (family, friends and experts), marketing communication, agent (bank advisor in this case) and other. This paper discusses the differences in consumer behaviour between two age groups. The research is based on primary data. Analysis is carried out using factors and cluster analysis. | prevod | 2015-06-30 16:29:51 |
| 109 | Nadányiová, Margaréta, Ing., PhD. - Kicová, Eva, Ing., PhD. | vysokoškolský učiteľ | Žilinská univerzita v Žiline,
Univerzitná 1,
010 26 Žilina,
Slovensko | +421 41 513 3205 | margareta.nadanyiova@fpedas.uniza.sk | ano | 10. bankovní management | Marketing mix, banks, competitiveness. | The bank marketing in the Slovak Republic transferred certain stages of development. In the past, banks did not impose a strong emphasis on marketing. Banks acted as the austere, conservative companies with impersonal attitudes of employees. The growing competition in this area caused that the management has increased an interest in using the tools of marketing mix. Even the quality of the marketing mix can ensure the success, respectively failure of the bank. The paper includes the analysis of marketing mix tools in Slovak banks and the subsequent comparison with the tools of competitors. Such an analysis allows to point out strengths and weaknesses, the opportunities and potential threats, which is necessary for the successful direction of the bank in the future. | prevod | 2015-06-30 16:37:08 |
| 110 | Uhliar, Miroslav, Ing. PhD.; Kardoš, Peter, Doc. Ing. PhD. | Odborny asistent; Docent | Ekonomická univerzita v Bratislave Fakulta podnikového manažmentu Katedra podnikovohospodárska Dolnozemská cesta 1/b 852 35 Bratislava Slovenská republika | 00421903684977 | miro.uhliar@gmail.com | ano | 23. jiné | invention, patent, intangible assets, intellectual property, setting the remuneration | Law to inventions and patents is an important part of intangible
assets. It is the oldest part of intellectual property and it is mostly used
and owned by big companies, universities and other subjects of the public
sector. When inventions are created by employees, mostly the owner of
the invention and the patent is the employer and inventors have the right to get some
additional remuneration. These remunerations are calculated in different ways, sometimes by internal rules of a company or university, sometimes it is inspired by foreign legislation.
Because of high globalization, increasing research and development activities worldwide and the number of global companies doing business
in Slovakia, the invention and patent law have become an important matter in the economy of Slovak Republic, highlighting the question of
the remuneration for employees.
This paper analyzes the calculation of the remuneration for inventors and compares
theory and practice in Slovak republic. | prevod | 2015-06-30 16:38:06 |
| 111 | Majerčáková, Eva, Ing., PhD. | Odborný pracovník pre výskum a vývoj | Univerzitný vedecký park Žilinskej univerzity v Žiline, Univerzitná 1, 01026 Žilina, Slovenská republika | 0949730439 | eva.majercakova@uvp.uniza.sk | ano | 1. finanční řízení podniků | Break-even point, fixed costs, variable costs, enterprise | To determine Break-even point represents for the enterprise the important information because it defines the minimum amount of products that enterprise needs to produce for cover their fixed and variable costs. Knowing Break-even point allows enterprise to properly estimate revenues necessary to ensure profits. The authors in this paper deal with identifying Break-even point and indicate a model example of its calculation. | prevod | 2015-06-30 16:48:24 |
| 112 | Urbaníková, Marta, doc. RNDr. CSc. | docent | Univerzita Konštantína Filozofa v Nitre, UEM FPV,
Tr. A. Hlinku 1, 949 74 Nitra
| +421905364794 | murbanikova@ukf.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Solvency II, solvency capital reguirement, internal models | Insurance risk management is a complex process that provides a comprehensive view of the individual risks and their interactions affecting insurance company and its financial position. The article analyses the impact of Solvency II requirements for risk management of insurance company and calculation of the Solvency Capital Requirement. When calculating the Solvency Capital Requirement the insurance company can use the standard formula, or create its own model. Article also deals some of the production method of the internal models and their impact on actuarial calculations. | prevod | 2015-06-30 16:48:42 |
| 113 | Ing. Ilja Skaunic, Ph.D., MBA | ředitel | Česká národní banka
pobočka Ostrava
Nádražní 4
702 00 Ostrava | +420602653457 | ilja.skaunic@cnb.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Platební karty, oběživo, bezhotovostní a hotovostní platby, bankomat | Obecně platí, že platební karty jsou platebním nástrojem, který omezuje množství oběživa v ekonomice nahrazováním hotovostních plateb platbami bezhotovostními. Tento fakt je poněkud narušován faktem, že bankomaty jakožto nástroj využívání platebních karet na sebe vážou určité množství hotovosti v oběhu. Přesto existují země, u nichž hotovost v oběhu stagnuje, nebo dokonce klesá. Česká republika mezi ně rozhodně nepatří – příspěvek se zaměří na srovnání situace v České republice s jednou srovnatelnou zemí s dosud samostatnou měnou ve střední Evropě a se dvěma skandinávskými zeměmi, které patří do skupiny zemí s klesajícím oběživem a bude zkoumat příčiny rozdílného výsledku jednoho a téhož procesu – rozvoje bezhotovostních forem placení. | prevod | 2015-06-30 16:55:59 |
| 114 | Skalický, Roman, Ing. | doktorand | Masarykova univerzita ESF Lipová 41a, 602 00 Brno | 739567219 | 8849@mail.muni.cz | ano | 5. oceňování podniků | enterprise name,
intangible assets,
valuation, | Since January 1, 2014 the Czech legislation allows for a separate enterprise name transfer as a designation of entrepreneurs. This paper aims to clarify the terms of such a transfer, the possible motivations of entrepreneurs, which could lead to the acquisition of the enterprise name from the other with respect to the prohibition of interchangeability, deception and other requirements. On these motivations will also depend the valuation method of the enterprise name in respect to potential business transactions. The contribution pays special attention to the comparison of | prevod | 2015-06-30 17:15:42 |
| 115 | Staňková, Štěpánka, Ing. | Interní doktorand | VŠB - TU Ostrava
Ekonomická fakulta
Katedra managementu
Sokolská 33
701 21 Ostrava | +420603729554 | stepanka.stankova@vsb.cz | ano | 23. jiné | Corporate Social Responsibility, Business Ethics, WINGS Method, Multiple Attribute Decision Making | Nowadays, Corporate Social Responsibility has become an integral part of many organizations. CSR can be generally understood as a willing obedience of responsible behaviour and social engagement at regional, state and global level, as well. A broad thematic range of the CSR concept interconnecting a large quantity of scientific fields and expert opinions lead to a terminological disunity resulting in many various definitions. An exact measurement is a very questionable and difficult task. The research examines the application of the WINGS method for the CSR performance measurement. Main goal of this paper is to identify possible relations among selected CSR activities from a managerial point of view according to results of WINGS method and determine key factors of successful CSR strategy for banking organizations. The WINGS method belongs to multiple-attribute decision making methods (MADM methods) that are based on a usage of pairwise comparisons. | prevod | 2015-06-30 17:32:52 |
| 116 | Skalická Dušátková Matina Mgr. Ing. | doktorand | Podnikatelská fakulta
Vysoké učení technické v Brně
Kolejní 2906/4,
61200 Brno | 541143731 | skalicka@fbm.vutbr.cz | ano | 23. jiné | investment instrument,
booked security,
czech private law recodification | The aim of this paper is to evaluate the use of the term | prevod | 2015-06-30 17:44:42 |
| 117 | Tomáš Klieštik, prof. Ing. PhD. - Jana Majerová, JUDr. Ing. PhD. | profesor, odborný asistent | Katedra ekonomiky, FPEDAS, ŽU v Žiline,
Univerzitná 1
010 26 Žilina | 00421415133221 | tomas.kliestik@fpedas.uniza.sk | ano | 1. finanční řízení podniků | Bankruptcy, Insolvency, Financial health, Prediction, Companies, Financial analysis, Variables. | Failure of companies exists in every type of economy. Due this fact it is possible to state that every type of economy (not only market economy) meets with the failure of companies. These failures may have different forms, different features and different consequences. Particularly, these consequences are the engine for research and development of methods and models. Methods and models which enable to predict failure of companies with certain time advance. Financial statements are the main subject of detailed analysis in the prediction process of company´s financial health. It is precisely because financial statements can indicate impending failure of company several years in advance. The present contribution will deal with this detailed analysis but the main subject of contribution interest will be dependable or well-founded choice of variables which can be used as input variables into the potential prediction models. The aim of this contribution will be the overview and summarization of knowledge from foreign experts and authors who deal with similar issues. | prevod | 2015-06-30 17:50:27 |
| 118 | Mgr. Marek Káčer, PhD. – Ing. Martin Alexy, PhD. | Assistant to the professor | University of Economics in Bratislava
Dolnozemská cesta 1
852 35 Bratislava | +421-2-6729-1344 | martin.alexy@euba.sk | yes | 12. forecastion of financial variables | municipal default, logit model | Modelling of the default of cities in Slovakia
Abstract:
The public administration reform and the process of fiscal decentralization implemented in years 2001-2005 changed the status of municipalities and cities in Slovakia. Financial management and fiscal responsibilities should be monitored and assessed more carefully. Cities and municipalities manage and administer more development projects; they obtain the funding mainly from the external resources. Credit trustworthiness is therefore one of the key factors.
In this paper we focus on the modelling of the default of cities in Slovakia; we use logit model to identify the key determinants of the default. Our database consists of 136 cities (and city districts) from among total of 148 cities (and city districts) in Slovakia in the time period 2008-2014, overall 47 financial indicators are considered in the initial model. | cash | 2015-06-30 17:57:57 |
| 119 | Ing. Markéta Pláničková, Ph.D. | odborný a vědecký asistent | Katedra financí a oceňování podniku
Fakulta financí a účetnictví
Vysoká škola ekonomická v Praze
nám. W. Churchilla 1938/4, 130 67 Praha 3 | 776230324 | planickova.m@gmail.com | ano | 5. oceňování podniků | životní pojišťovny; oceňování; metody tržního porovnání; multiplikátory; regresní analýza | Článek prezentuje výsledky empirické studie, jejímž záměrem bylo sestavit soustavu odvětvových regresních rovnic, které by byly využitelné v praxi pro odhad výše multiplikátorů při oceňování životních pojišťoven v evropských podmínkách.
| prevod | 2015-06-30 18:18:30 |
| 120 | Branislav Parajka, Ing., PhD. | odborný asistent | Ekonomická univerzita v Bratislave,
Fakulta hospodárskej informatiky,
Katedra účtovníctva a audítorstva,
Dolnozemská cesta 1, 85235 Bratislava
Slovenská republika | +421 2 672 95 757 | branislav.parajka@euba.sk | ano | 3. analýza finanční situace podniku | financial statements, financial reporting, analysis of financial statements | This paper is focused on hypothesis that financial statements prepared in accordance with national accounting regulation in The Slovak Republic provide enough information for financial entities to decide whether or not to loan money. Since 1. January 2015 there are 3 different groups of business accounting entities keeping accounts in the double-entry bookkeeping system classified into groups according their size and different reporting requirements are set for the each group. The micro accounting entity is the the main object of analysis because its financial statements are the briefest one possible to drawn according the legislation which may be in contradiction with the high bar to qualify for a loan. | prevod | 2015-06-30 18:18:58 |
| 121 | Měrtlová, Libuše, Ing. Ph.D. | akademický pracovník | Vysoká škola polytechnická Jihlava | 723313956 | mertlova@vspj.cz | ano | 3. analýza finanční situace podniku | competitiveness of companies, creditworthy and bankruptcy models, financial analysis, management efficiency, operational subsidies | Comparison of Financial Situation in Agricultural Companies in the CR and in the Vysočina Region in 2008 – 2013.
The goal of the paper is to provide insight into the development of financial situation in agricultural companies in the Czech Republic, especially in the Vysočina Region in the perspective of comparing the changes that occurred in the period from 2008 to 2013. The paper continues in the analyses performed in 2007, which included the period from 2002 to 2005. The research was aimed at agricultural companies with the area of more than 1000 ha of farmland and it examines how their financial situation and financing possibilities changed in using subsidies provided within the Common Agricultural Policy of the EU. Data was drawn from company financial statements published on the justice.cz website and also from the FADN.cz database. To analyse the obtained data, we used advanced methods of financial analysis such as creditworthy and bankruptcy models, Altman Z score, IN 95, IN 99, and Kralick test. The results were correlated with the amount of accepted operational subsidies according to the statistics of the Ministry of Agriculture.
| prevod | 2015-06-30 18:30:38 |
| 122 | Svoboda, Martin, doc. Ing., PhD. | Zaměstnanec Katedry Financí (docent) | Katedra Financí
Ekonomicko-správní fakulta
Masarykova Univerzita
Lipová 41a, 60200 Brno | 602951532 | svoboda@econ.muni.cz | ano | 23. jiné | Financial literacy, university students, financial education | The objective of this article is to analyze the financial literacy knowledge of law students. The study was conducted at the Faculty of Law at Masaryk University. The empirical survey included the financial literacy questions related to personal finance and budget, debts, numeracy, price literacy, information literacy and consumer protection. Furthermore, the law students’ preferences were individually analyzed as well. The results of the study show not only the gaps in knowledge in some of the examined areas, but also highlight the financial literacy topics where the law students scored more successfully. | prevod | 2015-06-30 18:50:04 |
| 123 | prof. RNDr. Katarína Sakálová, CSc. | profesor | Katedra matematiky a aktuárstva
Fakulta hospodárskej informatiky
Ekonomická univerzita v Bratislave
Dolnozemská cesta 1,
852 35 Bratislava | (421 2) 672 95 809 | katarina.sakalova@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | riziko úrokovej miery,
dôchodky,
II. pilier | Manažment rizika z úrokovej miery je založený na spárovaní aktív a pasív. Príspevok špecifikuje niektoré faktory, ktoré na spárovanie v životnom poistení vplývajú. Autorky konkretizujú ich pôsobenie v rezervotvorných produktoch životného poistenia so zameraním na dôchodkové poistenie. Aktuárske výpočty sú uskutočnené pre jeden z typov doživotných dôchodkov, vyplácaných podľa anuitnej novely v II. pilieri dôchodkového zabezpečenia na Slovensku. | prevod | 2015-06-30 19:21:30 |
| 124 | Buňo, Martin, Ing. | Doktorand | Žilinská univerzita v Žiline | +421902681152 | martin.buno@fpedas.uniza.sk | ano | 23. jiné | Business environment, TOPSIS, Saaty matrix, Competitiveness, Visegrad countries | Analysis and comparison of the quality of the business environment determines the attractiveness of a country and its competitiveness on a global scale. In this article, through the implementation methods for multicriteria assessment of the alternatives - TOPSIS, we will make comparison of the quality of the business environment of Visegrad countries. Theoretical definition is based mainly on the elementary definition of the business environment. The main source of information for the purposes of article are mainly publicly available sources. Output from the analytical and comparative process will be the identification of fundamental problems of competitiveness of Visegrad countries. | prevod | 2015-06-30 19:22:03 |
| 125 | Dr. P.K. Gupta and Sandeepa Kaur | Associate Professor and Research Scholar | Centre for Management Studies-Jamia Millia Islamia University, Delhi, 110025, India. | 09899884196 | sandeepakaur@gmail.com | yes | 4. sources for firm financing | SMEs, Enterprise credit rating, Credit Rating agencies, Rating capitalism. | Small and Medium Enterprises (SMEs) are playing more and more important role in world economy development. Especially, Indian SMEs has gained rapid development in recent years. However, In India SMEs face many obstacles when they try to access credit market. Banks do not feel confident to extend loans to the business units whose track records are not apparently known to them, nor are they easily verifiable by the banks. Therefore, Enterprise credit rating came into the picture.
Enterprise credit rating is an important issue in the finance field these days. However, the financing difficulty is a predominant and common problem for the SMEs in India. This paper examines the major issues in the financing of SMEs in the Indian context. It aims to delve into the domain of SME rating and to critically evaluate the flip sides of this scheme in terms of building rating capitalism.
| cash | 2015-06-30 20:21:27 |
| 126 | Pastoráková Erika, doc. Ing. PhD.; Brokešová Zuzana, Ing. PhD. | Mimoriadny profesor; Odborný asistent | Ekonomická univerzita v Bratislave,
Dolnozemská cesta 1,
852 35 Bratislava | +421267291562 | zuzana.brokesova@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | teórie o regulácii v poisťovníctve, vývoj regulácie v poisťovníctve, modely regulácie v poisťovníctve | Moderné poisťovníctvo patrí vo všetkých krajinách medzi prísne regulované odvetvia s cieľom chrániť spotrebiteľa, ktorý v čase x uzatvorí poistnú zmluvu a začne platiť poistné, pričom mu, v prípade nastatia poistnej udalosti, bude poistné plnenie vyplatené až v čase x+n. Nutnosť regulácie súvisí aj s určitou informačnou asymetriou spojenou s poisťovacou činnosťou, podľa ktorej na jednej strane jednotlivec iba veľmi ťažko dokáže kvantifikovať výskyt náhodných udalostí, čím je jeho rozhodovanie a vnímanie rizika v čisto subjektívnej rovine a súčasne na strane druhej, poisťovňa pracuje s informáciami z predchádzajúcich období na základe minulých škodových priebehov, ktoré sa však v budúcnosti môžu vyvíjať úplne odlišne. Je nesporné, že regulácia je v oblasti poisťovníctva potrebná. Otázkou však ostáva, v akej miere resp. v akej podobe je skutočne prínosom pre poistný sektor. Ide totiž o štátnu reguláciu poisťovní, ktoré sú spravidla súkromnými spoločnosťami. V príspevku vychádzame z teoretických vymedzení regulácie (Bhattacharya 1998, McDowell 1989, Viscusi 2005, Stigler 1971, Posner 1974, Peltzman 1976 a ďalších), ktoré konfrontujeme so súčasným stavom a výzvami, ktoré na reguláciu v najbližšom období čakajú.
| prevod | 2015-06-30 20:25:47 |
| 127 | Rypáková, Martina, Ing. | doktorand | Žilinská univerzita v Žiline
Univerzitná 1
010 26 Žilina
Slovakia | +421908267055 | martina.rypakova@fpedas.uniza.sk | ano | 23. jiné | LiDS Wheel
eco-design
environmental performance
business performance | This paper deals with eco-design process that can be used to improve the environmental and economic performance of company. It identifies how eco-design could benefit businesses and help to keep it in compliance with environmental legislation. Moreover, it explains how eco-design can help to meet the growing market demand for sustainable products and steps how to implement successfully it in the company. It demonstrates available eco-design techniques, strategies and tools and identifies their benefits. Based on results of questionnaire survey we developed strategy for reduction plastic bottles, as ones of the most polluting and dangerous waste in the world. Implementation part focuses on reduction and recycling of plastic bottles filled by mineral and spring water in Slovakia. As eco-design tool was used LiDS Wheel. Environmental impacts are expressed by calculation of saved waste and emissions. There is description how to implement simulation into real practice. | prevod | 2015-06-30 20:33:41 |
| 128 | Klapalová, Alena, Doc. Ing. Ph.D. | docent | Vysoká škola polytechnická Jihlava
Tolstého 16, 586 01 Jihlava | 603357113 | Alena.Klapalova@vspj.cz | ano | 1. finanční řízení podniků | role of accounting, management, parameters of corporate performance | Paper deals with the perceived role of accounting in corporate management measured with the use of six variables (among all for instance “speeds up decision making” or “helps to reach higher flexibility”) and shows results of the empirical survey presenting the relation s with nine parameters of performance (from product quality, through customers and management satisfaction to financial indicators). Spearman Rank correlation was applied as the main statistical method to analyse data from more than 400 Czech organizations. | prevod | 2015-06-30 20:50:14 |
| 129 | Ing. Sylvie Riederová Ph.D. , Ing.Mgr. Pavlína Matějová, Ing. Zdeněk Motlíček | akademická pracovnice | Mendelova univerzita
Provozně ekonomická fakulta,
Zemědělská 1,
Brno 613 00 | +420545132623 | xriedero@node.mendelu.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | Hedging, currency risk, exit strategy of ČNB | Presented paper deals with the impact of the probable exit strategy of the CNB to the Czech exporting companies. Do they have to expect the Swiss scenario or the continous decreasing of the exchange rate barrier? What does it mean for the exporter? | prevod | 2015-06-30 21:10:19 |
| 130 | Katarína Hunyady, Mgr. | interná doktorandka | Ekonomická univerzita,
Fakulta hospodárskej informatiky,
Katedra účtovníctva a audítorstva,
Dolnozemská cesta 1,
852 35 Bratislava | +421908614467 | katarina.hunyady@yahoo.com | ne | | finančné deriváty | Finančné deriváty a verný a pravdivý obraz obraz účtovnej závierky. | hotove | 2015-06-30 21:26:49 |
| 131 | doc. Ing. Hussam Musa, PhD. | Prodekan pre pedagogickú činnosť | Univerzita Mateja Bela v Banskej Bystrici,
Ekonomická fakulta,
Tajovského 10,
975 90 Banská Bystrica | 0903853925 | lenka.debnarova@umb.sk | ano | 1. finanční řízení podniků | The impact of corporate governance on the level of total debt of companies on the Bratislava Stock Exchange
Corporate Governance, Corporate Governance index, Financial decision, Debt, Slovakia | With increasing globalization, governance of companies is becoming increasingly difficult. The consequences of poor management in multinational companies are expressed fully and affected not only the companies themselves, but the entire world economy. Especially for multinationals we note one important factor which significantly influences their governance, namely the separation of ownership from management. The negative consequences of separation of ownership from management force companies to be more transparent and responsible through application of the principles of corporate governance.
The main objective of the paper is based on the analysis of the application of the principles of corporate governance in companies quoted its securities on the Slovak regulated market, to examine the possible impact of corporate governance on the financial decision making process in the area of indebtedness. In analytical part we investigate disclosure of corporate governance in companies for the period 2011-2013 and on the basis of this information we prepare a corporate governance index. We use a correlation analysis to examine the association between corporate governance index and the level of total debt of companies on the Bratislava Stock Exchange.
| prevod | 2015-06-30 21:34:41 |
| 132 | Ing. Mária Mišanková | doktorand | Žilinská Univerzita v Žiline, Fakulta prevádzky a ekonomiky dopravy a spojov, Katedra ekonomiky, Univerzitná 8215/1, 010 26 Žilina | 00421415133227 | maria.misankova@fpedas.uniza.sk | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | credit risk, financial derivatives, company, default | The article is dedicated to the financial derivatives and their use for the management of credit risk. Credit risk represents the potential loss from the default of the company or other institution. It is important not only to measure credit risk but as well to manage it and to hedge it. These can be made through the use of financial derivatives such as options, swaps, forwards, futures. Article focuses on the comparison of these financial derivatives and their practical application for the management of credit risk. | prevod | 2015-06-30 21:39:55 |
| 133 | Ing. Michal Bobek, MBA | Doktorand | Katedra financí a oceňování podniku
Fakulta financí a účetnictví
Vysoká škola ekonomická v Praze
nám. W. Churchilla 4
130 67 Praha 3 | +420776885973 | michael.bobek@gmail.com | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | Assurance Services, Audit, Definition, ISA, US GAAS | The article deals with assurance services and their application in practice. The best known assurance service is audit which is commonly used in almost all countries. However, the audit is just one of the services used to enhance the quality of information. The definition of the services is not unified in US GAAS and ISA and the services can be understood differently. The research goal of the article is to present the unified definition of the individual assurance services (audit, attest and assurance services) and their relationship with each other. The single definitions of individual assurance services and their typology derive from existing definitions used by ISA and US GAAS. To deal with the issue, the article also tackles the level of assurance of individual assurance services. | prevod | 2015-06-30 21:42:40 |
| 134 | Ing. Mária Mišanková | doktorand | Žilinská Univerzita v Žiline, Fakulta prevádzky a ekonomiky dopravy a spojov, Katedra ekonomiky, Univerzitná 8215/1, 010 26 Žilina | 00421415133227 | maria.misankova@fpedas.uniza.sk | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | CreditRisk+,
default,
portfolio,
credit risk, | The contribution deals with the calculation of credit risk by the method CreditRisk+. This method is based on the typical mathematic approach of insurance. Nowadays the problem of credit risk has become an important part of management of the company. The article presents basic theoretical principles of the method CreditMetrics+, as well as its practical application for the calculation of credit risk. There is also a comparison of selected measure of credit risk with other popular methods used for the determination of credit risk. | prevod | 2015-06-30 22:38:43 |
| 135 | Anna Sroczynska-Baron, dr | associate professor | University of Economics in Katowice
ul. 1 maja 50
40 - 287 Katowice
Poland
Departmnet of Applied MAthematics | +48322577843 | kozak@caprisoft.com.pl | yes | 23. others | online auction market, abnormal return, efficiency | An empirical study of online auction markets efficiency.
Nowadays online auctions become more and more popular. There are millions of participants. Information of products and historical prices are available to them thanks to new technology. The main aim of this work is to check if online auction markets are still inefficient and it is possibile to gain abnormal profit. Data used in the researches come from Polish biggest online auction market – Allegro.pl.
| transfer | 2015-06-30 22:40:09 |
| 136 | Ing. Boris Kollár Ing, Barbora Gondžárová | Doktorand | University of Žilina, FPEDAS, department of economics,
Univerzitná 1,010 26 Žilina 010 26, Slovakia
| 0415133249 | kollar@fpedas.uniza.sk | ano | 3. analýza finanční situace podniku | Podniková diagnostika | Predmetom predkladaného článku je návrh možného využitia finančných modelov v rámci podnikovej diagnostiky, ktorá sa zameriava na vyhodnocovanie celkového zdravia podniku. Profylaktický charakter podnikovej diagnostiky je možné zvýšiť práve vhodným začlenením vybraných finančných modelov medzi metódy podnikovej diagnostiky. Cieľom využitia týchto modelov je včasné rozpoznanie nepriaznivého finančného vývoja podniku, ktorý môže mať za následok celkovú krízu podniku. | prevod | 2015-06-30 22:45:30 |
| 137 | Seinerová Kateřina, Ing. | asistentka | Fakulta ekonomicko-správní,
Univerzita Pardubice,
Studentská 95,
532 10 Pardubice 2,
Česká republika | 466 036 170 | katerina.seinerova@upce.cz | ano | 23. jiné | Actuarial, Fuzzy logic, Insurance | Fuzzy logic can be applied to insurance in many different ways, for example to quantify the fuzziness in underwriting, project liabilities, future and present values, pricing,
asset allocations and cash flows, and investments. This article presents some
applications of fuzzy logic in the insurance area. | prevod | 2015-06-30 22:49:35 |
| 138 | Ing. Tatiana Škerlíková | student | VSE | 776039736 | xsket01@vse.cz | ano | 1. finanční řízení podniků | teorie zastoupení, insolvence, veřitel, management, platební morálka | Tento článek kriticky pojednáva o vztazích, které vznikají při insolvenčním řízení. Nejprve jsou vymezené motivace jednotlivých agentů a poté jsou konfrontovány s českým prostředím. Článek upozorňuje na propojenost kultury a výsledku při aplikaci práva s cílem objasnit ekonomické dopady. V potaz je bráno specifikum českého prostředí, důraz je kladen na malé neobchodované společnosti a také na specifické skupiny věřitelů s ohledem na jejich intence a pravomoce. | prevod | 2015-06-30 22:59:30 |
| 139 | Dubový, Roman, Ing | doktorand Ústav podnikové ekonomiky | Mendelova univerzita
Zemědělská 1
620 00 Brno | +420734847955 | xdubovy@node.mendelu.cz | ne | 1. finanční řízení podniků | Efficiency, financial management, return on equity. | The issue of the effectiveness of financial management in business management is still a hot topic because of sound financial management allows a business entity in the current turbulent times, not only to survive but also to grow or expand. The aim of the article will show whether the effectiveness of the financial management of enterprises has analyzed the impact on the final rate of return on equity in the manufacture of other transport equipment, focusing on bicycles. The analysis will be carried out within companies operating in the Czech Republic and Germany. | prevod | 2015-06-30 23:14:58 |
| 140 | Krabec, Tomáš - Čižinská, Romana | docent | ŠKODA AUTO VYSOKÁ ŠKOLA o.p.s.
Na Karmeli 1457
293 01 Mladá Boleslav | 606561303 | krabec@is.savs.cz | ano | 5. oceňování podniků | investice, výnosová hodnota, finanční plán | Income Based Valuation of IT Companies: Methodological Issues Related to Invested Capital
Romana Čižinská – Tomáš Krabec
IT companies´ valuation is a difficult task for various specific characteristics of the nature and operational business model of such firms. It is well know that basic measures of financial analysis such as ROCI (Return on Capital Invested) will fail since there is usually no need for investments (CAPEX). Sales and cash flows are generated by business projects which are not necessitating high capital investments into land, equipment and technology. Even the need for working capital is mostly limited. If the venture is profitable, ROCE, ROA and also ROE, derived from accounting figures will be relatively very high. The troubled think in the composition of an income based valuation using a DCF modelling approach will be the profitability of net investments and its convergence to the level of the cost of capital. Since there are not net investments reported, the profitability of net investments and the total capital invested would never converge towards the company´s cost of capital. This is economically without any reasonable explanation and hence unsustainable. The reason is, as we argue in this paper, the absence of identifiable intangible assets which are plentiful in IT companies on the company´s balance sheet. Thus we pledge for “activation” of the identifiable intangible assets onto the balance sheet (domain names, marketing model, databases, technological tools, etc.). Through its activation, the economic rational of the DCF (and EVA) modelling approach will eventually apply also for IT companies with its specifics.
| prevod | 2015-06-30 23:21:24 |
| 141 | Rebeťák, Marek, Ing. | Doktorand | University of Zilina, FPEDAS, Department of Economics, Univerzitna 1, 010 26, Zilina, Slovakia | +421415133249 | marek.rebetak@fpedas.uniza.sk | ano | 16. optimalizace a řízení portfolií | risk management, energy | This paper presents some risk management policies and practices used in energy industry. Energy is one of the key sectors of the global economy. Increasing demand for energy products together with the constant development of new energy sources create extremely complex environment in which it is important to manage risks correctly. Moreover, being regulated, energy companies have to face all the changes of the external environment. Therefore, risk management principles should be implemented at all levels of organization. | prevod | 2015-06-30 23:26:36 |
| 142 | Doláková, Bohuslava, Mgr. | student, Masarykova univerzita | Katedra Financí
Ekonomicko-správní fakulta Masarykova Univerzita Lipová 41a, 60200 Brno | 775626611 | 175975@mail.muni.cz | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Financial Crisis, Age Diversity, Age Management Policies, Bank | The Czech Republic is one of the fastest aging EU countries. Promoting ageing employees’ capacity to work is a prerequisite for maintaining the country’s competitiveness. The Age Management Implementation project is intended to identify measures that will help people aged 50+ succeed in the labour market. Banks have a special position on labour market – they are more adaptable in 50+ people recruitment as it is clear in “Company of the year: Equal Opportunities in terms of age” results. The age management practices of companies in light of restructuring undergone during the recession are very important. As the Czech population ages, employees are ageing too: over the past few years their average age increased. The study deals with the policy in relation to the retention of older workers (aged 50 or more) in employment at establishment level. | prevod | 2015-06-30 23:47:05 |
| 143 | Barbora Drugdová, Ing., PhD. | odborná asistentka | Ekonomická univerzita
Dolnozemská cesta, č.1
Bratislava | 0910299977 | brbora.drugdova@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | commercial insurance,non-life insurance, internantional risks,
insurance campanies | The article is devoted to insurance and to insurance of international risks in the Slovak Republic. The insurance companies associated in the Slovak Insurance Companies. Association deal with insuring international risks on the Slovak insurance market. By 31
December 2014, there were 21 commercial insurance companies on the Slovak insurance market, of which 21 were associated in the Slovak Insurance Companies Association. Commercial insurers offer a wide variety of insurance products. Amongst them are also products aimed at insuring international risks, as a part of non-life risks. | prevod | 2015-06-30 23:51:57 |
| 144 | Šalaga, Jakub, Ing. | Doktorand | University of Žilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitná 1, 010 26 Žilina, Slovak republic | +421415133227 | jakub.salaga@fpedas.uniza.sk | ano | 1. finanční řízení podniků | Value, management, value-based management, company value, value drivers | Nowadays the competition in any segment is very high and every company struggles to thrive in its environment. A goal of every company is to increase its value. Value increase can be achieved through implementing value-based management and its elements. This type of management increases the overall company value through increase in stakeholder value. For this increase it uses various value drivers. Correctly identifying and increasing these value drivers and implementing them in company can be crucial for strengthening company’s position on the market. The aim of this paper is to explain value-based management, value drivers and to show how to identify them correctly. | prevod | 2015-06-30 23:54:53 |
| 145 | Čibera, Roman, Ing. | Finanční analytik - oceňování podniků | EQUITA Consulting s.r.o.
Truhlářská 3/1108
110 00 Praha 1 | 721853647; | cibera02@yahoo.com | ano | 5. oceňování podniků | oceňování podniků, private equity, výnosové ocenění, tržní hodnota, veřejně neobchodované společnosti | Oceňování veřejně neobchodovaných společností je jednou z nejčastějších aplikací oceňování podniků vůbec. Ocenění je prováděno pro různé účely. Nejčastějším úkolem však je stanovení tržní hodnoty (IVSC, 2013), fair value (IPEV, 2012), fair market value, nebo investiční hodnoty (např. Pinto, Henry, Robinson, Stowe a Cohen, 2010). Uvedené kategorie hodnoty se dle svých definic mohou prolínat a k jejich stanovení se nabízejí různé oceňovací přístupy (IVSC, 2013; IPEV, 2012). Odhlédneme-li od specifických případů, pak nejčastějšími používanými přístupy jsou tržní ocenění založené na metodách tržního porovnání a výnosové přístupy založené na metodách diskontovaných peněžních toků. V oblasti private equity, a v případě malých a středních podniků zvláště, provedení porovnávacího ocenění často není možné z důvodu nedostatku informací o srovnatelných transakcích nebo obtížné srovnatelnosti s veřejně obchodovanými společnostmi. Výnosové ocenění je tak často jedinou použitelnou alternativou. Právě výnosové ocenění aplikované na veřejně neobchodované společnosti a jeho výsledky v porovnání se skutečně realizovanými transakcemi na trhu private equity jsou předmětem našeho zájmu.
Na jedné straně tedy máme poměrně sofistikované metodologie výnosového ocenění, které jsou založené na neoklasické ekonomické teorii (např. Cochrane 2005), a jeho jednotlivé aspekty vycházejí z teorií financí (Kregel, 1998), a přebírají tak také předpoklady s těmito teoriemi spojené (Krabec, 2009). Na straně druhé pak máme trh private equity, tedy trh, kde jsou obchodovány podíly na veřejně neobchodovaných společnostech, přičemž tento trh má své specifika (Ernst, Koziol, Schweizer, 2013; Jegadeesh, Kräussl, Pollet, 2009). Při nemožnosti verifikovat výsledky výnosového ocenění prostřednictvím tržního porovnávacího ocenění je často nutné spoléhat pouze na výnosové ocenění, a jeho výsledky tak bývají označovány za tržní hodnotu, případně další výše zmíněné kategorie hodnoty, a očekává se, že tyto výsledky by se měly blížit skutečné ceně v případě realizace transakce podniku. Častým argumentem ve prospěch tohoto postupu bývá tvrzení, že výnosové ocenění používají také účastníci trhu a výsledky provedených analýz se řídí.
Dle našeho názoru si vztah výnosového ocenění a trhu private equity zaslouží hlubší analýzu, která by se zabývala charakterem příslušného trhu private equity v porovnání s předpoklady stojícími v pozadí výnosového ocenění, ale také s definičními předpoklady jednotlivých kategorií hodnoty. Dále považujeme za nutné se podrobněji zabývat reálným chováním účastníků trhu private equity z hlediska mechanismu tvorby cen na tomto trhu. Pro tyto účely jsme provedli výzkum mezi investory pohybujícími se na trhu private equity v ČR (většina investorů však aktivně působí také mimo ČR v rámci regionu CEE), kde nás zajímalo především, zda a jakým způsobem používají ve svých analýzách předcházejících realizaci transakce výnosové ocenění a jaké jsou jejich zkušenosti z hlediska výsledků výnosového ocenění v porovnání s následnou reálnou cenou transakce. Výsledky našeho výzkumu, které jsou prezentovány v tomto příspěvku, ukazují, že výnosové ocenění a především způsob stanovení diskontní míry prováděné PE investory spíše neodpovídá oceňovací praxi, a že relevance výsledků výnosového ocenění vzhledem ke skutečně realizované ceně transakce je hodnocena spíše negativně. Výsledky provedeného výzkumu jsou důležité z hlediska způsobu použití výnosového ocenění pro veřejně neobchodované společnosti a také z hlediska interpretace výnosovým oceněním dosažených výsledků. Provedený výzkum odpovídá na otázky týkající se chování PE investorů, způsobu jakým v praxi používají výnosové metody ocenění podniku a jakým způsobem hodnotí relevanci dosažených výsledků ocenění.
| prevod | 2015-06-30 23:55:57 |
| 146 | prof. Ing. Petr Marek, CSc. | profesor | Vysoká škola ekonomická v Praze
Fakulta financí a účetnictví
Katedra financí a oceňování podniku
nám. W. Churchilla 4
130 67 Praha 3
Česká republika | + 420 737 777 340 | pema@vse.cz | ano | 1. finanční řízení podniků | Agency relationship, Principal, Agent, Corporate Finance. | Aim of the article consists in identification and analysis of main agency relationships in the framework of corporate finance. Under agency relationship means relation between principals (shareholders, minority shareholders, creditors, employers, ...) and agents (managers, majority shareholders, debtors, employees, ...). An essence of the problem lays in the network of mutual intertwined relationships, rather than in separate and independent relationships between principals and agents. Existence of the relation is connected with costs which in narrow concept arise on the base of self-trading, overconsumption, incapability and indifference of an agent and in wider concept have also form of monitoring and bonding costs. | prevod | 2015-07-01 02:17:21 |
| 147 | Ivan Lichner, Ing. PhD. | vedecký pracovník | Ekonomický ústav SAV
Šancová 56
Bratislava 811 05 | 0907819491 | ivan.lichner@savba.sk | ano | 7. legislativní změny v oblasti daní a daňové problematiky | daň z pridanej hodnoty, domácnosti, európska legislatíva | Daň z pridanej hodnoty tvorí dôležitý zdroj príjmov vo väčšine členských krajín Európskej únie, avšak zároveň patrí medzi dane spájané s daňovými podvodmi a daňovými únikmi. Nakoľko na jednotlivých stupňoch distribučného a výrobného reťazca si môžu podniky (platcovia DPH) vzájomne očistiť daň na výstupe o daň zaplatenú na vstupe, hlavným miestom kde dochádza k reálnemu výberu dane je maloobchodný predaj domácnostiam. Cieľom tohto článku je kvantifikácia dane z pridanej hodnoty zaplatenej domácnosťami v jednotlivých členských štátoch EÚ pri ich konečnej spotrebe, na ktorú následne nadväzuje návrh modifikácie spoločného systému dane z pridanej hodnoty smerujúci k jeho zefektívneniu. | prevod | 2015-07-01 12:16:55 |
| 148 | Švábová Lucia, RNDr., PhD. | vysokoškolský učiteľ | Katedra kvantitatívnych metód a hospodárskej informatiky
Fakulta prevádzky a ekonomiky dopravy a spojov
Žilinská univerzita v Žiline
Univerzitná 1
010 26 Žilina
Slovensko | +421 41 513 3257 | lucia.svabova@fpedas.uniza.sk | ano | 17. aplikace hedgingových strategií, oceňování opcí a termínových kontraktů | Option. Futures Call Option. Finite Difference Method. Delta parameter. Gamma parameter. Delta Hedging | Financial derivatives are a widely used tool for investors to hedge against the risk caused by changes in asset prices in the financial markets. Futures option is a type of call or put option to buy or to sell a futures contract at a designated strike price. The change in price of the underlying futures causes a change in the prices of options themselves. For investor exercising futures option as a tool for risk insurance, it is important to quantify these changes. The dependence of option price changes on the underlying futures price changes can be expressed by the parameter delta. The value of delta determines the composition of the portfolio to be risk-neutral. Then, the modification of parameter delta combined with another parameter gamma can be used to ensure the portfolio better against big changes in the underlying futures price. The value of modified parameter delta can be estimated numerically using the principles of the numerical method called “Finite Difference Method.” In the paper the results of numerical estimation are compared with a values calculated from the analytical formula directly. | prevod | 2015-07-01 13:53:16 |
| 149 | Ďurica, Marek, RNDr., PhD. | vysokoškolský účiteľ | Žilinská univerzita
Univerzitná 1
Žilina
010 26
Slovenská republika | +421415133257 | marek.durica@fpedas.uniza.sk | ano | 17. aplikace hedgingových strategií, oceňování opcí a termínových kontraktů | chooser option, greek parameters, hedging | Correctly used financial derivatives can help investors increase their expected returns and minimize their exposure to risk. To ensure the specific needs of investors, a large number of different types of non-standard exotic options is used. Chooser option is one of them. Although the chooser options are more expensive than standard European-style options, because this option gives its holder the right to choose at some predetermined future time whether the option will be a standard call or put with predetermined strike price and maturity time, in many cases they are a more suitable instrument for investors in hedging their portfolio value. For an effective use of the chooser option as a hedging instrument, it is necessary to check the values of the Greek parameters. In the article, a value of these parameters is calculated and analyzed with various input parameters and time to chooose time. | prevod | 2015-07-01 13:57:52 |
| 150 | Svoboda, Martin, Ing, Ph.D, doc. / Reuse, Svend, Dr, MBA | katedra financí docent | ESF MU
Lipová 41a
602 00 Brno | 602951532 | svoboda@econ.muni.cz | ano | 16. optimalizace a řízení portfolií | Price Index, Performance Index, Risk, Return, Correlations, Autocorrelation, Backtesting, Asset Allocation | The CECE is an index that represents the East European market, consisting of blue chips of Hungary, Poland and the Czech Republic. The index is calculated as a Total Return (TR) and Price Index since 2008. We focus on an analysis after the financial crisis and compare the CECE to the DAX and EuroStoxx in tis price- and performance/total return form. Choosing a historical from 2008 to 2015 – looking at a time horizon after the financial crisis in 2008 should answer the following theses:
1. The CECE, especially in the total return form, is an efficient asset as it offers similar risk-return ratios compared to the DAX and EuroStoxx.
2. The CECE is even able to diversify a portfolio consisting of DAX and EuroStoxx.
3. The VaR (Value at Risk) is a good measurement method for portfolio risk.
4. The dividend yield of the CECE makes this index attractive in comparison to the EuroStoxx 50 and the DAX 30.
| prevod | 2015-07-01 22:57:00 |
| 151 | Košovská, Iveta, Ing. PhD., Váryová, Ivana, Ing. PhD., Ferenczi Vaňová, Alexandra, Ing. PhD. | odborný asistent | Slovenská poľnohospodárska univerzita v Nitre
Fakulta ekonomiky a manažmentu
Katedra účtovníctva
Tr. Andreja Hlinku 2
949 76 Nitra
| +421376414116 | iveta.kosovska@uniag.sk | ano | 9. aktuální otázky, problémy a legislativní změny v oblasti účetnictví | účtovníctvo, účtovná jednotka, mikro účtovná jednotka, harmonizácia, Medzinárodné účtovné štandardy/Medzinárodné štandardy finančného vykazovania | Účtovníctvo v Slovenskej republike prešlo za posledné dve desaťročia zásadnými zmenami. Právna úprava účtovníctva v SR je založená na zákonných právnych normách a vyznačuje sa pomerne vysokým stupňom regulácie. Za základnú právnu normu je považovaný zákon č. 431/2002 Z. z. o účtovníctve, v znení neskorších predpisov. Účtovníctvo v krajinách Európskej únie je upravované smernicami Európskeho parlamentu a Rady Európskej únie. SR ako členský štát EÚ má v národnej zákonnej úprave účtovníctva tiež zahrnuté tieto smernice. Významným medzníkom bolo prijatie Smernice Európskeho parlamentu a Rady 2013/34/EÚ z 26. júna 2013 o ročných účtovných závierkach, konsolidovaných účtovných závierkach a súvisiacich správach určitých druhov podnikov (nahradila Štvrtú a Siedmu smernicu). Táto smernica zohľadňuje a nadväzuje na politiku EÚ, ktorá je označovaná „Zelená malým a stredným podnikom“. Uvedenou smernicou sa má do veľkej miery zabezpečiť harmonizácia požiadaviek na malé podniky v celej Európskej únii. Členské štáty môžu stanoviť aj kategóriu mikropodnikov. SR s účinnosťou od 1. 1. 2014 v zákone o účtovníctve vymedzila podmienky, ktoré musí účtovná jednotka splniť, aby mohla postupovať ako mikro účtovná jednotka. Novela zákona o účtovníctva s účinnosťou od 1. 1. 2015 zmenila ustanovenia, ktoré sa týkajú mikro účtovných jednotiek. Príspevok sa zaoberá zadefinovaním parametrov vyplývajúcich zo zákona o účtovníctve, ktoré musí účtovná jednotka splniť, aby bola považovaná za mikro účtovnú jednotku v nadväznosti na aktuálnu novelu zákona o účtovníctve. Vymedzíme aj rozdiely pri vedení účtovníctva mikro účtovných jednotiek v porovnaní s ostatnými účtovnými jednotkami. | prevod | 2015-07-02 11:43:50 |
| 152 | Gargulák, Tomáš, Ing. | - | Mendelova univerzita v Brně, Zemědělská 1, 613 00, Brno | 721771054 | gargi.tom@gmail.com | ano | 1. finanční řízení podniků | export, ČLR, čistý pracovní kapitál, finanční riziko | Článek se zaměřuje na vymezení funkce čistého pracovního kapitálu (ČPK) v podniku (anglicky „firm”) a jeho předpokládaný nárůst u podniků exportujících do Asie se zaměřením na čínský trh, které jsou nuceny krýt svá finanční rizika. Mezi finanční rizika lze řadit devizové riziko, riziko cílového trhu, kde lze uvažovat změnu regulací, daňových předpisů, ekologické předpisů, riziko nezaplacení splatných pohledávek, dlouhé doby splatnosti apod. Dále lze mezi tato rizika zařadit obecně náklady na byrokracii v cílové zemi. V neposlední řadě lze uvažovat riziko spojené s náklady na dopravu a otázka vhodného pojištění. S tím souvisí problematika vlivu výše ČPK na samotnou výkonnost podniku z pohledu jeho vlastníka. Předpokladem je, že vyšší ČKP negativně ovlivňuje bohatství vlastníka, jelikož vlastník se dívá na problematiku ze strany pasiv, kde ČPK je roven rozdílu dlouhodobého kapitálu a stálých aktiv. Je zde zobrazen předpoklad převisu relativně dražších dlouhodobých zdrojů nad stálými aktivy. Dále tento vztah udává, v jakém rozsahu lze zaměnit drahé dlouhodobé zdroje za zdroje krátkodobé. Tyto předpoklady budou ověřovány na databázi dat z reálných podniků exportujících do Číny. Výstupem článku bude porovnání výše ČKP u vybraného vzorku podniků a vliv jeho výše na hodnoty pro vlastníky podniků, což společně s kontextem celého článku považujeme za aktuální téma. Výše hodnoty podniku pro vlastníky bude vymezena ukazatelem ROE, popřípadě jeho alternativami ROS a EVA. | hotove | 2015-07-02 22:15:11 |
| 153 | Pankaj Kumar Gupta | Associate Professor | JMI University
Jamia Nagar
New Delhi-25(India) | 919811681138 | pkg123@eth.net | yes | 21. savings, investments and capital in economy analysis | Foreign Direct Investment (FDI), Gross Domestic Product (GDP), Sectoral Index, Foreign Institutional Investors (FII) | FDI has a positive impact on the economic performance of developing economies. Numerous researches have been conducted on the relationship between FDI and GDP. Globalisation has resulted in volatility in financial markets, particularly stock markets and indirect contribution to GDP growth rate simultaneously creating concerns for the government policy makers and regulators especially in a country like India. FII portfolio investments create a significant impact on the stock markets of a country like India evidenced from various researches. However, little research has been conducted to examine the relationship between the FDI investment through equity route in a give sector and the indices of that sector. For a sample of six sectors during the period 2004-2013, we find no co-integrating or causal relationship between the FDI investments and NSE sectoral indices. | cash | 2015-07-03 09:20:51 |
| 154 | Surendra Kumar | Assistant Professor | Department of Business Management
HNB Garhwal University (India)
| 9829222907 | ksurendra02@gmail.com | yes | 13. management of interest, currency and comodity risk | Commodity Markets, Market Efficiency, Trading Impact, Inflation,Volatility Spill over
JEL Classification: C22, C18, Q02, E31
| Examining Efficiency of Spot and Futures Commodity Markets
in India - A Meta Analysis
Various researches have been conducted to examine the market efficiency, association between spot and futures market, price discovery and volatility spillovers, and macro economic impacts pertaining to commodity markets and also for stock markets in developed and developing countries. Most of the existing studies have used various time series econometric techniques like Johansen Co integration Test, Granger Causality Test, Vector Error Correction Model, Vector Auto Regression, Variance Decomposition, Impulse Response, Block Exogenity, GARCH models etc. duly supported by some descriptive measures.
The results of these researches sometimes are varying and complex to generalize and insufficient to develop a policy implication for the analysts and researchers and regulators. In India we find a contrasting view of the market efficiency and interrelationship of spot and futures commodity prices. Also, the issues of whether the operation of futures market increases spot market volatility and create a macro economic impact like inflation, market distortion or mispricing is still unresolved.
In this paper, we analyses the researches in Indian commodity markets and other countries to address these issues. In our initial investigation for Indian researches, we find that inferences may be contrasting due to the time periods of data used for analysis, selection of the commodity or market exchange and the influence of the limiting nature of research techniques. We also find that operational control of market regulators and government polices are highly dynamic and unpredictable which may lead to the unclear market regulation that possibly explains the contrasting natures of the research inferences. We also suggest an appropriate methodological solution to address these issues.
| cash | 2015-07-03 09:30:48 |
| 155 | Šagátová Slavka | odborný asistent | Katedra podnikovohospodárska
Fakulta podnikového manažmentu
Ekonomická univerzita v Bratislave
Dolnozemská cesta 1
Bratislava
852 35
| +421267295577 | slavka.sagatova@euba.sk | ano | 23. jiné | náklady, životný cyklus produktu, duševné vlastníctvo, | Transfer poznatkov a technológií je považovaný za dôležitý faktor rozvoja nielen svetových ekonomík ale aj spoločností. Napriek vysokému riziku zneužitia duševného vlastníctva podnikatelia svoje duševné vlastníctvo často nechránia, pričom jedným z uvádzaných dôvodov sú vysoké náklady. Je preto dôležité zmapovať náklady spojené s duševným vlastníctvom podniku a identifikovať ich možný vplyv na podnikanie. | prevod | 2015-07-03 13:32:02 |
| 156 | Shivan Ahmed Mohammad, Dr. | Senior Lecturer | University of Duhok, Kurdistan Region, Zakho Street 38, 1006 AJ Duhok | 7503755943 | shivan.doski@gmail.com | yes | 23. others | Economics Factors, Stock Market Performance | This study examining the association between selected economic factors and stock market performance measured by the market capitalization, traded shares, trans, and market index. This study was motivated basically by the inconsistent findings in the latest literature related to the relationship between both variables. Due to the lack of the studies that emphasized all the sectors and subsectors in the emerging markets, therefore this study targeted all the listed companies in Iraq stock exchange in Iraq through dividing it to five sectors covering the period from 2004 to 2012. The study followed a rigorous process for econometrics testing by using Eviews statistical software package and utilizes multiple regression through using SPSS statistical software package. The findings of this study showed that both GDP growth, Inflation rate were statistically significant predictors of stock market performance. Due to fact that the financial sector is the dominant sector in Iraqi stock exchange thus it affects the overall Iraq stock exchange performance. | cash | 2015-07-03 13:33:11 |
| 157 | Rybárová Daniela, Ing. PhD. | odborný asistent | EU v Bratislave
Fakulta podnikového manažmentu
Katedra podnikovohospodárska
Dolnozemská cesta 1
852 35 Bratislava | +421 2 6729 5577 | daniela.rybarova@euba.sk | ano | 21. úspory, investice a kapitál v ekonomických analýzách | investície, sociálne inovácie | Vymedzenie sociálnych inovácií na úrovni podniku, investície do sociálnych inovácií, postup, metódy a problémy hodnotenia sociálnych investícií. | prevod | 2015-07-03 13:33:39 |
| 158 | Aree Mohamed Ali, Dr. | Head Dept. of Tourism and Senior Lecturer | University of Duhok, Kurdistan Region, Zakho Street 38, 1006 AJ Duhok | 7504577794 | aree.ali@uod.ac | yes | 23. others | Economics Factors, Stock Market Performance | This study examining the association between selected economic factors and stock market performance measured by the market capitalization, traded shares, trans, and market index. This study was motivated basically by the inconsistent findings in the latest literature related to the relationship between both variables. Due to the lack of the studies that emphasized all the sectors and subsectors in the emerging markets, therefore this study targeted all the listed companies in Iraq stock exchange in Iraq through dividing it to five sectors covering the period from 2004 to 2012. The study followed a rigorous process for econometrics testing by using Eviews statistical software package and utilizes multiple regression through using SPSS statistical software package. The findings of this study showed that both GDP growth, Inflation rate were statistically significant predictors of stock market performance. Due to fact that the financial sector is the dominant sector in Iraqi stock exchange thus it affects the overall Iraq stock exchange performance. | cash | 2015-07-03 13:37:47 |
| 159 | Cút Stanislav, Ing. | interný doktorand | Ekonomická fakulta,
Univerzita Mateja Bela v Banskej Bystrici, Tajovského 10, 97590 Banská Bystrica, Slovenská republika | 0905941856 | stanislav.cut@umb.sk | ano | 3. analýza finanční situace podniku | corporate failure prediction,
logistic regression,
neural networks | The existence of financial problems of company, or even its financial failure, has undoubtedly a significant impact on the activity of several stakeholders, from employees and customers to management and investors. Recent dynamic development of the economic environment causes steadily growing number of enterprises, which declare bankruptcy, in like manner entreprises in the Slovak Republic. The examination and early detection of financial difficulties, as well as corporate failure prediction take an important place in the economic research area. Several issues determining the quality of final prediction models arise during its creation. Therefore, the goal of the paper is to examine the effect of some different determining factors on the overall accuracy of prediction models. Creation of the prediction models will be realized using logistic regression and neural networks prediction methods for the selected data set of enterprises operating in the Slovak dynamic economic environment. | prevod | 2015-07-05 18:05:43 |
| 160 | Joanna Kurowska-Pysz, Selected instruments co-financing international networking of enterprises | Head of Management and Engineering Production Department | Wyższa Szkoła Biznesu w Dąbrowie Górniczej
The University of Dąbrowa Górnicza
ul. Cieplaka 1C, 41-300 Dąbrowa Górnicza, Poland
NIP (VAT no): 629-10- 88-993
| 00 48 602 23 11 24 | jkurowska@wsb.edu.pl | yes | 22. European Union funds and their using for selected purposes | enterprices, European Union funds, inter-organizational cooperation , networking | Nowadays the processes of globalization and European integration have a strong impact to corporate behavior. Cooperation is increasing, whereas competition is gaining a new, less aggressive character. Clusters and networks of enterprises become more and more popular form of internationalization of companies. Some kinds of inter-organizational cooperation between enterprises are also enhanced by the European Union, i.e. by co-financing and promotion. The paper presents an analysis of co-financing of international networking cooperation of enterprises, including available resources from the European Union. | transfer | 2015-07-06 22:58:59 |
| 161 | Šúbertová Elena, doc. Ing. PhD. | VŠ pedagóg | Ekonomická univerzita
Fakulta podnikového manažmentu
Dolnozemská 1/b
852 35 Bratislava
Slovensko | 00421903786065 | subertov@euba.sk, subertova@gmail.com | ano | 4. charakteristika a typy finančních zdrojů na podporu podniků | External financial resources, internal financial resources,
entrepreneurial activity,
small and medium – sized enterprises, support | External and internal financial resources impact the operation of all businesses, but especially small and medium – sized enterprises (SMEs). Retroactively activities of SMEs affect the market situation and hence economic growth alternatively depression. This paper examines the entrepreneurial activity and financial support to the development of early-stage entrepreneurs and established entrepreneurs in Slovakia.
| prevod | 2015-07-07 11:22:30 |
| 162 | Mokrička, Peter, Ing. | asistent | Ekonomicko-správní fakulta MU,
Lipová 41a,
602 00 Brno | 549494341 | mokricka@econ.muni.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | pákové produkty, knock-out produkty, warranty, factor certifikáty, CFD | Bankovní instituce a někteří finanční zprostředkovatelé emitují mimo jiné také pákové produkty se zaměřením na retailové investory. Tento příspěvek má za cíl posoudit specifika a rozdíly mezi těmito produkty, a to mimo jiné i s ohledem na možnosti emitenta při emisi produktů a jejich oceňování během doby trvání. | prevod | 2015-07-07 11:36:49 |
| 163 | Kissová Jana, Ing., PhD. | odborný asistent | Ekonomická univerzita
Dolnozemská cesta 1/b
852 35 Bratislava | 02/67295570 | jana.kissova@euba.sk | ano | 1. finanční řízení podniků | Financial management, Corporate responsibility, Sustainable development, Global Reporting Initiative, Integrated reporting
| Improvement of the integrated financial management and managerial accounting for purpose of the corporate responsibility. Financial management of the corporate responsibility - important part of managerial accounting of the corporate responsibility Basic principles of the financial management of enterprise sustainable development. Global system of managerial accounting for the corporate responsibility. Methodology of the managerial accounting for corporate responsibility. Tools of the managerial accounting for corporate responsibility. Basic substance, principles, attributes, applying, formalisation and standardisation of the Integrated Reporting. Financial management of the corporate responsibility - the fundamental pillar of integrated reporting in each enterprise. | prevod | 2015-07-07 12:02:59 |
| 164 | Dubcová Gabriela, doc., Mgr., Ing., PhD. | docent | Ekonomická univerzita
Dolnozemská univerzita 1/b
852 35 Bratislava | 02/67295576 | gabriela.dubcova@euba.sk | ano | 1. finanční řízení podniků | Financial management, Corporate responsibility, Sustainable development, Global Reporting Initiative, Integrated reporting
| Improvement of the integrated financial management and managerial accounting for purpose of the corporate responsibility. Financial management of the corporate responsibility - important part of managerial accounting of the corporate responsibility Basic principles of the financial management of enterprise sustainable development. Global system of managerial accounting for the corporate responsibility. Methodology of the managerial accounting for corporate responsibility. Tools of the managerial accounting for corporate responsibility. Basic substance, principles, attributes, applying, formalisation and standardisation of the Integrated Reporting. Financial management of the corporate responsibility - the fundamental pillar of integrated reporting in each enterprise. | prevod | 2015-07-07 12:24:50 |
| 165 | Dubcová Gabriela, doc. Ing. Mgr. PhD. - Grančičová Katarína, Ing. PhD. - Štetka Peter, Ing. Bc. PhD. | Odborný asistent | Ekonomická univerzita v Bratislave
Fakulta podnikového manažmentu
Katedra podnikovohospodárska
Dolnozemská cesta 1/B
852 35 Bratislava | +421911612990 | peter.stetka@euba.sk | ano | 3. analýza finanční situace podniku | Segment reporting, Income statement, Responsibility accounting, Segmental profitability analysis. Performance measurement | Substance and definitions of the segment reporting. Responsibility accounting and organizational centralization and decentralization of enterprises: cost centers, profit centers and investments centers. Performance measurement principles in relation to the segment reporting. Work of management in permanent process of decision making: planning → organizing & directing → evaluating → controlling. Segmentation of the report on the basis of marketing/ market structures: total company → divisions (e.g. division 2) → product lines (e.g. regular model) → territories (e.g. Africa) → countries (e.g. Egypt). Differing levels of segmentation in the income statement: sales revenue, variable costs, contribution margin, relevant/ traceable fix cost, division margin, irrelevant/ common fix cost, net operating income. Responsibility of centres and controllability of items in the segment reporting. Measuring segment performance. Segmental profitability analysis and evaluation. | prevod | 2015-07-09 09:19:42 |
| 166 | Ing. katarína Vavrová, PhD. | odborný asistent | Ekonomická univerzita, Fakulta podnikového manažmentu, Katedra podnikových financií,
Dolnozemská ul.1
851 01 Bratislava | +421 905 218 795 | katarina.vavrov10@gmail.com | ano | 6. analýza a stav daňového zatížení a daňových stimulů | tax, tax system, base and entity subject to tax, tax rate, health and social insurance, the maximum assessment base, analysis of the impact of the tax burden on legal entities (selected company), recommendations on tax optimization |
The paper deals with the current tax burden on businesses in the Slovak republic. It is aimed at harmonization and coordination of taxes within the European Union. Theoretical knowledge is applied to analyze the impact of the tax burden on legal entities (chosen company). Based on the analysis will propose concrete measures and recommendations on optimization of taxes analyzed undertaking. | prevod | 2015-07-09 18:10:00 |
| 167 | Ing. katarína Vavrová, PhD. | odborný asistent | Ekonomická univerzita, Fakulta podnikového manažmentu, Katedra podnikových financií,
Dolnozemská ul.1
851 01 Bratislava | +421 905 218 795 | katarina.vavrov10@gmail.com | ano | 6. analýza a stav daňového zatížení a daňových stimulů | tax, tax system, base and entity subject to tax, tax rate, health and social insurance, the maximum assessment base, analysis of the impact of the tax burden on legal entities (selected company), recommendations on tax optimization |
The paper deals with the current tax burden on businesses in the Slovak republic. It is aimed at harmonization and coordination of taxes within the European Union. Theoretical knowledge is applied to analyze the impact of the tax burden on legal entities (chosen company). Based on the analysis will propose concrete measures and recommendations on optimization of taxes analyzed undertaking. | prevod | 2015-07-09 18:11:27 |
| 168 | Neumannová, Anna, doc., Ing., CSc. | docent | Ekonomická univerzita v Bratislave
Fakulta podnikového manažmentu
Katedra podnikovohospodárska
Dolnozemská cesta 1/b
852 35 Bratislava | 0907 732 774 | neumannova.anna@gmail.com | ano | 2. proces akvizicí a fúzí z hlediska financování podniku | fúzie, akvizície, historický vývoj, transakčné aktivity | Medzi najdôležitejšie transakčné aktivity sa v hospodárskej praxi zaraďujú fúzie a akvizície. Fúzie sa chápu ako zlúčenia dvoch (alebo viacerých) spoločností do jednej podnikovej organizačnej zložky, vykonanej na dobrovoľnej báze, po vzájomnej dohode zúčastnených strán. Akvizícia predstavuje prevzatie jednej spoločnosti inou spoločnosťou, resp. kúpu väčšinového podielu konkrétnej spoločnosti, pričom nemusí mať dobrovoľný charakter. Existuje mnoho motívov, ktoré podnecujú čoraz väčšiu skupinu vrcholových manažérov , aby uvažovali o neorganickom spôsobe rastu svojho podniku a zaradili ho ako súčasť jej dlhodobej stratégie. | prevod | 2015-07-10 08:22:15 |
| 169 | Kateřina Zelinková | asistent | Vysoká škola báňská – Technická univerzita Ostrava
17. listopadu 15/2172
708 33 Ostrava-Poruba | 597 322 135 | katerina.zelinkova@vsb.cz | ano | 14. aplikace metodologie Value at Risk | Value at Risk, Conditional Value at Risk, Laplace distribution, return | Risk management has been an integral part of corporate finance and financial institution a long time. In the past few years, the growth of financial market and trading activities has prompted new studies investigating reliable risk measurement techniques. The most popular measures of risk are Value ta Risk (VaR) and Conditional value at risk (CVaR). The concept VaR suffers problem when the return and loses are not normally distributed which is often the case. Thus using the statistics of normal distribution to characterize the financial market is potentially very hazardous. Since Laplace distribution can account for leptokurtic and skewed data, they are natural candidates to replace normal models and processes. The aim of paper is estimated Value at Risk and Conditional Value at Risk under the Laplace distribution. | prevod | 2015-07-10 09:45:27 |
| 170 | Tomáš Klieštik, prof. Ing. PhD. | profesor | Katedra ekonomiky, FPEDAS, Žilinská univerzita
Univerzitná 1
010 26 Žilina | +421415133221 | tomas.kliestik@fpedas.uniza.sk | ano | 14. aplikace metodologie Value at Risk | Risk, Value at Risk,Theoretical distribution, Estimation, Parametric methods. | The presented contribution deals with the quantification of risk through a group of methods called Value at Risk. Nowadays, there are quite a lot of approaches and algorithms for the quantification of risk. We will pay attention to a group of so called parametric methods for estimation of the level of risk. This is a procedure in which the theoretical probability distribution of losses is known, but we do not know its parameters. In our contribution the real data will be approximated by Normal, Student´s and Laplace´s distribution. The success of the approximation will be checked on the basis of logarithmic likelihood function. Theoretical aspects of selected theoretical distributions will be applied to real data. Namely on shares of companies from different sectors of the national economy: Boeing Company, McDonald's and Ford Motor. | prevod | 2015-07-10 14:56:19 |
| 171 | Peter Adamko, Mgr. PhD. | odborný asistent | Katedra kvantitatívnych metód a hospodárskej informatiky, FPEDAS, ŽU v Žiline
Univerzitná 1
010 26 Žilina | 00421475133270 | peter.adamko@fpedas.uniza.sk | ano | 14. aplikace metodologie Value at Risk | Nonparametric methods, Approximation, Risk, Quantification of Risk. | In the presented contribution authors deal with selected aspects of approximation, respectively with the quantification of measures of market risk of financial instruments. Selected approximation methods or quantification of measures of risk are first described theoretically and then applied on real data. While selecting appropriate company, which will be further analyzed, we assumed that the various sectors of the national economy react differently on changes in economic fundamentals. Therefore, we selected three shares representing companies from three different sectors whose shares are traded on the NYSE. Namely shares of Philip Morris International, Lockheed Martin Corporation and Wal-Mart Stores. In the presented contribution we also assume that the theoretical probability distribution of losses is not known to us and we have to estimate it, i.e. to apply so called nonparametric estimations. | prevod | 2015-07-10 15:02:06 |
| 172 | Sulik-Górecka Aleksandra, PhD | lecturer | Department of Accounting, Faculty of Finance and Insurance, University of Economics in Katowice, ul. 1 maja 50, 40-287 Katowice, Poland | +48602111907 | sulik_gorecka@ue.katowice.pl | yes | 7. legislative changes in the tax systems and impact on the firms | transfer pricing, law, oecd, tax, multinational companies | The objective of the paper is to compare the transfer pricing regulations in different countries. Transfer pricing is one of the most important issues in international tax. It happens whenever two companies that are part of the same multinational group trade with each other. It is estimated that about 60 percent of international trade happens within, rather than between, multinationals. The OECD and the United Nations Tax Committee have both endorsed the “arm’s length” principle, what means that a transfer price should be the same as if the two companies involved were indeed two unrelated parties negotiating in a normal market, and not part of the same corporate structure. In spite of the international regulations, the domestic law in different countries is not the same what influences on multinational enterprises. | transfer | 2015-07-10 20:15:53 |
| 173 | JUDr. Ing. Jana Majerová, PhD. | vysokoškolský učiteľ | Žilinská univerzita v Žiline
Fakulta PEDAS, Katedra ekonomiky
Univerzitná 1
01026 Žilina
Slovenská republika | +421/41/513 30 99 | jana.majerova@fpedas.uniza.sk | ano | 23. jiné | CSR, spoločenská zodpovednosť podniku, spoločensky zodpovedné podnikanie, meranie výkonnosti | V záujme dosiahnutia efektívneho finančného riadenia podniku je nevyhnutné venovať pozornosť aj tým aktivitám, ktorých výkonnosť z hľadiska dosahovania celopodnikových cieľov je zdanlivo problematicky kvantifikovateľná. Takýmito aktivitami sú najmä aktivity marketingové, ktoré podliehajú turbulentne sa vyvíjajúcim trendom a spotrebiteľským preferenciám a vzhľadom na ich vzájomnú komplementárnosť je exaktné určenie ich čiastkovej výkonnosti náročné. V prípade, že ide o aktivity, ktoré spoločne vytvárajú komplexný marketingový celok ako napr. komunikačnú kampaň je tento problém zanedbateľný, vzhľadom na to, že vyhodnotenie celkovej efektívnosti, ktoré je v tomto prípade menej náročné, má pre podnikový manažment dostatočnú vypovedaciu hodnotu. Ako podstatnú však vnímame potrebu venovania pozornosti tým aktivitám, ktoré majú samé o sebe komplexný charakter, avšak problematike vyhodnocovania ich efektívnosti sa nevenuje dostatočná pozornosť. Takýto prípad predstavuje napr. koncepcia spoločenskej zodpovednosti podniku, ktoré je progresívnou (a častokrát kapitálovo náročnou) marketingovou koncepciou. Z uvedeného dôvodu je predmetom predkladaného príspevku kritické posúdenie súčasných globálnych prístupov k skúmanej problematike a ich následné optimalizovanie pre špecifické podmienky v SR. | prevod | 2015-07-11 16:03:26 |
| 174 | Katarzyna Sawicz, doctor | Assistant Professor | University of Economics in Katowice
ul. 1 Maja 50
40-287 Katowice | +48601193372 | katarzyna.sawicz@ue.katowice.pl | yes | 23. others | comparative analysis, taxonomy comparative, the socio - economic development | The aim of this paper is a comparative analysis of the state of socio - economic regions in Poland using taxonomy comparative.
The study used data from the Statistical Yearbook of Voivodships of 2014.The selection of indicators was carried out in such a way that the region could emerge with high, medium and low level of socio-economic development. | transfer | 2015-07-12 22:13:28 |
| 175 | Pěta Jan, Ing. | doktorand | Vysoké učení technické v Brně
Fakulta podnikatelská
Ústav Financí
Kolejní 2906/4
612 00 Brno | 541143745 | peta@fbm.vutbr.cz | ano | 2. proces akvizicí a fúzí z hlediska financování podniku | Mergers and acquisition, success measurement of M&A, construction, economic effects, financial ratios | Mergers and acquisition (M&A) are considered as one of the ways of growth and development of the company and also the growth of the value of the company. Their success is widely discussed topic because it is very difficult to measure the effects of the transaction. This article presents and discusses approaches to the measurement of success of M&A, based on the economic results of the merged companies. The aim of this article is to present chosen approach to the measurement of success of M&A on the example of two companies working in construction and to find out if the union was economically successful. Authors assume, that for success are most important the motives of the M&A. This article does not judge analyzed transaction only in relation to expected effect of the transaction but also in relation to the development of the whole construction field. | hotove | 2015-07-13 09:15:39 |
| 176 | Matušovič Martin,Ing., PhD. | odborný asistent | EU v Bratislave, FPM, KPH
Dolnozemská cesta 1, 852 35 Bratislava +421 2 6729 5111
| 0905443222 | martin.matusovic@gmail.com | ano | 1. finanční řízení podniků | Sociálne inovácie, podnikové sociálne inovácie , finančné riadenie podnikových sociálnych inovácií, efektívnosť a konkurencieschopnosť.
| Finančné riadenie podnikových sociálnych inovácií.
Sociálne inovácie v podnikovej sfére a v jeho okolí sa stávajú čoraz frekventovanejšou témou reality podnikania. Oficiálna politika EÚ tento, jednotlivých ekonomík a podnikov tento strategický
trend pertraktuje. Bežná prax podnikov si túto dimenziu finančného riadenia ekonomiky a finančného
manažmentu podniku pragmaticky vyžaduje. Dôvodom je zabezpečenie úspešného a dlhodobo udržateľného podnikania a predovšetkým konkurencieschopnosti podnikateľských subjektov, ale aj objektívne docenenie ľudského kapitálu. Veľkou výzvou na Slovensku sa stáva finančné riadenie tvorby a implementácie podnikových sociálnych inovácií v porovnaní so zahraničím a v podnikoch hospodáriacich len s vlastným, či domácim kapitálom. Príspevok je zameraný na skúmanie
zložitých vzťahov sociálnych inovácií, finančného riadenia a ekonomiky podniku so zámerom zohľadniť aj koreláciu aj ďalších determinantov, efektívnosti a konkurencieschopnosti a iných.
| prevod | 2015-07-14 11:30:36 |
| 177 | Spáčilová, Lenka, Ing. Ph. D. | odborný asistent | Ekonomická fakulta
VŠB - Technická univerzita Ostrava
Sokolská třída 33
701 21 Ostrava 1 | 596992133 | Lenka.Spacilova@vsb.cz | ano | 18. rozvoj měnové teorie a problémy měnové politiky | deflation, European Union, Japan | Deflation: Will the European Union be the next Japan?
Příspěvek se bude zabývat porovnáním situace v EU s průběhem japonské deflace. | prevod | 2015-07-15 16:17:04 |
| 178 | HADAŚ-DYDUCH MONIKA | lecturer | University of Economics in Katowice
ul. 1 Maja 50,
40-287 Katowice
| +48 32 257 70 00 | monika.dyduch@ue.katowice.pl | yes | 12. forecastion of financial variables | prediction, wavelets, artificial neural networks | The aim of the article is to present non-clasical copyrighted algorithm for prediction of time series, presenting macroeconomic indicators and stock market indices. The algorithm is based on artificial neural networks and multi-resolution analysis (The algorithm is based on Daubechies wavelet). However, the main feature of the algorithm, which gives a good quality of the forecasts, is all included in the series analysis division into, a few partial under-series and prediction dependence on a number of other economic series.
Application of the algorithm was performed on a series presenting WIG 20. The forecast of WIG 20 was conditional on trading the Dow Jones, DAX, Nikkei, Hang Seng, taking into account the sliding time window. As an example application of copyrighted model, the forecast of WIG 20 for a period of two years, one year, six month was appointed.
An empirical example is described. It shows that the proposed model can predict index with the scale of two years, one year, a half year and other intervals. Precision of prediction is satisfactory. An average absolute percentage error of each forecast was: 0.0099% - for two-year forecasts WIG 20, 0.0552% - for the annual forecast WIG 20, and 0.1788% - for the six-month forecasts WIG 20.
| transfer | 2015-07-15 22:08:28 |
| 179 | doc. Mgr. Grzegorz Michalski PhD | docent | Wroclaw University of Economics
Komandorska 118 / 120
PL53-345 Wroclaw, Poland | +48503452860 | grzegorz.michalski@ue.wroc.pl | yes | 1. financial management of firms | cash management, small and medium enterprises, full operating cycle, business environements | The aim of the paper is to present logical model of cash management in small and medium enterprises with full operating cycle in various business environements. According to the model is possible to built the effective instruments to fit the real requirements to the model. Expected results are confirmed with empirical data. | transfer | 2015-07-15 23:26:30 |
| 180 | Sulik-Górecka Aleksandra, PhD; Strojek-Filus Marzena, PhD, Behavioral aspects of accounting system | Lecturer, Professor | University of Economics in Katowice, ul. 1 maja 50, 40-287 Katowice, Poland | +48322577276 | sulik_gorecka@ue.katowice.pl, mstrojek@post.ue.katowice.pl | yes | 1. financial management of firms | behavioral accounting, financial accounting, managerial accounting, tax, auditing | The accounting system is the core of informational system for management in entities. It consists of financial accounting, managerial accounting and cost accounting. From the practical point of viev it is also reasonable to take into consideration auditing and tax problems in accounting system. In the paper the authors have tried to recognise the crucial fields in all accounting system, where the behavioral aspects determine the decisions. The base of analysis was the literature review in order to indicate the most important behavioral determinants of accountants, financial directors, controllers and auditors. | transfer | 2015-07-15 23:41:09 |
| 181 | Sulik-Górecka Aleksandra, PhD; Strojek-Filus Marzena, PhD, Behavioral aspects of accounting system | Lecturer, Professor | University of Economics in Katowice, ul. 1 maja 50, 40-287 Katowice, Poland | +48322577276 | sulik_gorecka@ue.katowice.pl | yes | 1. financial management of firms | behavioral accounting, financial accounting, managerial accounting, tax, auditing | The accounting system is the core of informational system for management in entities. It consists of financial accounting, managerial accounting and cost accounting. From the practical point of viev it is also reasonable to take into consideration auditing and tax problems in accounting system. In the paper the authors have tried to recognise the crucial fields in all accounting system, where the behavioral aspects determine the decisions. The base of analysis was the literature review in order to indicate the most important behavioral determinants of accountants, financial directors, controllers and auditors. | transfer | 2015-07-15 23:42:22 |
| 182 | Šmíd Martin | vědecký pracovník | Ústav teorie informace a automatizace AV ČR, v.v.i.
Pod Vodárenskou věží 4
182 08
Praha 8 | 266052411 | smid@utia.cas.cz | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | risk management, mortgages, Vasicek mmodel, LGD | Model of Risk and Losses of a Multigenerational Mortgage Portfolio
Recently, Merton-Vasicek model became one of the standards in credit risk management. We present a generalization of this model allowing multiple sub-portfolios of loans possibly starting at different times and lasting more than one period. We propose a natural computationally efficient ways of linking our model to macro-economic environment and estimating its parameters. A case study based on aggregate US mortgage data is presented.
| prevod | 2015-07-16 09:43:34 |
| 183 | Ph. D. Karina Kuczowic | lecturer | University of Economics in Katowice
ul. 1 Maja 50
40-287 Katowice
| +48322577519 | karina.kuczowic@ue.katowice.pl | yes | 23. others | investment project financing, infrastructure projects,
long term investment | The paper deals with the financing of long term infrastructure investments. The choice of how to finance such investments should take into account the project’s capital-intensive nature, its risk and long lifecycle. It should be considered that what characterizes the investments in the infrastructure is not only its longer term implementation, but also the long operation of the facilities resulting from these investments. The consequences of the decisions made to select a source of financing affect not only present generations, but also the generations to come. The purpose of this paper is to evaluate the sources of funding long term investment projects in the view of intergenerational solidarity. | cash | 2015-07-17 14:54:13 |
| 184 | doc. Ing. Hana Bohušová, Ph.D. | akademická pracovnice | Mendelova univerzita v Brně
Zemědělská 1
613 00 Brno | +420608438073 | uchana@mendelu.cz | ano | 1. finanční řízení podniků | Leasing, IFRS pro SME, finanční analýza. | Rozdíly, které mezi vykazováním operativního a finančního leasingu v souladu s IFRS či US GAAP v současnosti existují, nutí uživatele účetních výkazů k individuální kapitalizaci operativních pronájmů. Návrh nového standardu pro vykazování leasingů by měl odstranit tento nedostatek. Cílem návrhu je vykazovat veškeré pronájmy s dobou pronájmu delší než jeden rok ve výkazu o finanční pozici nájemce. Vzhledem ke skutečnosti, že plné IFRS jsou určeny zejména pro účetní jednotky – emitenty cenných papírů obchodovaných na regulovaných finančních trzích, týká se tato úprava vykazování poměrně úzkého okruhu účetních jednotek. Nástrojem harmonizace účetního výkaznictví malých a středních podniků, které představují většinu účetních jednotek, slouží IFRS pro SME. IFRS pro SME by měl být do jisté míry kompatibilní s plnými IFRS, pro zajištění kompatibility slouží pravidelné úpravy v tříletých periodách. V rámci úprav v období 2015-2017 by mělo dojít i k odpovídající změně vykazování leasingů. Cílem příspěvku je zhodnocení dopadu navrhovaného způsobu vykazování leasingů založeného na převodu práva užívání na ukazatele finanční analýzy SME. Lze předpokládat, že k nejvíce ovlivněným účetním jednotkám budou patřit účetní jednotky operující v odvětvích, ve kterých představuje operativní leasing významný způsob financování dlouhodobého majetku (přepravní společnosti, letecké společnosti aj.). V příspěvku je zkoumán potenciální dopad na ukazatele finanční analýzy v oblasti malých a středních společností, působících v sektoru nákladní letecké dopravy v ČR. | prevod | 2015-07-20 09:06:29 |
| 185 | Spáčil, Vojtěch, Doc.Ing. CSc. | docent | Ekonomická fakulta
VŠB-Technická univerzita
Sokolská třída 33
701 21 Ostrava | 597322515 | vojtech.spacil@vsb.cz | ano | 10. bankovní management | hypoteční úvěr, spotřebitelské chování, typologie chování | Cílem příspěvku je navrhnout typologii chování spotřebitelů na trhu hypotečních úvěrů. Výzkum vychází z primárního šetření mezi 110 příjemci hypotečního úvěru. Na základě shlukové analýzy budou sestaveny jednotlivé typy spotřebitelů. | prevod | 2015-07-20 14:00:57 |
| 186 | Mr Ameh Prince Fidelis | General Manager | Shelter Limited
18 Cardoso street
Ajegunle-Apapa
Lagos | 2348022748927 | fillymeh@yahoo.com | no | | NONE | NONE | cash | 2015-07-21 15:14:18 |
| 187 | Ewelina Sokołowska, dr | PhD | Department of Corporate Finance
University of Gdansk | 517437733 | ewelina.sokolowska@ug.edu.pl | yes | 12. forecastion of financial variables | payment card, e-banking, forecasting, econometric model, financial innovation | The Polish payment card market is important given the current position of Poland as the
largest central European country. The purpose of this research is to determine directions for the
development of the payment cards market in Poland. An econometric model describing some
important aspects of this market is presented. Short-term forecasts of this market's development will
be estimated using a set of constructed empirical econometric models, with particular attention paid to
the intensity measures of payment card use, as well as to the use of payment card devices. The findings
from these models are meant to provide answers to the question of what can be expected from
observing the current Polish market for electronic payments. At the same time, the methodology that is
applied is universal and can be used to study the directions of development for electronic payments
market elsewhere in the world. It should also be emphasized that selection of an appropriate method
requires the testing and matching of such models, which will describe market development most
effectively. | cash | 2015-07-23 21:29:42 |
| 188 | Čížek Petr, Ing., M.A. | Doktorand | Univerzita Pardubice,
Studentská 95,
532 10 Pardubice 2,
Česká republika | 720762498 | petr.cizek@upce.cz | ano | 11. úloha kapitálových trhů při řízení společností a podniků | Venture Capital, Science Park, Startup, Investment | The paper deals with the perception of the science park business tenants to the idea of the venture fund provided by science park. The quality factors of the science park are clustered into 4 groups (Locality factors, Service factors and Financial factors). The paper compares perception of these factors and it shows the role (and importance) of the venture fund to the tenants. In the conclusion the contribution gives recommendations for the science parks and other possible investors which are willing to invest into high-risk but high-revenue industry. | hotove | 2015-07-24 17:35:50 |
| 189 | MR,ABDUL GANIYU IBRAHIM | OWNER | BOX NM 165 NIMA ACCRA
GHANA | 242767012 | ezequiel2011@mymelody.com | no | 6. analysis and situation of the tax burdens and tax supports | I will like to speak and share my idea to the conference | good | cash | 2015-07-24 19:43:15 |
| 190 | Mr. Tahir Ashraf | Operation Manager | Mobilink Telecom Company
Islamabad
Mailing Address:
House No.94, Street No. 8,
E - 11,
Gulshan-e-Khudadad
Islamabad
Pakistan
| 0092334555059 | tahirashraf64@yahoo.com | no | | I am Operation Manager and interested to attend this valuable conference. | Nil | cash | 2015-07-25 13:07:46 |
| 191 | Tommaso Lando, Lucio Bertoli-Barsotti, Inequality measures for intersecting Lorenz curves: some possible weak orderings | post doc | VSB Technical University of Ostrava, and University of Bergamo (via dei Caniana 2, Bergamo, Italy) | 00393334509625 | tommaso.lando@unibg.it | yes | 23. others | Lorenz ordering, majorization, stochastic dominance, inequality | The Lorenz ordering is probably the most logical tool for comparison of the dispersion of non negative random variables. Indeed, many income inequality metrics are order preserving (or isotonic) with the aforementioned preorder. However, in some situations Lorenz curves may intersect, so that the ordering is not fulfilled. Hence, some weaker criteria need to be to introduced: we present two different preorders, weaker than the Lorenz ordering, and propose a possible class of functionals that preserve them both. This method could be especially useful under conditions of maximum uncertainty. | transfer | 2015-07-27 14:25:38 |
| 192 | Madalina Lica, Principles of the Islamic banking system | PhD student | Bucharest Academy of Economic Studies | 0040751532348 | madalina.lica@yahoo.com | yes | 23. others | Islamic banking, Islamic economics,conventional and Islamic banks | In the context of the concerns raised regarding the cooperation with the Arab world, the challenge for international business is to respect the Islamic principles and values. Currently, religion in the Arab world begins to be seen rather as a constructive power than a destructive one. The present paper comprises a presentation of what Islamic financial system implies for the economies of Arab countries nowadays and a comparison between the performance of Islamic and conventional banks in Pakistan. It is shown that the Islamic banking system is reliable and may represent a strong competition for conventional banks in the Islamic world. In the Gulf countries where Islamic banking has begun to play an important role, a new type of Islamic capitalism is taking shape. In these countries, we can say that the development and economic diversification were sustained in a more appropriate manner than in North African countries, especially in Egypt, Libya and Algeria, where government policies were both anti-capitalist and against the implementation of the Islamic law sharia'a in finance and banking. The origins of | transfer | 2015-07-27 17:39:01 |
| 193 | S. Ortobelli, F. Petronio, Choices based on asymptotic approximation | post doc | VŠB-Technical University Ostrava, Sokolská třída 33, Ostrava, Czech Republic | 0039 3284562330 | filomena.petronio@gmail.com | yes | 16. portfolio management and optimization | Portfolio optimization, asymptotic stochastic dominance rules, large-scale portfolio problem | In this paper, we deal with portfolio selection decisions considering the asymptotic behavior of the portfolio returns. Thus, using the stable Paretian portfolio parameterization, we examine some dominance rules to determine the optimal choices of non-satiable risk averse investors. In particular, we first preselect a subclass of assets which are not dominated by the point of view of non-satiable and risk-averse investors. Secondly we optimize a multi-parametric portfolio optimization problem that takes into account the asymptotic stochastic dominance rule. Finally, we compare the ex-post wealth obtained by optimal portfolios with different levels of asymptotic skewness and stability index. | transfer | 2015-07-30 17:34:36 |
| 194 | S. Ortobelli and F. Petronio, An analysis of fixed income BRICS markets | Associate Professor | University of Bergamo, via dei Caniana, 2, Bergamo, Italy; and VŠB -TU Ostrava, Sokolská třída 33, Ostrava, Czech Republic; e-mail: sergio.ortobelli@unibg.it. | 00390352052564 | sergio.ortobelli@unibg.it | yes | 16. portfolio management and optimization | Portfolio optimization, BRICS markets, Sharpe performance. | In this paper, we examine the performance of the BRICS bond markets, trying to evaluate whether these markets can represent a profitable investment for non-satiable and risk averse investors. First, we analyze the main statistical characteristics of the returns in each of this markets. Then, we propose an empirical comparison of the profitability of investment strategies among the BRICS markets. Specifically, we compare the ex-post sample paths of the wealth, obtained investing in the bond BRICS markets, following the classical theory according to Fisher and Weil immunization theory. Moreover, we also evaluate the portfolio investments based on Inflation-Linked Bonds of these emerging markets. | transfer | 2015-07-30 17:39:09 |
| 195 | dr Paweł Prędkiewicz | assistant professor | Wroclaw University of Economics
ul. Komandorska 118/120
53-345 Wrocław | +48713680751 | pawel.predkiewicz@ue.wroc.pl | yes | 23. others | health system, health expenditures, efficiency | Impact of financing structure on health system outcomes in selected European countries.
Main aim of this paper is to examine relationship between structure of health system and health outcomes. We hypotheses that health systems where primary care has greater financing have on average better health outcomes measured by life expectancy. Authors conducted study on European countries using data from Eurostat and OECD database for years 2009-2012. Authors used ratio of out-patient curative care expenditure to current health expenditures as measure of primary care role in health system. Conducted research shows large differences in health system financing structure and only weak relationship between analyzed indicators.
| transfer | 2015-08-07 13:27:43 |
| 196 | Marco Cassader | PhD student | VSB - TU of Ostrava and University of Bergamo | 00393491170878 | marco.cassader@gmail.com | yes | 16. portfolio management and optimization | Active Strategy, Portfolio Selection, Performance Measure, Linear Programming, Stochastic Dominance | The benchmark tracking portfolio problem is a investment strategy which aims to exceed
the performance of a selected target benchmark and it is sometimes referred to as to
active portfolio management. It is well known that many professional
investors achieve this benchmarking strategy: for instance, bond funds try to beat the
Barclays Bond Index, commodity funds seek to beat the Goldman Sachs Commodity
Index while several mutual funds take the Standard and Poors (S&P) 500 Index as their
benchmark. The aim of this work is to solve the benchmark tracking problem implementing
active strategies to manage a portfolio with the aim to outperform the benchmark index.
We develop linear formulation portfolio optimization problem maximizing some
performance measures. Then, introducing first and second order stochastic dominance
constraints, we evaluate their impact in the invested portfolio wealth path. | cash | 2015-08-08 18:14:07 |
| 197 | Kopa, Miloš, Doc. | Docent | Univerzita Karlova v Praze
Matematicko-fyzikalni fakulta
Katedra pravděpodobnosti a matematické statistiky
Ke Karlovu 3
121 16 Praha 2 | 774628876 | kopa@karlin.mff.cuni.cz | ano | 16. optimalizace a řízení portfolií | mean-risk portfolio selection, Conditional Value at Risk, out-of-sample performance, optimal risk parameter | The paper deals with mean-risk models using Conditional Value at Risk (CVaR) as a measure of risk. Firstly, using daily data of returns of 49 US industrial representative portfolios within one year, the optimal in-sample portfolios for years 1927 – 2011 are computed. Then the out-of-sample performance of these portfolios is analyzed using annual returns from years 1928 – 2012. The analysis is done for various values of risk parameter and the out-of-sample optimal value of risk parameter is identified. The out-of-sample optimality is considered with respect to various criteria: maximization of mean out-of-sample return, minimization of variance of out-of-sample returns and minimization of CVaR of out-of-sample returns. | hotove | 2015-08-20 10:57:44 |
| 198 | Zajarošová Markéta, Ing. Ph.D. | odborný asistent | VŠB - TU Ostrava, Ekonomická fakulta
Sokolská tř. 33, 70121 Ostrava
| 597322387 | marketa.zajarosova@vsb.cz | ano | 23. jiné | Multi-Criteria Decision Making, Mobile Phone Applications, Analytic Hierarchy Process | Currently, the spread of smartphones in the world and the great popularity of smartphones is getting bigger. With the development of the market for mobile applications there is also a need to examine the needs of customers and with regard to their preference there is a need to modify companies offer. The aim of the paper is to determine the weights of individual factors that influence the customer's choice of new applications and thereby determine which factors companies should look for when planning their offers. For the investigation of these preferences is used method Analytical hierarchical Process (AHP). During the research the various factors that may affect the customer's choice of new mobile applications were compared. Using the methods of multi-criteria decision making are the properties of mobile applications selected to those that have the greatest importance in the acquisition of new applications. Comparing the alternatives with respect to individual criteria leading to the selection of alternatives that best meets customers’ preferences. | prevod | 2015-08-21 10:12:28 |
| 199 | Noureddine Kouaisah | PhS student | Unversity of Bergamo, via dei caniana 2, Italy | 00393284742831 | noureddine.kouaissah@unibg.it | yes | 17. hedging strategies application, derivatives valuation | Arbitrage opportunities, put-call parity, state price density, conditional expectation estimators | In this paper, we present different approaches to evaluate the presence of the arbitrage opportunities in the market. In particular, we investigate empirically the well-known put-call parity no-arbitrage relation and the state price density. First, we measure the violation of the put call parity as the difference in implied volatilities between call and put options. Then, we examine the nonnegativity of the state price density. We evaluate the effectiveness of the proposed approaches by an empirical analysis on S&P 500 index options data. Moreover, we propose alternative approaches to estimate the state price density under the classical hypothesis of the Black and Scholes model. To this end, we use the classical nonparametric estimator based on kernel and a recent alternative the so called OLP estimator that uses a different approach to evaluate the conditional expectation consistently. | cash | 2015-08-21 19:35:26 |
| 200 | Mr. | Finance manager | Unity University | +251914810395 | teshale2112@gmail.com | no | | i want to register as Listener | i want to register as Listener | transfer | 2015-08-25 11:51:53 |
| 201 | Meluchová Jitka, doc. Ing. PhD. | docent | Ekonomická univerzita v Bratislave, Fakulta hospodárskej informatiky, Katedra účtovníctva a audítorstva, Dolnozemská cesta 1/b, 852 35 Bratislava, SR | +421905432531 | : jitka.meluchova@euba.sk | ano | 8. aktuální problémy v oblasti bankovnictví a pojišťovnictví | Globalization, risk management, insurance company, internal control system, internal audit, financial market | The globalization brings positives and negatives. Positives need to be used effectively and efficiently eliminate the negatives. The process of globalization can't be stopped. Current developments and globalization trends in the economy and finance have the effect of increasing the level of risk that affect the internal and external environment of each entity. That's especially true for the financial market and the insurance market. In order to be competitive insurance company must establish an effective risk management system to ensure its financial stability and capital adequacy in line with European rules. The instrument to eliminate the risks arising from its activities is the creation implementation of effective risk management, internal control system and internal audit. For this strategy to be successful it is necessary to have quality the data base and have in place effective controls using IT technologies. The aim of this paper is to examine the process with a focus on the reliability of the information presented on the risks within the external reporting. | prevod | 2016-06-27 09:57:36 |
| 202 | Markovič Peter, prof. Ing., PhD. | dekan fakulty, vysokoškolský profesor | Fakulta podnikového manažmentu Ekonomickej univerzity v Bratislave
Dolnozemská cesta 1/b
852 35 Bratislava 5
Slovenská republika | +421267295535 | peter.markovic@euba.sk | ano | 13. řízení tržního, úrokového, měnového a komoditního rizika | Black-Scholes Model, financial engineering, option models, prediktion of financial condition, credit risk | Complex equilibrium models belong to the group of methods allowing the assessment of selected aspects of financial or managerial decision. In the 80s of the last century they began to be intensively used in predicting the option premium - as a tool for quantifying internal and time value of the option contract. The aim of this paper is to highlight the applicability of this approach in predicting the credit worthiness of the company, while the effect of this application is reflected in the estimated probability of debtor's default on his/her credit obligations. Practical application assumes the modification of the Black-Scholes model to the forms that enable modeling the impact of the present value of assets and assumed amount of debt on credit default probability. The applicability of this modified complex equilibrium model can be used in expert practice (section: economics and management or banking). It is also a certain counterbalance to the conventional internal models of commercial banks.
Baseline database is made up of public available data of entrepreneurial entities (database Cribis /Slovak Credit Bureau/ and data warehouse of the Ministry of Industry and Trade of the Czech Republic). These data are linked to the development of interest rates of credit sources, to the risk-free benchmark interest rate with respect to the debtor's sector. | prevod | 2016-06-30 18:46:56 |
| 203 | David Anthony Procházka, PhDr., MBA, MSc | akademický pracovník | Vysoká škola ekonomická v Praze, Nám. Winstona Churchilla 4, Praha 3 | +420773099592 | david.prochazka.km@vse.cz | ano | 10. bankovní management | banking, czech national bank, political impartiality, interventions | This article presents the management style of Czech National Bank (CNB), describes its main goals and questions political impartiality and analyses the decision-making process of CNB´s recent currency interventions. | prevod | 2016-06-30 23:30:09 |