Acta Oeconomica Pragensia, 2012 (vol. 20), issue 2
Wavelets and Estimation of Long Memory in Log Volatility and Time Series Perturbed by Noise
Milan Bašta
Acta Oeconomica Pragensia 2012, 20(2):3-20 | DOI: 10.18267/j.aop.360 
Percival and Walden (2002) present a wavelet methodology of the least squares estimation of the long memory parameter for fractionally differenced processes. We suggest that the general idea of using wavelets for estimating long memory could be used for the estimation of long memory in time series perturbed by noise. One prominent example thereof is the time series of log-Garman-Klass estimates of log volatility of financial markets. The estimator of Percival and Walden (2002) is biased if the long memory time series is perturbed by noise. We propose a new estimator of the long memory parameter which combines (in its construction) the frequency-domain...
Regional Localization of the Automotive Industry in the Czech Republic
Milan Damborský, Gabriela Říhová, Vojtěch Rajtr
Acta Oeconomica Pragensia 2012, 20(2):21-39 | DOI: 10.18267/j.aop.361
The theoretical background of this paper presents localization theories. Classic location theory, models based on imperfect competition, theories aiming at the location of services, the polarization theory as well as the location theories based on institutionalism can be considered to be the key localization theories. Modern theories include, e.g., the theory of production and profit cycles and new economic geography. Foreign direct investment localization is a specific question of localization theory. In this context, the issue of localization of investments in the car industry is now being researched. The specific localization factors have been identified...
Moral Hazard and Adverse Selection by Export Guarantee and Insurance Corporation
Mojmír Spálovský
Acta Oeconomica Pragensia 2012, 20(2):40-48 | DOI: 10.18267/j.aop.362
The text refers to a specific field of the insurance market, which concerns export insurance by the state-owned insurance corporation (EGAP). In this company, we can find some moral hazard and adverse selection due to almost 100% guarantees to insured entities. The paper concerns the relationship between the insurance corporation and banks that grant loan to Czech exporters or foreign importers in high-risk countries. On the part of the bank, there exists adverse selection while submitting applications for insurance and moral hazard during the insurance relationship. These are the problems on the part of the EGAP, which has a conflict between supporting...
Competence of Graduates of University of Economics, Prague. Analysis of Achieved and Required Levels
Renáta Kunstová, Hana Řezanková
Acta Oeconomica Pragensia 2012, 20(2):49-69 | DOI: 10.18267/j.aop.363
The paper focuses on competitiveness of the Prague University of Economics' graduates from the point of view of competence levels. The aim was to compare the achieved and required levels of competences evaluated by graduates. We analyzed the data collected within the international projects REFLEX 2006 and REFLEX 2010. We only analyzed responses of graduates from master degree studies at the University of Economics, Prague. We compared the achieved and required levels of competences within each period, then we compared the competence levels between the two periods, and finally we compared our results with the results of other surveys. The obtained knowledge...
Kauftipp: Kaufhaus-Aktien, or Headlines of Stock Performance Reports in German Press
Jaroslav Březina
Acta Oeconomica Pragensia 2012, 20(2):70-76 | DOI: 10.18267/j.aop.364
Market reports in the German press are a very interesting area in terms of subtitle linguistics. Subtitles show a number of characteristics. The typical features include the use of metaphoric means of expression, metaphorical models and phrasemes. Regarding the function and role of subtitles in market reports, there is no professional consensus in the research of language for special purposes. The analysis suggests that the importance of headlines as the bearers of important information rather complements their attraction function and their attempt to attract the reader's attention.
A Comparison of Classical and Bayesian Probability and Statitics (2)
Petr Hebák
Acta Oeconomica Pragensia 2012, 20(2):77-92 | DOI: 10.18267/j.aop.365
Statistics has been developing for almost 250 years - since the publication of an essay which included one theorem called Bayes' after the author. This whole period (since 1763 to this day) has been accompanied by a duel between the supporters of a subjective concept of probability and those who refuse everything but a purely objective concept of probability as well as statistics. While the 18th and 19th centuries accepted the importance of the subjective (let us say Bayesian) way of thinking for the development of probability and statistics without a problem, in the 20th century the classic (frequentist) way took over and has been dominant in teaching...