Template-Type: ReDIF-Article 1.0
Author-Name: Martin Mandel
Author-Name: Vladimír Tomšík
Title: Real Exchange Rate of the Czech Koruna and the Prices of Non-tradable Goods and Services
Abstract: The paper presents both theoretical and an empirical analysis of factors influencing the prices of non-tradable goods and services in the Czech economy. The analysis discusses the development of the real exchange rate of the Czech koruna and quantifies the size of the real exchange rate appreciation of the Czech currency in the period 1993-2007 as a result of the domestic price development in the tradable and non-tradable sectors. The paper mathematically derives a relationship between the prices of non-tradable goods and services and the real exchange rate based on a traditional aggregate base. It also defines the basic determinants of the prices of non-tradable goods and services while emphasizing the basic distinctions between these price determinants for non-tradable and tradable goods and services. The econometric part of the paper is based on VAR models, cointegration analysis, and vector error correction models. The empirical verification is carried out with the Czech economic data covering the period 1996-2007.
Keywords: Balassa-Samuelson effect, real exchange rate, inflation
Classification-JEL: C33, F31, F41
Pages: 3-12
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=89.pdf
File-URL: http://www.vse.cz/aop/89
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Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:89:p:3-12
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavla Maříková
Author-Name: Miloš Mařík
Title: Effect of Capital Structure on Business Valuation Using Various DCF Methods
Abstract: Income valuation is a fundamental valuation approach. One question still open is the discount rate calculation. One factor impacting the discount rate is a capital structure. Nevertheless, the structure has to be in market values. It means that the knowledge of the result is a precondition for the calculation. The solution lies in an iterative technique based on recursive progress. It is also necessary to select suitable reagency functions expressing relations between equity cost and leverage ratio. The traditional reagency function is employed according to MMII, whereas the modified reagency function is derived by other authors. In addition, the article analyzes main factors impacting the size of error arising when discount rate calculation using a DCF method is not based on capital structure in market values. This analysis is made for both MM and modified reagency functions.
Keywords: value, equity cost, Business valuation, WACC, DCF, discount rate, capital structure
Classification-JEL: G30, G32
Pages: 13-31
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=91.pdf
File-URL: http://www.vse.cz/aop/91
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:91:p:13-31
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Daňhel
Author-Name: Eva Ducháčková
Title: Do Regulatory Projects Bring High Degree of Financial, Namely Insurance Market Stability?
Abstract: The article analyses reasons for state regulation, and deals with present regulatory projects aimed at ensuring increased stability of financial, or more precisely, insurance markets, especially with respect to securing an adequate level of consumer protection and lowering information asymmetry. In more detail, the authors pay attention to the fundamentals of the Solvency II regulatory requirements for insurance firms that operate in the European Union and highlight some unanswered questions of practical implementation and limits of this framework. Moreover, they deal with other regulatory issues and terms (the use of "unknown unknowns" etc.).
Keywords: state regulation of financial and insurance markets, insurers, Solvency II
Classification-JEL: G30
Pages: 32-39
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=93.pdf
File-URL: http://www.vse.cz/aop/93
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:93:p:32-39
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Template-Type: ReDIF-Article 1.0
Author-Name: Jana Kahounová
Title: Asymptotic Probability Distribution of Sample Maximum
Abstract: Extreme value theory is the most scientific approach to an inherently difficult problem - predicting the possibility that an extreme event will occur. Broadly speaking, there are two kinds of models for extreme values. The first group of models are models for a distribution of normalized maximum (minimum) of the sequence of independent identically distributed random variables. The second, more modern, group of models are the peaks-over-threshold (POT) models. These are models for all large observations which exceed a threshold. This paper is concentrated on the first type of model. Here, the maximum loss of a bank caused by different technological accidents and natural disasters is treated.
Keywords: extreme value theory, Gumbel distribution, method of point estimation
Classification-JEL: C24
Pages: 40-46
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=103.pdf
File-URL: http://www.vse.cz/aop/103
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:103:p:40-46
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/103

Template-Type: ReDIF-Article 1.0
Author-Name: Magdalena Kotýnková
Title: The Czech Labour Market and Its Structural Changes in the Period 1990-2006
Abstract: This paper deals with the situation on the Czech labour market in the period 1990-2006. It shows the status and development of the supply and demand sides of this market. Great attention is paid to the long-term trends in employment, self-employment, unemployment, and long-term unemployment. The principal findings concern the dominance of the supply side of the labour market, especially the unfavourable decline in young labour force in the present difficult period, a special pattern of Czech self-employment development, a heavy tax burden on employees' income, and distortions of labour market caused by high labour costs (social and health insurance). Last but not least, the paper explores the labour market flexibility.
Keywords: unemployment, labour market, labour force, long-term unemployment, supply and demand side of labour market, employment, self-employment
Classification-JEL: J11, J21, J23
Pages: 47-61
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=105.pdf
File-URL: http://www.vse.cz/aop/105
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:105:p:47-61
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/105

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Hnilica
Title: Qualitative and Semi-qualitative Risk Analysis of a Project
Abstract: The paper focuses on possibilities of the qualitative risk analysis of a project, which appears scarcely in literature compared to the more sophisticated techniques of risk analysis, such as simulations. Identified are elementary processes of risk analysis ranging from the risk identification to the determination of significance of a risk factor by means of visualization and of scoring.
Keywords: risk analysis, risk, uncertainty
Classification-JEL: G30
Pages: 62-69
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=107.pdf
File-URL: http://www.vse.cz/aop/107
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:107:p:62-69
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie Leigh Livingston
Title: Evaluating Institutional Performance: An Ex Post Analysis of Water Law in Colombia
Abstract: In recent years, there have been many changes in environmental law and policy around the globe targeted at improving both economic and environmental conditions. Policy makers and research analysts in many countries are interested in evaluating the success of these changes. Ex-post analysis may be useful in assessing economic and environmental performance. However, the methodology for this type of analysis is still developing. This paper presents one method for performing ex-post analysis using the case of recent changes in water law in the country of Colombia.
Keywords: environmental impact assessment, institutional change, ex-post analysis, water law, Colombia
Classification-JEL: D61, D62, D63, Q51, Q52
Pages: 70-79
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=108.pdf
File-URL: http://www.vse.cz/aop/108
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:108:p:70-79
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/108

Template-Type: ReDIF-Article 1.0
Author-Name: Radim Vlček
Title: Complementary Strategies in Management of Innovations
Abstract: This paper deals with the new strategies in management of innovations, particularly the strategy of differentiated complexity of innovations. It explains how to manage and apply rationalization innovations, incremental innovations and radical innovations. It is always necessary to apply proper methods, tools and processes of these different types of innovations. The strategies of origin of product and process innovations are described. The primary incentives for product innovation are the needs of outside customers and firms as market subjects. The primary incentives for process innovation are the needs of inside customers, firms as producing subjects, and some stakeholders. Finally, the paper discusses harmonization of product and process innovations.
Keywords: strategies of management of innovations, rationalization, incremental and radical innovations, product and process innovations
Classification-JEL: M10
Pages: 80-91
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=109.pdf
File-URL: http://www.vse.cz/aop/109
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:109:p:80-91
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/109

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Truneček
Title: Global Paradigm of a Managerial System on the Principle of Living Organisms
Abstract: The article characterizes current ideas on this issue and defines a global paradigm of a managerial system on the principle of living organisms. Using Kuhn's theory of science development, the article characterizes controversial attitudes to knowledge economy and defines a global paradigm for a new and developing approach to management: organization as a living organism.
Keywords: industrial and knowledge society, paradigm, paradigm break, best practices, company as living organism
Classification-JEL: D29, D83, L23
Pages: 92-102
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=111.pdf
File-URL: http://www.vse.cz/aop/111
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:111:p:92-102
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/111

Template-Type: ReDIF-Article 1.0
Author-Name: Dana Zadražilová
Title: Corporate Social Responsibility
Abstract: In recent years, interest in corporate social responsibility (CSR) has risen considerably due to stakeholder xpectations: "conscientious consumers", institutional investors' interest in Socially Responsible Investment (SRI), the increasing demand for highly qualified employees, the political community's interest in sustainability culminating in various initiatives, discussion among the general public about corporate responsibility. CSR can contribute to the success of a company in many ways; e.g., improve its risk management techniques; reduce the reputation-damage risk; attract and retain qualified employees; generate a beneficial business environment. CSR could be a source of competitive advantage if it generates a unique character of the company or product brand.
Keywords: Corporate Social Responsibility, Socially Responsible Investment, stakeholder, reputation, competitive advantage, sustainability reporting, sustainability/social indices
Classification-JEL: J24, J31, J61
Pages: 103-109
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=112.pdf
File-URL: http://www.vse.cz/aop/112
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:112:p:103-109
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduard Kubů
Title: Germanization and Exclusion of Jews in the Westböhmischer Bergbau-Aktien-Verein (West Bohemian Mining Joint-stock Association)
Abstract: This case study analyzes the process of the Aryanization and Germanization in an important joint-stock mining association in the Czech Lands. Rarely preserved source material enables an insight behind the scenes of the implementation of the design and demonstrates authority ambiguities of the Nazi administration, providing space for assertion of personal interests. It clearly illustrates one of the roles of the banking sector, in this case the Dresdner Bank, in the process of Aryanization.
Keywords: Czechoslovakia, Germany, aryanization, bank, West Bohemian Mining Joint-stock Association
Pages: 110-119
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=113.pdf
File-URL: http://www.vse.cz/aop/113
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:113:p:110-119

Template-Type: ReDIF-Article 1.0
Author-Name: Věra Höppnerová
Title: Economic Growth and Decline in the Mirror of Verbs
Abstract: Verbs expressing economic growth and decline are an important part of business language. The rules for their semantic connectability are hard to determine, even for native speakers. Partial rules for the use of some of them are formulated in this article. Alot of the metaphorically used verbs are not to be found in our dictionaries. They appear in the business language, especially for stylistic reasons.
Keywords: business language, verbs of growth and decline, rules of their use
Classification-JEL: Z19
Pages: 120-125
Volume: 2008
Issue: 3
Year: 2008
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=115.pdf
File-URL: http://www.vse.cz/aop/115
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:3:id:115:p:120-125
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/115