Template-Type: ReDIF-Article 1.0
Author-Name: Milan Bašta
Title: Wavelets and Estimation of Long Memory in Log Volatility and Time Series Perturbed by Noise
Abstract: 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 approach of Sun & Phillips (2003) and the approach of Percival & Walden (2002). We illustrate the properties of the proposed estimator via Monte Carlo simulations. The results show that the estimator may be useful for the estimation of the long memory in volatility.
Keywords: time series, volatility, long memory, wavelets, finance
Classification-JEL: C49, G10
Pages: 3-20
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=360.pdf
File-URL: http://www.vse.cz/aop/360
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:360:p:3-20
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Template-Type: ReDIF-Article 1.0
Author-Name: Milan Damborský
Author-Name: Gabriela Říhová
Author-Name: Vojtěch Rajtr
Title: Regional Localization of the Automotive Industry in the Czech Republic
Abstract: 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 as a result of car industry regional distribution analysis across the Czech Republic. These factors include the tradition of the automotive branch, the strategic location of the region, the privatization process, large car factory proximity, etc.
Keywords: localization, automotive industry, location factors, regional analysis
Classification-JEL: R11, R30
Pages: 21-39
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=361.pdf
File-URL: http://www.vse.cz/aop/361
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:361:p:21-39
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Template-Type: ReDIF-Article 1.0
Author-Name: Mojmír Spálovský
Title: Moral Hazard and Adverse Selection by Export Guarantee and Insurance Corporation
Abstract: 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 regional export affordability and realizing an optimal portfolio. With such high guarantees, banks can offer their clients high risk while receiving irrelevantly low insurance premiums. This text tries to identify some differences between the existing process of evaluation and the ideal set that decreases the impact of those two effects.
Keywords: moral hazard, adverse selection, export insurance, insurance, EGAP, asymmetric information
Classification-JEL: D82
Pages: 40-48
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=362.pdf
File-URL: http://www.vse.cz/aop/362
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:362:p:40-48
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/362

Template-Type: ReDIF-Article 1.0
Author-Name: Renáta Kunstová
Author-Name: Hana Řezanková
Title: Competence of Graduates of University of Economics, Prague. Analysis of Achieved and Required Levels
Abstract: 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 indicates positive development in the area of competence levels acquired by the graduates. In addition to standard statistical coefficients of association, agreement and similarity, a new competence coefficient was proposed for the comparison of achieved and required levels of competences.
Keywords: competitiveness of graduates, competence levels, ordinal variables, association measures, coefficient of agreement, similarity measures
Classification-JEL: C49, J24
Pages: 49-69
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=363.pdf
File-URL: http://www.vse.cz/aop/363
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:363:p:49-69
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/363

Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Březina
Title: Kauftipp: Kaufhaus-Aktien, or Headlines of Stock Performance Reports in German Press
Abstract: 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.
Keywords: phraseology, stock exchange, market reports, shares, headline, proverb
Pages: 70-76
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=364.pdf
File-URL: http://www.vse.cz/aop/364
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:364:p:70-76
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/364

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Hebák
Title: A Comparison of Classical and Bayesian Probability and Statitics (2)
Abstract: 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 and textbooks to this day. Only in the second half of the 20th century did the situation begin to change slowly. Reasons for that are partly described in the present article, but arguments and simple examples supporting the Bayesian way in comparison with the classic one are clear and generally respected worldwide. Unsuspected new computing possibilities have caused an explosive development of Bayesian statistics, which has infiltrated almost all the areas of statistics and a number of other scientific fields. It is not possible to expect a retreat of the different philosophical or pedagogical positions of the fighting schools of thought (even though it is really needed), but the use of advantages of both the  approaches is methodologically not only possible, but even expected. Part of the teaching of statistics must be prepared for these changes, but it has not been the case in the Czech Republic at all so far.
Keywords: subjective probability, frequentist statistics, classical and Bayesian approach and thinking, Bayes´ theorem, point estimation, prior and posterior distribution, Bayesian Credible interval, hypothesis testing
Classification-JEL: C82, E21
Pages: 77-92
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=365.pdf
File-URL: http://www.vse.cz/aop/365
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:2:id:365:p:77-92
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/365