Template-Type: ReDIF-Article 1.0
Author-Name: Jan Vejmělek
Title: Some stylised facts about the exchange rate behaviour of Central European currencies
Abstract: The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1) All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2) Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3) The more flexible an exchange rate regime is, the more volatile the respective currency. This is true for both nominal and real exchange rates. While nominal volatility is lower than real volatility in a system of fixed or less flexible exchange rates, the opposite is true for flexible systems: exchange rate volatility is higher in nominal terms than in real terms.
Keywords: GARCH models, volatility, exchange rate, time series analysis
Classification-JEL: C22, F31
Pages: 3-17
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=525.pdf
File-URL: http://www.vse.cz/aop/525
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Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:525:p:3-17
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Template-Type: ReDIF-Article 1.0
Author-Name: Petra Štamfestová
Author-Name: Aleš Kubíček
Title: The Role of ICT in Czech Industrial Companies in the 21st Century
Abstract: In the conditions of the new economy, business investment in information and communications technology (ICT) has proven to be critical for company development. The main reason is that performance in other business areas is becoming gradually dependent on ICT. The theoretical part of the paper, based on a literature review, discusses the state of the art in the field related to the impact of ICT on selected non-financial performance areas. The aim of the empirical part is to analyse the relationship between the degree of ICT implementation and production quality, customer, and human capital. We employ a questionnaire among industrial companies in the Czech Republic in order to test these relationships. The analysis finds statistically significant relationships between the examined constructs. Our findings suggest that the quality of ICT has a significant impact on production quality, customer and human capital.
Keywords: ICT, non-financial indicators, performance
Classification-JEL: G30, L25, M19
Pages: 18-32
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=526.pdf
File-URL: http://www.vse.cz/aop/526
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:526:p:18-32
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Houdek
Author-Name: Petr Koblovský
Title: Behavioural Finance and Organisations: A Review
Abstract: The article presents a short overview of heuristics and biases in managerial decision-making under risk and the consequences of such non-standard preferences for financial health of organisations. It is argued that, particularly in the case of inefficient ownership control or poor corporate governance, such bounded rationality manifestations can have a significant impact on a firm’s performance. We also argue that in such cases risk preferences of individual managers can be more idiosyncratic. We illustrate that using the concepts of limited attention, reference-dependence decision-making and especially overconfidence (over-optimism). The relevance of such concepts is shown on a number of real data studies analysing investment policies of firms, their leverages, financing strategies and decisions on mergers and acquisitions. We also include recommendations targeted at minimising negative outcomes of bounded rationality at the managerial level in respect of financial health of firms. The final parts concern limits of the current empirical literature.
Keywords: Corporate Governance, heuristics, biases, behavioural finance, risk preferences, overconfidence, over-optimism, limited attention, availability heuristics
Classification-JEL: D23, D81, L20
Pages: 33-45
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=527.pdf
File-URL: http://www.vse.cz/aop/527
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:527:p:33-45
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Template-Type: ReDIF-Article 1.0
Author-Name: David Procházka
Title: Forced Adoption of IFRS by Czech Non-Listed Companies: An Assessment of Benefits and Costs
Abstract: The paper deals with the effects of IFRS adoption by a specific group of companies. It focuses on the so-called forced IFRS adopters, which are such private (non-listed) companies that (a) are forced to adopt the IFRS (because their parent prepares IFRS consolidated statements) and simultaneously (b) are not permitted by the regulatory framework of a given jurisdiction to apply the IFRS in their individual financial statements on a voluntary basis. In particular, benefits and costs connected with the forced IFRS adoption by Czech private companies are assessed. The results, based on a questionnaire survey among affected companies, confirm the intuitive presumption that accounting treatment of certain items significantly differs between Czech GAAP and IFRS, which requires the use of advanced methods for the conversion of financial statements. Regardless of which conversion method is used, perceptions of both benefits and appropriateness of incurred costs vary across entities. The benefit-to-cost ratio for the two most commonly used conversion methods (spreadsheets and dual accounting software) is comparable, as the first method generates fewer benefits for lower costs and the second method is connected with more benefits, but at higher costs. Finally, the survey reveals that actual costs of IFRS adoption are higher than the expected costs regardless of the conversion method applied.
Keywords: IFRS, mandatory, voluntary and forced adoption, Czech private companies, conversion of financial statements
Classification-JEL: M41
Pages: 46-62
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=528.pdf
File-URL: http://www.vse.cz/aop/528
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:528:p:46-62
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Half-Forgotten Personalities of Economic Thought - N. D. Kondratiev
Abstract: N. D. Kondratiev was a Russian economist and statistician. Although he was interested in planning theory, he became most famous for his modern approach to economic cycles, primarily long waves. Unfortunately, both his ideas about dynamics in economics, planning and cycles and his work for the Institute for Conjuncture are still underappreciated.
Keywords: economic dynamics, N. D. Kondratiev, long waves (K-waves), planning theory
Classification-JEL: B14, B41, E32
Pages: 81-88
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=529.pdf
File-URL: http://www.vse.cz/aop/529
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Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:529:p:81-88
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Template-Type: ReDIF-Article 1.0
Author-Name: Karina Pohlová
Author-Name: Josef Mezera
Author-Name: Jindřich Špička
Title: Czech Foreign Trade with Meat and Meat Products
Abstract: The meat production and meat processing industry are the most important parts of the agribusiness in the Czech Republic. The problem of the industry is its low competitiveness towards foreign producers and processors which results in negative balance of foreign trade. The aim of the article is to evaluate long-term development of value and structure of Czech foreign trade flows of meat and meat products. The analysis covers the period of 2001-2014. The problems of the negative trade balance are revealed through description of the trade flows of meat and meat products, the RCA index and relations between import and export prices. The analysis points out the problems of low competitiveness of the intermediate and finalized meat. Alternatively, Czech Republic has comparative advantage in live animals, sausages and homogenized meat products.
Keywords: trade flows, relative comparative advantage, trade balance, meat processing industry
Classification-JEL: F14, Q17
Pages: 63-80
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=532.pdf
File-URL: http://www.vse.cz/aop/532
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:2:id:532:p:63-80
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/532