Template-Type: ReDIF-Article 1.0 Author-Name: Milan Fičura Author-Name: Jiří Witzany Title: Use of Adapted Particle Filters in SVJD Models Abstract: Particle Filter algorithms for filtering latent states (volatility and jumps) of Stochastic-Volatility Jump-Diffusion (SVJD) models are being explained. Three versions of the SIR particle filter with adapted proposal distributions to the jump occurrences, jump sizes, and both are derived and their performance is compared in a simulation study to the un-adapted particle filter. The filter adapted to both the jump occurrences and jump sizes achieves the best performance, followed in their respective order by the filter adapted only to the jump occurrences and the filter adapted only to the jump sizes. All adapted particle filters outperformed the un-adapted particle filter. Keywords: Particle Filters, Stochastic Volatility, Price Jumps Classification-JEL: C11, C14, C15, C22, G1 Pages: 05-20 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=211.pdf File-URL: http://www.vse.cz/efaj/211 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:3:id:211:p:05-20 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/211 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Červený Title: Should REIT Investors be Concerned about Changing Economic Conditions? Abstract: Current economic development in global markets promises gradually rising interest rates, which seems to concern many investors of the Real Estate Investment Trusts (REITs). The aim of this article is, based on the data from 1972 through 2017, to describe the sensitivity of REITs' total returns to those of the stock market and to the dynamics of interest rates, and to compare the findings with previous research published during the 1990s in order to identify any shifts in the market behaviour. Our OLS regression models will study the effects of the stock market performance and changes in interest rates on both the equity and mortgage REITs. As we will demonstrate, REITs remain sensitive to the stock market performance, but changes of interest rates have little temporary effect on their performance. Contrarily to popular beliefs, there is little evidence that long-term oriented and diversified REIT investors should be overly concerned about rising interest rates. Keywords: Interest rate, REIT, Real Estate Investment Trust Classification-JEL: G12 Pages: 21-36 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=212.pdf File-URL: http://www.vse.cz/efaj/212 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:3:id:212:p:21-36 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/212 Template-Type: ReDIF-Article 1.0 Author-Name: Marzena Remlein Title: Socially Responsible Investments in Financial Statements of Polish Public Companies Abstract: Socially responsible investments are one of the most dynamically developing segments of investments and socially responsible investing plays an ever growing role in the world’s financial markets. Poland is in the infancy stage of development of socially responsible investments. Socially responsible investing is a decision-making process concerning the allocation of free financial resources, where the investor aims at maximisation of profit and minimisation of risk on one part, and includes the socio-ethical and environmental-ecological considerations on the other. The aim of the paper is to assess the valuation methods and the scope of information on socially responsible investments presented in financial statements of Polish public companies. Assessment of the market of socially responsible investments in Poland according to the European classification of strategies for investing socially responsibly is also purposeful. The paper presents the results of empirical research of valuation and disclosure of SRI in financial statements of Polish public companies. Keywords: Socially Responsible Investments, SRI, Respect Index, Investments Property, Financial Investments Classification-JEL: M40, M41, M49 Pages: 37-54 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=213.pdf File-URL: http://www.vse.cz/efaj/213 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:3:id:213:p:37-54 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/213 Template-Type: ReDIF-Article 1.0 Author-Name: Atanasko Atanasovski Author-Name: Marina Trpeska Author-Name: Zorica Bozinovska Lazarevska Title: Accounting Students’ and Employers’ Perceptions on Employability Skills in the SEE Country Abstract: Accounting education at the university level in developing SEE countries has often been criticised for the inability to develop essential skills of graduates necessary for a career in professional accountancy in the 21st century. Our research study presents the results of a survey among students enrolled to an accounting degree program and employers for their perceived importance of a wide range of generic and technical skills for successful entrance to the profession. The study also investigated perceived effectiveness of the university accounting education to develop important skills at an appropriate level. The results indicated agreement between the two respondent groups in respect of the greater importance of generic skills, where students gave more weight to personal skills of time management, good presentation and characteristics of self-confidence, motivation and self-promotion. Employers valued more oral communication, knowledge of foreign languages, ethical attitude and credibility and commitment to life-long learning. The employers and students agreed that education process and program need improvements in order to allow for better development of technical and generic skills among successful graduates. Keywords: Generic skills, Students employability, Expectation gap, Students’ perceptions Classification-JEL: J24, M41 Pages: 55-72 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=214.pdf File-URL: http://www.vse.cz/efaj/214 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:3:id:214:p:55-72 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/214 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Brabcová Title: Compliance with IAS7 by Issuers of Listed Securities in the Czech Republic Abstract: As the cash flow statement presents important information about the company’s operations, its quality and the related disclosure are essential to the financial statements’ users. This paper analyses the range and quality of cash flow statements along with the accompanying notes, presented by a sample of selected companies within the Czech business environment. There are four main research areas which discuss the structure of the cash flow statement, approach to questionable items such as interest and dividends, quality of the data and notes provided and quality of the optional data provided. After setting the criteria for the sample of companies, five hypotheses and ten research questions are raised in order to evaluate the level of compliance with the requirements set in the IAS 7 Statement of Cash Flows. The research leads to the conclusion that companies in general comply with the mandatory requirements, but do not go beyond these. None of the companies has disclosed voluntary information and about half of the companies have chosen the easiest way to present interest in the operating part, although the selection of companies excluded financial institutions whose majority of interest transactions are indeed from operations. Keywords: Cash flow statement, IAS 7, IFRS Compliance, Cash flow disclosure Classification-JEL: M41 Pages: 73-89 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=215.pdf File-URL: http://www.vse.cz/efaj/215 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:3:id:215:p:73-89 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/215