Template-Type: ReDIF-Article 1.0 Author-Name: Taisia Nistorenco Title: Compliance with Disclosure Requirements under IFRS 3 of Companies Trading at Prague Stock Exchange Abstract: This article analyses compliance with information disclosure requirements under IFRS 3 Business Combinations in 23 companies trading at Prague Stock Exchange. The analysis was performed with the use of publicly available data contained in annual reports of the companies. Beyond quantification of the level of compliance, the research explores which factors affect diligence in following IFRS 3 disclosure requirements, specifically the company size, history of trading on the stock exchange, ownership structure and the acquisition price paid. The literature review also focuses on aspects with a potential to influence the level of diligence in areas of disclosure and consequences of infringing the disclosure rules. The paper concludes that the level of compliance can be considered average and in some cases unsatisfactory, while the company size and longer history of trading on PSE are positively correlated with the quality of disclosure. Keywords: Prague Stock Exchange, IFRS 3 Business Combinations, Disclosure, Czech Publicly Traded Companies Classification-JEL: G300, M410 Pages: 05-26 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=224.pdf File-URL: http://www.vse.cz/efaj/224 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2019:y:2019:i:2:id:224:p:05-26 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/224 Template-Type: ReDIF-Article 1.0 Author-Name: Aderemi Timothy Ayomitunde Author-Name: Olayemi Henry Omotayo Author-Name: Adejumo Akintoye Victor Author-Name: Yusuff Fatai Abolore Title: Panel Cointegration and Granger Causality Approach to Foreign Direct Investment and Economic Growth in Some Selected Emerging Economies Abstract: The aim of this study is to investigate the relationship between foreign direct investment and economic growth in seven emerging countries. Past empirical studies have failed to estimate the long run relationship between the variables in these countries, which has created a gap in the literature. Data was collected from the United Nations Conference on Trade and Development and World Bank Indicator from 1990 to 2017, and the Johansen Fisher Panel Cointegration and Pairwise Dumitrescu Hurlin Panel Causality Tests were utilised to address the objective of the study. Consequently, the empirical results show that FDI, GDP per capita, growth rate and economic growth have a long run equilibrium relationship. Also, there is an existence of one-way feedback which runs from FDI to economic growth. Based on these findings, this study recommends among others that the policy makers in the emerging countries should ensure the sustainability of the rate of economic growth and embark on more foreign investment-oriented policies that would catalyse further attraction of FDI inflows into their economies. Keywords: FDI, GDP, Growth Rate, Long Run Relationship and Emerging Countries Classification-JEL: F21, F23, F36, G24 Pages: 27-42 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=225.pdf File-URL: http://www.vse.cz/efaj/225 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2019:y:2019:i:2:id:225:p:27-42 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/225 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Jakl Title: The SER Spread Under the ECB Quantitative Easing Abstract: This paper discusses the effects of the ECB´s asset purchase programmes (APPs) on the SER spread, while the main focus is given to detail intraday analysis of implementation of the Public Sector Purchase Programme (PSPP). The SER spread is perceived as an important indicator of interbank trust in the Eurozone and its elevated level normally signals distortion and mistrust among commercial banks with a power to spill over into the whole financial sector. Recent development on interbank markets and especially within monetary policy in the Eurozone could have impaired the ability of the SER spread to act as a proxy for global systemic risk. The SER spread in this study was constructed and calculated using relevant European financial data and the consequent analysis was made on intraday and high-frequency (HF) 2015-2017 data. The ECB´s APP, mainly PSPP, together with other instruments of monetary policy have impact on both legs of the SER spread and this paper tries to identify and quantify the degree of this effect by detailed HF market data analysis. HF intraday approach analysis is also being implemented in order to identify which leg of the SER spread was decisive in determining the SER spread change in the first three years of the PSPP implementation. Whether it was the “sovereign bond-based leg” directly affected by the ECB’s PSPP purchases or the “interbank lending / STIR-based leg”. Keywords: TED Spread, SER Spread, Quantitative Easing, ECB, PSPP Classification-JEL: E43, E52, E58, G21 Pages: 43-70 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=226.pdf File-URL: http://www.vse.cz/efaj/226 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2019:y:2019:i:2:id:226:p:43-70 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/226 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Fičura Title: Forecasting Cross-Section of Stock Returns with Realised Moments Abstract: The study tests whether realised moments of stock returns (mean, variance, skewness and kurtosis) computed from daily returns over the last month, quarter and year can predict the 1-month cross-sectional stock returns of 40 US-traded liquid stocks in the period 1986-2019. The performed univariate regression analysis confirmed a statistically significant positive effect between all the realised moments, computed over the last quarter and year, and the future 1-month cross-sectional stock returns, while the 1-month realised moments proved to be mostly insignificant. Multivariate analysis, performed with Elastic Net Regression, has confirmed that investment strategies utilising information from realised moments were able to significantly outperform a random investment in the out-sample period 2004-2019. Keywords: Cross-Section of Stock Returns, Realised variance, Realised Skewness, Realised Kurtosis, Momentum Effect Classification-JEL: G11, G12, G17 Pages: 71-84 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=227.pdf File-URL: http://www.vse.cz/efaj/227 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2019:y:2019:i:2:id:227:p:71-84 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/227