Template-Type: ReDIF-Article 1.0 Author-Name: Victor Dragotă Author-Name: Radu Ciobanu Title: The Unusual Case of the Discount Offers for Taking the Control: Evidence from Romania Abstract: Most of the studies regarding control premium are focussed on the case in which it is positive. We considered the case when it is negative, investigating the determinants of the discount for control, having as study case the Romanian listed companies. Comparative to the general case of control premium, discounts for control are also determined by some other specific factors, like the number of non-trading days and the cash ratio. Some determinant factors of control premium have an opposite influence when this is negative: the percentage of shares purchased in the transaction, the ownership concentration, the fact the buyer or the seller is domestic, and the existence of a major shareholder owning more than 50% of shares. Consequently, some factors usually used in explaining the control premium cannot be suitably used for the case of the discount for control. Moreover, the negative impact of the undiversified portfolio is validated. Keywords: agency problems, Romania, control premium, discount offer, discount for control, mergers and acquisitions Classification-JEL: G34 Pages: 36-54 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=592.pdf File-URL: http://www.vse.cz/pep/592 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:592:p:36-54 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/592 Template-Type: ReDIF-Article 1.0 Author-Name: Tinatin Akhvlediani Author-Name: Katarzyna Śledziewska Title: The Impacts of Common Commercial Policy on Export Performances of Visegrad Countries Abstract: The paper aims to investigate the impact of Regional Trade Agreements (RTAs) and common commercial policy (CCP) on export performances of Visegrad group of countries (The Visegrad Four, V-4: Poland, the Czech Republic, Slovakia, Hungary) preceding and following the EU accession. The V-4, before becoming the EU members, have participated actively in regionalism, signing free trade agreements and customs unions which often also resulted in the extended economic integration. But since the EU accession in 2004, all RTAs of the new members were no longer valid as these countries became the parties of the CCP of the EU. To analyse whether CCP was beneficial on the export performances of the V-4 countries, we estimate the augmented gravity model by employing Poisson pseudo-maximum-likelihood (PPML) estimator for time periods before and after the EU accession, in 1999-2003 and 2004-2013, respectively. Keywords: gravity model, Visegrad Group, regional trade agreements Classification-JEL: F14, F15, F55 Pages: 3-18 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=593.pdf File-URL: http://www.vse.cz/pep/593 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:593:p:3-18 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/593 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Wallenius Author-Name: Elena Fedorova Author-Name: Sheraz Ahmed Author-Name: Mikael Collan Title: Surprise Effect of Euro Area Macroeconomic Announcements on CIVETS Stock Markets Abstract: The macroeconomic announcements and their effects on stock markets are considered to be a measure of stock market integration. Earlier studies show that integrated stock markets exhibit immediate reaction to international macroeconomic news, whereas partially integrated or segmented markets mostly do not react to such announcements. This paper investigates the effect of surprises disguised in the macroeconomic announcements made by the European Monetary Union on CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa) stock markets. Daily stock market data starting from January 1, 2007 to December 31, 2012 is analysed. The impact of macroeconomic announcements is estimated by using EGARCH model. The results show that the returns of four out of six CIVETS stock markets significantly react on the day of macroeconomic announcements, whereas the market volatility of all markets is affected due to the EMU’s announcements. The results also show that not all types of announcements have significant impact on returns and volatilities in CIVETS, highlighting the importance of the contents of macroeconomic surprises. Keywords: emerging markets, integration, macroeconomic announcements, spillovers, CIVETS Classification-JEL: C32, F36, G12, G15 Pages: 55-71 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=594.pdf File-URL: http://www.vse.cz/pep/594 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:594:p:55-71 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/594 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Suchánek Author-Name: Jiří Richter Author-Name: Maria Králová Title: Customer Satisfaction with Quality of Products of Food Business Abstract: This article is a part of a specific research output called Quality Influence on the Performance and Competitiveness of the Company. One of the research phases is elaborated in this article; its subject is measuring customer satisfaction with the quality of food products companies in the Czech Republic. This article aim is to determine the level of customer satisfaction with the quality of food production enterprises. The partial aim of the article is to identify factors that have the greatest influence on the customer satisfaction. The research confirms close relations between customers’ quality perception, their satisfaction and the level of fulfilment of their demands. Keywords: competition, quality, customer satisfaction, food industry, quality management, company performance, repurchase, customer expectation Classification-JEL: L15, L6 Pages: 19-35 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=595.pdf File-URL: http://www.vse.cz/pep/595 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:595:p:19-35 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/595 Template-Type: ReDIF-Article 1.0 Author-Name: María C. Sánchez-Sellero Author-Name: Pedro Sánchez-Sellero Author-Name: María M. Cruz-González Author-Name: Francisco J. Sánchez-Sellero Title: Stability and Satisfaction at Work During the Spanish Economic Crisis Abstract: This paper analyses temporary work and job satisfaction among salaried workers during the Spanish economic crisis of 2008. Using data from the Spanish National Statistics Institute (INE) 2013 Economically Active Population Survey (EAPS), we find that temporary workers lost their job more than others during this period. However, salaried workers have higher average levels of satisfaction in 2007-2010, possibly due to the lower requirements of workers. We find a positive relationship between the unlikeliness of keeping a job and low job satisfaction levels in data from the Survey of Quality of Life at Work (2010) through a correspondence analysis. A linear model with a level of job satisfaction as a dependent variable shows negative coefficients for a level of job satisfaction if the probability of keeping the job is somewhat unlikely or very unlikely. Finally, an ordinal probit regression finds that the estimated likelihood to reach high job satisfaction is lower in temporary workers. Keywords: stability, crisis, temporary work, satisfaction, employability Classification-JEL: C12, J24, J28 Pages: 72-89 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=596.pdf File-URL: http://www.vse.cz/pep/596 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:596:p:72-89 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/596 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Tománková Title: Determinants of Route Presence in the EU Airline Industry Abstract: This paper investigates the determinants of airlines’ route presence in the single EU aviation market by estimating two probit models - one for full-service airlines and one for low-cost carriers - which specify the presence (or absence) of an airline’s service on the route as a function of its airport presence measures, the competition it faces from other airlines, and general route characteristics. The results point to the existence of dominant-firm advantages, domestic-firm privileges, and substantial airport-facilities-related barriers to entry in the EU airline industry. They further indicate that served routes are characterized by relative time efficiency of air travel (in comparison to car travel), large endpoint cities’ populations as well as per capita GDPs; and that competitive effects between full-service and low-cost airlines are asymmetric. Keywords: route presence, airline industry, air routes, airlines Classification-JEL: L93, R49 Pages: 90-102 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=597.pdf File-URL: http://www.vse.cz/pep/597 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:597:p:90-102 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/597 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Bastin Title: Minimum Variance Portfolios in the German Stock Market Abstract: The text demonstrates out-of-sample performances of minimum variance portfolios in the German stock market in the period 2002-2015. Because of two huge drawdowns on equity markets in the period 2000-2010, scholars and professionals have tried to find an alternative to the marketcap weighted investing; potentially the minimum variance investing approach. The paper presents the construction of minimum variance portfolios, the description of their compositions and empirical risk-return characteristics under various holding periods. As anticipated, minimum variance portfolios have lower risk vis-à-vis the CDAX index, but they have also higher returns. Finally, minimum variance portfolios have better risk-adjusted performance figures in comparison with equal-weighted alternatives. Keywords: minimum variance portfolio, German stock market, CDAX index, risk minimization returns Classification-JEL: G10, G11 Pages: 103-120 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=599.pdf File-URL: http://www.vse.cz/pep/599 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:599:p:103-120 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/599 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Hřebík Title: Results of the “National Economic Experiment” in the Modern Economic History in the Czech Republic Pages: 121-124 Volume: 2017 Issue: 1 Year: 2017 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=611.pdf File-URL: http://www.vse.cz/pep/611 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:1:id:611:p:121-124 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/611