Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Anastasiya Shamshur Author-Name: Jiří Trešl Title: Investiční rozhodování firem v korupčním prostředí ve střední a východní Evropě Title: Innovation Decisions in Uncertain Business Environments of CEE Countries Abstract: Corporate innovations are a central part of a country’s economic activity. They foster and improve competitiveness, which ultimately leads to economic growth and progress. In this study, we focus on the post-communist European region, where corporations operate under uncertain conditions. Utilizing a sample with almost 100,000 firm level observations over the period from 2001 to 2013, we analyse effects of uncertainty steaming from corruption environment on innovation decisions of the Central European private firms. We find that domestic firms and firms with dispersed ownership innovate less when business and municipal uncertainty conditions increase. When firms are unsure whether they will be blocked by local bureaucrats from capitalizing on their innovation, they scale down their efforts. However, this result disappears for firms with foreign majority ownership. We hypothesize that foreign controlled firms have cleared all uncertainties before they entered the foreign market. Keywords: innovations, firms, corruption, panel data, Europe Classification-JEL: C58, D22, F23, G32 Pages: 287-301 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1189.pdf File-URL: http://www.vse.cz/polek/1189 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1189:p:287-301 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1189 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Frýd Title: Asymetrie během finančních krizí: asymetrická volatilita převyšuje důležitost asymetrické korelace Title: Asymmetry of Financial Time Series During the Financial Crisis: Asymmetric Volatility Outperforms the Asymmetric Importance of Correlation Abstract: We have tested the stability of parameters loading the asymmetric behaviour of the correlation and the importance of this behavior on the portfolio selection. In this paper, we have analyzed the following time series S&P index, gold and CME 5-Year Treasury Note Futures during the most important crisis from 1992 to 2009. The methodology is based on the dynamic conditional correlation model and its asymmetric volatility and asymmetric correlation extensions. The stability of parameters was tested by t-test applied on the rol ling windows data. The information importance of asymmetric volatility and correlation was tested by global minimum variance portfolio. The results suggest that the parameters loading the asymmetric behavior of the correlation are not stable for the analyzed time series during the financial crisis. With one exception we have found out that global minimum variance portfolio based on the dynamic conditional correlation model with asymmetric volatility is significantly less volatile than the global minimum variance portfolio based on the asymmetric dynamic conditional correlation model. Keywords: asymmetric volatility, asymmetric correlation, crisis, dynamic conditional correlation model Classification-JEL: C58, G01, G11 Pages: 302-329 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1190.pdf File-URL: http://www.vse.cz/polek/1190 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1190:p:302-329 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1190 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hájek Title: Ovlivňují české společnosti základ daně transakcemi se zahraničními spřízněnými osobami? Title: Do Czech Companies Influences Tax Base Using Intercompany Transactions? Abstract: The article discusses the issue of base erosion and profit shifting in relation to the Czech corporate income taxpayers. We describe the basic techniques how the base erosion and profit shifting can be realized and analyze the occurrence of the base erosion in the Czech Republic. We compare the average ROE and ROA ratios for the largest Czech entities with those achieved by the largest companies in Luxembourg, Netherlands, and Switzerland as the countries are generally considered as tax heavens. Malta is also included in the analysis. The main hypothesis is the conjecture that the Czech companies’ corporate income tax base is influenced by transactions with related parties mainly by using royalties and intragroup trades in goods and services i.e. through transfer pricing. As the Czech taxpayers, based on the results of analysis, achieved in 2006-2015 period lower ROE as well as ROA in comparison to the selected countries (with an exemption of Switzerland) it can be concluded that their tax base is likely influenced by aforementioned profit shifting techniques. Keywords: tax base, corporate taxation, profit shifting, ROE, ROA Classification-JEL: H25, H32, H87, K34, O38 Pages: 330-343 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1191.pdf File-URL: http://www.vse.cz/polek/1191 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1191:p:330-343 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1191 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Arltová Author-Name: Tomáš Kábrt Title: Hlavní determinanty ovlivňující poptávku po životním pojištění v České republice Title: Analysis of Determinants, Influencing Life Insurance Demand in the Czech Republic Abstract: This article examines the impact of demographic, economic and institutional determinants on life insurance demand in the Czech Republic between 1993 and 2015. Theoretical part discusses general characteristics of the insurance market, life insurance, its importance in the Czech Republic. It also includes detailed research of historical studies and articles. In empirical part is surveyed an influence of determinants on life insurance demand, using econometric models based on time series and principal component analysis. We used autoregressive distributed lag model, which defines short-term relationships between principal components and an error correction model, which examines long-term relationships between time series. It was found that an increase in average wage and banking sector size had a positive impact on life insurance demand and an increase in young dependency ratio, old dependency ratio, interest rate and net national savings had a negative impact on life insurance demand. Number of tertiary educated people, public sector size, and consumer spending were classified as insignificant variables. Keywords: time series analysis, principal component analysis, ADL model, error correction model, life insurance demand, determinants Classification-JEL: C01, C32, C58, G22 Pages: 344-365 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1192.pdf File-URL: http://www.vse.cz/polek/1192 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1192:p:344-365 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1192 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Brůha Author-Name: Evžen Kočenda Title: Bankovní sektor a státní riziko v Evropské unii Title: Banking Sector and Sovereign Risk in Euroepan Union Abstract: We analyze and quantify link between quality of the banking sector and sovereign risk in the states of the European Union (EU) using data over 1999-2014. We employ two market-based measures of the sovereign risk along with several empirically and theoretically motivated variables that characterize banking sector. We perform Bayesian estimations on several panels of countries. Our results show that higher ratio of the non-performing loans represents the most important industry-specific variable that is linked with a heightened rate of the sovereign risk. On the other hand, findings related to the size and depth of the banking sector, along with the capital adequacy ratio, are less clear-cut. Higher penetration of the foreign banks and higher degree of competition characterize a diversified structure of the banking industry that seems to be beneficial for the banking sector stability and is linked with lower sovereign risk. Keywords: banking sector, European Union, financial stability, global financial crisis, sovereign risk Classification-JEL: C23, E58, F15, G21, G28, H63 Pages: 366-383 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1193.pdf File-URL: http://www.vse.cz/polek/1193 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1193:p:366-383 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1193 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Moravcová Title: Korekce tří metodologických omylů ekonomie autorského práva Title: Correction of Three Methodological Errors in the Economics of Authors’ Rights Abstract: Three methodological errors in the economics of authors’ rights and their consequences.Using a realistic and holistic approach, this theoretic contribution corrects three main assumptions of the economic theory of copyright and explains why they hinder the proper understanding of its role. First, authors’ pieces of work are like a public good that needs the protection of copyright to overcome the free rider problem. However, a piece of work can be spread only with a medium good or service. Such a pair might not possess the properties of a public good like nonexcludability and nonrivalry. The second assumption that copyright enables authors to charge the price above marginal costs was rejected as too simplistic because the copyright affects different markets with pairs work + medium variably and moreover, it ensures for authors a non-market revenue. The complexity of copyright also explains why the third assumption that copyright can be modelled as a single index is meaningless. A new framework for optimisation behaviour of authors is offered. Keywords: public good, Copyright, authors’ rights, markets for protected works Classification-JEL: D230, O340, Z110 Pages: 384-398 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1194.pdf File-URL: http://www.vse.cz/polek/1194 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1194:p:384-398 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1194 Template-Type: ReDIF-Article 1.0 Author-Name: Božena Kadeřábková Title: Odkaz Kennetha J. Arrowa Title: Legacy of Kenneth J. Arrow Abstract: Last year passed off J. K. Arrow, Nobel price laurate. His ideas enriched many scientific fields among which social and political philosofy, mathematical programming and others. But his main findings are on economic field such as impossibity theorem and public choice theory to mention the most important. The paper describes main Arrow´s publications and their impact both to economic theory and political practice. The paper summarizes main life milestones as well. Pages: 399-402 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1195.pdf File-URL: http://www.vse.cz/polek/1195 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1195:p:399-402 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1195 Template-Type: ReDIF-Article 1.0 Author-Name: Ladislav Tyll Title: Nový příspěvek k problematice rodinného podnikání v České republice Pages: 403-406 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1196.pdf File-URL: http://www.vse.cz/polek/1196 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1196:p:403-406 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Title: Hluboká analýza současných problémů finančního sektoru a ekonomiky Pages: 407-408 Volume: 2018 Issue: 3 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1197.pdf File-URL: http://www.vse.cz/polek/1197 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1197:p:407-408