Template-Type: ReDIF-Article 1.0
Author-Name: Jan Hanousek
Author-Name: Štepán Jurajda
Title: Názvy společností a jejich vliv na výkonnost firem
Title: Corporate Names and Performance
Abstract: We provide systematic evidence of the effect of alphabetical sorting on corporate performance based on over a decade of data covering seventeen EU countries in three European language families. We also measure the effects of using English words in a corporate name in a non-Englishspeaking country, of a corporate name containing a ‘national‘ (patriotic) word, and of simple linguistic properties highlighted in the brand-name marketing literature. Using multiple measures of corporate performance, we find companies sorted low in the alphabet to be less successful in several European countries, particularly in services. ‘National‘ words are associated with substantially higher sales growth in, e.g., Poland, Norway, France and Spain, while the use of English words in company names curbs (fosters) sales growth in Romance- (Slavic-) language countries.
Keywords: brand name, onomastics, order effects, alphabetical sorting
Classification-JEL: C55, G32, G41, Z13
Pages: 671-688
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1218.pdf
File-URL: http://www.vse.cz/polek/1218
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1218:p:671-688
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1218

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Potužák
Title: Stimuluje spotřebu v situaci nulové nominální úrokové míry zvýšení inflačních očekávání?
Title: Does an Increase in Inflation Expectations Stimulate Consumption at the Zero Lower Bound?
Abstract: In an effort to stimulate aggregate demand at the zero lower bound, economists and central bankers have focused on inflation expectations. The key argument is that an increase in inflation expectations may reduce the real interest rate and thus encourage consumption spending. This article examines not only the traditional channels of the fall in the interest rate connected to the relative importance of the substitution and income effects, but it also investigates the impact on the perceived real future labour income. It is shown that if people do not adjust their expectations about future nominal labour income when inflation their expectations rise, the effect on present consumption can be negative, and the aggregate demand might be reduced rather than increased. A graphical and mathematical analysis in the paper exposes the relative importance of traditional channels and this new channel. It is shown that the traditional perspective is only a special case of a more general approach.
Keywords: real interest rate, inflation expectations, zero lower bound, optimum consumption path
Classification-JEL: E21, E43, E52
Pages: 751-775
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1221.pdf
File-URL: http://www.vse.cz/polek/1221
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1221:p:751-775
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1221

Template-Type: ReDIF-Article 1.0
Author-Name: Matúš Mihalovič
Title: Využitie skóringových modelov pri predikcii defaultu ekonomických subjektov v Slovenskej republike
Title: Applicability of Scoring Models in Firms' Default Prediction. The Case of Slovakia
Abstract: Bankruptcy prediction has long been regarded as a critical topic within the academic and banking community. To the best of our knowledge, no previous study in the Slovak Republic has attempted to develop a bankruptcy prediction model putting together statistical and artificial intelligence approaches performed on a such an amount of data. This paper seeks to fill this gap. Our aim is to develop a hybrid bankruptcy prediction model using a genetic algorithm in the process of training a neural network (GA-NN). The research data set comprises a balanced sample of both healthy and bankrupt firms operating in Slovakia in the period from 2014 to 2017. Financial information regarding a firm's financial situation are acquired from the Finstat database, which stores annual reports. For the purpose of comparing the classification accuracy of the proposed GA-NN model, two more models are constructed, namely BP-NN (back-propagation neural network model) as well as MDA (multiple discrimination model). The results gained by utilizing these models suggest the superiority of the developed GA-NN model to both BP-NN and MDA models in terms of prediction performance.
Keywords: genetic algorithms, neural networks, default, bankruptcy prediction, hybrid classifier, prediction performance, scoring model, GA-NN model, decision trees
Classification-JEL: C45, C53, G32, G33, M21
Pages: 689-708
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1226.pdf
File-URL: http://www.vse.cz/polek/1226
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1226:p:689-708
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1226

Template-Type: ReDIF-Article 1.0
Author-Name: Vladislav Flek
Author-Name: Martin Hála
Author-Name: Martina Mysíková
Title: Nezaměstnanost a věková segmentace trhu práce
Title: Unemployment and Age-based Labor Market Segmentation
Abstract: We analyze age-specific labor market dynamics in the Czech Republic, Poland and Slovakia over the period 2009-2012. We document a marginalized status of young workers aged 16-24, whose risk of job loss followed by unemployment is two to three times higher than that of primeage workers (35-49). Further more, unemployed workers aged 50-61 face relatively the lowest probability of finding a job, at rates 30-50% lower than prime-age unemployed workers. These results are qualitatively in line with those established for the reference economy of the UK. Finally, we find that fluctuations in age-specific unemployment rates in all three countries are mainly driven by variations in outflow rates from unemployment rather than by variations in inflow rates into unemployment. In contrast, in the UK, the fluctuations in all age-specific unemployment rates, are decisively affected by variations in inflow rates into unemployment.
Keywords: variance decomposition, labor market segmentation, steady-state unemployment rate, transition probabilities
Classification-JEL: C81, E24, J21, J63
Pages: 709-731
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1227.pdf
File-URL: http://www.vse.cz/polek/1227
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1227:p:709-731
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1227

Template-Type: ReDIF-Article 1.0
Author-Name: Marian Genčev
Author-Name: Denisa Musilová
Author-Name: Jan Široký
Title: Matematický model Giniho koeficientu a zhodnocení redistribuční funkce daňového systému České republiky
Title: A Mathematical Model of the Gini Coefficient and Evaluation of the Redistribution Function of the Tax System in the Czech Republic
Abstract: The paper deals with two related topics - a mathematical model of the Gini coefficient, and its application in the taxation theory. However, the mathematical part of the paper should not only be understood as a traditional methodological starting point, but it has also didactic character and correctly describes the properties of the Gini coefficient, pointing to misinterpretation deficiencies found in a number of contemporary works. In the application part of the paper, we study the fulfillment of redistribution function of the tax system in the Czech Republic by using the Musgrave-Thin index coefficient M. Our research implies that the global progressivity of the tax allowance system in the Czech Republic was moderately progressive throughout the analyzed period 2006-2016. The considerable change in the personal income tax structure made in 2008 did not essentially reflect the global tax progressivity.
Keywords: redistribution, Gini coefficient, tax progressivity, Lorenz curve
Classification-JEL: C02, C65, H23, H24
Pages: 732-750
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1232.pdf
File-URL: http://www.vse.cz/polek/1232
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1232:p:732-750
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1232

Template-Type: ReDIF-Article 1.0
Author-Name: Josef Klement
Title: Alternativní pohled na teorii peněz a monetární politiku
Pages: 781-785
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1199.pdf
File-URL: http://www.vse.cz/polek/1199
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1199:p:781-785

Template-Type: ReDIF-Article 1.0
Author-Name: Marek Loužek
Title: Omyly profesora Pikettyho
Pages: 776-780
Volume: 2018
Issue: 6
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1200.pdf
File-URL: http://www.vse.cz/polek/1200
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:6:id:1200:p:776-780