Acta Oeconomica Pragensia, 2016 (vol. 24), issue 2
Some stylised facts about the exchange rate behaviour of Central European currencies
Jan Vejmělek
Acta Oeconomica Pragensia 2016, 24(2):3-17 | DOI: 10.18267/j.aop.525 
The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1) All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2) Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3) The more flexible an exchange rate regime is, the more...
The Role of ICT in Czech Industrial Companies in the 21st Century
Petra Štamfestová, Aleš Kubíček
Acta Oeconomica Pragensia 2016, 24(2):18-32 | DOI: 10.18267/j.aop.526
In the conditions of the new economy, business investment in information and communications technology (ICT) has proven to be critical for company development. The main reason is that performance in other business areas is becoming gradually dependent on ICT. The theoretical part of the paper, based on a literature review, discusses the state of the art in the field related to the impact of ICT on selected non-financial performance areas. The aim of the empirical part is to analyse the relationship between the degree of ICT implementation and production quality, customer, and human capital. We employ a questionnaire among industrial companies in the...
Behavioural Finance and Organisations: A Review
Petr Houdek, Petr Koblovský
Acta Oeconomica Pragensia 2016, 24(2):33-45 | DOI: 10.18267/j.aop.527
The article presents a short overview of heuristics and biases in managerial decision-making under risk and the consequences of such non-standard preferences for financial health of organisations. It is argued that, particularly in the case of inefficient ownership control or poor corporate governance, such bounded rationality manifestations can have a significant impact on a firm's performance. We also argue that in such cases risk preferences of individual managers can be more idiosyncratic. We illustrate that using the concepts of limited attention, reference-dependence decision-making and especially overconfidence (over-optimism). The relevance...
Forced Adoption of IFRS by Czech Non-Listed Companies: An Assessment of Benefits and Costs
David Procházka
Acta Oeconomica Pragensia 2016, 24(2):46-62 | DOI: 10.18267/j.aop.528
The paper deals with the effects of IFRS adoption by a specific group of companies. It focuses on the so-called forced IFRS adopters, which are such private (non-listed) companies that (a) are forced to adopt the IFRS (because their parent prepares IFRS consolidated statements) and simultaneously (b) are not permitted by the regulatory framework of a given jurisdiction to apply the IFRS in their individual financial statements on a voluntary basis. In particular, benefits and costs connected with the forced IFRS adoption by Czech private companies are assessed. The results, based on a questionnaire survey among affected companies, confirm the intuitive...
Czech Foreign Trade with Meat and Meat Products
Karina Pohlová, Josef Mezera, Jindřich Špička
Acta Oeconomica Pragensia 2016, 24(2):63-80 | DOI: 10.18267/j.aop.532
The meat production and meat processing industry are the most important parts of the agribusiness in the Czech Republic. The problem of the industry is its low competitiveness towards foreign producers and processors which results in negative balance of foreign trade. The aim of the article is to evaluate long-term development of value and structure of Czech foreign trade flows of meat and meat products. The analysis covers the period of 2001-2014. The problems of the negative trade balance are revealed through description of the trade flows of meat and meat products, the RCA index and relations between import and export prices. The analysis points...
Half-Forgotten Personalities of Economic Thought - N. D. Kondratiev
Pavel Sirůček
Acta Oeconomica Pragensia 2016, 24(2):81-88 | DOI: 10.18267/j.aop.529
N. D. Kondratiev was a Russian economist and statistician. Although he was interested in planning theory, he became most famous for his modern approach to economic cycles, primarily long waves. Unfortunately, both his ideas about dynamics in economics, planning and cycles and his work for the Institute for Conjuncture are still underappreciated.