Prague Economic Papers, 2017 (vol. 26), issue 1

The Impacts of Common Commercial Policy on Export Performances of Visegrad Countries

Tinatin Akhvlediani, Katarzyna Śledziewska

Prague Economic Papers 2017, 26(1):3-18 | DOI: 10.18267/j.pep.593  

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 But since the EU accession in 2004, all RTAs of the new members were no longer valid as these countries became the parties of the CCP of the EU.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...

Customer Satisfaction with Quality of Products of Food Business

Petr Suchánek, Jiří Richter, Maria Králová

Prague Economic Papers 2017, 26(1):19-35 | DOI: 10.18267/j.pep.595  

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...

The Unusual Case of the Discount Offers for Taking the Control: Evidence from Romania

Victor Dragotă, Radu Ciobanu

Prague Economic Papers 2017, 26(1):36-54 | DOI: 10.18267/j.pep.592  

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,...

Surprise Effect of Euro Area Macroeconomic Announcements on CIVETS Stock Markets

Laura Wallenius, Elena Fedorova, Sheraz Ahmed, Mikael Collan

Prague Economic Papers 2017, 26(1):55-71 | DOI: 10.18267/j.pep.594  

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...

Stability and Satisfaction at Work During the Spanish Economic Crisis

María Carmen Sánchez-Sellero, Pedro Sánchez-Sellero, María Montserrat Cruz-González, Francisco Javier Sánchez-Sellero

Prague Economic Papers 2017, 26(1):72-89 | DOI: 10.18267/j.pep.596  

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...

Determinants of Route Presence in the EU Airline Industry

Ivana Tománková

Prague Economic Papers 2017, 26(1):90-102 | DOI: 10.18267/j.pep.597  

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...

Minimum Variance Portfolios in the German Stock Market

Jan Bastin

Prague Economic Papers 2017, 26(1):103-120 | DOI: 10.18267/j.pep.599  

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 market-cap 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...

Results of the National Economic Experiment in the Modern Economic History in the Czech Republic

Tomáš Hřebík

Prague Economic Papers 2017, 26(1):121-124 | DOI: 10.18267/j.pep.611