Scientific Annals of Economics and Business
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STOCK PRICE SIMULATION USING BOOTSTRAP AND MONTE CARLO
Get PDFIn this paper, an attempt is made to assessment and comparison of bootstrap experiment and Monte Carlo experiment for stock price simulation. Since the stock price evolution in the future is extremely important for the investors, there is the attempt to find the best method how to determine the future stock price of BNP Paribas´ bank. The aim of the paper is define the value of the European and Asian option on BNP Paribas´ stock at the maturity date. There are employed four different methods for the simulation. First method is bootstrap experiment with homoscedastic error term, second method is blocked bootstrap experiment with heteroscedastic error term, third method is Monte Carlo simulation with heteroscedastic error term and the last method is Monte Carlo simulation with homoscedastic error term. In the last method there is necessary to model the volatility using econometric GARCH model. The main purpose of the paper is to compare the mentioned methods and select the most reliable. The difference between classical European option and exotic Asian option based on the experiment results is the next aim of tis paper.JEL Codes - C15, C51, C52, G1
IMPACT OF POLITICAL NEWS: EVIDENCE FROM RUSSIA
Get PDFIn recent times political events started to exert more and more significant impact on national financial systems due to sharpening of political problems in various countries. Undoubtedly, their influence can be followed in price dynamics of stocks which are trading in the securities market. The need to understand political news impact on the market as a whole and its separate industries is faced by investors and market agents for proper orientation in market environment. Since this issue provides rather controversial results in different studies, the authors set the aim to investigate the Russian market with the use of GARCH models. Such approach allowed determining precisely the political events’ influence on return and volatility of market assets as well as leverage and clusterization effects. The obtained results may be beneficial for investors, operating in the Russian stock market, other market agents and specialists in the field of financial science.JEL Codes - G1
PERCEIVED ORGANIZATIONAL SUPPORT, STRESS COPING BEHAVIORS AND MEDIATING ROLE OF PSYCHOLOGICAL CAPITAL: SPECIAL EDUCATION AND REHABILITATION CENTERS
Get PDFHigh level stress in work place is known to be associated with negative organizational behaviors and bad organizational performance. There are individual and organizational factors influencing stress coping behavior of employees. In this study we explore the impact of employees’ perceptions of organizational support on their stress coping capabilities (problem-focused stress coping and emotion-focused stress coping) and whether their psychological capital (PsyCap) plays a mediating role in this relationship using the sample of employees in special education and rehabilitation centers in Turkey. Multivariate statistical analyses show a significant positive relationship between perceived organizational support (POS) and problem-focused stress coping (PFSC), and no significant relationship between POS and emotion-focused stress coping (EFSC). A significant positive association is detected between POS and PsyCap. Accordingly, our findings show that PsyCap plays a partial mediating role in the association between POS and PFSC.JEL Codes - D22; M12; L
Attitude and Loyalty to Two Brands of Beer of the Same Producer
Get PDFThe focus of the presented research is attitude and loyalty to two brands of beer produced by the Carlsberg Group – Tuborg and Carlsberg. Both beers are lagers. The Carlsberg Group markets Tuborg as a more premium brand, and it also aims to promote it to women. Unlike in the Netherlands with one brand – Heineken and unlike in the Czech Republic with many well-known brands by a multitude of producers, the Danish case gives a unique opportunity to investigate if customers truly prefer one of two brands or are approximately equally low with regards to both brands as it is produced by the same company and tastes very similarly (if not the same). The survey was conducted in Denmark. Respondents were Danish (not international) university students; such selection was done in order to ensure familiarity of respondents with both brands.JEL Codes - M31; L6
EXOGENOUS VS ENDOGENOUS GROWTH IN THE EU’S EAP AND CENTRAL ASIAN COUNTRIES
Get PDFThe main purpose of this paper is to determine and analyse the factors that affected economic growth in the EU’s Eastern Partnership and Central Asian countries in the 2000-2015 period. Economic growth is one of the main targets of economic policy of any country and influenced by various determinants. Of particular interest is the endogenous and exogenous nature of these factors. Having classified these factors into exogenous and endogenous ones, we examined and determined the significance and robustness of various factors influencing the economic growth in these countries, like investment, human capital, research and development, economic policies and macroeconomic conditions, openness to trade, geography, political factors and others. Correlation and factor analysis showed significance and strong association of GDP per capita with physical, human capital, and R&D in EaP countries and with natural resources and active population share in Central Asian countries.JEL Codes - O1, O3, O4, O47, O52, O5
EMPIRICAL ANALYSIS OF THE FINANCIAL BEHAVIOR OF INVESTORS WITH BRAND APPROACH (CASE STUDY: TEHRAN STOCK EXCHANGE)
Get PDFBehavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship between the psychological and financial factors and perceived risk and return. Perceived risk had a positive effect on attitude toward the brand. However, the impact of perceived return on attitude toward the brand was not significant. Finally, the attitude toward the brand had a positive effect on shareholders' investment intention.JEL Codes - G0
ASSESSMENT OF STAFF INTERCULTURAL COMPETENCES IN HEALTH CARE ORGANISATIONS
Get PDFAs a consequence of globalisation, people's mobility has been increasing, which brought cultural diversity to a number of countries of the world, therefore intercultural competences became a particularly important research object in organisation management. Scientific literature is rich in publications on the topic, however, the latter problem and its specificity has been insufficiently studied in health care organisations whose performance is especially important for each patient and the cost of errors, possibly caused also by insufficient intercultural competences, may be very great. The conducted research justifies the meaning and significance of intercultural competences in health care organisations and identifies the principal problems in organisations faced when communicating in an intercultural environment. The development of intercultural competences was not sufficiently promoted in health care organisations, leaving that to the staff's responsibility. Quite a few of health care services providers had a poor knowledge of etiquette and did not know much about the customs and traditions of other countries.JEL Codes - M140; M520; M54
Introduction to the Special Issue
Get PDFEveryday business life is closely connected with decision making processes. When business environment is influenced by changes nowadays, many researchers and practitioners tend to find out factors, which have an impact on effective decision-making. Business research conducts a comparison of classical and alternative behavioural models and evaluates the validity of the models that have been developed to support the discovery of these factors.
This special issue is dedicated to multidisciplinary methods use topic of decision-making in Small and MEdium Sized enterprises (SMEs) area. Special issue challenges these research questions: What is the difference in decision-making led by marketing-oriented goals? Can decision-making models be empirically distinguished in terms of their qualitative or quantitative predictions? What are the insights in prospects of decision-making across marketing, management, business economics, statistical, mathematical, and IT modelling approaches? How they could support flexibility, rationality, and competitive advantage of SMEs? Clear answers to these questions may outline the current state of knowledge and the paths of progress in decision-making field of business.
We have collected articles that address some of these and other important questions. The selection, structure and content of this special issue is based on the international scientific conference DEcision Making for Small and Medium-Sized Enterprises (DEMSME), organized in Ostrava, Czechia, in May 2017, where professionals from universities and businesses interested in the theory and applications of decision-making research using informatics, mathematics, business economics and management, and marketing approaches in the practice of SMEs were involved.
The articles in this special issue are those that passed the rigorous peer-review process and whose authors fulfil the requirements for revisions and expanded their original submissions. We would like to thank the Journal editorial board and anonymous reviewers for their suggestions and constructive criticisms.
Although each of the following seven articles stands on its own merits, we have made thematic structure and logical flow in their ordering, motivated by two mainstreams in this issue – decision-making and the area of application.
Marketing point of view is presented by Pilelienė and Grigaliūnaitė’s article, which provides an overview of neuromarketing, especially the factors influencing advertising effectiveness such as colour temperature and their impact on consumers’ visual attention, implicit preferences, and purchase intentions – basics for marketing decision-making. The second article in marketing area, written by Klepek, emphasizes the importance of social media use in the Czech Republic. This article gives relevant reading material for managers and executives looking for influential and impactful insights within the area of marketing in relationship to social media.
Management and business economics view cover another two articles. Rylková, Stelmach and Vlček’s article proposes alterative use of Counterfactual Impact Evaluation analysis in the internal business processes of a company. An example of equations for decision-making is added to attract the readers. This topic is extended by Pakšiová’s article connected with company profit allocation decision-making. The author suggested a tax optimization-based decision.
Last part consists of three papers and covers statistical, mathematical and IT methods for decision-making in SMEs. Multidisciplinary approach is presented by Sudzina’s article, where author focused on loyalty as marketing issue, but decision-making is strongly based on statistical evaluation and modelling in presented case study, using least significant difference (LSD) test. Mielcová’s article deals with external business environment evaluation and showed us, how to predict labour market behaviour in dependence on GDP and other variables. Last but not least, the article written by Ramík, uses AHP mathematical models in decision-making process. This article exploits authors experience with modelling discipline in practice. Several instructions for IT application are included.
We hope that business and research community will find this special issue as a useful collection of articles, which could be used to improve decision-making processes in practice.JEL Codes
TRADE CREDIT INSURANCE: THEORETICAL BACKGROUND AND INTERNATIONAL PRACTICES
No full textThe presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters’ activity. To maximize the trade volumes and in the same time to minimize the exporters’ risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.JEL Codes - F10; F39; G2
PRIMARY SOURCES OF CORPORATE INVESTMENT IN HUNGARY
Get PDFThis research aims to reveal how Hungarian companies have financed investments over the last two decades. Which financing strategy characterized them: was internal capital accumulation or external resources, such as bank loans or foreign capital the primary source of corporate investments? The study gives an overview of the conditions typical in the Hungarian financing and capital market over the last 25 years through an empirical analysis. Using a linear regression model, the paper examines the main investments sources among the top 5000 Hungarian firms according to revenues between 1996 and 2014. The model proved that the effect of loans in financing investments was significant and positive in all examined firms, independently from their ownership in the whole period. The rate of indebtedness of foreign companies was mainly attributable to local bank credits and not loans granted by mother companies.JEL Codes - F20, G3