1,721,157 research outputs found
Ukrainian Migrants in the European Union: a Comparative Study of the Czech Republic and Italy
Full text linkČlanak donosi komparativnu analizu povezanosti osobnih karakteristika migranata i njihova
ponašanja pri transferu financijskih sredstava u domovinu. Također ispituje odrednice integracije
i potvrđuje hipotezu o prestanku transfera novca ukrajinskih migranata iz Češke Republike
i Italije. Naše istraživanje pokušava odgovoriti na brojna nova pitanja utvrđujući postoje
li neke posebne značajke ukrajinskih migranata u EU i njihovih obitelji u Ukrajini. Rezultati
pokazuju da su migracijske karakteristike etničke grupe ili nacije iste, bez obzira na zemlju
migracije. Ponašanje ukrajinskih migranata u Češkoj i Italiji u vezi s transferom novca u domovinu
značajno određuje njihova financijska situacija, demografska obilježja, stupanj radnog
znanja i vještina te stupanj integracije u novu zemlju kao i specifičnost društvenog konteksta.
Štoviše, postoje dokazi da ukrajinski migranti koji su bolje uklopljeni u novu zemlju upućuju
manje novčanih transfera u domovinu ili to uopće ne čine.This paper aims to provide a comparative analysis of links between personal
characteristics and remittance behavior as well as to investigate the determinants of
integration and to validate the remittance decay hypothesis in the target country for
Ukrainian migrants in the Czech Republic and Italy. Our research attempts to answer a
number of novel research questions by determining whether some personal attributes
could be attached to Ukrainian labor migrants in the EU and their families in Ukraine.
Our findings show that migration characteristics of one ethnic group or nation reveal
the same patterns regardless of the target country. It appears that remittance behavior of Ukrainian migrants in the Czech Republic and Italy is significantly determined
by their financial situation, demographic characteristics, level of human capital and
level of integration as well as specific context characteristics. Moreover, our findings
provide evidence for the fact that those Ukrainian migrants who are more settled in a
target country tend to send fewer or no remittances back to their home country
Wavelet Analysis of Central European Stock Market Behaviour During the Crisis
Full text linkIn the paper we test for the different reactions of stock markets to the current financial crisis. We focus on Central European stock markets, namely the Czech, Polish and Hungarian ones, and compare them to the German and U.S. benchmark stock markets. Using wavelet analysis, we decompose a time series into frequency components called scales and measure their energy contribution. The energy of a scale is proportional to its wavelet variance. The decompositions of the tested stock markets show changes in the energies on the scales during the current financial crisis. The results indicate that each of the tested stock markets reacted differently to the current financial crisis. More important, Central European stock markets seem to have strongly different behaviour during the crisis.ewavelet analysis, multiresolution analysis, Central European stock markets, financial crisis
Option Pricing: The empirical tests of the Black-Scholes pricing formula and the feed-forward networks
Full text linkIn this article we evaluate the pricing performance of the rather simple but revolutionary Black-Scholes model and one of the more complex techniques (neural networks) on the European-style S&P Index call and put options over the period of 1.6.2006 till 8.6.2007. Our results on call options show that generally Black-Scholes model performs better than simple generalized feed-forward networks. On the other hand neural networks performance is improving as the option goes deep in the money and as days to expiration increase, compared to the worsening performance of the BS models. Neural networks seem to correct for the well-known Black-Scholes model moneyness and maturity biases.option pricing, neural networks
Tail Behavior of the Central European Stock Markets during the Financial Crisis
Full text linkIn the paper we research statistical properties of the Central European stock markets. We focus mainly on the tail behavior of the Czech, Polish, and Hungarian stock markets and compare them to the benchmark U.S. and German stock markets. We fit the data of the 4-year period from March 2005 to March 2009 with the stable probability distribution model and discuss its tail behavior. As the estimation of the tail exponent is very sensitive to the size of the data set, the estimates can be misleading for short daily samples. Thus, we employ high-frequency 1-minute data, which proves to be a good choice as it reveals interesting findings about the distributional properties. Furthermore, we study the difference in stock market behavior before and during the financial crisis.financial crisis, tail behavior, stock markets, stable probability distribution
Improving Service Performance in Banking using Quality Adjusted Data Envelopment Analysis
Full text linkThe goal of this research is to describe the application of data envelopment analysis (DEA) to the performance evaluations of bank branches. Special attention is focused on how to incorporate the quality dimension into branch efficiency. DEA will apply to a set of micro-data from a Czech commercial bank branch network. In the banking sector, providing services quality is one of the key focuses. Therefore, the quality dimension should be incorporated into the DEA model. The goal of the quality adjusted DEA model is to identify best practice branches that work efficiently and at the same time provide services with high quality. This model avoids productivity-quality tradeoff, which is present by the standard DEA model. The quality of services is measured by customer service, mystery shopping and calls, client information index, retention, and client product penetration. Main determinants of efficiency and quality level are branch size and region via purchasing power.quality adjusted DEA, branch performance, scale efficiency, return to scale
HIGHER EDUCATION SYSTEM IN THE CZECH REPUBLIC AND THE PLACE OF PRIVATE-OWNED UNIVERSITIES IN THIS SYSTEM: THE CASE STUDY OF COLLEGE OF ECONOMICS AND MANAGEMENT (VSEM)
No full textEmpirical Risk Factors in Realized Stock Returns
Full text linkMeasuring risk in the stock market context is one of the key challenges of modern finance. Despite of the substantial significance of the topic to investors and market regulators, there is a controversy over what risk factors should be used to price the assets or to determine the cost of capital. We empirically investigate the ability of several commonly proposed risk factors to predict Swedish stock returns. We consider the sensitivity of an asset returns to the variation in market returns, the market value of equity, the ratio of market value of equity to book value of equity and the short-term historical stock returns. We conclude that none of these factors is clearly significant for explaining stock returns at the Stockholm Stock Exchange, which casts doubt on their use as universal risk factors in various corporate governance contexts. It seems that the previously documented relationship is contingent on the data sample used and on the time period.stock returns, asset pricing, risk, multifactor models, CAPM, size, book-to-market, momentum, Sweden
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