Božena Chovancová – Jaroslav Hudcovský – Vladimír Gvozdják - Bubbles in the European Stock Market (Bubliny v Európskom trhu s cennými papiermi)
Abstract: Changes in the increase and decrease in the stock market is an ordinary part of financial markets. In previous periods, bubbles manifested themselves sporadically in the stock markets and they led to significant problems, but at the same time, they were also aninstrument of establishing balance in the capital markets. The ex-post identification of bubbles in the stock markets is a relatively easy matter nowadays. It is more complicated to identify the formation of bubbles ex-ante, so that it is possible to prevent catastrophic losses. The aim of this working paper is to search for main indicators that have a signalling function and warn of an approaching new bubble. At the same time, based on a quantitative analysis, we will try to demonstrate to which extent bubbles worked or how much they are tolerable in the European stock market.
Keywords: stocks bubble, stock index, volatility of stock market, indicators of bubble
JEL: G 01, G 15, G 18
str./pp. 7-15
Elena Šúbertová – Michaela Kinčáková - The Assessment of using Funds to Support Businesses in the Slovak Republic (Hodnotenie využitia fondov na podporu podnikov v Slovenskej Republike)
Abstract: In the year 2013, 48,384 students altogether graduated from the 1st and 2nd grades of tertiary education at all universities in Slovakia. There were only 10,817 graduates of technical sciences, which is less than a quarter. In that period, as many as 7,091 university graduates and even more than 20,600 high school graduates had to register at the Labour Office as the unemployed, because they did not find jobs. The aim of this paper is to highlight the diversity of business conditions for future and current entrepreneurs, especially graduates, and analyse how the Active labour market policy may support those businesses.
Keywords: unemployment rate, education, school graduates, entrepreneurship, financial sup-port
JEL: M 21, M 51
str./pp. 16-27
Michaela Chocholatá - Analýza previazanosti nemeckého a českého akciového trhu s využítím modelov triedy ARCH (Analysis into linkages between the German and Czech stock markets by means of using GARCH models)
Abstract: Analysis of financial time series of stock returns represents a very attractive issue for investors. In this context, it is necessary to accent, that for an investor it is not enough to have the information about the future value of an asset. The subject of the investor’s interest will be also the information about the variance of returns during the holding of a concrete asset. Since the unconditional mean does not offer such information, the investor will be interested in the development of conditional variance in order to estimate the riskiness of an asset during the specified period. Considering the international diversification, the information about linkages between individual markets plays an important role. The main aim of the paper is to use the models GJR-GARCH and DCC-GARCH for analysis of stock returns of DAX and PX. The introduction to the problem is followed by methodological aspects; there are characterized data used for the analysis. The paper also includes the empirical results of the analysis; the presented results confirm the adequate use of univariate GJRGARCH models. Quite high values of conditional correlation coefficients indicate quite considerable linkages between the German and Czech stock markets.
Keywords: stock index, GJR-GARCH model, DCC-GARCH model
JEL: C 58, G 15
str./pp. 28-39
Asep Hermawan – Husna Leila Yusran - The Effects of Dental Atmospherics on Patient Emotion and Behavioral Intentions (Účinky dentálnej atmosfériky na pacientove emócie a behaviorálne zámery)
Abstract: The objective of this study is to examine the influence of dental atmospherics on customer’s (patient’s) positive emotion and behavioural intentions. We proposed hypotheses to examine relationships between dental atmospherics, customer positive emotion and beha-vioural intentions. Survey data were collected from 117 dental clinic patients in Jakarta. From the aspect of practical implication, this study provides information on factors that influence and affect consumers’ positive emotions that lead to favourable behavioural intentions, specifically for a dental clinic. Research limitations lie in the fact that the paper focuses only on atmospheric factors in a dental clinic. The value of the present paper is that so far little research has been done on understanding the role of atmospheric factors on patients’ positive emotions and behaviour in a dental clinic in Indonesia.
Keywords: dental atmospherics, patient’s positive emotions, behavioural intentions
JEL: M 31
str./pp. 40-46
Milan Terek – Peter Kročitý - Analýza asociácie medzi originálnymi premennými v štatistických prieskumoch (Analysis of the association between two ordinal variables in statistical surveys)
Abstract: The paper deals with the possibilities of analysis of the association between two ordinal variables in statistical surveys. The procedure of calculating ordinal measure gamma, based on the number of concordant and discordant pairs of observations is described. Then, the possibility of testing the independence of ordinal variables, based on ordinal measure is presented. It is followed by the comparison of the chi-square test of independence and a test based on some ordinal measure. Described procedures and conclusions are illustrated with examples. Finally, there are described the possibilities ofanalysis of contingence tables with one nominal variable and one ordinal variable.
Keywords: ordinal variables, association, chi-square test of independence, concordance and discordance, gamma, test of independence using ordinal measures
JEL: C 46
str./pp. 47-57
Štěpán Horký – Luděk Kouba - Znalostní ekonomika a institucionální prostředí v post-tranzitivních ekonomikách Ev-ropské unie (Analysis of Gross Domestic Product and its Factors in Slovakia according to SK NACE Classification)
Abstract: The paper deals with the relationship between the institutional environment and the knowledge economy development in the European Union with an emphasis on the new EU member states in Central and Eastern Europe. First, the paper describes the state-of the-art of knowledge economy development in the EU. The relationship between institutions and the knowledge economy is evaluated in terms of the development of chosen indicators in the Central and Eastern European region. Then, the correlation analysis between dimensions of the institutional environment and indicators of the knowledge economy level is conducted; furthermore, the analysis is supported with simple regression models evaluating the examined relationship in the European Union.
Keywords: knowledge economy, institutional environment, business environment, innovation
JEL: I 20, K 20, O 34, O 38
str./pp. 58-76
Igor Rozenberg – Owen Fernandés - Znalostný manažment ako spôsob uplatnenia reverznej logistiky v komunálnom podniku (Knowledge management as the method of applying reverse logic in a municipal enterprise)
Abstract: Enterprise processes determine the way through which we can achieve aims set forth. They participate in the creation of the environment in which organizational communication passes through job positions and owing to its very nature creates the enterprise organisational structure. On the other hand, experience of individuals based on historical development and knowledge resources of an enterprise together create knowledge processes. These are equally important for the enterprise, as the business can build its competitive advantage on knowledge. An efficient application of knowledge resources, however, necessitates the harmonisation of the knowledge processes with organisational processes. The result of the knowledge management understood in this way should be an increasing enterprise performance, which is based on the principles of long-term sustainable development. A municipal enterprise is a specific example of this kind of enterprise. It regulates the flow of waste, deciding about its further processing or its liquidation. The preparation of waste for further processing necessitates the separation of recyclable waste in advance in a particular quality. If that is not the case, in contradiction to environmental principles, for economic reasons it may end up right at the dumping site, after returning back to the municipal enterprise. The present paper deals with how to solve this problem, and discusses in general terms the application of reverse logic in the municipal enterprise. We harmonise organisational processes of reverse logic with knowledge processes; the latter are based on existing knowledge resources, and we propose managerial approach to managing important reverse processes.
Keywords: knowledge management, reverse logic, organisational processes, knowledge pro-cesses, knowledge sources.
JEL: D 24, D 29, R 11
str./pp. 77-94
Jaroslav Husár - Má zmysel pojem poznatková ekonomika? (Does the concept of knowledge economy make sense?)
Abstract: In the paper, we discuss the concept of the knowledge economy. At first we explain that the concept of knowledge and claim that it is adequately defined by logic. It is enlighten-ment that we obtain mainly through learning. We also analyse the concept of the economy and understand it as a system that consists of three subsystems – population, wealth and output. The terminus technicus ‟knowledge economy” is antropomorphism.
Keywords: knowledge, economy, science, logic, output, scientific object, proof, relationships, notion, idea, semantic information, mathematical concepts
JEL: A 10, B 4, C 0, C 2, C 3, C 67
str./pp. 95-106
Radka Vaníčková - Evaluation of Employee’s Performance of Business Brokering Company by Personnel Mana-ger’s Competencies (Hodnotenie výkonu zamestnanca v obchodnej maklérskej spoločnosti na základe kompetentností personálneho manažéra)
Abstract: The aim of the paper is to determine the current level of competences of a human resources manager in the business brokerage company for the performance of the management profession from the perspective of business management; to identify key variables that significantly effect the level of competence and propose recommendations leading to the growth and development of competences in the context of the work of the profession and the performance of the human resources manager.
Keywords: managerial competencies, working performance, personnel manager, brokering company
JEL: J 24, J 53, L 00
str./pp. 107-114
Ivan Figura - Študentské publikácie slovenského národohospodára Petra Zaťku (Student publications of the Slovak national economist Peter Zaťko)
Abstract: The paper characterizes Peter Zaťko’s place in the economic history of Slovakia and in the development of the Slovak economic thought. Thanks to his personality traits, which are reflected as early as in his student publications, he has an irreplaceable role in the history of the Slovak economy. In his first published article, he deals with the subject matter to facilitate Slovak farmers an access to favourable loans introducing a ‟Mortgage list of movables” which should operate as the land register. In the second article, he comments on the draft of the Act on the stabilizing balance sheets in Czechoslovakia in 1926. In accordance with the reality, the Act should allow to present fixed assets at new higher prices due to inflation.
Keywords: mortgage, accounting, fixed assets, Slovak economic history
JEL: N 240
str./pp. 115-1423
Saleh Mothana Obadi - Energetická bezpečnosť a dimenzia geopoliticko-ekonomickej rivality (Energy security and dimension of geopolitical and economic rivalry)
Abstract: This paper examines one of the dimensions of energy security such as the geopoliti-cal-economic issue. With the increasing demand of energy, all countries have been doing eve-rything to secure energy resources for their economies, even using political, economic and military power. The main objective is to examine part of the energy security issue related to oil and gas, with focus on geopolitical-economic aspect of oil and gas and the related rivalry between economic and energy superpowers. Given the importance of energy resources for all economies, the economic powers of this region, e.g. the USA, are also trying to have control over the region’s mineral resources. This interest has led to geopolitical rivalry between the mentioned countries and has an impact on the political and energy (in)security of many coun-tries within and outside the region.
Keywords: energy security, geopolitical economy, energy economics, Caspian region, crude oil, natural gas, Russia and Ukraine
JEL: F 5, N 7, O 13, P 28, P 48, Q 41, Q 43
str./pp. 124-136
RECENZIE/REVIEWS
Vladimír Gonda
HOREHÁJ, J.: Trh a jeho deformácie štátom. (Market and its distortions by the state).
Bratislava: Wolters Kluwer, 2014, 88 s. ISBN 978-80-8168-087-8.
JEL: Y30
str./pp. 137-138
Andrea Vargová
BALÁŽ, P. – SZOKEOVÁ, S. – ZÁBOJNÍK, S.: ČÍNSKA EKONOMIKA ‒ nová dimenzia globalizácie svetového hospodárstva (Bude XXI. storočie storočím Číny?).
(Chinese economy – new dimension in the globalisation of the world economy.(Is the 21st century China’s century?)
Bratislava: Sprint dva, 2012, 279 s. ISBN 978-80-89393-89-3.
JEL: Y30
str./pp. 139
