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    Country-specific determinants of intra-industry trade in pharmaceuticals: the case of Poland and its European Union partners
    (Technická Univerzita v Liberci, ) Łapińska, Justyna; Meluzínová, Jana; Uhman, Jiří; Ekonomická fakulta
    Trade cooperation between European Union countries is based mainly on intra-industry trade, consisting in the simultaneous import and export of similar products belonging to the same industry (commodity group).
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    Critical success factors in ERP system adoption: comparative analysis of the private and the public sector
    (Technická Univerzita v Liberci, ) Seres, Laslo; Tumbas, Pere; Matkovic, Predrag; Sakal, Marton; Ekonomická fakulta
    This research provides useful insight into differences in the perception of significance and the degree of fulfillment of Critical Success Factors (CSFs) of Enterprise Resource Planning (ERP) adoption between private and public sector organizations. The survey was conducted on a sample of 77 Serbian organizations, with approximately equal representation of those from the private and the public sector. A comprehensive list of CSFs, compiled as a result of an extensive literature review, was included in the questionnaire. The collected data and statistical procedures applied revealed the CSFs that differentiate the organizations from the two observed sectors. Involvement of end users in ERP adoption and implementation activities has proven to be the CSF in relation to which the assessments and attitudes of organizations from the two sectors differ the most. Results of this research indicate that differences between private and public sector organizations are more distinct in terms of their level of fulfillment of ERP adoption CSFs than they are in terms of their assessment of CSFs’ significance. This points to a conclusion that differences in the way of functioning and governance of organizations from these two sectors influence their ability to tackle the problems much more than their ability to recognize them. The practical contribution of this research is in providing some useful findings that can greatly assist relevant stakeholders to achieve a higher success rate in an ERP adoption. In addition to responding to the initial research questions, this paper has also revealed new issues, suggesting the need for further research.
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    Quantitative easing effects on equity markets – event study evidence from the US
    (Technická Univerzita v Liberci, ) Šafár, Leoš; Siničáková, Marianna; Ekonomická fakulta
    In this paper we examine effects of the QE related statements made by the FED on major equity indices in the US. We consider days, when announcements had been made, as events for the event-study. We approach this methodology with aim to calculate excess returns on particular announcement day for Dow Jones Industrial Average, Standard´s & Poor´s 500, NASDAQ and Russell2000. Admitting complexity of those statements, and difficulty to isolate effects linked only to QE related information, we analysed statements individually, to be able to extrapolate deviations more accurately. Results indicate positive excess returns (above average performance over previous 60 days) on each index from 2008 to 2017 in average, while on some specific announcements, excess returns fell to negative range, which could be explained as misunderstanding of reaction function or active portfolio rebalancing towards assets directly influenced by the programme mentioned in the particular announcement. Considering also multiplicity, for DJIA, NASDAQ and S&P500 we conclude, that positive reactions follow especially information linked to prolongation or expansion of existing QE programme, while on the other hand initial information about QE cause mentioned portfolio rebalancing from equities towards other assets (RUSSEL2000 did not signal particular direction in line with announcement days´ information). We can also conclude that even if tapering linked information are considered as a part of the QE programmes, we did not find significant evidence of neither positive nor negative reaction on particular tapering-linked announcements. We add on, that the tapering and balance sheet unwinding are unprecedented to some extent, and therefore require further research, especially in current environment where such policy normalization is widely discussed.
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    Benefits of KPIs for industry sector evaluation: the case study from the Czech Republic
    (Technická Univerzita v Liberci, ) Hedvičáková, Martina; Král, Martin; Ekonomická fakulta
    Currently, there is a fourth Industrial Revolution known as Industry 4.0. This industrialization is characterized by structural changes in the substitution of labour by new technologies and capital. The paper focuses on the industrial sector, which is dominant in the Czech Republic and has a significant contribution to GDP and value added. It describes the current economic situation in Czech Republic and in European Union.
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    Analysis of state investments into human capital in Slovak Republic
    (Technická Univerzita v Liberci, ) Palaščáková, Daniela; Koľveková, Gabriela; Melas, Dávid; Ekonomická fakulta
    This article is focused on state or government investment into human capital and on investments into universities, which are supposed to lead to an increase in wages of individuals after finishing such education. That part of income of graduates which is exceeding incomes of people with completed high school education, i.e. income bonus is, on one hand, a motivational factor for individual to study at university and on the other hand it is an opportunity for the state to achieve higher tax incomes in absolute terms due to graduates with higher salaries. The main goal of this article is to analyse investments into the human capital from the point of view of the amount of investment and its profitability, as well as from the point of view of the payback period for state investments in education. Quantitative analysis was provided by plugging in data into seven ratios/formulas. The data were from the Ministry of Education of the Slovak Republic. Results are addressing the issue of globalised education, where the fierce competition will lead to changes that will inevitably require a change in investment schemes as well as a change in behaviour and attitude towards education as such. Paper strives for achieving an advantange that is to stimulate debate on human capital in its broad sense as described in the opening of the paper. The context of this humble research is framed by technology changes in global value chains that effect economy in its structure that is turning to be more dynamic then ever.