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- ItemAnalysis of the significance of eWOM on social media for companies[S1](Technická Univerzita v Liberci, ) Prantl, David; Mičík, Michal; Ekonomická fakultaIn recent years, social media have changed online communication. People share their views on individual companies as well as reviews of various products, and actively engage in discussions. Communication that spreads in this way is referred to as eWOM. The question is how important eWOM on social media can be for companies and what we can conclude based on eWOM. This research study aims to evaluate the significance of eWOM for companies in terms of the connection between eWOM and stock prices. Further, we explore the impact of eWOM on company website traffic. The research was conducted using a sample of 1,420,000 posts on social media sites mentioning companies that make up the components of the US30 stock market index. The results show that companies in the B2C segment with a higher share of positive posts compared to negative ones have seen a greater increase in stock prices. However, posts on social media mentioning companies in the B2B segment are not connected to the movement of stock prices of these companies. The research also revealed that 3 % of the total traffic on companies’ websites comes from social media sites. Based on the findings of the research, we can consider eWOM to be of major significance for companies in the B2C segment. These conclusions can be useful in predicting stock prices of particular companies on stock markets based on eWOM.
- ItemPairwise judgments consistency impact on quality of multi-criteria group decision-making with AHP[S1](Technická Univerzita v Liberci, ) Kazibudzki, Pawel Tadeusz; Křupka, Jiří; Ekonomická fakultaThe scope of this research encompasses issues associated with group decision making (GDM) as the most challenging process which entails various viewpoints and preferences of individuals that must be taken into consideration and somehow combined into one meaningful outcome. When GDM is taken into consideration, the AHP seems to be a particularly attractive methodology. From the perspective of its applications, an existing research gap has been identified and examined in this research paper. Thus, the inconsistency of judgments impact on priority vector quality has been examined from the perspective of group decision making. Examination results generalize to the synthesized pairwise comparison matrix that is obtained on the basis of individual pairwise comparison matrices for all group members. The examination process has proceeded with the application of Monte Carlo simulations coded and executed in Wolfram Mathematica Software. Having in mind that a consistency index for the PCM denoting group preferences cannot be greater than the consistency index of the most inconsistent individual PCM it became possible to designate the credibility of the priority vector for the group on the basis of the most inconsistent individual PCM. It is emphasized that thus far only a few papers have dealt with the problem concerning the relation between a level of the pairwise judgments inconsistency and the degree of possible estimation errors for established vector of priority ratios. This research paper overcomes limitations of other examinations which distinguishes it from other papers and emphasizes its novelty.
- ItemFactors influencing consumer behaviour of Generation Y on the Czech wine market(Technická Univerzita v Liberci, ) Němcová, Jana; Staňková, Pavla; Ekonomická fakultaConsumer behaviour of Generation Y on the wine market is currently a topical issue. Generation Y is considered to be the future loyal consumers of wine and is therefore the future of the wine market. Wine-growing has a long tradition in the Czech Republic and, in particular, Moravian wines reach world level, as evidenced by a number of different awards and successes at winemaking competitions. The main aim of this paper is to identify the factors that affect the consumers of Generation Y when buying wine in the Czech Republic. The target group consists of respondents aged 18–25 who drink or at least buy wines. Primary data collection took place between February and September 2017 and was realized by a questionnaire survey. In total, 648 responses were collected. The Two-sample t-Test and the Pearson’s chi-squared ?2 test were used for statistical methods. Research has shown that young consumers clearly prefer white wine and their knowledge of wine is general for the large majority of respondents. The most common places of purchase are wine shops and supermarkets, and most of the respondents buying wines for meeting with friends, quiet sitting at home or for celebrations. Information about wine is obtained by young consumers most often from their families or friends, or from the operator in the wine shop. The most important factors for wine selection are previous purchase experience and references from family and friends, and then the information on a label, recommendations of the wine shop operator, price and colour of wine. Based on a comparison of the examined foreign sources in this area, it can be stated that wine consumers of Generation Y are not a homogeneous segment and more attention should be paid to the preferences of these young people.
- ItemTrademark infringements in the domain .cz(Technická Univerzita v Liberci, ) Gongol, Tomáš; Ekonomická fakultaThe aim of this article is to fill a gap in an area that has not yet been closely examined in the Czech Republic and the world: examining the level of trademark infringement in relation to the basic elements of the logical architecture of the Internet, namely domain names, resp. Websites that are published on them. The article aims to determine the actual state and create a methodology of rapid, and to some extent automated detection of the collision of rights connected to trademarks with domain names. Not only for the large scope of the investigated subject has it focused on the sector of the automotive industry in particular. Given the aim of the work, it answers questions whether the phenomenon of trademark infringement on the Internet is rather a minor issue, which concerns only a fraction of domain names and websites; whether the domains names, resp. websites violating the trademark rights share any similar characters; whether it is possible to automate the search process of finding trademark infringements or if there is a way of finding general rules that can be a valuable help in this process. The first part of the article describes the used methodology, sources of available data and the way the data were worked with. The next part deals in detail with input data that are relevant for this article. It describes the ways the data were obtained and the constraints that needed to be overcome doing so. Basic statistical parameters of the input data are also mentioned. The third part is focused on the important findings found in input data relating to Czech domain names and trademarks used on the Internet followed by detail examination of the Czech domain names for the sector of the automotive industry. By using the defined indicators of a collision (the characters) the results of the article show that the domain names on which the trademark infringement has been committed, share the same set of characters that can be tested automatically by a computer program.
- ItemPricing exotic option under stochastic volatility model(Technická Univerzita v Liberci, ) Li, Pengshi; Ekonomická fakultaThis paper studies supershare and chooser options in a stochastic volatility economy. These two options are typical exotic options which suggest a broad range of usage and application in different financial market conditions. Despite the popularity and longevity of the Black-Scholes model, the assumption of constant volatility in the Black-Scholes model contradicts to the existence of the non-flat implied volatility surface observed in empirical studies. Although many studies are devoted to option pricing under stochastic volatility model in recent years, to the best of our knowledge, research on exotic option such as supershare and chooser option pricing have not been carried out in the stochastic volatility case. Supershare and chooser options are both important financial instruments, research on these two exotic options in stochastic volatility model may give more insights on the pricing of supershare and chooser options. By extending the constant volatility in the Black-Scholes model, this paper studies the pricing problem of the supershare option and chooser options in a fast mean-reverting stochastic volatility scenario. Analytic approximation formulae for these two exotic options in fast mean-reverting stochastic volatility model are derived according to the method of asymptotic expansion which shows the approximation option price can be expressed as the combination of the zero-order and first-order approximations. By incorporating the stochastic volatility effect, the numerical analysis in our model shows that stochastic volatility of underlying asset underprices the supershare options, while in the case of the chooser options its price in stochastic volatility model is higher than the price in the constant volatility model.