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- ItemBootstrap testing of trading strategies in emerging balkan stock markets(Technical university of Liberec, Czech Republic, 2017-12-20) Radovanov, Boris; Marcikić, Aleksandra; Ekonomická fakultaMost lately, the attention of technical trading analysis has shifted to emerging stock markets which collectively bring a significant alternative source of opportunities to international investors. Accordingly, the aim of this paper is to investigate the effectiveness of four technical trading rules (moving average, filter, trading range breakout and channel breakout rule) in six stock market indices of the Balkan States. Also, the paper is providing resume evidence on the predictive power of four mentioned trading rules. We apply the Reality Check and the Superior Predictive Ability test using bootstrap methodology to evaluate the relative performance of those rules. Furthermore, presented tests provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. The original time series is resampled with random draw in two ways: a parametric residual-based method from the AR(1)-GARCH(1,1) model, and a nonparametric, the moving block bootstrap. After including data snooping biases, this study finds that the null hypothesis that trading rules do not outperform the benchmark can be rejected at the 5 percent significance level for five separate stock indices, excluding the MBI10 index. Similarly, such results show the rejection of the weak-form market efficiency hypothesis in case of mentioned stock markets. Applied technical trading rule algorithms in all six stock market indices mainly generate more losing trades then wining trades. Finally, transaction costs have relatively small effect on the overall performance of selected technical trading rules in case of indices BELEX15, CROBEX, SBITOP and MONEX20, but with some changes in choice of the best technical trading rule considering the effects of trading frequencies.
- ItemDigital transparency in the public sector – case study Czech republic(Technical university of Liberec, Czech Republic, 2017-12-20) Mohelská, Hana; Sokolová, Marcela; Ekonomická fakultaThe subject of the paper is to carry out evaluation of the current information openness of municipalities through the structured observation method, via their web pages. The aim of the paper is to assess the transparency level of municipalities in the Czech Republic. It focuses on the lawful and voluntary publication of in-formation on the websites of randomly selected group of municipalities. The content analysis on the internet was used. The thesis focuses on qualitative and quantitative data acquisition as the most effective combination. The research sample consists of 100 municipalities, which were randomly selected from a set of all municipalities in the Czech Republic with populations ranging between 2,000 to 10,000 inhabitants. The paper’s introductory part defines the basic concepts and obligations, which are laid down to the municipalities by international and especially Czech legislation. It is followed by the analysis of selected municipalities on the Internet, which is divided into municipalities' management and documents regarding their activities, the office’s communication with its citizens and accessibility of the sites. A synthesis of findings presents the most transparent municipalities and regions. Czech municipalities have been heterogeneous in the analysis of digital transparency. Once the legislation precisely defines the scope and form of mandatory disclosure of information on municipalities' websites, there is a great deal of improvement and the efforts of municipalities to fulfil this obligation. The degree of disclosure is decreasing with the freedom for municipalities to publish information. The conclusion of the paper is devoted to the overall assessment and recommendations for the given situation in the Czech Republic.
- ItemTypes of bank loans and their impact on economic development: a case study of the Czech republic(Technical university of Liberec, Czech Republic, 2017-12-20) Černohorský, Jan; Ekonomická fakultaThis article aims to evaluate the impact of the development of different types of loans in the banking sector on economic development. We will begin with the hypothesis that economic performance increases with the growth of the rate of various types of loans. We will first look at research of current scientific knowledge in respect to bank loans and economic development. The basic idea of this article is the hypothesis described above, determined on the basis of standard economic findings and based on the results of a majority of related studies. The development of loans provided can be quantified based on data from the Czech National Bank as total loans and divided into loans to non-financial companies and households, as well as mortgage loans and consumer loans. The development of the economy can also be quantified using data from the Czech Statistical Office on the development of the gross domestic product. The period selected is the years 2004-2015. To determine the relationships between selected variables, we have used statistical methods that respect the specific characteristics of the selected time series, namely the Engle-Granger causality test. Prior to testing, it was necessary to adjust the data as stationary and then test cointegration. An optimum order delay was also determined using the Akaike information criterion. The calculated results, except for consumer loans, confirm the hypothesis regarding the positive impact of the rate of loans provided on economic growth, particularly with a six-month time lag. We have obtained results that correspond to standard economic knowledge and results of most previous studies.
- ItemThe effects of perceived satisfaction with service recovery efforts: a study in a hotel setting(Technical university of Liberec, Czech Republic, 2017-12-20) Díaz, Estrella; Gómez, Mar; Martín-Consuegra, David; Molina, Arturo; Ekonomická fakultaIn the service industry, the importance of achieving the satisfaction of all involved agents is widely recognized. It is important to note that within the service sector, the hospitality sector involves a high degree of personal contact between hotel staff and customers, during which various misunderstandings can result in service failures. Therefore, instruments that enable learning about and solving problems emerging from customers now serve as one of the most important elements of the hospitality industry. In this context, the objective of answering the call for more studies investigating the effectiveness of recovery efforts and discovering their effects to perceived customer satisfaction, following a service recovery process, and customer behavior outcomes towards a hotel which had dropped the ball but later offered a solution. A structural equation model using a sample of 274 valid questionnaires, obtained from hotel establishment customers who had experienced failed service provisions and who had shown their discontent with these services, was used to examine these issues. The results confirm a significant and positive effect between the analyzed relations and also reinforce the importance of recovery efforts on satisfaction in service recovery and also determine the impact of that perceived satisfaction on behavioral outcomes of the affected consumers. Additionally, the empirical results show that communication and explanation are the dimensions of importance to consumers when they report a service failure to a service firm. Based on these results, this study recommends designing recovery process in such a way to get maximum advantage of this phenomenon. Therefore, organizations should offer dissatisfied customers with the option to choose among various recovery options.
- ItemEstimating consumers’ behaviour in motor insurance using discrete choice models(Technical university of Liberec, Czech Republic, 2017-12-20) Dragos, Cristian Mihai; Dragos, Simona Laura; Ekonomická fakultaInsurance is a financial service in which consumption is highly affected by the characteristics of the potential buyer and his perceptions about the offered product. Motor insurance with its two components – the Motor Third Party Liability Insurance (MTPL) and the Motor Damage insurance – constitutes the largest line of business of the non-life insurance sector in Europe. The present study models the voluntary motor damage insurance consumer behaviour using discrete choice models, hypothesizing a hierarchical and a non-hierarchical decision. The sample consists of 311 car owners from Cluj County, Romania. The econometric estimations use binary logit, multinomial logit and nested logit models. The predictive power of these models is compared by means of the Receiver Operating Characteristic curve for discrete choice models. The results reveal that the main factors affecting the purchase of a voluntary motor insurance policy are risk preference/aversion, the distance travelled by car, the driver’s education level and the ratio between the driver’s income and the car price. In contrast to previous studies who estimated the risk profile only through proxy variables without accounting for any behavioural aspects, our study has successfully integrated the risk profile of the policyholders as a self-standing explanatory variable. Since the explanatory variables are representative not only for a particular geographical area, the highlighted behaviour may be applied to all cases where motor damage insurance is voluntary.