Browse
Recent Submissions
Now showing 1 - 5 of 13
- ItemFINANCIAL CAPABILITY AND TECHNOLOGY IMPLICATIONS FOR ONLINE SHOPPING(Technická Univerzita v Liberci, ) Çera, Gentjan; Phan, Quyen Phu Thi; Androniceanu, Armenia; Çera, Edmond; Ekonomická fakultaTo promote online shoppers’ long-term interest, consumers need to have the knowledge and ability to avoid problems with fi nancial issues. Financial capability helps to put consumers on the path to a sustainable fi nancial future. However, previous studies only focused on fi nancial capability in a fi nancial context. To handle personal fi nance systematically and successfully in an online setting, this study extends an enhanced understanding of how fi nancial capability on online consumer behaviour. Based on the data of 690 respondents collected by a face-to-face from eight main regions in Albania, this study employed principal components analysis and logistic regression in order to investigate the effect of consumers’ fi nancial capabilities and technology use on the decision to purchase online. The outcome of this study fi rstly identifi es six dimensions of fi nancial capabilities, namely, digital banking usage, fi nancial service risk, fi nancial advice, payment risk, risk tolerance, and fi nancial attitude. Secondly, the fi nding revealed that individuals who use smartphones and administrate a social media account, are more likely to involve in purchasing through online channels. Moreover, the decision to purchase online is more prone for those individuals who manifest high levels in digital banking usage, fi nancial advice, prior bank experience and technology usage, and low levels in attitude towards payment risk and attitude towards risk tolerance. This paper offers useful insights concerning the determinants of online purchasing by combining individuals’ fi nancial capability, technology and social media usage along with its demographic characteristics. In term of practical contribution, this study provides a useful model by incorporating for measuring and managing consumers’ fi nancial capability to enhance their involvement and to reduce their cognitive dissonance in the online shopping context. This study also contributes to the accumulated knowledge and encourages consumers to use digital banking and consult their fi nancial issues when purchasing online.
- ItemImportance Sampling for Monte Carlo Simulation to Evaluate Collar Options under Stochastic Volatility Model(Technická Univerzita v Liberci, ) Li, Pengshi; Li, Wei; Chen, Haidong; Ekonomická fakultaThe collar option is one kind of exotic options which is useful when institutional investors wish to lock in the profi t they already have on the underlying asset. Under the constant volatility assumption, the pricing problem of collar options can be solved in the classical Black Scholes framework. However the smile-shaped pattern of the Black Scholes implied volatilities which extracted from options has provided evidence against the constant volatility assumption, so stochastic volatility model is introduced. Because of the complexity of the stochastic volatility model, a closed-form expression for the price of collar options may not be available. In such case, a suitable numerical method is needed for option pricing under stochastic volatility. Since the dimensions of state variable are usually more than two after the introduction of another volatility diffusion process, the classical fi nite difference method seems ineffi cient in the stochastic volatility scenario. For its easy and fl exible computation, Monte Carlo method is suitable for evaluating option under stochastic volatility. This paper presents a variance reduction method for Monte Carlo computation to estimate collar option under stochastic volatility model. The approximated price of the collar option under fast mean reverting stochastic volatility model is derived from the partial differential equation by singular perturbation technique. The importance sampling method based on the approximation price is used to reduce the variance of the Monte Carlo simulation. Numerical experiments are carried out under the context of different mean reverting rate. Numerical experiment results demonstrate that the importance sampling Monte Carlo simulation achieves better variance reduction effi ciency than the basic Monte Carlo simulation.
- ItemEmpirical Analysis of Long Memory and Asymmetry Effects for the Effectiveness of Forecasting Volatility of Returns on the Commodity Market Based on the Example of Gold and Silver(Technická Univerzita v Liberci, ) Włodarczyk, Bogdan; Miciuła, Ireneusz; Ekonomická fakultaThis paper presents an empirical analysis of the signifi cance of the long memory and asymmetry effects for forecasting conditional volatility and market risk on the commodity market based on the example of gold and silver. The analysis involved testing a wide range of linear and non-linear GARCH-type models. The aim of studying dependencies between rates of return and volatility was to select the optimum model. In-sample and out-of-sample analysis indicated that volatility of returns on gold and silver is better described with non-linear volatility models accommodating long memory and asymmetry effects. In particular, the FIAPARCH model proved to be the best for estimating VaR forecasts for long and short trading positions. Also, this model generated the lowest number of violations of Basel II regulations at the confi dence level of 99%. Among the models studied, the FIAPARCH has the most elastic news impact curve, which translates into more possibilities to adjust to data. The results of the analyses suggest that within the period studied, the FIAPARCH model was the best predictive tool compared to the other models. This stems from the model’s ability to satisfactorily capture the effects accompanying price volatility of precious metals, i.e. asymmetry and long memory. The FIAPARCH model produced the lowest number of VaR violations (lowest risk of the model) for all series, which means that it seems to be the most advantageous predictive model with respect to gold and silver from the point of view of fi nancial institutions. Attention was also paid to the prevalence and signifi cance of long memory and asymmetry effects, which should be taken into account when using GARCH-class models.
- ItemThe Application of Data Envelopment Analysis for Evaluation of Efficiency of Healthcare Delivery for CVD Patients(Technická Univerzita v Liberci, ) Kočišová, Kristína; Cygańska, Małgorzata; Kludacz-Alessandri, Magdalena; Ekonomická fakultaThe focus placed on the effi ciency of the healthcare system can vary across the countries. This paper aims to analyse and compare the technical effi ciency of medical care for CVD patients across selected OECD countries using the data envelopment analysis (DEA) method according to two models. The fi rst model (TE) incorporates the quantitative outputs that are connected with the quantity of the hospital outcomes (the number of surgical operations and procedures related to disease of the circulatory system per 100,000 inhabitants; hospital discharge rates for in-patients with diseases of the circulatory system). The second model (QE) includes the quality outputs that are connected with the health outcomes (survival rates of patients with diseases of the circulatory system). A number of cardiologists and angiography equipment per 100,000 inhabitants and total healthcare costs of CVD patients per 100,000 inhabitants were considered as inputs in both models. Secondly, we analyse whether endogenous (institutional arrangements) and exogenous (population behaviour, economic determinants) factors are associated with the effi ciency of medical care. We utilise Data Envelopment Analysis (DEA) to calculate the effi ciency of medical care for CVD patients in selected OECD countries and establish healthcare systems’ rankings according to TE and effi cient healthcare delivery for CVD patients. The study found that the technically effi cient countries were not as far effi cient when the quality measure was used to calculation of effi ciency. On the other hand, some of the technically ineffi cient countries were performing well concerning effi ciency based on a quality measure.
- ItemManagement Practices in Area of Human Resources and Monitoring Results as Determinants of SME’s Success in Poland and the Czech Republic(Technická Univerzita v Liberci, ) Łobos, Krzysztof; Malátek, Vojtěch; Szewczyk, Mirosława; Ekonomická fakultaThe main aim of the article is to identify specifi c management practices of small and medium-sized enterprises (SMEs), which determine processes of their growth and development, and then to determine the character and force of dependence between the identifi ed practices and the growth and development of SMEs. It occurred that the HR practices and the monitoring of results determine signifi cantly the growth and development of small and medium-sized enterprises in Poland and the Czech Republic. In order to accomplish the goal, the authors constructed a model of dependence and also made an evaluation of the signifi cance and force of its infl uence. The unit data obtained from 383 companies operating on the territory of Poland and 381 ones based in the Czech Republic were used for this purpose. The data were analyzed statistically using structural equation modeling. The results point to, fi rst of all, a substantial direct and indirect impact of HR practices on the growth and development of companies in the examined size class in both countries. We recognized four crucial factors of HR practices: (1) attracting talented people to the company, (2) rewarding well, (3) causing that employees know precisely their tasks, decision areas and responsibilities, (4) running an SME enterprise in such a way as to promote cooperation between employees and to create a good working climate. In addition to traditional human resource management practices, we observe in SMEs the need for introduction more humanistic management models focused on building commitment and employee satisfaction. The infl uence of HR practices on the growth and development of an enterprise is additionally strengthened by the monitoring of results. In the case of Polish enterprises, there is a direct impact of the monitoring of results on the development of a company. In the case of Czech enterprises, we have to do only with an indirect infl uence of monitoring practices on the company’s development. Among studied monitoring of results variables, three should be particularly stressed. It is essential that managers and leaders defi ne targets and measures of meeting the targets. The results obtained by the company should be also presented and discussed and monitored on a continuous basis. Results could allow SME’s practitioners a better understanding of crucial factors they ought to focus their management efforts.
- «
- 1 (current)
- 2
- 3
- »