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International market selection: a MABA based EDAS analysis framework 国际市场选择:基于MABA的EDAS分析框架
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-04-13 DOI: 10.24136/OC.2021.005
Sarfaraz Hashemkhani Zolfani, Ali Ebadi Torkayesh, F. Ecer, Zenonas Turskis, Jonas Šaparauskas
Research background: International market selection is an essential issue for big companies that supply food products. Different types of decision factors and different characteristics of different Oeconomia Copernicana, 12(1), 99–124 100 international markets have brought up a complicated decision-making problem for food supply companies. In order to select the most suitable and profitable market, food supply companies have to consider several qualitative and quantitative factors, including social, political, economic, and ecological aspects. Purpose of the article: In order to overcome international market selection issues, the current study develops a novel integrated decision-making tool. Methods: A novel decision-making model of market analysis is developed as an extended model of Market Attractiveness and Business Attractiveness (MABA) analysis based on the Multiple Attribute Decision Making (MADM). To improve the MABA analysis model, we combine the EDAS method with MABA analysis to empower decision-makers in food supply companies to evaluate several international markets and select the most profitable market for their products. Findings & value added: In this study, we first identified the most important and frequently used decision factors for market analysis problems within MABA analysis under two categories: market attractiveness and business attractiveness. To show the proposed methodology's applicability and feasibility, we perform a case study for a food supply company in Iran that supplies products to Middle East and Asian countries. In order to investigate the reliability of the obtained results, we perform a sensitivity analysis concerning the importance of involved decision factors. The proposed decision-making tool results suggest that the model can be used as a reliable tool for market analysis problems. To sum up the long-term value of the study, we have developed a novel decision-making tool using MABA analysis and the EDAS method. No study integrates any MCDM methods with MABA analysis to the best of our knowledge. Integration of EDAS method with MABA analysis empowers decision-makers in market selection division to use more systematic methods for evaluating several markets.
研究背景:国际市场选择是供应食品的大公司必不可少的问题。不同类型的决策因素和不同经济体的不同特征(哥白尼,12(1),99-124)100个国际市场给食品供应企业带来了一个复杂的决策问题。为了选择最合适和有利可图的市场,食品供应公司必须考虑几个定性和定量的因素,包括社会,政治,经济和生态方面。文章目的:为了克服国际市场选择问题,本研究开发了一种新的综合决策工具。方法:在多属性决策(MADM)的基础上,对市场吸引力和商业吸引力(MABA)分析模型进行了扩展,建立了一种新的市场分析决策模型。为了改进MABA分析模型,我们将EDAS方法与MABA分析相结合,使食品供应公司的决策者能够评估多个国际市场,并为其产品选择最有利可图的市场。在本研究中,我们首先确定了MABA分析中市场分析问题中最重要和最常用的决策因素,分为两类:市场吸引力和商业吸引力。为了证明所提出的方法的适用性和可行性,我们对伊朗的一家食品供应公司进行了案例研究,该公司向中东和亚洲国家供应产品。为了研究所得结果的可靠性,我们对所涉及的决策因素的重要性进行了敏感性分析。提出的决策工具结果表明,该模型可以作为市场分析问题的可靠工具。为了总结研究的长期价值,我们开发了一种新的决策工具,使用MABA分析和EDAS方法。据我们所知,没有研究将任何MCDM方法与MABA分析相结合。将EDAS方法与MABA分析相结合,使市场选择部门的决策者能够使用更系统的方法来评估多个市场。
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引用次数: 13
Brand valuation: an innovative approach based on the risk difference 品牌价值评估:基于风险差异的创新方法
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-04-13 DOI: 10.24136/OC.2021.007
Roman Skalický, Tomáš Meluzín, M. Zinecker
Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.
研究背景:自20世纪80年代以来,学者们对品牌估值方法的兴趣越来越大,当时很明显,企业拥有对其价值有重大影响的表外资产。此外,在许多情况下,由于报告要求或交易和其他公司内部原因,需要对品牌进行估价。迄今为止使用的现有方法通常关注销售价格、客户行为或销售量等变量的变化,即使在对同一品牌进行估价时,也往往会导致不同的结果。我们认为,这些方法忽略了风险因素,尽管风险因素对品牌估值有重大影响。文章的目的:本文的目的是制定一种基于风险差异的替代品牌估值方法。这被定义为具有特定品牌的生产者所面临的风险与没有品牌的生产者的风险之间的差异。方法:首先,定义了一组关于使用拟议方法需要应用哪些条件的假设。接下来,在使用案例研究方法的同时,制定和测试概念本身。因此,在模型公司的条件下,用具体的数据对该方法进行了验证。结果还与复制成本法进行了比较。研究结果与附加值:本文提出了一种新的基于风险差的品牌价值评估方法。在思想实验的基础上,我们将现任者与一个品牌进行比较,而不是将其与一个新进入市场的人进行比较,这是一种常用的方法。我们认为,与现有方法相比,我们的方法论方法减少了品牌估值过程中不可观察的输入数量,从而提高了结果的准确性和可靠性。我们的方法支持研究人员和从业者更好地理解既定的金融理论和品牌估值研究的新方向。
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引用次数: 8
Changing fortunes and attitudes: what determines the political trust in modern Russia? 命运和态度的变化:是什么决定了现代俄罗斯的政治信任?
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-04-13 DOI: 10.24136/OC.2021.004
M. Malkina, V. Ovchinnikov, K. Kholodilin
Research background: We are guided by concepts linking political trust with the perceived rank of people in the wealth hierarchy, their confidence in other people, and the means they use to learn about events at home and abroad. Purpose of the article: The aim of the article is to assess and analyse at the micro level the impact of subjective welfare, interpersonal trust and the intensity of usage of television & radio or the Internet to search for news on political trust in four levels of Russian government. Methods: The study is based on microdata from the Life in Transition Surveys provided by the European Bank for Reconstruction and Development. Ordinal logit regressions are constructed to Oeconomia Copernicana, 12(1), 77–98 78 evaluate the impact of test and control variables on political trust in the Russian president, federal, regional, and local governments in 2010 and 2016. Findings & value added: We identify a reverse of political trust in the upper levels of the Russian government between 2010 and 2016, when the impact of perceived welfare level changes from positive to negative. This phenomenon is explained by the focus of the policy of the federal centre on sup-porting the poor groups of the population, as well as its distancing from business. In contrast, the positive, albeit inconsistent, effect of subjective wealth on trust in lower-level governments is due to the benefits that businesses can gain from interaction with local authorities. We find the positive impact of controlled television and radio on trust in the upper echelons of power, along with the negative impact of the freer Internet on political trust in regional and local authorities. We also confirm the hypothesis of a positive and significant relationship between interpersonal and political trust, highlighting the role of social capital. Finally, our research shows that in systems of the hierarchical type, such as Russia, specific mechanisms for maintaining political trust are established. They are associated with the redistribution of public expectations and claims to different branches of government. The results obtained are applicable for managing political trust through building a democratic state and civil society.
研究背景:我们的指导思想是将政治信任与人们在财富等级中的感知等级、他们对他人的信心以及他们了解国内外事件的手段联系起来。文章目的:文章旨在从微观层面评估和分析主观福利、人际信任以及使用电视、广播或互联网搜索新闻的强度对俄罗斯四级政府政治信任的影响。方法:该研究基于欧洲复兴开发银行提供的转型期生活调查的微观数据。根据《哥白尼经济学》,12(1),77–98 78构建了序logit回归,评估了2010年和2016年测试和控制变量对俄罗斯总统、联邦、地区和地方政府政治信任的影响。调查结果和附加值:我们发现,在2010年至2016年间,俄罗斯政府高层的政治信任发生了逆转,当时感知福利水平的影响从积极变为消极。这一现象的解释是,联邦中心的政策重点是支持人口中的贫困群体,以及与商业的距离。相比之下,主观财富对下级政府信任的积极影响(尽管不一致)是由于企业可以从与地方当局的互动中获得好处。我们发现,受控制的电视和广播对权力高层的信任产生了积极影响,而更自由的互联网对地区和地方当局的政治信任也产生了负面影响。我们还证实了人际信任和政治信任之间存在积极而显著关系的假设,强调了社会资本的作用。最后,我们的研究表明,在俄罗斯等等级制度中,建立了维护政治信任的具体机制。它们与公众对政府不同部门的期望和要求的重新分配有关。所获得的结果适用于通过建立民主国家和公民社会来管理政治信任。
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引用次数: 2
New paradigms of quantification of economic efficiency in the transport sector 交通运输部门经济效率量化的新范例
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-04-13 DOI: 10.24136/OC.2021.008
M. Poliak, Lucia Švábová, V. Konecný, N. Zhuravleva, K. Čulík
Research background: In determining the prices in road transport, carriers usually use the calculations based on a so-called routes utilisation coefficient, which allows the carrier to also take the possibility of the return rides without load into account Currently it is usually used as a constant from the interval from zero to one Purpose of the article: Considering a different offer of return transport from individual European Union (EU) countries, it can be assumed that the routes utilisation coefficient should have different values because there is a varying level of non-zero probability that the vehicle will return without a load This study therefore proposes a new approach to determining the value of this coefficient based on transport direction The study also aims to identify clusters of EU countries, for which the common value of the coefficient should be set Methods: The Analysis of Variance (ANOVA) test was used to verify the assumption of the differences among the means of transport offers Cluster analysis was used to identify the aforementioned groups of countries This analysis is based on real data on transport offers to Slovakia from 1 different EU countries Findings & value added: The results of the analysis can also be used in other EU countries because if significant differences in transport offers to Slovakia exist in individual countries, there is a reasonable assumption that this conclusion will also be valid in other countries The analysis demonstrated that it is more appropriate to use the routes utilisation coefficient with various values, dependent on the transport direction For the transport companies, implementation of the obtained results into practice is beneficial to increase their competitiveness through the more precise setting of transport prices, but also to the optimisation of the transport price itself with regard to the expected costs
研究背景:在确定公路运输价格时,承运人通常使用基于所谓的路线利用系数的计算,这允许承运人也考虑到无负载返回的可能性。目前它通常被用作从0到1区间的常数。考虑到来自单个欧盟(EU)国家的不同返回运输报价,可以假设路线利用系数应该具有不同的值,因为车辆将在没有负载的情况下返回的非零概率不同。因此,该研究提出了一种基于运输方向确定该系数值的新方法。研究还旨在确定欧盟国家集群。方法:使用方差分析(ANOVA)检验来验证运输工具之间差异的假设,使用聚类分析来确定上述国家组。该分析基于1个不同欧盟国家向斯洛伐克提供运输服务的真实数据。分析的结果也可以在其他欧盟国家使用,因为如果在个别国家提供斯洛伐克的运输存在显着差异,有一个合理的假设,这一结论也将在其他国家有效。分析表明,使用不同值的路线利用系数更合适,取决于运输方向。将获得的结果付诸实践,有利于通过更精确地设定运输价格来提高它们的竞争力,也有利于运输价格本身相对于预期成本的优化
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引用次数: 18
Circular economy as assistance for sustainable development in OECD countries 循环经济对经合组织国家可持续发展的帮助
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-03-31 DOI: 10.24136/OC.2021.001
Viktorija Skvarciany, Indrė Lapinskaitė, Gintarė Volskytė
Research background: Circular economy is of great importance, as it plays a vital role in ensuring the reuse of waste created and, therefore, reduces the waste of limited resources, which is the primary goal of the general economic concept. In line with the circular economy, sustainable development gains great attention, as the United Nations announced the sustainable development goals that should be reached by 2030. Hence, the current paper aims at examining whether the circular economy could be treated as an effective assistance tool for sustainable development of OECD countries. Purpose of the article: The paper aims to investigate whether the circular economy could serve as an assistance tool for sustainable development and, therefore, seeks to determine if the circular economy could directly impact a country’s sustainable development. Methods: First, the countries chosen were prioritised using the Analytic Hierarchy Process (AHP) and the Evaluation Based on Distance from Average Solution (EDAS) methodologies. Oeconomia Copernicana, 12(1), 11–34
研究背景:循环经济具有重要意义,因为它在确保产生的废物的再利用方面发挥着至关重要的作用,从而减少有限资源的浪费,这是一般经济概念的首要目标。与循环经济相一致,随着联合国宣布到2030年应实现的可持续发展目标,可持续发展受到了极大关注。因此,本文件旨在研究循环经济是否可以被视为经合组织国家可持续发展的有效援助工具。文章的目的:本文旨在调查循环经济是否可以作为可持续发展的辅助工具,因此,试图确定循环经济是否会直接影响一个国家的可持续发展。方法:首先,使用层次分析法(AHP)和基于平均解距离的评估法(EDAS)对所选国家进行优先排序。哥白尼经济学,12(1),11-34
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引用次数: 29
Comparison of factors influencing liquidity of European Islamic and conventional banks 影响欧洲伊斯兰银行与传统银行流动性的因素比较
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-01-01 DOI: 10.24136/oc.2021.013
H. Musa, Zdenka Musová, Viacheslav Natorin, G. Lazaroiu, Martin Martin Boda
Research background: The innovation in Shar??ah-compliant banking products has resulted in the rapidly increasing size of assets in Islamic banks worldwide. The assets of such banks have been growing twice as fast as those of conventional banks. Islamic banks do not depend on conventional interest, speculation, or complex derivatives stemming from banking operations. Instead, their actions in respect of profit/risk sharing, and the clarity of the contract are consistent with Islamic Shar??ah principles, which seek to promote a more equal society. Purpose of the article: This research aims to identify and compare factors influencing the liquidity of Islamic and conventional banks in Europe. Candidate factors are sought amongst profitability, credit quality, credit expansion and capital adequacy indicators. Methodology: First, relevant financial ratios for 249 observations on Islamic banks and 2,306 observations on conventional banks are selected and compared for the period 2013?2017. Second, liquidity is explained separately for each type of banks by panel data regression to identify its determinants in a comparative context. Findings & value added: The results indicate that the impact of the net interest margin on the liquidity ratio of Islamic banks is insignificant, which is obviously due to the prohibition of the use of interest (riba). To the contrary, in conventional banking a higher net interest margin results in a reduction in liquidity. Capital adequacy has a positive influence upon liquidity in both types of banks, but in Islamic banking, the influence is 5.4 times greater. The findings strongly suggest that the liquidity of Islamic and conventional banks is affected by different factors.
研究背景:share的创新符合ah标准的银行产品导致全球伊斯兰银行的资产规模迅速增加。这些银行的资产增长速度是传统银行的两倍。伊斯兰银行不依赖传统的利息、投机或源于银行业务的复杂衍生品。相反,他们在利润/风险分担方面的行为,以及合同的清晰度,与伊斯兰教的伊斯兰教规是一致的??这些原则旨在促进一个更加平等的社会。文章目的:本研究旨在识别和比较影响欧洲伊斯兰银行和传统银行流动性的因素。在盈利能力、信贷质量、信贷扩张和资本充足率指标中寻找候选因素。方法:首先,选取了2013 - 2017年期间对伊斯兰银行的249项观察和对传统银行的2306项观察的相关财务比率进行比较。其次,通过面板数据回归分别解释了每种类型银行的流动性,以确定其在比较背景下的决定因素。研究结果及附加值:研究结果表明,净息差对伊斯兰银行流动性比率的影响不显著,这显然是由于禁止使用利息(riba)。相反,在传统银行,较高的净息差导致流动性减少。资本充足率对两类银行的流动性都有积极影响,但在伊斯兰银行中,这种影响是其5.4倍。研究结果强烈表明,伊斯兰银行和传统银行的流动性受到不同因素的影响。
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引用次数: 14
The banking sector as the absorber of the COVID-19 crisis? economic consequences: perception of WSE investors 银行业是新冠肺炎危机的吸收者?经济后果:华沙证交所投资者的看法
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-01-01 DOI: 10.24136/OC.2021.012
Michał Bernardelli, Zbigniew Korzeb, Paweł Niedziółka
Research background: The paper focuses on the research of investors? decisions with regard to shares of all 12 banks listed on the Warsaw Stock Exchange during the first half of 2020. It examines the behavior of a subindex reflecting bank shares? prices against the main WIG index WIG and 14 sector subindices. The authors identify groups of banks with different investors? responses. They also classify banks into separate groups on the basis of changes in the fundamental indicators describing their economic and financial performance. The study concentrates mainly on the verification of the stability of this attribution, explaining reasons for its modifications over time.    Purpose of the article: To identify the characteristics of bank clusters determining different capital market responses to their listed shares and to explain the reasons for volatility in investors? behavior within the analyzed period. Methods: The methodology of the research can be described in three areas. The first is the statistical analysis with the emphasis on the use of a quarter range to capture changes in the volatility of share prices. The second area is the clustering k-means method based on the interpolated ? from quarterly to daily ? measures of the bank?s financial condition. This mathematical approach is a novelty in finance and economics. The last, third, area is forecasting with the use of linear regression analysis, which is the key factor in determining the abnormal rates of return. The indicated areas are combined through a generally understood correlation analysis. Findings & value added: Large retail banks have been less affected compared to medium-sized ones with relatively rich corporate portfolios. The initial market reaction reflected concern about the resistance to the crisis of poorly capitalized banks with mean liquidity buffers. Upon the announcement of government support, investors? approach to the shares of banks of differentiated economic and financial performance conformed accordingly. These findings are valuable in the long term especially from the perspective of supervision authorities? policy during external shocks. The presented study suggests designing flexible and tailor-made regulatory approach aligned with the defined bank clusters. Its value added also consists in proposing a new method of analysis, combining interpolation and automatic clustering, which has proved to be adequate for the study of a bank?s financial condition based on daily frequency data. Furthermore, assuming the same length of the estimation window, a close relationship is shown between the results of clustering and the forecasts based on different measures of rates of return.
研究背景:本文主要研究投资者?关于2020年上半年在华沙证券交易所上市的所有12家银行的股票的决定。它考察反映银行股的分类指数的行为。价格相对于主要的WIG指数和14个行业分类指数。作者确定了不同投资者的银行群体。响应。他们还根据描述银行经济和财务表现的基本指标的变化,将银行分成不同的组。这项研究主要集中在验证这种归因的稳定性,解释其随时间变化的原因。本文的目的:确定银行集群的特征,决定资本市场对其上市股票的不同反应,并解释投资者波动的原因?被分析时间段内的行为。方法:研究方法可分为三个方面。第一种是统计分析,强调使用四分之一区间来捕捉股价波动的变化。第二个领域是基于插值的聚类k-means方法。从季度到每日?银行的措施?美国的财务状况。这种数学方法在金融和经济学中是一种新颖的方法。最后,也是第三个领域是利用线性回归分析进行预测,这是决定异常收益率的关键因素。通过一般理解的相关分析,将指示区域组合起来。调查结果与附加值:与拥有相对丰富的企业投资组合的中型银行相比,大型零售银行受到的影响较小。市场最初的反应反映出人们的担忧,即资本金不足、流动性缓冲不足的银行对危机的抵抗力。政府宣布支持后,投资者?方法对银行股的差异化经济和财务表现进行了相应的符合。这些发现从长远来看是有价值的,特别是从监管部门的角度来看。外部冲击期间的政策。提出的研究建议设计灵活和量身定制的监管方法与定义的银行集群相一致。它的附加价值还在于提出了一种新的分析方法,将插值和自动聚类相结合,这已被证明足以用于银行的研究。基于每日频率数据的财务状况。此外,假设估计窗口长度相同,聚类结果与基于不同收益率度量的预测之间存在密切关系。
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引用次数: 13
The research on COVID-19 and economy from 2019 to 2020: analysis from the perspective of bibliometrics 2019 - 2020年新冠肺炎疫情与经济研究:文献计量学视角分析
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2021-01-01 DOI: 10.24136/OC.2021.009
Nana Liu, Zeshui Xu, M. Škare
Research background: The outbreak and spread of COVID-19 brought disastrous influences to the development of human society, especially the development of economy. Purpose of the article: Considering that knowing about the situations of the existing studies about COVID-19 and economy is not only helpful to understand the research progress and the connections between COVID-19 and economy, but also provides effective suggestions for fighting against COVID-19 and protecting economy, this paper analyzes the existing studies on COVID-19 and economy from the perspective of bibliometrics. Methods: Firstly, the discussion starts from the statistical analysis, in which the basic distributions of the studies on different countries/regions, different publication sources, different publication years, etc., are presented. Then, the paper shows the cooperation situations of the researchers from analyzing the related citation networks, co-citation networks and cooperation networks. Further, the theme analysis of the related studies is presented, in which the related co-occurrence networks are shown, and then the detailed analyses of the studies are introduced. Based on these analyses, the discussions about future research are presented, and finally we draw a conclusion. Findings & value added: The analyses not only present the basic situation on the research about COVID-19 and Economy, but also show the future research trends, which can provide meaningful research expectations. © 2021 Nicolaus Copernicus University.
研究背景:新冠肺炎疫情的爆发和传播给人类社会的发展,特别是经济的发展带来了灾难性的影响。文章目的:考虑到了解新冠病毒与经济的现有研究情况,不仅有助于了解新冠病毒与经济的研究进展和联系,也有助于为抗击新冠病毒、保护经济提供有效建议,本文从文献计量学的角度对现有的新冠病毒与经济研究进行了分析。方法:首先从统计分析入手,介绍不同国家/地区、不同出版来源、不同出版年份等研究的基本分布情况。然后,从相关被引网络、共被引网络和合作网络三个方面分析了科研人员的合作情况。在此基础上,对相关研究进行了主题分析,对相关共现网络进行了展示,并对相关研究进行了详细分析。在此基础上,对今后的研究进行了讨论,最后得出结论。研究成果与附加值:分析不仅反映了新冠肺炎与经济研究的基本情况,也显示了未来的研究趋势,为研究提供了有意义的预期。©2021尼古拉斯哥白尼大学。
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引用次数: 42
Random walks and market efficiency tests: evidence on US, Chinese and European capital markets within the context of the global Covid-19 pandemic 随机漫步和市场效率测试:全球新冠肺炎大流行背景下美国、中国和欧洲资本市场的证据
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2020-12-30 DOI: 10.24136/oc.2020.024
R. Dias, N. Teixeira, V. Machová, P. Pardal, J. Horák, M. Vochozka
Research background: Covid-19 has affected the global economy and has had an inevitable impact on capital markets. In the week of February 24?28, 2020, stock markets crashed. The index FTSE 100 decreased 13%, while the indices DJIA and S&P 500 fell 11?12%, the biggest drop since the 2007?2008 financial and economic crisis. It is therefore of interest to test the random walk hypothesis in developed capital markets, European and also non-European, in order to understand the different predictabilities between them. Purpose of the article: The aim is to analyze capital market efficiency, in its weak form, through the stock market indices of Belgium (index BEL 20), France (index CAC 40), Germany (index DAX 30), USA (index DOW JONES), Greece (index FTSE Athex 20), Spain (index IBEX 35), Ireland (index ISEQ), Portugal (index PSI 20) and China (index SSE) for the period from December 2019 to May 2020. Methods: Panel unit root tests of Breitung (2000), Levin et al. (2002) and Hadri (2002) were used to assess the time series stationarity. The test of Clemente et al. (1998) is used to detect structural breaks. The tests for the random walk hypothesis follows the variance ratio methodology proposed by Lo and MacKinlay (1988). Findings & Value added: In general, we found mixed confirmation about the EMH (efficient market hypothesis). Taking into account the conclusions of the rank variance test, the random walk hypothesis was rejected in the case of stock indices: Dow Jones, SSE and PSI 20, partially rejected in the case indices: BEL 20, CAC 40, FTSTE Athex 20 and DEX 30, but accepted for indices: IBEX 35 and ISEQ. The results also show that prices do not fully reflect the information available and that changes in prices are not independent and identically distributed. This situation has consequences for investors, since some returns can be expected, creating opportunities for arbitrage and for abnormal returns, contrary to the assumptions of random walk and information efficiency.
研究背景:新冠肺炎影响了全球经济,并对资本市场产生了不可避免的影响。在2月24日的那一周?2020年28日,股市暴跌。富时100指数下跌13%,道琼斯工业平均指数和标准普尔500指数下跌11?12%,创2007年以来最大跌幅?2008年金融和经济危机。因此,有兴趣在发达资本市场(欧洲和非欧洲)中检验随机游走假说,以了解它们之间的不同可预测性。本文目的:通过2019年12月至2020年5月期间比利时(指数BEL 20)、法国(指数CAC 40)、德国(指数DAX 30)、美国(指数DOW JONES)、希腊(指数FTSE Athex 20)、西班牙(指数IBEX 35)、爱尔兰(指数ISEQ)、葡萄牙(指数PSI 20)和中国(指数SSE)的股票市场指数,分析弱形式的资本市场效率。方法:采用Breitung(2000)、Levin等人(2002)和Hadri(2002)的面板单位根检验来评估时间序列的平稳性。Clemente等人(1998)的测试用于检测结构断裂。随机行走假说的检验遵循Lo和MacKinlay(1988)提出的方差比方法。研究结果和附加值:总的来说,我们发现对EMH(有效市场假说)的确认喜忧参半。考虑到秩方差检验的结论,随机游走假说在道琼斯指数、上证指数和PSI 20的情况下被拒绝,在BEL 20、CAC 40、FTSTE Athex 20和DEX 30的情况下部分被拒绝,但在IBEX 35和ISEQ的情况下则被接受。研究结果还表明,价格并没有完全反映现有信息,价格的变化也不是独立的和同分布的。这种情况对投资者产生了影响,因为一些回报是可以预期的,为套利和异常回报创造了机会,这与随机游走和信息效率的假设相反。
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引用次数: 67
Study of legislative and administrative obstacles to SMEs business in the Czech Republic and Slovakia 捷克共和国和斯洛伐克中小企业经营的立法和行政障碍研究
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2020-12-30 DOI: 10.24136/oc.2020.028
B. Gavurová, J. Bélas, Y. Bilan, J. Horák
Research background: SMEs represent an integral part of the economy environment in a majority of the countries all over the world. They signify the most efficient, progressive, and important part of the advanced economies. The long-term effort of the EU countries, as well as other advanced economies is to create quality and stable conditions for their development in order to be able to respond to all the possible changes in the business environment that is being changed to more and more comprehensive in the recent time. Purpose of the article: The objective of the contribution is to examine administrative and legislative obstacles to SMEs business in the Czech Republic and Slovakia and the quantification of the differences in perceiving legislative and administrative obstacles to business by entrepreneurs in both countries. Methods: A questionnaire survey was conducted within SMEs in the Czech Republic and Slovakia in 2019. The research sample included 641 SMEs, 312 from the Czech Republic and 329 from Slovakia. We focused on 5 dimensions related to legislative and administrative obstacles to SMEs business within which selected statements were examined. Contingency tables were used to analyze the ratios of the examined variables. Findings & Value added: The differences detected in both countries in the respondents´ perception and assessment are evidence of the changes in the business environment of both countries, giving rise to the questions about the extent to which the legislative and administrative obstacles, as well as the obstacles related to law enforcement and bureaucracy are acceptable and by which groups of entrepreneurs. The results of the research provide valuable findings for the creators of regional and national policies, and represent a valuable basis for the creation of the concepts focused on the SMEs´ development in both countries.  The results of the study also support the implementation of follow-up research in this area that will reveal other determinants affecting the development of SMEs. They also create a valuable platform for the construction of national and international benchmarking indicators in this area and the implementation of comparative analyses. This will also support the methodological area necessary for a creation of high-quality concepts and strategies.
研究背景:在世界上大多数国家,中小企业是经济环境不可分割的一部分。它们代表着发达经济体中最有效、最先进和最重要的部分。欧盟国家以及其他发达经济体的长期努力是为其发展创造高质量和稳定的条件,以便能够应对最近越来越全面的商业环境中所有可能发生的变化。文章的目的:贡献的目的是审查捷克共和国和斯洛伐克中小企业经营的行政和立法障碍,以及量化两国企业家对商业的立法和行政障碍的感知差异。方法:2019年对捷克和斯洛伐克中小企业进行问卷调查。研究样本包括641家中小企业,其中312家来自捷克共和国,329家来自斯洛伐克。我们重点研究了与中小企业经营的立法和行政障碍有关的5个方面,并在这些方面对选定的陈述进行了审查。列联表用于分析被检查变量的比率。调查结果与附加值:两国受访者在感知和评估方面所发现的差异,证明了两国商业环境的变化,这引发了以下问题:立法和行政障碍以及与执法和官僚主义相关的障碍在多大程度上是可以接受的,以及哪些企业家群体可以接受。研究结果为区域和国家政策的制定者提供了宝贵的发现,并为两国中小企业发展概念的创造提供了宝贵的基础。研究结果也支持在这一领域开展后续研究,以揭示影响中小企业发展的其他决定因素。它们还为构建这一领域的国家和国际基准指标和实施比较分析创造了宝贵的平台。这也将支持创建高质量概念和战略所必需的方法学领域。
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引用次数: 35
期刊
Oeconomia Copernicana
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