European Financial Systems

[Faculty of Economics and Administration]

European Financial Systems 2014

11th International Scientific Conference European Financial Systems was held in Lednice, Czech Republic on June 12–13, 2014.

Conference Photos

Keynote speakers:

Dr hab. Oskar Kowalewski
Warsaw School of Economics
Kozminski University
Wharton Financial Institutions Center, University of Pennsylvania

Zdenek Kudrna, Ph.D.
Institute for European Integration Research, University of Vienna

Parallel sessions were held in 12 sections:

Session 1 „Empirical Research in Financial Markets I
Chair: Dagmar Linnertová (Masaryk University)

  • Martin Svoboda, Alexander Zureck „Rationality and Emotion in European Football: Share Price Reaction due to a New Coach“
  • Gábor Bóta, Mihály Ormos „Factors Behind the Pricing of Eastern and Western European Oil and Gas Companies“
  • Jakub Marszałek „Optimal decision for convertible debt financing – some observations from the American market“
  • Kamil Smolík, Oldřich Rejnuš „Macroeconomic factors and commodity price volatility“
  • Galina Mukhacheva „Cross-Sectional Asset Pricing with Russian Stocks“
  • Juraj Hruška „Impact of HFT market manipulation technique on volatility of German market“
  • Mihály Ormos „Cointegration-Based Active Portfolio Selection in the European Stock Markets“
  • Veronika Kajurová „CDS Spreads Determinants of the European Financial Institutions“
  • Sasipa Pojanavatee „The relationship between energy and equity mutual funds of Thailand“
  • Dagmar Linnertová „Using correlation structure to analyse relationship between ETFs and underlying indices“

Session 2 „Financial Modelling
Chair: Luděk Benada (Masaryk University)

  • Daniel Iskra, Tadeusz Czernik „Modeling financial surplus of the housing projects developer“
  • Monika Harčariková „Economic analysis of modified discount certificates“
  • Martin Alexy „Sovereign credit rating in ordered response model framework – case of Visegrad Four countries“
  • Bibiána Nováková „Hedging against a Price Rise Using Vertical Ratio Call Back Spread Strategy Formed by Barrier Options“
  • Luděk Benada, Juraj Hruška „Combination of multifactor APT model and CAPM: An empirical analysis of the Prague Stock Exchange“
  • Stanisław Barczak „Applications of gray models in the analysis of financial time series. The Forex market example“
  • Tomasz Węgrzyn „Profitability ratios in the stock selection process on the Warsaw Stock Exchange“
  • Ewa Dziwok „Yield curve fitting and forecasting with parametric models“
  • Martin Cupal, Luděk Benada „The classical and stochastic approach to option pricing“

Session 3 „Accounting and Financial Management
Chair: Petr Valouch (Masaryk University)

  • Alžběta Srnová, Hana Bohušová „Lease type B and possible duplicate recognition of assets“
  • David Procházka „IFRS as a Tax Base in a Small Open Economy“
  • Norbert Gyurián „The assessment of impact of value added tax on the cash flow of chosen business entities“
  • Patrik Svoboda, Hana Bohušová „The uncertainty associated with the estimated lease term and its impact on the financial analysis ratios“
  • Michal Karas „The effect of ownership structure on the performance of manufacturing companies“
  • Alois Konečný „Influence of Political System on Merger Legislation“
  • Anna Sroczyńska – Baron „The Analysis of the Limit of Obligatory Offer Based on the Theory of Games with Data Coming from the Chosen Sectors in Poland“
  • Marta Gryčová, Zdeňka Náglová „The Impact of Indicators of Capital Structure on Profit of Viticulture and Viniculture Enterprises“

Session 4 „Banking
Chair: Mária Širaňová (University of Economics, Bratislava)

  • Martin Boďa, Emília Zimková „Change in technical efficiency of Slovak banks over time under the intermediation approach“
  • Hynek Černý „The Single Supervisory Mechanism and the Czech Republic“
  • Martin Hodula, Oleg Deev „The nexus between sovereign default risk and bank fragility: evidence from China and Russia“
  • Jana Kotlebová „Changes in the holding of liquidity during the present financial crisis“
  • Eva Cipovová „Comparison of assessment of capital adequacy for Czech commercial bank“
  • Eva Horvátová „Impact of interest rates and credit structure on liquidity and stability of banking sector of the euro area“
  • Mária Širaňová „Topological Properties of European Banking Network in Light of the Single Supervisory Mechanism“

Session 5 „Mathematical Modelling in Insurance and Banking
Chair: Silvie Kafková (Masaryk University)

  • Ewa Poprawska, Anna Jędrzychowska „Disability benefits for victims of traffic accidents – size of recommendations offered by the current amount of coverage in MTPL“
  • Ján Gogola „Applying P-splines for mortality rates in the Czech Republic“
  • Silvie Kafková „Relative premium in vehicle insurance“
  • Viera Pacáková „Bayesian Estimation of Event Probability in Accident Insurance“
  • Lubomír Homolka „Longitudinal design as an extension to standard banking approaches to companies' financial performance assessment and prediction“
  • Pavla Jindrová „Statistical tools for modeling claim severity“
  • Slavomír Faltus „Firm Default Prediction Model for Slovak Companies“
  • Michal Kuběnka „The Factors Affecting the Accuracy of Business Failure Prediction Models“

Session 6 „Macroeconomics and International Finance
Chair: Andrius Guzavicius (Kaunas University of Technology)

  • Daniel Stavárek „External imbalances in the EU before and after the financial crisis“
  • Pavol Skalak, Marcel Novak „Influence of International Trade on Economic Growth – Case of Slovakia“
  • Andrius Guzavicius „Cartel formation in the financial sector during different stages of business cycle“
  • Martin Lukáčik „Financial World Frictions and the Czech Economy“
  • Jana Hvozdenska „The Application of Sovereign Bond Spreads: The Case of V4 Countries“
  • Irena Szarowská „Do Fiscal Drivers Matter for Sovereign Risk Spread in EU15?“
  • Pavel Pelikan „Why to limit the growth of financial firms and tax financial transactions, even when government’s re­levant rationality is far from the best: a rationality-allocation analysis“
  • Mirka Wildmannová „Funding Social Services in the Czech Republic in the Light of EU Legislation“

Session 7 „Corporate Finance
Chair: Karolina Daszyńska-Żygadło (Wrocław University of Economics)

  • Marta Gryčová, Jana Steklá „Capital structure and capital disparity across the economic subjects in the agricultural sector in the Czech Republic before and after the financial crisis“
  • Petra Kozáková „Analysis of differences of current liquidity indicators across sectors“
  • Zuzana Kubaščíková „Applying Benford's law“
  • Tatiana Bányiová, Tatiana Bieliková „Prediction of Agricultural Enterprises Distress using Data Envelopment Analysis“
  • Karolina Daszynska-Zygadlo „Relation of CSR and market measures of financial performance: International evidence“
  • Miloš Tumpach „Cost and benefit of accounting information in Slovakia: do we need to redefine relevance?“
  • Maria Králová „Product quality and performance of the enterprise“
  • Zuzana Křížová, Jaroslav Sedláček „Analysis of Mergers And Acquisitions in the Selected Countries of Central And Eastern Europe“

Session 8 „Financial Literacy and Decision Making
Chair: Zuzana Brokešová (University of Economics, Bratislava)

  • Maroš Mikuš „Satisfaction of the Czech bank customers“
  • Jana Peliova „How Do Risk Free Investment Options Change our Decisions Under Risk?“
  • Kristína Hudoková „Selected determinants of lifelong learning of population in the Slovak Republic“
  • Bohuslava Doláková „Financial Literacy of Masaryk University Students in "Financial Literacy“ Course"
  • Patrycja Kowalczyk-Rólczyńska „Analysis of selected household expenditures on the Polish market“
  • Zsuzsanna Eszter Tóth „Using modern quality management tools to improve finance and business university courses“
  • Zuzana Brokešová, Erika Pastoráková „The importance of financial literacy in consumer´s optimal choice of insurance“
  • Tomáš Ondruška „Overconfidence as a Cognitive Bias and Its Implications for Insurance Industry“

Session 9 „Public Finance
Chair: Jana Vodáková (University of Defence)

  • Matúš Grega, Juraj Nemec „Fiscal Imbalances: How Should Public Finance React?“
  • Paulina Ucieklak-Jeż, Agnieszka Bem „Inequalities in the health system’s financing in selected European countries“
  • Taťána Hajdíková „The issue of indebtedness of Czech hospitals“
  • Lukas Moravec „Investments Allocation Tax Factors Identification“
  • Jana Vodáková „Performance Measurement in the Public Sector“
  • Šárka Horáková „Evolution of tools on EU level monitoring fiscal imbalance in Eurozone countries“
  • Agnieszka Bem, Paulina Ucieklak-Jeż „Hospital's size as the determinant of financial liquidity“

Session 10 „Insurance
Chair: Viktória Čejková (University of Economics, Bratislava)

  • Eva Grmanová „Efficiency of Insurance Lines in the Slovak Republic“
  • Viktória Čejková „Management and selection criteria of commercial insurance company for SMEs“
  • Eva Vávrová „Assessing the consequences of global financial crisis in the system of credit risks insurance“
  • Svatopluk Nečas, Viktória Čejková „Non-life Insurance Market in the Czech Republic and Slovakia“
  • Zuzana Brokešová, Tomáš Ondruška, Erika Pastoráková „Market Structure and Performance of the Life Insurance Industry in the Slovak Republic“
  • Lenka Přečková „The establishment of VIG group as a strategy on the insurance market in the Czech Republic“
  • Grzegorz Strupczewski „Corporate Non-Life Insurance Claims: Empirical Evidence from the Polish Market“

Session 11 „Financial Management
Chair: Petr Valouch (Masaryk University)

  • František Kalouda „Cost of Capital Management (Bank Loan) in terms of the CZ Banking System (the Cybernetic Approach)“
  • Dalibor Pánek „New rules to banks and the stability of the banking sector“
  • Jaroslav Sedláček „Mergers of business corporations in the Czech market of mergers and acquisitions“
  • Karel Urbanovský, Jiří Dvořák „Options of modern tools in cyberspace’s ma­nagement of e-banking“
  • Jindřiška Šedová, Romana Kalábová „Evaluation of the use of mediation to resolve disputes in financial services in the Czech Republic“
  • Jan Krajíček „Modern products in Corporate Banking“
  • Petr Valouch „The Development of Profitability of Merged Czech Companies“
  • Tomáš Krejčík „Notes to the Methods of the Medieval Numismatics“
  • Joanna Wyrobek, Zbigniew Stańczyk „Attitudes towards financial statements’ audit in Poland“

Session 12 „Empirical Research in Financial Markets II
Chair: Martin Svoboda (Masaryk University)

  • Kamal Fahrulrazy Rahim „Malaysia and Taiwan acquiring firms’ short-run performance in cross border mergers and acquisitions“
  • Oleksandra Lemeshko, Oldřich Rejnuš „Determinants of mutual fund industry development in countries of the Central and Eastern Europe“
  • Jana Kováčová „Inflation versus deflation and their impact on stock markets“
  • Martin Svoboda „Price vs. Performance Index – Comparison of the Czech PX with the DAX 30 and the EuroStoxx 50“
  • Bartłomiej Jabłoński „The Issue of Dividend Policies of Companies Listed on Warsaw Stock Exchange“
e-mail: konf_kf@econ.muni.cz
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