Template-Type: ReDIF-Article 1.0
Author-Name: Jeyhun A. Abbasov
Author-Workplace-Name: Central Bank of Azerbaijan Republic, AZ1014, Rashid Behbudov str. 90, Baku, Azerbaijan
Author-Workplace-Name: Azerbaijan State University of Economics, International Graduate and Doctorate Center, AZ1001, Istiqlaliyyat str. 6, Baku, Azerbaijan
Author-Workplace-Name: Baku Engineering University, Department of Mathematics and Informatics, AZ0101, Hasan Aliyev str. 120, Khirdalan city, Azerbaijan
Author-Name: Khatai Aliyev
Author-Workplace-Name: Azerbaijan State University of Economics, UNEC Empirical Research Center, AZ1001, Istiqlaliyyat str. 6, Baku, Azerbaijan
Author-Workplace-Name: Baku Engineering University, Department of World Economy, AZ0101, Hasan Aliyev str. 120, Khirdalan city, Azerbaijan
Author-Workplace-Name: ASERC LLC, AZ1110, Mirali Gashgai str. 97/37, Baku, Azerbaijan
Title: Testing Wagner's Law and Keynesian Hypothesis in Selected Post-Soviet Countries
Abstract: The aim of this research is to test Wagner's law and Keynesian hypothesis in 9 Post-Soviet countries - Estonia, Latvia, Lithuania, Uzbekistan, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, and Ukraine. For this purpose, long- and short-run causality between real per capita GDP and real per capita government expenditures are estimated by employing ARDL modelling approach. Estimation results support validity of Wagner's law for Latvia, Lithuania, Uzbekistan, Georgia, Kyrgyz Republic and Ukraine, and validity of Keynesian hypothesis for Estonia, Uzbekistan, Azerbaijan, Kyrgyz Republic, and Moldova in the long-run. Meanwhile, research findings indicate strong bidirectional short-run causality in all countries except Lithuania and Kyrgyz Republic in the short-run.
Keywords: Wagner's law, Keynesian Hypothesis, Post-Soviet countries, long-run association, short-run causality, ARDL modeling approach
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1227-1237
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051227
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Template-Type: ReDIF-Article 1.0
Author-Name: Radka Bauerová
Author-Workplace-Name: Department of Business Economics and Management, Faculty of Business Administration, Silesian University in Karviná, Univerzitní náměstní 1934/3, 733 40 Karviná, Czech Republic
Title: Consumers' Decision-Making in Online Grocery Shopping: the Impact of Services Offered and Delivery Conditions
Abstract: The growing consumer interest in buying food online has caused that online grocery shopping (OGS) is the current most evolving e-commerce category. Therefore, focus on the factors influencing e-consumer's decision-making is an important key to tailor optimal marketing strategy. OGS is specific due to the food aspects (quality, freshness and durability) as well as to the offered services and delivery conditions of the online purchase process. The aim of the paper is to extend external factors of online consumer decision process and examine the influence of offered services and delivery conditions toward consumer's decision-making in online grocery shopping. The paper focuses primarily on the choice of the type of service and the determination of delivery conditions that have a positive impact on the customer's decision-making. The empirical analysis was conducted on a sample of Czech online grocery buyers involving 536 respondents interviewed online. The results show the high customer sensitivity in delivery time and charge, while the impact of the minimum required order on the consumer's intention to shop grocery online is not so decisive. The results suggest the Delivery Passes is the consumer most requested service and could play a role in building loyalty.
Keywords: online grocery shopping, e-commerce, decision-making process, consumer behaviour, marketing strategy, services, delivery conditions
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1239-1247
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051239
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Template-Type: ReDIF-Article 1.0
Author-Name: Bekir Demirtas
Author-Workplace-Name: Department of Agricultural Economics, Faculty of Agriculture, Mustafa Kemal University, Hatay, Turkey
Title: The Effect of Price Increases on Fresh Meat Consumption in Turkey
Abstract: The rapid increase of the red meat price in Turkey in the recent years negatively affects its consumption. Consumers are seeking to compensate for the need for animal protein with cheaper substitution products. In this study, the effects of consumer attitudes, product prices and some other variables on the factors affecting consumption of fresh red meat are examined. A 58-item questionnaire measuring Behavior and Behavioral Intention was applied to 455 consumers in the Eastern Mediterranean Region of Turkey based on the Theory of Planned Behavior. In the study, participants' consumption of fresh red meat and white meat was examined together. In the analysis of the data, correlation, independent samples' t-test and One Way Anova was used together with Path Analysis which is a Structural Equation Model technique. Price increases have a negative impact on fresh meat consumption and the effect on consumption of red meat is much higher. The Structural Model explains 80 % of the Behavioral Intention variance and 87 % of the Behavioral variance. In consumers' Behavior and Behavioral Intention in meat consumption Attitude, Perceived Behavioral Control and Price variable have a significant influence, while the effect of Subjective Norms on a lower level. Socioeconomic and demographic variables cause significant differences in fresh meat consumption. Reducing the increases in input prices, which is the most important source of the increase in red meat prices in Turkey, in the short and medium terms, and supporting the supply increases by sustaining its implementation in the medium and long terms should be adopted as basic policies.
Keywords: consumer price, red and white meat, demographic variables, the theory of planned behavior
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1249-1259
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051249
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051249.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Zita Drábková
Author-Workplace-Name: Department of Accounting and Finances, Faculty of Economics, University of South Bohemia in České Budějovice, Studentská 13, 370 05 České Budějovice, Czech Republic
Title: Fraud Risk Management from the Perspective of CFEBT Risk Triangle of Accounting Errors and Frauds
Abstract: The objective of the present contribution is to evaluate the risk of the impact of accounting errors and frauds on reported accounting records on the basis of the CFEBT risk triangle of accounting errors and frauds. The analysis is conducted in the framework of a case study that examines a selected accounting unit predominantly operating in trade, with respect to financial statements reported during the years 2011-2015. The evaluation of the risk of impacts of accounting errors and frauds forms a part of one of the three vertices of the CFEBT risk triangle. The contribution presents results of the CFEBT approach at three levels of the M-score and analyses significant discrepancies between the generation of earnings and increase in cash flow during the observed periods. The CFEBT risk triangle was designed as a tool for detection, evaluation and management of the risk of accounting errors and frauds in circumstances of the Czech accounting standards and International Financial Reporting Standards (IFRS). The essential aim of the triangle is to reduce information asymmetry between authors and users of accounting records, or, in other words, to increase the quality of available information with respect to decision-making on the basis of available accounting information.
Keywords: CFEBT risk triangle of accounting errors and frauds, fraud risk management, creative accounting
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1261-1266
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051261
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051261.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Gál
Author-Workplace-Name: Department of Strategy and Entrepreneurship, Faculty of Management, Comenius University in Bratislava, Odbojárov 10, 820 05 Bratislava, Slovakia
Title: Marketing Implications of Framing in the Decision-Making
Abstract: Framing is a psychological concept closely related with decision-making. It says, that the way the information is served to the recipients, affects their opinion about a certain issue and, consequently, their decisions. Frame presents perception of the reality, since the limits of rationality often don't allow people to capture the reality in its complexity. Framing is manifested in several ways. The first relates to the starting point from which the reality is perceived. This dimension causes that people perceive differently the description of decision options formulated in terms of gains (positive frame) or losses (negative frame). The second dimension relates to the size or the width of the frame, i.e. whether the reality is seen from a wider or a narrower perspective. The aim of this study was to examine the impact of framing on the decision-making. The framing effect was studied by the analysis of answers to three problems, which were part of a broader questionnaire survey. The questionnaire was inspired or compiled from similar researches. The sample was 176 graduate university students (41 % men) of management major. The basic descriptive statistics and independent samples t-test were used for it. The results proved that the way the problem was framed to the respondents determined the outcomes of their decision-making. The implications both for the overall managerial decision-making and more specifically for the marketing practice are presented as well.
Keywords: framing, decision-making, psychological factors, prospect theory, marketing
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1267-1273
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051267
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051267.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Aleksandra Kowalska
Author-Workplace-Name: Department of Quality and Knowledge Management, Faculty of Economics, Maria Curie-Skłodowska University in Lublin, pl. Marii Curie-Skłodowskiej 5, 20-031 Lublin, Poland
Title: The Study of the Intersection Between Food Fraud/Adulteration and Authenticity
Abstract: The first purpose of this paper is to collate and conceptualize two problems: food fraud/adulteration and food authenticity. The second aim is to investigate students' understanding of these concepts and their implications for consumers and producers (processors and/or farmers) to include food fraud course in university programme for business majors. In the theoretical part of the paper, the cognitive-critical analysis of the world's literature was applied; the analysis was enriched with instantiations coming from Polish economy, market issues and legislative framework. In the empirical (applicable) part, questionnaire survey was conducted among students of Economics Faculty at Polish university in 2016. Since food supply chains are more and more vulnerable to fraud, the issue has been getting significance rapidly. Both food fraud/adulteration and food authenticity may be treated in terms of instruments that entrepreneurs have in their hands while trying to succeed. The point is that consumers should be aware of these problems, appropriate educational program including university syllabus would help to raise this awareness. The surveyed students' understanding of the phenomenon is quite appropriate. The proposition is to conduct a social campaign covering researched issues. Knowledgeable consumers impose additional pressure on food industry to become more disciplined. The original contribution of this paper to theory is showing the intersection between food fraud/adulteration and authenticity concepts and recognising Polish students' perception of these issues.
Keywords: food fraud, food adulteration, food authenticity, consumer, EU Protected Food Name Scheme, Poland
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1275-1286
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051275
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Template-Type: ReDIF-Article 1.0
Author-Name: Lea Kubíčková
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Vladimír Hajko
Author-Workplace-Name: Department of Business Economics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Martina Rašticová
Author-Workplace-Name: Department of Law and Humanities, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Naďa Hazuchová
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Active Work Participation of the Czech Elderly
Abstract: Majority of developed countries exhibit changing transition towards older population structure. This explains why nowadays, the so-called active ageing - a policy focus to help people remain in charge of their own lives as they age and to promote their continuing contribution to the economy and society - is so frequently discussed. In the context of active ageing, active work participation of elderly is one of the prospective policy objectives, along with the identification of the motives of elderly to stay on the job market. Existing literature indicates that a large number of factors influence this decision, including income and living conditions, whether the person lives alone or not, health condition, social contacts, place of residence, but also varied interventions based on local or national government policies. Empirical results however remain scarce. This article provides insights into what influences the decision of the elderly to remain on the job market in the Czech Republic.
Keywords: elderly, seniors, active work participation, logit, motives
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1287-1293
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051287
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaromír Landa
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Ivo Pisařovic
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Jan Kolomazník
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Ondřej Švehla
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: David Procházka
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Development of a Location-Based Service for a Brno City District
Abstract: There are many different types of places in any city. These places include playgrounds, dog runs, cultural heritage sites and many more. A city usually wants to provide information about location and equipment of these places. The common way is via a city website. However, nowadays a much more common source of information are mobile applications. This article deals with a development of a mobile application for the Brno-North district of Brno city. The application is designed to inform the citizens of the city district about interesting places in their vicinity. The central element of the application is a map which shows where all the interesting places are located. The application is focused primarily on families; however, it can be useful for any citizen of the district.
Keywords: Brno, family, Android, iOS, map, mobile application, location based service
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1295-1299
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051295
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikuláš Muroň
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: David Procházka
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Spatial Data Driven Evaluation of City Locations
Abstract: Moving to a new home or setting a new bureau in a new city is always difficult. One does not have knowledge about suitable locations; therefore, people are frequently unpleasantly surprised. High traffic noise, long distance to shops or high criminal activity are just few of many possible disturbing aspects. Certainly, there are many data sources that can help to see some particular aspect of the city life. Nonetheless, it is extremely complex and time-consuming task to browse through large data sets and com-pare provided information. Therefore, we developed a solution that comprises many different data sets that describe the city environment and created set of straightforward indices such as environment, safety, shopping etc. The users just provide the application his/her preferences and the application finds locations that are most suitable for particular cause. The application is presented on the example of the Brno city area.
Keywords: smart city, spatial analysis, GIS
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1301-1306
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051301
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Pisařovic
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Tomáš Koubek
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Vít Ondroušek
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: David Procházka
Author-Workplace-Name: Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Smart Displays: Personalisation of Information Panels
Abstract: Information panels are a common part of university or administrative buildings. We can see large panels with news or social media feeds as well as small displays on conference rooms with information about their occupancy. All these panels usually present general information without any relation to a present audience. Presentation of personalised information for a particular user can be very helpful; however, for such personalisation we must take into account many aspects: identification of users in the display vicinity, sharing of the screen among multiple users etc. This paper is focused on the architecture of such system that allows presenting customised information on information panels for users within university buildings. Our solution allows detection of a user via Bluetooth beacons. The selected close display then presents information related to the user. In case there are multiple users in the display vicinity, the system evaluates their requirements and decides how to share the display.
Keywords: information panel, smart university, smart city, Bluetooth beacons, personalisation, location-based service, user interface
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1307-1314
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051307
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristína Predanocyová
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak University of Agriculture in Nitra, Trieda A. Hlinku 2, 949 76 Nitra, Slovak Republic
Author-Name: Peter Šedík
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak University of Agriculture in Nitra, Trieda A. Hlinku 2, 949 76 Nitra, Slovak Republic
Author-Name: Ľubica Kubicová
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak University of Agriculture in Nitra, Trieda A. Hlinku 2, 949 76 Nitra, Slovak Republic
Author-Name: Elena Horská
Author-Workplace-Name: Department of Marketing and Trade, Faculty of Economics and Management, Slovak University of Agriculture in Nitra, Trieda A. Hlinku 2, 949 76 Nitra, Slovak Republic
Title: Consumption and Offer of Organic Food on the Slovak Market
Abstract: The growing interest of consumers in the products of organic farming is currently considered as a trend on the food market. The aim of the submitted paper is to characterize organic farming, the production, the offer of organic food in Slovak retails and the position of consumers on the organic food market in Slovakia. For evaluating the situation of organic farming in Slovakia, secondary data from the database of Research Institute of Agricultural and Food Economics and Central Institute of Control and Testing in Bratislava were used. The primary data were obtained through two survey questionnaires. The aim of the first of them was to find out the offer of organic food in retail stores in Slovakia. Based on the results, we can state that most of the addressed retailers sell organic food and the most widespread are dairy products and bakery products. Nowadays, the offer of organic food is the same as the most desirable products by consumers. 40 % of the surveyed Slovak retails have specially labelled products of organic farming placed among conventional foods. The second conducted questionnaire survey, which aim was to determine buying behaviour of young consumers on the Slovak market. Based on the results, it could be stated that consumers mostly purchase organic food in specialized stores, supermarkets, hypermarkets, and they mainly decide according to the quality and origin of the food.
Keywords: consumer, consumer behaviour, retail, organic farming, organic food
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1315-1323
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051315
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051315.html
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Handle: RePEc:mup:actaun:actaun_2018066051315

Template-Type: ReDIF-Article 1.0
Author-Name: Isah Serwadda
Author-Workplace-Name: Department of Finance, Faculty of Business and Economics, Mendel University, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Determinants of Commercial Banks' Profitability. Evidence from Hungary
Abstract: This paper aims to find out whether bank-specific (internal) factors impact on the profitability of commercial banks in Hungary for 16 a year period ranging from 2000-2015. The study employs a sample of twenty-six commercial banks with four hundred sixteen observations. The study employs return on average assets (ROAA) as a proxy for bank profitability, and it also considers bank-specific (internal) factors as independent variables. These include asset quality (non-performing loans), overhead costs, bank size, net interest margin, and liquidity risk plus capital adequacy ratio. The study uses panel regressions, descriptive statistics and correlation analysis for the investigations. The panel regression models are to estimate the impact of bank-specific (internal) factors on bank profitability. The Hausman specification test was conducted on the panel regression models in order to identify the best and appropriate model for the study. The empirical findings reveal that non-performing loans, overhead costs and liquidity had a significant negative impact on bank profitability as bank size had a significant positive impact on profitability. However, net interest margin and capital adequacy ratio had no impact on bank profitability. The study concludes that bank size and asset quality are bank-specific factors that have the biggest impact on commercial banks' profitability in Hungary for the period under investigation.The study recommends that commercial banks should endeavor to manage and reduce overhead costs to be able to earn more profits since overhead costs adversely affect bank profitability. More so, commercial banks' managers should regularly monitor credit and liquidity risk indicators as well as pursuing diversification policies of income sources while upholding optimisation of operational costs.
Keywords: bank, profitability, liquidity, credit risk, Hungary
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1325-1335
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051325
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051325.html
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Template-Type: ReDIF-Article 1.0
Author-Name: Albulena Shala
Author-Workplace-Name: Department of Bank, Finance and Accounting, Faculty of Economics, University of Prishtina "Hasan Prishtina", 10000 Prishtina, Republic of Kosovo
Author-Name: Hysen Ismajli
Author-Workplace-Name: Department of Bank, Finance and Accounting, Faculty of Economics, University of Prishtina "Hasan Prishtina", 10000 Prishtina, Republic of Kosovo
Author-Name: Rezearta Perri
Author-Workplace-Name: Department of Accounting, Faculty of Economics, University of Tirana, Tirana 11215, Albania
Title: A Comparative Study of Prudential Regulation on Loan Classification and Provisioning of the South East European Countries
Abstract: This paper has been prepared to describe the regulatory measures regarding Loan classification and provisioning of South East Europe countries like Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Serbia, and Slovenia. A proper loan classification and provisioning system ensures credibility of the financial system that in turn restores trust and confidence in the mind of depositors. Determining what constitutes an adequate level of provisions to absorb credit losses is often subject of debate between banks and supervisors, as changes in provisioning estimate an immediate impact in bank earnings and, eventually, regulatory capital. A comparative analysis in this study between South East Europe (SEE) countries shows that countries have the regulatory measures which correspond with international standards. However, the criteria for classifying and provisioning loan portfolios depend on the prudential policies of the central banks. In the area of NPL definition, we find that almost all of the countries in the region have some type of asset classification system in place covering all types of borrowers. Non performing exposures in the region are generally defined three criteria: 90 days past due status, borrower bankruptcy, and the significant financial difficulty of the borrower. Countries with the highest rate of non-performing loans (2005-2015) are Serbia, Montenegro, Albania, while the countries with the highest percentage of coverage with provisions are: Kosovo, Macedonia and Serbia.
Keywords: loan classification, loan loss provisions, macroprudential policies, financial stability, substandard, doubtful, loss, watch
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1337-1346
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051337
File-URL: http://acta.mendelu.cz/doi/10.11118/actaun201866051337.html
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Handle: RePEc:mup:actaun:actaun_2018066051337

Template-Type: ReDIF-Article 1.0
Author-Name: Michaela Staňková
Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: David Hampel
Author-Workplace-Name: Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Bankruptcy Prediction of Engineering Companies in the EU Using Classification Methods
Abstract: This article focuses on the problem of binary classification of 902 small- and medium-sized engineering companies active in the EU, together with additional 51 companies which went bankrupt in 2014. For classification purposes, the basic statistical method of logistic regression has been selected, together with a representative of machine learning (support vector machines and classification trees method) to construct models for bankruptcy prediction. Different settings have been tested for each method. Furthermore, the models were estimated based on complete data and also using identified artificial factors. To evaluate the quality of prediction we observe not only the total accuracy with the type I and II errors but also the area under ROC curve criterion. The results clearly show that increasing distance to bankruptcy decreases the predictive ability of all models. The classification tree method leads us to rather simple models. The best classification results were achieved through logistic regression based on artificial factors. Moreover, this procedure provides good and stable results regardless of other settings. Artificial factors also seem to be a suitable variable for support vector machines models, but classification trees achieved better results using original data.
Keywords: bankruptcy prediction, binary classification, classification trees, logistic regression, support vector machines
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1347-1356
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051347
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Handle: RePEc:mup:actaun:actaun_2018066051347

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Širůček
Author-Workplace-Name: Department of Finance, Faculty for Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Author-Name: Václav Ruml
Author-Workplace-Name: KPMG Czech Republic, Veveří 3163/111, 616 00 Brno, Czech Republic
Author-Name: Petr Strejček
Author-Workplace-Name: Department of Finance, Faculty for Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic
Title: Measuring the Performance of Leveraged and Non-Leveraged ETF's
Abstract: This paper deals with exchange traded funds (ETFs) and valuation it's performance according to selected indicators. For empirical analysis 10 leveraged and non-leveraged ETFs listed on US market is chosen according to selected criterias (adequate history at least 7 years, daily presented NAV, accessibility for retail investor). Observed time period was 2010-2015 and selected investment horizon is 1, 3 and 6 years. Funds are analyzed on the basis of NAV in the terms of return and risk represented by selected indicators (like Sharpe ratio, Traynor ratio, Information ratio, Apparaisal ratio and indicators like alfa (Jensen Alfa) and beta. Results are commented in a broader context in summary and discussion chapter as well as recommendations. Measured by classical Sharpe ratio, both groups bring to investor pretty same results, but e.q. by Information ratio by non-leveraged ETF shows very clearly the importance of work by ETF portfolio manager. Only a few leveraged ETF bring to the investor adequate ratio between profit and level of risk.
Keywords: ETF, systematic risk, tracking error, standard deviation, specific risk
Journal: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
Pages: 1357-1367
Volume: 66
Issue: 5
Year: 2018
DOI: 10.11118/actaun201866051357
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