Číslo 18, ročník VIII
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- ItemValidita modelu CAPM na akciovém trhu USA(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-03) Širůček, Martin; Šoba, Oldřich; Němeček, JaroslavPurpose of the article: The present article is focused on the Capital Asset Pricing Model (CAPM) and its implementation into American Stock Market. It attempts to empirically test the validity of the CAPM to estimate individual stock returns based on historical stock data of selected companies. Security Market Line (SML) was used on the data collected from a wide range of investment horizons (periods of 1, 3, 5, and 10 years). The results show that the coefficient beta is incapable of explaining returns of single assets and the relation between systematic risk and expected return is weak. Methodology/methods: Empirical analysis is make on the time period 2001–2011. Selected stocks has to by trade on AMEX, NASDAQ or NYSE minimal since year 2000. Concrete 10 stock were selected with using branch analysis and were divide in two groups (a) cyclic stocks and (b) other (neutral-anticyclic) stocks. By every stock was watch the closing price which was adjusted of dividends and contain splits. Scientific aim: The aim of this article is by using the model of Security Market Line (SML) verify the validity of CAPM model by assets pricing. According to Alfa coefficient is determine how much differentiate is the yield set by CAPM model and the market yield in selected investment horizons. Findings: Selected length of investment horizon has important effect on the results. Worst results were found by the shortest length (1 year). With the growing of the investment horizon are the results better, but the Alfa coefficients is still to higher and the model inaccurate. Selected stocks with lower beta coefficient has higher yield that yield set by the CAPM model. Conclusions: For explanation of the yields by selected stocks we can´t recommend use the CAPM model nor on the biggest stock market, on US stock market. The relation between beta coefficient and stock yield is very weak. But other site CAPM model in the shape of SML curve can be recommended by using as discount factor.
- ItemStrategie českých firem v ochraně produktových inovací: výsledky empirického průzkumu Technologického centra AV ČR(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-03) Suchý, VáclavPurpose of the article: is to reveal appropriability mechanisms the Czech product-oriented small and mediumsized enterprises (SMEs). Methods: of the research were based on on-line questionnaires distributed to a sample of 208 mainly manufacturing, innovative firms during 2011–2012. Scientific aim: was to explore how Czech firms value their IP and intangible assets, as juxtaposed to tangible assets. Additional aims were to investigate how firms protect their innovations with various statutory and nonstatutory mechanisms and what are their motivations to patenting. Findings: We found that good reputation of a firm, loyalty, qualifications and high motivation of the employees along with a stimulating internal environment are the assets that firms consider as being most instrumental in its further development. Regardless the size of the firms, the continuous innovation is far the most frequently used protective measure. SMEs also commonly rely on lead time advantages, secrecy, complementary manufacturing or marketing capabilities and utility models. Large firms, on the other hand, use more frequently various statutory means including patents, utility models and trademarks followed by secrecy. Patents, however, are widely applied in a few industries only that include nanotechnology, biotechnology, pharmaceutical and cosmetic industry, “green energy” sector and, less frequently, electro-technical and automotive sector. Firms operating in these specific industries commonly combine patents with other protective means in advanced IP strategies. The firms patent for reasons that often extend beyond simply profiting from a patented innovation. In addition to the prevention of copying, the most prominent reasoning for patenting include various strategic motives, like using patents to improve the position in negotiating, the prevention of rivals from patenting related inventions (i.e. “patent blocking”) and the prevention of suits. Conclusions: Our findings raise serious questions regarding the functioning of the existing system of intellectual property rights when key national policy goals include innovation by and growth of small and medium-sized firms.
- ItemVnímání komerčního rizika při exportu do Číny(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-03) Polák, JosefPurpose of the article: The general conception of risk associated with the international trade and risk classification bear the same patterns, however, as far as the commercial risk is involved, the particular definition of commercial risk is lacking. This paper aims to provide the results of primary research on the commercial risks for export to the People’s Republic of China (China). China and its mutual trade balance with the Czech Republic confirm its position not only in the Czech exporting strategy, but also globally, on the world market. Methodology/methods: Data from the primary research were obtained by questionnaire survey and by semistructured interview. Data were statistically analyzed using the Kruskal-Wallis test and the Wilcoxon test. Furthermore, the content analysis was used to evaluate the interview. Scientific aim: The scientific aim of the article was to present statistical data analysis of primary research focused on perception of commercial risk at exporting to China. Statistically validated data are important in order to determine the probability distribution of commercial risk, which will be the basis for a statistical model evaluation of commercial risks for the Czech exporting companies to China. The results of this research article will be used for future creating a model commercial risk evaluation. Findings: The obtained data were divided into groups according to the sizes of subjects. These groups were statistically tested and evaluated. It can be stated that only in the group of medium-sized enterprises have been identified substantial differences in the perception of commercial risk according these results. Conclusions: Statistical analysis demonstrated that the data obtained from a group of large and all companies show the same distribution function for all selections. Therefore, these data can draw conclusions and use them to build a statistical model of commercial risks evaluation.
- ItemZávislost hrubého domácího produktu na vývoji akciového trhu. Příklad České republiky(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-03) Pěta, JanPurpose of the article: This paper deals with the dependence of the gross domestic product of the Czech Republic based on the development of stock markets. Author aim is to present the development of the Prague’s, Frankfurt’s and New York’s index and their comparison with the development of the Czech economy by regression analysis. Scientific aim: The main scientific goal of this paper is to answer following questions: Which one of the above-mentioned indices is the best to determine the direction of future development of the Czech economy? How early advance is possible to predict the development of GDP and with what reliability? Methodology/methods: The correlation analysis for all stated indicators was used to determine the dependance of the Czech economy. For domestic indicators are used quarterly data. For foreign indicators are used annual data. The choice of foreign stock exchanges and their indexes was not random. Frankfurt was chosen due to high exports of the Czech Republic to Germany. New York was chosen due to the capitalisation of stock market. The specific index NYSE (Dow Jones EURO STOXX 50) was chosen due to its portfolio, which is based only on companies that are resident in the euro area. Findings: GDP of the Czech Republic is mainly based on the index of the Prague Stock Exchange. Trend of GDP develops according to PX, with a delay of five quarters. Despite the fact that the PSE is not highly developed capital market, like the other two. Conclusions: Economy of the Czech Republic depends on the development of stock markets. The reaction to stock market development is not always visible, but the delay about five quarters became evident. This result is also supported by the research mentioned by Kislingerova (2001) in her book.
- ItemPřínos využití automatizované obsahové analýzy ve foresightu(Vysoké učení technické v Brně, Fakulta podnikatelská, 2014-03) Kováříková, Ludmila; Grosová, StanislavaPurpose of the article: The present manuscript summarizes benefits of the use of computer-based content analysis in a generation phase of foresight initiatives. Possible advantages, disadvantages and limitations of the content analysis for the foresight projects are discussed as well. Methodology/methods: In order to specify the benefits and identify the limitations of the content analysis within the foresight, results of the generation phase of a particular foresight project performed without and subsequently with the use of computer based content analysis tool were compared by two proposed measurements. Scientific aim: The generation phase of the foresight is the most demanding part in terms of analysis duration, costs and resources due to a significant amount of reviewed text. In addition, the conclusions of the foresight evaluation are dependent on personal views and perceptions of the foresight analysts as the evaluation is based merely on reading. The content analysis may partially or even fully replace the reading and provide an important benchmark. Findings: The use of computer based content analysis tool significantly reduced time to conduct the foresight generation phase. The content analysis tool showed very similar results as compared to the evaluation performed by the standard reading. Only ten % of results were not revealed by the use of content analysis tool. On the other hand, several new topics were identified by means of content analysis tool that were missed by the reading. Conclusions: The results of two measurements should be subjected to further testing within more foresight projects to validate them. The computer based content analysis tool provides valuable benchmark to the foresight analysts and partially substitute the reading. However, a complete replacement of the reading is not recommended, as deep understanding to weak signals interpretation is essential for the foresight.