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JournalISSN: 2464-7683

Czech Journal of Economics and Finance 

About: Czech Journal of Economics and Finance is an academic journal. The journal publishes majorly in the area(s): Monetary policy & Exchange rate. Over the lifetime, 506 publications have been published receiving 4141 citations.


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TL;DR: In this article, the authors analyzed determinants of capital structure of listed companies in the Czech Republic during the period from 2000 to 2001 and found that leverage is positively correlated with tax and negatively correlated with non-debt tax shields, albeit on a lower level of statistical significance.
Abstract: This paper analyses determinants of capital structure of listed companies in the Czech Republic during the period from 2000 to 2001. In general, leverage of Czech listed firms is relatively low if measured in book value, but it is relatively high if measured in market value. According to our results, leverage of a firm is positively correlated with size and it is negatively correlated with profitability and tangibility. There is the negative relationship between leverage measured in market value and growth opportunities. Moreover, leverage is positively correlated with tax and negatively correlated with non-debt tax shields, albeit on a lower level of statistical significance. This study also provides evidence concerning the relationship between leverage and industry classification.

186 citations

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TL;DR: In this article, the authors consider the empirical dimension of financial integration among stock-exchange markets in four new European Union member states (Czech Republic, Hungary, Poland, and Slovakia) in comparison with the euro area.
Abstract: The paper considers the empirical dimension of financial integration among stock-exchange markets in four new European Union member states (Czech Republic, Hungary, Poland, and Slovakia) in comparison with the euro area. The main objective is to test for the existence and determine the degree of the four states’ financial integration relative to the euro currency union. The analysis is performed at the country level (using national stock-exchange indices) and at the sectoral level (considering banking, chemical, electricity, and telecommunication indices). Our empirical evaluation consists of (1) a harmonization analysis (by means of standard and rolling correlation analysis) to outline the overall pattern of integration; (2) the application of the concept of beta convergence (through the use of time series, panel, and state-space techniques) to identify the speed of integration; and (3) the application of so-called sigma convergence to measure the degree of integration. We find evidence of respective stock-market integration on both national and sectoral levels between the Czech Republic, Hungary, Poland, and the euro area.

82 citations

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TL;DR: In this paper, the authors test whether the assumption of a constant share of labor in output renders the application of the Cobb-Douglas production function unreliable for the Czech economy and apply a more general form of production function and allow labor share to develop according to the empirical data.
Abstract: The Cobb-Douglas production function is often used to analyse the supply-side performance and measurement of a country’s productive potential. This functional form, however, includes the assumption of a constant share of labor in output, which may be too restrictive for a converging country. For example, labor share in the Czech Republic gradually increased over the last decade. In this paper, we test whether this fact renders the application of the Cobb-Douglas production function unreliable for the Czech economy. We apply a more general form of production function and allow labor share to develop according to the empirical data. For the period 1995–2005, we do not find significant difference between the calculation of the supply side of the Czech economy by the Cobb-Douglas production function and a more general production function.

65 citations

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TL;DR: In this paper, the authors focus on practical aspects of the new framework for banking regulation in the European Union as defined in Basel III and Capital Requirements Directive IV and employ a simultaneous equations model where banks choose the optimal level of capital, which is seen as a call option.
Abstract: In this paper we focus on practical aspects of the new framework for banking regulation in the European Union as defined in Basel III and Capital Requirements Directive IV We employ a simultaneous equations model where banks choose the optimal level of capital, which is seen as a call option In our modeling, we employ data on 594 banks in the European Union during the 2006–2011 period Our results predict a modest drop in the level of loans provided of about 2% from the current level The drop in loans is not expected to be large because (i) many European banks are already complying with the capital requirements even though they are not yet fully compulsory, (ii) the impact of a one percentage point increase in the common equity ratio should lead to an increase in lending rates of only 188 basis points, and (iii) the elasticity of demand for loans in the EU is reported to be relatively low Taking into consideration the seven-year implementation period for the new capital requirements, the impacts should not be very perceptible for the EU economies

56 citations

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TL;DR: The main points discussed at the seminar "Economics as an Imperial Science", held by the Czech Economic Association in November 1999, were summarized in this article, where the authors presented the standard textbook neoclassical axiomatic approach to preferences and argued that the theory of preferences is the hard core of what people are able to sensibly articulate about their own decisions and behavior.
Abstract: This article summarizes the main points discussed at the seminar ?Economics as an Imperial Science,? held by the Czech Economic Association in November 1999. The seminar was devoted to the theory of preferences and its extensions to ?non-economic? topics, a research agenda coined by Prof. Gary Becker, the 1992 Nobel Memorial Prize Winner. There were two main speakers. Dr. Dusan Toiska (CD-F, a.s.) presented the standard textbook neoclassical axiomatic approach to preferences. He argued that the theory of preferences is the hard core of what people are able to sensibly articulate about their own decisions and behavior. Prof. Ivo. Straka (Prague School of Economics) was more critical of Prof. Becker?s attempts to extend the theory of preferences to non-economic areas of research. He argued that Prof. Becker?s approach obscures the definition of capital and the distinction between consumption and investment, which lessens our understanding of reality. Other seminar discussions focused on various issues, including the definition of science, the role of mathematics in economics, and McKloskey?s concept of economics as a rhetorical space.

55 citations

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Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
20206
201916
201817
201718
201617
201518