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E+M Ekonomie a Management (E+M) je vědecký open access časopis, který publikuje vysoce kvalitní originální výzkumné statě a vědecké studie založené na teoretické a empirické analýze. Záměrem časopisu je uveřejňovat nové a inspirativní myšlenky, které posouvají hranice existujícího vědeckého poznání. Mezi hlavní oblasti zájmu časopisu patří ekonomie, podniková ekonomika, finance, management, informační management a marketing & obchod. Více o zaměření časopisu zde.

Vybrané články z aktuálního čísla časopisu

ECONOMIC VALUE OF ECOSYSTEM SERVICES IN THE EASTERN ORE MOUNTAINS

Ondřej Vojáček, Jiří Louda

The Eastern Ore Mountains landscape has its specific and unique character. In particular, it is due to several specific landscape elements and biotopes, which either do not exist in other locations or are not as frequent. These locally specific ecosystems include notably montane meadows, clearance cairns and natural streams.
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THE DOWNSIDE RISK APPROACH TO COST OF EQUITY DETERMINATION FOR SLOVENIAN, CROATIAN AND SERBIAN CAPITAL MARKETS

Mirela Momcilovic, Dejan Zivkov, Sanja Vlaovic Begovic

The cost of equity represents significant input in the investment process evaluation, company valuation or in the process of an acquisition. In developed countries, the cost of equity is usually determined on the basis of Capital Asset Pricing Model – CAPM (Sharpe, 1964; Litner, 1965) according to which in the state of market equilibrium investors expect return from the security proportional to its systematic risk. The model uses beta coefficient of secutity as a measure of systematic risk. The CAPM disregards unsystematic risk, because the model assumes that investors hold highly diversified portfolios, which enable investors to eliminate unsystematic risk (see Wagner & Lau, 1971; Klemosky & Martin, 1975). Investors at developed markets, besides CAPM often use some other asset pricing models, like Arbitrage Pricing Model (Ross, 1976) or Fama-French Three-Factor Model (Fama & French, 1992; 1993).
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FACTORS AFFECTING SENSITIVITY OF COMMERCIAL BANKS TO BANK RUN IN THE VISEGRAD COUNTRIES

Pavla Klepková Vodová, Daniel Stavárek

The recent financial crisis has shown that liquidity risk plays an important role in the contemporary financial system. This is especially true for economies that are traditionally based on banks and credit markets. A liquidity shock may propagate through a real channel or an information channel and then affect the entire financial system (Frait & Komárková, 2011). As a systemic banking crisis can have costly consequences such as declines in gross domestic product growth, real house prices and real equity prices and increases in unemployment rate, real public debt, among other effects (Reinhart and Rogoff, 2009), it is not surprising that most regulators, policymakers and academics devote significant attention to various aspects of liquidity risk measurement and management.
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THE MARKETING-ENTREPRENEURSHIP PARADOX: A FREQUENCY-DOMAIN ANALYSIS

Slavka T. Nikolić, Nikola Gradojević, Vladimir Đaković, Valentina Mladenović, Jelena Stanković

The notion of entrepreneurship is not new, but entrepreneurship is continuously searching for new ideas while increasing their applications (Morris & Trotter, 1990; Morris, Lewis, & Sexton, 1994). Marketing and entrepreneurship are broadening their field of synergic activity, but some gaps in this interaction still remain (Bhuian, Menguc, & Bell, 2005). Numerous studies have indicated the link between marketing and entrepreneurship (Murray, 1981; Morris & Paul, 1987; Herron, Sapienza, & Smith-Cook, 1992; Hills & LaForge, 1992; Becherer & Maurer, 1998; Morris, Schindehutte & LaForge, 2002; Kraus, Harms, & Fink, 2010; Gilmore, 2011, Hills & Hultman, 2011; Hultman & Hills 2011; Kurgun, Bagiran, Ozeren, & Maral, 2011; Morrish, 2011; Busenitz, Plummer, Klotz, Shahzad, & Rhoads, 2014), but a number of research question have remained underexplored.
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THE PERCEPTION OF SELECTED ASPECTS OF INVESTMENT ATTRACTIVENESS BY BUSINESSES MAKING INVESTMENTS IN THE CZECH REPUBLIC

Ivan Jáč, Marie Vondráčková

Investment attractiveness reflects how interesting the relevant territory, area or region is to businesses. The set of factors influencing the level of investment attractiveness includes both fixed factors (geographic location, deposits of iron ore or large waterways), and factors manageable from the state policy viewpoint (education of the population, investment incentive policies, labour costs and the taxation rate). There are many indicators showing the strengths and weaknesses of a country and its economy, and whether the business environment is suitable for investors or if the business environment is risky and problematic.
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