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.
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).
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.
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.
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.