Aktuální články z financí


PRICING EXOTIC OPTION UNDER STOCHASTIC VOLATILITY MODEL

Pengshi Li

Exotic options are called “customer tailored options” or “special purpose option” because they are flexible to be tailored to the specific needs of investors. Strategies based on exotic options are often employed to hedge the specific risk exposures from the financial markets. Because exotic options are more efficient and less expensive than their standard counterparts, they are playing a significant hedging role in cost effective ways. Unlike the vanilla call and put options, exotic options are either variation on the payoff patterns of plain vanilla options or they are totally different kinds of derivatives with other features. While simple vanilla call and put options are traded in the exchanges, most of the exotic options are traded in the over-the-counter markets. Supershare option and chooser option are two typical kinds of exotic options which suggest a broad range of usage and application in different financial market conditions. Supershare option is one type of Binary option. Unlike the binary option which has only one boundary, a supershare option has an upper and lower boundary.
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POTENTIAL OF THE CZECH BUSINESS ENVIRONMENT ASSUMES THE EFFECTS OF FOREIGN DIRECT INVESTMENT

Sylvie Kotíková

As a consequence of political changes, the process of transitioning a centrally controlled economy to a market economy has influenced the development processes of the states in which this transformation has occurred (Hlaváček & Bal-Domanska, 2016). It was expected that the entry of foreign investors would bring an inflow of capital, new investment, export potential, and technological transfer (Estrin et al., 2009; Rapacki & Prochniak, 2009). Foreign direct investment (FDI) is generally considered to be the contribution of holders of know-how, technology, new management methods and skills, initiators of innovation activities, strategic employers, and exporters. FDI can lead to economic growth, changes in the business or institutional environment, restructuring of the economy and, ideally, also to the increase of labour productivity in the host region and the improvement of macroeconomic indicators (Damborský, 2013). Moreover, for transition economies, FDI is the key indicator for evaluating their economic transformation (Starzyczná, 2010). FDI in the Czech Republic, and in transition economies in general, is regarded as a crucial criterion for a successful economic transformation (Hlaváček & Bal-Domanska, 2016).
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COMPETITIVENESS OF SLOVAK ENTERPRISES IN CENTRAL AND EASTERN EUROPEAN REGION

Milota Vetráková, Lukáš Smerek

Many changes occurred in the management of the economy in Slovakia caused by the transition from a centrally planned economy to a market economy at the turn of the 1980s and 1990s. The process of globalization into Slovak economic conditions was limited due to initial alertness. While the governments of Poland, Hungary and the Czech Republic presented themselves as pro-reform, the Slovak government preferred Slovak privatizers (Kosír, 2016). Nevertheless, the retail chain Billa entered Slovak market in 1990, followed by automobile giant Volkswagen in 1991, American retail chain Kmart in 1992, which took over the department stores Prior. Because of the reforms implemented, Slovakia gains confidence from foreign investors. Significant foreign capital inflows into the emerging business environment of the Slovak economy, such as Heineken, Coca-Cola, McDonald’s and others. A courtesy of Slovak government has also become reprivatisation of VSŽ Košice, which became part of the U.S. Steel, based in Pittsburgh in the USA.
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THE CORPORATE SOCIAL RESPONSIBILITY OF THE ROMANIAN BANKING SYSTEM

Vasile Dinu, Mariana Bunea

In the 1970s, Milton Friedman has claimed that: “the only social responsibility of a company is the use of its resources together with the engagement in businesses that are meant to increase the profits, maintaining the rules of the game. This means to engage into an open and free competition, without any abuse or fraud.” And this is how, starting from the 70s, the “rules of the game” were known in business and the responsibility that triggers the community, a responsibility that the companies fully acknowledge and embrace. The corporate social responsibility (CSR) deals with strategies used by companies to develop their business in an ethical way, to respect the relation with the other members of the society. CSR can involve a range of partnerships with the local communities, investments with a real social impact of the corporations (education, art, and environmental protection), the development of the relations of the companies with the clients, employees and their families.
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FIRM VALUE AND CORPORATE CASH HOLDINGS. EMPIRICAL EVIDENCE FROM THE POLISH LISTED FIRMS

Sorin Gabriel Anton, Anca Elena Afloarei Nucu

In the context of imperfect markets, corporate liquidity represents an important asset to finance investments without raising costly external resources, which imply transaction and information costs. Moreover, the cash holdings offer a buffer against financial distress costs when the firm faces frictions in generating operating cash flows, both in volume and timely. On the other hand, the increase in cash holdings implies several costs: a liquidity premium, tax disadvantages, and agency costs for shareholders (Chang, Benson, & Faff, 2017). The trade-off theory streamlined in the literature governs the firms which need to balance costs and benefits of holding cash to determine the optimal level. While a lot of studies have been done in the direction of identifying the determinants of corporate cash holdings, going further, it is important to understand the relationship between non-earning assets (cash holdings) and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability.
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