Boris Radovanov, Aleksandra Marcikić
Technical analysis is an approach to predicting future prices based on detecting regularity patterns in prices, volume and other market indicators. It ordinarily proceeds by noting market activity in some graphical form and then deducing possible future trends from the observed historical data. This paper stands on the postulate that stock prices manifest various regularities; once these regularities are identiﬁed, technical analysts and/or market participants should be consulted about what is likely to happen next.
Martin Vejačka, Tomáš Štofa
The rapid development of information and communication technologies (ICT) in recent years has brought major changes in many areas of the economy and even created its new sectors. Rising complexity of technological and heterogeneity of technological infrastructure and their applications contributed to changes in every business area (Voříšek et al., 2015). New opportunities to sell products and provide services arose in the electronic environment. Customers routinely buy in e-shops and electronic banking became a very important form of banking services usage in last two decades.
Jana Janoušková, Šárka Sobotovičová
The issue of ﬁscal decentralization in the context of the ﬁscal autonomy of local selfgovernments is still current. The Czech Republic is among the countries with lower tax autonomy (Blöchliger & Pinero Campos, 2011; OECD,
2016; Sedmihradská, 2015). The revenue from assigned taxes and from subsidy programs makes up decisive share in municipal budgets. The state speciﬁes the percentage of revenue for this type of tax that belongs to a speciﬁc part of the budget system (in the case of the Czech Republic i.e. regions and municipalities).
Cristian Mihai Dragos, Simona Laura Dragos
As an effective tool for mitigating ﬁnancial risk, insurance has nowadays become a key sector of a functioning modern society. Motor insurance constitutes the largest line of business of the non-life insurance sector in Europe, considering its ﬂeet of around 334 million vehicles registered in 2013 (Insurance Europe, 2015). The total motor insurance premiums in Europe amounted to €123.5 billion in 2013, with a 28% share of the total Gross Written Premiums.
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).