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This year, E+M Ekonomie a Management/E&M Economics and Management journal will celebrate its 25th anniversary. On this occasion, we have prepared an analysis that maps the development of the journal over the past years and highlights the main milestones. Let us briefly reminisce about the history of the journal. The journal was founded in the second half of 1998 on the initiative of the first dean of the Faculty of Economics (Technical University of Liberec). Associate Professor Jaroslav Jágr approached other deans of faculties of Economics and management in the Czech Republic with the idea of establishing a new journal. These were the faculties in Hradec Králové, Pardubice, Plzeň, Ústí nad Labem and Zlín. The Faculty of Economics, the Technical University of Liberec became the coordinator and the editorial office seat. The journal was originally intended mainly for young researchers. In 1998, there was published the first and the only issue. From the next year onwards, the periodicity of publication was fixed at four issues per year. In some years special issues were also published. However, these were later withdrawn.

After the 24th of January 1980, the Turkish economy had undergone a significant transformation by which inward-oriented and protective import substitution policies had been replaced by outward-oriented and export-based industrialisation and growth strategies (Töngür & Taymaz, 2017). The main characteristics of this transformation composed of liberalisation of the financial sector, opening to foreign markets and integration into international economy (Yeldan, 2016). The government engaged in contractionary fiscal and monetary policies to suppress domestic demand and real wages and kept their priority to increase exports by implementing various incentive and subsidy tools (Doğruel & Doğruel, 2017; Orhangazi, 2020; Soydan, 2018; Yeldan, 2016). As a result of the experienced transformation, Turkey suffered from economic instability and fragility in the post-1980 period (Soydan, 2018). The average annual growth rate decreased from 5.65% in the 1960s to 4.10% in the 1980s (Taymaz & Voyvoda, 2017; World Bank, 2021).

This empirical study deals with the short-term prediction of stock prices on the Czech stock market. Stock movements have been of interest to traders for a long time. Using a wide range of analytical methods, it tries to satisfactorily clarify past and present changes in stock prices. Based on these findings, it attempts to predict the future development of stock prices. Early forecasting allows traders to make capital gains. It is necessary to mention that according to Efficient Market Hypothesis (EMH), stock prices are unpredictable and markets are efficient. This means that the market responds immediately to any new information. This information cannot be predicted, it is randomly sent to the market and therefore the change in the exchange rate is random and the exchange rates perform a so-called ʻrandom walk’. In efficient markets the above-average profits cannot be achieved and according to this theory, other approaches are dysfunctional.

Presumably complex systems can be better understood when they are broken down into their constituent elements and structured hierarchically. Then, judgments about these elements can be synthesized on the basis of their relative importance at each level of the hierarchy into a set of overall priorities. By breaking down a reality into homogenous clusters and subdividing them into smaller ones, it is possible to integrate large amounts of information into the structure of a problém and form a more comprehensive picture of the whole system. There is a decision support methodology (DSM) which conforms to the above prescription. It is called the Analytic Hierarchy Process (AHP) and was devised at the Wharton School of Business by Thomas Saaty (1980). Its contemporary applications can be found, for example in Lidinska and Jablonsky (2018), Abdelmaguid and Elrashidy (2016), Kramulová and Jablonský (2016), and Ponis et al. (2015).

In recent years, the problems of diverse transport mode development policy, travel price, duration and quality have been solved by a wide range of international scientists and researchers (Kandt, Rode, Hoffman, Graff, & Smith, 2015; Seelhorst & Liu, 2015; Woo, Cheng, Li, Chiu, Ho, & Horowitz, 2015; Kirschstein & Meisel, 2015; Guo, Yu, Chen, & Zhang, 2011). The choice of a particular mode of transport as an alternative to another one is subjective and usually based on an individual passenger’s approach to the evaluation of advantages and disadvantages of some particular means of transport (Sivilevičius & Maskeliūnaitė, 2018).A transport system is a system created for transporting large numbers of passengers at the low price of investment. Passengers can usually choose a means of transport based on the criteria, which seem to be important for them.

Multi-criteria decision-making (MCDM), which is a sub-discipline of operations research (OR), includes many methods and problems, which are related to many fields such as economy, engineering, military and management (Zavadskas et al., 2014; Lazauskas et al., 2015; Tošenovský, 2015). There are different classifications of MCDM problems and methods. We can classify them as multi-criteria evaluation problems and multi-criteria design problems (Chakraborty et al., 2015; Triantaphyllou, 2013).

One of the characteristics of stock markets is their permanent fluctuation. Periods of share price growth alternate with periods of share price decrease, both of different lengths. One of the possibilities applied for prediction of share price development and for simulation of this fluctuation is technical analysis (TA).

Multiple Criteria Decision Making (MCDM) is all about making choices in the presence of multiple, generally conflicting criteria. Many reallife problems are multi-objective by nature that requires evaluation of more than one criterion. Therefore, MCDM has become an important issue and many researches are devoted to help people make better decision (Montibeller & Franco, 2011; Wang et al., 2015).

In today’s highly competitive business environment, project management’s ability to schedule activities and monitor progress within strict cost, time and performance guidelines is becoming increasingly significant to attain competitive priorities such as on time delivery and customization (Chen, 2007).

The financial crisis that commenced in 2007 and peaked in 2008, destabilised the real estate market. Changes in credit policy deprived property owners of their ability to settle accounts with banks. The construction sector was not the only one that fell victim to the economic downturn as it took its toll on other industries as well.