Aktuální články z financí


STOCK PRICE PREDICTION USING MARKOV CHAINS ANALYSIS WITH VARYING STATE SPACE ON DATA FROM THE CZECH REPUBLIC

Milan Svoboda, Pavla Říhová

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.
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INCOME TAX PREFERENCE AND R&D INVESTMENTS OF HIGH-TECH ENTERPRISES IN CHINA

Wunhong Su,Yi-Hao Fan

Science and technology contribute 87.5% to economic growth (Solow, 1957). Enterprises, especially high-tech enterprises, largely perform research and Development (R&D) activities. Risks of R&D activities lead to free-riding among enterprises. The income tax preference is preferred to control the free-riding because of reflecting the incentive effect of tax revenue on the economic development (Bronzini & Piselli, 2016). Most industrialized countries implement special income tax incentives to boost the R&D investment of enterprises (Elschner et al., 2011). The additional deduction, accelerated depreciation, and innovation box are common policies (McCutchen, 1993). For instance, Japan issues the schedule of fixed assets depreciation in 1951 and stimulate Innovation of enterprises. Since 2003, OECD countries continually increase incentives for enterprises to the R&D investment. China begins to offer income tax preference to R&D investments of enterprises in the 1990s.
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FINANCIAL ADVICE, LITERACY, INCLUSION AND RISK TOLERANCE: THE MODERATING EFFECT OF UNCERTAINTY AVOIDANCE

Gentjan Çera, Khurram Ajaz Khan, Zuzana Rowland, Humberto Nuno Rito Ribeiro

Not everyone has enough skills and abilities to tackle complex financial markets and make prudent financial decisions in uncommon situations. People worldwide have been using paid and unpaid sources for advice from someone they trust to overcome them. Numerous studies have witnessed fruitful results from financial advisors in financial planning, such as retirement planning and wealth creation (Irving, 2012; Stolper & Walter, 2017). The current issues, such as complexities of the financial market and difficulties arising out of the economic crisis, are becoming worrisome (Crotty, 2009; Taylor, 2011; Xiao & O’Neill, 2016). The volatile economic environment and the problems of retirement financial security (Wang & Shi, 2014) add to its severity. The most important of all is to know how to make a prudent economic decision in financial aspects (Lusardi & Mitchell, 2014). The suffering resulting from the likelihood of losing money due to erroneous financial conclusions leads to financial anxiety (Cwynar et al., 2020).
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THE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300

Saddam Hossain, Beáta Gavurová, Xianghui Yuan, Morshadul Hasan, Judit Oláh

According to data from the World Health Organization (WHO, 2020), the Coronavirus (COVID-19) outbreak in late December has spread to 216 countries, territories or regions, causing more than 21.5 (214,435,732) million confirmed casualties and 4,471,650 deaths worldwide on August 26, 2021. Due to the large and continuous spread of the novel coronavirus worldwide, on March 11, 2020, the WHO officially declared it a pandemic (Mahmud et al., 2021). In most economies, the COVID-19 pandemic has caused uncertainty and a temporary closure with positive cases coronavirus. Therefore, the purpose of this article is to assess the significant impact of the COVID-19 pandemic on intraday stock returns. Many investors close their holdings, including the stock market’s assets, thereby influencing the stock market. According to Jegadeesh and Titman (1993), the stock purchase method is appropriate when stock sales have performer poorly during the holding period of past 3-months to the 12-months. Besides, these forms of momentum gain are inappropriate to justify risk-based momentum. In exchange for 1 to 12 months (Moskowitz et al., 2012), the persistence in partially changed in a longer horizon.
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A NEW LOOK AT BANKRUPTCY MODELS

Michal Kuběnka, Jan Čapek, František Sejkora

Managers need to know the situation of companies they manage and what their prospects are in the market. That is why the financial analysis has become a necessary part of the managerial decision-making of any company that intends to succeed in today’s competitive environment. It represents an assessment of the past, the present and the future of the company’s financial health. One of the tools of financial analysis is the bankruptcy prediction model. The great advantage of such models is that their primary source of input data is based on internal information from the company, internal accounting statements, included in the final accounts, that is, their balance, profit and loss statement, cash flow. Accounting units are obliged to prepare their final accounts according to legal requirements. For example, in the Czech Republic, under Act No. 563/1991 Coll., on Accounting, there is an exemption for micro and small accounting units that do not need to prepare cash flow statement if their turnover is up to CZK 200 mill. and their assets are not greater than CZK 100 mill.
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