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This paper studies the level of sensitivity of the US stock market to nominal interest rates for the period 2003-2013 using quantile regression. The empirical results show that the stock market has a significant sensitivity to changes in interest rates and finds differences across sectors and over time. Moreover, the effect of changes in the interest rates tends to be more pronounced during extreme market conditions, thus distinguishing expansion periods from recession periods.

The audit objective has evolved to detect fraud and error, a process which involved a thorough check of all economic transactions and the filing of accounts, to express an opinion on the true and fair view of the assets, liabilities, financial position and results achieved by the company. It aims, in this respect, as the information recorded in the accounts reflect economic events that occurred in a certain time and efforts are intensified auditor to identify possible manipulations of information provided by the f...

One of the basic needs of every enterprise is the identification of costs related to business activities. The fundamental tool for evaluating the costs of the enterprise is costing, which is among other things of particular importance particularly for businesses selling their performance externally. Costing allows assessing the profitability performance, which is one of the basic prerequisites of the company's success. Selecting the type of costing is essential for obtaining relevant information on the costs of th...

The term financial health indicates the company's ability to maintain a balance of changing ambient conditions and also in relation to all who are involved in the business. We are talking about the financial health of the company, if the company maintains its own existence and is able to assess the invested capital to the extent that is required by shareholders. For bankruptcy we consider the situation when the company is not able to reverse their poor financial health and this situation is in accordance with the ...

The article explores the ways of forming a system of risk management (RM) and improving risk management of Latvian small and medium enterprises (SMEs), using the example of the company "X". There has been stated the insufficient employment of SMEs, RM methodology in practice; the methodology has been developed for large businesses. There has also been discovered the necessity of taking into consideration the peculiarities of industry and country. The paper presents the assessment of risks on the basis of expert an...

The method of the unilateral weighed smoothing of time numbers on the basis of use of the polygonal numbers, showing utility of appendices of methods of the additive theory of numbers and calculations of final differences is developed. This method of calculation of weight factors for sliding averaging is based on generalization of the decision of one A.A. Markov's problem. Proposed are the formulas of natural mathematical substantiation in the form of establishing the strictly limiting parities. The comparative an...

The purpose of the article is to examine best valuation practices of intangible assets in Estonia. The paper gives an overview of the methods that Estonian experts use to value intangibles and compare them to the methods and approaches recommended by financial theory. We carried out several dozen interviews with venture capitalists and experts within consultancy and auditory firms. Our main findings indicate that the experience of Estonian financial professionals in the field of valuation of intangibles is rather ...

At present, the idea is increasingly gaining ground of an integrated material flow management in entire supply chains in order to achieve maximum synergies. This final state is, however, usually achievable in gradual steps, with the greatest interest in developing cooperation with its suppliers being on the side of links serving the final consumer, i.e. wholesale and retail stores. Their interest in constantly improving their own customer service usually supports efforts to develop cooperation on the basis of mode...

The demanding character of the competitive environment in the pharmacy sector in the Czech Republic requires that pharmacies expand the assortment of OTC drugs and food supplements and perfect the system of customer care in order to increase the perceived value of the proposition and services from the customer's perspective. The aim of the quantitative research through personal interview in randomly selected households in the Czech Republic was to determine what attributes of the customer value clients are importa...

The aim of the European regional policy is to contribute to the development of backward regions in particular, the restructuring of declining industrial areas, and revitalization of deprived neighborhoods. The emphasis is focused on creating sustainable jobs and improving the economic, social and territorial 'cohesion' of the Union. EU regional policy is considered as the investment policy. It is supposed to support job creation, competitiveness, economic growth, quality of life and sustainable development. These ...

Customers subjectively evaluate the offer and the value perceived by them is a result of considering many factors, often surprising for the supplier. Likewise, the supplier may have a distorted idea of how much individual parameters of the offer are important to the customers when choosing a supplier and how they evaluate the offer. Evaluation of the supplier performance by customers was the subject of a quantitative research that was conducted in body shops in the Czech Republic. A partial aim of the research was...

The need to adopt measures aimed at deoffshoring of the Russian economy has been declared by the President in Message to the Federal Assembly as early as 2013. Within the framework of this campaign till now numerous versions of bills, initiatives were prepared, which consistently had been changed. Thus, the bills were prepared by the Ministry of Finance of Russia, the Ministry of Economic Development, the Russian Union of Entrepreneurs. The President of the Russian Federation signed the final version of the law on...

The article discusses the selected issues related to the development of methods and indicators for measuring eco-innovation at the micro-level and explores how they may be employed in practice. On the basis of multidisciplinary literature review the various economic and environmental methods and indicators, which might be involved in measuring eco-innovation, have been discussed. This analysis has resulted in development of an original approach to measuring eco-innovation based on eco-efficiency indicator. It take...

Demand forecasting plays a key role in the management of logistics processes in retailing. The quality of the resulting forecasts has a direct impact on the efficiency of processes not only in retail stores, but also throughout the supply chain they are part of. Retail stores are in fact in daily contact with end customers in the supply chain, and therefore they are largely involved in forecasting in the application of collaborative strategies in supply chain management (e.g. Quick Response, Effective Consumer Res...

Energy is an essential factor of economic development and energy issues thus pose a major challenge to a long term sustainability of economic development as well as energy security of national economies in terms of energy availability and affordability. Recent economic theories propose that the relationship between sustainable economic development, energy security and efficiency of energy consumption plays a prominent role in overcoming these challenges. This study examines energy intensity within the context of r...

Creating marketing communication in an enterprise to integrate all communication tools and effectively unite the efforts of the enterprise in communication with all stakeholders is an essential prerequisite for success on the current markets. In this issue, we often encounter the opinion that the use of mass communication and mass media in the marketing communication mix of businesses, particularly those operating on B2B markets, is on the decline due to the growing differentiation and the pursuit of one-to-one ma...

The problem of managing the uncertainties when making business decisions is relatively new to science and practice. However, the question of the elaboration of the development strategy of innovation for companies in the context of non-obvious consequences of every decision is important. It is known that uncertainties arise in the external, internal and adjacent environment, moreover, installed and timing of their occurrence, and also defined the regional factor. There is open the question about the management of i...

The eastern part of Europe is the new actor of the international tourism market. Entered in the circuit shortly after the democratic revolutions from the late †80s and the beginning of the †90s, this space has a higher tourism growth than any other region of Europe, according to World Tourism Organization. However, little is known about the factors that triggered this fluxes (essentially domestic), given the fact that most of the regions in this part of the continent are predominantly rural. The aim of this pa...

Nowadays, unemployment of young people becomes a crucial problem in European area, as well as worldwide. The Strategy Europe 2020 offers some options to decrease youth unemployment from macro perspective. The paper deals with general view on youth unemployment, including separately unemployment of males and females in age of 15 to 24 years. The paper analyses and compares youth unemployment for the both genders. The result is illustrated in the form of the panel regressions, with the respect to OkunВґs law. In ord...

The analysis of companies' financial situation represents one of the main problems within organizations. Bankruptcy risk has determined financial analysts to develop analytical models in order to eliminate or minimize this risk. Among the most important assessment models of financial risk there are Principal Component Analysis (PCA), Cluster Analysis and Multiple Discriminant Analysis (MDA). Based on the MDA, Altman [1] developed a method for estimating the risk degree of an organization in terms of bankruptcy, ca...

In this paper the authors focus on the problem of portfolio selection based on Mean Absolute Deviation risk measure. They try to design new model based of the idea of event tree. It means, that the investor make the decision in every state of investment separate and hold the portfolio from previous period, or change the portfolio. So the investor can optimize the decision on the financial market. The biggest advantage of this model is, that the solution can be never worst like the solution, we get with standard op...

Evaluation in one of the important strategic instruments for obtaining feedback and testifying to the functionality of the management of research and development (R & D) system. Based on the evaluation results the top leaders generally make decisions and then allocate and redirect funds to support public research in educational institutions. This is primarily the so-called first and second role of universities, namely education, research and development. The intentions of science policy, proposals for priority res...

The article examines the economic and legal aspects of the functioning of the institute of public-private partnership (hereinafter - PPP) in view of the implementation of priority national projects and justifies an increase in the use of various forms of interaction between government and business in the conditions of overcoming the consequences of the global financial crisis and economic sanctions. The article reveals the problems of the conceptual framework in the studied field of relations and analyzes the doct...

Modern humanity lives in conditions of innovative economy, which is characterized by the swiftness of the environment development, the influx of large flows of information, the continuity of product and technological changes. All this causes uncertainty associated with the future and the lack of full protection of the individual against the economic and financial implications. Economic and financial instability related to the financial and economic losses, while the economic security is linked to certain condition...

Despite the steady growth of innovation activity enterprises in the global competition, they have difficulties in financing innovation. What are the opportunities and limitations for financing innovation enterprises development and what type of financing is most appropriate? The study defines these two issues as the most important to determine the innovation and investment strategy of the states and enterprises. To solve this problems the state strategy of the enterprises innovative development should focus on fac...

The taxes have always represented an important instrument of fiscal policy having a significant influence on the behavior of consumers of taxable goods. Potentially providing multiple effects and financial gains, they can be used as effective means of achieving the energy, transport, environmental, economic, and other goals. Although the EU has no direct jurisdiction over the selection of tax systems and tax forms of its member states, it seems that the limit of the indirect interference into the implementation of...

According to many scientists in the field of economy in Russia today urgent problem of the gap between savings and accumulation processes. Great interest attaches to the process of savings income, which serves as a source of domestic resources for development of the national economy, if provided by the transformation of savings into productive capital. This article discusses the prospects for growth and savings rates rate of accumulation in the current of financial instability in the Russian Federation. In additio...

This paper demonstrates inconsistency of GDP per capita as indicator of living standards in Russia. It statistically estimates the living standards of three main age groups by calculating a ratio of income per capita to respective cost of living. Author made a conclusion regarding the governmental financial assistance for birth parents.