Amongst the most significant macroeconomic functions of reinsurance are the stabilizing, innovative and accumulative functions. The most important microeconomic functions of reinsurance are the protection of the cedent and the protection of the insureds. Reinsurance increases the insurance...

Cieľom príspevku je poukázať na medzinárodný rozmer dopadov problému somálskeho pirátstva, ktoré je v súčasnosti hlavným determinantom vývoja globálneho námorného pirátstva. Dospievame k záveru, že základné medzinárodné dôsledky expanzie somálskeho pirátstva možno...

Financovanie zahraničného obchodu je dôležitou súčasťou financovania obchodných aktivít firiem zaoberajúcich sa exportom a importom. Pre každú firmu, ktorá sa zaoberá zahraničným obchodom má veľký význam správna voľba platobných a zabezpečovacích nástrojov. Od správnej...

In this paper historical performance of eleven approaches for estimation of one-day 95% value-at-risk is evaluated. Random sample of 1000 foreign exchange portfolios consisting of positions in EUR and USD with CZK as a base currency was considered. Since foreign exchange portfolio consists of...

This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory,...

In this paper, we investigate the adequacy of scaling, a method frequently used in estimation of standard deviation of stock returns. Scaling is based on the assumption that standard deviation is proportional to the square root of the length of the time interval of the sample (for example daily,...

Functional Signal plus Noise (FSN) time series models are introduced for the econometric analysis of the dynamics of a large cross-section of prices in which contemporaneous observations are functionally related. A semiparametric FSN model is developed in which a smooth, cubic spline signal...