Long-term memory processes have been extensively examined in recent literature as they provide simple way to test for predictabilty in the underlying process. However, most of the literature interprets the results of estimated Hurst exponent simply by its comparison to its asymptotic limit of...

The text considers one of the prevailing dilemmas for the time being practical valuers of assets are exposed to - the operability of market value in terms of International Valuation Standards. The issue is considered theoretically, practical impacts are outlined as well. Considering the...

The author reverts the current mainstream discussion of deflation hampering economic growth. The author first revises the definition inflation that is often misinterpreted. He shows that deflation is a natural phenomenon that often follows periods of unsustainable asset-price bubbles. He also...

Èlánek se zabývá deflací, zkoumá její pøíèiny a stanovuje její typologii. Na základì tohoto zkoumání ústí v závìr, že dokud ekonomie bude stavìt na subjektivitì užitku, který nelze meziosobnì srovnávat, bude poskytovat jediný závìr. Antideflaèní politika...

Over the past few years, the Value at Risk indicator (VaR) has evolved, without doubt, into the most frequently used comprehensive tool for assessment of potential losses caused by adverse changes in market rates. However, the common models used for VaR assessment are based only on mid prices...

Autoøi se ve svém èlánku pokoušejí odpovìdìt na otázku, zda proces eliminace neperspektivních firem napomohl oživení èeské ekonomiky na konci 90. let. Pro rok 1999 prokázali vysokou míru podobnosti provozních výsledkù (produktivita práce, pøidaná hodnota na zamìstnance,...

Credit risk is a significant feature of debt securities. Large institutional investors employ teams of researchers who scrutinize and measure credit risk. The Czech market possesses specific features that make the exact specification and measurement of credit risk an uneasy task. This article...