Project detail

Analysis of Relations among Capital Markets of European Union Countries

Duration: 01.01.2016 — 31.12.2018

Funding resources

Brno University of Technology - Institucionální podpora na rozvoj výzkumné organizace

- part funder (2016-01-01 - 2016-12-31)

On the project

Increasing globalization contributes to the growth of the interdependencies among capital markets. This phenomenon is becoming a significant exogenous factor influencing the effectiveness of national economic policies and it impacts on the risk management processes at the microeconomic level. Therefore, the identification of the linkages between capital markets and the analysis of changes in the strength of these relationships over time can be the source of important guidelines for national macroeconomic policy makers and can become an essential part of managing the risks associated with the influence of capital markets. Thus, the main objective of the research is to analyse the interdependence among capital markets of selected Central European countries. The analysis of the relationship among these markets is supplemented with verification of their linkages with German and British capital market, which are the leading markets in the European Union. Within the research econometric modelling will be applied.

Description in Czech
Proces globalizace je doprovázen zvyšující se komplexností vzájemných vztahů mezi kapitálovými trhy jednotlivých zemí. Tento jev se ve stále větší míře stává signifikantním faktorem ovlivňujícím hospodářskou politiku států a řízení podniků. Je tudíž zřejmé, že zmapování vzájemných vztahů mezi kapitálovými trhy, tj. analýza změn v intenzitě těchto vztahů v čase, může být významným nástrojem z pohledu jak makroekonomů ovlivňujících hospodářskou politiku států, tak i podnikových manažerů, zejména pak v oblasti řízení rizik. Hlavním cílem výzkumného projektu je zmapovat míru propojení kapitálových trhů v rámci Evropské unie se zvláštním zřetelem na region zemí střední a východní Evropy. Z metodického hlediska se výzkum opírá o ekonometrické modelování.

Keywords
Capital Market, European Union, Central and Eastern Europe, CEE, Model, Macroeconomics, Microeconomics

Key words in Czech
Kapitálový trh, Evropská unie, střední a východní Evropa, model, makroekonomie, mikroekonomie

Mark

2016/1

Default language

English

People responsible

Škapa Stanislav, prof. Ing. et Ing., Ph.D. - fellow researcher
Zinecker Marek, prof. Ing., Ph.D. - fellow researcher
Meluzín Tomáš, prof. Ing., Ph.D. - principal person responsible

Units

Institute of Economics
- beneficiary (2016-01-01 - not assigned)

Results

ZINECKER, M. Business Cycles and Financial Market Developments in Central and Eastern Europe. Heraklion, Greece: TECHNOLOGICAL EDUCATIONAL INSTITUTE of CRETE, 2016. p. 1-51.
Detail

ZINECKER, M.; FAŁDZIŃSKI, M.; MELUZÍN, T.; PIETRZAK, M.; BALCERZAK, A. Application of Tests JUC, JCC and JIND for Checking the Correctness of the Value-at-Risk - an Example of United States and German Capital Markets. In The 12th International Days of Statistics and Economics - Conference Proceedings. Prague: MELANDRIUM, 2018. p. 2054-2063. ISBN: 978-80-87990-14-8.
Detail

MOKHOVA, N.; ZINECKER, M. Corporate Negative Equity: The Evidence from the European Union. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2016, vol. 64, no. 3, p. 1021-1036. ISSN: 1211-8516.
Detail

KONEČNÝ, Z.; ZINECKER, M. Optimizing Risk Structure in Connection with the Corporate Life Cycle and Sector Cyclicity. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2016, vol. 64, no. 3, p. 949-959. ISSN: 1211-8516.
Detail

FAŁDZIŃSKI, M.; BALCERZAK, A.; MELUZÍN, T.; PIETRZAK, M.; ZINECKER, M. Cointegration of Interdependencies Among Capital Markets of Chosen Visegrad Countries and Germany. In 34TH INTERNATIONAL CONFERENCE MATHEMATICAL METHODS IN ECONOMICS (MME 2016). Conference Proceedings. Liberec, Czech Republic: Technical University of Liberec, 2016. p. 189-194. ISBN: 978-80-7494-296-9.
Detail

MELUZÍN, T.; ZINECKER, M.; LACE, N. Going Public: Key Factors to Consider by IPO Candidates on Emerging Markets of Poland and the Czech Republic. Engineering Economics, 2016, vol. 27, no. 4, p. 392-404. ISSN: 1392-2785.
Detail

Marie Jedličková. Fractal Dimension Analysis And Fractal Properties of Financial Markets. In Workshop specifického výzkumu. 2016. p. 1-8. ISBN: 978-80-214-4348-8.
Detail

BALCERZAK, A.; FAŁDZIŃSKI, M.; MELUZÍN, T.; PIETRZAK, M.; ZINECKER, M. Interdependence among Capital Markets of Germany, Poland and Baltic States - Application of DCC-GARCH Model. In Managing and Modelling of Financial Risks 2016. MMFR. Ostrava, Cze Republic: VŠB, Technical University of Ostrava, Faculty of Economics, 2017. p. 28-36. ISBN: 978-80-248-3994-3.
Detail

MELUZÍN, T.; PIETRZAK, M.; BALCERZAK, A.; ZINECKER, M.; DOUBRAVSKÝ, K.; DOHNAL, M. Rumours Related to Political Instability and their Impact on IPOs. The Use of Qualitative Modelling with Incomplete Knowledge. Polish Journal of Management Studies, 2017, vol. 16, no. 2, p. 171-187. ISSN: 2081-7452.
Detail

KONEČNÝ, Z.; ZINECKER, M. Corporate Life Cycle Identification: A Model Based on Relationship Between Return on Equity and Cost of Equity. Sborník vědeckých prací University Pardubice, 2017, vol. XXIV, no. 41, p. 67-78. ISSN: 1211-555X.
Detail

ZINECKER, M.; ŁASZKIEWICZ, E.; MELUZÍN, T.; PIETRZAK, M.; BALCERZAK, A. Assessment of Changes in the Trend of Interdependences between the Capital Market of Germany and the Markets of Poland, the Czech Republic and Hungary. In Proceedings of the 14th International Scientific Conference. European Financial Systems 2017. Brno: Masaryk University, Faculty of Economics and Administration, 2017. p. 492-500. ISBN: 978-80-210-8609-8.
Detail

PIETRZAK, M.; ŁASZKIEWICZ, E.; BALCERZAK, A.; MELUZÍN, T.; ZINECKER, M. Identification of the Direction of Changes in the Structure of Interdependence among the US Capital Market and the Leading European Markets. In Proceedings of the 35th International Conference Mathematical Methods in Economics (MME 2017). Mathematical Methods in Economics. Hradec Králové: University of Hradec Králové, 2017. p. 572-577. ISBN: 978-80-7435-678-0.
Detail

MELUZÍN, T.; ZINECKER, M. External Determinants of Going Public in the Czech Republic and in Poland. In Procedia Social and Behavioral Sciences. Procedia Social and Behavioral Sciences. AMSTERDAM, NETHERLANDS: Elsevier, 2015. p. 364-369. ISSN: 1877-0428.
Detail

MELUZÍN, T.; ZINECKER, M.; BALCERZAK, A.; PIETRZAK, M.; DOUBRAVSKÝ, K.; DOHNAL, M. The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends. J BUS ECON MANAG, 2018, vol. 19, no. 1, p. 63-79. ISSN: 1611-1699.
Detail

MELUZÍN, T.; ZINECKER, M.; BALCERZAK, A.; DOUBRAVSKÝ, K.; PIETRZAK, M. The Impact of Rumours Related to Political and Macroeconomic Uncertainty on IPO Success: Evidence from a Qualitative Model. Transformations in Business&Economics, 2018, vol. 17, no. 2, p. 148-169. ISSN: 1648-4460.
Detail

MOKHOVA, N.; ZINECKER, M.; MELUZÍN, T. Internal Factors Influencing the Cost of Equity Capital. ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES, 2018, vol. 5, no. 4, p. 827-845. ISSN: 2345-0282.
Detail

ZINECKER, M.; MELUZÍN, T.; FAŁDZIŃSKI, M.; BALCERZAK, A.; PIETRZAK, M. The Use of Backtesting Binominal Tests in Assesment of the Value-At-Risk On German And Polish Capital Markets. In Quantitative Methods in Economics, Multiple Criteria Decision Making XIX. Proceedings of the International Scientific Conference, 23rd May - 25th May 2018. Bratislava: The Slovak Society for Operations Research, 2018. p. 390-397. ISBN: 978-80-89962-07-5.
Detail

ZINECKER, M. Open-Economy Macroeconomics: Basic Concepts. Málaga: Universidad de Málaga, Departamento de Estadistica y Econometria, 2018. p. 1-45.
Detail

MELUZÍN, T.; FAŁDZIŃSKI, M.; PIETRZAK, M.; BALCERZAK, A.; ZINECKER, M. The Use of Backtesting in Assessment of the Value-at-Risk on Unites States, Great Britain and German Capital Markets. In European Financial Systems 2018. Proceedings of the 15th International Scientific Conference. Brno: Masaryk University, 2018. p. 395-401. ISBN: 978-80-210-8981-5.
Detail

ŠKAPA, S. Risk Metrics of Equity Indexes and Investors Worries. In PERSPECTIVES OF BUSINESS AND ENTREPRENEURSHIP DEVELOPMENT: ECONOMIC, MANAGEMENT, FINANCE AND SYSTEM ENGINEERING FROM THE ACADEMIC AND PRACTITIONERS VIEWS. 2015. p. 415-421. ISBN: 978-80-214-5227-5.
Detail

MELUZÍN, T.; ZINECKER, M.; BALCERZAK, A.; PIETRZAK, M. Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic. EASTERN EUROPEAN ECONOMICS, 2018, vol. 56, no. 6, p. 471-503. ISSN: 0012-8775.
Detail

MELUZÍN, T.; ZINECKER, M. Trends in IPOs: The Evidence from CEE Capital Markets. Equilibrium, 2016, vol. 11, no. 2, p. 327-341. ISSN: 1689-765X.
Detail

Responsibility: Meluzín Tomáš, prof. Ing., Ph.D.