No. 3/2014
5
Editorial
Dear readers,
I am honoured to be given the opportunity to write the editorial for the
upcoming issue of the scientific journal Financial Assets and Investing, which is
traditionally issued and prepared at our department (Department of Finance at
Faculty of Economics and Administration, Masaryk University). This issue closes
the five year activity and since I have read each issue, I have to admit that I
noticed a significant improvement concerning the quality of the published
papers and the journal's image as well. I wish the journal keeps improving its
standards and quality and passes interesting knowledge on its readers and I
believe that in five years, more improvement will be achieved.
The current issue includes two scientific articles. The first article, The Effects of
Irreversibility and Uncertainty on Business Investments: A New View of
Investment, written by Katarína Belanová, represents a survey of recent
theoretical as well as empirical contributions concerning the business
investments, which help to understand the investment decision making of the
companies better. The irreversibility of investments and its impact on the
nature of the relationship between the investment and uncertainty were
investigated in an empirical way. The supportive evidence was found for the
fact that uncertainty is negatively associated with planned investments of the
companies surveyed, which remains true also in the presence of irreversibility.
The second and the last article, Modeling Financial Surplus of the Housing
Projects Developer by Tadeusz Czernik and Daniel Iskra, proposes a
dynamic model of the financial surplus process using Monte Carlo simulations.
The model takes into consideration the structure of the credit payments, the
random nature of the real estate sale process (compound Poisson process: the
moment of sale and sale price), predictable and unpredictable expenses.
I hope you will enjoy studying the content of the current issue.
Jan Krajíček