June 25 – 26, 2018 BRNO, Hotel Santon CONFERENCE PROGRAM 1 Monday, June 25, 2018 9:00 – 10:00 Registration 10:00 – 10:15 Opening ceremony (Conference Room) 10:15 – 11:45 Plenary session (Conference Room) 11:45 – 12:45 Lunch 12:45 – 13:00 Group photo 13:00 – 15:00 Parallel sessions 15:00 – 15:15 Coffee break 15:15 – 17:30 Parallel sessions 18:30 – 00:00 Reception Tuesday, June 26, 2018 8:30 – 10:00 Parallel sessions 10:00 – 10:15 Coffee break 10:15 – 12:00 Parallel sessions 12:00 – 13:00 Lunch 13:00 Leaving Trip (Villa Stiassni in Brno) 13:00 – 16:00 Trip (Villa Stiassni in Brno) Keynote speakers Peter Haiss Bitcoin Compared on Price, Liquidity and Volatility: Crypto “Currencies” or an Asset Class of their own? Peter Krištofík The impact of behavioral finance on the financial performance of an enterprise Eugenia Schmitt Backtesting Expected Shortfall – is there a method suitable for middle-sized banks? 2 Monday, June 25, 2018 13:00 – 15:00 Session 1 – Accounting Chair – Jana Vodáková Assistant – Filip Hampl Room – Dyje Marcin Kędzior, Dorota Kędzior Relations between IFRS adoption and financial and nonfinancial measures of economic entities, empirical results from the selected countries of Western Europe Irena Honková Industry 4.0 Aimed at Accounting System Tomasz Sosnowski, Anna Wawryszuk– Misztal The effect of the accounting hocus–pocus on the management earnings forecast precision in the IPO Lukáš Moravec, Jana Hinke, Gabriela Kukalová, Zuzana Tichá Effects of financial accounting harmonization on agribusiness Veronika Popelková Non-financial information according to the Act on Accounting in the Czech Republic and their importance for corporate performance management Filip Hampl Specifics of the Reporting under International Accounting Standard IAS 41 Agriculture and its Usage on the Central European Stock Exchanges 13:00 – 15:00 Session 2 – Taxes and Corporate Finance I Chair – Marian Dobranschi Assistant – Josef Nešleha Room – Svratka Petr Valouch, Josef Nesleha Impact of Mergers on the Company Performance Barbora Ptáčková, Dagmar Richtarová Comparison of analysis deviation methods for the multiplicative operations Natália Klempaiová, Mária Bohdalová Comparison of Gulka´s model and model IN05 on sample of Slovak industrial companies Denisa Oriskóová, Renáta Pakšiová Decomposition of ROE to selected financial analysis indicators Dirk Stein, Alexander Zureck, Tina Jäger A call to theorize digital information technology due diligence Analysis of research gaps for the subject of information technology due diligence in mergers and acquisitions Danuse Nerudova, Veronika Solilova, Marian Dobranschi, Marek Litzman The role of corporate income tax differences on the profit shifting behavior: evidence from the Czech Republic 3 13:00 – 15:00 Session 3 – Finance and Financial Literacy Chair – Tomasz Rólczyński Assistant – Martina Sponerová Room - Svitava Michal Kuběnka, Renáta Myšková, Vít Jedlička The Role of Apparent Signs of Financial Distress in Test Samples and Verification Samples of Bankrupt Models Pavel Sedláček, Miroslav Svoboda General Data Protection Regulation in the context of municipalities Bohuslava Doláková Debt Literacy and Its Importance in the Czech Republic Maria Forlicz, Tomasz Rólczyński Ratio bias under conditions of uncertainty –experimental results Gabriela Oškrdalová Internet shopping in the Czech Republic with the focus on the types of bought goods and services by consumers Lenka Janošová A Relationship between Gender and Age Diversity among Board Members and Firm Performance Peter Krištofík, Michaela Novotná The impact of behavioral finance on the financial performance of an enterprise 13:00 – 15:00 Session 4 – Public Finance I Chair – Damian Walczak Assistant – Zuzana Rakovská Room – Sázava Anna Magdalena Korzeniowska Motives of households saving in Poland Małgorzata Cygańska, Magdalena Kludacz-Alessandri Measuring efficiency in clinical department using DEA approach - a case of the Polish hospital Kamila Bielawska Retirement decisions of seniors in Poland in the light of the qualitative research Darya Dancaková The impact of educational expenditures and higher education attainment on employment in V4 countries Damian Walczak Equality In Old-Age Security In Poland Taťána Hajdíková, Kateřina Trubačová Efficiency hospitals in the Czech Republic: the difference between the methods used Anatoliy Pilyavskyy, Lucie Kopecká The Efficiency of Health Care Systems in OECD Countries. Does it make a difference? 4 15:15 – 17:30 Session 5 – Banking I Chair – Agnieszka Huterska Assistant – Tomáš Plíhal Room – Dyje Eugenia Schmitt Backtesting Expected Shortfall – is there a method suitable for middle-sized banks? Marina Malkina Spatial inequality in ownership and activity of banking sector: case of Russia Katarzyna Kochaniak Household Deposits’ Availability for Credit Institutions during Tensions on Funding Markets – a case of the euro area countries Yuan Tian Copulas and Credit Risk Models Libuše Svobodová, Jaroslava Dittrichová, Martina Hedvičáková Business entities and loans in the Czech Republic Ewa Gubernat Effectivences of commercial banks in Poland and bank tax Michal Mešťan, Maroš Malíček, Matej Žofaj, Ivan Králik Changes in consumer credit market in Slovakia Aleksandra Nocoń Monetary policy normalization of the European Central Bank Martin Svítil Qualitative indicators (soft - facts) in internal rating systems 15:15 – 17:30 Session 6 – Financial Markets I Chair – Ormos Mihály Assistant – Elena Láncošová Room – Svratka Pavla Říhová, Milan Svoboda Profitability of Selected Technical Analysis Indicators Haochen Guo Volatility Model based GARCH Minimum Variance Hedging Karolina Daszyńska-Żygadło, Jakub Marszałek, Krzysztof Piontek Sustainable finance instruments' risk - green bond market analysis Sergey Petrov, Nadezhda Yashina, Oksana Kashina, Nataliya Pronchatova- Rubtsova Investors’ Expectations, Price-Dividend Dependence and P/E Ratio for Common Stock: Specifics of WellDeveloped Markets and Emerging Markets 5 László Nagy, Mihály Ormos Financial Market Implied Industry Classification Martin Sirucek, Jan Vystoupil, Petr Strejček Profitability of sector mutual funds and ETFs during market development Rafał Buła Relationships between fractal dimension and chosen non-fractal measures of risk – correlation analysis Małgorzata Doman, Ryszard Doman Patterns of currency co-movement: Changes in the impact of global currencies 15:15 – 17:30 Session 7 – Insurance Chair – Eva Vávrová Assistant – Zuzana Rakovská Room – Svitava Karina Tatek Benetti Life Insurance in the Czech Republic: New Challenges? Monika Kaczała How to enhance the uptake of crop insurance? Grzegorz Strupczewski Current state of the cyber insurance market Ján Gogola, Lucie Kopecká Actuarial model for pricing disability insurance policy Malwina Lemkowska Environmental risk insurability issues – the EU perspective Tomáš Ondruška, Zuzana Brokešová, Erika Pastoráková Determinants of Non-Life Insurance Consumption Lenka Přečková, Eva Vávrová Evaluation of Expense Ratio of Insurance Portfolios Belonging to Selected Insurance Companies Operating on Czech Insurance Market Eva Vávrová, Lenka Přečková Technical provisions as one of the risk management modes of commercial insurance companies operating on the Czech insurance market Michal Fabuš, Viktória Čejková Motor vehicle insurance in SMEs 6 15:15 – 17:30 Session 8 – Macroeconomics and International Finance I Chair – Anna Sroczyńska-Baron Assistant – Roman Skalický Room – Sázava Jana Hvozdenská Convergence of the Government Yields in Estonia, Latvia and Lithuania Martin Svoboda, Svend Reuse, Annika Rüder, Noel Boka Interest Rate Risk in the Banking Book (IRRBB) – Comparing Variance/Covariance with Historical Simulation and several Copula Functions with Focus on the actual EBA Guidelines Tomáš Meluzín, Marcin Fałdziński, Michał Bernard Pietrzak, Adam P. Balcerzak, Marek Zinecker The Use of Backtesting in Assessment of the Value-atRisk on Unites States, Great Britain and German Capital Markets Elena Širá, Dana Kiseľáková, Beáta Šofranková Competitiveness of V4 countries in the field of higher education Jaroslav Kovárník, Eva Hamplová The Selected Aspects of Foreign Trade in Central European Countries Martina Borovcová, Adéla Špačková Determination and Verification of the Key Assessment Indicators for the Insurance Market by Applying the Decomposition Multi-attribute Methods and Regression Analysis Özcan Karahan How the Changes in Exchange Rate Affect the Turkish Economic Growth Under Inflation Targeting Regime? Ksenija Denčić-Mihajlov, Evica Petrović, Jelena Z. Stanković The financial and institutional environment for sustainable economic growth of developing countries Anna Sroczyńska-Baron The recent history of e-commerce in Poland and the perspectives for online sale growth in future. Roman Skalický Legal Background for a different Expert Assessments 7 Tuesday, June 26, 2018 8:30 – 10:00 Session 9 – Taxes Chair – Petr Valouch Assistant – Roman Skalický Room – Dyje Anna Krajewska, Magdalena Kapela Labour taxation in the European Union. Comparative analysis and conclusions for Poland Ondřej Machek, Aleš Kubíček Financial Performance of Czech Privately-Held Firms with Multiple Owners Radosław Witczak The use of different methods of the tax base estimation in income taxes in the light of SAC rulings in 2017 in Poland Gabriela Kukalová, Lukáš Moravec, Barbora Martásková, Jakub Ječmínek Financial Crisis Influence on Tax Mix Changes Anna Krajewska, Katarzyna Osiecka Taxation of consumption in Poland. Redistribution and fiscal effects Jana Kubicová The Anti-Tax-Avoidance Measures in the EU – from Denials to Wide Acceptance Karolina Lisztwanová, Iveta Ratmanová Assessment of Factors Influencing of Final Corporate Income Tax Liabilities in Selected Sectors in the Czech Republic 8:30 – 10:00 Session 10 – Public Finance II Chair – Lenka Janošová Assistant – Josef Nešleha Room – Svratka Martina Hedvičáková, Martin Král Level of Industry Automation 4.0 in the Czech Republic and Impact on Unemployment Kristína Kočišová, Jakub Sopko The Efficiency of Health Systems in OECD Countries with Novel DEA Methodology Grzegorz Michalski The relationship between debt and equity in social economy organizations – Polish case Mária Barteková, Ľudomír Šlahor The Financial Analysis of the Education Support Fund: Recent Results from Slovakia Anna Magdalena Korzeniowska, Wojciech Misterek The relation between saving and debt in Polish households Rafał Szmajser, Mariusz Andrzejewski, Marcin Kędzior Profitability determinants of Polish outsourcing service enterprises from the point of view of top and middle management 8 8:30 – 10:00 Session 11 – Corporate Finance II Chair – Piotr Miszczyński Assistant – Filip Hampl Room – Svitava Radosław Pastusiak, Michał Radke A correction factor of the value of the company in case of heuristics Karina Tatek Benetti Corporate Bankruptcies in the Czech Republic: The Development Over the Last Decade Piotr Miszczyński Profitability forecast for assessment of investment project in banking Elżbieta Wrońska-Bukalska Debt Capacity and Capital Structure Aleksandra Pieloch-Babiarz Long-term stock returns of companies implementing diverse dividend policy: evidence from Poland 8:30 – 10:00 Session 12 – Financial Markets II Chair – David Procházka Assistant – Tomáš Plíhal Room – Sázava Zuzana Rakovská Beliefs in Cryptocurrency: Exploring the Relationship between Sentiment and Bitcoin David Procházka Decision-usefulness of Fair Value Measurement of Cryptocurrencies Haiss Peter, Jacob Schmid-Schmidsfelden Bitcoin Compared on Price, Liquidity and Volatility: Crypto “Currencies” or an Asset Class of their own? Sylwia Pieńkowska-Kamieniecka The issue of responsibility for financial security in old age and additional retirement saving Sylvia Plottová Going Public in selected CEE capital markets: Empirical Evidence on IPO volumes and drivers Miroslav Svoboda, Tomáš Plíhal, Pavel Sedláček Random Strategy Versus Technical Analysis Strategy: The Case of GBP/USD Intraday Trading Sylvia Plottová Capital Market Determinants of Going Public: The Evidence from CEE Capital Markets 9 10:15 – 12:15 Session 13 – Macroeconomics and International Finance II Chair – Zuzana Kubaščíková Assistant – Elena Láncošová Room – Dyje Agnieszka Huterska, Robert Huterski, Justyna Łapińska Impact of Macroeconomic Factors on the Value of Loans Granted to Non-Financial Enterprises by Monetary Financial Institutions in the Euro Area Countries Erik Suchý, Michal Šoltés Influence of capital market on the US unemployment and GDP Jana Vodaková, Nela Sglundová Activities classification for controlling purposes in the state administration unit Joanna Wyrobek Application of Selected Machine Learning Methods to Companies’ Insolvency Prediction Sergey Yashin, Nadezhda Yashina, Nataliya Pronchatova-Rubtsova, Oksana Kashina Methodical approaches to assessing the budget potential of the region taking into account the innovative development of high-tech industries Zuzana Kubaščíková, Miloš Tumpach, Zuzana Juhászová Using of Non-financial Data in Predictive Models Veronika Svatošová, Sylva Chalupová, Petra Dvořáková Identification of Financial Strategy in E-commerce Nadezhda Yashina, Nataliya Pronchatova-Rubtsova, Sergey Petrov, Oksana Kashina Methodical approaches to the formation of model budgets in order to improve the effectiveness of the budget process in Russia 10 10:15 – 12:00 Session 14 – Banking II Chair – Ivan Soukal Assistant – Martina Sponerová Room - Svratka Martina Sponerová, Miroslav Svoboda, Miroslav Sponer The Role of Nonfinancial Indicators in the Process of Credit Risk Assessment Eva Horvatova Efficiency of banks in Slovak Republic Lukáš Vodička Banking system development and economic growth: Evidence from a sample of high income countries and low & middle income countries Ilja Schaab, Eric Frère, Alexander Zureck Syndicated Loan Market Germany: Deep Dive into Role Allocation Jan Horvat, Eva Horvatova Capital creation factors in selected banking sectors of Europe Łukasz Szewczyk Recent changes in the Polish deposit guarantee scheme Ivan Soukal, Eva Hamplová Preliminary results of non-bank consumer credit providers in the professional qualifications test by the Act No. 257/2016 Coll., on consumer credit 10:15 – 11:15 Session 15 – Finance Chair – Josef Nešleha Assistant – Filip Hampl Room – Svitava Jerzy Różański Comparative analysis of financing sources in domestic and foreign enterprises in Poland Błażej Socha, Dariusz Urban The financialization and operating performance of nonfinancial companies listed on the Warsaw Stock Exchange Katarzyna M. Miszczyńska Determinants of public healthcare units indebtedness – the case of public hospitals in Lodz Jaroslav Sedláček, Filip Hampl, Elena Láncošová The Influence of Accounting for Goodwill on the Bottom Line of Business Corporations 11 11:00 – 12:00 Session 16 – Finance Chair – Oldřich Rejnuš Assistant – Filip Hampl Room – Sázava Rejnuš Oldřich The Current Problems of the Eurozone and the Future Transformation of the European Union Dalibor Pánek Completion of foreign exchange intervention and the balance sheet of the central bank Jan Krajíček Problems in Banking sector František Kalouda Stability Prerequisites of the Czech Republic Banking System (cybernetic point of view)