June 26 – 27, 2017 BRNO, Hotel Santon Conference Program Monday, June 26, 2017 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 18:15 – 00:00 Reception Tuesday, June 27, 2017 8:30 – 10:00 Parallel sessions 10:00 – 10:15 Coffee break 10:15 – 12:00 Parallel sessions 11:45 – 12:30 Lunch 12:30 Leaving Trip (Castle Špilberg) 13:15 – 16:00 Trip (Castle Špilberg) Keynote speakers Tomáš Pasternak Current and future categories of financial advisors Peter Haiss Blockchain-Applications in Banking & Payment Transactions: Results of a Survey Özcan Karahan Financial Capital Inflows, Current Account Deficit and Economic Growth in Turkey Eugenia Schmitt Effective Risk Culture in Banks: Responsibilities and boundaries of the Risk Management Monday, June 26, 2017 13:00 – 15:00 Session 1 – Accounting Chair – Jana Vodáková Assistant – Karel Urbanovský Room – Dyje Patrik Svoboda, Hana Bohušová Lucie Semerádová . Intangible Assets in Pharmaceutical Companies in the Czech Republic Aleš Olejníček Miroslav Krč Vladimír Golik Vladan Holcner Possibility of Accrual Accounting Application in Case of Active Reserve Forces of the Czech Army Aleksandra Sulik-Górecka Marzena Strojek-Filus Ewa Maruszewska IFRS valuation models vs. business entities‘ practice – a case of Polish publicly traded enterprises Zuzana Krizova Reporting of Goodwill in Mergers & Acquisitions Mariusz Karwowski The role of accounting in regard to information concerning the convergence of airline business models David Procházka The Specifics of Forced IFRS Adoption by Czech Private Companies: A pilot field study Jana Vodáková Analysis of the Czech state-funded institutions accounting data Barbara Grabińska Konrad Grabiński Impact of R&D investments on earnings predictability 13:00 – 15:00 Session 2 – Corporate Finance I Chair – Veronika Svatošová Assistant – Martina Sponerová Room – Svratka Martina Sponerová Tomáš Plíhal Miroslav Sponer Bankruptcy Prediction Models in Relation to SME Segment in the Czech Republic Ladislav Lukás Markov chain sensitivity analysis of expected paid/unpaid overdue receivables – SME case study Jarmila Horváthová Martina Mokrišová Analysis of the impact of capital structure on business performance Mária Bohdalová Natália Klempaiová Bankruptcy Model IN05 and Private Slovak Civil Engineering Companies Veronika Svatošová The Importance of Financial Management in Small and Medium-sized Entrepreneurship Jan Öhm Jan Mačí The Development of Debt Financial Markets Barbora Ptáčková Dana Dluhošová Dagmar Richtarová Application of selected financial performance methods to chosen industry in the Czech Republic Taťána Hajdíková Lucie Váchová Performance of Czech hospitals: comparison with ideal solution 13:00 – 15:00 Session 3 – Financial Literacy Chair – Marina Malkina Assistant – Josef Nešleha Room - Svitava Josef Nesleha Financial Literacy: Comparison of Subjective and Objective Financial Literacy Level Bohuslava Dolakova Causes of the Foreclosure Crisis – Irrational or Rational Decisions? Michal Mešťan Ján Šebo Ivan Králik How are 1bis pension pillar funds performing? A cross-country analysis Eva Huculová Beáta Gavurová Comparison of Selected Aspects of Financial Literacy and their Differences in the Conditions of University Education in Slovakia Marina Malkina Dmitry Rogachev Interrelation of personal characteristics with financial literacy as a guide to financial behavior of Russian students Ján Vravec Jaroslav Korečko Analysis of selected aspects of financial literacy of seniors in Slovakia 13:00 – 15:00 Session 4 – Public Finance I Chair – Agnieska Bem Assistant – Zuzana Rakovská Room – Sázava Sylwia Pieńkowska.Kamenicka Gender differences in saving for retirement Paulina Ucieklak-Jeż Agnieszka Bem Paweł Prędkiewicz Rafał Siedlecki Healthcare benefits: luxury or necessity goods? EU countries case revisited Zuzana Rakovská Analysis of Prize Money Gap in Wimbledon 2007 - 2016 Petro Krush Dmytro Mastiuk Petr Valouch The Governmental Policy of Budget Balancing in Ukraine Beáta Gavurová Kristína Kočišová Jakub Sopko The government expenditure efficiency in OECD countries with DEA approach Nadezhda Yashina Sergey Petrov Nataliya Pronchatova-Rubtsova Oksana Kashina Effectiveness of Financing the Public Expenditures on Health Care Marina Malkina Decomposition of spatial inequality in budget provision by income sources: case of modern Russia Katarzyna Stabryła-Chudzio Justyna Dyduch Allocation of environmental taxes in the context of general government expenditures on environmental protection in the European Union Member States Ewa Gubernat Financial resources of local government units in respect of the financial perspective of the European Union 15:15 – 17:30 Session 5 – Public Finance II Chair – Dagmar Linnertová Assistant – Tomáš Dráb Room – Dyje Jana Kočkovičová Sabina Hodzic A Comparative Analysis of Shadow Economy in Croatia and Slovakia Katarzyna Sawicz Analysis of quality of life in Poland based on selected economic indicators Tomáš Dráb Closet Indexing in Czechia - An Extended Analysis Michal Plaček Milan Půček Milan Křápek Comparison of relative efficiency of Czech and Slovak cultural heritage institutions Dagmar Linnertová Veronika Kajurová Effect of zero lower bound on large firms financing in the Czech Republic Piotr Tworek Józef Myrczek Identifying and Managing Construction Risks in the Public Sector Jan Drbola Miroslav Krč Implementation of cost model for effective planning of foreign military operations Juraj Nemec Markéta Šumpíková Outsourcing in the public sector in the Czech Republic: case studies Eva Hamplová Jaroslav Kovárník The Impact of E-sales on Birth and Death Rate of Businesses in the Czech Republic Nataliya Pronchatova-Rubtsova Oksana Kashina Dmitrii Kornilov Nadezhda Yashina Research of Public Financing Efficiency of Social Well-being in the Russian Federations’ Regions 15:15 – 17:30 Session 6 – Financial Markets I Chair – Miloš Bikar Assistant – Miroslav Svoboda Room – Svratka Juraj Hruška Impact of high frequency trading on volatility in short run and long run Oleksandra Lemeshko The dynamic relationship between aggregate fund flows and share market returns: Empirical evidence from BRIC Milos Bikar Volatility and Correlations in Stock Markets: The case of US S&P 500, Japan Nikkei 225 and DAX indices Petr Seďa Juan Antonio Jimber del Río, María de los Baños García-Moreno García Testing the Semi-strong Form of Efficiency on Czech Stock Market Maria Bohdalova Michal Gregus Linkages between Brexit and European Equity Markets: Evidence from Quantile Regression Approach Pavla Říhová Milan Svoboda Comparison of algorithmic trading using the homogeneous and non-homogeneous Markov chain analysis Erik Suchý Leoš Šafár Disparities in capital markets of the EU and the US Sergey Petrov Nadezhda Yashina Oksana Kashina Nataliya Pronchatova-Rubtsova Forecasting of Crisis Phenomena in Emerging Financial Market: Real-Time Monitoring of Demand and Supply Anomalies in the Stock Exchange Andrea Kryslova IPO non-financial factors influencing the investors decisions 15:15 – 17:30 Session 7 – Insurance Chair – Karina Benetti Assistant – Pavel Sedláček Room – Svitava Karina Benetti The Development of Gross Premiums Written in Life Insurance in the Czech Republic Eliška Hrabalová Eva Vávrová Lenka Přečková Assessing the Impact of the Financial Crisis on Global Insurance Regulation Monika Kaczała Empirical Analysis of Farmers’ Winterkill Risk Perception Malwina Lemkowska Environmental insurance in Poland – The notion, scope and legal determinants Lenka Přečková Evaluation of Bancassurance Functioning in Selected Countries of the Financial Group KBC Group Ján Gogola Lucie Kopecká Multiple state models for critical illness policy Zuzana Brokesova Erika Pastoráková Tomáš Ondruška Miroslav Szabo The effect of price framing on insurance demand Damian Walczak Non-pension privileges in Poland. The impact of professions on taking financial decisions - evaluation of savings made to finance current needs Tomasz Rólczyński Patrycja Kowalczyk-Rólczyńska Determinants for the development of supplementary pension schemes Michal Fabuš Viktória Čejková Regulation of Insurance Market 15:15 – 17:30 Session 8 – Macroeconomics and International Finance I Chair – Marian Nemec Assistant – Tomáš Plíhal Room – Sázava Dusan Litva Brexit Implications on the Czech Republic via GNI Based Contributions to the EU Budget Vilma Deltuvaitė Consequences of External Macroeconomic Shocks Transmission through International Trade Channel: The Case of the Central and Eastern European Countries Yuan Tian Josef Novotný Comparison Between CreditMetrics And KMV Ondřej Mikulec Adéla Špačková Assessing and Managing Absenteeism with Bradford Factor Score Analysis Tomasz Kopyściański Tomasz Rólczyński PhD Marzena Franków Correlation analysis between macroeconomic indicators and level of ratings in EU countries Cristina Ilinitchi David Procházka How do remittances react to business cycle in receiving countries? Marian Nemec Stabilization Programs of the International Monetary Fund in the Course of Time Peter Mokrička The investment through bonus certificates Tuesday, June 27, 2017 8:30 – 10:00 Session 9 – Taxes Chair – Danuše Nezvalová Assistant – Tomáš Dráb Room – Dyje Karolina Lisztwanová Iveta Ratmanová Assessment of Impact of Items Reducing Tax Base and Tax on Total Amount of Corporate Income Tax in the Czech Republic in Selected Periods Lukáš Moravec Gabriela Kukalová Martin Ptáček Tax Rate Changes Impact on Mineral Oils Taxes Yields in the Czech Republic Mária Barteková Ľudomír Šlahor Janka Gasperová The Development of the Excise Gap on Mineral Oils: Recent Evidence from Slovakia Radka Šumanová Anton Marci The future of value added tax in European Union in accordance with size criteria of business entities Radoslaw Witczak The selected issues of tax legislation on the use of estimation method based on expenses for physicians’ income calculation in the case of tax fraud in Poland Martin Geško Tobacco Tax and Tobacco Consumption in Slovakia Katarína Gašová Katarína Repková Štofková Comparison of the tax burden on natural persons in the Slovak Republic and Spain Veronika Solilová Danuše Nerudová A Financial Transaction Tax as an own resource of the EU budget 8:30 – 10:00 Session 10 – Public Finance III Chair – Irina Kolupaieva Assistant – Karel Urbanovský Room – Svratka Zuzana Stolicna Alexandra Mittelman Dalibor Černička The comparison of collection of taxes after the tax reform and changes in the tax system in the later period in the Slovak Republic Irina Kolupaieva The Development of Instrument Impact Scenarios with Respect to the Regulatory Policy Model Menbere Workie The Tale of Twin Deficits: Which Came First Maria Forlicz Tomasz Rólczyński To gamble or not to gamble – comparison of decisions made under risk and under uncertainty Stanislava Štefánková Patents as Specific Type of Intangible Assets 8:30 – 10:00 Session 11 – Corporate Finance II Chair – Irena Honková Assistant – Miroslav Svoboda Room – Svitava Krejčová Michaela, Jana Gláserová, Milena Otavová^ , ^ Sabina Mašová Mergers of agricultural enterprises in the Czech Republic Beata Sofrankova Dana Kiselakova Jarmila Horvathova Svetlana Matkova Analytical view on performance evaluation of service enterprises Tomáš Štofa Michal Šoltés Difficulties in Terminology of Private Equity Irena Honková Two Variables Affecting the Economic Value Added (EVA) Kateřina Mičudová The structure of limited liability companies with low registered capital 8:30 – 10:00 Session 12 – Macroeconomics and International Finance II Chair – Maria Ginzburg Assistant – Bohuslava Doláková Room – Sázava Jaroslav Kovárník Eva Hamplová The Brief Analysis of the Foreign Trade of the Czech Republic in International Comparison Beáta Šofranková Miroslava Šoltés Elena Širá Dana Kiseľáková The analysis of Slovak Republic's competitiveness Jana Hvozdenska The Application of Sovereign Bond Spreads and the Development of the Stock Market on GDP Prediction: The Case of Visegrad Group Nadezhda Yashina Maria Ginzburg Louisa Chesnokova Personal income tax redistribution: new possibilities for fiscal federalism in Russia Martin Hodula Ales Melecky Martin Machacek Macroeconomic Determinants of Shadow Banking: evidence from Spain Slavomíra Martinková Jakub Danko Corporate Tax Revenues of Selected EU Countries Using Spatial Autocorrelation Approach Magdalena Kludacz-Alessandri Impact of cost calculation quality on hospital performance 10:15 – 12:00 Session 13 – Financial Markets II Chair – Martin Hodula Assistant – Tomáš Plíhal Room – Dyje Martin Hodula Stanislav Poloucek Loan-To-Deposit Ratio and Financial Stability: macroprudential policy perspective Matěj Liberda What drives agricultural commodities prices? Mixed-frequency analysis of the agricultural market drivers Malgorzata Doman Ryszard Doman The dynamics of linkages between European currencies: How does it change according to the time of day? Marek Zinecker Edyta Łaszkiewicz Tomáš Meluzín Michał Pietrzak Adam Balcerzak Assessment of changes in the trend of interdependences between the capital market of Germany and the markets of Poland, the Czech Republic and Hungary Anetta Kuna-Marszałek Jakub Marszałek Some Determinants of the Green Bonds Market Development Katarína Belanová The impact of financial market imperfections on the investment – cash flow sensitivity in Slovak companies Roman Brauner Sylvia Plottová Factors that affect the market prices of flat renting 10:15 – 12:00 Session 14 – Banking Chair – Martin Svítil Assistant – Martina Sponerová Room - Svratka Martin Svítil Mobile Technology on the Retail Banking Market Edward Pielichaty Duration analysis in forecasting internal capital adequacy in banks Martin Svitil Comparison of banking rating systems Kristína Kočišová Market Concentration and Stability in European Banking Günter Hofbauer Aleksandra Nocoń Monika Klimontowicz The changes in capital structure of selected banking markets as a result of new regulations 10:15 – 12:00 Session 15 – Corporate Finance III Chair – Anna Sroczyńska - Baron Assistant – Pavel Sedláček Room – Svitava Roman Skalický Legal Background for an Expert Witness to a Corporate Name Valuation Michaela Krejčová Jana Gláserová Milena Otavová Sabina Mašová Mergers of agricultural enterprises in the Czech Republic Dagmar Halabrinová Karel Brychta Taxonomy of EU Member States from the View of VAT Imposed on Immovable Property (year 2017) Jindřich Špička Klára Koblížková Efficiency of humanitarian nonprofit organizations – a case of the Red Cross in the Europe and Central Asia Agnieszka Wojtasiak-Terech Anita Makowska Assessing financial condition of communes using taxonomic methods Anna Sroczyńska - Baron The analysis of efficiency of on-line auctions in Poland based on data coming from service Allegro.pl. Jana Boulaouad Evaluating the Implementation Level of Management and Control Principles of the Public Finances 10:15 – 12:00 Session 16 – Finance Chair – Jan Krajíček Assistant – Bohuslava Doláková Room – Sázava František Kalouda Negative interest rates – consequence staying in error? Jan Krajíček New trends in banking sector Jaroslav Sedláček Tax burden and interest burden on business in the agriculture, fishing and forestry sector Lumír Kulhánek The Impact of Macroeconomic Variables on Stock Market Returns in the Czech Martina Krügerová Analysis of Insurance Distribution on the Czech Insurance Market Dalibor Pánek The impact of foreign exchange intervention in the balance sheet of the Czech National Bank