7th ERAZ Selected Papers (part of ERAZ conference collection)最新文献

Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey 科索沃中小企业的财务生命周期:一项企业调查的结果

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.57

Argjentë Qerimi, M. Aliu, B. Krasniqi

{"title":"Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey","authors":"Argjentë Qerimi, M. Aliu, B. Krasniqi","doi":"10.31410/eraz.s.p.2021.57","DOIUrl":"https://doi.org/10.31410/eraz.s.p.2021.57","url":null,"abstract":"This article empirically examined how Kosovan SMEs finance their working capital and their investments through their growth life cycle. Using the financial growth cycle paradigm to test the financial growth cycle based on a sample of 100 Kosovan SMEs’ reporting data since their inception of business. Findings show that Kosovan SMEs use various sources to finance their working capital and investments throughout their life cycle. To finance their working capital needs, during the first two years of operation, Kosovan SMEs rely more on insider capital sources such as personal savings, financing offered from 3F connection - friends, family, fools, retained earnings, and also trade credit takes a significant place. Over time, as businesses evolve through age, the proportion of retained earnings and business debt financing in total capital injection volume increases significantly. As firms grow older, financing from trade credit marks a decline, so the SMEs replace it with using more overdraft. During the first years of operation, to finance their investments, Kosovan SMEs rely primarily on owner’s personal savings, financing from 3F connection - friends, family, and fools, retained earnings, but as the company grows older and becomes more extensive, they rely mainly on two sources: retained earnings and bank loans. In general, concerning debt, Kosovan SMEs use more trade credit and overdraft to finance their working capital and bank loans to finance their investments. Funding from 3F is mainly used during the initial phase of operation. However, the most used resource by Kosovan SMEs in all stages of operation remains retained earnings, while external equity raised from angels and venture capitalists and other alternative financing are almost inexistent.","PeriodicalId":138378,"journal":{"name":"7th ERAZ Selected Papers (part of ERAZ conference collection)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117156326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI 2020年的石油价格战加剧了G7股市和原油WTI之间的一体化

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.13

Rui Dias, Paulo Alexandre, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos

{"title":"The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI","authors":"Rui Dias, Paulo Alexandre, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos","doi":"10.31410/eraz.s.p.2021.13","DOIUrl":"https://doi.org/10.31410/eraz.s.p.2021.13","url":null,"abstract":"This paper aims to examine whether the oil price war between Saudi Arabia and Russia has increased integration between the Crude Oil WTI Spot oil index and the G7 stock markets, namely France (CAC 40), Germany (DAX 30), USA (DOW JONES), UK (FTSE 100), Italy (FTSE MID), Japan (Nikkei 225), Canada (S&P TSX), from January 2018 to January 2021. The results show that in the period before the oil price war, the G7 stock markets and the WTI index had 29 integrations (out of 56 possible). The WTI index is integrated with the UK stock markets (FTSE 100), and Japan (NIKKEI 225), and is integrated into the Japanese market. In the period of the oil price war, the G7’s stock markets and the Crude Oil WTI Spot index had 43 integrations (out of 56 possible), namely the WTI, Dow Jones, and Nikkei 225 indexes, with all their peers (7 out of 7 possible). When comparing the period before and during the 2020 oil crash, we found that integrations increased significantly from 29 to 43 (out of 56 possible); we also found that the Crude Oil WTI Spot index is no longer a safe haven for portfolio diversification in G7 stock markets. These findings validate our research issue, i.e., the oil price war between Saudi Arabia and Russia had increased integrations, and this evidence could question portfolio diversification.","PeriodicalId":138378,"journal":{"name":"7th ERAZ Selected Papers (part of ERAZ conference collection)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123569374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Evaluation of Distance Education in Mathematics at the Slovak University of Agriculture in Nitra 尼特拉斯洛伐克农业大学数学远程教育评价

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.121

Tomáš Pechočiak, D. Országhová, Norbert Kecskés, J. Drábeková

引用次数: 0

Foreign Direct Investment (FDI) or Remittances? Which Contributes the Most to the Albanian Economy? 外国直接投资(FDI)还是汇款?哪个行业对阿尔巴尼亚经济贡献最大?

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.47

Alban Korbi, Blisard Zani

引用次数: 0

The Importance of Aesthetic Experience in Fine Dining Restaurants 审美体验在高级餐厅中的重要性

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.147

S. Marković, Jelena Dorčić, Dora Rašan, Bruna Bucić, M. Blažič

引用次数: 1

Digital Methods of Education and the Level of Students’ Knowledge in Mathematics 数字化教育方法与学生数学知识水平

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.129

Vladimír Matušek, D. Országhová, M. Farkašová, Radomíra Hornyák Gregáňová

引用次数: 0

Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis 泛欧交易所资本市场的长期依赖关系:动态趋势分析

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.27

R. Dias, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos, Paulo Alexandre

{"title":"Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis","authors":"R. Dias, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos, Paulo Alexandre","doi":"10.31410/eraz.s.p.2021.27","DOIUrl":"https://doi.org/10.31410/eraz.s.p.2021.27","url":null,"abstract":"This paper aims to test efficiency, in its weak form, in the capital markets of the Netherlands (AEX), Belgium (BEL 20), France (CAC 40), Ireland (ISEQ 20), Norway (OSEBX), Portugal (PSI 20), in the period from April 4, 2019 to April 1, 2021. The sample was partitioned into two subperiods, the first and second wave of the global pandemic: April 4, 2019 to April 30, 2020; May 4, 2020 to April 1, 2021. To carry out this analysis, different approaches were undertaken to analyze whether: (i) Euronext’s stock markets have more significant long memories in the first or second wave of the global pandemic? The results show the presence of sharp long memories during the first wave of the global pandemic, particularly in the stock indices OSEBX (0.67), PSI 20 (0.67), AEX (0.66), BEL 20 (0.64), CAC 40 (0.62), ISEQ 20 (0.61), which implies that the yields are autocorrelated in time and, there is a reversal of the average, in all indexes. Regarding the second wave of the global pandemic, we found that most Euronext stock markets don’t reject the random walk hypothesis, with the exception of the Norwegian (0.56) and Portugal (0.55) stock markets. These findings show that the impact of the Covid-19 pandemic was accentuated during the first wave, but from May 2020 the markets adjusted and showed balance. The authors believe that the results achieved will be a benefit to international investors seeking efficient diversification into their portfolios.","PeriodicalId":138378,"journal":{"name":"7th ERAZ Selected Papers (part of ERAZ conference collection)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126229216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Level of Knowledge in Personal Finance by University Freshmen Management Students 高校管理专业新生个人理财知识水平调查

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.137

Zuzana Kozubíková, Aleš Kozubík

{"title":"Level of Knowledge in Personal Finance by University Freshmen Management Students","authors":"Zuzana Kozubíková, Aleš Kozubík","doi":"10.31410/eraz.s.p.2021.137","DOIUrl":"https://doi.org/10.31410/eraz.s.p.2021.137","url":null,"abstract":"Financial literacy becomes one of the key competencies for life in modern society, and its importance grew significantly in the last decade. The study aims to determine how well newly coming university management students understand basic consumer financial concepts. The research is based on primary data by questionnaires and a sample of 342 students from the target population within Slovakia and the Czech Republic. The questionnaire contained in its first part some questions covering the individual personal socio-economic characteristics. In the second part, the respondents solved thirteen problems submitted as multiple-choice questions that tested their knowledge about personal finance. Authors examine the relationships among the personality characteristics of the students and their financial literacy. This leads to several remarkable findings. Due to the specialization of the study, the difference between the genders is blurred. As a significant source of the differences in financial literacy, the authors detect the previous education of the respondents and the forms of education in financial literacy.","PeriodicalId":138378,"journal":{"name":"7th ERAZ Selected Papers (part of ERAZ conference collection)","volume":"219 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123785049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Response of the Multilateral Development Banks to the COVID-19 Pandemic 多边开发银行对2019冠状病毒病大流行的反应

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.1

Mária Bábosik

引用次数: 0

Analysis of the Number of European Union Citizens Working in the Regions of Slovakia in the Period 2013-2019 2013-2019年期间在斯洛伐克地区工作的欧盟公民人数分析

7th ERAZ Selected Papers (part of ERAZ conference collection) Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.39

Ľubica Hurbánková

引用次数: 0