Journal of Economics - Obsahy ročníkov

The paper introduces the concept of equity premium puzzle within a stochastic discount factor model and then it presents Hansen-Jagannathan bounds as a means of both capturing this phenomena and also testing various utility function specifications, which might help to explain and solve the puzzle. Three utility frameworks are assumed in the paper: constant relative risk aversion, habit formation and Epstein-Zin utility. Data on equity premiums are analyzed for the Czech Republic, Hungary, Poland and Slovakia. The comparison of Hansen-Jagannathan bounds with the restrictions given by the three utility functions shows that it is not possible to expect to employ a universal approach to this issue as the conclusions differ to some extent across the economies examined. Generally the alternative utility frameworks do not seem to be a solution to the equity premium puzzle in case of V-4 economies. Keywords: asset pricing, constant relative risk aversion utility, Epstein-Zin utility, equity premium puzzle, habit formation, Hansen-Jagannathan bounds JEL Classification: E00, E44, G12

Effects of recession on the structure of employment have been different in each phase of recession (and revival after the recession). It seems likely correct the assumption of our earlier analysis that in the initial phase of the recession was already noticeable structural changes in employment, but they were far from its final form. In later stages, the shape and intensity of structural changes has changed significantly. Recession strengthened the position of highest-educated workers, penalizing the segment of youngest workers, in their early stage have necessitated further expansion of self-employment to the prejudice of dependent work. Recession in some cases reinforced the structural changes in employment, which were already present even before the recession (expansion of self-employment, share increase of the tertiary educated employed persons), in other cases, the recession has brought new structural changes (increase in the proportion of part-time work). Seem to be more important the cases, when the recession reinforced the structural changes that were in milder form present even before the recession. The recession has added new momentum to them. Keywords: employment structure, labour market, economic recession JEL Classification: E24, J21

This paper deals with the issue of the relationship between households’ housing costs and poverty. Using the concept of housing affordability it studies so-called housing-induced poverty in the Czech Republic. It combines this concept with the concept of relative poverty defined by Eurostat. The results show that households living in apartments with rent are the most vulnerable to poverty. The next part of the paper deals with the impact of the prospective end of regulated tenancies in the Czech Republic. It focuses on the changing level of the rents, and their influence on the number of households which are at risk of poverty. Micro-simulation models based on the EU-SILC micro data for the Czech Republic were employed in the research. Based on the results of these micro-simulation models it is assumed that the number of households at risk of poverty will increase significantly owing to the deregulation process. The paper highlights the development of the number of households at risk of poverty between the years 2008 to 2010, and discusses individual factors influencing the number of households at risk of poverty presently, as well as factors that will influence it after 2010. Keywords: poverty, housing affordability, EU-SILC data, rent deregulation, micro-simulation modelling JEL Classification: I32, C31, P36

The main aim of submitted paper is to analyze relative efficiency in the Slovak banking sector. This paper focuses on the analysis of 206 branches of selected Slovak commercial bank during year 2010, realised by using of DEA models. The article in its closing part gives attention to the question, whether external economic surrounding influences performance of bank branches. Keywords: efficiency, data envelopment analysis, DEA models, BCC model, competitiveness JEL Classification: E58, F02, G21

This paper investigates the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty. The empirical analysis uses firm – level data and is based on a survey of 53 automotive suppliers, which was carried out during the year 2011. We find supportive evidence for the fact that uncertainty is negatively associated with planned in-vestments of the companies surveyed, which remains true also in the presence of irreversibility. Yet, further investigation of the investment – uncertainty relation-ship and the role of irreversibility provides support for the view that the negative association between uncertainty and investment increases with the degree of irreversibility. So the degree of irreversibility of investment does influence the effect uncertainty has on planned investment. Keywords: Investments, uncertainty, irreversibility of investments, automotive industry JEL Classification: D81, D92