Macroeconomic background of public listing in Czechia and Hungary

Kiss, Gábor Dávid; Vychytilová, Jana

dc.title	Macroeconomic background of public listing in Czechia and Hungary	en
dc.contributor.author	Kiss, Gábor Dávid
dc.contributor.author	Vychytilová, Jana
dc.relation.ispartof	Finance and the Performance of Firms in Science, Education and Practice 2017
dc.identifier.isbn	978-80-7454-653-2
dc.date.issued	2017
dc.citation.spage	395
dc.citation.epage	403
dc.event.title	6th International Scientific Conference on Finance and the Performance of Firms in Science, Education, and Practice
dc.event.location	Zlín
utb.event.state-en	Czech Republic
utb.event.state-cs	Česká republika
dc.event.sdate	2017-04-26
dc.event.edate	2017-04-27
dc.type	conferenceObject
dc.language.iso	en
dc.publisher	Univerzita Tomáše Bati ve Zlíně (UTB)	cs
dc.publisher	Tomas Bata University in Zlín	en
dc.relation.uri	http://www.ufu.utb.cz/konference/
dc.relation.uri	http://www.ufu.utb.cz/konference/sbornik2017.pdf
dc.subject	public listing	en
dc.subject	stock exchange	en
dc.subject	macro variables	en
dc.subject	Czechia	en
dc.subject	Hungary	en
dc.description.abstract	The principal objective of this paper is to analyze the common and country-specific aspects in the macroeconomic and political background of the poor public listing in Czechia and Hungary. Vector Autoregressions were tested on country level and a fixed effect panel regression analyzed the cross-country phenomena. As a key result, we cannot support the idea that privatization policies, funded pension pillar, economic crisis or stock market ownership could be useful variable which describes the solution of current situation. Believing that economic growth or the increasing number of companies can solve this problem proved to be also a false hope. Deeper and finer political and market incentives are necessary to highlight the added value of public listing for the targeted sector.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1008273
utb.identifier.rivid	RIV/70883521:28120/17:63516728!RIV18-MSM-28120___
utb.identifier.obdid	43876778
utb.identifier.wok	000471174000030
utb.source	d-orig
dc.date.accessioned	2018-11-19T13:51:02Z
dc.date.available	2018-11-19T13:51:02Z
utb.contributor.internalauthor	Vychytilová, Jana
utb.fulltext.affiliation	Kiss Gábor Dávid, Vychytilová Jana Contact information Gábor Dávid KISS University of Szeged 6722 Szeged, Kálvária sgt. 1 Email: kiss.gabor.davod@eco.u-szeged.hu Jana Vychytilová Tomas Bata University in Zlin Mostní 5139 760 01 Zlín Email: vychytilova@fame.utb.cz
utb.fulltext.dates	-
utb.fulltext.references	1. Álvarez, I. C.; Barbero J., & Zofio J. L. (2015). A Panel Data Toolbox for MATLAB. Economic Analysis Working Paper Series, Universidad Autonoma Madrid Working Paper 05/2013. 2. Bornstein, B. (1997). Non-standard methods in the privatization strategies of the Czech Republic, Hungary and Poland. Meconomics of Transition, 5(2), 323–338. http://dx.doi.org/10.1111/j.1468-0351.1997.tb00020.x 3. Czajlik, I., & Szalay, Gy. (2006). A magánnyugdíjpénztárak működése és szabályozása. MNB-tanulmányok 48. Hungarian National Bank. 4. CSSZ (2016). Cancellation of the second pension pillar (pension savings). Retrieved from: http://www.cssz.cz/en. 5. Doidge, C. G.; Karolyi, A., & Stulz, R. M. (2015). The U.S. listing gap. NBER Working Paper No. 21181. http://dx.doi.org/10.3386/w21181 6. Farkas, B. (2011). The Central and Eastern European model of capitalism. Post- Communist Economies, 23 (1), 15–34. http://dx.doi.org/10.1080/14631377.2011.546972 7. Fungacova, Z., & Hanousek, J. (2011). Determinants of firm delisting on the Prague Stock Exchange. Prague Economic Papers, 20(4): 348–365. DOI:10.18267/j.pep.404 8. Gaál, A. (2007). A magánnyugdíjpénztárak befektetési szabályozásának változása. PSZÁF 2007. 9. Hurlin, C., & Mignony V. (2007). Second Generation Panel Unit Root Tests. Mimeo, University of Paris X. 10. Im, K.S., & Pesaran, M.H. (2003). On the Panel Unit Root Tests Using Nonlinear Instrumental Variables. Mimeo, University of Southern California. 11. Impavido, G., & Rocha, R. (2006). Competition and Performance in the Hungarian Second Pillar. World Bank WB 3876. http://dx.doi.org/10.1596/1813-9450-3876 12. Lenza, M.; Pill, H., & Reichlin, L. (2010). Monetary policy in exceptional times. Economic Policy, 25 (62), 295–339 http://dx.doi.org/10.1111/j.1468-0327.2010.00240.x 13. Meluzin, T. (2009). Research into implemented IPOs in the Czech capital market. E&M Ekonomie a management, 12(2), 108–121. 14. Meluzin, T., & Zinecker, M. (2014). Macro- and Microeconomic aspects of going Public in the Czech Republic and Poland. Procedia - Social and Behavioral Sciences, 156, 558-563. doi:10.1016/j.sbspro.2014.11.240 15. Meluzin, T., & Zinecker, M. (2015). External Determinants of Going Public in the Czech Republic and in Poland. Procedia - Social and Behavioral Sciences, 213, 364-369. doi:10.1016/j.sbspro.2015.11.552 16. Nyvltova, R. (2008). Emerging capital markets as a source of equity financing for local companies: the case of Croatia and the Czech Republic. International Conference Proceedings, 657–669. 17. OECD (2006). Economic Surveys: Czech Republic. OECD Publishing. 18. Park, H. M. (2011). Practical Guides To Panel Data Modeling: A Step-by-step Analysis Using Stata. Tutorial Working Paper. Graduate School of International Relations, International University of Japan. 19. Bagus P., & Schiml M. H. (2009). New Modes of Monetary Policy: Qualitative Easing by the FED. Economic Affairs, 29 (2), 46–49. http://dx.doi.org/10.1111/j.1468-0270.2009.01893.x 20. PSE (2016). 2004-2015 annual reports of the PSE. Retrieved from http://www.pse.cz. 21. PSZÁF (2008). Nyugdíjpénztári hozamok (2003-2007). PSZÁF 22. Shellock, D. (2004). Czech investors warm to first IPO. FT.Com. Retrieved from http://search.proquest.com/docview/228810476?accountid=15518 23. Simonovits, A. (2002). Nyugdíjrendszerek: tények és modellek. Budapest: Typotex 24. Svejnar, J. (2013). The Czech Republic and Economic Transition in Eastern Europe. London: Academic Press. 25. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. Massachusetts: The MIT Press Cambridge.
utb.fulltext.sponsorship	-
utb.wos.affiliation	[David, Kiss Gabor] Univ Szeged, Kalvaria Sgt 1, H-6722 Szeged, Hungary; [Jana, Vychytilova] Tomas Bata Univ Zlin, Mostni 5139, Zlin 76001, Czech Republic
utb.fulltext.projects	-
utb.identifier.jel	E44
utb.identifier.jel	P12
utb.identifier.jel	G18
utb.identifier.jel	G20