Template-Type: ReDIF-Article 1.0 Author-Name: Petr Zeman Author-Workplace-Name: University of South Bohemia in České Budějovice Title: Technical Trading and Testing of Intra-day Market Efficiency in the Foreign Exchange Market Abstract: Due to the growing interest of investors in intra-day trading it is necessary to pay even more attention to the analysis of the microstructure of financial markets. This article analyses the behaviour of the exchange rate EUR/USD at short intervals. The base aim of this paper is to verify the possibility to reach the "above average return" through automated trading systems based on technical analysis. In the case that, the selected strategies will be achieved above average profits, it is possible to reject the efficient market hypothesis in its weak form. Otherwise, it can be argued that it could not disprove the hypothesis of efficient market in a very short time intervals and movement of the exchange rate EUR/USD is not predictable. Classification-JEL: G14,G15 Keywords: Foreign exchange market, Fast-frequency data, Market efficiency, Technical analysis, Automatic trading systems Journal: Acta Universitatis Bohemiae Meridionalis Pages: 3-13 Volume: 17 Issue: 1 Year: 2014 DOI: 10.32725/acta.2014.001 File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.001.html File-Format: text/html File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.001.pdf File-Format: Application/pdf X-File-Ref: http://acta.ef.jcu.cz/RePEc/boh/references/aub-201401-0001.txt Handle: RePEc:boh:actaub:v:17:y:2014:i:1:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Smutka Author-Workplace-Name: Czech University of Life Sciences Prague Author-Name: Michal Steininger Author-Workplace-Name: Czech University of Life Sciences Prague Author-Name: Eva Rosochatecká Author-Workplace-Name: Czech University of Life Sciences Prague Title: Consumer Food Prices in the Czech Republic in the European and Global Context Title: Spotřebitelské ceny potravin v ČR v evropském a globálním kontextu Abstract: The article deals with the development of consumer prices in the Czech Republic in the context of food prices in the European Union and the World market. This article aims to identify consumer prices development in the market in the Czech Republic in relation to the development of consumer prices in the world market and the EU market. The paper is also analyzing the development of consumer prices in relation to individual commodities and products sold in Czech retail companies. The position of the most significant retail chains in Czech market is highlighted and price differences among individual retail chains are identified. In relation to the results it can be said: Prices on the Czech market very strongly correlate especially in relation to the EU market, a little bit lower (but still significant) correlation is existing in relation to the World market. Czech consumer price sensitivity is very strong - very flexible to changes in the price level on the market of the EU (cc more than 1%) and vice versa inelastic (cc 0,3%) with respect to changes in the price level on the World market. CR follows the general development price trends which exist in the EU market. In relation to particular commodity segments in CR we can say that food prices increased fastest in case of fruit and vegetables, oils and fats, dairy products, fish and seafood, poultry, beef and cereals and bakery products. In the Czech Republic there is no uniform price level between regions. On the one hand Czech retail market is very concentrated - a relatively small number of players control the character of the market - but compared to the European average we can say that the market is highly competitive (the result of this development is the fact that already several retail companies left the Czech market during the last several years), because none of the subjects clearly dominates on the market. Individual retail chains in their pricing policies more or less follow the same general price trends and tendencies which are similar to the price development of the domestic market and especially the EU market. Classification-JEL: Q11,Q13,Q17,Q18 Keywords: Foodstuff, Consumer, Retail market, Price, Price difference, Index, Trend, Czech Republic, European Union, Word, Development, Influence, Elasticity Journal: Acta Universitatis Bohemiae Meridionalis Pages: 15-42 Volume: 17 Issue: 1 Year: 2014 DOI: 10.32725/acta.2014.002 File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.002.html File-Format: text/html File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.002.pdf File-Format: Application/pdf X-File-Ref: http://acta.ef.jcu.cz/RePEc/boh/references/aub-201401-0002.txt Handle: RePEc:boh:actaub:v:17:y:2014:i:1:p:15-42 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Čermák Author-Workplace-Name: Czech University of Life Sciences Prague Author-Name: Martin Gürtler Author-Workplace-Name: Czech University of Life Sciences Prague Title: Influence of Criteria of Built-up Areas in the Village to the Total Share of Municipalities on Shared Taxes Abstract: There has become valid the limiting condition of 10 hectares per an inhabitant in the criterion of cadastral acreage of municipalities in the budgetary taxes. The limiting condition has been valid from the year 2013. The limiting condition was implemented to prevent groundless amount of incomes to a budget of some municipalities, especially border municipalities which municipalities get on the basis of its large cadastral area in relation to the cadastral area of the whole Czech Republic. The topic of the article is to compare of incomes of municipalities on the basis of the sole criterion - cadastral area with limiting condition 10 hectares per an inhabitant or built-up area in a municipality (m2). The goal is to find out if the new limiting condition will influence more to the decreasing of extreme values in redistribution in connection with compare criterion of built-up area in a municipality (m2). The criterion of built-up area is the equivalent to the limiting condition of 10 hectares which the Ministry of Finance of the Czech Republic applied in calculation of the share taxes due to mentioned facts. Final distribution of the financial means to the budget of the municipalities is shown in the graphical representation and there are observed incomes per inhabitant in 4 big cities - Prague, Brno, Ostrava and Plzeň and median values of all others municipalities. The results show that in comparison of the criterion of cadastral acreage of municipalities with limiting conditions and built-up area in a municipality (m2) the extreme values are decreasing if both criterions are used. But in the criterion of built-up area of municipality is the redistribution of means more homogeneity per one inhabitant. We can pronounce that if we use the criterion of re-built area of municipality the financial means are more redistributed in favour of bigger settlement unit while in the criterion of cadastral acreage of municipality it is more the opposite. Classification-JEL: H40,H72 Keywords: Budgetary Taxes, a Criterion of Cadastral Acreage of a Municipality, a Criterion of Built-up area of a Municipality, Incomes of Municipalities Journal: Acta Universitatis Bohemiae Meridionalis Pages: 43-59 Volume: 17 Issue: 1 Year: 2014 DOI: 10.32725/acta.2014.003 File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.003.html File-Format: text/html File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.003.pdf File-Format: Application/pdf X-File-Ref: http://acta.ef.jcu.cz/RePEc/boh/references/aub-201401-0003.txt Handle: RePEc:boh:actaub:v:17:y:2014:i:1:p:43-59 Template-Type: ReDIF-Article 1.0 Author-Name: Tereza Balcarová Author-Workplace-Name: Czech University of Life Sciences Prague Title: Health Services Approach to the Communication Audit Abstract: This paper deals with the use of a communication audit as a tool for evaluating the effectiveness of public relations within health services. The research was conducted within healthcare institutions operating in the Czech Republic. Areas of research questions were focused on these aspects of health services: The approach to the implementation of a communication audit: Is the communication audit tied to the level of public relations effectiveness evaluation? Is the approach influenced by public relations staff specialization? Is the approach affected by the type of health services according to the typology defined by the Institute of Health Information and Statistics of the Czech Republic? Can we consider the health services communication audit usable? For Health services who stated that they implement a communication audit, further research was focused on reporting audit results, linking the budget with results of the audit, the auditor's relationship with the rated entity, and the criteria for an effective audit. Related hypotheses were tested statistically and the approaches to the implementation of the communication audit were clustered using the Ward cluster analysis. Research has identified three levels of approach of health services to implementation of the audit. These were the variables used for determining the levels: audit outputs of health services, relation to the public relations budget, the person conducting the audit and the typical characteristics of audit realization. Small commitment is evidenced by the public relations executives, by which a lack of interest has been identified and to some extent, ignorance of standards for implementation of a communication audit. Classification-JEL: I11,M30 Keywords: Public Relations, Health Services, Effectiveness, Evaluation Communication Audit Journal: Acta Universitatis Bohemiae Meridionalis Pages: 61-71 Volume: 17 Issue: 1 Year: 2014 DOI: 10.32725/acta.2014.004 File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.004.html File-Format: text/html File-URL: http://acta.ef.jcu.cz/doi/10.32725/acta.2014.004.pdf File-Format: Application/pdf X-File-Ref: http://acta.ef.jcu.cz/RePEc/boh/references/aub-201401-0004.txt Handle: RePEc:boh:actaub:v:17:y:2014:i:1:p:61-71