Issue 1/2016

Analysis and comparison of methods of risk-free rate estimation

Corresponding author:

Martina Mokrišová
Martina Mokrišová, Jarmila Horváthová

Abstract:

Capital Asset Pricing Model is nowadays the most applied model for the valuation of capital assets. This paper is devoted to the issue of determining the value of risk-free rate in CAPM. The basic issue is the accuracy of risk-free rate determination from the past values of return on government bonds compared with the current rate of return. The aim of the paper was to analyse various methods of estimating risk-free rate, to compare them and to formulate recommendations on risk-free rate determination. When solving the research problem, risk-free rate was estimated applying arithmetic and geometric average of historical returns on bonds, using regression analysis based on historical data and applying direct estimation into the future. For the comparison, the values of return on Slovak government bonds and US T. Bonds, as well as values of Slovak zero bonds, were used. We can conclude that return on government bonds based on direct estimate is lower than return on bonds calculated as the average of historical data. Based on this finding it can be recommended to apply current return on government bonds in the valuation of capital assets. This rate of return will not increase the value of assets.

Key words:

CAPM, government bonds, risk-free rate

Link:

PDF

Analytical view of the use of methods of education of managers in Slovak organizations

Corresponding author:

Jana Cocuľová
Jana Cocuľová, Ivana Rysová

Abstract:

Education of personnel is an important function in human resource management which creates conditions for influencing the performance of workers. This article draws attention to the issue of education of managers as specific category of workers. The specifics of their work require to pay particular attention to the development of their skills and abilities for performance of the managerial functions. The paper includes presentation of survey results which allows to provide up-to-date information on the state of education of managers at different types of organizations. The results, although the sample of organizations was relatively small, show that Slovak organizations, regardless of size, do not use modern teaching methods as coaching, workshops or e-learning on a large scale, but still prefer rather traditional ways of education such as training

Key words:

education; manager; human resource management.

Link:

PDF

Cooperation as base for synergy

Corresponding author:

Martin Holubčík

Abstract:

Current environment is typical with turbulent changes which are presented in consequences on dynamic surroundings. Economy of global scale is accelerating dramatically. This speeding up represent driving force for new international merges group of companies; spread information through internet; higher potential of competition and also development science and technologies across various sectors. Cooperation creates one of the form of connection certain group of companies. This group is more resistant to the turbulent changes driven by globalization in case of successful operation. One from the advantages of cooperation is synergy effect. This effect is not often presented externally but it origin by solving common problems or achieving common goals. Synergy highlights achieving greater value with cooperation. This article refers to synergy which base rises from cooperation, cooperation management.

Key words:

Synergy, Cooperation, Cooperation management

Link:

PDF

Destination marketing and its importance in the context of e-commerce and e-marketing on Slovak virtual market

Corresponding author:

Martin Mudrík
Martin Mudrík, Ľudovít Nastišin, Jakub Horváth

Abstract:

The tourism industry is characterized by dynamic changes in its development, which recently passed. Increased competition and the demands of tourists for leisure, as well as limited public budgets are forcing tourism destinations to think and act strategically, follow current events and trends, and on that basis to gain long-term competitive advantage. Tool for gathering strategic information analysis and their subsequent conversion into a competitive advantage has become a destination marketing. It increases the attractiveness of the offered services and products, and also the destination as a whole.

Key words:

destination marketing, destination, service

Link:

PDF

E-commerce in terms of the social network Twitter

Corresponding author:

Richard Fedorko

Abstract:

The aim of the article is to describe the specific aspects of social networking as of a tool of marketing communication. The article specifically focuses its attention on the micro-blogging social networking site Twitter and its possibilities in terms of electronic commerce. The article summarizes the theoretical basis of social networks as a part of social media as well as the issue of electronic commerce. Based on the analysis the article describes the current state of social networking use and focuses its attention on the micro-blogging social network Twitter. Another aim of the article is to evaluate possibilities for e-commerce that this social network offers and its pitfalls.

Key words:

Social media, Social networks Twitter, E-commerce

Link:

PDF

Online communication preferences of applicants for higher education

Corresponding author:

Richard Fedorko
Richard Fedorko, Róbert Štefko

Abstract:

The aim of the article is to describe the specific aspects of the online communication process of higher educational institutions and applicants for higher education. While evaluating the issue the article also summarizes the theoretical basis of the internet marketing, marketing of educational institutions and public relations in the online environment of the Internet. Based on the analysis the article describes the current state of global communications preferences of applicants for higher education. Another aim of the article is to evaluate the opportunities that the online environment of the Internet and new tools of marketing communication offers to higher education institutions and also their pitfalls.

Key words:

Communication, E-marketing, Faculty, University

Link:

PDF

Webdesign by SMASH.company