January anomalies on CEE stock markets

Numerous studies show that stock markets are often impacted by various calendar anomalies that disrupt the “random walk” behavior of stock prices. These anomalies contradict the Efficient markets theory and can be exploited to generate abnormal returns. This paper investigates the presence of two of them, namely the January effect and the January barometer, on the stock markets of 12 Central and Eastern European (CEE) countries. The paper examines the statistical significance of differences in returns recorded over the month of January and returns recorded over the other months (the January effect), as well as the statistical significance of differences between returns recorded during the remainder of year after a positive January return and after a negative January return (the January barometer). The results show, among other things, that the statistically significant January effect affects the Estonian, Lithuanian, Czech, Romanian, and Latvian stock markets. On the Romanian and Lithuanian stock markets, statistically significantly higher January returns are accompanied by statistically significantly higher January price volatility. On the other hand, we can speak of a statistically significant January barometer only in the case of the Latvian, Lithuanian, and Ukrainian stock markets. The presence of these anomalies is contrary to the Efficient market theory. It can be assumed that proper investment strategies based on these calendar anomalies should be able to generate abnormal returns. AcknowledgmentThis paper is an outcome of the science projects VEGA (1/0613/18) and VEGA (1/0221/21).

Flexibility of creating and changing employment in the options of the Slovak Labor Code

Flexibility of the employer’s ability to manage human resources during the several-month “lockdown” due to the COVD-19 pandemic has proven crucial to the survival of a Slovak company. However, this flexibility, unlike other contractual relationships, is strictly regulated by the Slovak Labor Code. Given the scope of the problem, the paper focuses only on issues related to the possibility of creating and changing employment in the Slovak Republic, which must be addressed by the management of all companies. The main purpose of the study is to assess flexibility in creating and changing employment. In processing this managerial issue, analysis, synthesis, deduction, and comparison are used. It was found that the Slovak Labor Code is flexible enough and fulfills its purpose. Despite its flexibility, it also provides an employee with the necessary protection in employment relations and allows him, in agreement with an employer, to grant more rights than he himself guarantees. However, in the current information age, it does not allow for electronic conclusions of legal acts and still prefers the paper form. Another disadvantage is the finding that it does not regulate the institute of a management contract, which objectively causes problems between the employer and the manager, especially in the issue of stability of a managerial position.  AcknowledgmentThis scientific paper was created within the project VEGA [1/0320/21] “The Role of Universities in Building the Knowledge Economy” and was supported by funds from Comenius University in Bratislava, Faculty of Management.

La "grande illusion": lo Spazio sovietico visto dalla Francia fra scienza, tecnologia e politica estera dagli anni Sessanta agli anni Ottanta

Gli scienziati occidentali incontravano i "colleghi" del blocco sovietico. L'obiettivo politico-diplomatico era mostrare disponibilità al dialogo, quello ovvio avere canali alternativi di informazione sui progressi sovietici. Questi contatti dovevano avvenire nel quadro di una collaborazione occidentale in funzione della traiettoria impressa allo sviluppo tecno-scientifico statunitense. Vennero tuttavia delineandosi negli anni Sessanta quei caratteri di una competizione/cooperazione euro-atlantica giunti fino ai giorni nostri, senza che il processo di costruzione europea ne intaccasse gli ambiti più strategici. Come in questo contesto rapportarsi con il mondo sovietico? E che immagine trarne? Nuove evidenze sembrano emergere grazie all'incrocio di diversi archivi tratti dall'esperienza più indicativa, quella francese, dalle commissioni scientifiche franco-sovietiche alla "cooperazione" spaziale con le missioni dello spationaute Jean-Luc Chrétien nel 1982 e nel 1988, e poi con la fase di maggior cooperazione durante le missioni Vega 1 e 2 nell'Armata Halley per far intercettare la cometa dalla sonda ESA Giotto nel marzo 1986.

Comparison of influence of selected viral advertising attributes on shopping behavior of Millennials – empirical study

The study aims to evaluate the impact of selected factors of viral campaigns on Millennials customers’ consumer behavior. This goal was achieved in two steps: in the first step, the authors determined the impact of selected attributes on purchasing behavior in general, and in the second step, they compared the impact of the selected research campaigns – the guerrilla campaign of the company 4KA and the viral campaign of the company ABSOLUT. The inputs to the analyses were obtained through answers from 360 respondents, which completed the questionnaire on a sample of Millennials customers generation (1975–2000) – social generation, which collaborate and cooperate, expect technology to simply work for adventure and passionate about values (Smith, Nichols, 2015). The survey part of the questionnaire consisted of 8 attributes (Novelty, Relevance, Aesthetics, Clarity, Humor, Emotion arousal, Surprise, Design, Purchase intention). Data were collected based on participants’ availability and their will to participate in the questionnaire and quota selection. The PLS PM method was used to assess the impact, and the bootstrap-based parametric method was used to assess the difference in the impact. One of the most important findings is that attributes such as Novelty, Relevance, Humor, and Surprise significantly affect purchasing behavior. Concerning the company 4KA, significant impacts were seen in Relevance and Surprise, and with the company ABSOLUT, significant impacts were seen in Relevance, Humor, and Surprise. When analyzing the difference in the impact, there were no significant differences between the campaigns. Acknowledgment This article is one of the partial outputs under the scientific research grant VEGA 1/0694/20, VEGA 1/0609/19.

Relativita sociálnej spravodlivosti ako základného princípu sociálnej politiky štátu

Each state of Western civilization, which is identified by the boundaries of three basic subsystem – the system approach and value legacy of ancient Greece, Christianity, Christian social teaching, modern and postmodern political ideologies, implements a certain model of social policy. Social justice is one of the main principles of social policy. It is a natural requirement of society, which aims to ensure the good of society on behalf of individuals and various social groups. Social justice is the subjects of research by scientists and theorists in the fields of philosophy, sociology, law, economics, and political science. Its essence is relative and change in the time and space. The main goal of the paper is to identify common intersections of individual scientific disciplines with a view to social justice. Presented contribution is a part of solution of Project VEGA 1/0290/20 – Sociálna spravodlivosť a starobné dôchodkové sporenie v Slovenskej republike

Levels and Relations Between Foot and Body Postures in Primary School Pupils

The monitored group consisted of 12 female pupils of the eighth year of primary school in B. Bystrica (age 13.42 ± 0.3 years, body height 162.6 ± 2.3 cm, body weight 49.7 ± 2.1 kg and body mass index 18.8 ± 0.9). In terms of prevention, we focused on finding the levels and relations between the foot and body postures by using standardized methods for physical and sport education (Foot posture - Plantography and method of Index and Chippaux-Šmírak; Body Posture - Method of Klein and Thomas modified by Mayer and Dynamic spine function (Tests of Schober and Stibor). By applying various physical programs in the lessons of physical and sport education, the levels of foot and body postures improve after 4 weeks (Bendíková, Marko, Rozim, & Martinský, 2019). The listed study is the part of research project: VEGA 1/0519/19 “Physical activity as prevention of health of school population in Slovakia”.

Research of building structures in extreme climate conditions

The paper provides information on the solution of project supported by the Scientific Grant Agency of VEGA of the Ministry of Education, Science, Research and Sports of Slovak Republic and of the Slovak Academy of Sciences of Slovak Republic. There is project: VEGA 1/0674/18. This research project is programmed for the years 2018 to 2021. In this paper are presented information on the results obtained in 2019, solution of this project objectives and project solution. The results are presented in realized publications. We focused mainly on the presentation of major publications, articles in domestic and foreign journals, articles in conference proceedings with an emphasis on publications that are indexed in the WOS and SCOPUS databases.

Body Composition of Children in the Pre-pubertal and Early-pubertal Period: Are There Some Age-related and Intersexual Differences?

The aim of the presented study was to assess changes in body composition and intersexual differences among children at pre-pubertal and early-pubertal age. The research was designed as a non-randomized cross-section study. The screened sample consisted of 136 girls and 212 boys assigned into three groups according to their age. Body composition was measured using a direct segmental multi-frequency bioelectrical impedance analysis (DSM-BIA). To examine the association between obesity and selected health-related parameters, Kruskal-Wallis ANOVA and Eta2 were used. For evaluation of intersexual differences, Mann-Whitney U-test was used. The presented article is the part of VEGA 1/0840/17 project. From the perspective of age, neither in the group of girls nor boys we recorded any differences in indicators of body composition, namely in body fat mass index, body fat percentage and, in addition, in the group of girls in the waist to hip ratio parameter.

The Influence of Drying Temperature and Moisture of Corn Seeds Planted on Their Damage

Evaluation of harvest and postharvest treatment quality of the grains is affected by usage of appropriate equipment and technology. The grain damage depends on its physical and mechanical features. The corn planting has significant representation in European conditions, mainly for food industry purposes. In the work, we were focused on observing of the drying temperature’s impact on the micro-damage of the seeds. The solution of the issue described in the work is closely related to the preparation and solution of the education project KEGA 039SPU-4/2017, and a scientific research project VEGA 1/0718/17 „Study about the effect of technological parameters of the surface coating in agricultural and forestry techniques for qualitative parameters, safety and environmental acceptability“.