Impact of time zones on forecasting of exchange market based on distribution of expected values

Forecasting of chaotic changes of exchange rates usually is based on historical data and depends on the choice of time intervals. This study seeks to develop new forecasting method based on data of different time zones. This paper demonstrates how the using of London and New York divisions of the trading day allows getting additional information from predicting exchange rates. This was modelled with the help of ensemble of EVOLINO for obtaining of predictions of the distribution of expected values. The obtained results show that double forecasts evaluation reveals a possible trend in the exchange market and enriches the choice of real-time trading strategies.

Cost efficiency of the Czech and Slovak banking sectors: an application of the data envelopment analysis

The aim of the paper is to estimate the cost efficiency of the Czech and Slovak commercial banks within the period 2010-2014. For empirical analysis the Data Envelopment Analysis input-oriented model with variable returns to scale is applied on the data of the commercial banks. The intermediation approach is adopted to define the inputs and outputs. The Czech commercial banks are more cost efficient than Slovak commercial banks. The development of average cost efficiency is similar in the Czech and Slovak banking industry. The most efficient Czech banks are Ceská sporitelna and Sberbank in the Czech banking sector, the most efficient Slovak bank is Privatbanka with 100% efficiency.

Assessment of cooperation within chosen supply system in the Czech chemical industry

Cost effective creation of value through integration of logistic processes is considered as a significant source of competitive advantage of applied logistics. This transition to supply systems with a dynamic structure requires solutions to a number of problems; one of them is to setup the ways of cooperation between the entities inside supply chains. Application of different forms of cooperation depends on a lot of problems inter alia on branch characteristics and characteristics of the manufactured product. Therefore, this paper identifies and evaluates, on the basis of comparison of literature research outcomes and analysis of cooperation ways between partners within chosen supply system in the chemical industry, the ways, the conditions, and the advantages of this cooperation.

Organisational change: generational differences in reaction and commitment

Organizational acceptance of change and the willingness to embrace it is largely dependent on employees and their experiences – generations respond to change differently, especially when change is related to information technologies. The paper aims to explore how three major generations of employees – Baby Boomers, Xers and Millennials, react to change and how their commitment to change affect satisfaction and engagement. Data (N = 202) is collected through structured questionnaire and structural equation modelling technique is used for analysis. The results reveal what major differences between generations are in place. Recommendations for managing organisational change across the three generations are provided.

THE NEW SILK ROAD – ANALYSIS OF THE POTENTIAL OF NEW EURASIAN TRANSPORT CORRIDORS

The objective of this paper is to investigate the potential of the Chinese initiative The New Silk Route (NSR) comprising two transport routes: railway and maritime, linking Europe and Asia. In the paper the NSR was analysed from the perspective of: potential benefits from countries’ participation in NSR and challenges that NSR will have to face to become a well performing transport corridor. The authors point out that the NSR is going to be a logistic corridor that is to influence transport and supply chains and determine the position of participating countries in international division of labour.

SELECTED ASPECTS OF MEASURING PERFORMANCE OF SMART CITIES IN SPATIAL MANAGEMENT

This paper explains the meaning of the term smart in the context of city management through an approach based on relevant scientific literature review as well as official documents of international institutions. It also identifies key elements characterizing a smart city. Furthermore, the study shows how to measure and compare urban smartness for instance using ISO 37120 Standard. The test procedure used taxonomic methods such as Hellwig’s synthetic indicator. The main goal of the research is to analyze and evaluate of the smartness cities in Poland. The result of the study is the author’s ranking of Polish cities in view of their level of smartness. The most smartness cities proved Polish metropolises (Wrocław, Katowice, Poznan, Kraków), tourist cities (Sopot, Łeba, Jastarnia, Władysławowo), suburban cities (Podkowa Lesna, Zielonka, Pruszcz Gdanski) and post-mining cities (Chorzów, Gliwice, Siemianowice Slaskie).

The “born globals” phenomenon in Czech Republic

The aim of this article is to analyse the “born globals” phenomenon in Czech Republic from history until present and to critically evaluate available definitions and their comparison in worldwide context. The scientific aim of this paper focuses on finding out at which level is the general knowledge about the “born globals” topic amongst both younger generation of future entrepreneurs and already established SME companies in Czech Republic. This paper also aims to define foreign market entry barriers. This paper uses the analysis of both primary and secondary data, it focuses on questionnaire research and the results are then processed and evaluated by using descriptive statistics methods and relative frequency analysis. The result of this paper is to analyse the phenomenon of “born globals” in the Czech republic, evaluate the general knowledge about the “born globals” term, define foreign market entry barriers and propose solution on how to eliminate the barriers. This paper should help managers to understand current trends, identify foreign market entry barriers while starting “born globals” companies and support the processes of internationalization and innovation in business.

Third party logistics companies’ activities and selection methods

The purpose of a study is to compare and assess 3PL companies’ selection methods by researching evaluation criteria of 3PL companies and approaches of these criteria’s classification used by companies who outsource logistics and transportation services to third parties. Objective of a study is, foremost, to investigate 3PL companies’ selection methods proposed by leading specialists in field of logistics. Additionally, investigate operational activities, integration levels and core services provided by logistics companies in Europe with an emphasis on 3PL companies. The key finding of a study is that Multiple-criteria decision-making analyses are widely used in order to support strategic decision making in selection of 3PL companies.

The concept of proper quality of construction works in lithuanian construction law

The article analyses the concept of proper quality of construction works in law of the Republic of Lithuania. The analysis covers the quality requirements laid down in the Law on Construction, the Civil Code and case law. The article also defines and analyses the main categories used in Lithuanian law to characterise the quality of construction works, in particular, compliance with the standard quality of a construction works, compliance with the quality requirements set in contract documents, compliance with the requirements ordinarily presented for work of the respective nature, and fitness for use in accordance with its designation within the limits of a reasonable period.

Conditions for development of companies' cooperation and entrepreneurship

The aim is to point out the factors of cooperation between firms working in the same branch of industry. The article uses the method of critical analysis of literature and statistical analysis of data obtained from a survey conducted in Polish metal and machine companies, which are one of leading industries in Podlaskie voivodeship. Analyzed were primarily: the evaluation of the level of existing cooperation; the impact of each factor on the current level of cooperation and the impact of positive changes on improving the current level of cooperation. To improve cooperation between competing companies more proactive approach of the research centers and business incubators is recommended in linking the potential areas of cooperation.