The document provides the course schedule for the first year of graduate study in economics and business at the Faculty of Economics and Business in Bratislava, Slovakia for the summer of 2014. It lists 6 subjects to be taken, the number of credits and hours per week for each, and the instructors. It then provides the weekly schedule for weeks 6 through 21 of 2014, showing which subjects will be taught on Tuesdays and Wednesdays each week, the instructors, rooms, and times. Lectures for most weeks will be in room O.08, but some weeks will be in different rooms as indicated.
The document provides information on various sovereign wealth funds from around the world. It lists 57 sovereign wealth funds with details on their country of origin, assets under management (ranging from $627 billion to $0.1 billion), year of inception, whether the fund's origins are from commodities or non-commodities, and transparency score according to the Linaburg-Maduell Transparency Index (scores range from 1 to 10). The sovereign wealth funds are listed from largest to smallest by assets under management.
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
The document is a report on investing in South Africa that provides key economic data and an overview of foreign direct investment. It discusses South Africa's exports and imports, noting major trade partners. It also reviews South Africa's rankings in ease of doing business, focusing on taxes and trading borders. The report recommends specific sectors for investment, such as financial services, manufacturing, and agriculture. It also identifies investment promotion agencies and upcoming energy industry conferences.
Slovakia is a landlocked country in Central Europe that borders the Czech Republic, Austria, Poland, Ukraine, and Hungary. It has a population of over 5 million people, most of whom are Slovak with minorities including Hungarians, Roma, Czechs, and others. Slovakia has a largely industrial economy focused on automotive manufacturing. Major cities include the capital Bratislava and Košice. Tourism is also important, featuring natural landscapes, medieval castles and towns, and winter sports in the High Tatras mountains. Traditional Slovak cuisine includes dishes like halušky and bryndza cheese, while folk culture is expressed through music, costumes, and annual festivals.
This document discusses exporting and countertrade as foreign market entry strategies. It begins with an overview of different types of international business activities including exchanges of products, equity/ownership-based activities, and contractual relationships. Exporting is described as manufacturing in one country and conducting marketing, distribution, and customer service in foreign export markets. Key advantages are low cost and flexibility, while disadvantages include sensitivity to trade barriers and exchange rates. Major exporting countries and their key industries are identified.
This short document promotes creating presentations using Haiku Deck on SlideShare. It encourages the reader to get started making their own Haiku Deck presentation by simply clicking the "GET STARTED" prompt. In just one sentence, it pitches presentation creation using Haiku Deck on SlideShare's platform.
This document outlines Antonia Ficova's PhD research project on the impact of the debt crisis on the Visegrad economies. It provides an introduction and literature review on the eurozone debt crisis and its effects in the Czech Republic, Hungary, Poland, and Slovakia. It summarizes the situation in each country during the crisis, including deficits, debt levels, inflation, and public opinion regarding euro adoption. The methodology section outlines the research objectives, questions, data collection techniques, and timeline.
The Game of the Generals is an educational war game invented in 1970 in the Philippines. It can be played within 20-30 minutes by two players who each control an army of 21 soldier pieces of different ranks. The objective is to eliminate the opponent's flag piece or maneuver one's own flag to the back rank of the board, with the flag eliminated by any opposing piece and the challenging flag winning if it eliminates the opponent's flag.
1) The document describes a "horegallu", a stone bench under a banyan tree that provides rest for travelers and lets them share their burdens by talking with others.
2) It tells the story of a banyan tree that shelters travelers in a remote village in Karnataka and an old man who sits on a stone bench, letting people share their troubles with him.
3) The author remembers two people from her life, her grandfather and another person named Ratna, who were like the "horegallus", willing listeners who helped others by letting them unload their worries.
The document summarizes a student research paper on sovereign wealth funds and their impact on international finance. It includes an outline, research objectives to analyze how sovereign wealth funds impact financial markets and national economies. It also reviews literature on how countries establish sovereign wealth funds. The paper presents asset allocation comparisons for different types of sovereign wealth funds from 2007 to 2011. It includes a SWOT analysis and tests four hypotheses using statistical analysis methods to analyze relationships between sovereign wealth fund performance, investments, and economic indicators. The conclusions drawn found some relationships were statistically significant while others showed little dependence.
The document appears to be a log or listing of files from a Yandex.Disk cloud storage account. It shows the file names and dates modified for 27 files stored in the user's account. There is 0 bytes of free storage space remaining out of the allotted 10GB. Options are shown to upload new files, create folders, view files by newest or name, and access shared files, archives, trash or install the Yandex.Disk app.
The document appears to be a log of activity on a Yandex.Disk cloud storage account between January 2017 and February 2019. It lists numerous file uploads, folder creations, and other actions taken using various devices. These include uploading photos, videos and documents and organizing them into different folders related to events and time periods. It also references automatic $1 monthly payments and technical errors related to payments.
This document is a profile page for a user named BlackJaguar on the image hosting site ImageBan.ru. It provides details about the user's account such as their registration date, uploaded images, albums, used storage, and contact email. It also displays options to change the account password or settings. The page includes advertisements and links to other sections of the site.
The document provides the course schedule for the first year of graduate study in economics and business at the Faculty of Economics and Business in Bratislava, Slovakia for the summer of 2014. It lists 6 subjects to be taken, the number of credits and hours per week for each, and the instructors. It then provides the weekly schedule for weeks 6 through 21 of 2014, showing which subjects will be taught on Tuesdays and Wednesdays each week, the instructors, rooms, and times. Lectures for most weeks will be in room O.08, but some weeks will be in different rooms as indicated.
The document provides information on various sovereign wealth funds from around the world. It lists 57 sovereign wealth funds with details on their country of origin, assets under management (ranging from $627 billion to $0.1 billion), year of inception, whether the fund's origins are from commodities or non-commodities, and transparency score according to the Linaburg-Maduell Transparency Index (scores range from 1 to 10). The sovereign wealth funds are listed from largest to smallest by assets under management.
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
The document is a report on investing in South Africa that provides key economic data and an overview of foreign direct investment. It discusses South Africa's exports and imports, noting major trade partners. It also reviews South Africa's rankings in ease of doing business, focusing on taxes and trading borders. The report recommends specific sectors for investment, such as financial services, manufacturing, and agriculture. It also identifies investment promotion agencies and upcoming energy industry conferences.
Slovakia is a landlocked country in Central Europe that borders the Czech Republic, Austria, Poland, Ukraine, and Hungary. It has a population of over 5 million people, most of whom are Slovak with minorities including Hungarians, Roma, Czechs, and others. Slovakia has a largely industrial economy focused on automotive manufacturing. Major cities include the capital Bratislava and Košice. Tourism is also important, featuring natural landscapes, medieval castles and towns, and winter sports in the High Tatras mountains. Traditional Slovak cuisine includes dishes like halušky and bryndza cheese, while folk culture is expressed through music, costumes, and annual festivals.
This document discusses exporting and countertrade as foreign market entry strategies. It begins with an overview of different types of international business activities including exchanges of products, equity/ownership-based activities, and contractual relationships. Exporting is described as manufacturing in one country and conducting marketing, distribution, and customer service in foreign export markets. Key advantages are low cost and flexibility, while disadvantages include sensitivity to trade barriers and exchange rates. Major exporting countries and their key industries are identified.
This short document promotes creating presentations using Haiku Deck on SlideShare. It encourages the reader to get started making their own Haiku Deck presentation by simply clicking the "GET STARTED" prompt. In just one sentence, it pitches presentation creation using Haiku Deck on SlideShare's platform.
This document outlines Antonia Ficova's PhD research project on the impact of the debt crisis on the Visegrad economies. It provides an introduction and literature review on the eurozone debt crisis and its effects in the Czech Republic, Hungary, Poland, and Slovakia. It summarizes the situation in each country during the crisis, including deficits, debt levels, inflation, and public opinion regarding euro adoption. The methodology section outlines the research objectives, questions, data collection techniques, and timeline.
The Game of the Generals is an educational war game invented in 1970 in the Philippines. It can be played within 20-30 minutes by two players who each control an army of 21 soldier pieces of different ranks. The objective is to eliminate the opponent's flag piece or maneuver one's own flag to the back rank of the board, with the flag eliminated by any opposing piece and the challenging flag winning if it eliminates the opponent's flag.
1) The document describes a "horegallu", a stone bench under a banyan tree that provides rest for travelers and lets them share their burdens by talking with others.
2) It tells the story of a banyan tree that shelters travelers in a remote village in Karnataka and an old man who sits on a stone bench, letting people share their troubles with him.
3) The author remembers two people from her life, her grandfather and another person named Ratna, who were like the "horegallus", willing listeners who helped others by letting them unload their worries.
The document summarizes a student research paper on sovereign wealth funds and their impact on international finance. It includes an outline, research objectives to analyze how sovereign wealth funds impact financial markets and national economies. It also reviews literature on how countries establish sovereign wealth funds. The paper presents asset allocation comparisons for different types of sovereign wealth funds from 2007 to 2011. It includes a SWOT analysis and tests four hypotheses using statistical analysis methods to analyze relationships between sovereign wealth fund performance, investments, and economic indicators. The conclusions drawn found some relationships were statistically significant while others showed little dependence.
The document appears to be a log or listing of files from a Yandex.Disk cloud storage account. It shows the file names and dates modified for 27 files stored in the user's account. There is 0 bytes of free storage space remaining out of the allotted 10GB. Options are shown to upload new files, create folders, view files by newest or name, and access shared files, archives, trash or install the Yandex.Disk app.
The document appears to be a log of activity on a Yandex.Disk cloud storage account between January 2017 and February 2019. It lists numerous file uploads, folder creations, and other actions taken using various devices. These include uploading photos, videos and documents and organizing them into different folders related to events and time periods. It also references automatic $1 monthly payments and technical errors related to payments.
This document is a profile page for a user named BlackJaguar on the image hosting site ImageBan.ru. It provides details about the user's account such as their registration date, uploaded images, albums, used storage, and contact email. It also displays options to change the account password or settings. The page includes advertisements and links to other sections of the site.
The document is a list of 42 photo albums on an image hosting website belonging to a user called BlackJaguar. It provides the name of each album, the date it was created, and an optional description. The albums contain photos from various times between 2016-2019, with descriptions mentioning locations in Europe and topics like education, appearances, and holidays.
This document provides a list of over 50 file and folder names stored on a hubiC cloud storage account. Many of the files relate to Apple iPads, cell phones, photos and videos from different time periods, as well as documents about health, education and employment. The account is for an individual named Miss. Antónia FICOVÁ and is using 25 GB of storage which is at 100.01% of the account's capacity.
This document is a history log from MyDrive, an online storage service, showing file access and activity by the user antonia.fico. It logs times and dates of logins, logouts, file uploads and downloads to the user's MyDrive storage from January 20th to February 7th. The majority of activity was on January 16th where the user uploaded multiple files named IMG_20181224 to a folder called REDMI, PART 7., CELL PHONE.
This email thread discusses sending a signed document changing a student's Learning Agreement. Zuzana Klimkova sends Merve Urkmeyen a signed copy of the changes as requested, having received it from Marek Csabay after he signed it. The original signed copy will also be mailed. Earlier Marek had forwarded the document to Zuzana after it was signed by the institutional coordinator, asking her to scan and send it to the partner.
Antonia Ficova sends an updated document to Barbora Illesova regarding accreditation materials. The new document calculates the average number of professors differently, changing the overall coefficient from 3.61 to 3.59. Ficova hopes the updated materials are helpful for accreditation purposes.
This document provides a record of transactions performed by the user Antónia Ficová in the University Information System over a period of time. It lists 1259 transactions including the date, time, IP address, visited URL, application server, response time, and other details for each transaction. The majority of transactions were visiting various pages within the system for purposes like accessing documents, student information, course catalogs, mail, and other functions.
This document displays a log of 630 website transactions by the user Antónia Ficová over several dates in March and April 2012. It shows the date, time, IP address, visited URL, application server, response time, and other details for each transaction recorded in the university information system.
The document contains personal information about Antónia Ficová stored in the university information system. It includes her name, date of birth, education history, contact information, bank account details, and history of confirming the accuracy of her personal data annually with the university. The information is only visible to Antónia and is kept updated either by her or the appropriate university departments.
This document is a log of a user accessing their personal administration section of a university information system. The section includes links to notices about new student IDs, a distribution server change, and office hours. It also includes sections for mail, documents, discussions, notices, chat, agenda, help desk, room reservations, surveys, study applications, accounts, email, IDs, administration of apps and the information system, documentation, contact info, games, customization, profiles, settings, and usage statistics.
1. AntAntóónia Ficovnia Ficováá
Fakulta ekonómie a podnikania,Fakulta ekonómie a podnikania,
PEVŠPEVŠ
5. december 20135. december 2013
AAssetsset AAllocationsllocations ofof SSovereignovereign WWealthealth FFundsunds
Alokácia aktív štátnych rezervných fondovAlokácia aktív štátnych rezervných fondov
2. Úvod,
Dáta a Metodológia,
Prehľad Literatúry,
Analýza návratnosti pozorovaných portfólií ŠRF,
Vplyv fin. krízy na alokáciu aktív ŠRF v 2007 vs.
2011,
Výsledky a Záver.
Obsah
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
3. Vidhu , Luc (2008) spracovali investičné stratégie a výkonnosť
investičných fondov,
Grennes (2009) predstavil volatilitu investičných fondov,
Miracky et. al . (2009) zistili investičné vzory a výkon investičných
fondov,
Dewenter, Han, a Malatesta (2010) našli pozitívnu návratnosť
fondov, a došli k záveru, že investície týchto fondov sú prospešné pre
cieľové firmy,
Kotter, Lel (2008) hodnotili vplyv cien akcií na investície fondov.
Úvod
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
4. výskum fin. inštitúcií a publikácie z Deutsche Bank,
Citigroup, Morgan Stanley, TheCityUK, Monitor
Group, Sovereign Wealth Fund Institute
výročné správy, tlačové správy, informácie z web.
stránok pozorovaných fondov v kombinácii s dátmi z
min. financií alebo centr. bánk
2 ciele: komplexnosť výskumu, presnosť informácií
použité metódy: kvalitatívna a kvantitatívna
analýza, porovnávanie
Dáta a Metodológia
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
5. Monk (2009, s.11) uvádza, že:
„štátne rezervné fondy sú štátom vlastnené a kontrolované
(priamo alebo nepriamo), nemajú žiadnych vonkajších
príjemcov alebo záväzky, investujú svoje aktíva buď v
krátkodobom alebo dlhodobom horizonte, v súlade so
záujmami a cieľmi.“
Prehľad Literatúry
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
6. Balin , B. J. (2008 , s. 4) opisuje prečo krajiny zakladajú
štátne rezervné fondy:
„...keď sú vyčerpané prírodné zdroje krajiny, budúce
generácie môžu naďalej žiť šťastne za použitia zisku
fondov. To znamená , že keď krajina zápasí s krízou
konkurencieschopnosti, môže založiť ŠRF a reinvestovať
aktíva do nových odvetví hospodárstva, ktoré môžu
oživiť konkurenčné výhody krajiny.“
Prehľad Literatúry
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
7. Stabilisation Funds; Stabilizačné fondy,
Savings Funds; Úsporné fondy,
Reserve Investment Corporations; Rezervné investičné
spoločnosti,
Development Funds; Rozvojové fondy,
Pension Reserve Funds; Penzijné rezervné fondy.
Kategórie investičných fondov
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
8. Návratnosť Saving Funds;
Stabilization/Savings Funds 2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
9. Návratnosť Pension Reserve Funds;
Reserve Investment Funds 2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
10. Alokácia aktív Savings Funds v porovnaní
2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
11. Alokácia aktív Stabilization/Savings Funds
v porovnaní 2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
12. Alokácia aktív Pension Reserve Funds
v porovnaní 2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
13. Alokácia aktív Reserve Investment Funds
v porovnaní 2007 vs. 2011
Zdroj: Autorove porovnanie na základe dát z web. stránok ŠRF, výročných správ, vlastné
kalkulácie
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
14. Zaznamenala som rozdiely pozorovaných fondov:
savings funds investujú viac do akcií, presnejšie dlhové cenné
papiere,
aktíva vo forme cash sú typické pre pre stabilization funds,
fondy so stabilizačno-úspornými cieľmi neinvestujú do
alternatívnych aktív (hedgeové fondy, nehnuteľnosti, komodity,
infraštruktúra, lesy).
Príklady poukazujú na budúce možnosti výskumu:
pokúsiť sa sledovať a určiť ich budúce investičné stratégie,
mean-variance Markowitz model je dobrým východiskovým bodom
pre optimálnu alokáciu aktív.
Závery z investičných stratégií
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013
15. Balin, B. J. (2008), "Sovereign Wealth Funds: A Critical Analysis", The Johns Hopkins University School of
Advanced International Studies (SAIS), 18
Bean, B.W. (2008), "Attack of the Sovereign Wealth Funds: Defending the Republic from the Threat of
Sovereign Wealth Funds?", Michigan State University, Legal Studies, Research Paper Series No. 08 - 01:52
Blundell-Wignall , A. - Yu-Wei Hu - Yermo, J. (2008), "Sovereign Wealth and Pension Fund Issues",
OECD, Working Paper on Insurance and Private Pensions, No. 14:18
Bernstein, S.- Lerner, J- Schoar, A. (2009), "The Investment Strategies of Sovereign Wealth Funds", National
Bureau of Economic Research, Working Paper No. 14861:53
Bortolloti, B. - Fotak,V. - Megginson, W.L. - Miracky, W. F., (2010), "Sovereign Wealth Fund Investment
Patterns and Performance", Fondazione Eni Enrico Mattei, No. 22: 62
Clark, G.L. - Monk, A.H.B. (2010), "Sovereign Wealth Funds: Form and Function in the 21st Century",
Global Thought and University of Paris-Dauphine, Conference on sovereign wealth funds, 27
Fernandes, N.- Bris, A. (2009), "Sovereign wealth revalued", February 12, 2009, The Financial Times
Gugler, P. - Chaisse, J. (2009), "Sovereign Wealth Funds in the European Union General trust despite
concerns", NCCR Trade Regulation Research, No.4
IMF (2008), "Containing Systemic Risks and Restoring Financial Soundness", Global Financial Stability
Report, IMF, ISBN 978-1-58906-720-2, 211
Kunzel, P.- Lu, Y. - Petrova, I. - Pihlman, J. (2011), "Investment Objectives of Sovereign Wealth Funds - A
Shifting Paradigm", IMF, Working Papers, WP/11/19:17
Mezzacapo, S. (2009), "The so-called "Sovereign Wealth Funds": Regulatory issues, financial stability and
prudential supervision", European Economy, Economic Papers 378:106
Miracky, W.- Bortolotti, B. (2009), "Braving the New World: Sovereign wealth fund investment in the
uncertain times of 2010", Fondazione Eni Enrico Mattei, Monitor Group, SWF Annual Report 2010, 78
Monk, A.H.B. (2009), "Recasting the Sovereign Wealth Fund Debate: Trust, Legitimacy, and Governance",
University of Oxford, 34
Saunders, M., Lewis, P. and Thornhill, A. (2003) „Research Methods for business students” 3rd ed.,
Harlow, Essex, FT Prentice Hall
Použitá literatúra
Fakulta ekonómie a podnikania, PEVŠ, Bratislava, 2013