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Financial development and allocation of external finance
Bena, Jan ; Ondko, P.
We investigate the role of financial system to facilitate efficient allocation of resources into perspective projects. Employing micro-level data on European firms in 1996-2005 period, we provide evidence that firms in industries with the best growth opportunities use more external finance in financially more developed countries.
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Pravděpodobnostní vlastnosti spojité dvojité aukce - rovnoměrný případ
Šmíd, Martin
We study probabilistic properties of a zero intelligence model of a limit order market, very similar to those of /citet{Maslov00} and /citet{Smith03}. We (recursively) describe the distributions of the order books and the best quotes. Based on these theoretical results, a procedure for statistical inference of the model may be designed and the evolution of the process may be simulated more efficiently then by the crude simulation of all the events.
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Poznámka k empirickým odhadům v ekonomických úlohách
Kaňková, Vlasta
Optimization problems depending on a probability measure correspond to many economic applications. Since the ``underlying" measure is usually unknown the decision is mostly determined on the data basis, it means on statistical (mostly empirical) estimates of the probability measure. Properties of the optimal value (and solution) estimates have been investigated many times. There were introduced assumptions under which the asymptotic distribution is normal and the convergence rate is at least exponential. We generalize the assertions concerning rate convergence. Especially we shall consider distribiotions with the Pareto tails. The introduced assertions are focus on optimal value estimates.
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Ramseův růstový model za neurčitosti
Sladký, Karel
We consider an extended version of the Ramsey growth model under stochastic uncertaity modelled by Markov processes. In contrast to the standard model we assume that splitting of production between consumption and capital accumulation is influenced by some random factor, e.g. governed by transition probabilities depending on the current value of the accumulated capital, along with possible interventions of the decision maker. Basic properties of the standation formulation are summarized and compared with their counterpart in the extended version. Finding optimal policy of the extended model can be either performed by additional compensation of the (random) disturbances or can be also formulated as finding optimal control of a Markov decision process.
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