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Excessive extrapolations of Einstein's equations
Křížek, Michal; Somer, L.
2020 - English
The standard cosmological model is surprisingly quite thoroughly investigated even though it possesses many paradoxes. We present several arguments indicating why excessive extrapolations of Einstein's equations to cosmological distances are questionable. First, we show how to express explicitly the first of Einstein's 10 partial differential equations to demonstrate their extremely large complexity. Therefore, it would be very difficult to find their solution for two or more bodies to model, e.g., the evolution of the Solar system. Further, we present some unexpected failures of the Schwarzschild and Friedmann solution of these equations. Then we explain why application of Einstein's equations to the whole universe represents incorrect extrapolations that lead to dark matter, dark energy, and several unrealistic situations. Finally, we give 10 further arguments showing why celebrated Einstein's equations do not describe reality well. Keywords: Einstein's equations; Schwarzschild solution; Friedmann equation Available in digital repository of the ASCR
Excessive extrapolations of Einstein's equations

The standard cosmological model is surprisingly quite thoroughly investigated even though it possesses many paradoxes. We present several arguments indicating why excessive extrapolations of ...

Křížek, Michal; Somer, L.
Matematický ústav, 2020

Institutions, Financial Development, and Small Business Survival: Evidence from European Emerging Economies
Iwasaki, I.; Kočenda, Evžen; Shida, Y.
2020 - English
In this paper, we traced the survival status of 94,401 small businesses in 17 European emerging markets from 2007–2017 and empirically examined the determinants of their survival, focusing on institutional quality and financial development. We found that institutional quality and level of financial development exhibit statistically significant and economically meaningful impacts on the survival probability of the SMEs being researched. The evidence holds even when we control for a set of firm-level characteristics such as ownership structure, financial performance, firm size, and age. The findings are also uniform across industries and country groups and robust beyond the difference in assumption of hazard distribution. Keywords: small business; survival analysis; European emerging markets Fulltext is available at external website.
Institutions, Financial Development, and Small Business Survival: Evidence from European Emerging Economies

In this paper, we traced the survival status of 94,401 small businesses in 17 European emerging markets from 2007–2017 and empirically examined the determinants of their survival, focusing on ...

Iwasaki, I.; Kočenda, Evžen; Shida, Y.
Ústav teorie informace a automatizace, 2020

Financial Crime and Punishment: A Meta-Analysis
de Batz, L.; Kočenda, Evžen
2020 - English
We examine how the publication of intentional financial crimes committed by listed firms is interpreted by financial markets, using a systematic and quantitative review of existing empirical studies. Specifically, we conduct a meta-regression analysis and investigate the extent and nature of the impact that the publication of financial misconducts exerts on stock returns. We survey 111 studies, published between 1978 and 2020, with a total of 439 estimates from event studies. Our key finding is that the average abnormal returns calculated from this empirical literature are affected by a negative publication selection bias. Still, after controlling for this bias, our meta-analysis indicates that publications of financial crimes are followed by statistically significant negative abnormal returns, which suggests the existence of an informational effect. Finally, the MRA results demonstrate that crimes committed in common law countries, alleged crimes, and accounting crimes carry particularly weighty information for market participants. The results call for more transparency on side of enforcers along enforcement procedures, to foster timely and proportionate market reactions and support efficient markets. Keywords: Meta-Analysis; Event study; Financial Misconduct; Fraud; Financial Markets; Returns; Listed Companies; Information and Market Efficiency Fulltext is available at external website.
Financial Crime and Punishment: A Meta-Analysis

We examine how the publication of intentional financial crimes committed by listed firms is interpreted by financial markets, using a systematic and quantitative review of existing empirical studies. ...

de Batz, L.; Kočenda, Evžen
Ústav teorie informace a automatizace, 2020

Selective Attention in Exchange Rate Forecasting
Kapounek, S.; Kučerová, Z.; Kočenda, Evžen
2020 - English
We analyze the exchange rate forecasting performance under the assumption of selective attention. Although currency markets react to a variety of different information, we hypothesize that market participants process only a limited amount of information. Our analysis includes more than 100,000 news articles relevant to the six most-traded foreign exchange currency pairs for the period of 1979–2016. We employ a dynamic model averaging approach to reduce model selection uncertainty and to identify time-varying probability to include regressors in our models. Our results show that smaller sizes models accounting for the presence of selective attention offer improved fitting and forecasting results. Specifically, we document a growing impact of foreign trade and monetary policy news on the euro/dollar exchange rate following the global financial crisis. Overall, our results point to the existence of selective attention in the case of most currency pairs. Keywords: exchange rate; selective attention; news; forecasting; dynamic model averaging Fulltext is available at external website.
Selective Attention in Exchange Rate Forecasting

We analyze the exchange rate forecasting performance under the assumption of selective attention. Although currency markets react to a variety of different information, we hypothesize that market ...

Kapounek, S.; Kučerová, Z.; Kočenda, Evžen
Ústav teorie informace a automatizace, 2020

Income tax evasion: tax elasticity, welfare, and revenue
Gillman, Max
2020 - English
This paper provides a general equilibrium model of income tax evasion. As functions of the share of income reported, the paper contributes an analytic derivation of the tax elasticity of taxable income, the welfare cost of the tax, and government revenue as a percent of output. It shows how an increase in the tax rate causes the tax elasticity and welfare cost to increase in magnitude by more than with zero evasion. Keeping constant the ratio of income tax revenue to output, as shown to be consistent with certain US evidence, a rising productivity of the goods sector induces less evasion and thereby allows tax rate reduction. The paper derives conditions for a stable share of income tax revenue in output with dependence upon the tax elasticity of reporting income. Examples are provided with less and more productive economies in terms of the tax elasticity of reported income, the welfare cost of taxation and the tax revenue as a percent of output, with sensitivity analysis with respect to leisure preference and goods productivity. Discussion focuses on how the tax evasion analysis may help explain such Öscal tax policy as the postwar US income tax rate reductions with discussion of tax acts and government Öscal multipliers. Fiscal policy with tax evasion included shows how tax rate reduction induces less tax evasion, a lower welfare cost of taxation, and makes for a stable income tax share of output. Keywords: optimal evasion; tax law; welfare Fulltext is available at external website.
Income tax evasion: tax elasticity, welfare, and revenue

This paper provides a general equilibrium model of income tax evasion. As functions of the share of income reported, the paper contributes an analytic derivation of the tax elasticity of taxable ...

Gillman, Max
Národohospodářský ústav, 2020

On the 3D Dynamics of the Wake Behind a Circular Cylinder
Uruba, Václav; Procházka, Pavel P.; Skála, Vladislav
2020 - English
Flow in the wake of a circular cylinder is studied experimentally using time-resolved stereo PIV method. Special attention is paid to 3D topology of dynamical structures. While the distribution of statistic quantities along the cylinder is uniform, and i.e. 2D, the instantaneous flow structure is fully 3D. Within the velocity fluctuating flow field the structures containing streamwise vorticity and velocity components are dominant. The POD modes connected with von Kármán vortex street are identified. Keywords: circular cylinder; wake; 3D structure; POD Fulltext is available at external website.
On the 3D Dynamics of the Wake Behind a Circular Cylinder

Flow in the wake of a circular cylinder is studied experimentally using time-resolved stereo PIV method. Special attention is paid to 3D topology of dynamical structures. While the distribution of ...

Uruba, Václav; Procházka, Pavel P.; Skála, Vladislav
Ústav termomechaniky, 2020

Firm leverage and wealth inequality
Bakota, Ivo
2020 - English
This paper studies the effects of a change in firm leverage on wealth inequality and macroeconomic aggregates. The question is studied in a general equilibrium model with a continuum of heterogeneous agents, life-cycle, incomplete markets, and idiosyncratic\nand aggregate risk. The analysis focuses on the particular change in firm leverage that occurred in the U.S. during the 1980s, when firm leverage increased significantly, and subsequently has been dropping since the early 1990s. In the benchmark model, an increase\nin firm leverage of the size that occurred during the 1980s increases capital accumulation by 5.38%, decreases wealth inequality by 1.07 Gini points and decreases government revenues by 0.11% of output. An increase in firm leverage increases average after-tax\nreturns on savings, as firm debt has beneficial tax treatment. This increases the saving rates of all households, and disproportionately increases the saving rates of relatively poorer households. Consequently, the model implies that the increase in firm leverage did\nnot contribute to rising inequality in the U.S. in the 1980s, but rather the opposite; that the reduction in leverage from the early 1990s to 2008 has contributed to rising wealth inequality. Furthermore, I show that if the model abstracts from beneficial tax treatment\nof corporate debt, the change in leverage has only minor effects on macro aggregates and inequality, despite having significant implications for asset prices. This is consistent with the previous result in the literature showing that the Modigliani-Miller theorem approximately holds in the heterogeneous agents model with imperfect markets. Keywords: portfolio choice; heterogeneous agents; life-cycle Fulltext is available at external website.
Firm leverage and wealth inequality

This paper studies the effects of a change in firm leverage on wealth inequality and macroeconomic aggregates. The question is studied in a general equilibrium model with a continuum of heterogeneous ...

Bakota, Ivo
Národohospodářský ústav, 2020

Topical Problems of Fluid Mechanics 2020
Šimurda, David; Bodnár, T.
2020 - English
Proceedings consist of contributions dealing with both research on various problems in fluid mechanics and mathematical or experimental methods utilizable for solution of such problems. Keywords: experimental fluid mechanics; mathematical modelling; CFD; turbulence Available at various institutes of the ASCR
Topical Problems of Fluid Mechanics 2020

Proceedings consist of contributions dealing with both research on various problems in fluid mechanics and mathematical or experimental methods utilizable for solution of such problems.

Šimurda, David; Bodnár, T.
Ústav termomechaniky, 2020

Measurements on TR-W-1 Cascade
Luxa, Martin; Šimurda, David
2020 - English
The research report contains experimetal data from optical and pneumatic measurements on transonic profile cascade with linear part of suction side downstream the sonic line, which is intended for the rotor wheal of a last stage of steam turbine Keywords: transonic flow; steam turbine; profile cascade Available at various institutes of the ASCR
Measurements on TR-W-1 Cascade

The research report contains experimetal data from optical and pneumatic measurements on transonic profile cascade with linear part of suction side downstream the sonic line, which is intended for the ...

Luxa, Martin; Šimurda, David
Ústav termomechaniky, 2020

Measurements on TR-W-2 Cascade
Luxa, Martin; Šimurda, David
2020 - English
The research report contains experimetal data from optical and pneumatic measurements on transonic profile cascade with non-linear part of suction side downstream the sonic line, which is intended for the rotor wheal of a last stage of steam turbine. Keywords: transonic flow; steam turbine; profile cascade Available at various institutes of the ASCR
Measurements on TR-W-2 Cascade

The research report contains experimetal data from optical and pneumatic measurements on transonic profile cascade with non-linear part of suction side downstream the sonic line, which is intended for ...

Luxa, Martin; Šimurda, David
Ústav termomechaniky, 2020

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