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BEHAVIOURAL BIASES AND STOCK MARKET REACTION: EVIDENCE FROM SIX POST-COMMUNIST COUNTRIES

100%
Trifan R.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 8
811 – 826
EN
This article investigates the relationship between several behavioural biases and stock market reactions. We analyse six post-communist countries (Romania, Poland, Hungary, Slovenia, the Slovak Republic and the Czech Republic) for the January 2012 – September 2019’ time period. We test for any effect of different measures used in behavioural finance literature (investors’ optimism, respectively pessimism, spontaneous behaviour and the anchoring effect) on stock market’s trading volume. Our empirical findings suggest that judgement and emotions is a significant driver of the stock market, not all market players acting rationally when investing. Investors are susceptible to behavioural biases which influence significantly their decision making process. Polish investors are pessimistic individuals, while in Romania, Hungary and the Czech Republic the optimistic sentiment exercises a greater influence on the trading activity. Spontaneous behaviour characterizes the Romanian, Hungarian and Slovak investors. Lastly, the anchoring effect is found significant in 5 out of 6 countries analysed, no effect being observed in the Czech Republic.
2

Związek miedzy sieciami społecznymi a zaufaniem społecznym - mechanizm wzajemnego wzmacniania?

100%
Growiec K.
Psychologia Społeczna
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2009
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vol. 4
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issue 1-2(10)
55-66
EN
This paper presents empirical evidence suggestive of the existence of a mutually reinforcing relationship between social capital and trust. Using cross-sectional data from the Polish General Social Survey 2002, as well as longitudinal data from the Social Diagnosis 2000-2007, it was shown that individuals re-create their patterns of social ties through their norms of trust. People who formed ties solely with their kin were convinced that they can trust only a few people in the world while those with both kin and non-kin mem- bers in their social networks were more inclined to believe in the benign naturę of humanity. These results, derived from cross-sectional data, are confirmed by the panel dataset which we use also for proving the converse hypothesis: people with higher levels of trust are more likely to form social ties with the non-kin. These findings are especially pertinent to Poland, a post-communist country seeking to build a civil society - social networks based on kin members combined with Iow levels of generał social trust can be a major obstacle in developing a civil society here.
3
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Politická participace a její determinanty v postkomunistických zemích

88%
Vrablikova K.
Sociologický časopis. Czech Sociological Review
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2009
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vol. 45
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issue 5
867-898
EN
The article focuses on the differences in political participation among post-communist countries. First, it explores the variation in the level of political participation among post-communist states. Second, it deals with the differences in the determinants that account for political participation in individual countries. The second objective is met by introducing a three-dimensional explanatory model of political participation: individual resources, motivations, and social networks. In an empirical analysis political participation in nine post-communist countries is examined using data from the International Social Survey Programme 2004. Results show that the countries under study vary in the level of political participation both at the aggregate and individual levels. The most active citizens are in the former East Germany and Slovakia. Polish and Hungarian citizens participate in politics the least. Further, two modes of political participation - protest activity and contacting - are identified and used as dependent variables in further analysis. In the second part of the article, the explanatory model is tested against data from individual countries. The analysis shows that there is a difference in the factors that account for political participation in various post-communist countries. Generally, the three-level model of political participation works best in Hungary, Bulgaria, and East Germany. It explains very little variation in Russia and Poland.
4
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PRIVATISATION OF THE STATE HOUSING STOCK IN THE CZECH REPUBLIC – A PATH DEPENDENT PROCESS?

88%
Sládek J.
Sociológia (Sociology)
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2013
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vol. 45
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issue 3
267 – 289
EN
This article aims at finding a theoretical and empirical explanation for the particular housing privatisation approach applied in the Czech Republic. The explanation pays special attention to inequalities in owner-occupied housing accessibility created by housing privatisation. In order to explain the process of housing privatisation, the article discusses theories of social change (transition, transformation and path dependence). The following qualitative empirical analysis of alternative theoretical explanations consists of thirteen semi-structured interviews with politicians, state officials, municipal experts and local citizen movements. In addition, the data from the interviews is commented with the use of the data from public opinion about housing policy. In the conclusion, the author critically evaluates the usefulness of presented theories (especially path dependence) and states that the privatisation process should be explained as a transformation rather than a transition, with a specific role played by ideology. The analysis led to a conclusion that the consequences were unseen given the “ad-hoc” feature of policy decisions.
5

RELATIONSHIP BETWEEN HOUSEHOLD WEALTH AND FINANCIAL VULNERABILITY IN THE POST-COMMUNIST COUNTRIES OF THE EURO AREA

75%
Buleca J., Šubová N., Maličká L.
Ekonomický časopis (Journal of Economics)
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2022
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vol. 70
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issue 7-8
569 – 588
EN
The paper investigates the relationship between household wealth and financial vulnerability in the euro area member countries using data from the European Union Household Finance and Consumption Survey (HFCS). The instrumental variable regression model based on the two-stage least square method was used to elicit the role of household financial vulnerability in wealth accumulation. To consider different historical development and implementing social policies, the analysis considers the household location (post-communist countries according to the Warsaw Treaty and other European countries with a core in Western Europe). The analysis results emphasise the positive relationship between households’ wealth accumulation and financial vulnerability represented by household indebtedness. Additional variables reflecting the households’ socio-economic and demographic characteristics are statistically significant, too. Debt service-to-income ratio, statuses of employment (employed and self-employed), and age of the reference person squared were driving forces of wealth accumulation, while age of the reference person, number of dependent children, employment status (retired, other), and geographical location lower the level of household wealth.
6

Janus-face state and social reforms in Ukraine

63%
Perpek E.
Szociologiai Szemle (Sociological Review)
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2008
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vol. 18
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issue 2
167-186
EN
The study focuses on the social structural approach of the reforms in Eastern- and Middle-European countries based on the material of an international conference held in Kiev. In the fist part,the author briefs on a lecture held on the Polish middle class, after which she outlines the role of elites, classes and civil society in the changes in more details. Supporting David Lane's approach of explaining the Regime-change based on classes, we define the terms of administrative, capital and global political classes and identiy their status in the Post-Soviet society. in the second part, the developments during the past twenty years in Ukraine since its independence will be examined. This period has a double character: we see West-European democratic ideas and institutes implemented in traditional soviet mentality and practice. Based on empiric research results, we analyse the successful initiatives of the country striving for independency and the double - new democratical and old Soviet-type - characteristic institute system built on the above-meationed dichotomy. We pay special attention to the Orange Revolution, considered as the most important reform by public opinion, in reality being only a swing towards building democracy. In the third part, we leave the macro-social analytical frames behind and describe the Ukraine Parliament from inside. This lecture describes the structure of the Verkhovna Rada between 2002 and 2006. The author's impression of an ambiguously complex party society becomes transparent as a result of applying the social relationship network analysis. Based on examining the structure of the legislative body, she outlines the development of relationships and dynamics among the political and other groups during the four (!) significant structural reforms during the period concerned.
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