C32 - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space ModelsReturn

Stock prices and their fluctuations are analyzed by investors and analytics due to the possibility of achievement the capital earnings. Many variables can affect development of the stock prices; the main categories are macroeconomic factors, industrial variables, and company characteristics. This paper is focused on company characteristics that reflect success of business activities of individual companies. The object of the paper is to investigate the existence of a relationship between selected financial ratios and stock prices of selected manufacturing companies listed on the Prague Stock Exchange and the Polish Stock Exchange. The semi-annual data is analyzed over the 2006 - 2017 period. The long-term relationship between the selected financial ratios and stock prices is examined by using the Johansen cointegration test. The existence of short-term cointegration linkages is analyzed using the Vector Error Correction Model (VECM). The findings show that there are sporadic relationships between the stock prices and financial ratios. It seems that investors could be interested in macroeconomic factors, industry variables or they do not have a relevant education to evaluate the financial information.

This paper states its objective to be specifying the relationship between select banking sector indicators and the eurozone's economic growth. The indicators that were selected are analyzed using the Engle-Granger cointegration test, which is meant to confirm the long-term influence of the indicators of bank loans provided to the private non-financial sector and the M3 aggregate on the growth of GDP. Data from the years 1999-2016 are included in the analysis. On the basis of the tests that were conducted, it was determined that there is no cointegration relationship between any of the time series at a level of significance of 0.05; this means that a long-term relationship was not found between the amount of bank loans provided to the private non-financial sector and GDP or between the M3 monetary aggregate and GDP. The conclusions resulting from the analyses that were conducted are supported by graphic depictions of the data, which clarify the rejection of the hypothesis.

The paper tested contagion effects among free floating African currencies and Euro with a control variable like the Euro-pegged CFA Franc. Contagion should be based on deep trade, funding and political relationships which was valid for connections between African countries and such developed countries like the United States or the Eurozone. The theory suggests increased common movements under shock periods which were tested on a daily time series between 2000 and 2015, studying relationships under recession periods in the United States or the Eurozone or under days with extreme fluctuation. The results presented contagions only for the emerging South African currency while the others proved to be relatively independent.