Ekonomika

To assure a successful development of e-commerce, it is necessary to define the criteria that could guide the choice of a competitive e-commerce system and its quality evaluation. The aim of this study was to bring together and analyze the e-commerce quality criteria proposed in the scientific literature, by e-commerce experts, and important for customers. Analysis allowed to identify a triple set of e-commerce quality criteria, as well as the differences among the criteria provided by invoked sources.

Looking for the e-commerce quality criteria: different perspectives  563.19 KB

Jau parsisiuntė: 27

Despite the popularity of the “low-fare” (or sometimes called “no-frills”) airline business model, no comprehensive framework has ever been developed to evaluate the level of implementation of this business model. In the paper, we propose a framework for evaluating the extent to which an airline has implemented a “low-fare” business model. The framework (SFC) consists of three dimensions: (a) strategic direction factors; (b) pricing factors; (c) cost structure factors (COFA).
Strategic direction factors primarily focus on the top-level strategic decisions of an airline: growth concepts, the range of flights, spatial strategy and target group selection. These factors serve to differentiate the “lowfare” airlines from more traditional rivals on a strategic level.
Pricing factors evaluate differentiators at the level of market offer: relative ticket prices, the number of booking classes, ticket restrictions, interlining, penalties, non-ticket income and target load levels. These factors differentiate the “low-fare” business model on the value proposition level. Cost structure factors focus on internal cost-saving measures designed to significantly reduce the average costs per passenger: outsourcing, aircraft type homogeneity, levels of aircraft utilization, labour factors, airport costs, distribution and in-flight arrangements.
The SFC framework allows academics and practitioners to coherently analyze and identify gaps between current and desired levels of the “low-fare” business model implementation.

A framework for assessing the low-fare model in the airline industry  812.27 KB

Jau parsisiuntė: 25

This study reviews previous research on the contrarian investment strategy as first analyzed by De Bondt and Thaler (1985), and aims at deepening and complementing the existing research on the subject. The paper analyses the results of applying the strategy to NASDAQ OMX Vilnius stocks over the period 2003–2010, dividing the testing into two groups: prior to the economic crisis and the crisis periods, based on the movement of the OMXV index. The method uses holding period returns in evaluating the standard contrarian investment strategy. The paper explains the methodology in detail and presents the findings which show no considerable holding period returns from the strategy in NASDAQ OMX Vilnius during the decline period; however, contrarian strategy seems to be a better option than a standard market index based portfolio during the periods of rapid growth when stocks are overrated.

Applicability of contrarian investment strategies in small capitalization markets: evidence from NASDAQ OMX Vilnius  452.42 KB

Jau parsisiuntė: 26

The Act of 29 June 1995 on Bonds has formally launched the development of a market for municipal bonds in Poland. The changes not only affected the legal provisions, but also the attitudes of self-government activists and institutions engaged in the issue of municipal bonds; hence, the organization of the market had to be different. As a consequence, a new bond market, GPW Catalyst, has been established on 30 September 2009.
The paper aims at presenting the municipal bond market in Poland. The main aspects of this market that are significant for its development are identified. An analysis and assessment of the market’s development are conducted using the experience of more than a decade of developing the municipal bond market in Poland. The environment that led to the launching of the first municipal bond market in East-Central Europe at the end of 2009 is presented. The main motivation was the need to indicate new sources of finance during the periods of recession and the crisis of the public finance sector.

The evolution of municipal bond market in Poland  334.95 KB

Jau parsisiuntė: 27

The topic concerning the determinants affecting sovereign credit ratings of a country became extremely relevant after the recent economic turbulence which brought relentless downgrades, especially for Central and Eastern European (CEE) countries in their sovereign credit ratings. In the face of economic downturn around the world, causing the reduced availability of global capital flows and the appetite for risk, it becomes essential for the countries to secure the high market grade ratings in order to be able to issue foreign debt to ensure the solvency of the country’s finances and to pursue a sound economic growth.
The aim of the study was to elucidate the key determinants of the Lithuanian sovereign rating during the financial turbulence of 2008 and to explain their importance and dynamics through external borrowing costs of the country.

Key determinants of Lithuania’s sovereign credit rating  349.91 KB

Jau parsisiuntė: 26

The paper deals with the importance of competition policy implementation in a small market economy. The Lithuanian fuel trade market has been chosen for the analysis. To ensure that the fuel trade market is working efficiently and is fairly priced is one of the key priorities for the government of Lithuania. Competition policy plays an essential part in the country’s economy. Therefore, in order to understand the characteristics of small market economy and how competition policy is working in such market conditions, it is neassary to realize the complexity of the analysis. The paper offers a brief theoretical overview of the specifications of competition policy in a small market economy, together with a thorough interpretation, empirical research and discussion of the Lithuanian fuel trade market.

The importance of competition policy implementation in a small economy: the case of the Lithuanian fuel trade market  459.24 KB

Jau parsisiuntė: 24

The paper focuses on the theory and practice of antitrust action in detecting and deterring cartels and analyzing the development of the modern leniency policy. Drawing from game theory and following the examination of the main conditions and reasons for cartel formation and sustainability and a statistical analysis of cartel prosecutions, our attempt is to show that leniency programs, accompanied by strong enforcement powers and effective sanctions, increase the inherent instability of cartels and therefore have proven to represent a functional and successful tool for detecting and punishing, as well as preventing the formation of anticompetitive agreements.

Fighting cartels: an application of economic theory and the effects of leniency policies  422.72 KB

Jau parsisiuntė: 23

The article sums up works of different scientists, dealing with the impact of value added tax (VAT) on the economy of some countries. The authors analyse the Lithuanian VAT structure, the dynamics of income from this tax and amendments in the Law on Value Added Tax in terms of narrowing and widening the taxable base according to the theoretical analysis of the sources. It is aimed to determine the impact of VAT standard tariff, reduced tariffs and shadow economy on income from this tax. Multiple regression, correlation, optimization and C-effectiveness ratio are used for the analysis. The analysis has revealed that amendments in the Law on Value Added Tax in terms of narrowing and widening the taxable base influenced the amount of income from VAT collected to the budget.

Value added tax dimension: the case of Lithuania  568.83 KB

Jau parsisiuntė: 35

The manner of conducting economic policy determines various phenomena and socio-economic processes, including economic development and growth, to a considerable degree. A significant role in economic and social sciences is attributed to international comparative studies. The aim of the study was introduction of the conception for analysis of the scope of functions and strength of institutions on an example
of the national policies of the EU member states from Central and Eastern Europe.
The paper introduces the selected dimensions of economic policy in the EU member states from Central and Eastern Europe. On the basis of the use of existing indices, the measures of these dimensions are proposed. Also, elements of the typology of economic policies of these countries considering the selected policy dimensions are presented.
The analyses show that there are differences among national economic policies of particular states of Central and Eastern Europe. From the standpoint of economic policy and its dimensions, the situation is most favourable in countries with the most powerful institutions: the Czech Republic and Estonia. It is crucial to strive after improvement of the quality of institutions in individual states, which should result in a faster socioeconomic development and an increased efficiency of the public authorities.

The scope of functions and strenght of institutions in economic policy of the EU member states from Central and Eastern Europe. Conception of analysis  327.41 KB

Jau parsisiuntė: 22