B16 - History of Economic Thought through 1925: Quantitative and MathematicalNávrat zpět

Recent findings have shown that the Prague Exchange featured a very active and developed stock options market right until its pre-war closure in September 1938. This paper follows up on extensive research into fragmentary archival resources, aggregating a unique collection of options quotations on the shares of Škoda, the dominant industrial firm and stock in Czechoslovakia. A rigorous review of contemporary literature has been complemented with an empirical analysis including implied volatility measurements, resulting in a detailed appraisal of the market. Even though statistical option-valuation models have already been available and generally known, these were not used by practitioners. Instead, a heuristic approach based on perfect familiarity with intrinsic valuation and hedging as well as time-value drivers, effectively used since the 19th century, has resulted in surprisingly efficient pricing, constrained - rather than by information assymmetries - primarily by transaction costs and, over a relatively brief period in 1932-33, by crisis-related liquidity issues in the market.

The empirical literature generally accepts the influence of corporate taxes on the investment decision of the multinationalities. The most papers usually consider more aspect of that tax then only statutory corporate tax rate. Using annual time series data for the period 1998-2011 this paper examines the influence of EMTR and EATR including their components on the foreign direct investments in the EU Member states. The main aim of the paper is to evaluate which of the selected types of effective tax rates explains the investment decisions of the multinationalities the best. The results show that the commonly used indicators of effective tax burden are not the best option for foreign direct investment (FDI) explanation in the investigated model. Perhaps the best indicator for evaluating dependencies between explanatory variables and FDI are the average and marginal effective tax rate from industrial buildings.