Informatica

This paper discusses the normality assumption of the market model errors, conventionally accepted. Some other possible specifications are proposed and their performance is testing using a test statistic based on the empirical distribution function of the residuals of the model and assuming that the null distribution can depend on some unknown parameters. The parametric bootstrap method is used. Empirical evidence is provided using a sample of thirty companies of the Spanish Stock Market.

The paper develops the idea of valuation capital market regulations efficiency. The performance and efficiency measurement idea is very widely spread in the private sector. However efficiency concept in a public sector is rather new approach and still underdeveloped. The goal of this paper is to reveal the possibilities to measure the efficiency of a public sector performance by applying some descriptive dependencies systems and by using the capital market regulations as an example to disclose the possible outcomes of that analysis process.

The integration of Lithuania to the European Union increases openness of its economy and gives an impulse to create financial and legal system aligning with the leading European countries. The universal German banking market conditioned more universality in Lithuanian banking system. Initially securities and insurance business was partly restricted for banks in Lithuania, but restrictions are gradually diminishing.

The article investigates the Swedish retail banks' application of price bundling in order to attract new customers, students. This is done through a customer survey about students' preferences concerning retail banking services, their price sensitiveness and banking behaviour. The conjoint analysis results showed that the students had relatively heterogeneous preferences, and four distinguishing segments could be found among them, namely a) plain banking, b) cheapest banking, c) modern banking, and d) traditional banking. The central factor in attracting students is the choice of services that are included in the bundle, and not the price. There were only roughly 20 percent who currently had a student bundle.

Three kinds of the insurance policies for the net premium calculation for married couples are considered. The net premium equation principle is used in all premium calculations. The particular quality of the additional pension assurance is the individual form of its undertaking and the limitation of annual (monthly) pension payments. Due to this fact the biggest interest to the individual insurance show people after age 40–45 years, when the insurance premium rates are so high that most people can't buy such policies. So, the discussed form of the joint life insurance could be proposed to the participant of the pension plan when he or she is reached the pension age and wants to buy the life insurance policy for the accumulated capital of pension.

Objective of this work is to explain the modelling concept of analytical function in the financial knowledge discovery model. This new simulation model of analytical function is developed for a financial knowledge discovery process that is used for the Corporate Criminal Intelligence Analysis (CCIA, in short). Model was developed for the CCIA work of the whole analytical part of the Financial police of the Republic of Croatia. The benefit of this new simulation model of analytical function is in simple method (based mainly on statistical simulations) of measuring analytical capacity and capability of analysis, which is now in usage in the financial field and field of law. The analytical function of the CCIA was prepared for investigations of financial criminal incidents, financial criminal offenders or victims and for financial crime control methods, etc. An application of this simulation model increases the group effectiveness, efficiency, and quality of the operational and strategic financial investigative operations that are in usage during the whole financial knowledge discovery process.

The problem of comparison of different companies is facing, when looking for possible candidates for the investment portfolio. Screening of the companies, using “well-known” trading strategy parameters, is one of the ways to solve this problem. Actually, using this procedure much more companies appear on the list, than the trader is willing to buy. To define the best companies or group of the best companies self-organizing (Kohonen's) map (SOM) could be used. Using fundamental financial parameters as inputs, the output of SOM forms the different groups of companies located into a number of disjoint clusters.

Method of simulation of technological processes of civil engineering companies allows evaluate quality of the organizational variants by multicriterial estimation methods (Zavadskas et al., 1995). Simulation methods allow to design a rational work programme according to the financial, technological and organizational parameters.

So far rather weak tendencies towards an infrastructure for external ratings by independent agencies have been observed in Europe in recent decades. Especially for small and medium-sized enterprises (SMEs), thus far there has been no possibility of obtaining an objective rating. The reason is that information is very asymmetric between investors and capital demands on small and medium-sized companies. But due to the new capital accord by the Basel Committee on Banking Supervision the situation will change. Our paper shows that having Basel II in mind there is need for rating also medium-sized companies. We will also give an overview of characteristics that have to be incorporated in such ratings and further describe models, products and companies in this sector. Especially so-called soft computing methods like Fuzzy Logic or Neural Networks are very promising approaches in the field of rating SMEs.