Ekonómia a podnikanie Vedecký časopis Fakulty ekonómie a podnikania BVŠP Scientific Journal of Faculty of Economy and Business The Bratislava University of Law Economics and Business Ekonómia a podnikanie Vedecký časopis Fakulty ekonómie a podnikania BVŠP Redakčná rada/Editorial board: prof. Ing. Eduard Urban, PhD. – predseda redakčnej rady/ Editor-in-chief doc. Ing. Jitka Kloudová, PhD. – podpredseda redakčnej rady/Vice Editor-in-chief prof. Ing. Ladislav Kabát, CSc. prof. Ing. Milan Rajňák, DrSc. prof. Ing. Ladislav Blažek, CSc. prof. Ing. Jiří Dvořáček, CSc. doc. Ing. Pavol Molnár, CSc. univ. prof. Dr. Peter Linnert univ. prof. Dr. Peter Bendixen Redakčný pracovník/Editorial assistent: JUDr. Peter Tkáč Recenzenti/Articles were reviewed by: Ing. Marek Csabay, PhD., prof. Ing. Eduard Urban, PhD., doc. Ing. Pavol Molnár, CSc., doc. Ing. Jitka Kloudová, PhD., doc. Ing. Helena Majduchová, CSc. Vydavateľ/Publishing house: Bratislavská vysoká škola práva, Fakulta ekonómie a podnikania Tematínska 10 Bratislava 5 Spracovanie a tlač/DTP & print: Poradca podnikateľa, spol. s r. o. Rázusova 23A 010 01 ŽILINA www.epi.sk Registračné číslo/Registration No.: 3780/2007 ISSN 1337-4990 2 Ekonómia a podnikanie x Economics and Business Obsah /Contents Obsah / Contents ¢ Úvodné slovo...................................................................................................................... 4 Editorial ¢ Digital Economics Enabling New Market Places.............................................................. 5 Mag. Andrea Gaal ¢ Das Verständnis der Abwärtsspirale in der Finanzwelt und deren Bekämpfungswege.... 13 The Fight Against the Downward Spiral of the Financial World Robert Hengl Mag. (FH) ¢ Manažment hodnoty podnikov pôsobiacich v oblasti poskytovania hotelových služieb.... 19 Valuation of Hotels Ing. Miroslav Jakubec – Ing. Peter Kardoš, PhD. ¢ Assessment of Goodwill for the Squeeze Out Purposes ................................................. 35 Doc. Ing. Anna Harumová, PhD., Ing. Eva Kolláriková, Ing. Tomáš Korauš ¢ Hedgefonds – Ein Überblick.............................................................................................. 44 Mag. (FH) Thomas Malle ¢ Model rozhodování skupiny a chování jednotlivce při zaopatřování veřejných statků.... 52 prof. PhDr. František Ochrana, DrSc. ¢ Von der „Privatbank“ zum „Private Banking“ – strategische Positionierung zweier erfolgreicher Anbieter in einem sich wandelnden Marktumfeld....................... 59 From „private bank“ to „private banking“ – strategic positioning of two competitors in a shifting market Mag. (FH) Jürgen Punzengruber ¢ Interdisciplinárny prístup v skúmaní kultúrnych aspektov v medzinárodnom marketingu......................................................................................... 64 Interdisciplinar Approach in Research of Culture’s Aspects on International Marketing Ing. Valéria Svobodová, PhD. – Ing. Marián Honaizer ¢ Institutionelle Hedgefondskunden: Ein aktueller Überblick ......................................... 77 Institutional Hedge Fund Customers: a Current Overview Mag. Christian Wolf ¢ Recenzie kníh...................................................................................................................... 88 Book´s Reviews ¢ Pokyny pre autorov príspevkov........................................................................................ 92 Instructions For the Authors of the Articles 1/2009 3 Úvod / Introduction Úvodné slovo / Editorial Vážené čitateľky a čitatelia, Počas pomerne krátkej existencie sa vedecký časopis Fakulty ekonómie a podnikania BVŠP „Ekonómia a podnikanie“ stal, ako tomu svedčia jeho príspevky, skutočným medzinárodným vedeckým fórom publi- kovania a výmeny informácií. V súčasnej dobe evidujeme už jeho 3 čísla – 1/2007, 1/2008, 2/2008 a 1/2009. Jedná sa o recenzovaný medzinárodný vedecký časopis, pričom redakčná rada časopisu je založená na medzinárodnej platforme. Okrem príspevkov autorov zo Slovenskej republiky sú podobne ako v predchádzajúcich vydaniach ča- sopisu publikované príspevky zahraničných autorov z Česka, Rakúska a Nemecka, pričom zahraničné prí- spevky počtom prevažujú nad príspevkami domácimi. Autormi príspevkov sú naši i zahraniční profesori, ale aj mladí autori, a doktorandi našej fakulty domáci i zahraniční. Príspevky boli publikované okrem slo- venského jazyka aj v anglickom, nemeckom a českom jazyku a možno publikovať aj v jazyku francúzskom a ruskom. Príspevky sú zamerané na aktuálne ekonomické problémyaotázkytýkajúcesanielenpodnikateľov a ekonómov, ale aj širokej verejnosti. Verím, že Vás zaujmú a prajem Vám osvieženie a inšpiráciu pri ich čítaní. Ďakujem všetkým prispievateľom a recenzentom a teším sa na nové príspevky a podnety. Prof. Ing. Eduard Urban, PhD. Predseda redakčnej rady 4 Ekonómia a podnikanie x Economics and Business Digital Economics Enabling New Market Places poznámky / notation Digital Economics Enabling New Market Places Andrea Gaal Keywords: Collaborative Filtering, preference & recommender systems, algorithms, compu- tational web intelligence JEL Classification:D8 1. Introductory Remarks Mankind’s store of knowledge doubled between 1800 and 1900. In the 20th century it increased ten-fold. By 2050 futurologists expect human knowledge to double every day. More knowledge means more choices when it comes to making consumer decisions. E Commerce can be regarded as a driving force in the way business is being conduc- ted in the telecom, IT, multimedia and service industries and it is recommendations and preferences that play a major role in the field of digital economics. With an increasing amount of information and data available, businesses require more detailed information about their customers; on the other hand, customers also are interested in more detailed data about companies, products and services to be able to make informed consumer deci- sions. Today customers are increasingly looking for internet guidance to obtain information. This information is actually drawn from the behaviour of the masses. Examples in this con- text are for instance lists of books that have been bought in the highest numbers in a mar- ket, The New York Times listing the most emailed articles, music firms like Apple’s i-tunes listing the top downloaded songs. Simple filters provide this information. Consumers are being confronted with more information than ever before in the histo- ry of mankind see these recommendations as guidance giving them some orientation in a sea of unlimited choices. It is Matthias Horx, the futurist, who claims in this context that most technological efforts to steer the user in a direction turn out to be very often ‘huge ef- forts to exert control’. [1] 2. Searching and Browsing It is a good recommendation engine that can make a difference for any online busi- ness. In online we can observe two fundamental activities: searching and browsing. If a consumer knows exactly what he or she is looking for, they search for it. If a consu- mer is not looking for anything specific, he or she is browsing. This is a great opportunity for a recommendation engine, because the user is open to suggestions. In the same man- ner, a search engine may utilize recommendations when an exact match is not available for a keyword. This is because the user gives their ‘intention’ through the keyword. During browsing it is the attention of the consumer that can be channeled into many a path. I f a web site is capable of giving consumers good recommendations, it is making more money. Hence the website increases the likelihood of the transaction. 1/2009 5 Digital Economics Enabling New Market Places poznámky / notation 3. Different Recommender Systems We can distinguish between various types of recommender systems [2] based upon which different recommendations are being made to the consumer: (1) Personalized recommendation: Based upon the consumer’s past behaviour & infor- mation using personalized filters (2) Social recommendation: based upon past behaviour of similar users using Collabora- tive Filtering (3) Item recommendation: based upon the article itself (4) A combination of the three approaches outlined above (5) Item recommendation further developed into a recommender system based upon genetics Recommendation helps selection by reducing the number of options to a user accor- ding to given selection criteria. Most shopping websites still use conventional database queries carrying out the selection process. Consequently, consumers, non-experts, do have to spend a considerable amount of time fine tuning their query in order to get a desi- red number of examples for final comparison and selection. There are several ways of making recommendations: 4. Personalized Filters: The Amazon Approach Amazon was one of the first and most successful companies in applying recommen- dation technology. They are being considered a leader in online shopping and in particu- lar recommendations. It is over a decade that the company developed a set of smart re- commendations that are able to tap into a consumer’s browsing history, their past purchases as well as purchases of other shoppers with the ultimate objective to lead them to the next purchase. There are various parts to the Amazon recommendation system in order to gain in- sight on how they work: First, there are social recommendations giving the consumer a statistical reason why they should purchase a particular item; e.g. 3% bought this book as well or this book ranks # 240 among all purchased books from Amazon. But there are also personalized