A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Kliestik, Tomas (Ed.); Valaskova, Katarina (Ed.); Kovacova, Maria (Ed.) Book — Published Version Quantitative methods in economics and finance Provided in Cooperation with: MDPI – Multidisciplinary Digital Publishing Institute, Basel Suggested Citation: Kliestik, Tomas (Ed.); Valaskova, Katarina (Ed.); Kovacova, Maria (Ed.) (2021) : Quantitative methods in economics and finance, ISBN 978-3-0365-0537-4, MDPI, Basel, http://dx.doi.org/10.3390/books978-3-0365-0537-4 This Version is available at: http://hdl.handle.net/10419/237809 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. 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Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc-nd/4.0/ www.econstor.eu Quantitative Methods in Economics and Finance and Economics Methods in Quantitative • Tomas Kliestik, Katarina • Tomas and Maria Valaskova Kovacova Quantitative Methods in Economics and Finance Edited by Tomas Kliestik, Katarina Valaskova and Maria Kovacova Printed Edition of the Special Issue Published in Risks www.mdpi.com/journal/risks Quantitative Methods in Economics and Finance Quantitative Methods in Economics and Finance Editors Tomas Kliestik Katarina Valaskova Maria Kovacova MDPI • Basel • Beijing • Wuhan • Barcelona • Belgrade • Manchester • Tokyo • Cluj • Tianjin Editors Tomas Kliestik Katarina Valaskova Maria Kovacova University of Zilina University of Zilina University of Zilina Slovakia Slovakia Slovakia Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Risks (ISSN 2227-9091) (available at: https://www.mdpi.com/journal/risks/special issues/Quantitative Methods Economics Finance). For citation purposes, cite each article independently as indicated on the article page online and as indicated below: LastName, A.A.; LastName, B.B.; LastName, C.C. Article Title. Journal Name Year, Volume Number, Page Range. ISBN 978-3-0365-0536-7 (Hbk) ISBN 978-3-0365-0537-4 (PDF) © 2021 by the authors. Articles in this book are Open Access and distributed under the Creative Commons Attribution (CC BY) license, which allows users to download, copy and build upon published articles, as long as the author and publisher are properly credited, which ensures maximum dissemination and a wider impact of our publications. The book as a whole is distributed by MDPI under the terms and conditions of the Creative Commons license CC BY-NC-ND. Contents About the Editors .............................................. vii Preface to ”Quantitative Methods in Economics and Finance” ................... ix Sergey A. Vasiliev and Eugene R. Serov Omnichannel Banking Economy Reprinted from: Risks 2019, 7, 115, doi:10.3390/risks7040115 ..................... 1 Adam Marszk and Ewa Lechman Application of Diffusion Models in the Analysis of Financial Markets: Evidence on Exchange Traded Funds in Europe Reprinted from: Risks 2020, 8, 18, doi:10.3390/risks8010018 ...................... 13 Pavol Durana, Katarina Valaskova, Darina Chlebikova, Vladislav Krastev and Irina Atanasova Heads and Tails of Earnings Management: Quantitative Analysis in Emerging Countries Reprinted from: Risks 2020, 8, 57, doi:10.3390/risks8020057 ...................... 37 Bernd Engelmann and Ha Pham A Raroc Valuation Scheme for Loans and Its Application in Loan Origination Reprinted from: Risks 2020, 8, 63, doi:10.3390/risks8020063 ...................... 59 Long Hai Vo and Duc Hong Vo Modelling Australian Dollar Volatility at Multiple Horizons with High-Frequency Data Reprinted from: Risks 2020, 8, 89, doi:10.3390/risks8030089 ...................... 79 Zbigniew Palmowski and Tomasz Serafin A Note on Simulation Pricing of π-Options Reprinted from: Risks 2020, 8, 90, doi:10.3390/risks8030090 ...................... 95 Dmitrii Rodionov, Olesya Perepechko and Olga Nadezhina Determining Economic Security of a Business Based on Valuation of Intangible Assets according to the International Valuation Standards (IVS) Reprinted from: Risks 2020, 8, 110, doi:10.3390/risks8040110 .....................115 Zuzana Rowland, George Lazaroiu and Ivana Podhorsk´a Use of Neural Networks to Accommodate Seasonal Fluctuations When Equalizing Time Series for the CZK/RMB Exchange Rate Reprinted from: Risks 2021, 9, 1, doi:10.3390/risks9010001 ......................129 v About the Editors Tomas Kliestik (prof., Ph.D.) is a professor and the head of the Department of Economics, Faculty of Operation and Economics of Transport and Communications, University of Zilina. His application, technical, and scientific activities are focused mainly on the issue of the application of quantitative mathematical-statistical methods in financial management and decision-making process of companies, data envelopment analysis, neural networks, genetic algorithms, fuzzy logic, multivariate statistical methods, risk quantification and analysis, etc. His findings are published in domestic and foreign scientific monographs, academic publications, lecture notes, and the outputs of his research are published in indexed and impact scientific journals (Q1–Q2). More than 1600 citations have been recorded for his publications. His current Hirsch index is 19 in the Web of Science database and 18 in Scopus. He is also a member of the editorial boards of several journals and a member of scientific committees of international scientific conferences, he is also a guarantor and editor of the conference Globalization and its Socio-Economic Consequences. Katarina Valaskova (Ph.D.) is an associate professor at the Department of Economics, Faculty of Operation and Economics of Transport and Communication, University of Zilina. Her research activities are mostly focused on financial and investment management, risk management, and business economics. She is an author of domestic and foreign monographs, academic publications, lecture notes, and the outputs of her research are published in indexed and impact scientific journals (Q1–Q2). More than 800 citations have been recorded for her publications. Her current Hirsch index is 13 in the Web of Science database and 12 in Scopus. She is also a member of the editorial boards of several journals and a member of scientific committees of international scientific conferences. Maria Kovacova (Ph.D.) is an assistant professor at the Department of Economics, Faculty of Operation and Economics of Transport and Communication, University of Zilina. Her research activities are mostly focused on financial and investment management and financial markets. She is an author of domestic and foreign monographs, academic publications, lecture notes, and the outputs of her research are published in indexed and impact scientific journals (Q1–Q2). More than 900 citations have been recorded for her publications. Her current Hirsch index is 13 in the Web of Science database and 12 in Scopus. She is also a member of the editorial boards of several journals and a member of scientific committees of international scientific conferences. vii Preface to ”Quantitative Methods in Economics and Finance” The beginnings of quantitative methods and mathematical modeling in economics and finance can be traced back to the early stages of the development of classical political economy and are associated with names such as William Petty (1623–1687), Francois Quesnay (1694–1774), Leon´ Walras (1834–1910), Leonard Euler (1707–1783), Vilfredo Pareto (1848–1923), and many others. After the First World War, there was a massive expansion of quantitative methods, both theoretical and practical, and neither economics nor finance were exceptions. An important milestone in this development was the year 1931, when the Econometric Society was founded and started to issue the Econometrica journal on a regular basis. This helped to establish a new scientific branch of econometrics, which considers the mathematical description and statistical verification of economic relations as its main content and, in a broader sense, also the implementation of mathematical methods into economics. The importance of quantitative methods in economics is clearly evident by the number of Nobel Prizes awarded for economics, where mathematical economists form a significant majority of laureates. For the thematic focus of this Special Issue, allow us to mention the most important ones: Leonid Vitalievich Kantorovich, James Tobin, Franco Modigliani, Harry M. Markowitz, Merton Miller, William F. Sharpe, John Forbes Nash,