Psychometric properties of the slovak version of short dark triad

The Short Dark Triad is a scale used to capture three aversive personality traits—Machiavellianism, narcissism, and psychopathy on the subclinical level. The present study aimed to verify the psychometric properties of the Slovak version of the Short Dark Triad scale in three studies. The first two studies aimed to examine the reliability of the scale. The aim of Study 1 was to examine the factor structure of SD3. A three-factor model consisting of three latent intercorrelated factors in a unidimensional and bifactorial model were examined on a sample of 588 participants. Study 2 aimed to test the consistency of the results over time (test–retest reliability) on the sample of 117 participants. In Study 3, convergent and divergent validity was examined on the sample of 333 participants. For both kinds of validity examination, the Slovak version of NEO-FFI was used. The internal consistency of the subscales and test results, the same as the retest results, were satisfactory. The relationships between the scales were found to be significant. Confirmatory factor analysis (CFA) results supported the original three-factor model. Significant interrelations have been established between Machiavellianism and openness, agreeableness and conscientiousness; narcissism and neuroticism, extraversion and agreeableness; psychopathy and openness, agreeableness and conscientiousness. The Short Dark Triad achieved satisfactory values of reliability and validity; therefore, it can be used on the Slovak population

Quantitative easing effects on equity markets: event study evidence from the US

In this paper we examine effects of the QE related statements made by the FED on major equity indices in the US. We consider days, when announcements had been made, as events for the event-study. We approach this methodology with aim to calculate excess returns on particular announcement day for Dow Jones Industrial Average, Standard´s & Poor´s 500, NASDAQ and Russell2000. Admitting complexity of those statements, and diffi culty to isolate effects linked only to QE related information, we analysed statements individually, to be able to extrapolate deviations more accurately. Results indicate positive excess returns (above average performance over previous 60 days) on each index from 2008 to 2017 in average, while on some specifi c announcements, excess returns fell to negative range, which could be explained as misunderstanding of reaction function or active portfolio rebalancing towards assets directly infl uenced by the programme mentioned in the particular announcement. Considering also multiplicity, for DJIA, NASDAQ and S&P500 we conclude, that positive reactions follow especially information linked to prolongation or expansion of existing QE programme, while on the other hand initial information about QE cause mentioned portfolio rebalancing from equities towards other assets (RUSSEL2000 did not signal particular direction in line with announcement days’ information). We can also conclude that even if tapering linked information are considered as a part of the QE programmes, we did not fi nd signifi cant evidence of neither positive nor negative reaction on particular tapering-linked announcements. We add on, that the tapering and balance sheet unwinding are unprecedented to some extent, and therefore require further research, especially in current environment where such policy normalization is widely discussed

Organizational innovation and cost reduction analysis of manufacturing process – Case study

Innovation is the key to the growth of each business in a fast-changing world. Innovations affect financial activities because the successful innovation opens the new markets, gives the opportunity to reduce costs or introduce new products and services with a higher profit margin. Each organization, institution, enterprise or individual can be innovative. Innovations may not be implemented only in large enterprises, but also in medium or small. The aim of this paper is to innovate and optimize the polishing process in production plant with variant production. In this paper case study is used as research method which includes measurements and observation. The paper is focused on five variants of one product. We obtained the required data by measuring in a manufacturing plant in southern India in Madurai. At the end the results are summarized, and the optimization of the polishing process is proposed

Impact of different life-cycle saving strategies and unemployment on individual savings in defined contribution pension scheme in Slovakia

Searching for the optimal saving strategy is often tied with the life-cycle strategies where only the age of a saver is considered for setting the allocation profile between equities and bonds. Our article contributes to the debate by looking at the performance and adequacy risks arising from applying age-based saving strategies for savers in funded pension schemes.As many studies have proven the shift of the risk onto savers in defined contribution pension schemes under various saving strategies, we contribute to the debate by providing simulations of expected accumulated savings via funded pension scheme under the various life-cycle income profiles and existence of unemployment risk. Using the resampling simulation technique, we compare the fixed and age-based strategies of three different agents with various life-cycle income paths and different unemployment risk. We compare the expected amount of savings and calculate relative indicators comparing the expected monthly benefits, income replacement rate. We look closely on the impact of unemployment on the value of savings and calculate the unemployment factor explaining the value of savings lost due to the periods of unemployment. By combining life-cycle income functions of individuals with different education level and unemployment risk, we show that decisions of implementing low risk saving strategies are suboptimal and lead to a substantial decrease in replacement ratios not only for higher income cohorts but especially for the lowest ones. At the same time, we prove that employing low risk saving strategy leads to the increase of adequacy risk especially driven by the unemployment risk that is higher for lower education individuals. We conclude that age-based life-cycle saving strategies, where the remaining saving horizon is the only factor defining the allocation profile is not the optimal saving strategy and other factors should be considered as well when searching for optimal saving strategy