The focus of research activities. Interesting publications
The School of Expertness and Valuation is focusing its research activities on the economic sphere, specifically focusing on solving economic problems in the areas of complex evaluation of enterprises, financial analysis of enterprises, forecasting the future development of a company and its value, the development of key business indicators, stock markets, or the relations between the economic parameters and a particular industry area.
Beyond the standardized solution, these areas are solved by using the artificial intelligence – artificial neural networks. The pattern for the artificial neural networks, as the name suggests, is a biological neural network. The artificial neural networks thus imitate the activities of the human brain. The neurons themselves are interconnected by the links evaluated by weights. It is such a connection, and especially the ability to teach these weights based on training patterns in data, that gives the artificial neural networks a possibility of a new broad application in the field of data analysis. An artificial neural network is a data structure that is capable of responding to previously unknown inputs. The basic characteristic and definition of the artificial neural networks is their ability to learn. The way a human does. Although the artificial intelligence is widely used today, and the artificial neural networks are characterized by a considerable potential, in the corporate environment they are still not perceived as a useful tool to address corporate economic problems.
In business management, such an application can warn an enterprise on the market in time of a possible bankruptcy or, on the contrary, can predict the development of various factors with regards to the economic parameters. It is here that the School sees a considerable potential – using the artificial intelligence – the neural networks and applying them to the economic practice.
A wide range of expert publications has already been published as part of the research activity and its focus. Some of the most important publications in which the members of the School contributed include the expert book “Neural Networks Modeling for Costs”, the expert book “Using Neural Networks in the Complex Assessment of Enterprises”, and a university textbook “Overview of Comprehensive Enterprise Assessment Methods”. These publications completely correspond with the focus of the School. The members of the School of Expertness and Valuation also regularly publish in the world-renowned Web of Science and Scopus databases. These are mainly the articles in scientific journals, as well as the articles from renowned Czech and international conferences.
Cooperation with foreign countries. Interesting publications
Establishing relationships with research institutions, both national or international, is very important for the School, as it leads to the creation of expert publications which bring an interesting scientific view on the problem solved while highlighting the research solution at the international level.
The School of Expertness and Valuation is working closely with the Samara State University of Economics. In co-operation with the Russian university, it publishes scientific publications that bring interesting and innovative views of both sides on the current economic problems. Last year, for example, a collective publication “Sustainable Development” was published, focusing on the sustainable development issues that came to the forefront of economic theory at a time when opportunities for further large-scale development narrowed due to the depletion of scarce resources and the negative impact of human economic activity on the environment. A recent publication “Inventory Management in Manufacturing Company” deals with inventory management issues, and using modern, innovative technology (the artificial neural networks) it contributes to the optimization of the inventory management in a manufacturing company. This year we also expect to release another collective publication “Creating a Comprehensive Enterprise Evaluation Method”. However, we also cooperate with other Russian institutions, such as the Ural State Economic University. In 2017, the publication “The Current Economy of Russia and the Czech Republic: Reality and Directions of Development” was published in cooperation with the members of the School of Expertness and Valuation. The academic staff of the School of Expertness and Valuation contribute their researches into several professional journals led by their Russian colleagues.
Due to the fact that a part of the staff of the School of Expertness and Valuation is doing their doctoral studies at the Žilina University in Žilina, the cooperation is also being developed with this institution, mainly in the field of scientific research (participation in conference papers, contributions to the journals of the Žilina University in Žilina, co-operation in the field of transferring knowledge from database work, etc.).
An important international initiative of the School of Expertness and Valuation is the organization of the scientific conference “Innovative Economic Symposium” which the School has already organized four times in cooperation with the Chinese university North China University of Technology in Beijing. Every year, the conference is attended by colleagues from the Czech Republic, Slovakia, Russia, China and other countries. The conference is regularly held under the auspices of the President of the Czech Republic Ing. Miloš Zeman, CSc.
Innovative Economic Symposium 2015
The first conference in 2015 focused on small and medium-sized enterprises as a stabilizing factor of the market economy (Poster)
Innovative Economic Symposium 2016
The second year focused on business and economic relations between China and Central Europe. (Poster)
Innovative Economic Symposium 2017
Last year the conference was in the name of a strategic partnership in the international trade (http://ies.vstecb.cz/pages/1-intro)
Innovative Economic Symposium 2018
The fourth edition, entitled Milestones and Trends of the World Economy, took place in Beijing in the autumn of 2018 and focused on topical issues in the area of international business, economics, finance and business economics. The IES 2018 conference brings together scientists from the areas of general economics, econometrics, knowledge economy, economic policy, corporate finance and marketing in order to exchange knowledge and discuss the issues related to major events and world politics at the macro and micro levels. The main topics are:
- The strengths and weaknesses of the 21st century global economy.
- Economic and social aspects of the Fourth Industrial Revolution.
- Current world economy and economic inequality.
- Can the next financial crisis be predicted?
- Cryptocurrency as a modern tool for expanding the investment portfolio.
- Investment decision making at the international level.
More information on IES 2018 here: http://ies.vstecb.cz/
The articles from the Innovative Economic Symposium 2017 (IES 2017) were indexed in the Web of Science database (December 19, 2018).
Involving students in the creative work
The School places demands on the students both in accordance with the graduate profile and the needs of the practice itself. The students are involved in the creative activities not only to deepen their already acquired theoretical knowledge, but also to learn how to process and analyze data, understand economic and financial issues, and for example to learn about the neural network applications.
The students of the School of Expertness and Valuation work as support scientists during the course of study or complete a compulsory practice demanded by the curriculum in the position of trainees. The students are thus fully involved in the work of the School. The employees of the School of Expertness and Valuation, on the other hand, help the students in their personal development and provide the methodological assistance in the field of study.
The School of Expertness and Valuation publishes the “Journal of Valuation and Expertness”. This is a scientifically reviewed journal, founded in 2016, which focuses on the theory, practice and the process of valuing and evaluating enterprises, valuing movable assets, valuing immovables, valuing intangible assets, and other aspects of expertness and valuation. The journal is published twice a year. The editorial board of the journal is made up of business valuation experts, expert witnesses, authors of a number of expert opinions, and other major evaluators. The articles undergo two-round review procedures. Learn more about the journal here: http://journals.vstecb.cz/publications/journal-of-valuation-and-expertness/