Eurasian Economic Perspectives: Proceedings of the 25th Eurasia Business and Economics Society Conference (Eurasian Studies in Business and Economics, 12/1)

Preface
Eurasia Business and Economics Society (EBES)
Contents
List of Contributors
Part I: Regional Studies
	Residential Real Estate in the Municipalities Located in the Naturally Valuable Areas in Poland
		1 Introduction
		2 Methodology
		3 Research Results
		4 Conclusions
		References
	Contemporary Trade Regionalism on the Example of Free Trade Area of the Asia-Pacific (FTAAP)
		1 Introduction
		2 Bilateralism, Inter-regionalism, Mega-Regionalism in Trade: Explaining the Conceptual Intricacies
		3 Asia-Pacific Economic Cooperation (APEC) and Trade Regionalism
		4 Economic Potential of FTAAP
		5 Scenarios for FTAAP
		6 Conclusion
		References
	Financial Vulnerability of NGOs in Southeast Anatolia and Mediterranean Regions
		1 Introduction
		2 Data and Methodology
			2.1 Data
			2.2 Methodology
				2.2.1 Dependent Variable
				2.2.2 Independent Variables
				2.2.3 Revenue Concentration Index
				2.2.4 The Multiple Regression Model
		3 The Findings and Discussions
			3.1 Revenue Concentration of Youth NGOs
			3.2 Revenue Types of Youth NGOs
			3.3 Financial Vulnerability of Youth NGOs
			3.4 Multiple Regression Analysis
		4 Conclusion
		References
	Structural Changes on Polish Housing Market: Has the Market Returned to the Level Before the Crisis?
		1 Introduction
		2 The State of the Polish Housing Market in Historical Terms: The Effects Currently
		3 Data and Methodology
			3.1 Data
			3.2 Methodology
		4 Results
		5 Conclusion
		References
Part II: Macro Economics
	Effect of GDP, Energy Consumption, and Material Consumption on Waste Generation: The Case of EU-28 Countries
		1 Introduction
		2 Related Literature
		3 Data
		4 Econometric Model
		5 Empirical Results
		6 Conclusion
		References
	A Comparative Global Overview for Flat-Plate Solar Collectors (FPSCS) in G-7 and G-20 Countries
		1 Introduction
		2 Theoretical Frame: An Economic Shift of Gravity Center from G-7 Countries to G-20 Countries
		3 Chosen Countries: Economic Performances of the Advanced and the Largest Emerging Market Economies in the G-20
			3.1 Current Renewable Energy Support Policies in the G-20 Countries
			3.2 Recent Solar Energy Systems´ Market and Policy Trends
				3.2.1 Introducing the FPSC: A General View
				3.2.2 Features of the FPSC: A Technical View
				3.2.3 A Specific Global Comparison by FPSCs on the G-20 Countries Among Top World Countries
		4 Application: Creating a Policy Development Index on Applied Renewable Energy Policy
		5 Conclusions and Policy Recommendations
		References
	Cluster Analysis of Sustainable Development Goal Indicators in the European Union
		1 Introduction
		2 Theoretical Foundations and Literature Review
		3 Data and Methods Applied
			3.1 Cluster Analysis
			3.2 Sets of Indicators Applied in the Cluster Analysis
		4 Results of the Analysis
			4.1 Results of the Cluster Analysis
			4.2 Deeper Analysis of the Relations Between Selected Indicators
			4.3 Overall Assessment of the Results
		5 Conclusions
		References
	An Investigation of Turkey´s Competitiveness on Different Products Groups in Automotive Sector via Revealed Comparative Advant...
		1 Introduction
		2 Literature Review on RCA Index for Turkey
		3 Methodology
		4 Findings
		5 Conclusion
		References
	Intra-industry Trade Development and Adjustment Cost: Testing Smooth Adjustment Hypothesis for the Estonian Labor Market
		1 Introduction
		2 Literature Review
		3 Data and Model Specification
		4 Empirical Results
		5 Conclusion
		References
	Underemployment Among Educated Poles
		1 Introduction
		2 The Extent of Inadequate Employment in Poland: Survey Results
			2.1 Invisible Underemployment (Overeducation)
		3 Outcomes Associated with Visible and Invisible Underemployment
			3.1 Descriptive Statistics
			3.2 Estimation of Model
		4 Conclusion
		References
Part III: Investment and Risk Management
	A Factor Model for Country-Level Equity Returns
		1 Introduction
		2 Data and Methods
			2.1 Data Sources and Sample Preparation
			2.2 Country-Level Anomalies
			2.3 Asset-Pricing Models
			2.4 Asset-Pricing Factors
			2.5 Robustness Checks
		3 Results
			3.1 Overview of the Anomalies
			3.2 Comparison of Asset-Pricing Models
			3.3 Country-Level Asset-Pricing Tests
		4 Conclusion
		Appendix
		References
	Earnings Quality and Market Efficiency: Evidence from Romanian Capital Market
		1 Introduction
		2 Literature Review
			2.1 The Quality of the Information and the Efficiency of Financial Markets
			2.2 Accounting Criteria for the Estimation of the Financial Information Quality
			2.3 The Estimation of the Capital Markets´ Efficiency Degree
		3 Hypotheses Development
		4 Research Design
			4.1 Data, Population, and Sample
			4.2 Data Analysis Models
				4.2.1 Measures for Earnings´ Quality
				4.2.2 Market Efficiency Estimation
				4.2.3 The Influence of the Earnings´ Quality on the Market Performance
		5 Empirical Results
		6 Conclusions
		References
	Assessing the Risk Associated with Lease Certificates in the Turkish Capital Market
		1 Introduction
		2 Sukuk Market in Turkey
		3 Literature Review
		4 Data and Methodology
			4.1 Data
			4.2 Methodology: Value at Risk and Conditional Value at Risk Approaches
			4.3 Findings of the VaR and CVaR Calculations
		5 Concluding Remarks
		References
	A Tale of Two States: An Application of a Markov Switching Model to Anomaly Returns
		1 Introduction
		2 Equity Anomalies
		3 Predicting Returns with a Markov Switching Model
		4 Additional Robustness Tests
		5 Concluding Remarks
		References
	Influence of the Correlation Coefficient on the Risk of the Exchange Option
		1 Introduction
		2 Payoff Function and Price of the Exchange Options
		3 Sensitivity Measures of Exchange Option and Correlation Coefficient
			3.1 Delta Parameter
			3.2 Vega Parameter
			3.3 Theta Parameter
		4 Conclusion
		References
Part IV: Economics of Innovation
	Evaluation of Creative Industries´ Economic Impact in the EU Countries
		1 Introduction
		2 Peculiarities of the Creative Industries Sector
			2.1 Structure of the CI Sector
			2.2 Unpredictable Cyclical Demand
			2.3 One of the Main Innovation-Promoting Sectors
		3 Impact of Creative Industries on National Economy
		4 Assessment of Creative Industries´ Economic Impact in the EU Countries Through Employment, Added Value and Exports
			4.1 Creative Industries´ Impact Through Employment
			4.2 Creative Industries´ Impact Through Value Added
			4.3 Creative Industries´ Impact Through Exports
			4.4 Overall Creative Industries´ Impact on National Economy
		5 Discussion and Conclusions
		References
	Disruptive Innovation and Dynamic Capabilities Approach: Sensing, Seizing, and Transforming
		1 Introduction
		2 Methodology
		3 Disruptive Innovation
			3.1 Marginal Markets
			3.2 Value Proposition in Main Attribute
			3.3 Performance Oversupply
		4 Dynamic Capabilities
		5 Disruptive Innovation and Dynamic Capabilities
			5.1 Identification of Disruption Opportunities
		6 Disruptive Strategy Deployment
		7 Transformation of Organizational Capabilities
		8 Organizational Capabilities
		9 Conclusions
		References
Part V: Law and Regulation
	Formation of Contracts via the Internet
		1 Introduction
		2 The Concept of ``Electronic Contract´´
			2.1 Methods of Electronic Contracting via the Internet and Their Legal Aspects
			2.2 Electronic Contracts and Distance Contracts
		3 The Legal Aspects of Electronic Contracting Process
			3.1 Commercial Website Display: Offer or Invitation to Treat?
			3.2 Communication of Acceptance via the Internet
		4 Conclusions
		References
	Restraint of Trade Clauses in Commercial Agency Contracts: A Comparative Perspective
		1 Basic Concepts
			1.1 Restraint of Trade Clause
			1.2 Commercial Agent
		2 Restraint of Trade Clauses in Commercial Agency Contracts
			2.1 Interests and Reasons Behind Restraint of Trade Clauses in Commercial Agency Contracts
			2.2 Legislation
		3 Scope of Restraint of Trade Clauses
			3.1 Personal Scope of Application
			3.2 Time Scope
		4 Conditions for a Valid Restraint of Trade Clause After Termination of Commercial Agency Contract
			4.1 Time Limit for Restraint
			4.2 Scope of Restraints
				4.2.1 Limitation by Geographical Area or Group of Customers
				4.2.2 Limitation by Kind of Goods or Services Covered by Commercial Agency
			4.3 Formal Conditions
			4.4 Payment of a Reasonable Compensation
		5 Waiver
		6 Effect of Termination of Commercial Agency Contract for a Significant Reason on Restraint of Trade Clause
		7 Agreements Against HGB Article 90a and TCC Article 123
		8 Conclusion
		References
	Equalization Demand of the Agent and Its Importance in Business Law
		1 Introductions
		2 Definition and Types of Agent
		3 Reasons for Equalization Demand
		4 Concepts and Legal Characteristic of Equalization Demand
		5 Conditions of Equalization Demand
			5.1 Expiration of the Agency Contract
				5.1.1 If the Agent Is Not Capable of Continuing His/Her Activity Due to Reasons Such as Illness or Old Age
				5.1.2 Transfer of Contract/a Third Party Enters into Contract
			5.2 Other Terms
				5.2.1 The Principal Must Be Able to Obtain Significant Benefits After the Termination of the Contract from the New Customers, ...
				5.2.2 Agency´s Loss of Commission
				5.2.3 The Equalization Demand Must Not Be Contrary to Equity
		6 Calculating the Equalization Demand
		7 Period of Submission of the Equalization Demand
		8 Applying the Equalization Claims on Other Contractual Relationships That Grant Exclusivity Right
		9 Conclusions
		References
	Commercial Agency Contract and Comparison with Similar Contracts (Exclusive Distribution, Franchising, Brokerage, and Commissi...
		1 Introduction
		2 The Concept of Agent and Its Characteristics
			2.1 The Agent
			2.2 Intermediary Agent
			2.3 Agent Authorized to Conclude Contract
		3 Agency Contract in General
			3.1 Legal Character
			3.2 Form
			3.3 Rights and Obligations of Agent
				3.3.1 Rights
					In General
					Right to Remuneration
				3.3.2 Obligations
			3.4 Agent´s Representation Authority and Its Scope
		4 Comparing Agency Contract with Similar Contracts
			4.1 Comparing with Exclusive Distribution Contract
				4.1.1 Exclusive Distribution Contract in General
				4.1.2 The Differences Between Exclusive Distribution Contract and Agency Contract
			4.2 Comparing with Franchising Contract
				4.2.1 Franchising Contract in General
				4.2.2 The Differences Between Franchising Contract and Agency Contract
			4.3 Comparing with Brokerage Contract
				4.3.1 Brokerage Contract in General
				4.3.2 The Differences Between Brokerage Contract and Agency Contract
			4.4 Comparing with Commission Contract
				4.4.1 Commission Contract in General
				4.4.2 The Differences Between Commission Contract and Agency Contract
		5 Conclusion
		References
	Women as Perpetrators of Economic Offences in France
		1 Introduction
		2 Economic Offences: Characteristics
			2.1 Fraud
			2.2 Abuse of Trust
			2.3 Other Economic Offences
			2.4 Specificity of ``Female Perpetration´´ of Economic Offences
		3 The Analysis of Statistics: French Experiences
		4 Conclusions
		References
	Criteria for the Proper Management of Public Property and the Control of Public Procurement
		1 Introduction
		2 Criteria of Proper Management of Public Property
		3 Control of Public Procurement and Application of Criteria for Proper Management of Public Property
		4 Conclusions
		References
	The Jurisdiction of the European Commission and National Competition Authorities in the Control of Legal and Economic Aspects ...
		1 Introduction
		2 The Concentration Procedure in the Light of Regulation 139/2004
		3 The Relevant Markets and the Market Position of the Merging Undertakings in Assessing the Legitimacy of the Concentration
		4 Division of Jurisdiction in the Control of Concentrations Between the European Commission and National Competition Authoriti...
		5 Substantive Legal and Economic Criteria of the Control of Concentrations by the European Commission and National Competition...
		6 Conclusion
		References
	Public Tender as a Form of Selection of the Electricity Supplier for the Residents of the Commune
		1 Introduction
		2 Legal and Factual Application of the Third-Party Access (TPA) Principle by Communes
		3 Selection of the Energy Supplier by Way of a Public Procurement Procedure for the Purchase of Energy by the Commune
		4 Conclusion
		References
	The Most Economically Advantageous Tender in the Public Procurement System in the European Union
		1 Introduction
		2 The Most Economically Advantageous Tender in the EU Law
		3 The Most Economically Advantageous Tender in Selected Member States
		4 Evaluation of the Most Economically Advantageous Tender
		5 Priority Services, Non-priority Services, and Construction Works
			5.1 Priority Services
			5.2 Non-priority Services
			5.3 Construction Works
		6 Conclusion
		References