Krzysztof Nowak (p), Jana Přílučíková (p), Áron Horváth, Malgorzata Snarska (p)

Oleksandr Talavera

The Visegrad group consists of four countries – Czech Republic, Hungary, Poland and Slovakia. Respresenting the region of Central and Eastern Europe the economies of the four countries are belived to be codependent. This also refers to the commercial real estate markets.
The dominant role on the commercial real estate markets in the Visegrad group countries is played by foreign investors.
Taking that into consideration, the objective of the study is to verify if the office markets in Prague, Budapest, Warsaw and Bratislava can represent similar way of behaviour (despite the visible differences e.g. in the spatial planning at the local level). In the study, we use quarterly time series of the four office markets (stock, supply, vacancy rate, rents, yields etc.) along with demand data and financial data for period of over fifteen years. Our research is based on econometric models. First, we determine the Vector Error Correction Models (VECM) for each market individually. Then, we examine if the four markets can work as one in the VECM on panel data. Using the VECM approach we verify the relationships including shocks, leads, lags and possible asymmetries. The final step of the study is to verify the existance of convergence between the four office markets (α, β, σ). The conclusions of the analysis should allow us to answer the question whether the four office markets can be in fact regarded as one market.

Cigdem Gedikli, Robert Hill, Oleksandr Talavera (p), Okan Yilmaz

Krzysztof Nowak

This paper explores the interpersonal vocal communication of managers with analysts during earnings conference calls. We apply a novel machine learning technique to a sample of more than 600,000 earnings call Q&As to generate vocal emotion measures. We show evidence of emotionally reciprocal interactions in analyst-manager conversations. Negative questions asked by analysts are likely to evoke negative vocal responses from managers. This vocal reciprocity is stronger when the respondent manager is female, but weaker when the analyst is new to the firm and when the analyst dialogues with the CEO or with an older manager. We also document that analysts incorporate emotionally charged information when forecasting earnings.