Dear readers,

welcome to the first issue of year 2023, which continues to bring you interesting and carefully reviewed research articles. Since this issue ACTA VŠFS has updated its citation standards to widely recognized APA7 norm. While even up to now we have maintained high level of citation practice, I believe that this update will further strengthen working with literature in the journal’s articles. Also, the journal’s webpages were updated with current information and a refinement of its structure.

As for the actual content, we have got five research papers for you to read through.

The first one, “Impact of tokenization on the economics of crowdfunding investments”, came from German author and works with data from two German crowdfunding investments issued by one initiator in the real estate industry. It tries to find the impact on the demographics of the funds and the profitability for the initiator when making a structural change from a classical investment to a tokenised investment structure. The topic is interesting as current financial markets use these new techniques as a part of their evolution.

The second paper, “Examining the Impact of Financial Openness on Domestic Interest Rate in Nigeria”, as its name suggests is from African authors and investigates the impact of financial openness on domestic interest rate in Nigeria over the period from 1980–2020. The paper concludes that domestic interest rate in Nigeria was influenced positively by both FDI outflows and capital account openness. Based on these findings, the paper recommends that apart from the traditional policies used in the control of domestic interest rate, monetary authorities in Nigeria should also regulate capital outflows in their quest to direct interest rate to a desired direction.

The topic of the third paper “Behavioural finance and how its behavioural biases affect German investors” is from behavioural economics, which became a part of economic science and has got its implications on how financial markets work. It aims to evaluate the influence of behavioural biases on investing decision-making among German investors. The findings indicate that male investors are more susceptible to overconfidence and anchoring bias than female investors. However, women more likely than men fall victim to the herding bias. Generally, it shows that individual investors are prone to psychological mistakes.

In the fourth paper “The Impact of the COVID-19 Pandemic on the German pension system” the author returns to the covid-19 pandemic and analyses how it influenced the pensions in Germany. He takes the pandemic as an exogenous economic shock and makes comparisons of the pre-pandemic forecasts with actual development, evaluating the sustainability of the whole system.

Final, fifth paper “Extended Workforce Ecosystems: Intelligent Bots and Freelancers with Employee ID Cards Are Changing the Workforce Paradigm”, written by authors from two Czech universities, is focused on employment and changes in current workforce paradigms. The paper can provide organizations with comprehensive and research-based knowledge, enabling them to transition from reactive ad hoc remote work arrangements to a more sustainable and effective hybrid work approach.

I hope that you’ll find the topics and their presentation in this issue interesting and valuable for your professional practice. Let me wish you a pleasant reading, as well as nice and sunny summer!

Doc. Ing. Jan Mertl, Ph.D.
Executive Editor of ACTA VŠFS