Neural Networks in Bankruptcy Prediction - A Comparative Study on the Basis of the First Hungarian Bankruptcy Model

The article attempts to answer the question whether or not the latest bankruptcy prediction techniques are more reliable than traditional mathematical–statistical ones in Hungary. Simulation experiments carried out on the database of the first Hungarian bankruptcy prediction model clearly prove that bankruptcy models built using artificial neural networks have higher classification accuracy than models created in the 1990s based on discriminant analysis and logistic regression analysis. The article presents the main results, analyses the reasons for the differences and presents constructive proposals concerning the further development of Hungarian bankruptcy prediction.

Helyhez kötött kapcsolatok. Egy társadalmi kapcsolathálókon alapuló magyarázat a földrajzi munkamegosztás kialakulására = Ties of locality. An explanation of the development of the geographical division of labour based on social networks

A „földrajzi munkamegosztás” vagy „elhelyezkedés probléma” arra a kérdésre utal, miért alakulnak ki egy-egy gazdasági tevékenységre szakosodott földrajzi egységek, regionális gazdasági rendszerek. A hagyományos közgazdasági megközelítések a területek racionálisan kalkulálható komparatív előnyeit, a nyersanyagok vagy a piac közelségét, infrastrukturális adottságokat, útfüggőséget stb. szokták hangsúlyozni. A tanulmány szerzője a társadalmi kapcsolatok jelentőségét emeli ki, azt sugallja, hogy a területi specializálódás az egymással kapcsolatban álló, hasonlóan specializálódott többi szereplő nyomására alakul ki. A hipotézist két külföldön végzett eset tanulmány tapasztalatai alapján járja körül. ______________________ The question of "regional economic systems", "geographical division of labour" or "location problem" has an important literature. Economic approaches emphasize the rationally calculated advantages of the specialized industrial areas: the benefit of the exploitation of discovered resources, more cooperative relations, etc. The paper stresses the role of social networks in the location problem: economically specialized areas formed because of the suggestions and tips of connected enterprises, cooperative partners. The hypothesis is based on the experiences of two case studies, made in a Peruvian rural area and a Mexican modern industrial area.

Formalization of the informal venture capital market - Business angel networks and syndicates

Business angels are natural persons who provide equity financing for young enterprises and gain ownership in them. They are usually anonym investors and they operate in the background of the companies. Their important feature is that over the funding of the enterprises based on their business experiences they can contribute to the success of the companies with their special expertise and with strategic support. As a result of the asymmetric information between the angels and the companies their matching is difficult (Becsky-Nagy – Fazekas 2015), and the fact, that angel investors prefer anonymity makes it harder for entrepreneurs to obtain informal venture capital. The primary aim of the different type of business angel organizations and networks is to alleviate this matching process with intermediation between the two parties. The role of these organizations is increasing in the informal venture capital market compared to the individually operating angels. The recognition of their economic importance led many governments to support them. There were also public initiations that aimed the establishment of these intermediary organizations that led to the institutionalization of business angels. This study via the characterization of business angels focuses on the progress of these informational intermediaries and their ways of development with regards to the international trends and the current situation of Hungarian business angels and angel networks.