National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Impact of smoke-free laws on hospitality businesses in the European perspective
Simpartl, Josef ; Janský, Petr (advisor) ; Haas, Emma (referee)
Ever since smoke-free laws regarding the hospitality business were proposed, there was an argument that these policies were going to harm their revenues and employment. This bachelor thesis examines this argument in the European context. The examination is divided into three parts. First, it aims to distinguish between effects of two distinctive forms of smoke-free laws. Second, it analyzes the impact of smoke-free policies over time. Third, it attempts to assess differences of their impact based on regional or socio-economic differences. Using difference-in-differences analysis of administrative annual data from Eurostat database, this thesis does not find any permanent effect of smoke-free laws on revenues or employment of hospitality businesses. The results of the analysis also show, that if there was any significant impact throughout the first years of the smoke-free law's validity, it was always short-lasting. Still, the over time impacts of the individual forms of smoke-free laws differ. In case of a partial smoke-free law, there is a statistically significant negative impact on turnover immediately after its implementation and a positive impact on employment in the third and fourth year after its implementation. The complete smoking ban does not exhibit any statistically significant impact at all. In...
Frequency connectedness and cross section of stock returns
Haas, Emma ; Baruník, Jozef (advisor) ; Kukačka, Jiří (referee)
The thesis presents a network model, where financial institutions form linkages at various investment horizons through their interdependence measured by volatility connectedness. Applying the novel framework of frequency connectedness mea- sures Baruník & Křehlík (2018), based on spectral representation of variance de- composition, we show fundamental properties of connectedness that originate in heterogeneous frequency responses to shocks. The newly proposed network mod- els characterize financial connections and systemic risk at the short-, medium- and long-term frequency. The empirical focus of this thesis is on the interde- pendence structure of US financial system, specifically, major U.S. banks in the period 2000 - 2016. In the light of frequency volatility connectedness measures, we argue that stocks with high levels of long-term connectedness represent greater systemic risk, because they are subject to persistent shocks transmitted for longer periods. When we assess institutions' risk premiums in asset pricing model, the model confirms the significance of volatility connectedness factor for asset prices. JEL Classification C18, C58, C58, G10, G15, Keywords connectedness, frequency, spectral analysis, sys- temic risk, financial network Author's e-mail Supervisor's e-mail...

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