National Repository of Grey Literature 22 records found  1 - 10nextend  jump to record: Search took 0.01 seconds. 
Relationship between Daylight Saving Time and individuals' time use preferences - implications for the European reform of time switching regime
Dančej, Ján ; Pertold-Gebicka, Barbara (advisor) ; Havránková, Zuzana (referee)
Currently, there is a legislative procedure in the EU to abolish switching of time regimes. Under this procedure, member countries should choose to observe either permanent Standard Time (ST) or permanent Daylight Saving Time (DST). We study whether the time regime has an effect on how people spend their time. The data we are using are daily time use panel data of US citizens from the American Time Use Survey from 2003 to 2019. To study time use of daily activities, we combine the short-run before-after effect of time regime switch with the long-run comparison of time regimes in Difference-in-Differences. We layout basic implications for EU member states, regarding individuals' time use preferences, and the time regime reform.
The Economics of Face Masks: application of VSL's controversy and GDP's critique on the case of the Czech face masks sewing initiative and its value estimation
Malá, Markéta ; Schwarz, Jiří (advisor) ; Havránková, Zuzana (referee)
The thesis describes the economic context of the face masks sewing initiative in the Czech Republic (the prompt and extensive help of volunteers with tackling the face masks' shortage during the COVID-19 pandemics) and attempts to estimate its economic value. Even in the most conservative scenario that assumes efficacy of face masks to be only 8 %, the results suggest that the initiative still created lower units of billions CZK in economic value as a result of contributing to the prevention of 6,290 - 18,825 infections, 1,006 - 3,012 hospitalizations and 95 - 284 deaths only within the first month. If we assume 20 % masks efficacy, the initiative's value equals to 1 - 9 % of the Czech monthly GDP .
Does Daylight Saving Time Save Energy? Evidence from the Czech Republic
Častorálová, Lucie ; Havránková, Zuzana (advisor) ; Kopečná, Vědunka (referee)
A b s tra c t The recent discussion of the European Parliam ent, member states, and citizens triggered the question whether there is s till a need for bi-annual clock shifting from the perspective of energy savings. Employing the difference-in-differences method on hourly data on electricity consumption between 2006 and 2017, the study con­ cludes th a t daylight saving tim e policy reduces aggregate electricity consumption by 0.35 % in the Czech Republic. Moreover, daylight saving tim e leads to 1% savings on domestic residential electricity consumption. Overall, daylight saving tim e increases electricity consumption in the morning, bu t decreases electricity consumption in the evening by greater amount. We have estimated th a t more than 65 % of to ta l electricity savings attributable to daylight saving tim e arose from effect of the daylight saving tim e on residential electricity consumption. 1
Income Inequality and Economic Growth: A Meta-Analysis
Posvyanskaya, Alexandra ; Havránková, Zuzana (advisor) ; Bauer, Michal (referee)
The impact of inequality on economic growth has become a topic of broad and current interest. Multiple researches investigated the issue but the disparity of opinions and empirical results is huge. The present thesis revises the pri- mary literature through a meta-analytical approach applying Bayesian Model Averaging (BMA) estimation technique. We examine 562 estimates collected from 58 studies published between 1991 and 2015. I find the evidence of the publication bias presence in the literature. The authors of primary studies tend to report preferentially negative and significant estimates. The BMA results suggest that the effect of inequality on growth is not straightforward and is likely not linear. A single pattern for inequality/growth relationship is not fea- sible since the results vary across used income inequality measures, estimation methods and data structure and quality. JEL Classification D31, O10, C11, C82 Keywords meta-analysis, inequality, economic growth, Bayesian model averaging, publication bias Author's e-mail Supervisor's e-mail
Using Model Averaging Techniques to Examine Determinants of Stock Returns
Tóthová, Miriama ; Havránková, Zuzana (advisor) ; Jakubík, Petr (referee)
The predictability of stock returns has been a widely discussed topic in the fi- nancial literature. In the presented thesis, we examine the effect of 20 possible predictors on S&P 500 excess returns in the time period from June 1998 till December 2016. However, traditional models examining stock returns usually ignore the issue of model uncertainty. In order to explicitly incorporate uncer- tainty about the model into the analysis, we employ two model averaging tech- niques, in particular Bayesian model averaging (BMA) and frequentist model averaging (FMA). As a robustness check we use three different combinations of priors within BMA framework. We assess the quality of their predictions and compare the results with the traditional methods based on model selection cri- teria. We find out that among the most important variables explaining excess returns on S&P 500 stock index are three-month Treasury bill rate, dividend yield, term premium, payout ratio, excess returns lagged twice, and default risk premium. These are robust across all models we have estimated. Although fre- quentist model averaging provides in-sample predictions superior to BMA as the literature suggests and it also performs better than models selected accord- ing to popular statistical criteria, it fails to outperform the Bayesian...
Does Daylight Saving Time Save Energy? Evidence from Slovakia
Kúdeľa, Peter ; Havránková, Zuzana (advisor) ; Valíčková, Petra (referee)
This thesis studies the impact of the daylight saving time (DST) on electricity consumption in Slovakia in the period between April 2010 and July 2017. Re­ cently the relevance of the DST policy has been questioned by the European Parliament which calls on the revaluation of the policy. Research conducted in other countries has suggested that in some countries the DST might be an out­ dated or not suitable policy. To determine the magnitude and the direction of the effect in Slovakia difference-in-difference estimation is used. Relevant fac­ tors are controlled for (e.g. price, weather, seasonality). The lack of the control group is solved by using ''equivalent day normalization" technique. The results suggest yearly overall savings in electricity consumption due to the DST pol­ icy to range between 1.27% and 1.56% which, given the price levels in 2016, amounts from 6.3 to 7.8 million Euros. DST is estimated to cause the highest energy savings during the peak of electricity consumption which occurs in the early evening hours. On the other hand, during the late evening hours the DST seems to increase the electricity consumption which partially mitigates the overall savings. JEL Classification Keywords Author's e-mail Supervisor's e-mail C51, H77, Q48 daylight saving time, difference in difference,...
The Elasticity of Substitution between Skilled and Unskilled Labor: A Meta-Analysis
Laslopová, Ľubica ; Havránková, Zuzana (advisor) ; Komárek, Luboš (referee)
In this thesis we use meta-analytic methods to quantitatively summarize empirical evidence on elasticity of substitution between skilled and unskilled labor. Review is based on sample of 684 estimates from 78 studies. After a brief overview of theoretical framework, estimation strategies and distri- bution of the existing estimates, we test for publication bias. According to regression-based tests for publication bias, we do not reject null hypothesis of no publication bias in the existing literature. To explain heterogeneity between the estimates, we use Bayesian Model Averaging. We find that both real factors and research design influence resulting value of estimated elasticity. Our synthetic estimates of the elasticity imply that skilled and unskilled workers are imperfect substitutes in the long run, substitutability in the short-run is mostly limited. JEL Classification: J82, J23, J24, J31 Keywords: elasticity of substitution between skilled and un- skilled labor, meta-analysis, publication bias Author's e-mail Supervisor's e-mail 1
Bank regulatory standards and supervision: The impact on the of banks' efficiency
Kufnerová, Andrea ; Fišerová, Tereza (advisor) ; Havránková, Zuzana (referee)
This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...
The globalisation of the Chinese financial sector
Reyisha, Ahemaitijiang ; Teplý, Petr (advisor) ; Havránková, Zuzana (referee)
In this thesis we have studied China's financial sector globalisation by analysing the determinants of Chinese banking sector profitability, and the relationship between GDP growth and FDI inflows. For estimating the Chinese banking sector profitability, we applied system GMM estimation on the annual data of 56 banks currently in China. The time period of the data is from 2002-2011. We found out that both internal and external factors have impact on the Chinese banking sector profitability. As we have expected financial sector globalisation has positive impact on the profitability of banking industry. For analysing the impacts of financial sector globalisation in terms of FDI contribution to the Chinese economy, we have tested the relationship between FDI and GDP by running the VAR model on the macro data over the time period of 1987-2011. We have found that GDP growth explains the rapid development of FDI, and FDI indirectly influences the GDP growth by influencing the domestic investments.

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