National Repository of Grey Literature 12 records found  1 - 10next  jump to record: Search took 0.00 seconds. 
Image Registration from Static UAV Platform for Ground Objects Localization
Kučera, Adam ; Luža, Radim (referee) ; Rozman, Jaroslav (advisor)
This paper describes development of new robust method for video registration into shared space. Then it is possible to georegister this video to satellite image using single arbitrary frame. Developed high-level method is based on state-of-the-art low-level image processing algorithms. It is robust to huge and/or instant changes in lighting conditions of the scene and changes in geometry of the view. Global error problem is converted to shortest path optimization problem. Local error is minimized via fusion of two approaches to video stabilization.
Macroeconomic Uncertainty: An Exogenous Risk in Reinsurance Pricing
Stehlíková, Zuzana ; Kučera, Adam (advisor) ; Geršl, Adam (referee)
The thesis focuses on the analysis of the impact of the inflation uncertainty on the reinsurance pricing, particularly on its measures of risk. Vector autoregression models are used to predict the medium-term inflation and simulate different inflation paths. The consideration of various scenarios of future inflation captured by the stochastic modelling increases the value at risk (VaR) and the tail value of risk (TVaR) of mean ceded loss to the reinsurer. The thesis founds that the inflation uncertainty measured by the stochastic inflation matters and it is important from risk management and hedging perspectives. As a result, additional loadings could be added to the price for the mitigation of the inflation risk. Although the effect of stochasticity of the future inflation is not significant on mean loss, it is the case for the risk of measures, especially for the contracts with high retention relatively to the underlying exposure. JEL Classification F12, F21, F23, H25, H71, H87 Keywords reinsurance pricing, inflation forecasting, inflation risk, long-tail line of business Title Macroeconomic Uncertainty: An Exogenous Risk in Reinsurance Pricing
Longer-term Yield Decomposition: an analysis of the Czech Government Yield Curve
Kučera, Adam ; Dvořák, Michal ; Komárek, Luboš ; Komárková, Zlatuše
The term structure of yields is an important source of information on market expectations about future macroeconomic developments and investors’ risk perceptions and preferences. This paper presents the methodology used by the Czech National Bank to obtain such information. It describes the decomposition of the Czech government bond yield curve into its components. The evolution of those components is interpreted in relation to the macro-financial environment, as embodied by selected variables. The practical use of the decomposition in estimating and interpreting the responses of the Czech government bond yield curve to macroeconomic and financial shocks is presented using a vector autoregression model.
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Willingness to pay for streaming services: Evidence from the Czech Republic
Strnadová, Ivana ; Polák, Petr (advisor) ; Kučera, Adam (referee)
The aim of this thesis is to analyze the consumers' willingness to pay for subscription- based video streaming services in the Czech Republic. With the unique data collected via self-developed questionnaire both the willingness to pay and the maximum price that consumers would be willing to pay for such services is examined. Using the logistic regression, variables that have a significant effect on the probability of subscribing were identified. These include the age, education level, preference for original sound and Czech movie production, online payments, purchase of an electronic movie, number of devices used, cinema visits, favouritism of movies over TV shows, satisfaction with the content offered by common broadcasting stations and desire for spatial mobility when accessing video content. Similar results were obtained when predicting the price using OLS. Additionally a previous purchase of a physical medium and the income level were found significant. Based on demand estimation this thesis also suggests that from the provider's perspective the optimal profit maximization price for streaming services should be set in the range from 218 to 283 CZK.
Private Equity funds and their performance in the post-crisis period
Koníř, Štěpán ; Krištoufek, Ladislav (advisor) ; Kučera, Adam (referee)
The work covers the topic of private equity funds performance and attempt to identify the impact of macroeconomic conditions on the entire industry. The recent central banks' actions put a question about the impact of changes in interest rates on the private equity funds performance. With the sample of 100 observations provided by Cambridge Associates, we identified the significant negative effect of prevailing low interest rates on the growth of private equity funds performance. We further attempt to answer the question, whether private equity funds operating in post-crisis years has on average higher growth rate, however, we could not provide the answer as we failed to reject the null, neutral effect hypothesis. Additionally, with a sample of 3092 observations provided by Bloomberg, we found that the effect of cheap debt has increased on average in the postcrisis period, predicting that the private equity performance can suffer once the interest rates rises enough.
The Effect of Unconventional Monetary Policy of ECB on Housing Prices
Górecki, Vojtěch ; Horváth, Roman (advisor) ; Kučera, Adam (referee)
Thethesisexaminestherelationshipbetweentheunconventional monetary policyofECBandhousing markets. Weconducttheempiricalanalysison quarterlypaneldataconsistingofvariablesfromselectedeuroareacountries overtheperiod2007Q4-2017Q4. Theunconventional monetarypolicyis measuredwiththe Wu-XiaShadowrate. Thepanel VAR modelestimation providesonlyweakevidenceonthepositiveeffectoftheunconventionalmon- etarypolicyonhousingprices. Theevidenceonthe mortgageratesis more convincinginestimatingsignificantresponsethatspansovertwoyearswith peakatoneyearmark.Theresultsoftheindividualcountryanalysisindicate theheterogeneityofresponses,whiletheeffectislesssignificantincountries thatweremoreaffectedbythefinancialandsovereigndebtcrisis. JEL Classification C30,E00,R30, Keywords panel vector autoregression, unconventional monetarypolicy, ECB,housing market,euro area,shadowrate Author'se-mail Supervisor'se-mail
The Key Determinants of Plane Ticket Price Dispersion
Vlčková, Radka ; Kučera, Adam (advisor) ; Čechová, Kristýna (referee)
This thesis examines the plane tickets price development using both descriptive evidence and econometric analysis. The observed phenomenon of rising and falling fares in period close to departure is described and compared with the extensively developed theories, such as demand utilization and stochastic peak load pricing. Studying the fares observed on European routes using descriptive evidence revealed that the airlines accommodate fast to the uncertain demand. In the econometric part, the key factors influencing the price dispersion are determined. The contribution of this thesis is mainly in the econometric approach, as the price fluctuations are measured weekly using the coefficient of variation. This made it possible to compare how the different flight or market characteristics affect price dispersion in different week to departure. It was shown that number of sold seats, the load factor, is the crucial factor.
The cost of carry model in stock index futures: theory and reality
Němcová, Marika ; Dědek, Oldřich (advisor) ; Kučera, Adam (referee)
The thesis investigates the pricing efficiency of the commonly used cost of carry model in pricing stock index futures and its applicability on the German blue-chip index DAX and related futures contracts in recent years. The work considers the deviations of the observed futures prices from their theoretical counterparts as well as the fitness of the model through regression analysis. The results show that while there are many deviations from the fair values suggested by the model these are small in magnitude when compared with the potential transaction costs implying the contracts are efficiently priced. It is confirmed that there is a cointegrating relationship between futures and spot index values, however, given the regression analysis results the prices do not entirely follow the model design. The other part of the analysis focuses on the behaviour of the basis throughout the life of the relevant futures contracts. The results suggest that there is indeed a decreasing tendency towards the expiration of a contract, nevertheless, it is subject to considerable fluctuations. The paper also documents other factors that might impact stock index futures prices yet not included in the standard pricing formula. JEL Classification C12, C14, C22, G13 Keywords stock index futures, futures pricing , cost of carry,...
Central bank independence and its international dimension
Mišák, Vojtěch ; Horváth, Roman (advisor) ; Kučera, Adam (referee)
The aim of the bachelor thesis is to investigate central bank independence with the stress on its international dimension. We use spatial analyses to show the spatial spillover effect of central bank independence. We give few possible economic explanations, why central banks influence each other's independence. Because our data suffer from spatial correlation in error terms we had to used GMM estimation of our models. The most important finding of our research is that the distance is an important factor when describing the international dimension of central bank independence. Interested reader can look at the estimates of our control variables (Central bank transparency, Rule of law, Growth of GDP, membership in international organizations, Openness to trade and Inflation targeting regime) to better understand what determines the level of Central bank independence. Probably the most important finding are the estimates of Rule of Law, Growth of GDP and OECD and WTO membership. Surprisingly, Rule of Law has a negative impact on the level of central bank independence. On the other hand, countries that are members of OECD and WTO tend to have more autonomous central banks. Finally, we have compared our results to existing literature.
Use of the DHL Index in the Analysis of Globalization
Močička, Jakub ; Cahlík, Tomáš (advisor) ; Kučera, Adam (referee)
In my bachelor thesis is firstly discussed topic of globalisation, where focus point is history, development of globalisation term and varieties of definition of globalisation. Then are introduced globalisation indexes (DHL connectedness index, KOF Index of Globalization, Ernst and Young globalisation index and Maastricht globalisation index) for which indexes or indicators used to create them are discussed as well values corresponding to particular indexes and indicators and scales on which are globalisation index transformed. In the next part indexes are compared, where differences and similarities as well as set of countries on which indexes are reported and magnitudes of respective indexes and indicators are discussed. Main part of thesis is focused on the relationship between globalisation indexes and particular macroeconomic indicators (GDP, inflation and unemployment). For that purpose two methods of estimation are used - one-step Arellano-Bond GMM estimator and fixed effect. Study is focused on a time period between year 2005 and 2013 for which DHL Global Connectedness Index is reported. Dataset consists of panel data of 140 countries for GDP and inflation and 34 countries for unemployment. Final part is focused on evaluation of relationships between globalisation indexes and macroeconomic...

National Repository of Grey Literature : 12 records found   1 - 10next  jump to record:
See also: similar author names
1 Kučera, Alexandr
4 Kučera, Aleš
2 Kučera, Antonín
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