National Repository of Grey Literature 60 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Efficiency of EU merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
Development of investment opportunities for individual investor in the Czech Republic since 1990
Souček, Martin ; Mejstřík, Michal (advisor) ; Teplý, Petr (referee)
Purpose of this thesis is to describe historical development of the Czech capital market and collective investment market, to be able to analyse further investment opportunities of individual investor within these markets from the year 1990. In the first part of thesis we are describing institutional development of financial market from transition period through privatization until presence. In the second part we set up limiting conditions and theoretical presumptions for our analysis of investment opportunities of individual investor. We define also separate investment strategies and predictive models. In the third part of thesis we compare profitability of separate investment strategies in combination with various predictive models. Purpose of this analysis is to find out within our observed period optimal investment strategy based on historical data and econometric methods and verify usefulness of various investment rules.
Informative value of the cost efficiency concept in banking
Marková, Katarína ; Mejstřík, Michal (advisor) ; Pečená, Magda (referee)
The concept of cost efficiency has repeatedly been proven to have some signaling effect for the risk of a bank failure. In this paper we examine the informative value of the efficiency scores of institutions that have been experiencing distress within the current 'subprime' crisis. For this purpose we employ the parametric stochastic cost frontier method and estimate the cost frontier of five European banking sectors using the pre-crisis data of the period 2004- 2007. On a sample of 18 bailed-out institutions we then investigate whether abnormal development in terms of relative cost efficiency preceded the distress. We find that in all examined sectors, except of the British one, distressed institutions performed prior to the crisis on average worse than their peers in terms of relative cost efficiency. Besides, we observe that while the high-profile rescue cases of continental Europe (Dexia, Fortis, HRE) were preceded by years of excessively poor performance, the bailed-out British banks were in all concerns best performers within their relevant industries. The paper is concluded by a discussion of the fundamental risks that result from the current reshaping of the European banking industry.
Option embedded in natural gas sales'contracts
Zlámal, David ; Mejstřík, Michal (advisor) ; Dědek, Oldřich (referee)
The paper analyses the unexplored contractual relationship among sellers and buyers in the natural gas business. In the majority of European natural gas contracts the seller commits to deliver the stated quantity of gas during the year and the buyer is obliged to offtake the main part of the agreed quantity. The difference between these two volumes represents the offtaking flexibility that the seller grants to the buyer, the embedded option. The paper focuses on the evaluation of this embedded option. Firstly the investigation is performed in the current market situation when the buyer doesn't have the access to the spot market with natural gas. Under this condition the buyer can't make a profit and he is using the option only to satisfy the changing demand of his consumers. Secondly, the option is evaluated in the future situation when the spot market with natural gas emerges. In this circumstance, the embedded option becomes a financial option with changing strike price and we can evaluate it using the spread option formulas.
Cost of Equity Estimation Techniques used by Valuation Experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
Efficiency of EU Merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
Integration of European stock markets
Bartůňková, Hana ; Mejstřík, Michal (advisor)
This thesis deals with the issue of integration of stock markets in the European Union. Theoretical background explaining the importance of developed stock market for the economy and the benefits of stock market integration is followed by the analyses of integration barriers: legislative framework of European stock markets, high costs of cross-border trading and currency risk. It is shown that the current legislative process is able to create integrated European stock market, even if the problems concerning coordination of regulation and enforcement of the directives continue. High costs of cross-border trading remain an important barrier of stock market integration as well as the currency risk. Nevertheless this thesis verifies the hypothesis of forthcoming integration of European stock markets. Powered by TCPDF (www.tcpdf.org)

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See also: similar author names
2 Mejstřík, Martin
1 Mejstřík, Miroslav
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