National Repository of Grey Literature 18 records found  1 - 10next  jump to record: Search took 0.00 seconds. 
Earnings Management under Financial Distress Conditions, the Effect of Tax Considerations
Britskiy, Andrey ; Novák, Jiří (advisor) ; Palanský, Miroslav (referee)
This master thesis attempts to contribute to the existing earnings management literature by examining whether tax avoidance incentives affect opportunistic accounting choices in distress conditions. To address this issue, it investigates 2668 companies in the quarters around breach of debt covenant spanning from 1996 to 2006. This allows to analyze two distress scenarios: first, whether the companies having the opportunity to minimize tax expenses and thus improve their financial stability, would deliberately switch from engaging in aggressive upwards real earnings management to tax considerations to mitigate the potential consequences of technical default; second, whether the companies facing increased lender's scrutiny after subsequent violation are compelled to switch by the creditor. The results indicate that tax considerations do not deter misreporting in the quarters around debt covenant violation. This thesis further provides evidence against the debt covenant hypothesis: the companies in the analyzed sample engaged in negative revenue manipulation in the quarters of new breach of debt covenant and in the quarters in which the firms remained in violation. In additional analysis, it was found that the above relationship is more prominent for the companies exhibiting poor financial performance.
The Impact of International Sanctions on The Economy of Iran
Kraváček, Tomáš ; Baxa, Jaromír (advisor) ; Palanský, Miroslav (referee)
The pursue of Iran's regional ambitions since the very existence of the Islamic republic has commonly collided with the interests of other regional players such as Saudi Arabia and Israel supported by the U.S. Consequently, Iran has been often a target of various U.S. sanctions. Later, after the continuing Iranian reluctance to abide by the international rules concerning its nuclear programme, the EU joined the U.S. in sanctioning Iran. In 2012, the oil embargo was imposed by the former which dramatically reduced the value of Iranian exports. In this thesis, we apply the synthetic control method to estimate the effect of international sanctions on the economy of Iran. We estimate the possible development of Iranian GDP per capita during the 2010-2015 period had it not been for the international sanctions. Our results show a steady growth of the GDP per capita in the absence of the sanctions. In 2015, the last year of the sanctions, the difference between our estimated GDP per capita and the actual one is 1,911 U.S. dollars. Keywords synthetic control method, nuclear programme, GDP per capita, Iran, sanctions, trade, oil
The Value of Political Connections: Evidence from the Czech Republic
Palanský, Miroslav ; Janský, Petr (advisor) ; Gregor, Martin (referee)
The Value of Political Connections: Evidence from the Czech Republic Miroslav Palanský Abstract This thesis estimates the value of political connections in the Czech Republic and it is divided into two parts. The first one explores the recently extended, most advanced publicly available data set on political party financing in the Czech Republic, covering the time period 1995-2015. We analyze basic patterns in party funding and their development over time. We focus primarily on private funding from both legal and natural persons. The data show that there exists substantial heterogeneity in the volume of private funding across parties and over time, but contributions from the government budget remain the most important source of income for all larger parties. We analyze the available data on donations and discuss several issues regarding the notion that donors may view contributions as investment, yielding possible profits in the future. In the second part, we use the data set of corporate donations to construct a proxy variable for political connections and to estimate the effect of being connected to a political party on the financial performance of such firms. We find that the connected firms perform significantly better than the non- connected ones in the years following the establishment of the...
Tax havens' financial secrecy and its development
Machil, Matej ; Palanský, Miroslav (advisor) ; Janský, Petr (referee)
Tax havens and global financial secrecy have become a major issue in the modern world. In order to effectively increase transparency across the world, it is important to know how the secrecy is developing over time. Financial Secrecy Index ranks jurisdictions according to their secrecy level and their share of the global market of the financial services provided to non-residents. Accurate information on development of secrecy plays an important role for policy makers who collaborate on the expansion of worldwide transparency. The main objective of the thesis is to reduce the influence of change of methodological approach applied in the calculation of the ranking by implementing this methodology to the previous edition of the Financial Secrecy Index. As a result, comparison of secrecy in involved jurisdictions has been enabled over last couple of years. The presented work seeks to find out whether the movements across the ranking were caused by the change of secrecy or by the change in methodology. Moreover, this thesis confirms that overall secrecy level is decreasing over time mainly as a consequence of the improvement in international standard and cooperation. JEL Classification F36, F63, F65, G28, H26 Keywords Financial Secrecy Index, tax havens, secrecy jurisdictions, financial secrecy,...
Estimates of the role of non-tariff measures in trade between CZE/EU and Japan
Srna, Jan ; Semerák, Vilém (advisor) ; Palanský, Miroslav (referee)
Japan and the European Union negotiated and ratified an agreement about free-trade area that came into effect in January 2019. There haven't been enough data for Japan and the Czech Republic to show the actual impact yet. Gravity model is a useful tool for international trade that can be used to estimate the effect. Various types of methods are used for estimation. The main ones used here in this paper are Random effects and Poisson Pseudo Maximum Likelihood (PPML) estimator. According to PPML model, the impact of the treaty is expected to be 57.3% increase of imports. The model shows positive trade potential for Japan and the Czech Republic. Especially for Japan there is a large gap between model prediction and actual values which means a small trade creation is expected. However, the most of the increasement of bilateral trade should be originated from trade diversion.
Public Procurement Procedures and Their Effects: Evidence from the EU
Čep, Jiří ; Palanský, Miroslav (advisor) ; Matoušek, Jindřich (referee)
The goal of this thesis is to analyze the effect the choice of procurement procedure has on the price of public procurement. We achieve this by investigating the dataset on public procurement data in the EU by the Digiwhist project. In the presented model, we explain the variation in the difference of final and estimated price of procurement as a function of procurement procedure used and a set of auction characteristics such as the number of bidders, contract complexity, type of supply and others. The results show that the open procedure is generally superior to its alternatives in terms of monetary savings. We also demonstrate that in the open procedure, the largest part of the cost reduction comes from the competition effect caused by the number of bidders present, whereas other procedures are not as sensitive to changes in the number of bidders. We find that the average number of bidders is significantly lower than the optimal number would be. 1
Analysis of Free Trade Agreements Between European Union and Latin American Countries
Macháček, Martin ; Semerák, Vilém (advisor) ; Palanský, Miroslav (referee)
Bibliographic note Macháček Martin. Analysis of Free Trade Agreements Between European Union and Latin American Countries. 35. Bachelor thesis. Charles University, Fac- ulty of Social Sciences, Institute of Economic Studies. Supervisor Ing. Vilém Semerák M.A., Ph.D. Abstract The aim of this paper is to examine if free trade agreements between Latin American countries and the European Union have positive effect on trade flow between the two. For this purpose, we use gravity models, specifically Ordi- nary Least Squares and Poisson Pseudo Maximum Likelihood estimations with time and country-pair fixed effects. We apply these methods on five studied countries: Argentina, Brazil, Chile, Colombia and Mexico. The results show that the agreements with the European Union for the first four mentioned countries have positive impact, although lower than the impact of other agreements signed by these countries. For Mexico, the effect is negative, which corresponds with the reports of the EU, which is negotiating modernization of their agreement. JEL Classification C51, F12, F14, F21, H25 Keywords International trade, gravity model, European Union, Latin America Author's e-mail Supervisor's e-mail
Collaborative purchasing in public procurement: A comparative study
Křivohlavý, Tomáš ; Palanský, Miroslav (advisor) ; Pleticha, Petr (referee)
This bachelor thesis deals with the issue of collaborative purchasing in public procurement. We describe possible effects of centralized purchasing and define the objectives and strategies of the European Union regarding procurement centralization. Then, we examine the effects of centralized procurement based on a unique dataset of tenders from the whole European Union using Quasi-Maximum likelihood estimation. We find a positive effect of central procurement on competition in three procurement sectors. We also find that the effect is higher in countries with a higher degree of corruption. Centralized purchasing is criticized because of possible disadvantaging of small enterprises. We show that this strategy has a negative effect on the probability of awarding contracts to small or medium companies in two procurement sectors. One of the recommendations of the European Union to solve this problem is the usage of tenders with multiple selection criteria. However, our results do not confirm the validity of this recommendation.
EU and State Grants Distribution in the Czech Republic: The Effect of Political Connections
Kopeček, Martin ; Palanský, Miroslav (advisor) ; Turnovec, František (referee)
This thesis is divided into two parts. The first part analyses recently published data from the Central Grant Registry (CEDR) on state grant distribution in Czechia between 1999 and the present year. In the second part, I link this data to information on political connections established through donations to parties and examine whether politically connected firms are more successful in competing for state grants. I match the donating firms to non-donating but otherwise similar firms using propensity scores based on a number of observable characteristics. The results indicate that donating companies have a 40% higher success rate in receiving state grants compared to non-donating firms. I find that the effect is higher for grants from the state budget than for grants from EU funds, which is consistent with EU-funded grants being subject to stricter regulations. JEL Classification D72, D73, H2, H71, H81 Keywords grants, subsidies, donations, political connections Author's e-mail Supervisor's e-mail

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