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The socioeconomic effects of microeconomic teaching
Štěpánová, Sára ; Červinka, Michal (advisor) ; Zeynalova, Olesia (referee)
The field of microeconomics has quite strong assumptions of rational and self-interested behaviour on which it builds its mathematical models. As such, it may be presented to the students of microeconomics as a norm and students may then behave more selfish in their decision-making, which would make the assumptions of microeconomics self-fulfilling. This study investigates whether the current teachings of microeconomics promote self-interest. It focuses on the influence that different forms of wording have on decision-making. It further compares students of economics and students of non-economic fields and inspects whether the exposure to microeconomics courses affects the decision-making of students. It replicates the experiment of Buchter (2020) and compares the results. The data was collected through three differently worded versions of an online questionnaire, randomly distributed among the students of the Faculty of Social Sciences, Charles University, both from economic and non- economic fields of study. The results showed that wording is the most significant factor for the decision-making of individuals. Field of study or the number of semesters of microeconomics did not have a significant effect on the respondents choices. Year of study had some effect on the decision-making of respondents,...
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Benefits of a concurrent planning of the long-term distribution and business strategies
Petřík, Theodor ; Červinka, Michal (advisor) ; Bajgar, Matěj (referee)
Business and distribution strategy planning is usually carried out in a sequence. A company first devises a business plan and then a distribution strategy to ac- commodate it. The separation in planning can lead to a sub-optimal choice. We propose a method to concurrently plan both strategies using a Bayesian network. We present three modifications of our concurrent optimization model based on different optimization objectives - distribution strategy costs mini- mization, revenue maximization, and profit maximization. The derivation of all model modifications and the collection process of the required inputs are described in detail. The presented model is tested on a business case of the company Pilsner Urquell. Using the company's historical data from 01/2017 and 06/2017, we design the optimum cost distribution strategy in the Czech market for 2018 - 2020. Our results are then compared with the real company development over the same period. Our model shows that the company could have selected a more cost-effective distribution strategy in 2017. Furthermore, we present a range of options for further research. JEL Classification C02, C11, C61 Keywords Bayesian Networks, Business plan, Concurrent planning, Distribution strategy Title Concurrent Business and Distribution Strategy Planning Using...
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New Evidence on Abnormal Stock Returns and Abnormal Trading Volume Associated with Inclusions in S&P 500 and FTSE 100
Bartůněk, Jan ; Červinka, Michal (advisor) ; Šíla, Jan (referee)
This thesis analyses abnormal returns and volume around the inclusion of stocks in S&P 500 and FTSE 100 in the 2011-2022 period. The paper contributes to existing research by providing a daily abnormal return analysis for additions to S&P 500 and a thorough study of abnormal returns and trading volume for additions to FTSE 100, a study that has not been recently conducted. For the first time, this thesis provides a comparison of the inclusion effect on the two indices. This thesis reports new results compared to earlier research. The results show that despite the apparent redistribution of stocks one day before the inclusion, there are no abnormal returns on either index on this day. The analysis reports a negative price reaction for additions from S&P 400 and a positive price reaction for additions from outside of S&P 1500. The analysis of FTSE 100 additions shows a negative price effect of the announcement and no daily abnormal return one day after the announcement. Additionally, a different price and volume reaction is observed between the stocks already once added and stocks newly added to the index, as the latter faces a stronger abnormal reaction.
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Analysis of Investments and Market Value of Football Clubs
Podzemský, Lukáš ; Polák, Petr (advisor) ; Červinka, Michal (referee)
In the most recent times, success in football competitions and huge money in- vestments became almost synonyms. This thesis investigates to what degree the market value of a team impacts their success in modern European football. Furthermore, this work extends the existing literature by focusing on the in- dividual in-game positions' effect on success based on the market values. This thesis uses correlation analysis and OLS regression in its empirical part. Data sample covers last six seasons starting in 2015/2016 and three major competi- tions - Premier League, LaLiga and Serie A. The first important finding comes from the Pearson correlation coefficient for the position in standings and posi- tion by market value of a team, and it is that the Serie A has the highest level of correlation between those two variables equal to 0.87. On the other hand, from the OLS regression, we found out that the least amount of extra investment is required in Serie A to get extra points. The most expensive competition in this way is Premier League. Finally, this work finds an evidence that the most important position for success with the highest returns on investment is defense for Premier League, midfield for Serie A, and offense for LaLiga. Fur- thermore, the importance of goalkeepers was not found to be...
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Variational Analysis and Its Applications
Červinka, Michal
Following a longstanding tradition, the Faculty of Mathematics and Physics, Charles University, in cooperation with Institutes of Information Theory and Automation and of Mathematics, Czech Academy of Sciences, and Faculty of Social Sciences, Charles University will organize the Spring School on Variational Analysis VII. The spring school will be held in Paseky nad Jizerou, in a chalet in the Krkonoše Mountains from May 19 to May 25, 2019. The purpose of this meeting is to bring together researchers with common interest in the field. There will be opportunities for informal discussions and short communications.
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Analysis of Czech Trade Structure Using the Zipf's Law
Asadli, Rufat ; Červinka, Michal (advisor) ; Nechvátalová, Lenka (referee)
The Revealed Comparative Advantage (RCA) has been a cornerstone for cross-country trade analyses. Corresponding indices that quantify this phe- nomenon have long been subject to studies testing how far they are dis- tributed from normal distribution. This thesis analyzes RCA indices along- side the Zipf's Law, which asserts that data points are linearly distributed with a negative relationship to their ranks. Trade data, covering 1998-2020, from the Czech Republic are initially utilized in a particular model. In this case, it is documented that RCA indices largely follow the Zipf's Law in log-log scale. Regression coefficients from this model, specifying exponent parameters of the distribution, are employed alongside a set of economic indicators in an advanced time series model, namely Vector Autoregression (VAR), to derive the economic inference of so-called power law exponents. The model reveals certain economic interpretations, including the fact that economic shocks might reduce comparative advantage of a country over a commodity. JEL Classification C22, F10, F14, F17, F47 Keywords RCA Indices, Zipf's Law, Trade, Exports, The Czech Republic, OLS, VAR Author's e-mail rufat.aaa@gmail.com Supervisor's e-mail michal.cervinka@fsv.cuni.cz 1
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Wage discrimination of the European players in the NHL
Pavlovský, Jakub ; Červinka, Michal (advisor) ; Kolář, Daniel (referee)
This thesis analyses the wage discrimination against the European players in the National Hockey League (NHL). There were some results in the past litera- ture acknowledging the existence of discrimination in the NHL. The main goal of this thesis is to examine the discrimination in the NHL using new data from season 2020-2021. Another goal is to extend past literature by including the models for goalkeepers because they were omitted in most of the literature, and by using modern advanced statistics to better analyse the players' skills. The method used to analyse the relationship between dependent and independent variables is linear regression. OLS is used to estimate the coefficients of the created models. The estimation of the created models arrives at an unexpected conclusion. There is no discrimination against European or Russian skaters in the NHL. But there is positive discrimination against Russian goalkeepers in the league. JEL Classification C01, C12, C21, C51, J30, Z20 Keywords Country, NHL, OLS, Salary Title Wage discrimination of the European players in the NHL
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Fractional Cointegration of Daily High and Low Stock Prices
Dvořáková, Sylvie ; Baruník, Jozef (advisor) ; Červinka, Michal (referee)
In this thesis we provide unique empirical support for the fractional cointegration of daily high and low stock prices. The recently formalized fractionally cointegrated VAR model by Johansen and Nielsen (2012) is used due to its ability to capture both the cointegration between daily high and low stock prices and the long memory of their linear combination, the range. Daily high and low stock prices are of particular interest as they provide valuable information about range-based volatility, which is considered a highly efficient and robust estimator of volatility. We provide a comparison of the Czech PX index with the developed market indices (DAX, FTSE 100, S&P 500 and NIKKEI 225) during the 2003-2012 period as well as before and after the crisis. We find that the range of all indices displays long memory and is mostly in the non-stationary region (except for the ranges of the PX Index and NIKKEI 225 indices in the pre-crisis period). These findings provide evidence that volatility may not be a stationary process. No common pattern is detected among all five market indices and different behaviour is also observed in the pre-crisis and post-crisis periods.
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