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The Principles of Optimal Income Taxation Revisited
Janoušek, Richard ; Gregor, Martin (advisor) ; Dózsa, Martin (referee)
Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Charles University in Prague Faculty of Social Sciences Institute of Economic Studies Abstrakt/Abstract Název/Title The Princples of Optimal Income Taxation Revisited Překlad/Translation Přehled a zhodnocení principů optimálního zdanění Typ práce/Type of thesis bakalářská práce/bachelor thesis Autor/ka: Richard Janoušek Rok zpracování/Year 2013 Vedoucí práce/Supervisor PhDr. Martin Gregor Ph.D. Počet stran/Number of pages 60 Ocenění-pochvala/Disctinction Abstrakt česky Tématem této práce je optimální zdanění osob s nejvyššími příjmy. Toto téma již bylo předmětem mnoha dalších akademických prací posledních čtyřiceti let. Doporučení nedanit přijmy těchto osob přitáhlo k tématu pozornost a debata v posledních letech i nadále živě pokračuje. Tento fakt dal také podnět k shrnutí dané problamatiky a k diskuzi nejvíce relevantních příspěvků k aspektům zdanění příjmů. Obsahem této práce je nastínění základního informativního pozadí a vysvětlení dvou základních modelů, lineárního a nelinárního. Poté jsou shrnuty dosud nejdůležitější příspěvky, které jsou předmětem diskuze. Na závěr jsou popsány zajímavější a náročnější aspekty. Tato práce poskytuje solidní porozumění tématu a dává podnět pro budoucí práce za účelem nalezení shody....
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Mathematics on Internet
Dózsa, Martin ; Holub, Viliam (advisor) ; Eckhardt, Alan (referee)
The aim of this work is to create an easy-to-use mathematical tool, mainly for students specialized at mathematical education. UniMaxima focuses on calculations within the frame of mathematical analysis and (especially linear) algebra. It calculates derivatives, definite and indefinite integrals, decomposition to partial fractions, Taylor-series, sums, limits, matrices, eigenvalues, eigenvectors and determinants. It is also possible to plot functions of one or two variables. The advantage of UniMaxima is simple use, there is no need to install: it is enough to visit the project's website (with Firefox 3.0+) and input the formulae.
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Debt contracts and stochastic default barrier
Dózsa, Martin ; Janda, Karel (advisor) ; Krištoufek, Ladislav (referee)
This thesis focuses on the theory of asset pricing models and their usage in the design of credit contracts. We describe the evolution of structural models starting from the basic Mertonian framework through the introduction of a default barrier, and ending with stochastic interest rate environment. Further, with the use of game theory analysis, the parameters of an optimal capital structure and safety covenants are examined. To the author's best knowledge, the first EBIT-based structural model is built up that considers stochastic default barrier. This set-up is able to catch the different optimal capital structures in various business cycle periods, as well as bankruptcy decisions dependent on the state of the economy. The effects of an exogenous change in the risk-free interest rate on the asset value, probability of default, and optimal debt ratio are also explained.
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Impacts of a scrappage program: The case of the Czech Republic
Korba, Pavel ; Dózsa, Martin (advisor) ; Hrušová, Ivona (referee)
In this thesis we are analyzing impacts of scrapping programs on production of per- sonal cars in the Czech Republic. The scrappage scheme was introduced in thirteen states of the European Union as a possible solution to decline of demand for new per- sonal cars in 2008 and 2009 as a consequence of economic crisis. The scrappage scheme has not been introduced in the Czech Republic, even though the law permitting this scheme has been passed. The first chapter introduces a scrapping scheme in gene- ral, compares advantages and disadvantages and connects a scrapping scheme with the automotive industry of the Czech Republic. Furthermore, the position of Czech producers on domestic and European market is studied in this chapter. The second chapter concerns scrapping schemes in particular states of the European Union. We analyze the change of deliveries of producers to customers in particular states using data provided by these producers. In the third chapter an econometric analysis is used to identify main determinants of the demand for new personal cars and these determinants are compared with results from previous studies. The expected change of demand for new personal cars as a consequence of scrapping scheme is based on these determinants estimated and the impacts of this expected change on...
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Debt Contracts and Stochastic Default Barrier
Dózsa, Martin ; Janda, Karel (advisor) ; Krištoufek, Ladislav (referee)
This thesis focuses on the theory of asset pricing models and their usage in the design of credit contracts. We describe the evolution of structural models start- ing from the basic Mertonian framework through the introduction of a default barrier, and ending with stochastic interest rate environment. Further, with the use of game theory analysis, the parameters of an optimal capital struc- ture and safety covenants are examined. To the author's best knowledge, the first EBIT-based structural model is built up that considers stochastic default barrier. This set-up is able to catch the different optimal capital structures in various business cycle periods, as well as bankruptcy decisions dependent on the state of the economy. The effects of an exogenous change in the risk-free interest rate on the asset value, probability of default, and optimal debt ratio are also explained. JEL Classification C73, G12, G32, G33 Keywords credit contracts, stochastic default barrier, asset pricing, EBIT-based models, struc- tural models Author's e-mail martin@dozsa.cz Supervisor's e-mail Karel-Janda@seznam.cz Abstrakt Tato práce se zabývá teoretickými modely pro oceňování finančních aktiv a je- jich použitím při návrhu optimálních úvěrových smluv mezi dlužníky a věřiteli. V první části je popsán...
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Efficiency of the prediction markets: case of Intrade
Brandejs, David ; Dózsa, Martin (advisor) ; Benčík, Daniel (referee)
1 Abstract Bachelor thesis confirms weak market efficiency hypothesis for political events, which took place on Intrade prediction market and finished between 1. October and 31. December 2012. Three unit root tests, ADF GLS, KPSS and Lo-Mackinlay test proved on 5% confidence level, that 140 of 191 tested political events is weakly market efficient, which means high relative market efficiency (73,3%). Testing out-of-political markets shows significantly lower market efficiency. Logit model rejected on 5% confidence level the assumption, that total volume of traded shares is significant parameter for the estimation of market efficiency. Keywords Prediction market, Intrade, efficiency market hy- pothesis, relative market efficiency, ADF test, KPSS test Author's e-mail David.Brandejs@seznam.cz Supervisor's e-mail Martin@Dozsa.cz
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The Environmental Kuznets Curve Framework: Europe 2020 Greenhouse Gases Target in the EU-15 states
Korba, Pavel ; Dózsa, Martin (advisor) ; Kraicová, Lucie (referee)
In the thesis, we examine the necessity and impacts of measures adopted under the greenhouse gas emissions target in the Europe 2020 growth strategy in the EU-15 states. For testing the necessity of the measures, we use the Environmental Kuznets Curve (EKC) hypothesis for carbon dioxide (CO2) emissions as the theoretical framework, the Autoregressive distributed lag model as the econometrical technique and annual data from 1970 to 2010 (1991 to 2010 in the case of Germany). The existence of the EKC is detected in Belgium, Denmark, France, Germany, Netherlands, Spain, Sweden, and the United Kingdom. However, only in Denmark the EKC hypothesis is supported significantly (on ten percent level of significance). Following the main implication of the EKC hypothesis, only in Denmark is the economic development sufficient enough to safeguard environmental quality; therefore, no additional measures are needed. In the remaining states, we tested Granger causality using the Toda-Yamamoto procedure to inquire about the impacts of the measures on gross domestic product (GDP). Our results indicate that only in Austria, Germany (with caution due to a limited number of observations) and Ireland, the measures may impede economic development. In the remaining states, no causality or only a causality running from GDP...
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The Environmental Kuznets Curve Framework: Europe 2020 Greenhouse Gases Target in the EU-15 states
Korba, Pavel ; Dózsa, Martin (advisor) ; Kraicová, Lucie (referee)
In the thesis, we examine the necessity and impacts of measures adopted under the greenhouse gas emissions target in the Europe 2020 growth strategy in the EU-15 states. For testing the necessity of the measures, we use the Environmental Kuznets Curve (EKC) hypothesis for carbon dioxide (CO2) emissions as the theoretical framework, the Autoregressive distributed lag model as the econometrical technique and annual data from 1970 to 2010 (1991 to 2010 in the case of Germany). The existence of the EKC is detected in Belgium, Denmark, France, Germany, Netherlands, Spain, Sweden, and the United Kingdom. However, only in Denmark the EKC hypothesis is supported significantly (on ten percent level of significance). Following the main implication of the EKC hypothesis, only in Denmark is the economic development sufficient enough to safeguard environmental quality; therefore, no additional measures are needed. In the remaining states, we tested Granger causality using the Toda-Yamamoto procedure to inquire about the impacts of the measures on gross domestic product (GDP). Our results indicate that only in Austria, Germany (with caution due to a limited number of observations) and Ireland, the measures may impede economic development. In the remaining states, no causality or only a causality running from GDP...
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Perceived inflation in the Czech Republic
Kotmel, Benedikt ; Dózsa, Martin (advisor) ; Šopov, Daniel (referee)
This thesis deals with the difference between perceived and official inflation in the Czech Republic. Perceived inflation is topic mostly examined relatively to euro-changeover, because the gap between perceived and official inflation increases usually after euro- changeover. Some researches show that perceived inflation in the Czech Republic is significantly higher than the official inflation even if it is not part of the Eurozone. Euro acceptance could then cause even bigger inflation gap. Thesis examines used methods of measuring perceived inflation from the information value point of view and possibility to compare with official inflation measured by CPI. Further, this thesis summarizes examined causes of inflation gap and possible negative consequences of big inflation gap. Main part of the thesis is model examining influence of socio-economic and other selected variables on the perceived inflation. Finally, thesis compares the results with other EU countries and EU average. The results confirmed that some of the chosen variables (age, sex, financial situation of household etc.) have significant influence on gap between perceived and official inflation. Thesis also shows significant difference between perceived inflation measured by Balance statistics in the Czech Republic and EU average.
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Modelling Durations Using Artificial Neural Networks
Žofka, Martin ; Baruník, Jozef (advisor) ; Dózsa, Martin (referee)
The thesis introduces Artificial Neural Networks (ANN) to the field of financial durations. We begin by reviewing the findings about financial durations and models applied to analyze them. ANNs are then surveyed and one of the possible network architectures is selected for the forecasting. The selected ANN is a feed-forward network, with one hidden layer, a sigmoid activation function and a genetic algorithm for optimization. We use original and diurnally adjusted data for estimation and in contrast to other duration models, ANNs do not require data pre-processing. Therefore forecasts are estimated in one step without removing seasonalities for raw data. The estimates of the ANN are compared to estimates of the Autoregressive Conditional Duration (ACD) model, which serves as a benchmark for forecasting capabilities of the ANNs. The findings confirm that ANNs can be used to model durations with a similar accuracy as the ACD model. In the case of raw data the model slightly outperforms the ACD model, while the opposite is true for adjusted data, however the forecasting ability difference is not significant.
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