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Plausible Effects of the Adoption of the Euro on the Czech economy: Comparison with the case of the Slovac Republic
Goralková, Nikola ; Dědek, Oldřich (advisor) ; Hedbávný, Petr (referee)
This master thesis deals with the euro adoption in the Czech Republic, comparing the possible effects of the euro adoption on the Czech economy and consequences of currency changeover after the Slovak Republic joined the eurozone in 2009. After introducing the theoretical concepts inevitable for the euro adoption, the process of preparation for the currency changeover in the Slovak Republic and the currency changeover itself will be described. Subsequently, the work focuses on the conditions which the Czech government has already met in the process of preparation for the euro adoption and which still need to be fulfilled. In addition, the Czech Republic's economic alignment with euro area countries is analyzed, especially focusing on particular areas. A significant part of this work deals with the comparison of positive and negative effects of the euro adoption in the Slovak Republic with possible impacts of euro on the Czech Republic. In the end, the emphasis is put on the strength of the Czech economy to deal with the possible future financial crisis.
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The effect of EU Structural Funds on regional performance
Žďárská, Barbora ; Janský, Petr (advisor) ; Dědek, Oldřich (referee)
The regional policy of the European Union is financed through a system of structural and investment funds, which allocates substantial amounts during each programming period to boost the regional growth. Currently, the regional policy uses almost a half of the European Union's budget. According to such an extensive investment plan it is believed that the structural funding has a positive impact on the regional performance. This thesis provides an analysis of the Objective 1 (Convergence strategy) treatment effect on the regional GDP and employment growth during two last programming periods 2000-2006 and 2007-2013 using mostly nonparametric estimation method of the regression dis- continuity design. The thesis contributes to existing literature since the current research studies do not provide conclusive results. Based on the estimation re- sults we did not find statistically significant effect of the Objective 1 treatment on the GDP per capita growth nor employment growth. These findings are robust to various model specifications and estimation methods. JEL Classification R11, R58, C21, C31 Keywords the European Union, regional policy, the Objec- tive 1, regression discontinuity design Title The effect of EU Structural Funds on regional performance Author's e-mail zdarskabarbora@seznam.cz...
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Application of Premiums and Discounts to the Company Valuation
Sokol, Jakub ; Dědek, Oldřich (advisor) ; Teplý, Petr (referee)
In the light of the current market downturn, the need of the most accurate valuation appears to be more crucial than ever before. This thesis provides the reader with both the theoretical and practical background of the use of valuation premiums and discounts which apply directly to the value of the company reached by conventional separate valuation techniques. The most important premiums and discounts we focus our attention on are control premium/minority interest discount and lack of liquidity discount. The thesis presents an overview of the basic methodology of the theoretical concepts related to the valuation premiums and discounts. Moreover, based on a sample of 202 mergers and acquisitions transactions of the companies listed in the Central and Eastern Europe ("CEE"), we examine the size and key determinants of the control premium applicable within the CEE region.
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Vliv dividendové politiky na hodnotu firmy
Říhová, Jana ; Dědek, Oldřich (advisor) ; Janda, Karel (referee)
This thesis is focused on the dividend policy in the Czech Republic. We describe the basic about dividends as types of dividends, process of declaration and payments, dividend-paying methods, determinants which can influence the dividends and so on. The main part is devoted to the issue of dividend policy in the Czech Republic and its impact on the firm value. We use the event studies, based on observing the abnormal returns to shareholders around the record date. Then we apply regression of abnormal returns on relevant explanatory variables. And we also make an analysis of some of explanatory variables, as volume and dividend yield. Finally, we also shortly mention the share repurchase, the alternative to the dividend payout.
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Brexit and mutual trade between the Czech Republic and the United Kingdom
Vosmanský, Jakub ; Dědek, Oldřich (advisor) ; Palanský, Miroslav (referee)
This bachelor thesis deals with the current issue of leaving the United Kingdom of Great Britain and Northern Ireland from the European Union, assesses the possible impact of Brexit on mutual trade between the Czech Republic and the United Kingdom and evaluates its possible impact on the Czech economy. After a brief overview of the history of the UK membership in the EU, a description of the complicated EU and UK negotiations follows. Another chapter deals with some studies and analyzes evaluating the impact of Brexit on the British economy. The following discussion concerns negotiated Withdrawal Agreement and some possible EU-UK mutual relation models after finishing the transition period - membership in the European Economic Area (Norwegian model), negotiation of a free trade agreement (Swiss model, Canadian model), withdrawal without agreement (hard Brexit). The UK is one of the most important export partners of the Czech Republic, which results from the evaluation of mutual trade exchange data. In the final part, this thesis examines the possible influence of the decline of the British economy consumption on GDP of the Czech Republic using the Input- Output analysis and evaluates the potential impact of Brexit on the mutual trade between the Czech Republic and the UK in the automotive industry....
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Gold in Central Bank Reserves and Price Stability
Melnychuk, Olena ; Havránek, Tomáš (advisor) ; Dědek, Oldřich (referee)
There is a traditional view that central banks should hold enough gold in their reserves to be considered financially secure and keep low inflation. However, after the fall of the Bretton-Woods system, many central banks have been decreasing its gold reserves by converting gold into other assets and still they do not experience high inflation. This thesis aims to answer the question if gold reserves of central banks indeed positively affect price stability. We use the panel data for 110 countries for the period from 2000 to 2016. We find that there is a significant negative effect of central banks' gold reserves on inflation but only if we control the proxy variables for the financial strength of central banks. Furthermore, the significance holds only for the inflation-targeting countries, there are no significant effects for the whole data sample. JEL Classification: E31, E52, E58, F41, G11, G21 Keywords: Gold reserves, Central Banks, Inflation rate, Price Stability Author's e-mail: 73099909@fsv.cuni.cz Supervisor's e-mail: tomas.havranek@fsv.cuni.cz
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Credit Derivatives Market during Recent Financial Crisis
Buzková, Petra ; Teplý, Petr (advisor) ; Tripe, David (referee) ; Witzany, Jiří (referee) ; Dědek, Oldřich (referee)
The dissertation is composed of three empirical research papers analyzing the development on credit derivatives markets in recent years characterized by the global financial crisis in 2007- 2009 and subsequent European sovereign debt crisis. The basic motivation of the thesis is to contribute to the clarification of the turbulent development on credit derivatives markets. The first paper addresses main flaws of a collateralized debt obligation (CDO) market during the global financial crisis. The second paper examines the impact of the Greek debt crisis on sovereign credit default swap (CDS) reliability. The third paper analyzes whether a resulting change in CDS terms restored confidence in CDS contracts. An introductory chapter presents a common framework for the three papers. In the first paper, we examine valuation of a Collateralized Debt Obligation (CDO) in 2007- 2009. One Factor Gaussian Copula Model is presented and five hypotheses regarding CDO sensitivity to entry parameters are analyzed. Four main deficiencies of the CDO market are then articulated: i) an insufficient analysis of underlying assets by both investors and rating agencies; ii) investment decisions arising from the valuation model based on expected cash-flows and neglecting other factors such as mark-to-market losses; iii)...
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Coexceedance in financial markets of countries trying to join the European Union
Baranová, Zuzana ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
This thesis analyses financial contagion between a reference EU market - Germany and markets of five countries which are actively seeking to become a part of European Union - Montenegro, Serbia, Turkey, Bosnia and Macedonia in the period of March 2006 to March 2018. We apply quantile regression framework to analyse contagion which we base on the occurrence and degree of coexceedances between the reference and analysed market. The results indicate that contagion between stock markets exists, however in different degree for each of the analysed markets. In addition we apply the regression framework specifically for period of financial crisis of 2008 to demonstrate that contagion is stronger during turbulent market periods. JEL Classification G01, G14, G15 Keywords coexceedance, quantile regression, contagion, stock markets Author's e-mail 80605682@fsv.cuni.cz Supervisor's e-mail roman.horvath@fsv.cuni.cz
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Credit Risk of P2P Lending on the Czech Market
Čermáková, Jolana ; Dědek, Oldřich (advisor) ; Čech, František (referee)
This thesis analyzes an emerging peer-to-peer lending industry, while intro- ducing its main features and risks, where the risk of default and its moder- ation gets the most attention. Uniquely provided data from the front Czech platform Zonky containing nearly 6 000 observations serve as a baseline for credit risk modeling. It has been investigated which variables have the largest effect on default on the Czech P2P market. The final model is used to predict the associated probability of default and to compute the credit score for potential borrowers using these online platforms. Results support the fact that education, age, way of living, expenses, marital and employment status, income and the number of children are significant variables when determining the risk of default. Many of these findings are in accordance with previous international papers published on this topic.
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