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Long-time or short-time rental
Machalický, Jakub ; Dlouhá, Zuzana (advisor) ; Kovanda, Lukáš (referee)
The bachelor thesis examines the factors affecting short-term and long-term rentals in Prague. Significant factors for short-term rental are: number of guests, number of bedrooms, existence of a lift and positional factors. Significant factors for long-term rentals are: the condition of the property, its layout and space, parking, existence of a lift and positional factors. The next part of the thesis is searched situations where it is better for owners to do short-times rentals. The occupancy rate is used for it. The minimum occupancy rate is calculated for situations where it is better for owners to do short-times rentals.
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A combination of real options, simulation and decision trees for investment decisions
Pavlovská, Tereza ; Dlouhý, Martin (advisor) ; Dlouhá, Zuzana (referee)
This thesis is concerned with the evaluation of real options whose value represents a certain flexibility of the firm to decide about company´s assets in the future. In addition to classic models which were developed for option rating, such as binomial and Black-Scholes model, which have advantages and disadvantages, there is introduced a possible combination of decision trees and simulation Monte Carlo which runs directly inside the tree. This combination can erase the disadvantages which these methods have when they are used separately for option evaluation. In this thesis there can be found an application example inspired by a real situation and there are described different possibilities of usage of the mentioned combination and there is also demonstrated an unambiguous advantage of this method and that is a bigger amount of information which is provided in comparison with standard models. It allows the company to access much more complex image of the investment. The result is also various option values according to the used technique.
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Econometric analysis of sales of toilet paper in Tesco Stores ČR a.s.
Záhorovský, Radek ; Sekničková, Jana (advisor) ; Dlouhá, Zuzana (referee)
The purpose of this work is to quantify the influences that affect the sales of selected products for toilet paper segment in the retail chain Tesco Czech Republic. The model is based on a long-term observation of the time series of sales and average prices for selected products. For the quantification is used an estimation of exponential function fot model which is subsequently verified. Parameter estimation is calculated by using the software EViews. The work compares the results of the model for different products and searching for the most effective way of promotion for each brand. The calculated parameters can be implemented for the planning of sales for toilet paper segment. The results show differences between branded and private toilet paper brand, that are caused by differences in the perception of quality by consumers.
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Determinants of real estate prices in Czech Republic
Pojezdná, Marie ; Dlouhá, Zuzana (advisor) ; Chytilová, Helena (referee)
This thesis examinates factors which influence price of real estate on the market in Czech Republic; hedonic price model was used as examinating method. These factors are acknowledged as significant in model for Czech Republic: area, number of rooms, accessories (separate kitchen, garage), ground floor, construction material, reconstruction, distance from centre, public transportation, neighborhood and region. Region is the most significant factor in model for regions outside Prague, the most significant factor in model for Prague is distance from centre.
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How much are we afraid of losing? Analysis of risk aversion.
Vokounová, Tereza ; Dlouhá, Zuzana (advisor) ; Čermáková, Klára (referee)
The whole thesis is focused on exploring how individuals make decisions under conditions of risk and uncertainty. The first section describes several economic theories, regarding explanation of human actions. The study points to the fact that the method of maximization expected utility cannot explain some examples of human decisions (eg. Allais paradoxes or the four-fold pattern) and to explain these effects, it is preferable to use prospect theory or cumulative prospect theory. In the second section, also based on results from the survey, I investigate the actual risk aversion in different situations (willingness to take risk in general, car driving, financial matters, sport and leisure, career and health) based on various factors. Statistically significant factor in all situations is gender when women show greater risk aversion in comparison to men. Age is a significant factor only in the willingness to take risk in general and in car driving. While in the willingness to take risks in general is a positive relationship between age and risk aversion, in car driving the relation is exactly the opposite. Level of education influences risk aversion in three situations - at risk in general (risk aversion increases with higher education), sport (risk aversion increases with higher education) and health issues (risk aversion decreases with higher education). In the health issues are people studying or working in the construction industry more risk-averse compared to people studying or working in the field of economics/finance. In car driving are individuals studying or working in the field of law more risk-averse than students or workers in the field of economics/finance. Another important factor is whether a person is working in public or private sector. In car driving, financial matters, career and health are people working in public sector more risk-averse compared to students and to people working in the private sector. Willingness to take risk in general is influenced by average monthly income - with a rising average monthly income is also growing willingness to take risks (decreasing risk aversion). Willingness to take risk in general, financial matters and career is higher for people who invest. Sportsmen/women are generally more willing to take risk in car driving, sport and career. Entrepreneurs are more willing to risk in career.
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A selecting of the company’s clients
Jirousková, Nikola ; Sekničková, Jana (advisor) ; Dlouhá, Zuzana (referee)
This thesis describes the issue of selecting of the company's clients Fragile media s. r. o. The company looks at the financial benefits and time. The target of this thesis is to determine what kind of clients brings to Fragile media s. r. o. the greatest benefit. This issue I will discuss in the practical part of this thesis by using multi-criteria decision making. In next step I will deal with what effect will have other methods of estimating weights of the criteria for the results.
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Econometric Estimation of Loss Given Default
Jacina, Viktor ; Dlouhá, Zuzana (advisor) ; Formánek, Tomáš (referee)
One of the most mentioned credit risk parameters in banking sector is loss given default (LGD). The regulatory framework allows to use own LGD estimation procedures after approval. The classification and regression trees are appropriate and flexible in this context and they offer some advantages comparing to the traditional approaches such as linear regression model. This work includes a theoretical background on tree based methods. In the last section, loss given default from debit accounts is estimated using the random forests which show the best performance in this case.
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Does The Impact of Immigration on Occupational Specialisation differ in Recession and Expansion in European Union?
Polonyankina, Tatiana ; Zouhar, Jan (advisor) ; Dlouhá, Zuzana (referee)
The thesis tests whether the impact of immigration on native workers differs depending on the business cycle. Previous studies proved that labour mobility and the effect of immigration differs with respect to the business cycle. For the expansionary years was found a sizable relocation of native workers to occupations with more interactive rather than manual content as a response to immigration. This is no longer the case for economy in recession period. However, there is null impact on native employment that does not change with the business cycle. The results were found for Spanish labour market and the conclusions about the employment all were found also for American labour market. The European labour market has been studied just in the period before crisis. Following the study about Spanish task specialization we would like to see if there is any change of impact of immigration on native task specialization in European Union. We split the data on the time period of expansion and the time period of economic crisis using the European Labour Force Survey. We would like to examine the effect of immigration on task specialization of natives on three groups of countries, West Europe, Germany and Middle and East Europe.
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Predictive Modeling in Credit Risk Management
Švastalová, Iva ; Dlouhá, Zuzana (advisor) ; Bouda, Milan (referee)
The diploma thesis is focused on predictive modeling in credit risk management. Banks and financial institutions are mainly interested in it to estimate the probability of client's default in order to make a decision about which client will be accepted and which client will be rejected. The theoretical part includes an introduction of credit scoring and a description of discrete choice models. The linear probability model, the probit model and the logit model are described in detail. The logit model is afterwards used for the prediction of client's default. The practical part is focused on a statistical description of the dataset and a description of how to work with it before we start with the development of the credit scoring model. After that follows the estimation of the model on testing sample, its testing and the estimation of the model on full sample with a description of individual steps of calculation and outputs of the program SPSS.
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Analysis of relation between macroeconomic indicators and economic results of a company
Scigel, Pavel ; Dlouhá, Zuzana (advisor) ; Formánek, Tomáš (referee)
The Czech Republic's economic performance is measurable by some macroeconomic indicators which have made variable progress in recent years. Based on general economic conditions, economic development has impacted upon economic results of companies. Over time their progress is recorded by economic time series, which describe it. Through the agency of economic time series, economic development and mutual dependences among indicators can be researched. This problem can be solved by applying the methodology which helps describe and quantify relations among quantities. For the purpose of expression of a single time series, stochastic linear modelling is used, and for quantifying the strength of relation among time series, regression analyses and Granger causality testing are used.
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