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Three Essays on Unethical Behavior
Korbel, Václav ; Chytilová, Julie (advisor) ; Glätzle-Rürtzler, Daniela (referee) ; Ibañez-Diaz, Marcela (referee) ; Münich, Daniel (referee)
This dissertation consists of three essays that explore how unethical behavior develops in adolescence. All three essays use a methodology of lab-in-the-field experiment, but each investigates questions related to unethical behavior from a different perspective. The research presented in this thesis focuses on unethical behavior in two populations: the general population of adolescents and juvenile delinquents. Combining findings from the general and problematic population of adolescents helps us to understand what factors contribute to delinquency and more importantly, what factors may attenuate it. In the first essay, we investigate whether adolescents cheat more when making a decision in groups compared to deciding as individuals and whether the process of group formation matters. The results show that, in general, groups cheat more but the results are driven primarily by younger adolescents while there is no difference between individuals and groups among older adolescents. Interestingly, the process how groups are formed does not play a role. This suggests that tendencies to cheat develop still in the adolescence and that the context in which decision is made, is important. The second essay studies how willingness to obey rules differs between juvenile delinquents and adolescents from the...
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The hot hand fallacy
Augustin, Michael ; Korbel, Václav (advisor) ; Šťastná, Lenka (referee)
The "hot hand" effect describes the phenomenon when an athlete makes a considerable in his performance following a series of successes. In the professional literature was the "hot hand" effect considered a fallacy until 2014, when a substantial bias was discovered in the original test method, and a new set of statistics, which controlled for the bias, was introduced. The aim of this work is to test the occurrence of "hot hand" using new methods and to create a performance analysis of both genders. Furthermore it will be proven that the "hot hand" is not a privilege of the best NBA players in the world, but can also occur in semi-professional leagues such as the Czech NBL. The first part of the thesis presents the theory of "hot-hand fallacy" and its important implications in the world of economics and finance. There is also a key review of the "hot hand" literature. In the second and third parts, the biased data and the methodology of the "hot hand" literature are presented, and a new method for controlling this bias is introduced. The results of individual analyses confirm the significant findings of the "hot" and "cold" hand and demonstrate the effectiveness of the new unbiased test. Results discussing the performance test according to gender and the possibilities of further testing are to be...
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Discrimination of Slovak people in the Prague rental housing market - A field experiment
Holková, Jana ; Korbel, Václav (advisor) ; Špolcová, Dominika (referee)
Discrimination is a broadly discussed issue. The housing market is no exception and we may observe many examples of discriminatory behaviour. Discrimina- tion in various subjects (e.g. race, gender) was a target of a large number of experiments. However, researches regarding discrimination between two nations are lacking. The thesis presents a field experiment on discrimination of Slovaks in the Prague rental housing market and further examines the effect of work- ing status on the discrimination rate. The experiment uses eight male fictitious identities which reveal their national affiliation through a language of the request (Slovak or Czech) and their names typical for Slovak and Czech nationalities. The request specifies working status of a potential tenant (student or full-time worker). Data indicates that applications in the Slovak language have about 10 percent lower chance of receiving a positive response than Czech applications, which is significant on 1 per cent level. Students compared to workers received about 6 per cent fewer invitations for a flat viewing. Even though students have slightly lower response rate than workers, the difference is insignificant. Keywords Discrimination, Housing market, Rental housing market, Field Ex- periment, Response Rate, Slovakia, Czech Republic, Internet 1
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Efficiency in general medical practice in the Czech Republic
Vajskebr, Filip ; Votápková, Jana (advisor) ; Korbel, Václav (referee)
This bachelor thesis analyses technical efficiency of general practitioners in the Czech Republic. It exploits unique dataset that comprises information about health care activ- ities of 107 general practitioners that operate in 79 different municipalities over the period 2015-2017. First, Principal Component Analysis was utilized to deal with high dimension- ality of medical outputs. Second, two stochastic frontier regression models were employed, one of which accounts for heterogeneity of the sample by including efficiency effects vari- ables. Even though both models estimate mean technical efficiency to be approximately 83 %, efficiency ranking of individual general practitioners differs across models. Included efficiency effects have statistically significant impact on technical efficiency. In particular, general practitioners situated in rural municipalities are less efficient, higher competition in a municipality discourages efficiency and general practitioners providing health care to adults are more efficient. 1
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The salary level of teachers in the Czech Republic and its impacts
Kinzlová, Kateřina ; Pertold-Gebicka, Barbara (advisor) ; Korbel, Václav (referee)
The aim of the present paper is to examine the salary level of teachers in the Czech Republic and its possible impacts on the teaching workforce. It has been shown that teacher salaries are substantially lower than salaries of similarly educated workers in the Czech Republic and are among the lowest in the European Union. Because of the strong link between salary level and profession's attractiveness to young graduates, there have been concerns about low interest in the teaching profession and the high dropout rate for young teachers. Using most up-to-date data available, the paper shows that there has been positive development in teacher salaries in recent years, but that the raise is of a similar scale as that in other areas. The paper builds up an analysis of the dropout rate for young teachers based on data on the teaching workforce. The paper finds that the dropout rate is very significant and may result in teacher shortages in the near future. The current data on teacher salaries highlights the importance of their improvement as a major factor of change in order to increase the attractiveness of the teaching profession.
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How do people perceive income inequality? A Czech case
Havelková, Kateřina ; Korbel, Václav (advisor) ; Želinský, Tomáš (referee)
The widespread concern that the gap between the rich and the poor is continuously ex- panding prompts the stimulus for further examination. Standard theory suggests that the level of income inequality has a significant effect on policies with redistributive elements. However, empirical studies propose that rather than the actual shape of income distri- bution, individual perceptions of income distribution define the public finance models. Individuals tend to misperceive income inequality, yet there is little evidence regarding the origins of these perception biases. The bachelor thesis examines one of the possible theories that attempt to explain roots of misperceptions. The geographic reference group theory suggests that people project their local findings onto their estimates of overall income inequality. To test this hypothesis, we used the Gini coefficient with respect to country's districts as an explanatory variable and the subjective inequality index (Per- ceived inequality index) as a dependent variable. The empirical findings, nevertheless, provide little support for the geographic reference group theory as all regressions showed a highly insignificant relationship between district inequality and perceived inequality. The evidence suggests that respondents, who live in districts with high...
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Art as a Financial Investment: Estimation of Art Returns and Portfolio Diversification
Konstantinova, Elizaveta ; Chytilová, Julie (advisor) ; Korbel, Václav (referee)
The thesis at hand examines risk, return and portfolio diversification oppor- tunities of the art market. In order to analyse price dynamics at the peculiar and unique art market scene and provide a reader with a basic understanding of the requirements for undertaking investment in this field several trends dominating in the art market abreast with the main art price determinants and risks are investigated. Based on the repeat sales data encompassing the period from 2000 to 2015, the art price indices have been estimated using both standard and three-stage weighted methods. Beyond a standard risk and return analysis of various art sectors compared with traditional invest- ment vehicles, this thesis also focuses on the performance of art with respect to the investment horizon. We conclude that longer holding period may be more beneficial than shorter one in terms of both return per unit of risk and costs per unit of time. However, in common with the literature in this area, the results suggest that the risk and return characteristics of art are inferior to the risk and return characteristics of financial assets and despite the low levels of correlation we have found no support for the inclusion of art in the mixed-asset portfolio. JEL Classification C13, C41, C61, D43, D44, G11, G14, Z11 Keywords art;...
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Fairness and Emotions in the Ultimatum Game: Experimental Approach
Fedosová, Polina ; Korbel, Václav (advisor) ; Votápková, Jana (referee)
This bachelor thesis examines the role of emotions in the decision-making process by making individuals treated unfairly. We conducted a simple Ultimatum Game and measured emotional responses of Responders when the offer is displayed. We found significant positive relationship between the offer and intensity of neutrality and surprise experienced by Responders and significant negative effect of offer on intensity of experienced anger and disgust was detected. Further examination also indicated significant negative relationship between the action taken by Responders (rejecting or accepting the offer) and intensity of experienced anger leading us to the conclusion about the correlation between this emotion and rejection. The analysis is also complemented by validation that behavior of our sample in the Ultimatum Game follows the robust behavioral pattern (frequent rejection of positive but low offers) in this experimental game. Keywords fairness, emotions, Ultimatum Game, FaceReader, experiment
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Does the Accrual Anomaly Persist? Evidence from the U.S. Stock Market
Kolář, Michal ; Kočenda, Evžen (advisor) ; Korbel, Václav (referee)
Understanding what drives stock returns is an essential question for investors, financial institutions, and economists. The question is important not only for individuals, but also for the overall economy, as forms of inefficiency such as bubbles can lead to stock market crashes that have a negative impact on the real economy itself. In contrast to the Efficient Markets Hypothesis, which posits that the stock market is efficient at correctly pricing stocks, the accrual anomaly is an example of one of the largest inefficiencies in the equity market. The aim of this thesis is to examine if the accrual anomaly has lessened in recent history. We analyze if the increasing trend of institutional funds trading on accrual mispricing, the increasing presence of cash flow forecasts, or earnings quality could be responsible for mitigating the accrual anomaly effect. A robust MM regression is used to assess the anomaly alleviation. The analysis focuses on the US stock market. We confirm the mitigation of accrual mispricing based on the increase in trading on the accrual anomaly and quality of earnings for the period from 1991 to 2015, but not the growing number of cash flow forecasts.
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Impact of pardon in 2013 on the crime rate in Czech Republic
Besedová, Monika ; Korbel, Václav (advisor) ; Matoušek, Jindřich (referee)
This thesis studies the impact of Václav Klaus's 2013 pardon on crime in the Czech Republic. The analysis is based on examining a one-time exogenous shock in data on crime and incarceration from 2010 to 2015. The main instruments of the analysis are the elasticity of crime with respect to imprisonment and the incapacitation effect, which is determined in both static and dynamic ways. This helps inspect a progress of relationship between crime and incarceration rate in a longer period after declaration of the pardon. The incapacitation effect, which is the number of criminal offences not committed in one year due to one person being incarcerated, was lower immediately after the pardon, but it sharply increased in the course of six months after the pardon. Nevertheless, it started to decrease afterwards. The hypothesis about increase of crime was confirmed as well. Especially the number of thefts, burglaries and violent crimes rose in the period after the pardon. The pardon caused an increase in crime. In the view of this fact more people are incarcerated in Czech prisons and the incarceration and crime rate started to return to the level before the pardon in a few months. 1
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