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Sovereign debt markets: Where does the Czech Republic stand?
Bludská, Věra ; Hausenblas, Václav (advisor) ; Serdarevič, Goran (referee)
This thesis deals with the relationship between yield spreads on the sovereign bonds and their determinants with a primary focus on the Czech Republic. First, a homogeneous panel of Visegrad group countries (V4) was investigated by the pooled mean group (PMG) method of Pesaran et al. (1998). It was found that debt-to-gdp ratio along with VIX, the "fear gauge", are the main factors driving the spread dynamics in the V4 group. Based on the results from PMG estimation, we estimate a three-dimensional vector autoregression (VAR) model and structural VAR (SVAR) model in order to observe spread reactions on external shocks. Among the V4 group countries, Hungary exhibits the largest spread response to a VIX shock. Overall, the (S)VAR results confirmed that countries with higher levels of yields before crisis had also a stronger reaction to the market disturbances during 2007-2009. Furthermore, it was found that for the period 2010-2013, the standard model (macroeconomic fundamentals plus global risk aversion factors) provided less reliable results. As a remedy, financial soundness indicators were incorporated into the VAR model. We conclude that it is important to take into account country's financial sector vulnerabilities when describing the spread dynamics since 2010.
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Empirical Analysis on Multiple Mergers of US Banks
Le Thi Hong, Minh ; Novák, Jiří (advisor) ; Serdarevič, Goran (referee)
We use logistic analysis to predict the probability of making non-programmed merger in a data sample of 45 US banks. Non-programmed merger is the merger that happens next to the subject merger but has at least three years apart from the subject merger. We apply logistic regression of the occurrence of the non-programmed merger on main characteristics of the subject merger. We first examine the effects of each of three explanatory variables, which are firstly abnormal return around the approved date, secondly hubris management hidden in the subject merger, and thirdly the value of asset acquired, on the dependent variable. We then try to find the best prediction model by controlling some variables both confounding and rescaling. Our final prediction model shows that the probability of making a next merger at least three year after the subject merger will significantly decrease if there is abnormal return realized in the subject merger. On the other hand, using event study methodology to search for the abnormal return of the acquirer's stock price around the approved date, we prove that the information of FDIC s' merger decision is not totally confidential to public and has significant impact on the stock price of the acquirer
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Efficiency of EU merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
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The Efficiency of Regulation in the European Union
Serdarevič, Goran ; Mejstřík, Michal (advisor) ; Žigić, Krešimir (referee) ; Vacek, Pavel (referee)
This dissertation deals with the topic of economic regulation, focusing on applying empirical methods to assess the efficiency of regulatory measures used in different areas of the EU economy. It consists of three parts, the first part looks at the functioning of the EU merger control, the second and third focus on the relationship between regulation, competition and investment in telecommunications markets. The first chapter deals with the EU competition policy and the specific area of merger control, analysing empirically the impact of introducing more economic approach in evaluating competition effects of mergers at the EU level. Our key finding is that the regulatory reform introduced in 2004 has, to some extent, enhanced the efficiency of European merger control. This implies that the Commission's assessments of mergers under the new regulation post the 2004 reform are more consistent with the independent market evaluations. We find that the probability of an anti-competitive deal being cleared decreases significantly under the new regulatory framework. Nevertheless, the occurrence of unnecessary remedies imposed on pro-competitive mergers has not decreased as the result of the new merger control. Overall, our results indicate that more economic approach applied post 2004 reform increased the...
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Analysis of economic methods applied in regulatory impact assessment
Malinská, Barbora ; Gutiérrez Chvalkovská, Jana (advisor) ; Serdarevič, Goran (referee)
This thesis analyzes the topic of economic methods applied in regulatory impact assessment (RIA). The sense of a RIA system, assumptions of its effective functioning and its place in the framework of the EU's and Czech Republic's legislative process are introduced. Economic methods often used within the regulatory impact assessment process are discussed. The thesis empirically examines the progress in RIA methods quality between 2008 and 2011 in the Czech Republic and determinants of RIA methods quality are identified. We come to conclusion that the quality of RIA methods in the Czech Republic grows with expected costs of the regulatory policy and in case of RIA carried by an external subject.
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Efficiency of EU Merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
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Efficiency of EU merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
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Efficiency of EU Merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
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Network Readiness and Internet Usage in the European Union
Nikodym, Jakub ; Serdarevič, Goran (advisor) ; Princ, Michael (referee)
This thesis focuses on the analysis of key drivers of broadband internet take-up and usage in the European Union. In particular, we explore the coverage effect on fixed-to-mobile broadband substitution and the consequent impact of computer skills and education parameters on e- services usage. These fields have undergone rapid transformation within the EU digital economy in recent years, especially due to the introduction of faster 'next generation' broadband networks and development of web applications. The research question investigates decisions of households with regards to broadband adoption as well as the impact of education and digital skills on the use of e-services. Our qualitative analysis examines differences in performance across EU member states considering key indicators set by the Digital Agenda for Europe 2020 policy objectives. We then apply empirical methods using panel data to test our two research questions. Our findings suggest that there is a significant effect of network coverage on the fixed-to-mobile broadband substitution and we confirm the relevance of computer skills on the increased usage of e-services in the EU.
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