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An empirical study of impact of inclusion and exclusion from an Index on stock prices
Vellechová, Karolína ; Vozárová, Pavla (advisor) ; Fanta, Nicolas (referee)
This thesis studies the effect of index components changes on the stock prices of added and deleted components. Specifically, the thesis follows two market indexes from Western Europe, CAC 40 and DAX 30, in the period from financial crisis in 2008 to 2020. The theory of Efficient Market Hypothesis suggests that index components change should not impact firm's price, because the index membership is supposed to have no new information, the findings of various researchers found out the opposite. There are several hypotheses, which try to explain these effects. In this thesis three methods were used to estimate the effect of addition and deletion, these were abnormal return, abnormal trading volume and close open difference calculation. The results obtained by all three methods were mostly consistent with the results of previous studies of the US indexes. The calculation of abnormal volume reported significant and expected results for both indexes, which suggested that the day before the change has the highest abnormal volume. Also, the results for close open differences discovered expected pattern, that the highest change happens usually on the day after announcement, which informs about how fast investors reply to index change. The abnormal returns for the CAC 40 index show expected significant...
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Is prolonging of studies at universities in Czech Republic effective for students and for the society?
Lompart, Oliver ; Fischer, Jakub (advisor) ; Vozárová, Pavla (referee)
Thesis have quantified the total number of students from 1999 until 3th March, 2015 who graduated within the excess year after the standard length of study (SDS). During the reporting period, the total number of finished studies in SDS plus anadditional semester totalled nearly 130,000 students, in SDS plus an additional one year were then finished 117,000 studies. The total number of failed studies, which ended up in the additional extra year in period is 40,000, of which 28,000 in SDS plus one semester and 12,000 in SDS increased by one year. Direct costs of the prolonged studies were estimated at 1.1 billion Kč for 2014. Of which 200 million are sunk costs to studies that have not been completed successfully. The work also calculated the opportunity costs in terms of revenue that could have Czech Republic earned, if the student have finished in SDS and have worked which was estimated at 4.7 billion Kč including both direct and indirect taxes.
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How does gasoline stations in Czech republic react to change of crude oil price on commodity exchange?
Hrabalík, Ondřej ; Stroukal, Dominik (advisor) ; Vozárová, Pavla (referee)
Aim of this thesis was finding out whether there is asymmetry on gasoline market in Czech republic, which is common knowledge or if asymmetry is only illusion. With daily data about gasoline and diesel prices from CZ market and also daily Brent Crude Oil price, thesis tires to prove that there is no asymmetry on the market. Analysis was done with asymmetric error correction model and further testing of asymmetry with koeficients from ECM. Results yield that both gasoline and diesel markets show rather symmetrical reaction on entry price change. Asymmetry was proven only in few lags and final statement is that asymmetry on market in Czech republic is rather illusion then reality.
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An empirical analysis of the impact of digital piracy on movie industry
Pernický, Tomáš ; Vozárová, Pavla (advisor) ; Rod, Aleš (referee)
By the use of questionnaire, which was filled by 516 college students, was performed an empirical study investigating impact of digital piracy on sales displacement and consumer surplus. Firstly, based on the knowledge gained from theoretical literature this thesis assesses: piracy of films increases consumer surplus by 393 CZK per capita in observed data sample. Secondly, there is a negative relationship between the first unpaid consumption which reduces paid consumption by approximately 0.06 unit. However, the second unpaid consumption increases paid consumption by 0.71 unit. These findings suggest strong influence of sampling and network effect, while both are largely caused by the possibility of digital piracy. Therefore, unpaid consumption may increase movie industry sales. Overall, this thesis concludes that digital piracy increases consumer surplus and movie market sales.
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Modely financování školství a jejich vliv na výsledky studentů
Kostrhoun, Tomáš ; Vozárová, Pavla (advisor) ; Čermáková, Klára (referee)
This thesis focuses on the influence of private enrolment in OECD countries on education performance exhibited by students. In my work I analyse panel data portraying annual status of economy and education system in 34 OECD countries from 2000 till 2014. In the first part, I present the historical evolution of the approach to education in terms of public and private goods, in the second part, I provide an overview of related literature that provides a cornerstone for my practical part. In my practical part, I investigate the influence of economic background of OECD countries, educational system and rate of private enrolment on students´ performance. The conclusion of my models did not confirm my hypothesis of beneficial influence of private enrolment on performance. Private enrolment is insignificant in majority of models. Reasoning for this phenomenon may be different approach of students to private education. In some countries, private institutions are perceived as complement and in some as a substitute to good cognitive abilities.
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Issues Of Community Financing In The Czech Republic
Dvořák, Tomáš ; Vozárová, Pavla (advisor) ; Chytilová, Helena (referee)
This thesis is focused on issues of community financing, also known as crowdfunding, that is at present a popular form of obtaining financial resources to different projects. In my thesis, I explore a data set of 150 observations of individual projects from the platform HitHit, which operates in the Czech republic. The empirical part reveales the influence of different factors on the success of a crowdfunding campaign. Some of the significant factors are different ways of spreading informations (web pages, social networks or television broadcast), variability in offered rewards, aspects of the video on the platform, local restrictions, demanded amount of money, but also the length of a project description. The main contribution is the revelation and explanation of some factors and the use of econometric models in Czech crowdfunding scene.
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The Impact of EU investments on a stable economic development through government expenditure
Kroc, Patrik ; Vozárová, Pavla (advisor) ; Čermáková, Klára (referee)
The aim of my bachelor thesis is to test the hypothesis claiming that increase in the total allocation of European Structural and Investment Funds will foster economic growth and reduce unemployment in recipient countries. The econometric analysis has been based on a fixed effects method applied on annual panel data stemming from annual observations carried out in 26 EU Member States in a period 2004-2014, or in 21 EU Member States in a period 2000-2014. It has not been possible to verify the above mentioned hypothesis in the framework of a modified New Keynesian´s growth model and Fedeli´s (2014) unemployment model. The problem partly lies in the crowding out of public spending to alternative uses, which the European Commission cannot efficiently prevent.
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Vliv holandského syndromu na Venezuelském mezinárodním obchodu
Karimov, Hamid ; Stroukal, Dominik (advisor) ; Vozárová, Pavla (referee)
This thesis proves that Venezuela is going through the so called and shows all the effects of this disease to international trade indicators and finally evaluates which proposal how to help Venezuela to deal with it is most in line with the empirical data from World Bank and FRED. All the empirical evidences for Dutch disease worldwide effects are demonstrated on Oman, Kazakhstan, Azerbaijan, Ghana and Norway. The hypothesis about influences of Dutch disease on international trade of Venezuela was proved and discussed by correlation analysis. Among key focused metrics are included GDP growth, Exports and Imports of goods and services, Unemployment, General government final consumption expenditure and Real effective exchange rate.
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The Influence of Monetary Policy on Real Estate Market as a Potential Catalyst for Economic Crisis
Suský, Stanislav ; Vozárová, Pavla (advisor) ; Chytil, Zdeněk (referee)
The thesis focuses on the influence of target interest rates set by central banks to stimulate property markets, in particular on the impact of these rates on real estate pricing and the subsequent bubbles in the housing market. In my work I analyse panel data portraying the quarterly performance of 29 European states from early 2000 till the end of second quarter of 2015. In the first part I investigate the influence of interest rates on property prices and find out that a one percentage point decrease of the target interest rate by the central bank resulted in a rise of 0.897 points in the house price index. In the second part I evaluate the impact of this instrument on the creation of a housing bubble, which is represented by the indicator of housing price sustainability. I estimate that an decrease in interest rates by one percentage point is concomitant with a increase of growth of the price bubble by 0,28 %. I thus validate my hypotheses on the negative correlation between the aforementioned variables.
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PATENTOVÁ PŘIHLÁŠKA JAKO NÁSTROJ CENOVÉ A KONKURENČNÍ POLITIKY FIRMY
Mráz, Radim ; Vozárová, Pavla (advisor) ; Kovanda, Lukáš (referee)
Thesis analyses relevance of patent application in competitive and price policy of company. Patents are generally current topic, patents have significant impact on the market structure. Filing a patent application is the first step to granting a patent. Base of the thesis is economic model, which is built to be as much similar as possible with real market of the company. That company provided to me data which are necessary for this thesis. Entire model is built on decision making of that company about development start and filing patent application. In the end of this thesis there are substituted real company data into the model. This substitution proves that filing the patent application has significant impact on competitive situation on the market.
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