National Repository of Grey Literature 89 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Economic impact of protectionist measures
Wang, Jinliang ; Jakubík, Petr (advisor) ; Dědek, Oldřich (referee)
Protectionism has become a hot topic in these years. Based on the data of China-U.S. trade war, this thesis explores the economic impact of protectionism on United States. The effect of U.S. protectionist measures on imports value, welfare change and employment has been estimated and the result shows although trade protection could bring benefits to the U.S. in the short term, it will cause substantial welfare losses to U.S. residents. JEL Classification F1 Keywords protectionism, imports, welfare, employment Author's e-mail Supervisor's e-mail
Collateralized Debt Obligation: Valuation and Sensitivity Analysis
Benešová, Petra ; Teplý, Petr (advisor) ; Dědek, Oldřich (referee)
A collateralized debt obligation (CDO) is a highly leverage structured credit product linked to credit events of a pool of underlying debt securities. CDO can be understood as an insurance against a credit risk of the pool where its issuer is a protection buyer and its investor is a protection seller. Whereas a CDO issuance has boomed in recent years, by the end of 2008 two thirds of CDOs were in a formal state of default. The aim of this thesis is to clear up the course of events which lead to the suspension of the CDO market and to deduce recommendations for its future development. To do so we develop a valuation program in MS Excel VBA based on a One Factor Gaussian Copula model. Using the program we first apply a sensitivity analysis, than we model value of a CDO tranche before the financial crisis stroke and after it to value a loss of investors based on a change in expected cash- flows. We detect four main deficiencies. First, the market was not properly diversified. Second, the valuation model was often not deeply understood which led to a mispricing of CDO tranches. Third, this resulted in a mispriced base correlation. We also numerically demonstrate the fourth deficiency, i.e. the mark-to-market valuation obligation which can have destructive effects. Recommendations to remove these...
Asymmetric developments in the EU: Is the Lucas Paradox behind?
Štěpán, Jaroslav ; Baxa, Jaromír (advisor) ; Dědek, Oldřich (referee)
Development in European Union is showing that even despite high amount of effort in economic integration, differences in cross-country development are still at play. Indications about Lucas Paradox can be observed, due to inefficient flow of capital. Aim of this study is to quantify, whether this Lucas paradox is present in EU and how it contributes to convergence or divergence between countries. Comparison of panel VAR impulse-response functions is used for evaluation. Results suggests, that Lucas paradox can be identified between Euro area vs non-Euro area countries and Euro area core vs periphery. Furthermore, capital misallocation regarding these four groups prevents possible short-term economic convergence.
Pricing Options Using Monte Carlo Simulation
Dutton, Ryan ; Dědek, Oldřich (advisor) ; Červinka, Michal (referee)
Monte Carlo simulation is a valuable tool in computational finance. It is widely used to evaluate portfolio management rules, to price derivatives, to simulate hedging strategies, and to estimate Value at Risk. The purpose of this thesis is to develop the mathematical foundation and an algorithmic structure to carry out Monte Carlo simulation to price a European call option, investigate Black-Scholes model to look into the parallel between Monte Carlo simulation and Black-Scholes model, provide a solution for Black-Scholes model using Lognormal distribution of a stock price rather than solving Black-Scholes original partial differential equation, and finally compare the results of Monte Carlo simulation with Black- Scholes closed-form formula. Author's contribution can be best described as developing the mathematical foundation and the algorithm for Monte Carlo simulation, comparing the simulation results with the Black-Scholes model, and investigating how path-dependent options can be implemented using simulation when closed-form formulas may not be available. JEL Classification C02, C6, G12, G17 Keywords Monte Carlo simulation, Option pricing, Black-Scholes model Author's e-mail Supervisor's e-mail
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.
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
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.
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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1 Dědek, O.
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