National Repository of Grey Literature 54 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
How does death of a household member affect consumption? The Case of Mexico
Šedivý, Marek ; Chytilová, Julie (advisor) ; Vacek, Pavel (referee)
In this thesis, we study the effect of death of a household member on the evolution of household per capita consumption. We provide multiple contributions to the available literature. We are the first to analyze all three waves of the Mexican Family Life Survey and use them to estimate the effect of within-household mortality on consumption. Furthermore, we assess to what extent this effect depends on the characteristics of the deceased household member. We also provide evidence on the persistence of the shock into consumption. We rely on a fixed-effects model. We find that households are capable of perfectly smoothing shocks into consumption caused by within-household mortality. However, we find evidence indicating that the effect of within- household mortality on consumption is likely to depend on the characteristics of the affected household. We consider multiple robustness checks. Based on these we conclude that our findings are robust against variations in the specification of our model.
The Scale of Corporate Profit Shifting out of the United States
Stárek, Martin ; Janský, Petr (advisor) ; Vacek, Pavel (referee)
There is a large body of literature indicating that profits are shifted into countries with better conditions, i.e. lower tax rates. It was showed that the problem is nonlinear. However, precise estimates are missing in the available literature. In this thesis we improved the precision by allowing for nonlinearity, time-variant tax semi-elasticity of profits and financial secrecy is a driver of the profit shifting. We showed that all three elements of the estimation are very important. Our analysis suggests that the profit shifting problem started at the turn of millennium and increases since, with some temporal drops. The highest amount of profit shifted out of the United States was almost 300 billion of U.S. dollars with the consequent revenue loss of 62.3 billion of U.S. dolars.
Size and Value Premiums in Returns of the Central and Eastern European (CEE) Stocks
Rolevski, Borche ; Novák, Jiří (advisor) ; Vacek, Pavel (referee)
This thesis provides evidence of size and value premiums in returns in the Central and Eastern European (CEE) region, through its analysis of financial markets in 12 countries. Following the portfolio construction methodology of Fama and French (1996) we use a sample of 1245 stocks and record that small stocks outperform big stocks (size premium) and value stocks outperform growth stocks (value premium). In addition, we create nine portfolios to test the Fama and French three-factor model and show that the factor-mimicking portfolios that have been documented in the developed markets, SMB (small minus big) and HML (high minus low), also capture most of the cross-section variation in average stock returns in the CEE region. We demonstrate a similar pattern in terms of size return as documented in the U.S. market, but with small differences in the value returns found. Although the Gibbons-Ross-Shanken (GRS) test does not reject the null with 95%, we do not agree that the model completely explains the variation in average returns across the portfolios. The GRS rejects the null at 90% and implies that other factors are omitted from the model. Nevertheless, this thesis contributes to the literature applying asset pricing models to the CEE region, and should provide insights to investors active in the CEE...
Analysis of stock market sentiment with social media
Čermák, Vojtěch ; Baruník, Jozef (advisor) ; Vacek, Pavel (referee)
In the thesis, we explored prospects of extracting sentiment contained in Twitter messages. We proposed novel approach consisting of directly predicting the volatility on stock market by features obtained from the text documents using suitable document representation. We compared the performance of standard document vectorisation methods as well as a novel approach based on aggregating word vectors created by word embeddings. We showed that direct modelling of a market variable is possible with most of the proposed vectorisation techniques. In particular, the strong predictive power of aggregated word embeddings suggests that they are excellent sentiment representation, because they are independent of message volume and they capture well the semantical information in the tweets. Besides, our findings suggest that aggregating word embeddings vectorisation is viable approach even for large documents.
Predatory Behaviour in Transportation Sector - "Czech Railways v. Leo Express" case
Slámová, Iva ; Vacek, Pavel (advisor) ; Schwarz, Jiří (referee)
It is important to control whether dominant companies in particular market sectors follow laws and rules and do not abuse their dominance at the expense of weaker companies. This behaviour is likely to damage current or avoid the entry of new competitors, shrink the competition and set the environment for price changes the consumer is exposed to. The thesis clarifies the theoretical aspect of this issue and tries to apply it on the real case from the railway transport sector in order to describe the procedure of defining relevant market and market share and investigating the abusive behaviour. A questionnaire survey among railway passeners is an integral part of the thesis. JEL Classification D21, D22, K21, L11, L12, L40 Keywords Predatory prices, relevant market, SSNIP test, railway transport, Czech Railways Author's e-mail Supervisor's e-mail
State capture as market distortion: Effect of political connections in the Czech Republic
Špolc, Martin ; Vacek, Pavel (advisor) ; Kameníček, Jiří (referee)
Politically connected firms may extract rent which significantly improves their financial performance, but with social costs to others in form of market distortions. The thesis presents the first empirical analysis of personal political connections to government ministers in the Czech Republic. We estimated value of political connections and inspected subsidies and public procurements allocation as channels of rent extraction on firm-level data set of 1993-2015 period. For both approaches, cross-section regressions and dynamic matching on covariates and propensity score, we found that connected firms significantly underperform their similar rivals, but slightly improve their performance over the time of connection to minister in office. Connected firms gain significantly more subsidies which confirms subsidy allocation as a channel of rent extraction. We interpret our results that firms may seek political connections as the last option how to improve their bad financial results and remain on the market. Biased subsidy allocation to connected firms in sectors where firms are dependent on subsidies like agriculture creates market distortions and could lead to significant consumer harm.
Future Career Ideas - T he Story of a Private High School Junior Year Students
Lukášová, Hana ; Klusák, Miroslav (advisor) ; Vacek, Pavel (referee) ; Trpišovská, Dobromila (referee)
The study is based on the assumption that J. L. Holland's typology of personalities and work environment can be taken for the mainstream theory regarding the issue of career planning. The essential question of this research is whether and to what extent Holland's theory and the concepts implemented in its consulting practice are already premeditated in the minds of contemporary adolescents, namely of thirty-two junior year students attending a private secondary school in Prague. The main source of empirical data comes from semi-structured interviews conducted by the author from the perspective of a school psychologist. The application of qualitative analysis led to the determination of three fundamental concepts of professional future. The trio provides a guide for interpreting both the ways in which respondents further evolve the self-aware part of their mindsets they have decided to professionalize and the complications that may accompany such process. During the analysis it was revealed that besides the pursuit of information in an attempt to determine one's individual place in the world the process of career decision-making contains a strong emotional dimension accompanying such pursuit.
Definition of Relevant Market in Rail Transportation on the Route Prague - Košice using consumer survey
Juhásová, Zuzana ; Vacek, Pavel (advisor) ; Luňáčková, Petra (referee)
The aim of the thesis is to define the relevant market in railway transportation on the route Prague - Košice. In the theoretical part we describe the concept of relevant market, its use and importance for competition policy. We explain methods used for defining the relevant market and focus on the SSNIP test and its practical application, critical loss analysis. In the empirical part we conduct a consumer survey among passenger on the route Prague - Košice and use its results to compute elasticity of demand for rail transportation on the route Prague - Košice and then we perform critical loss analysis. JEL Classification C80, C81, D42, D47,K21, L41, L92 Keywords relevant market, SSNIP test, critical loss analysis, critical elasticity, critical loss Author's e-mail Supervisor's e-mail
The Czech Republic's Participation in the Association Agreement between the European Union and Central America and its Policy Implications
Morales Interiano, Andrés ; Vacek, Pavel (advisor) ; Semerák, Vilém (referee) ; Figueira, Filipa (referee)
University College London - School of Slavonic and East European Studies Univerzita Karlova v Praze - Charles University in Prague - Faculty of Social Sciences International Masters in Economy, State & Society - Economics and Business Andrés Morales Interiano UCL Student Number: 14082525 The Czech Republic's Participation in the Association Agreement between the European Union and Central America and its Policy Implications Master's Thesis Supervisors: Dr Filipa Figueira (UCL) and Dr Pavel Vacek (Charles University) 20 May 2016 - Prague, Czech Republic Abstract: Preferential Trade Agreements have become evermore popular in the worldwide market economy and have raised much interest in academics and policy-makers alike. This paper studies the participation that the Czech Republic had in the Association Agreement between the European Union and Central America during the pre- negotiation and negotiation rounds, and the effects that it brought to the Czech Republic's trade policies and trade flow with the mentioned region. It focuses on a qualitative approach of the Political Economy of Regionalism and liberal perspective to explain how the Czech Republic participated in this agreement previous to its signature in 2012 and views some of the consequences it has caused after its provisional application. It finds...
Detection and survival analysis of cartels. Evidence from the European Union
Blšťáková, Hana ; Vacek, Pavel (advisor) ; Serdarevič, Goran (referee)
- cz Tato práce se zabývá analýzou antimonopolní politiky se zaměřením na kartelové dohody v Evropské unii. Cox·v model proporcionálních rizik je v rámci této práce použit pro predikci proměnných, které ovlivňují trvání a stabilitu kartel·. Tyto proměnné jsou rozděleny do následujících skupin. Velikost a vnitřní struk- tura kartelu, charakteristika účastník· kartelové dohody, ukazatele vnějšího prostředí na trhu, vnitřní kontrolní mechanismy a proměnné, určující účin- nost antimonopolní politiky. Pro účely této práce byl sestaven data set, který zahrnuje kartely soudně stíhané Evropskou komisí v období mezi lety 1990 a 2004. Tato práce navíc obsahuje přehled detekčních metod. Zahrnuje jak metody, které jsou v současnosti aktivně využívány Evropskou komisí za účelem detekce kartel·, tak i nové metody, tzv. screeningové metody trh·, které mohou do budoucna přispět k efektivnějšímu procesu detekce. Screeningové metody se zabývají zkoumáním reálných tržních proces· a hledají znaky koluzního chování. Součásti této práce je mimo jiné i analýza politiky shovívavosti a její dopad na životnost kartel· a na délku administrativních proces·. Očekávaným přínosem této práce je poskytnutí uceleného přehledu detekčních metod a proměnných, které ovlivňují životnost a stabilitu kartel·. 1

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