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Creating Forex trading strategy
Žák, Martin ; Tyll, Ladislav (advisor) ; Nováček, Jakub (referee)
The goal of this thesis is to take the reader through the whole, theoretical and practical, process of creating an investment strategy for Forex market. In theoretical part is the thesis focused on essential functional principles of Forex. Then it describes methods and procedures, which are important when creating business plan and backtesting. These methods and procedures are subsequently used in practical part, where there is shown the process of creating a trading strategy based on basic principles of the Tripple Screen system. The conclusion of this thesis is a created strategy prepared for real, live trading, which simultaneously proves, that it is possible to gain successfully and consistently profits from Forex trading.
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Regional brands of food in the Czech Republic
ŽÁK, Martin
This bachelor work is focused on the regional brands of food in the Czech Republic. The theoretical part describes behaviour of consumer, relationship of consumers to regional brands of food and regional brands in the Czech Republic. In the practical part is created analysis of regional brands in the Czech Republic and evaluated their meaning. Analysis and evaluation are supported by graphic supplements.
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Financial Analysis of Liberec
Šípek, Jan ; Pucandlová, Miroslava (advisor) ; Žák, Martin (referee)
This thesis analyzes the financial performance of municipalities in the example of the statutory city of Liberec in the years 2008-2010. The work is divided into theoretical and practical part. The theoretical part explains the basic concepts concerning the characteristics of the municipality, the municipal budget, the budget structure and financial analysis. Following the theoretical part of the analysis is developed - a financial analysis of the city. Based on this analysis will consider the management of the city and propose recommendations that could improve the management of the municipality.
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Statistical Analysis of Temperature and Precipitation Time Series in the Czech Republic in Period 1961-2008
Helman, Karel ; Pecáková, Iva (advisor) ; Čermák, Václav (referee) ; Žák, Michal (referee)
The present dissertation deals with an analysis of monthly time series of average temperatures and precipitation sums recorded at 44 sites in the Czech Republic over the period of 1961--2008. The main research purpose is to acquire deeper knowledge of regularities in the climatic time series development, using an appropriate set of statistical methods. A secondary objective is to search and find correlations between the research outcomes and basic geographic coordinates (altitude, longitude and latitude) of particular measurement stations and comparing all the results achieved for the selected climatic elements. There are two major contributions of this work. In the first place, it presents new knowledge in the field of climatic time series, particularly in connection with the strength and development of their seasonal component, further for instance analysing the relation between the distribution of a residual component and the geographic coordinates of the measurement stations. Another contribution lies in an extensive application of statistical methods of climatic time series analysis. Several types of methods were used, having employed both widely and rarely applied statistical tools (linear trends analysis and Box-Jenkins methodology respectively) as well as those used for the very first time (moving-seasonal time series).
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The concept, practice and culture of lobbying in the English speaking countries
Vymětal, Petr ; Reschová, Jana (advisor) ; Žák, Milan (referee) ; Malíková, Ľubomíra (referee) ; Rychetník, Luděk (referee)
The regulation of lobbying is a current topic both at the level of international organizations as well as in many European and overseas countries. This work deals with the comparison of the rules on lobbying in selected English-speaking countries. Descriptive, doctrinal and comparative methods are used to analyze the main trends in the lobbying regulation of the United States, Canada, the United Kingdom of Great Britain and Northern Ireland as well as Australia. The text is structured into four chapters. The first chapter deals with the definition of lobbying and its differences from corrupt dealings; it also covers the types of lobbying activities and the various kinds of lobbyists. The second chapter attempts to contextualize lobbying into the theories of the decision-making process. A comparison of the similarities and differences of the lobbying rules is made and analyzed in the third and fourth chapters. Both the third and the fourth chapter have a similar structure -- first, the general rules and approaches to regulation are introduced, and then a comparison of selected English-speaking countries is made. The third chapter deals with the most common rules for lobbyists; the fourth chapter focuses on the relatively neglected side of lobbying contacts, i.e. the rules for the targets of lobbying (public office holders). In the end, some measures and recommendations for the Czech Republic are also outlined.
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The Economics of Wind Energy
Ryvolová, Ivana ; Zemplinerová, Alena (advisor) ; Žák, Milan (referee) ; Štěpán, Vladimír (referee)
The presented work examines the special characteristics of electricity produced by the wind as a renewable resource into which considerable hopes are being placed. Production of electricity from wind, as well as from other renewable sources, is a subject of many legislatively enshrined preferential rules. These subsidies and regulatory provisions help the energy producers but represent additional costs to every final customer and tax payer. The aim of this work is to analyse the key arguments of wind energy advocates, which are 1) economic advantage of this production due to zero costs for 'fuel' and 2) negligible burden on the environment due to zero carbon dioxide emissions. The work takes into account all aspects of wind energy production, including their financial and extra-financial implications, and shows their indefensibility in economic terms and in terms of environmental protection. Besides, I have attempted to identify institutional aspects and forms of government which is known to give interest groups a chance to succeed in their rent-seeking activities and as a result allow prosperity of the above-mentioned ineffective energy production. Attention is also paid to the observation that, given the specific technological features of electricity production from the wind, it is not possible to fully apply the conclusions of a traditional theory of economic regulation onto the current position of key players in the electricity market.
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Potential sources of currency and banking crises in emerging markets
Brožka, Michal ; Revenda, Zbyněk (advisor) ; Dvořák, Pavel (referee) ; Žák, Milan (referee)
The thesis examines potential sources of currency crisis, banking crisis and twin crisis in a region of Central Europe, Eastern Europe, South-Eastern Europe and Baltics. The text assumes some basic knowledge of the theories of financial crisis and, thus, ommits some relevant details in the theoretical parts. The thesis aids at fading variables, which could signal vurnerability of a country to a curency, banking and twin crisis. In the second chapter we introduce a financial crisis typology. The text also briefly shows the theoretical and empirical studies of the financial crisis and introduces definitions of currency, banking and twin crisis. In the third chapter we identify the periods of financial crisis in the given region. Then we introduce the explanatory variables. In the fourth chapter we estimate logit model to explain the conditional probability of all the three types of financial crisis. In the fifth chapter we estimate the out-of-sample conditional probability of occurring crisis. In the end we discuss the results and possible recommendation for economic policy or investors. We find that some macroeconomic variables are significant when explaining financial crisis. For all three types of financial crisis these variables were significant: Share of total foreign debt to foreign reserves, interest rate differential, excessive credit expansion (its share to GDP).
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Theory of the Firm from the view of New Institutional Economics and some Aspects of Institutional Framework Quality in the Czech Republic
Vitík, Robert ; Sirůček, Pavel (advisor) ; Soukup, Jindřich (referee) ; Žák, Milan (referee) ; Mlčoch, Lubomír (referee)
This doctoral thesis presents the basic and the main developments of the theories of the firm rooted in Transaction Cost Theory (TCT). Since the article of Coase on the nature of the firm, this question has been elaborated by number of economists. In my point of view, I would like to introduce the last theory developed by the representative of the school called New Institutional Economics. The theory concentrates on the role of institutions. We distinguish institutions formal and informal. The formal are laws, constitution, regulations, contracts and other written rules. The informal don't require a written form and they represent informal restrictions such as rules of behaviour, conventions, traditions and habits. The main purpose of the institutions in their various forms is mainly to protect property rights, enforce voluntary contracts and establish the physical and regulatory infrastructure to facilitate economic activity. Generally, we can call them the rules of the game. They inform us about possible economic behaviour and give us basic restrictions in this sense. First -- the theoretical part of this thesis, we can find a simple model with human asset specificity based on TCT. The main proposition is that transactions with a high level of asset specificity are more probably internalised because the firm handles better such transactions compared to the market, even if asset specificity increases the cost of coordination in the firm. If the hierarchy, for example through the formation of routines, may enhance the efficiency compared to the market, we can modify the previous model. The model developed according to a Knowledge-based view assumes that asset specificity reduces transaction costs inside the firm and increases transaction costs on the market. In the conclusion of the theoretical part is discussed the reply on first formulate hypothesis if the TCT is still compatible with a newer Capability and Knowledge based view. In my opinion based on the presented arguments and views, both theories are compatible, they can answer more questions and explain more issues. The last step links the aforementioned theories into one Theory of firm boundaries. In the practical part of the thesis, I bring basic arguments about the institutional framework quality in the Czech Republic. These arguments rely on the latest studies of the international institutions such The Transparency International, The Heritage Foundation, The Kurtzman Group and mainly The World Bank. Studies reveal certain weak arrangements concerning for example the number of procedures when starting a business, complicated construction permits, rigidity of working hours, time-consuming and administrative demanding tax system, duration of judicial process which results in ineffective contract enforcement and mainly poor protection of property rights. Taking these disclosures into account we have to say that emergent transaction costs are enormous. These transaction costs influence negatively the competitiveness of the firms and the whole Czech economy. Therefore a negative response to the second hypothesis relating to the quality of the institutional framework in the Czech Republic.
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Costs and products analysis
Houšková, Gabriela ; Synek, Miloslav (advisor) ; Žák, Milan (referee)
The aim of the diploma thesis is to make up costs and products analysis and to arrange costing. These issues were described by vertical and horizontal analysis and were performed costing for particular products with using absorbing costing and variable costing methods. In conclusion were both methods compared and the break even point was analyzed. Theoretical part describes costs classification, methods and sort of costing and break even point analysis as well.
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Fiscal Policy Rules
Prušvic, David ; Izák, Vratislav (advisor) ; Mandel, Martin (referee) ; Žák, Milan (referee)
Předkládaná práce zachycuje komplexnějším způsobem problematiku fiskálních pravidel, včetně vybraných v realitě používaných typů, s cílem přispět na základě analýzy současného stavu fiskálních rámců v Evropské unii a v České republice k diskusi o volbě vhodného fiskálního pravidla pro české veřejné finance a českou ekonomiku. Stěžejní typy fiskálních pravidel byly komparovány jednak vzájemně, jakožto i ve vztahu k osmi fundamentálním atributům ideálního fiskálního pravidla. Pozornost byla rovněž věnována chování pravidel v rámci hospodářského cyklu. Ze srovnávaných pravidel bylo celkově nejlépe hodnoceno pravidlo výdajové. Jelikož primárním fiskálním rámcem po české veřejné finance je Pakt stability a růstu, byla spolu s Maastrichtskými fiskálními kritérii hodnocena jeho účinnost. Metodou pro hodnocení byla vybrána panelová regresní technika nejmenších čtverců s fixními efekty. Výsledek ekonometrické verifikace potom naznačil, že pravidlo Paktu účinné skutečně bylo, avšak že je funkční pouze tehdy, je-li skutečně vynutitelné (citelná ztráta z nečlenství v ?euro klubu?). Další část práce se teoreticky věnujeme otázce koordinace politiky fiskální a měnové. Analýza se ubírá směrem malých otevřených ekonomik cílujících míru inflace s deficitním omezením, čili k problematice relevantní pro českou ekonomiku. Sestavujeme tak teoretický model, kterým ukazujeme, jak tyto dva stěžejní elementy hospodářské politiky reagují na chování druhé autority sledujíce svůj zájem vyjádřený tzv. ztrátovou funkcí příslušné autority a kdy je možné dosáhnout bodu stálého stavu v prostoru nástrojů měnové a fiskální politiky. Řešíme rovněž otázku koordinace těchto dvou makropolitik po vstupu české ekonomiky do společného měnového prostoru a pomocí dedukce pak z nastolených premis modelu usuzujeme na důležitost fiskálního pravidla v malých ekonomikách pro jejich ?zdravý? fiskální vývoj. Na závěr práce syntetizujeme získané poznatky a vyvozujeme patřičné závěry pro českou hospodářskou politiku, které ústí do návrhu vlastního, resp. modifikace, fiskálního pravidla vhodného pro české veřejné finance v kontextu evropského Paktu stability a růstu.
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