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Determinants of FDI in Sub-Saharan Africa
Choutka, Petr ; Janský, Petr (advisor) ; Hrušová, Ivona (referee)
Determinants of foreign direct investment in Sub-Saharan Africa Abstract This paper deals with determinants of foreign direct investments in Sub-Saharan Africa. This region has been considered very risky for foreign investors and the only incentive for FDI was seen in natural resources, especially oil. The objective of this paper is to find out whether this trend has prevailed in the past decade or if countries that managed to improve their institutional environment attracted significant amount of FDI into other sectors of economy. Standard econometric models are employed to explain FDI flows to individual countries. Not only FDI flows but also the share of FDI to GDP and accumulated FDI are used as dependent variable. The results confirm the fact, that natural resources still play the most important role for inward FDI. Key words: foreign direct investment, natural resources, Sub-Saharan Africa
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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Offshore financial centers and the financial crisis
Sůva, Vojtěch ; Janský, Petr (advisor) ; Báťa, Karel (referee)
This thesis considers the identification of main offshore financial centers and the impact of the recent global financial crisis on them. The identification follows the ideas proposed by Zoromé (2007) and is developed further in a model based on data for each country's GDP, financial services and portfolio assets (International investment position, CPIS) for the years 2001-2008. The thesis begins with an overview of the main concepts of offshore financial centers and explains the development of definitions by which they are identified. The original model by Zoromé is introduced and a new model based on the panel data is presented. It then provides a summary of the main offshore financial centers identified by the proposed model and the influence of the financial crisis on them. In the last part, outlook on the preferences of the Czech companies is provided. The thesis concludes with the main findings from the proposed models and offers a further possibility to map the development of the offshore centers after the financial crisis.
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Provider payments in healthcare : the influence of payment mechanism on behaviour of the health care providers
Klokočníková, Jana ; Bryndová, Lucie (advisor) ; Janský, Petr (referee)
A great proportion of inefficiencies the health systems need to deal with arise from the behaviour of the health sector actors. This thesis will focus on the behaviour of health care providers and some of the existing tools which might help to eliminate inefficiencies their behaviour causes. The crucial hypothesis this paper was built upon concerns the imperfect agency problem of the health care providers. The attention is paid to a particular sort of tools represented by various payment mechanisms implemented in the health systems within the relationship between the health care providers and the third-party purchasers. The paper revises some of the most common payment methods, their diversity, advantages and limitations. This thesis presents a simple theoretical model which provides a comparison of some payment mechanisms focusing on their enhancement of cost-efficiency, prevention, creation of waiting lists and production of health care. The analysis is based on utility functions of three important actors of the health systems; health care providers, third-party purchasers and patients.
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Relationship between Executive Compensation and Bank Performance of TARP Recipients
Zamrazilová, Marta ; Janský, Petr (advisor) ; Novák, Jiří (referee)
The objective of this diploma thesis is to examine the relationship between executive compensation and bank performance. We study the executive pay structure of the U.S. largest 100 bank holding companies during period 2002-2009. Our data analysis describes differences between behaviour of TARP recipients and the banks that did not receive state financial help with consideration of financial crisis effect. We use econometric model to test the dependence of bank performance measures and particular elements of executive remuneration - total sum, bonus, stock award and option award. The relationship is generally considered as weak, but we also find linkage between TARP recipients' compensation and Market Capitalisation and on the other hand non-TARP bank appeared to define compensation according to earning per share. A special attention is devoted to executive remuneration structures of TARP recipients with weakest results and their comparison with Dodd-Frank Financial Reform Act and TARP standards. JEL Classification: G21, G35, G38, K23 Keywords: Executive compensation, bank performance, Troubled Asset Relief Program, performance-related pay, corporate governance, financial crisis, executives
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Profitabilty and costs of banking products in the Czech market
Šútorová, Barbora ; Janský, Petr (referee) ; Teplý, Petr (advisor)
This bachelor thesis is aimed to be an accurate and detailed analysis of profitability and costs of bank deposits and loans for individual clients in the Czech market with possibility to make a comparison of the advantages of the Czech banks' products. Moreover, in general, the thesis tries to refute or confirm the criticism about the magnitude of bank fees in the Czech Republic. The principle of the analysis is based on a comparative tool designed in MS Excel containing defined parameters in the form of actual fees and interest rates and the appropriate formulas of financial mathematics, thanks to which, it is able to calculate the return on the deposit or total costs of loan products. The final amount is calculated for specific flexibly entered inputs such as the amount of the deposit or loan repayment period. This tool is an electronic attachment to this work.
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Informational support of geography
Novotná, Eva ; Papík, Richard (advisor) ; Janský, Petr (referee)
Tématem rigorózní práce je charakteristika informačních zdrojů pro obor geografie. Cílem práce je popis, analýza a hodnocení těchto zdrojů jak českých, tak zahraničních, dále tištěných a elektronických. Úvodem je definován předmět geografie a vysvětlena oborová klasifikace. Hlavní pozornost je věnována v první části specializovaným tištěným bibliografiím a odborným databázím, především GeoRef, GeoBase, GeoWeb a jiným elektronickým informačním zdrojům. Druhá část práce se věnuje speciálním problémům geografických informací jako je názvosloví geografie nebo kartografické dokumenty. Databáze pro výzkum a vývoj mohou být důležitými informační prameny. Institucionální základna oboru, vysoké školy, geografické společnosti bývají klíčovými místy k získávání informací, kontaktů a profesního růstu. Desátá kapitola představuje geografii pro knihovníky a informační pracovníky z hlediska jmenného a věcného popisu. Práci je možné využít pro vzdělávání uživatelů pracujících v oboru geografie, resp. hraničních oborů, studenty i pedagogy, dále pro odborníky, a konečně ve vzdělávacích a informačních institucích. Analýza byla realizována z hlediska informačního pracovníka. Východiskem bylo základní rozdělení geografických disciplín v úvodu práce. Jednotlivé zdroje jsou popsány především s ohledem na možnosti přístupu a...
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The supplementary pension savings scheme in the Czech Republic: Microeconomic evidence of the 2013 policy change
Rückl, Adam ; Janský, Petr (advisor) ; Soudek, Jan (referee)
The thesis investigates determinants of participation in the supplementary pension savings scheme in the Czech Republic and estimates their change with respect to the policy intervention realized in 2013. Using the time series of cross-sectional microeconomic data provided by the Statistics on Income and Living Conditions, the probability of participation and the level of contributions are estimated separately by probit and multiple linear regressions, respectively. The estimated coefficients of both models are tested for structural differences caused by the policy change, employing the pooled dataset of multiple years with additional coefficients to treat the compared period. The analysis confirms that income, age, education and economic activity have a positive effect on both the probability of participation and expected level of contributions. Whereas gender differences for the level of contributions have not been detected, single women on average show, ceteris paribus, 4.6 percentage points higher probability of participation than single men. Unexpectedly high level of activity was observed in case of retired individuals, who in 2014 represented approximately 15% of all participants and collected 20% of the credited direct state subsidy. With respect to the 2013 policy change, no evidence of a...
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System for evaluation of taxation of multinational enterprises in the Czech Republic
Janský, Petr
The methodology presents the system of indicators for evaluation of taxation of international companies active in the Czech Republic. Based on the identification of the potential channels of corporate tax base erosion and profit shifting of multinational enterprises it enables to recognise companies whose taxation policy might not be in line with the best practice. Extreme values of the indicators might initiate further examination of a company by state authorities. This methodology thus complements the existing set of analytical tools of the Financial Administration of the Czech Republic in the area of taxation of multinational enterprises.
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