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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.
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Conversion of the former town spa building to premises of the Regional Gallery Liberec
Klapková, Dita ; Lindner, Milan (advisor) ; Kouba, Vojtěch (referee)
The object of this bachelor´s project is finding potential alternative economic usages of immovable relics which haven´t served to it´s original purpose anymore. In this particular case, the project applies on conversion of the former town spa building to the exhibition purposes of the Regional Gallery in Liberec. Finding appropriate alternative usages will enable preserving of historic and cultural values of the immovable relics which can furthemore actively contribute to the development of culture, society and also economy in the given region. The bachelor´s project will mainly focus on economic and socio-economic aspects of the particular conversion of the former town spa building in Liberec. The conversion project will be evaluated from the standpoint of costs as well as its assets which can be direct, invoked or mediated. Part and parcel of the project outcomes will be also particular suggestions and recommendations for the future effective usage both of the former town spa premises which are being converted now and the Region Gallery building in Liberec.
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Economic effects of revitalization of Thomayerovy sady
Ryšavá, Petra ; Lindner, Milan (advisor) ; Vořechovský, Jan (referee)
The bachelor's thesis centers around economic and socioeconomic aspects of revitalizing urban green spaces. The theoretical section establishes the terminology related to urban green spaces, area revitalization and regeneration, building new relations, and involving local entities. It also assesses options for quantifying economic benefits of revitalization. The factual part applies theoretical findings to the revitalization of Thomayerovy sady urban park in Prague 8 - Libeň. By comparing it to other already completed revitalizations, the thesis quantifies possible economic benefits of this particular project. It concludes with exploring future consequences of not yet complete revitalization and recommends steps leading to improvements in functionality and public perception of the park.
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