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Company's valuation of importance on the market
Krejčí, Martin ; Hollmannová, Monika (advisor) ; Šolc, Jan (referee)
This modern 21th century is mainly dependent on various kinds of valuations. These are made by different ways of economical counting and models. Most of the counting is being done by various professional external rating agencies. Eg. rating agencies with their bonity asset valuation, national rating agencies, tax rating agencies, etc. Also different types of the best company charts by prestigious magazines are found in this category. These types of ratings are constructed by really complex systems of algorithms and many statistical calculations are made. For my bachelor thesis I have been inspirited by web page ranking called "page rank". This is used for web page comparison and recognition which one is better to be used for example. Final rating result is very useful instrument for marketing agencies. Eg. to decide on which web page use their banners and advertisement. In my work, I would like to define a hypothesis that there is a countable validate index set which might generate some kind of authenticable company's index to describe its authenticity, solvency or even durability. Let's call it "Firm-rating". Main aim of this thesis is to describe and rationalize these indexes. Anyway, at the close, I would like to describe system of counting such an index and I will try to find a way how to...
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Housing Price Determinants in the Czech Republic
Markvartová, Lenka ; Hlaváček, Michal (advisor) ; Šolc, Jan (referee)
Housing market was considered stable until housing prices in many countries after global crises rapidly decreased. Still the development of housing prices and its determinants are unique for every country. The goal of this work is to find the factors that affect the housing prices in the Czech Republic using endogenous models. This type of econometric models enables to explore both short and long term relationships. The theoretical part of the work focuses on housing prices monitoring issues and the specific price development in the Czech Republic in comparison to other countries. Furthermore different level and development of housing prices in Prague are discussed. Due to this fact two types of tests are used - for the Czech Republic as a whole and for Prague separately. The variables housing loans included are based on previous results of Czech as well as foreign studies. Thanks to detected long term relationships an endogenous VECM model can be applied. It confirms bidirectional influence of housing prices and housing loan volume. This relationship could not have been analyzed sofar due to relatively short time series which limit the choice of particular models. My results suggest that growth in housing loan volume causes an increase in housing prices with more than one year delay. This effect...
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Determinants of wages
Kroupa, Jan ; Šolc, Jan (advisor) ; Vančura, Matěj (referee)
The thesis shows how human capital is an important part of wage and how other characteristics (individual or corporate) affect wage level. First of all, the theory of human capital and investments in specific or general training are described and it is shown how these investments affect the income distribution during life. The main part of human capital is education so the thesis presents some methods how to measure the return on investment in education (full method or Mincerian equation). Gender pay gap is still an issue. Part of the difference in earnings between men and women can be explained by different characteristics but the other part originates in discrimination or sectoral segregation. The thesis provides decomposition of gender pay gap into three components with different cause of origin - the effect of equipment, effect of discrimination and effect of choice. After theoretical part, there is an analysis of data from the Czech Statistical Office containing values of average wages, median wages and gender pay gap. These values are analyzed in accordance to factors mentioned in theoretical part along with the question, if these factors affect wages according to assumptions. The thesis practically confirm the theory that wage rises proportionally to age, to higher education and that the...
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Assesment of Ethiopian Monetary Policy: The Prospect of Inflation Targeting Using Monetary Var
Jehar, Mustofa Seid ; Baxa, Jaromír (advisor) ; Šolc, Jan (referee)
This paper tries to assess the Ethiopian monetary policy, in order to investigate the prospect of inflation targeting. The paper starts by reviewing the literature on the evolution of Ethiopian monetary policy and Macroeconomy. This is followed, by the requirements of adopting inflation targeting and the practical experience of inflation targeting countries; finally the paper focuses on the requirement to have a stable and persistent relationship between the policy instrument and price level. Vector auto regression model with some monetary policy instrument and macroeconomic variables was used. To explore different transmission mechanism i have analyzed the Granger causality, impulse response, and Variance decomposition. Result showed that, there is a weak relationship among prices, interest rate and exchange rate channel. The paper, therefore, recommended it is not the right time to adopt the full-fledged inflation targeting. Rather, better try to adopt inflation targeting as an implicit policy.
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How people learn from mistakes on an example of weather lores
Skála, Jakub ; Schwarz, Jiří (advisor) ; Šolc, Jan (referee)
The work deals with the empirical research of informal institutions. The aim was to determine on the basis of the verification of weather lores whether our null hypothesis is valid. Our null hypothesis is as follows: known weather lores have a higher success rate of forecast than unknown weather lores. We worked on the assumption, that in the general awareness remain mainly weather lores that works (passed on from generation to generation as a result of long-term learning process). That should have clarified whether not working weather lores are used any more. We verified weather lores on the basis of hydro- meteorological data for the period 1972-2002. We used several measure criteria. Each criteria was tested with Student's t-test. For all criteria, we observed that at the 5% level of significance we could not reject the hypothesis of equal values of known and unknown weather lores. It was not confirmed our hypothesis that known weather lores have a higher success rate of predictions. That means there is no development of informal institutions in the context of informal institutions on the basis of our empirical research. Keywords weather lores, formal institutions, informal institutions, development of informal institutions, categorical evaluation of weather forecast
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Flexicurity on the Czech Labour Market: An Application in European Context
Matoušek, Jindřich ; Mysíková, Martina (advisor) ; Šolc, Jan (referee)
UNIVERZITA KARLOVA V PRAZE FAKULTA SOCIÁLNÍCH VĚD Institut ekonomických studií Jindřich Matoušek Flexicurity on the Czech Labour Market: An Application in European Context Abstract of Bachelor Thesis Praha 2011 Abstract During the course of my bachelor thesis, I deal with a concept of flexicurity in the Czech Republic. The concept merges two apparently opposite components of labour market, i.e. flexibility and security. Furthermore, this approach has been spontaneously developed in Denmark and the Netherlands and became an inherent part of socio-legal labour market policies promoted by European Union at the beginning of the twentieth century. First part of this paper reviews a situation of both components of flexicurity in the Czech Republic at the time when this thesis is formed. It describes the evolution of unemployment as well as the degree of flexibility and security on the Czech labour market and compares them with current situation in the rest of European states. Second part analyses flexible forms of employment in the Czech Republic, such as part-time jobs and its microeconomic implications. In the final section, I focus on the evaluation of elements which affected the unemployment rate in the Czech Republic from 1993 to 2008. Title: Flexicurity on the Czech Labour Market: An Application in European...
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Bailouts in banking industry : Curse or salvation?
Šolc, Jan ; Janda, Karel (advisor) ; Hedbávný, Petr (referee)
One of questions discussed in the light of current financial crisis is the problem bailouts in banking industry. This thesis contributes to this dispute by studying the relationship between the probability to be bailed out and the risk appetite of particular commercial bank. The aim of this paper is to analyze this relationship in both, theoretical and empirical way, which is still missing in current literature. We work with two hypotheses in this paper. The first one is that there is a positive relationship between the above mentioned variables while the second one suggests that large commercial banks tend to have higher risk appetite. Our first hypothesis is studied in both ways, while the second one is analyzed only in a theoretical way. In the theoretical part we derive the relationships between considered variables under the general equilibrium framework. In our model we work with an economy with four different agents (namely households, firms, commercial banks and central bank). These derived relationships are then analyzed empirically. We work with a panel data dataset considering the data about 500 commercial banks from 70 countries over the 2005-2008 period. The results of empirical analysis suggest that there is a negative relationship between the probability to be bailed out and the risk...
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Growth of Government and Change of Income Distribution of American Households During the Crisis of 2007-2009
Šolc, Jan ; Ježek, Tomáš (advisor) ; Loužek, Marek (referee)
The thesis deals with the synthesis of Peltzman and Higgs government growth theory and influence of the prevailing Keynesian ideology on predicative ability of these theories. Based on this theoretical synthesis thesis explains the long-term trend of increasing government power in the U.S. which is showed by all measuring methods regarding the size of governmental power. The second part of the thesis discusses the impact of the redistribution of wealth in the household sector to the size of government in the years 1979 - 2009, with an emphasis on recent crisis during 2007 - 2009. Tested hypothesis is that the redistributive processes during the last crisis were aimed mainly to U.S. residents in the area of median income. Based on a comparison of data from the years 1979 - 2009 and relating them to the crisis moment of 2007 - 2009 thesis confirms this hypothesis.
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Support of Consumption Through Economic Transfers Viewed by Optic of Austrian School and Its Consequences for Example of Current Crisis in the U.S.
Šolc, Jan ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.
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