|
|
Willingness to pay for green electricity
Novák, Jan ; Ščasný, Milan (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
We estimate the willingness to pay for electricity generated from renewable energy in the Czech Republic. Discrete choice experiment is used to elicit preferences for various attributes of renewable electricity support scheme (PM emission, GHG emission, size of RE power plant, revenue distribution, and costs). Original survey is carried with 404 respondents living in two regions - Ustecky (polluted area) and Southern Bohemia (cleaner area). We find that respondents prefer decentralized renewable electricity sources over centralized, local air quality improvements over reduction in greenhouse gas emissions. Estimated marginal willingness to pay for 1% reduction in emission of particulate matter equals to 49 CZK, respectively 3.7 % of average monthly electricity bill. In total, WTP for green electricity is larger than current compulsory contributions to renewable energy support scheme. Powered by TCPDF (www.tcpdf.org)
|
|
|
Response by Czech Auditors and Audit Regulators to the Financial Crisis
Chudá, Tatiana ; Hollmannová, Monika (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
Auditors play an important role in the reliability of financial statements. Many investors and other financial information users rely on their opinion. During the financial crisis, auditors were critised since they did not warn the markets about financially distressed companies. In our thesis, we examine whether auditors change their behaviour during a financial crisis. Using our collected data for joint stock companies in the Czech Republic, we focus on frequency of modified and going concern opinions, amount of audit and non-audit fees charged by auditors, and audit reporting lag. Our audit fees model showed that there were significantly lower audit fees after the crisis than during the crisis years. The results also suggest that both Big 4 and non-Big 4 auditors increased their frequency of issuing modified opinions (most of which were going concern opinions) during the crisis period. In our logit going concern models for the individual years we observed change of the auditors' behaviour during the crisis years 2008-2010. We have also found out that Big 4 auditors increased their audit reporting lag in 2008 but our overall results suggest that the audit reporting lag was shorter during the crisis.
|
|
|
Personal bankruptcy in the Czech Republic
Malíčková, Jana ; Gutiérrez Chvalkovská, Jana (advisor) ; Luňáčková, Petra (referee)
Personal bankruptcy has been enacted in the Czech legal system since 2008. In the six years, during which the legal regulation was in effect, there here have been already 84,000 applications for personal bankruptcy filed and the number is still increasing. For the em- pirical part of this work, I have created a data set matrix consisting of 175 applicants for personal bankruptcy and 25 descriptive variables. I found out that personal bankruptcy was permitted in more than 90% of the cases. The single variable with the highest influence on the positive handling of the request for personal bankruptcy was the manner of filling in the application. Handwritten applications have a much lower percentage of approval than those written on a computer or a typewriter. We noted that frequently debtors received a financial donation optimized in order to have sufficient financial means for the permission of personal bankruptcy. 1
|
|
|
Creditors payout from debtors operating income - Economic analysis
Zdeněk, Jakub ; Gutiérrez Chvalkovská, Jana (advisor) ; Čornanič, Aleš (referee)
Insolvency act in force - Act 182/2006 Coll., represents disruptive chance in bankruptcy approach on corporation level. The most revolutionary change is possibility of company reorganization with no doubts. This thesis deals with economic rationality behind bankruptcy, mainly with economic rationality behind reorganization. The thesis is economic analysis of input for decision-making process whether debtor if proper candidate for restructuring and process of creditors payout from debtors operating income during reorganization. The thesis contains original qualitative research of sample of allowed reorganization aimed on comparison of theoretical finding with reality. There is a theoretical model of bankrupted company where all theoretical findings are demonstrated in a last part of this thesis JEL Classification G33, G34, L25, L61 Keywords Bankruptcy, Restructuring, Company Crisis, Firm Performance, Creditor payout Author's e-mail zdejak@seznam.cz Supervisor's e-mail jana.chvalkovska@gmail.com
|
|
|
The influence of shale gas on natural gas markets in Europe and North America
Otradovec, Michal ; Gutiérrez Chvalkovská, Jana (advisor) ; Rusnák, Marek (referee)
This thesis studies the impact of shale gas on the integration of natural gas markets in Europe and North America. In our practical part we examine with hard data to what extent integration of natural gas markets exists in Continental Europe and North America. We suppose that the recent changes in natural gas markets have significantly influenced the international integration between North American and European continents towards less integrated natural gas markets, but have strengthened the inner integration in these areas. Our results proved integration of natural gas market in each of the intra regional levels, what is consistent with the literature done on this topic. On the other hand our methods did not prove mutual integration between these trans-Atlantic natural gas markets, just as we expected in the hypothesis of this thesis. In our modelling we apply several approaches such as the Engle- Granger cointegration test, Johansen cointegration test and Vector error correction model to formally test for cointegration, from which we can state conclusions about mutual or inner integration. We use monthly data for a period of 1997-2011. Our research is unique becuase there are only a few existing studies on this topic to date. Our empirical tests are introduced by a solid overview of shale gas,...
|
|
|
Creation of provisions - Pro-cyclical behavior of banks
Matějovská, Anna ; Geršl, Adam (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
In relation to the latest economic crisis much attention was paid to the bank capital requirements. Many papers discuss the pro-cyclical effect of these capital requirements and the options of how to stabilize the banking industry and financial system. In this thesis I researched another instrument which can cause the pro-cyclical effect - the loan loss provisions. In reaction to this issue the Spanish central bank has adopted the model of dynamic provisioning which acts counter-cyclically. This model is supposed to balance the amount of created provisions and banks' profit over the time. In this thesis I introduce a hypothetical situation in which the countries using the Euro currency adopted the model of dynamic provisioning and I examine the hypothesis that the adoption of this model would mitigate the latest economic crisis as the banks would achieve higher profits during the time of recession. Based on the conducted research I confirmed my hypothesis and conclude that the dynamic provisioning would balance the economic swings. However, the results also showed that the set-up of dynamic provisions model is crucial. In order to make the model efficient the model coefficients have to be precisely determined by central banks or individual banks and approved by independent supervisors. Keywords...
|
|
|
An Analysis of Households Expenditure of Vietnamese Community living in the Czech Republic
Vu Thi, Y My ; Gutiérrez Chvalkovská, Jana (advisor) ; Adam, Tomáš (referee)
The aim of the thesis is to describe the household expenditure of the Vietnamese who create the third largest ethnic group in the Czech Republic. We focus on how the house- hold budget is allocated to buy certain goods and services and what are the factors that determine its overall value. This work also contains some basic facts about the Viet- namese community such as the reasons for their migration, the nature of the society, the regions that are most inhabited by the Vietnamese and the famous centers of their gathering. The data used for analysis were obtained using a questionnaire that was compiled by the author and further distributed through out all significant centers of the Vietnamese living in the Czech Republic. Our findings about the distribution of expen- diture suggest that the food forms the largest share in total expenditure. In comparison with the Czech data, the Vietnamese spend significantly more on education. The reason why the Vietnamese put emphasis on this item is further described in more detail. The results of empirical part show that the facts such as the gender of the head of household, the permanent residence of a Vietnamese family in the Czech republic and further four household characteristics have a significant effect on the level of total expenditure. JEL classification...
|
|
|
Transaction costs in public procurement
Reimarová, Hana ; Gutiérrez Chvalkovská, Jana (advisor) ; Mejstřík, Michal (referee)
The term public procurement refers to a contract between public entity and private companies. The public procurement contracts are regulated by the Public Procurement Act, which specifies the rules under which the public procurement should be performed and sets conditions of award procedures of public contracts. The quality of execution of the award procedure influences the efficiency and the transparency of the contract. The award procedure can be executed by internal employees of the contractor or outsourced. The main aim of this thesis is to analyze whether the contractors behave rationally when they outsource the award procedure; this thesis evaluates the differences between an in-house administration and an outsourced administration in prices, efficiency in terms of number of bidders in the contract and probability of formal errors in the award procedure. The results of the analysis shows that small contractors behave rationally; when they administrate the award procedure in-house they tend to make more formal errors thus they outsource the procedure. On the other hand, the large contractors do not behave rationally, because they outsource the administration of award procedure even if all three indicators show that they administrate the procedure in-house more successfully. The behavior of...
|
|
|
Economic Rationale behind the Evolution of the Slovak Insolvency Law
Hrnčiar, Pavel ; Richter, Tomáš (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The Slovak insolvency law reform, which came into effect on 1 January 2006, introduced a brand new restructuring option for business debtors. In this thesis, we present the first complex empirical analysis of all restructuring attempts allowed in the period 2006-2010. Results, based on a large amount of data, which we gathered for this purpose, suggest that the restructuring option is much more viable than the composition option under the previous Bankrupcty and Composition Act. The system is characterized by very high success rates (in terms of plan confirmation) and speedy proceedings. The size of the debtor affects neither the prospects for success, nor the length of proceedings significantly. We conclude that, even though a lot of improvements still need to be done, the reform moved the Slovak insolvency law closer to the standards of the best-performing jurisdictions. JEL Classification D23, K12, K20 Keywords insolvency law, reform, restructuring, bankruptcy, restructuring plan, trustee Author's e-mail hrnciarpavel@gmail.com Supervisor's e-mail tomas.richter@cliffordchance.com
|
|
|
Economic and law aspects of reorganization and bankruptcy illustrated on the case of Kordarna
Harrer, Jan ; Richter, Tomáš (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The long awaited insolvency act in force - Act 182/2006 Coll., changed the whole insolvency process by enabling new solutions to handle corporate insolvency issues. Among the most revolutionary features is the facilitation of a reorganization process. The thesis focuses on legal and economic aspects of the reorganization framework and compares it with the possibility solution of bankruptcy liquidation. The thesis analyzes the reorganizations of company called Kordarna, a.s. and also three subsidiary firms belonging to the KORD Group companies, which have been the first major test of the reorganization framework under the current Czech Insolvency Act. After the analysis of the procedural steps throughout the insolvency proceedings, the thesis arrives at a conclusion that given the circumstances, the chosen reorganization procedure was the best possible solution to Kordarna's insolvency for all classes of creditors and also other involved stakeholders. Moreover, the slow pace of the process is also discussed in detail. An important conclusion is reached in the field of bankruptcy estate valuation, where the thesis claims that the values of bankruptcy estates valuations were unrealistically high, because the adverse impact of the current extraordinary asset market conditions was never fully considered.
|
guest ::
RSS feed.