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The change of the value of a firm as a result of the economic recession
Rollerová, Alena ; Ševčík, Miroslav (advisor) ; Dočkal, Dalibor (referee)
The question of business cycles is one of the most interesting topics of the economic policy. The period of economic recession influences most of the subjects in the economy. One of these subjects is a firm. In this thesis I discuss the question how economic depression impacts the value of a firm and how firms react to the recession, what are the consequences of their reactions and the results of these consequences at the macroeconomic level. To demonstrate the impact of the crisis I have evaluated the firm ACTIVA with Discounted Cash Flow Entity method in two different time frames, first evaluation was done before the crisis occurred and the second was done during the crisis. I conclude that the crisis causes a slowdown of the growth of the relevant market and therefore also of the revenues of the firm, it causes a fall in the economic results and not least the profit margin. As a result the value of the firm decreases to less than a half of its pre-crisis value. This proves that the view of a firm's value has significantly changed as a result of the crisis. The firm's behaviour has changed as well and whence it follows that the business cycle is a consequence of a changed behaviour of the economic subjects, which operate their behaviour according to the prices.
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Effect of excise tax on consumption of cigarette in UK
Tesař, Tomáš ; Dočkal, Dalibor (advisor) ; Vebrová, Ludmila (referee)
The European Union has been solving for years the problem of huge number of smokers among European population. The EU is creating laws banning advertising of tobacco products and smoking in public places. United Kingdom is struggling against consumption of cigarettes through ratifying these laws since late nineties, together with another policy of increasing taxes and informative campaigns. In this thesis I am describing several econometric approaches in this paper in order to find how big is the effect of excise tax on consumption of cigarette in past 15 years. In the second model I included other variables such as ban of advertisement, expenditures on treatment of addicts, employment, GDP, population. The results show that the most significant variables are the ban of advertisement, the ban of smoking and the employment.
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The Behaviour and Policy of Czech Banks from Beginning of the World Financial Crisis in 2008
Forman, Jan ; Dočkal, Dalibor (advisor) ; Ježek, Tomáš (referee)
The world financial crisis in 2008 struck banking sector significantly. This bachelor thesis explores impacts of the crisis on the Czech banking, maps structure and development of the Czech banking market and describes single types of credit products available in the Czech Republic. The following chapters are focused on transfer of the crisis from USA to the Czech Republic and on policy change of Czech banks. The goal of this thesis is the analysis of the volume of credit advanced for citiziens and entreprises, this analysis can be found in the last chapter.
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Macroeconomic consequences of indebtedness of households in the example of the Czech Republic
Hanzl, Jiří ; Dočkal, Dalibor (advisor) ; Czesaný, Slavoj (referee)
Subject of my work is problem of households indebtedness. I figure on Czech republic data rapid growth credits households, the biggest part rank credit on living, especially mortgage credit. Incidence increased credit activities can have devastating effect. During economic fall, at growing unemployment and fall earnings, some households have not enough sources and stop pay off a debt. Then non-performing loans on overall debt very fast grew since 2008 to current 4,5 %. Banks have to handle credit risk, because every unpaid loan presents loss. Important indicators relative indebtedness, which compare debt against wealth and household's savings, is in Czech republic in most affably. Households are clean takers interests from financial assets, so they can pay back the credit. To banks important share credits to deposits is on 60 per cent. Expected progress suppose growth non-performing loans, but there is no expectation to make bank condition worst.
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Influence of government bonds on private investment in Czech republic
Hlaváček, Jiří ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
This work is an analysis of the crowding out effect caused by issues of governmen bonds in small open economy - in this case in Czech republic. Issue of bonds is for government one of possible solutions to budget deficits. There is no integrated opinion on the effect, which issues of government bonds have on private investment, in the theory. If the economy is not fully open, it can be crowd out. On the one hand neokeynesian Mundell-Fleming model talks about decrease of level of net exports. On the other hand the neoclassical by R. Barro developed Ricardian equivalence says, that private consumption will decrease in the reaction to budget deficit. Mundell-Fleming model is presented as an traditional theory and the Baroo's theory is refused. Empirical study in this work can this opinion validate or disapprove by observation of trends of budget deficit, issues of government debt, interest rates and private investment in Czech republic.
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Pension system of Czech republic and comparison with other systems
Křivinková, Radka ; Dočkal, Dalibor (advisor) ; Krebs, Vojtěch (referee)
First part of the work presents the theoretical base of retirement system, introducts the basic constructs and historical development of the system. Then the work presents two basic ideal systems- continuously financed system and fund financed system. Their combination creates the unique retirement system of every state. Both systems are analysed in light of their impact to public budgets. Second part of the work presents the retirement system of Czech republic. There is introduced historical development of czech system, especially in modern history. The development is analysed in context of economical transformation in ninetees. Analyse is focus on the financial expensiveness of the retirement system and its impact to public budgets. In this part are presented retirement systems of three specific countries, that are compared with czech system. This comparison is also focus on financial expensiveness. At the end are these systems analysed in light of potential use of some their elements in reform of czech retirement system.
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Pension system
Sedláčková, Veronika ; Dočkal, Dalibor (advisor) ; Czesaný, Slavoj (referee)
The topic of pension insurance is often being discussed by politicians, experts and general public as well. This paper is focussed on describing the Czech pension system and comparing it to the pension systems of chosen member states of the European Union. It is also concentrated on incomes coming from particular fields of this very system. I will present comparison of pension benefits and average incomes during certain time periods. In the field of pension insurances I focus on calculating profitability of pension funds, valorization of the invested funds etc. In another part of this paper I am comparing the Czech republic to other selected states, concentrating on the expenses related. At the end I summarize the facts determined and those concerning the Czech system of pension insurance.
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Czech entrepreneur environment in connection with qualitative competitiveness
Červenka, Michal ; Dočkal, Dalibor (advisor) ; Gráf, Václav (referee)
The goal of this paper is to evaluate the qualitative competitiveness of the Czech entrepreneur environment. The qualitative competitiveness of the entrepreneur environment is the key factor for the economic growth, especially in the current globalized world. The innovation performance is one of the most important factors of qualitative competitiveness, which is mainly influenced by the research and development activities. The character of the Czech entrepreneur sector highlights the importance of innovations especially in the industry. The analysis of the Czech research and development has proven that this area is insufficiently and inefficiently financed, which is also proven by the weak patent performance. The general uncompetitiveness of the Czech entrepreneur environment according to existing international studies topped with the imperfect condition of the research and development have proved that the qualitative competitiveness of the Czech entrepreneur environment lags behind highly developed countries.
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The support of integrating elderly people into labour process in Czech Republic
Zítková, Michaela ; Dočkal, Dalibor (advisor) ; Poláková, Olga (referee)
Czech Republic aswell as the other developed European countries passes through an unpleasant demographical progress, which has an unfortunate impact on the economic sector and endangeres prosperous function of the social systém organised by the state. The target of this study is an analysis of tools supporting integration of elderly people into the work process in Czech Republic as one of the possible solutions of the demographic situation that came up. At first the study concentrates on demographical trends in structural changes of economic generations and its relations. Next, the analysis of tools to stimulate employment is accomplished aswell for the both sides - supply of labour and the demand for labour. Special attention is given to the problem of motivation to work by the low qualified groups of population. It is followed by an analysis of foreign experiences and deduction of recommendation for Czech Republic.
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Is the European monetary union the Optimal Currency Area?
Bambas, Jan ; Dočkal, Dalibor (advisor) ; Řežábek, Pavel (referee)
The aim of this bachelor thesis is to answer the question whether European Currency Union (particularly the countries that have already entered the 3rd phase of European monetary union) is the Optimal Currency Area (OCA). This question is significant, especially when examining advantages and disadvantages of using a common currency (Euro). This work clarifies fundamental conditions that are connected with the theory of optimal currency area, as it has developed since R. A. Mundell. The thesis also briefly introduces historical development of the European Union and Monetary Union, and tries to point to fundamental turning-points within the integration process. Furthermore, there is a comparison with other regions which use a common currency, e g. the United States of America. One of the main characteristics of the OCA is unification of business cycles within the region. The final section of this thesis is devoted to an analysis and overview of business cycles of selected countries before and after adopting Euro.
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