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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
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Kordarna - the first large case of reorganization under the new insolvency act
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.
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The Relationship of Corporate Governance with Firm performance and Tax Fees
Spirollari, Persida ; Horváth, Roman (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The aim of this thesis is to examine the relationship of all corporate governance indicators with firm performance (proxied by price to book value) and tax fees. Using a sample of 133 large U.S firms, in a single model, we explore the correlation of price to book value with board of director's structure (composition and size). Our results show that smaller and younger boards with less independent directors lead to a higher firm performance. We further find that presence of women on board is important rather than their number. The outcome of the study shows also that financial expertise of audit committee members has a significant and positive influence on the amount of tax fees. Overall, the results suggest that board characteristics are important and they influence firm performance. Keywords: board of directors, firm performance, price to book value, governance indicators, tax fees.
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EU's competition policy v. USA's antitrust : key differences to know
Luňáčková, Petra ; Gutiérrez Chvalkovská, Jana (referee) ; Hrubý, Zdeněk (advisor)
This thesis is a comparative study of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. The case studies illustrate how antitrust measures are applied and what consequences they might have in terms of market structure, innovation, motivation or deterrence. The findings are backed by law systems, historical development and in particular by economic discussion of antitrust efficiency. The analysis suggests that without a suitable economic theory that would explain the outcome of market interventions as well as corresponding welfare effects the differences are hard to overcome.
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Role of nonprofit organizations in economy : relationship between nonprofit sector and state
Čechová, Kristýna ; Gutiérrez Chvalkovská, Jana (referee) ; Kameníček, Jiří (advisor)
This bachelor thesis aims to examine the role of nonprofit sector in economy and its relationship with state. Firstly, it covers the topic from theoretical point of view. It is trying to answer the question why the nonprofit organizations exist and how can their relationship with state look like. The second part analyzes the nonprofit sector in two model states - in the Czech Republic and in Finland. Among others it covers the history of nonprofit sector, its scope in economy, its financing and the structure of nonprofit sector. The final part contains an interpretation of situation in both of the model states based on covered theories. Analysis shows that there are certain important similarities in both states while the reasons for such similarities are quite different.
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Dovoz tropických plodin z Kolumbie do České Republiky: je poptávka dostatečně pokryta?
Přibylová, Jana ; Gutiérrez Chvalkovská, Jana (advisor) ; Zajíček, Miroslav (referee)
The demand for tropical fruit in the Czech Republic is rising, it´s a trend in the modern way of life. People in the Czech Republic, and all over the world, demand healthier ways of food consumption. We did research concerning a supply in the supermarkets and consumers. I found out, that a demand for tropical fruit was not very well covered and that people were demanding more variety of tropical fruit and were ready to up pay double prices for it. I compared data about consumption of tropical fruits in Germany, Austria and the Czech Republic. The comparison is drawn from net import of tropical fruit and net import it´s divided per capita. We proved that people in the Czech Republic were consuming fewer kilograms per capita per year than people in Germany and Austria. Annual consumption of tropical fruit in the Czech Republic grew by 7 % during the last five years, while in Germany it amounted to 0,3% and in Austria to 4,5%.
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Nerovnost v Chile: ekonomické, politické a sociální dopady
Seifertová, Zuzana ; Gutiérrez Chvalkovská, Jana (advisor) ; Hidalgo Redondo, Oscar (referee)
Chile is one the most developed countries in Latin America with stable market-oriented economy and sustainable economic growth, becoming the first South American country to join the OECD. Nevertheless, it is also the country with the highest inequality of income in the OECD and one of the most unequal countries in the world. The biggest challenge for the next decade seems to be the reduction of inequalities and poverty. To achieve these goals, Chile needs to implement better policy in the area of production, innovations, finances, but also health and education. The thesis examines the development of inequality in Chile, its current situation and the impacts of inequality on the society, focusing on the problematic areas such as education and health. Additionally, it presents possible solutions and recommendations for Chile to reduce the high level of inequalities, including the external help. The main resources used for the analysis are the information published by the World Bank, OECD or European Commission and complemented with statistics and reports of Chilean government.
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Výhody a nevýhody mikroúvěrů v případě Chile
Bellon, Fotis ; Gutiérrez Chvalkovská, Jana (advisor) ; Inostroza Pino, Luis Ernesto (referee)
The aim of this thesis is to contribute to the debate on microfinance commercialization, using the case of Chile. Another purpose of this thesis consists in mapping the field of microfinance in Chile. The hypothesis that is examined in this study is whether the commercialization of microfinance in Chile has brought opportunities and trade-offs with respect to poverty alleviation in the country. The methodology used in order to gain understanding of several aspects of commercialization of the microfinance sector in Chile is descriptive statistics accompanied by a qualitative analysis of the demand side of microfinance. To this end, interviews were conducted with several microfinance institutions and specialists. The results of the study indicate that the commercialization of microfinance in Chile has indeed brought opportunities and trade-offs with respect to poverty alleviation in Chile. Two opportunities that this study defines, are the increase in the scale of outreach and the increase of geographical outreach. Secondly, in contrast to these opportunities, a tendency for the commercialized microfinance institutions to pay less attention to the poorest segment of the Chilean population, is defined as a trade-off of the commercialization of microfinance.
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Ekonomický růst a regionální rozvoj v Chile
Brúderová, Ivana ; Gutiérrez Chvalkovská, Jana (advisor) ; Benáček, Vladimír (referee)
Topic of territorial inequalities has gained importance recently, with increased number of authors investigating the topic in Latin American region, where it became a serious issue. Chilean incapability to export a benefits of its national growth to the regions, are a matter of concern of Chilean government as territorial inequalities already prevents the country in further increasing its level of national aggregate growth. Through analysis of economic, demographic, and labor market indicators over the 2000-2012 period on regional level I identify slow and fast growing regions, regions endangered by population decline and answer a question if national Chilean economic growth is visible also in its regions or strictly concentrated in a capital, Santiago. The differences in results of calculations based on administrative and functional regions division demonstrate the need of change in regional approach of Chilean National statistical office such as putting greater focus on rural-urban partnerships in order to unlock the growth potential of Chilean regions.
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THE MEXICAN FOOD INDUSTRY INVESTMENTS: Situation and Opportunities in the Czech Republic
Moctezuma Figueroa, Abihu Antonio ; Gutiérrez Chvalkovská, Jana (advisor) ; Inostroza Pino, Luis (referee)
This thesis aims to analyze the evolution of the investments of Mexico in foreign countries, its beginnings, the economic policy behind the boost on investments, the main Mexican industries evolution of investments in the globe and the specific food industry development through the years. To reach the final analysis of the specific opportunities of three of the biggest companies in the Mexican food sector, Grupo BIMBO, Grupo MASECA and Conservas La Costena, which will have conclusions on the Czech conditions for businesses, competition in the food industry by domestic companies and the description of the capacities of each Mexican enterprise that may or may not enable them to invest in the Czech Republic. The first chapter analyzes a theoretical approach to the global context dynamics and the theories that we believe are proper for the investment flows analysis along with the performance of Mexico in this dynamics. The second chapter covers the development of the outward Mexican FDI linked to some historical facts, policies and reaching an analysis on the evolution of Mexican FDI presence in Europe. The Chapter three deepens the study in the food sector, with a global contextualization of the dynamics in and out of Mexico, and then analyzes our three specific cases, BIMBO, GRUMA and LA COSTENA. Finally, the fourth chapter will end with the analysis of the Czech Republic as a potential investment receiver, barriers, legal framework, and competition in the food sector, to reach the final description and conclusions about the opportunities of Mexican investments in the food sector on the Czech Republic.
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