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Antitrust policy from a point of view of institutional economics
Jelínek, Martin ; Mlčoch, Lubomír (advisor) ; Vacek, Pavel (referee)
This bachelor thesis called Antitrust policy from a point of view of institutional economics is considered to be a sort of enlargement of conventional approaches of antitrust policy toward different market structures. It begins with a short introduction into antitrust and basic causations of market structures, conduct of market entities and total performance. The central point of this paper concerns an analysis of different market structures and the anticompetitive and pro-competitive behaviour they initiate. In each chapter, the optimum approach of antitrust policy I provided as well as the extent and form of intervention designed to eliminate the anticompetitive impact of such structure and spur the efficiency. The analysis reflects not only the conventional economic principles, but contributes with the institutional ones. Many of antitrust litigations are mentioned in this paper to demonstrate the link between the theory of market competition and the practice. First, the paper focuses on horizontally and vertically integrated firms. Then it discusses a particular market industry - the network industry that creates a specific market structure. Later on, there is a state aid discussion and its potential anticompetitive impacts not only in one state economy but also within the framework of the entire...
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Supervision of the Integrated European Banking Market
Trpčevski, Ivan ; Mertlík, Pavel (advisor) ; Vacek, Pavel (referee)
The aim of the thesis is to analyse the Europe-wide banking supervision. The thesis points out the problems and shortcomings of the pre-crisis framework, analyses mutually competitive proposals for change that emerged during the crisis and possibility of their implementation. It incorporates the appraisal of adopted legislative changes prepared by the European Commission and their impact in this context. Therefore, core of the thesis is a pre- crisis fragmented supervision and the European System of Financial Supervisors adopted in November 2010. The thesis points out the need to address fiscal issues along with the supervisory setting. Despite a very narrow focus of the thesis, it is characterized by a holistic approach. The topic of banking supervision at the level of the European Union is considered in a much broader institutional context, in the context of the integration of the banking sector during the past 30 years, and the latest financial crisis, as well. The thesis is evolutionary. It points out that there is no institutional form of efficient banking supervision. The process of institutional change, leading to the achievement of efficient supervision of the banking sector, is perceived rather as a long-run, in-depth process. It follows institutional changes in a much broader context than...
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What determines financial development in the former Soviet Union countries : remittances, institutions or human capital?
Plešinger Lozinschi, Victoria ; Vacek, Pavel (advisor) ; Glazar, Ondřej (referee)
This paper is an attempt to find out the determinants of the financial deepening in a panel of 15 Former Soviet Union countries and Mongolia. The explanatory variables are good institutions, human capital and remittances. The main results of the model are: (1) Remittances do influence positively financial deepening in this set of data when using random effects models; (2) Human Capital has a negative impact when using fixed effects; (3) Institutions do not have any impact; (3) Russia does not behave differently than other countries in this model; (4) Natural endowments of hydrocarbon do not influence the relationships between financial deepening and the three explanatory variables.
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Crystalex Nový Bor : from IPB heritage to the loading test of the Czech Insolvency Act
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act Summary The presented study describes and analyzes the course of insolvency proceedings in Crystalex Nový Bor, one of the largest corporate bankruptcies resolved under the Czech Insolvency Act. The core of the work focuses on description and assessment of the case from the point of view of economic efficiency. The analysis of a large corporate bankruptcy case defined the key aspects of the proceedings and evaluated them in the context of the existing legal framework. The case confirmed strengthened position of secured creditors, but could not find evidence for opportunistic abuse of this position. The Czech Insolvency Act respected pre-bankruptcy entitlements and the absolute priority rule. On the other hand, the course and the role of the moratorium and delays in the distribution of the liquidation proceeds were weak aspects of the proceedings. The selected method of insolvency resolution through liquidation and sale of the core operating assets together under one contract appeared the most plausible from the point of view of the type of distress in the company. Keywords: case study, financial distress, insolvency, insolvency proceedings, liquidation, asset sale Bibliographic record Čása, Tomáš: "Crystalex Nový Bor: From...
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Merger Control in the European Union
Moldovanu, Victoria ; Serdarevič, Goran (advisor) ; Vacek, Pavel (referee)
The main goal in this paper is to make an in-depth analysis of the regulatory situations that can arise during mergers when political involvement takes place. The research is based on four controversial merger cases of undertakings within the same country (E.On-Ruhrgas), European Union countries (E.On-Endesa, Unicredit-Hypoverein) and between companies from the USA (Boeing-McDonnell Douglas) that have effect on the European market. We analyze the four mergers using Michele Ruta and Massimo Motta models from the paper "A Political Economy of Merger Policy in International Markets" (2008). By the end of the research we reached the conclusion that due to some lapses in the European Commission Merger regulation at the time of the mergers, as well as due to government involvement in the mergers, they are not always cleared in the benefit of the market competition or consumer welfare, but due to nationalistic interests of governments to have big players on the market or to keep governmental power in certain industries, even with the risk of harming competition. Along with this, from the mergers analyzed here, it becomes clear that local or union authorities scrutinize the foreign acquirers more.
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The Efficiency of Regulation in the European Union
Serdarevič, Goran ; Mejstřík, Michal (advisor) ; Žigić, Krešimir (referee) ; Vacek, Pavel (referee)
This dissertation deals with the topic of economic regulation, focusing on applying empirical methods to assess the efficiency of regulatory measures used in different areas of the EU economy. It consists of three parts, the first part looks at the functioning of the EU merger control, the second and third focus on the relationship between regulation, competition and investment in telecommunications markets. The first chapter deals with the EU competition policy and the specific area of merger control, analysing empirically the impact of introducing more economic approach in evaluating competition effects of mergers at the EU level. Our key finding is that the regulatory reform introduced in 2004 has, to some extent, enhanced the efficiency of European merger control. This implies that the Commission's assessments of mergers under the new regulation post the 2004 reform are more consistent with the independent market evaluations. We find that the probability of an anti-competitive deal being cleared decreases significantly under the new regulatory framework. Nevertheless, the occurrence of unnecessary remedies imposed on pro-competitive mergers has not decreased as the result of the new merger control. Overall, our results indicate that more economic approach applied post 2004 reform increased the...
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Supervision of the integrated European banking market : Time to rethink the institutional framework?
Trpčevski, Ivan ; Vacek, Pavel (referee) ; Mertlík, Pavel (advisor)
The aim of the thesis is to analyse the Europe-wide banking supervision. The thesis points out the existing problems and shortcomings of the current framework, analyses mutually competitive proposals for change and possibility of their implementation. It incorporates the appraisal of currently proposed legislative changes prepared by the European Commission and their impact in this context. Despite a very narrow focus of the thesis, it is characterized by a holistic approach. The topic of banking supervision at the level of the European Union is considered in a much broader institutional context, in the context of the integration of the banking sector during the past 30 years, and the latest financial crisis, as well. The thesis is evolutionary. It points out that there is no institutional form of efficient banking supervision. The process of institutional change, leading to the achievement of efficient supervision of the banking sector, is perceived rather as a long-run, in-depth process. It follows institutional changes in a much broader context than that of the banking supervision itself.
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Public procurements : institutional analysis of the competitive proceeding in government procurements
Soudek, Jan ; Vacek, Pavel (referee) ; Kouba, Karel (advisor)
This thesis focuses on institute of the public procurement from the economic point of view. Especially it is trying to analyze institutional factors affecting process of public competition. First part defines economic term "public procurement" and shows, how important is this institution for the economy. Than describes the Public procurement law and others formal rules. Second part is focused on economical aspects of public procurements, namely on transaction costs, economic model of submitter, competition mechanism and determinants of its effectiveness. End of theoretical part is trying to implement the theoretical framework of the rent-seeking on public procurements. Last Chapter is empirical analyze of the randomly chosen set of 278 public procurements in civil engineering works, which were realized in Czech Republic since 2005 till 2007. Mainly it tries to approve the hypothesis about effect of explicit competition on the final price (as a percentage of the approval price) and shows the positive effect of use the most transparent proceeding on this price-ratio.
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Financial support of small and medium enterprises through the European structural funds in the time of financial crisis
Karlíková, Aneta ; Vacek, Pavel (referee) ; Teplý, Petr (advisor)
The goal of this paper is to evaluate the efficiency of subsidy programme OPPI 2007-2013 aimed at softening the impacts of the economic crisis 2007-2009 on small and medium enterprises and also to characterize the influence of this crisis on drawing on the funds from the subsidy programme OPPI. The intention of this paper is to explain why the small and medium enterprises are in financial difficulties and facing the problem with receiving credit during the financial crisis. It describes alternative funding using the subsidy from the European Union structural funds provided within the OPPI and the programmes of Českomoravská záruční a rozvojová banka (Czech-Moravian guarantee and development bank). In conclusion, a verbal analysis is used to evaluate the efficiency of the alternative anti-crisis measures in practice. The outcomes of the analysis are compared to the case study of the small enterprise.
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Apartment building "Vacek"
Vacek, Pavel ; Žižka, Lukáš (referee) ; Vajkay, František (advisor)
I have designed the construction of a apartment building with multifunctional usage. A significant element is the internal automatic parking system, which is a relief for the residents of the house on a street crowded with parked cars. On the ground floor is a lucrative cafe with sitting area and two bowling lines. The house contains 18 housing units for 4-6 people. People are attracted by prestigious location with views of the city Brno on the dominant historical monuments and are attracted by a pleasant interior of the apartments, too. They are logically divided into 4 zones - day, night, working and relaxing. For relaxation, they may use the spacious balconies, terraces and a common area in the garden with children's play area. One part of this work is a focus on securing of construction pit and foundation of a building, which is almost a technical delicacy.
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