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Potential tax revenue from legalizing the sale of marijuana in Czech Republic
Kadleček, Martin ; Štípek, Vladimír (advisor) ; Hájek, Jan (referee)
Thesis deals with the estimate of potential tax revenue from legalizing the sale of marijuana in the Czech Republic. The theoretical part describes the legalization process in the Netherlands, Uruguay, Colorado, Washington and the Czech Republic, and presents the theoretical approaches to the estimation of tax revenue and the form of the marijuana market. The practical part analyzes the marijuana market from the demand side based on statistical data and on the supply side based on two research methods. The first method uses a questionnaire survey of 42 growers of marijuana to achieve an estimate of the average annual cost of producing one gram of marijuana in the amount of CZK 53.33 / g. The second method gives these costs in the amount of CZK 0.0525 / g by comparison with the tobacco market in the US. While the second method is evaluated as unusable for marketing in the Czech Republic, the first method is also used to estimate the potential tax revenue in two specific situations. The first situation is calculated at the rate of excise duty of 27% + CZK 1.896 / g. There is the potential tax revenue is estimated in the range of 2.48 to 4.41 billion CZK. The second situation is calculated at the rate of excise duty in the amount of CZK 77.07 / g. There is the potential tax revenue is estimated in the range of 2.89 to 5.9 billion CZK.
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Selected directives of the European Union from the period 2009 - 2010, their transposition and economic impact in the Czech Republic
Kysil, Maxim ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
The aim of thesis is to evaluate the effect of selected directives in individual sectors in the Czech Republic. The theoretical part defines the defining characteristics of European Union law, especially the directives and their transposition into the Czech rule of law, also describes the decisions and voting in EU and lobbying organization. The analytical part deals with the four selected directives: biofuels, renewable resources, electronic communications and energy performance of buildings. For each directive analysis was made of the transposition and influence in the sector with the result which confirmed in all directives the prevailing negative impact for the Czech Republic.
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Evaluation of König-Porzellan Sokolov, spol. s r.o.
Hájek, Jan ; Špička, Jindřich (advisor) ; Vaculovič, Jiří (referee)
This diploma thesis, entitled as evaluation of König-Porzellan Limited company, Sokolov, Czech Republic, aims to determine the objectified value of the König-Porzellan, Limited company to the date of December 31, 2015. This research is proceed especially for the needs of management and owners of the company. The work is divided into four main parts. The first part consists of the introduction, setting out the objectives and main preconditions for the creation of the work, as well as theoretical and methodological part which presents the methodology for individual instruments involved in the work. This is followed by a practical part, which contains the presentation of the award-winning company, defining the company's position in the market through strategic analysis. The economy aspect of the company will be represented by financial analysis. After compilation of the financial plan for the period 2015 - 2020 to approach to the actual evaluation of the company using the yield discounted cash flow method variant FCFF. The total value of the company to date of December 31, 2015 is 105 177 CZK. This value is further analyzed by Monte Carlo simulations.
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Comparison of anti-crisis measures in the USA and EU (2008 - 2012)
Vyskočilová, Tereza ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
stract Abstract The aim of this thesis is to compare the responses of the two largest economies in the world - the U.S. and the EU -- to economic, debt and financial crisis that began in 2007 on U.S. mortgage markets, respectively, confirm or disprove the hypothesis that the United States deal with the crisis better. For this purpose the thesis describes the causes and consequences of the crisis on which was applied measures at EU level and at the level of the USA. The list of these measures is also presented in the thesis. To decide whether the hypothesis is correct or not is at the thesis analyzed the impact of the measures implemented to both economics. This analysis is based on monitoring the development of statistical indicators of major macroeconomic aggregates - especially the GDP, unemployment and public debt, and quantification of bailouts for the financial sector. Based on the above analysis, the present work confirmed the hypothesis.
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Charter Cities - islands of prosperity with the imported legal system?
Beník, Miroslav ; Šíma, Josef (advisor) ; Hájek, Jan (referee)
If we consider various improving concepts of governance, we can distinguish two main trends in public choice economics. Neoclassical analysis provides a static view of competitive government, where the main idea is free choice and so-called vote with feet. Dynamic view adds understanding of competition as knowledge generating process and product differentiation. The aim of the work is to evaluate Charter Cities project from the perspective of static and dynamic competition in the government industry, and its potential for rules diffusion to the host country. Seasteading may seem utopian, but the realization would significantly address the problems of decision-making costs and differentiation of governments. Since concepts vary at first sight, purpose of the work is also to compare charter cities and sea cities in terms of their nature, risks, and final applicability in practice. Third, a closer form of activism is the decentralization of government and the transfer of responsibilities to the private communities. Since the government market is 30% of world GDP and is extremely closed and resistant to change, it must compare the three forms of institutional changes, identify under what conditions and in what timeframe are feasible and to determine their significance with regard to their specific nature.
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Comparison of youth unemployment in the Czech Republic and Slovakia in 2004-2012
Morávková, Hana ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
The bachelor's thesis deals with the different youth unemployment rates in Czech Republic and Slovakia. The main focus of this work is the analysis and comparison of the functioning of employment policy, the labour market expenditure and targeted programs to increase employment rate of the young people. The results show that the active employment policy works in both countries the same way, however the structure of expenditure on each instrument is different. Slovakia should be more focused on education and training for the labour market and Czech Republic should be more supportive of start-up incentives. In the Czech Republic, there is implemented a better system of unemployment benefits when compared to Slovakia. Active employment seeking is supported by the decreasing amount of benefits in the Czech system. The Operational Programmes of the European Union's Structural Funds are an important support which these countries should take advantage of.
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Analysis of the Health Insurance Systems in the Czech republic and United States and Their Comparision
Janega, Štěpán ; Ježek, Tomáš (advisor) ; Hájek, Jan (referee)
Expenditures on health are currently an important and growing item of public as well as private budgets in the developed world. This diploma thesis analyzes two different approaches to the function of health insurance on the example of the Czech Republic and the United States of America. The theoretical part will generally characterize access to health care through different theories; there will be also introduced the system of health insurance and the agents on health care market. The specifics of the health care market will be also explained. The analytical part of the work will focus on health insurance systems in the Czech Republic and the United States and their development, with accent on major reforms of recent years. With mutual comparison of the two systems, thesis will examine the shortcomings of public health insurance and private health insurance, including the effectiveness of their removal. Afterwards, the analysis of selected indicators of health care will be provided. The aim of the work is an analysis of the different systems of health insurance in the Czech Republic and the United States with relationship to the recent reforms and evaluation of their mutual effectiveness.
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The Methods of Improvements of Financial Statements of European Banks: The Issues of IFRS And Its Influence on The Economy
Vlasáková, Andrea ; Jílek, Josef (advisor) ; Hájek, Jan (referee)
This thesis deals with methods of improvement of financial statements of European banks and their impact on the economy. The financial statements are the principal information source used by external users when making economic decisions. The thesis is focused on analysis of impairment of financial assets and insufficient creation of provisions for credit losses, on faire value and amortized cost measurement of financial assets, macrohedging of interest rate risk, reporting of goodwill and on derecognition and transfer of financial assets. The thesis investigates major differences between US GAAP and IFRS. Initial hypothesis are set down at the beginning of each chapter. These are confirmed after the analysis of the academic literature, primary resources and empirical data. The thesis confirmed the principal assumption that financial reporting under IFRS provides to European banks several ways how to improve their financial statements, which contradicts to the requirements of fair and true view of economic situation of entities. Low-quality financial information can lead to instability of the financial markets, which does not contribute to the economic growth.
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Discussion on exchange-rate regimes: Hayek versus Friedman
Hájek, Jan ; Potužák, Pavel (advisor) ; Slaný, Martin (referee)
This bachelor thesis follows up approaches of F. A. von Hayek and Milton Friedman on international monetary arrangements. Analytical part contains research of work of both authors. In Hayek's work, the theory of income chain flows is highlighted first and second, synchronization of growth of export sectors and fall of import sectors across the whole national economy during depreciation is stressed in the flexible exchange rate regime. From Friedman's work those parts are chosen which are consistent with Hayek's theory. Primarily, differences between effects of speculation demand for foreign currency are mentioned. In the synthesis of both approaches, three international monetary systems are defined (international real gold standard, pseudo-gold standard and clear floating). The aim is to choose a system, which is the best for creation of wealth, therefore the one, where prices do not lose their information value. The thesis shows that the system with international real gold standard is the most suitable. Furthermore, the hypothesis that says, that approaches of both authors are compatible, is refused. The last chapter deals with the international monetary perspective of the Czech Republic.
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Analysis of special investment funds focusing on the Czech Republic in the years 2004 - 2014
Hanusová, Jitka ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
This thesis deals with retail investors investing in mutual funds in the Czech Republic and focuses on the period from 2004 to 2014. The aim is to analyze what investment opportunities special funds can offer retail investors. The theoretical part defines important terms for collective investment, the concept of the so called "magic triangle", illustrating the relationship between return, risk and liquidity, and the differences between retail and qualified investors. It also briefly outlines the development of collective investment in the world and in the Czech Republic, as well as the advantages and disadvantages of collective investment. Subsequently, the current classification of collective investment funds in the Czech Republic are analyzed from different perspectives. No major differences have been found in the regulation of standard and special funds. The main contribution that this work provides is the detailed analysis of five chosen special funds, forming the practical part of this thesis. Based on the selected criteria it has been found that only some of the chosen special funds can offer retail investors the possibility of an interesting appreciation of invested funds. The work points to the fact that the legislation of the fund is not as fundamental for retail investors as the specific type of investment strategy and the focus of the fund.
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