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The Determinants of International Tourism Demand
Vencovská, Jana ; Strielkowski, Wadim (advisor) ; Fišerová, Tereza (referee)
This bachelor thesis focuses on identifying the key factors affecting international tourism demand. Additionally, it provides an assessment of the economic impact of tourism, which is followed by an overview of possible interpretations of the terms "tourism" and "tourist" and their evolution in time. Based on a review of existing literature, the next part discusses the meaning of the term "tourism demand", the ways how this demand can be measured and on its main determinants. The last chapter of the thesis is dedicated to an econometric analysis of the determinants of the demand for tourism to the Czech Republic from thirty-eight different countries. The data on the number of guests registered in collective accommodation establishments collected by the Czech Statistical Office was used as a measure of tourism demand. The period between years 2000 - 2012 was investigated. The model was specified in a dynamic form, which allowed us to account for the Word-of-Mouth (WoM) effect and to reflect the importance of tourists' loyalty. The Arellano-Bond generalized method of moments (GMM) estimation method was used to estimate the model. One of the main conclusions of the analysis is that 31% of the tourist arrivals are attributable to habit formation and the WoM effect. The results further show that tourism...
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Voting in central banks: An empirical analysis
Jonášová, Júlia ; Horváth, Roman (advisor) ; Fišerová, Tereza (referee)
The aim of the thesis is to assess informative power of the voting records of central banks. The research concentrates on the following aspects: predictability of future repo rate changes based on the voting records in longer horizons, level of disagreement in Monetary policy committee (MPC) and financial markets' expectations, comparison between results of the analysis before and during the financial crisis and weighting every vote according to attendance of the policymaker. The results confirm that voting records are, indeed, informative about future monetary policy changes and can increase predictability of the particular central banks. Negative dispersion coefficient for the Bank of England (BoE) and Czech National Bank (CNB) suggests that increase in uncertainty stimulates looser monetary policy. For the BoE and Riksbank voting records signal the change of the repo rate approved also at the further meetings, which is partially true for the Czech Republic and Poland. Regarding the period of financial crisis, it is shown that markets heavily rely on the minutes as the source of knowledge and the magnitudes of the estimate for the skew coefficient are much higher. The effect of experience is present in the case of CNB and National Bank of Poland (NBP).
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Ketogenic diet in endurance activities
Fišerová, Tereza ; Petr, Miroslav (advisor) ; Šteffl, Michal (referee)
Title: Ketogenic diet in endurance sports Objectives: The main goal of this work is to define and analyze the concepts of ketogenic diet and endurance. Further analyze the relationship between them. Another, no less important goal is to conduct a systematic literary research from all available sources that deal with this issue and draw conclusion from these individual studies. Methods: Systematic literary research and comparison of literature dealing with the koncept of ketogenic diet in endurance sports. Results: The studies did not show a significant increase in performance during the comparison of a high-fat or ketogenic diet with a high-carbohydrate diet. Keywords: Ketones, diet, athlete, sport, endurance
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Psychological barriers in finance: Do they matter?
Brabcová, Klára ; Krištoufek, Ladislav (advisor) ; Fišerová, Tereza (referee)
Psychological barriers are one of the well-know anomalies in the behavioural fin- ance field. The diverging views are still a discussed topic in the academic sphere, as well as in the world of finance professionals. This thesis investigated the role of these barriers in a group of 9 American, European and Asian indices over the period from 2002 to 2018. Using the uniform distribution test and standard or- dinary least squares regression, we look specifically at the effect of the barriers on the distribution of index price levels. Subsequently, we analyse the impact of the barriers on the stock returns. Our results show insignificant impact of such psychological barriers on both of these aspects. This confirms the hypothesis sug- gested in recent studies on this topic, which claims that the market anomalies tend to disappear over the time upon their publication. Keywords behavioural finance, psychological barriers, round numbers, market psychology Author's email: klarka.brabcova@email.cz Supervisor's email: ladislav.kristoufek@fsv.cuni.cz
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Revision of a Strategy In an Existing Entity
Kortusová, Anna ; Balcar, Petr (advisor) ; Fišerová, Tereza (referee)
This thesis aims to contribute to the understanding of the importance of strategic management as a part of business management. By means of a case study of an existing medium-sized enterprise, an application of a standard strategic management framework is presented. The purpose is to redesign the entity's current strategy to ensure further successful developments. In the first part of the thesis, a review of established literature on strategic management forms a basis for the introduction of the main concepts and stages of a strategic management process. The second part of the thesis is built on a comprehensive analysis of an external and internal environment of the entity. The aim is to formulate revised long-term strategies. The results of the internal and external audit identify key areas of the company's future success, which are customer orientation, implementation of the most modern technologies, ensuring effective and efficient processes, strengthening established partnerships and increasing employee engagement. On the basis of these areas, strategic goals and strategic initiatives are developed and further elaborated with the help of a strategic management system Balanced Scorecard. Furthermore, balanced set of performance indicators aligned to the revised strategy is designed to gauge the...
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Bank regulatory standards and supervision: The impact on the of banks' efficiency
Kufnerová, Andrea ; Fišerová, Tereza (advisor) ; Havránková, Zuzana (referee)
This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...
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A Competition on Market with Protection
Koubele, Jakub ; Gregor, Martin (advisor) ; Fišerová, Tereza (referee)
The aim of this thesis is to model a market with protection, where protection providers can compete for their clients by price competition, but also by military forces. Besides the analytical approach, we examine an agent-based computational model which simulate market with protection. We found out that ability of protection providers to take into account the long-term impact of their actions is necessary condition for emergence of tax competition, and we also described how various factors can influence behavior of protection providers. Powered by TCPDF (www.tcpdf.org)
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Economic Analysis of Organizing Ice Hockey World Championship 2015 in Ostrava and Prague
Halásová, Michaela ; Soudek, Jan (advisor) ; Fišerová, Tereza (referee)
In many cases the organization of major sport events brings various benefits to hosting economies, especially those resulting from encouraged tourism. However, these events carry extensive costs coming mostly from public resources which could be used for other purposes, e.g. healthcare. The main goal of this thesis is to analyze the socioeconomic impact of the Ice Hockey World Championship 2015 on Prague and the Moravian-Silesian Region using a Cost-Benefit Analysis in which costs and benefits are summed up and benefit-cost ratio calculated. In our analysis we conclude that the event was beneficial not only for the Czech Ice Hockey Association; the hosting organization reporting profit of 450 million CZK before taxes but also for the regions with a benefit-cost ratio of 5.53, meaning that the benefit created equals 5.53 times the amount the regions invested into the event. Moreover, in this analysis we confirm an overall positive effect of the championship on tourism. Keywords cost-benefit analysis, Ice Hockey World Championship 2015, Prague, Ostrava, Moravian-Silesian Region, economic impact, major sport events, tourism
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