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Impact Assessment case study: EU ETS and investment decision-making of power generators
Chvalkovská, Jana ; Hrubý, Zdeněk (advisor) ; Mejstřík, Michal (referee)
This thesis is focused on the assessment of impacts of the regulatory uncertainty related to the EU Emission Trading System (EU ETS) on investment decision- making of power generators. The need for investments in new power generation capacities that would be capable to satisfy in the future the growing electricity demand is currently a discussed topic on the Czech as well as on the EU level. These investments are endangered by the uncertainty regarding the future development of the EU ETS regulatory framework, which is a major price driver of the tradable emission allowances. This thesis uses the real option model to analyze the impacts of potential future developments of the emission allowance prices on the investments into new power plants and identifies the regulatory uncertainty as one of the major causes, why investors postpone the investment into the construction of new sources. The analysis is embedded into a broader framework depicturing the EU ETS and the impact assessment procedure conducted by the European Commission.
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Electronic toll : new trend in road infrastructure financing
Targová, Iva ; Mejstřík, Michal (advisor) ; Jirsová, Pavlína (referee)
Global economy battles with an increasing size of road traffic in the long term. According to long term predictions this trend will continue in the future. Along with increasing volume of road traffic it also grows the interest of states to gain financial resources out of it. Construction and administration of road infrastructure is behind state interests for quite a long time. Consequences are clear: traffic jams, accidents and environmental pollution. One of the ways out of this problem is the open road tolling - an automatical way of collecting fees. This thesis describes possibilities of road infrastructure tolling, European Union's attitude to this phenomenon and experiences from Europe. Then it deals with a theoretical model of road infrastructure tolling and the toll level setting. Next chapters focus on concrete tolling projects in Czech Republic and Chile. Last chapter compares these two experiences. Powered by TCPDF (www.tcpdf.org)
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Stock exchange in the Czech Republic : entry conditions
Princ, Michael ; Mejstřík, Michal (advisor) ; Žikeš, Filip (referee)
The bachelor thesis concentrate on evaluation of conditions for using common stock financing. We explain motivation for using diffent kind of financing methods from corporate finance and corporate governance point of view and put emphasis on relationship between debt and equity financing. We evaluate influences of stock market development, institutional framework and entry procedure problems. We come to conclusion that effects, which formerly caused prevalence of debt financing and obstructed effective stock market functioning, are developing in favour of common stock financing. Powered by TCPDF (www.tcpdf.org)
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The Chinese path of privatization
Suchánková, Lucie ; Půlpán, Karel (advisor) ; Mejstřík, Michal (referee)
This thesis analyses privatization strategy in the most populous country in the world. This process attracts attention of the whole world, the reason is not only the size of privatization process, but mainly the chosen specific strategy of the transfer of ownership. Specifics arise from the type of state government in People's Republic of China and the economic system called Market Socialistic Economy; the differences are almost establish by the wide area of the country, which makes necessary decentralization - this has impact on small differences of programme. The thesis further analyses the reasons of initiation of the process, their differences from usual reasons of privatization. Then the work deal with the initial conditions, main aspects of this strategy, positives and problems of the chosen path. Powered by TCPDF (www.tcpdf.org)
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The impact of IMF financial aid on economic growth and inflation
Covalenco, Valeri ; Horváth, Roman (advisor) ; Mejstřík, Michal (referee)
The International Monetary Fund was created to promote financial stability, global monetary cooperation, high employment, international trade and sustainable economic growth. Together with the World Bank, IMF has a "monopoly" on offering loan programs for countries in deep crises or for development projects. In this thesis, we examine the effect of IMF, i.e. loan size and quotas, on the economic growth and inflation rate, by applying a dynamic panel regression on our dataset. In addition, we look at how the IMF Quotas influence the size of the loans. Our empirical results display significant evidence that IMF loans influence the GDP growth in a positive manner, in the medium term. Both Control of Corruption and Voice & Accountability have a negative influence on the economic growth. In other words, less corruption and stronger civil rights will halt the growth level of the economy. We also determined that IMF Quotas is not a robust indicator of the loan size. It is only driven by the past loan levels. Regarding Inflation determinants, IMF loans are not affecting the Inflation in a significant manner, while FDI and Control of Corruption - do. FDI exercises a positive influence on the CPI, while perception of less corruption has a negative effect on Inflation rate. JEL Classification D73, E31, F12,...
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Three essays on public procurement
Skuhrovec, Jiří ; Janda, Karel (advisor) ; Mejstřík, Michal (referee) ; Tóth, István János (referee) ; King, Lawrence (referee)
The core of thesis lays in quantitative analysis of microeconomic data on public procurement and alternative forms of dealing with public money. It consists of three essays with one common attribute: extensive groundwork with data, including overlaps into legal and technical disciplines. The fist essay examines the relationship between transparency of ownership structure and (i) profits of firms winning public procurement contracts and (ii) competition for the contracts and savings of the public authority. It identifies a significant advantage of firms with opaque ownership structure in terms of access to public money. It concludes with a possible explanation of conflict of interest and corruption, which might channel such advantages. The second essay proposes and tests a novel methodology for benchmarking of contracting authorities. The proposed rating measures a deviation from best practice recommendations in the areas of openness, competition and transparency. Indirectly it measures efficiency and corruption potential in public procurement. The pilot results of the methodology are provided and extensively discussed for a group of Czech municipalities. Third essay investigates issue of crowding out effect potentially introduced by EU funds provision. It studies direct budgetary impacts of...
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Consolidation of the banking sector in the Czech Republic and the impact on performance of banks
Rod, Aleš ; Kadeřábková, Božena (advisor) ; Musílek, Petr (referee) ; Mejstřík, Michal (referee)
The dissertation thesis analyzes reasons for the consolidation of the banking sector in the Czech Republic, the shape of the consolidation and impact of the consolidation institution's activities on the performance of the Czech banking sector. The first part of the research deals with the reasons for consolidation, i.e. specificities of the banking sector in the Czechoslovakia before 1989 and the transformation of the banking sector during the 1990s. The factors analyzed significantly influenced the processes of disintermediation, universalization and diversification in commercial banking. The analysis of banking profitability measures, which is the second part of my dissertation thesis, employs those aspects mentioned above. The thesis concludes there was an objective necessity to consolidate the banking sector after 1990. However, the consolidation process had been influenced by both a deficient institutional environment and inflation of goals set for consolidation institutions. This generated inefficiencies related to the activities of consolidation institutions (e.g. the management of receivables and rent-seeking) and also influenced the income and profit performance measures of the banking sector in the Czech Republic.
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Slabá forma efektivnosti středoevropských akciových trhů
Hájek, Jan ; Musílek, Petr (advisor) ; Arlt, Josef (referee) ; Mejstřík, Michal (referee)
Disertační práce komplexně zkoumá efektivnost akciových trhů v ČR, Polsku, Maďarsku a Slovinsku v období 1995-2005, a to ve smyslu slabé formy hypotézy efektivních trhů. Ačkoli hypotéza je již delší dobu významnou součástí ekonomické teorie, která se zabývá chováním finančních trhů, na středoevropských trzích nebyla vzhledem k jejich krátké historii empiricky zmapována v takové míře a detailu, jako na vyspělých kapitálových trzích. Hlavním cílem práce je zanalyzovat, zda je možné na základě veřejně dostupných informací o historickém vývoji cen akciových titulů nebo indexů dlouhodobě dosahovat ekonomicky významných abnormálních výnosů, zda jednotlivé národní trhy vykazují obdobnou míru efektivnosti a zda mohlo dojít v čase ke změnám v jejich chování. Závěry jsou formulovány na základě relativní míry jejich efektivnosti vzhledem k vyspělým kapitálovým trhům, které jsou považovány za maximálně efektivní. Vedle časových řad denních, týdenních i měsíčních výnosů hlavních regionálních indexů jsou analyzovány také výnosy jednotlivých titulů, ze kterých se indexy skládají. Diskutován je i vliv nesynchronního obchodování na velikost vykazovaných lineárních závislostí. V případě ČR je vedle testu slabé formy efektivnosti analyzována reakce kurzů na nové fundamentální informace o nabídkách převzetí, tj. středně silná forma efektivnosti. Na základě sledování chování cen před zveřejněním informací lze také zkoumat, zda dochází k obchodování na základě vnitřních informací.
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