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Relationships between Corporate Governance and Firm Performance: Effects on Czech Export Oriented and Financial Industries
Habiňák, Ladislav ; Princ, Michael (advisor) ; Jašová, Martina (referee)
The thesis describes effects of corporate governance on firm performance and managerial income of firms from sectors important for Czech GDP: financial sector and export-oriented manufacturing industries. Added value of the work comes mostly from the fact that it concerns Czech firms and especially that it studies the two sectors using econometric method as well as it compares them on graphs and tables. There are two main topics for hypotheses testing. Firstly, the thesis investigates effects on firm performance, measured by proxy variable return on equity, by sizes of executive boards and firms. Secondly, the effects of performance as well as companies and boards sizes on managerial income are studied.
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Measuring living standards with income and expenditures in the Czech Republic: how much does treatment of housing costs matter?
Vach, Daniel ; Janský, Petr (advisor) ; Jašová, Martina (referee)
The topic of this thesis is income and expenditures inequality and poverty in the Czech Republic between 2006 and 2011. For this purpose, I used three concepts of income and expenditures. They vary in accounting for housing costs. The inequality and the poor household's group composition differs based on the chosen concept. The first concept accounts for consumption flow from housing derived from market rents paid in similar dwellings. This thesis examines this concept closely because it has been used on the Czech dataset for the first time. Next concept includes the real housing costs and the last concept deducts housing costs completely to compare living standards of households without distorting housing costs. Income and expenditures inequality and poverty are examined based on these concepts. The results show that the share of the poor in the population slightly increased in the monitored period and especially between 2010 and 2011. Inequality remained approximately the same for all income concepts but slightly rose for all concepts of expenditures. This fact proves the necessity of additional measure to income. As regards poverty, the most endangered is a household of lone parent with children, and children generally. Attention is paid to regulated rent tenure type and the deregulation process. I study...
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Altruistic behavior and its connection with economic climate
Šarapatka, Jan ; Hlaváček, Jiří (advisor) ; Jašová, Martina (referee)
This bachelor thesis aims to research and summarize the main thoughts of altruism. The thesis concludes that human expression of altruistic behavior is a result of many incentives, which author of the thesis suggests to split in external and internal motives. The thesis justifies view that altruistic behavior can be, except few exceptions, considered as rational. The thesis proves statement that neither CSR nor altruism of state can be considered to be altruistic in the true meaning. At the end, a new version of definition of altruism is suggested. The new version adds an extra condition of selflessness. Thus, the new version does not consider behavior motivated by cold economic calculus or pure reciprocity to be altruistic, even though it often might appear to be altruistic at a first glance. Powered by TCPDF (www.tcpdf.org)
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Macro-Financial challenges in Emerging Markets
Jašová, Martina ; Geršl, Adam (advisor) ; Schmieder, Christian (referee) ; Babecký, Jan (referee) ; Jakubík, Petr (referee)
This dissertation thesis consists of three essays on macroeconomics and finance. In these essays, I focus on events which adversely affect emerging markets and present challenges to economic policy and central bank thinking. My aim is to contribute to the existing empirical literature by providing new evidence on the role of private credit, effects of macroprudential policies and understanding of the exchange-rate pass-through. The first essay evaluates policy measures taken to curb bank credit growth in the private sector in the pre-crisis period 2003-2007. The analysis is based on an original survey conducted on central banks in Central and Eastern Europe. The findings reveal substantial policy intervention and indicate that certain measures - particularly asset classification and provisioning rules; and loan eligibility criteria - might have been effective in taming bank credit growth. The second essay contributes to the existing literature on early warning indicators as well as to the discussion on the appropriateness of credit-to-GDP gap as a leading variable for any country for activation of the countercyclical capital buffer instrument in Basel III. We exploit long-run credit series for 36 emerging markets and evaluate their quality to signal a crisis by using receiver operating characteristics...
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US and Euro Area Monetary Policies - What Are the Interrelationships
Ulrich, Libor ; Horváth, Roman (advisor) ; Jašová, Martina (referee)
Tato práce se zabývá povahou vzájemných vztahů mezi Spojenými státy a eurozónou zkoumáním relativní důležitosti domácích a zahraničních monetárněpolitických šoků autoregresní modely se sedmi proměnnými za období mezi Tyto modely se liší v užití úrokových sazeb, kde první využívá standardní úrokové sazby, zatímco druhý využívá tzv. Wu stínové úrokové sazby za účelem lepšího zachycení nekonvenčního monetárněpolitického postoje v blízkosti technické velikost a perzistenci šoků v úrokových mírách pomocí analýzy impulzní Následně se soustředíme na dekompozici rozptylu předpovědních Výsledky z obou modelů indikují, že monetární kontrakce vede k poklesu v ekonomické aktivitě a cenové hladině v souladu s Zároveň výsledky poukazují na existenci vzájemné monetárněpolitické závislosti, na což poukazuje přeshraniční přelévání šoků indikované impulzními odezvami. Dále použití Wu ukuje výsledky, které naznačují perzistentnější reakce ekonomické activity na šoky v úrokových mírách, což je v souladu s proklamovanými cíly nekonvenční monetární politiky: vyvolat ekonomické oživení po finanční krizi. Klíčová slova ředpovědních chyb Počet znaků
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Negative Interest Rates - How Far Can They Go?
Ján, Jan ; Holub, Tomáš (advisor) ; Jašová, Martina (referee)
Bachelor thesis is focused on one of the most topical themes in the field of a monetary policy, the negative interest rates. Until recent times the effective lower bound of interest rates imposed by central banks was thought to be the strict null but macroeconomic conditions of certain European countries or Japan made policy makers start to experiment with the unexplored tool of a monetary policy. They broke the zero lower bound and employed the negative interest rates. Since it seems that the effective lower bound would not be zero but it is situated in the negative territory probably - and the thesis tries to find such a value. The discussion starts at the beginning of the twentieth century with the well-known economist Silvio Gesell, then continues to present and gives a view of the countries, which have already implemented negative interest rates in some form. Additionally, the thesis is focused on the issue concerning an increase in risks presented by the financial markets arising from this monetary policy. Last but not least, it takes into account the problem of the substitution from electronic money to cash, how this constraint can be overcome and on what level of negative interest rates this could take place.
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Caps on Loan-to-Value ratio: Can they reduce housing bubble and credit growth?
Šubáková, Dominika ; Jašová, Martina (advisor) ; Žigraiová, Diana (referee)
An increasing trend of using macroprudential instrument, caps on loan-to-value (LTV) ratio, requires a full understanding of how the instrument works in practice. As the empirical research is still scant, this thesis attempts to contribute with a new evidence on LTV effectiveness in context of six developed economies, namely Netherlands, Sweden, Ireland, Hungary, Latvia and Lithuania. To achieve this objective we analyse the impact of caps on LTV on credit growth, mortgage credit-to- GDP ratio and price growth. LTV limits are not a harmonised measure and its national-level implementation includes numerous specificities that can hinder cross-country comparisons. As a result, this thesis proposes a construction of LTV index reflecting specific aspects of the measure. Using the LTV Index we confirmed a slowdown of credit, mortgage and price growth. JEL Classification E44, E51, E52, E58, G21 Key words caps on loan-to-value ratio, maximum LTV ratio, macroprudential policy, credit-related instruments, LTV Index, house price growth, credit growth, financial stability.
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Heterogeneous Agent Model of Housing Market in Ireland
Teichman, Jiří ; Kukačka, Jiří (advisor) ; Jašová, Martina (referee)
This thesis studies the housing market in Ireland within the Heterogeneous Agent Model (HAM) framework. The choice of Ireland for empirical research is motivated by the impact of the recent property bubble on whole Irish economy. At first, the thesis shows general features of HAMs and provides overview of relevant literature. Subsequent survey of behavioral aspects influencing market agents suggests presence of heterogeneity on housing markets. The behavioral evidence for heterogeneity shows why HAMs are good choice for studying those markets. For estimation of the model, we use the Irish data covering the period between 1978 and 2014. Important feature of the HAM used in this thesis is the switching between fundamental and momentum strategies. Because the fundamental value has crucial role in the model, we considered its four approx- imations in our estimations. The estimation results imply that the housing market agents in Ireland are heterogeneous. Interestingly, the nature of strate- gies used by the agents in the estimated model are dependent on the method of fundamental value approximation. Additionally, the agents switch to the strategy which performed better in previous periods. The simulations with estimated models are able to replicate the market fluctuations. Moreover, the simulations show...
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Investigation of the dynamics between monetary and macroprudential policies
Kireichenko, Kateryna ; Jašová, Martina (advisor) ; Jakubík, Petr (referee)
This thesis studies the interaction between monetary and macroprudential policy using a DSGE model with real and financial frictions under government and financial shock scenarios. Countercyclical capital requirements are used as a macroprudential policy tool combined with a Taylor rule for monetary policy. In the case of the government shock, our findings indicate that policies' coordination reduces the volatility of the output vis-à-vis a "monetary policy only" regime. Analysis of financial shocks indicates that monetary policy alone can suffice to ensure financial stability. Lastly, welfare analysis suggests there is no optimal policy combination for all agents and highlights a redistributive effect of both shocks, showing that policy that is beneficial for one group of agents can decrease welfare for another. JEL Classification E44, E52, E61 Keywords monetary policy, macroprudential policy, capital requirements, financial stability Author's e-mail kateryna.kireichenko@gmail.com Supervisor's e-mail martina.jasova@fsv.cuni.cz
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