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Growth models and the Environmental Kuznets curve
Tvarůžek, Ladislav ; Brůha, Jan (advisor) ; Kolouchová, Petra (referee)
This bachelor thesis focuses on an analysis of the impact of economic growth on the environment. The first part shortly introduces the history of macroeconomic models incorporating environmental constraints to analyse, then, assumptions, behaviour and implications of the three pre-selected models. The following section deals with the theory of the Environmental Kuznets Curve and offers the assessment of current explanations, empirics and possible shortcomings. The final part connects the findings of previous chapters in order to construct computer simulations whose goal is to predict the development of the environment in the given model.
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When two do the same, it is not the same: cost of equity estimation techniques used by valuation experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
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Capital structure : testing pecking order theory and static trade-off theory in the current crisis
Vicol, Miroslava ; Novák, Jiří (advisor) ; Kolouchová, Petra (referee)
This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisions are influenced by the market perceptions of manager's superior information. The trade-off theory provides support for manager's trade off between benefits and costs of debt. The conventional model is also used in the analysis in order to increase the robustness of the results. We find that the dynamic partial-adjustment model of the trade-off theory seems to explain better the choice of capital structure in the analyzed period than pecking order theory.
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Privatization through FDI in the Czech Republic: Effects of Privatization Properties on the Companies' Performances
Nachtigall, Jakub ; Geršl, Adam (advisor) ; Kolouchová, Petra (referee)
This thesis is focused on the large scale privatization in the Czech Republic. It brings the real values of investment into the discussion of direct effects of FDI. A unique dataset obtained in the archive of the Ministry of Finance of the Czech Republic allows us to employ other interesting properties of the privatization in the comparison of the performance of the FDI recipients during the 1997- 98 crisis. A synthetic method approach is used to estimate the most similar competitor of each FDI recipient and control for different situations the MNE affiliates were prior the crisis. The thesis has also a historical contribution as it discusses some yet unknown features of the privatization through FDI during the large scale privatization. Further, the underlying theory of FDI, FDI flows into the Czech Republic, the Czech privatization process and macroeconomic background are described. JEL Classification D24, F21, F23, P31 Keywords Czech Republic, Foreign Direct Investment, Pri- vatization, Total Factor Productivity, Transi- tions of Socialist Enterprises Author's e-mail jakub.nachtigall@gmail.com Supervisor's e-mail adam.gersl@cnb.cz
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Further Determinants of Private Equity
Mravec, Vojtěch ; Kolouchová, Petra (advisor) ; Novák, Jiří (referee)
This thesis examines determinants of two variables important in evaluating private equity investments. First of them is the price of companies acquired by private equity funds expressed as a multiple of a profit indicator and the impact of primary and secondary buyouts. The second variable researched is the internal rate of return, a popular tool to measure profitability of private equity funds. The internal rate of return is studied for different groups of private equity funds and is reflected in a post-crisis perspective. The first conclusion stemming from the research is that the profit multiples in secondary buyouts are estimated to be higher compared to primary buyouts. The second conclusion proves the underperformance of real estate funds and the outperformance of distressed debt, turnaround and secondaries funds.
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Cost of Equity Estimation Techniques used by Valuation Experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
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When two do the same, it is not the same: cost of equity estimation techniques used by valuation experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
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Cost of Equity Estimation Techniques used by Valuation Experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
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Measuring Financial Instability: A Survey
Urbánková, Jana ; Baxa, Jaromír (advisor) ; Kolouchová, Petra (referee)
This thesis aims to analyze how various theoretical definitions describe and assess financial stability, and how these definitions are actually being reflected in the measurement methods used to evaluate financial stability. The first section lists different theoretical approaches to defining financial stability, extrapolates main components that characterize these approaches, and compares these approaches based on the components. The thesis continues with a description and critical assessment of financial stability measurement methods. Special attention is paid to financial conditions and financial stress indexes, which are compared based on actual data for the United States. The last section explores to what extent these components are compatible with financial stability measurement methods listed in the previous section. This thesis also points out that most methods measure financial instability, as opposed to financial stability, perhaps because instability is less abstract and, thus, more convenient for an effective measurement. The thesis concludes that recent quantitative assessments of financial stability are real time assessments rather than strong predictive indicators of financial (in)stability and, thus, they do not offer policymakers enough time and information for timely policy...
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