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Economic analysis of moon phases on human behaviour
Klečková, Tereza ; Strielkowski, Wadim (advisor) ; Lelovská, Adriána (referee)
The moon and its lunar cycle is a theme that occurs in society since time immemorial. Does lunar cycle affect human life including its economic and social aspects? Do ordinary people and managers of large corporations act differently when the moon is full? Does consumer behavior change? Is at the time of the full moon rising crime and accidents? Can the effect of month on human behavior be scientifically tested? Although the above -mentioned topic may seem a bit bizarre I decided to process it in my thesis. Nowadays is popularization of science very important and widely used by for example the leading economic faculties of leading universities in the USA and the UK. This work attempts to answer the above questions and test the above mentioned context by using econometric methods. In this work we can read about the moon and myths and legends which are bind to it. The thesis presents several studies that have addressed the topic before, and their results. And then it will analyze available data from three basic areas of human behavior - crime, healthcare and business. The results which I reached are interesting and significantly confirm the influence of the lunar cycle in two of three selected aspects of human behavior - health and trade.
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Does the Role of the Rating Prior to the Announcement Explain Different Influence of Credit Rating Downgrades and Upgrades on Stock Prices?
Sedlář, Jan ; Andrlíková, Petra (advisor) ; Lelovská, Adriána (referee)
The thesis examines whether the role of credit rating prior to the announcement of credit rating change is the neglected factor explaining in large extent the paradox investigated in prior papers that downgrades influence the stock prices of company but upgrades not. It is motivated by the notion that credit rating changes from low credit rating classes influence the stock price of company more distinctively than changes from higher credit rating classes and there is proportionally more downgrades from low credit rating classes than upgrades. The large sample of credit rating changes including proportionally more upgrades from low credit rating classes than downgrades is collected and the results suggesting the influence of downgrades on stock prices of company and any influence of upgrades persist. Furthermore when controlled for credit rating prior to the announcement of credit rating change, magnitude of credit rating change, crossing the investment-speculative barrier, credit rating changes within and across credit rating categories, consecutive credit rating changes in the same direction and industry sector of issuer all the results are consistent with the original conclusions proposing significant stock price reaction to announcements of credit rating downgrades and no stock price response to...
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Does remedial education help disadvantaged children in the Czech Republic? : evaluation of education support programme
Lelovská, Adriána ; Chytilová, Julie (advisor) ; Koubek, Ivo (referee)
Programmes supporting education are one of the main activities of nongovernmental organizations. However, the information about effects of such programmes is often misleading, as it provides only limited clarification on improvement observed with the treated children. This thesis concentrates on a particular project of the Czech nongovernmental organization People in Need, where selected children from families endangered by social isolation received extra tutoring. In this study, the whole course of evaluation is described, revealing the process of data collection in the field. The main part of the thesis focuses on analysis of the programme, comparing the control and treatment groups before and after joining the programme using difference-in-differences method. The aim of the thesis is to show the true impacts of the remedial education on school performance, school absenteeism and school behaviour of the children. Moreover, the research will reveal the change that the programme had on the parents' attitude towards educating their children.
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Economic analysis of moon phases on human behaviour
Klečková, Tereza ; Strielkowski, Wadim (advisor) ; Lelovská, Adriána (referee)
The moon and its lunar cycle is a theme that occurs in society since time immemorial. Does lunar cycle affect human life including its economic and social aspects? Do ordinary people and managers of large corporations act differently when the moon is full? Does consumer behavior change? Is at the time of the full moon rising crime and accidents? Can the effect of month on human behavior be scientifically tested? Although the above -mentioned topic may seem a bit bizarre we decided to process it in this thesis. Nowadays is popularization of science very important and widely used by for example the leading economic faculties of leading universities in the USA and the UK. This work attempts to answer the above questions and test the above mentioned context by using econometric methods. In this work we can read about the moon and myths and legends which are bind to it. The thesis presents several studies that have addressed the topic before, and their results. And then it will analyze available data from three basic areas of human behavior - crime, healthcare and business. The results which are part of this thesis imply the existence of the influence of the lunar cycle in two of three selected aspects of human behavior - health and trade.
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Macro Stress Testing on Credit Risk of banking sectors in PIIGS countries
Vukić, Igor ; Babin, Adrian (advisor) ; Lelovská, Adriána (referee)
In this paper we stress test the banking sectors of the PIIGS countries. We focus in particular on modeling the credit risk and estimating the impact of changes in macroeconomic variables on the level of capital adequacy. We develop two scenarios - a baseline stress testing scenario and an adverse scenario. The results indicate that under both scenarios, the analyzed banking systems have some capital adequacy issues. We find that the Portuguese banking sector is facing biggest capitalization problems. Number of undercapitalized banks under the adverse scenario is bigger than in baseline scenario for all the countries. Another finding which is common for all the countries is that large-sized privately owned banks are better capitalized than small and medium-sized ones. Last finding concerns ownership structure where we have found that all the state-owned banks are undercapitalized in both scenarios. JEL Classification F12, F21, C53, E37, G21, G28 Keywords bank, credit risk, macro stress testing, PIIGS Author's e-mail igor.vukic@gmail.com Supervisor's e-mail adibabin@gmail.com
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Determinants of Financial Development
Bzhalava, Eri ; Horváth, Roman (advisor) ; Lelovská, Adriána (referee)
Determinants of financial development Abstract The paper studies effects of country level determinants on the rate of financial development and, in particular, assesses the empirical question whether democracy and political freedom can enhance financial development, as measured by Bank Private Credit to GDP and Liquid Liabilities to GDP. Using Fixed Effects estimation techniques and a panel data for a list of 39 countries over the period 1990 to 2011, we provide evidence that suggests positive link between political openness and financial development. The empirical evidence also confirms financial openness and real per capita income to be positively correlated to financial deepening and in contrast, we find that size of financial sector does not spur the rate of financial development.
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Does the Role of the Rating Prior to the Announcement Explain Different Influence of Credit Rating Downgrades and Upgrades on Stock Prices?
Sedlář, Jan ; Andrlíková, Petra (advisor) ; Lelovská, Adriána (referee)
The thesis examines whether the role of credit rating prior to the announcement of credit rating change is the neglected factor explaining in large extent the paradox investigated in prior papers that downgrades influence the stock prices of company but upgrades not. It is motivated by the notion that credit rating changes from low credit rating classes influence the stock price of company more distinctively than changes from higher credit rating classes and there is proportionally more downgrades from low credit rating classes than upgrades. The large sample of credit rating changes including proportionally more upgrades from low credit rating classes than downgrades is collected and the results suggesting the influence of downgrades on stock prices of company and any influence of upgrades persist. Furthermore when controlled for credit rating prior to the announcement of credit rating change, magnitude of credit rating change, crossing the investment-speculative barrier, credit rating changes within and across credit rating categories, consecutive credit rating changes in the same direction and industry sector of issuer all the results are consistent with the original conclusions proposing significant stock price reaction to announcements of credit rating downgrades and no stock price response to...
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Economic analysis of moon phases on human behaviour
Klečková, Tereza ; Strielkowski, Wadim (advisor) ; Lelovská, Adriána (referee)
The moon and its lunar cycle is a theme that occurs in society since time immemorial. Does lunar cycle affect human life including its economic and social aspects? Do ordinary people and managers of large corporations act differently when the moon is full? Does consumer behavior change? Is at the time of the full moon rising crime and accidents? Can the effect of month on human behavior be scientifically tested? Although the above -mentioned topic may seem a bit bizarre we decided to process it in this thesis. Nowadays is popularization of science very important and widely used by for example the leading economic faculties of leading universities in the USA and the UK. This work attempts to answer the above questions and test the above mentioned context by using econometric methods. In this work we can read about the moon and myths and legends which are bind to it. The thesis presents several studies that have addressed the topic before, and their results. And then it will analyze available data from three basic areas of human behavior - crime, healthcare and business. The results which are part of this thesis imply the existence of the influence of the lunar cycle in two of three selected aspects of human behavior - health and trade.
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Economic analysis of moon phases on human behaviour
Klečková, Tereza ; Strielkowski, Wadim (advisor) ; Lelovská, Adriána (referee)
The moon and its lunar cycle is a theme that occurs in society since time immemorial. Does lunar cycle affect human life including its economic and social aspects? Do ordinary people and managers of large corporations act differently when the moon is full? Does consumer behavior change? Is at the time of the full moon rising crime and accidents? Can the effect of month on human behavior be scientifically tested? Although the above -mentioned topic may seem a bit bizarre I decided to process it in my thesis. Nowadays is popularization of science very important and widely used by for example the leading economic faculties of leading universities in the USA and the UK. This work attempts to answer the above questions and test the above mentioned context by using econometric methods. In this work we can read about the moon and myths and legends which are bind to it. The thesis presents several studies that have addressed the topic before, and their results. And then it will analyze available data from three basic areas of human behavior - crime, healthcare and business. The results which I reached are interesting and significantly confirm the influence of the lunar cycle in two of three selected aspects of human behavior - health and trade.
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