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IPO on Central European stock markets
Roženský, Vojtěch ; Havel, Jiří (advisor) ; Kameníček, Jiří (referee)
The thesis deals with recent Initial Public Offerings on Central European stock markets. It tries to explain, why there have been so many IPOs in Poland, whereas only a few in the Czech Republic and Hungary. It came to the conclusion, that the main reasons are as follows: (1) differences in equity culture, (2) the quality of commercial law and other legal issues, (3) high demand for domestic equities by Polish pension funds, (4) WSE's efficient marketing policy and market segmentation, (5) quantitative features of Polish market. The analysis of Polish IPOs discovered, that most of them are low-volume offerings, even compared to those in the Czech Republic. Also, the liquidity of these shares, turnover ratios and free float are quite low. The after-IPO performance is also unsatisfactory. This means, that the contribution of Polish IPOs to further capital market's development is not as strong as one could expect. Considering the PSE's and BSE's point of view, the situation is not alarming, however, some particular reasons of the lack of IPOs may be dangerous.
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Determinants of Social Expenditure Levels in the EU
Roženský, Vojtěch ; Ochrana, František (advisor) ; Izák, Vratislav (referee) ; Nemec, Juraj (referee)
The aim of the thesis is to identify the determiants of social expenditure levels in EU member states and estimate the sensitivities. The analysis is based on the fixed effects model with robust standard errors. Seven out of the 24 variables, that have been tested, are statistically significant. Social expenditure levels are positively dependent on population ageing, unemployment rate and economic level, and negatively on economic growth. The openness of economy and public debt ratio are also robust. The presence of a christian party in government is also statistically significant, however, the coefficient is not theoretically consistent. The sensitivity of social expenditure level to the share of population aged 65 years and over on the total population, is about 0,30. It means, that on average, the rise in the share of the old by 1 percentage point, is followed by the rise of social expenditure level by 0,3% of the GDP. In case of unemployment rate, economic growth and the openness of economy, the sensitivity estimates are 0,3, -0,1 and -0,03. The sensitivities to the other three robust variables cannot be quantified due to a strong dependence on the exact model specification or a bias, caused by extreme values. The expenditure on pensions are relatively more dependent on population ageing, whereas other social expenditure are more sensitive to current position in economic cycle. The determinants in the old and the new EU member states are similar, with only one exception, as the expenditure levels in the new member states are less dependent on demographic structure. The model explains international differences and the changes during the period between 1990 and 2010.
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Impacts of the global financial crisis on public finances in the Czech Republic
Kolísková, Lucie ; Ochrana, František (advisor) ; Roženský, Vojtěch (referee)
This thesis deals with the analysis and evaluation of the impact of Global financial and economic crisis, including taking anti-crisis measures and other legislative modifications, on public finances of the Czech Republic in time period from 2009 to 2011. The first chapter consist of explanation of key term "financial crisis", description and analysis of the mechanism of origin of the Global financial and economic crisis including identification of its key reasons and impacts and extension to the real economy worldwide. The second chapter covers with the analysis of the impact of the economic crisis on the Czech Republic and its public finances with putting accent on development of individual expenditures and revenues of the central state budget including balance of the central state budget and evaluation of its effects on meeting of Maastricht Convergence Criteria in defined period of time. The conclusion of the thesis summarizes available knowledge and recommendations for public finances which emerged from the analysis.
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Income redistribution and measurement of income inequality in the Czech republic
Beldíková, Michaela ; Klazar, Stanislav (advisor) ; Roženský, Vojtěch (referee)
This thesis is focused on questions of state redistribution and income inequality in the Czech republic. It explains the main ideas of state redistribution, income inequality and relation between them. It anlyzes the particular instruments of state redistribution such as tax systems and systems of social transfers which the government uses to achiave more equal distribution of incomes in society. The object of the thesis is to find out how the particular instruments contribute to filling the essentials goal - lower the income inequality in society. It is based on the data from years 2006 until 2008 from the statistics of household accounts published on the web site of the Czech statistical office. Finally, it is devoted to the trends of state redistribution and income inequality in OECD countries.
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Taxable amount of value added tax according to the ECJ judicature
Juppová, Tereza ; Svátková, Slavomíra (advisor) ; Roženský, Vojtěch (referee)
The thesis deals with the determination of the taxable amount of the value added tax. It is based on domestic law on VAT and the European legislation represented by the Council Directive 2006/112/EC and by the judicature of the European Court of Justice. The aim of this thesis is to point out the problematic parts in determination of the taxable amount which were solved by the European Court of Justice by request of the EU member states and also which were identified during the analysis of relevant legislation.
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Analysis of the balance of pension system since 1993
Švácha, Jan ; Slintáková, Barbora (advisor) ; Roženský, Vojtěch (referee)
This thesis deals with the pension system, specifically the causes of its annual surpluses or deficits from the beginning of the existence of insurance premium, ie since 1993. In addition to identifying and characterising these causes, the thesis seeks answers to questions about their quantification or, in other words, how big was the impact of these factors on the particular balance of the pension system each year.
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The impact of changes in excise tax on households expenditures
Martincová, Daniela ; Klazar, Stanislav (advisor) ; Roženský, Vojtěch (referee)
This Thesis is concerned with examining the impact of changes in excise tax on households expenditures. It identifies and analyses the development of individual rates of excise tax and household spendings on selected goods in years 2000 -- 2009. The first chapter describes the various excise duties, the chapter two deals with the excise tax harmonization in European Union, in the third chapter defines the collection of data for analysis. The first, second and third part are prepared on the basis of the special literature (nonfiction), fourth (practical) part is processed and evaluated on the basis of the data obtained from the Czech Statistical Office and own calculations.
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Application of value added tax in municipality, especially in the city Sezimovo Ústí
Brabcová, Jana ; Sedmihradská, Lucie (advisor) ; Roženský, Vojtěch (referee)
The master thesis discusses application of value added tax in municipality, after the amendment of act in 2009. The theoretical part is focus of attention municipality and law of value added tax, concepts definition of public services and economic activities and calculation of turnover. Theoretical conclusions are applying to financial reports of the city Sezimovo Ústí. Its revenues are classified into taxable and non-taxable payments and the turnover is predicted. The goal of this paper work is the universal algorithm of taxes formulation including optimization techniques of most frequent activities of municipalities.
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