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General anti-abuse rule in tax law and its application on select tax optimazation methods
Smolár, Peter ; Boháč, Radim (advisor) ; Vybíral, Roman (referee)
General anti-abuse rule in tax law and its application on select tax optimization methods Abstract This master's thesis presents a study of general anti-abuse rule applicable within the scope of tax law of the Czech Republic. The goal of the study is to analyze current state of body of law behind the institute, create a legal framework for assessing the conformity of commonly employed methods of tax optimization with this legal institute and finally apply this framework on selected historical methods of tax optimization, namely issuance of one-crown bonds and so-called real estate share deals. The thesis primarily employs qualitative methods of research, mainly document analysis, typical for the field of legal science. Additionally basic quantitative methods are employed. The thesis is structured into five distinct parts, with an introduction, three chapters and a conclusion. The first chapter is focused on the origins of general anti-abuse rules in tax law with regards to international law, European Union law and national law. The second chapter breaks down the current legislative definition of the rule into trichotomic hypothesis-disposition-sanction structure. The third chapter applies the general learnings contained in the previous chapters on the two above mentioned methods of tax optimization. Legal...
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Regional Determinants of Housing Affordability in the Czech Republic
Smolár, Peter ; Hejlová, Hana (advisor) ; Chytilová, Julie (referee)
The main motivation behind this study lays in identification of regional determinants in the Czech Republic. Because of lower manifested heterogeneity of apartment in comparison with houses, housing affordability was measured by a ratio of average buying price of an apartment over average annual disposable income per capita. Regional housing affordability was judged en bloc and was not measured in an attempt to identify subpopulations threatened by high housing costs. The object of interest was the impact of individual dependent variables on the price-to-income ratio. For the purpose of this study, only factors affecting at the same time housing prices and housing income, either directly or indirectly through correlation, are taken into consideration. The estimation of our model suggests that economically and statistically significant are the variables for the relative number of divorces, births or the proportion of urban population. All of the effects, disregarding only one variable, went in the same direction as they were expected to go. Also, it was possible to provide an answer to the question whether inclusion of composite determinants, such as natural population growth, may affect the interpretation of the results. In accordance with empirical studies on regional housing prices determinants, the study...
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Performance Ranking of Czech Credit Scoring Models
Smolár, Peter ; Havránek, Tomáš (advisor) ; Jakubík, Petr (referee)
This thesis provides a comprehensive ranking of 11 Czech statistical and 4 foreign credit scoring models. The ranking is based on the predictive performance of individual models, as measured by the area under curve, evaluated on a randomly sampled set of 250 training and validation samples. After establishing a baseline comparison, 3 avenues of estimation setup optimization are explored, namely missing value treatment, estimation method and the use of additional non-financial variables. After being optimized, the models are once again ranked based on their predictive performance. Statistical inference is drawn using ANOVA and the Friedman test, along with the corresponding Tukey and Nemeyi pos-hoc tests. In their baseline form, the Czech credit scoring models are found to be outperformed by the foreign benchmark model. Treating the missing values by OLS imputation and estimating the models by probit, significantly is found to significantly improve their predictive performance. In their optimized form, the difference in predictive performance between Czech and foreign credit scoring model is found to be only marginal. JEL Classification G28, G32, G33, G38 Keywords credit scoring, multiple discriminant analysis, logit analysis, probit analysis Author's e-mail 71247263@fsv.cuni.cz Supervisor's e-mail...
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Regional Determinants of Housing Affordability in the Czech Republic
Smolár, Peter ; Hejlová, Hana (advisor) ; Chytilová, Julie (referee)
The main motivation behind this study lays in identification of regional determinants in the Czech Republic. Because of lower manifested heterogeneity of apartment in comparison with houses, housing affordability was measured by a ratio of average buying price of an apartment over average annual disposable income per capita. Regional housing affordability was judged en bloc and was not measured in an attempt to identify subpopulations threatened by high housing costs. The object of interest was the impact of individual dependent variables on the price-to-income ratio. For the purpose of this study, only factors affecting at the same time housing prices and housing income, either directly or indirectly through correlation, are taken into consideration. The estimation of our model suggests that economically and statistically significant are the variables for the relative number of divorces, births or the proportion of urban population. All of the effects, disregarding only one variable, went in the same direction as they were expected to go. Also, it was possible to provide an answer to the question whether inclusion of composite determinants, such as natural population growth, may affect the interpretation of the results. In accordance with empirical studies on regional housing prices determinants, the study...
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