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Exploring the Impact of ESG Ratings in Banking: A Study of European Banks
Bošňáková, Gabriela ; Teplý, Petr (advisor) ; Sivá, Soňa (referee)
This thesis examines the impact of Environmental, Social, Governance (ESG) factors on the financial performance of European banks, focusing on the Weighted average cost of capital and abnormal (WACC) returns during regulatory changes and the COVID-19 pandemic. Using data from 2014 to 2022, the study employs fixed e ects models and event study methodologies to analyze the relation- ship between ESG scores and financial metrics. The findings reveal a complex nonlinear relationship between ESG scores and WACC, suggesting an optimal ESG threshold that minimizes WACC. The study also finds weak correlations between ESG scores and ROE, indicating limited direct e ects on financial outcomes. The results of periods of regulatory change and the COVID-19 cri- sis show inconsistent patterns in abnormal returns without clear evidence that higher ESG scores provide financial resilience. These insights challenge the assumption that higher ESG scores consistently correlate with better financial performance, highlighting the need for more research in di erent conditions and longer periods of time. Keywords Profitability, ESG, Sustainability, Bank Title Exploring the Impact of ESG Ratings in Bank- ing: A Study of European Banks Author's e-mail gabriela.bosnakova@fsv.cuni.cz Supervisor's e-mail petr.teply@vse.cz
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Does Bank Regulation and Supervision Impact Income Inequality? Cross-Country Evidence
Meteláková, Zuzana ; Geršl, Adam (advisor) ; Teplý, Petr (referee)
This thesis examines how microprudential policy, as captured by bank regulation and supervision practices, affects income inequality and whether and how the effect of macroprudential policy on income inequality depends on the stance of microprudential policy. The dataset covers 70 countries over the period 1996−2013. Using the GMM estimation method, the analysis provides evidence that tighter microprudential policy leads to a reduction in income inequality as measured by the Gini coefficient. However, the effect of an overall tightening of microprudential policy disappears in countries with low levels of economic development. Among the various microprudential policies, the power and independence of supervisory authorities have the most significant negative impact on income inequality. Moreover, the effects of macroprudential policy tightening on income inequality are amplified when it is implemented within a strict microprudential policy framework. In addition, the results suggest that macroprudential policy tightening is effective in reducing income inequality under a strong microprudential policy framework, while the effect is reversed under a weak microprudential policy framework. This paper contributes to the growing literature on the spillover effects of banking regulation and supervision and...
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Business Development of Brewery
Mičková, Lucie ; Teplý, Petr (referee) ; Koleňák, Jiří (advisor)
Presented Master’s thesis characterizes, analyzes and assesses the current situation of Holba’s brewery, Ltd. The thesis includes theoretical resources, company analyses, mainly internal and external analyses. As a result of outside and inside analyses there are formulated opportunities and Threats, Strengths and Weaknesses. On the basis of findings, the thesis includes comprehensive proposal of strategy, development and improvement of company position, which should help to fix it’s position on market and take a step forward in today’s mobile world.
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The Business Plan
Teplá, Petra ; Teplý, Petr (referee) ; Doubravský, Karel (advisor)
The main subject of this thesis is a creating of workable business plan of wellness centre on the club 's principles. Theoretical part is focused on all important planning details, economics and legal aspects of petting up a company .The main goal of the practical part is application of theoretic findings into real business plan. The output is a compilation of pricing strategy and financial plan that can help determine the effectiveness of the chosen tactics.
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Management development project
Zukalová, Kateřina ; Teplý, Petr (referee) ; Kosová, Jaroslava (advisor)
Master’s thesis aims at understanding the process of planning and implementation of development project. It focuses in particular on the description and analysis of various stages of the project, especially in terms of their management and elimination of potential risks. The first part of the thesis deals mainly with theoretical introduction of the topic and definition of basic concepts and methods. The second part of the work is already trying to map a specific development project and to analyze its real progress. This section also proposed other possible approaches to addressing certain specific tasks within the individual phases and the elimination of potential risks that the project actually occurred, including the proposal of optimal process for managing development project.
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Foreign-owned banks and host economies
Fišerová, Tereza ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
In the past two decades, significant changes have been shaping and transforming the banking sectors worldwide. Among these trends we find an intensive surge in foreign bank ownership which is especially remarkable in the countries of the Central, Eastern and South-Eastern European region. Using the sample of 17 countries and filtering out more than 140 domestically-operating foreign-owned banks, we examine the determinants of their performance in relation to host country conditions and home country banking sector performance over the period of seven years between 2005 and 2011. Due to the topic's currency, we additionally provide an insight into the link between sovereign debt and bank ownership. By means of system GMM model, or fixed effects model, we reveal that macroeconomic fundamentals of the host country affect the foreign-owned banks' performance but do not suffice in explaining it fully. Moreover, the depth of the current crisis as demonstrated in the home country impacts negatively on the host-country-operating foreign-owned banks. We did not find any convincing evidence of the host sovereign debt and bank ownership nature of relationship.
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Binning numerical variables in credit risk models
Mattanelli, Matyáš ; Baruník, Jozef (advisor) ; Teplý, Petr (referee)
This thesis investigates the effect of binning numerical variables on the per- formance of credit risk models. The differences are evaluated utilizing five publicly available data sets, six evaluation metrics, and a rigorous statistical test. The results suggest that the binning transformation has a positive and significant effect on the performance of logistic regression, feedforward artifi- cial neural network, and the Naïve Bayes classifier. The most affected aspect of model performance appears to be its ability to differentiate between eligible and ineligible customers. The obtained evidence is particularly pronounced for moderately-sized data sets. In addition, the findings are robust to the inclusion of missing values, the elimination of outliers, and the exclusion of categorical features. No significant positive effect of the binning transformation was found for the decision tree algorithm and the Random Forest model.
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Terminal Asset Value of the Prague Stock Exchange
Neumann, Pavel ; Janda, Karel (advisor) ; Teplý, Petr (referee)
Neumann Pavel Abstract This thesis draws parallel between depositors facing a bank run and investors facing a stock price crash in order to determine a formula for debt ratio that would trigger mass sale of stocks for particular company. To reach terminal debt ratio formula, this thesis firstly discusses a topic of financial crises from stock market and banking perspective. Next, it compares regulation for both institutions on Czech national and EU level. Then, this thesis derives a formula for calculation of terminal debt ratio based on game theory and pricing of the options approach. Lastly, it tests limits of terminal debt ratio framework on companies listed on Prague Stock Exchange and concludes that terminal debt ratio framework is best applicable on non-financial companies that experienced moderate growth in stock price over the examined period.
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End of capitalism: Debt and trust economy
Buryš, Kristián ; Polák, Petr (advisor) ; Teplý, Petr (referee)
This paper examines the relationship between debt and trust in the finan- cial system and their potential impact on the capitalist system using a panel dataset of 400 Czech firms from 2018 to 2021. Specifically, the relationship between inflation, capital structure, firm age, and the debt-to-equity (D/E) ratio of firms in different sectors and size categories was investigated. To this end, we employed a fixed effect regression on each sector and size category in our data. Capital structure was found to have a positive relationship with D/E ratio in certain firm sizes and sectors and older firms were found to have lower D/E ratios than younger firms in some cases. Additionally, we used the logistic regression model to investigate the relationship between the occurrence of economic crises and three predictor variables, including the debt-to-GDP ratio, interest rate, and GDP. Our results from the logit model suggested that an increase in the Debt-to-GDP ratio and Interest Rates may increase the risk of an economic crisis or recession. JEL Classification B21, C33, D25, E44, E51, G01, G21, G32, P1 Keywords debt-to-equity ratio, capital structure, debt fi- nancing, Czech firms, capitalism Title End of capitalism: Debt and trust economy
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