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Corporate Governance Index for the Prague Stock Exchange and Zagreb Stock Exchange Listed Companies
Ibrahimpašić, Tihana ; Gutiérrez Chvalkovská, Jana (advisor) ; Vukelić, Tatjana (referee)
I | P a g e Abstract This thesis primarily focuses on the construction of a firm-specific index measuring the quality of corporate governance in the most liquid Czech and Croatian companies. The index is made by following OECD recommendations on construction of composite indicators. It allows comparison of best practices implementation on the overall level, and it also provides with a comprehensive analogy in terms of various governance domains performance. These domains are represented by four sub-indices: Board, Conflict of Interest, Shareholders' Rights, and Transparency and Disclosure. Initial assumption, stating that the Czech companies should have higher overall Corporate Governance Index score than the Croatian companies, is approved. Moreover, the Czech companies have stronger performance in three sub-indices: Board, Conflict of Interest, and Transparency and Disclosure, whereas the Croatian companies have negligible advantage solely with regard to the Shareholders' Rights Sub-index.
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Stress Testing of the Banking Sector in Emerging Markets A Case of the Selected Balkan Countries
Vukelić, Tatjana ; Jakubík, Petr (advisor) ; Mejstřík, Michal (referee)
Stress testing is a macro-prudential analytical method of assessing the financial system's resilience to adverse events. This thesis describes the methodology of the stress tests and illustrates the stress testing for credit and market risks on the real bank-by-bank data in the two Balkan countries: Croatia and Serbia. Credit risk is captured by the macroeconomic credit risk models that estimate the default rates of the corporate and the household sectors. Setting-up the framework for the countries that were not much covered in former studies and that face the limited availability of data has been the main challenge of the thesis. The outcome can help to reveal possible risks to financial stability. The methods described in the thesis can be further developed and applied to the emerging markets that suffer from the similar data limitations. JEL Classification: E37, G21, G28 Keywords: banking, credit risk, default rate, macro stress testing, market risk
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Impact of increasing returns to scale and imperfect competition on international trade in automotive industry: Czech republic - Germany intra-industry trade
Tomo, Ján ; Semerák, Vilém (advisor) ; Vukelić, Tatjana (referee)
This paper analyzes the impact of increasing returns to scale and imperfect competition in international trade with a focus on the automotive industry and trade between the Czech Republic and Germany in this sector . Because increasing returns to scale can not exist in perfect competition, they promote the differentiation of products and manufacturers attempt to differentiate their products from the others and get their share in international trade. This gives rise to intra-industry trade, where countries trade in similar goods that may differ either in quality or in completely different characteristics. These into detail analyzed theoretical bases I try to apply to a case study of mutual intra-industry trade between Czech Republic and Germany with a focus on the automotive industry, which makes up about a quarter of the Czech Republic industrial output, accounts for approximately ten percent of the gross domestic product, while exports of road vehicles represent about 17% of total exports. Germany as a major trading partner of the Czech Republic and the world's number one superpower in exports of machinery and transport equipment, imports a substantial part of the production of the Czech automotive industry and also exports its own products of the industry to the Czech Republic. This work aims to analyze...
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Expenditures of Public Institutions on Purchase of Goods and Services
Krečmer, Marek ; Skuhrovec, Jiří (advisor) ; Vukelić, Tatjana (referee)
The main goal of this thesis is to analyse the expenditures and public procure- ments of fifteen municipalities and all of the ministries of the Czech Republic during the years 2009-2011. The main core is in analysis of what are the procurable expenditures and what percentage of them is procured through the Information System of Public Procurements ISVZ. The main idea behind this analysis is that every other procurable expenditures not procured through ISVZ could be labeled as non-transparent. Hence, higher the ratio of expenditures procured publicly through the ISVZ, the better is the authority in achieving the good practice. The results of this analysis could be used as a comparative tool between the respective authorities. JEL Classification H50, H51, H52, H53, H57 Keywords Public Procurement, Public Finance, Public Ex- penditures, Public Sector Accounting Author's e-mail krecma@gmail.com Supervisor's e-mail jskuhrovec@gmail.com
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Expenditures of Public Institutions on Purchase of Goods and Services
Krečmer, Marek ; Skuhrovec, Jiří (advisor) ; Vukelić, Tatjana (referee)
The main goal of this thesis is to analyse the expenditures and public procure- ments of fifteen municipalities and all of the ministries of the Czech Republic during the years 2009-2011. The main core is in analysis of what are the procurable expenditures and what percentage of them is procured through the Information System of Public Procurements ISVZ. The main idea behind this analysis is that every other procurable expenditures not procured through ISVZ could be labeled as non-transparent. Hence, higher the ratio of expenditures procured publicly through the ISVZ, the better is the authority in achieving the good practice. The results of this analysis could be used as a comparative tool between the respective authorities. JEL Classification H50, H51, H52, H53, H57 Keywords Public Procurement, Public Finance, Public Ex- penditures, Public Sector Accounting Author's e-mail krecma@gmail.com Supervisor's e-mail jskuhrovec@gmail.com
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Impact of increasing returns to scale and imperfect competition on international trade in automotive industry: Czech republic - Germany intra-industry trade
Tomo, Ján ; Semerák, Vilém (advisor) ; Vukelić, Tatjana (referee)
This paper analyzes the impact of increasing returns to scale and imperfect competition in international trade with a focus on the automotive industry and trade between the Czech Republic and Germany in this sector . Because increasing returns to scale can not exist in perfect competition, they promote the differentiation of products and manufacturers attempt to differentiate their products from the others and get their share in international trade. This gives rise to intra-industry trade, where countries trade in similar goods that may differ either in quality or in completely different characteristics. These into detail analyzed theoretical bases I try to apply to a case study of mutual intra-industry trade between Czech Republic and Germany with a focus on the automotive industry, which makes up about a quarter of the Czech Republic industrial output, accounts for approximately ten percent of the gross domestic product, while exports of road vehicles represent about 17% of total exports. Germany as a major trading partner of the Czech Republic and the world's number one superpower in exports of machinery and transport equipment, imports a substantial part of the production of the Czech automotive industry and also exports its own products of the industry to the Czech Republic. This work aims to analyze...
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What drives cross-country differences in average earnings: occupational structure or within-occupation wage levels?
Kubíková, Marie ; Bajgar, Matej (advisor) ; Vukelić, Tatjana (referee)
This thesis analyses differences in average earnings across countries, and examines whether they are due to different wages for comparable occupations or to different occupational structure. To separate the effect of these two factors, I use a thought experiment consisting of replacing a country's structure or wages by those of another country and observing the percentage change in the implied average earnings. For the thought experiment, I use data on occupational structure and wages for 26 countries from the International Labour Organisation. The results suggest that most of the difference in average earnings across countries is due to within-occupation differences in wage levels and only a smaller part of them is due to different occupational structure. The structure has a relatively higher impact in countries at low levels of economic development.
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Stress Testing of the Banking Sector in Emerging Markets: A Case of the Selected Balkan Countries
Vukelić, Tatjana ; Jakubík, Petr (advisor) ; Mejstřík, Michal (referee)
Stress testing is a macro-prudential analytical method of assessing financial system's resilience to adverse events. This thesis describes the methodology of stress tests and illustrates stress testing for credit and market risks on real bank-by-bank data in two Balkan countries: Croatia and Serbia. Credit risk is captured by macroeconomic credit risk models that estimate default rates of corporate and household sectors. Setting-up the framework for countries that were not much covered in former studies and that face limited availability of data has been the main challenge of the thesis. The outcome can help to reveal possible risks to financial stability. The methods described in the thesis can be further developed and applied to emerging markets that suffer from similar data limitations. JEL Classification: E37, G21, G28 Keywords: banking, credit risk, default rate, macro stress testing, market risk
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Corporate Governance Index for the Prague Stock Exchange and Zagreb Stock Exchange Listed Companies
Ibrahimpašić, Tihana ; Gutiérrez Chvalkovská, Jana (advisor) ; Vukelić, Tatjana (referee)
I | P a g e Abstract This thesis primarily focuses on the construction of a firm-specific index measuring the quality of corporate governance in the most liquid Czech and Croatian companies. The index is made by following OECD recommendations on construction of composite indicators. It allows comparison of best practices implementation on the overall level, and it also provides with a comprehensive analogy in terms of various governance domains performance. These domains are represented by four sub-indices: Board, Conflict of Interest, Shareholders' Rights, and Transparency and Disclosure. Initial assumption, stating that the Czech companies should have higher overall Corporate Governance Index score than the Croatian companies, is approved. Moreover, the Czech companies have stronger performance in three sub-indices: Board, Conflict of Interest, and Transparency and Disclosure, whereas the Croatian companies have negligible advantage solely with regard to the Shareholders' Rights Sub-index.
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