National Repository of Grey Literature 58 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Analysis of the EU - South Korea FTA and its effects on their mutual trade using the gravity model
Vinšová, Katarína ; Paulus, Michal (advisor) ; Vacek, Pavel (referee)
The European Union (EU) and South Korea signed the EU- South Korea free trade agreement (FTA) in 2011 and since then they started to gradually remove barriers to their mutual trade. This thesis is analyzing the effects of this agreement on their bilateral trade flow in 10 commodity sections from 2005 until 2018. For this analysis we are using gravity model that is estimated by OLS and PPML method for comparison. This analysis showed that the EUSouth Korea FTA influences their mutual trade in all 10 sections differently due to different levels of protectionism at the beginning. The FTA had a positive influence on their mutual trade in 9 commodity sections out of 10. In the Section 9 we found a negative effect of the FTA. Contrary to our beliefs we also found out that the highest increase in their mutual trade was not in automobile and electronic industry but in the chemical industry. JEL Classification C23, F14, F33, C16 Keywords Free Trade agreement, South Korea, European Union, gravity model Title Analysis of the EU - South Korea FTA and its effects on their mutual trade using the gravity model Author's e-mail Supervisor's e-mail
Analysis of the Investment Environment of Chinese Commercial Properties in Czech Republic
Wang, Yining ; Vacek, Pavel (advisor) ; Svoboda, Karel (referee) ; Radošević, Slavo (referee)
Many countries would like to use foreign direct investment to increase the growth of GDP and promote stable development. The Czech Republic is one of the countries having the largest FDI within Central and Eastern Europe. Meanwhile, Chinese investments have increased significantly and already became an important feature of the China-Europe relationships during recent years. The closer cooperation between China and Europe could encourage FDI. Within the kinds of FDI, the real estate industries experienced a rapid increase in many developed and emerging regions. Therefore, the aim of this study is aiming to analyse the investment environment of Chinese commercial properties in the Czech Republic. Two basic research designs will be employed for this research. The first design is focusing on collected recent available data to present the investment climate of the Czech Republic. In this part, we also make comparisons of the Czech Republic with serval economies. We found that the relatively low cost of labour, low inflation rate, easier to set-up a business (in terms of both times consuming and cash consuming) make the Czech Republic becomes more attractive. And this is consistent with the empirical analysis. Secondly, the questionnaire method was used for the study and we get back 108 questionnaires....
The Impact of the EU-South Korea Free Trade Agreement on EU's Exports
Czakojová, Kristýna ; Polák, Petr (advisor) ; Vacek, Pavel (referee)
1 Abstract To support exports, the European Union (EU) and South Korea concluded the EU-South Korea free trade agreement (FTA) in 2010. An objective of the FTA was to reduce or remove barriers to international trade. This thesis examines the impact of the FTA on EU's exports. The gravity model of international trade was applied in the study with using the data over the years 2005-2017. The hypothesis was tested using static and dynamic GLS random and fixed effects, static LSDV model and dynamic GMM model. The two-step SYS- GMM model was concluded as a valid estimate. Empirical analysis shows that the exports between the two countries are predicted to be about 13.8 % higher if they have signed the EU-South Korea Free trade agreement, holding other factors fixed. Moreover, a positive impact of GDP and a negative impact of distance on export were detected, as expected.
How does death of a household member affect consumption? The Case of Mexico
Šedivý, Marek ; Chytilová, Julie (advisor) ; Vacek, Pavel (referee)
In this thesis, we study the effect of death of a household member on the evolution of household per capita consumption. We provide multiple contributions to the available literature. We are the first to analyze all three waves of the Mexican Family Life Survey and use them to estimate the effect of within-household mortality on consumption. Furthermore, we assess to what extent this effect depends on the characteristics of the deceased household member. We also provide evidence on the persistence of the shock into consumption. We rely on a fixed-effects model. We find that households are capable of perfectly smoothing shocks into consumption caused by within-household mortality. However, we find evidence indicating that the effect of within- household mortality on consumption is likely to depend on the characteristics of the affected household. We consider multiple robustness checks. Based on these we conclude that our findings are robust against variations in the specification of our model.
The Scale of Corporate Profit Shifting out of the United States
Stárek, Martin ; Janský, Petr (advisor) ; Vacek, Pavel (referee)
There is a large body of literature indicating that profits are shifted into countries with better conditions, i.e. lower tax rates. It was showed that the problem is nonlinear. However, precise estimates are missing in the available literature. In this thesis we improved the precision by allowing for nonlinearity, time-variant tax semi-elasticity of profits and financial secrecy is a driver of the profit shifting. We showed that all three elements of the estimation are very important. Our analysis suggests that the profit shifting problem started at the turn of millennium and increases since, with some temporal drops. The highest amount of profit shifted out of the United States was almost 300 billion of U.S. dollars with the consequent revenue loss of 62.3 billion of U.S. dolars.
Size and Value Premiums in Returns of the Central and Eastern European (CEE) Stocks
Rolevski, Borche ; Novák, Jiří (advisor) ; Vacek, Pavel (referee)
This thesis provides evidence of size and value premiums in returns in the Central and Eastern European (CEE) region, through its analysis of financial markets in 12 countries. Following the portfolio construction methodology of Fama and French (1996) we use a sample of 1245 stocks and record that small stocks outperform big stocks (size premium) and value stocks outperform growth stocks (value premium). In addition, we create nine portfolios to test the Fama and French three-factor model and show that the factor-mimicking portfolios that have been documented in the developed markets, SMB (small minus big) and HML (high minus low), also capture most of the cross-section variation in average stock returns in the CEE region. We demonstrate a similar pattern in terms of size return as documented in the U.S. market, but with small differences in the value returns found. Although the Gibbons-Ross-Shanken (GRS) test does not reject the null with 95%, we do not agree that the model completely explains the variation in average returns across the portfolios. The GRS rejects the null at 90% and implies that other factors are omitted from the model. Nevertheless, this thesis contributes to the literature applying asset pricing models to the CEE region, and should provide insights to investors active in the CEE...
Analysis of stock market sentiment with social media
Čermák, Vojtěch ; Baruník, Jozef (advisor) ; Vacek, Pavel (referee)
In the thesis, we explored prospects of extracting sentiment contained in Twitter messages. We proposed novel approach consisting of directly predicting the volatility on stock market by features obtained from the text documents using suitable document representation. We compared the performance of standard document vectorisation methods as well as a novel approach based on aggregating word vectors created by word embeddings. We showed that direct modelling of a market variable is possible with most of the proposed vectorisation techniques. In particular, the strong predictive power of aggregated word embeddings suggests that they are excellent sentiment representation, because they are independent of message volume and they capture well the semantical information in the tweets. Besides, our findings suggest that aggregating word embeddings vectorisation is viable approach even for large documents.
Predatory Behaviour in Transportation Sector - "Czech Railways v. Leo Express" case
Slámová, Iva ; Vacek, Pavel (advisor) ; Schwarz, Jiří (referee)
It is important to control whether dominant companies in particular market sectors follow laws and rules and do not abuse their dominance at the expense of weaker companies. This behaviour is likely to damage current or avoid the entry of new competitors, shrink the competition and set the environment for price changes the consumer is exposed to. The thesis clarifies the theoretical aspect of this issue and tries to apply it on the real case from the railway transport sector in order to describe the procedure of defining relevant market and market share and investigating the abusive behaviour. A questionnaire survey among railway passeners is an integral part of the thesis. JEL Classification D21, D22, K21, L11, L12, L40 Keywords Predatory prices, relevant market, SSNIP test, railway transport, Czech Railways Author's e-mail Supervisor's e-mail
State capture as market distortion: Effect of political connections in the Czech Republic
Špolc, Martin ; Vacek, Pavel (advisor) ; Kameníček, Jiří (referee)
Politically connected firms may extract rent which significantly improves their financial performance, but with social costs to others in form of market distortions. The thesis presents the first empirical analysis of personal political connections to government ministers in the Czech Republic. We estimated value of political connections and inspected subsidies and public procurements allocation as channels of rent extraction on firm-level data set of 1993-2015 period. For both approaches, cross-section regressions and dynamic matching on covariates and propensity score, we found that connected firms significantly underperform their similar rivals, but slightly improve their performance over the time of connection to minister in office. Connected firms gain significantly more subsidies which confirms subsidy allocation as a channel of rent extraction. We interpret our results that firms may seek political connections as the last option how to improve their bad financial results and remain on the market. Biased subsidy allocation to connected firms in sectors where firms are dependent on subsidies like agriculture creates market distortions and could lead to significant consumer harm.

National Repository of Grey Literature : 58 records found   1 - 10nextend  jump to record:
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10 Vacek, Petr
1 Vacek, Přemysl
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