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Speculation on oil markets and its impact on commodity's price
Melcher, Ota ; Taušer, Josef (advisor) ; Baláž, Peter (referee) ; Müller, Štěpán (referee)
This study aims to analyse the precrisis period on the oil markets with a primary objective of assessing the role of speculation in the commodity's price development and its volatility. First it depicts the rapidly increasing speculative activity on the futures market together with the parallel oil price surge. The speculation is initially proxied by non-commercial traders' positions and subsequently quantified by Working's T-index. The paper then uses speculative traders' positions and both spot and futures prices to test for Granger causality within the framework of VAR models. For the sake of consistency it also evaluates causal links between speculation and inventories level. Further the study investigates the speculation impact on volatility of oil prices by employing various approaches in volatility quantification including GARCH models. Contrary to expectations we find that the speculatio's impact on both prices and their volatility is rather insignificant. In the last chapter we therefore seek for an explanation of the oil price developments by examining the market fundamentals. The interaction of supply and demand finally gives substantial evidence for understanding the price developments in the precrisis period.
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Differences between men and women in the Czech labour market
Stroukal, Dominik ; Kadeřábková, Božena (advisor) ; Pavelka, Tomáš (referee) ; Němec, Otakar (referee)
This thesis consists of five articles that apply current world research on labor economics at the Czech Republic and confirms the significant differences between men and women in this market. It shows that gender has a significant influence on the preference on the labor market and, consequently, on employment and health. First, the thesis shows that preferences are relevant determinant of career and then we study the difference in preference of salary for men and women. Subsequently it shows that gender plays a significant role in explaining the relationship between homeownership, and unemployment, as well as unemployment and health. The first chapter was able to demonstrate that the preference for a career has a positive influence on the choice of career. The influence of higher education on prioritizing career proved to be positive and significant. Probability of a career choice is reduced by the presence of children, however, is not dependent on their number, which is contrary to the theory of preferences. The second chapter shows that Czech women prefer more non-monetary rewards than men. It has also been shown that people with university education are same in the preferences of non-monetary rewards regardless of the gender of the respondents, however, compared to the world's research, the Czech higher education increases this preference. It turned out that women prefer risk less than men. The third chapter demonstrates that although the housing market undermines labor mobility and employment in the Czech Republic at the regional level, therefore, that in regions with a higher rate of home ownership is higher unemployment, at the individual level, the owners of housing are unemployed are less likely. The estimates are significantly different for men and women. Men living in owner-occupied housing have a higher likelihood of employment than women. At regional level, however, this thesis shows that the high rate of home ownership increases unemployment for both men and women, in the long run only to women. The fourth chapter showed that men transition to homeownership reduces the likelihood of unemployment next year. For women, this relationship has proved to be insignificant. In addition, as insignificant showed the opposite relationship, the transition from unemployment to the newly acquired home ownership. The last chapter shows that the change in the working status to unemployment will increase in the future probability of worse health. Influence in less than two years, however, proved to be significant. An important conclusion is that men have a significantly stronger relationship between health and unemployment than women.
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The theory of redistribution and its application
Mihalčinová, Hana ; Dlouhý, Martin (advisor) ; Valenčík, Radim (referee) ; Peško, Štefan (referee)
The theory of redistribution systems is a practical extension of a game theory, which deals with a redistribution within a social system of more than two players with di?erent performances and ability to create coalitions. This thesis is divided into three chapters. The ?rst chapter describes the known knowledge of a game theory. The second chapter deals with the theory of redistribution systems. Using an elementary redistribution system and its generalization group behaviour when dividing a payment, achieved by a collective performance, is described. This part introduces the extension of the redistribution system to a compound redistribution system with a fractal structure. Furthermore the theory of discriminatory equilibrium and the theory of commonly acceptable equilibrium are veri?ed using the elementary redistribution system and utility theory. The third chapter deals with an application to the allocation of funds among faculty departments. A game theory approach was used to reduce the game to a non-cooperative game of two players by using the forming of coalitions. Also the theory of redistribution systems was applied when a reduction was used to create a non-cooperative two-player game. This reduced non-cooperative game between two players was converted to a cooperative play of more than two players by changing the rules of the game and allowing a formation of coalitions. In the practical part both of these approaches are compared with real data and a current state.
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Proposing the financial performance prediction index for decision support of the hospital management
Hajdíková, Taťána ; Černá, Anna (advisor) ; Lieskovská, Vanda (referee) ; Lazar, Jaromír (referee)
Dissertation thesis deals with the managerial needs in the area of financial health. Managers need a tool to reveal the impending financial failure or to assess the financial quality of the organization. They link their decisions to performance, ability to pay, employee productivity, financial resources and financial risk. In the theoretical part of the thesis it is necessary to explain the non-profit sector and its connection with the hospital environment. It is also necessary to introduce models used both in the Czech Republic and abroad, which share common elements. The basic aim of this thesis is to propose a financial performance prediction index for decision support of the hospital management, the owners of hospitals and insurance companies. To achieve the basic goal, three sub-goals must be accomplished. The first goal is to divide the hospitals into healthy and unhealthy by using the multi-criteria methods. The second goal is, based on an expert approach with the support of statistical methods, the selection of indicators appropriate for the hospital environment and the third goal is to find a suitable method for the determination of weighted representation of individual indicators in the proposed index and to assemble the final form of the new financial index for the hospital environment.
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The Asian financial crisis and post-crisis development of newly industrialized countries of Asia
Panchenko, Victoria ; Bolotov, Ilya (advisor) ; Černá, Iveta (referee)
This thesis analyzes the Asian financial crisis by providing a comprehensive view of the development of the economies of the Asian newly industrialized countries before and after the outbreak of the crisis. The aim of this paper is to explore and understand the causes of the crisis and derive practical lessons. The work is structured as follows. The first chapter is theoretical and defines newly industrialized countries by focusing on the characteristics of the economic and social status of these countries in a period of prosperity. The second chapter examines the financial crisis in 1997 - its origin, causes, indicators and progress. The last chapter discusses the impact of the crisis both on countries of Southeast Asia and on the world economy overall. Afterwards, summarizing of the lessons that can be learned from the Asian financial crisis and that remain urgent even nowadays is outlined.
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Process Analysis As the Basis for the Implementation of a New Information System
Kmochova, Zdena ; Říhová, Zora (advisor) ; Svatá, Vlasta (referee)
The main objective of this thesis is to analyze the processes in the company POP service, Ltd., also to analyze the current problem in this company and to recommend and propose measures which eliminate the causes of the emergence of the problem. The causes originate from the aspects of the management of people and processes are identified through the analysis of processes associated with the problem and eliminated on the basis of proposals metrics and responsibilities for these processes. The theoretical part of the thesis is devoted to concepts in the field of process management. The theoretical part characterizes these concepts process management, business processes, process analysis and process modeling methods, process maps, graphical notation for writing business processes, business process improvement and analysis organization. In the second part of the thesis is presented the examined organizations POP service, Ltd.. Based on the analysis of the current state are defined vision, mission and goals of the organization. Then there is described a procedure of the analysis of the current state, which is process analysis and proposal of selected processes, metrics and responsibilities for these processes. Methods of analysis are SWOT analysis, analysis of the activities, structured interviews and process analysis. The result of this thesis is to analyze the selection of processes of the company POP service, Ltd., proposal metrics, define jobs and responsibilities and suggestions for improving the selected process.
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Communication Strategy of Komerční banka, a.s. with a Focus on the Youngsters
Bartůňková, Eva ; Postler, Milan (advisor) ; Jelínková, Jitka (referee)
Thesis explores communication strategy of Komerční banka, a.s. with a focus on the Youngsters. The aim of this thesis is an analysis of previous and current campaigns, corroborated by original research. The thesis comprises six chapters, the first two chapters dealing with theory, the rest dealing with empirical findings. The first chapter discusses the difference between marketing and commercial communication and kinds of commercial communication; the second chapter delves into the issue of communication strategy, its types and development. The third chapter consists of a presentation of Komerční banka, a.s. including an evaluation of the competition; the subsequent chapter discusses the characteristics of the G2 brand, its target group and includes an SWOT analysis. The content of the fifth chapter is a description of previous communication and of new communication campaign of the G2 brand. In the conclusion of the thesis, research results are assessed and future steps are recommended.
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The Conclusion of a Contract under the United Nations Convention on Contracts for the International Sale of Goods in Comparison with Czech National Legislation
Krčálová, Kristýna ; Boháček, Martin (advisor) ; Levý, Jan (referee)
This Master's thesis focuses on the United Nations Convention on Contracts for the International Sale of Goods (CISG), better known as the Vienna Convention. The main purpose of this thesis is to evaluate conditions for application of this international treaty and to assess the contracting process under the CISG including the similarities and differences with the Czech national legislation. Finally, it seeks an answer to the question, which of these rules (international or national) are more advantageous for a Czech contractual party with respect to concluding a contract. The thesis is divided into five parts. The first one represents an introduction to the CISG, its origin and the Czech Republic's attitude to it. The second part identifies the conditions for application of the CISG and therefore defines a subject and an object of an international contract of sale under the CISG. Both third and fourth parts gradually introduce two phases of the contracting process (offer and acceptance) including the relevant case-law. The last chapter strives to complete the contracting process with an analysis of the exact moment, when a contract is concluded, as well as with an analysis of a potential battle of the forms and its impact on a contract conclusion.
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Potential of MIST and its influence on international trade
Gecko, Alexandr ; Bolotov, Ilya (advisor) ; Černá, Iveta (referee)
The thesis deals with the analysis of MIST markets (Mexico, Indonesia, South Korea and Turkey) in comparison to BRIC countries. The aim of the thesis is to emphasise the attractiveness and potential of MIST economies for international business and investments relating to their growing competitiveness. The first chapter introduces world trends in international trade and it describes the origin as well as the development of the group. The carried-out macroeconomic and demographic analysis in the second chapter reveals strengths and weaknesses of the MIST. The third chapter describes trade activities of the MIST and its current position in international trade. The fourth chapter analyses the entrepreneurial and investment environment of the group as well as its level of competitiveness. The carried-out research in the thesis has shown that the MIST economies represent a perspective group of developing markets with potential for trade and investment activities.
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INFLUENCE OF LASER CUTTING AND PUNCHING ON MAGNETIC PROPERTIES\nOF ELECTRICAL STEEL M470-50A
Bulín, Tomáš ; Švábenská, Eva ; Hapla, Miroslav ; Ondrůšek, Č. ; Schneeweiss, Oldřich
Electrical steel M470-50A belongs to the most often used materials in electrical machines. Due to this fact, it is desirable to know the magnetic parameters after processing raw sheets into the required shape. Basic parameters of mechanical, electrical, and magnetic properties of the sheets are usually obtained from the producer but the magnetic properties are changing in dependence on additional machining processes. The aim of this study is to describe changes in parameters of magnetic behavior after punching, laser and spark cutting of the original sheets. The basic information of structure was obtained by optical and scanning electron microscopy. The magnetic parameters were acquired from the measuring of magnetic hysteresis loops in dependence on saturation fields and frequencies. The results are discussed from the point of view of applied\ncutting technology with the aim to obtain the best magnetic parameters and consequently a higher efficiency of the final product. Results can be used as input parameters in simulation of the electrical machine.
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