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Determinants of the Demand for Tax Haven Operations: Empirical Evidence from the Czech Republic
Burianová, Markéta ; Janský, Petr (advisor) ; Švarcová, Natálie (referee)
The aim of this thesis is to explore the firm-specific determinants of the demand for tax haven operations by Czech firms. Our objective is to better understand the firms' incentives for tax haven use, and furthermore whether there exists cross-haven heterogeneity in those incentives. The thesis examines the firms' tax haven investment behaviour by analysing firm-level data for 15,530 Czech firms for year 2013. To the extent of our knowledge, this has been the first research of its kind devoted to Czech firms. The evidence suggests that larger, more profitable firms with larger international presence are most likely to use tax havens. The analysis also indicates that higher firm indebtedness is associated with greater likelihood of establishing tax haven operations. This would suggest Czech firms engage in profit shifting through the use of debt financing. Furthermore, service firms were found to be more likely to use tax havens than manufacturing firms. This contrasts with previous research where R&D intensity was a leading indicator of tax haven use. Additionally, we found significant cross-haven heterogeneity in the determinants, particularly in the sector-specific characteristics. In our sample, service firms favoured Cyprus and the Netherlands, while manufacturing firms preferred Luxembourg...
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Limited and censored explained variables
Kostka, Rudolf ; Bejda, Přemysl (advisor) ; Komárek, Arnošt (referee)
In this thesis at first we focus on theory of dealing with limited and censored explained variables. We begin with discrete variables and show the theory of binary and categorical variables. Later we explain utility of models logit and probit and demonstrate it at a practical example. We also provide a comparison of these two models. Third chapter deals with limited explained variables, specifically censored, truncated and variables representing some time to event. In the last chapter we describe some functions, which might be used to plot a graph of a survival function using softwares R or Mathematica. Some options in Excel are also mentioned, but they are very limited. Described functions are then demonstrated in use at a practical example with our gained data. Powered by TCPDF (www.tcpdf.org)
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Limited and censored explained variables
Kostka, Rudolf ; Bejda, Přemysl (advisor) ; Komárek, Arnošt (referee)
In this thesis at first we focus on theory of dealing with limited and censored explained variables. We begin with discrete variables and show the theory of binary variables. Later we explain utility of models logit and probit and demonstrate it at a practical example. Third chapter deals with limited explained variables, specifically censored and variables representing some time to event. We show how to work with the most used parametric models and Kaplan-Meier estimator. In the last chapter we describe some functions, which might be used to plot a graph of a survival function using softwares R or Mathematica. Some options in Excel are also mentioned, but they are very limited. Described functions are then demonstrated in use at a practical example with our gained data. Powered by TCPDF (www.tcpdf.org)
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Estimation of Bank Runs probability in the context of Deposit Insurance implementation in Russia
Dănilă, Ecaterina ; Horváth, Roman (advisor) ; Janda, Karel (referee)
This thesis empirically investigates the bank runs probability cases over the period 2005-2011 on Russian banking market and, simultaneously, tests the hypothesis of influence of bank-fundamental factors and macroeconomic conditions on the decision of depositors to withdraw their funds from banks. Methodologically, was conducted a logit econometric model to test our assumptions. We find evidence on both bank- fundamentals, such as high debt ratio, rising real interest rates, small asset size, and macroeconomic conditions, such as high inflation, and sharp increases in the real exchange rates, to influence on bank runs. In addition, the thesis analyzes the significance of deposit insurance implementation in avoiding bank runs. Moreover, we compare if the newly adopted deposit insurance diminished the credibility of the depositors in the state-controlled banks compared with private banks, thus, increasing the amount of investments to private banks. Finally, based on our approach, the method identifies a run on Russian deposit market during quarter four of 2008 year; however we would not characterize it as a severe run because it did not touch all banks but more as a partial one (approx. 1/3 of banks from the system were affected).
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The Empirical Analysis of Efficiency of Wagering Market
Flegr, Jan ; Hronza, Martin (advisor) ; Koubek, Ivo (referee)
Aim of this diploma thesis is to provide empirical tests of market efficiency of tennis wagering market. In large dataset, which consists of nearly 47 thousands matches and 225 thousands odds, I am searching for anomalies, which can prove market inefficiency. Potentially profitable and exploitable betting strategies are also examined. Main tools of empirical analysis are linear probability models and logit models. Favorit-longshot bias is present in my data, this finding is consistent with results of other empirical works (Lahvička, 2013; Cain, Law, Peel, 2000). Major contribution of this paper is confirmation of home-away bias, the issue, which was not tested in tennis matches so far. The same holds for chart-bias. I am not able to find profitable wagering rules based on out-of-sample predictions of my models. Simple betting rule, which consists of betting systematically on overwhelming favorites, is derived from historical odds. This strategy yields a profit 0,0094, but it's applicability is very limited.
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Geomarketing methods
Voráč, Michal ; Chrobok, Viktor (advisor) ; Černý, Michal (referee)
Aim of this application-oriented master's thesis is to prove a benefits from using data analysis techniques connected with geodata processing to support business decisions. As a conclusion two solutions are given which are more attractive then starting situation. Since the first solution proposed is oriented on giving maximum success ratio while considering transactions, the second one is oriented on business value of each transaction. In this thesis R programming language is widely used together with ArcGIS Online in its final part.
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Analysis of the financing of tertiary education: Why do students have to pay more in the U.S. than in the Czech Republic?
Saidlová, Veronika ; Janíčko, Martin (advisor) ; Brožová, Dagmar (referee)
This thesis analyzes the question why there are differences in concerning the payment of school fees at the tertiary level of education across relatively developer economies. The main surveyed countries are the Czech Republic and the USA, however, in order to find out the answer that could be more generalized a representative sample of OECD countries, EU countries, and OECD and EU candidate countries is used. For finding the significant variables, logit model was used. The model has Essentials demonstrated that the introduction of school fees is to some extent influenced by the presence of an undemocratic regime during last 25 years and also by the number of people with tertiary education in the population.
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The Application of the Discrete Choice Models
Čejková, Tereza ; Hušek, Roman (advisor) ; Fíglová, Zuzana (referee)
This thesis treats with the theory, interpretation and application of the Discrete Choice Models. The theoretical part contains the Fitting the Logistic Regression Model, Testing for the Significance of the Coefficients, Testing for the Significance of the Model. The Multiple Logistic Regression is mentioned too. The model was applied to interview data from the International research called Reflex.
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The influence of the taxation on donating to non-profit organizations
Špetla, Ondřej ; Slintáková, Barbora (advisor) ; Klazar, Stanislav (referee)
The thesis examines the influence of the tax deduction by reason of granting the donation on the taxpayers' behavior. The examination is working with Household Expenditure Survey (2004, 2005) of Czech Statistical Office and with author's own questionnaire survey (2007). In the first part the regression of demographical and economic characteristics on the amount of donation and its probability is run. There are the internal opinions of informant according to the filled questionnaire described in the second part. The regression was processed using Logit, Probit and Tobit models; the following section consists of frequency analysis.
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Discrete binary choice models
Lejnarová, Šárka ; Hušek, Roman (advisor) ; Pánková, Václava (referee)
Ve své diplomové práci se zabývám modely diskrétní binární volby. Zkoumám je nejprve z teoretického hlediska, jaká je jejich podstata, jaká jsou jejich specifika a problémy. Postupně rozebírám jednotlivé modely diskrétní binární volby a to lineární pravděpodobnostní model, logitový model a probitový model. Zabývám se jejich odhadem, testováním významnosti jednotlivých koeficientů a shodou modelů s daty. V praktické části se zaměřuji na problematiku životního prostředí a třídění odpadu. Aplikuji jednotlivé modely na získaná data a snažím se vysvětlit, na čem závisí volba jedince mezi ?třídím odpad? a nebo ?netřídím odpad?. Na základě analýzy poté doporučuji, na koho a jakým způsobem zacílit osvětu.
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