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The Efficiency of Regulation in the European Union
Serdarevič, Goran ; Mejstřík, Michal (advisor) ; Žigić, Krešimir (referee) ; Vacek, Pavel (referee)
This dissertation deals with the topic of economic regulation, focusing on applying empirical methods to assess the efficiency of regulatory measures used in different areas of the EU economy. It consists of three parts, the first part looks at the functioning of the EU merger control, the second and third focus on the relationship between regulation, competition and investment in telecommunications markets. The first chapter deals with the EU competition policy and the specific area of merger control, analysing empirically the impact of introducing more economic approach in evaluating competition effects of mergers at the EU level. Our key finding is that the regulatory reform introduced in 2004 has, to some extent, enhanced the efficiency of European merger control. This implies that the Commission's assessments of mergers under the new regulation post the 2004 reform are more consistent with the independent market evaluations. We find that the probability of an anti-competitive deal being cleared decreases significantly under the new regulatory framework. Nevertheless, the occurrence of unnecessary remedies imposed on pro-competitive mergers has not decreased as the result of the new merger control. Overall, our results indicate that more economic approach applied post 2004 reform increased the...
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CREDIT RISK MEASUREMENT: The case study of Mongolian Small and Medium sized firms
Togtokh, Enkhjargal ; Rippel, Milan (advisor) ; Teplý, Petr (referee)
This thesis presents credit risk measurement approaches and some empirical results of predicting firm's failure by using various financial ratios. It aims to re-examine Altman's Z-score model and build a comparable method by logistic regression, a credit scoring model technique. The small and medium sized enterprises' empirical data used in the research work is provided from a Mongolian commercial bank. We analyzed forty two firms' financial statements, including bankrupted and non-bankrupted firms, for the period of 2007-2008. At first, financial ratios of selected sample have been analyzed through Altman's Z-score model. Overall, prediction accuracy of Altman Z-score model was significantly high, 71 percent. In terms of logistic regression method, we estimated fifteen financial ratios through the model and come to conclusion that two ratios, namely cash to total asset ratio and retained earning to total asset ratio, are significant predictor for firm's bankruptcy in Mongolian SMEs. If we compare the prediction power of the two methods, model derived from logistic regression is slightly lower than in Altman Z score model. Keywords: Credit Risk measurement, bankruptcy, Altman Z score, logistic regression
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Influence of Trigger Point in Acromial Part of Deltoid Muscle on Lateral Humeral Epicondyalgia
Cibulková, Iva ; Vařeková, Jitka (advisor) ; Kyralová, Marie (referee)
Influence of Trigger Point in Acromial Part of Deltoid Muscle on Lateral Humeral Epicondyalgia Objective: The theoretical part brings the anatomical and kinesiological description of humeral joint including the muscles of humeral girdle. It also describes the humeral-scapular rhythm and dynamic stabilization of scapula, i.e. the basic kinematical girdles of the upper arm. The practical part focuses on the occurrence of trigger point (TrP) in the acromial part of the deltoid. Consequently, an examination and evaluation of pain in the area of radial epicondyle was performed both before and after removing TrP by physiotherapy - combined therapy. Method: The experiment was carried out within a group of patients. Patients suffering from radial epicondyalgia were examined by means of combined therapy on Phyaction device and later TrP was removed from the acromial part of the deltoid. The pain was evaluated on a visual analogue scale. The results thus received were processed and used at the conclusion of the work. Results: The presence of TrP in acromial part of the deltoid was confirmed in cases where pain in the area of humeral radial epicondyle had been reported. It was partly confirmed that the intensity of the pain had been significantly lowered in the area of radial epicondyle after removing TrP from...
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Sexual functions of women with Parkinson's disease
Kotková, Petra ; Weiss, Petr (advisor) ; Zvěřina, Jaroslav (referee) ; Gerlová, Erika (referee)
Objective: Presented paper deals with the topic of sexual functions of women with Parkinson's disease (PD). The research was aimed into detailed description of the sexual life and behaviour of women with PD and comparation of these characteristics with the research conclusions from the representative longitudinal research of sexual behaviour of the corresponding set of women in the Czech republic in 2008 which, was realized by Weiss and Zvěřina. Research sample: Forty eight women with PD (age 45 - 59), who took part in recondition residence for patients with PD between the years 2008 - 2010. Material and method: With the view of descripton and analysis of sexual functions a special questionnaire battery was created containing sociodemographic questionnaire, modified version of sexology questionnaire from the representative research of Weiss and Zvěřina, questionnaire of sexual functions of women (FSFI) and questionnaire of sexual satisfaction (GRISS). Results: The acquired data was statistically elaborated. Women with PD showed signifikant higher occurrence of sexual disorders (58% vs.16% in the control group). The most frequent sexual problems in this sample are: problems with reaching orgasm, lack of lubrication, hurtfulness of sexual intercourse. These women prefer significantly more often extracoital...
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Trampolining in physiotherapy
Svobodová, Eliška ; Herbenová, Alena (advisor) ; Fuksa, Pavel (referee)
Trampolining, jumping on a trampoline, is one of the most effective exercise for the whole body. It has all the benefits of cardiovascular exercises and strengthening (improved circulation, balance develops coordination, increased capacity for respiration, etc..) Exercise is safe because there is no impact on hard surface, no mikrotramautisation, while providing increased G-force, due to the significantly enhances skeletal muscle. In addition to the benefits to other body organs and systems. Increases lymphatic circulation, improving the efficiency of the immune system. Reduces low-density lipoprotein levels, increased high-density lipoprotein, thereby preventing the occurrence of coronary heart disease. Trampoline can help to relax, improve sleep, eliminate fatigue. Exercising on a trampoline is suitable for both children and adults, including seniors. Trampolines can be used for prevention for healthy individuals, and subsequent rehabilitation for patients with physical and mental disabilities.
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Inflation targeting as a monetary policy in the world and Czech Republic: Appraisal of quality of the unconditional forecasts of CNB
Pivoluska, Jakub ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The aim of the paper is a research of monetary policy based on the concept of inflation targeting in countries including Czech Republic. It systematically monitors the evolution in thinking of policy makers, which led into definition of price stability as the final goal of the monetary policy. It contains a description of transformation of transmission mechanisms in 20th century concluding to inflation targeting mechanisms. The paper defines the main theoretical elements of inflation targeting, surveying some special features of implementation in Czech Republic. The main focus of the paper is assessment of unconditional inflation forecast regularly released by the Czech National Bank. The naive forecast founded on previously known inflation is considered as referential group opposing the CNB forecast. The main conclusion from the analysis is that the CNB has been more successful in long term inflation forecasting than in forecasting of short term changes in inflation dynamics. The analysis did not identify statistically significant deviation of the forecast. This fact was enabled by short term of considerable overshooting of the forecast in 2008. At the same time I have come to conclusion that the CNB forecast is significantly more accurate than naive forecast and that the CNB forecast has an indisputable positive influence on the shape of inflation expectations in the economy.
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Credit Rating Market and the Current Situation in this Market (Frequent Criticism)
Kolcunová, Martina ; Štěpánek, Pavel (advisor) ; Drahotský, Daniel (referee)
Importance of rating/credit rating agencies' role has recently significantly increased. Rating has become an integral part of the financial, capital markets. Yet this market (i.e. credit rating market) is not subject to regulation (the market works on the basis of a self-regulation principle) which is the fact widely used as a basis for the criticism of this industry in the light of recent events in the financial markets (the collapse of Enron, Parmalat, and other companies, lately followed by a collapse of the subprime mortgage market). The paper outlines the (monopoly) structure of the rating industry in the U.S. and the EU, discusses the new roles of rating in the regulation (e.g. regulation of the banking sector, BASEL II) as well as potential barriers for the market entry. The paper also addresses potential conflicts of interest and lack of regulation which can be observed in the industry.
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Analysis of Morgan Stanley during the financial crisis
Holiš, Jakub ; Dvořák, Petr (advisor) ; Jablonský, Petr (referee)
The main task of the diploma thesis is an analysis of financial performance and position of Morgan Stanley during several successive periods before and during the subprime financial crisis. Through the analysis of trends in key items, it also demonstrates strong cyclicality of financial performance and position of the investment bank. The first chapter deals with history and key divisions of the Company. The following chapter generally discusses selected phenomena, which, as per the author's view, significantly influenced industry-wide record-breaking performance during the period before the subprime crisis, and which substantially determined Morgan Stanley's risk profile and performance's corrections later during the Crisis. The core part of the Thesis is conceived as an analysis of financial performance and position of Morgan Stanley during the selected periods. The analysis of pre-crisis period until 2006 in the third chapter demonstrates growth of activities lying behind the unprecedented profitability of the Institution. The following fourth chapter analyzes deteriorating financial performance during the subprime crisis and indicates crucial strategy changes, implemented by the Company at the end of 2008. Effects of the strategic changes and challenges of the future development of the Institution are discussed in the last chapter. Additionally, the Thesis includes annexes, which further deal with selected topics and their general relations to investments banks and two annexes which compare Morgan Stanley with its nearest peers during specific periods.
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Credit Euroization in the New EU Member States: Causes, Consequences and Some Lessons from Hungary
Harnych, Pavel ; Holub, Tomáš (advisor) ; Hausenblas, Václav (referee)
This thesis examines issues related to the sharp surge in credit denominated in foreign currency (FX) in the New EU Member States before the advent of the recent crisis. We commence with the introduction of some stylized facts as well as decisive determinants of credit euroization, including the exchange rate regime. Subsequently, the economic performance and soaring volume of non-performing loans during the crisis are found to be adversely related to previous FX credit growth. Furthermore, we discuss some challenges, which are faced by the monetary authority of a credit euroized economy. Next, we construct a distinctive index on currency mismatch adjusted for unhedged borrowers, which appears to be significantly associated with country risk premia. The final chapter is devoted to the recent materialization of vulnerabilities connected to FX lending in Hungary. The sensitivity of this economy to exchange rate movements is illustrated by strong correlation between CDS spread and relevant exchange rates. Additionally, we scrutinize the latest version of controversial government schemes designed to mitigate the negative balance sheet effect on households indebted in FX. A unique estimation of the long-term costs of a CHF mortgage in comparison to a forint mortgage loan is provided. The impact of...
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The Behaviour and Policy of Czech Banks from Beginning of the World Financial Crisis in 2008
Forman, Jan ; Dočkal, Dalibor (advisor) ; Ježek, Tomáš (referee)
The world financial crisis in 2008 struck banking sector significantly. This bachelor thesis explores impacts of the crisis on the Czech banking, maps structure and development of the Czech banking market and describes single types of credit products available in the Czech Republic. The following chapters are focused on transfer of the crisis from USA to the Czech Republic and on policy change of Czech banks. The goal of this thesis is the analysis of the volume of credit advanced for citiziens and entreprises, this analysis can be found in the last chapter.
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