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Behavioural Economics - How Expensive is Ownership
BODEŠÍNSKÁ, Tereza
Behavioural economics is a connection between economics and psychology. Especially, it examines human irrationality. One of the topics of behavioural economics is an ownership. It deals with a relationship between the ownership and the price. The first part of the thesis describes the theory of behavioural economics. It introduces history, present and the important personalities of this field to the reader. Further it deals with the persons that contributed with their knowledge about the connection of psychology and economics. The second part describes an experiment which is done to verify the theoretical knowledge. The experiment examines how influential the ownership is towards the price (for a consumer). The students of the Faculty of Economics in our University answer the questionnaire and the results of the experiment are explained at the end of the thesis.
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Interpretation of czech FX options
Cincibuch, Martin ; Bouc, Pavel
This report describes the Czech koruna option market and explores the behaviour of option prices during three eventful periods of the history of the Czech koruna. It points out their forward-looking nature and also shows how implied risk neutral distribution might be used for monitoring and interpretation of market sentiment.
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Heterogeneous agent model with memory and asset price behaviour
Vošvrda, Miloslav ; Vácha, Lukáš
The Efficient Markets Hypothesis provides a theoretical basis on which technical trading rules are rejected as a viable trading strategy. Technical trading rules, providing a signal of when to buy or sell asset based on such price patterns to the user, should not be useful for generating excess returns. Technical traders and chartists tend to put little faith in strict efficient markets.
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Ethical dilemmas in business, accounting and taxation
Zelenková, Markéta ; Králíček, Vladimír (advisor) ; Molín, Jan (referee)
The thesis deals with financial accounting and taxation; i.e. areas with increased risk of unethical behaviour. It presents and critically evaluates the measures introduced by the European Union, the Organisation for Economic Co-operation and Development (OECD) and the authors of Taxparency project - the nongovernmental organisation Transparency International Česká republika and Lexperanto association. The introductory chapters of the thesis offer a brief excursion into the realms of philosophy, law and psychology. Their purpose is to provide a comprehensive summary of the most important findings from these disciplines for better understanding of the meaning and fundamentals of ethics. Subsequently, three key areas of financial accounting and taxation are discussed - non-transparent ownership structures, virtual offices and transfer prices - with the objective to determine the motives of entrepreneurs to use these practices. LuxLeaks case is mentioned as a practical example of unethical behaviour of entrepreneurs, tax advisers as well as of civil servants. The conclusion outlines the Taxparency project. The aim of the thesis is not only to introduce but also critically evaluate the project. Based on the results of a questionnaire survey, the possibilities of the project implementation in the conditions of the Czech Republic are analysed. The official websites of individual institutions and organisations became the main information source for the thesis.
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Political business cycle and public procurements in regional municipalities
Březinová, Zuzana ; Pavel, Jan (advisor) ; Kučerová, Zuzana (referee)
The theme of this bachelor thesis is analysis of the political business cycle at public procurements in twelve regional municipalities in the Czech Republic. Two hypotheses are tested, one of which relates to oportunistic behaviour of incumbents, and the other one to corruption. Four quantities, at which course from January 2005 to March 2011 is observed, are tested here. These quantities are number of public procurements, total amout of public procurements, average number of bids to one procurement and proportion of final and expected prices. Each of these quantities is observed separately for public procurements for goods, deliveries and services. Regression analysis is used for testing. The result of this thesis is that political business cycle occured before election in 2006 at public procurements for goods and deliveries.
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Čínská měna RENMINBI, skutečně podhodnocená?
Štembera, Jaroslav ; Mičúch, Marek (advisor) ; Chytilová, Helena (referee)
The thesis focuses on the question of undervaluation of the renminbi exchange rate to the U.S. dollar from the perspective of three selected alternative methods of calculating long term equilibrium exchange rate. In the case of calculations of behavioral equilibrium exchange rate and the natural real exchange rate, I performed calculations by using vector error correction model. In the case of fundamental equilibrium exchange rate I used error correction model. The input data used in the models are ranging from 1980 to 2010. Those are primarily value of nominal exchange rates, price levels and foreign trade. According to my results behavioural and fundamental equilibirum exchange rate show undervaluation of the renminbi to the year 2010, while the natural real exchange rate indicates a slight overvaluation of the renminbi to the year 2010.
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What is the price of reputation in Czech Republic?
Vejvodová, Veronika ; Houdek, Petr (advisor) ; Zajíček, Miroslav (referee)
In my thesis I observe the effect of reputation on the final price of the product through internet auction portal AUKRO.cz. With 140 finished auctions through the "matching method" I observed that higher rated seller gain an average price premium of 16% over a seller with lower reputation, in the condition when the sellers offered almost similar products. The research also exerts effort to describe people's behaviour and incentives according to particular condition including the reputation. By examining the positive dependence between reputation and price premium, this work highlights the need to build up and hold the high reputation score.
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An analysis on US subprime mortgage crisis : expansion and the burst of bubble
Yazicioglu, Gorkem ; Cahlík, Tomáš (referee) ; Dědek, Oldřich (advisor)
This thesis provides an analysis on the expansion and the burst phases of the 2007 subprime mortgage bubble, in two interrelated sections. The first part - called "Expansion of the bubble"-, analyzes the speculative investor behaviour of the US Real Estate Crisis and exhibits that before the crisis the asset prices such as Commercial Mortgage Backed Securities and Standard and Poor's 500 indexes showed statistical features which are not common among financial time series. Common stylized facts such volatility clustering and autocorrelation of absolute returns were tested for the years 1997-2010, using daily data on the index values. The results indicate that during bubble periods several of the stylized facts disappeared since investors did not respond as normal to the volatility events and price changes. Hence, I have suggested that irrational exuberance of investors during 2007 subprime mortgage crisis and other bubble periods can be detected by testing these stylized facts. In the second part,- called "The burst of Bubble" -, I showed that common macroeconomic risk factors can explain, to a very large extent, all types of mortgage's credit risk and I concluded that individual mortgages are possessing significant default correlation, especially subprime mortgage classes. Finally this thesis ends with...
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