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Transaction Costs in Public Procurement
Reimarová, Hana ; Gutiérrez Chvalkovská, Jana (advisor) ; Mejstřík, Michal (referee)
Reimarová - Abstract The term public procurement refers to a contract between public entity and private companies. The public procurement contracts are regulated by the Public Procurement Act, which specifies the rules under which the public procurement should be performed and sets conditions of award procedures of public contracts. The quality of execution of the award procedure influences the efficiency and the transparency of the contract. The award procedure can be executed by internal employees of the contractor or outsourced. The main aim of this thesis is to analyze whether the contractors behave rationally when they outsource the award procedure; this thesis evaluates the differences between an in-house administration and an outsourced administration in prices, efficiency in terms of number of bidders in the contract and probability of formal errors in the award procedure. The results of the analysis shows that small contractors behave rationally; when they administrate the award procedure in-house they tend to make more formal errors thus they outsource the procedure. On the other hand, the large contractors do not behave rationally, because they outsource the administration of award procedure even if all three indicators show that they administrate the procedure in-house more successfully. The...
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Almost optimal trading strategies for small transaction costs
Jusko, Martin ; Dostál, Petr (advisor) ; Štěpán, Josef (referee)
We consider agent trading futures on a market with small transaction costs. Her capital is deposited on a money market account, where compounding is possible. Arithmetic Brownian motion with random coefficients is considered as a model for futures strike price. The coefficients are assumed to be bounded Itô processes with bounded coefficients. Under these assumptions, an almost optimal interval strategy is derived, which almost maximizes expected utility in certain stopping times under hyperbolic absolute risk aversion utility function. Furthermore, under logarithmic utility function the derived strategy almost maximizes expected utility in wide class of (integrable) stopping times.
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Zhodnocení výkonnosti vybraných finančních nástrojů a akciových indexů
Valášek, Lukáš
Performance evaluation of selected financial tools and stock market indexes. Bachelor thesis. Brno: Mendel University, 2016. The bachelor thesis focuses on mutual comparison of equity mutual funds and exchange traded fund which copy a stock index. The literature review is dedicated to assumptions which are subject to the existence of efficient market behavior, collective investment and assessment criteria. The main aim of this thesis, based on the historical data analysis, is to verify the possibility of outperforming a benchmark by active fund management. Results will be compared with conception Efficient market theory. Criteria will be returns, volatility and transaction costs.
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Analýza struktur ovládání v Komunitou podporovaném zemědělství v České republice
Asfourová, Nicol
This diploma thesis deals with the analysis of governance structures in the model of Community Supported Agriculture in the Czech Republic as one of the alternative forms of food production. The theoretical part describes the characteristics and defines the potential of Alternative Food Networks (AFNs) in the development of the region, also defines the term Community Supported Agriculture. Subsequent attention is paid to the process of transmission of this AFNs model to the Czech environment and to its current forms. The practical part presents three case studies on selected CSA groups in South Moravian region. These information served as the basis for subsequent analysis of governance structures of these groups. Based on the results of the analysis the real form of these initiatives was identified, equally as the identification of linkages between the key players. Finally, the overall performance of the model was evaluated. Results of the analysis indicate that presented potential benefits for the vital development of agricultural producers and development of local regions can not be considered as automatic even though there exist many examples of good practices abroad.
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Analysis of the resources provided through the "local action groups"
Hejdánek, Michal ; Ochrana, František (advisor) ; Vítek, Leoš (referee)
The purpose of this Bachelor thesis is to find financial allocation postpaid funds from Local action group Lípa pro venkov o. s. and qualify transaction costs. Theoretical frame is focused on policy of rural development and an explanation of the LEADER method with a specific example. Further there is a brief description of transaction costs and a method of their research in the text. Research objective is divided into 3 parts. In the first part the sector analysis is examined and in the second part it is the industry analysis of postpaid funds. Last part deals with administrative costs of LAG and on the recipient side the induced costs with the aid of questionnaire survey are calculated. Key words: Local action groups, LAG, Leader, analysis, transaction costs
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The economic analysis of good faith in the regulation of ownership rights to real estate under the new Civil Code
Vápeníková, Andrea ; Dušek, Libor (advisor) ; Sunega, Petr (referee)
The theme of the thesis is the economic analysis of good faith in the regulation of ownership rights to real estate under the new Civil Code. The new Civil Code No. 89/2012 Sb. entered into force on 1 January 2014, along with it has undergone striking changes also Cadastral Act 256/2013Sb., the new provisions will significantly alter the legal view to the acquisition of title to real estate from unauthorized, tries to protect him, which is one of the biggest differences from the Civil Code No. 40/1964Sb. The theoretical part focuses on the definition and genesis of the concept of good faith, as well as the relationship of good faith with the right of property. The analytical part of the assistance costs recognise with their property rights acquired in good faith , which are due to the length and complexity of litigation, very expensive, and the cost of the occupation of the property shows considerable inefficiency of the old provisions. Conclusion of the thesis analyzes the efforts of lawmakers to find a concordance between adverse-effect principle - protection of property rights acquired in good faith and the principle nemo plus iuris ad alium transferre potest quam ipse habet ( nobody can transfer more rights than he has ) . This objective was fulfilled in theory. However, the case law will show, whether it has been fulfilled in practice and how effective it has become.
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Transaction costs during insolvency of big companies
Leinveberová, Tereza ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
This master thesis is devoted to the transaction costs during insolvency of big companies. The aim of the thesis is to analyse, define and compare transaction costs incurred during insolvency of two Czech companies. The secondary aim is to find the relevant costs, compare their value and find the root cause of their appearance. There is hypothesis, which needs to be acknowledged or confuted. The hypothesis is if company has to be rich enough to be saved. The followed analysis has been performed on CBPS s.r.o. and Technistone a.s. The answer to this question, which was proofed by mentioned analysis, is yes, company really needs to be rich enough and own enough capital to be able to go through successful reorganization.
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Game theory in the current flood protection
Pokorná, Veronika ; Macháč, Jan (advisor) ; Louda, Jiří (referee)
In recent years a considerable attention has been devoted to flood protection measures because of great damages caused by floods. While planning measures the consideration is based on costs and benefits associated with their implementation, i.e. the application of cost-benefit analysis (CBA). In most cases the relation of upstream and downstream in river catchments is neglected, therefore in the practice a potential for a retention of upstream remains unused. This bachelor thesis deals with a projection of this upstream/downstream relation into the current flood protection. Mathematic method of the game theory is used for the analysis of the optimal allocation of flood protection measures between the upstream/downstream areas. The upstream/downstream relation is defined by the specific assumptions and conditions. On the basis of these specific assumptions and conditions a payoff 2x2 matrix is modelled. The thesis constructs individual scenarios of mutual positions of these two parts. Possible outcomes are analysed by using game theory, while taking into account liability for damages, negotiation options and transaction costs. Presented results of individual scenarios indicate that the game theory is a suitable tool for the assessment of an optimal allocation of flood protection measures and its application in practice is appropriate in conjunction with other tools.
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Theory of the firm - establishing and company existence
Říha, Jakub ; Šmíd, Jan (advisor) ; Ježek, Tomáš (referee)
The main topic of this thesis is the theory of the firm, why are companies set up and how the company is perceived by those who founded it, therefore entrepreneurs. The main question is, if the theory that builds a theory based on the company's transaction cost savings, corresponds to reality, what are the real reasons for entrepreneurs starting a business and what options future entrepreneurs have. The first part focuses on the analysis of economic theory, which deals with the company, and the ideas of economists whose work has been fundamental for the development of theory of the firm. Among the pioneers we include R.H.Coase and his disciples, such as OE Williamson, O. Hart and others. The result of the work of these authors is the theory of transaction cost savings as the main reasons for the establishment of firms, along with the other supporting reasons. Next follows an extensive legal analysis of the most important forms of business entities, especially the conditions for their establishment. This section is important for understanding the differences between legal and economic conception of the company. The most important forms of business in terms of this thesis are self-employed and limited liability company, for which there is devoted the largest part. Rozhodni si, kterou vetu chces. Another section contains an analysis of transaction costs that arise in the company. We identify the principal moments when transaction costs are incurred and what variables affect them. Since these costs are highly subjective in nature, it is described here as an example of how the situation may appear in various corporate structures. The last part of this thesis is the survey, which identifies the main reasons for the establishment of the company and how it is perceived by entrepreneurs and non-entrepreneurs. The result is supported by the conclusions of the previous chapters defining the reason for the establishment of a company outside the theory of transaction costs, which are particularly important for the further development of the company and not for the establishment itself.
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Bargaining - What are the differences in diverse industries and trade area?
Bejdová, Markéta ; Svoboda, Miroslav (advisor) ; Šťastný, Daniel (referee)
The work aims on the factors affecting bargaining in the Czech Republic, especially which reasons determine its existence in different market sectors and areas of trade. This problem is being solved empirically, using the method of least squares. Data used for the regression are obtained from the questionnaire, market research and sales information of selected goods. From the regression output we cannot refuse the main hypothesis that the possibility of price discrimination leads to a higher probability of haggling and conversely high growth in transaction costs of bargaining leads to the fixing of prices. An alternative approach with the help of another survey is trying to find out if bargaining depends rather on the place of sale than anything else. This research suggests that respondents expect the greatest likelihood of bargaining at marketplaces. It seems that the greatest impact on the probability of bargaining has, of all surveyed attributes, the size of trade deal.
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