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Competition, efficiency and soundness in banking
Jankovská, Alžběta ; Geršl, Adam (advisor) ; Havránková, Zuzana (referee)
There is an ongoing debate whether the impact of competition on bank soundness is positive or negative. Traditionally, it was assumed that there is a trade-off between competition and bank soundness. On the other hand, some recent studies suggest that competition has a positive effect on bank soundness. In this thesis, we will focus on the concept of efficiency as a possible link between competition and bank soundness. Firstly, we will summarize different approaches to measure competition, efficiency and soundness in banking sector. Subsequently, we will focus on hypotheses formulated to describe the link between competition in financial sector and bank soundness, between efficiency and bank soundness and between bank competition and efficiency. The empirical part, we will examine whether there is a link between competition and soundness via efficiency channel. Our analysis is based on dataset contains commercial banks from Visegrad group during period 2008 - 2012. We will exploit the Boone indicator as a measure of competition, the SFA approach to obtain efficiency score and soundness will be derived from z-score. The empirical evidence confirmed the positive link between competition and bank soundness via efficiency channel.
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Banks' Income Modelling
Lelovská, Adriána ; Jakubík, Petr (advisor) ; Havránková, Zuzana (referee)
Bank profitability is one of the key inputs for macroprudential surveillance. Although we may find extensive empirical literature analyzing banks' performance, there is to our knowledge no study examining whole banking sectors. This thesis contributes to the existing research twofold. Firstly, we develop a banks' income model that considers banking sectors as a whole, using a sample of 40 countries in the period of 1997 to 2011. Secondly, we implement this model to two different restrictions of our data sample testing the model's applicability. We explore three hypotheses. Firstly, we test whether macroeconomic, industry-specific and bank-specific determinants are significant drivers of bank profitability. The final banks' income model is estimated via a dynamic GMM specification, consisting of proxies for the level of economic development, capitalization, interest-earning activities, credit quality and two lags of profitability capturing its persistency. The hypothesis is rejected since we do not find evidence of a significant industry-specific indicator. The second and third hypotheses restrict our sample to a time period before the financial crisis and banking sectors comprising only commercial banks, respectively. We conclude that the model is robust with regards to the chosen time period but...
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Banking Crises: Identification & Dating
Naščák, Andrej ; Svoboda, Svatopluk (advisor) ; Havránková, Zuzana (referee)
Diplomová práca je venovaná bankovým krízam, konkrétne problémom spojeným s ich identifikáciou a datovaním. V teoretickej časti sa zaoberá dvoma klasifikáciami prístupov ku identifikovaniu bankových kríz: Jedna rozlišuje medzi krízami identifikovanými na základe konkrétnych udalostí (takzvaný "prípadový" prístup) a krízami identifikovanými podľa indexov (takzvaný "indexový" prístup). Druhá klasifikácia rozdeľuje skupiny v rámci indexového prístupu (prezentované v 2. kapitole práce). Praktická časť diplomovej práce je venovaná bankovým krízam v jedenástich vybraných krajinách. Najprv je prezentovaná kompilácia bankových kríz v týchto krajinách, založená na 4 hlavných databázach bankových kríz (podľa "prípadového" prístupu). Následne sú konštruované 2 indexy s cieľom identifikovať (podľa nich) bankové krízy v týchto krajinách. Indexy sa volajú Banking Sector Fragility Index a Index of Money Pressure. Nakoniec sú výsledky oboch prístupov navzájom porovnané, a takisto sú navzájom porovnané výsledky oboch indexov. Bližšia diskusia je venovaná prípadu Českej republiky, kde indexy vykazujú lepšiu identifikáciu kríz než "prípadový" prístup. Tento fakt potvrdzujú aj akedmické štúdie českého bankovného sektoru. Indexy pre všetky krajiny aj s tabuľkami identifikovaných kríz sú priložené v prílohe na záver...
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Impact of the Great Recession on the European banking sector: The stochastic frontier approach
Obořil, Josef ; Havránková, Zuzana (advisor) ; Havránek, Tomáš (referee)
This thesis investigates the impact of the Great Recession on cost efficiency of panel data of 4291 banks of the eurozone in the years 2003 - 2010, using the stochastic frontier approach. The main finding is that recession in Europe has a positive impact on cost efficiency; however, there was a decline already connected with the outbreak of the Great Recession in the US. Secondly, significant determinants of cost efficiency in the eurozone are total assets, total business, interest margin, and equity, however its significance changes over time. Moreover, there were significant differences found in cost efficiency among eurozone countries and among bank types and types of ownership. Thirdly, through comparison to the Czech Republic we found that monetary policy stabilizes the impact of the crisis on cost efficiency. Finally, features of most cost-efficient and least cost-efficient banks were documented. Result of the investigation is that total business is the major difference between them. 1
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Are the prices higher today than they were before 1989? If not, why do people think they are?
Boček, Josef ; Schwarz, Jiří (advisor) ; Havránková, Zuzana (referee)
In my thesis, I have focused on a comparison of consumer prices from 1989 and 2009. As in the Czech society are emerging ideas about lower prices before 1989, I decided to test the hypothesis of lower prices before the year 1989 compared to 2009 using data from the Czech Statistical Office. Methodology of this study includes sophisticated statistical tests (Student Two-sample tests), conversion of prices to the adjusted average wage and the construction of consumption baskets from 1989 and 2009. Based on my tests and performed recalculations I have found out that the prices before 1989 were on average 2 times higher than in 2009.
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The impact of the form of ownership on the financial performance of a hospital
Jankura, Adam ; Pavloková, Kateřina (advisor) ; Havránková, Zuzana (referee)
This thesis examines the influence of legal form of ownership of a hospital on its fi- nancial performance in the Czech republic. Applying the 2009 cross-sectional data on hospitals, several performance indicators were explored. We used both external and internal hospital characteristics determining financial performance, which we observed on the basis of accounting data. Through employed regression analysis, the relationship between the legal form of ownership and performance was not confirmed. On the other hand, the analysis found significant positive influence of private ownership, which is an essential condition of utilization of potencial positive effects of the corporate legal form of ownership. Better financial performance of the private hospitals and non-significant differences in the performance of public hospitals of both legal forms of ownership (semi- budgetory organization or corporation) confirm these conclusions. Moreover, according to our results, hospital profitability is determined by some demografic factors as well as by the size of hospitals. This thesis reveals that effort of the state to increase financial performance of public hospitals through the change of their legal form does not bring desired effects.
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Meta-Analysis in Economics: Application to Measuring the Euro's Trade Effect
Polák, Petr ; Havránek, Tomáš (advisor) ; Havránková, Zuzana (referee)
Meta-analysis is a very strong and effective tool designed for the synthesis of results of empirical research. It provides a possibility to make reliable conclusions and offers more systematic and unbiased view at empirical studies than do narrative reviews. This thesis begins with description of meta-analysis from the theoretical point of view and, therefore, is the first Czech-written methodology of modern meta-analysis suitable for economics. This part is followed by an applied meta-analysis that investigates the euro effect on common trade exchange, and the analysis is focused on publication bias and the use of the multilevel random effects model. The empirical part is based on 2580 estimates gathered from 33 studies that investigate the relationship between euro and trade volume. The meta-analysis reveals the presence of publication bias, confirms the economic research cycle hypothesis and estimates, according to the available literature, that the true Rose effect lies probably between 2 and 6 percent.
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Bank profitability in Mongolia
Chuluunbaatar, Tumenjargal ; Pečená, Magda (advisor) ; Havránková, Zuzana (referee)
One should judge the performance of banks in developing countries on a different background that is uniformly applied for developed countries. Methods of evaluating bank performances such as Economies Value Added (EVA) or Method of Comparables are of little help as they heavily rely on the stock price of banks on exchange market which is often unavailable for most banks. And when it is available it is hard to assure the "fair market value" given the underdeveloped capital market. Therefore traditional accounting measurements for bank profitability, namely Return on Asset and Return on Equity are natural candidates and are used for assessing the performance of Mongolian banks. Based on the respective analysis, a hypothesis that a bank size is an important factor for higher profitability is tested for a sample of banks which subsequently leads to a conclusion that bank size effect on profitability is rather insignificant.
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Exhibition proposal of wetland biotopes in the arboretum FFWS in Kostelci nad Černými lesy
Havránková, Zuzana ; Bažant, Václav (advisor) ; Janeček, Vladimír (referee)
This thesis deals with design of a new trees exposure in the arboretum in Kostelec nad Černými lesy, where model of wetland habitats will be created. Emphasis is placed on the supplement autochthonous species especially willow - Salix.
A literature review provides information about Arboretum Kostelec nad Černými lesy and compositional principles. It is focused on wetlands, floodplain forest and it is willow communities. Thesis includes the characteristic of the area and it's natural conditions.
Inventory of area were made in the practical part. Botanical survey detect current vegetation cover. The area of interest was evaluated from the botanical point of view. Evaluation of the health condition of trees was done to improve the condition of existing vegetation and habitat model layout. Treatment and the existing vegetation felling, was proposed. Map outputs of the research were processed in ArcGIS 10.1. Exposure design was drawn in AutoCAD 2016. List of recommended trees that is based on analysis of Czech and foreign sources was created. Pathway and information system for visitors that use the QR code was designed.
The results of this thesis can be applied in practice in Arboretum Kostelec. Model of wetland habitats can be used for research and educational purposes.
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