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Game Theory Approach to Hostile Takeovers
Tuček, Lukáš ; Červinka, Michal (advisor) ; Čornanič, Aleš (referee)
This bachelor thesis investigates the field of hostile takeovers predominantly from the perspective of the management of the target company. Particular emphasis is placed on review of the defense strategies against hostile takeovers and ways in which they might be abused by the management. This thesis attempts to formulate a game-theoretic model describing the process of a hostile takeover as an extensive-form game with perfect in- formation. Payoff functions for the game further in the thesis computed as Nash equilibria of bargaining problem with the current state of the game as a base for the utility gains. We then briefly discuss the implied relationship among the raider, management and the shareholders. JEL Classification C7; C72; G34 Keywords hostile takeover; game in extensive form; defense strategy
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Seasonal Effects on Stock Markets in Europe
Rosol, Jaroslav ; Kukačka, Jiří (advisor) ; Čornanič, Aleš (referee)
This thesis researches the problem of stock market efficiency and market anomalies. Specifically, we look on European stock markets and possible presence of four seasonal effects - January, Halloween, Turn-of-the-month and Monday effects. These seasonal anomalies imply that returns for specific period are unusually higher or lower than returns for the rest of the time, which presents a challenge for the Efficient Market Hypothesis. The empirical side of this problem is the possible opportunity for excessive profit from trading on stock markets that could be based on the seasonal anomalies. Firstly, we summarize previous research in the field and attempts of explanation of individual effects. Further, we present the tools needed for our analysis - Ordinary Least Squares regression with dummy variables and few extensions. Data used for the analysis consists of 32 European stock indices. The actual analysis is performed as a comparison of returns on stock for certain specified periods. The evidence on January and Monday effects is found not strong enough to confirm the presence of such anomalies. On the other side, there is enough significant evidence on the presence of Halloween and Turn-of-the-month effects. Moreover, we are unable to explain the Halloween effect as manifestation of January effect. Powered...
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Drivers of Knowledge Base Adoption, Analysis of Czech Corporate Environment
Rakovská, Zuzana ; Korbel, Václav (advisor) ; Čornanič, Aleš (referee)
This thesis analyses the process of knowledge-base adoption in the enterprise environment. Using data from two knowledge-management systems operated by the company, Semanta, s.r.o. we studied the day-to-day interactions of employees using the system and identified the important drivers of system adoption. We began by studying the effect of co-workers' collaborative activities on knowledge creation within the system. It was found that they had a positive and significant impact upon overall knowledge creation and thus on adoption. Secondly, we explored how the newly defined concept of gamification could help determine and encourage an increase in knowledge creation. The use of gamification tools, such as the "Hall of Fame" page, turned out to have significant influence in the adoption process. Thirdly, we examined how users continually seek knowledge within the system and how asking for missing information and being supplied with answers has an impact on adoption rates. It was shown that the quicker the responses and the more experts dealing with requests the greater the impact on knowledge base adoption. Finally, we showed that the size and character of the company deploying the knowledge management system does not influence the adoption drivers. This thesis represents an effort to fill the...
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Creditors payout from debtors operating income - Economic analysis
Zdeněk, Jakub ; Gutiérrez Chvalkovská, Jana (advisor) ; Čornanič, Aleš (referee)
Insolvency act in force - Act 182/2006 Coll., represents disruptive chance in bankruptcy approach on corporation level. The most revolutionary change is possibility of company reorganization with no doubts. This thesis deals with economic rationality behind bankruptcy, mainly with economic rationality behind reorganization. The thesis is economic analysis of input for decision-making process whether debtor if proper candidate for restructuring and process of creditors payout from debtors operating income during reorganization. The thesis contains original qualitative research of sample of allowed reorganization aimed on comparison of theoretical finding with reality. There is a theoretical model of bankrupted company where all theoretical findings are demonstrated in a last part of this thesis JEL Classification G33, G34, L25, L61 Keywords Bankruptcy, Restructuring, Company Crisis, Firm Performance, Creditor payout Author's e-mail zdejak@seznam.cz Supervisor's e-mail jana.chvalkovska@gmail.com
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Global IT Outsourcing - Analysis of Trends, Contracts, Decisions and Their Results
Osipova, Anna ; Vacek, Pavel (advisor) ; Čornanič, Aleš (referee)
Informational technology outsourcing has been increasing in popularity over the last decades. It became a trend to transfer IT related processes and activities to an external provider, often located not only in a different country, but on a different continent. Outsourcing IT porcesses to an external provider is an appealing prospect, since the firm can transfer the resources from IT to more important processes. Moreover, since provider can be chosen from virtually anywhere in the world, there is a valid chance of significant IT costs reduction. All those benefits, however, are far from guaranteed. This thesis briefly describes the theory of IT ousourcing, presents current trends in outsourcing of information technologies, lists the common dangers by the decision making process concerning IT outsourcing, presents particular examples of large IT outsourcing contracts and finally introduces analysis of various aspects of IT outsourcing decisions and their results followed by econometric analysis, which examines possible patterns between the particular decisions and their results.
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Effective and Nominal Corporate Tax Rates
Kučerová, Jana ; Janský, Petr (advisor) ; Čornanič, Aleš (referee)
i Abstract The main objective of this thesis is to provide the reader a basic knowledge about the issue of effective and nominal corporate tax rates. The theoretical part is concerned with the different approaches to the effective tax rates and with the corresponding methods of their calculation. The main contribution of the thesis presents the empirical part, which tries to assess the real corporate tax burden of Czech companies. The data required for the computation were collected according to PX stock-index and we applied the methods of backward- looking micro approach. The obtained results were subjected to a thorough analysis. In fact, the companies taking part in the research pay on average the income tax 17,07% in the period 2008-2012, which is significantly lower than the nominal tax rate 19%. Although the current academic literature reports about steadily declining effective tax rates, it does not correspond to our results. The reason for this might be caused by the nature of micro method used, that reflects the sensitivity of the economic cycle's development. The observed period in the research coincides with the time of the world economic crisis, that may inflict an undesirable bias. JEL Classification F15, F23, F43, H25 Keywords statutory corporate tax rate, effective corporate tax rate, micro approach,...
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How the Composition of Siblings Affects Child Health Quality
Šubáková, Dominika ; Chytilová, Julie (advisor) ; Čornanič, Aleš (referee)
The core of the presented bachelor thesis is to determine the effects of sibling's composition on child health quality. The first part of the thesis is focused on the microeconomic description of Model of Human Capital Investment, the Gender-Specific Model in particular. Also other findings and the health system of the examined countries are presented. In the second part, based on the findings from the theoretical model, three hypotheses are stated. Methodology is explained and econometric model is presented. How the gender, ratio of sisters and birth order affect health of children are subsequently tested for chosen Asian countries, namely, Bangladesh, India and Nepal. The last part is devoted to the description of empirical results and the occurred differences are discussed. The sibling's composition has shown to be an influential factor, mainly gender and ratio of sisters. Key words child health, sibling structure, allocation of household resources, human capital investment
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Signaling by IPO Under-Pricing: Evidence from the Central Europe
Čornanič, Aleš ; Novák, Jiří (advisor) ; Serdarevič, Goran (referee)
i Abstract This Master Thesis is focused on under-pricing of initial public offering. We examine the possibility of signaling by IPO under-pricing on Polish data over the period 2005 - 2010. Signaling by IPO under-pricing is analyzed using signaling model. Taking into consideration the uniqueness of Polish sample, we also analyze the signaling by IPO under- pricing used to the build up the government reputation as market-oriented. Our results suggest the statistical significant positive effect of IPO under-pricing on probability of seasoned equity issue as well as on size of seasoned issue. These findings together with negative relation between IPO under-pricing and lag between IPO and seasoned issue are consistent with predictions of signaling model. We do not find any statistical significant evidence that the Polish government tries to build up reputation for its privatization policy over time by under-pricing and selling a high fraction at the initial offer. Keywords IPO under-pricing, signaling hypothesis, Central Europe, asymmetric information, seasoned equity offering, privatization
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Hedge funds: investment strategy and regulation
Ducháček, Michal ; Dědek, Oldřich (advisor) ; Čornanič, Aleš (referee)
Even though hedge funds account for a small portion of global investment funds, they have achieved a strong position in investment options for institutional investors in last two decades. Due to recent financial crisis and a fear of possible risks connected with hedge funds, regulators start to focus more on regulation of this industry. This thesis focus mainly on investment strategies of hedge funds and on regulatory efforts in the USA. Before the work describes this, it is necessary to define and specify them. Then some of common used investment strategies are introduced in order to better describe the unique role of hedge funds to reader. In the end, after funds are specified, the thesis can describe regulatory efforts and evaluate them. Key Words hedge, fund, regulation, Dodd-Frank, AIFM, strategy, risk, performance
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Analysis of German Electricity Market
David, Vojtěch ; Kracík, Jiří (advisor) ; Čornanič, Aleš (referee)
Bachelor thesis analyses situation at electricity market in Germany. It shows historical development of liberalization of monopolist market. Structure of market is investigated. Thesis comments other legislation and its dependency. Granger causality test did not derive any causality between real GDP and electricity consumption. There was used data from 1970 to 2009. Thesis comments environment in point of German view. Thesis predicts next development.
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