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Non-equity Crowdfunding: Funding Success and Dynamics on Hithit
Machová, Veronika ; Gregor, Martin (advisor) ; Švarcová, Natálie (referee)
Non-equity Crowdfunding: Funding Success and Dynamics on Hithit Veronika Machová Abstract Non-equity crowdfunding, as an innovative way of financing new ideas, has been growing enormously over recent years. Crowdfunding projects are often characterized by a predetermined monetary goal and the length of the campaign. Furthermore, potential contributors can observe the level of funding provided by others, which suggests that details of previous contributions play an essential role in funding behavior. We obtain data from the Czech crowdfunding platform Hithit, which allow us to empirically analyze the determinants of success and the funding dynamics of crowdfunding projects. Outcomes from several probit regressions indicate that shorter campaigns and campaigns offering private rewards of lower value are more likely to be successful-but these results do not demonstrate causality. A short campaign signals confidence; this positive signaling effect outweighs the marketing- opportunities effect of a long campaign. Applying fixed effects model to panel data, we show that the amount of contributions is negatively associated with the level of funding already achieved, providing evidence of free-riding effect. However, the effect of past contributions is reversed in the final phase of the campaign as the risk of...
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Spatial Pattern of Subsidies from the Structural Funds: The Case of Czech Municipalities
Pumprlová, Magda ; Šťastná, Lenka (advisor) ; Švarcová, Natálie (referee)
The thesis aims to uncover spatial patterns of subsidies from the European Union funds while focusing on the 2007-2013 programming period in the Czech Republic. We take into account demographic, economic and political charac- teristics of municipalities with the extended power to determine their relevance on the size of the obtained subsidy. Furthermore, subsidies may be clustered in the space due to some common regional characteristics that cannot be easily measured, or due to cooperation/competitiveness of the municipalities. Our results from the models estimated by the Ordinary Least Squares sug- gest that municipality's population, the number of businesses, the debt of pre- vious periods, and the mayor's affiliation to the political party are significant in explaining the size of the subsidy. Based on following tests, Moran's I and Lagrange Multiplier test, we incorporate the spatial models estimated by the Maximum Likelihood Estimator. We find that the subsidies managed by the regional council disperse across the given region, indicating a hidden common characteristic or regional council's endogenous interventions. JEL Classification C21, H54, H77, R11, R58 Keywords spatial allocation, European Funds, Cohesion, local government, Czech Republic Author's e-mail pumprlovamagda@gmail.com Supervisor's...
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Testing the Presence of Adaptive Switching Behavior in Equity Markets
Staněk, Filip ; Kukačka, Jiří (advisor) ; Švarcová, Natálie (referee)
In many financial agent based models, the concept of adaptive switching be- havior is employed as a substitute for the, elegant yet unrealistic, assumption of rational expectations. Studies estimating these models however frequently suggest that agents do not behave adaptively. To better understand the source of this discrepancy, we propose a test for the presence of switching which does not require us to specify beforehand the exact form of the switching mecha- nism nor the strategies among which agents can choose. We verify the ability of the test to detect switching by Monte Carlo simulations and then apply it to stock prices from the New York Stock Exchange. The null hypothesis of the absence of switching is strongly rejected. Furthermore, we assess robustness of this finding by applying the test individually to various sub-sets of the data-set. The switching is prevalent in all considered sub-periods and in all groups of stocks categorized by traded volume. JEL Classification G02, G12, G14, D83, D84 Keywords Bounded Rationality, Adaptive Switching, In- tensity of Choice, Market Efficiency Author's e-mail stanek.fi@gmail.com Supervisor's e-mail jiri.kukacka@fsv.cuni.cz
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Migration and Economic Voting Outcomes: Theory and Empirics from Moldova
Pascanean, Ludmila ; Gregor, Martin (advisor) ; Švarcová, Natálie (referee)
The focus of the present research is to explore several dimensions and their interconnections: migration, election results and implemented policies. It will analyse how emigration is affecting the elections results and voting patterns, of both, migrants and non-migrants, thus influencing the undertaken policies and institution development in the home country. This thesis is based on evidence from Republic of Moldova, an Eastern European country with a Soviet Union heritage. The study covers the years 1998-2010 using data for 6 election results in Moldova and data about emigration during the corresponding years. The key assumption, confirmed in this thesis is that with increase of number of emigrants to the West countries, especially countries of European Union, the percentage of votes offered to Communist Party decreases, while there is a positive connection between the number of emigrants to eastern countries, namely Russia, and the number of votes given to Communist Party. Therefore, the migrants have different voting patterns from non-migrants, which with time are passed to their families and connections in the home country, using the spillover effect and hence being able to change the political and economic institutions in the home country. Data is modelled using OLS and GMM. Powered by TCPDF (www.tcpdf.org)
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Do public R&D subsidies boost competitiveness of supported companies in the Czech Republic?
Horák, Petr ; Teplý, Petr (advisor) ; Švarcová, Natálie (referee)
The purpose of this thesis is to investigate the impact of government non-investment and applied R&D subsidies on the firm level competitiveness. According to many literature sources the indicators of competitiveness are assumed to be Return on Assets, Return on Equity, Return on Sales and Asset Turnover ratio. The tool used to test the effect is counterfactual analysis. The subsidized companies are compared to a control group drawn by Propensity Score Matching, the effect is tested by Average Treatment Effect on the Treated and the difference in size of other financials is derived by Difference in Differences. The study focuses on two industries NACE C25 (metallurgy) and C28 (manufacture of machines). The subsidized companies show no added significant growth of competitiveness whatsoever. The financials (Total Assets, Equity, Turnover) grew, compared to the control group, only for industry C25. JEL Classification O31, O38, H21 Keywords R&D, Innovation, non-investment, subsidies, applied R&D, competitiveness Author's e-mail petr.rotr@post.cz Supervisor's e-mail petr.teply@fsv.cuni.cz
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Determinants of the Demand for Tax Haven Operations: Empirical Evidence from the Czech Republic
Burianová, Markéta ; Janský, Petr (advisor) ; Švarcová, Natálie (referee)
The aim of this thesis is to explore the firm-specific determinants of the demand for tax haven operations by Czech firms. Our objective is to better understand the firms' incentives for tax haven use, and furthermore whether there exists cross-haven heterogeneity in those incentives. The thesis examines the firms' tax haven investment behaviour by analysing firm-level data for 15,530 Czech firms for year 2013. To the extent of our knowledge, this has been the first research of its kind devoted to Czech firms. The evidence suggests that larger, more profitable firms with larger international presence are most likely to use tax havens. The analysis also indicates that higher firm indebtedness is associated with greater likelihood of establishing tax haven operations. This would suggest Czech firms engage in profit shifting through the use of debt financing. Furthermore, service firms were found to be more likely to use tax havens than manufacturing firms. This contrasts with previous research where R&D intensity was a leading indicator of tax haven use. Additionally, we found significant cross-haven heterogeneity in the determinants, particularly in the sector-specific characteristics. In our sample, service firms favoured Cyprus and the Netherlands, while manufacturing firms preferred Luxembourg...
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A Meta-Analysis of the Effect of Minimum Wage Increases on Prices
Vavřičková, Jana ; Havránek, Tomáš (advisor) ; Švarcová, Natálie (referee)
As an economically as well as politically sensitive topic, labor market interventions stir up discussions among professionals as well as general public. Most economists take negative stance against minimum wage policies providing arguments backed by theoretical reasoning rather then sound empirical evidence. Knowledge of labor market outcomes and their transmission channel to other segments of the economy are till nowadays limited and inconsistent. Neither empirical research in the field contributes to a uniform consent on the impact of minimum wage hikes on the price level. Moreover, the reported estimates display large heterogeneity and after a brief inspection reveal that the field is infested with publication selectivity. A uniquely constructed dataset consisting of 469 estimates of the price effect of minimum wage changes and their associated characteristics is analyzed using a set of statistical tools generally known as meta-analysis. The method is a powerful tool nowadays widely used in empirical research to synthesize and systematically evaluate sometimes inconsistent research results. While the study finds no consistent evidence of an actual link between minimum wage hikes and inflationary pressures, the empirical results show strong presence of publication selectivity. Powered by TCPDF (www.tcpdf.org)
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Current Accounts in Monetary Union: The Role of Euro, Fiscal Policy and Financial System
Olešňaník, Tomáš ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
This thesis examines the implications of euro for current account balances of countries using it. First, we summarize the main theoretical and empirical findings about determinants of current account deficits and possible implications of monetary union. Second, an empirical analysis of possible effects of single currency on current account is presented. We employ time-specific fixed effect estimator, corrected for possible endogeneity between fiscal policy stance and current account deficits. Our results support hypothesis of certain impact on current account balances as such. We also document positive effect of single currency on gross saving and investment rates. Our regression indicates that the role of fiscal balance and financial sector increased with introduction of single currency therefore implying less Ricardian behavior of private sector in eurozone. We further examined eventual break in the relationship between fiscal and current account balances suggesting that eurozone economies tend to become less Ricardian. Powered by TCPDF (www.tcpdf.org)
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Pension Systems in a World with Stagnant Population and Market Inefficiencies: A Comparison
Štěpánek, Martin ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. Besides, the theoretical arguments supporting funded pension systems often build upon the unrealistic assumption of stable financial markets and fair transformation of saved funds into retirement benefits. This work provides an insight into performance of various pension systems in real- world conditions using large-scale simulations of an overlapping generations model based on existing pension schemes in the Czech Republic, Sweden, and Chile. Specifically, my model assumes adverse demographics, individual un- certainty, volatile financial markets' returns, and administrative costs to affect social security systems and estimates magnitude of the effects. According to the results, each pension system seems to be partially advantageous - in pro- motion of economic growth, level of retirement benefits, or protection against market risks - but no scheme is dominant or dominated overall. JEL Classification E27, C68, H55 Keywords pension, OLG, simulation Author's e-mail Stepanek.Martin@hotmail.com Supervisor's e-mail Jaromir.Baxa@centrum.cz
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