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Art as a Financial Investment: Estimation of Art Returns and Portfolio Diversification
Konstantinova, Elizaveta ; Chytilová, Julie (advisor) ; Korbel, Václav (referee)
The thesis at hand examines risk, return and portfolio diversification oppor- tunities of the art market. In order to analyse price dynamics at the peculiar and unique art market scene and provide a reader with a basic understanding of the requirements for undertaking investment in this field several trends dominating in the art market abreast with the main art price determinants and risks are investigated. Based on the repeat sales data encompassing the period from 2000 to 2015, the art price indices have been estimated using both standard and three-stage weighted methods. Beyond a standard risk and return analysis of various art sectors compared with traditional invest- ment vehicles, this thesis also focuses on the performance of art with respect to the investment horizon. We conclude that longer holding period may be more beneficial than shorter one in terms of both return per unit of risk and costs per unit of time. However, in common with the literature in this area, the results suggest that the risk and return characteristics of art are inferior to the risk and return characteristics of financial assets and despite the low levels of correlation we have found no support for the inclusion of art in the mixed-asset portfolio. JEL Classification C13, C41, C61, D43, D44, G11, G14, Z11 Keywords art;...
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The economic development and international trade of North Korea using the factor analysis method
Kim, Ha Eun ; Chytilová, Julie (advisor) ; Cahlík, Tomáš (referee)
In this paper, after reviewing the characteristics of North Korean statistics, I examined how North Korea's trade affects its growth using empirical analyses. There have been many studies that have shown trade has affected economic growth, but there have been few empirical studies on North Korea's case. Cointegration test, regression analysis, and factor analysis were used. The empirical results suggest that even considering economic fluctuations, North Korea's trade has not shown a significant impact on growth. Keywords North Korea, Growth, Trade, Cointegration test, Factor analysis
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Maternal Education and its Impact on Child Health Outcomes
Tóthová, Miriama ; Chytilová, Julie (advisor) ; Korbel, Václav (referee)
The aim of the presented thesis is to examine the relationship between mater- nal educational attainment and child health outcomes. The study attempts to distinguish between child's nutritional status and mother's health-seeking behaviour which is measured by child's immunization status. Hypotheses are tested using a probit regression model based on the Demographic and Health Surveys data from two Sub-Saharan countries, namely Ethiopia and Kenya. The empirical results suggest that there is a strong significant relationship between maternal education and child's chronic malnutrition, while the ma- ternal education effect attenuates after inclusion of possible channels in the regressions explaining child's acute malnutrition and child's immunization status. The education effect on the probability of having diarrhea has shown to be insignificant. Furthermore, the effect does not differ either by the sex of the child nor by the place of residence. Lastly, we observe that secondary education represents the most important influence on the child health quality.
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Lobbying: Microeconomic Evidence
Rott, Robert ; Gregor, Martin (advisor) ; Chytilová, Julie (referee)
The present thesis is an empirical analysis of lobbying in the United States. First, it analyses an added value of lobbyists' specialisation and connections to congressmen using a method of matching. Second, it extends the analysis by studying the impact of competition for access to congressmen on the added value of lobbyists. Third, it analyses lobbying from the point of view of congressmen by studying the impact of their specialisation on committee assignments on the amount of campaign financing they obtain from lobbyists. The analysis is done using data about lobbying reports as well as committee assignments of congressmen and campaign contributions they obtain from lobbyists in the 106th to 110th congress, corresponding to years 1999-2008. The present thesis also provides a brief summary of related literature analysing different aspects of lobbying.
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Finance and Growth Nexus: CEE & Central Asia and Beyond
Enkhbold, Buuruljin ; Horváth, Roman (advisor) ; Chytilová, Julie (referee) ; Korosteleva, Julia (referee)
Buuruljin Enkhbold Finance and Growth Nexus: CEE & Central Asia and Beyond Abstract (English) This thesis investigates the effect of financial development on economic growth using both global sample and regional samples focusing on Central and Eastern Europe (CEE) and Central Asia during the time period 1960-2013. The results of fixed effect panel and system GMM estimators suggest that the effect of private credit on growth had been neutral until 2007 and the effect turns negative if the time period is up to 2013. The negative effect of private credit on growth has been the largest for CEE and Central Asia, particularly for non-EU countries in the region. Stock market capitalisation and lending deposit spread have consistent effects regardless of the choice of time frame which implies that economies benefit from larger stock markets and lower lending deposit spread. Keywords: financial development, credit, stock market, spread, growth, CEE and Central Asia, generalized method of moments (GMM)
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Cost planning of PPP projects in the Czech Republic
Ehrenberger, Marek ; Teplý, Petr (advisor) ; Chytilová, Julie (referee)
English The thesis explores the topic of cost planning of Public-Private-Partnership (PPP) projects in the Czech Republic, especially with respect to institutional settings and road infrastructure. First, the PPP concept is introduced from a theoretical perspective and compared to traditional public procurement. Then the financing of PPP projects is discussed in the context of project finance and the European PPP market. The main part of the thesis focuses on public procurement of road infrastructure and the advantages of the PPP organizational structure. Initially, flaws of the procurement institutions are identified and a number of solutions suggested. The solutions cover four main areas: improvement of procurement laws, better qualifications of public officials, strategic planning of needed roads and asset management perspective on the existing infrastructure. The question whether Czech institutions are hindering the potential of PPP projects is answered positively. Follows a thorough empirical analysis of a World Bank PPP model for highways through a Monte Carlo simulation. A particular case of R35 motorway is evaluated as a PPP project and key drivers of public and private NPV are identified and compared across three different scenarios. Heavyweight traffic intensity, its toll revenue and...
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Thermal Insulation of Apartment Buildings: Decision-making Process and Effect on Energy Savings
Častorálová, Lucie ; Ščasný, Milan (advisor) ; Chytilová, Julie (referee)
Thermal Insulation of Apartment Buildings: Decision-making Process and Effect on Energy Savings Abstract In order to lower the emissions of green-house gases it is necessary to explore the wide range of the energy efficiency options. This thesis attempts to analyse the effect of thermal insulation installed in the multi-family apartment buildings during the period of 2006-2012 in the Czech Republic. We also investigate whether providing governmental funding further improves energy performance of the insulated apartment buildings. In addition, we examine the collective decision-making processes of members of the multi-family apartment building associations, including their attitudes towards thermal insulation of their houses. The basis of this thesis is the econometric panel data model (with 45 apartment buildings and their energy consumption before and after the insulation) evaluated by the fixed effects method with cluster confirming that the insulation, investments and public funding had all significant and negative impact on the energy consumption in the buildings, when energy consumption was adjusted for weather conditions. After the analysis it was concluded that the more the owners invest in thermal insulation, the more they will save in the long run. The governmental funding led to even greater...
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Influence of German Bundestag Elections on the Stock Market Performance in Visegrad Group Countries
Skála, Jakub ; Horváth, Roman (advisor) ; Chytilová, Julie (referee)
This thesis deals with the behaviour of stock markets during the period of election process. We focus on the influence of elections to the German Bundestag on stock market performance of the countries allied in Visegrad Group during the reference period 1994-2013 covering six Bundestag elections. Germany is a major export partner for all members of Visegrad Group - the Czech Republic, Hungary, Poland and Slovakia. We examine whether there are abnormal returns on stock markets in Visegrad Group countries around the date of German Bundestag elections. We thus examine if the fact that performance of German economy is important for performance of economies of countries allied in Visegrad Group means that Bundestag elections influences their stock markets. We also analyze the influence of elections to German Bundestag on domestic stock market during the reference period 1961-2013. To measure the effect of elections we employ event study methodology using the mean-adjusted return model to measure normal returns. Our event window consists of 65 trading days around the election day (-15,50). We use the estimation window of 100 days (-150,-51). We assess our main hypothesis for each country around every Bundestag elections in our reference period separately over three event windows and also over eight event...
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