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Factors influencing the origin and evolution of the tax havens
Ulrich, Tomáš ; Janský, Petr (advisor) ; Cingl, Lubomír (referee)
This thesis examines tax havens, specifically it searches for factors which influence the probability that a given country becomes tax haven. Nowadays there are roughly 40 tax havens all over the world. The main target of this thesis is to find out what effects does the demographic, economic and geographic indicators have on their ex- istence. By using the extensive dataset for the period of 6 years we illustrate the time development and possible trends. With the help of several standard regression methods we confirmed the already existing hypothesis that tax havens are inclined to be small and more affluent jurisdictions. Moreover, the results indicate that the quality of governance in tax havens is substantially higher than in other countries. This is not only a short-term phenomenon, it showed to be valid for a longer time period. The discovered outcomes are statistically significant and robust to the use of other relevant variables. Tax havens also scores much better on the measures of corruption than other countries. Our conclusions help to clarify the causes why certain jurisdictions become tax havens, and at the same time they provide recom- mendations for the concerning economic policy. Keywords tax haven, government index, probit model, regression analysis. 1
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Slovak health care and its technical efficiency
Hnath, Martin ; Pavloková, Kateřina (advisor) ; Cingl, Lubomír (referee)
This thesis deals with the Slovak health care and its efficiency. It uses cross-sectional data particularly from the year 2008 to assess technical efficiency of the Slovak health care in the system of countries of the current European Union. For the analysis, the thesis uses indicators of health care utilization, capacity indicators and factors concer- ning population's state of health. It applies the Data Envelopment Analysis (DEA) and input oriented approach to evaluate relative efficiency as well as to appraise reduced values of input variables that would maintain current population's state of health. By the specification of three models, it comes into conclusion that the efficiency of the Slovak health care is below average when compared with stated sample of countries. Its value of efficiency given as the average of final values of selected models is 85.5%. As the analysis shows, the given output could be produced with the lower amount of sources as well. It is needed to make priority changes in increasing the efficiency of public spending, in reduction of the number of hospital beds and also in reduction of the amount of in-patient care admissions. 1
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Czech pension reform through the lens of behavioral economics
Kahounová, Jana ; Bauer, Michal (advisor) ; Cingl, Lubomír (referee)
Bibliographic citation Kahounová, Jana (2012). Czech Pension Reform through the Lens of Behavioral Economics. Prague, 2012. 79 p. Master Thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Master thesis supervisor PhDr. Michal Bauer, PhD. Abstract The field of behavioral economics can provide original insights into many areas of economic decision-making. In my thesis I use the point of view of behavioral economics to assess the current Czech pension reform plan. I study time discounting as the main determinant of saving behavior and deal with its relationship to the Czech pension reform architecture. The three fundamental features of the Czech pension reform plan that are examined are entry into the private funded scheme that is to be introduced by the Czech pension reform plan, the contribution rate into the private funded scheme and access to deposits in the private funded scheme. In order to obtain data for my research I conducted own survey. The results of statistical analysis confirmed the hypotheses of behavioral economics that people exhibit heterogeneous time discounting which influences their saving behavior and these characteristics can also determine their preference for the pension reform features. It implies a possibility for policy-makers to...
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Archetypal analysis of students' behavior in banking sector
Malíčková, Jana ; Červinka, Michal (advisor) ; Cingl, Lubomír (referee)
Archetypal analysis is statistical method used in market segmentation, however, it has minor results of application in economics. This method finds out typical behavior - archetypes. Every sample point consists of one or more archetypes and every archetype consists of few sample points. In this thesis, we explore behavior of college students at Czech universities in banking sector as there is no evidence of this research. In the model with four archetypes, the archetypes named the Pauper, the Buffett, the Elvis and the Sleeping Beauty arose.
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The Structure of Electricity Market of the Czech Republic and the Impact of the Legislative Proces on the Market Participants
Kšírl, Jakub ; Kracík, Jiří (advisor) ; Cingl, Lubomír (referee)
The object of this thesis is the electricity market in the Czech Republic and its legislation, specifically the fundamental law of energy legislation i.e. the law no. 458/2000 Coll. (Energy law). The first part is devoted to history and reasons for the establishment of new energy law, its structure and new changes brought by the law. The next part describes the current structure of electricity market, participants in the electricity market and their relationships with each other. The fourth part focuses chronologically on the amendments of the Energy law, their impact on participants of the electricity market and on the powers and duties of state regulators. The last part concentrates on the price of electricity for end users, especially on the regulated part of price and it describes the ancillary market.
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Ekonomická sladěnost České republiky s eurozónou ve světle finanční krize
Hájek, Jan ; Mertlík, Pavel (advisor) ; Cingl, Lubomír (referee)
This paper deals with the issue of synchronization of the Czech economy and the economy of the eurozone. The OCA theory which is key theoretical basis for the analysis contained in the paper is briefly described in the first part. In the second part cyclical and structural synchronization is evaluated by the means of correlation coefficients of the development of GDP, industrial production, inflation and interest rates. The obtained results show sufficient level of synchronization, impacts of the financial crisis also rather contributed to the current level of synchronization. Arguments for and against synchronization are discussed in the third part as well as mutual dependency of the both economies. Two quarters time lag of the Czech GDP growth rate behind the eurozone is discovered in the pre-crisis period. At the end OCA- index for the Czech Republic is recalculated, the value of the OCA-index for the Czech Republic is the lowest among tested countries.
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Do Information Cascades Arise Easier under Time Pressure? Experimantal Approach.
Cingl, Lubomír ; Bauer, Michal (advisor) ; Pertold, Filip (referee)
Information cascades as a form of rational herding help to explain real-life phenomena such as fads, fashion, creation of 'bubbles' in financial markets or conformity in general. In this paper I attempt to model propensity to herd and infer its relationship to time-pressure by conducting a laboratory experiment. I let subjects perform a simple cognitive task under different treatment conditions and levels of time pressure with the possibility to herd. The order of decision-making is endogenous and the task is not probabilistic. Rather, I impose uncertainty of private signal by different levels of time pressure. This is expected to make participants prone to imitate the behavior of others. Apart from that I examine the effect of reputation (also called endorsement effect) as an addition to the public pool of information, which is expected to increase the probability to herd. The main findings are that propensity to herd was not significantly influenced by different levels of time pressure. Information cascades arose, but never in a perfect form. Personality traits measured by the Big Five protocol contribute considerably to the explanation of the model, but their relationship is not straightforward. Heart-rate increased during performance of a task, but was not correlated to subjectively stated...
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Do information cascades arise easier under time pressure? : experimental approach
Cingl, Lubomír ; Bauer, Michal (advisor) ; Pertold, Filip (referee)
Information cascades as a form of rational herding help to explain real-life phenomena such as fads, fashion, creation of 'bubbles' in financial markets or conformity in general. In this thesis I model both the propensity to herd as well as the propensity to view public information that may lead to herding. I carry out a laboratory experiment where I let subjects perform a simple task under different treatment conditions with the possibility to herd. Researchers normally imposed the uncertainty about the private signal by providing a task probabilistic in its nature such as drawing balls of different color from an urn and the decision-making was sequential. I conduct an experiment where the order of decision-making is endogenous and a task that is not probabilistic, but I impose uncertainty of private signal by increasing time pressure. This is expected to make participants prone to imitate the behavior of others, even though the others will be exposed to the same conditions. The time-pressure is also expected to induce stress reaction, which I measure as a physiological proxy variable - the heart rate frequency. Participants after each task state the subjective level of stress they felt to be in. I compare these two indices of stress if they bring same results. I also account for personality differences by...
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Improving Investment Timing
Málek, Petr ; Novák, Jiří (advisor) ; Cingl, Lubomír (referee)
This masters thesis is based on study of technical analysis of financial markets, i.e. analysis of dependencies between past and present price data, especially when it comes to "supports" and "resistances" or historical price levels where price recently tended to stop and reverse. First of all, summary of the most relevant literature on technical analysis is presented, together with literature on psychology of investing, behavioral finance and market efficiency. Following that, theoretical arguments in favor of possible edge in trading of technical levels are introduced and possible objections are addressed. This theory - in the form of several thousands of unique but similar trading strategies - is then tested on historical data of the most important financial assets. Results are compared to those of conservative buy-and-hold strategy and random trading. We reached the conclusion that trading based on technical price levels brings positive capital gains which are better than those achieved by random trading and buy-and-hold strategy. Parameters of our strategies influence the results in expectable manner more often than not.
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Risk preferences under acute stress
Cingl, L. ; Cahlíková, Jana
Many important decisions are made under stress and they often involve risky alternatives. There has been ample evidence that stress impairs decision making in cognitive as well as in affective domains, but still very little is known about whether individual attitudes to risk change with exposure to acute stress. To directly evaluate the causal effect of stress on risk attitudes, we adopt an experimental approach in which we randomly expose participants to a psychosocial stressor in the form of a standard laboratory stress-induction procedure: the Trier Social Stress Test for Groups. Risk preferences are elicited using an incentive compatible task, which has been previously shown to predict risk-oriented behavior out of the laboratory.
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