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Supervisory Boards of Joint Stock Companies and Employee Co-determination in the Czech Republic
Červená, Markéta ; Gregor, Martin (advisor) ; Vacek, Pavel (referee)
The Czech regulatory framework for supervisory boards of large joint stock com- panies leaves significant space to configure company-specific setups in hands of shareholders. As a result, the design, composition and competences of a super- visory board in the Czech Republic can to a large extent vary from company to company. In addition to that, the regulatory framework has been subject to potentially impactful changes over the last decade, such as relaxation and follow- ing re-introduction of mandatory representation of employees in the supervisory boards for all large joint stock companies. This thesis explores a unique dataset with information on all, more than 250, Czech joint stock companies with over 500 employees that were subject to the re-introduced requirement on employee participation. The aim of this thesis is to shed light on supervisory board prac- tices in the Czech republic between 2009-2020. Special attention is paid to the question how these practices changed in light of changing legal requirements regarding the mandatory employee participation. First, a series of observations that draws from the examined dataset was provided on the topic, uncovering, e.g., that two-tier corporate governance structure remained dominant in the Czech environment; that education and gender of...
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Corporate governance and M&A effectiveness
Akmatalieva, Chinara ; Gregor, Martin (advisor) ; Novák, Jiří (referee)
This master thesis analyzes the transactions of merger and acquisition for three European countries as Germany, Netherlands and Austria with developed economies and how they are affected by corporate governance in the companies. In order to address, it collects 41 deals from 426 chosen transactions from the 1st of January 2010 to 31st of December 2019. Using method of event study with data from stock market it was examined the cumulative abnormal return on the shares of the acquiring company. Based on the results of the study, the optimum number of directors on the board, the board independence ratio and the length of the CEO's tenure have a positive relation to the effectiveness of mergers and acquisitions at the current level of corporate governance. In addition, guided by this research, it is possible to improve the mechanism of corporate governance in order to increase efficiency of mergers and acquisitions in Europe. Furthermore, an empirical model with cumulative abnormal return calculation tend to explain the impact of board structure, the number of independent members and the tenure of chief executive officer on mergers and acquisitions performance. JEL Classification C8, G3, G30, G34, M20 Keywords corporate governance, mergers and acquisitions, event study, agency theory, board of...
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Spatial Analysis of Czech Parliamentary Election: Comparison of Spatial Econometrics and Machine Learning
Černý, Jakub ; Šťastná, Lenka (advisor) ; Gregor, Martin (referee)
This thesis analyses the results of the Czech Parliamentary election in 2021 and attempts to explain the voting support of major political subjects by using aggregate data from Czech municipalities. Since the data evince spatial autocorrelation, it is necessary to specify a suitable spatial model. The thesis provides both empirical and economic evidence for the Spatial Durbin Error Model, which enables distinguishing the direct and indirect effects of particular independent variables and accounts for the spatial dependence of error terms. This method shows that variables describing the socio-economic characteristics of inhabitants, such as the share of entrepreneurs or people with university education, play the most significant role in explaining voting results and evince mostly the direct effects. On the contrary, variables describing municipalities, such as public spending or infrastructure, are more likely to impact the election result indirectly. Subsequently, the analysis is replicated using two tree-based machine learning algorithms and all models are evaluated based on their ability to predict the election results from unseen data. Even though machine learning methods estimate only relative variable importance instead of standard coefficients, this approach represents a perspective...
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Workforce Composition Effects on Covid-19 Spread: a SIR model and an Application to the Czech Regions
Škultéty, Oliver ; Gregor, Martin (advisor) ; Chytilová, Julie (referee)
One of the main types of government intervention aimed at fghting the COVID-19 pandemic were the social distancing measures. This thesis presents a novel approach to examining the relationship between social distancing and workforce composition. The model used is a SIRD model with dynamically optimizing individuals. The model is estimated for each Czech region and cali- brated for the 'social distancing measure' so that the model predictions best ft the data. This measure is then compared in a regression with the share of skilled labour in each region. This thesis fnds that a large degree of variance of social distancing between regions can be explained by the workforce composition. 1
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Lockdown Policies and Firms' Investments in a Two-Period Macroeconomic Model
Fencl, Tomáš ; Gregor, Martin (advisor) ; Buliskeria, Nino (referee)
Throughout the COVID-19 pandemic, the implementation of lockdown policies was often accompanied by some level of commitment toward its development or termination. This thesis introduces multiple gradually improving two-period macroeconomic models which induce a time inconsistency problem regarding the lockdown policy choice. The effect of the policymaker's commitment is studied and analyzed as a possible solution to this problem. Aside from thoughts concerning directly the construction of the models, for instance, the reasoning behind its short-term nature or the importance of the shape of input functions, this thesis evaluates the policy commitment as an efficient tool. It further emphasizes the importance of the commitment's credibility. 1
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Quantitative Link between Founder-CEOs and Total Shareholder Return
Chyba, Jakub ; Kočenda, Evžen (advisor) ; Gregor, Martin (referee)
In our work we aim to study the effect of Founder-CEO presence in a company on excess shareholder returns. Hence, this work continues in the footsteps of asset pricing literature studying statistical effects of variables such as of Beta, Size and Price to Book ratio. We gather data on panel of NASDAQ 100 companies and note presence of firm and time effect in our data. In this situation we use two methodologies to try to tackle the issues in our data. Specifically, we employ Hausman Taylor approach and Fama Macbeth regression. We find some evidence in favour of Founder-CEO effect, yet overall we arrive to inconclusive results. Our Hausman Taylor approach arrives to positive statistically significant effect at Founder- CEOs, while Fama Macbeth arrives to insignificant effect. We note that different issues with endogeneity might be an important factor behind the difference, yet we argue that given our options the methods employed are valid choices.
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The Principles of Optimal Income Taxation Revisited
Janoušek, Richard ; Gregor, Martin (advisor) ; Dózsa, Martin (referee)
Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Charles University in Prague Faculty of Social Sciences Institute of Economic Studies Abstrakt/Abstract Název/Title The Princples of Optimal Income Taxation Revisited Překlad/Translation Přehled a zhodnocení principů optimálního zdanění Typ práce/Type of thesis bakalářská práce/bachelor thesis Autor/ka: Richard Janoušek Rok zpracování/Year 2013 Vedoucí práce/Supervisor PhDr. Martin Gregor Ph.D. Počet stran/Number of pages 60 Ocenění-pochvala/Disctinction Abstrakt česky Tématem této práce je optimální zdanění osob s nejvyššími příjmy. Toto téma již bylo předmětem mnoha dalších akademických prací posledních čtyřiceti let. Doporučení nedanit přijmy těchto osob přitáhlo k tématu pozornost a debata v posledních letech i nadále živě pokračuje. Tento fakt dal také podnět k shrnutí dané problamatiky a k diskuzi nejvíce relevantních příspěvků k aspektům zdanění příjmů. Obsahem této práce je nastínění základního informativního pozadí a vysvětlení dvou základních modelů, lineárního a nelinárního. Poté jsou shrnuty dosud nejdůležitější příspěvky, které jsou předmětem diskuze. Na závěr jsou popsány zajímavější a náročnější aspekty. Tato práce poskytuje solidní porozumění tématu a dává podnět pro budoucí práce za účelem nalezení shody....
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Public Procurements as a Corrupting Sector in RBC Model
Paulus, Michal ; Baxa, Jaromír (advisor) ; Gregor, Martin (referee)
The aim of the thesis is to create a RBC model incorporating corrupting sector. The thesis contributes to the few existing DSGE models with corruption by introducing the corrupting sector into the sector of firms and political parties which is regarded as a sector of public procurements where firms bribe politicians for gaining public tenders. This setting is new and is supposed to catch better the phenomenon of political corruption. The model predicts that all shocks that positively affect the economy motivate firms to invest more into the bribes and vice versa. The increase of the overall level of corruption stimulates economy but is leading an economy to the instability. The model also examines the effect of various forms of fiscal spending in the households ' utility function. The model exhibits several non-intuitive results (too high portion of stolen money by firms, stimulation of the economic performance caused by higher corruption and negative holding of government bonds) that should be solved in next research.
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