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A Meta-Analytic Approach to Gender Pay Gap: A Case of Discrimination?
Konstantinova, Elizaveta ; Krištoufek, Ladislav (advisor) ; Pertold-Gebicka, Barbara (referee)
1 Abstract The phenomenon of the gender pay gap has now been vastly examined for sev- eral decades and the research to date is extensive and diverse. In the thesis at hand, we accumulate, review and summarize empirical findings across the recent literature on the gender pay gap by means of meta-regression analysis. Our sample covers almost 20 years of the latest research and 35 developed coun- tries. The meta-regression results explain almost 90 percent of the study-to- study variation and suggest that the largest impact on the estimated adjusted gender pay gap results from not controlling for hours worked. Furthermore, the publication status of the original study is shown to have a large downward impact on the estimated gender pay gap. Conversely, the empirical findings suggest that a study affiliated with a certain institution promoting feminism or gender equality tend to overestimate the adjusted gender pay gap. JEL Classification J16, J31, J71 Keywords gender pay gap, discrimination Title A Meta-Analytic Approach to Gender Pay Gap: A Case of Discrimination?
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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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