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Analysis of economic methods applied in regulatory impact assessment
Malinská, Barbora ; Gutiérrez Chvalkovská, Jana (advisor) ; Serdarevič, Goran (referee)
This thesis analyzes the topic of economic methods applied in regulatory impact assessment (RIA). The sense of a RIA system, assumptions of its effective functioning and its place in the framework of the EU's and Czech Republic's legislative process are introduced. Economic methods often used within the regulatory impact assessment process are discussed. The thesis empirically examines the progress in RIA methods quality between 2008 and 2011 in the Czech Republic and determinants of RIA methods quality are identified. We come to conclusion that the quality of RIA methods in the Czech Republic grows with expected costs of the regulatory policy and in case of RIA carried by an external subject.
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Impacts of various critical situations on aviation industry and parallel with the COVID-19 pandemic
Fedorik, Milan ; Červinka, Michal (advisor) ; Malinská, Barbora (referee)
Civil aviation is expanding industry in the United States. The number of passengers had risen following the Airline Deregulation Act and kept rising until the 9/11 attacks hit the domestic aviation market. This unprecedented event resulted in a decline in the number of passengers. In January 2020 first rumors about disease caused by SARS-CoV-2 spread around the world. New health threats made traveling more dangerous and unessential. In this study, the author copes with aviation history and how critical situations such as terrorist attacks or pandemics a ect the civil aviation market. Additionally, this thesis presents methods of performing regression analysis on the primary U.S. domestic market and specific routes subsidized through the government program Essential Air Service. Keywords aviation, COVID-19 pandemics, Essential Air Service, 9/11 attacks, OLS
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State ownership and ownership concentration as determinants of dividend policy
Picálek, Jan ; Čornanič, Aleš (advisor) ; Malinská, Barbora (referee)
This bachelor thesis complements the existing research on implications of various ownership structures on dividend policy. It extends the literature focused on state ownership and its impact on dividend amount paid out to shareholders for testing such relationship in the environment of EU listed stock market and EU government agencies, scope so far lacking in the scientific literature. Moreover, it provides new way of testing agency theory of dividends by adopting Herfindahl's index as proxy of ownership concentration. Therefore, interaction between shareholders is accounted for as opposed to the commonly used proxy largest shareholder. As a result, this thesis helps to explain relations between various ownership structure characteristics and dividend policies. Primary econometric methods, panel data estimation methods, of this thesis found significantly positive relationship between state owned enterprises and the amount of profit distributed among shareholders. Compared to existing research on emerging economy of China, less evidence is found. Therefore, I argue that tunnelling tendencies in EU are substantially lower due to level of market development and minority investor protection in EU. The results also back up the agency theory, however, its influence is found to be lower than proposed by...
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Impact of Size and Other Factors on SMEs Performance: Evidence from the Czech Republic
Parlásková, Eva ; Čornanič, Aleš (advisor) ; Malinská, Barbora (referee)
This bachelor thesis is focused on an analysis of the impact of the SME size on its performance. Return on assets and cash flow from operations used as the performance measures. Some other additional factors are included in the models such as firm age and liquidity to provide a closer look at the determinants of the firm performance. Although there have been many studies examining the factors influencing the firm performance, these studies were analysing this problem in general. Thus, our research is focused on the private small and medium-sized enterprises in the Czech Republic in years 2010 - 2016. Empirical methods using the panel data were applied to test the hypotheses. The results show that there is a significant and a positive relationship between the firm size and its performance. This relationship does not change with the different measures of the firm performance nor the different measures of the firm size.
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Pricing of bonds and credit default swaps: Evidence from a panel of European companies
Smotlachová, Eva ; Baruník, Jozef (advisor) ; Malinská, Barbora (referee)
The aim of the thesis is to investigate determinants of corporate bond and CDS contract pricing using a sample of 34 European companies over the period 2008-2014. This work extends existing literature by studying differences in determinants of bond and CDS spreads not only for different time periods, but also for different sets of companies grouped by geography, industry, and profitability. The results reveal that bond and CDS spreads are generally influenced by similar factors, with a company's credit rating being the most influential factor. Nevertheless, the investigation of time-specific estimations suggests that firm-specific factors play a more significant role in pricing bonds, whereas market factors have a higher impact on CDS spreads. The analysis of the subsamples reveals substantial differences in regression results for individual groups of companies, which suggests a presence of idiosyncratic factors. Our conclusion is that the pricing of bonds and CDS contracts is not only time-dependent, but also unique for different groups of companies, which implies a necessity to use different pricing models for individual contracts.
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Forecasting Term Structure of Crude Oil Markets Using Neural Networks
Malinská, Barbora ; Baruník, Jozef (advisor) ; Polák, Petr (referee)
This thesis enhances rare literature focusing on modeling and forecasting of term structure of crude oil markets. Using dynamic Nelson-Siegel model, crude oil term structure is decomposed to three latent factors, which are further forecasted using both parametric and dynamic neural network approaches. In-sample fit using Nelson-Siegel model brings encouraging results and proves its applicability on crude oil futures prices. Forecasts obtained by focused time-delay neural network are in general more accurate than other benchmark models. Moreover, forecast error is decreasing with increasing time to maturity.
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Analysis of economic methods applied in regulatory impact assessment
Malinská, Barbora ; Gutiérrez Chvalkovská, Jana (advisor) ; Serdarevič, Goran (referee)
This thesis analyzes the topic of economic methods applied in regulatory impact assessment (RIA). The sense of a RIA system, assumptions of its effective functioning and its place in the framework of the EU's and Czech Republic's legislative process are introduced. Economic methods often used within the regulatory impact assessment process are discussed. The thesis empirically examines the progress in RIA methods quality between 2008 and 2011 in the Czech Republic and determinants of RIA methods quality are identified. We come to conclusion that the quality of RIA methods in the Czech Republic grows with expected costs of the regulatory policy and in case of RIA carried by an external subject.
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