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The performance of the Czech Private Pension scheme: Current Design and its position within CEE countries
Hlaváč, Jan ; Schneider, Ondřej (advisor) ; Benáček, Vladimír (referee)
This thesis focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the thesis. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. To complement the analysis we also employ the Sharpe style analysis to evaluate the impact of managerial decisions of market selection/timing on the scheme returns. The findings suggest that except for Poland none of the schemes managed to beat its long-term domestic benchmark (10-year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of Czech Republic. The results of style analysis suggest a modest positive influence of the active managerial decisions on the scheme returns with respect to the passive investment strategies.
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Securing a worthwhile retirement despite the state's social system
Drozd, Zdeněk ; Hollmannová, Monika (advisor) ; Schneider, Ondřej (referee)
The goal of this thesis is to analyze the opportunities available to each individual who decides to assure sufficient sources for financing his old age expenditures by himself. The development of thi pension systems across the world and in the Czech Republic with respect to the current problems caused by worsening of the demographic situation is described in the first part. The main part of the thesis focues on the individual instruments of financial and capital markets that are able to increase the value of funds saved in the course of life of an individual and help with the preparation of sources for retirement. The above alternatives are, thereafter, applied on the case of an average individual who is at the beginning of his career and who will probably be most affected by the potential crisis of the pension system.
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Theories on Executive Compensation and Czech Practice
Gešev, Jordan ; Schneider, Ondřej (advisor) ; Koubek, Ivo (referee)
The thesis describes and analyzes incentives and motivation, an institutional background, individual characteristics and quality of corporate governance and their impact on a level and a structure of executive compensation. The principal-agent model, the managerial power approach and the stewardship model are analyzed and the comparative study is included. Moreover, multitasking and earnings management are discussed. The practical part reminds the transition period and results in the description of some remains. The Czech compensation system is analyzed; the structure of pay is decomposed and commented. Moreover, the legal consequences and institutional characteristics related to executive remuneration are challenged and the approach of tax optimization supremacy criticized.
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The budgetary institutions and the analysis of the budgetary situtation in the selected countries
Tomková, Stanislava ; Schneider, Ondřej (advisor) ; Gregor, Martin (referee)
This paper discusses the possible impact of budget institutions design on the fiscal performance in the Czech Republic and Slovakia. The second chapter treats the theory of budgeting, outlines the main sources of excessive budgeting and the most common way of budget process in European countries. The third part of the work briefly concludes the main problems of the budgetary rules on the European level. The emphasis of the paper is on the Czech Republic and Slovakia and their fiscal situation and related institutions. The paper modifies the work of Holger Gleich who followed the hypothesis that there exists the relation between fiscal performance and national budget institutions and accomplished the econometric survey on this topic for the period 1994 - 1998. The purpose of our paper was to extend the work of Gleich and point our look to two selected economies in the time period of 2000 - 2003. Chapter four of the paper deals with the public finance situation and relevant budget institutions in these countries in this period. At the end we complete our research of the quality of budgetary institutions from the fiscal discipline and centralization point of view. Part five concludes. Powered by TCPDF (www.tcpdf.org)
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Public debt and household debt
Kvasnička, Jan ; Gregor, Martin (advisor) ; Schneider, Ondřej (referee)
In this thesis, we analyse both the theoretical and the empirical determinants of household debt and public debt, or, more generally, the determinants of saving of these entities. A short survey of the relevant theoretical and empirical literature is presented in the opening chapters. In the second part of the thesis, the tax smoothing model is extended by abandoning the assumption of a benevolent social planner. The main result of the model is a demonstration of the fact, that voters can vote over public budget decits in order to shift relatively high taxation of income into periods in which their income is relatively low. Through this channel, changes in income inequality can be indirectly reflected in public saving.
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Tax competition in the European Union : No need for worries?
Vitásek, Jan ; Schneider, Ondřej (advisor) ; Urban, Luděk (referee)
High capital mobility creates headache in some of the European countries who afraid of potential race to the bottom in corporate taxes. They warn the tax competition can have a negative impact on tax revenues and redistributive motives of European governments. These concerns became more pronounced in the wake of the EU enlargement in 2004, when 10 mostly low tax countries entered the EU. Tax competition theories generally conclude there is a pressure forcing corporate tax rates downwards. Nevertheless, under certain conditions the race to the bottom does not have to materialize. Downward trend in corporate taxation is not confirmed by European reality either. Despite lower corporate taxes in new member countries enlargement has not so far led to erosion of tax bases. It is unclear, however, how corporate taxation in the EU will evolve in the following years, especially in face of new European Commission's plan to introduce Common Consolidated Corporate Tax Base (CCCTB) and ongoing process of economic catching-up by new member states. Powered by TCPDF (www.tcpdf.org)
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The effects pf VAT harmonisation on tax revenue in the European Union
Kabátek, Jan ; Schneider, Ondřej (advisor) ; Jareš, Michal (referee)
This thesis focuses on the revenue effects of the value added tax (VAT) harmonisation in the European context. We elaborate on the topic by means of a 30-year panel regression analysis of 15 European countries, which derives the impact of national VAT rate convergence towards the regional average. The regression results confirm that the harmonisation can raise efficiency of national VAT instruments, as the revenue increases with narrowing of the VAT rate differences. The results of the regression analysis are further used to estimate potential revenue gain from the VAT harmonisation in the year 2009. The computed revenue gain represents approximately 5% of the European VAT revenue. Apart from the revenue gain identification, we also analyse the current defficiencies of European VAT scheme, i.e., Cross-border shopping and Carousel frauds, and discuss potential solutions for both phenomena. In both cases, the VAT rate harmonisation is confirmed helpful, having potential to eradicate these inherent efficiency threats, or at least to facilitate the reforms necessary for their abolition.
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