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Financial Assurance of Investment Project in Public Sector
Martiniová, Blanka ; Liláková, Jitka (referee) ; Hromádka, Vít (advisor)
The aim of this bachelor's thesis is to grasp a financial assurance of projects in the public sector. In its theoretical part the possibilities of financial assurance in the case of building contract in the public sector are described. This part also defines key terms used in this subject. The second part of the bachelor's thesis, the practical one, shows the financial assurance of the particular public investment project, which already has been realized; the practical case serves as an instance of application of theoretical opportunities described above in the practical realization.
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Financial Assurance of Project Realized by Municipalities
Dadák, Michal ; Srba, Martin (referee) ; Hromádka, Vít (advisor)
The master thesis describes financial assurance of a project, which is realized by the municipalities. The theoretical part is focused on describing basic concepts of public projects, municipalities and municipal budgets. Subsequently, the work deals with sources that can provide financial assurance. Thesis is also focused on categorization of roads and the economic evaluation of roads and highways. The practical part is devoted to the basic design of the project to local roads in the municipality Plumlov - Žárovice and then financial assurance of this construction investment project. It selects several financing options for the project and the subsequent assessment of individual options. The outcome of this work is the selection of the best possible way of financing for the proposed project.
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Source Analysis of Financing of Selected Invesment in the Municipaliti
Kučera, Patrik ; Vaňková, Lucie (referee) ; Puchýř, Bohumil (advisor)
This bachelor´s thesis called Source analysis of financing of selected investment in the municipality is focused on possibilities which can be used for financing the selected investment. This work is divided into two parts, theoretical and practical. The theoretical part defines and divides investments and then describes the financial resources that can be used for financing public investment. The practical part discusses the possibilities of financing specific investment in the municipality. The selected investment is a new building of kindergarten in the township of Drásov. The goal of this thesis is to find and elaborate all available financial resources and then to choose the optimal variant of financing.
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Financial Assurance of Construction Project
Holcmanová, Zdena ; Bártů, Dominik (referee) ; Hromádka, Vít (advisor)
This thesis discusses project funding in the public sector. Basic concepts concerning a project and a public project are briefly defined in the theoretical part of this text. Subsequent parts then focus on the options of funding a public project as well as project evaluation using the CBA method. The case study focuses on evaluating and choosing the mean of funding for specific implemented project and its socioeconomic evaluation.
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Cross-Border Contagion: An Empirical Analysis of the Current Financial Crisis in Central and Eastern Europe
Žáková, Kristýna ; Geršl, Adam (advisor) ; Mertlík, Pavel (referee)
The objective of this thesis is to examine cross-border contagion effects during the 2007-09 crisis in Central and Eastern Europe (CEE) and from all the possible propagation channels, it chooses to focus on cross-border bank loans. It tries to discover which global and local factors had significant influence on the changes in bank loans from banks in source (lending) countries to banks, as well as households, corporations and government in host (borrowing) countries. The main research method is a panel data regression model. The empirical results suggest that both local and global factors had influence on the changes in cross-border loans, i.e. helped to spread the 2007-09 crisis to CEE. The significant local factors were macroeconomic and financial characteristics of both source and host countries, such as their GDP growth differential, interest rate differential, FDI, or profitability and health of the banking sector. The significant global factors were the expected market volatility and investors' risk appetite/aversion which was an indicator of "pure" contagion. The main contribution of this thesis lies in its focus on CEE and the analysis of investors' behavior based on their changing risk appetite.
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Firm life cycle and cost of debt
Amin, A. ; Bowler, B. ; Hasan, M. M. ; Lobo, G. L. ; Trešl, Jiří
This paper examines the relation between the corporate life cycle and lending spreads. Using a sample of 20,307 firm-loan observations spanning 5,076 publicly traded U.S. firms, we find that lending spreads follow a U-shape pattern across the life cycle phases. This pattern is in addition to the variation explained by typical controls. In a multivariate analysis, we find that firms in the introduction and decline phases pay lending spreads that are greater than firms in the mature phase (differences of 6 percent and 12 percent, respectively). We explore omitted variables bias and instrumental variable estimation in robustness testing and find that the shape pattern persists. Our findings are consistent with theoretical predictions regarding the relationship between the corporate life cycle and various lending risks.
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Financial Assurance of Construction Project
Holcmanová, Zdena ; Bártů, Dominik (referee) ; Hromádka, Vít (advisor)
This thesis discusses project funding in the public sector. Basic concepts concerning a project and a public project are briefly defined in the theoretical part of this text. Subsequent parts then focus on the options of funding a public project as well as project evaluation using the CBA method. The case study focuses on evaluating and choosing the mean of funding for specific implemented project and its socioeconomic evaluation.
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Linkages between financial sector and real output - empirical evidence from the Czech Republic
Tomis, Martin ; Geršl, Adam (advisor) ; Jakubík, Petr (referee)
This thesis studies various ways in which the financial sector may affect the real economy. Particular attention is devoted to the bank lending channel of monetary transmission which amplifies monetary policy through changes in the supply of bank loans. We analyze the theoretical foundations of this channel, review international empirical literature and identify characteristic features of Czech financial system. Due to the important role of bank loans in the Czech Republic and the limited availability of alternative sources of finance, we hypothesize that the channel should be operative in the Czech Republic. Using a VEC model we analyze aggregate data for 2001-2011. Impulse response functions are then used to identify responses of the lending rate and the amount of loans to a monetary shock. Based on these responses we conclude the bank lending channel was operative.
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Cross-Border Contagion: An Empirical Analysis of the Current Financial Crisis in Central and Eastern Europe
Žáková, Kristýna ; Geršl, Adam (advisor) ; Mertlík, Pavel (referee)
The objective of this thesis is to examine cross-border contagion effects during the 2007-09 crisis in Central and Eastern Europe (CEE) and from all the possible propagation channels, it chooses to focus on cross-border bank loans. It tries to discover which global and local factors had significant influence on the changes in bank loans from banks in source (lending) countries to banks, as well as households, corporations and government in host (borrowing) countries. The main research method is a panel data regression model. The empirical results suggest that both local and global factors had influence on the changes in cross-border loans, i.e. helped to spread the 2007-09 crisis to CEE. The significant local factors were macroeconomic and financial characteristics of both source and host countries, such as their GDP growth differential, interest rate differential, FDI, or profitability and health of the banking sector. The significant global factors were the expected market volatility and investors' risk appetite/aversion which was an indicator of "pure" contagion. The main contribution of this thesis lies in its focus on CEE and the analysis of investors' behavior based on their changing risk appetite.
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Financial Assurance of Project Realized by Municipalities
Dadák, Michal ; Srba, Martin (referee) ; Hromádka, Vít (advisor)
The master thesis describes financial assurance of a project, which is realized by the municipalities. The theoretical part is focused on describing basic concepts of public projects, municipalities and municipal budgets. Subsequently, the work deals with sources that can provide financial assurance. Thesis is also focused on categorization of roads and the economic evaluation of roads and highways. The practical part is devoted to the basic design of the project to local roads in the municipality Plumlov - Žárovice and then financial assurance of this construction investment project. It selects several financing options for the project and the subsequent assessment of individual options. The outcome of this work is the selection of the best possible way of financing for the proposed project.
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