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Macroeconomic News and Their Impact on Sovereign Credit Risk Premia
Pištora, Vojtěch ; Hausenblas, Václav (advisor) ; Bobková, Božena (referee)
This thesis provides evidence of how macroeconomic surprises, constructed as deviations from market expectations, impact daily spread changes of Czech, Polish and Hungarian (CEEC-3) government bonds and sovereign credit default swaps. Firstly, we carried out series of event studies that inspect the spreads' reactions to the announcements. Subsequently, we employed the general-to-specific modeling approach and arrived at thirty GARCH-type models that consider surprises' impact on both conditional mean and variance. We have found significant impacts on the mean, yet in terms of magnitude, the impact of macroeconomic surprises has not been superior to that of broad financial factors. The impact on spreads' volatility appears more consequential though it lacks a clear pattern: Both good and bad news have been found to affect the volatility in either direction. Our findings suggest that with respect to macroeconomic news, daily changes of the bond spreads are driven rather by inflation expectations than by credit risk considerations. Foreign news proxied by the German surprises seems to affect the CEEC-3 bond spreads mainly through the risk-free proxy - the German Bund yield. Contrary to studies using low-frequency macroeconomic data, we have found no evidence for the "wake-up call" hypothesis.
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Corruption as Narrative
Fiala, Šimon ; Kotík, Michal (advisor) ; Volek, Martin (referee)
FIALA, Šimon. Political corruption as a narrative. Prague, 2012. Undergraduate thesis (BA). Charles University in Prague, Faculty of social sciences, Institute of social studies. Dept. of Sociology. p. 59. Supervised by Mgr. Michal Kotík. Abstract Political corruption became one of the most pressing problems of our time. We may say that corruption replaced repression as the main threat to the rule of law. This work attempts to articulate the role of corruption in relation to system legitimacy, assuming Czech Republic and the CEE countries as a model. This work approaches corruption as a narrative, which is being mobilized by the public as a critique of the way the system works. Conventionally, corruption is thought of as a pathology, which damages democracy, quality of governance and economic growth. It will be argued that it also makes sense to think about corruption the other way around - as an interpretive structure which allows introducing sense into the complex organization of society and particularly its negative outcomes. Corruption is a narrative, which allows the public to relate to problems stemming from the workings of the system. This work identifies several dimensions of the problem. It argues that corruption has a notable social dimension, which addresses inequality and injustice in general....
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The issue of energy dependency of Slovakia and its armaments cooperation with the Russian Federation in the years 1993 - 1998
Drozd, Michal ; Irmanová, Eva (advisor) ; Litera, Bohuslav (referee)
Bachelor thesis"The issue of energy dependency of Slovakia and its armaments cooperation with the Russian Federation in the years 1993 - 1998 in terms of safety" deals with specificites of mutual affairs in the area of energetics and military cooperation between two countries, which are far too uneqal in potencial of power. At the first and second part thesis deals with short characteristic of the situation, which occured in the region of CEE at the beggining of the 90. It also deals with the explanation of different interests and expectations, which resulted of this mutual cooperation. In the core the thesis tries to understand the wiew of Russia on the region of CEE, Slovakia particulary, at the time of lasting two russian foreign policy doktrins. Subsequent synthesis of knowledges has got to provide the answer on required hypothesis. The thesis is trieing to form the answer, if there could be possible participation of the Slovac Republic, due to the forming of common economical and security area in Europe, if the political aiming of the country would be the same as at the time of Vladimir Meciar government.
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Readiness of the CCE countries to join the eurozone
Hošek, Vladislav ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
The goal of this bachelor thesis is to analyze the problems of nominal and real convergence of CEE states to eurozone. In the first part I explain what convergence means, I follow with theory of beta-sigma convergence and OCA theory. In the practical part I compare several economic indicators to the mean average of eurozone. I use statistical data to conclude whether CEE states tend to converge to eurozone or not. After that I compare the newest eurozone member Lithuana to the CCE countries, which gives me the chance to state whether or not are the CEE states ready to be accepted to eurozone.
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Venture capital investments
Šinkovic, Michal ; Brada, Jaroslav (advisor) ; Kiska, Andrej (referee)
Diploma thesis analyses venture capital, which is part of alternative asset class investment. At the outset, paper very briefly discusses the private equity industry and differences between venture and buyout capital. Followed by a chapter that discusses entrepreneurship, entrepreneurial finance, financing alternatives for new ventures and the importance of venture capital and its impact on new businesses. Next chapter describes problems and risks that venture capital fund and entrepreneurs face after the contract is being signed. The paper also highlights some instruments that can be used against these risks and problems. The biggest part of thesis describes whole venture capital investment cycle from getting money, screening opportunities to valuation and exit of portfolio companies. Lastly the paper analyses venture capital in Central and Eastern Europe region (CEE) and briefly describes venture capital company based in Prague - Credo Ventures and its portfolio companies.
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Offshoring to CEE
Sobotková, Magda ; Pernica, Petr (advisor) ; Jirsák, Petr (referee)
The Master Thesis deals with offshoring and its logistic requirements. The first part of thesis characterizes terms as outsourcing, offshoring and offshore outsourcing. The main reasons for foreign production are seeking of resources (typically low cost labour) and expansion into new markets. Benefits and risks of offshoring are analyzed in the thesis, as well as criteria for selection of suitable host destination. Often overlooked impacts of globalization on integrated supply chain are also considered in this thesis. Central and Eastern Europe is one of important offshoring regions. CEE offers relatively cheap and qualified labour. However, its main benefit is its small geographical distance from Western Europe. The costs of servicing markets at Western Europe from CEE are much lower compared to servicing these markets from Asia.
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Stock markets comparison in Central and Eastern Europe
Michalovský, Michal ; Žilák, Pavel (advisor) ; Veselá, Jitka (referee)
This thesis compares stock exchanges in Central and Eastern Europe. It covers exchanges of Prague, Budapest, Warsaw, Bucharest, Ljubljana, Zagreb, Vienna, and Istanbul. At first, all the exchanges are briefly introduced including naming five most liquid stocks. Selected market specifics are then compared including supported order types, tick sizes, fees policy, trading hours, safety breaks, taxes, market capitalization, and weights in global stock indices. Lastly, a comparison of trading activity is provided and analysis of important feature of trading -- liquidity is performed calculating selected liquidity measure for each market.
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Porovnání výnosnosti generických větrných projektů ve střední a východní Evropě
Dvořák, Petr ; Neumaierová, Inka (advisor) ; Vrbský, Petr (referee)
The aim of this diploma thesis is to suggest the best locality in the CEE region for a prospective investment in wind farms for an undisclosed Czech company. This goal is to be achieved by comparison of generic projects that have the same technical specification, capital expenditures and operating expenses. These projects are investigated from different perspectives including wind conditions, financing terms, technology constraints and mainly the legal aspects of each respective country -- namely the regulatory environment for wind power-offtake either feed-in tariff or green certificate support schemes. The NPV of FCF and IRR (MIRR) are to be used for evaluation of these projects. Sensitivity analysis for key drivers will complement prior assumptions.
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Bankovní krize ve střední a východní Evropě: Nová kreditní perspektiva
Pospíšil, Martin ; Hnilica, Jiří (advisor) ; Špička, Jindřich (referee)
In the recession times of the last two years, it is of a good interest to test the behaviour of commercial banks. In this thesis, I link the Stiglitz-Greenwald theory of credit rationing with microeconomic Central and Eastern Europe banking group data over years 2007 and 2009. For the deeper understanding of the credit side of the banking system it is however necessary to analyse banks from a more detailed perspective. Therefore, a significant part of the thesis is focused on the financial analysis of commercial banks' balance sheets. This analysis then allows finding the reasons why and when did the banks change their behaviour, their approach to clients, businesses when supplying credits. I also analyse various steps that the banks took to deal with the financial crisis. While the crisis started as primarily financial, it was due to the information asymmetry/uncertainty (when banks could not screen and understand their clients properly) that this crisis turned into an economic one. The thesis is divided into two subparts. The first one describes the Greenwald-Stliglitz monetary paradigm and analyses it with respect to Czech microeconomic data. The second part extends this analysis and focuses on the balance sheet development and credit behaviour of five biggest banking groups in the CEE. The result of this thesis can help to understand banks' approach to their clients, the monetary transmission mechanism, and the behaviour of the banking system in general.
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