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Finance and Growth Nexus: CEE & Central Asia and Beyond
Enkhbold, Buuruljin ; Horváth, Roman (advisor) ; Chytilová, Julie (referee) ; Korosteleva, Julia (referee)
Buuruljin Enkhbold Finance and Growth Nexus: CEE & Central Asia and Beyond Abstract (English) This thesis investigates the effect of financial development on economic growth using both global sample and regional samples focusing on Central and Eastern Europe (CEE) and Central Asia during the time period 1960-2013. The results of fixed effect panel and system GMM estimators suggest that the effect of private credit on growth had been neutral until 2007 and the effect turns negative if the time period is up to 2013. The negative effect of private credit on growth has been the largest for CEE and Central Asia, particularly for non-EU countries in the region. Stock market capitalisation and lending deposit spread have consistent effects regardless of the choice of time frame which implies that economies benefit from larger stock markets and lower lending deposit spread. Keywords: financial development, credit, stock market, spread, growth, CEE and Central Asia, generalized method of moments (GMM)
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Copyright infringement on the internet
Bejdák, Marián ; Žikovská, Petra (advisor) ; Wünschová Pujmanová, Alexandra (referee)
Main aim of the presented rigorous thesis is to describe legislation related to the Internet in Czech and Slovak Republics, european legislation and protection of distribution of work through the Internet. This thesis specifies process of creation of Internet network in context of the Internet history and its tools /webpages, forums, e- mail, torrents/, defines concept of copyright contravention and its regulation within international legislation, particular forms and methods of infringement on the Internet, propagation of multimedia works, responsibility relations liability for damages.
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The Predictive Power of The Yield Curve: Some Empirical Evidence
Jamriška, Jozef ; Hlaváček, Michal (advisor) ; Derviz, Alexis (referee)
Economists often use complex mathematical models to forecast the future path of the economy and the likelihood of recession. But more simple indicators such as interest rates, stock price indices, and monetary aggregates also contain some relevant information about future economic activity. In this thesis we revisit the usefulness of one such indicator, the yield curve or, more specifically, the spread between the interest rates on the ten-year Treasury note and the three-month Treasury bill. By using four different models we examine whether the yield spread has still some predicitve power for future real GDP growth in selected european countries. What is more, we are comparing the predictive power of the yield spread with different variables, both in- sample and out-of-sample. We decompose the yield spread into expectations effect and term premium effect in order to investigate which factor contributes more to predicting real GDP growth. Using modified definition of recession we conclude that that yield spread still contains some useful information for predicting future economic activity, although its predictive power deteriorates.
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Significance of emergencies modelling using specialized programmes
Ruhásová, Aranka ; Hradil, Jaroslav (referee) ; Fazekas, Monika (advisor)
The Master's Thesis deals with the usage of various software tools in emergency management and in environmental protection. Nowadays, on every step we make, we can face emergency situations which can cause great harm to the environment as well as to human life and property. The theoretical part provides an overview of software tools. Different software tools, their basic parameters, development and usage are described. There are also explained terms like geographic information system, etc. The practical part is focused on the instruments used in selected countries, including Czech Republic, Slovak Republic, Hungary, USA, Canada and the United Kingdom. In the conclusion is the comparison of the effectiveness of software tools in emergency management and in environmental protection.
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Factors associated with invasiveness in the genus Impatiens: interaction of species traits, competition and environment
Čuda, Jan ; Pyšek, Petr (advisor) ; Kollmann, Johannes (referee) ; Prach, Karel (referee)
The aim of this thesis was to identify factors that contribute to invasiveness of species in the genus Impatiens. This genus is horticulturally attractive and includes several species that are known to have naturalized outside their native ranges, while others did not escape, in spite of being frequently cultivated. When looking for traits associated with invasiveness, it is useful to focus on congeneric species. Their traits and dispersal modes are less influenced by phylogeny, than when comparing unrelated species or even complete floras. This helps to account for traits that favour invasive species over native ones and thus identify potential invaders more precisely. A superior invader performance is attributed to a competitive advantage over native species that can lead in extreme case to competitive exclusion of the latter. Invasive and native species com- pete only if their niches overlap and the strength of competition depends on niche similarity. Importantly, invasive species are considered to be able to maintain their high competitiveness over a wide range of environmental conditions, while native ones often have narrower environ- mental optima. Lastly, competitive outcome can vary over life stages and depends on the degree of species dominance, which is rarely taken into account. Spread and...
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Financial benchmarking
Havelková, Tereza ; Neumaierová, Inka (advisor) ; Malá, Alena (referee)
This bachelor thesis is focused on financial benchmarking of KBJ VELKOOBCHODY s.r.o. The aim of this study is to evaluate the financial situation of the company and to compare the results within the same field and with the best companies in this branch as well as direct competitors. The purpose is to gain an overview of the financial health of the company and also the relevation of strengths and weaknesses through Benchmarking diagnostic system of financial indicators INFA. The theoretical part is focused on financial analysis, used for financial benchmarking, description of the methods and practices of financial benchmarking. The previously described practical part shows how these methods are applied to a particular company. The final section of this study is about evaluation of achieved results and it recommends strategic business decisions.
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Financial benchmarking
Formánek, Daniel ; Neumaierová, Inka (advisor) ; Plincnerová, Karin (referee)
This bachelor thesis is focused on the financial benchmarking of the company MORIS Design s.r.o. The target is to examine financial situation of the company and to compare the company to the other enterprises in the sector in which it operates. To achieve this, author uses the financial analysis INFA. The first part of this paper is focused on the financial analysis as such in theory. The second part closely examines economic situation of the company MORIS Design s.r.o. and performs its financial benchmarking. Finally, in the third section, there is a conclusion of the financial situation of the company, its strengths and weaknesses and also suggestions that would help it to solve the problems found in the analysis.
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Ranking of selected tyre services
Zámorská, Kristýna ; Neumaierová, Inka (advisor) ; Hájek, Jiří (referee)
The purpose of this master thesis is to compare the company ContiTrade Services s.r.o. with its competitors between the years 2011 and 2014 by creating a ranking of selected tyre services. This thesis is divided into a practical section and a theoretical section. In the theoretical section are shown basic terms related to the intercompany comparison, the principles of the strategic tool Balanced Scorecard, the chosen indicators for the ranking and the methods of creating a rank within the intercompany comparison. In the practical section a spread (ROE - re), ROE, ROA, ROS, a turnover, a net profit, the amount of subsidiaries, the amount of services, an increase of tangible assets and labour costs are the basis for creating a ranking. These indicators are divided into four section according to the strategic tool Balanced Scorecard. There has been also created a complex ranking between the years 2011 and 2014 based on the above listed indicators.
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Valuation of financial instruments (e.g. in the context of market liquidity)
Veselá, Jana ; Pečená, Magda (advisor) ; Hanus, Luboš (referee)
Tato práce se zabývá likviditou jako důležitým parametrem, který ovlivňuje cenu finančních nástrojů. Na začátku je představena teorie likvidity a tři různé přístupy, jak ji lze hlediska této práce pak nejdůležitějším přístupem bude, že s projevuje jako určitá srážka z Dále se práce zaměřuje na hodnotu likvidity, a jelikož každé aktivum je ve své podstatě likvidní, neboť všechno lze někdy prodat, budou se různá aktiva vyznačovat různým stupněm likvidity. Ta se pak projeví jako výše transakčních nákladů, kde u méně likvidních aktiv budou tyto náklady vyšší než u těch více likvidních. Transakční náklady jsou pak tvořeny ou a poptávkou, tržním dopadem a náklady obětované příležitosti. Diskont za nelikvidnost reflektuje výši těchto nákladů a lze ho určit jako rozdíl mezi cenou likvidní a nelikvidní akcie. Lze jej vypozorovat dvěma způsoby. První působem je studování transakcí s dočasným pozastavením obchodovatelnosti a neregistrovanými akciemi společnosti, která je plánuje v zveřejnit, nebo upsat nové akcie. Práce se zabývá, čím jsou hodnoty diskontu ovlivněny, a je v ní prověřeno několik modelů na vlastním datovém vzorku, který sestává z transakcí s omezenými právy. Nakonec je vytvořen vlastní odhad, který došel k výsledku, že diskont je ovlivněn velikostí společnosti a její finanční stabili likvidností aktiv...
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Finance and Growth Nexus: CEE & Central Asia and Beyond
Enkhbold, Buuruljin ; Horváth, Roman (advisor) ; Chytilová, Julie (referee) ; Korosteleva, Julia (referee)
Buuruljin Enkhbold Finance and Growth Nexus: CEE & Central Asia and Beyond Abstract (English) This thesis investigates the effect of financial development on economic growth using both global sample and regional samples focusing on Central and Eastern Europe (CEE) and Central Asia during the time period 1960-2013. The results of fixed effect panel and system GMM estimators suggest that the effect of private credit on growth had been neutral until 2007 and the effect turns negative if the time period is up to 2013. The negative effect of private credit on growth has been the largest for CEE and Central Asia, particularly for non-EU countries in the region. Stock market capitalisation and lending deposit spread have consistent effects regardless of the choice of time frame which implies that economies benefit from larger stock markets and lower lending deposit spread. Keywords: financial development, credit, stock market, spread, growth, CEE and Central Asia, generalized method of moments (GMM)
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