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Daylight Saving Time and Stock Market Returns: Evidence from the Visegrad Group
Kúdeľa, Peter ; Havránková, Zuzana (advisor) ; Novák, Jiří (referee)
Do investors make bad decisions following the clock change? If so, there would be traces of such anomaly in market data. In this thesis, we investigate these traces focusing on the stock markets of the Visegrad Group, known to be pre- vailingly illiquid. We combine the most recent financial data with the ARIMA- GARCH framework while employing brand-new Bayesian techniques. Using several robustness checks, we show that such e ect cannot be traced in these markets. While we do not claim to challenge the seminal works in this field, we do support the evidence that the e ects of daylight saving policy do not pertain to less liquid markets. JEL Classification C11, G12, G14, G41 Keywords daylight saving time, market anomaly, Visegrad Group, Bayesian analysis Title Daylight Saving Time and Stock Market Re- turns: Evidence from the Visegrad Group
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Daňový režim neziskových organizácií v krajinách Vyšehradskej skupiny
Maják, Matej
Maják, M. Tax regime of non-profit organizations in the Visegrad Group countries. Diploma thesis. Brno: Mendel University, 2019. The thesis deals with the tax regime and financing of non-profit organizations in the Vysegrad Group. The introduction of the thesis characterizes the legal aspects of non-profit organizations in the Czech Republic. The taxation is formulated for purpose changes, recommendation and reduction of administrative costs for non-profit organizations in the Czech Republic. The aim of diploma in the financing is to quantify the financial impact on the state, the taxpayer and the non-profit or-ganization. The financial impact of the implementation of tax assignments has be-en quantified using three model situations. Recommendations and suggestions for better functioning of non-profit organizations are formulated in the conclusion.
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Visegrad Group: Transition of banking sector from "single bank" system to the current global commercial banking system
Masarikova, Miroslava ; Teplý, Petr (advisor) ; Svoboda, Karel (referee) ; Ji, Yuemei (referee)
The aim of this dissertation is to provide a detailed quantitative and qualitative assessment of the banking system currently in place in the Visegrad countries, as well as its transition from the Soviet system to a capitalist market-oriented system. The empirical part of this study focuses on estimating the stability of the banking system, the impact of regulations and supervision on the stability of this system the performance and effectiveness (productivity) of the system, and the impact of banking sector performance on economic growth. Two different methods are used for the data analysis: panel data regression with random effect model and traditional ratio analysis based on DuPont formula and other financial ratios, which were constructed using historical data taken from Bank Scope, together with random-effects GLS regression. The results suggest that, as measured by z-score, Slovakia had the most stable banking sector in most years, followed by Poland, Hungary, and the Czech Republic. Additionally, according to the regression analysis, the imposition of strict requirements for banks applying for licenses in Visegrad countries has led to greater banking system stability, while prohibiting additional banking activities-such as real estate, insurance, securities, or other non-financial...
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