|
|
Breaking-up activity of firm and the transaction cost
Kosturák, Matej ; Koubek, Ivo (advisor) ; Kocourek, David (referee)
In my work I focus on the essential components of the bankruptcy and insolvency problem. The basis for understanding of mentioned problem was study of capital structure and it's connection with world of insolvency. Secondly I focus on different aspects of qualitative analysis of bankruptcy, starting with definition of different terms, many times unprofessionally misused, followed by description of four main processes of bankruptcy. These processes connect fundamental causes of bankruptcy with financial and nonfinancial consequences. For an economic paper, it is quiet extensively concerned with insolvency law, concretely with new Czech norm, which is in force since 2008. From legal definition of default, through initiation of insolvency proceeding to the individual options of solution, the reader can clearly understand the core of this paper. As particular contribution I regard part of the paper, where I examine 160 cases of Czech companies and persons under liquidation process. Among the most significant conclusion I consider finding of quite significant differences in the court proceedings of Czech courts, the length of the insolvency proceedings and each of its phases and the ratio of satisfied claims of secured as well as unsecured creditors.
|
|
|
Impact of intellectual property rights implementation on the development of NAFTA trade
Miková, Ivana ; Kučerová, Irah (advisor) ; Parízek, Michal (referee)
UNIVERZITA KARLOVA FAKULTA SOCIÁLNÍCH VĚD INSTITUT POLITOLOGICKÝCH STUDIÍ Vplyv implementácie práv duševného vlastníctva na rozvoj vnútorného trhu NAFTA Bc. Ivana Miková MAGISTERSKÁ DIPLOMOVÁ PRÁCE Praha 2013 Abstract: The thesis discusses the impact of intellectual property rights on economic development of NAFTA. It is based on the theoretical assumptions of the new institutional economics and its notion of transaction costs and institutions and their impact on economic growth, in particular the impact of intellectual property rights, which are an important part of the NAFTA treaty and are contained in chapter 17. of the NAFTA Agreement. Their impact is connected with the new growth theory, which considers innovation and new technology as a major source of economic development. The empirical analysis has found that measures of IPRs contributed to transfer technologies and economic development. Mexico has become the main beneficiary. In the U.S., the situation in the field of innovation and economic development associated with IPRs has not changed significantly, compared with the period before the emergence of NAFTA.
|
|
|
Transaction Costs in Public Procurement
Reimarová, Hana ; Gutiérrez Chvalkovská, Jana (advisor) ; Mejstřík, Michal (referee)
Reimarová - Abstract The term public procurement refers to a contract between public entity and private companies. The public procurement contracts are regulated by the Public Procurement Act, which specifies the rules under which the public procurement should be performed and sets conditions of award procedures of public contracts. The quality of execution of the award procedure influences the efficiency and the transparency of the contract. The award procedure can be executed by internal employees of the contractor or outsourced. The main aim of this thesis is to analyze whether the contractors behave rationally when they outsource the award procedure; this thesis evaluates the differences between an in-house administration and an outsourced administration in prices, efficiency in terms of number of bidders in the contract and probability of formal errors in the award procedure. The results of the analysis shows that small contractors behave rationally; when they administrate the award procedure in-house they tend to make more formal errors thus they outsource the procedure. On the other hand, the large contractors do not behave rationally, because they outsource the administration of award procedure even if all three indicators show that they administrate the procedure in-house more successfully. The...
|
|
|
Ronald Coase by rád Bitcoin? Jak Blockchain snižuje náklady na transakci a mění koasijskou firmu
Kaid, Amira ; Stroukal, Dominik (advisor) ; Prokop, Jaromír (referee)
The rising popularity of blockchain technology otherwise known as the technology that underlies the Bitcoin protocol has been the subject of a lot of investigation and enthusiasm among financial organizations for its potentially revolutionary properties that will likely change how the economy works in the future. The blockchain is a decentralized open source ledger that records bitcoin transactions and is maintained by a distributed network of miners. Blockchain technology however has many applications beyond currency and can be applied in various areas including the firm organizational structure and law. This thesis examines how blockchain technology would lower the transaction costs involved in organizing the firm and how it would thus change the role of the firm. Coase (1937) in his article (The Nature of the Firm) explained that firms exist and continue to operate in a hierarchal manner because of the transaction costs that are involved in using the market mechanism. This paper also examines how the blockchain would lower the transaction costs of resolving disputes through carrying out market transactions that were mentioned by Coase (1960) in (The Problem of Social Cost). In order to achieve this aim Coases framework is used to theoretically model a future firm and legal system which are blockchain-based and that use bitcoin in their transactions. The results indicate that blockchain technology would reduce the transaction costs pointed out by Coase in such a way that it would cause the firm to become less hierarchal in nature and would allow it to adopt a more inclusive and distributed management system. Similarly in the case of law the transaction costs would fall making it easier for parties to resolve their disputes using the market mechanism instead of having to rely on a central authority.
|
|
|
Transaction costs of public procurement related to software solutions
Májková, Tereza ; Soudek, Jan (advisor) ; Polák, Petr (referee)
Even though public procurement processes are strictly controlled and they have to follow the legal framework, there are still many decisions the contracting authority has to make. It has to choose the method of preparation (whether to use the external help or not), the type of procurement procedure, the method of evaluation of the bids and the evaluation criteria. Those partial decisions have a big impact on the transaction costs of the procurement process. The transaction costs also depend on the complexity and the time and labor consumption of the procurement process. In this thesis we chose companies inquiring software solutions from the public sector and we compared their preferences, transaction costs and time-consumption of their procurement. We divided the respondents in three different groups to ministries, cities and indirectly controlled institutions (including universities and medical units). According to our analysis the most difficult and the most time-consuming procurement processes take place at ministries, the least time-consuming ones at cities. Also the analysis suggests that the institutions are waiving the external administration and they use the help of the external consultants and the legal advisory more. We find that the price most frequently used evaluation criterion in the...
|
|
|
Impact of intellectual property rights implementation on the development of NAFTA trade
Miková, Ivana ; Kučerová, Irah (advisor) ; Parízek, Michal (referee)
UNIVERZITA KARLOVA FAKULTA SOCIÁLNÍCH VĚD INSTITUT POLITOLOGICKÝCH STUDIÍ Vplyv implementácie práv duševného vlastníctva na rozvoj vnútorného trhu NAFTA Bc. Ivana Miková MAGISTERSKÁ DIPLOMOVÁ PRÁCE Praha 2013 Abstract: The thesis discusses the impact of intellectual property rights on economic development of NAFTA. It is based on the theoretical assumptions of the new institutional economics and its notion of transaction costs and institutions and their impact on economic growth, in particular the impact of intellectual property rights, which are an important part of the NAFTA treaty and are contained in chapter 17. of the NAFTA Agreement. Their impact is connected with the new growth theory, which considers innovation and new technology as a major source of economic development. The empirical analysis has found that measures of IPRs contributed to transfer technologies and economic development. Mexico has become the main beneficiary. In the U.S., the situation in the field of innovation and economic development associated with IPRs has not changed significantly, compared with the period before the emergence of NAFTA.
|
|
|
Breaking-up activity of firm and the transaction cost
Kosturák, Matej ; Koubek, Ivo (advisor) ; Kocourek, David (referee)
In my work I focus on the essential components of the bankruptcy and insolvency problem. The basis for understanding of mentioned problem was study of capital structure and it's connection with world of insolvency. Secondly I focus on different aspects of qualitative analysis of bankruptcy, starting with definition of different terms, many times unprofessionally misused, followed by description of four main processes of bankruptcy. These processes connect fundamental causes of bankruptcy with financial and nonfinancial consequences. For an economic paper, it is quiet extensively concerned with insolvency law, concretely with new Czech norm, which is in force since 2008. From legal definition of default, through initiation of insolvency proceeding to the individual options of solution, the reader can clearly understand the core of this paper. As particular contribution I regard part of the paper, where I examine 160 cases of Czech companies and persons under liquidation process. Among the most significant conclusion I consider finding of quite significant differences in the court proceedings of Czech courts, the length of the insolvency proceedings and each of its phases and the ratio of satisfied claims of secured as well as unsecured creditors.
|
|
|
Transaction costs in public procurement
Reimarová, Hana ; Gutiérrez Chvalkovská, Jana (advisor) ; Mejstřík, Michal (referee)
The term public procurement refers to a contract between public entity and private companies. The public procurement contracts are regulated by the Public Procurement Act, which specifies the rules under which the public procurement should be performed and sets conditions of award procedures of public contracts. The quality of execution of the award procedure influences the efficiency and the transparency of the contract. The award procedure can be executed by internal employees of the contractor or outsourced. The main aim of this thesis is to analyze whether the contractors behave rationally when they outsource the award procedure; this thesis evaluates the differences between an in-house administration and an outsourced administration in prices, efficiency in terms of number of bidders in the contract and probability of formal errors in the award procedure. The results of the analysis shows that small contractors behave rationally; when they administrate the award procedure in-house they tend to make more formal errors thus they outsource the procedure. On the other hand, the large contractors do not behave rationally, because they outsource the administration of award procedure even if all three indicators show that they administrate the procedure in-house more successfully. The behavior of...
|
|
|
Transaction Costs in Public Procurement
Reimarová, Hana ; Gutiérrez Chvalkovská, Jana (advisor) ; Mejstřík, Michal (referee)
Reimarová - Abstract The term public procurement refers to a contract between public entity and private companies. The public procurement contracts are regulated by the Public Procurement Act, which specifies the rules under which the public procurement should be performed and sets conditions of award procedures of public contracts. The quality of execution of the award procedure influences the efficiency and the transparency of the contract. The award procedure can be executed by internal employees of the contractor or outsourced. The main aim of this thesis is to analyze whether the contractors behave rationally when they outsource the award procedure; this thesis evaluates the differences between an in-house administration and an outsourced administration in prices, efficiency in terms of number of bidders in the contract and probability of formal errors in the award procedure. The results of the analysis shows that small contractors behave rationally; when they administrate the award procedure in-house they tend to make more formal errors thus they outsource the procedure. On the other hand, the large contractors do not behave rationally, because they outsource the administration of award procedure even if all three indicators show that they administrate the procedure in-house more successfully. The...
|
|
|
Almost optimal trading strategies for small transaction costs
Jusko, Martin ; Dostál, Petr (advisor) ; Štěpán, Josef (referee)
We consider agent trading futures on a market with small transaction costs. Her capital is deposited on a money market account, where compounding is possible. Arithmetic Brownian motion with random coefficients is considered as a model for futures strike price. The coefficients are assumed to be bounded Itô processes with bounded coefficients. Under these assumptions, an almost optimal interval strategy is derived, which almost maximizes expected utility in certain stopping times under hyperbolic absolute risk aversion utility function. Furthermore, under logarithmic utility function the derived strategy almost maximizes expected utility in wide class of (integrable) stopping times.
|
guest ::
