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Influence of social politics on fertility rate in specific regions of Czech republic
Dvořák, Josef ; Melzochová, Jitka (advisor) ; Babin, Jan (referee)
Thesis is focused on relationship between fertility rate and tools of state support. The goal is to reveal relationship between these two factors. Partial goal is to discover specific effects of tools of state support in specific regions of Czech republic. I have aimed on research at national level and also specific regions between years 1993-2014. In order to find these relationships I used method that compares differences in development of the fertility rate. After that, I set up regression model solved by method called fixed effects. For specific regions analysis was used OLS method. Model was able to explain more than 80 % of variability. This results can be used for predicting of citizens behavior, when some changes in family allowances occurs. Main finding is, that most motivating tools are parenting allowances and child benefits.
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The effect of investment in tertiary education on gross wages in the region Prague
Diessner, Daniel ; Chytil, Zdeněk (advisor) ; Babin, Jan (referee)
The aim of this work is to determine whether and how higher education affects gross wages. The theoretical part focuses on the theory of human capital, especially investment in education. The theory posits that a higher investment in human capital leads to higher yield, higher wages. The validity of this concept will be tested on the group of respondents who entered the labour market at the turn of millennium. Concentration of candidates with tertiary education in this period has risen considerably, which could cause an imbalance in the labour market. The practical part is based on the work of Mincer (1974). I used Mincer Earnings Function as a basis to build regression model. Partial aim is to prove the declining rate of return on investment in tertiary education using Mincer Equation.
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The Controlling Study
Herda, Tomáš ; Mikovcová, Hana (advisor) ; Herda, Zdeněk (referee)
The main goal of this Diploma´s Thesis is to make a model for calculation of water and sewer rates for the company Vodovody a kanalizace Náchod, a.s. when sticking to the set criteria both from the side of VaK Náchod, a.s. and law regulations. Based on the theoretical part an analysis of customer sensitivity to the price changes using the data for last 20 years follows. Findings from the first two parts are used in risk analysis in next part. The created model calculates the water and sewer rates based on the information from the company accounting system in the way to generate sufficient financial resources to fulfill the renovation plan of infrastructural property plant and equipment and to transfer given amount to the company funds. In addition, the model monitors whether the legal condition of maximal allowable increase of profit per m3 is met. In the customer sensitivity to the price changes part the price elasticity of demand for water and sewer rates is calculated based on the data from 1995 to 2015. The assumption of inelastic demand is confirmed. Risk analysis part is deals with potential risk regarding the demand and prices. Potential impacts for the most significant risk are quantified. The analysis uses knowledge gained in the first two parts. It was confirmed that potential risks are exiting but do not have any significant impact on the going concern of VaK Náchod, a.s. The created model has been already used for the calculation of prices for the year 2017. Customer sensitivity analysis to the price changes and link to the potential risks is an additional information for VaK Náchod, a.s. which validates that nowadays, there are no significant threats which could affect the demand and water and sewer rates significantly.
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Usage of the IONIC framework for development cross-platform mobile application
Gruda, Pavel ; Buchalcevová, Alena (advisor) ; Zapadlo, Jaroslav (referee)
The aim of the thesis is to analyse framework IONIC and determine the suitability of this framework for cross-platform mobile development. The intent of the theoretical part is to analyse the current market, introduction to the mobile development and a description of the framework IONIC and related technologies. The practical part deals with the analysis and design mobile application PowerFLOW, describing the implemented mobile application and sample code. The last part is about framework IONIC evaluation based on set criteria. The evaluation rating was determined on the experience gained during the implementation of mobile application PowerFLOW. There are also listed personal experience of the implementation. Based on this thesis the IONIC can be recommended as the framework for cross-platform mobile development.
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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Differences between men and women in the Czech labour market
Stroukal, Dominik ; Kadeřábková, Božena (advisor) ; Pavelka, Tomáš (referee) ; Němec, Otakar (referee)
This thesis consists of five articles that apply current world research on labor economics at the Czech Republic and confirms the significant differences between men and women in this market. It shows that gender has a significant influence on the preference on the labor market and, consequently, on employment and health. First, the thesis shows that preferences are relevant determinant of career and then we study the difference in preference of salary for men and women. Subsequently it shows that gender plays a significant role in explaining the relationship between homeownership, and unemployment, as well as unemployment and health. The first chapter was able to demonstrate that the preference for a career has a positive influence on the choice of career. The influence of higher education on prioritizing career proved to be positive and significant. Probability of a career choice is reduced by the presence of children, however, is not dependent on their number, which is contrary to the theory of preferences. The second chapter shows that Czech women prefer more non-monetary rewards than men. It has also been shown that people with university education are same in the preferences of non-monetary rewards regardless of the gender of the respondents, however, compared to the world's research, the Czech higher education increases this preference. It turned out that women prefer risk less than men. The third chapter demonstrates that although the housing market undermines labor mobility and employment in the Czech Republic at the regional level, therefore, that in regions with a higher rate of home ownership is higher unemployment, at the individual level, the owners of housing are unemployed are less likely. The estimates are significantly different for men and women. Men living in owner-occupied housing have a higher likelihood of employment than women. At regional level, however, this thesis shows that the high rate of home ownership increases unemployment for both men and women, in the long run only to women. The fourth chapter showed that men transition to homeownership reduces the likelihood of unemployment next year. For women, this relationship has proved to be insignificant. In addition, as insignificant showed the opposite relationship, the transition from unemployment to the newly acquired home ownership. The last chapter shows that the change in the working status to unemployment will increase in the future probability of worse health. Influence in less than two years, however, proved to be significant. An important conclusion is that men have a significantly stronger relationship between health and unemployment than women.
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Application of Monte Carlo simulations in banking
Boruta, Matěj ; Teplý, Petr (advisor) ; Fučík, Vojtěch (referee)
Currently, banking is exposed to huge market risks. One of those risks is occurrence of negative interest rates in the EU. Nowadays, it is important to use sophisticated and modern measurement tools and approaches to measure and manage banking risks. One of those methods is Monte Carlo simulation. This bachelor thesis is aimed at analysis and prediction of 3-month maturity Prague Interest Offer Rate (PRIBOR) for 3, 6 and 12 months with using Monte Carlo simulations. It was found that this method is suitable for prediction market variables with low volatility. If anybody uses this method, it is necessity to have in mind all pitfalls and assumptions, that this method includes, as an adequate random generated number of scenarios, approximation of correct probability distribution, independence of dataset and not least, as far as possible, to focus on factors generating randomness of market variable and not the prices, that express rather consequences of randomness than its cause. Further, the Monte Carlo prediction was compared with prognosis of the Czech Nation Bank and it was found that Monte Carlo prediction is more accurate for short term predictions. 12-month prediction of Monte Carlo simulation discovered also possible occurrence of negative interest rate at 0,05% level of probability in compare to the Czech National Bank prognosis, where was no negative interest rate predicted.
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Permeation of VOC vapours through carbon nanotube network membranes controlled electrically
Slobodian, P. ; Říha, Pavel ; Olejník, R.
In this letter, we report the increase of permeation rates of some typical volatile organic compounds through entangled carbon nanotube networks by an electric current. The change in the permeation rate is reversible when the\ncurrent is turned off. The permeation rise is partly probably due to Joule effect and thus increased membrane temperature and vapor pressure in the vicinity of the inlet side of membrane. However, the effects of vapor polarity and electrostatic interaction of vapors and charged nanotubes seem to be also involved and contribute to the differentiation between alcohol and carbohydrate vapors permeation.
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Technical Analysis in Foreign Exchange
Hurdálek, Michal ; Procházka, Petr (advisor)
The bachelor thesis deals with trading in the forex market. The theoretical part describes the Forex market, its history, when it traded, what is traded, which entities are involved in the market and selected basic concepts, that you must know in this market. There are also basic procedures and rules as the speculative individual should behave on the market in different situations and how to distribute the funds, to avoid a large percentage losses of the capital, as the foundation of financial literacy should think about knowledge. At the conclusion of the practical part, there is the technical analysis, that justifies and predicts the future development of exchange rates. Technical analysis is followed by a practical part, which describes the transactions, that were carried out under real conditions on the currency pair EUR / USD. These transactions were carried out using two technical indicators, Moving averages and Bollinger bands. At the conclusion of the work, there is the evaluation of these two indicators, which one was more profitable for us.
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