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Corporate Governance Index for the Prague Stock Exchange and Zagreb Stock Exchange Listed Companies
Ibrahimpašić, Tihana ; Gutiérrez Chvalkovská, Jana (advisor) ; Vukelić, Tatjana (referee)
I | P a g e Abstract This thesis primarily focuses on the construction of a firm-specific index measuring the quality of corporate governance in the most liquid Czech and Croatian companies. The index is made by following OECD recommendations on construction of composite indicators. It allows comparison of best practices implementation on the overall level, and it also provides with a comprehensive analogy in terms of various governance domains performance. These domains are represented by four sub-indices: Board, Conflict of Interest, Shareholders' Rights, and Transparency and Disclosure. Initial assumption, stating that the Czech companies should have higher overall Corporate Governance Index score than the Croatian companies, is approved. Moreover, the Czech companies have stronger performance in three sub-indices: Board, Conflict of Interest, and Transparency and Disclosure, whereas the Croatian companies have negligible advantage solely with regard to the Shareholders' Rights Sub-index.
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Natural Gas Comovement with Other Commodity Markets - A Wavelet Analysis
Otradovec, Michal ; Gutiérrez Chvalkovská, Jana (advisor) ; Kraicová, Lucie (referee)
This thesis studies the impact of shale gas on commodity and stock markets in the U.S. by employing wavelet approach and conducting a time-frequency analysis of dynamic correlations between natural gas and important representatives of commodity markets: crude oil, coal, corn, wheat, and several indices. It covers the period from 2006 to 2015 and is performed on daily data. Our thesis enlarges existing literature on comovement between natural gas with other energy commodities and stocks using wavelet coherence - a methodology which allows analyzing comovement among assets not only from a time series perspective but also over different frequencies. Financialization of natural gas and its involvement in investment portfolios under changing conditions on the U.S. gas market provide space for examination of gas proper correlation estimates in respect to other financial assets. Our results reveal natural gas comovement behaviour with examined commodities during the Financial Crisis. They show gradual decoupling between gas and crude oil prices in time. To the best of our knowledge we are the first to address natural gas using wavelet coherence in connection to agricultural commodities corn and wheat. These commodities together with natural gas are primary sources for bioethanol production being used in...
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Subjective well-being and trust in countries of European Union
Bělostíková, Pavla ; Baxa, Jaromír (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
Subjective well-being and trust in countries of European Union Pavla Bělostíková 2011 Abstract This paper analyzes the relationship between an individual's capacity to trust and their overall satisfaction with life in countries of European Union. It concretely focused on four countries selected Denmark, as the most satisfied country in the world, Spain, Czech Republic and Bulgaria as the less satisfied in European Union. Two kinds of trust were examined: general trust referring to interpersonal trust and institutional trust referring to trust in parliament. The trust in people was concluded as more significant for the overall satisfaction of an individual satisfaction than trust in parliament. For example, higher trust in people makes the general public more satisfied. Furthermore, in Denmark and Spain considered to be wealthier countries with higher reported level of satisfaction and trust, the interpersonal trust as well as institutional have less influence on satisfaction than in the average of EU countries. Key words: happiness, subjective well-being, satisfaction, interpersonal trust, trust in institutions, relative income, Easterlin paradox, aspiration level Consultant: PhDr. Jaromír Baxa
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EU's competition policy v. USA's antitrust : key differences to know
Luňáčková, Petra ; Hrubý, Zdeněk (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
This thesis is a comparative study of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. The case studies illustrate how antitrust measures are applied and what consequences they might have in terms of market structure, innovation, motivation or deterrence. The findings are backed by law systems, historical development and in particular by economic discussion of antitrust efficiency. The analysis suggests that without a suitable economic theory that would explain the outcome of market interventions as well as corresponding welfare effects the differences are hard to overcome.
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Kordarna - the first large case of reorganization under the new insolvency act
Harrer, Jan ; Richter, Tomáš (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The long awaited insolvency act in force - Act 182/2006 Coll., changed the whole insolvency process by enabling new solutions to handle corporate insolvency issues. Among the most revolutionary features is the facilitation of a reorganization process. The thesis focuses on legal and economic aspects of the reorganization framework and compares it with the possibility solution of bankruptcy liquidation. The thesis analyzes the reorganizations of company called Kordarna, a.s. and also three subsidiary firms belonging to the KORD Group companies, which have been the first major test of the reorganization framework under the current Czech Insolvency Act. After the analysis of the procedural steps throughout the insolvency proceedings, the thesis arrives at a conclusion that given the circumstances, the chosen reorganization procedure was the best possible solution to Kordarna's insolvency for all classes of creditors and also other involved stakeholders. Moreover, the slow pace of the process is also discussed in detail. An important conclusion is reached in the field of bankruptcy estate valuation, where the thesis claims that the values of bankruptcy estates valuations were unrealistically high, because the adverse impact of the current extraordinary asset market conditions was never fully considered.
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EU's Competition Policy v. USA's Antitrust : Antitrust in Payoff Matrix
Luňáčková, Petra ; Hrubý, Zdeněk (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
EU's Competition Policy v. USA's Antitrust Antitrust in Payoff Matrix Abstract The thesis consists of two parts - comparative study and antitrust model. First part is dedicated to the comparison of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. Second part presents an antitrust model which describes the process of protecting competition and suggests optimal behavior for both enforcement officials and firms. In the game theory framework the payoff matrixes show the difference discussed in the first part and offer theoretical solution. Optimal strategies are derived for American, European and neutral policies and compared afterwards. The case study concludes the thesis and gives a real example of the difference between antitrust and competition policy. Key words: antitrust, competition policy, vertical mergers, game theory, payoff matrix, Article 101 and 102 of the TFEU, Sherman Act
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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...
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Analysis of economic methods applied in regulatory impact assessment
Malinská, Barbora ; Gutiérrez Chvalkovská, Jana (advisor) ; Serdarevič, Goran (referee)
This thesis analyzes the topic of economic methods applied in regulatory impact assessment (RIA). The sense of a RIA system, assumptions of its effective functioning and its place in the framework of the EU's and Czech Republic's legislative process are introduced. Economic methods often used within the regulatory impact assessment process are discussed. The thesis empirically examines the progress in RIA methods quality between 2008 and 2011 in the Czech Republic and determinants of RIA methods quality are identified. We come to conclusion that the quality of RIA methods in the Czech Republic grows with expected costs of the regulatory policy and in case of RIA carried by an external subject.
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Creation of provisions - Pro-cyclical behavior of banks
Matějovská, Anna ; Geršl, Adam (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
In relation to the latest economic crisis much attention was paid to the bank capital requirements. Many papers discuss the pro-cyclical effect of these capital requirements and the options of how to stabilize the banking industry and financial system. In this thesis I researched another instrument which can cause the pro-cyclical effect - the loan loss provisions. In reaction to this issue the Spanish central bank has adopted the model of dynamic provisioning which acts counter-cyclically. This model is supposed to balance the amount of created provisions and banks' profit over the time. In this thesis I introduce a hypothetical situation in which the countries using the Euro currency adopted the model of dynamic provisioning and I examine the hypothesis that the adoption of this model would mitigate the latest economic crisis as the banks would achieve higher profits during the time of recession. Based on the conducted research I confirmed my hypothesis and conclude that the dynamic provisioning would balance the economic swings. However, the results also showed that the set-up of dynamic provisions model is crucial. In order to make the model efficient the model coefficients have to be precisely determined by central banks or individual banks and approved by independent supervisors. Keywords...
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The Aspects of Collaborative Procurement: Centralization, Scope and Different Market Structures
Počarovská, Amália ; Gutiérrez Chvalkovská, Jana (advisor) ; Skuhrovec, Jiří (referee)
Procurement centralization is a process that includes policy decisions on the appropriate level of collaboration, aggregation and standardization. We analyse the main aspects of collaborative procurement: centralization, scope and different market structures. We use a unique dataset that combines Czech tender-level data with the manually-collected data on centrally procured tenders and financial firm-level data for the time span 2008 - 2016. We apply vector generalized linear model to the compulsory centralized procurement sectors and assess the market competition and concentration. We find several key aspects of centralized procurement: the centralization has a significant positive impact on the competition in selected sectors. The framework agreement is recognized as a positive setup of public procurement. We identified a strong negative evidence of the heterogeneity of the procured commodity. The design of centralization process and the degree of centralization is always bound by two elementary questions: the flexibility or unification trade-off and the set-up costs or unit costs trade-off. JEL Classification D44, H11, H57 Keywords public procurement, centralization, tender- level data, firm-level data, market structure, concentration index, vector generalized linear model, Herfindahl-Hirschman...
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