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Corporate venture investors portfolio forming: what criteria is used and how the portfolio affects corporations' performance?
Su, Qihao ; Novák, Jiří (advisor) ; Semerák, Vilém (referee) ; Nivorozhkin, Eugene (referee)
Capital Asset Pricing Model (CAPM) is an equilibrium model to test relationship between expected return and market risk (Sharpe, 1964). The model research on pricing and return when the securities market reaches equilibrium and investors are rational and investing by diversification based on Markovitz portfolio theory (Markovitz, 1952). Fama and MacBeth (1973) proposed a cross-sectional testing methodology on CAPM and this regression method has been widely used in testing CAPM in developed markets since then. While CAPM is hard to explain more and more market anomalies (excessive return in smaller market value company) in cross section regression, Fama and French (1992) added two more factors (SMB and HML) and proposed three factor model. The empirical results show that three factor model is superior to CAPM in developed markets. Relevant studies have been conducted by Manjuunatha (2006) and Trimech et al. (2015) but show different results. This dissertation will use Fama-MacBeth cross section approach to test CAPM and Fama-French's three factor model in Chinese and Polish stock market respectively. Following Fama and MacBeth (1972) and Shweta and Anil (2015), three sub periods of Polish and Chinese stock market returns ranging from 2007 to 2018 are examined. The empirical results in this thesis...
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Health Systems in Transition: Priorities, Policies and Health Outcomes
Borisova, Liubov ; Tulejová, Henrieta (advisor) ; Bryndová, Lucie (referee) ; Nivorozhkin, Eugene (referee)
The dissertation deals with the links between health care systems and health outcomes in the so-called 'transition' countries. The main questions to be addressed are: ''Do health care systems and their transitions influence health outcomes in the transition area and i f they do - how?" The combination o f qualitative techniques and econometric methods allowed for a creation o f the structural classifications o f the health care systems in transition and produced important findings. Firstly, health care transitions, and especially their structural component, are found to be significant in determining health status in the CEE and CIS countries. Secondly, however, the socio-economic determinants o f health were established to also play a major role in determining health inequalities in the transition area. Powered by TCPDF (www.tcpdf.org)
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