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Is it worthy to invest in our own human capital in the Czech Republic?
Čepeláková, Lenka ; Kameníček, Jiří (advisor) ; Polyák, Oliver (referee)
i Title: Is it worthy to invest in our own human capital in the Czech Republic? Author: Lenka Čepeláková Department: Institute of Economic Studies Supervisor: PhDr. Jiří Kameníček, CSc. Supervisor's e-mail address: kameni@fsv.cuni.cz Abstract: The main objective of the thesis is to assess the investment in hu- man capital and its usage for employees and employers. Regarding the economic principles of Gary Becker, the paper tries to prove financial and non-financial benefits resulting from higher education in comparison with basic and secon- dary education. In essence, it analyzes the educational system in the Czech Republic, the theory of investment in human capital, costs and benefits of higher education and it determines the rate of return on education. The reader is supposed to obtain a fundamental orientation concerning this issue, inclu- ding the economic justification of the requirement to reach the highest possible education as a way to succeed on the labor market. Keywords: Human capital, investments, rate of return to investment in edu- cation, wages, higher education Length of the thesis: 85 472 chars.
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The Impact of Euro Adoption on Competitiveness: The Comparison of Czech Republic and Slovakia
Polyák, Oliver ; Dědek, Oldřich (advisor) ; Martišková, Monika (referee)
Bibliographic citation POLYÁK, Oliver (2013). The impact of Euro Adoption on Competitiveness: The comparison of Czech Republic and Slovakia. Prague, 2013. 74 p. Rigorous thesis (PhDr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Rigorous thesis supervisor prof. Ing. Oldřich Dědek, CSc. Abstract The present rigorous thesis is focused on the impact of introducing the common European currency on competitiveness of a country. There has been a lot written about the possible effects of euro adoption on economies of the first eurozone participants. The contribution of this thesis is that we explore the impact of euro introduction on competitiveness of Slovakia, in comparison to the Czech Republic which still uses its own national currency. Our findings suggest that most of the analyzed competitiveness indicators evolved largely in parallel in both countries. Positive trade effects brought about by the introduction of the euro are rather moderate - up to 5%. Slovak credit development was more favorable during the crisis, reflecting lower interest rates in eurozone. On the other hand, high contributions to European stabilization funds may hamper Slovak economic growth and negatively influence country's competitiveness in future. Keywords competitiveness, euro adoption,...
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On the Role of Exogenous Shocks in the Great Recession: the Evidence from Belarus
Ramanchyk, Nina ; Baxa, Jaromír (advisor) ; Polyák, Oliver (referee)
In this thesis we provide evidence about the relative importance of foreign (Russian) and domestic monetary policy shocks for Belarusian economy. We employ a ten variable structural VAR model with block exogeneity and a set of dummy variables introduced to deal with instability of the data that corresponds to the periods of crises (2008 and 2011). We find that Belarus is significantly influenced by foreign shocks that account for 20 to 60 percent of fluctuations in domestic variables in the long run. The foreign demand and oil prices for Belarus are the main determinants of the domestic output and net export, while the foreign interest rate strongly affects Belarusian interest rate, money demand and the share of loans in GDP. Regarding the domestic monetary shocks, we find that the exchange rate is the most important channel in the Belarusian monetary transmission mechanism. We conclude that deeper trade integration with Russia could be beneficial for Belarusian economy, while in case of the monetary union creation the conduct of an independent monetary policy in Belarus could be further complicated.
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The Impact of Euro Adoption on Competitiveness: The Comparison of Czech Republic and Slovakia
Polyák, Oliver ; Dědek, Oldřich (advisor) ; Martišková, Monika (referee)
Bibliographic citation POLYÁK, Oliver (2012). The impact of Euro Adoption on Competitiveness: The comparison of Czech Republic and Slovakia. Prague, 2012. 71 p. Master thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Master thesis supervisor prof. Ing. Oldřich Dědek, CSc. Abstract The present master's thesis is focused on the impact of introducing the common European currency on competitiveness of a country. There has been a lot written about the possible effects of euro adoption on economies of the first eurozone participants. The contribution of this thesis is that we explore the impact of euro introduction on competitiveness of Slovakia, in comparison to the Czech Republic which still uses its own national currency. Our findings suggest that most of the analyzed competitiveness indicators evolved largely in parallel in both countries. Positive trade effects brought about by the introduction of the euro are rather moderate - up to 5%. Slovak credit development was more favorable during the crisis, reflecting lower interest rates in eurozone. On the other hand, high contributions to European stabilization funds may hamper Slovak economic growth and negatively influence country's competitiveness in future. JEL Classification F14, F15 Keywords...
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Deferred tax as a measurement of earnings management
Mišoň, Matěj ; Novák, Jiří (advisor) ; Polyák, Oliver (referee)
This thesis investigates relationships between deferred taxes and possible earnings management in publicly traded companies on London Stock Exchange in FTSE 350 in the last several years. It also discusses other possibilities of earnings management, mostly by accruals. It builds on a model introduced by (Phillips 2004), which is a "probit" econometric maximum-likelihood estimation model and I supplemented it by simple OLS pooled cross- sectional regression. The results suggest there might be no relation of net deferred tax liabilities on earnings management to avoid a decline in earnings, and possibly some relation, although inconclusive, of deferred tax expense on earnings management.
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Predicting Financial Market Crashes using Log-periodic Oscillation and Critical Slowing Down
Štancl, Daniel ; Krištoufek, Ladislav (advisor) ; Polyák, Oliver (referee)
This bachelor thesis concerns itself with multiple objectives. First, to compare two apparently contradictory frameworks, namely the Log-periodic Power Law model and the Critical Slowing Down, suggested as being able to detect the end of financial bubbles. Second, to enrich current literature dedicated to the Log- periodic Power Law model with a comprehensible description of the non-linear optimization methods in one piece of work. This work, furthermore, aims to com- pare the performance and the robustness of two versions of this model. Regarding the Critical Slowing down, the correlation across the world market over time prior to a crash is investigated as an addition to two already studied indicators, 1-lag serial correlation and standard deviation of detrended fluctuations. Eventually, both the Log-periodic Power Law models were proved to be able to identify the time of the burst of the financial bubble, while the modified version of the model was found to be more proficient over the initial one in terms of computational efficiency and robustness. In the case of the Critical Slowing Down, obeying auto- correlation of residuals and cross-correlation of intermarket residuals came out to be misleading, and only variance was supported as an appropriate indicator of an imminent tumble, and it was proposed...
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CEE & SEE Markets Macro-Fundamental Analysis
Poštulková, Jitka ; Polyák, Oliver (advisor) ; Cahlík, Tomáš (referee)
The aim of this thesis is to verify and analyse presumed relations between selected macro-fundamentals, namely USD exchange rate, production index, interbank offered rate, inflation, money supply and two exogenous indices ( Standard & Poor's 500 and EURO STOXX 50), and CEE (Austria, Czech Republic, Poland, Hungary) or SEE (Bulgaria, Croatia, Slovenia, Romania) financial markets over the period from December 1995 to December 2015. In order to test the long-run cointegration relationships between studied markets and the set of macroeconomic variables, the Engle-Granger and Johansen tests are applied. The vector error correction model is used to confirm the long-run equilibrium interlinkages and the results show similar trend tendencies between stock indices and some of the macro-fundamentals in Croatia, Czech Republic, Hungary, Poland and Romania. To verify the short-run causal linkages, the Granger causality test is employed. Based on retrieved findings, the efficiency of studied markets with respect to Efficient Market Theory is reviewed. Our findings reveal several pairwise short-run causal impacts between studied macroeconomic indicators and stock indices. The only indicator which does not impact any stock market is the interbank offered rate. Moreover, according to our results, all CEE&SEE stock...
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On the Role of Exogenous Shocks in the Great Recession: the Evidence from Belarus
Ramanchyk, Nina ; Baxa, Jaromír (advisor) ; Polyák, Oliver (referee)
In this thesis we provide evidence about the relative importance of foreign (Russian) and domestic monetary policy shocks for Belarusian economy. We employ a ten variable structural VAR model with block exogeneity and a set of dummy variables introduced to deal with instability of the data that corresponds to the periods of crises (2008 and 2011). We find that Belarus is significantly influenced by foreign shocks that account for 20 to 60 percent of fluctuations in domestic variables in the long run. The foreign demand and oil prices for Belarus are the main determinants of the domestic output and net export, while the foreign interest rate strongly affects Belarusian interest rate, money demand and the share of loans in GDP. Regarding the domestic monetary shocks, we find that the exchange rate is the most important channel in the Belarusian monetary transmission mechanism. We conclude that deeper trade integration with Russia could be beneficial for Belarusian economy, while in case of the monetary union creation the conduct of an independent monetary policy in Belarus could be further complicated.
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Ethics as a Way to Sustainability in Banking?
Halamka, Radek ; Teplý, Petr (advisor) ; Polyák, Oliver (referee)
v Abstract This thesis proposes a theoretical framework for application of ethics in banking and analyses effects of such application on financial performance of banks. A sentiments-adjusted economic motivation enables employment of ethical concepts, such as universality and humanity, in economics as well as banking. Then, using Bankscope data of more than 80,000 bank-year observations for the years 2003-2013, it is shown that banks applying ethics have higher exposure to real economy and less volatile Return on Equity. A consequent analysis revealed that in comparison with their closest peers those banks have lower profitability caused by higher relative costs that conversely result in lower loan losses. JEL Classification A13, B12, B16, G21, Q56 Keywords banking, ethics, economic motivation, Smith, self-interest, sentiments, Kant, sustainability, Bankscope, banking business models, within- between model, profitability, volatility, ethical, sustainable, values-based, social Length 115 862 characters Author's e-mail radek.halamka@gmail.com Supervisor's e-mail teply@fsv.cuni.cz
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Principles of Information Economy and Impact of IT on Company's Value-Added: A Cross-Industry Analysis
Láníček, Adam ; Cahlík, Tomáš (advisor) ; Polyák, Oliver (referee)
The industrial age was bound to end when the microprocessor was invented. Even though the classical economic theory applies for today as well as for the 1960s, the last thirty years were symptomatic by the change of the fundamental characteristics of the economy and information technology plays a key role in this process. The aim of this thesis was to describe the principles and micro- and macroeconomic phenomena present in the New Economy of today, the challenges that the companies face in this environment and, finally, to conduct a cross-industry analysis on the impact of IT on company's performance, namely value-added. The empirical results did not show any clear patterns among the industries and therefore no significant relationship between the share of information technology assets of total assets and company's value-added could be proven. One of the reasons for that could be the technical issues regarding the statistical measurement of IT which also remains the biggest challenge for the researchers in this field.
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