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Eating behaviour and personality traits of obese patients depending on BMI
Smutná, Šarlota ; Konečná, Judita (advisor) ; Žůrková, Pavla (referee)
This thesis analyses relationships and interdependencies between eating behaviour, perso- nality traits, and BMI in obese patients. In 2019, the prevalence of obesity was alarming in the Czech Republic, 77 % of working men and 56 % of working women were overweight or obese. The basis of successful treatment is to know patients very well, their history, indi- vidual habits and characteristics that led to the development of obesity. Eating behaviour and personality traits are important parts of this knowledge. They can help us to under- stand the mechanisms of obesity's development and thus also contribute to efective and individually adjusted treatment. We study eating behaviour by the Three-Factor Eating Questionnaire and personality traits by the Personality Inventory for DSM-5 and Beck's Depression and Anxiety Inventory in 598 obese patients (average BMI 44 kg/m2). We split the sample into multiple groups according to the values of BMI to test the diferences between these groups with various methods. Together with correlation coefcients and a linear regression model, we evaluate eating behaviour and personality traits' infuence on BMI. The most important fndings are signifcant diferences between women and men, various correlations of BMI to some personality traits and interdependency...
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Alternative Investment in Fine Wine
Tisoň, Eduard ; Teplý, Petr (advisor) ; Smutná, Šarlota (referee)
The goal of this thesis is to examine diversification opportunities and relative investment performance of fine wine over several different periods. We found that fine wine indices have higher risk-adjusted returns than stocks in the most of ours periods and that cheaper fine wines performed substantially better than expensive ones. However, over the periods of financial crisis, fine wine had a strong correlation to major stock indices and lost a significant part of its value. Finally, since fine wine did not show any evidence of exposure to stock markets over the recent period, we concluded that fine wine can bring substantial diversification benefits, which we illustrated in the case of anti-cyclical and pro-cyclical portfolio.
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Political connections, public procurement and small-scale expenditures
Vitvar, Tomáš ; Palanský, Miroslav (advisor) ; Smutná, Šarlota (referee)
In this thesis, I introduce a new approach of estimating financial flows from government organisations towards its suppliers of goods and services. It is based on accounting data collected by a Ministry of Finance of the Czech Republic and unlike other available data sources offers an opportunity to study all transactions, including small-scale expenditures. Using this approach, I study the effect of an outcome of 2018 elections on the structure of municipality's suppliers. Interestingly, I find that one year after the elections there is no significant difference between municipalities with different election results. This suggests that there is either no rent-seeking activity at all, or that it takes a different form than a selection of suppliers. Also, while conducting this analysis, I quantify a link between a winning party and an affiliation of a mayor and show how it increases in municipalities where there is a dominance of one political party. Keywords political connections, public procurement, corruption, politics, government expenditures, municipality, local government, election JEL Classification D72, H72, K40
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A Dynamic Approach to Fuel Hedging with Reference to the 2020 International Maritime Organization Regulations
Zítek, Michal ; Čech, František (advisor) ; Smutná, Šarlota (referee)
In this thesis, we examine how marine fuels could be used in asset allocation with respect to portfolio management in a multivariate modelling and cross- hedging framework. The territory that remains largely unexplored is the level of interdependence between bunker spot and five most actively traded energy futures contracts. This approach relies on the (A)DCC-GARCH models as a workhorse of financial applications. We investigate whether all correla- tions and volatilities show asymmetry of responses to positive and negative innovations during both normal and turbulent periods and whether patterns of correlations could be traced across the global ports. In doing so, time- varying conditional variance-covariance matrices estimated from these mod- els are used in calculating the optimal portfolio design. The analysis works as an umbrella term for the IMO 2020 sulphur cap regulations concerning oil refineries, marine industry and energy investors. Overall, this study has four main findings. Joint dynamics between return series matches overly volatile correlations with weak and positive links between commodities. Employ- ing four different hedging rules and performing a rolling window operation, we find that complex hedging strategies do not provide greater benefits in reducing portfolio variance...
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Smoking ban: A data analysis of sales
Luu Danh, Tiep ; Polák, Petr (advisor) ; Smutná, Šarlota (referee)
1 Abstract Smoking ban and VAT Fiscalization are the two most recent acts that were causing a nuisance for hospitality industry. In this thesis, the effect of the smoking ban on the restaurant sales is analyzed. The analysis research, whether sales were significantly affected based on monthly Czech Statistical Office time series and on daily VAT Fiscalization time series. That way, not only the smoking ban is inspected, but also the potential benefit of VAT Fiscalization as a data sampling tool for policy evaluation is taken into the question. JEL Classification C54, C81 Keywords Smoking ban, Sales, VAT fiscalization, Czech Statistical office, Time Series Analysis Title Smoking ban: A data analysis of sales Author's e-mail tiep.luud@gmail.com Supervisor's e-mail polakpet@gmail.com Abstrakt Zákon o ochraně před návykovými látky, ve kterém je také obsažen zákaz kouření v restauracích a barech, a zákon o elektronické evidenci tržeb jsou dva nejnovější zákony, které způsobují dle slov podnikatelů nemalé komplikace v pohostinství. V této tezi se budeme zabývat, zda zákaz kouření ovlivňuje signifikantně tržby pohostinských zařízení na základě měsíční časové řady z Českého statistického úřadu a na denní časové řady shromážděné EET sys- témem. Tím nejen prozkoumáme zákaz kouření, ale také zjistíme, zda by se EET...
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Alternative Investment in Fine Wine
Tisoň, Eduard ; Teplý, Petr (advisor) ; Smutná, Šarlota (referee)
The goal of this thesis is to examine diversification opportunities and relative investment performance of fine wine over several different periods. We found that fine wine indices have higher risk-adjusted returns than stocks in the most of ours periods and that cheaper fine wines performed substantially better than expensive ones. However, over the periods of financial crisis, fine wine had a strong correlation to major stock indices and lost a significant part of its value. Finally, since fine wine did not show any evidence of exposure to stock markets over the recent period, we concluded that fine wine can bring substantial diversification benefits, which we illustrated in the case of anti-cyclical and pro-cyclical portfolio.
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Extending Hotelling's location model into Agent-based domain
Vainer, Jan ; Kukačka, Jiří (advisor) ; Smutná, Šarlota (referee)
This thesis examines behaviour of adaptive agents in Hotelling's location model. We conduct an agent-based simulation in Hotelling's setting with two agents, where the agents use Nash-Q learning mechanism for adaptation. Traditional game-theoretic models often stand on strong assumptions imposed on players such as rationality and perfect information. We explore what alternations or re- finements of results this technique brings in comparison to the original analytical solution of the theoretical Hotelling's location model. We discover that under Nash-Q learning and quadratic consumer cost func- tion, agents with high enough valuation of future profits learn behaviour similar to aggressive market strategy, where both agents make similar products and lead a price war in order to eliminate their opponent from the market. This be- haviour closely resembles the Minimum differentiation principle from the original Hotelling's paper with linear consumer costs. This result is surprising because in our simulation, quadratic consumer cost functions are used, which should result in maximum differentiation of the products. Our results suggest that the Prin- ciple of minimum differentiation could be justified based on repeated interaction of the agents and long-run optimization. Additionally, suitability of...
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Scale of Market Movements for US stock market
Kašpárek, Radim ; Krištoufek, Ladislav (advisor) ; Smutná, Šarlota (referee)
Currently, there is no singular, codified, and widely accepted approach to wards measuring the depth of financial crises. One of the approaches ap plied towards this problematic has been to build on the observed similarity between financial markets and dynamic systems in physics and to create analogous systems. The Scale of Market Shocks originally proposed for foreign exchange markets has been adapted for the US stock market in or der to provide US policy makers with a tool to assess the severity of such crises. Using methodology adapted from relevant research and literature we used volatilities calculated with different sampling resolution as the basis for our scale as we believe that these capture the behavior of different market agents. The resultant scale correctly identifies sharp movements and assign them a numerical value that denotes the importance of a crash. This scale is applicable for US policy makers to assess outcomes of proposed policies, however, the use of Principal Component Analysis to ease the computational complexity proved to not yield required results.
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Household food demand in the Czech Republic: coherent demand system dealing with selectivity
Smutná, Šarlota ; Ščasný, Milan (advisor) ; Břízová, Pavla (referee)
Demand for food is widely studied topic in applied econometrics. Demand systems are the most useful models to evaluate demand and estimate the income and price elasticities. Different demand systems used for food demand are discussed in this thesis. Almost Ideal Demand System (AIDS) is the most popular among researchers thanks to conformity with economic theory, simple estimation, and flexibility with respect to non-linearity of Engel's curves or to control for socio-demographic or structural variables of household. Reporting of zero consumption by respondents when analysing demand on budget survey data requires special treatment, as censoring leads to the selectivity problem and hence biased estimates. Several techniques to treat the selectivity in order to obtain unbiased estimate of demand elasticities are discussed. Specifically, the Heien and Wessels, Shonkwiler and Yen, and Cosslett's semi-parametric corrections are incorporated into the AIDS model and empirically compared among each other. Since homogeneity and symmetry conditions are not fulfilled in this case, income and price elasticities of food demand are estimated by the unrestricted version of QUAIDS model which suits the budget survey data of Czech households the best with the correction for the selectivity by Shonkwiler and Yen's estimator....
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