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Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
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Analysis of the Natural Gas Market during the Period of Deregulation - A Comparison of Selected European Countries
Mirková, Barbora ; Mikolášek, Jakub (advisor) ; Princ, Michael (referee)
The liberalization of gas markets is in the European Union and especially in its new Member States a current topic. This thesis is devoted to a comparison of the liberalization processes in three Central European countries - the Czech Republic, Slovakia and Poland. The thesis first introduces the concepts of public and natural monopolies, the specific characteristics of gas markets and the legislation of the European Union that underlies the liberalization. Further, the thesis takes a close look at the developments in the gas markets of the three countries. The focus lies mainly on the national legislation, opening of demand side and changes in the market structure, including unbundling, new entrants and supplier switching. The final chapter of the thesis analyzes and compares the progress in liberalization of the individual markets by calculating the market concentrations using the Herfindahl-Hirschman index.
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Topics in central banking
Brož, Václav ; Kočenda, Evžen (advisor) ; Tůma, Zdeněk (referee) ; Égert, Balázs (referee) ; Martin, Reiner (referee)
This dissertation consists of three research papers dealing with selected issues relevant for central banks after the global financial crisis. The post-crisis world has seen a significant strengthening of the role of central banks with regard to the financial system as well as the real economy. Correspondingly, agendas of some central bankers have grown substantially, encompassing among others monetary policy, financial stability (macro- and microprudential policies) as well as resolution mechanisms. This dissertation thesis reflects the broad focus of some contemporary central banks in three original research articles that concern current unexplored issues for monetary policy and financial stability in the European Union, the Czech Republic, and the United States, potentially bringing policy implications for the relevant authorities. The first article analyzes inflation convergence in the whole European Union (EU) over 1999-2017 and provides comprehensive and robust evidence that the process of inflation convergence among the countries of the EU was not permanently disrupted during the global financial crisis, the European sovereign debt crisis, or the period of zero lower bound interest rates. Specifically, the convergence process did not noticeably weaken after the crisis and the occurrence of...
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Bank fee and commission income - its determinants and impact on bank's profitability and risk
Vozková, Karolína ; Tůma, Zdeněk (advisor) ; Tripe, David (referee) ; Výrost, Tomáš (referee) ; Mejstřík, Michal (referee)
This thesis consists of five essays dealing with the fee and commission income in European banks from the macro, sector and bank level perspectives. This topic is of high relevance since fee income represents the largest part of the non-interest income of EU banks. The first part of the thesis deals with banks in general terms, while the second part is focused solely on cooperative banks, which represent approximately 20% of the EU banking sector. We compare the magnitude of the bank fee income across EU countries and study its determinants and impacts on banks' performance. The first essay compares the magnitude of the fee income across EU countries with a special emphasis on the Czech Republic from a macroeconomic perspective. First, we conclude that Czech banks are not abnormally dependent on fee income and their outstanding performance can be attributed to sound risk management, high liquidity and sufficient capital buffers rather than to excessive fees. Second, our evidence suggests that the share of fee income had an increasing trend in EU countries in recent years, which might be connected to the effort to maintain sufficient profitability in the low interest rates environment. We also discuss how new entrants, the so called low-cost banks, changed the banking sector in the Czech Republic....
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The Analysis of Oligopolistic Structure on the Czech Audit Market
Šindelář, Michal ; Müllerová, Libuše (advisor) ; Králíček, Vladimír (referee) ; Vyleťalová, Květoslava (referee)
The dissertation thesis is processed in the form of a set of original and published articles with specific results from the methodologically or thematically related areas. The aim of the dissertation is to obtain information about the audit market in the Czech Republic from the point of view of oligopolistic structure and to compare the results with an international research in this area. The issue of the audit market was not a frequent subject of academic analyses in the Czech Republic, therefore the dissertation tries to fill this gap. The oligopolistic structure interferes audit in several risk areas. It threatens the independence of the auditor in the context of the simultaneous provision of audit and non-audit services. The existence of a high market concentration may also indicate negative impacts on the overall quality of the audits performed. The main contribution of the work lies in the analysis of the market concentration on the data of the Czech Republic. The dissertation as a whole analyses the Czech audit market between the years 2010-2015 and presents a view of academic research on market concentration in the Czech Republic. In terms of data source, the dissertation deals with areas of higher social importance, i.e. areas of public interest entities respectively listed companies, which is also typical for international research. Therefore, the conclusions of the dissertation cannot be generalized to the field of the audit market represented by companies that are not public interest entities. From the methodological point of view, the dissertation in its analytical part is based mainly on internationally recognized statistical methods for measuring market concentration, namely the concentration ratio and the Herfindahl-Hirschman index. The most important conclusion is the finding that there is a comparable level of market concentration in the Czech audit market with large audit markets. The analysis shows that Big 4 firms occupy approximately 85% of the audit market and this share remains unchanged between the years 2011-2014.
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Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
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Banking fee income in the Czech Republic and the EU
Růžičková, Karolína ; Teplý, Petr (advisor) ; Lešanovská, Jitka (referee)
This thesis deals with both theoretical and practical aspects of banking fee and commission income in the European Union. Since fee income represents the largest part of non-interest income earned by banks, it remains a major challenge for bank management to set and maintain an appropriate fee policy. Nevertheless, solving for the optimal fee structure has not yet been accomplished either on a theoretical level, or in actual practice. In the thesis, we analyse fee income in EU banking sectors. Our results show that the Czech banking sector was not abnormally dependent on fee income compared to other EU countries in the period 2007-2012. As a result, we argue that the high profitability of Czech banks cannot be attributed to abnormal banking fees and commission income, but rather other factors should be considered. Moreover, we study the determinants of fee income share in individual banks and discuss the impact of market concentration on the magnitude of banking fees. We conclude that banks facing higher competition tend to expand more aggressively into non- traditional activities and therefore they report higher fee income shares. We also study the relationship between banking fees and banks' performance. The results are mixed depending on applied profitability measure, but in general, banks with...
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Analysis of the Natural Gas Market during the Period of Deregulation - A Comparison of Selected European Countries
Mirková, Barbora ; Mikolášek, Jakub (advisor) ; Princ, Michael (referee)
The liberalization of gas markets is in the European Union and especially in its new Member States a current topic. This thesis is devoted to a comparison of the liberalization processes in three Central European countries - the Czech Republic, Slovakia and Poland. The thesis first introduces the concepts of public and natural monopolies, the specific characteristics of gas markets and the legislation of the European Union that underlies the liberalization. Further, the thesis takes a close look at the developments in the gas markets of the three countries. The focus lies mainly on the national legislation, opening of demand side and changes in the market structure, including unbundling, new entrants and supplier switching. The final chapter of the thesis analyzes and compares the progress in liberalization of the individual markets by calculating the market concentrations using the Herfindahl-Hirschman index.
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Market analysis of PR agencies in Czech Republic in the period 2013 - 2015
Jakubcová, Klára ; Loužek, Marek (advisor) ; Křítková, Soňa (referee)
The work analyzes market of public relations in the Czech Republic in the period from 2013 to 2015 based on the available data. Data come from research for The Association of PR Agencies (APRA) and from the balance sheets of selected agencies. The main hypothesis says, there is a monopolistic competition on the Czech market of PR agencies, because there is homogenous product, a large number of agencies, no entry barriers and agencies don´t have market power. I tested the hypothesis by calculating the Concentration coefficient and the Herfindahl Hirschman Index. Both methods confirmed the main hypothesis of monopolistic competition in this market. Work also includes the TOP 10 of PR agencies in the Czech market according to turnovers. It shows that the largest agency in the 2013 was Bison & Rose and in 2014 and 2015 it was AMI Communications. I also compared the changes in income and in prices of services by agencies that are members of APRA. So I can say that between the period from 2013 to 2015 there was a 18% growth in income of agencies, which was caused by higher quality of orders and not by raising prices.
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Analysis of the market concentration in public procurement markets
Kolorosová, Barbora ; Pavel, Jan (advisor) ; Dufek, Luboš (referee)
This master thesis is focused on the market concentration in six sectors of public procurements in the Czech Republic, and the relationship between level of market concentration, profitability of the companies, final price and number of bids. The analyzed procurements refer to food industry, electricity, postal and telecommunications services, solar energy, IT and automotive sector from period of 2007-2010. Concentration ratio, Herfindahl-Hirschman index and Gini coefficient were used to quantify market concentration. The first four of above mentioned public procurement markets seem to be highly concentrated according to these indicators; the remaining two cases are unconcentrated or moderately concentrated. Correlation analysis was used for each sector. The analyzed variables were: market shares of the companies, their profitability, average number of bids and average proportion of the final and expected price in tenders which the company won. Further, the relationship between market concentration indicators and average variables for the relevant sectors was assessed.
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