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Macroeconomic News and Their Impact on Sovereign Credit Risk Premia
Pištora, Vojtěch ; Hausenblas, Václav (advisor) ; Bobková, Božena (referee)
This thesis provides evidence of how macroeconomic surprises, constructed as deviations from market expectations, impact daily spread changes of Czech, Polish and Hungarian (CEEC-3) government bonds and sovereign credit default swaps. Firstly, we carried out series of event studies that inspect the spreads' reactions to the announcements. Subsequently, we employed the general-to-specific modeling approach and arrived at thirty GARCH-type models that consider surprises' impact on both conditional mean and variance. We have found significant impacts on the mean, yet in terms of magnitude, the impact of macroeconomic surprises has not been superior to that of broad financial factors. The impact on spreads' volatility appears more consequential though it lacks a clear pattern: Both good and bad news have been found to affect the volatility in either direction. Our findings suggest that with respect to macroeconomic news, daily changes of the bond spreads are driven rather by inflation expectations than by credit risk considerations. Foreign news proxied by the German surprises seems to affect the CEEC-3 bond spreads mainly through the risk-free proxy - the German Bund yield. Contrary to studies using low-frequency macroeconomic data, we have found no evidence for the "wake-up call" hypothesis.
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The issue of energy dependency of Slovakia and its armaments cooperation with the Russian Federation in the years 1993 - 1998
Drozd, Michal ; Irmanová, Eva (advisor) ; Litera, Bohuslav (referee)
Bachelor thesis"The issue of energy dependency of Slovakia and its armaments cooperation with the Russian Federation in the years 1993 - 1998 in terms of safety" deals with specificites of mutual affairs in the area of energetics and military cooperation between two countries, which are far too uneqal in potencial of power. At the first and second part thesis deals with short characteristic of the situation, which occured in the region of CEE at the beggining of the 90. It also deals with the explanation of different interests and expectations, which resulted of this mutual cooperation. In the core the thesis tries to understand the wiew of Russia on the region of CEE, Slovakia particulary, at the time of lasting two russian foreign policy doktrins. Subsequent synthesis of knowledges has got to provide the answer on required hypothesis. The thesis is trieing to form the answer, if there could be possible participation of the Slovac Republic, due to the forming of common economical and security area in Europe, if the political aiming of the country would be the same as at the time of Vladimir Meciar government.
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Offshoring to CEE
Sobotková, Magda ; Pernica, Petr (advisor) ; Jirsák, Petr (referee)
The Master Thesis deals with offshoring and its logistic requirements. The first part of thesis characterizes terms as outsourcing, offshoring and offshore outsourcing. The main reasons for foreign production are seeking of resources (typically low cost labour) and expansion into new markets. Benefits and risks of offshoring are analyzed in the thesis, as well as criteria for selection of suitable host destination. Often overlooked impacts of globalization on integrated supply chain are also considered in this thesis. Central and Eastern Europe is one of important offshoring regions. CEE offers relatively cheap and qualified labour. However, its main benefit is its small geographical distance from Western Europe. The costs of servicing markets at Western Europe from CEE are much lower compared to servicing these markets from Asia.
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