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Determinants of Used Car Prices
Žiačik, Jan ; Baruník, Jozef (advisor) ; Kukačka, Jiří (referee)
With regard to the market share, used car market is on equal footing with market with new cars. Given its relevancy, there is an incentive to better understand its inner workings. One of the questions that can be posed, relevant especially to private individuals that want to buy or sell their car, is how the prices on used car market are determined. This research question was already focus of several previous studies, nevertheless, there are several methodological issues with them, the major being that they do not deal with model uncertainty arising from large number of possible determinants of used car prices. Therefore, the goal of this thesis is to address this shortcoming by implementing a new approach, Frequentist Model Averaging. To analyze the research question, we utilize a newly collected data set of more than 470 000 used car advertisements from several different European countries from website carvago.com. In addition to well established influence of technical attributes on the valuation of car, we also find evidence that the emission standard of car or the country that the car manufacturer is originating in, have also statistically significant effect on its valuation. Further, we also find, that there are significant regional differences in effects of different attributes. JEL...
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Evaluation of Contemporary art as an alternative investment
Havlovicová, Alice ; Vácha, Lukáš (advisor) ; Hronec, Martin (referee)
Bibliographic note HAVLOVICOVÁ, Alice. Evaluation of Contemporary art as an alternative in- vestment Prague 2020. 66 pp. Bachelor thesis (Bc.) Charles University, Faculty of Social Sciences, Institute of Economic Studies. Thesis supervisor Mgr. Lukáš Vácha, Ph.D. Abstract This thesis investigates the investment performance of contemporary art. In order to analyze the risks and returns of the unique art market environment, the reader is presented with the market specifics, trends, and inefficient. The financial performance of contemporary art is estimated by means of extended models of hedonic regression and repeat-sales regression. Both methods allowš for the treatment of volatility of the art market caused by the infrequency of trading, resulting in two monthly contemporary art market indices. The in- dices are estimated based on auction results of contemporary art spanning from 2003 to 2015, including all artworks sold at least once, which presents a general overview of the contemporary art market. In line with the academic literature on the topic of art investment, the results suggest lower returns of contemporary art than traditional financial assets. Volatility and Sharpe ratios differ in the two indices. Based on the resulting price indices, we conclude that contempo- rary art presents moderate returns...
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The Impact of the Sharing Economy on Residential Prices in Prague
Schwarzová, Lucie ; Hlaváček, Michal (advisor) ; Hanzlík, Petr (referee)
This thesis employs a hedonic regression to measure the impact of Airbnb, the digital platform for short term rentals, on residential prices in Prague. The model is based on the unique transaction dataset of all apartment sales from the first quarter of 2014 to the third quarter of 2018 in Prague. Also, Airbnb listings dataset is used and other datasets containing Prague city data enabling involvement of the property specifications and several neighborhood characteristics influencing the sale price in the model. The main variable of interest included in the regression is Airbnb activity, proxied by the number of Airbnb listings within 300 m of the property at the time of the sale. The results show that a 1% increase in Airbnb activity leads to a 0.0423% increase in sale prices. Moreover, in the city center, the estimated impact is almost twice as high, a 1% increase in Airbnb activity leads to a 0.0816% increase in sale prices. The third hypothesis tested in this thesis shows that the impact of Airbnb has increased in 2017 and 2018. All the estimated results slightly vary, depending on the proxy for Airbnb activity. Nevertheless, estimates in all regressions are statistically significant.
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Empirical Analysis of Prague Flat Market
Sklenářová, Tereza ; Křehlík, Tomáš (advisor) ; Vozková, Karolína (referee)
The purpose of this work is to model the prices of real estate, concretely of Prague flats, which belong to the most important economic indicators. In the theoretical part, the main housing market participants are defined, special features of housing markets are described and most frequently used valuation methods are discussed. Most attention is focused on so called hedonic pricing model, which is applied as a base for the pricing equation in the econometric part. This is carried on various subsets of public available data regarding the characteristics of Prague flats, using ordinary least squares as well as weighted least squares. Several hypotheses about the relationship between the price and the explanatory variables are tested before creating the final model. The results are commented and compared with literature concerned with the same topic in other locations.
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