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Financial Performance of European Cooperative Banks
Kuc, Matěj ; Teplý, Petr (advisor) ; Tůma, Zdeněk (referee) ; Tripe, David (referee) ; Witzany, Jiří (referee)
This dissertation consists of four essays dealing with the financial performance of European cooperative banks. We focus on a comparison between the performance of cooperative banks and that of shareholder-owned commercial banks. Furthermore, we compare different cooperative banking models in Europe, paying special attention to the Czech credit union sector. In the individual essays, we examine different performance measures depicting profitability, stability and cost efficiency. The topic of the financial performance of cooperative banks is highly relevant, as cooperative banks are structurally different from the standard commercial banking model and they have a significant market share in several European countries, while most of the empirical literature focused on banking financial performance is devoted solely to commercial banks. The first essay of this dissertation thesis empirically assesses the financial performance of Czech credit unions compared to that of cooperative banks from 15 European countries in terms of their profitability and stability. Employing dynamic panel data methods, we reveal that the performance of Czech credit unions in terms of both profitability and stability is worse than that of their European peers. In the second essay, we compare the financial performance of cooperative...
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Deposit Insurance in the European Union
Holá, Veronika ; Jakubík, Petr (advisor) ; Teplý, Petr (referee)
This thesis examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shifts of deposits among EU countries. The paper deals mainly with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development and possible future progress.
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Information asymmetry in economics
Kolar, Jan
The subject of the article is the concept of information asymmetry, which currently belongs among highly discussed themes in economics. In the article, we deal with the basic concepts, which play an important role in the overall perspective on the given issue. One of them is moral hazard, which is a fundamental consequence of information asymmetry. The market subjects or individual people often misuse their superior informational capabilities for their own use, but at the same time they inadvertently contribute to the inefficiency of the specific market, which can lead to extensive market failure. Other important consequences include so-called adverse selection, which results in the gradual displacement of good products by inferior ones. The occurrence of adverse selection in the specific market then results in pressure to reduce prices. In particular, the article analyses the current state of knowledge in the area of information economics, on the basis of previously published articles. We also deal with the effect of modern technology on the economic mechanism and information asymmetry. One of them is the internet, which plays a key role in the transmission of information. The aim of the article is to perform an analysis of the current state of knowledge in the area of information asymmetry on the basis of relevant published articles, and thus create a comprehensive and compact perspective on the given issue. An important section is the analysis of the possible impact of modern technology on information asymmetry, where own conclusions are drawn on the basis of findings by various authors.
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The Moral Hazard in Light of the Recodification of the Private Law
Lučan, Jakub ; Bažantová, Ilona (advisor) ; Hraba, Zdeněk (referee)
-1- Summary The aim of the thesis is to assess the impact of the recodification of private law on the phenomenon of moral hazard. In order to achieve the goal, the old and new legislation were compared in order to identify key changes and analyse their nature, in terms of their positive or negative impact on the potential occurrence of moral hazard. In the theoretical part, moral hazard was defined and systematized in the context of so- called "old" and "new" market failures. The author also offered a key contemporary definition of the term. Increased attention has also been paid to the issue of incomplete and asymmetric information that often coexists with or potentially enhances moral hazard. In the second part of the theoretical part, the author of the thesis focuses on defining the specifics of moral hazard, taking into account the Czech practice. The phenomena of insurance, health, monetary policy, banking, financial consulting and corporate governance are gradually being mentioned. The issue of representation and black passenger is also accented. The difference between moral hazard behaviour and fraud is also described. In the practical part, the author compares the selected institutes of private law across new and old legislation. This part is divided into various general institutes, which are based...
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Stochastic games
Holková, Klára ; Dostál, Petr (advisor) ; Zikmundová, Markéta (referee)
Title: Stochastic games Author: Klára Holková Department: Department of Probability and Mathematical Statistics Supervisor: Mgr. Petr Dostál, Ph.D., Department of Probability and Mathema- tical Statistics Abstract: In the text of this thesis we deal with the classification of stochastic games, which is closely related to investing in various financial instruments. With the help of utility functions, we are looking for the optimal and relatively safe bet on a mathematically convenient game. It will be demonstrated, why it does not pay off to take part in fair games and games of chance in the long run, as well as how such games relate to moral hazard. The thesis is written in a way that should make it accessible to the wide public, therefore there are numerous examples and interpretations in order to facilitate the understanding of the mathematical theory. Some parts can also be used by teachers as a direct source for teaching financial literacy in primary and secondary schools. Keywords: Optimal and relatively safe bet, CARA a HARA utility functions, moral hazard, financial literacy 1
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Topical legal issues of banking regulation
Kadlic, Alexander ; Kotáb, Petr (advisor) ; Dřevínek, Karel (referee)
Current Legal Issues of Bank Regulation - Resume This thesis paper deals with issues that can be found in relation with bank regulation. At present, globalized world, banks as important financial intermediaries play a major role. Banks are present in our daily lives and whether or not we want to, they facilitate our everyday operations with the money, investment of free monetary resources, and also borrowing of money. We got accustomed to the convenience that the use of various banking services provides. Equally important are the services of banks for businesses enterprises, various investment companies and funds, and also the countries themselves (the governments). Failure of this system, now that so many subjects are dependent on it, could have far-reaching negative consequences. The bank regulation and its instruments serve as a protection against the rise of adverse consequences. With the growing importance of banks in our society, the importance of their regulation grows as well. But even this may not represent perfect protection and bank regulation may conceal other unforeseen problems. This thesis on "Current legal issues of bank regulation" reflects the legal status of May 31 2012 and is trying to highlight the problems that occur in specific instruments of banking regulation. The aim of this work...
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Deposit Insurance in the European Union
Holá, Veronika ; Jakubík, Petr (advisor) ; Teplý, Petr (referee)
This thesis examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shifts of deposits among EU countries. The paper deals mainly with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development and possible future progress.
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Moral Hazard of Humanitarian Intervention: Case Study Kosovo
Kodrazi, Suzan ; Lehmannová, Zuzana (advisor) ; Veselý, Zdeněk (referee) ; Pelikán, Jan (referee) ; Vávra, Přemysl (referee)
The main ambition of this doctoral thesis is to contribute to the development of interdisciplinary application of the concept of moral hazard developedin economic and insurance theory to the context of the inter-state conflicts with potential international intervention. The basic theoretical framework used in the thesis is derived from the concept of moral hazard of humanitarian intervention by Alan Kuperman who claims that the newly established norm of humanitarian intervention may well have unintended negative consequences. Kuperman argues that if the mere existence of insurance creates sufficient incentive for the insured to modify their behavior to the extent that they engage in the riskier behavior due to the fact that they are insured against the consequences of their actions, the rebels may well optimize their behavior in the same way. Currently, the transfer of the moral hazard theory to the context of interventions is hindered by a number of existing obstacles stemming from the differences in these areas. This thesis concentrates on reduction of three main identified drawbacks and addresses them by formulating three main research questions and derived hypothesis. The aim of this approach is to examine the limits of application and create the space for development of the concept of moral hazard of humanitarian intervention in the future research. (1) What is the interpretation potential, value added and limits of application of economic theory of moral hazard to the context of humanitarian intervention from the theoretical perspective? Hypothesis 1:The concept of moral hazard represents an efficienttool for evaluation of humanitarian intervention. (2) What is the potential of causal mechanism established by the Kuperman´s hypothesis to explain the reasons why in certain cases the state decides to escalate the inter-state conflict despite the public threats of intervention at a general level of research? Hypothesis 2: The threat of intervention causes the escalation of the inter-state conflict. (3) To what extent does Kuperman´s hypothesis modified to the conflict in Kosovo correspond with the actual state of affairs and their development? Hypothesis 3: The threat of intervention NATO/USA caused the escalation of conflict in Kosovo.
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Financial crisis and moral hazard
Valtr, Jiří ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
This diploma thesis focuses on moral hazard in the recent financial crisis which was caused by the burst of the housing bubble in the United States of America almost nine years ago. The main contribution of this thesis is providing evidence of possibility to measure moral hazard. This measuring possibility is achieved by establishing key indicators which are linked to various types of moral hazard according to its origin or closest relation. The thesis also in part drafts a solution to moral hazard in the form of an effective regulation. This thesis is written comprehensibly and does not provide information about every detail of the financial crisis. Regardless of that it still provides most readers interesting and useful piece of information, which they probably have not encountered elsewhere.
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Causes, course and consequences of the financial crisis in the USA
Chlupáčová, Nikola ; Neumann, Pavel (advisor) ; Sejkora, Jiří (referee)
The aim of this work is to analyze the causes, consequences and to describe the recent financial crisis with regard to the identification of potential culprits of the financial crisis and the slow recovery of the US economy from the financial crisis. The main content of this work is to focus on the identification of the particular consequences which were caused by the lack of a regulatory framework, monetary policy of the US central bank and new financial derivatives. It affected for several years the process of the US economy. The last chapter brings based on the lessons learned from the analysis of the financial crisis the scheme of recent financial crisis and thus it provides a comprehensive view of this financial crisis.
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