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Investiční aktivita firem v obdobích ekonomicko-politické nejistoty
Gorshenin, Alexey
This paper examines how selected firm and macroeconomic determinants affect the investment activity of firms in developed and developing countries. The objective was to identify the impact of economic and political uncertainty on the investment activity of firms in these countries. In this paper, panel data regression analyses were conducted using the least squares fixed effects method. The results showed a negative relationship between economic-political ncertainty and firms' investment activity; however, the effect is weaker in developing countries than in developer.
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Determinants of the Residential Real Estate Prices in Selected EU Countries
Rákosníková, Andrea ; Hlaváček, Michal (advisor) ; Schwarz, Jiří (referee)
This thesis aims to identify the determinants of real housing prices in the 13 newest EU member states. Determinants were identified using individual time series and aggregate panel analyses to ensure the best results. Cointegrating relationships were confirmed through testing and factored into the choice of estimation methods. The time series regression was done using the VECM, and the same method was used to test the theory that the capitals are the price leaders in housing markets. Results revealed that this effect is limited to only some markets, particularly affecting Czechia and Slovakia. Panel analyses, done using the PDOLS and ECM, were used to examine determinants and the speed of convergence of variables to equilibrium. The results of the aggregate panel regression showed that numerous determinants, namely the construction prices, GDP, number of housing permits, rents, and population, affect housing prices significantly. However, area-specific panels and time series models highlighted significant variations in results across countries. For example, GDP is not a significant determinant in V4 countries, while its effect is vital for the Balkans. The most surprising results were observed for Cyprus and Malta, where the relationships between the prices and determinants seem to be distorted by...
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Determinants of Residential Property Prices in Russian Federation
Burešová, Kristina ; Kalabiška, Roman (advisor) ; Hlaváček, Michal (referee)
The thesis investigates the determinants of apartment prices in Russia. We examined the relationships between quarterly apartment prices in the primary and secondary markets and a wide range of explanatory variables using a het- erogeneous panel of 73 regions from 2005 Q1 to 2019 Q4. Because the variables were co-integrated, the long-run relationships were estimated using a panel dynamic OLS. The short-run dynamic was captured by the error correction model. Wages and construction costs were found to be the core determinants of apartment prices in both the primary and secondary markets. Construc- tion costs were dominant in the primary market and wages in the secondary market. Unemployment, age structure, migration, exchange rate index, and existing apartment area per capita were identified as additional price determi- nants. Negative error correction terms implied that, following a market shock, apartment prices would revert to their long-run equilibria. The sample was then divided into subsets containing wealthy and poor regions to test for ro- bustness. The regression results suggested di erent dynamics in the wealthy regions, but otherwise confirmed the results' robustness. Finally, subperiods were subjected to indicative analysis. However, no significant changes were observed following the 2008...
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Macroeconomic Determinants of Crime: Evidence from Scandinavia
Hocková, Michaela ; Kalabiška, Roman (advisor) ; Cahlík, Tomáš (referee)
This thesis examines how various macroeconomic and demographic indicators infuence criminality in Scandinavian countries, taking into account existing literature on the determinants of crime in other regions. Using a combination of the vector error correction model and basic panel data techniques, several important fndings are extrapolated both on cross-country and regional levels. Unemployment, infation and divorces infuence the number of homicides and sexual crimes positively but property ofences negatively. Criminality in Scan- dinavia is also negatively related to average age and positively to population density. The importance of individual analyses for diferent global regions and crime types before the implementation of crime reduction policies is highlighted. JEL Classifcation A12, C23, J11, K42, O52, R19 Keywords criminality, panel regression, VECM, regional analysis, Scandinavia Title Macroeconomic Determinants of Crime: Evidence from Scandinavia
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Housing prices in Prague- their developments and prediction
Petr, Adam ; Hlaváček, Michal (advisor) ; Rippel, Milan (referee)
The housing prices in Prague had risen by more than 63% between 2002 and 2008. However since August 2008, when they reached their peak, they have been almost constantly falling. Most of the publications regarding housing prices are taking into account Prague as one of the Czech regions. On the contrary, this work analyzes housing prices in Prague and its 22 districts. In first part of this work the indicators of rent-to-price ratio, price-to-income ratio and new building development factors are considered to explain possible future development of housing prices. This is seemed to continue falling during the year 2011. The second analytical part tries to explain the housing prices according to specific locality features and macroeconomic aspects. The panel regression is used and it reveals that the most significant attributes are the macroeconomic features.
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Housing Prices in the Czech Republic and Slovakia: Regional Comparison
Cempírek, Petr ; Hlaváček, Michal (advisor) ; Žigraiová, Diana (referee)
The objective of the present Bachelor's thesis is to compare the behavior of housing prices in the Czech Republic and Slovakia using econometric analysis. First, the author presents the historical context and basic housing indicators. After verifying that variables in dataset are cointegrated, a panel DOLS es- timator for modelling housing prices is employed. The author uses quarterly regional data in order to analyze the response of basic housing price fundamen- tals in the two countries that formed one federation until 1992. By forming a short run equation with an error-correction term the author checks for the existence of long run housing price equilibrium and for the speed of price rever- sion to equilibrium in case it is misaligned. The author then focuses on housing price misalignments as well as their dynamics in the individual regions.
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Determinants of the residential real estate prices in the CEECs
Stefanov, Adam ; Hlaváček, Michal (advisor) ; Chadimová, Kateřina (referee)
The development of residential house prices has been watched since the global economic crisis in 2008, because overpriced house prices and their following burst was one of the main factors of this crisis. The goal of this work is to analyse the influence of macroeconomic factors on house price growth in ten Central and Eastern European countries since the beginning of the third millennium. The main used methods are P/I and P/R ratios, graphical comparison of price leader effect of the capital city, and house price development and panel data analysis. P/I and P/R ratios show a slowly forming bubble in some countries, but they still do not reach pre-crisis values. Graphical analysis of the price leader effect confirmed the leader effect of the capital. Panel data analysis with fixed effects method was divided into several parts according to the frequency of the data and geographical relationship between countries. Analysis shows connection between house prices and economic growth, real wages and unemployment rate. In some regions, analysis points to the influence of the demographic factors or financial market development. Diversity of the results is caused by the fact that house prices are determined by different factors in different regions. Issues with the data also play some role in these...
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Pricing of bonds and credit default swaps: Evidence from a panel of European companies
Smotlachová, Eva ; Baruník, Jozef (advisor) ; Malinská, Barbora (referee)
The aim of the thesis is to investigate determinants of corporate bond and CDS contract pricing using a sample of 34 European companies over the period 2008-2014. This work extends existing literature by studying differences in determinants of bond and CDS spreads not only for different time periods, but also for different sets of companies grouped by geography, industry, and profitability. The results reveal that bond and CDS spreads are generally influenced by similar factors, with a company's credit rating being the most influential factor. Nevertheless, the investigation of time-specific estimations suggests that firm-specific factors play a more significant role in pricing bonds, whereas market factors have a higher impact on CDS spreads. The analysis of the subsamples reveals substantial differences in regression results for individual groups of companies, which suggests a presence of idiosyncratic factors. Our conclusion is that the pricing of bonds and CDS contracts is not only time-dependent, but also unique for different groups of companies, which implies a necessity to use different pricing models for individual contracts.
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Housing Prices in the Czech Republic and Slovakia: Regional Comparison
Cempírek, Petr ; Hlaváček, Michal (advisor) ; Žigraiová, Diana (referee)
The objective of the present Bachelor's thesis is to compare the behavior of housing prices in the Czech Republic and Slovakia using econometric analysis. First, the author presents the historical context and basic housing indicators. After verifying that variables in dataset are cointegrated, a panel DOLS es- timator for modelling housing prices is employed. The author uses quarterly regional data in order to analyze the response of basic housing price fundamen- tals in the two countries that formed one federation until 1992. By forming a short run equation with an error-correction term the author checks for the existence of long run housing price equilibrium and for the speed of price rever- sion to equilibrium in case it is misaligned. The author then focuses on housing price misalignments as well as their dynamics in the individual regions.
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