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Alternative Investment in Art Assets
Kruja, Mirela ; Horváth, Roman (advisor) ; Komárek, Luboš (referee)
Tato práce zkoumá vliv tržní nejistoty na investice do alternativních tříd aktiv, konkrétně uměleckých sběratelských předmětů, vína a známek, v období 50 let, které vedly k hospodářskému útlumu roku 2000, od roku 1960 do roku 2007. Zkoumá předpoklad, že takové investice mohou zajistit riziko v době finanční nestability, a tak doplnit tradiční investiční strategie. Cílem studie je poskytnout empirický důkaz o vztahu mezi cenou těchto alternativních tříd aktiv a makroekonomickými proměnnými. Tato práce by měla sloužit jako aktualizace stávajícího souboru literatury o alternativních investicích do sběratelských předmětů a poskytovat cenné poznatky o tom, jak nejistota na trhu utváří investiční chování. Celkově výsledky studie ukazují, že dynamika makroekonomickch proménnch hraje významnou roli při utváření cen na trhu s uměním a potažmo i na dalších alternativních investičních trzích, zatímco analýza této studie zdůrazňuje roli makroekonomických podmínek, jako je úrok sazby, míra inflace a index EPU. Klasifikace D81, G11, Z11 Klíčová slova alternativní investice, index cen umění, index cen vína, index cen známek, investice, kointegrační model, sběratelské předměty Název práce Alternativní investice do uměleckého majetku
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Alternative Investment in Art Assets
Kruja, Mirela ; Horváth, Roman (advisor) ; Červinka, Michal (referee)
This thesis investigates the influence of market uncertainty on investments in alternative asset classes, specifically art collectibles, wine, and stamps, over a span of 50 years leading up to the economic downturn of the 2000s, from 1960 to 2007. It explores the premise that such investments can hedge risk during times of financial instability, thus complementing traditional investment strategies. The study aims to provide empirical evidence of the relationship between the price of these alternative asset classes and macroeconomic variables. This paper should serve as an update to the existing body of literature on alternative investments in collectibles, providing valuable insights into how market uncertainty shapes investment behavior. Overall, the results of the study show that wealth and income dynamics play a significant role in shaping the prices in the art market, and by extension, other alternative investment markets, while the analysis of this study emphasizes the role of macroeconomic conditions such as interest rates, inflation rate, and the EPU Index more. JEL Classification D81, G11, Z11 Keywords alternative investments, art price index, wine price index, stamp price index, investment, cointegration model, collectibles Title Alternative Investment in Art Assets
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Statistical development of price level in Czech Republic and Canada
Dibelka, Jiří ; Fischer, Jakub (advisor) ; Musil, Petr (referee)
The vision of this work is in a closer look at CPI of Canada and Czech Republic, their closer composition and comparison of parts. We used mainly composition of consumer baskets in Czech and in Canada. We compared methods of construction of CPI. More focus is in Canadian CPI index, which is not much known in Czech Republic. I have tried to have a closer look at each part and interesting things about constructing the index and its explanations. The main asset of this work is in comparison the two consumer price indexes and their components as well as their differences we can find. I have used some interesting things about the life in Canada as I have experienced it by myself.
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The assessment of price developments of pork meat in selected EU countries
HAUZEROVÁ, Jana
The main objective of this work is to analyze the prices of pork in selected EU countries in the period 2003-2013. This work consists of several parts. In the first part dealt with theoretical issues - agriculture sector, and therefore the Czech agriculture, the issue of the pricing in agriculture. The last part of the theoretical part contains a comparison of costs and revenues on a pig.The second part is called the methodology, this section contains instructions for calculations that are performed in solutions and results. The third part contains the results of calculations, because the prices of agricultural producers were used per 100 kg live weight and average annual wages. At the end of the work are collected all the results obtained in this work results.
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Impact of taxation of electricity, natural gas and solid fuels on sectors of NACE in the Czech Republic
Zimmermannová, Jarmila ; Jílková, Jiřina (advisor) ; Šauer, Petr (referee) ; Hájek, Miroslav (referee)
The main target of the thesis is analysing of short-term indirect cross-sectoral impacts of taxation of electricity, solid fuels and natural gas on particular sectors of NACE in the Czech Republic, especially impacts on production prices. The key instrument for the analysis is the short-term price model for the Czech Republic, created as a component of the thesis. A secondary target is focused on the analysis of direct impacts, especially impacts on prices and expenditures of particular sectors of NACE. Within the scope of the main target, there are five different variants of taxation. For each of them the impact of taxation of particular commodities on changes in production prices of particular sectors of NACE is simulated. Than two different variants, both of them including taxation of all commodities, are compared. The thesis includes also two hypotheses, which are going to be confirmed or disproved on the basis of obtained results. For achieving the main target the methodology of Leontief input -- output analysis was chosen (Leontief, 1966). This is the key instrument for creating short-term price model for the Czech Republic. This method is suitable especially for analysing short-term cross-sectoral impacts, however under necessary condition of no changes in current technologies, agreements and cross-sectoral relations. This condition represents strict limitation for the price model created for the thesis. Regarding scientific contribution, the main asset of this thesis is creation of macroeconomic short-term price model for the Czech Republic, which is based on methodology of Leontief input -- output analysis. The additional contribution is calculation of the short-term impacts of new environmental taxation on production prices of particular sectors of NACE. Considering available information, environmental taxes in the Czech Republic have not been analysed by Leontief input - output methodology yet. There is not also sufficient analysis of environmental taxes impacts on particular sectors of NACE in the Czech Republic. The thesis is divided to seven chapters. The first chapter focuses on introduction to environmental tax regulation issue. The second chapter presents theories and concepts of taxation impact analysis. The third chapter focuses on models and empirical research in environmental taxation area. The fourth chapter is dealing with basic practical aspects of introduction of new energy taxation in the Czech republic and presents data useful for the following analysis. The fifth chapter consists of describing of applied methodology and describing of creation of the price model. The sixth chapter summarises results of simulation of direct impact of taxation on average prices for companies and on expenditures of particular sectors of NACE. The seventh chapter presents results of cross-sectoral analysis of indirect macroeconomic impacts for all variants; the chapter includes also testing of hypotheses and comments of final results.
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