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This thesis studies the effect of index components changes on the stock prices of added and deleted components. Specifically, the thesis follows two market indexes from Western Europe, CAC 40 and DAX 30, in the period from financial crisis in 2008 to 2020. The theory of Efficient Market Hypothesis suggests that index components change should not impact firm's price, because the index membership is supposed to have no new information, the findings of various researchers found out the opposite. There are several hypotheses, which try to explain these effects. In this thesis three methods were used to estimate the effect of addition and deletion, these were abnormal return, abnormal trading volume and close open difference calculation. The results obtained by all three methods were mostly consistent with the results of previous studies of the US indexes. The calculation of abnormal volume reported significant and expected results for both indexes, which suggested that the day before the change has the highest abnormal volume. Also, the results for close open differences discovered expected pattern, that the highest change happens usually on the day after announcement, which informs about how fast investors reply to index change. The abnormal returns for the CAC 40 index show expected significant...

This thesis is focused on issues of community financing, also known as crowdfunding, that is at present a popular form of obtaining financial resources to different projects. In my thesis, I explore a data set of 150 observations of individual projects from the platform HitHit, which operates in the Czech republic. The empirical part reveales the influence of different factors on the success of a crowdfunding campaign. Some of the significant factors are different ways of spreading informations (web pages, social networks or television broadcast), variability in offered rewards, aspects of the video on the platform, local restrictions, demanded amount of money, but also the length of a project description. The main contribution is the revelation and explanation of some factors and the use of econometric models in Czech crowdfunding scene.

The aim of my bachelor thesis is to test the hypothesis claiming that increase in the total allocation of European Structural and Investment Funds will foster economic growth and reduce unemployment in recipient countries. The econometric analysis has been based on a fixed effects method applied on annual panel data stemming from annual observations carried out in 26 EU Member States in a period 2004-2014, or in 21 EU Member States in a period 2000-2014. It has not been possible to verify the above mentioned hypothesis in the framework of a modified New Keynesian´s growth model and Fedeli´s (2014) unemployment model. The problem partly lies in the crowding out of public spending to alternative uses, which the European Commission cannot efficiently prevent.

By the use of questionnaire, which was filled by 516 college students, was performed an empirical study investigating impact of digital piracy on sales displacement and consumer surplus. Firstly, based on the knowledge gained from theoretical literature this thesis assesses: piracy of films increases consumer surplus by 393 CZK per capita in observed data sample. Secondly, there is a negative relationship between the first unpaid consumption which reduces paid consumption by approximately 0.06 unit. However, the second unpaid consumption increases paid consumption by 0.71 unit. These findings suggest strong influence of sampling and network effect, while both are largely caused by the possibility of digital piracy. Therefore, unpaid consumption may increase movie industry sales. Overall, this thesis concludes that digital piracy increases consumer surplus and movie market sales.

This thesis focuses on the influence of private enrolment in OECD countries on education performance exhibited by students. In my work I analyse panel data portraying annual status of economy and education system in 34 OECD countries from 2000 till 2014. In the first part, I present the historical evolution of the approach to education in terms of public and private goods, in the second part, I provide an overview of related literature that provides a cornerstone for my practical part. In my practical part, I investigate the influence of economic background of OECD countries, educational system and rate of private enrolment on students´ performance. The conclusion of my models did not confirm my hypothesis of beneficial influence of private enrolment on performance. Private enrolment is insignificant in majority of models. Reasoning for this phenomenon may be different approach of students to private education. In some countries, private institutions are perceived as complement and in some as a substitute to good cognitive abilities.

Studies investigating stock-exchange anomalies -- mainly with respect to returns and volatility -- have been emerging in recent years and decades. This work explores whether weather conditions, days of the week, length of daylight, seasonal affective disorder, holidays, and lunar phase affect trading volume. Segmented into two parts, the work primarily analyses time-series cross-sectional data covering 12 major stock exchanges and spanning from January 2010 to March 2015. The other part of the work focuses on a detailed analysis of the New York Stock Exchange using only time-series data obtained for the time period from January 2001 to December 2009. Additionally, this period is further split to two time spans as the NYSE fundamentally changed its trading system during the period in question. We find strong evidence of the Monday effect -- manifested in low trading volume on Mondays -- recognizable in the time-series cross-sectional part of the analysis, as well as in the time-series part. Other aforementioned anomalies either do not affect the trading volume significantly or their effect is statistically significant only in one of the two parts of the analysis.

Aim of this thesis was finding out whether there is asymmetry on gasoline market in Czech republic, which is common knowledge or if asymmetry is only illusion. With daily data about gasoline and diesel prices from CZ market and also daily Brent Crude Oil price, thesis tires to prove that there is no asymmetry on the market. Analysis was done with asymmetric error correction model and further testing of asymmetry with koeficients from ECM. Results yield that both gasoline and diesel markets show rather symmetrical reaction on entry price change. Asymmetry was proven only in few lags and final statement is that asymmetry on market in Czech republic is rather illusion then reality.

Thesis analyses relevance of patent application in competitive and price policy of company. Patents are generally current topic, patents have significant impact on the market structure. Filing a patent application is the first step to granting a patent. Base of the thesis is economic model, which is built to be as much similar as possible with real market of the company. That company provided to me data which are necessary for this thesis. Entire model is built on decision making of that company about development start and filing patent application. In the end of this thesis there are substituted real company data into the model. This substitution proves that filing the patent application has significant impact on competitive situation on the market.

Contemporary China is facing the threat of rapidly aging population. Increasing portion of the economically inactive part of the population is already putting a significant strain on the Chinese pension system. Health care and social security system are still underdeveloped and also unprepared for this trend. As an attempt to reduce this issue by revitalizing the low birth rate, Chinese one-child policy underwent a significant relaxation in 2007. The expected acceleration of the birth rate however did not occur. Using the panel data from 31 regions of China between the period 2001 and 2013, I have analyzed this issue. My thesis provides the evidence, that one-child policy is not the exclusive culprit behind the continued trend of below-replacement fertility levels. Socioeconomic environment in China underwent a rapid transformation during the past 37 years. One of the socioeconomic factors newly affecting the Chinese birth rate level is the wealth. This is manifested by the inverse relationship between the wealth and fertility and it is known as the demographic-economic paradox. This thesis proves the presence of this phenomenon across the regions of China. It also demonstrates that it could have at least partly counterweighted the effect, which one-child policy easing had on birth rate in 2007. Since the one-child policy has lost significant part of its normative power to other factors affecting the birth rate, I am arguing it is the sign, that one-child policy is slowly becoming redundant on its own.

This study is titled and its main purpose is to evaluate possible solutions to the inflation crisis in Argentina. The work will specifically look at the monetary history of Argentina until the most recent days, then it will examine causes of Argentinian inflation and present possible solutions to it. Finally, it examines them and come up with the best theoretical plan.

Thesis have quantified the total number of students from 1999 until 3th March, 2015 who graduated within the excess year after the standard length of study (SDS). During the reporting period, the total number of finished studies in SDS plus anadditional semester totalled nearly 130,000 students, in SDS plus an additional one year were then finished 117,000 studies. The total number of failed studies, which ended up in the additional extra year in period is 40,000, of which 28,000 in SDS plus one semester and 12,000 in SDS increased by one year. Direct costs of the prolonged studies were estimated at 1.1 billion Kč for 2014. Of which 200 million are sunk costs to studies that have not been completed successfully. The work also calculated the opportunity costs in terms of revenue that could have Czech Republic earned, if the student have finished in SDS and have worked which was estimated at 4.7 billion Kč including both direct and indirect taxes.

This thesis proves that Venezuela is going through the so called and shows all the effects of this disease to international trade indicators and finally evaluates which proposal how to help Venezuela to deal with it is most in line with the empirical data from World Bank and FRED. All the empirical evidences for Dutch disease worldwide effects are demonstrated on Oman, Kazakhstan, Azerbaijan, Ghana and Norway. The hypothesis about influences of Dutch disease on international trade of Venezuela was proved and discussed by correlation analysis. Among key focused metrics are included GDP growth, Exports and Imports of goods and services, Unemployment, General government final consumption expenditure and Real effective exchange rate.

The aim of this paper is to find out, if the foreign exchange intervention executed by Czech National Bank influenced car sales in Czech Republic. Similar research was not examined by any author so far. The study analyze the case of four most sold car brands in Czech Republic (Hyundai, Skoda, Volkswagen, Opel) between the years 2012 and 2014. Positive impact of the intervention was found out in two cases.

Is GDP per capita one of the main drivers affecting demand for passenger air travelling? Based on the time series analysis conducted for North American and Middle Eastern region, we have not rejected hypothesis about positive impact of GDP per capita on demand for air travelling. The thesis also analyzes whether the effects observed are weaker for more developed and more saturated markets. The second hypothesis was rejected, as we have found that the effect of the GDP per capita was on average 10% stronger for the North American region than for the Middle Eastern region. Moreover, we have found that for both regions oil prices are the important driver of the passenger air travel demand.

The goal of this thesis is to assess information contained in internet user's activity. I focus on two sources of data: Google Trends and sentiment contained in StockTwits posts. For both of them I examine the correlation of its percentage changes and percentage changes of variables describing the stock market development. Econometric testing consists of three phases, first is Least Squares Method, then ARIMA model, and lastly testing for Granger Causality. Conclusions are that activity of internet users does contain valuable information. The correlations are strongest for firms operating in IT business or generally focusing on modern technologies. Strong correlation is between trade volume or market volatility and Google Trends, whereas sentiment in post on StockTwits is statistically significant for stock price development.

The thesis focuses on the influence of target interest rates set by central banks to stimulate property markets, in particular on the impact of these rates on real estate pricing and the subsequent bubbles in the housing market. In my work I analyse panel data portraying the quarterly performance of 29 European states from early 2000 till the end of second quarter of 2015. In the first part I investigate the influence of interest rates on property prices and find out that a one percentage point decrease of the target interest rate by the central bank resulted in a rise of 0.897 points in the house price index. In the second part I evaluate the impact of this instrument on the creation of a housing bubble, which is represented by the indicator of housing price sustainability. I estimate that an decrease in interest rates by one percentage point is concomitant with a increase of growth of the price bubble by 0,28 %. I thus validate my hypotheses on the negative correlation between the aforementioned variables.

This thesis analyzes the influence of publicized events on stock price of football teams. For this, event study method and regression model was used. Publicized events were significant win in competitions or corruption scandal in Italian football. This thesis found out, that some events influence investor behavior, for example corruption scandal in Italian football or FC Porto win in Champions league final. Efficient market hypothesis was not disprove. Furthermore, it was found that fans -- investors respond to the results of his team, especially surprising wins and goal difference. Higher volume of stocks is traded in the season than out of season.

This thesis deals with gathering of private information when company tries to enter on concentrated markets. Aim of the thesis is to show how much private information will company require and how is its output and profit affected by private information. Thesis uses standard optimalization tools of microeconomic analysis.

The thesis examines the effect of the number of judges on court output in the Czech Republic. It is based on the theory of a rational judge and the hypothesis that after the appointment of new judges, the incumbent judges face lower caseload pressure and they can decrease their effort. It follows that the change in the court output is very small or non-existent. I develop a model that specifies court output as a function of judicial staffing, caseload and other variables. I employ OLS, FE and 2SLS estimation methods. The estimation results suggest that the number of judges does not affect court output in the case of district courts. In the case of regional courts, a 10% growth in the number of judges leads approximately to a 5% growth in the number of resolved cases. Furthermore, estimates suggest that all courts strongly react on changes in the caseload. I also show that the quantity-quality trade-off is not present at courts in the Czech Republic. The thesis contributes to thin empirical literature on the effect of judicial staffing on court output mainly by controlling for the case difficulty and by using panel data from the Czech Republic.