abstract: This dissertation consists of two essays on corporate policy. The first chapter analyzes whether being labeled a “growth” firm or a “value” firm affects the firm’s dividend policy. I focus on the dividend policy because of its discretionary nature and the link to investor demand. To address endogeneity concerns, I use regression discontinuity design around the threshold to assign firms to each category. The results show that “value” firms have a significantly higher dividend payout - about four percentage points - than growth firms. This approach establishes a causal link between firm “growth/value” labels and dividend policy. The second chapter develops investment policy model which associated with du- ration of cash flow. Firms are doing their business by operating a portfolio of projects that have various duration, and the duration of the project portfolio generates dif- ferent duration of cash flow stream. By assuming the duration of cash flow as a firm specific characteristic, this paper analyzes how the duration of cash flow affects firms’ investment decision. I develop a model of investment, external finance, and savings to characterize how firms’ decision is affected by the duration of cash flow. Firms maximize total value of cash flow, while they have to maintain their solvency by paying a fixed cost for the operation. I empirically confirm the positive correlation between duration of cash flow and investment with theoretical support. Financial constraint suffocates the firm when they face solvency issue, so that model with financial constraint shows that the correlation between duration of cash flow and investment is stronger than low financial constraint case. / Dissertation/Thesis / Doctoral Dissertation Economics 2015

The dissertation analyses a possibility to install a steam turbine for steam reduction in the heating plant with a combined cycle, Červený Mlýn. In the first part of this work the constituent parts of Červený Mlýn plant are briefly described. Basic information is included about two considered solutions to the steam turbine for steam reduction. Then the thermic diagram of the whole heating plant and the heat exchanger station itself is presented. On the basis of the given values of the heat required in the hydrothermal system, duration of the steam flow through both variants of the steam turbine for steam reduction is determined. The thermodynamic calculation of the steam turbine for steam reduction is aimed at determination of the power output and its comparison with the power outputs of the steam turbines for steam reduction considered. In the economical profitability calculation, basic economical quantities are given for both the solutions and the more suitable solution is recommended.