The paper analyzes effects of the financial crisis on stock market of the Czech Republic and Spain. We employ BEKK-GARCH model in order to study volatility spillovers and transmissions from the US stock market to stock markets of the Czech Republic and Spain. The multivariate GARCH models results show statistically significant, but relatively small, almost irrelevant volatility spillovers from the US stock market to stock markets of the Czech Republic and Spain. The Czech stock market exhibits higher conditional correlation coefficient than the Spanish stock market.

The main objective of the thesis is to analyse impact of wavelet covariance estimation in the context of Markowitz mean-variance portfolio selection. We use a rolling window to apply maximum overlap discrete wavelet transform to daily returns of 28 companies from DJIA 30 index. In each step, we compute portfolio weights of global minimum variance portfolio and use those weights in the out-of- sample forecasts of portfolio returns. We let rebalancing period to vary in order to test influence of long-term and short-term traders. Moreover, we test impact of different wavelet filters including Haar, D4 and LA8. Results reveal that only portfolios based on the first scale wavelet covariance produce significantly higher returns than portfolios based on the whole sample covariance. The disadvantage of those portfolios is higher riskiness of returns represented by higher Value at Risk and Expected Shortfall, as well as higher instability of portfolio weights represented by shorter period that is required for portfolio weights to significantly differ. The impact of different wavelet filters is rather minor. The results suggest that all relevant information about the financial market is contained in the first wavelet scale and that the dynamics of this scale is more intense than the dynamics of the whole market.

Relationships between insurance variables representing the cash flows of the Czech insurance market can be effectively modeled using a dynamic system of linear simultaneous equations. The source of the underlying data to build such a model can be publicly available annual reports of the Czech Insurance Association. The resulting model can find its use mainly to predict the future development of financial flows based on historical observations and analysis of possible scenarios. It is this analysis of potential projections and their consequences which provides insight into how e.g. a future decrease of new insurance policies would affect the expected amount of claims costs and the volume of written premiums.

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Master of Science / Department of Agricultural Economics / Timothy J. Dalton / Smallholder farmers in Tanzania remain susceptible to food insecurity and poverty. To combat these challenges, the country and development organizations have turned to agriculture. In particular, value chains have been identified as a point of interest. Specifically, the maize value chain is of critical importance since maize is the staple crop of the country as well as the staple carbohydrate in the Tanzanian diet. Markets are beneficial because they enable households to specialize in agricultural production according to their comparative advantage. Specifically, markets have been shown to be one tool for increasing welfare, measured through the proxy income. The objective of this thesis is to identify the determinants of a household’s decision to participate in the maize market as well as identify the determinants of a household’s decision regarding how much maize to sell in a given market. This research examines formal and informal market participation among 908 households during the 2008 long rainy season. Probit models were estimated to determine market participation for the formal, informal, and aggregate sale market levels. A Heckman OLS model was used to further analyze the value sold by the household in a given market. Econometric results indicate that “quantity harvested” positively and significantly impacts market participation decisions as well as value sold decisions. The variable “male-headed households” was positive and significant in the formal market while the variable showed no significant impact in the informal market participation model. Both “radio ownership” and “mobile telephone ownership” proved to be positive and significant in the formal model while only the ownership of a radio was significant in the informal market. Additionally it was found that for the formal market participation decision, “bicycle ownership” was positive and significant. Overall, it appears that households participate in the informal market as a way to meet cash needs since farmers were not price-responsive. However, in the formal market farmers were found to be very price-responsive, following neo-classical economic theory.

Master of Science / Department of Agricultural Economics / Vincent Amanor-Boadu / Transaction costs, one of the most significant barriers to market participation, may vary by buyer type. Depending on who a farmer sells their produce to, they may alter their potential transaction costs consequently influencing their market participation. This study examines the effect of buyer type on smallholder market participation in Northern Ghana where poverty is still endemic and often exacerbated by fewer opportunities for commercialization such as limited access to markets. The analysis is based on data from the agriculture production survey conducted in 2013 and 2014 and the Population based Survey conducted in 2012 in northern Ghana. Analysis is performed using the Double Hurdle approach to control for self-selection bias, ensure more flexibility on the variables affecting the decision to sell and how much to sell as well as to provide unconditional effects of the variables on market participation. The results reveal greater market participation of cash crop producing farmers than those producing a lower value food crop - Maize. The results also show that farmers selling to aggregator-type middlemen and other buyers have a propensity to sell more. The aggregators and ‘other buyers’ buy in bulky, offer lower prices and are associated with lower transport, loading and offloading costs than consumers. Farm output, access to information and price also have a significant positive impact on intensity of market participation. These findings support policy initiatives such as supporting aggregator-type middlemen, increasing the provision of information, promotion of cash crops as well as supporting more interventions focusing on increasing production and yields.

M.Com. (Economics) / The objective of this study, as stated in the hypothesis, was to study the role played by the South African long-term insurance industry in the market for loanable funds. The collectivization of personal savings by the long-term insurance industry and the growth of the industry since the Second World War are factors of great importance for economic growth in South Africa. The high priority given to employment, the specific characteristics of the country's natural resources, the infrastructural requirements and the socio-economic policy of the country make it essential to give every incentive to capital formation and to use such capital as may be available in the most economic manner ...

Given the increasing competition in the software industry and the critical consequences of software errors, it has become important for companies to achieve high levels of software quality. While cost reduction and timeliness of projects continue to be important measures, software companies are placing increasing attention on identifying the user needs and better defining software quality from a customer perspective. Software quality goes beyond just correcting the defects that arise from any deviations from the functional requirements. System engineers also have to focus on a large number of quality requirements such as security, availability, reliability, maintainability, performance and temporal correctness requirements. The fulfillment of these run-time observable quality requirements is important for customer satisfaction and project success. Generating early forecasts of potential quality problems can have significant benefits to quality improvement. One approach to better software quality is to improve the overall development cycle in order to prevent the introduction of defects and improve run-time quality factors. Many methods and techniques are available which can be used to forecast quality of an ongoing project such as statistical models, opinion polls, survey methods etc. These methods have known strengths and weaknesses and accurate forecasting is still a major issue. This research utilized a novel approach using prediction markets, which has proved useful in a variety of situations. In a prediction market for software quality, individual estimates from diverse project stakeholders such as project managers, developers, testers, and users were collected at various points in time during the project. Analogous to the financial futures markets, a security (or contract) was defined that represents the quality requirements and various stakeholders traded the securities using the prevailing market price and their private information. The equilibrium market price represents the best aggregate of diverse opinions. Among many software quality factors, this research focused on predicting the software correctness. The goal of the study was to evaluate if a suitably designed prediction market would generate a more accurate estimate of software quality than a survey method which polls subjects. Data were collected using a live software project in three stages: viz., the requirements phase, an early release phase and a final release phase. The efficacy of the market was tested with results from prediction markets by (i) comparing the market outcomes to final project outcome, and (ii) by comparing market outcomes to results of opinion poll. Analysis of data suggests that predictions generated using the prediction market are significantly different from those generated using polls at early release and final release stages. The prediction market estimates were also closer to the actual probability estimates for quality compared to the polls. Overall, the results suggest that suitably designed prediction markets provide better forecasts of potential quality problems than polls.

Does efficient internal investment generally translate into successful external investment activities? In this research we use the internal capital allocation efficiency as a proxy for the efficiency of internal investment, and study whether firms that are internally efficient also make efficient external investment decisions. Our sample consists of multi-segment acquirers that announce acquisitions between 1986 and 2003 (only completed deals are included). We estimate short-term and long-term abnormal performance, excess value and operating performance around mergers in order to measure the success of acquisitions (external investment decisions). Our results indicate that internal capital allocation efficiency is indeed a significant factor in the success of acquisition. Firms that are internally efficient also make efficient external investment decisions. Conversely, internally inefficient firms are also externally inefficient. Thus, our results indicate that internal efficiency can be used as a predictor of the success and efficiency of external investment decisions.

The Dissertation work assesses the position of Renault brand on the market of personal and light utility vehicles in Czech Republic through the competitive analysis. Theoretical part describes methods of the sector analysis and competitor analysis. That part is focused on the competitive advantage as the main pillar of success in terms of the competition battles on the market. Introduction of the practical part depicts current situation, structure and and genesis of the car market in the Czech Republic. It is followed by image analysis of the Renault brand and its comparison with other significant vehicle brands. Practical part is concluded by comparison of competitors in the particular segment determined according to results of the Renault portfolio analysis.