The goal of this thesis is to analyze the current status of the Czech real estate market and to assess the outlook of the Czech real estate market to year 2016. The analysis will be performed using a strategic outlook as well as a competition benchmark. The prognosis of the future development of the Czech real estate market will be assessed by developing a comprehensive model capturing the development of revenues on the real estate market. From the public policy's point of view, this is a very up-to-date topic to analyze, as the real estate market is an important barometer of economic outlook in any country. The troubles that were brought by the US mortgage crisis have undoubtedly affected the situation on the real estate market in the Czech republic. The theoretical part of this work will characterize used definitions, such as public policy, economic cycle, economic crisis, real estate market, real estate market bubble, mortgage crisis etc. In the analytical part of this work I shall develop a model that captures the development of the Czech real estate market with focus on parameters of realized transactions in the given year and the development of prices. To evaluate the current situation of the market I shall conduct a strategic analysis and the estimated future development will be captured by conducting a regression analysis using historic data to estimate the development to year 2016.

No description available.

La présente recherche s’intéresse à l’étude des déterminants des opérations de fusions et acquisitions dans les secteurs à forte innovation. Au fil des années, le nombre et l’importance des fusions et acquisitions d’entreprises se sont considérablement accrus. Aujourd’hui, ces opérations sont au cœur des stratégies des entreprises. De par son évolution, cette question représente un intérêt majeur pour le monde académique et pour les entreprises dans leur logique de croissance externe. Notre recherche vise à enrichir l’analyse de ces opérations en mettant l’accent sur l’impact de l’environnement et sur les acteurs. Il s’agit d’identifier dans le contexte français, les facteurs influençant la nature des acteurs dans les opérations de fusions et acquisitions. Une analyse en régression logistique nous a permis d’analyser ces déterminants. Sur la période 2003-2014, nous avons analysé 114 opérations de fusions et acquisitions des entreprises du secteur de l’industrie pharmaceutique. Les résultats révèlent que la recherche d'innovation n'est pas un facteur significatif de ces opérations. Aussi, la proximité au sens large des acteurs influence positivement les opérations. Enfin, nous observons que les opérations de fusions et acquisitions évoluent différemment en fonction du cycle économique de la période de l’opération / This research examines the determinants of mergers and acquisitions. Over the years, the number and magnitude of corporate mergers and acquisitions has grown considerably. Today, these operations are at the heart of the economy and business strategy. As a result of its evolution, this issue represents a major interest for the academic world and for companies in their logic of external growth. Our research aims to enrich the analysis on these operations by focusing on the impact of the environment and on the actors. The aim is to identify in the French context the factors influencing the nature of the players involved in mergers and acquisitions. A logistic regression analysis allowed us to analyze these determinants. Over the period 2003-2014, we analyzed 114 mergers and acquisitions of companies in the pharmaceutical industry. The results show that the search for innovation is not a significant factor in these operations. Also, the proximity in the broad sense of the actors positively influences the operations. Finally, mergers and acquisitions transactions change differently depending on the business cycle of the transaction period

Bakgrund: Tidigare studier faller väl i linje med den bakomliggande teorin, att det förvärvande företagets avkastning ska sjunka i samband med offentliggörandet av förvärv. Dock har detta samband ifrågasatts av studier genomförda på senare tid som inte kunnat visa på signifikanta samband och i vissa fall även påvisat positiva avkastningar. Utfallet tycks vara beroende av många variabler varpå konjunkturen, finansieringen av förvärvet och förvärvsstorleken varit återkommande i flertalet studier inom ämnet. Syfte: Studiens syfte är att analysera om och hur företagsförvärv påverkar aktiekursen för det förvärvande företaget vid offentliggörandet av förvärv på den svenska marknaden januari 2004 till december 2014, samt hur konjunkturläget, finansieringen och det förvärvade företagets relativa storlek påverkar avkastningen. Genomförande: För att uppnå syftet med uppsatsen genomförs empiriska studier. Analysen av förvärvs påverkan på aktiekurs är av typen eventstudie som utgår från historiska tidsserier över prisutvecklingen för det förvärvande bolagets aktie. Studien utgår från en deduktiv ansats. Resultat: Studien visar att tio dagar kring offentliggörandet av ett företagsförvärv sjunker det förvärvande företagets aktiekurs. Dagsvisa abnormala avkastningar uppvisade signifikant negativ avkastning, förutom dagen för offentliggörandet som inte visade på något statistiskt samband. Det positiva sambandet mellan de abnormala avkastningarna och konjunkturläget visar att det i lågkonjunktur uppstår positiv avkastning och att det i högkonjunktur uppstår negativ avkastning. Valet av finansieringsalternativ har signifikant påverkan då aktier används som finansieringsalternativ, vilket ger i en positiv utveckling av aktiekursen. Denna studies resultat visar även att det finns ett positivt samband mellan förvärvets relativa storlek och den kumulativa avkastningen. / Background: Previous studies falls well in line with the underlying theory that the acquiring company’s return will fall at the announcement of acquisition. However, this correlation is challenged by recently conducted studies that have not been able to show significant relationships between acquirers return and announcement of acquisition, and some studies have also demonstrated positive returns. The outcome appears to be dependent on many variables on which economic conditions, funding and target size have been recurrent in many studies within the subject. Aim: The study aims is to analyze if and how the announcement of acquisition affects the stock price of the acquiring company on the Swedish market from January 2004 to December 2014, and how the economic cycle, the funding and the acquired company’s relative size affects the said returns. Completion: In order to achieve the aim of the thesis empirical studies are concluded. The analysis of the acquisition’s impact on the share price is of the type of event study based on the historical time series of the price changes of the acquiring company’s stock. Results: This study shows that, during ten days around the announcement of an acquisition, the acquiring company’s stock price falls and produces negative returns. Daily abnormal returns shows significant negative returns, except for the date of announcement which showed no statistical relationship. The positive relationship between the abnormal returns and the economic condition in the country shows that positive returns occur in recession and negative returns occur in times of economic growth. The choice of funding has significant influence on the abnormal return when the acquirer’s shares are used as funding, providing an increase of the share price. The results also show that there is a positive correlation between the relative size of the acquired company and the acquirer’s return.

Disertacija skirta logistinei ekonominių ciklų analizei. Darbo tikslas - vadovaujantis ekonomine logistine teorija atskleisti ir nustatyti ciklinio ekonominio svyravimo priežastis. Darbe atliekama teorinė, logistinė ir empirinė ciklinių ekonominių svyravimų analizė. Įvertinant ekonominės logistinės teorijos nuostatas, patikslinama ekonominio ciklo samprata, parengiamas teorinis logistinis ekonominio ciklo modelis ir logistinis ciklinio ekonominės sistemos svyravimo ir raidos tyrimo modelis. Darbe atskleidžiamos vidutinės trukmės ekonominių ciklų susiformavimą veikiančios giluminės priežastys. Nustatoma inovacinių procesų įtaka rinkos susiformavimui, rinkos talpos uždarumo įtaka rinkos kaitimui, rinkos prisotinimui ir paslėptosios perprodukcijos bei burbulo proceso susiformavimui. Taip pat atskleidžiama visų minėtų procesų ir ekonominių paradoksų (didėjančio pelningumo paradokso ir skolos spąstų paradokso) įtaka ekonominio ciklo formavimuisi ir veikimui. / Dissertation deals with logistical analysis of economic cycles. Aim of the research - to reveal and to determine causes of cyclical economic fluctuations, according to economic logistic theory. Theoretical, logistical and empirical analyses of cyclical economic fluctuations are carried out in the work. Conception of economic cycle is specified. Evaluating provisions of economic logistic theory, two models are created – theoretical logistic economic cycle model and logistic economic system‘s cyclical fluctuation and development research model. In the dissertation the deep causes of economic cycles influencing their formation are revealed. The influence of innovative processes to the market formation, the impact of market capacity limitation to the market heating, saturation, hidden overproduction and to the formation of bubble process are determined. The influence of all the mentioned processes as well as economic paradoxes ((growing profitability paradox and credit trap paradox)) to the formation and working of economic cycle are revealed.

Dissertation deals with logistical analysis of economic cycles. Aim of the research - to reveal and to determine causes of cyclical economic fluctuations, according to economic logistic theory. Theoretical, logistical and empirical analyses of cyclical economic fluctuations are carried out in the work. Conception of economic cycle is specified. Evaluating provisions of economic logistic theory, two models are created – theoretical logistic economic cycle model and logistic economic system‘s cyclical fluctuation and development research model. In the dissertation the deep causes of economic cycles influencing their formation are revealed. The influence of innovative processes to the market formation, the impact of market capacity limitation to the market heating, saturation, hidden overproduction and to the formation of bubble process are determined. The influence of all the mentioned processes as well as economic paradoxes ((growing profitability paradox and credit trap paradox)) to the formation and working of economic cycle are revealed. / Disertacija skirta logistinei ekonominių ciklų analizei. Darbo tikslas - vadovaujantis ekonomine logistine teorija atskleisti ir nustatyti ciklinio ekonominio svyravimo priežastis. Darbe atliekama teorinė, logistinė ir empirinė ciklinių ekonominių svyravimų analizė. Įvertinant ekonominės logistinės teorijos nuostatas, patikslinama ekonominio ciklo samprata, parengiamas teorinis logistinis ekonominio ciklo modelis ir logistinis ciklinio ekonominės sistemos svyravimo ir raidos tyrimo modelis. Darbe atskleidžiamos vidutinės trukmės ekonominių ciklų susiformavimą veikiančios giluminės priežastys. Nustatoma inovacinių procesų įtaka rinkos susiformavimui, rinkos talpos uždarumo įtaka rinkos kaitimui, rinkos prisotinimui ir paslėptosios perprodukcijos bei burbulo proceso susiformavimui. Taip pat atskleidžiama visų minėtų procesų ir ekonominių paradoksų (didėjančio pelningumo paradokso ir skolos spąstų paradokso) įtaka ekonominio ciklo formavimuisi ir veikimui.

台灣擁有許多很好很賺錢的企業，這些企業形成高獲利投資的明星產業。為尋找台灣股市波動因素對股價的影響，與股票市場投資正確方法與目標，本研究試圖從高價電子產業股中以企業背景、產業特性、重大事件等依據研究出投資行為是否有跡可尋，進而擬定適當的投資策略，成為高價電子股是否可以追尋與研究之重要課題。爰此，本文旨在探討台灣股市波動因素研究與企業股價波動因素之關連研究，藉由電子相關類股研究以產業因素、大環境景氣循環統計變數及企業經營策略來進行討論研究，並透過次級資料分析及歷史資料事件分析，以高價電子股票來進行市場研究。研究結果顯示台灣股市波動因素可以經由企業經營策略、市場競爭資訊來源、景氣評估準則、重大事件特性與產業循環等方面予以適當解釋。此外，可將高價股企業股價波動因素研究分為三個區隔研究，並對此三個區隔研究目標研擬有效的投資策略。本研究之結果可藉由產業角度來分析股價波動因素有用之資訊，對台灣高價股價高股股價波動因素找尋一些投資策略的蛛絲馬跡亦有一定之對高價電子股之企業股價之參考價值。 / Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures,The existence of quality companies that are well positioned to benefit from the economic trends in Taiwan has developed into a unique industry for investment choice. In order to search for a proper method and objective for investing in the Taiwanese stock market, this paper attempts to infer a favorable investment behavior from the company background, industry characteristics, and event studies of specific growth stocks, and further proposes appropriate investing strategies. Specifically, the purpose of this paper is to conduct stock market research with quality companies in Taiwan and discuss factors affecting stock price fluctuations in quality companies by the corresponding industry structures, statistical indicators for economic cycle and event studies. The result of this research indicates that stock price fluctuations in quality companies can be justified by company management strategies, information source from the market, evaluation guidance for economic cycle, characteristic of event studies and industry cycle. Moreover, the research in sock price fluctuations in quality companies can be divided into three individual research areas and three effective investment strategies can be proposed accordingly. In conclusion, this paper demonstrates that factors affecting stock price fluctuations can be explained from the perspective of industry analysis and would contribute in providing beneficial reference for proposing the appropriate investment strategies.

The aim of this thesis is to identify fiscal behaviour of municipalities in the Czech Republic within economic cycle. The starting point of this thesis is that municipalities do not have the responsibility for macroeconomic stability, unlike the central level of government, and their preference is sustainability of its own budget. Absence of a motivation for implementing the countercyclical policy leads to a consideration that the behaviour of municipalities is rather procyclical. For the analysis there were used datas of 325 municipalities during the time from 2001 to 2014. The research was designed to test the dependence of the budgetary indicator on the output gap. As a method of exploration there was used the panel regression analysis with random effects estimate for help with robust standard errors in the version of White cross-section method. The results confirmed a statistically significant effect of the output gap on the budgetary indicators, tax revenues, tax on personal income from self-employment and capital expenditures. With the growth of the output gap also tax revenues and revenues from taxes on a personal income from self-employment are growing. With the growth of the output gap capital expenditures are declining. These budgetary indicators are developed countercyclical. A statistically significant effect of the output gap on the other budgetary indicators failed to prove. The main hypothesis of this thesis is not rejected. Budgetary behaviour municipalities in the Czech Republic is influenced by the economic cycle. Fiscal behaviour of municipalities in the Czech Republic within economic cycle is countercyclical.

The theoretical background of this work is based on Schumpeter's theory of economic cycle and the rationalisation for state intervention in the market research, development and innovation. Consequently is described the general background, which is based on the Seventh Framework Program and the definitions contained in the Frascati manual, and the Oslo manual. The analytical part consists of a sub-analysis, which focus on legislative and institucional framework in the Czech Republic and the expenditure, human resources and outputs of research and development. The sub-analysis is supplemented by comparisons with the position of Finland and the European Union. Part of the analytical section is an overview of programs to support research, development and innovation activities. Subsequently, the entire analytical part is summarized with the SWOT analysis. In conclusion of this work are outlined possible solutions to streamline the existing system in the Czech Republic in research, development and innovation.

The aim of Master's thesis is to analyse the economic development of member states of Visegrad group and to provide subsequent comparison of observed indicators. The Czech Republic, Slovakia, Hungary and Poland are connected by common history and effort to overcome all difficulties of economic transformation and then start its economic development in conditions of market economy. The theoretical part explains and qualifies the selected macroeconomic indicators. Economic development is interpreted on basis of these indicators. These are gross domestic product and its components, inflation rate, unemployment rate, current account of balance of payment to GDP and public debt to GDP. Furthermore the theoretical part contains information relating to business cycle, the group V4 and starting economic conditions of the countries. The practical part firstly discusses the development of individual countries of V4 separately in particular periods. Detailed analysis of the financial management of all four countries is followed by the summarization of received information and comparison of economic development. The conclusion of practical part outlines the expected economic development in order to give an idea where the countries are heading to.