This dissertation consists of three chapters, which focus jointly on the effects of education policy on the functioning of labor markets.De-industrialization and technological progress have changed job markets fundamentally. The most fundamental change is that the concept of a worker as a unit of production relatively insensitive to inherent characteristics has been overthrown. Service sectors that have taken over from manufacturing as the engines of economic activity rely primarily on human capital for autonomous production. This is especially true for internationally tradable services. Their stark development was rendered possible by the informationcommunication revolution. Skills and talent, as well as their allocation to suitable tasks matter for production, now more than ever. We argue in this dissertation that the ability of education policy to facilitate optimal task allocation plays a role in maximizing aggregate production and in influencing education earnings premia, as well as employment volumes in various sectors of activity. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

We set up a trade model with heterogeneous firms and a worker population that is heterogeneous in two dimensions: workers are either skilled or unskilled, and within each skill category there is a continuum of abilities. Workers with high abilities, both skilled and unskilled, are matched to firms with high productivities, and this leads to wage differentials within each skill category across firms. Self-selection of the most productive firms into exporting generates an exporter wage premium, and our framework with skilled and unskilled workers allows us to decompose this premium into its skill-specific components. We employ linked employer-employee data from Germany to structurally estimate the parameters of the model. Using these parameter estimates, we compute an average exporter wage premium of 5 percent. The decomposition by skill turns out to be quantitatively highly relevant, with exporting firms paying no wage premium at all to their unskilled workers, while the premium for skilled workers is 12 percent.

Bakgrund: Tiden är en av de äldsta mänskliga konstruktionerna och ett fenomen som människor alltid velat mäta. Detta har människan gjort genom alla tider med hjälp av allt från solur, astronomiska ur till mekaniska ur. I dagens moderna samhälle där människor har en ständig tillgång till displayer som visar hur mycket klockan är, fortsätter den Schweiziska klockindustrin att exportera för miljontals Schweiziska franc och efterfrågan tycks inte påverkas av de elektroniska prylarna och ”smartphones”. När tiden inte är det relevanta längre eller det som konsumenter strävar efter vid köp av en klocka, ställer vi oss frågan om vad det är som driver folk till att vara villiga att lägga ner så mycket pengar på en sådan produkt? Vad är det för värde som huvudsakligen uppfattas och varierar de mellan konsumenterna beroende på klockans syfte? Genom att undersöka faktorer inom de olika värdekategorierna Socialt-, Hedonistiskt- och Funktionellt värde, och med hjälp av två olika konsumenttyper, har författarna som avsikt att slutligen klargöra vilka faktorer som är mer eller mindre värdeskapande. Studien bidrar till en kartläggning och en kunskapsspridning om vilka faktorer som är mest värdeskapande, inte bara gällande klockor, men även för hela premiumindustrin. Syfte: Syftet med denna studie är att identifiera vilka faktorer som är av vikt och har betydelse för konsumenters uppfattning om värde när det gäller premiumprodukter. För att utreda detta har vi valt att fokusera på klockindustrin där vi avser undersöka och fastställa vilka faktorer som till högre eller lägre grad har betydelse för konsumentens uppfattning om vad som genererar ett värde. Genomförande: Studien har ett interpretativistiskt synsätt och är en deduktiv studie som karaktäriseras av ett kvalitativt tillvägagångssätt. Empirin har samlats in genom ett bekvämlighetsurval med inslag av målstyrt urval. Sammanlagt har 9 intervjuer med privatpersoner genomförts. Slutsats: Studien visar på att de värdeskapande faktorerna varierar beroende på konsumenttyp samt deras syfte med köpet. Orsakerna till hur konsumenter uppfattar faktorer som värdeskapande beror på vad konsumenten strävar efter, hur insatt konsumenten är i ämnet samt dess bakgrund. De värdeskapande faktorerna går även att väva samman och utgör ofta ett ökat värde tillsammans. / Background: Time is one of the oldest constructions created by humans and a phenomenon that humans always wanted to measure. This has been done by humans throughout all ages, using everything from sundials, astronomical watches to mechanical watches. In today's modern society, where people have constant access to displays showing the time, the Swiss watch industry continues to export for millions of Swiss francs and the demand does not seem to be affected. When time is neither the factor nor the reason why people are buying a watch, what is causing people to spend money on such a product? What types of values are essentially perceived and do they vary between consumers depending on their purpose of the watch? By examining factors within the different categories of value; the Social-, the Hedonistic- and Functional value, and by using two different types of consumers’, the authors have the intention to clarify which factors are of more or less value- creating. The study contributes to a mapping and dissemination of knowledge about which factors are the most value creating ones, not only regarding watches, but for the entire premium industry. Purpose: The purpose of this study is to identify which factors are important and of significance to consumers' perception of value in terms of premium products. As a case for investigating this issue, the authors have chosen the watch industry where they intend to investigate and determine which factors are of higher or lower importance to the consumer's perception of what has generated value-creation. Completion: The study has an interpretative approach and is a deductible study characterized by a qualitative approach. The empirical data has been collected through a convenience sample with elements of a target sample. A total of 9 interviews with private individuals have been conducted. Conclusion: The study shows that the value-creating factors vary depending on the consumer type and their purpose of the purchase. The reasons for how consumers perceive factors as value creating depend on what the consumer strives for, how committed the consumer is to the subject and the consumer’s background. The value-creating factors can also be put together and often constitute an increased value.

Goal of my diploma thesis is evaluation of premium car brands on the Czech market in terms of market share and image among the target group. The thesis is divided into eight chapters. First chapter is focused on basic marketing terminology and strategic marketing. Second chapter describes marketing mix in detail. Third chapter defines brand, specifies differences between premium and luxury brand, summarizes brand functions for the consumer as well as for the company, describes brand valuation models and finally defines brand identity, brand image and positioning. Fourth chapter analyses market shares developent of leading premium and luxury car brands on the Czech market. Fifth chapter introduces and evaluates model portfolios of selected premium and luxury car brands. Sixth chapter describes target groups of the most successful premium car brands according to their brand identity. Seventh chapter summarizes results of my own survey and define the image of the leading premium car brands. Last chapter involves my suggestions and recommandations which lead to better position of the leading premium car brands on the Czech market.

This diploma thesis deals with the investment life insurance. Investment life insurance combines the classical life insurance and the investments in open-end mutual funds. It is a widely discussed financial product, especially for its high expensiveness. Nevertheless, the investment life insurance holds a significant share of the insurance market. The aim of this diploma thesis is the analysis and exploration of investment life insurance market in Czech Republic. The thesis consists of theoretical and practical part. In theoretical part the basic concepts of this insurance product are defined. Theoretical part further contains the theory related to time series analysis and the description of mutual funds. Practical part deals with the five most significant insurance companies in Czech Republic, compares various mutual funds and analyses the selected mutual fund in detail. The forecast of selected mutual fund price development was performed. It turned out that the price forecasting is complicated because of variety of factors affecting the price behaviour. Further, the calculations of insurance premiums and technical provisions were performed. MS Excel was used for the calculations and the time series analysis was performed using the statistical software Eviews. Diploma thesis assists the readers with the orientation in the investment life insurance problematics.

Using cross-sectional and longitudinal data from EU-SILC for the Czech Republic this thesis shows that mothers suffer wage penalty, whereas fathers gain wage premium. These results are in accordance with literature abroad. This thesis also shows that parenthood has greater impact on individuals with higher education, that motherhood penalty is lower for single mothers, whereas fatherhood premium is higher for single fathers, and that there is stronger self-selection of mothers into specific jobs than in case of fathers. Model of fixed effects suggests that parenthood is connected with unobservable characteristics that have positive effect on parent's wages. Results of this thesis are in accordance with human capital theory, division of labor within the household, self-selection of mothers into more mother-friendly jobs. But results concerning lower work effort of mothers are inconclusive.

Syftet med studien är att undersöka och jämföra hur svenska hållbara aktiefonder och svenska traditionella aktiefonder har presterat inom premiepensionssystemet under perioden 2015-2019. Detta görs eftersom att intresset för hållbara investeringar har ökat markant både hos privatpersoner och företag de senaste åren. Premiepensionssystemet väljs eftersom att varje privatperson som arbetar och betalar skatt i Sverige får en del av sin inkomst placerad i detta system, och sedan 2018/2019 läggs det otroligt mycket fokus på ökad transparens och medvetenhet hos Pensionsmyndigheten på fondplaceringar och att de kan erbjuda hållbara investeringar eftersom efterfrågan ökar. Författaren kan heller inte identifiera någon liknande studie som gjorts angående premiepension efter det att fondtorget gjorts om. Studien innehåller ett urval på totalt 5 hållbara fonder och 24 traditionella fonder. Studien har inriktat sig på den svenska marknaden, det vill säga fonder som placerar i svenska företag och som återfinns på den svenska marknaden samt uteslutande aktiefonder. Historisk data har insamlats från Pensionsmyndigheten och Morningstar för att sedan ligga till grund för beräkningar med hjälp av olika ekonomiska modeller och prestationsmått som Sharpekvot, Jensen’s alfa och Treynors kvot. Dessa mått mäter den riskjusterade avkastningen. Författaren väljer också att titta på faktisk avkastning, nettoavkastning för att se vad som presterat bäst för en privatperson som investerare. Därutöver görs statistiska beräkningar av statistiska mått i form av t-test för att beräkna p-värde och således kunna se om det finns någon statistisk signifikans för att antingen kunna acceptera eller förkasta en formulerad nollhypotes. Studiens resultat visar ingen större skillnad i prestation mellan hållbara och traditionella fonder, om än en marginell fördel för de traditionella i faktisk nettoavkastning. Studien erhåller heller ingen statistisk signifikans på 5-procentsnivån vilket indikerar på att vi inte kan förkasta nollhypotesen. / The purpose of the study is to investigate and compare how Swedish sustainable equity funds and Swedish traditional equity funds have performed within the premium pension system during the period 2015-2019. This is because the interest in sustainable investments has increased markedly among both individuals and companies in recent years. The premium pension system is chosen because every private person who works and pays tax in Sweden gets part of their income placed in this system, and since 2018/2019 there is an incredible amount of focus on increased transparency and awareness at the Swedish Pensions Agency on fund investments and that they can offer sustainable investments as demand increases. The author can also not identify any similar study that has been done regarding premium pensions after the fund market has been redesigned. The study contains a selection of a total of 5 sustainable funds and 24 traditional funds. The study has focused on the Swedish market, i.e. funds that invest in Swedish companies and that are found on the Swedish market, as well as exclusively equity funds. Historical data has been collected from the Swedish Pensions Agency and Morningstar to then form the basis for calculations using various economic models and performance measures such as Sharpe quota, Jensen's alpha and Treynor's quota and these measures measure the risk-adjusted return. The author also chooses to look at actual returns, net returns to see what has performed best for an individual as an investor. In addition, statistical calculations are made of statistical measures in the form of a t-test to calculate the p-value and thus be able to see if there is any statistical significance for either being able to accept or reject a formulated null hypothesis. The results of the t-statistics show that there is not significant differences in performance between sustainable and traditional funds, although a marginal advantage over the traditional ones in actual net returns. The study also receives no statistical significance at the 5% level, which indicates that we cannot reject the null hypothesis.

Die Arbeit ANLEIHERATING UND BONITÄTSRISIKO untersucht die Zusammenhänge zwischen dem Rating von Anleihen, dem Risiko dieser Anleihen sowie ihren Risikoprämien (Spreads). Dazu wird in einem ersten Schritt - auf analytischer Ebene - untersucht, wie Ratings vergeben werden und welchen Einschränkungen sie unterliegen. Die wichtigsten Einschränkungen für den Kapitalmarkt hinsichtlich der Ableitung von quantitativen Risikogrößen (Ausfallwahrscheinlichkeit und ggf. Ausfallschwere) sind: Ordinalität und Relativität der verwendeten Skalen; die Zeitverzögerungen bei Ratingänderungen; die Intransparenz, Subjektivität und Urteilsunabhängigkeit des Ratingverfahrens bzw. der Ratingagenturen; die Erstellung von auftragslosen Ratings; die mangelnde Vergleichbarkeit von Ratings (zeitlich, zwischen Emissionen und zwischen Agenturen); die fehlende Äquidistanz von Ratings; das Risiko fehlerhafter Ratings. In einem zweiten Schritt wird empirisch untersucht, in welcher Höhe vom Markt Spreads (Überrenditen gegenüber den als risikolos geltenden Bundesanleihen) - je nach Rating - für bestimmte Anleihen gefordert werden. Datenbasis sind Kupon-Anleihen (ohne Sonderrechte) des DM-Euromarktes mit täglichen Kursen im Zeitraum Januar 1990 bis Dezember 1995. Die Untersuchungen bestätigen die Relativität: Ratings definieren nur im langfristigen Durchschnitt die Renditeabstände zwischen den verschiedenen Klassen. Kurzfristige Veränderungen der Spreads hingegen hängen von Veränderungen des allgemeinen Zinsniveaus und dem Verlauf der Zinsstrukturkurve ab. Diese beiden Größen weisen dabei einen negativen Einfluß auf, d.h. Zinserhöhungen führen zu Verringerungen der Spreads. Grundsätzlich gilt dabei aber, dass diese Effekte umso stärker ausfallen, je geringer die Bonität der Anleihen ist. Zusätzlich hängen die Spreadänderungen auch (positiv) von Veränderungen der Spreads der jeweils anderen Klassen ab. Als mögliche Erklärungsansätze bieten sich für diese Beobachtung auch an, dass der Markt Schwankungen der erwarteten Ausfallwahrscheinlichkeiten antizipiert und/oder Veränderungen der allgemeinen Risikoeinstellung vorliegen.

The theme of this thesis is draft of measures body related with changes in sick benefit system. The goal of this thesis is the analysis of impact of changes in sick benefit system on employer and the draft of measures for the subject. There is a description of sick benefit system used in CR and in other countries EU in this thesis. There is a describtion of the changes and the impacts on employer are analysed. The last part of the thesis is composed by draft of measures related with these changes.

The diploma thesis occupies with the evaluation of financial health of the company Východočeská plynárenská, a. s. by traditional and less famous methods of financial analysis. It presents suggestions to improvement the company´s financial situation on the basis of financial analysis´s results. Contains a recommendation to use the concept of economic value added as complex tool for evaluation of financial situation.