Liquidity Risk and Banks’ Bidding Behavior: Evidence from the Global Financial Crisis

Even in countries that were not directly hit by the global financial crisis and where the banking system had a relatively strong liquidity position, there has been a negative spiral between the market and funding liquidity. The authors illustrate this on a case study of the Czech banking system. They construct indices of market and funding liquidity using daily market data, including data on banks’ bidding behavior in repo operations of the Czech National Bank. They find some evidence of a negative feedback effect between market and funding liquidity, especially after the collapse of Lehman Brothers in September 2008.funding liquidity, market liquidity, global financial crisis

Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon?

The last financial crisis significantly changed views concerning the relationship between monetary policy, asset prices and financial stability. We survey the pre-crisis opinions on the appropriate monetary policy reactions to financial market developments and delineate the new consensus which is currently emerging from the lessons taken. The new consensus is an amended model of flexible inflation targeting in which the central bank “should sometimes lean and can clean”. We try to add the small open economy context to the debate and demonstrate that the optimal reactions of monetary policy-makers in small open economies may differ and that sometimes the optimal solution may not even be available due to the policies of the key world central banks acting as price makers. In such instances, second-best policies have to be considered.monetary policy, financial stability, asset markets, macroprudential policy

Financial Integration of Stock Markets among New EU Member States and the Euro Area

The paper considers the empirical dimension of financial integration among stock-exchange markets in four new European Union member states (Czech Republic, Hungary, Poland, and Slovakia) in comparison with the euro area. The main objective is to test for the existence and determine the degree of the four states’ financial integration relative to the euro currency union. The analysis is performed at the country level (using national stock-exchange indices) and at the sectoral level (considering banking, chemical, electricity, and telecommunication indices). Our empirical evaluation consists of (1) a harmonization analysis (by means of standard and rolling correlation analysis) to outline the overall pattern of integration; (2) the application of the concept of beta convergence (through the use of time series, panel, and state-space techniques) to identify the speed of integration; and (3) the application of so-called sigma convergence to measure the degree of integration. We find evidence of respective stock-market integration on both national and sectoral levels between the Czech Republic, Hungary, Poland, and the euro area.beta convergence, new EU member states, sigma convergence, stock markets

Design of prestressed bridge near Nitra

Abstrakt Tato diplomová práce se zabývá návrhem silničního mostu na R1 u Nitry, přemosťující řeku Nitru. Jsou navrženy tři varianty řešení, z nichž je právě jedna vybrána a detailněji rozpracována. Jedná se o tříkomorový nosník z předpjatého betonu, postupně budovaného technologií letmé betonáže. Ve statické analýze je uvažováno s vlivem postupné výstavby. Most je posouzen podle evropských norem. Posouzeny byly mezní stavy pro dočasní i trvalé návrhové situace. Součástí diplomové práce jsou přehledné výkresy, znázornění stavebního postupu a schémata předpínací a betonářské výztuže.This Master’s thesis concerns a design of the highway bridge over Nitra River in Nitra, Slovakia. Three variants were designed from which one was selected and analyzed in detail. It is a three box cell girder made of post-tensioned concrete and constructed as a free cantilever bridge. The bridge is assessed according to Eurocodes. The limit states for persistent and transient design situations were taken into account at carrying out the design. There are drawings attached to this thesis as illustrative drawings of the bridge and its construction stages, drawings of the prestress tendons and reinforcement.

Financial Integration of Stock Markets among New EU Member States and the Euro Area

The paper considers the empirical dimension of financial integration among stock markets in four new European Union member states (the Czech Republic, Hungary, Poland and Slovakia) in comparison with the euro area. The main objective is to test for the existence and determine the degree of the four states’ financial integration relative to the euro currency union. The analysis is performed at the country level (using national stock exchange indices) and at the sectoral level (considering banking, chemical, electricity and telecommunication indices). Our empirical evaluation consists of (1) an analysis of alignment (by means of standard and rolling correlation analysis) to outline the overall pattern of integration; (2) the application of the concept of beta convergence (through the use of time series, panel and state-space techniques) to identify the speed of integration; and (3) the application of so-called sigma convergence to measure the degree of integration. We find evidence of stock market integration on both the national and sectoral levels between the Czech Republic, Hungary, Poland and the euro area

Conception of Population Protection till 2020 and its Possible Reflection in the Population Preparedness in Communities

Naše společnost se stává stále rizikovější, a proto ochrana obyvatelstva nabývá neustále většího významu. Tato bakalářská práce je zaměřena na Koncepci ochrany obyvatelstva do roku 2020 a její možný odraz v přípravě obyvatel obcí. První část práce se stručně zabývá historií ochrany obyvatelstva. Následuje část, kde je rozebrána současně platná legislativa. Další je vyhodnocení předešlé Koncepce do roku 2015. Jako poslední se práce zabývá Koncepcí do roku 2020 se zaměřením na obyvatelstvo obcí.Our society is threatened with increasing number of risks so civil protection came to be more important. This bachelor thesis focuses on Conception of civil protection by the year 2020 and its possible reflection in preparation of citizens. First part of thesis briefly deals with history of civil protection. Next part concentrates on currently valid legislation. Following is evaluation of previous Conception by the year 2015. Last part of thesis deals with Conception by the year 2020 focusing on citizens.

Detached house, Štěpánkovice

Tématem bakalářské práce je projekt rodinného domu. Dům je navržený jako dvoupodlažní, nepodsklepená dřevostavba se sedlovou střechou, dispoziční uspořádání 6+KK odpovídá návrhu pro 4-6 člennou rodinu. Do domu se vstupuje ze severozápadní strany. Na kryté závětří navazuje zádveří, ze kterého se dostaneme do chodby ze které je přístupná kuchyně s obývacím pokojem, schodišťový prostor, pracovna, ložnice pro rodiče se samostatnou šatnou a koupelnou, technická místnost a WC. Dále je ze zádveří přístupná garáž pro jeden osobní automobil, na kterou navazuje sklad. V druhém podlaží se nachází tři dětské pokoje, koupelna s WC a šatna. Všechny obytné místnosti jsou přístupné z chodby a jsou orientovány převážně na jižní stranu. Jedná se o dřevostavbu z velkoformátových panelů NOVATOP. Objekt je zastřešený sedlovou střechou z G-N vazníků.The Bachelor thesis topic is a project of a detached house. The house design is a two-story wooden building with a pitched roof and no basement. The wooden building is constructed of large panels and the roof is supported by G-N timber trusses. The entrance is situated in the northwest part of the house. Containing six bedrooms, the building layout fullfills the design for 4-6 family members. On the sheltered lee builds vestibule from which we get into the hall. The main hall opens to the kitchen and living room, stairs, and study room. As well, the main haill leads to the master bedroom which has a separate dressing room, bathroom, wash room, and utility room.There is access to the main hallway from the garage and side door. The second floor has three children's bedrooms, bathroom, and wash and dressing rooms. All of the bedrooms are accessible form the second-floor hallway.All of the bedrooms are enterable form the hall and are situated on south side. It is a wooden building of large-size panels. The roof is supported by G-N timber trusses.

The representation of expatriates in the corporate governance of subsidiaries of multinational companies: A study from the czech republic

The issue of the representation of expatriates in the corporate governance of subsidiaries of multinational companies is currently a much debated and yet relatively under-researched topic within the academic community. In connection with the transformation of the economy which has taken place and the activity of multinational companies in CEE countries, there have been discussions about the effect of expatriates on the output and efficiency of the corporate governance of subsidiaries. The main aim of the research carried out was to describe and analyze the representation of expatriates in the exercise of corporate governance in subsidiaries of multinational companies operating in the Czech Republic (CR). The objective of the research was to survey the representation of expatriates in MNC subsidiaries with respect to various characteristics of the subsidiary such as the country where its head office is located (country of headquarters), the size of the subsidiary and the legal form. Using statistical analysis of dependencies, a different representation of expatriates in relation to the legal form of the MNC subsidiary was demonstrated. The size of the subsidiary, measured by the number of employees, also plays a role here. The presence of an expatriate was not demonstrated to have an effect on the financial performance of an MNC subsidiaryProblematika zastoupení expatriantů v corporate governance poboček nadnárodních společností je v současné době diskutovaným nicméně nepříliš prozkoumaným tématem v rámci akademické obce. V souvislosti s proběhlou transformací hospodářství a působením nadnárodních společností v zemích CEE se diskutuje vliv expatriantů na výkon a efektivitu Corporate governance poboček. Hlavním cílem provedeného výzkumu bylo popsat a analyzovat zastoupení expatriantů při výkonu corporate governance v pobočkách nadnárodních společností působících v České republice. V roce 2011 bylo provedeno empirického šetření zastoupení expatriantů ve statutárních orgánech poboček nadnárodních společností v České republice. Výběrový soubor, na kterém byla problematika corporate governance zkoumána, obsahoval 332 poboček nadnárodních společností z nejvýznamnějších odvětví hospodářství České republiky. Předmětem výzkumu bylo mapování zastoupení expatriantů v pobočkách MNC vzhledem k různým charakteristikám pobočky jako je země centrály, velikost pobočky či právní forma. Součástí příspěvku je i podrobnější analýza, na kterých pozicích správních a exekutivních orgánů v pobočce MNC expatrianti působí. Dále byl zkoumán dopad působení expatrianta v pobočce na její finanční výkonnost. Pomocí statistické analýzy závislostí bylo prokázáno odlišné zastoupení expatriantů vzhledem k právní formě pobočky MNC. Hraje zde roli i velikost pobočky měřená počtem zaměstnanců. Vliv působení expatrianta na finanční výkonnost pobočky MNC se neprokázal.The issue of the representation of expatriates in the corporate governance of subsidiaries of multinational companies is currently a much debated and yet relatively under-researched topic within the academic community. In connection with the transformation of the economy which has taken place and the activity of multinational companies in CEE countries, there have been discussions about the effect of expatriates on the output and efficiency of the corporate governance of subsidiaries. The main aim of the research carried out was to describe and analyze the representation of expatriates in the exercise of corporate governance in subsidiaries of multinational companies operating in the Czech Republic (CR). The objective of the research was to survey the representation of expatriates in MNC subsidiaries with respect to various characteristics of the subsidiary such as the country where its head office is located (country of headquarters), the size of the subsidiary and the legal form. Using statistical analysis of dependencies, a different representation of expatriates in relation to the legal form of the MNC subsidiary was demonstrated. The size of the subsidiary, measured by the number of employees, also plays a role here. The presence of an expatriate was not demonstrated to have an effect on the financial performance of an MNC subsidiar

Loan loss provisioning in selected European banking sectors: do banks really behave in a procyclical way?

This paper sets out to discuss the extent of procyclicality in European banks’ lending behavior and how much the regulatory and accounting framework may contribute to it. The main focus is the behavior of banks regarding provisioning against impaired financial assets. It also discusses whether a through-the-cycle provisioning regime could serve as one of the possible regulatory responses to the ongoing financial crisis. Our applied analysis reveals that European banks are among those that provision in a procyclical manner. On the theoretical level, therefore, through-the-cycle provisioning could be helpful in creating a buffer during good times which could then be used during recessions. On the practical level, however, through-the-cycle provisioning would for numerous reasons be difficult to introduce soon and would first need to be aligned with the other components of the international framework for accounting and for the regulation of financial institutions.Web of Science63432630