Analýza dopadu úniků dat na tržní hodnotu firem v období 2008 – 2012

Za posledních patnáct let dochází k nárůstu počtu i závažnosti datových úniků u firem nakládajících s důvěrnými daty zákazníků a dalších osob. Cílem řady zkoumání bylo posoudit dopad takovýchto incidentů na tržní hodnotu postižených firem, nicméně všechny se zabývaly úniky před rokem 2008. Cílem tohoto příspěvku je představit výzkum, v rámci kterého byla provedena analýza dopadu úniků dat na tržní hodnotu na vzorku 27 firem postižených takovýmto incidentem mezi léty 2008 a 2012

Global Financial Crisis and the Puzzling Exchange Rate Path in CEE Countries

In the present paper we examine whether financial markets could have helped predict exchange rates in three selected Central and Eastern European (CEE) economies of the EU, namely the Czech Republic, Hungary and Poland, during the current financial crisis. To this end, we derive risk-neutral densities from the implied volatilities of FX options, which approximate market expectations about exchange rate developments. Based on these risk-neutral density estimates, we then assess the out-of-sample predictive power of indicators. The forecasting results suggest that models based on FX options are inferior to the random walk in terms of the forecasting error, confirming a stylized fact about the short-term forecasting of exchange rates. Yet, we also find that, for the Czech Republic and Poland, risk-neutral densities contain useful information on the direction of change of the exchange rate.Options, implied volatility, risk-neutral density, exchange rate forecasting, Bayesian model averaging, subprime crisis, emerging markets

Market Prices as Indicators of Political Events Evidence from the Experimental Market on the Czech Republic Parliamentary Election in 2002

According to efficient markets theory, the stock price on a competitive market is the best estimate of the stock’s present value. This is the basic assumption for predictions using experimental markets. The first part of the paper describes the features of such an experimental market, discusses shortly its advantages in providing predictions as compared to traditional opinion polls and identifies some assumptions that can influence its efficiency and predictive accuracy. The second part of the paper is then devoted to the results of the first experimental market organized in the Czech Republic, the political stock market on the Czech parliamentary elections into the Chamber of Deputies in June 2002.Experimental economics; political stock markets; predictions

The possibilities of utilising the skiddometer T2GO for forensic engineering

The aim of the paper is to verify the applicability of the T2GO skiddometer for measuring the coefficient of friction for forensic practice in accordance with the legislative framework of the Czech Republic. In the introduction, the article discusses the problem of friction coefficient measurement. The results of the comparison with dynamic measuring devices used in the Czech Republic and the determination of the mutual compliance rate with these devices, based on data obtained within the National Comparative Measurement Action, are presented. The article concludes with an interpretation and discussion of the results. In cases where no sufficient mutual compliance was found, an analysis and reasoning of these results is provided. Last but not least, based on the results, a procedure is proposed for future use of the T2GO skiddometer in practice within the legislative conditions of the Czech Republic

Mass Spectrometry for the Sensitive Analysis of Intracellular Nucleotides and Analogues

Nowadays, mass spectrometry is very important and widely applied tool in nucleotide analysis. As a result of technological advances in sample preparation, separation and mass spectrometry detection, the developed methods allow sensitive and selective measurement of polar compounds occurring in low levels in various biological matrices. This enables more potential uses in clinical field. Direct methods require no special sample pre‐treatment before analysis in contrast to indirect methods, where fractionation, dephosphorylation and purification are needed. The use of ion‐pairing agent, ion exchange chromatography with pH gradient, porous graphitic carbon columns and HILIC in liquid chromatography represents the most common methods of nucleotide analysis. High separation efficiency is also achieved with the use of CE with MS detection. Analysis of nucleotides was also described by the means of MALDI‐TOF, but poor reproducibility and lack of applications make a limitation for this approach. The chapter summarizes different techniques and approaches for determination of endogenous nucleotides and its analogues in various clinical applications

Psychometric evaluation of the Clinical Outcome in Routine Evaluation – General Population : Czech version

Objectives. This study aimed to assess psychometric properties, such as reliability, construct validity, and cut-off scores, for the Czech version of the Clinical Outcome in Routine Evaluation – General Population (GP-CORE) questionnaire, a tool usable for repeated measurement of psychological distress within routine clinical settings. Participants and setting. Two general populations and one clinical sample were used with N values of 420, 394, and 345, respectively. Hypotheses. One of the competing theoretical factor solutions will demonstrate the best fit. Statistical analysis. To examine the factor structure of the GP-CORE, a confirmatory multidimensional item response theory analysis (graded response model) was employed. Results. The best fitting model was a bifactor solution representing one content domain of overall distress and two item wording domains (positively and negatively worded items). Clinical cut-off scores were determined to be 1.85 (men) and 1.90 (women). Study limitations. The GP-CORE can be used as an unidimensional measure of overall distress, but users have to be aware of the influence of positive vs. negative item wording on the responses

Neoptlimalizující spotřebitelé v novém keynesiánském modelu: implikace pro fiskální politiku

iv Abstract This thesis investigates the effects of government spend- ing on aggregate economic variables in the Czech Republic. The standard RBC and New Keynesian models assume only forward-looking households despite the evidence of a sig- nificant fraction of non-optimizing households. These mod- els do not provide reasonable predictions for the response of consumption: both models predict its fall following a gov- ernment spending shock. Therefore, a variant of the New Keynesian model, where rule-of-thumb households coexist with optimizing households, is used for the analysis. We have found that fiscal policy has a positive impact on output, although government spending multiplier does not exceed one. Also, the impact on consumption is positive for several periods following a fiscal spending shock, which is consistent with the evidence. JEL Classification: C32, E32, E62 Keywords: fiscal policy, fiscal multipliers, fiscal VAR, rule- of-thumb consumersiii Abstrakt Tato diplomová práce zkoumá dopady fiskálních výdajů na agregátní makroekonomické veličiny v České republice. Standardní modely reálných hospodářských cyklů a nové keynesiánské modely předpokládají pouze vpředhledící do- mácnosti, přestože literatura ukazuje na exitenci velkého množství domácností, které spotřebovávají celý svůj běžný důchod. Oba typy modelů předpovídají pokles spotřeby po pozitivním šoku do vládních výdajů, což není konzistentní s empirickou evidencí. Proto používáme pro analýzu modi- fikaci nového keynesiánského modelu, ve kterém modelu- jeme oba typy domácností - optimalizující i neoptimalizu- jící. V práci docházíme k závěru, že fiskální výdaje mají pozi- tivní efekt na domácí produkt, přestože multiplikátor vlád- ních výdajů je menší než jedna. Vliv výdajů na spotřebu je také kladný během několika období po fiskálním šoku, což je konzistentní s výsledky empirických modelů. JEL klasifikace: C32, E32, E62 Klíčová slova: fiskální politika, fiskální multiplikátory, fiskální VAR, neoptimalizující spotřebiteléInstitut ekonomických studiíInstitute of Economic StudiesFaculty of Social SciencesFakulta sociálních vě