Drivers of Private Equity Activity across Europe: An East-West Comparison
Kočenda, Evžen; Shivendra, R.
2023 - anglický We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific. We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific. Klíčová slova: Private equity; Fundraising; Investment Dokument je dostupný na externích webových stránkách. Drivers of Private Equity Activity across Europe: An East-West Comparison

We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 ...

Kočenda, Evžen; Shivendra, R.
Ústav teorie informace a automatizace, 2023

Sexual-orientation discrimination and biological attributions: experimental evidence from Russia
Baghumyan, Gayane
2023 - anglický Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of sexual orientation by providing evidence that supports biological causes of homosexuality. I employ money allocation tasks to measure discrimination. This allows me to causally identify the impact of information on discriminatory behavior. I first document the prevalence of discrimination against individuals with same-sex partners in Russia. On average, roughly 54% of participants exhibit discriminatory behavior against profiles with same-sex partners by allocating 16 percentage points less money to them. Further, the results suggest that exposure to evidence on the biological causes of homosexuality negatively affects discriminatory behavior. Participants in the treatment group allocate less money to profiles with same-sex partners, relative to participants in the baseline group. Potential rationales for this behavior could include the following: (i) the provision of information that contradicts existing beliefs might cause cognitive dissonance, triggering irritation and intensifying discriminatory tendencies, (ii) the information might foster beliefs that individuals in same-sex partnerships are fundamentally ’other’ - even at a biological level - thereby widening the perceived social gap between participants and these sexual minority groups and fostering discrimination further. Klíčová slova: discrimination; information; sexual minorities Dokument je dostupný na externích webových stránkách. Sexual-orientation discrimination and biological attributions: experimental evidence from Russia

Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of ...

Baghumyan, Gayane
Národohospodářský ústav, 2023

Hostility, population sorting, and backwardness: quasi-experimental evidence from the Red Army after WWII
Ochsner, Christian
2023 - anglický Does a short episode of conflict or exposure to hostile troops cause regional economic backwardness, and if so, why and how does it persist? I answer these questions by exploiting economic differences across the idiosyncratic and short-lived line of contact between the Red Army and the Western Allies in South Austria at the end of WWII. Spatial regression discontinuity estimates show that hostile presence of the Red Army for 74 days caused an immediate relative population decline of around 12%, amplified to 25% by today. Age-specific migration patterns and subsequent fertility differences explain the multiplying effects. Sector development and measures of local labor productivity in 2011 also lag behind in regions briefly seized by the Red Army, likely driven by skill-specific migration and hampered investment patterns after WWII. The findings provide novel insights into the long-run effects of wars and conflicts, and point to the isolated role of the Red Army’s hostile actions after WWII to understand the European economic East-West divide.\n Klíčová slova: conflict; hostility; population shock Dokument je dostupný na externích webových stránkách. Hostility, population sorting, and backwardness: quasi-experimental evidence from the Red Army after WWII

Does a short episode of conflict or exposure to hostile troops cause regional economic backwardness, and if so, why and how does it persist? I answer these questions by exploiting economic differences ...

Ochsner, Christian
Národohospodářský ústav, 2023

Facts and figures on gender in entrepreneurship and innovation
Křížková, Alena; Marková Volejníčková, Romana; Pospíšilová, Marie; Vohlídalová, Marta
2023 - anglický Klíčová slova: gender equality; gender in entrepreneurship; gender in science; gender in innovation; gender stereotypes; good practices Plné texty jsou dostupné v digitálním repozitáři Akademie Věd. Facts and figures on gender in entrepreneurship and innovation

Křížková, Alena; Marková Volejníčková, Romana; Pospíšilová, Marie; Vohlídalová, Marta
Sociologický ústav, 2023

Aerodynamic Measurements on Subsonic Compressor Blade Cascades KR-D-7 and KR-D-8
Šimurda, David; Hála, Jindřich; Luxa, Martin; Radnic, Tomáš
2023 - anglický This report contains results and evaluation of aerodynamic measurements conducted on two variant subsonic compressor blade cascades with MCA profile (KR-D-7) and DCA profile (KR-D-8) at transonic flow regimes. Klíčová slova: compressor blade cascade; experiment; transonic flow; subsonic flow; MCA profile; DCA profile Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR. Aerodynamic Measurements on Subsonic Compressor Blade Cascades KR-D-7 and KR-D-8

This report contains results and evaluation of aerodynamic measurements conducted on two variant subsonic compressor blade cascades with MCA profile (KR-D-7) and DCA profile (KR-D-8) at transonic flow ...

Šimurda, David; Hála, Jindřich; Luxa, Martin; Radnic, Tomáš
Ústav termomechaniky, 2023

Aerodynamic Measurements on Transonic Compressor Blade Cascades KR-D-9 and KR-D-10
Šimurda, David; Hála, Jindřich; Luxa, Martin
2023 - anglický This report contains results and evaluation of aerodynamic measurements conducted on two variant transonic compressor blade cascades with MCA profile (KR-D-10) and DCA profile (KR-D-9) at transonic flow regimes. Klíčová slova: compressor blade cascade; experiment; transonic flow; MCA profile; DCA profile Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR. Aerodynamic Measurements on Transonic Compressor Blade Cascades KR-D-9 and KR-D-10

This report contains results and evaluation of aerodynamic measurements conducted on two variant transonic compressor blade cascades with MCA profile (KR-D-10) and DCA profile (KR-D-9) at transonic ...

Šimurda, David; Hála, Jindřich; Luxa, Martin
Ústav termomechaniky, 2023

Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures
Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
2023 - anglický In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In 2013, the Central Bank of Russia launched a large-scale bank closure policy and started detecting fraudulent (sin) banks and revoking their licenses. By 2020, two-thirds of all operating banks had been shuttered. We analyze this unique period in history using credit register data. First, we establish that before sin bank closures, there was no informational leakage and the borrowing firms remain unaffected. After the closures, there is a clear sorting pattern: poorly-performing firms rush to other (not-yet-detected) sin banks, while profitable firms transfer to financially solid banks. We find that the coupling of poorly-performing firms and not-yet-detected sin banks occurs more frequently when the two sin banks (the prior and the next lender) are commonly owned or when the local banking market is unconcentrated. Finally, we show that during the transition period (i.e., after the sin bank closures and before matching to new banks), poorly-performing firms shrink in size and experience a sharp decline in borrowings and market sales, whereas profitable firms strengthen in terms of employment, investment, and market sales. A potential mechanism involves credit risk underpricing by sin banks: we find that poorly-performing firms (especially commonly owned) received loans at lower interest rates than profitable firms prior to sin bank closures. Klíčová slova: credit register; bank clean-up; regulatory forbearance Dokument je dostupný na externích webových stránkách. Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures

In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In ...

Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
Národohospodářský ústav, 2023

The price of war: macroeconomic and cross-sectional effects of sanctions on Russia
Mamonov, Mikhail; Pestova, Anna
2023 - anglický How much do sanctions harm the sanctioned economy? We examine the case of Russia, which has faced three major waves of international sanctions over the last decade (in 2014, 2017, and 2022). In a VAR model of the Russian economy, we first apply sign restrictions to isolate shocks to international credit supply to proxy for the financial sanctions shocks. We provide a microeconomic foundation for the sign restriction approach by exploiting the syndicated loan deals in Russia. We then explore the effects of the overall sanctions shocks (financial, trade, technological, etc.) by employing a high-frequency identification (HFI) approach. Our HFI is based on each OFAC/EU sanction announcement and the associated daily changes in the yield-to-maturity of Russia’s US dollar-denominated sovereign bonds. Our macroeconomic estimates indicate that Russia’s GDP may have lost no more than 0.8% due to the financial sanctions shock, and up to 3.2% due to the overall sanctions shock cumulatively over the 2014–2015 period. In 2017, the respective effects are 0 and 0.5%, and in 2022, they are 8 and 12%. Our cross-sectional estimates show that the real income of richer households declines by 1.5–2.0% during the first year after the sanctions shock, whereas the real income of poorer households rises by 1.2% over the same period. Finally, we find that the real total revenue of large firms with high (low) TFPs declines by 2.2 (4.0)% during the first year after the sanctions shock, whereas the effects on small firms are close to zero. Overall, our results indicate heterogeneous effects of sanctions with richer households residing in big cities and larger firms with high TFPs being affected the most. Klíčová slova: sanctions news shock; monetary policy; commodity terms-of-trade Dokument je dostupný na externích webových stránkách. The price of war: macroeconomic and cross-sectional effects of sanctions on Russia

How much do sanctions harm the sanctioned economy? We examine the case of Russia, which has faced three major waves of international sanctions over the last decade (in 2014, 2017, and 2022). In a VAR ...

Mamonov, Mikhail; Pestova, Anna
Národohospodářský ústav, 2023

Jánovce. Paleomagnetic research. Report
Elbra, Tiiu; Kdýr, Šimon; Uçar, Hakan; Pruner, Petr; Schnabl, Petr
2023 - anglický Klíčová slova: Jánovce archeological site; Paleomagnetism; Rock magnetism Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR. Jánovce. Paleomagnetic research. Report

Elbra, Tiiu; Kdýr, Šimon; Uçar, Hakan; Pruner, Petr; Schnabl, Petr
Geologický ústav, 2023

Fish stock survey of the Lake Sevan in 2023 – catch summary report
Prchalová, Marie
2023 - anglický Catch summary report on survey of fish stock of the Lake Sevan in July 2023.\n Klíčová slova: gillnets; hydroacoustics; biomass Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR. Fish stock survey of the Lake Sevan in 2023 – catch summary report

Catch summary report on survey of fish stock of the Lake Sevan in July 2023.\n

Prchalová, Marie
Biologické centrum, 2023