Aerodynamic Measurements on Transonic Compressor Blade Cascades KR-D-9 and KR-D-10
Šimurda, David; Hála, Jindřich; Luxa, Martin
2023 - English 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. Keywords: compressor blade cascade; experiment; transonic flow; MCA profile; DCA profile Available at various institutes of the ASCR 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

Are subsidies to business R&D effective? Regression discontinuity evidence from the TA CR ALFA programme
Bajgar, Matěj; Srholec, Martin
2023 - English Governments subsidise business research and experimental development (R&D) to promote development of the economy, because externalities and information asymmetries inherent to the innovation process make private funding of these activities fall short of what is socially desirable. Nevertheless, how effective such subsidies are and whether they achieve their goals is an open question that needs to be studied empirically. This study leverages the state-of-the-art method of regression discontinuity (RD) that allows us to come very close to making causal inferences about the effects of subsidies, to find out whether the Technology Agency of the Czech Republic’s (TA CR) ALFA programme stimulated new business R&D inputs, outputs, and positive economic impacts that would not have happened otherwise. Keywords: government subsidies; innovations; economic development Fulltext is available at external website. Are subsidies to business R&D effective? Regression discontinuity evidence from the TA CR ALFA programme

Governments subsidise business research and experimental development (R&D) to promote development of the economy, because externalities and information asymmetries inherent to the innovation process ...

Bajgar, Matěj; Srholec, Martin
Národohospodářský ústav, 2023

“Crime and punishment”? How banks anticipate and propagate global financial sanctions
Mamonov, Mikhail; Pestova, Anna; Ongena, S.
2023 - English We study the impacts of global financial sanctions on banks and their corporate borrowers in Russia. Financial sanctions were imposed consecutively between 2014 and 2019, allowing targeted (but not-yet-sanctioned) banks to adapt their international and domestic exposures in advance. Using a staggered difference-in-differences approach with in-advance adaptation to anticipated treatment, we establish that targeted banks immediately reduced their foreign assets and actually increased their international borrowings after the first sanction announcement compared to other similar banks. We reveal that the added value of the next sanction announcements was rather limited. Despite considerable outflow of domestic private deposits, the government support prevented disorderly bank failures and resulted in credit reshuffling: the banks contracted corporate lending by 4% of GDP and increased household lending by almost the same magnitude, which mostly offset the total economic loss. Further, we introduce a two-stage treatment diffusion approach that flexibly addresses potential spillovers of the sanctions to private banks with political connections. Employing unique hand-collected board membership and bank location data, our approach shows that throughout this period, politically-connected banks were not all equally recognized as potential sanction targets. Finally, using syndicated loan data, we establish that the real negative effects of sanctions materialized only when sanctioned firms were borrowing from sanctioned banks. When borrowing from unsanctioned banks, sanctioned firms even gained in terms of employment and investment but still lost in terms of market sales pointing to a misallocation of government support. Keywords: staggered policy implementation; anticipation effects; treatment diffusion Fulltext is available at external website. “Crime and punishment”? How banks anticipate and propagate global financial sanctions

We study the impacts of global financial sanctions on banks and their corporate borrowers in Russia. Financial sanctions were imposed consecutively between 2014 and 2019, allowing targeted (but ...

Mamonov, Mikhail; Pestova, Anna; Ongena, S.
Národohospodářský ústav, 2023

Drivers of Private Equity Activity across Europe: An East-West Comparison
Kočenda, Evžen; Shivendra, R.
2023 - English 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. Keywords: Private equity; Fundraising; Investment Fulltext is available at external website. 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

The effects of government spending in segmented labor and financial markets
Stojanović, Dušan
2023 - English This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal stimulus induces changes in the composition of the labor force conditional on the extent of aggregate demand pressure. A period of high aggregate demand pressure is followed by a high value of forgone output as training activity causes production disruption. In this period firms decide to hire more low-skilled workers, who constitute a cheaper part of the labor force. When aggregate demand pressure is diminished, firms switch to hiring more high-skilled workers. However, the current literature considers only high-skilled workers, who tend to increase saving in government bonds to protect against poor employment prospects. In this case, the combination of weak employment prospects and the crowding-out effects of higher lump-sum taxes and government debt on private consumption and capital investment gives rise to recessionary effects. In contrast, this paper provides a model with a more realistic labor and financial market structure and suggests that countercyclical government spending in the form of government consumption and especially government investment can be used to deal with recessions.\n Keywords: government spending; training cost; search and match frictions Fulltext is available at external website. The effects of government spending in segmented labor and financial markets

This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal ...

Stojanović, Dušan
Národohospodářský ústav, 2023

Sexual-orientation discrimination and biological attributions: experimental evidence from Russia
Baghumyan, Gayane
2023 - English 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. Keywords: discrimination; information; sexual minorities Fulltext is available at external website. 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 - English 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 Keywords: conflict; hostility; population shock Fulltext is available at external website. 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 - English Keywords: gender equality; gender in entrepreneurship; gender in science; gender in innovation; gender stereotypes; good practices Available in digital repository of the ASCR Facts and figures on gender in entrepreneurship and innovation

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

Jánovce. Paleomagnetic research. Report
Elbra, Tiiu; Kdýr, Šimon; Uçar, Hakan; Pruner, Petr; Schnabl, Petr
2023 - English Keywords: Jánovce archeological site; Paleomagnetism; Rock magnetism Available at various institutes of the ASCR 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 - English Catch summary report on survey of fish stock of the Lake Sevan in July 2023.\n Keywords: gillnets; hydroacoustics; biomass Available at various institutes of the ASCR 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