|
|
Vyjádření závislosti mezi rizikovou prémií a ratingovým hodnocením
Závojko, Tomáš
Závojko, T. Dependencies between risk premium and rating. Diploma thesis. Brno: Mendel University in Brno, 2016. Diploma thesis deals with the setting the amount of risk premium for different ratings groups and expression dependencies between risk premium and rating. This issue is connected to the foreign direct investment. In this thesis are used two methods of calculating of the risk premium. In the first method is attributed to the domestic interest rate risk premium, which corresponds to the rating eval-uation of the countries. In the second method, which is used by Damodaran, is used in the context of WACC model CAMP, which reflects the risk premium of countries. This two methods are compared in the conclusion and is answered the thesis, if declining sovereign rating lead to grow in the risk premium and which type of growth it is.
|
|
|
Sovereign entities - financing, credit risk and rating
Navrátil, Jan ; Blahová, Naděžda (advisor) ; Gevorgyan, Kristine (referee)
The echoes of Eurozone debt crisis brought into question the sovereign risk of advanced economies. Understanding factors that influence this risk is key to avoid similar crisis of public debt financing in the future. The main aim of this thesis is to identify which factors influence sovereign entity financing and how the problems of public debt financing arise. This is reached through analysis of debt crisis development and its causes in the GIPS economies.
|
|
|
Rating agencies and their importance for financial markets and economic policy
Svačina, Lubomír ; Jílek, Josef (advisor) ; Pícl, Michal (referee)
This paper performs an analysis of rating agencies and evaluates their importance for financial markets and economic policy. The importance of rating agencies and their ratings is assessed based on two criteria -- independence and accuracy of ratings, both criteria are analysed in detail from different views throughout this paper. Independence of rating agencies is considered in terms of historical context and the most important development milestones and trends, in terms of market positioning and demand for services of rating agencies, in terms of ownership structures and financing models. Accuracy of ratings is considered by historical analyses of sovereign ratings from the times of the Asian financial crisis, the European debt crisis and sovereign debt defaults and restructuralisations since 1990. In the issue of independence, the paper has revealed several risk factors, mainly in relation to financing model "issuer pays". In the issue of sovereign rating accuracy, the paper has come to a conclusion that rating agencies were only able to identify the most visible negative trends -- defaults and restructuralisations of debts in countries, where the problems had developed gradually. On the other hand, in surprising and sudden cases such as the Asian financial crisis and the European debt crisis, rating agencies were suprised just like the wider investor's public.
|
|
|
Vztah mezi rizikovou prémií a ratingovým hodnocením
Závojko, Tomáš
This bachelor thesis deals with the determination of risk premium in foreign direct investment. If investors decide to invest, they need to know how much risk they take. To be a profitable investment, its value should correspond to the premium that investors expect for risk-taking. Through the adjusted net present value of an investment that includes discount rate can be detected risk premium. This work is deals with two methods of calculating the discount rate. In the first method we can determine the risk premium of the real interest rate, in the second method is contained the risk premium in model CAPM. Both approaches use the sovereign rating, whereby I can obtain general results for each rating group. In conclusion I deal with the relation between the risk premium and rating, where I find, if with declining sovereign rating is growing the risk premium and what type of growth it is. Should also be compared these two methods of calculating the discount rate and it will be found, how sovereign rating reflects the risk incurred of investing in the context of foreign direct investment.
|
guest ::
