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The distribution of the capital companies profits - Comprarasion of the Czech Republic, the USA and the Russian Federation legal systems
Řezníčková, Denisa ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Profit Distribution in Capital Companies - A Comparison of Legal Systems in the Czech Republic, the United States of America, and the Russian Federation Abstract In the modern business world, the distribution of a company's profits is a complex decision- making process that considers not only legal, tax, and economic aspects but also political and cultural contexts. Therefore, this thesis is divided into five chapters, the first of which is a theoretical section discussing the nature and implications of corporate economic behavior, including the motivations for profit distribution. The core of the thesis consists of three analytical chapters on the distribution of profits in capital companies in the Czech Republic, the State of Delaware in the United States of America, and the Russian Federation. This selection allows for a cross-sectional examination of the different approaches to this topic against diverse legal cultures and political climates. The fifth and concluding chapter offers a comparative analysis of the commonalities and differences in profit distribution in capital companies within these jurisdictions. Among the sub-areas that the thesis compares are selected institutions related to the distribution of profit shares, such as the non-cash form of payment, the option of not distributing profits,...
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Illegal drugs in the Czech Republic: regulation or prohibition?
Chalupník, Alexej ; Čihák, Jakub (advisor) ; Dupáková, Lenka (referee)
1 Illegal drugs in the Czech Republic: regulation or prohibition? Abstract As part of the noble effort to eliminate drugs as a global phenomenon that has accompanied mankind almost since time immemorial, prohibition is clearly the most dominant policy applied worldwide. However, given that rigidly restrictive legislation does not lead to the desired results, which are, in particular, the reduction of drug trafficking and the reduction of global consumption, this simple reasoning would lead one to conclude that it is a failed approach. However, success can be perceived in very relative terms and must always be compared with an alternative, and it is only when they are compared that a true evaluative statement of success can be made. Prohibition fails, but is there a better alternative? Drug prohibition and its enforcement imposes significant costs on society as a whole, while it itself completely eliminates some potential sources of public revenue that could offset these and other costs. The aim of this thesis was to provide guidance as to whether, in the context of the Czech Republic, it might be more appropriate to legalise some selected illicit drugs in the context of the high costs of prohibition, specifically focusing on cannabis, ecstasy, LSD, methamphetamine, cocaine and heroin. Using publicly...
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The legal and economic aspects of the supervision of the credit union sector in the Czech Republic by the Czech National Bank
Valenta, Pavel ; Seknička, Pavel (advisor) ; Dupáková, Lenka (referee)
This thesis focuses on the legal and economic aspects of the supervision of the credit union sector in the Czech Republic by the Czech National Bank (CNB). The central point of interest is the case study of the credit union WPB Capital, which in 2014 had its operating licence revoked for illegal operations, namely the acquisition of prohibited securities and the provision of financial assistance to acquire additional member deposits, contrary to the CNB's interpretation. The work is based on the author's involvement in the case and uses authentic documents from the administrative proceedings and judicial review, as well as other relevant materials. The first part is devoted to the theoretical background of the financial market and credit unions. This is followed by an analysis of CNB supervision and a historical overview of the development of credit unions in the Czech Republic. The legal framework and instruments are then discussed in the context of the WPB Capital case study. The aim of the paper is to assess the compliance of the activities of the examined entity with the law and European legislation and to evaluate the justification of the CNB's action. The thesis emphasises theoretical analysis and practical applications, including comparison with other credit unions and current case law....
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Financial Innovation
Davydova, Uljana ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
This is a vast and highly abstract topic, therefore this thesis is based on an effort to firstly approach the issue of innovation in financial markets by describing them and giving examples of Fintech companies in the first part of this thesis, with the intention of highlighting the importance and relevance of this topic, followed by their technological, economic and legal analysis, which from my point of view cannot be completely separated. In the second part, I focus on some of the technologies enabling the current development. In the third part, using the information presented in the second part, cryptocurrencies are described and analyzed from a technological and economic perspective, which is followed by the analysis of their legal regulation at national and supranational levels. In the future, the MiCa regulation will certainly be a topic of interest for the professional community, but it will not come into full effect until the beginning of 2025. Crowdfunding, which is the subject of the fourth part, is quite common in the United States, but in the Czech Republic, from my point of view, it is not widely known to the general public, although many successful fundraisers have already taken place. Its legal regulation at the level of the European Union, and therefore also the Czech Republic, is...
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Corporate financing by assignment of receivables
Čejka, Ladislav ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Corporate financing by assignment of receivables Abstract The diploma thesis deals with the issue of using the assignment of receivables as an instrument of financing a company. The thesis presents a comprehensive legal and economic analysis of this alternative method of corporate financing. In view of the current extraordinary increase in the demand of companies for securing working capital in this way, the thesis aims to provide the potentially financed company with sufficient information and arguments to make a qualified decision whether or not the assignment of receivables is an optimal choice. To this end, the thesis analyses the various legal and economic aspects of increasing available cash resources through the assignment of receivables. Since the added value of this thesis lies mainly in the synthesis of multidisciplinary knowledge, its content design is based on the principle from the general to the specific. The thesis first lays a theoretical foundation that puts the issue under study in a relevant context. At the very beginning of the thesis, it defines the concept of enterprise and delineates it from related concepts. It then proceeds to explain corporate financial management by analysing its most important components. Emphasis is placed on the explication of the key principles of corporate...
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Recovery Plan for Europe in Response to the Covid Crisis
Mikulka, Martin ; Dupáková, Lenka (advisor) ; Čihák, Jakub (referee)
This diploma thesis is focused on the Recovery Plan for Europe, which is also sometimes called NextGenerationEU. This is one of the measures which were taken at the European Union level in response to the coronavirus crisis and its consequences in order to support the economic recovery of the EU Member States. The main aim of the diploma thesis is to analyse the legal- economic aspects of the EU instrument adopted under the title Recovery Plan for Europe, or also NextGeneration EU, and its functioning. The diploma thesis is divided into two large sections. The first one consists of parts 1 to 3 and the second one of parts 4 and 5. The first descriptive-analytical section initially describes the macroeconomic principles of crises and possible response steps to them so that it could be explained how, especially in the fiscal area, it is possible to react to crises from which economies cyclically suffer, taking the specificities of the European Union into account. Afterwards, the traditional EU fiscal instruments, in particular the Multiannual Financial Framework and the EU budget, are described and the extent to which these instruments can be used to respond to crisis situations, such as the coronavirus crisis, is analysed. The impacts of the coronavirus crisis are also subject to a brief discussion....
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Institutional arrangement of regulation and supervision of the financial market in the Czech Republic
Líkař, Jan ; Dupáková, Lenka (advisor) ; Čihák, Jakub (referee)
1 Institutional arrangement of regulation and supervision of the financial market in the Czech Republic Abstract The diploma thesis analyzes institutional arrangement of regulation and supervision of the financial market in the Czech Republic, it aims to compare the arrangement with theoretical concepts, models, as well as development abroad. The thesis is structured into five sections. The first section defines the most important concepts, describes the rationale and objectives of financial markets regulation and adds a short exposition regarding the scope of regulation, proportionality and regulatory failure. The rationale is primarily approached through the lens of market failure, which is then supplemented by description of financial market specifics, which could also give a reason for regulation. The objectives are primarily described in relation to the policies used to achieve them. The second section presents the theoretical concepts of institutional arrangement, different approaches to it, and select models. The thesis distinguishes vertical and horizontal view of institutional arrangement, and within the latter, institutional, functional, objective-based, and unified approaches. The thesis also deals with related issues, such as the role of the central bank, questions of supervisors' independence...
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Capital adequacy of banks
Müller, Tomáš ; Dupáková, Lenka (advisor) ; Hraba, Zdeněk (referee)
This work concentrates on the issue of capital adequacy of banks. Inadequate capital base of the banking sector is often referred to as one of the causes of the latest financial crisis. Such topic is currently very actual. Even banking regulators pay high attention to this topic. In my thesis I focus on legal and economic aspects of this topic. It is typical for the banking sector that banks operate with much more leverage effect than enterprises belonging to other sectors. Therefore, I focus on the root cause of this phenomenon in the third chapter. I assess the bank indebtedness using the theory of optimal capital structure and I also address the relations between economic and regulatory capital. In the fourth chapter I focus on the concept of capital adequacy and its comparison with leverage indicator. The next chapter concentrates on the development of regulatory minimum capital adequacy standards developed by the Basel Committee on Banking Supervision, known as Basel I and Basel II. The last but one chapter focuses on the latest regulatory rules Basel III governing the capital adequacy of banks and their legal implementation. Final chapter analyzes the impact of Basel III rules on the capital structure of banks in the European Union and the Czech Republic. A separate part of the chapter is...
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Lender of Last Resort
Varvařovský, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...
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Financial Market Regulation in the Czech republic with a Focus on the Securities Market
Krčálová, Kristýna ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
Financial Market Regulation in the Czech Republic with a Focus on the Securities Market ABSTRACT: The financial markets constitute a foundation of every market economy and in recent years their regulation is becoming increasingly relevant for political-legislative decision- making process (mainly as result of the last world financial and economic crisis). This Master's thesis focuses on the securities market regulation in Czech Republic and its main purpose is to evaluate this regulation, primarily its development and impacts on the market as a whole, on an individual issuer of a security or (as the case may be) on an investor as well. The thesis itself is divided into five parts. The first one represents a theoretical introduction to the financial markets and analyses basic terms, financial market functions and structure. The second, third and fourth chapters deal with crucial entities influencing the securities market - a regulated market organizer, an investment firm, investment intermediaries and a multi-sided trading system organizer. Chapters especially strive to compare contemporary legislation with legislation as amended by the Act No. 204/2017 Sb., which generally comes into force January 3rd 2018 and which transposes important European secondary legislation regulations, such as Directive...
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