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Organized industrial metal markets in the financialized commodity markets
Smolík, Kamil ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Rozmahel, Petr (referee) ; Rejnuš, Oldřich (advisor)
In connection to the process of financialization of commodity markets which is caused by the sharp increase of money flowing into the commodity markets, the question of which factors affect commodity and commodity indices prices is discussed. The aim of the dissertation is to determine and quantify the factors affecting the prices of industrial metals during the period of financialization of commodity markets and derive the pricing model of industrial metals, which would be able to generate signals of a possible overvaluation or undervaluation. The paper examined non-ferrous industrial metals traded on the Commodity Exchange LME (London Metal Exchange), namely aluminum, copper, lead, nickel, tin and zinc. These metals are also included in the most of the world's composite commodity indices. The dissertation analyzes the contemporary developments in commodity markets; relationship between the price volatility and fundamental factors (including production, consumption and stocks of chosen metals and a wide range of macroeconomic determinants) or the relationship between risk and return of industrial metals. The closing part of the dissertation focuses on the creating of composite pricing indicator for copper and tin by using the Boosted Trees method. The results obtained in the research show that created indicator is able to explain the volatility of the 3m copper futures contracts by 94.25% and 3m futures contracts of tin by 96, 79% in the period from 1/2000 to 3/2015.
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Assessment of Human Capital Management in Czech Companies
Meluzínová, Jana ; Gregar, Aleš (referee) ; Myšková, Renáta (referee) ; Kocmanová, Alena (referee) ; Putnová, Anna (advisor)
The aim of the thesis is to project and verify a model focused on assessment of human capital management in relation to company efficiency in selected sector – banking in Czech Republic. The model is projected in the following steps. Main areas of human capital management which are significant in terms of the relevant sector are identified by synthesis of the findings arising from preliminary research. Relevant variables are identified according to main areas. The degree of significance variables is established by a questionnaire survey. Subsequently, the number of variables is reduced by using statistical methods in order to preserve the original information. The last step is the presentation of the model proposal. Subsequently, the model is verified.
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PERSPECTIVES OF IPO DEVELOPMENT IN CENTRAL AND EASTERN EUROPEAN REGION
Plottová, Sylvia ; Bartoš, Vojtěch (referee) ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Meluzín, Tomáš (advisor)
The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.
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Credit Risk Measurement in Manufacturing Industry Companies in the Czech Republic
Karas, Michal ; Dohnal, Mirko (referee) ; Hrvolová, Božena (referee) ; Myšková, Renáta (referee) ; Režňáková, Mária (advisor)
The purpose of this doctoral thesis is to create a new bankruptcy prediction model and also to design how to use this model for the purposes of credit risk measuring. The starting-point of this work is the analysis of traditional bankruptcy models. It was found out that the traditional bankruptcy model are not enough effective in the current economic conditions and it is necessary to create a new ones. Based on the identified deficiencies of the traditional models a set of two new model series was created. The first series of the created models is based on the use of parametric methods, and the second one is based on the use of newer nonparametric approach. Moreover, a set of factors which are able to identify an imminent bankruptcy was analyzed. It was found, that significant signs of imminent bankruptcy can be identified even five years before the bankruptcy occurs. Based on these findings a new model was created. This model incorporates variables of static and even dynamic character for bankruptcy prediction purposes. The overall classification accuracy of this model is 92.27% of correctly classified active companies and 95.65% of correctly classified bankrupt companies.
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SAVINGS IN MATERIAL FLOWS IN CONNECTION WITH EMS IN PRODUCTION COMPANIES
Šimák, Marek ; Myšková, Renáta (advisor)
The subject of this dissertation thesis is „Savings in material flows in connection with EMS in production companies“. The topic of this dissertation thesis is the saving in material flows in connection with EMS in production companies. Sound ecological management in industrial companies is important due to the fact it enhances environment protection and provides the companies concerned with competitive advantage. In many cases it provides for better organization of labor and decrease of wastage and allows for other preventive measures. The aim of this paper is to study the relation between the economical and environmental protection interests of companies operating in selected business sector, the paper examines whether environment protection activities practiced by the companies provide also economical benefit for them. The paper uses literature to analyze relations between EMS, logistics and areas in which savings can be found thus contributing to better results in the fields of environment protection and economy. The gained information together with conducted empirical research is the base used in order to determine the area in which savings could be found. Emphasis is laid on material flows which are studied in selected company active in the field of automotive industry. The analysis is based on the current organizational structure and logistic chain, the analyses focuses mainly on warehousing activities. In the studied company there is charted disconnection point which is located in the reception area in the warehouse. Narrow place was found in the dispatch area of the warehouse, the results of the analyses are the base to be used to express the amount of possible savings. Within the process evaluation, measurements and analysis of working time for each shift have been conducted, since the working load of the concerned shifts presents a risk factor from the perspective of ensuring the in time delivery of materials to the production. Proposal to improve the process is based on the synthesis of acquired facts, it allows for better utilization of working time of warehouse employees and provides extra space for manipulation with materials. When there is extra working load to be handled (extra order from customer) it also provides for the elimination of unnecessary or extra actions connected with operations. The application of the improvement proposal will abolish one of the reasons for non operation time in production, which leads to savings in energy consumption and decreases the amount of emissions. In the final part of the dissertation thesis a summary of solutions to the encountered problems is presented and the possible contribution of this thesis to theory and praxis is described.
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The use of qualitative modeling in solving problems associated with external credit rating
Krejčíř, Jaroslav ; Kulhánek, Lumír (referee) ; Dohnal, Mirko (referee) ; Myšková, Renáta (referee) ; Rejnuš, Oldřich (advisor)
The doctoral dissertation studies applications of the methods of qualitative modelling to solve problems associated with external credit ratings. Qualitative modelling is a tool which can solve tasks under shortage of relevant information items. Correlation analysis is used if relevant data sets are available and complement the qualitative analysis. External credit rating assessments are closely related to possibilities of insolvency of business entities and the subsequent bankruptcies. Mutual interlinks of bankruptcy probabilities and qualitative models are presented in details. Two specific models are given. Due to the adopted legislative measures were also tested match of the ratings from a variety of external credit rating agencies using cluster and correlation analysis. The above mentioned results are used to develop a qualitative model of external credit ratings, which is the main outcome of this dissertation. The results of model scenarios of assessment of the influence of regulation external credit rating on the business entity, investors, as well as regulatory authorities are presented in details.
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PERSPECTIVES OF IPO DEVELOPMENT IN CENTRAL AND EASTERN EUROPEAN REGION
Plottová, Sylvia ; Bartoš, Vojtěch (referee) ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Meluzín, Tomáš (advisor)
The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.
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Assessment of Human Capital Management in Czech Companies
Meluzínová, Jana ; Gregar, Aleš (referee) ; Myšková, Renáta (referee) ; Kocmanová, Alena (referee) ; Putnová, Anna (advisor)
The aim of the thesis is to project and verify a model focused on assessment of human capital management in relation to company efficiency in selected sector – banking in Czech Republic. The model is projected in the following steps. Main areas of human capital management which are significant in terms of the relevant sector are identified by synthesis of the findings arising from preliminary research. Relevant variables are identified according to main areas. The degree of significance variables is established by a questionnaire survey. Subsequently, the number of variables is reduced by using statistical methods in order to preserve the original information. The last step is the presentation of the model proposal. Subsequently, the model is verified.
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Organized industrial metal markets in the financialized commodity markets
Smolík, Kamil ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Rozmahel, Petr (referee) ; Rejnuš, Oldřich (advisor)
In connection to the process of financialization of commodity markets which is caused by the sharp increase of money flowing into the commodity markets, the question of which factors affect commodity and commodity indices prices is discussed. The aim of the dissertation is to determine and quantify the factors affecting the prices of industrial metals during the period of financialization of commodity markets and derive the pricing model of industrial metals, which would be able to generate signals of a possible overvaluation or undervaluation. The paper examined non-ferrous industrial metals traded on the Commodity Exchange LME (London Metal Exchange), namely aluminum, copper, lead, nickel, tin and zinc. These metals are also included in the most of the world's composite commodity indices. The dissertation analyzes the contemporary developments in commodity markets; relationship between the price volatility and fundamental factors (including production, consumption and stocks of chosen metals and a wide range of macroeconomic determinants) or the relationship between risk and return of industrial metals. The closing part of the dissertation focuses on the creating of composite pricing indicator for copper and tin by using the Boosted Trees method. The results obtained in the research show that created indicator is able to explain the volatility of the 3m copper futures contracts by 94.25% and 3m futures contracts of tin by 96, 79% in the period from 1/2000 to 3/2015.
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The use of qualitative modeling in solving problems associated with external credit rating
Krejčíř, Jaroslav ; Kulhánek, Lumír (referee) ; Dohnal, Mirko (referee) ; Myšková, Renáta (referee) ; Rejnuš, Oldřich (advisor)
The doctoral dissertation studies applications of the methods of qualitative modelling to solve problems associated with external credit ratings. Qualitative modelling is a tool which can solve tasks under shortage of relevant information items. Correlation analysis is used if relevant data sets are available and complement the qualitative analysis. External credit rating assessments are closely related to possibilities of insolvency of business entities and the subsequent bankruptcies. Mutual interlinks of bankruptcy probabilities and qualitative models are presented in details. Two specific models are given. Due to the adopted legislative measures were also tested match of the ratings from a variety of external credit rating agencies using cluster and correlation analysis. The above mentioned results are used to develop a qualitative model of external credit ratings, which is the main outcome of this dissertation. The results of model scenarios of assessment of the influence of regulation external credit rating on the business entity, investors, as well as regulatory authorities are presented in details.
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