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Complex comparison of long-term and short-term letting
Lenc, Aleš ; Makovec, Martin (advisor) ; Červený, Martin (referee)
The aim of this work is to provide an investor with how to invest in lettings manual. This is done by comparing two types of lettings in several different categories: risk, legal aspects, cost, property management and rate of return. The paper is assuming private investor financing the flat purchase only from equity. Focusing not only on financial aspects, the work intends to provide an investor with a complex decision making tool when it comes to deciding whether to buy and rent out a property in Prague.
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Real Estate IPOs. Theory and Analysis focused on the Polish market
Makovec, Martin ; Marek, Petr (advisor) ; Musílek, Petr (referee) ; Fárek, Jiří (referee)
The doctoral thesis examines real estate IPOs and consists of a theoretical part and an empirical part focused on Polish market. The theoretical part offers an overview of theories concerning IPO and the three well-known phenomena related to initial public offerings, i.e. short term underpricing, long term overpricing and occurrence of IPO in waves. In case of short term underpricing and long term overpricing the theories presented are namely the theories based on information asymmetry, institutional theories, agency theories and behavioral theories. In case of IPO waves the theories presented are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. Some of the theories, namely the information asymmetry theory, are then applied to the specific case of real estate IPOs. The starting-point for the empirical part is an assumption that valuation of real estate IPOs is less complex than valuation of other companies and therefore information asymmetry among issuers and investors should be presented to a lesser extent. The valuation of real estate IPOs via their Net Asset Value ("NAV") requires less inputs and parameters compared to the corporate valuations with sophisticated financial modelling of the generators of value. Such lower complexity of valuation should be reflected in better ability of the investors to value the emission of the real estate company shares. Subsequently a lower underpricing of the IPOs should be reached and worse long term performance of the IPOs should be eliminated. In relation to the occurrence of the real estate IPOs the existence of IPO waves is assumed. In addition, subject to the assumption that the economical cycles on the real estate markets are longer than on the other markets, longer periods with higher occurrence of IPOs and longer periods with lower or no occurrence of IPOs are expected. The analysis investigates real estate IPOs which in USA means IPOs of so called REIT -- "Real Estate Investment Trusts". REIT is a special institute that guarantees to the companies that adopt this statute, obviously upon meeting several conditions, exemption from the corporate income tax. The REIT are regularly dividend into so called equity REIT, investing in real properties, mortgage REIT, investing in mortgage loans and hybrid REIT, investing in both. With regard to the fact that the analogy of the REIT institute does not exist in Poland, the analysis investigates real estate companies of similar characteristics to the equity REIT. The analyzed markets are polish capital market and real estate market, which both could have been until very recently called emerging markets. It is assumed that the emerging market environment could have impacted the result of the analysis significantly. The analyzed period is basically identical with the modern period of functioning of the Warsaw Stock Exchange, meaning years 1992 -- 2012. The size of the analyzed sample has reached limited but acceptable size of 22 titles. The subject of the analysis are all three major phenomena related to IPOs -- IPO waves, initial underpricing and long term underperformance. The analysis confirmed occurence of a real estate IPO wave on the Polish market in the year 2007 as the market was featuring characteristics of a "hot" market and investors were overly optimistic about real estate titles. In addition, the analysis supported the assumption of a positive correlation between IPO occurence and GDP growth and also between IPO occurence and the volume of real estate investment on the market. Further, the hypothesis test confirmed existence of initial underpricing in case of the real estate IPOs, however to a smaller extent compared to the other corporate IPOs. Subsequent tests were looking to find correlation between the rate of initial underpricing and several factors of the emission such as size, segment of the real estate market etc. In case of long term underperformance, based on the gather evidence, the test could not reject the null hypothesis about the same of better performance of the real estate IPOs compared to the WIG stock indice. Long term underperfomance was thus not confirmed in case of real estate IPOs. Subsequent tests were again investigating impact of several characteristics of the offerings on their long term performance.
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Specifics of Real Estate Investment Trust
Nenadál, Petr ; Marek, Petr (advisor) ; Makovec, Martin (referee)
The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.
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Analysis of IPO in Central Europe
Chrástek, Michal ; Marek, Petr (advisor) ; Makovec, Martin (referee)
Thesis "Analysis of IPO in Central Europe" is focused on IPO issue in Central European region, with emphasis on the Czech Republic. The beginning of the thesis deals with characteristics of IPO, followed by a division of IPOs in primary and secondary issues. The third part explores the causes of differences between the number of IPO on the Prague and Warsaw Stock Exchange. In the last section is located analysis of the relation between number of IPOs and gross domestic product in Central Europe.
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Financial analysis HYDROPROJEKT CZ a.s.
Schejbalová, Barbara ; Marek, Petr (advisor) ; Makovec, Martin (referee)
The bachelor thesis deals with financial analysis of a made-to-order company working in the branch of Water Projects and Water Management. The application part of the thesis where theoretical methods are applied contains description of the company and a market development, horizontal and vertical analysis of a balance sheet and a profit & loss statement, ratio analysis, bancrupcy model for analyzing financial health and a planning part. A sample of current competition is used for comparison. The aim of this thesis is to analyse current financial state of HYDROPROJEKT CZ a.s., find out and predict possible problems and outline the short-term financial plan.
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