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Selected Problem Accounting on Capital Market
Paseková, Petra ; Marada, Vlastimil (referee) ; Sojka, Zdeněk (advisor)
The purpose of this thesis is to describe the accounting practices of selected problems on the capital markets. I have processed the accounting procedures through practical demonstrations of the chosen company and the selected problems. The aim is to demonstrate accounting of these problems and transfer the knowledge into practice.
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Bond yield curves construction and their use
HODINOVÁ, Anna
This bachelor thesis deals with the construction of bond yield curves and their use. It characterizes the different types of bonds, their pricing methods and yields. The crucial part of the bachelor thesis deals with the problems of yield curves, defining the types and shapes of yield curves and the theories explaining their shape. This knowledge is further applied to the construction of bond curves of the Czech Republic. Yield curves are constructed from yields to maturity interpolated with the Svensson function, from 2015 to 2022. Their shape is compared with the forecasts of the Czech National Bank and subsequently with macroeconomic indicators for the respective year. The compared results show that the shape and the difference in yields of short-term and long-term bonds can determine the direction of economic activity, but the amount of economic activity cannot be determined based on these values.
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Current regulation governing acquisition financing
Petrů, Jan ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Current regulation governing acquisition financing Abstract The thesis deals with financing of share deal acquisition operations. The first chapter points out idiosyncrasies of acquisition operations, providing context for the rest of the thesis. The second chapter deals with loan financing, one of the two financing methods described. The chapter starts off with Czech Civil Code's rules governing loans and goes on to provide an overview of stipulations used in corporate banking practice, including the usual arrangement of rights and obligations of lenders and borrower in case of syndicated loans. A subchapter about credit risk rounds off the second chapter. Not restricted to public law regulation, it describes derivatives used to hedge against credit risk and touches upon the influence of regulation on cost of loan financing. The third chapter is about bond financing. It offers a robust overview of Czech rules governing bonds as nominate debt securities and their issue. The consequent subchapter on placement of bonds handled by an investment firm serves as an equivalent of the banking practice- focused subchapter. Subjects that perform various tasks after placement in order to simplify the administration of a given issue are a topic which completes the third chapter. The conclusion of the thesis sets out...
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Portfolio management dluhopisových portfolií v dobách nízkých úrokových sazeb
Grulichová, Olga
The aim of this thesis is to introduce bond portfolio management along with minimization of interest rate risk. The theoretical framework is dedicated to bonds, yield curve, Markowitz portfolio theory and portfolio management which also presents examples of active and passive strategies. The practical part focuses on portfolio bond modelling. The difference between created portfolios is caused by their composition as different combinations of corporate and state bonds are used. To achieve the aim of this thesis a simulation of fictitious market change is implemented, using interest rate decrease and increase while observing its impact on created portfolios. As a conclusion, best portfolio recommended for investors is chosen based on maximizing yield and minimizing interest rate risk.
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Bond yield curves construction and their use
TRÁVNÍČKOVÁ, Eva
The bachelor thesis "Bond yield curves and their use" deals with the issue of yield curves. It defines bonds, their risks and yield. The main topic of the bachelor thesis is the theory of yield curve and their construction. Work with regard to the definition of yield curves, shape and theoretical approaches explaining its curvature. The findings are applied to the computational structure of several yield curves of the Czech Republic's government bonds at a certain time horizon and a comparison with the yield curves of selected states.
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Central European government bonds
Kalafut, Patrik ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
This diploma thesis focuses on the issue of the Central European bond market and the analysis of state securities of the Vysegrad Region. The first chapter describes the state bond and its typical features. The second chapter is devoted to two specific forms of a bond, namely an inflated bond and a zero-coupon bond. This part is not only theoretical, but is also practically focused on the analysis of these less widely used forms of bonds. The third chapter discusses the knowledge gained in the theoretical portion, through the comparison of government bonds and the empirical yield curve. The second half is focused on the comparison of sovereign bond trades and rating developments in the countries concerned.
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Hedging of a bond portfolio
Kolář, Adam ; Stádník, Bohumil (advisor) ; Kábrt, Tomáš (referee)
The aim of this bachelor thesis is to describe, apply and subsequently analyse the effectiveness of several hedging strategies used when cross-hedging a bond portfolio with futures contracts. The theoretical part of this work is devoted to a general description of characteristics of bonds and futures and, also to basic knowledge of interest rate risk hedging. In the empirical part of this thesis, a bond portfolio is complied, utilising market data, and subsequently it is secured with futures contracts using three different hedging strategies. At the end of the practical part, the effectiveness of each applied strategy is compared. The results of the empirical analysis support, that using the applied strategies when cross-hedging a bond portfolio with futures contracts is in most cases effective.
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Use of Bond Analysis during Estimating Process of Exchange Rates of Selected Securities
Hejduková, Denisa ; Pfeiferová, Daniela (advisor) ; Jana, Jana (referee)
The diploma thesis uses theoretical knowledge from the literature sources. The diploma thesis characterizes capital market and the securities which are active on the capital market. The main theoretical part of diploma thesis is about bonds.
The practical part of diploma thesis is to analyse and compare the state bond, the bank bond and the corporate bond. All of chosen bonds are active on the Czech capital market.
The analyses of the state bond, the bank bond and the corporate bond are provides by calculating of the intrinsic value (the present value) of the bonds, of the profitability of the bonds and of the duration of the bonds. The analyses consists also from the comparing the liquidity of the bonds and their risk. The diploma thesis includes also a global fundamental analyze.
The final part of diploma thesis is comparing of the results of the analyses of the bonds and also includes the advice for the potential investor which bond is better for investing.
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Investing on capital markets
Páral, Daniel ; Veselá, Kamila (advisor) ; Srbek, Pavel (referee)
Bachelor thesis Investing on capital markets is divided into theoretical and practical section. Theoretical part contains theoretical basis which is important for subsequent practical part. Practical part describes the creation of three portfolios for conservative investors based on historical data. Portfolios are then subject to analysis which examines their profitability, risk and liquidity. In conclusion all three portfolios are compared and their advantages and disadvantages are mentioned. Main goal of this thesis is to compare three portfolios suitable for a conservative investor and their valuation.
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