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Legal issues of derivatives
Kessler, Tomáš ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 Legal Issues of Derivatives Abstract Derivatives symbolize one of the most successful instruments of international markets in 20. century boosted by ongoing globalization and never-ending technological progress. Though origins of derivatives could had been found in Ancient times, the real "explosion" of derivatives has blown in last two centuries. The essential objective and purpose of the thesis is firstly to analyse the true meaning and definition of the term "derivative" and surrounding legal issues and secondly to provide comprehensive list of basic derivatives according to the historical and financial-economic indicators. My thesis consists of six chapters. First two introductory chapters deal with the general aspects of derivatives, such as definition and legal nature. Derivatives, generally speaking, are legal contracts between market participants allowing contracting parties to transfer risks connected with particular underlying to another party or speculate on market movements in order to gain profits. Derivatives are traded in both, standardized and OTC markets, which embodied them with ultimate flexibility and range. Assessing true legal nature of derivatives stands for one of the main issues concerned by academics and practitioners, in particular whether derivatives fall under the category of...
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Legal Aspects of Derivatives
Krupová, Tereza ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...
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Development Possibilities of Talented Students in Primary Schools
Pospíšilová, Jana ; Kasíková, Hana (advisor) ; Tvrzová, Ivana (referee)
This Bachelor thesis looks at the issue of talented students in regular schools, their specific educating and general status of such pupils in regular elementary school classroom. The introduction defines the notion of talent and the related requirements and historical development. It also deals with recognition of talent and points summary characteristics of talented students. The cruxes of the work are the options for schools and teachers in the educating of talented students in regular school facilities. It deals with existing programs in education and specifics contained segregated or integrated education. The focus on teaching itself is a stimulus to students how could their teachers develop the talent, build differentiated teaching and work with them in the group. The importance here is also working with parents. The conclusion is devoted to a substantial and neglected group of talented pupils with a handicap (twice exceptional) and the reflection of current state reality. KEY WORDS Talent, development, uniqueness, personality, options.
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Stock options as a form of executive remuneration in stock corporations
Turek, Jan ; Hurychová, Klára (advisor) ; Černá, Stanislava (referee)
This thesis deals with stock options as a form of executive compensation of a joint stock company. The aim of the thesis was to clarify the reasons that lead companies to decide to reward the executive with stock options, to find out what positive and negative consequences such a decision has, to present the legal regulation of stock options in the legal system of the Czech Republic and Germany and to compare these legal regulations. The most common reasons for rewarding executives with stock options are the desire to align the interests of shareholders and executives, the desire to retain key members of the executive, the desire to reduce risk aversion on the part of the executive, advantageous tax regulation or the desire to maintain high cash flow. Rewarding with stock options can also be used as a tool for the natural selection of executives according to their attitude to risk, which rewarding with stock options provides. If the option agreement does not contain a sufficiently long vesting period, retention period, dividend protection and an exercise price linked to an appropriate market index, the granting of stock options, rather than aligning the interests of shareholders and executives, may lead to a fixation on short-term performance, undue risk- taking or exacerbation of the free cash...
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Political development in the city of Rakovnik between world wars
Bělka, Václav ; Čechurová, Jana (advisor) ; Krško, Jan (referee)
The thesis introduces topic of political life in Rakovník in period between the founding of Czechoslovakia and the outbreak of the Second World War. It deals with the electian results and their consequences. The thesis describes the development of individual political parties active in Rakovník, including internal crisis, which in this interwar period affected some of them. It also focuses attention on some influential figures of local politics. An important part of this work is devoted to the support of particular political parties in city through their trade unions in plants. Special attention is paid to the various celebrations attended by a significant part of the population. Keywords Rakovník, Political, Parties, Policy, The Municipal Council, Czechoslovakia, Options,
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The legal nature of financial derivatives under Czech law
Kofroň, Jan ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The thesis deals with the analysis focusedm on the nature of financial derivatives based on the analysis of documents such as mainly academic literature and the relevant legal regulations. This thesis is focused on the Czech legal regulation of derivatives and also includes the relevant European legislation. Firstly, attention is aimed at derivatives in general, the first chapter is focused on a brief historical development in the field of derivatives, and than on the term derivatives itself, as explained by various authors and, for comparison, some international organizations. Subsequent chapter acquaints with the basic properties of derivatives, where the individual types are characterized - especially forwards, futures, swaps and options. The chapter concludes with the current state of the derivatives market. The following chapter deals with the regulation of derivatives and derivatives markets under the Czech and the European law. Firstly, the role and competence of the Czech National Bank as the central administrative authority with the powers of the regulatory body and the financial market supervisory authority in the Czech Republic is mentioned here for the purpose of underlying the complexity of the topic. Subsequently, it is followed by description of regulatory steps made by the European...
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Exchange rate risk management in international business
Řeháčková, Michaela ; Jedlinský, Jakub (advisor) ; Žamberský, Pavel (referee)
The aim of this thesis is to explain operations with financial derivatives in the context of risk management by giving the example of the specific Czech company. The theoretical part of the thesis concentrates on the definition and initiation of the exchange rate risk and financial derivatives. In the practical part this theoretical knowledge is applied to the specific Czech company. Key factors affecting an exchange rate risk are identified along with recommendations to improve the company's risk management strategy.
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Portfolio Management with Multiple Benchmarks
Navrátil, Robert ; Večeř, Jan (advisor) ; Pešta, Michal (referee)
Portfolio Management with Multiple Benchmarks Bc. Robert Navrátil Abstract: In this thesis, we study a maximal volatility portfolio that treats all assets in a symmetric way and related option contract. To preserve symmetry we need numeraire that treats all assets symmetrically. We choose market index with equal weights. In case of two assets we focus on a variation of a passport option on the portfolio. The optimal strategy for the investor is the mentioned maximal volatility portfolio. We extend the known optimal strategy for the option to a richer class of convex payoff functions. We also show a modification of the optimal strategy for maximizing the probability of ending above or at a desired level. We later extend the symmetric market model to case of three assets, which can be even further extended to an arbitrary number of assets. The three asset model requires more parameters than are observable from the data, however we show indistinguishably of the model on the choice of parameters under very natural conditions. Both numerical simulations and an application on real data is provided. 1
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Influence of parents on the pedagogical direction of elementary school
Běhounková, Vendula ; Kitzberger, Jindřich (advisor) ; Trojan, Václav (referee)
The thesis deals with the influence of parents on the pedagogical direction of elementary school. Its aim is to find out what options to influence the pedagogical direction of elementary school parents currently have and how they make use of them. The work is divided into theoretical and research parts. The theoretical background is based on an analysis of texts and presents experiences and knowledge relating to this issue. Theoretical bases provide an overview of factors, which influence the pedagogical direction of elementary school and what role the parents can play in this process. The research part presents and evaluates the results of the research conducted at four elementary schools in Prague 12. The research method for data collection was an interview with the headmaster of these elementary schools and a questionnaire for parents of pupils. Proposed recommendations for the schools, which participated in the research, are based on the survey results and on the answers of the research questions. Their implementation into practice could facilitate the influence of parents in the pedagogical direction of the school. KEYWORDS Elementary school, cooperation, parents, headmaster, pupils, pedagogical direction, participation, influencing, options, measures.
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Legal regulation of trading in financial derivatives
Freibergová, Tereza ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
1 Abstract This thesis is focused on the financial derivatives. The main goal of this paper is to analyse legal nature of financial derivatives and to present universal definition, general characteristics or utilization of financial derivatives. The other goal of this paper is to describe the development of supervision and regulation before and after The Global Financial Crisis. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial derivatives as well as the development of derivatives in the fields of history. Chapter Two is dedicated to brief description and explanation of important derivatives types such as forwards, futures, swaps, options and credit derivatives. Chapter Three of this thesis deals with the problems of supervision and regulation of financial derivatives based on American and European law. In response to the causes and effects of The Global Financial Crisis the regulation increased. There were introduced new regulatory legislations which require for example deep transparency of OTC derivatives or settlement of OTC trades through a central counterparty. Key words: financial derivatives, forwards, futures, swaps, options, regulation
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