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Analysis of the development of the Cypriot banks in years 2010–2016
Alexandridisová, Julie ; Dvořák, Petr (advisor) ; Galuška, Jiří (referee)
This master thesis is based on analyses of the Cypriot banking sector from 2010 to 2016. The aim is to describe the effects of the recent financial crisis in Cyprus to locally operating banks, to assess the assistance provided to Cypriot banks and especially to analyze the development of systemically important Cypriot banking institutions, namely the Bank of Cyprus Group, Cooperative Central Bank, Hellenic Bank and RCB Bank Ltd with emphasis on the most important banking institution in Cyprus. The work draws mainly from published financial results of the systemic banks and from the Central Bank of Cyprus representing the consolidated banking sector. Furthermore, for the purpose of this study was used the Eurostat database, EBA and the IMF periodicals, along with the websites of the credit rating agencies.
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Analysis of the impact of financial crisis on credit rating agencies
Matuška, Jakub ; Mirvald, Michal (advisor) ; Babin, Jan (referee)
The objective of this work is to analyze the effects of financial crisis on the development of selected economical indicators of Credit Rating Agency. The suggested influence was analyzed using parametric tests of financial indicators EBT, ROA, ROE, number of employees and share of assets on liabilities using their mean value and spread during years 2005-2014. Data and information used to interpret there indicators were acquired from annual reports of each company and analytical server YCharts. A significant part of this work is a summary of causes of financial crisis, which, amongst other factors, include the behavior of Credit Rating Agencies.
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The role of rating at capital markets
Petrželová, Soňa ; Musílek, Petr (advisor) ; Derner, Tomáš (referee)
The thesis elaborates on the development of the rating at capital markets and its regulation in the context of the global financial crisis. The first part focuses on the definition of the rating, the kinds and types of grant, explanation of the symbols in the rating scale, the rating process and activities of credit ratings agencies. The second part compares the different development of credit rating industry in the United States of America and in the European Union. It also deals with the participation of credit rating agencies in the financial crisis. The last part is concerned with the Dodd -- Frank Act and Regulation 1060/2009 on credit rating agencies as two different measures granted after crises. The thesis analyzed also their impact on the credit rating industry.
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Rating agencies and their importance for financial markets and economic policy
Svačina, Lubomír ; Jílek, Josef (advisor) ; Pícl, Michal (referee)
This paper performs an analysis of rating agencies and evaluates their importance for financial markets and economic policy. The importance of rating agencies and their ratings is assessed based on two criteria -- independence and accuracy of ratings, both criteria are analysed in detail from different views throughout this paper. Independence of rating agencies is considered in terms of historical context and the most important development milestones and trends, in terms of market positioning and demand for services of rating agencies, in terms of ownership structures and financing models. Accuracy of ratings is considered by historical analyses of sovereign ratings from the times of the Asian financial crisis, the European debt crisis and sovereign debt defaults and restructuralisations since 1990. In the issue of independence, the paper has revealed several risk factors, mainly in relation to financing model "issuer pays". In the issue of sovereign rating accuracy, the paper has come to a conclusion that rating agencies were only able to identify the most visible negative trends -- defaults and restructuralisations of debts in countries, where the problems had developed gradually. On the other hand, in surprising and sudden cases such as the Asian financial crisis and the European debt crisis, rating agencies were suprised just like the wider investor's public.
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Co způsobilo vzestupy a pády úrokových měr státních dluhopisů během evropské dluhové krize?
Václavíček, Tomáš ; Chytil, Zdeněk (advisor) ; Kovář, Kamil (referee)
This study examines the determinants of government bond spreads vis-a-vis Germany for eleven EMU member countries in the period 2000Q1 to 2013Q3 with a special focus on the European Debt Crisis. The aim of the thesis is to test whether selected financial, fiscal and macroeconomic variables have an impact on government bond spreads. A novel contribution is testing whether there has been a significant change of government bond spread determinants following the ECB interventions in summer 2012. Variables reflecting the sustainability of public finance, liquidity of government bonds, risk aversion and competitiveness of a particular country were found to be significant determinants of government bond spreads, unlike banking sector indicators. Government bond spreads thus increase in response to rising debts and deficits and the loss of international competitiveness. No significant change in the composition of government bond yield determinants as a whole was found for the period after the ECB interventions, despite changes in several variables. Results of the thesis suggest that it is important to follow a sound fiscal policy and to prevent a deterioration of a country's international competitiveness in order to keep government bond spread of a particular country low.
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Credit rating agencies and their impact on the global financial crisis
Kubálková, Martina ; Bolotov, Ilya (advisor) ; Čajka, Radek (referee)
Credit rating agencies play an important role in the financial market and ensure its effective functioning. However, they now face criticism due to their involvement in the development of the global financial crisis in 2007--2009, and in some cases they are even referred to as the key cause of the crisis. The purpose of this thesis is to define the role of credit rating and credit rating agencies in the global financial market and to analyse how and to what extent the rating agencies were actually involved in the origin of the global financial crisis. The first chapter deals with the theoretical definition of relevant terms while the second chapter analyses the impact of ratings on the development of the global financial crisis and it also focuses on the consequences that credit rating agencies had to deal with following their implication in the cause of the crisis.
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Present position of rating and credit rating agencies in context to regulation of financial market
Přibylová, Jana ; Blahová, Naděžda (advisor) ; Kaimova, Nadira (referee)
The main aim of this thesis is to introduce the current position of rating and credit rating agencies. Present situation is deeply influenced by inevitable regulation which is still developing as much as financial market. This thesis describes the regulatory evolution of rating and focuses mostly on most important events which cause new measures every time. Although I was not able to find one particular result, I managed to outline present conditions in which are credit rating agencies operating in the world or in the Czech republic. The main finding is probably the fact that the way of regulation chosen by the United States of America or the European Union is not the best. An excess of regulation can not solve the loss of confidence in rating and credit rating agencies.
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Influence of Czech Republic Rating on its Debt Service
Mrázek, Jan ; Vopátek, Jiří (advisor) ; Zayml, Michal (referee)
This thesis deals with the activity of rating agencies and the sovereign rating in-fluence on debt service of the Czech Republic. In the theoretical part there is described the rating concept and its importance for society. Next there is described the history of the most significant rating agencies, so-called "The Big Three". The second part of this thesis is dedicated mainly to the sovereign rating of the Czech Republic that is compared with the sovereign ratings of other countries of the EU. Finally, I analyze whether there is a connection with the determinativ of the level of dependence between sovereign rating and interest on new government bonds, GDP, and state debt.
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The analysis of the benefits of the European Rating Agency
Vaňková, Jana ; Titze, Miroslav (advisor) ; Šimíček, Petr (referee)
The main aim of this diploma thesis is to analyze benefits of the establishment of the European Rating Agency. The partial aim is to determine the influence of the credit ratings on economics situation in selected European countries and to analyze problems of current credit rating industry. A slight impact of the credit ratings on the observed countries has been found by way of the analysis of evolution of the yields of ten-year government bonds and the prices of CDS contracts on these bonds. Non-perfect competition, weak transparency of the rating process and conflict of interest are considered as the most important problems of the credit rating agencies. By way of the analysis of the ability of the European Rating Agency to remove or at least to partially eliminate discussed problems has been found that the European Rating Agency would not be able to remove all problems of the credit rating industry. The uncertainty about the independence of the European Rating Agency is the biggest weakness of this agency. For this reason, we can't expect that the European Rating Agency would be able to make the credit rating process more efficient and improve the situation in the credit rating industry.
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Securitization and her role in current financial crisis
Bísková, Hana ; Jílek, Josef (advisor) ; Hájek, Jan (referee)
Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.
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