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Telecommunications regulation
Selby, Alice ; Pomahač, Richard (advisor) ; Pítrová, Lenka (referee) ; Bejček, Josef (referee)
The content of my work has been chosen on the basis that I have spent most of my career working as a regulatory lawyer in telecommunications. I started my career as a lawyer at the Czech Telecommunications Office and after few years I moved to the Ministry of Transport, which was then also responsible for telecommunications, and its strategy and legislation. Finally I joined Radiomobil (now T-Mobile Czech Republic) where I have spent 15 years to date. The development of technologies in the last 20 years is without a doubt fascinating. It is exciting to observe the sector regulation trying to catch up with the fast moving technological developments, and often aiming at attempting to regulate what cannot be regulated. At the same time we can witness the overregulated European telecommunications market gasping for air in comparison with other regions as it becomes less and less attractive to investments and investors, which is evidenced by the major European companies leaving the European markets and moving their activities into the less regulated regions of the world. A direct consequence of that is the consolidation of the European telecommunications markets. At the same time there are very high expectations on the part of both regulatory bodies and customers in the field of broadband development...
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Empirical Analysis on Multiple Mergers of US Banks
Le Thi Hong, Minh ; Novák, Jiří (advisor) ; Serdarevič, Goran (referee)
We use logistic analysis to predict the probability of making non-programmed merger in a data sample of 45 US banks. Non-programmed merger is the merger that happens next to the subject merger but has at least three years apart from the subject merger. We apply logistic regression of the occurrence of the non-programmed merger on main characteristics of the subject merger. We first examine the effects of each of three explanatory variables, which are firstly abnormal return around the approved date, secondly hubris management hidden in the subject merger, and thirdly the value of asset acquired, on the dependent variable. We then try to find the best prediction model by controlling some variables both confounding and rescaling. Our final prediction model shows that the probability of making a next merger at least three year after the subject merger will significantly decrease if there is abnormal return realized in the subject merger. On the other hand, using event study methodology to search for the abnormal return of the acquirer's stock price around the approved date, we prove that the information of FDIC s' merger decision is not totally confidential to public and has significant impact on the stock price of the acquirer
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Private equity and leveraged buyout
Růžička, Jakub ; Pláničková, Markéta (advisor) ; Plánička, Pavel (referee)
The goal of the Thesis was to perform a research about the Private Equity industry and Leveraged Buyout type of deal. Within practical part of the Thesis, was goal to create financial model and use it to analyse real case LBO transaction. Due to lack of Czech literature about the topic and secrecy of the industry, foreign studies and literature were primary source of information but also an interviews with Czech investment professionals and advisors. In practical part of the Thesis was created general LBO model with Microsoft Excel, with functions able to perform different LBO transactions. This financial model, was later used to perform LBO acquisition analysis of company Severomoraské vodovody a kanalizace Ostrava a.s.
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Is the development of the number of realized M&A transactions procyclical?
Červinková, Kristýna ; Stroukal, Dominik (advisor) ; Vozárová, Pavla (referee)
The aim of the thesis is to reveal the relation between business cycle and the number of transactions considering mergers and acquisitions. For this purpose the appropriate macroeconomics indicators have been chosen. The base hypothesis, which stands for the procyclical development of transactions, was examined by regression analysis of panel dataset containing quarterly based data from The Visegrad Group countries in the period from 2000 to 2014. The ordinary least square method together with robust estimation of standard deviation provided the confirmation about positive relation of the quarter change of GDP as the main explanatory variable and the number of transactions. Nevertheless, more robust findings appeared in case of significance of stock markets and public debt. The positive relation of the stock price was proven to be in accordance with the behavioral theory. The increase in transaction activity is capitalized through the profit from the sold of overprized stocks. Unexpected result about positive relation of public debt required the specification of assumption about the lower preference of smooth consumption of The Visegrad group households.
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Cooperation amongst Air Carriers
Huňak, James ; Zelený, Lubomír (advisor) ; Niko, Eduard (referee)
The thesis deals with the issue of cooperation amongst air carriers. There are mentioned several forms of cooperation in this field: bilateral agreements, global airline alliances and also very specific and current ways of cooperation which are mergers and acquisitions. The last mentioned forms are illustrated on specific examples of important European airlines which decided to improve their competitiveness by joining other air carrier or acquiring relevant stake in other airline. The trend of concentration in the aviation area has naturally affected Czech air transport market as well; therefore this thesis includes a separate chapter concerning acquisition of Czech Airlines by Korean Air which bought a 44 % stake in Czech flag air carrier. There are analyzed in detail the main impacts of the transaction from different points of view, including potential synergistic effects resulting from the cooperation. The thesis also deals with the recently established cooperation between Czech Airlines and its rival airline Travel Service which plans to buy a 34 % stake in Czech national airline and to become its legitimate shareholder besides Korean Air. The thesis includes an analysis of cooperation with this company as well.
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Realization of synergies in international mergers and acquisitions
Hudečková, Veronika ; Taušer, Josef (advisor) ; Müller, Štěpán (referee)
The volume of mergers and acquisitions in 2014 amounted to 3.6 trillion USD. Acquisition activity over the previous year increased by 26 % and the volume of mergers and acquisitions was the third highest in history after 2007 and 2006. The constantly increasing number of mergers and acquisitions and an increase in the volume of capital required for the realization of transactions stand in stark contrast to the high rate of failure. The primary motive for international mergers and acquisitions is the realization of synergies. The paper analyzes in detail the factors that influence the success of international mergers and acquisitions, especially strategic fit, cultural fit and integration. It also analyzes the motives which lead to realization of those transactions and how they relate to the realization of synergies. The results of previous studies are presented in the theoretical part, practical part is focused on a specific acquisition of Anheuser-Busch, which is part of the global brewing group Anheuser-Busch InBev, which in 2014 bought a small Czech brewery - Pivovar Samson.
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Impact of moral hazard in the context of the global crisis on mergers and acquisitions in the financial sector
Jackuliaková, Monika ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
The main purpose of my final thesis is to present the development, function and real impact of moral hazard on the process of creating mergers and acquisitions (mainly in the banking sector) in the context of the financial crisis. I seek to analyse the acquisition process and the factors that affect it. Consequently, I focused on the synthesis of these factors, with emphasis on the role of moral hazard, which on the one hand acts as one of the potential culprits of the failure of markets, but on the other hand as the "driving force" for encouraging the creation of mergers and acquisitions in a financial crisis.
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Choosing a strategic partner in the process of cross-border mergers and acquisitions
Gromadová, Lucia ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
This master thesis is in its five chapters dealing with the issue of cross-border mergers and acquisitions, taking as its main objective to describe a process of acquiring one company by another - from the perspective of a foreign acquirer - with an emphasis on identifying key attributes of his decision and the main criteria for selecting the final acquisition target. The first chapter sets theoretical basis for the work and provides definition, classification and characterization of motives for the implementation of mergers and acquisitions. The second part enriches the thesis with the historical and current development of international acquisition activity. The third chapter chooses a strategic approach to M&A. The fourth part explaines the process side of these transactions. The final, fifth chapter follows up on the development in the CEE region and highlights the Czech Republic as a traditional acquisition target for foreign investors, assessing of areas that increase or decrease its attractiveness at once.
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Analysis of acquisition of EXIM Holding by REWE Group
Zíma, Radek ; Smrčka, Luboš (advisor) ; Strouhal, Jiří (referee)
The aim of this thesis is to assess particular cross-border merger (acquisition) of EXIM Holding by REWE Group, analyze acquired company, evaluate benefits, synergies and disadvantages of this acquisition for both represented parties and determine main motives of this transaction. Methods used are based on financial analysis, managerial strategic analysis and analysis of available information and documentation regarding given transaction. Practical part focuses on applying methods described in theoretical part on structures of EXIM Holding. The conclusion is summary of relevant findings of thesis itself and evaluates benefits of analyzed transaction.
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