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Company in national economy and realisation of investments: alternatives for its development through emission of bonds and bank loan
Strýček, David ; Klepek, Cyril (advisor) ; Doležal, Ondřej (referee)
This thesis focuses on the issue of companies investments realization and the sources of their funding, especially on bank loan and emission of company bonds. Thesis is divided into two parts. In theoretical part we conclude that bank loan is in Czech Republic more usual form of funding than emisson of bonds. Emission of bonds presents only a small percentage on total financial funds. In thesis we conclude that for companies, which realize their investments and won't refinance it with next emission of funds are bank loans clearly preferable option. The thesis brings evaluation of real investment plans and choice of foreign funding sources. It can help as a simplified template for decision making about these funding sources.
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The process of investigation of cartels in Czech Republic and European Union
Krocová, Denisa ; Štípek, Vladimír (advisor) ; Doležal, Ondřej (referee)
This Bachelor thesis is focused on the protection of economic competition in the area of the prohibited cartels. The theoretical part describes the role and mission of the Czech Office for Protection of Competition and European Comission, explains important terms and describes the procedure used by antitrust autority during the investigation into the cartel. The thesis explains on chat principle works leniency programme and settlement procedure. Practical part examines specific examples of cartels in the Czech Republic and the European Union. The purpose of the thesis is to evaluate the effectiveness of the procedures and tools used by the European Commission and the Office for Protection of Competition.
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Impact of monetary policy by the Fed on stock prices in the United States since 60th years of the 20th century
Ciprys, Dušan ; Doležal, Ondřej (advisor) ; Štekláč, Jiří (referee)
This thesis deals with the influence of the federal funds rate for the US stock market, represented by the S&P 500. The work aims to analyse the relationship of monetary policy and stock market of the United States in two planes. The first part explores the interconnection between the federal funds rate, the S&P 500 and inflation between 1960 and 2015 in the context of a long period. There is significant effect of interest rates on stocks and the entire economy. The second part quantifies the immediate reaction of the stock market to changes in the base rate of the Federal Reserve System. An overall analysis shows that the market reacts differently to the increase and decrease in the federal funds target rate. The benefit of this work is to determine the average market reaction to the change in the Federal Funds rate in history and the prediction of its future development.
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Testing the Rational Expectations Hypothesis of Czech consumers in the period 2005 - 2014
Kolařík, Luboš ; Štípek, Vladimír (advisor) ; Doležal, Ondřej (referee)
The work is focused on testing the The Hypothesis of Rational Expectations by R. Lucas for Czech costumers. Hypothesis is theoretically described in historical context and in application context. It describes theoretical influence of the hypothesis to the extreme direction of the theory. The emphasis is on broader concept to this hypothesis then on the rational inflation expectation. The practical testing is made by using the method of correlation and regression of the data from the questionnaire survey by Czech statistical office. The survey is used to make the leading business-cycle indicator. The hypothesis is testing five subjects: rational expectation of economic growth, inflation, financial situation, unemployment and our own future savings. Ordinal variables from the questionnaire are converted to numeric codes and it expresses a linear relationship with an equivalent quantity. The hypothesis has been at least partially confirmed in all studied subjects, except unemployment. The change of the expectation in the time evolution is at least correlate with reality. Existence of the rationality in expectation is confirmed, extreme version of the theory is rejected. From the analysis results we can see an overhang of pessimism in the society, which is changed in linear identical relationship with the real economy. This way of testing The Hypothesis of Rational Expectation is the first in Czech Republic of its kind, which is main part of added value of this work.
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Analysis of the Basel III banking regulations and their impacts on the Czech banking sector
Waclavek, Rostislav ; Šimíček, Petr (advisor) ; Doležal, Ondřej (referee)
The aim of this thesis is to perform analysis of the state of preparedness of the banking sector in the Czech Republic for the requirements of the new Basel III regulatory measures and to assess which consequences change in the field of regulatory rules could mean for the banking sector in the Czech Republic and for the Czech economy. The main changes which the Basel III regulatory framework has brought with it are examined, this specifically concerning change in the field of capital requirements and introduction of liquidity checks on banks via two new indicators, these being LCR and NSFR. Attention is also paid to introduction of the leverage ratio indicator which is supposed to limit excessive indebtedness on the part of banks. The thesis also concentrates on the indirect consequences of change in the regulatory rules. The Czech Republic is a small open economy which is strongly dependent on economic development abroad, in particular in the countries of the European Union, so the indirect consequences could be relatively significant. A certain influence could also be represented by ownership of several key banks in the Czech Republic by their foreign controlling companies. In terms of this thesis, the issue of bank regulation is also resolved on a general level, whereas the issue of the relationship between liquidity, risk and profitability in the banking sector is also outlined here.
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Alternativní pohony automobilů
Doležal, Ondřej
The bachelor thesis deals with alternative propulsion vehicles. Introductory section focuses on the comparison of conventional and alternative drive. Another part deals with the various alternative drives that are now available. The former, are powered hybrids, followed by electric, hydrogen power, and the conclusion of dedicated vehicles on gaseous fuels. In each chapter describes the functioning of the drive components required and refueling. At the end of each chapter are listed the positives and negatives of the drive. Finally, the study introduces selected types of vehicles with alternative drive. Cars are augmented by technical parameters. Following is an analysis of the functional properties of the vehicle.
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Quantitative easing and its impact on the economy of the United States of America
Doležal, Ondřej ; Ježek, Tomáš (advisor) ; Jazic, Viktorija (referee)
This thesis focuses on the quantitative easing as a tool used by the U.S. central bank in an effor to enhance the expansionary monetary policy even during the reduction of major interest rate close to zero. The aim is to analyze the impact of the first and second round of quantitative easing on the economy of the Unites States of America practiced by Fed. The aim is achieved primarily by using event study, which examined the effect of the first and second round of quantitatitve easing on the yield of U.S. Treasuries. In the context of quantitative easing other economic data such as macroeconomic development of U.S. economy or the situation in the real estat and stock marekts are studied. The second major area of this thesis is the analysis of inflation. The sharp rise of inflation is considered as a one of the major risks associated with quantitative easing. Relationship between quantitative easing and inflation is mainly studied by analyzing the behavior of banks and other economic subjects and by using the results of quantitative easing policiy in the countries which also used that policy.
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State balanced budget rule under conditions of the Czech republic
Doležal, Ondřej ; Ryvolová, Ivana (advisor) ; Štěpánek, Pavel (referee)
The purpose of this bachelor thesis is to analyze if the Czech Republic offers sufficient institutional environment to fight state budget deficit, or if it should adopt a "balanced budget rule" which would create such an environment. The thesis presents both a theoretical concept of a balanced budget rule and legislative proposals for its adoption in the Czech Republic. The thesis also deals with existing balanced budget rule in different states of the United States of America and in Switzerland. The institutional environment is then compared to two groups of EU member states running different budget policies between 1998 and 2007. The first group consists of countries keeping a balanced state budget such as Denmark, Ireland and Finland while the second group contains countries running irresponsible budgetary policies such as the Czech Republic, Italy and Hungary.
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Production management at the company Ekvita spol. s r.o.
Doležal, Ondřej ; Svobodová, Hana (advisor) ; Bláha, Martin (referee)
The thesis deals with operative production management at the company Ekvita s.r.o., which specializes in jobbing production in the mechanical industry. The thesis describes the company from the operational management and operative production control perspective. Emphasis is also laid on the programme equipment of the production management, namely the Herakles programme. The thesis aims to examine its capabilities and to suggest an upgraded application within the company. Particular suggestions can be found in the closing part of the thesis.
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