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Analysis of the systematic risk and its influence in value investing
Mikláš, Antonín ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This Bachelor´s Thesis deals with analysis of systematic risk and its influence in value investing. Theoretical part of the thesis explains components of valuation based on discounted cash flow model. This part is focused mainly on beta from CAPM model which measures relation between given asset and systematic risk. Practical part begins with calculation of macroeconomic variables needed for company valuation. Then, combining the different stock market indices and using the least squares method, beta of the companies CEZ and Philip Morris CR is calculated. Valuation of these companies is made in the final part of the thesis accompanied with sensitivity analysis, which examines the influence of beta on internal value of a share.
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Value Investing
Liptáková, Lenka ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This bachelor's thesis deals with value investing in the form defined by Benjamin Graham. In clarifying the theoretical aspects, particular attention is given to an intrinsic value of stocks and to its calculation methods. A way to overcome the deficiencies in the two most widely used models of calculation is introduced. It is value screening, which by defining of certain criteria makes an assumption of undervalued stocks. Then the investment approach of the most successful investor, Warren Buffett, is described. The practical part is devoted to assessment of the current (May 2014) market situation from the value investor's point of view. Using the free stock screener, the list of companies with selected characteristics is generated. Subsequent analysis of individual companies leads to conclusion, that all considered companies are too risky to be characterized as appropriate for value investing.
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Comparison of basic macroeconomic indicators of the Czech Republic and the whole Europian Union since 2000
Šolc, Jakub ; Breňová, Lubomíra (advisor) ; Pivoňka, Tomáš (referee)
The Bachelor Thesis deals with the analysis and comparism of the macroeconomic variables development in the area of the Czech Republic and Europian Union since the year 2000. The Thesis is focused on the development and comparism of gross domestic product, unemployment, inflation and balance of payments. The Thesis is divided into two parts, theoretical and practical. The main aim of the theoretical part is to explain the variables in general, the definition and computation are detaily explained as well. The practical part is the comparism of the annual growth rate of gross domestic product in constant values, the rate of unemployment, inflation measured by consumer price index and the development of the balance of payments of the Czech Republic influenced by Europian Union. The main aim of the Thesis is to determinate the years in which the Czech Republic had better results of the macroeconomic variables than Europian union and find out reasons of this fact.
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Comparison of the Evolution of Unemployment Rate in Czech Republic and Slovakia
Šutariková, Petra ; Pavelka, Tomáš (advisor) ; Pivoňka, Tomáš (referee)
High unemployment rate is one of the most critical macroeconomic problems the economy of a certain country has to deal with. Due to the economic crisis in 2009 almost every country, including Czech Republic and Slovakia, had to face raised unemployment rates. Bachelor thesis is divided into theoretical and analytical part. It examines and compares the evolution of unemployment rates in Czech Republic and Slovakia in 2007 -- 2014 according to the length of unemployment, gender and level of education attained.
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Classification of European countries based on their business climate
Pospíchalová, Barbora ; Löster, Tomáš (advisor) ; Pivoňka, Tomáš (referee)
The aim of the thesis is to classify european countries in terms of their business climate using the method of cluster analysis over the years 2008-2013. Changes in classification during this period are associated with events of global significance (e.g. World financial crisis) or local importance (reforms, EU strategy...). Data base consists of indicators describing administrative, financial and law environment for doing business and are publicated by World Bank. Clusters indicate both geographic conditionality and specific attributes of these clusters, which suggest countries with better/worse conditions in some of the areas. Particular attention is given to development in the Czech republic. There was significant change in classificiation between 2008 and 2009 and subsequently became stable. The results of analysis correspond to the existing rankings and indicators of business demography. Potentials for improvement which might leed to stabel economic development according to the conducted analysis are outlined in the end of the thesis (f.e. implementation of unified administrative points, electronization and further simplification of bureaucratic processes).
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Impact of productivity on current account behavior
Pivoňka, Tomáš ; Pošta, Vít (advisor) ; Pikhart, Zdeněk (referee)
This thesis is considered with impact of productivity on current account of Czech Republic. It is based on model presented by Glicka, R., and K. Rogoffa "Global versus Country-Specific Productivity Shocks and the Current Account". In this model productivity is distinguished on country specific and global productivity in countries of G-7. Other authors followed this model by extension or revision. In my thesis I was working with several series of productivity based on different data from some sectors of economy. To capture productivity is used Solow residuum of Cobb-Doublas production function. Country specific productivity shock worsen current account as initial model says. Analysis of time series revealed the most suitable series for description of current account behaviour as series of total industry with investment based on gross fixed capital formation.
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Reorganization and redevelopment firm Kordárna, a.s.
Pivoňka, Tomáš ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
The bachelor thesis deals with problematic of method how to resolve bankruptcy. It describes possible solutions of bankruptcy by law I force Bankruptcy and its solution to the 10th 8th 2009. Aim of this thesis is to describe these methods and notice all appurtenances that must be executed if debtor become insolvent and compare different ways of solution bankruptcy. The practical part follows implementation of a method of solution into practice. There is described the course of insolvency act of Kordárna, a.s. which solved their bankruptcy by reorganization.
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