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PROBLEMS OF COMPANY FINANCING VIA INITIAL PUBLIC OFFERING
Meluzín, Tomáš ; Vašek, Jaroslav (advisor)
The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.
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PROBLEMS OF COMPANY FINANCING VIA INITIAL PUBLIC OFFERING
Meluzín, Tomáš ; Vašek, Jaroslav (advisor)
The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.
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Research on waterjet in Institute of Geonics of the AS CR from 1990 to 2006
Vašek, Jaroslav
The paper is continuation of an article published in the proceedings of the conference "Water Jet 2011 - Research, Development, Applications”. By 1990, the work is briefly described in the article (VAŠEK 2011). The follow-up work carried out in the period 1990 - 2006 is the subject of this article. The paper gives a brief overview of the author's participation at the World Mining Congress in Beijing (1990), a collaboration with CNR Canada, CNR Cagliari (Italy), the organization of international conferences GEOMECHNICS 91, 93 and 96. The cooperation with University of Missouri Rola (hereinafter UMR) USA, Cornerstone Technologies and Pennsylvania Micronics, cooperation within the project EU-Inco Copernicus (1995 - 1999) and the project of Grant Agency of the Academy of Sciences of the Czech Republic (hereinafter GAAV) "Mechanical breakages and disintegration processes of coal and rock - theoretical aspects, applications, outlook” (2001-2006) are also presented.
Fulltext: content.csg - DOC Plný tet: UGN_0398600 - DOC
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