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European Bank Mergers and Acquisitions:do they Create Value for Shareholders?
Stárová, Hana ; Teplý, Petr (advisor) ; Havel, Jiří (referee)
The European banking industry has experienced profound change in regulation, technology and market structure over the last two decades. Since the late 1990s, a strong wave of mergers and acquisitions (M&A) and market consolidation process have been induced by changing external environment. The aim of this thesis is to find out whether M&A transactions in the European banking sector can be justified by creating value for involved banks' shareholders. For this purpose we first discuss theoretical motives, which indicate the potential sources of value creation. Furthermore, we conduct an event study examining value implications of 59 M&A transactions of listed European banks carried out between 1998 and 2007. Our findings suggest large value creation for the targets' shareholders. On contrary, significant value destruction is found for shareholders of the bidding banks. The net wealth effect for combined entities of targets and bidders is still significantly positive; therefore, we conclude that banking M&As have been successful. Moreover, we present results for several sub-samples analysing differences in terms of value creation between domestic and cross-border deals, cash and equity-financed deals and transactions of different sizes.
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Competition versus dominance in the European pharmaceutical industry : Are the patent rights too strong?
Polanská, Eva ; Teplý, Petr (advisor) ; Havel, Jiří (referee)
The thesis is deals with the position of companies operating in the European pharmaceutical industry. Pharmaceutical industry belongs to traditionally highly innovative sectors whose investments into R&D largely outperform other industries on the European as well as on the global scale. A high number of patents is awarded in this branch. The companies get into strong position thanks to them. The key issue which the paper is devoted to is a detailed analysis whether and how the strong legal position is reflected on the economic level. Powered by TCPDF (www.tcpdf.org)
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Audit quality in the Czech Republic
Pěkná, Martina ; Havel, Jiří (advisor) ; Hollmannová, Monika (referee)
Audit of statutory financial statements is mandatory for major part of big companies. Auditor ascertains the validity and reliability of information in the financial statements. Since stakeholders use financial statements for their decisions, quality of audit services is important for all users of financial statements. This thesis concerns about the quality of audit services in the Czech Republic. We focus on suppliers concentration on audit market using market concentration measures and based on these data we outline structure of audit market. Our findings suggest significant heterogeneity of supply side of audit market. We also examine the relationship between audit quality and cost of capital of audited companies when we expect that higher quality audit may decrease cost of capital of audited companies. For this purposes we build up unique data set of non- financial companies and design a model respecting the specifics of Czech financial market. Surprisingly, results are not consistent with those of existing research based on US and Chinese data when they suggest that there is no significant relationship between audit quality and cost of capital.
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The system of corporate education and development in Tesco Stores ČR a.s.
Havel, Jiří ; Mužík, Jaroslav (advisor) ; Raisová, Tereza (referee)
This thesis is dealing with the system of corporate training and development in one of the biggest Czech retail enterprises, Tesco Stores ČR a. s. After opening presentation of theoretical attitudes considering contemporary approaches to the corporate training and development I introduce a general description of Tesco Stores training system which together with other core business activities is particularly aimed to satisfy customers needs. Customer orientation has also a direct impact on training forms, methods and activities which result from corporate strategy, its culture and from the system of human resources management. An important part of the thesis are the ways of evaluation of training and development efficiency. The text is divided into several parts according to the specific training needs and activities of their participants based upon organizational hierarchy. Another considerable part is devoted to the core staff of every enterprise - the low and middle management - which is dealt with focus on their development and the axe of it - the Performance management process. The realization of activities described is analyzed at the example of one of the Tesco stores in Czech Republic, Department Store Prague, Narodni trida. Following the theory and practice I tried to bring several ideas and...
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Developement of the Russian foreign trade in the period after disintegration of the Soviet Union until the present time
Osipova, Anna ; Půlpán, Karel (advisor) ; Havel, Jiří (referee)
The thesis describes development of the foreign trade of the Russian Federation in the period after disintegration of the Soviet Union until the present time. It is concentrated particularly on the balance of trade, export and import of the RF. The objective of this thesis is the analysis of main factors that have been influencing components of Russian foreign trade and observation of their impact on the Russian foreign trade activity. Within this framework I follow the trade development of particular items of Russian production and pay attention to the main commodities such as energy resources, machinery and equipment. The thesis also analyses trade relationships between RF and other countries and coalitions. Part of the thesis outlines possible future of the Russian FT during the period 2000-2015 and defines alternatives of the Russian foreign trade activity in dependence on oil prices, since oil is one of the most important components of the Russian export.
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Optimal regulation of order in satisfying of claims of unconsensual creditous in the insolvency proceeding
Kubejová, Daniela ; Richter, Tomáš (advisor) ; Havel, Jiří (referee)
Optimal protection of creditors is an important part of insolvency law as well as legal and economic environment. The group of nonconsensual creditors invokes a lot of discussions, because these creditors didn't accept the relation with debtor voluntary and they possibly could suffer a big loss. The most of experts agreed with the necessity of protection for this group. The main suggestions are upward move in the priority ladder or the introduction of personal liability of shareholders. The work first describes the attributes of optimal legal regulation. The core consists of characterization of nonconsensual creditors and description of reasons why they should be given "superpriority". Second part is discussion about personal liability of shareholders for corporate torts. The work tries to find out which of suggested modifications is from economic point of view the most convenient and suitable. Powered by TCPDF (www.tcpdf.org)
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