National Repository of Grey Literature 417 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability
Pokorný, Tomáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Title: The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability Author: Ing. Tomáš Pokorný Supervisor: doc. JUDr. Michael Kohajda Ph.D. When performing monetary policy, the central bank can follow inflation targeting or other monetary policy rules. Following a rule, the central bank can efficiently stabilize economic development in the long run, because the changes in the mon- etary policy given by the policy rule are included in the rational expectations of agents. It might seem that the consistency of monetary policy is secured by following the policy rule only. The potential discretion, however, remains in the different preferences of the bank board members, which may completely change monetary policy decisions within the given monetary policy rule. Current leg- islation does not prevent this discretion by any means as the decision of bank board members' appointment is awarded to the Czech president exclusively, who can completely disrupt the monetary policy consistency with the previous bank board. The changes in the bank board preferences are analyzed using the GMM method on two subsamples in the period of 1996 Q3 - 2021 Q2. The empirical analysis shows that the Czech National Bank followed its constitutional duty and reacted with its policy rates to the...
Securities and Financial Derivatives Income Taxation in SelectedCountries of the European Union
Ondrušek, Dávid ; Karfíková, Marie (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
Securities and Financial Derivatives Income Taxation in Selected Countries of the European Union Abstract The aim of the dissertation, dealing with the topic of taxation of income from securities and financial derivatives, is to summarize the theoretical basis of this topic and compare the methods and possibilities of taxation of income from securities and financial derivatives in selected countries of the European Union and outline development trends in this area. The author's intention is to search for, identify and describe similar and different components of the financial and legal framework for taxation of income from securities and financial derivatives. In the first chapter of the dissertation I will state the objectives of the dissertation, methods of scientific work and methodology of the dissertation, I will specify the objectives and methodology of the dissertation, the main objective of the dissertation and partial objectives of the dissertation and methodology of the dissertation together with a description of scientific methods used in the dissertation. . The second chapter of the dissertation will focus on the financial and legal context of the financial market, capital market and derivatives market of the European Union and selected member states of the European Union. In it I describe the...
Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union
Kropjok, Vít ; Kohajda, Michael (referee)
Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union Abstract: The 2007-8 financial crisis brought about the most severe economic contraction since the Great Depression. Regulators on both sides of the Atlantic were taken aback and soon realized that they had no tools to deal with distressed banks and other financial services firms, failure of which could undermine financial stability not only within individual states, but also on a global scale. As a result, central banks of in particular the United States and the Eurozone became the most important actors in the fight against the unfolding crisis and de facto the only "governmental agencies" capable of swift and decisive measures. Their timely and vigorous reaction most likely warded off the collapse of the global financial system, though it was not without controversies. These controversies are analyzed in this dissertation in order to find out what role should central bank have during financial crisis. Governments followed central banks with massive bank bailouts. In many countries, governments went beyond liquidity provision and nationalized their banks, which threatened their own solvency. Although the global financial system has been largely restored in the last decade, it has been achieved at huge...
Financial Aspects of Global Payment Systems
Moravec, Jiří ; Kohajda, Michael (advisor) ; Boháč, Radim (referee) ; Papoušková, Zdenka (referee)
Financial Aspects of Global Payment Systems Abstract This dissertation summarizes findings on Digital Asset's development, which would fit under the era of Blockchain 1.0. We analyzed and synthetized available resources focusing on the following areas: (i) historic aspects of Digital Assets, (ii) technical solutions of Digital Assets, (iii) actual use of Digital Assets, (iv) abuse of Digital Assets, (v) Digital Assets' legal integration, (vi) Digital Assets as a global payment system. Analyzing history of Digital Assets, we summarize that Digital Assets were developed with the intent to liberate payment systems from existing financial supervision. Once such system became functional it was immediately abused. In connection with technical solutions, we find that as technical complexity of Digital Assets (especially the lack of the trusted third party) diminishes protection of Digital Assets users, it incentivizes criminal activity. Consequently, Digital Assets are vastly abused for different criminal purposes, including development of services dedicated to criminal activity, such as Dark Web Marketplaces or Digital Assets Mixer. Further, Digital Assets are used for payments on minimal scale, and the retail use if practically nonexistent. Currently, Digital Assets' legal integration is slow and fractional;...
Regulatory Sandbox in Financial Services
Stupková, Michala ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Regulatory Sandbox in Financial Services This thesis examines the issue of regulatory sandboxes in financial services. A regulatory sandbox is a legal framework under which innovative technologies, products or services can be tested in a real environment and on real customers. Sandboxes are emerging in areas that are heavily regulated, while in financial services they serve to make it easier for innovative companies to navigate regulation and enter the market. This work then focuses on regulatory sandboxes in financial services in the European Union, which are currently established in 11 Member States. The main objective of this thesis is firstly to introduce this relatively widespread but not well-known concept and secondly to analyse its use in financial services. Although the establishment of a regulatory sandbox in the Czech Republic has been debated, it is a rather unknown and unexplored concept in the Czech academic environment, but one which deserves appropriate attention. Especially if it were to be established in the Czech Republic. The first chapter is dedicated to the regulatory sandbox itself, its functioning and the various benefits and risks associated with its operation. It then introduces some of the sandboxes in areas other than financial services. The second chapter discusses in...
The role of depositary in the capital market
Fajmonová, Lenka ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
1 The role of depositary in the capital market Abstract This thesis analyses current legislation regarding depositaries from the viewpoint of czech and european law. Taken into account are opinions from literature, commentaries of law, Czech central bank or Capital market Association of Czech republic. Legislation and opinions presented are evaluated, commented on and in some places an adjustment is suggested. In this thesis there is mainly used the linguistic, systhematic and historicaly-theological method. The first chapter deals with historical background of investment funds and depositaries and also with the influence the coupon privatisation had on today's capital market. Subsequent chapter is focused on investment funds, their types and related legislation and presents statistical data related to investment funds and depositaries. There is also a section dedicated to comparison of investment funds and depositaries in other european states. Third part of the thesis is dedicated to theoretical basis of depositary with the addition of practical examples of its duties and circumstances which can affect the way its duties are performed. Main emphasis is put on valuation of movable and immovable property and not only property commonly found in fund's portfolio, but even some specialized examples like...
Comparison of shareholder taxation from the sale of a share and of a business enterprise in a limited liability company
Páleníček, Adam ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
99 Comparison of shareholder taxation from the sale of a share and of a business enterprise in a limited liability company Abstract This diploma thesis analyses and compares alternatives for the sale of a stake in a limited liability company and the sale of a business enterprise with or without the distribution of the proceeds from that sale, in particular pertaining to the taxation of the owner of a stake in a limited liability company. The thesis is divided into an introduction, four main chapters, and a final chapter. The first chapter defines the key terms of a limited liability company, share and business enterprise, as well as issues related to the sale of a share and a business enterprise. Both institutes are distinguished. Furthermore, the key terms of tax law are defined, especially the definition of the construction elements of tax, which form the basis for analysis in the second and third chapters. Finally, the issue of tax optimisation and its differentiation from tax evasion in relation to the shareholder is defined. The second and third chapters separately focus on the analysis of alternatives. The second chapter analyses the first alternative of selling a stake. The third chapter analyses the second alternative of selling a business enterprise together with the possible distribution of the...
The Czech National Bank - its legal status
Nováková, Marianna ; Boháč, Radim (advisor) ; Kohajda, Michael (referee)
71 Summary Czech National Bank - Legal Position This paper analyses the legal position of Czech Natitonal Bank as an entity vested with the powers and functions of central bank. The legal position of Czech National Bank is determined by the Constitution of the Czech Republic and implementing statute - Act. No. 6/1993 Coll., on the Czech National Bank, as amended. Article 98 of the Constitution of the Czech Republic estabilishes CNB as central bank of the state and sets its primary objective which is to maintain price stability. Interventions in its activities are only permissible on the basis of the law. Under Act No. 6/1993 Coll., on the Czech National Bank, central bank is an institution governed by public law, supervisor of czech financial market and it is vested with the powers of administartive authority to the extend specified by the law. It manages the assets entrusted to it by the state independently and with due diligence. Initial part of this paper (chapter 2) presents economic links of central banking, while concentrating on origin of money, banking system and central banking with its functions as whole. Chapter 3 is dedicated to the concept of independency of central bank, relations of independency and accountability and main principles of independency according to the legislation of the...
Legal issues of commercial and investment banking
Suchá, Anna ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
This thesis is dedicated to the Financial Law, namely to a special part of this branch of law - Banking Law, with a special focus on legal aspects of commercial and investment banking. This thesis concentrates on the specifics of the universal banking system applied in the Czech Republic. Chapter 1 deals with the general terms and concepts of the Banking Law, namely with the different types of banks and/or other financial institutions, as well as explanation of their different functions in the banking system of the Czech Republic. This chapter furthermore provides general overview of the structure of the banking and financial system of the Czech Republic. Chapter 2 covers the functions and characteristics of two fundamental types of banks, i.e. of commercial and investment banks and provides characteristics of their common features as well as the differences between them, from the perspectives of economics and law. Chapter 3 concentrates on three different banking models, namely on model of universal banking system, segmented banking system and hybrid banking system. This chapter also provides comparison of pros and cons of the above mentioned banking models. Chapter 4 looks in detail on a model of integration of investment banking into the banking system of the Czech Republic and furthermore, on...
Activities of certified auditors
Berková, Hana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Title: Activities of certified auditors Key words: auditor, liability, International Standards on Auditing ABSTRACT The diploma thesis focuses on the legal aspects of activities of certified auditors, particularly in the context of auditors' liability. First, it briefly summarizes the history of auditing throughout the world and in the Czech Republic. It analyses the meaning and objectives of the statutory audit and explains the triangular relationship between the auditor, management of the entity and its owners. The description of a typical course of assurance engagement is accompanied by cautionary advice for intricate aspects of acceptance of an audit engagement and the preparation of engagement letter. Attention is paid to materiality levels used during the statutory audit and to the expression that the financial statements give a true and fair view of the financial position of the entity. Different types of auditor's report are distinguished and a variety of errors frequently made not only by users of financial statements from the common public but also by experts participating in management of audited entities is mentioned as well. The three chapters dealing with auditor's liability discuss the civil, disciplinary and criminal issues related to assurance activities. As regards auditors' civil...

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