National Repository of Grey Literature 105 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Integration of European Stock Markets
Bartůňková, Hana ; Mejstřík, Michal (advisor) ; Dědek, Oldřich (referee)
This thesis deals with the issue of integration of stock markets in the European Union. Theoretical background explaining the importance of developed stock market for the economy and the benefits of stock market integration is followed by the analyses of integration barriers: legislative framework of European stock markets, high costs of cross-border trading and currency risk. It is shown that the current legislative process is able to create integrated European stock market, even if the problems concerning coordination of regulation and enforcement of the directives continue. High costs of cross-border trading remain an important barrier of stock market integration as well as the currency risk. Nevertheless this thesis verifies the hypothesis of forthcoming integration of European stock markets.
Development of investment opportunities for individual investor in the Czech Republic since 1990
Souček, Martin ; Mejstřík, Michal (advisor) ; Teplý, Petr (referee)
Purpose of this thesis is to describe historical development of the Czech capital market and collective investment market, to be able to analyse further investment opportunities of individual investor within these markets from the year 1990. In the first part of thesis we are describing institutional development of financial market from transition period through privatization until presence. In the second part we set up limiting conditions and theoretical presumptions for our analysis of investment opportunities of individual investor. We define also separate investment strategies and predictive models. In the third part of thesis we compare profitability of separate investment strategies in combination with various predictive models. Purpose of this analysis is to find out within our observed period optimal investment strategy based on historical data and econometric methods and verify usefulness of various investment rules.
Financial intermediaries
Frühauf, Ladislav ; Mejstřík, Michal (advisor) ; Janda, Karel (referee)
This diploma thesis deals with the topic of financial intermediaries. These are specialized agents that enter between investors and borrowers on financial markets and facilitate the exchange of financial assets. Their activity increases savings rate and improves effectivity of allocation of resources and thus has a positive effect on economic growth. Financial intermediaries create no real value in the model of complete markets. Classic theories see their role as alleviating market imperfections and center around informational asymmetries, transaction costs and regulatory barriers. These imperfections diminish over time but intermediaries gain on importance. Classic theories seem not to provide sufficient explanation of current development. Several new approaches to the functioning of financial intermediaries are described in this diploma thesis. Powered by TCPDF (
Operattional risk : scenario analysis
Rippel, Milan ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Operational risk management and measurement has been paid an increasing attention in recent years - namely due to the Basel II requirements that were to be complied with by all international active financial institutions by January 2008 and also due to recent severe operational risk loss events. This diploma thesis focuses on operational risk measurement techniques and on regulatory capital estimation methods. A data sample of operational losses provided by a Central European bank is analyzed using several approaches. Multiple statistical concepts for the Loss Distribution Approach are considered. One of the methods used for operational risk management is a scenario analysis. Under this method custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution as a whole is evaluated. Two main problems are assessed in this diploma thesis - what is the most appropriate statistical method to measure and model operational loss data distribution and what is the impact of hypothetical plausible events on the financial institution. The g&h distribution was evaluated to be the most suitable one for operational risk modeling because its results are consistent even while using scenario analysis method. The...
When two do the same, it is not the same: cost of equity estimation techniques used by valuation experts
Kolouchová, Petra ; Novák, Jiří (advisor) ; Mejstřík, Michal (referee)
Cost of equity is crucial information that enters business valuation. Yet, even after decades of academic research, consensus has not been reached regarding the appropriate cost of equity estimation. The aim of our thesis is to investigate the cost of equity estimation in practice. In other words, we aim to provide data on the popularity of individual cost of equity models and evidence on what techniques are used for the estimation of parameters entering the models. For this purpose, we use a specifically developed program and obtain a unique dataset of cost of equity values, estimation methods and parameters used by valuation experts in the Czech Republic in the period between 1997 and 2009. Our findings suggest that the most popular model for cost of equity estimation is CAPM, which is followed by the heuristic build up model. In the case of CAPM, risk premiums for unsystematic risks are often applied. Such premiums depend to large extent on expert's own experience and as such are rather qualitative in nature. Overall, in most points of the analysis, our results are consistent with previous, survey-based research on the US and the Western European data.
Efficiency of EU merger control
Serdarevič, Goran ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger control and to evaluate their real impact on the efficiency of the merger regulation. Our main contribution is the empirical analysis of the unique representative sample of 161 mergers covering the final regulatory assessments in the period from 1990 to 2008. We use stock market data to identify mergers wrongly assessed by the Commission. PROBIT model is then used to further investigate the sources of these decision errors. Our results suggest that the Commission's decisions are not purely explained by the motive of protecting consumer welfare and that other political and institutional factors do play a role. We did not find evidence that the Commission protect competitors at the expense of consumers and foreign firms. Moreover, according to our results, the regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To the author's best knowledge, this is the first study using stock market data to evaluate the recent regulatory reform of the European merger control.
Credit process and metohods of choice of approval level
Skála, David ; Mejstřík, Michal (advisor) ; Honnerová, Jana (referee)
This thesis analyses the credit process in banks. Specifically, it describes the credit process running from the very beginning when a client asks for a bank loan to the final moment when he/she pays the last installment. In addition, the author explains individual steps made by banks throughout the entire repayment period and their measures adopted at the moment when a client is unable to settle his/her loan. The thesis also includes calculations used in assessing the profitability of granted credits. Furthermore, it deals with methods of distributing credits to individual approval levels, i.e. if a credit can be approved directly in a client's branch or whether the approval must be given at a nationwide level. It offers a hypothesis that the standard method of determining these approval levels is ineffective and proposes a new distribution method. In the last part, both different methods are, at first theoretically, compared with each other to be later followed by an empiric analysis of effects of both methods based on an available data sample. Powered by TCPDF (
Public budgeting : a study case of the Republic of Moldova
Sofianu, Nicoleta ; Dědek, Oldřich (advisor) ; Mejstřík, Michal (referee)
The paper provides a comprehensive and analytical insight of the budgetary process and the existing budget practices from the international experience perspective, including a thorough analysis of the medium-term framework and of the performance budgeting. It offers a detailed review of the budget mechanisms and techniques used in designing the budget system. It then provides an analytical review of the Moldovan current budget planning system. The main findings are: 1) Budgeting is not anymore a mechanical process; it reflects priority and objective policies and obligations a state assumes. 2) Budget procedures and methods used are result-oriented and based on performance indicators. 3) Modern budgetary procedures are used in all developed countries and are being implemented in developing countries. OECD, IMF and the WB recommend the approaches. 4) Moldova makes efforts to harmonize with international standards. While MTEF is already functional, the performance budgeting still does not cover all budget sectors and it is still not entirely used in the decision making process regarding the budget planning. The research is based on a large volume of existing relevant international literature, as well as on Moldovan approved normative and legislative acts, reports and assessments done mostly by international...
Informative value of the cost efficiency concept in banking
Marková, Katarína ; Mejstřík, Michal (advisor) ; Pečená, Magda (referee)
The concept of cost efficiency has repeatedly been proven to have some signaling effect for the risk of a bank failure. In this paper we examine the informative value of the efficiency scores of institutions that have been experiencing distress within the current 'subprime' crisis. For this purpose we employ the parametric stochastic cost frontier method and estimate the cost frontier of five European banking sectors using the pre-crisis data of the period 2004-2007. On a sample of 18 bailed-out institutions we then investigate whether abnormal development in terms of relative cost efficiency preceded the distress. We find that in all examined sectors, except of the British one, distressed institutions performed prior to the crisis on average worse than their peers in terms of relative cost efficiency. Besides, we observe that while the high-profile rescue cases of continental Europe (Dexia, Fortis, HRE) were preceded by years of excessively poor performance, the bailed-out British banks were in all concerns best performers within their relevant industries. The paper is concluded by a discussion of the fundamental risks that result from the current reshaping of the European banking industry. Powered by TCPDF (

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3 Mejstřík, Martin
1 Mejstřík, Miroslav
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