National Repository of Grey Literature 3 records found  Search took 0.00 seconds. 
Movement between social worlds: teh case of supporter liaison officers in football
Haman, Jakub ; Numerato, Dino (advisor) ; Pergl, David (referee)
Professional football environment is becoming more corporate and alienate itself more and more from the fans. Because of that UEFA, under influence of fan groups, decided to incorporate new licensing regulations in 2011. The goal of those new regulations was to offer a bigger share of influence over big clubs to fans. The new position of Supporter Liaison Officer was a part of those new licensing regulations. SLOs main goal is to provide a source of communication between club and its fans. After a few years in 2017 the Czech League Football Association LFA incorporated SLO into its own licensing regulations. In this thesis we are focusing on the process of implementation SLO into Czech football and which institutions played role in it through interviews with Czech SLOs. We are using the theory of Institutional Isomorphism which allows us to focus on functioning of SLO in Czech football through its three isomorphic processes. Because the position of SLO was implemented by just four first league, we are going to focus on why it is not implemented by all as well. Thanks to the analysis of interviews and recherche of documents we were able to show which processes affect SLO and how. We identified all three of the isomorphic processes, coercive, mimetic, and normative. The thesis also allows comparison...
Estimation of company credit rating by means of ordered probit model applied to Czech bond market environment
Pergl, David ; Pečená, Magda (advisor) ; Teplý, Petr (referee)
There is a widespread belief among the academics that the bond investors are sufficiently rewarded for taking higher credit risk in their investments. Recent studies confirmed that the well-behaved global markets exhibit adverse relationship of bond credit quality and required bond yield. However, there is no evidence about the Czech market. The purpose of this study is to examine the relationship between credit rating and bond yield or alternatively credit spread on the Czech bond market. As majority of Czech bond issuers are not rated we first had to develop appropriate tool how to measure their credit rating or to build suitable model for credit rating measurement. An ordered probit model is applied, using financial and company-specific data in the pool of US and EU companies structured in the panel of observations in 2008-2019. The study demonstrates that financial and company specific data are sufficient to estimate the credit rating. This model was applied to the Czech market to determine credit scores of Czech bond issuers. These credit scores were employed to examine the relationship between credit risk exposure (credit rating), bond yield and credit spread. The research did not confirm strong linear relationship between credit risk and return and suggests that there are other factors...
Using CAPM for assessment of efficiency of managed portfolios-mutual funds
Pergl, David ; Gapko, Petr (advisor) ; Baruník, Jozef (referee)
This bachelor thesis tested hypothesis if 30 randomly selected equity funds outperformed the market systematically in the time period 2003-2018. Funds were divided into two groups with respect to their investment strategies (Small caps and Large caps) and were tested in periods of Bull and Bear markets. As a theoretical concept the Capital Asset Pricing model (CAPM) was used. Two parameters of its equation were tested, alpha coefficient as an indicator of managers' skills and fund expenses and beta coefficient as an indicator of level of risk. The CAPM equation was expanded by dummy variables to measure the effects of different investment strategies and market conditions. The thesis used panel data analysis as an approach of estimation of the parameters with Fixed and Random Effects models. Funds invested mainly on the U.S. market. Their prices were transformed to fund returns as required by the CAPM model and compared with returns of S&P500. Statistically significant results confirmed that the CAPM fitted the expected relationship of market and fund returns. It showed that the funds taking higher risk were rewarded by higher expected returns expressed by beta greater than 1. It also showed that the managers invested more carefully in the periods of Bear market. Values of alphas revealed that Large...

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