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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...
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Financial functions in Mathematica
Stacho, Michal ; Hurt, Jan (advisor) ; Zichová, Jitka (referee)
The Mathematica software contains a fully integrated environment for a large number of instruments used in classical and modern finance. One of it`s basic capabilities is an advanced evaluation of the time value of money, then pricing of financial instruments such as bonds or financial derivatives and finally financial mapping with advanced library of technical indicators. Mathematica also provides immediate access to a large field of financial and economic data through external servers and offers financial tools for working with external data. This thesis deals with descriptions of the functions implemented in Mathematica, explaining the principle of their operation and application to real data.
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Legal issues of transactions with securities and financial derivatives
Pospíšilová, Karolína ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
1 Abstract Legal issues of transactions with securities and financial derivatives The aim of this thesis is to analyse valid legal regulations concerning securities and financial derivatives, to compare it with regulations valid before recodification of Czech private law as well as to describe operation of the financial market, where transactions with securities and financial derivatives take place, through analysis of capital market regulation and supervision. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial market and its structure and further examines the capital market as a part of the financial market. Primary attention is concentrated on capital market regulation and supervision from the perspective of international, European and national law. Conclusion of this chapter deals with the main organizer of the regulated market in the Czech Republic, i.e Prague Stock Exchange. Chapter Two concerns the definitions of securities and their classification according to their forms and types. Shares, as one of the most important type of securities, are covered in more detail. This chapter also outlines issuance of securities and describes main contracts concerning securities. This part also includes a dedicated section on investment instruments embracing both...
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The Effects of the Financial Crisis on the Regulation of Financial Markets with a Focus on Securitization
Kertész, Vladimír ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
The Effects of the Financial Crisis on the Regulation of Financial Markets with a Focus on Securitization Abstract The thesis investigates the influence of the financial crisis on financial markets regulation, with a focus on securitization. In its first part, it attempts to identify the causes of the financial crisis from years 2008 and 2009. It builds up the attention onto the regulatory tendencies of the 20th century from the Great Depression until the 2008 financial crisis. Then it focuses on the monetary policy of central banks, especially the FED in the USA and its influence on the mortgage market.The following part contains a brief description of the development of the US mortgage market and the start of mortgage loan securitization. The chapter of financial crisis also addresses the role of rating agencies in the securitization system and their impact on the creation of toxic assets. The main part of the thesis is dedicated to securitization, where it is analyzed its economic essence, legal definitions and process of securitization, which is further divided into traditional and synthetic securitization. In order to disucuss the synthetic securitization more in depth, one chapter is dedicated to credit derivatives. The securitization process is conluded with the release of ABS as a securitization...
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Reporting of financial derivate in accounting and its use in a financial deciding
TOULA, Martin
This diploma thesis deals with the issue of financial derivatives, their reporting, classification, accounting point of view and use on the example of a particular entity. The theoretical part summarizes the general theoretical knowledge about the given issue. The main goal of this thesis is to evaluate possibilities of using financial derivatives from the accounting and financial perspective of company named Schäfer Sudex s.r.o. This enterprise produces food containers made of stainless steel. The analysis of receivables and payables shows that the enterprise should ensure against the possible decline in value of foreign receivables as result of exchange rate variability. This thesis presents suggestions for securing receivables. Based on results, recommended solutions were created. Company should secure value of their receivables by using forward. Based at conservative exchange rate development, profit would be 4 mil CZK. But at aggressive change, earnings would exceed 18,7 mil CZK.
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Pricing financial derivatives
Chudáček, Petr ; Hurt, Jan (advisor) ; Dostál, Petr (referee)
This bachelor thesis deals with selected methods of pricing of fi- nancial derivatives. It begins with introduction to financial derivatives, simple methods of pricing them and establishing terminology. It follows with summary of mathematical definitions and theorems necessary for deriving selected models for option pricing. In chapter dealing with diffusion models, there are introduced Black-Scholes Model, Binomial Model, and CEV model. The following chapters deal with Merton's Jump-Diffusion Model, i.e., a diffusion model enriched with jumps, and Variance-Gamma Model as the representative of (pure) jump models. This thesis is interspersed with numerical examples. 1
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Exchange rate risk management in international business
Řeháčková, Michaela ; Jedlinský, Jakub (advisor) ; Žamberský, Pavel (referee)
The aim of this thesis is to explain operations with financial derivatives in the context of risk management by giving the example of the specific Czech company. The theoretical part of the thesis concentrates on the definition and initiation of the exchange rate risk and financial derivatives. In the practical part this theoretical knowledge is applied to the specific Czech company. Key factors affecting an exchange rate risk are identified along with recommendations to improve the company's risk management strategy.
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Legal regulation of trading in financial derivatives
Freibergová, Tereza ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
1 Abstract This thesis is focused on the financial derivatives. The main goal of this paper is to analyse legal nature of financial derivatives and to present universal definition, general characteristics or utilization of financial derivatives. The other goal of this paper is to describe the development of supervision and regulation before and after The Global Financial Crisis. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial derivatives as well as the development of derivatives in the fields of history. Chapter Two is dedicated to brief description and explanation of important derivatives types such as forwards, futures, swaps, options and credit derivatives. Chapter Three of this thesis deals with the problems of supervision and regulation of financial derivatives based on American and European law. In response to the causes and effects of The Global Financial Crisis the regulation increased. There were introduced new regulatory legislations which require for example deep transparency of OTC derivatives or settlement of OTC trades through a central counterparty. Key words: financial derivatives, forwards, futures, swaps, options, regulation
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Legal issues of transactions with securities and financial derivatives
Pospíšilová, Karolína ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
1 Abstract Legal issues of transactions with securities and financial derivatives The aim of this thesis is to analyse valid legal regulations concerning securities and financial derivatives, to compare it with regulations valid before recodification of Czech private law as well as to describe operation of the financial market, where transactions with securities and financial derivatives take place, through analysis of capital market regulation and supervision. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial market and its structure and further examines the capital market as a part of the financial market. Primary attention is concentrated on capital market regulation and supervision from the perspective of international, European and national law. Conclusion of this chapter deals with the main organizer of the regulated market in the Czech Republic, i.e Prague Stock Exchange. Chapter Two concerns the definitions of securities and their classification according to their forms and types. Shares, as one of the most important type of securities, are covered in more detail. This chapter also outlines issuance of securities and describes main contracts concerning securities. This part also includes a dedicated section on investment instruments embracing both...
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Financial functions in Mathematica
Stacho, Michal ; Hurt, Jan (advisor) ; Zichová, Jitka (referee)
The Mathematica software contains a fully integrated environment for a large number of instruments used in classical and modern finance. One of it`s basic capabilities is an advanced evaluation of the time value of money, then pricing of financial instruments such as bonds or financial derivatives and finally financial mapping with advanced library of technical indicators. Mathematica also provides immediate access to a large field of financial and economic data through external servers and offers financial tools for working with external data. This thesis deals with descriptions of the functions implemented in Mathematica, explaining the principle of their operation and application to real data.
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