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Qualitative and quantitative aspects of implementaion of SICAV in the Czech legislation
Brodani, Jana ; Vybíral, Roman (referee)
The thesis represents the first comprehensive assessment of the implementation of the SICAV structure into the Czech law. The aim of the thesis is to assess whether the SICAV structure represents a contribution to the Czech fund sector, and to evaluate in which aspects the SICAV legislation was successful and in which not. SICAV structure is analyzed from three perspectives: 1) whether it fulfilled the expectations of market participants on new fund structure, 2) whether the Czech SICAV legislation can withstand competition from similar foreign structures from countries with developed fund sector such as Luxembourg, Ireland and Malta, and 3) quantitative analysis of the impacts of the SICAV on the investment funds sector in the Czech Republic. Based on the analysis, proposals are made to improve the unsuccessful legislative aspects so that SICAV meets market requirements and fulfills effectively its functions. Comparison with the foreign regulations of the SICAV represents inspiration for Czech. Suggestions on the further regulation are a practical contribution of this thesis, which can also serve as a starting point for further research on assessment of the impact of regulation on capital market development. Key words: SICAV, investment fund, fund of qualified investors, fund sector, capital...
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Types of investment funds from the point of view of positive law
Nemerád, Petr ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Types of investment funds from the point of view of positive law The purpose of my thesis is to present a comprehensive view on differences and possibilities of particular types of investment funds from the point of view of positive law. The main aim of the thesis is to contrast these differences and possibilities with other types. The first chapter deals with basic issues of investment funds. The aim of this chapter is to look at investment fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features development of legal framework of investment funds in Czech Republic in the light of Act on Investment Companies and Investment Funds from early beginnings to current. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, legal forms and on some chosen questions. Content of the third chapter is brief treatise about legal term of investment fund. Next chapters focus on organizational forms and other division...
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Forms of organisation of investment funds
Bátovská, Petra ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this diploma thesis is to present a systematical view on basic aspects of forms of organisation of investment funds in the light of the Act No. 240/2013 Sb, on Investment Companies and Investment Funds with main focus on those of them which are regulated within the legal system of the Czech Republic in the most comprehensive and specific manner and to simultaneously analyze advantages (eventually disadvantages) regarding application thereof. The first chapter deals with elementary issues of mutual funds, describes its assets and detriments and also offers brief historical overview of its development in Czech legal system from its beginnings until current regulation which mainly lies in harmonization with the legislature of European Union. The aim of the second chapter is to define the term of the investment fund according to current legal regulation in comparison to its definition pursuant to the previous one. Furthermore, it outlines basic classification of investment funds in accordance with their division based on the place of business, legal personality and number of investors. The third chapter focuses on basic characteristics of collective investment funds, distinguishes standard collective investment funds and special collective investment funds and above all it enumerates...
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Investment in Collective Investment Funds
Gajdůšek, Michal ; Slezák, Tomáš (referee) ; Rejnuš, Oldřich (advisor)
Bachelor thesis is focused on selection and evaluation of collective investment funds for the purpose of company’s disposable money investment. Theoretical part describes investment concepts and czech legislation relating to investment funds and collective investment funds. Theoretical part also describes methods used in practical part. Practical part is focused on funds selection (only funds under Czech national bank supervision), their analysis and comparation. Proposal part contains proposal of an investment recommendation in form of a specific fund that meets company’s criteria.
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The joint stock company with variable capital
Janoušek, Tomáš ; Seknička, Pavel (advisor) ; Hraba, Zdeněk (referee)
Investment Company with Variable Capital (SICAV) The thesis elaborates on the Czech regulation of the investment company with variable capital ("SICAV"). It is divided into six chapters. In chapter one, the theory of collective investments and its practice in the Czech Republic is described, along with data of the use of SICAVs. Next, the legislation concerning SICAVs, and reasons for its introduction, are summarised. Chapter three includes the definition of Czech SICAV and its features as an investment fund and join-stock company. In chapter four, the variability of its capital is discussed in broader context of the Czech law system, which is based on a different conceptual approach, and also the capital requirements of SICAVs are mentioned. Chapter five concerns with the obligatory division of assets of Czech SICAVs, leading to the last chapter describing the founders' and investment shares, and rights of shareholders tied to them. The primary aim of the thesis, in context of an absence of any thorough publications on Czech SICAVs, is to provide a comprehensive description of the distinctive character of Czech SICAVs, and on this basis to point out the parts of legislation that are not set appropriately. In these cases, a specific interpretation of problematic parts of regulation is suggested, and in case...
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Taxation of Investment Funds
Netrhová, Anna ; Tepperová, Jana (advisor) ; Tecl, Jan (referee)
The main goal of the thesis Taxation of Investment Funds"is to describe the taxation of investment funds in the Czech Republic and to evaluate the changes proposed by CVCA and AKAT in the field of taxation of private equity funds. To achieve this goal an analysis of the current system of taxation of investment funds in the Czech Republic, proposed changes and deductions was used. The partial objectives are: describe possibilities for investing in funds, define the functioning of private equity in the Czech Republic, analyse the dependence of private equity investments on selected macroeconomic indicators, and describe the taxation of investment funds in Luxembourg and define how the PE fund taxation is disadvantageous to direct investment. In order to meet the partial objectives, the analysis of the private equity investment system, the correlation analysis of selected macroeconomic indicators and investments in private equity funds, and a description of the method of taxation of private equity funds in Luxembourg will be used. In general, when designing changes in the taxation of private equity funds, it would be advisable to draw inspiration from already established workable systems in other countries, such as Luxembourg.
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Forms of organisation of investment funds
Bátovská, Petra ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this diploma thesis is to present a systematical view on basic aspects of forms of organisation of investment funds in the light of the Act No. 240/2013 Sb, on Investment Companies and Investment Funds with main focus on those of them which are regulated within the legal system of the Czech Republic in the most comprehensive and specific manner and to simultaneously analyze advantages (eventually disadvantages) regarding application thereof. The first chapter deals with elementary issues of mutual funds, describes its assets and detriments and also offers brief historical overview of its development in Czech legal system from its beginnings until current regulation which mainly lies in harmonization with the legislature of European Union. The aim of the second chapter is to define the term of the investment fund according to current legal regulation in comparison to its definition pursuant to the previous one. Furthermore, it outlines basic classification of investment funds in accordance with their division based on the place of business, legal personality and number of investors. The third chapter focuses on basic characteristics of collective investment funds, distinguishes standard collective investment funds and special collective investment funds and above all it enumerates...
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Types of investment funds from the point of view of positive law
Nemerád, Petr ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Types of investment funds from the point of view of positive law The purpose of my thesis is to present a comprehensive view on differences and possibilities of particular types of investment funds from the point of view of positive law. The main aim of the thesis is to contrast these differences and possibilities with other types. The first chapter deals with basic issues of investment funds. The aim of this chapter is to look at investment fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features development of legal framework of investment funds in Czech Republic in the light of Act on Investment Companies and Investment Funds from early beginnings to current. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, legal forms and on some chosen questions. Content of the third chapter is brief treatise about legal term of investment fund. Next chapters focus on organizational forms and other division...
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Technical Analysis
Novotný, Adam ; Šubert, Jaroslav (referee) ; Novotná, Veronika (advisor)
Master thesis mainly focuses on the use of technical analysis for testing stocks of chosen companies. The theoretical part describes background papers necessary for using technical analysis and for creating diversified portfolio. The analytical part describes the selection of several automobile manufacturers from NASDAQ stock market, which will be examined in the following part by several methods of technical analysis. The last part of this thesis is also dedicated to application created for necessary calculations in Matlab and to portfolio composed of investment funds by Erste Bank.
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