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Impact of bitcoin and blockchain technology on the financial services sector
Halačka, Karel ; Rajl, Jiří (advisor) ; Plíva, Rostislav (referee)
The subject of this bachelor thesis is the impact of bitcoin and blockchain technology on the sector of financial services. The aim of the thesis is to identify the impact and consequences arising from deployment of blockchain in the sectors of banking, insurance and capital markets. At the beginning, the basic concepts associated with bitcoins and blockchain are explained. Followed by the first part which is dedicated to theoretical bases of bitcoin and blockchain. The other sections are already dealing with specific cases of blockchain use in the above-mentioned sectors, while trying to outline the implications that the deployment of this technology are related to. At the very end is a comprehensive SWOT analysis of the blockchain in the context of the financial services sector.
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Reform of the Prospectus Regime
Illmann, Erik ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
in English This diploma thesis explores the ongoing reform of the prospectus regime in the European Union. On 30 November 2015, the European Commission presented a proposal for a new regulation, which is to replace the current so-called Prospectus Directive. The primary aim of this thesis is determine the shortcomings of the current prospectus regime and to critically analyze the proposal in order to determine, whether it addresses these shortcomings and whether it improves the prospectus regime in general. The thesis consists of three main parts: the first introduces the prospectus, its characteristics and current regulation in the EU; the second explores and analyses the proposal itself and makes conclusions on the proposed changes; the third and final part explores the topic of prospectus liability and conflict-of-law rules. Based on the conducted research I arrive at the conclusion that the biggest issues of the current prospectus regime are the high costs connect to the preparation of a prospectus, inflexible disclosure requirements for certain types of issuers, ineffective retail investor protection and diverging implementation of the Prospectus Directive across EU member states. While the European Commission's proposal addresses most of these shortcomings and certainly represents an...
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Modern types of derivates and their reflection in positive law
Laga, Vojtěch ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Abstract/ Modern Types of Derivatives and its Reflection in the Positive Law The purpose of my thesis is to provide an introduction to modern types of derivatives and analyze its regulation in the positive law of the Czech Republic. The reason for my research is an absence of literature on modern types of derivatives in the Czech language, as well as the fact that the legal nature of derivatives remains still unclear. The thesis is composed of four chapters. Chapter One provides an introduction into derivatives in general. It deals with the notion of derivatives and classifies them as an innovative instrument of the capital market. It also tries to analyze various definitions of derivatives, and although it concludes that there is no ideal, all-encompassing definition of derivatives, existing definitions usually give fairly good idea about what the derivatives are. Chapter One further deals with the regulation of derivatives in the Czech law (importantly, its tries to rebut an opinion that derivatives fall under the regulation of hazardous activities), it focuses on economic function of derivatives (namely hedging and speculation), it explains and justifies the division of derivatives into "classic" and "modern" or "exotic" derivatives, and finally it describes the main types of classic derivatives and its...
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Impacts of participation of selected Czech capital market entities in TARGET2-Securities project
Parmová, Adéla ; Žamberský, Pavel (advisor) ; Bič, Josef (referee)
This thesis deals with the current major project of the European Central Bank named TARGET2-Securities. Its main objective is to create a single European settlement system. This responds to the current fragmented nature of the post-trade infrastructure and the increasing regulatory requirements imposed by supranational institutions for stability, security, efficiency and transparency of the European capital markets. The paper first helps to understand the topic in a broader context and presents the meaning, evolution and possibilities of the program TARGET2-Securities. The next section focuses on the access options of the Czech capital market entities. It mainly deals with settlement systems of the Central Securities Depository Prague and settlement centre SVYT at RM-SYSTEM Czech Stock Exchange. It proposes a concrete way how could the settlement participants be offered a new service using the pan-European platform. The work examines the benefits of TARGET2-Securities and applies its advantages and disadvantages to the selected market participants. The entire text is accompanied by simple diagrams, which should help readers better understand the topic.
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Fundamental analysis of Philip Morris
Drábek, Matěj ; Veselá, Jitka (advisor) ; Derner, Tomáš (referee)
This bachelor thesis describes the fundamental analysis of Philip Morris CR stock and aims to create an investment recommendation based on the analysis. The thesis is divided into three parts. In the first part I tried to evaluate influence of global economic factors on the development of stock prices. The second part consists of characteristics of tobacco industry in the Czech Republic. The last and most important part is dedicated to various methods used to determine if the stock is undervalued or overvalued on the market. In the conclusion of this thesis I make an investment recommendation based on the previous parts of this thesis.
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Analýza investičních produktů tuzemských a zahraničních bank
Kosek, Jiří ; Musílek, Petr (advisor) ; Derner, Tomáš (referee)
The objective of this thesis is to show different types of investment opportunities that a small investor has on a standard banking market. Subsequently they are analyzed from both theoretical and practical aspects. The reader will be able to see pros and cons of e.g. traditional saving products, mutual funds and many others. Services will be among other assessed from an international perspective. The main intention of this analysis is to find such financial products, to which a small investor has access and that can be recommended as a meaningful investment.
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Credit rating and its relevance for public sector entities
Beníšek, Stanislav ; Taušer, Josef (advisor) ; Kuvík, Ivan (referee)
The main focus of this is the use of credit rating by public sector entities and especially by so called sub-soverign entities, i.e. those that are below the central government. Author is primarily trying to understand to what extent credit rating is used by public sector entities globally, what role it plays in their activities, what motivates these entities to seek services of credit rating agencies and ultimately what benefits, if any, credit rating bring to them.
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Use of Agent-Based Models in Investigation of Behavioral Finance Phenomena
Motloch, Pavel ; Havlíček, David (advisor) ; Matejašák, Milan (referee)
This Bachelor thesis joins two areas which currently attracted increased attention --- Behavioral Finance theory and agent based models. Goal of this work was to overcome deficiencies of known agent based models and to create a model focusing on decision-making of individual agents, optimally using findings of Behavioral finance. We managed to find such a model and proved that it is capable of reproducing basic statistical properties of market prices, which is a basic test of the quality of the model. Its further use in investigation of Behavioral phenomena is currently impossible, because we are not able to sufficiently constraint the space of parameters. At the end of the thesis we discuss how it would be possible to overcome this obstacle.
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Impact of Global Financial Crisis on Capital Markets and Investment Banking
Jebavý, Jan ; Veselá, Jitka (advisor) ; Musílek, Petr (referee)
This thesis analyses the impacts of global financial crisis 2007 - 2009 on capital markets and investment banking industry. The aim of this work is to find the most important causes of the financial crisis, their relations and sequence as well as the role of investment banking industry in this crisis. First chapter gives a theoretical framework and overview of investment banking and institutional models. Second chapter then analyses the key causes of financial crisis. Third chapter analyses impacts of the crisis on selected capital markets and individual investment banks.
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