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Complex comparison of long-term and short-term letting
Lenc, Aleš ; Makovec, Martin (advisor) ; Červený, Martin (referee)
The aim of this work is to provide an investor with how to invest in lettings manual. This is done by comparing two types of lettings in several different categories: risk, legal aspects, cost, property management and rate of return. The paper is assuming private investor financing the flat purchase only from equity. Focusing not only on financial aspects, the work intends to provide an investor with a complex decision making tool when it comes to deciding whether to buy and rent out a property in Prague.
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Implicit Pension Debt in the EU Member States
Doležal, Vítězslav ; Schneider, Ondřej (advisor) ; Votápková, Jana (referee)
The diploma thesis examines the implicit pension debt in the fifteen EU countries. The Holzmann et al. (2011) methodology is applied to show the impact of population ageing on the pension systems in the EU. The implicit pension debts demonstrate the considerable hidden debt burden in the all fifteen countries. The implicit pension debts range in the interval from 47 % of GDP for the Czech Republic to 906 % for Greece. Nine of the analyzed countries record the implicit pension debts in the interval 100 - 300 % of GDP. The sensitivity analysis and the comparison with other studies confirm our findings. The thesis points out sizeable imbalances among the particular countries, genders and age cohorts.
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Entrepreneurial Project of Business Development
Havlů, Monika ; Lhotský, Miroslav (referee) ; Bartoš, Vojtěch (advisor)
The present dissertation is the design of a company's business plan, with a view to the new monitoring system, with all the important factors such as economic and technical factors, and legislative changes in the branch are taken into consideration. Furthermore there is the view to the economic standing of the company is also evalua-ted. The business plan is simultaneously considered from a general view of potential implementation of the proposed solution.
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Business Development
Mlčoch, Zdeněk ; Rybka, Jindřich (referee) ; Bartoš, Vojtěch (advisor)
The present dissertation is the design of a company's business plan, with a view to the construction of an automobile paint shop, with all the important factors such as economic and non-economic factors, and legislative changes in the branch taken into consideration. Last but not least, the economic standing of the company is also evaluated. The project is simultaneously assessed from the viewpoint of potential implementation of the proposed solution.
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Security Portfolio Optimalization
Roušavý, Jan ; Zerzánek, Ivan (referee) ; Sojka, Zdeněk (advisor)
Diploma thesis focuses on the issue of an appropriate selection of securities and the subsequent establishment of a portfolio of these securities. Follow detailed discussion about analysis of portfolio and investor’s preferences. Below is a description of the CAPM model, its assumptions and usage of this model to build a portfolio. Then there is the actual calculation of characteristics of securities traded on the Prague Stock Exchange and on the basis of these calculations is made the proposal of several portfolios and their evaluation.
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Selected Stocks Fundamental Analysis at Czech Capital Market
Havránek, Dalibor ; Zerzánek, Ivan (referee) ; Sojka, Zdeněk (advisor)
The subject of this dissertation is to do a fundamental analysis based on chosen shares on the czech capital market. The chosen corporations are Telefonica O2 Czech Republic, a.s. and ČEZ, a.s. In this dissertation I have set the share value, the prediction of the progression of dividends and the amount of ratio index. Further I have made a recommendation for future investors and the timing of their commerce.
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Integration of Photovoltaic Power Plants in the Electricity System
Michl, Pavel ; Paar, Martin (referee) ; Mastný, Petr (advisor)
The thesis discuses an integration of photovoltaic power stations to electric network. The first part describes connecting conditions of small sources to distribution system, including administrative requirements, feasibility study, and requirements to the energy meters, measuring, control devices, switching devices and protection. The second part is aimed to describe problems of the photovoltaic system. Solar radiation generating and reducing of its intensity incident upon the earth surface are described in this part. The quantum of produced electric power depends on climatic conditions in the fixed area, seasons, etc. This work also discusses the types of photovoltaic cells and their actual efficiency. Inverters are further important components of the photovoltaic system. The parameters of the inverters have a great influence on the total actual efficiency of the photovoltaic system. Different methods of the photovoltaic panels’ connection with the inverters and their advantages and disadvantages are also mentioned. The supporting structure of the photovoltaic panels and eventually transformer are further important components of photovoltaic system. The work also analyze the methods of connection of the photovoltaic power station to distributive low voltage and medium voltage network, electric energy accumulation and possibilities of the sale of produced electric energy. The large number of the connected photovoltaic power stations has negative influences to electric network. The third part contains the design of a photovoltaic power plant with a capacity of 516,24 kWp on the scoped area in southern Bohemia. The project documentation for the location where the power plant is designed is also made. It contains the design of photovoltaic panels, the design of the inverters to get an optimal power load. This part also contains a calculation of the photovoltaic system losses and the design of transformer and the cable junction calculation of the distributive system. The feasibility study of the power plant connected to distributive system is also conducted. Its delivery rate will be connected to the distribution point Řípov (110/22 kV). The calculation results show us that this photovoltaic power plant can be linked to the distribution system. The final part of this paper contains an economic estimate of the photovoltaic power plant operating and the calculation of the return. An Economic return is influenced by the wide range of values that affect the total return rate. The calculation of an operating economy is made for several variants. The return rate in refer to contemporary redemption price for 2010 with no consideration for a bank loan is 7 years. If we consider the bank loan it would be 12 years. The penetrative reduction of the redemption price is expected for 2011. Calculation works with the decline of 30 %. It would extend the rate of return to 11 years without a bank loan or to 22 years with the bank loan. The bank loan is considered to cover 80 % of the investment.
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Zestavení Portfolia a Mezinárodní diverzifikace během krize
Farský, Samuel ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
Portfolio diversification is a procedure by which investor allocates and divides his or her funds into different type of securities. Unlike the investing all the funds solely into one security, diversification enables to reduce the risk of an investment by splitting one big risk into several small, unrelated risks. This master thesis examines the problem of diversification during a financial crisis, when usually the risk of an investment and uncertainty of future incomes from investment is relatively higher. The main goal of this thesis is to define whether is it more efficient and beneficial to diversify the portfolio solely from national securities or conversely to diversify internationally. In the theoretical part, it offers literature background on topics related to capital market, fundamentals of portfolio and fundamental analysis. In the empirical part it examines the risk and return of three national portfolios on monthly basis during a 10-year investment period, which is separated into three individual periods, in order to better observe the impacts of crisis. In order to fulfill the main goal of the thesis, composite international portfolio was constructed and observed on the same manner as the three national portfolios. Afterwards the outcomes were compared and conclusions were stated. Internationally diversified portfolio has not achieved remarkably better result than individual national portfolios. Therefore, it may be concluded that there is no strong need for an investor to diversify his or her portfolio internationally, as it does not show better results as nationally diversified portfolios.
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