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Analysis of impact of integration and consolidation on stock exchanges
Žilák, Pavel ; Dvořák, Petr (advisor) ; Veselá, Jitka (referee) ; Bakule, Václav (referee)
Last three decades stock exchanges have been developing and growing rapidly. The first objective of this thesis is to provide a wider public a comprehensive overview on integration and consolidation of transatlantic stock exchanges and their consequences in the form of various types of stock mergers, acquisitions and cooperations. The thesis is primarily devoted to analysis of the impact of both trends and their implications for stock exchanges world and the second objective is to attempt a empirical analysis of the effects of ongoing integration and consolidation of the transatlantic stock markets. The first chapter deals with past and current changes in the transatlantic stock markets and continues to look theoretically at detailed integration and consolidation trends, their definition, assumptions, reasons, importance, benefits, obstacles and risks, approaches and scenarios. I clarified both trends not only in general theoretical level, but also took into account the practical aspects and differences of the continental and Anglo-Saxon stock market trends and contemporary trends in both transatlantic stock market. In the second chapter is devoted attention to manifestations of both current trends in transatlantic markets in the form of models and forms of cooperation stock exchange. After a theoretical introduction to the cooperation and competition, stock markets, I mentioned the origins and history of cooperation stock markets, with particular emphasis on real models and forms of stock markets in Europe and the USA. In the next sub-chapter I try to analyze the realized and unrealized exchange and cooperation projects of the multilateral trading system on the market in the last decade. Finally, the second chapter deals with past, present and future architecture of the integrated and consolidated transatlantic stock market. The third chapter is the key part of all thesis where I tried to come up with a comprehensive empirical analysis of the effects of stock exchange mergers and alliances, and to investigate the effects of two major transatlantic stock markets, NYSE Euronext and Nasdaq OMX through selected market indicators, financial ratios and data from financial statements, as well as exchanges' architectures, analysis of cross-border trading costs and further explore the significance of the interdependence of markets before and after their cooperation which was tested on movement of particular daily returns of indices and traded volumes. The testing is based on the law of one price, which can be interpreted in a way that in an efficient market all identical goods must have only one price. The tested interdependence is examined by using statistical tools: correlation and time series analysis.
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Consolidated financial statements
Pašková, Markéta ; Vašek, Libor (advisor) ; Zelenka, Vladimír (referee)
This thesis is concerned with consolidated financial statements presented under IFRS. I decided to focus on the basic theoretical framework and the procedures applied in the consolidation of financial statements. Part of the thesis deals with specifics of individual statements and practical examples.
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The phenomenon of "control" in accordance with IFRS with a closer focus on its loss
Ťápalová, Hana ; Vašek, Libor (advisor) ; Dvořáková, Petra (referee)
Nowadays, we can meet with the connection of businesses throughout the globalized world making the consolidation of an increasingly gains importance. The thesis focuses on a group of bakeries that shares are publicly traded on the capital market in EU. That is why they have to prepare the consolidated financial statements in accordance with IFRS at the end of the reporting period. The thesis is divided into two thematic parts. The first part is focused on explaining the process of consolidation. Readers will learn the definitions, how to prepare consolidated financial statements and its purpose. The second part, which I regard as crucial, is focused on explaining the problems of loss of control. Both parts are explained in the illustrative examples for better understanding.
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Consolidated balance sheet
RULÍK, Pavel
This master thesis deals with consolidation of financial statement. Thesis shows theoretical background of forming a financial statement according to Czech accounting system and IFRS. Procedure of forming the financial statement, types of statements and structure of financial statement are described in the theoretical part. Also content and compulsory parts of financial statement are delineated. As for the consolidation, forming of consolidated financial statement in accordance with Czech accounting and IFRS are also described theoretically. In this part the definition of consolidation unit, the principles of forming the consolidation and the conditions of using the mentioned methods are recounted. The parts of consolidated financial statements are also described. The application part was divided into two main goals. The first was to create a part of financial statement (Balance sheet and Profit and loss statement to 31. 12. 2007). The second aim was to form a consolidated financial statement. The Sauter Automation, spol. s r. o. kindly provided the data necessary for elaborating this master thesis.
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Multinational companies in air transport
ŽÍŽALOVÁ, Hana
This work {\clqq}Multinational companies in air transport{\crqq} is focused on existence of multinational companies in segment of public air transport. The work is focused on appearance of multinational companies in the air transport or more precisely on analysis of strategic airline alliances in term of its multinational character. Analysis of two multinational airlines, members of two different strategic airline alliances and their confrontation on the basis of services provided to customers is the principal aim of this work. Two airlines of world signification and establishing members of two different alliances, French Air France and German Lufthansa, were chosen for this work. These two airlines were advises in three fields: destination offer, fleet and general services provided to customers.
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Methodology for Budgeting a Business Unit and its Technology Support
Rufer, Filip ; Novotný, Ota (advisor) ; Buncík, Petr (referee)
In the present day planning and budgeting is a vital and an irreplaceable instrument for managers. Through planning and budgeting they control management and development of a company. Planning and budgeting no longer is a competitive advantage, but has become a necessary condition for an efficiently run company. Increasing complexity of the environment impacts the requirements for planning and budgeting -- the need to be more complex, the need to include more relations and more specifications. Company's reaction to these demands is usually an implementation of special tools that allow the company to accomplish these requirements. Although, implementation of these instruments along with planning and budgeting generally troubles many companies, some are already looking for new ways to further develop planning; better said budgeting. Today companies are believed to receive a competitive advantage from compiling consolidated budgets for a business unit that is to say from the possibility to budget a business unit as a whole. The main purpose of this research paper is to develop a methodology for budgeting a business unit and its technology support. This methodology due to its newness of this issue has not yet been defined. Reaching the set goal depends on completion of predefined sub goals. The main content of sub goals, as defined in literature and based on my own experience with planning and budget analysis, is to describe this issue and thus enable the reader to understand and be able to implement this methodology on the job. The text of this research paper is divided into five chapters. In the first chapter the reader is introduced to the issue of planning, and learns about the goals, results and conceptual solutions of this paper. The second chapter is dedicated to the issue of planning and budgeting -- it explains its importance, analyzes its functions and aspects that are influenced by it. The third chapter ties back to the general definitions of budgeting from the second chapter and provides further details. This chapter identifies and describes techniques of compiling budgets, the techniques' strengths and weaknesses. The chapter describes the most common shortfalls of budgeting and its solutions; also, outlines the best budgeting practices. The fourth chapter stems from chapter two and three -- following the issue in which the reader is introduced to the characteristics of budgeting for a business unit, and moreover defines the methodology presumption and the methodology itself. The end of the chapter evaluates the results of the execution of the presumed methodology and its usability on the job. The fifth chapter summarizes the conclusions and the level of success on execution of this paper. Keywords: Planning, Budgeting, Budgeting Techniques, Consolidation, Business Unit, Corporate Performance Management (CPM), Best Practices.
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Exchange differences in statements financial
Borovková, Jana ; Zelenková, Marie (advisor) ; Zelenka, Vladimír (referee)
The thesis describes questions of exchange differences in accordance with czech generally accepted accounting principles and in accordance with the International financial reporting standards. The thesis explains exchange rates used on the Czech Republic and czech accounting principles. The second part of this thesis is focused on International financial reporting standards. It makes clear what the functional currency is. It describes translation from the local currency to the functional currency and the translation from the functional currency to the presentation currency. It relates consolidated financial statement in the view of exchange differences.
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Mergers from accounting and tax point of view
Šrámková, Jana ; Vomáčková, Hana (advisor) ; Rajnochová, Lenka (referee)
The Graduation Theses is targeted at mergers and their accounting and tax aspects. The Graduation Theses solve mergers in clearly law point of view, i.e. merger by acquisition, merger by the formation of a new company, spin-off by acquisition and spin-off split by acquisition. In the text you can find not only solution of mergers from the accounting point of view (from IAS/IFRS as well as from the czech accounting law point of view) but also from the tax point of view (from corporate income tax as well as from the tax administration point of view).
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Virtualization in IS/ICT
Naiman, Michal ; Gála, Libor (advisor) ; Kašpar, Jaromír (referee)
The goal of the thesis is to examine and assess actual portfolio of products on the market for server visualization and to compare performance of individual products with performance of the physical machine. The research and the assessment of the actual portfolio will be carried out with the focus on current trends in the area of server virtualization, reasons for realization, and important aspects for their successful implementation. The comparison will be carried out in areas of supported platforms, hardware emulation spectra, hardware limitations, licensing and prices. Further it will be performed comparison in the form of benchmark performance in areas of CPU, RAM, hard-drive throughput, and network throughput of most commonly used products for server virtualization.
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