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Valuation of company
Macek, Pavel ; Scholleová, Hana (advisor) ; Smrčka, Luboš (referee)
The aim of the thesis is to determine the value of the company Okna Macek, s.r.o. Theoretic part of the work deals with techniques, methods, and tools of company evaluation. Practical part applies these methods to the company. In introduction there are mentioned basic information on the firm, organizational structure and product assortment. Then strategic analysis follows , which consists of analysis of development of macro-environment and micro-environment. Financial analysis rates of performance of the company by using methods of absolute, ratio and global indicators and interfirm comparison. Than the plan of generators of value is processed, i. e. incomes and outcomes, investments and working capital. On its base there are set planned financial statements, i. e. balance, income sheet and cash flow. In the final part the company is avaluated using two - phase discounted cash flow method in the version of FCFE. Discount rate is assumed with the aid of CAPM method and sectional INFA model. At the conclusion of the thesis there is the valuation statement.
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Analysis of influence of fundamental news on currency pair movements
Kušnírová, Jana ; Fičura, Milan (advisor) ; Mazáček, David (referee)
The Diploma Thesis deals with influence of announcing economic indicators on currency exchange rate AUD/USD. The Thesis focuses on fundamental news announced in Australia, USA and China, as these play a significant role in forming of analyzed currency exchange rate. The first part includes general description of fundaments, explanation of investor's psychology, description of world's most important banks, because the financial world waits for their announcements and reacts upon them. Next subchapter of thesis focuses on central bank of Australia and its monetary policy. The research itself is situated in the second part of the thesis, containing testing the influence of fundamental news on logarithmic return of exchange rate AUD/USD, using linear regression analysis. The objective of this part is to find out what is the influence of news on exchange rate return of AUD/USD. The last part examines whether investing strategies based on announcing fundamental news can bring profit to the investor or the efficient market theory will be confirmed.
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Bezpečný model elektronického obchodování a jeho ekonomické
Fotijev, Pavel ; Smejkal, Vladimír (advisor)
The purpose of the presented dissertation thesis is to contribute to the development of the theory of electronic commerce in complex conditions of „network economy“ by the partial consolidation and integration of the highly fragmented existing knowledge and ideas, i.e. to offer more compact conceptual framework, based on research of the current state of knowledge and situation in the conditions of the Czech Republic. The thesis is focused on the contemporary theoretical knowledge analysis from the areas of interest concerning the electronic commerce security, used models of electronic shops and evaluation of its economic aspects, which this type of business bears. Next contribution is unification of this knowledge and creation of the conceptual base for the ongoing recognition and theory building related to electronic commerce. The work is also focused on the area of electronic cash, possible solution of some diversifications in payment transactions. On the practical level the author attempted to narrow the knowledge “gap” in the empirical cognition of the doctoral thesis issues concerning the effectiveness of electronic commerce and generally e-commerce applications. Proposed return on investment calculation methodology applied to e-commerce area may help managers making decisions in investing to these projects.
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The stock market volatility in the Czech Republic : rises and falls
Princ, Michael ; Netuka, Martin (advisor) ; Seidler, Jakub (referee)
The thesis concentrate on a volatility analysis os a stock market in the Czech Republic in years 1994-2009 including a comparison with a data available from world developed stock markets - namely European region, USA and Japan, econometric tools include GARCH model and its most popular derivates and generalisations I.E. IGARCH, EGARCH AND APARCH PROCESSES. The thesis is split into two main parts. The first part is devoted to a PSE volatility analysis based only on domestic data series involving GARCH class model estimations, forecasting abilities comparison and also a structural-break analysis based on the ICSS algorithm including the Inclan-Tiao test and its successors. Next part involves a dynamic analysis based on DCC MVGARCH model, which describes a change in a volatility spillover effect during the time. Data source used during the model estimation includes a development of stock indices and also net profits from point of view of Czech investor investing on global markets. It is furthermore supported by Granger causality estimation, which reveals a long-lasting unidirectional dependence of PSE on other developed markets. The complex results, which arise from a synergistic compound of particular econometric models, show that the stock market in the Czech Republic came through three main phases.
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The EU engagement in the international effort on ODA increasing
Vlková, Ivana ; Konečný, Čestmír (advisor) ; Adamcová, Lenka (referee) ; Varadzin, František (referee) ; Sedláček, Petr (referee)
The purpose of this thesis is to analyse in depth the EU position in the international effort to increase the Official Development Assistance with respect to the situation of poverty in developing world and current initiatives on searching for potential solutions of this crucial issue. In connection with poverty traps in developing countries the EU came up with many important initiatives in the field of international development policy, which indicates a strong commitment of Member states towards the poverty eradication. Based on predictions analysed in the 3rd Chapter of this thesis, it is possible to deduce that the EU as a whole will be able to reach its targets in the area of ODA increases. However, there will be a different situation in case of individual Member states - not all of them report about appropriate ODA increases needed for reaching the individual declared targets. There are many more or less suitable solutions: new allocations of additional financial resources from donors` public budgets to the ODA purposes, debt relief, innovative financial resources or methodological changes in the ODA statistical reporting. In any case, it is always needed to pay attention to the principles of effectiveness and raising the ODA quality and impact. The potential for reaching the official targets was, is and will be affected by plenty of strengths, weaknesses, opportunities, and threats on the side of the EU, developing countries and the whole international community.
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Investment strategies
Kučera, Libor ; Hurt, Jan (advisor) ; Zichová, Jitka (referee)
In this thesis we study interest rates and we introduce short rates models. Then we study interest rate dependent financial assets. Next we introduce duration and duration of portfolio of bonds. In the next part we focus on fundamental analysis. We mention its basic parts and we introduce tools used in fundamental analysis. In the last part we focus on technical analysis. We start with chart formations and then we describe indicators. We show application of indicators on data from real market.
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Cultural Business environment: the case of the Czech Republic. Current situation, advantages and perspectives
Bonato, Eric ; Štěrbová, Ludmila (advisor) ; Collin, Paul Marc (referee)
Today, doing business in a foreign country is difficult, mainly due to cultural differences. Companies and business people must face multiple issues when operating abroad and even in their own nations. Crossing cultural boundaries is a real challenge for businesses today. In order to succeed, they must fully understand the cultural backgrounds of people to be more efficient when managing and cooperating with them and other businesses. The Czech Republic is one of the most developed countries in Central and Eastern Europe. However, it keeps its old roots and traditions that make people and companies behaving in a much more different way than in Western countries. The current situation in the Czech Republic is stable and the country has many advantages that attract FDI. But the economical and financial "crisis" within the European Union, and the pressure from new emerging nations might have an impact on the country in the future. The purpose of this thesis is to analyze and understand first what culture is and how difficult it is to cross cultural boundaries when doing business. Furthermore, the importance of taking into consideration the cultural characteristics of a country will be highlighted, here with the case of the Czech Republic. The other aim of the study is to bring knowledge about the main economic facts of the Czech Republic as well as the different steps when starting a business in the country. The author focused his research on explaining and discussing the business practices and etiquettes in the Czech Republic to better succeed when doing business. Finally, the advantages, opportunities and perspectives of the business will be analyzed, including results from interviews of Czech people and also foreigners living, studying or working in the Czech Republic. In other words, the aim of this study is to help professionals and any people who do not have any knowledge about doing business in the Czech Republic by giving them essential information on the topic.
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Doing business in Argentina: Challenges and Opportunities
Ovšák, Matúš ; Štěrbová, Ludmila (advisor) ; Damborský, Milan (referee)
This thesis presents current business climate in Argentina. It aims to provide an overview of the investment environment and to extend previous studies by closer view on the energy industry. Its main findings are the following ones: Recent economic and political development rise concerns among policy makers and executives. Argentina applies strong interventionist policy and frequently interfere into the free market functioning. Among the most important issues are: foreign currency controls, manipulation of statistical results and noncompliance with its debt obligation. In various occasion expropriated private companies with aim of markets correction. The thesis also presents a case study of the Spanish company Repsol, whose investments in the Argentinean YPF were nationalized. According to my findings this act occurred under unconventional procedure and violated several laws and agreements. These policies resulted in the lower confidence among foreign investors. And despite that final figures for 2012 are still not available, there are various signs that the level of investment declines.
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Analysis of publicly listed microfinance equity diversification potential and possible mission drift
Pfeffer, Karel ; Janda, Karel (advisor) ; Čech, František (referee)
MASTER THESIS Analysis of publicly listed microfinance equity diversification potential and possible mission drift Karel Pfeffer 2017 Abstract The objective of this master thesis is to investigate, whether equity of publicly listed Microfinance institutions (MFIs) can be used for portfolio diversification, while these MFIs still maintain its original social mission. To explore these two aspects of publicly listed MFIs, this study is split in two major parts. The first part is focused on the comparison of risk and return characteristics of selected MFIs shares with conventional financial institutions shares and market equity benchmark indices. The analysis indicates no significant diversification potential in publicly listed microfinance equity. The second part of this thesis is exploring the impact of IPO on publicly listed MFIs social outreach. It was found some evidence of a drift from the original social mission among selected MFIs. However, there is not enough evidence to claim that for-profit investment cause long-term significant operational change of MFIs.
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Optimization of marketing communication of SKF CZ, a.s.
Zastoupilová, Cecílie ; Vávra, Oldřich (advisor) ; Hloušek, Miloslav (referee)
The content of this thesis is based on the marketing communication in B2B in engineering company SKF CZ, a.s. on the Czech market. First the theory regarding B2B marketing, evaluation of marketing communication, situation analysis and marketing research is introduced. It is followed by situation analysis of the company SKF CZ, a.s. using the 5C method, the description of marketing communication and evaluation of its effectivity based on primary and secondary data. The conclusion consists of appropriate allocation of investments in marketing budget on marketing communication tools and setting appropriate measures for creating the marketing dashboard, which will continuously monitor and evaluate the efficiency of SKF CZ marketing communication.
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