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Essays on Capital Structure Stability
Shamshur, Anastasiya ; Hanousek, Jan (advisor) ; Švejnar, Jan (referee) ; Estrin, Saul (referee)
Recent financial literature claims that capital structure of firms stays unchanged during the long periods of time. In my dissertation I investigate the question of capital structure stability from different angles. First chapter asks whether the macroeconomic volatility could be translated to capital structure adjustments. To answer this question I consider CEE countries during 1996 to 2006 period since those economies went through extensive economic changes including transition from central planning to market economy, large-scale privatization, and substantial economic reforms to become the EU member. Surprisingly, macroeconomic changes are not translated to capital structure changes. Therefore, second chapter focuses on causes of such puzzling behavior. I find that credit constraints firms face in obtaining finance are responsible for the observed pattern. Unconstrained firms are more active in adjusting their capital structure in response to economic changes. Moreover, firm's ownership plays an important role in explaining leverage of unconstrained firms. Third chapter studies changes in leverage in the context of M&As. I compare the leverage of both acquiring and acquired firms using difference-in-differences propensity score technique. I find that there is an increase in the leverage of...
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Význam institucionálního prostředí pro zemědělskou výrobu
Minárik, Pavol ; Šíma, Josef (advisor) ; Chalupníček, Pavel (referee)
The paper examines significance of institutional environment for agricultural production. It adds to the extensive research of agricultural production functions. First, it reviews relevant theory of institutional economics that explains how institutions contribute to productivity in general, especially if interpreted as economic freedom. Then, a model of agricultural production is presented, which explains aggregate agricultural production using various inputs, as well as variables representing institutional environment. Results concerning elasticities of material inputs (land, labor, capital) are consistent with previous research. The paper proves some significance of institutional variables. Finally, it suggests some directions for further research.
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Fixed Assets Financing: Credit and Leasing
Frolov, Igor ; Müllerová, Libuše (advisor) ; Černý, Václav (referee)
The main purpose of this diploma thesis is to provide a general overview of the three types of fixed assets financing -- long-term bank loan, capital lease and operating lease; their general description, definition and typology, mainly from the accounting standpoint of view in appliance with the International Financial Reporting Standards. Close attention is also paid to their comparison and outlining their main qualitative and quantitative benefits and disadvantages. The last part of the thesis includes a case study that implements quantitative comparison of the three types of assets financing and their accounting according to the theoretical material contained in the preceding chapters.
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The Questions of Final Accounts and Statement of Balances in an Energy Company
PECH, Václav
The topic of graduation thesis is {\clqq}The Questions of Final Accounts and Statement of Balances in an Energy Company``. The idea of this graduation thesis is a representation of process of the final accounts and statement of balances in concrete company and adjustment of process of the change of conjectural items of assets. The graduation thesis has two parts. First part defined the basic concepts which are included in the final accounts and in the statement of balances. I pursue an individual preparation work in the statement of balances for instance, a stock taking, accounting of resources, rectifying items, reserves, time resolution of cost and revenues, conjectural items of assets etc. Further there it is dealt with statement of balances which represent balance, profit and loss statement, supplement, eventually a statement about cash flows and an overview of changes in the shareholders´ capital and include audit of the statement of balances. The second part of graduation thesis describes a process of the change of conjectural items of assets - especially not invoiced energy - and 2008 final account and statement of balances in the Energy Company E.ON Ditribuce, a.s.
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Fixed assets in non-profit organisation
Mikeš, Jan ; Takáčová, Hana (advisor)
In my bachelor essay I featured the accounting operations with fixed assets within the two types of non-profit organisations. I put the accent on financial sources, amortization and funds. I featured the different financing of the small fixed assets. In the next chapters I worked out different amortization plans of a school furnace and recognized the plans, that wouldn't be accepted by the founder. As a historical example, I wrote about the loss done by insufficient capital grants.
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Impacts of proprietors' decisions on equity
Černobilová, Jana ; Skálová, Jana (advisor)
This thesis deals with the equity and the impacts of proprietors' decisions on the amount and the structure of the equity. At first there are mentioned brief characteristics of legal entities. Subsequent chapters are dedicated to the description of components of equity. Capital stock and ways how to increase or decrease it get big attention, too. I also mention capital funds and funds created from net profit. Then I focus on profit and loss from previous years and net income. Last part is concerned with the statement of changes in equity, which is a voluntary part of final accounts.
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On Supervision of Financial Markets by Czech National Bank : (focused on Consumer Protection in the Financial Markets)
Skácelík, David ; Marková, Hana (advisor) ; Kohajda, Michael (referee) ; Švarc, Zbyněk (referee)
1 On Supervision of Financial Markets by Czech National Bank (focused on Consumer Protection in the Financial Markets) This work deals with the consumer protection in the financial markets in the Czech Republic. The opening part of this thesis briefly describes the situation in Czech(oslovak) legislation before 1989. The governing system was not at that time conducive to significant economic activity and the scope of financial markets was limited. As a consequence, legislated protection of market participants had not to be extensive. Need for consumer protection increased after the then-prevailing economic model had been changed into the current market-oriented model. The expansion of economic activities, including the development in the financial markets, necessitated simultaneous passing of updated law more suited for the new social circumstances. Owing to the preparation of the Czech Republic's entry into the European Economic Community at that time, it was necessary to harmonize the new Czech law with the laws of the Community. Besides the change of the "Code civil" as a basic regulation of private law, new specific regulations have been passed - for example the Consumer Protection Act or the Consumer Credit Act. In connection with the formation of capital markets, it become necessary to issue entirely...
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Importance of Guarantee funds in Microfinance
Němečková, Dagmar ; Procházka, Pavel (advisor) ; Řežábek, Pavel (referee)
Microbusiness is recognized as an important tool for economic growth especially in less developed countries. It is supposed that a lack of access to capital is one of the most prominent constraints of microentepreneurs. To address this limitation, many forms of loan guarantee programs have been established. This paper examines what demands are placed on an effective guarantee structure in this field and how these aims are accomplished by the current guarantee funds. In conclusion, the access to capital is getting better recently in these countries. Guarantee funds have been growing, however, their importance is not so significant yet. Guarantee funds have a potential to draw an attention of investors to microlending but the cost of these schemes seems to be too high.
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Financial analysis of selected enterprises
Dvořáková, Lucie ; Slaboch, Josef (advisor) ; Kotyza, Pavel (referee)
The thesis deals with the financial analysis of the company Breweries Lobkowicz Group a.s. in 2010 - 2014 period. It is divided into theoretical and practical part.
Theoretical part focuses on general problematics of the financial analysis. Fundamental terms as balance sheet, profit and loss account, cash flow account are explained in this part of the thesis. However it also analyzes each indicator used in the practical part. Firstly, horizontal and vertical analysis of the financial records are introduced, also differential and ratio indicators are explained, specifically current ratio, quick ratio, cash ratio, profitability of total property and ordinary capital, rentability of sales. Subsequently the thesis describes the rate of indebtedness of the company and indicators of the activity - turnover of the individual components of the assets side. The final subtopic is the overall indexes of rating, specifically as for solvency models Kralick´s Quicktest and as for bankruptcy ones Altman´s model and Index IN05.
The practical part introduces the company Breweries Lobkowicz Group a.s. and the individual methods and indicators mentioned in the theoretical part are applied. Using these indicators the financial analysis itself is carried out. To summarize, the company is long-term loss-making but year-on-year the loss is decreasing. The company registered big progress in 2014 when its own capital reached positive numbers. This change has a positive impact on the development of most of the indicators used in the financial analysis.
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