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Hedging of currency risk of manufacturing company
Fomina, Elena ; Čajka, Radek (advisor) ; Jurek, Martin (referee)
This thesis has an aim to create a hedging strategy for currency risks for exporting company. The main reason for hedging are possible losses that can be triggered by changes in exchange rate. In the case of exchange rate changes exporting company may face three different types of exposure: transaction, translation and economic exposure. This thesis concentrates on transaction exposure and builds a hedging strategy for exporting company AAA a.s. This firm is analyzed from qualitative side as well as from quantitative which is presented in the form of historical overview of the company and its position in international group. Based on this analysis as well as on theoretical findings, the hedging strategy for AAA a.s. was proposed. This strategy uses external and internal means of hedging.
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Interest rate risk measurement and management in theory and practise
Stará, Pavla ; Pečená, Magda (advisor) ; Patáková, Magdalena (referee)
The bachelor thesis is focused on the risk management in a bank, notably, on the interest rate risk measurement and management. For banks it is important to know the level of risk exposure and according to that to select appropriate management strategy that will minimize adverse fluctuations in bank's profitability. The thesis summarizes the basic models used for measurement, whereas we find out that none of them is perfect and their functionality is conditional upon various assumptions. Furthermore, it deals with analyzing selected basic instruments used for interest rate risk management, which implies that the management process is complex. The usage of various instruments may expose the bank to additional risks. Therefore, it is not possible under the effort to successful management to focus exclusively on the interest rate risk, however, it is necessary to analyze the other risks at the same time. The case study is aimed at the estimation of interest rate risk exposure on the basis of provided GAP analysis. There are three calculation methods presented, although the third one was not possible to apply due to lack of data. Regarding that the obtained results contain just estimates, the final calculations might be affected.
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Derivations of personal names
Vanišová, Anna ; Hrnčířová, Zdeňka (advisor) ; Smedts, Willy (referee)
Title: Derivations of personal names Author: Anna Vanišová Department: Charles University in Prague, Faculty of Arts Study program: Netherlandistics Supervisor: PhDr. Zdenka Hrnčířová Number of pages: 104 Attachments: 45 pages Year: 2011 Key words: derivations, derivatives, suffixes, personal names intuitive forming, productivity This thesis aims to analyze of selected derivations of personal names. Names were chosen to include a range of various suffixes, which are a common base for derivations. The practical part of this work investigates the knowledge and correctness of spontanious intuitive creating of lexicalized derivations of personal names. The research is conducted by questionnaires of Dutch and Czech native speakers.
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Legal issues of derivatives
Kessler, Tomáš ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 Legal Issues of Derivatives Abstract Derivatives symbolize one of the most successful instruments of international markets in 20. century boosted by ongoing globalization and never-ending technological progress. Though origins of derivatives could had been found in Ancient times, the real "explosion" of derivatives has blown in last two centuries. The essential objective and purpose of the thesis is firstly to analyse the true meaning and definition of the term "derivative" and surrounding legal issues and secondly to provide comprehensive list of basic derivatives according to the historical and financial-economic indicators. My thesis consists of six chapters. First two introductory chapters deal with the general aspects of derivatives, such as definition and legal nature. Derivatives, generally speaking, are legal contracts between market participants allowing contracting parties to transfer risks connected with particular underlying to another party or speculate on market movements in order to gain profits. Derivatives are traded in both, standardized and OTC markets, which embodied them with ultimate flexibility and range. Assessing true legal nature of derivatives stands for one of the main issues concerned by academics and practitioners, in particular whether derivatives fall under the category of...
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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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Legal issues of transactions with securities and financial derivatives
Heringová, Eva ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Resumé Název: Právní problematika operací s cennými papíry a finančními deriváty Title: Legal issues of transactions with securities and financial derivatives Klíčová slova: deriváty, cenné papíry, kapitálový trh Key words: derivatives, securities, capital market Resume: The crucial aspect in the economic development was and still is the way of financial payments and fund raising. The historical development had a number of forms (barter, gold coins), the more modern methods led to the introduction of securities and financial derivatives. From the beginning of introducing securities and financial derivatives to the market the methods of their trading became increasingly sophisticated and thus grew the importance and need of their legal definition and assessment of their use. Given the current importance of these financial instruments, which are increasingly affecting the economic and social life of many countries, I decided to at least generally analyze this area in this thesis. My thesis primarily analyzes the regulation of securities, financial derivatives and trading with them in the Czech legal system in order to highlight the imperfections that may in practice lead to ambiguous interpretation and tries to help to eliminate these gaps. The focus of the thesis lies in the comparison of the institutional...
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Legal Aspects of Derivatives
Krupová, Tereza ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...
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International trade in pangolins (\kur{Manis} spp.)
VÁŇOVÁ, Jana
The aim of this work was to evaluate international trade with Manis. spp. according to the CITES database during the period 2002-2013. Manis spp. was classified in appendix II CITES in 1995. In 2000 there was an unsuccesfull attempt to reclassified Manis spp. to appendix I CITES. In this year the zero quota was set for Asian pangolins for commercial purpose. A rapid increase of an illegal trade was noticed after the setting of zero quota. The most frequent trade with pangolins was in these forms: 1) derivatives, 2) specimens, 3) scales, 4) live pangolins and 5) skins. Asian pangolins´ species were traded mostly in forms of derivatives, specimens, scales and skins in the period 2002-2013. M. javanica and M. pentadactyla with medium and large distribution area were quantitatively the most traded species, respectively. Main importers of Asian forms of pangolins were: USA (derivatives and specimens), China (scales in kg) and Indonesia (scales in pieces) and Mexico (skins). The African pangolin M. tricuspis was the third most frequent species in the international trade and was traded especially in form of live pangolins. M. tricuspis lives in one of the largest distribution area. Main importer of live pangolins was Italy. Breeding pangolins in captivity is due to the specific feeding requirements demanding. There are about 46 individuals of pangolins in Zoos all over the world, whereas in Europe there are only 2 pangolins in the Leipzig Zoo.
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