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Private Equity and Venture Capital Investment
Cupák, Patrik ; Sato, Alexej (advisor) ; Černohlávková, Eva (referee) ; Baláž, Peter (referee) ; Kursová, Petra (referee)
This doctoral thesis is focused on the most progressive part of alternative financing for small business nowadays, on Private Equity and Venture Capital. Despite its undeniable importance, compared to the more traditional ways of collecting financial resources for further business development, only very little research has been done in this area from the point of view of economics sciences. The recent world financial crisis has only served to highlight the importance of Private Equity. However, the theory is still unable to provide answers to many questions raised by practice. In view of that, the main aim of the thesis is to provide detailed description of the field, examine the current trends in Private Equity investment and introduce Private Equity as one of the most perspective systems of business activity financing. The thesis is divided into three main parts. The definition of financial market, its functioning as well as the main agents are included in the first part of the dissertation. The second part deals with the comparison between the EU and its new member states represented by the region of Central and Eastern Europe, and also examines the factors that have been influencing Private Equity development in the last four years and their mutual interdependencies. In the third part, the original valuation model measuring total returns of Private Equity investments is developed. In his dissertation, the author tests the following hypotheses: 1. Private Equity can be considered as one of the most risky investments among all. Total return from PE is well above the average of any other forms of investment. 2. The total amount of Private Equity investments in CEE region is growing steadily. The largest part of this investment is constituted by Buy-outs. Both tested hypotheses are confirmed. This doctoral thesis of Patrik Cupak provides a detailed analysis of Private Equity investments development. The main contribution of the dissertation is the fact that it represents the first analysis comparing the actual situation in Private Equity investments in European and CEE region of this type. The thesis also has significant theoretical and practical contributions due to its wide content and original analysis in this field. Its findings can be thus used in both, practice as well as the academic field.
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Nonstandardised option contracts - warrants
Tomaník, Jan ; Brada, Jaroslav (advisor) ; Blaheta, Petr (referee)
The thesis is mapping current situation on the market in warrants as nonstandardised option contracts. Particular attention is paid to the special issues of warrants modified into the form of so called "access products". The function of such financial instrument is to open extraordinary investment opportunity to certain kind of investors, who otherwise are not allowed to make direct investment into the underlying asset itself. Access products can be considered as particular financial innovation, which spread out on Central European capital markets. The most familiar form of access products are low strike price covered call warrants, the characteristics of which are being analyzed and compared to standard options and warrants. The author also focuses on the process of issuing warrant securities on Czech capital market according to Czech law and problems linked to it, which the issuer encounters. The thesis proves on the example of Fondul Proprietatea Warrants, which were in 2010 successfully placed to third market of Vienna Stock Exchange by Czech entity, that such warrant issue is possible despite of material complications stemming from the absence of clear definition of warrants in Czech law.
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The evolution of the Czech capital market and its regulation
Hejda, Josef ; Korbel, Jiří (advisor)
The objective of this work is to describe the evolution of the czech capital market. I would like to find basic principles of this evolution, influenced by socialpolitikal evolution in this country. I distinguish parts and structure of czech capital market, its specialities and particular problems connected with its special origin. I describe the evolution of the market of actions and obligations. Other objectives are the desctiptiom of czech market regulation and the evolution of czech law system in this area.
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Finanční analýza a porovnání dvou ropných gigantů ExxonMobil a Chevron
Oliynyk, Mariya ; Rýdlová, Barbora (advisor) ; Staňková, Anna (referee)
This work provides financial analysis and comparison of two oil companies: Chevron and ExxonMobil, with bigger accent on practise rather than theory. It could be divided into two main parts: history and financial analysis itself. In the first part history of both oil giant was provided, from the beginning until nowadays. Second part was divided into chapters: single-criterion analysis and multiple-criteria comparison. In single-criterion analysis I applied horizontal and vertical analysis on balance sheet, income statements and cash flows statements of both companies. Then analysis of financial ratios was done: profitability, liquidity, debt, asset management, capital market and work productivity. Moreover, economic value added was calculated. In multiple-criteria comparison method of a simple division and prosperous (Tamari) and bankruptcy models (Z-score and Beerman) were calculated. In conclusion the main and the most significant results and comparison and comments were provided.
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Entrepreneurship through the eyes of catholic church
Karban, Václav ; Zeman, Jiří (advisor) ; Filipová, Alena (referee)
The thesis takes on an analysis of business through the eyes of catholic church in the sense of assessing the goals of entrepreneurial activites through the prism of social doctrine. The assessement is done by means of a comparative analysis of said goals in both the systems of capitalism and of christian society driven by the social doctrine of the Church.
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Influence of the Capital Structure on the Company Productivity
VRCHOTA, Václav
The goal of bachelor thesis is to find relationship between the capital structure and the company productivity depending on the company size and depending on their debt ratio. Theoretical part of the thesis, based on the literature, defines terms relating to capital structure and productivity. It includes usage of electronic resources to define company size according to directives of European Union. In practical part of the thesis is the analysis of the labor productivity, capital productivity and debt ratio done, both absolutely and relatively. This is followed by the regression analysis finding out relationship between productivity and debt ratio depending and not depending on the company size and depending on the debt ratio. The relationships, those have been found, are interpreted with correlation coefficient and with equation.
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Multi criteria decision on capital market
Smelik, Marek ; Borovička, Adam (advisor) ; Čížek, Ondřej (referee)
This work is dealing with portfolio optimization of stocks available on Czech RM-SYSTEM stock. The optimization is done by multiple criteria decision. In first two chapters there are description of theory of capital market, stock market and stock markets which are on Czech market. The practical part is the main important part of the work. The practical part deals with optimization of portfolio of stocks which are available on Czech stock market. Main goal of this work is to show possibility of creating portfolio of stocks by multiple criteria decision methods.
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Character and progress of investment policy in countries of asian tigers in period of economic miracle
Prokopová, Michaela ; Petrášek, František (advisor) ; Zabranská, Monika (referee)
In this diploma paper, I would like to explain and prove reasons of economic boom in selected countries in East Asia between 1965-1997. I focus on Asian Tigers namely on investment policy. I would like to answer the questions, what were the specifics of Asian Tigers, what contributed to economic growth the most, what implements were used within investment policy, how was this investment policy successful in individual countries and what role public sector (government) played. I focus on the role of human and physical capital, the role of foreign direct investment and I sum up their impact on economic growth in countries of Asian Tigers.
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Economic capital management of top-ranked world banks
Vejdovec, Ondřej ; Teplý, Petr (advisor) ; Baruník, Jozef (referee)
The thesis is focused on economic capital management of top-ranked world banks. A basic theoretical framework is summarised at the beginning. The theoretical framework is then utilised in the main - empirical part. Since economic capital is not a figure commonly reported in any available database, we have created our own database based on annual reports of top fifty world banks of the year 2008. Based on this database we provide an extensive empirical study focused on years 2007-2010. Even though one third of the banks disclose economic capital only, thanks to our approach combining both quantitative and qualitative analysis we were able to study the topic in detail. Within quantitative part the development of economic capital and its allocation is studied, the differences between regulatory and economic capital in time is measured, a relationship between quality of economic capital disclosure and rating is searched for and relationship between the value of economic capital and changes in profits during financial crisis is studied. The qualitative part consists of case studies of fourteen banks. It is focused on special and unique features of economic capital management of individual financial institutions.
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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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