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Audit quality in the Czech Republic
Pěkná, Martina ; Havel, Jiří (advisor) ; Hollmannová, Monika (referee)
Audit of statutory financial statements is mandatory for major part of big companies. Auditor ascertains the validity and reliability of information in the financial statements. Since stakeholders use financial statements for their decisions, quality of audit services is important for all users of financial statements. This thesis concerns about the quality of audit services in the Czech Republic. We focus on suppliers concentration on audit market using market concentration measures and based on these data we outline structure of audit market. Our findings suggest significant heterogeneity of supply side of audit market. We also examine the relationship between audit quality and cost of capital of audited companies when we expect that higher quality audit may decrease cost of capital of audited companies. For this purposes we build up unique data set of non- financial companies and design a model respecting the specifics of Czech financial market. Surprisingly, results are not consistent with those of existing research based on US and Chinese data when they suggest that there is no significant relationship between audit quality and cost of capital.
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The beginnings of clubbing in Prague
Kazdová, Darina ; Vaněk, Miroslav (advisor) ; Houda, Přemysl (referee)
This piece of work was meant to be countinuous to my bachelor's thesis. In that essay I was dealing with the history of Czech electronic dance music in general. This time I focused just on Prague and surrounding area. The Czech capital was deeply influenced by presence of tourists. After the Velvet revolution, they were suddenly able to visit Prague. And as they they were already familiar with electronic music, they could help to spread it here. The situation in Prague is also compared with the rest of the world (western civilization). In the first part of the essay, I describe the qualitative research and the method I have used, which is the oral history. I also enclose a brief vocabulary of frequently used terms that are not very well known to the greater audience, I suppose. The last part is the analysis of the interviews itself. The interviews were done with important narrators.
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Využití rizikového kapitálu při financování činnosti podniku
Havlík, Roman
The goal of the submitted thesis "Venture capital as a tool for financing enterpris-es" is to create an evaluation model for venture capital utilization in a particular entrepreneurial entity, on the basis of which it will be possible to formulate rec-ommendations regarding the suitability of the participation of venture capital in financing specific entrepreneurial entity. This paper describes the venture capital industry as a whole and explains its characteristics. The first part focuses on the identification of this market and the definition of the different types of invest-ments. The second part describes the situation on the market of venture capital in the Czech Republic with focus on its availability. There are introduced companies which had successfully completed investments of venture capital, as well as com-panies, where the result of venture capital investment remains unknown. After application of the evaluation model for venture capital there are formulated con-clusions and recommendations for the unfinished investments.
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Stock markets comparison in Central and Eastern Europe
Michalovský, Michal ; Žilák, Pavel (advisor) ; Veselá, Jitka (referee)
This thesis compares stock exchanges in Central and Eastern Europe. It covers exchanges of Prague, Budapest, Warsaw, Bucharest, Ljubljana, Zagreb, Vienna, and Istanbul. At first, all the exchanges are briefly introduced including naming five most liquid stocks. Selected market specifics are then compared including supported order types, tick sizes, fees policy, trading hours, safety breaks, taxes, market capitalization, and weights in global stock indices. Lastly, a comparison of trading activity is provided and analysis of important feature of trading -- liquidity is performed calculating selected liquidity measure for each market.
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Collective Investment as a Phenomenon of a current market Economy
Pauchová, Klára ; Kraft, Jiří (advisor) ; Navrátilová, Miroslava (referee)
Kolektivní investování je už po dlouhou dobu výmamným sektorem každé vyspělé tržní ekonomiky. V České republice si tuto pozici teprve získává Tato práce se zabývá kolektivním investováním, jeho minulostí, stavem a vývojem. Snaží se přiblížit podmínky českého kapitálového trhu a vystihnout přístup a profil českého investora. Popisuje zákonitosti fungování investic a také nedostatky fondového investování v českém prostředí a snaží se navrhnout jejich zlepšení. Cílem této práce je přiblížit, jakým způsobem toto odvětví finančm'ho trhu funguje, jak se má investor na tomto poli orientovat, nastínit možnosti spolupráce v sektoru sportu a v neposlední řadě vystihnout výmam kolektivního investování a jeho specifika v podmínkách české tržní ekonomiky. Abstract: Collective investment has been viewed as a significant sector of every developed economy for some time now, whilst in the Czech Republic it is stili in the process of being recognized as such. This thesis considers collective investment, its past, its current state and its development. It attempts to explain specific conditions of the Czech capital market, and provides an accurate outline of the approach and profile of the Czech investor. It also describes how the investment laws function, and points out shortcomings of fund investment whilst trying...
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The Economy of Marriage in the Czech Republic
Břízová, Lucie ; Ryvolová, Ivana (advisor) ; Chalupníček, Pavel (referee)
The goal of my work is to explain the recent trends in the development of the economy of marriage in the Czech Republic. One of the inseparable parts of my investigation of reproductive decision making using the cost-benefit analysis is the comparison of Gary Becker's economy of marriage, i.e. of the application of Chicago School's theory of consumer demand at the given problematics, with the Pennsylvanian theory of relative income. This comparison is to be done in the conditions of the Czech Republic. Another part of my analysis is formed by the investigation of the much discussed view of children as long-term consumer goods or capital goods. Confronting Chicago School's theory of fertility with its critics is very important. The sub-goal of my work is to prove the connection between marriage rate, birthrate, and economic cycles and also the connection between economic growth and population growth in the Czech Republic. I also concentrate at the change of the trends in reproductive decision making which occurred in the Czech Republic after the fall of communism. Another chapter is devoted to marriage markets and their connection with job markets. The last part of my work concentrates at the effects of pro-natalist politics in the Czech Republic, possibilities of regulating population, and the effectiveness of population politics. At the end of my work I am going to use all my findings to try to answer the question whether it is or is not possible to use the economy of marriage to explain the development trends in the Czech Republic and if necessary I am also going to try to find all the aspects causing deviations from the economic theory.
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Changes in the risk management after the financial crisis
Kujnischová, Katarína ; Paholok, Igor (advisor)
The subject of the bachelor's thesis Changes in the risk management after the financial crisis is to make the acquaintance of the changes being prepared in international risk management and in the area of corporate governance in response to financial crisis. The thesis is divided into three chapters. The first one theoretically determinates the specifics of the banking sector, defines types of risks in banking and analyses the causes of their origin. In the second chapter the benefits and the drawbacks of the Basel capital accords Basel I and Basel II are reviewed. The third part already deals with the upcoming changes, in the concrete the preparation of Basel III and its differences from currently obligatory concept. It also deals with the basic principles of corporate governance, because the proper management of individual banks is necessary for safe and stable financial system.
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Project Financing of Investment Projects in the field of Renewable Energy Resources
Karnetová, Lucie ; Fotr, Jiří (advisor) ; Barton, Jan (referee)
My thesis is focused on Project Financing of Investment Projects in the field of Renewable Energy Resources. The theoretical section, see Chapter Two, characterises the nature of project financing, parties, principles for successful project financing, types of capital invested in projects and their resources, risks, guarantees and securities. The practical (third) part of the thesis is oriented to specifics of project financing of Renewable Energy Resources. First of all principles for the assessment both of project bearers and projects in terms of quality are specified. Furthermore, principals for the assessment of financial terms of projects are given. The fourth and concurrently the final Chapter analyses a particular project in the field of renewable energy resources mostly from the financial point of view.
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Estimate of Capital Services in the Czech Republic
Hudrlíková, Lenka ; Fischer, Jakub (advisor) ; Ondruš, Vítězslav (referee)
This diploma paper discusses the importance of implementation of capital into the system national accounts. The purpose of this work is an estimation of capital services for real data of the Czech Republic. Conducted its own calculation is first such comprehensive estimate of the capital services, which was made. The diploma paper is divided into three parts. In the first part there is a explaination of concept of capital services and the methods of estimation and possible ways of calculating the necessary data. In the second part there is already done my own calculations of estimate of capital services used the methodology recommended by the OECD, but subject to certain adjustments, which are better suited to national conditions. Due to the volume of data all the calculations are listed in the Annex. In the text work is illustrative example of one sector of economic activity and the economy as a whole. The last section deals with experimental estimates of impact of capital services on macroeconomic aggregates, particularly gross domestic product. Other possibilities obtained an estimate of capital services, it is possible to estimate multi-factor productivity. Capital services can be used to express the input of capital.
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An internal audit in the securities trader
Fenstererová, Klára ; Dvořáček, Jiří (advisor) ; Kafka, Tomáš (referee)
First part of this thesis content basic information about an audit, its history and present, relation between internal and external audit, an internal audit and its function, an Internal Auditor. Separate part is applied to risk management. Second part of this thesis characterize a company, the securities trader, present specifics of an internal audit and risk management in this company and briefly clarify a conception of a capital adequacy. Further describe execution of an internal audit and risk management, judge their benefits for the company and content suggestions for more efficient execution and usage of an internal audit and risk management.
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