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Financing of an enterprise - economic and legal issues
Vagenknecht, Dalibor ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
This diploma thesis deals with the subject of financing of a business. Its general purpose, in accordance with the given diploma project tasks, is to provide its reader with a variety of knowledge on the topic up to the point they can make their own financial decisions. To fulfill the given task, the first few chapters aim at describing terms essential for the topic, such as a business, a firm, finance and the whole process of financing. It notices the difference between definitions of financing throughout the English speaking world. As many of the described terms have more than one meaning, usually a meaning given by the economic theory as well as a fairly different legal meaning, both are provided. The scope of the thesis is the Czech legal environment, therefore only Czech legal definitions are given. Then a short description of possible varieties of the firm is brought - including its size, possible risks and costs. Afterwards the very basics of accounting are explained - with the respect for the topic. A description of basic rules of thumb concerning equity-debt ratio of a business is given then and the financial leverage is briefly explained. Afterwards a broader topic of investments is deeply analyzed. Next few chapters of the thesis deal with the topics, such as time value of money,...
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Specificity of the Anglo-Saxon and continental understanding of corporate governance
Balounová, Hana ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The specificity of the anglo-saxon and continental understanding of corporate governance The goal of my thesis is to characterise specifics of anglo-saxon and continental corporporate governance with regard to the different historic background, capital markets` development degree, theoretical issues, shareholder structure, methods of investment funding and the organizational structure models in both of these legal cultures. The scope of the research is focused only on comparison of two systems and concepts of the corporate governance rather than overall description and analysis of its every single aspect. Second part of this paper is dedicated to the takeover bids issue, as one of the external aspects of corporate governance. Subchapter 1.1 is introductory and endeavours to define the concept of corporate governance. Subchapter 1.2 examines the history and first ocuurence of the corporate governance issues that is very closely connected to the so called "separation of ownership and control" phenomenon. As far as the relationship between shareholders and management of the company is concerned, subchapter 1.3 deals with the agency problem in relation with its costs. The comparison of shareholder structure and company funding method is the core question of the subchapter 1.4. Following part describes...
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Leniency policy
Šorf, Jiří ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
KEY WORDS: leniency, hard-core cartel, whistleblowing, competition The EU/US Leniency policy is a thesis collecting and classifying huge amount of information and data from several legislations in relation to a relatively new phenomenon of leniency policy. Its additional value are not only commentaries on the de lege lata (currently existing) legislation, but mainly de lege ferandae presumptions emphasizing the trends which could be anticipated in the leniency policies in the future. Processing world data would not be in my capacities and therefore I decided to work with the most representative legislations - those of the European Union and of the United States, a minor insight is also given in case of Great Britain, Germany and France. The thesis helps the reader get familiar with the basic leniency concepts (terminology, principles, history) and subsequently starts explaining the core of the laws from the substantial as well as procedural point of view. Chapters enabling comparison of European and American law firstly set both legislative frameworks and then provide a comparative chapter at the end dealing with weaknesses and strengths of each program. The historical part deals with the circumstances which led to passing of the legislative predecessors of the current laws but also carefully...
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Tax havens and their uses in international tax planning
Martínek, Ondřej ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
Diplomová práce Ondřej Martínek Abstract Tax havens are thorn in the eye of the OECD countries, nonetheless they emerged originally on europian soil and on the ruins of british empire. Classical accusation argues, the tax havens are supposed to earn on luring foreign capital that is enabled to evade taxation and by that they breach the balance of national budgets and tax justice in developed countries, enwiden social imbalance and speed up global tax competition. There are many forms of tax avoidance via tax havens: transfer pricing, holding structures, trusts, foundations or offshore business. Although many of these forms remain illegal, for certain other ones the states are the ones responsible for - e.g. generous web of double tax treaties. Global shortage to national budgets is estimated at around 3% of total revenues. Tax competition exists and global tax rates are in fact decreasing, however national tax revenues are, in absolute terms, rising. Because of this ambiguous effect on global economy and near impossibility to distinguish "real" tax havens, the developed countries are choosing rather careful policy to the tax havens and concentrate on negotiations and concluding TIEA's.
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D&O (Directors and Officers Liability) insurance of members of a joint stock company bodies
Hřeben, Tomáš ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The topic of the submitted diploma thesis is the directors and officers liability insurance of members of a joint stock company bodies and its aim is to analyze this insurance product and to evaluate possibilities of its use in domestic conditions. This theme is topical because of the recent financial crisis as well as with regard to the recodification of the Czech private law which resulted in demanding more requirements on members of a joint stock company bodies during performance of their office and most importantly the danger of guaranty for obligations of company in accordance with the provision § 68 of the law on commercial corporations constitutes a really big threat for members of a joint stock company bodies. In order to understand the dangers from which the insurance should protect, first of all the first chapter is dedicated to basic characteristics of joint stock company and mainly to duties of members of a joint stock company bodies which are divided into two groups in this thesis - fiduciary duties (duty of due care, duty of loyalty, duty of secrecy, prohibition of competition, duty of personal performance of office) and so called "technical" duties. In the next chapter there is briefly examined the legislation of liability and compensation for damage where these issues are consulted...
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Economic Analysis of Law in the Field of Liability for Damage
Przeczek, Michal ; Bažantová, Ilona (advisor) ; Borkovec, Aleš (referee)
Economic Analysis of Law in the Field of Liability for Damages This thesis focuses on the application of economic analysis of law, which is an approach enabling an alternative view of legal institutions because of its specific methodology. Although this theoretical school originated in the common law system, which is still its realm, the thesis shows potential overlaps to the system of civil law. Questions concerning civil liability for damages are examined as an example of a possible application. The initial chapter of the thesis is concerned with introducing the economic analysis of law. At first, it briefly describes its historical development including links to some related schools. Foundations, areas of resesarch, basic concepts and methodology are also examined in this chapter. The specific application of economic approach in relation to civil liability for damages is discussed in the second part. It describes the choice between negligence and strict liability, problem of causation and procedural aspects of claims for compensation for damage. Special attention is drawn to the Learned Hand test established by case-law as a method to assess the conditions of liability. This method is based on considering economic criteria using a cost analysis. The part dealing with behavioral findings extending...
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Legal and economic aspects of Initial Public Offering (IPO)
Hlaváčová, Petra ; Borkovec, Aleš (advisor) ; Seknička, Pavel (referee)
The topic of the submitted thesis is the Economic and legal aspects of IPO (Initial Public Offering) and its purpose is to describe the process of an Initial Public Offering and subsequently apply the findings in the case study of one particular IPO - Pivovary Lobkowicz Group. The thesis is composed of six chapters, each of them dealing with different aspects of Initial Public Offering. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into five parts. Part One describes the capital market. Part Two deals with IPO history, its subpart One with global history and subpart Two with Czech history of IPO. Part three focuses on securities, its subpart One on securitues in general and subpart Two on shares specifically. Part four explains the share issue. Part five looks at the term Initial Public Offering itself. Chapter Two illustrates the reasons for an IPO. The chapter consists of six parts. Part One focuses on acquiring capital. Part Two investigates the prestige and credibility. Part Three addresses the issue of marketing use and advertising. Part four examines benefits for existing shareholders. Part five describes obtaining information about company value. Part six deals with increasing employees involvement. Chapter Three is subdivided into...
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Selected issues of agricultural and forest policy of the European Union
Vlášek, Václav ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
Závěr Ve své práci jsem chtěl ukázat dotační politiku Evropských společenství u našeho agrárnictví a lesnictví v širších souvislostech, než se běžně uvádí. Jedná se o velmi proměnlivou problematiku, i když snahy Společenství po zjednodušení právních norem v agrární oblasti jsou chvályhodné a správné. Ale přinášejí další změny a většině veřejnosti a zemědělských podnikatelů znesnadňují orientaci a proces žádání o subvence. Také příliš komplikovaná dotační schémata neumožňují jednoduché naplnění požadavků a vynucují najímání prostředníků, kteří vypracovávají projekty. Jako matoucí faktor se ukazuje skutečnost, že podpory v zemědělství jsou vypláceny z několika unijních programů a přidávají se k tomu doplňkové programy domácí. Orientace v desítkách různých subvencí je náročná a navíc se často jejich pravidla i dotace samotné mění. K této problematice se hůře shánějí prameny, poněvadž se neustále proměňují pravidla a podmínky. Knižní tituly a studie k nejnovějšímu vývoji nestačí vycházet. Nezbývá než prameny hledat na webu. Je zvláštní, že informace o všech možných programech se uchazeč o subvence nedozví na webových stránkách Ministerstva zemědělství ČR, kde by to člověk logicky očekával. Musí hledat na webových stránkách SZIFu a dalších institucí. Webové stránky Evropské unie v českém jazyce obsahují pár...
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