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Financing of firms - resources of financing
Křížková, Renata ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
This master thesis deals with financial resources of company. I explain terms such as enterprise financing, capital structure, structure of company assets, long and short-term financing, shareholder's capital, liabilities and their costs. For the qualification purpose I have divided the financial resources into shareholder 0s equity and liabilities. They are separately described in the third and the fourth parts. They are the most importatnt and the widest parts of the whole thesis. The last part is devoted to alternative resources, that companies can use for financing of their business plans. The thesis concentrates on the possibilities of financing for large business companies. The aim of my thesis is to provide its readers with a variety of knowledge on the topic, which should enable them to make thier own financial decision. KEY WORDS: enterprise financing, financial management, resources of financing, structure of assets, capital structure, cost of capital
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Dispersed Ownership of Shares
Borkovec, Aleš
Two different systems of corporate governance globally coexist - the concentrated ownership system and the dispersed ownership system. The dissertation focuses on the history of companies and large economic entities. Attention is also paid to the relationship between the state and corporations. The importance of the first regulation of joint stock companies is discussed as well. Governance of large corporations is described and analyzed. The presented non-legal reasons for the existence of two systems of corporate governance are also summarized. Particular attention is paid to the legal preconditions for the dispersed ownership. Common law and civil law are compared. The differences in law of corporations (company law) are extensively analyzed - co-determination, fiduciary duties, piercing of corporate veil, board and independent directors. Detailed attention is focused on executive pay (remuneration / compensation).
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Specifics of Anglo-Saxon and continental corporate governance
Bílek, Petr ; Borkovec, Aleš (advisor) ; Charvátová, Dagmar (referee)
Specifics of Anglo-Saxon and Continental corporate governance This thesis deals with the comparison of Anglo-Saxon and Continental approaches to corporate governance. Although the title of this thesis might evoke that the main theme of this thesis is a comparison of two different models of corporate governance, the basis for this work is the opposite. The author aims to make use of the compari- son of selected corporate governance issues in the various legal systems of both the Anglo-Saxon and Continental models of corporate governance to find out how sig- nificantly the current Anglo-Saxon and Continental model of corporate governance differs, whether there is a convergence or divergence between these two models and whether it makes sense to divide legal systems' approaches to corporate governance on the basis of these two models or not anymore. The thesis is divided into five (5) chapters, where the first chapter is a brief intro- duction to corporate governance issues followed by chapters dedicated to selected issues of corporate governance in joint-stock companies after. These four (4) main issues explored in the thesis are: the internal organization of the administrative bod- ies of joint-stock companies, the independence and objectivity of the corporation's administrative bodies, the...
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Influence of the central banks for economy
Špalek, Ondřej ; Borkovec, Aleš (advisor) ; Dupáková, Lenka (referee)
1 Economic Impact of Central Banking Abstract Aim of the following work is to analyse economic impact of central banking, and it is primarily reaction to loose monetary policies adopted after subprime crisis by most of world's central institutions. In first part, I am focusing on presentation of some historical facts related to formation of central banking and summarizing institutional development of banks in Czech Republic, United States and Japan. Second part is focusing on explanation of theoretical basis on which following critic of central banking is built upon. It is mainly explanation of subjective value theory, time preferences and interest that is inevitable result of existence of production structure. Second part of this section is dedicated to central banking itself, mainly to monetary expansion that has destructive impact on market coordination, conceals market prices and leads to systematical entrepreneur mistakes, that stand on the beginning of every economic crisis. Third part of this work is practical and is divided into three subsections. In first, I am focusing on phenomena of Japan's lost decades and I'm explaining that stagnation of the nineties is the result of manipulated interest rates and uncontrolled expansion of monetary base. Second part is dedicated to Czech Republic and Its...
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Legal and economic aspects of digital currencies with a focus on the Bitcoin
Kovařík, Jan ; Borkovec, Aleš (advisor) ; Chytilová, Helena (referee)
The aim of this thesis is to describe the basic functional principles of digital cryptocurrencies and its economical and legal aspects. Digital cryptocurrencies are young and dynamic phenomenon in financial transactions, which represents an alternative to the traditional national currencies. This thesis is divided into three main parts. In the first part the digital currencies and its function is discussed, the economical aspects of digital currencies and its impact on the theory of money are the main theme of the second part. The final, third part is discussing the legal aspects of digital currencies within the Czech legal system. The first part of this thesis introduces digital currencies, the operation of the whole system and also the basic terminology related to the digital currencies, which is necessary for understanding the subject. These essential aspects and features are being mostly illustrated on the case of the oldest and most famous digital currency - bitcoin - in favour of clarity. The second part of this thesis is discussing the economical aspects of digital currencies. The opening of this part is dedicated to the terminology, particularly terms "money" and "currency". Clear definition of these terms and setting out the differences between them in the sense of economic theory is...
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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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Economic crisis - nature and circumstances of genesis
Martinus, Miroslav ; Borkovec, Aleš (advisor) ; Dupáková, Lenka (referee)
1 Abstract: Economic crises - nature and factors of its origin The purpose of my thesis is to analyze economic crises with focus on its origin, development and impact on society. The thesis is divided into three main parts: Introduction, Main body and Conclusion. The most important part of the thesis is the Main body that is further composed of seven self-contained chapters that deal with different aspects of the economic crises. Main body starts with introductory chapters 1-3 that discuss the meaning of the phrase economic crisis, its origin and determination among other commonly used titles that are frequently mistaken. Chapter number four describes history of important economic crisis such as The Great Depression 1929 and German Hyperinflation 1918- 1924. Chapter number five is subdivided into two parts and provides an outline of the origin of economic crisis and possible forecast of its origin. Chapter six defines the last financial crisis of 2009 and compares its impact to economy and counter-measures worldwide. Chapter number six illustrates possible solutions of the economic crisis and its prevention. Last part of the thesis is Conclusion that concentrates my thoughts and ideas about the thesis. Key words: economic crisis, financial crisis 2009, world economy
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Regulation of financial markets: Islam vs. conventional financial systems
Valachová, Sára ; Urban, Jan (advisor) ; Borkovec, Aleš (referee)
v anglickém jazyce This theses deals with the nature of Islamic banks and their products in the context of the regulation of financial markets and banking. Islamic banking can be understood as a banking activity that is consistent with sharia - Islamic law. Despite considerable obstacles that Islamic banking has faced in the past, it now occupies a significant and growing portion of the global financial system. In the first part, I will introduce the principles of Islamic law, on which Islamic banking is built, along with the key principles of Islamic finance. Special attention is also paid to the recent history of Islamic banking. Following is a section dealing with selected banking products offered by Islamic banks, whose understanding is crucial for the comprehension of the specific challenges that Islamic banks are facing. The second part is devoted to the issues of regulation of Islamic banks. Firstly, an overview of international regulatory institutions operating in the field of Islamic finance is given and I further explore the question of the impact of Basel III measures on Islamic banks. Due to its nature, Islamic banks are in need of further internal and external audit which examines compliance of their activities with Islamic law. This work is carried out by Sharia Supervisory Boards...
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Common agricultural Policy of the EU - problems and attempts for reform
Nováková, Markéta ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
This diploma thesis tackles the issue of key reforms of the Common Agricultural Policy (hereinafter "CAP") made by the European Union (hereinafter "EU") during the last years and includes the context and the reasons which led to it. Despite the range of positive results which the CAP of the EU brings, it is followed by controversy. Agriculture as a topic rouses emotions and remains to be a delicate theme which often divides politicians. Disputes concerning conception of the policy are lead not only on the European and domestic level but also on the grounds of international organisations. Those which I would like to emphasize are particularly negotiations before the World Trade Organisation which tries to liberalize the international trade. A focus of this thesis is put on analysis of the development after year 2003 when the last significant turnover of the policy took place. Since this turnover until today we are witnessing only gradual changes. The aim of this thesis to analyse and evaluate whether if and in what areas did the EU make a change in the policy which reacted on its's objective issues and critics. After a brief introduction of the policy, the first part of the thesis focuses on specific problematic issues of the CAP that are criticised. I will attempt to describe and explain selected...
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Legal and economic aspects of Initial Public Offering (IPO)
Neumahr, David ; Borkovec, Aleš (advisor) ; Seknička, Pavel (referee)
Legal and Economic Aspects of Initial Public Offering (Neumahr, D.) Abstract This diploma thesis deals with initial public offering (IPO) of shares from both legal and economic perspective. The thesis is divided into three basic parts. The goal of the first part is to explain the process of IPO, its development and each institution related to the topic. Followed by part which is dedicated to legal framework in the European Union and each phase of the process is described from the viewpoint of Czech law. Second part aims to clarify basic economic advantages as well as disadvantages of initial public offering concerning the company and propose possible alternatives. Final part seeks to provide a case study of the process on the Czech and the American capital market. The purpose of my thesis was to explain what an initial public offering is, what are its upsides and downsides and describe in detail the whole process which companies have to undergo before they can publicly offer their shares and before they are admitted to the capital market. Throughout the thesis I examine the development of European law regarding IPO and I marginally try to compare it to American law. In the final case studies, concrete steps during the entire process are demonstrated on the examples of practice.
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