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History and Present of Financial Derivatives
Skalický, Pavel ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
The bachelor thesis deals with the history of financial derivatives and their history. The work is divided into three main parts. The first part is focused on history of financial derivatives and their evolution in the time. The second part is about history of valuation of financial derivatives and the last part is focused on exotic financial derivatives.
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Valuation of Structured Products
Dohnálek, Jan ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
The objective of the thesis is to acquaint readers with field of structured product valuation. It is a relatively complex issue which is, however, based on general valuation foundations. The opening chapter is dedicated to these general fundamentals of valuation. Emphasis is placed mainly on present value principle, a specific variant of comparison, and its related aspects. The second section describes key elements of structured product valuation. Greater part of this chapter is devoted to the Monte Carlo simulation, the most employed tool in valuation of these products in practice. An important part of Monte Carlo simulation is an option spread, which arises as by-product of the simulation and reflects value of an option contained in the evaluated instrument. Third chapter is focused on interest rate and prepayment models. Level of prepayment is dependent on interest rates development which both are the most critical factors that affect value of structured products. Description of models includes theoretical and mathematical formulation as well as mentioning their advantages and disadvantages. Valuation model is illustrated in the last part, which is demonstrated on valuation of hypothetical structured products example. Based on the model, the development of cash flows from underlying asset portfolio is forecasted which in turn determines the value of evaluated instruments. The final section deals with advantages of structured products and, hence, why banks and other institutions use them in practice.
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Hong Kong's Currency Board
Baroniak, Jozef ; Koderová, Jitka (advisor) ; Kováč, Michal (referee)
This bachelor thesis deals with the characteristic of currency board in Hong Kong. The aim of this thesis is to characterize using currency board in this country and describe possible future scenarios. It is divided into three chapters. First chapter focuses on the definition of orthodox and non-orthodox currency board. Second chapter deals with the development of monetary regimes in Hong Kong until the present day, when the currency board pegged to U.S. dollar is used. This part also contains description of monetary policy and banking under this monetary regime. Last chapter deals with the analysis of macroeconomic indicators, focused on GDP, inflation, foreign trade and balance of payments. In the last chapter there is also description of the possible future scenarios for Hong Kong's currency board arrangement.
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The impact of the debt crisis in the euro
Kozlerová, Pavlína ; Koderová, Jitka (advisor) ; Kováč, Michal (referee)
This diploma thesis deals with the impact of the debt crisis in the euro area to status of the euro in the world. The first part describes the circumstances of the origin and progress of the debt crisis. In the second part are more fully described various monetary policy measures taken by the ECB in response to the debt crisis as well as their impact on the European economy. The third part analyzes the international role of the euro in sub-segments of the financial market in the period before and during the debt crisis and provides an overall picture of its impact on the euro.
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Analysis of the credit process in small and medium enteprises
Gronský, David ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
This diploma thesis deals with an analysis of the credit process in small and medium enterprises. First part describes financial risks, to which banks are exposed with a special emphasis on a credit risk. The next chapter describes the process of a risk management, particularly its individual phases such as identification, measurement, securing and monitoring. The third part discusses each phase of the loan process that represents the risk mitigation strategy on the level of a single trade. In the forth part a loan application of a particular applicant is being thoroughly analysed. The last, fifth part sums up a development of conditions on a credit market in small and medium enterprises.
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Credit risk management in bank financing
Hort, David ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
The main objective of this diploma thesis is to simulate the regular decision-making process that a credit analyst goes through when assigning a credit limit for an operating and investment (acquisition) loan for a selected company. The introductory chapter is focused on credit risk category definition and description of main credit risk quantification and mitigation approaches both on individual as well as portfolio basis. The second, practically oriented part includes both financial and strategic analysis of selected business entity, as well as free cash flow prediction followed up by business plan development, all of these carried out in the form of basic analytical tools necessary for credit limit assignments to both short term operating and long term investment (acquisition) loans. In the final part, the selected company is being evaluated using DCF Entity business valuation framework as well as being subject to comparable companies and transactions general valuation approach. Finally, the credit limits for an operating and investment (acquisition) loans are being determined based on the analytical tools drafted within the previous chapters of this thesis.
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Theory of investment - Fundamental analysis
Kováč, Michal ; Brada, Jaroslav (advisor) ; Čech, Tomáš (referee)
Fundamental analysis provides a method which based on global, industrial and corporate information attains to a decision, showing stocks being undervalued or appraised accordingly. The goal of this thesis is to implement and verify adequate methods of fundamental analysis on stocks of bank corporation Commerzbank AG and to give in a background for decision, whether the stocks on the market were evaluated correctly. At the closure of thesis interest lies in analysis of balance entries of Commerzbank and its ever changing structure depending on trends of stock quotes from 1st of Jan 2009 until 30th of September 2012.
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Economics of nuclear fuel cycle at NPP Temelin
Kovač, Michal ; Vojáček, Ondřej (advisor) ; Knápek, Jaroslav (referee)
This thesis is focused to the economic analysis of the nuclear fuel strategy change at nuclear power plant Temelin, where the change to 18 months fuel cycle is considered. The introduction of theses is aimed to the identification of direct economic aspects for the financial analysis. Nuclear fuel strategy change affects operation of power plant as a whole and affects production of spent nuclear fuel. Therefore the economic analysis is needed for include all social costs of the change. The conclusion of thesis is aimed to the risk analysis of the nuclear fuel strategy change. Risk analysis is performed by Monte Carlo simulation.
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Securitisation and its impact on bank risk management
Kováč, Michal ; Brada, Jaroslav (advisor)
This bachelor's thesis describes a process of securitization from the perspective of banks.Close look is also paid to the benefits and risks associated with securitization. The conclusion gives a picture of the importance of securitization in terms of regulatory requirements for banks with help standardized methods and and IRB method.
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Marketing in relations of international business and information technologies
Jurčík, Michal ; Klosová, Anna (advisor) ; Sato, Alexej (referee) ; Jindra, Jiří (referee) ; Kováč, Michal (referee)
Informační technologie umožnily standardizovat značnou část marketingových informací pomocí digitalizace. Tím, že se tyto informace standardizují, usnadňuje se také standardizace práce s nimi v konkrétních částech hodnotového řetězce podniku. V práci je navrženo vymezení čtyř specifických oblastí využívání informačních technologií v marketingu: e-commerce, dodavatelské řetězce s informačními technologiemi, marketingové databáze a informační systémy v podniku, digitální televizní a rozhlasové vysílání. Hlavním cílem práce je ověřit hypotézu o této klasifikaci oblastí aplikování informačních technologií. Dalším cílem je analyzovat tyto oblasti z hlediska mezinárodního marketingu a charakterizovat, jak konkrétně informační technologie ovlivňují v těchto oblastech podnikání.
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