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Net inventory investment and its importance in business cycle
Kučera, Lukáš ; Mirvald, Michal (advisor) ; Chytilová, Helena (referee)
Cyclical component of aggregate net inventory investment in Czech republic between I.quarter 1996 and IV.quarter 2010 can be described by Production smoothing model, which says, that it is more advantageous for firms to absorb shocks of their product demand into inventories than to adjust their production permanently. This statement stands on a discovery, that cyclical component of net inventory investment is negativelly corralated with cyclical component of final sales and at the same time variability of cyclical component of final sales is higher than cyclical component of production (GDP). Although it is not possible to expect that every firm in the economy will behave according to this model, it seems, with respect to the analysis, that the cost of adjustment is one of the most important factors considered by firms within their optimalization problem.
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Using financial derivatives in government debt risk management
Kučera, Lukáš ; Blahová, Naděžda (advisor) ; Brůna, Karel (referee)
This diploma thesis deals with possible usage of financial derivatives in context of government debt risk management, mainly in the Czech Republic. After the opening analysis of government debt development, the thesis describes risks, which are involved in government debt management. After that it handles with quantification of those risks and of their possible securing, especially with respect to financial derivatives usage. This thesis tries to answer the question, whether using financial derivatives in government debt management is reasonable. To solve this I used an analysis of 2010 data, in which I compare profitability of emission of classical bonds compared to emission of so called structured instruments, i.e. joint of classical bond and financial derivative. In conclusion of thesis there is usage of financial derivatives confronted with their negative characteristics as well as with cases of their abuse.
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The marketing analysis of guest loyalty program implementation at Grand Hotel Zvon
KUČERA, Lukáš
The diploma thesis is dealing with a topic of hospitality, a natural part of the services sector. Under the conditions of a constant development and ever-increasing competition there is necessary for hospitality industry enterprises to impress upon their customers their unique features and quality. Customers always seek a higher quality of services provided, individualization of services, logically they always look for the highest return of their investments. One of partial aims of this diploma thesis was an analysis of preferences of guests in a context of concept and implementation of a loyalty program. Other partial aim was to analyze indoor and outdoor attributes of the hotel. Marketing and management methods of SWOT analysis, questionnaire etc. have been used to achieve these aims. The main aim of this diploma thesis was to propose an optimal structure of the loyalty program for guests. The program must respect guests{\crq} wishes and needs while remaining financially acceptable for the hotel. A questionnaire has been used to detect the preferences of guests which then formed the basis of proposed loyalty program. Setting the conditions and principles of loyalty program membership was the next step to achieve the main aim. Finally, a detailed calculation of every item and benefit used in the loyalty program was created.
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The devolopment of the structure of foreign exchange market in the Czech Republic
Kučera, Lukáš ; Kuncl, Martin (advisor)
Foreign exchange market in the Czech Republic has not existed for a long time in the form as how we know it today. It started to develop after the fall of socialism and it had to catch up everything that the world foreign exchange market already have gone through. It was necessary to pass through several periods which were for developement very specific. The structure of the market was also changing, mainly the instruments. In the beginning there was interest only for spot operations, the more the market was developing it focused more on the term operations-derivatives. Today we meet transactions dealt mainly for speculation, hedging or just because of lack of likvidity of another currency. These transactions can be for example outright forward, FX swap, options or futures.
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