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Leveraged buyouts in Central and Eastern Europe : relationship lending and its impact on leveraged loan terms
Malatinská, Ingrida ; Novák, Jiří (referee) ; Geršl, Adam (advisor)
This thesis complements existing literature in two main research areas: First, the Thesis provides a comprehensive overview of the evolution of leverage lending in the CEE region, describe loan structures which are common in regional deals, analysis of size and volume of CEE deals follows and special attention is paid to current trends and changes associated with the impact of financial crisis on the LBO market in CEE. Second, the Author analyzes the impact of tighter relationship between a private equity firm and a lending bank on terms of European syndicated LBO loans provided by the bank for financing an LBO transaction from 1995-2005. The main finding of this analysis unveiled that banks with stronger long lasting realtionship with private equity firm tend to charge higher interest rates on LBO loans. This supports the exitence of theoretical concept called a hold-up phenomenon and its stronger presence in Europe compared to the USA.
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Capital structure : testing pecking order theory and static trade-off theory in the current crisis
Vicol, Miroslava ; Kolouchová, Petra (referee) ; Novák, Jiří (advisor)
This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisions are influenced by the market perceptions of manager's superior information. The trade-off theory provides support for manager's trade off between benefits and costs of debt. The conventional model is also used in the analysis in order to increase the robustness of the results. We find that the dynamic partial-adjustment model of the trade-off theory seems to explain better the choice of capital structure in the analyzed period than pecking order theory.
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Growth-Enhancing Mechanism in Transition Countries: Cooperative Effect of Foreign Direct Investment and Financial Development
Shilyaeva, Natalia ; Mejstřík, Michal (advisor) ; Geršl, Adam (referee) ; Novák, Jiří (referee)
Current research examines the interdependence between foreign direct investment (FDI), financial development and economic growth. The relationship between the variables in question is studied with reference to transition economies (28 former centrally planned economies). The period of observation covers the transition from centrally planned to market economies 1989-2007. The relationship is analysed using panel data regression models, factor analysis and cointegration tests. The paper suggests that FDI and financial development exert a complementary effect on economic growth, although the latter appears to be insignificant. At the same time, the research provides evidence that FDI is likely to compensate the underdevelopment of financial sector. Powered by TCPDF (www.tcpdf.org)
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Czech dependent villages of the town Kašperské Hory - history, development, problems. Damíč, Nezdice, Ostružno, Pohorsko
Novák, Jiří ; Maur, Eduard (referee) ; Čechura, Jaroslav (advisor)
Ihis thesis tries to catch four dependent villages od the royal mining town of Kašperské Hory v - Damíč, Nezdice na Sumavě, Ostružno and Pohorsko. On grounds of different sorts od sources describes theirs history, development and problems. No one od these villages belonged to one suzarain, but they were divided from two to four complexes. Ihat joined them together, as well as their emplacement in highland country of PošumavÍ. The author tries to sketch out with a little help from cadastres (berní rula, theresian register)and land books a situation in the 17. and 18. century. Local sources allow him to explore also so called names vy houses, in which time they comed into being, how are they conserved and developted. In this work has a respect to domain, in which these villages were situated. For help is also taken an exclusive monument - a map ofthe domain from the year 1755. There is also a mention of a rebellion, which growed up from an untrue interpretation of dependents' legal stand, which felt like a dependents of chantry, not ofthe town.
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Macroeconomic factors and stock returns: Evidence from three Central and East European countries
Tung, Christopher ; Novák, Jiří (advisor) ; Dědek, Oldřich (referee)
This dissertation deals with the links between stock market returns and foreign exchange rates, industrial production and exports to Germany in three Central and East European countries (the Czech Republic, Hungary and Poland). The main questions addressed are: "Do macroeconomic factors related to foreign exchange rates and industrial production affect stock market returns in the Visegrad-3? And what is the impact of exports to Germany on those stock returns?" This analysis makes use of panel-data and the Arbitrage Pricing Theory (APT) to produce results. Firstly, foreign exchange rates are found to have a negative effect on stock returns. However the divergence in currency returns between the three countries means that the overall effect may be due to some factors that are not accounted for in this analysis. Secondly, there is a positive, but lagged, association between industrial production and stock returns. Thirdly, exports to Germany from the region are also found to have a positive impact on the stock returns of the Visegrad-3. Finally, there is divergence among the three countries with respect to the relationship between the macroeconomic factors and stock returns. Poland and Hungary are seen to exert a significant amount of influence over the region's stock markets.
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Efektivita českého trhu během finanční krize
Horný, Michal ; Novák, Jiří (referee) ; Bartůňková, Hana (advisor)
Efficient market hypothesis belongs among controversial economic concepts. Existence of regularly repeated financial crisises is a certain challenge to this concept. Some economists consider the existence of financial crisises as a proof of market inefficiency. Another explanation is contrary, that financial crisises balance previous market deviation back to equilibrium. We introduce a problem of market efficiency by presenting its theoretical concept. The major goal of the presented work is set on evaluation of change in market efficiency assumptions fullfillment during a financial crisis in conditions of a financial market of the Czech Republic.
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System for Distributed Computing
Novák, Jiří ; Vyskočil, Jiří (advisor) ; Zavoral, Filip (referee)
This thesis is about solving problems using systems for distributed computing. In the beginning, it provides the reader brief introduction to the area of systems for distributed computing and introduces some of the existing systems. Further there is a proposal of a new distributed computing system. Design of this system is described thoroughly including the processes, network connections and messages which are used for communication between the processes. The system is then compared to existing implementations. Advantages and disadvantages are discussed. At the end there are some ideas how the system can be improved in the future.
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System for Distributed Computing
Novák, Jiří ; Yaghob, Jakub (advisor) ; Kučera, Petr (referee)
This thesis is about solving problems using systems for distributed computing. In the beginning, it provides the reader brief introduction to the area of systems for distributed computing and introduces some of the existing systems. Further there is a proposal of a new distributed computing system. Design of this system is described thoroughly including the processes, network connections and messages which are used for communication between the processes. The system is then compared to existing implementations. Advantages and disadvantages are discussed. At the end there are some ideas how the system can be improved in the future.
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Capabilities and bariers in social worker's profession in Usti region
Novák, Jiří ; Angelovská, Olga (advisor) ; Dobiášová, Karolína (referee)
This theses, called "Chances and restrains in social worker's profession in Ústí region" is dealing with social worker's profession in self-government context. It's setting off social workers from non-profit organizations. During beginning it's talking about theoretical basis, inevitably bound with social work's field, with focusing on social worker as part of assisting profession. It is, in particular, about opportunities or on the contrary about restrains/limits/barriers, which affects this field of specific self- governing area - Štětí city. Concretely it is about participants, which have here influence on life of local people/potential clients. All under surveillance of superior agency - higher self-government area - social work's methodologists of Ústí region. Research part of this thesis is based on semi-structured interview of previously mentioned participants, which gives overlook how each and every one of them sees limitations in practical social work's overlooks. Powered by TCPDF (www.tcpdf.org)
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Hybrid mobile applications
Novák, Jiří ; Benda, Petr (advisor)
My bachelor thesis deals with the problematics of hybrid programming of mobile applications. The thesis consists mostly of analysis of pros and cons of the hybrid developement in comparsion with other methods such as native app developement or web applications made to fit the same demands.
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