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The Impacts of Financial Crisis on the Stock Exchange Markets
Novák, Pavel ; Veselá, Jitka (advisor) ; Polák, Michal (referee)
The diploma thesis deals with the impacts of financial crises, especially into the U.S. and European stock exchange market and the real economy. Contains the analysis of the Great Depression and the current economic downturn which follows the financial crisis of 2007 - 2008 from the perspective of the New York Stock Exchange index (DJIA) and the FTSE index of London Stock Exchange, as well as from the perspective of macroeconomic variables such as real GDP growth, the rate of unemployment and the industrial production index. The similarities and the specific features of the causes of their formation, the reactions of the monetary and legislative authorities, the impact on the stock exchange markets, regulatory implications and impact on the real economy are mentioned as a result of the detailed comparison of the two crises. The thesis includes prove to the hypothesis of higher volatility on the stock exchange markets during the crises periods on the daily data by calculating the variance and standard deviation.
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Investment analysis of Biotechnology and Pharmaceuticals sector
Pavúk, Šimon ; Musílek, Petr (advisor) ; Polák, Michal (referee)
The principal aim of this thesis is to describe methods of fundamental analysis of three major companies from sectors of Biotechnology and Pharmaceuticals, namely Johnson & Johnson, Pfizer and Amgen. Among used methods we are able to find 2 -- stage discounted cashlow models Free-cashflow-to-equity FCFE and Free-cashflow-to-firm FCFF, Gordon's dividend discount model a relative valuation methods using P/E, P/BV and P/S. Descriptive part of this thesis describes legal and regulatory environment, which has significant impact on the development process of new innovative drugs and therapies. Further it sets investment recommendations and looks closer at investment opportunities in biotechnological companies.
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The effectiveness of chosen fundamentals analysis methods on the Czech market
Eliašová, Mária ; Veselá, Jitka (advisor) ; Polák, Michal (referee)
The thesis is dealing with selected methods analysis of fundamentals analysis on the Czech market in a period of year 2006 -- 2010. First chapter is thinking about theoretical bases of the theses, concretely offers basic characteristic and overview of discount models of dividend and the models of interest for setting the share intrinsic value . This will be used in a practical part of dissertation. The second chapter is focusing on the shares evaluating by dividend discounted models and their fruitfulness in the time. In the begining are companies characteristics which shares create the sample used to succesfulness models testing. After this part follows analysis of selected inputs which are used to the final evaluating. The third chapter is answering the questions about analysis of interest models and about the general evaluating of the fruitfulness of all selected models in the individual backdrops.
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The Significance of the Deposit Guarantee Schemes in Different Countries
Vaclíková, Taťána ; Schlossberger, Otakar (advisor) ; Polák, Michal (referee)
The aim of this thesis is to compare DGS European Union member states before the unification of law and analyze the current situation and developments in this area in the European Union with a more detailed focus on the Czech Republic. Another objective is to evaluate the significance of the Deposit Insurance Fund in the Czech Republic and its ability to meet its obligations. At first are given the fundamental characteristics of the elements of context and parameters of deposit insurance. Then it is made a legal analysis of important directives on deposit insurance, which determine the current situation and developments in this area in the European Union. On the basis of events caused by the financial crisis, a single fixed level of insurance coverage had been introduced in the European Union. The thesis contains a comparison of deposit insurance systems of the Member States prior to the unification of this law. Attention is paid to deposit insurance in the Czech Republic. A determined importance of the Deposit Insurance Fund and the characteristics of its activity are also described. Finally, the thesis contains an example describing the Deposit Insurance Fund meeting its commitments to Volksbank CZ, illustrated by the situation where this bank is unable to meet its obligations to beneficiaries.
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Tax aspects of banking activities
Doležel, Tomáš ; Dvořák, Petr (advisor) ; Polák, Michal (referee)
This thessis is focused on the problems of taxation of banking activities in the wider context. In the first chapter, there is dedicated space to selected provisions of the Law on Income Tax, including tax analysis of derivates. The next chapter contains analysis banking activities from the perspective of Law on Value Added Tax. In the last part of this thesis there is analyzed in detail the newly prepared bank tax. The goal is to acquaint readers with the most important provisions of selected tax laws and bring them application to specific examples.
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Experience of pension reform in Slovakia
Kaľata, Martin ; Klazar, Stanislav (advisor) ; Polák, Michal (referee)
Bachelor's thesis, which I consider addresses the assessment of the pension system in Slovakia and its experience with reform. Main attention is paid to the second pillar and retired management companies. The analysis is carried out with the actual data used statistics from the National Bank of Slovakia and Social Insurance. The main objective is to assess the funded system.
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Place of unit linked insurance in the post-crisis development.
Kiovský, Tomáš ; Daňhel, Jaroslav (advisor) ; Polák, Michal (referee)
Introductory chapter of the thesis is devoted to a major milestone in the history of insurance, i will focus on events that have significantly influenced and shaped the character development of insurance as we know it today. We will consider also the insurance situation in the Czech Republic in comparison with the European Union. This comparison should show the reader how much the reserve life insurance market in the Czech Republic, and which direction to go in the coming years. The financial crisis has affected all economic sectors. Unfavourable developments in the real estate market through banking instruments affected also global insurance market. Unit linked insurance is the most advanced form of life insurance. In many based on traditional types of life insurance, which is dedicated a separate chapter The most important chapter of my work is, as already apparent from the title of the thesis, dedicated to the unit linked insurance. We begin with the development and history, become familiar with the functioning and the most important features of unit linked insurance, we will also describe the commission system and system of operation charges, the operation of mutual funds in connection with the insurance and learn about the possible forms of indemnity. The last chapter is devoted to the methodology of Solvency 2, its role is similarly as it was in the banking sector by introducing a methodology of the Basel 2.
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The analysis of particular models of credit risk
Sedlárová, Michala ; Málek, Jiří (advisor) ; Polák, Michal (referee)
The main aim of my final thesis is to familiar reader with different ways of measuring credit risk by means of particular structural models of credit risk. This issue has been already described by foreign authors. Though, neither Czech nor Slovak economists have been deeply involved in this topic so far. For this reason, I have decided to focus on those models and both describe them as well as put them into the practice. My final thesis gradually focus on individual detailed model description in each chapter in following sequence: Credit Metrics, Black-School model, Merton model, KMV, Credit Grades. Moreover, it also targets model's construction as well as practical application. Regarding practical model's application, Black-School model is applied on IBM and KMV on Kraft Foods Company. Admittedly, that proves the fact that structural models are not only theoretical models, but also practical models applyable on real companies. Finally, I will compare all above mentioned models in selected parameters.
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Analysis of interconnection of selected European stock markets and their tendency towards integration
Polák, Michal ; Veselá, Jitka (advisor)
This article compares the stock exchanges in Vienna, Budapest, Frankfurt and Milan. It settles basic information about their development, the subject of exchange and the classification of market segments. This work also characterizes the trade system of each of the stock exchanges and the liquidity of spot market, with particular emphasis on stock market. A part of this analysis is the comparison of markets based on aspects such as market capitalization, trade volume or the quantity of trade. Last chapter is devoted to the interconnection of stock markets, which is explored by the means of correlation coefficient among different indexes. These indexes show a strong link of the markets and through splitting the timeframe into periods of (2000-2004 - before Hungary's EU entry and after - 2004-2009), a stronger correlation was discovered during the period of index growth (after the Hungary's EU entry). By creating a more autoregressive model VAR, which describes individual processes among stock indexes and the direction of dependency, the hypothesis of strong interconnection of stock markets was proven. VAR model verified one-sided reliance among indexes and the rising level of integration of world markets.
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Investičné bankovníctvo na Slovensku
Polák, Michal ; Tuček, Miroslav (advisor)
Práca sa zaoberá problematikou investičného bankovníctva na Slovensku. Definuje základné teoretické poznatky. Zaoberá sa úlohou a postavením investičných služieb na trhu. Zameriava sa na aktivity a ich formovanie. Analyzuje výsledok týchto aktivít a snaží sa popísať významnosť a prínos pre ekonomiku. Práca ďalej poskytuje určitý prehľad o stave a vývoji kapitálového trhu, ktorý je nevyhnutný pre rozvoj služieb v oblasti investičného bankovníctva.
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