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Development of Structured Financial Products during the Crisis
Bratršovský, Martin ; Rippel, Milan (advisor) ; Lupusor, Adrian (referee)
Structured finance has already attracted trillions of dollars and despite significant losses continues to attract more investment in increasingly complex structures. In this thesis, I use new data available to analyze the development of structured products in three main categories: ABS, CDO and MBS. The thesis is focused on the rapid development of structured finance in the years leading up to the credit crunch, the extent of its role in the crisis, and how credit-rating agencies and regulatory bodies are involved in the feasibility and future potential of the main products. As data clearly showed, the recent crisis heavily hit the US non-agency MBS securitization (especially the RMBS and the CMBS market) and the global CDO market as well, mainly due to the subprime collateral.
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Securitization and financial crisis 2007-2009
Buev, Philipp ; Šíma, Ondřej (advisor) ; Obešlo, František (referee)
The aim of this bachelor´s work is to acquaint the reader with the issues of securitization, its specificity, its products and its role in the financial crisis 2007-2009, the work also aims to show why the long-terms risks associated with CDOs and MBS have been underestimated. The objectives and reasons for securitization are also described in this work. Attention is focused primarily on the US financial system due to the uniqueness of the US economy and also because the securitization has begun in the USA. In addition, the work examines the causes of the financial crisis 2007-2009, the importance of the credit rating agencies in the securitization process. This bachelor´s thesis analyzes in detail CDOs and MBS, the process of their creation and their relation to the financial crisis 2007-2009.
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Analysis and development of US and UK investment banking
Jurčišin, Rastislav ; Musílek, Petr (advisor) ; Kábrt, Tomáš (referee)
The aim of the bachelor thesis "Analysis and development of US and UK investment banking" is primarily to provide a unified view of the issue of investment banking in the global notion and then to compare its developments in England and the USA. The thesis will gradually follow the historic development of investment banking and what regulation and legislative changes has gone through until the present. The main focus of this bachelor thesis will be on the situation in the USA and England before the fall of Lehman Brothers and during the financial crisis in 2008 along with the situation that followed. At the end of this work, there is comparation of four selected banks, two from the USA and two from England, describing their different behaviors during the crisis or the bank itself, looking at different aspects, such as the country of origin.
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Development of Structured Financial Products during the Crisis
Bratršovský, Martin ; Rippel, Milan (advisor) ; Lupusor, Adrian (referee)
Structured finance has already attracted trillions of dollars and despite significant losses continues to attract more investment in increasingly complex structures. In this thesis, I use new data available to analyze the development of structured products in three main categories: ABS, CDO and MBS. The thesis is focused on the rapid development of structured finance in the years leading up to the credit crunch, the extent of its role in the crisis, and how credit-rating agencies and regulatory bodies are involved in the feasibility and future potential of the main products. As data clearly showed, the recent crisis heavily hit the US non-agency MBS securitization (especially the RMBS and the CMBS market) and the global CDO market as well, mainly due to the subprime collateral.
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Credit swaps and CDOs and their use in the financial environment of the 21st century
Vágó, Ádám ; Málek, Jiří (advisor) ; Hoffman, Andrej (referee)
The topic of this thesis is Credit swaps and CDOs and their use in the financial environment of the 21st century. The aim of this thesis is to examine how the market of these instruments works, show how they are traded and how diversely they can be used but also warns about the potential negative consequences in case these instruments are not handled with the required caution. The practical part of this thesis concentrates on the current situation on the credit derivatives market focusing on the above mentioned instruments. The role of CDSs and CDOs in the 2008 global financial crisis is examined with emphasis on the AIG case.
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Analysis of the impact of financial crisis on credit rating agencies
Matuška, Jakub ; Mirvald, Michal (advisor) ; Babin, Jan (referee)
The objective of this work is to analyze the effects of financial crisis on the development of selected economical indicators of Credit Rating Agency. The suggested influence was analyzed using parametric tests of financial indicators EBT, ROA, ROE, number of employees and share of assets on liabilities using their mean value and spread during years 2005-2014. Data and information used to interpret there indicators were acquired from annual reports of each company and analytical server YCharts. A significant part of this work is a summary of causes of financial crisis, which, amongst other factors, include the behavior of Credit Rating Agencies.
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Vývoj trhu kreditních derivátů v období krize a jeho možná predikce
Dokulil, Miloš
This thesis is focused on the credit derivatives market. The aim is to identify and quantify the causal dependence of the development of credit derivatives market in relation to the dynamics of macroeconomic indicators and on this basis the possible prediction. At first, it shows with the help of literature review of their present and history and gives a better look to the different types of credit derivatives. The following section deals with the use of these underlying instruments in practice, their possible trading, insurance, or speculation, whether on the OTC markets or organized exchanges. The following describes the events in the capital and commercial markets during the financial crisis that is between the years 2005-2010, from which are taken the data for the empirical part. The empirical part is based on correlation analysis (multiple regression model) of a few selected and described macroeconomic indicators enriched with Granger causality test. In the conclusion may be find the discussion of the results and possible recommendations for potential investors.
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Causes, progress, consequences and another aspects of the global financial crisis 2008 in international comparison
Novotný, Martin ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The subject of this thesis is the description of trends in economy during global financial crisis in 2008. The main object of this work is to find causes and especially to analyze the mortgage bubble in financial markets, panic, uncertainty and risk spreading to other sectors. This work analyzes many consequences, which have been caused by financial crisis on global economy. This thesis also focuses on evaluation of important institution's influence, such as investment banks, insurance companies and rating agencies on financial crises. There are used microeconomic and macroeconomic indicators to analyze financial markets and national economies of countries which were affected by the crisis. Also is analyzed if interventions of central bank and government were eligible. This issue is discussed in part which describes economic cycles from perspective of the Austrian school of economics.
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Risks and options analysis of selected structured instruments
Balák, Tomáš ; Veselá, Jitka (advisor)
This paper is dedicated to structured financial instruments MBS and CDO. First chapter deals with present-day trends on capital markets with the focus on the securitization trend and credit default swap. Characteristics and evaluation of chosen investment instruments follows, along with the focus on the possibilities and risks connected with them. The last chapter of the work deals with the impact of constituent instruments on the onset of economic crisis and analyzes the possibilities of regulation and the status of rating agencies.
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