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IPO underpricing and sentiment of investors
Scheerová, Lucie ; Dědek, Oldřich (advisor) ; Lupusor, Adrian (referee)
The thesis investigates investor sentiment, proxied by grey market prices, being a common source for IPO underpricing, long-term underperformance of IPOs, and cycles in IPO volume. The paper contributes to the field of research by an updated German dataset from 2000 to 2010, and by investigating all main IPO market anomalies together with their common trigger. The results show evidence of a positive relationship between the investor sentiment and IPO underpricing, indicating the investor sentiment being an explanation for it. Moreover, the study shows investor sentiment being positively linked to offer prices - an evidence of issuers exploiting that sentiment. However, the long-term underperformance relative to the aftermarket price of IPOs from high underpricing periods - another evidence of investor sentiment being a source for IPO underpricing - has not been confirmed. Other hypotheses have also not been verified. They include higher IPO volume following high underpricing periods and long-term underperformance relative to the offer price of IPOs from high underpricing periods. Both these hypotheses would represent another confirmation of firms exploiting the investor sentiment. The statistically significant results are consistent with other papers. The insignificance might have been caused by the method...
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Proposed International Marketing Strategy of Svorto.cz s.r.o. company for the German market
Mertlová, Jana ; Král, Petr (advisor) ; Vokáč, Matěj (referee)
The aim of this thesis is to devise an international marketing strategy for the Svorto.cz s.r.o. company on the German market that should help the firm with promotion abroad. The analysis used include the analysis of competition, customers, external environment (i.e. political and legal, economic, socio-cultural and technological environment) and SWOT, all focused on the German market. The results of this analysis clearly indicate that the German market is highly competitive and saturated, nevertheless the company can try to break into the market through wholesale with medical aids. The company does not need to adapt its product for the German market and should deliver them under the distributor's brand with low price, especially during the promotional phase, and also continue with the participation in international trade fairs. The conclusions made based on the analysis should help the company to further define its approach to the entry and promotion of its products in Germany, considering the company itself has never carried out any survey of the German market before.
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The Position of TOKOZ Company in the European Market of Locks
Chládková, Barbora ; Müller, Štěpán (advisor) ; Valoušková, Michaela (referee)
The aim of this thesis is to evaluate the current position of company TOKOZ in the german and british market and summarise, which of both markets is more suitable for strenghtening the company's position in it. For comparison of the perspective of both markets were used PEST and SWOT analysis, description of the evolution of the company's current export activities in western Europe and characteristics of the market of safety products (locks and hinges) in analysed terirories. After the comparison of all the aspects was decided that more perspective market is the british market.
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IPO underpricing and sentiment of investors
Scheerová, Lucie ; Dědek, Oldřich (advisor) ; Lupusor, Adrian (referee)
The thesis investigates investor sentiment, proxied by grey market prices, being a common source for IPO underpricing, long-term underperformance of IPOs, and cycles in IPO volume. The paper contributes to the field of research by an updated German dataset from 2000 to 2010, and by investigating all main IPO market anomalies together with their common trigger. The results show evidence of a positive relationship between the investor sentiment and IPO underpricing, indicating the investor sentiment being an explanation for it. Moreover, the study shows investor sentiment being positively linked to offer prices - an evidence of issuers exploiting that sentiment. However, the long-term underperformance relative to the aftermarket price of IPOs from high underpricing periods - another evidence of investor sentiment being a source for IPO underpricing - has not been confirmed. Other hypotheses have also not been verified. They include higher IPO volume following high underpricing periods and long-term underperformance relative to the offer price of IPOs from high underpricing periods. Both these hypotheses would represent another confirmation of firms exploiting the investor sentiment. The statistically significant results are consistent with other papers. The insignificance might have been caused by the method...
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Internet marketing strategy of MonkeyPosters.de for the german market
Urbaníková, Nikola ; Král, Petr (advisor) ; Vokáč, Matěj (referee)
The bachelor thesis focuses on online marketing strategy of the e-shop called MonkeyPosters.de. It is the Czeh e-shop operating in Germany but it doesnt bring sufficiently high revenues comparing to the size of the market and there werent used the local knowledge. The aim of the bachelor thesis is to evaluate the already existing marketing strategy and perform the SWOT analysis as well as analyse the competitors and the german market itself: describe the specifics and implement them into the oblibe strategy. The output of the thesis is the suggestion of solutions for the future and new strategies as well as localize the german website
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Investment certificates for retail investors
Trefná, Anežka ; Vacek, Vladislav (advisor) ; Špániková, Kateřina (referee)
This diploma thesis investigates investment certificates for retail investors. The first chapter defines investment structured certificates. The second chapter is about availability of investment certificates for retail investors in the Czech Republic. The objectives of this chapter are a description of a present offer of securities dealers in the Czech Republic, a specification of decision criterions in choosing an online broker and a comparison of selected companies from a point of view of a client. Third chapter summarizes advantages and risks which are connected with investment certificates. The fourth chapter deals with a classification of structured products from various aspects and structures of investment certificates which are the most traded on the German exchange Scoach in Frankfurt. The aim is to provide an overview of each type of the investment certificate which contains description of specific parameters, structure and possible pay-off at maturity of investment certificate considering an underlying asset. The final part illustrates in practice one of more possible methods how to choose appropriate investment certificates. There is presented a process which is subsequently more described and applied on a demonstrative example of a hypothetical retail investor. The goal of the diploma thesis is comprehensively acquainted with investment certificates the reader, and shows one of the possible ways of picking appropriate investment certificates for an investor with a risk neutral profile.
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The Export Strategy of Company B a K systémy s.r.o. to German Market
Novotná, Hana ; Halík, Jaroslav (advisor) ; Augustinová, Jana (referee)
The diploma thesis The Export Strategy of Company B a K systémy s.r.o. to German Market deals with characteristic of the company B a K systémy s.r.o. and its export politics. The aim of this study is to analyse the export strategy of comapany B a K systémy s.r.o. to the german market and to propose measurements which would be effective in this field. The study is based on the basic characteristic of the company and on the analysis of the german market. At the close of this study are proposed also criterias how to evaluate the proposed measurements.
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Contemporary Business Environment of Germany
Dědinová, Michaela ; Müllerová, Františka (advisor) ; Vošta, Milan (referee)
The Federal Republic of Germany is one of the biggest economies in Europe as well as in the world and it is undoubtedly the most important business partner of the Czech Republic. The aim of this Bachelor thesis is to analyse the business environment of Germany using the PEST analysis and to define the specifics of this environment. Thereby I will provide the Czech businesses intending to expand on the German market with the latest, verified and complete information. The Bachelor thesis is enriched with opinions, experience and reflections of experts on German business environment and market. The thesis includes detailed analysis of political, economic, social and technological factors, which have influence on business environment. It also contains the outcome of two interviews.
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