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Czech regulation of limited companies from the point of view of the 'law and economics' school
Šimek, Stanislav ; Pelikán, Robert (advisor) ; Černá, Stanislava (referee)
Czech regulation of limited companies from the point of view of the 'law and economics' school Abstract Law and economics has a potential to provide us with an uncommon and to the Czech jurisdiction often neglected point of view on laws. The aim of this paper is to apply economic theories on directors' liability for breach of fiduciary duties and to consider its consequences on the economic efficiency of companies. The critical question is whether not having such liability could provoke an increase of wealth of all stakeholders. The paper also aims to come up with instruments capable of minimizing the lost caused to companies by mandatory rules regarding director's liability. At the end of the thesis, the Czech laws regarding the director's liability for breach of fiduciary duties are analyzed in the point of view of economic analysis. The analysis is followed by proposition of instruments that could make companies operating in Czech legal environment more effective. Directors' liability, which can result in an aversion to make risky decisions, can cause significant losses to companies (so called agency costs). For that reason, the possibility to determine the scope of director's liability given to shareholders can have, in some cases, positive effect on the company's efficiency. The paper concludes that...
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Economic analysis of voidability in the new civil code
Michálek, Jakub ; Dušek, Libor (advisor) ; Pekárek, Štěpán (referee)
This paper makes an economic analysis of juridical acts and contracts voidability under the new Czech civil code (Act no. 89/2012 Coll.) with focus on differences between absolute and relative voidability. The essence of the analysis is to estimate and evaluate the impact of the civil code on subjects' behaviour before and after entering into a contract, in particular their motivation to void the contract, and the costs imposed upon the parties under the contractual relationship. Outcomes of the analysis show that voidability lowers utility and creates incentives for opportunistic behaviour. Furthermore, we show that in some cases, voidability can be justified as economically effective means of preserving legitimate interests of one of the parties, in those cases, relative voidability should be preferred, however. The conclusions of this paper can contribute a new perspective on law during interpretation and application.
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Financial aspect of Mergers and acquisitions
Suchánek, David ; Krauseová, Jaruše (advisor) ; Marek, Petr (referee) ; Hnilica, Jiří (referee)
In this doctoral dissertation is solved the relation between success in a field of mergers and acquisitions activities with connecting to existence of "agency costs" in stated companies. A domain of mergers and acquisitions is a very complex and dynamic section that includes not only economic relations connected with joinnig enterprises, but also accountancy and law environment, where mergers and acquisitions are realized.
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An impact of the agency costs on the performance of mutual funds
Hofman, Jakub ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
An objective of this bachelor thesis is to outline agency costs and analyse their possible impact on the performance of mutual funds in USA using linear regression. Theoretical fundamentals are mentioned in broad and narrow concept at the beginning. Furthermore, the mutual funds are defined. The mutual funds were chosen because they hold huge volume of assets and because the mutual funds remind popular investment.
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