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Underpricing IPO in Russian Market
Aleynikova, Xenia ; Dědek, Oldřich (advisor) ; Lešanovská, Jitka (referee)
This diploma thesis deals with the undervaluation of initial public offerings on the Russian market during the period of 2003-2014 using the ordinary least squares method. The main emphasis of the thesis lies in the development of primary emissions on the Russian market. Moreover, the previous literature is diversified by combining theory of asymmetric information with the analysis of market cycles. We have proved that shares are undervalued on average with the help of the latest figures from the Russian IPO market. By the subsequent analysis of the undervaluation phenomena and factors like age of the institution, size of the institution underwriters, market cycles, supply price of the issued shares, sector of the institution and P/E, P/CF indexes, we have arrived at the conclusion that the Russian IPO market is still developing. We have also demonstrated that in the case of high activity on the IPO market, the so called ¨hot period¨ on the market, and in the case of overpriced shares, the Russian IPO companies undervalue their shares. According to the analysis of the Russian IPO market, the main stress has been put on the companies that belong to the industrial and energy sectors and the analysis has also shown that the reputation of the underwriters does not influence the undervaluation of the...
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Adverse Effects of Monetary Policy Signalling
Matějů, Jakub ; Filáček, Jan
Assuming information asymmetry between private agents and the central bank about the state of the economy, an unexpected change in interest rates signals the central bank’s perceived state of the economy and facilitates an update of private expectations in an adverse, perhaps unintended way. This “updating channel” might counteract the standard transmission from interest rates to inflation and output. We develop a simple model laying down a theoretical basis for the adverse effects of monetary policy signalling. We also detect the presence of the updating channel in private forecasts of inflation in a cross-country sample of selected OECD countries.
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Microfinance - effective instrument of poverty solution, yes or not?
Švecová, Jana ; Svoboda, Miroslav (advisor) ; Janíčko, Martin (referee)
This baccalaureate thesis deals with the efficiency of microfinance (or more precisely microfinance institution - MFIs). First part of the work is focused on problems of poverty, which is intensely connected with the function of microfinance, and then on economic theories, chiefly on asymmetric information. Further my work indicates not only basic definition of microfinance and MFIs, but also history and principles of microfinance. There are also mentioned results of activities of MFIs and also some limitations of concept of microfinance. In the next part deals work with consider the effectiveness of granting credit through MFIs in terms of various indicators. In the end of this thesis are mentioned two real cases from practice, when microfinance really contributes to improvement way of people's life in developing countries.
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