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Vývoj léků z pohledu risk managementu
Hulín, Michal ; Hnilica, Jiří (advisor) ; Mead, James (referee)
The purpose of this diploma thesis is to understand financing of drug development from an enterprise risk management perspective as well as to critically assess the efficiency of the ISO framework and risk management techniques used for determining whether to fund drug development or not. The diploma thesis is divided into theoretical and practical part. The first part starts with perception and assessment of uncertainty and risk in the past. It describes how risk-averse individuals attempted to deal with uncertainty and different risk. This is followed by the evolution of traditional risk management into the fast developing enterprise risk management. The text further analyses commonly used risk management standards COSO ERM and ISO 31000:2009. However, the main focus is on the critical assessment of analytical tools which are frequently used for evaluating and assessing risks, especially financial ones, during drug development. The theoretical part is finished by a drug development process, whose phases are briefly described. The practical part was written in co-operation with AstraZeneca, a top-notch pharmaceutical company. The overview of its business is preceded by an explanation of current issues in the pharmaceutical industry. Furthermore, the risk analysis is conducted with respect to the ISO framework. Subsequently, selected risk assessment techniques are applied on the simplified financial model of two different drugs, which was created based on AstraZeneca's real data. These risk assessment tools are used in different phases of drug development so it could be seen clearly how the results are changing during a project. The outcomes of this risk analysis are compared with original plans used by AstraZeneca which were used for deciding whether to fund drug development or not.
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Ocenění práva vybírat daně pomocí opčního modelu
Vlachý, Jan ; Hnilica, Jiří (advisor) ; Pošta, Vít (referee) ; Starý, Oldřich (referee) ; Málek, Jiří (referee)
This Thesis uses several forms of a single-period option-based model to analyze the incidence of income tax under uncertainty, focusing on the various effects of tax asymmetries and observing the distinct features of individual and corporate taxation. Two particular applications are being advanced. The one strives to establish the economic effects of tax-deductibility, motivated initially by a thin-capitalization measure brought forth under the framework of the recent Czech public-finance reform. The pother one compares the terms of three distinct personal income-tax schedules, as they have been recently applied in the Czech Republic and Slovakia, investigating particular issues such as tiered rates, mandatory minimum tax, bracket creep, social taxes, as well as tax incidence in general. On the whole, we find that option-based models are well suited for miscellaneous forms of economic analysis under dynamic assumptions, overcoming the inherent limitations of comparative statics routinely used by mainstream economics. We also conclude that the Czech tax reform of 2008 has failed to achieve the level of economic neutrality and simplicity, characteristical for the Slovak flat-tax schedule of 2004. There are cases, where it has actually contributed to the emergence of new asymmetries.
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Business Projects and Capital Budgeting
Peeva, Margarita Naumova ; Brůna, Karel (advisor) ; Štěrbová, Ludmila (referee)
This thesis describes in depth what the steps for a successful business project are: from an idea to its implementation. Every business project may be regarded as an investment. I followed the institutions involved and then the instruments needed, but the next logical step in order to complete the picture would be the human factor. Because all the knowledge base on how to support the mission (idea and its goal), how to manage the project, and what kind of players to involve in the end is executed by people. Humans are incapable of predicting the future, but are perfect in adapting to new realities. Similarly, no capital budget can be perfectly coinciding with expected performance. No matter how many times the facts are checked the perfect balance is lost with time. My goal with this topic was to show that in order to bring business value and competitive advantage, good knowledge of the processes and methods is paramount. Careful planning and execution can bring in synchrony idea, raising capital, risk management, capital budgeting and execution close enough, so that in the end a business project may be titled successful.
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