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Diversification risk in international portfolios.
Ngo, Quang Liem ; Brůna, Karel (advisor) ; Mandel, Martin (referee)
This thesis deals with the diversification risk in foreign investment portfolios. In the first chapter I describe the basic theory Harry Martkowitz. Second chapter is about Capital Asset Pricing Model. In the third chapter there are subscribed the current topics about diversification portfolio. The last chapter is my comparison between optimized portfolio and index S&P 500
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Cross-border lending contagion in multinational banks
Derviz, Alexis ; Podpiera, Jiří
This paper studies the interdependence of lending decisions in different country branches of a multinational bank. This is done both theoretically and empirically. First, it formulates a model of a bank that delegates the management of its foreign unit to a local manager with non-transferable skills. Second, it constructs a large sample of multinational banks and their ranches/subsidiaries and look for the presence of lending contagion by panel regression methods.
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Impacts of diversification activities in rural areas
JAREŠOVÁ, Jana
The thesis focuses on the use of the Rural Development Programme, in detail Axis III. The aim of the thesis is analysis of the specific conditions for diversification in southern Bohemia. The work contains the basic characteristics of the South Bohemian Region and the SWOT analysis. In the practical part there is an analysis of applications for subsidies from the Rural Development Programme between 2007 - 2010, including the indicators of impact.
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Application of the Money Management in Foreign Exchange Market Trading and Recognition of Such Trades in Accounting of Banks
Knytl, Jan ; Zelenka, Vladimír (advisor) ; Mandel, Martin (referee)
My diploma thesis discusses the power and importance of money management when trading foreign exchange market. With the help of real examples it aims to demonstrate the difficulty of the future foreign exchange rate estimation and the ambiguousness of the market analyses results. Comparing the results of real trading in the spirit of diversification to the actual results of Vince's model, the thesis points out whether the application of diversification is a real necessity or not. The thesis also highlights the impact of diversification on the trading system performance compared to Vince's model. The final part proposes a possible practical accounting solution to the foreign exchange speculative trades.
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Trading in credit derivatives on world financial markets
Šotlíková, Lucie ; Witzany, Jiří (advisor) ; Baran, Jaroslav (referee)
The thesis is focused on the process of trading in credit derivatives on the global financial markets. The first part deals with the history and the development of credit derivatives from the very beginning to the present and all factors that influenced and affected them during that time. Various derivative instruments are explained, in terms of their purpose, suitability for use and the risks arising from them. Mainy focus of the thesis is put on the selected stock markets (CME Group Inc., Eurex AG, NYSE Liff Holdings LLC). This section begins with their history, then it describes their structure and purpose. It explains stock market membership conditions and settlement of exchange contracts principles. The final part clarifies the role of credit derivatives in the financial crisis and the reasons that led to it. In the final part of the thesis organizations that regulate credit derivatives are described, in addition to regulation methods and aids, specifically in terms of new regulatory measures under Basel III and the organization of ISDA, which are also included. At the very end the possibilities of securitization and credit risk diversification are explained as well as methods of credit instruments valuation, which are demonstrated on an example of Credit Default Swap.
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Surveying Conditions for the Creation of Clusters Making full use of Local Renewable Resources in various Regions
Gecelovská, Jana ; Syrovátka, Oldřich (advisor) ; Weger, Jan (referee)
The aim of this thesis was to plot the conditions which influence creation of supplier- consumer relationship (of nets, clusters) focused on usage of renewable sources of energy. Short rotation coppices (SRC) were emphasized. There was processed general issue of countryside evelopment, unemployment trend in agriculture and possibilities of activities diversification in relation with SRC production in theoretical part of my thesis. Research realisation of production significance together with SRC usage in countryside areas awareness was included in the applied part. Obtained knowledge and information were analyzed and evaluated. Output of this thesis can be used to infrom involved subjects and routine utilisation.
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Integration of stock markets in 1994 - 2010
Rudolfová, Iva ; Witzany, Jiří (advisor) ; Stádník, Bohumil (referee)
This thesis analyzes the interdependence of stock markets in the Czech Republic, Hungary, Germany and the U.S. between 1994 and 2010. Its aim is to prove or disprove the hypothesis that the correlation of stock markets is growing. Furthermore, it aims to determine whether the benefits of international diversification are important in the 21st century. The first part defines the basic terms related to this issue. The next section describes the historical development of stock markets and major stock indexes. The following is the longest chapter, which deals with the dependence of equity markets. The degree of dependence between markets is measured by correlation coefficients. In order to calculate the correlation coefficients 3 methods were used: 12-month, 24-month moving window and the exponential weighting. It was confirmed that correlation increases in periods of high market volatility and if the equity markets go up. Correlation decreases in periods of low market volatility and if the stock markets go down. There is a long-term increasing trend in the correlation development. The last chapter describes the recent study of P. Christoffersen, V. Errunza, K. Jacobs, and X. Jin, which also deals with this issue. Although the authors used more complex mathematical and statistical methods, their conclusions are similar. At the end of this chapter there is a study dealing with the benefits of international diversification in 2005 and 2009. Its conclusion is that the benefits of international diversification are disappearing.
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The outlook on natural gas sources diversification in the European Union
Kosková, Iva ; Vondrušková, Barbora (advisor) ; Němcová, Ingeborg (referee)
Natural gas occupies an indispensable place in the European Union energy mix. Nevertheless it is important to optimize energy dependence of the EU on the Russian Federation, which is the key supplier of this commodity for the European market. One of the main ways how to decrease this dependence and consequently increase energy safety of the EU is the natural gas sources diversification and diversification of its transport routes. The diversification effort includes not only the building of new gas pipelines but also a growing importance of the liquefied natural gas (LNG), which currently brings brand new principles to the natural gas market. Even though it is obvious that the map of the European natural gas infrastructure is going to change in the future, it is necessary to bear in mind that the interdependence between Russia and the EU is going to maintain a significant influence on the energy policy of both parties.
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Analysis of the Development of Agriculture
Jaša, Stanislav ; Krause, Josef (advisor)
Agriculture has not been a mean of securing a food for nations for a long time. Today, thanks to the European union policy, the business activities of agricultural enterprises head towards to the energetics industry and to other industries like heating, forestry or services that enable the companies to diversify their activities beyond the borders of the primary sector. The reasons for a decision of extending the strategic focus of business are many: smaller dependency on weather, better market position in the relevant micro environs, more effective use of agricultural land, local energetic self-sufficiency. This thesis analyses especially the transition of the Czech agriculture from the concept of securing the food self-sufficiency of the state towards to the concept of securing energetic self-sufficiency of the state, facilitated by the renewable energy sources produces by farmers, and other development trends in the Czech agriculture in the European transnational, Czech national and local business context.
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