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Evaluation of Investments Project
Kroutilová, Veronika ; Vejmolová, Eva (referee) ; Meluzín, Tomáš (advisor)
The diploma thesis focuses on the evaluation of the investment plan for the construction of a new residential complex in Brno and the subsequent evaluation of the profitability of the project for the company. On the basis of the literary research, theoretical knowledge is elaborated, which is the starting point for processing the investment plan. The effectiveness of the investment project and its risks are evaluated using statistical methods and analyzes. In conclusion, the obtained data are evaluated, according to which it is possible to say whether or not to recommend the investment plan.
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Chemical composition of photovoltaic panels and assessment of their environmental risks
Koudelová, Marta ; Strnad, Ladislav (advisor) ; Drahota, Petr (referee)
The diploma work deals with chemical composition of photovoltaic panels and assessment of their environmental risks. In its introduction part, the characterization of photovoltaic panels, including the composition of their layers and the significance of some specific metals in these facilities, is summarized. The introduction part also mentions the life cycle of photovoltaic panels from production to end of life. The experimental part is focused on chemistry of several different types of photovoltaic panels. In addition to the major elements of the panels (Si, Al, Fe, Na, Ca), the analyzes confirmed the increased content of interest metals (especially Cu, Ag, Sb, Sn, Zn, Pb) at tens to thousands of mg/kg depending on the processed sample. A potentially economically interesting value is Ag. The Ag concentrations range from hundreds to 1,300 mg/kg (~ 1,200 g Ag / t of panels) for some types of processed samples. High concentrations exhibit Cu (up to 16,700 mg/kg), Sb (up to 1,890 mg/kg) or Sn (up to 2050 mg/kg). Leaching experiments (using deionized water and EDTA reagents) were performed at two time intervals (24 and 168 hours). Very low leachability of the metals from the studied samples (in order of per mil or less) has been demonstrated. The studied samples of photovoltaic panels can be classified...
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Analysis of the collective investment in the Czech republic
ŠAŇKOVÁ, Klára
The bachelor thesis deals with the issue of collective investment. Its aim is to evaluate the current situation in the Czech Republic and analyse the specific characteristics of the sector. The main theme of the thesis is profitability, cost and volatility of selected open-end mutual funds. The practical part deals with comparison of mutual funds as equity and bond funds. The attention is given to selected Czech funds which were chosen with the same level of risk on the market. From the best of the selected mutual funds there are also created portfolios for different risk groups of investors.
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An alternative view on Czech banking sector's riskiness
Kubeš, Jan ; Teplý, Petr (advisor) ; Troch, Tomáš (referee)
Riskiness of Czech banking sector is subject of interest of this thesis. Since the beginning of 21st century, there is moderately growing number of banks and their overall profitability expressed in absolute values is increasing. Ratio of non-performing loans to total loans is also displaying optimistic values. Four indicators of riskiness are studied through data about Czech banks from 2008 to 2015. These indicators are: z-score, leverage ratio, RWA density and ratio of non- performing loans to total loans. Rather low correlations among these indicators are found, the highest correlation (0,670) is between leverage ratio and RWA density, on the other hand the lowest one (0,093) is between z-score and NPL ratio. In aggregate form are three of the indicators displaying stable trend to lower riskiness in 2008-2015 period, the same can be stated about NPL ratio in 2010-2015 period. Then is regression analysis employing fixed effects estimation and random effects estimation used, with the aim to identify determinants of the four indicators. Size of banks expressed in logarithm of total assets is significant in only one model with RWA density on the place of dependent variable. This significance is at 10 per cent level and corresponding coefficient is negative. In contrary, growth of assets and dummy...
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Bank Efficiency, Risk, and Capital in the Visegrad Group Countries
Fraňo, Filip ; Teplý, Petr (advisor) ; Lešanovská, Jitka (referee)
The aim of the thesis is to estimate the cost efficiency of the banks from the Czech Republic, Hungary, Poland, and Slovakia during 2008-2013 using stochastic frontier analysis. In addition to this, mutual relationships between the changes in banks' cost efficiency, risk- taking, and capital position are examined. First, the literature that is concerned with these relationships is reviewed and the stochastic frontier approach towards the efficiency estimation is outlined. In the empirical analysis, the cost efficiency of the banks from the aforementioned countries is estimated. The results suggest that the Czech and the Polish banks from the sample have the highest average cost efficiency while the Hungarian banks rank the lowest. The estimated efficiency is decreasing during the sample period. No conclusive results are found to support the hypothesis that the larger banks exhibit higher cost efficiency. Subsequently, the system of simultaneous equations is applied to test the mutual relationships between the changes in the banks' cost efficiency, risk-taking, and capital position. The results suggest a negative relationship between the changes in risk-taking and cost efficiency and between the changes in capital position and risk-taking of the banks. Moreover, the results do not indicate simultaneous...
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The Modern Money Creation Process: The Case of Collateral Crunch
Kroulíková, Šárka ; Teplý, Petr (advisor) ; Gapko, Petr (referee)
The aim of this thesis is to investigate the role of the wholesale funding in the modern credit intermediation process and to estimate the possible impact of pro- posed regulation of the wholesale funding on lending activity of a bank or its risk profile. Throughout the analysis we used data set of 132-1167 banks from the European Union (number of banks depends on the hypotheses tested) during the period 2006-2012. We found that the banks that are more exposed to the whole- sale funding are able to increase their lending relatively more in comparison to the less exposed banks; this advantage is wiped out during the times of liquidity or collateral crunch. Results of defined simultaneous equation model suggest that stricter eligibility criteria, higher margins and introduction of 100% threshold for the Net Stable Funding Ratio will significantly decrease the wholesale funding ra- tio and thus limit the supply of loans. We consider those results alarming since the majority of European enterprises is financed by the financial intermediaries, not on the capital market and therefore additional limitation of the wholesale funding activities could negatively influence the overall economic activity within the Euro- pean Union. We discovered that the commercial banks tent to transfer the costs of the wholesale...
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The Impact of Basel III on European Banks
Šútorová, Barbora ; Teplý, Petr (advisor) ; Lešanovská, Jitka (referee)
The aim of this thesis is to take a closer look on how the stricter capital requirements defined in the Basel III framework will influence European banks from a complex point of view - lending rates and volumes of provided loans, profitability, risk taking and market value of banks. Our analysis employing simultaneous equations and panel data models on exp post data on almost 600 banks operating in the EU in the 2005-2011 period reports following results: (1) Those banks that will be forced to effectively increase their common equity ratio (CE/RWA) will reflect a one percentage point increase in this ratio into higher lending rates by 18.8 basis points. (2) This should, in turn, lead to a modest impact on the volume of provided loans, i.e. as a result of an increase of CE/RWA to 9.5 % (the case of the strictest scenario), the loan volumes are expected to be lowered by 2% from the current volume. (3) Our study further reports that higher capital requirements will cause a decrease in banks' profitability accompanied by a drop in risk taking. Banks increasing their CE/RWA by one percentage point are expected to experience a decrease in their profitability (measured by ROAA) by 0.174 percentage points. (4) The above mentioned effects were identified as rather negative signals for equity owners, which should be...
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The Impact of Basel III on European Banks
Šútorová, Barbora ; Teplý, Petr (advisor) ; Lešanovská, Jitka (referee)
The aim of this thesis is to take a closer look on how the stricter capital requirements defined in Basel III framework will influence European banks from a complex point of view - lending rates and volumes of provided loans, profitability, risk taking and market value of banks. Our analysis employing simultaneous equations and panel data models on exp post data on almost 600 banks operating in the EU in period 2005-2011 reports following results: (1) Those banks that will be forced to effectively increase their common equity ratio (CE/RWA) will reflect a one percentage point increase in this ratio into higher lending rates by 18.8 basis points. (2) This should, in turn, lead to a modest impact on the volume of provided loans, i.e. as a result of an increase of CE/RWA to 9.5 % (the case of the strictest scenario), the loan volumes are expected to be lowered by 2% from the current volume. (3) Our study further reports that higher capital requirements will cause a decrease in banks' profitability accompanied by a drop in risk taking. Banks increasing their CE/RWA by one percentage point are expected to experience a decrease in their profitability (measured by ROAA) by 0.122 percentage points. (4) The above mentioned effects were identified as rather negative signals for equity owners, which should be...
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Investing on capital markets
Páral, Daniel ; Veselá, Kamila (advisor) ; Srbek, Pavel (referee)
Bachelor thesis Investing on capital markets is divided into theoretical and practical section. Theoretical part contains theoretical basis which is important for subsequent practical part. Practical part describes the creation of three portfolios for conservative investors based on historical data. Portfolios are then subject to analysis which examines their profitability, risk and liquidity. In conclusion all three portfolios are compared and their advantages and disadvantages are mentioned. Main goal of this thesis is to compare three portfolios suitable for a conservative investor and their valuation.
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