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Management Board Composition of Banking Institutions and Bank Risk-Taking: The Case of the Czech Republic
Žigraiová, Diana
The paper investigates how the management board composition of banking institutions affects their risk-taking behavior in the Czech Republic. More specifically, we examine the effect of average director age, the proportion of female directors, the proportion of non-national directors, and director education level on four different bank risk proxies. We build a unique data set comprising selected biographical information on the management board members of Czech financial institutions holding a banking license over the 2001–2012 period. Our most robust finding is that higher proportions of non-national directors increase bank risk as measured by profit volatility and reduce bank stability as captured by the Z-score for the Czech banking sector overall and for the segments of general commercial banks, small and mid-sized banks and adequately capitalized banks. Moreover, we also detect risk-increasing implications of board size for the segments of building societies and small and mid-sized banks. As for average board tenure, its effect on risk-taking varies depending on bank characteristics. We find mixed evidence on the effect of female directors and do not find any strong effect of directors’ age on risk in the Czech banking sector. All in all, the results of our analysis are subject to the proxy of bank risk used. The reader should keep in mind that higher absolute level of bank risk is not necessarily unfavorable as it does not capture if risk-taking behavior is excessive for a given return.
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Dept problems in Czech accountancy
Lužová, Jiřina ; Jirásková, Simona (advisor) ; Molín, Jan (referee)
This bachelor's work concerns itself with the issues of debts from the point of view of accounting. The content of this paper is a detailed specification of debts according to current accounting legislation in the Czech Republic. The paper covers general characteristics of debts and the principles of their correct billing, including the demarcation of settling relationships with foreign countries and also the issues of exchange rate differences in the debts area. Attention is also given to the high-risk and impregnable debts and their tools of capturing in accounting, more specifically to correcting the items and write-offs. This paper is also supplemented with the analysis of The Interpretation of the National Accounting Board regarding the debts and examples of its utilization in practice.
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The Law Enforcement of Capital Market Regulatory Agencies in the Czech Republic, France and United States of America: Going by the Theory and Action
Šovar, Jan ; prof. JUDr. Jan Dědič (advisor)
Dílo se zaměřuje na aplikaci pravomocí, jimiž příslušné autority v České republice, Francii a Spojených státech zajišťují plnění norem veřejného práva v oblasti finančního trhu (regulatory law enforcement). Práce rozebírá relevantní teoretické přístupy k právní regulaci a následně klíčové právní činitele, které mají na prosazování práva dozorčími orgány v praxi vliv. Pojem ?prosazování práva? (law enforcement) má v práci širší vymezení a neobsahuje jen sankční pravomoci orgánu dohledu, ale také úkony představující faktickou (neformální) správní činnost a správní úkony s nižší intenzitou právních účinků. Studie zdůrazňuje požadavek proaktivního charakteru správních úkonů; důraz je kladen na přístup k prosazování práva založený na hodnocení rizik (risk based approach) pro cíle dohledu.
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Evaluating the Performance and Kredibility of Czech Pension Funds
Kotěšovcová, Jana ; Grünwald, Rolf (advisor) ; Marek, Petr (referee) ; Scholleová, Hana (referee)
This dissertation work focuses on evaluation of the performance and credibility of domestic pension funds. It includes information about pension systems in six selected countries in the world, specifically Chile, Hungary, Switzerland, Poland, Sweden and Slovakia, and culminates with a proposal for pension reform in the Czech Republic. The evaluation of the performance of pension funds is based on experience with measuring performance in twenty-three countries of the world processed for the OECD and cites original basis materials for proposals for the regulation of pension funds in the Czech Republic. Setting of indicators is preceded by an analysis of measurements of performance by the Association of Pension Funds in the Czech Republic and the Research Institute of Labour and Social Affairs. The most important proposed indicators include the actual result in relation to the participants' funds, which captures the influence of changes in the market values of financial assets, and the indicator of competence covers obligations, reflecting the influence of changes in costs during subsequent periods, which include yet undistributed commission for mediators of pension insurance. For a comparison of benefits and risks, mutual funds denominated in CZK were selected, which were verified as a suitable alternative to long-term saving. The method of evaluation of pension funds itself is based on explanation, evaluation and selection of favourable indicators for determining the rating of domestic pension funds, which clients of pension funds could use as a method for evaluating the credibility and benefits of a specific domestic pension fund for the purpose of securing it in retirement age.
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Analysis of stocks on a chosen market (stock) sector (through technical and fundamental methods of financial analysis)
DVOŘÁKOVÁ, Eva
The aim of this work is to compare the rentability and risk of the shares and to find out which strategy would be the best to use to evaluate the money invested into selected companies from chosen branches of Paris stock exchange. The introduction of this work briefly describes the history, recent state and description of financial markets. In Czech conditions, this market is not suitable for similar comparison and analysis, therefore the analytic part of this work concentrates only on French stock exchange. Several statistic indicators are used for possible analysis of lucrativeness and risk rate (standard deviation, coefficient alpha, coefficient beta, variation coefficient), range of historical dates from the internet and other information. Historical dates, statistical markers, analysis and tests were used to establish and compare strategies used in investment in Paris stock exchange. Also used in the work are the findings of Czech and foreign authors who deal with the question. The aim of the practical part of this work is to put to use the theoretical knowledge and to find out which branches are best to invest into and vice-versa and which strategy to choose in order to make the most money or to loose as little money as possible.
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Stock Exchanges in the Czech Republic and in Some of Other EU Member Countries
FIALA, Jakub
The bachelor thesis titled The Stock Exchange Market in the Czech Republic and Selected EU Member States deals with the establishment and development of the capital market in the Czech Republic, Hungary and the United Kingdom. The main objective of the thesis is to evaluate the development of stock exchange indicators in 2006 and a few more years in the past. The theoretical part, explaining the basic concepts, is followed by the presentation of the main stock exchange index for the stock market and bond market respectively, on each of the stock exchanges separately. Subsequently, all the indexes were mutually compared. Efficiency, liquidity and the risk level were examined on all the individual markets separately. The comparison of all the indicators and outcomes resulted in a clear conclusion that the London Stock Exchange is the most developed among the currently compared ones, belonging to the group of the world{\crq}s major stock exchanges. Both stock exchanges from the Central European region should, in theoretical terms, have similar results. However, the reality is different. As regards the volumes of trades, in this case, a larger volume in 2006 was traded on the Prague Stock Exchange. However, if we look at the results of the other indicators, the Budapest Stock Exchange achieved better figures in almost all the other cases.
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Finanční analýza podniku Stavby silnic a železnic
Bosíková, Jana ; Boukal, Petr (advisor) ; Hřebík, Tomáš (referee)
Cílem mé práce je komplexní posouzení finančního zdraví akciové společnosti Stavby silnic a železnic na základě získaných výkazů pro roky 2002, 2003, 2004 a také provést analýzu předběžných výsledků pro rok 2005. Konkrétně si odpovědět na otázky: Jak podnik hospodařil v předchozích letech? Jaká je jeho současná situace? Predikce možných problémů, do kterých by se podnik mohl v nejbližších letech dostat. Zhodnotit přitažlivost a rizikovost investování pro případné investory. Porovnat situaci podniku s odvětvím.
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