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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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Analysis of the implementation and use of SaaS IS in the Russian market
Nigmatullin, Timur ; Basl, Josef (advisor) ; Fortinová, Jana (referee)
This paper deals with the implementation of SaaS in the Russian market, especially in the Ural region of the Russian Federation -- Republic of Bashkortostan. SaaS is usually considered as an alternative way for the dominant model of software installation at the customer office. SaaS has certain key differences related to the use of different types of outsourcing and switching from buying products for permanent use to the system with subscription fee, depending on the specific use of resources. The goal of the theoretical part of the paper is to construct the comprehensive picture of Cloud computing, cloud services especially SaaS, to identify the strengths and weaknesses of SaaS technology, call attention to issues of risk, safety, the process of deployment, focus on the analysis of the status of SaaS information systems in the world and analyze situation on the Russian market. The goal of the theoretical part of the paper is to get acquainted with the companies in the Ural region of the Russian Federation, the Republic of Bashkortostan, to show their attitude to cloud-based technologies, highlight the exploration and use of SaaS in the Republic of Bashkortostan, compare the current situation in Russian enterprises with the status of SaaS in the world. By questionnaire survey I will obtain basic data of the awareness and use of SaaS in this region of Russia. The expected benefits of work may include extending the knowledge of readers about Cloud computing and one of its services - the form of SaaS. Next benefit is that Czech managers and directors can use this paper during the decision on the implementation of this model in their business.
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