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Currency risk hedging demonstrated on investment portfolios
Siuda, Vojtěch ; Mandel, Martin (advisor) ; Brada, Jaroslav (referee)
This bachelor thesis is focused on currency hedging in investment portfolio. At first are explained the terms currency risk and currency exposure and then the instruments for currency hedging are described. In the practical part of this thesis is reader acquainted with the crown class and the dollar class of US equity mutual fund. Yields are analysed in short and long term as well as with long and short term risk. The description of the hedging technique is also included in practical part. The last chapter is dedicated to questions, when is suitable to be hedged and how to find the ideal hedge ratio for minimizing the currency risk. Considered is also the possibility of using currency movements as an element of investment strategy.
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Valuable Consideration in Takeover Bid and Settlement by Unwilling Reducing of Shareholder’s Share
Koranda, Vladimír ; Kříž, Radim (advisor) ; Chára, Petr (referee)
This work deals with valuable consideration when changes of ownership of equity securities occur in connection with corporate changes in joint-stock company, especially with unwilling changes -- rise of registered capital with excluding the priority subscription right (§ 204a/5 of the Commercial Code), unwilling transfer of shares on the major shareholder (§ 354 of the "Act on the changes of commercial companies and associations") and squeeze out (§ 183i of the Commercial Code). Valuable consideration defines relatively in detail the Takeover Bid Act. This framework could be to certain extent analogically used for valuable consideration in unwilling transaction. However, its definition itself offers a considerable room for interpretation, so is also seized as the independent secondary topic (chapter 1). The main topic concerns two basic aspects. The first is a company evaluation. In this aspect we will take a look only at the dependence of the expert providing the evaluation on major shareholder (chapter 5). Work aims at the second problematic aspect of unwilling transaction - a premium over the valuable consideration for the infringement of right (chapter 2, especially section 2.4.). The work also deals with unevaluated risks of minority shareholders in the period beginning the day to which the company was evaluated to time of the pay out of ownership (chapter 4).
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Economical aspects of health care services and risks connected with legalization of euthanasia
Stehlíková, Jana ; Kuba, Jaroslav (advisor) ; Matula, Miloš (referee)
The thesis deals with legalization of active euthanasia, its main impacts for the whole society, potential abuse and some basic concerns of specialist of various profession related to euthanasia. The thesis is focused on the medical, economic, legal and religious point of view of euthanasia and defines crucial approaches of the defenders and defendant of euthanasia. Special emphasis is on the attitude of doctors, whose opinions on legalization of active euthanasia vary. The thesis denies legalization of active euthanasia as a good solution for patients which are incurable ill or dying, calls attention to keeping the right to live in current form and disagrees with the economical argument that euthanasia is cheap and fast solution for complicated situation of the health service.
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Financial analysis of concern Vienna Insurance Group
Kůs, David ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
This thesis occupies with the financial analysis of the insurance institution Vienna Insurance Group. The theoretical part of the thesis is dedicated general characteristic of the insurance activities and risk management, specific accountancy of the insurance companies, problems of the solvency and the particular passages of the financial analysis modify on the insurance market. The content of the practical part of the thesis is the implementation of the concrete financial analysis.
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Registered (prescribed) capital of capital companies, its creation and protection
Mancelová, Silvia ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
Résumé Authorized Capital of Stock Companies, its Formation and Protection Czech legal regulations related to authorized capital stem from the European concept of the real formation and preservation of the authorized capital that leads particularly to providing minimum guarantee rate of the stock company to its creditors. Authorized capital is an abstract number and it expresses the financial value of assets invested in the stock capital by its partners. The Commercial Code shall expressly stipulate the duty of authorized capital formation for the limited liability company as well as joint-stock company. The duty to form authorized capital at their formation may be indirectly permitted also for limited partnerships. In professional literature, the three basic functions of authorized capital are traditionally listed. Guarantee function, authorized capital as profit and loss measure and authorized capital as a mean to specify partner's share in the company. The concept of real authorized capital formation adopted by most European legal systems is based on achieving correspondence between the authorized capital and real capital and capital preservation through protective rules. Legislator's protective tools include the ban on return of deposits, ban on acquiring own company shares, compulsory reserve fund...
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The Controlling Study
Herda, Tomáš ; Mikovcová, Hana (advisor) ; Herda, Zdeněk (referee)
The main goal of this Diploma´s Thesis is to make a model for calculation of water and sewer rates for the company Vodovody a kanalizace Náchod, a.s. when sticking to the set criteria both from the side of VaK Náchod, a.s. and law regulations. Based on the theoretical part an analysis of customer sensitivity to the price changes using the data for last 20 years follows. Findings from the first two parts are used in risk analysis in next part. The created model calculates the water and sewer rates based on the information from the company accounting system in the way to generate sufficient financial resources to fulfill the renovation plan of infrastructural property plant and equipment and to transfer given amount to the company funds. In addition, the model monitors whether the legal condition of maximal allowable increase of profit per m3 is met. In the customer sensitivity to the price changes part the price elasticity of demand for water and sewer rates is calculated based on the data from 1995 to 2015. The assumption of inelastic demand is confirmed. Risk analysis part is deals with potential risk regarding the demand and prices. Potential impacts for the most significant risk are quantified. The analysis uses knowledge gained in the first two parts. It was confirmed that potential risks are exiting but do not have any significant impact on the going concern of VaK Náchod, a.s. The created model has been already used for the calculation of prices for the year 2017. Customer sensitivity analysis to the price changes and link to the potential risks is an additional information for VaK Náchod, a.s. which validates that nowadays, there are no significant threats which could affect the demand and water and sewer rates significantly.
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Start-up of a Czech company in the American business environment
Hudcová, Eliška ; Müllerová, Jana (advisor) ; Mísař, Jan (referee)
The subject of my bachelor's thesis is the start-up of a Czech company in the American business environment. Main goal of the thesis is the comparison of the administrative and legal boards relevant to a company establishment in both Czech and American business environment, with emphasis on criteria of the establishment from the view of a foreigner and creating a manual for a small-sized company establishment in the USA. The first part of the thesis includes general theoretical knowledge, gained from the recognized literature. The second part focuses on the specific company step-by-step establishment based on the business plan. The output of the comparative analysis is the recommendation if and under which conditions, it is worth creating such a company; which company type is the best to choose and with what risks may occur. At the end, there are found all the important conclusions that arise from the previous parts.
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Comparison of accounting programs from the point of view of the use of information for management companies
Loušová, Petra ; Stejskalová, Irena (advisor) ; Pevná, Jana (referee)
The aim of the thesis is to compare accounting programs from the point of view of the use of information that are important for management companies. The theoretical part deals with the general approach to processing business information in the accounting. Next there is explained an overview of what information in the field of accounting are important and necessary for the job of financial manager. The practical part contains an analysis of at least three accounting programs, with the main focus on what information from the selected accounting program managers need in their work and what information is actually gaining from the program. In practical part, there are also compared results of individual organizations; information is gathered through in-depth interview with financial managers selected companies.
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Proposing the financial performance prediction index for decision support of the hospital management
Hajdíková, Taťána ; Černá, Anna (advisor) ; Lieskovská, Vanda (referee) ; Lazar, Jaromír (referee)
Dissertation thesis deals with the managerial needs in the area of financial health. Managers need a tool to reveal the impending financial failure or to assess the financial quality of the organization. They link their decisions to performance, ability to pay, employee productivity, financial resources and financial risk. In the theoretical part of the thesis it is necessary to explain the non-profit sector and its connection with the hospital environment. It is also necessary to introduce models used both in the Czech Republic and abroad, which share common elements. The basic aim of this thesis is to propose a financial performance prediction index for decision support of the hospital management, the owners of hospitals and insurance companies. To achieve the basic goal, three sub-goals must be accomplished. The first goal is to divide the hospitals into healthy and unhealthy by using the multi-criteria methods. The second goal is, based on an expert approach with the support of statistical methods, the selection of indicators appropriate for the hospital environment and the third goal is to find a suitable method for the determination of weighted representation of individual indicators in the proposed index and to assemble the final form of the new financial index for the hospital environment.
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