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Investment Activities of Czech Firms on Foreign Markets
Kotková, Martina ; Černohlávková, Eva (advisor) ; Sato, Alexej (referee) ; Müller, Štěpán (referee) ; Bakule, Václav (referee)
This dissertation focuses on the development of foreign direct investment realized by Czech companies during the last two decades. The Czech Republic became one of the targets of foreign investors during its economic transformation while inward investments have all this time exceeded outward investments. This is probably the reason why Czech outward foreign direct investments do not attract such attention in economic research as inward investments. This dissertation tries to extend findings on the influences on the development of Czech outward foreign direct investments, describes who the main Czech investors abroad are and examines the microeconomic and macroeconomic impacts of foreign direct investments. Last but not least, application of the Investment Development Path theoretical concept was used in order to describe Czech outward foreign direct investment in the globalising world economy.
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Analysis of impact of integration and consolidation on stock exchanges
Žilák, Pavel ; Dvořák, Petr (advisor) ; Veselá, Jitka (referee) ; Bakule, Václav (referee)
Last three decades stock exchanges have been developing and growing rapidly. The first objective of this thesis is to provide a wider public a comprehensive overview on integration and consolidation of transatlantic stock exchanges and their consequences in the form of various types of stock mergers, acquisitions and cooperations. The thesis is primarily devoted to analysis of the impact of both trends and their implications for stock exchanges world and the second objective is to attempt a empirical analysis of the effects of ongoing integration and consolidation of the transatlantic stock markets. The first chapter deals with past and current changes in the transatlantic stock markets and continues to look theoretically at detailed integration and consolidation trends, their definition, assumptions, reasons, importance, benefits, obstacles and risks, approaches and scenarios. I clarified both trends not only in general theoretical level, but also took into account the practical aspects and differences of the continental and Anglo-Saxon stock market trends and contemporary trends in both transatlantic stock market. In the second chapter is devoted attention to manifestations of both current trends in transatlantic markets in the form of models and forms of cooperation stock exchange. After a theoretical introduction to the cooperation and competition, stock markets, I mentioned the origins and history of cooperation stock markets, with particular emphasis on real models and forms of stock markets in Europe and the USA. In the next sub-chapter I try to analyze the realized and unrealized exchange and cooperation projects of the multilateral trading system on the market in the last decade. Finally, the second chapter deals with past, present and future architecture of the integrated and consolidated transatlantic stock market. The third chapter is the key part of all thesis where I tried to come up with a comprehensive empirical analysis of the effects of stock exchange mergers and alliances, and to investigate the effects of two major transatlantic stock markets, NYSE Euronext and Nasdaq OMX through selected market indicators, financial ratios and data from financial statements, as well as exchanges' architectures, analysis of cross-border trading costs and further explore the significance of the interdependence of markets before and after their cooperation which was tested on movement of particular daily returns of indices and traded volumes. The testing is based on the law of one price, which can be interpreted in a way that in an efficient market all identical goods must have only one price. The tested interdependence is examined by using statistical tools: correlation and time series analysis.
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