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Mergers and Acquisitions: Do They Create Value?
Hanzlík, Viktor ; Dědek, Oldřich (advisor) ; Blaha, Zdeněk Sid (referee)
This thesis is a contribution to the discussion about value creation in mergers and acquisitions. The first section is dedicated to theoretical explanations of why mergers and acquisitions can lead to the creation of economic value and also considers the most common fallacious merger justifications. In the second section, we outline the methodologies that can be used to measure value effects of takeovers and then survey the results of relevant past studies. We focus both on their results and the methodology. In two case studies we practically demonstrate the use of the methodologies. We shall argue that the presence of multiple events, rumours and information leaks, uncertainty and the limitations of the market model pose a serious challenge to the precision of the estimates of value creation in mergers and acquisitions. To alleviate this concern, we recommend a more carefulexamination and interpretation of the events leading to the merger.
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Czech bond market versus investice do cizoměnových dluhopisů
Šopejstal, Martin ; Havel, Jiří (advisor) ; Blaha, Zdeněk Sid (referee)
Diploma thesis try to answer the question, if czech government bond are, it current czech low-yield environment, attractive in comparison with foreign government bonds? Thesis focuses on czech bond market in 2006. Besides corporate bonds the work is primarilly directed to government bonds that are prevailing investment opportunity in the Czech republic. At the beginnig of the work is analysed current supply of government bonds a its expected development in the future incl. duration, maturity structure etc. Then the thesis focuses on demand for government bonds. It means the description of main investors and their ability to absorb supplied amount. Subsequently, the work compares particular yield curves in several countries (Visegrad group, USA, German, Japan) and identifies relative yields to maturity and prices, but also rating and bonds liquidity. In the second part the thesis focuses on integration of FX risk into investors decision process and on creation of suitable effective line. The result is, that FX risk strongly influences the behavior of investors. In case of domestic/local investors the czech government bonds are part of every effective line. It means, that they are not so expensive as they seem without including FX risk. The analysis continue with the possibility to hedge FX risk and...
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