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Analysis of the development of the hedge fund regulation
Galíková, Kateřina ; Musílek, Petr (advisor) ; Cibulka, Jakub (referee)
The aim of this diploma thesis is to assess the post-crisis development of the hedge fund regulation both in the EU and in the United States as well as to outline the regulátory trends in this area. The fist part of the thesis is dedicated to the explanation of the term hedge fund by comparing it with a mutual fund, venture capital fund and a private equity fund. In the second part of the thesis I captured an overview of hedge fund strategies and their classification. The third chapter deals with various possible regulatory approaches including their impact. In this part I also describe in detail the development of the hedge fund regulation in the United States since the thirties of the last centure up to now. Part of the thesis dedicated to the EU focuses on understanding the requirements set by Alternative Investment Fund Directive and its implementation in the individual national legislations. Finally, a comparison of the individual requirements is provided and supplemented with my own findings.
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Specifics of Real Estate Investment Trust
Nenadál, Petr ; Marek, Petr (advisor) ; Makovec, Martin (referee)
The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.
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Development of the hedge funds and their regulation in the EU
Trnovec, Martin ; Havlíček, David (advisor)
This bachalor thesis is focus on the genesis of the hedge funds and its regulation within EU. In the first part, the hedge funds industry, its development and current trends are described. In the next section the reasons which led to an effort to increase the regulation of the hedge funds, which in the EU resulted into adoption of the Alternative Investment Fund Managers Directive (AIFMD) are discussed. In the practical part, the directive is analyzed together with the view to its possible impact on the hedge funds industry.
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