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The role of depositary in the capital market
Fajmonová, Lenka ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
1 The role of depositary in the capital market Abstract This thesis analyses current legislation regarding depositaries from the viewpoint of czech and european law. Taken into account are opinions from literature, commentaries of law, Czech central bank or Capital market Association of Czech republic. Legislation and opinions presented are evaluated, commented on and in some places an adjustment is suggested. In this thesis there is mainly used the linguistic, systhematic and historicaly-theological method. The first chapter deals with historical background of investment funds and depositaries and also with the influence the coupon privatisation had on today's capital market. Subsequent chapter is focused on investment funds, their types and related legislation and presents statistical data related to investment funds and depositaries. There is also a section dedicated to comparison of investment funds and depositaries in other european states. Third part of the thesis is dedicated to theoretical basis of depositary with the addition of practical examples of its duties and circumstances which can affect the way its duties are performed. Main emphasis is put on valuation of movable and immovable property and not only property commonly found in fund's portfolio, but even some specialized examples like...
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The economic capital and the price of risk in a pension fund
Čupák, Matúš ; Finfrle, Pavel (advisor) ; Mandl, Petr (referee)
In the present work we study the economic capital of pension funds and their possible extension into the new concept of Solvency II. The main task is to examine the risks that are characteristic for pension fund activity. We use several modified stress simulations, which we model using a virtual model of pension fund. Primarily we focus on changes in net asset value (NAV) which is used in standard formula for calculation of the solvency capital requirement (SCR). In conclusion, we evaluate the possible impact of applications Solvency II to pension funds, the resulting economic capital and solvency of modeled pension fund.
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Simulation of pension reform impact on Czech real estate market
Součková, Soňa ; Jandík, Tomáš (advisor) ; Hedbávný, Petr (referee)
Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...
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Pensions Funds in the Czech Republic and their Effectiveness
KOKTOVÁ, Markéta
This thesis deals with the pension system in the Czech Republic and the possibility of saving money, for retirement, at pension funds. It especially focuses on the characteristics of participating pension funds. The main goal of this thesis is to assess the current offer of pension funds which are available on the market and to determine whether this way of saving money is effective. This thesis consists of two parts. The first, theoretical part, approaches the issue of the pension system in the Czech Republic. It also focuses on the characteristics of additional pension savings. Second part, the practical one, is dedicated to evaluation of current offer, of all participating pension funds on the Czech market, and it also is dedicated to an analysis of its effectiveness. The effectiveness analysis shows that for a participant it is effective to save for retirement with use of pension funds, because it was found out, that in comparison with the selected alternative savings products (a saving account and a building saving), it is possible to achieve significantly higher yields trough pension funds.
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