National Repository of Grey Literature 54 records found  1 - 10nextend  jump to record: Search took 0.02 seconds. 
Regulation of Hedge Funds and Private Equity in the Light of the Global Financial Crisis
Šinka, Michal ; Teplý, Petr (advisor) ; Buzková, Petra (referee)
The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.
Performance of Private Equity Backed IPOs: Evidence from European Market
Říha, Jakub ; Fencl, Tomáš (advisor) ; Pečená, Magda (referee)
This thesis investigates the performance of private equity backed IPOs. We have examined the European market in the period between 2000 and 2017 when the IPO activity experienced enormous growth. The main task was to assess whether the PE-backed IPOs evince superior performance when compared to their non-sponsored peers and the market. Further, we have examined the effect of the so-called valuation drivers on the IPOs' performance. To assess the IPOs' performance, we used the buy-and-hold abnormal returns with bootstrapped skewness adjusted t-statistics. In case of the valuation drivers' effect, OLS regression was applied. The main findings were that the PE-backed IPOs in Europe overperforme the market, mainly due to IPOs in the UK and Western Europe. The PE-sponsored IPOs also overperforme their non-sponsored peers, mainly due to IPOs in the UK, Western and Northern Europe. In case of the valuation drivers, we observed several significant correlations, however, their explanation power was negligible.
Fundraising and Investment in Private Equity in Europe
Hoang, Ha Phuong ; Mejstřík, Michal (advisor) ; Haas, Emma (referee)
The attractiveness of private equity has been steadily increasing over the past years. This thesis aims to investigate the determinants of commitments to new funds raised and subsequent investment into companies on a data set covering 20 European countries spanning over the period 2007-2018. Using Ex- treme Bounds Analysis, the number of explanatory variables of diverse nature - macroeconomic, labour, financial, political, legal and social - is reduced as a large number of regressions are run to determine the robustness of each vari- able. Furthermore, a panel data analysis is conducted with fixed effects and random effects models. Three models are built for each fundraising activity and investment split according to stage focus. The analysis identifies differences in the determinants of fundraised and invested capital, tertiary education attain- ment and domestic credit to private companies as major drivers of fundraising, whereas market capitalisation and unemployment rate are confirmed as the key stimuli for investments in private equity. JEL Classification C33, C51, E22, F21, G24, G30 Keywords fundraising, investment, private equity, venture capital, buyout, Europe Title Fundraising and Investment in Private Equity in Europe
Venture Capital Financing
Zapletal, Václav ; ACCA, Petr Vykydal, (referee) ; Režňáková, Mária (advisor)
Tato diplomová práce je zaměřena na financování podnikových činností pomocí rizikového kapitálu v České republice. Práce identifikuje způsoby a prostředky, díky kterým prospívají společnosti, do nichž byl rizikový kapitál investován. Způsoby zvyšování hodnoty podniku, prospěch rizikového kapitálu a další determinanty spolupráce managementu podniku s rizikovými kapitalisty jsou analyzovány pomocí čtyř případových studií z České republiky a Velké Británie. Diplomová práce se také zaměřuje na možnosti zlepšení daňového a právního prostředí České republiky z pohledu institucionálních investorů, jakožto významného zdroje rizikového kapitálu. Výstupem této práce je doporučení na zavedení speciální daňové sazby pro malé a střední společnosti, umožnění penzijním fondům a pojišťovnám investování do fondů rizikového kapitálu a dále zvýšení možnosti daňového odečtu nákladů na výzkum a vývoj. Co se týče výkonnosti managementu po investici rizikového kapitálu, zdůrazněna je důležitost funkce dozorčí rady, neustálé přehodnocování motivačního balíčku pro management a další možnosti, které umožní dosáhnutí zvýšené výkonnosti managementu podniku.
Private Equity funds and their performance in the post-crisis period
Koníř, Štěpán ; Krištoufek, Ladislav (advisor) ; Kučera, Adam (referee)
The work covers the topic of private equity funds performance and attempt to identify the impact of macroeconomic conditions on the entire industry. The recent central banks' actions put a question about the impact of changes in interest rates on the private equity funds performance. With the sample of 100 observations provided by Cambridge Associates, we identified the significant negative effect of prevailing low interest rates on the growth of private equity funds performance. We further attempt to answer the question, whether private equity funds operating in post-crisis years has on average higher growth rate, however, we could not provide the answer as we failed to reject the null, neutral effect hypothesis. Additionally, with a sample of 3092 observations provided by Bloomberg, we found that the effect of cheap debt has increased on average in the postcrisis period, predicting that the private equity performance can suffer once the interest rates rises enough.
Performance of Private Equity Backed IPOs: Evidence from European Market
Říha, Jakub ; Fencl, Tomáš (advisor) ; Pečená, Magda (referee)
This thesis investigates the performance of private equity backed IPOs. We have examined the European market in the period between 2000 and 2017 when the IPO activity experienced enormous growth. The main task was to assess whether the PE-backed IPOs evince superior performance when compared to their non-sponsored peers and the market. Further, we have examined the effect of the so-called valuation drivers on the IPOs' performance. To assess the IPOs' performance, we used the buy-and-hold abnormal returns with bootstrapped skewness adjusted t-statistics. In case of the valuation drivers' effect, OLS regression was applied. The main findings were that the PE-backed IPOs in Europe overperforme the market, mainly due to IPOs in the UK and Western Europe. The PE-sponsored IPOs also overperforme their non-sponsored peers, mainly due to IPOs in the UK, Western and Northern Europe. In case of the valuation drivers, we observed several significant correlations, however, their explanation power was negligible.
Analysis of the financial multinational company
Bělčický, Martin ; Blahová, Naďa (advisor) ; Brada, Jaroslav (referee)
The aim of this bachelor thesis is to financially analyze the subsidiary company Arca Capital Bohemia, a. s. during the period 2012 to 2015. The data and information which are used are publicly available on the Public register and Collection of documents, Ministry of Justice, Czech republic. The first part of bachelor thesis is a theoretical part where it is described what financial investments companies are focusing on, how they are investing and who those companies are monitored and regulated by. At the end of the theoretical part I present financial instruments which are offered by those companies to their investors in order to help them to invest with them. In the practical part I introduce my analyzed company and then I provide an analyze of this company. In the financial analyze I use absolute indicators, difference indicators, financial ratios, credit model and bankruptcy model. All indicators are always presented and subsequently practiced on Arca Capital Bohemia. All the calculations are always followed by the evaluation of the company and the figures are compared with a competitive company. In conlusion of the thesis I present a complete evaluation of the company in terms of financial health.
Taxation of Investment Funds
Netrhová, Anna ; Tepperová, Jana (advisor) ; Tecl, Jan (referee)
The main goal of the thesis Taxation of Investment Funds"is to describe the taxation of investment funds in the Czech Republic and to evaluate the changes proposed by CVCA and AKAT in the field of taxation of private equity funds. To achieve this goal an analysis of the current system of taxation of investment funds in the Czech Republic, proposed changes and deductions was used. The partial objectives are: describe possibilities for investing in funds, define the functioning of private equity in the Czech Republic, analyse the dependence of private equity investments on selected macroeconomic indicators, and describe the taxation of investment funds in Luxembourg and define how the PE fund taxation is disadvantageous to direct investment. In order to meet the partial objectives, the analysis of the private equity investment system, the correlation analysis of selected macroeconomic indicators and investments in private equity funds, and a description of the method of taxation of private equity funds in Luxembourg will be used. In general, when designing changes in the taxation of private equity funds, it would be advisable to draw inspiration from already established workable systems in other countries, such as Luxembourg.
Private Equity Fund Performance The Comparison of Venture Capital Funds and Buyout Funds in Europe and the Determinants of their Returns
Ballek, Richard ; Mejstřík, Michal (advisor) ; Lelovská, Adriána (referee)
Using dataset of 198 buyout funds and 90 venture captial funds available to institutional investors in Europe in 2013 we make several comparisons. Firstly we compare our sample to the overall performance of private equity, secondly we ask which investments are more likely to be profitable for investors focused in funds operated exclusively in Euro currency. Finally we look for determinants of private equity fund returns in Europe. Moreover we compiled survey of fundamental principles and actual knowledges in the problem of private equity performance. Powered by TCPDF (www.tcpdf.org)
Private Equity
Plavec, Martin ; Hraba, Zdeněk (advisor) ; Pokorný, Jan (referee)
74 ABSTRACT This thesis deals with the private equity industry. Its aim is to coherently introduce private equity as a distinctive and integral part of today's economy, to provide relevant insight on the principles of functioning of private equity business model, and to analyse the mechanism of the most commonly used private equity transaction type. The thesis is structured into three chapters with each chapter being dedicated to one of the sub-aims. First chapter defines the notion of private equity and discusses the history of the industry and its economic performance. Private equity encompasses all types of equity investments into non-publicly traded companies. The industry itself has been gaining on significance since its emersion in the 1980s, mainly due to the fact that private equity investments have been consistently outperforming public markets in terms of realized returns. Second chapter is dedicated to the business model of private equity funds, their structure and lifecycle, as well as the investment process itself. Private equity funds take on the limited partnership legal form, which is managed by a professional private equity house while the investors' involvement consists solely in the provision of capital. A fund's lifetime is usually limited by a period of ten years and its lifecycle is...

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