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Evaluation of Philips Group split through financial analysis tools
Larionova, Ksenia; Brůna, Karel; Gevorgyan, Kristine
2017 - English
Tato práce se zaměřila na zkoumání metod používaných pro hodnocení nadnárodních a diverzifikovaných firem a následné využití těchto metod pro vyhodnocenií skupiny Philips a jejího rozhodnutí odštěpit sektor osvětlení. Přestože již existují četné metody a parametry používané k analýze firem, zůstávají velmi omezené pro nadnárodní a rozmanité podniky, jako jsou Philips Group nebo General Electric. V této diplomové práci byly hypotézy založeny na teorii firmy a testovány analýzou efektivnosti zadluženosti, ziskovosti a účinnosti. Tato studie poukazuje na obtížnost analýzy nadnárodních diverzifikovaných firem v důsledku velmi omezené dostupnosti dat. Tak, navzdory velkému počtu ukazatelů popsaných v literatuře, skutečně vypočítána může být pouze malá část za použití veřejně dostupných dat. Hypotézy byly založeny na práci vyvinuté Chenem a Guem (2005). První hypotéza byla založená na analýze kapitálového omezení, druhá hypotéza analyzovala tempo a směry vývoje jednotlivých sektorů s využitím poměru ziskovosti a efektivnosti, a třetí hypotéza byla založena na sledováni výkonnost akcií před a po oznámení odštěpu, abychom zjistili, zda motivem rozdělení bylo zvýšení cen akcií. Bylo zjištěno, že společnost Philips Group a její světelný sektor neprokázaly žádne kapitálové omezení, avšak v rámci analyzovaných čísel se zjistila významná míra nedostatečné výkonnosti, což naznačuje, že divize Philips Lighting nebyla dostatečně dobrá ve vytváření hodnoty pro akcionáře jako divize HealthTech. Rozhodnutí skupiny Philips se soustředit na podnikání společnosti HealthTech bylo navíc pozitivně akceptováno na akciových trzích, což potvrzuje třetí hypotézu. This thesis aimed to examine methods used to evaluate multinational and diversified firms and then use these methods to study the Philips Group and its decision to spin-off of the Philips Lighting sector. Although numerous methods and parameters used to analyze firms already exist, they remain very limited for multinational and diversified firms such as Philips Group or General Electric. In this thesis, hypotheses were based on the theory of the firm and tested using analysis of leverage, profitability and efficiency ratios. This study shows the difficulty of analysing multinational diversified firms caused by a very limited availability of data set. Thus, despite of a great number of ratios described in the literature, only a small portion can be in fact computed using publicly available data. Hypotheses were based on the the paper developed by Chen and Guo (2005). First hypothesis, based on the analysis of capital constraint was attempted, secondly the pace and directions of individual sectors were analysed using profitability and efficiency ratios and thirdly the stock performance was observed. All of this in order to examine whether the motive of the split was to increase the stock prices. It was found that Philips Group nor its Lighting sector did not experience capital constraints, nevertheless an important degree of underperformance amidst analysed figures was found, which suggested that Philips Lighting division was not as good in creating value for shareholders as the HealthTech division was. Moreover, the decision of Philips Group to concentrate on its HealthTech business was positively accepted on stock markets confirming the third hypothesis.
Keywords:
finanční ukazatele; finanční analýza; teorie firmy; financial ratios; theory of the firm; financial analysis
Available in digital repository of the Library of University of Economics.
Evaluation of Philips Group split through financial analysis tools
Tato práce se zaměřila na zkoumání metod používaných pro hodnocení nadnárodních a diverzifikovaných firem a následné využití těchto metod pro vyhodnocenií skupiny Philips a jejího rozhodnutí odštěpit ...
Can we still call OPEC a cartel?
Ali, Dalia; Stroukal, Dominik; Prokop, Jaromír
2017 - English
This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted to an oil glut between 2014-2016. Consequently, the oil industry experienced a dramatic decline in oil prices due to the oil surplus. A comparison was made between OPEC's allocated quotas, and its actual oil production to investigate whether the members of the organization adhere to the assigned quota, to achieve highest possible prices. This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted to an oil glut between 2014-2016. Consequently, the oil industry experienced a dramatic decline in oil prices due to the oil surplus. A comparison was made between OPEC's allocated quotas, and its actual oil production to investigate whether the members of the organization adhere to the assigned quota, to achieve highest possible prices.
Keywords:
collusion; Cartel; oligopolies; Crude oil; OPEC; Middle East; Collusion; Cartel
Available in digital repository of the Library of University of Economics.
Can we still call OPEC a cartel?
This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted ...
An Analysis of Contribution of the USA to the Economic Collapse of the Soviet Union
Vaneeva, Viktoria; Johnson, Zdenka; Máslo, Lukáš
2017 - English
In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the anti-communist strategy of the United States in the 1980s. The strategy consisted of concrete economic sanctions and policies imposed by President Reagan and his administration in order to deteriorate the condition of the Soviet economy during the 1980s. Each of the steps against communist regime undertaken by the US is described and its impact on the Soviet economy is analysed. For example: the economic sanctions on the USSR after its invasion of Afghanistan in 1979; the increased military expenditures in the US in order to exhaust the Soviet economy in the arms race; the announced Strategic Defense Initiative; the secret negotiations between Reagan and the King of Saudi Arabia on reduction of oil prices in 1985; the US embargo on technology exports to the Soviet Union. The results of the research prove that strategy of President Reagan for economic destruction of communism contributed to the Soviet collapse in 1991. In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the anti-communist strategy of the United States in the 1980s. The strategy consisted of concrete economic sanctions and policies imposed by President Reagan and his administration in order to deteriorate the condition of the Soviet economy during the 1980s. Each of the steps against communist regime undertaken by the US is described and its impact on the Soviet economy is analysed. For example: the economic sanctions on the USSR after its invasion of Afghanistan in 1979; the increased military expenditures in the US in order to exhaust the Soviet economy in the arms race; the announced Strategic Defense Initiative; the secret negotiations between Reagan and the King of Saudi Arabia on reduction of oil prices in 1985; the US embargo on technology exports to the Soviet Union. The results of the research prove that strategy of President Reagan for economic destruction of communism contributed to the Soviet collapse in 1991.
Keywords:
United States; Soviet Union; Perestroika; OPEC; Arms race; Cold War; War in Afghanistan; Soviet Union; Perestroika; Arms race; OPEC; War in Afghanistan; Cold War; United States
Available in digital repository of the Library of University of Economics.
An Analysis of Contribution of the USA to the Economic Collapse of the Soviet Union
In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the ...
Evaluation of risk management and financial performance of BMW Group
Mysina, Amira; Brůna, Karel; Pour, Jiří
2017 - English
Effective risk and financial management possess a great challenge for the multinational companies operating globally. Despite the increasing development of diverse hedging strategies against foreign exchange risk, global firms cannot fully foresee and measure the degree of the impact of foreign currency fluctuations. This paper aims to evaluate the exchange risk management and financial performance of the BMW Group from the year 2005 to 2016. Moreover, this paper is devoted to provide explanatory information on the impact of foreign exchange exposure on the financial performance of the company by the usage of information provided by the annual reports. The first section of the paper establishes the theoretical concepts of risk management with emphasis on exchange rate risk and financial performance analysis, which support the following study. The analysis of the industry and BMW Group business operations worldwide, currency movement, detailed accounting examination, financial ratio, peer group, exchange rate exposure and hedging strategies are performed to examine the relation between the financial performance and foreign exchange risk management. The analysis reveals that the effective hedging strategies against the foreign exchange risk may substantially impact the financial performance and overall positioning of the company in the competitive environment. Effective risk and financial management possess a great challenge for the multinational companies operating globally. Despite the increasing development of diverse hedging strategies against foreign exchange risk, global firms cannot fully foresee and measure the degree of the impact of foreign currency fluctuations. This paper aims to evaluate the exchange risk management and financial performance of the BMW Group from the year 2005 to 2016. Moreover, this paper is devoted to provide explanatory information on the impact of foreign exchange exposure on the financial performance of the company by the usage of information provided by the annual reports. The first section of the paper establishes the theoretical concepts of risk management with emphasis on exchange rate risk and financial performance analysis, which support the following study. The analysis of the industry and BMW Group business operations worldwide, currency movement, detailed accounting examination, financial ratio, peer group, exchange rate exposure and hedging strategies are performed to examine the relation between the financial performance and foreign exchange risk management. The analysis reveals that the effective hedging strategies against the foreign exchange risk may substantially impact the financial performance and overall positioning of the company in the competitive environment.
Keywords:
Financial Performance; Risk Management; BMW Group; Financial Performance; Risk Management; BMW Group
Available in digital repository of the Library of University of Economics.
Evaluation of risk management and financial performance of BMW Group
Effective risk and financial management possess a great challenge for the multinational companies operating globally. Despite the increasing development of diverse hedging strategies against foreign ...
Asset Pricing in Emerging Markets
Ajrapetova, Tamara; Witzany, Jiří; Fičura, Milan
2017 - English
General content: Current methods of estimation of cost of capital in the emerging markets are often neglecting various contradictions with the essentials of the model structure and assumptions. As the result of such imprecisions, the cost of equity is often understated (overstated). This thesis will attempt to assess current level of emerging market integration, liquidity and concentration. This will be followed by evaluation of traditional and alternative models for estimation of cost of equity. The author will address several currently available models such as Credit Rating Model, D-CAPM model, various versions of traditional CAPM models. Furthermore, she will compare and contrast their limitations taking into account the context of emerging markets. The testing of the models will be performed on country basis through the means of index data. In the last chapter, discussion of the results and possible improvements of the valuation approaches will take place. General content: Current methods of estimation of cost of capital in the emerging markets are often neglecting various contradictions with the essentials of the model structure and assumptions. As the result of such imprecisions, the cost of equity is often understated (overstated). This thesis will attempt to assess current level of emerging market integration, liquidity and concentration. This will be followed by evaluation of traditional and alternative models for estimation of cost of equity. The author will address several currently available models such as Credit Rating Model, D-CAPM model, various versions of traditional CAPM models. Furthermore, she will compare and contrast their limitations taking into account the context of emerging markets. The testing of the models will be performed on country basis through the means of index data. In the last chapter, discussion of the results and possible improvements of the valuation approaches will take place.
Keywords:
Asset Pricing Theory; Capital Asset Pricing Models; Emerging Markets; Capital Asset Pricing Models; Emerging Markets; Asset Pricing Theory
Available in digital repository of the Library of University of Economics.
Asset Pricing in Emerging Markets
General content: Current methods of estimation of cost of capital in the emerging markets are often neglecting various contradictions with the essentials of the model structure and assumptions. As the ...
IFRS Adoption and Its Influence on Capital Markets in Transition Countries: The Case of Russia
Talykova, Gerenzel; Procházka, David; Vašek, Libor
2017 - English
Capital markets development is an integral part of overall economic growth of any country. Accounting harmonization is aimed to increase the attractiveness of capital markets by creation of synchronized financial reporting environment globally so that the capital is effectively allocated with the lowest costs and increased liquidity. To the date, more than a hundred of countries implemented IFRS into the national accounting frameworks, therefore the need for the assessment of the real impacts on capital markets is obvious. The main goal of this study is to identify whether there is statistical evidence of the relationship between decreased/increased cost of equity capital among Russian listed companies and mandatory adoption of IFRS. Theoretical part includes an overview of the relevant theory, reasons of accounting harmonization as well as potential challenges. There are also described the main findings and real evidences of adoption impacts on the main capital and financial markets. Practical part of this paper is aimed to investigate whether the proposed benefits of IFRS adoption may be similarly observed in an environment of transition economy. Capital markets development is an integral part of overall economic growth of any country. Accounting harmonization is aimed to increase the attractiveness of capital markets by creation of synchronized financial reporting environment globally so that the capital is effectively allocated with the lowest costs and increased liquidity. To the date, more than a hundred of countries implemented IFRS into the national accounting frameworks, therefore the need for the assessment of the real impacts on capital markets is obvious. The main goal of this study is to identify whether there is statistical evidence of the relationship between decreased/increased cost of equity capital among Russian listed companies and mandatory adoption of IFRS. Theoretical part includes an overview of the relevant theory, reasons of accounting harmonization as well as potential challenges. There are also described the main findings and real evidences of adoption impacts on the main capital and financial markets. Practical part of this paper is aimed to investigate whether the proposed benefits of IFRS adoption may be similarly observed in an environment of transition economy.
Keywords:
Cost of equity capital; International Financial Reporting Standards; Transition economy; Russia; Russia; Cost of equity capital; International Financial Reporting Standards (IFRS); Transition economy
Available in digital repository of the Library of University of Economics.
IFRS Adoption and Its Influence on Capital Markets in Transition Countries: The Case of Russia
Capital markets development is an integral part of overall economic growth of any country. Accounting harmonization is aimed to increase the attractiveness of capital markets by creation of ...
The Agricultural Company Management and Environment
Baštýřová, Jiřina; Syrovátka, Oldřich; Šlesinger, Jaromír
2017 - English
Cílem práce je posouzení hospodaření středně velké zemědělské farmy v reálném prostředí. V teoretické části práce je přiblížena problematika současného stavu využívání krajiny zemědělci, kteří stále kladou důraz primárně na ekonomickou funkci. Následně je v rámci rešerše popsán alternativní způsob hospodaření, ekologické zemědělství, a jeho současný stav v České republice. Poslední kapitola této části je věnována Společné zemědělské politice EU a jejím nástrojům. V rámci výzkumu je proveden popis zájmové oblasti, ve které zkoumaná farma hospodaří a následně i popis postupů hospodaření farmy a její ekonomické zhodnocení. Následně jsou navržena krajinná opatření, která jsou šetrná k životnímu prostředí a zohledňují kromě ekologické funkce i funkci sociální. Tento způsob hospodaření je posouzen ekonomicky a součástí tohoto zhodnocení je i nastínění problematiky systému dotací. The objective of the present thesis is to evaluate economic activities of a medium-sized agricultural farm in a real environment. The theoretical part of the thesis is engaged with the problems of the current scale of use of the landscape by farmers who continue to lay emphasis primarily on the economic function. Subsequently, in pursuance of our research, an alternative method of farming, i.e. organic farming, is described, along with the contemporary situation of this sphere in the Czech Republic. The last chapter of the theoretical part examines the Common Agricultural Policy of the EU and the tools thereof. In the framework of our research, the area of interest in which the farm observed works is described, and processes of the farm´s economic activities and economic evaluation are delineated. Next, environmentally-friendly landscape measures are proposed which take into consideration both the ecologic and social functions. This method of farming is evaluated in terms of economy and this evaluation includes an outline of the problems of the system of subsidies
Keywords:
zemědělství; udržitelný rozvoj; životní prostředí; management krajiny; sustainable development; environment; agriculture; landscape management
Available in digital repository of the Library of University of Economics.
The Agricultural Company Management and Environment
Cílem práce je posouzení hospodaření středně velké zemědělské farmy v reálném prostředí. V teoretické části práce je přiblížena problematika současného stavu využívání krajiny zemědělci, kteří stále ...
Self-Employment in the Czech Republic: Present and future dynamic of the phenomenon
Vovchenko, Vladyslav; Špecián, Petr; Slaný, Martin
2017 - English
Práce zkoumá dynamiku počtu osob samostatné výdělečně činných. Hypotéza je následující: pozitivní dynamika počtu osob samostatné výdělečně činných je způsobena extraordinárními trendy v klíčových faktorech oblasti. Panel OECD a databáze Eurostatu byly použité pro empirickou verifikaci hypotézy. Regrese je založena na sloučení dat z OECD. Databáze Eurostat byly použité pro dodatečnou analýzu. Zjistil jsem, že všechny klíčové faktory se chovají způsobem, který odpovídá teoretickému pozadí. Kromě toho, na klíčových faktorech samozaměstnání není nic mimořádného pro Českou Republiku. Nicméně, další státy, které mají pozitivní dynamiku počtu osob samozaměstnaných, předváděly jiné trendy. A tak, probírám alternativní příčiny. The thesis examines an unusual dynamic of the rate of self-employment in the Czech Republic. The hypothesis is that the positive dynamic of the rate of self-employment was caused by the influence of the extraordinary trends of the main determinants of the rate. OECD panel data and Eurostat databases were used for the empirical verification of the hypothesis. All regressions were based on the merged OECD data sets. Eurostat databases were used for an additional analysis. I found that all main determinants perform according to the theoretical background. Furthermore, there is nothing unusual in the main determinants of the self-employment for the Czech Republic. Despite the fact that other countries with the positive dynamic of the rate showed differences in the trends. Thus, I discuss possible alternative reasons.
Keywords:
Panel data; Pozitivní dynamika; OECD; Eurostat; Česká Republika; Samostatně výdělečná činnost; Eurostat; Positive dynamic; OECD; the Czech Republic; Self-employment; Panel data
Available in digital repository of the Library of University of Economics.
Self-Employment in the Czech Republic: Present and future dynamic of the phenomenon
Práce zkoumá dynamiku počtu osob samostatné výdělečně činných. Hypotéza je následující: pozitivní dynamika počtu osob samostatné výdělečně činných je způsobena extraordinárními trendy v klíčových ...
Automotive industry in Slovakia as a driver of economic growth and development
Zvarková, Zuzana; Frömmel, Tomáš; Špecián, Petr
2017 - English
Cieľom tejto práce je dokázať vzájomný vzťah a závislosť medzi automobilovým priemyslom a Slovenskou ekonomikou. Prvá polovica praktickej časti počíta korelačné koeficienty medzi piatimi potencioálnymi spojeniami jednotlivých indikátorov výkonnosti (napr. Výnosy výrobcov áut a Slovenské nominálne HDP). Signifikantné korelačné koeficienty medzi týmito spojeniami dokazujú, že silný vzájomný vzťah a závislosť prítomné sú. Druhá časť praktickej časti prezentuje komplexnú SWOT analýzu automobilového priemyslu na Slovensku. Cieľom tejto analýzy je podoknúť silný obojstraný vzťah a navrhnúť, ako by mohol slovenský automobilový priemysel zrýchliť slovenskú ekonomiku, ak by bol štátom ovplyvnený správne. Taktiež, ako by mohol automobilový priemysel predísť hrozbám, ktoré by mohli mať negativný dopad na ekonomiku Slovenska. The aim of this work is to prove the mutual relationship and dependence between the Automotive industry and the Slovak economy. First half of practical part calculates cor- relation coefficients between five potential bonds of individual performance indicators (e.g. Revenues of car manufacturers and Slovak nominal GDP). Strong correlation coefficients between these bonds prove that there is a significant mutual relationship and strong dependence. Second half of practical part presents very comprehensive SWOT analysis of the automotive industry in Slovakia. The aim of the analysis is to emphasize the strong two-way relationship. Additionally, to propose, how could the automotive industry accelerate the Slovak economy if influenced properly and how it could overcome upcoming threats that could have a negative impact on the economy of the country.
Keywords:
Korelácia; Slovenská ekonomika; Automobilový priemysel; SWOT; Correlation; Slovak economy; Automotive industry; SWOT
Available in digital repository of the Library of University of Economics.
Automotive industry in Slovakia as a driver of economic growth and development
Cieľom tejto práce je dokázať vzájomný vzťah a závislosť medzi automobilovým priemyslom a Slovenskou ekonomikou. Prvá polovica praktickej časti počíta korelačné koeficienty medzi piatimi ...
From Apartheid to Democracy: A Case Study of Education in Post-Apartheid South Africa
Ammu, Naga Sailaja; Frömmel, Tomáš; Chytilová, Helena
2017 - English
Tato práce zkoumá úlohu vzdělání, věku, pohlaví, vzdělání, životní oblasti a rasy v příjmech získaných občany Jihoafrické republiky. Cílem je analyzovat, jaký je rozdíl mezi různými rasami v Jihoafrické republice. Metody, které se používají k analýze těchto jevů, jsou pomocí metody STATA a běhání modelu lineární regrese, aby se dokázala hypotéza: že černí Afričané vydělávají mnohem méně než bílá rasa kvůli úrovni vzdělání a minulosti, která vždy ošetřovala černé jako podřízené . Při regresních modelech bylo zjištěno, že černoši vydělávají mnohem méně než ostatní rasy, které jsou v Jihoafrické republice, a zejména ženy. Informace uvedené v tomto dokumentu mohou být užitečné pro budoucí výzkumníky, nevládní organizace v Jihoafrické republice nebo ty, které pomáhají dělat věci lépe v tomto národě. This thesis examines the role of education age gender years of education area of living and race in the income earned by citizens of South Africa. The aim of this is to analyse how the income earned is different for the various races present in South Africa. The methods used to analyse these phenomenons are by using STATA and running a linear regression model to prove the hypothesis: that black Africans earn much less than the white race due to the level of education and the past history which has always treated the blacks as inferiors. By regressing models it was discovered that the blacks earn much less than the other races that are in South Africa and especially the females. The information presented in this paper can be useful to future researchers NGOs in South Africa or the ones helping to make things better in that nation.
Keywords:
Apartheid; Whites; Inequality; Blacks; Income; Whites; Blacks; Income; Inequality; Apartheid
Available in digital repository of the Library of University of Economics.
From Apartheid to Democracy: A Case Study of Education in Post-Apartheid South Africa
Tato práce zkoumá úlohu vzdělání, věku, pohlaví, vzdělání, životní oblasti a rasy v příjmech získaných občany Jihoafrické republiky. Cílem je analyzovat, jaký je rozdíl mezi různými rasami v ...
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