Submitted by marcelo yoshioka (marcelo.ehara@gmail.com) on 2013-03-05T18:48:21Z No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-05T19:25:16Z (GMT) No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) / Made available in DSpace on 2013-03-06T12:39:18Z (GMT). No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) Previous issue date: 2013-02-04 / his study aims to determine the existence of explosive behavior in prices in the Brazilian market and identify when these explosions occurred. The approach consists of using a new methodology based on recursive unit root tests, which identifies the beginning and ending dates of price bubbles. For empirical tests were used market indexes (Bovespa adjusted for dollar and dividend yield) and IGP-DI price series (monthly inflation rate and accumulated 12 months inflation rate), which show evidences of explosive behavior over time. The results show the existence of explosive behavior for the Bovespa index (adjusted for dollar) in 1997, 2006 and 2008 (the period prior to the bankruptcy of Lehman Brothers) and for the IGP-DI inflation rate (accumulated 12 months) in the 80's and 90's, prior to Plano Real. / O objetivo deste trabalho é determinar a existência de comportamento explosivo em preços no mercado brasileiro e identificar quando essas explosões ocorreram. Para tanto, foi utilizada uma nova metodologia recursiva de testes de raiz unitária, que identifica início e fim de explosões de preços em tempo real. Foram escolhidos os índices de mercado (Bovespa ajustado pelo dólar e pelo dividend yield do mercado) e a série de preços IGP-DI (taxa de inflação mensal e acumulada em 12 meses) por apresentarem evidências de comportamento explosivo ao longo do tempo. Os resultados obtidos apontaram a existência de comportamentos explosivos nas séries do Ibovespa ajustado pelo dólar nos anos de 1997, 2006 e 2008 (período anterior à quebra do Banco Lehman Brothers) e na taxa de inflação acumulada em 12 meses nas décadas de 80 e 90, previamente ao Plano Real.

Cross-border M&A’s have been gaining momentum in the past decades. As growth opportunities are becoming scarce, more and more multinational corporations seek their expansion opportunities across the border through M&A’s. Whether these cross-border M&A’s add value has been a heavily debated topic. This research takes a value adding perspective by showing the effect of financial market development and capital dependence on the abnormal returns of acquiring firms from the US. Our results show that the effects of financial development and capital dependence are statistically significant, but their financial significance is small.

The subject of the thesis is the integration of financial markets of the new member states of the European Union (hereinafter referred to as the NMS). According to the standard economic theory, the process of financial integration should be associated with several positive effects, among others a) the enforcement of the law of one price in the form of the interest rate parity, b) the smoothening and the synchronisation of the consumption growth among countries, c) the increased diversification of investors portfolios, and d) the decreased dependence of domestic investments on national savings. These envisaged effects serve in the thesis as the indicators of the integration of NMS financial markets with the global financial market. These indicators show that the degree of the financial integration differs among the NMS, despite the fact that they all went through the process of integration with the EU. However, the order of the NMS based on the degree of their financial markets integration could not have been determined as each test indicated a different order. However, most tests indicated that there is a trend towards more integration of the NMS financial markets as the dependence of the domestic consumption growth on the global consumption growth has been increasing and the dependence of domestic investments on national savings has been decreasing. Surprisingly, the indicators did not prove the hypothesis that NMS financial markets are more integrated with the financial market of the EU, despite the fact that these countries had to open their markets to investors from the EU and had to harmonize their legislative requirements. Contrary to the results of previous articles, indicators used in the thesis show that majority of the analysed puzzles in international economics disappeared for large developed markets like the USA. On the other hand, these puzzles persisted for the NMS. Given that majority of the NMS adopted euro during the period under investigation, results presented above indicate that the financial markets of the NMS were not fully integrated with the financial market of the EU and therefore one of the conditions for the existence of the optimum currency area has not been met. Such result also contradicts the hypothesis of the endogeneity of the optimum currency area as the adoption of the common currency did not improve the degree of financial market integration.

This diploma thesis focuses on problems of regulation and supervision over financial market in Czech Republic. The first part of diploma thesis describes briefly the Czech financial market and its main characteristics. The following four chapters evaluate main steps in the development of supervision and also its key inadequacies. According to the main segments of financial market these chapters deal with four markets -- capital market, banking market, insurance market and market of co-operative credit bank. In connection with the actual world economy situation, I mention the actual U. S. mortgage crisis, which is behind the turbulences on financial markets. The last chapter is dwelling on the integration of supervision over the financial market. In the Czech Republic four options of the institutional arrangement of integrated supervision had been comming into question, which are also considered in my thesis. On the basis of predominant advantages, the variant of full integration into the central bank prevailed. One of the aims of my diploma thesis is to analyse, whether this integration of supervision is advantageous for the Czech Republic and whether it brings better results than the earlier sector arrangement of the supervision.

Principal aim of this thesis is the analysis of integration processes of financial markets with emphases on implementation of insurance business incorporation to banking segment. This thesis surveys the history of bancassurance, reasons of reciprocal cooperation between banks and insurance companies, models of settlement for bancassurance companies and conditions for their successful business. Then the thesis analyses a different level of integration trend on the financial markets in the European Union with emphasis on penetration of bancassurance in the Czech Republic. The conclusion considers future of bancassurance segment.

The main objective of this thesis is the analysis of integration processes on financial markets with focus on integration between insurance and banking sector. This thesis examines history of bancassurance, reasons for bancassurance cooperation, partnership models between banks and insurance companies and key factors for succesful realization of bancassurance. Moreover, the thesis analyzes bancassurance segment in the Czech republic and selected countries of the European Union. The end point is dedicated to future of bancassurance.

I decided to dedicate my thesis to current crisis and to scrutinize reasons of the current crisis initiation. There is a theoretic point of view to the current crisis, in the first paragraph. Next paragraph has been dedicated to a scrutiny one of the previous crisis -- especially economic depression of the thirties. Following part is dedicated to the comprehensive September 2008 research and to the situation graduated afterwards. Last but not least has been described the position of International Monetary Fund. Main world market indexes have been scrutinized at the very end of the thesis, data have been compared and the results have been stipulated. There has been a complement in the thesis about the possibility for future development of the situation in real economy, as well as on the financial markets.

The thesis aims to analyze opportunities for trading in the financial markets for the retail investor, including a specific trading system applied to real investment instrument in the form of currency pair EUR / USD. A partial aim is an understandable and simple way to introduce the essence of the functioning of financial markets, introduce the various bodies that are active in the financial markets, including methods of their regulation. Another objective is to introduce various investment instruments, and because that the thesis discusses investing of real funds, the emphasis is on the list of risks and possibilities of their elimination.

The aim of this thesis is securitization in European union and its perspectives. Initially it presents basic aspects of securitization, historical course and present condition. Analysis of present condition pays attention to regulations of financial market, whose part are rules, which relates to securitization and its transparency. Following econometric model reject the zero hypothesis and confirmed positive direct proportion influence of securitization on credit and thus on gross domestic product of EU in period 2000-2007. Eventually was performed synthesis of present condition of european economy, regulation of securitization and consequences of the econometric model. In spite of positive influnce of securitization to GDP through credit, the perspectives are not too favourable. The main reasons are low attractiveness of asset backed securities and low numbers of private investors.

This Master's work is focused on financial consultancy. The work is split into two parts, theory and practice. In the theoretical part the concepts of financial market, entity on the financial market, financial consultancy, mediation activity, insurance, code of ethics and the ten consumer points are defined. The practical part of the thesis is based on research conducted using a questionnaire survey. In the practical part research questions and hypotheses are first formulated. The paper further describes the research methodology and research results evaluated on the basis of respondents' answers. The aim of the research is to confirm or refute the hypotheses. The conclusion summarizes the results of the research.