My thesis was designed to further assess the impacts of introduction of the euro in Czech Republic on exporters with a closer focus on foreign currency risk and the possibility of its elimination.

This work takes up a subject of foreign trade in the view of Czech companies and describes some important areas, which are connected with these operations. Among others the work describes forms of entrance to a foreign market, forms of transport, customs services, insurance, INTRASTAT system and customs procedures. The main subject of the work is the impact of foreign trade on accounting. The most important problem is foreign currency in connection to receivables and liabilities. Next part of the work is about value added tax in foreign trade. Closing part shows an example from common practice, on which are demonstrated all theoretical problems.

Prior to the issuance of Financial Accounting Standards Board Statement No. 8 (SFAS No. 8), there was a marked inconsistency in the area of accounting for foreign currency translation. Though designed to make the diverse accounting practices of multinational corporations (MNCs) more compatible, SFAS No. 8 was the subject of a great deal of criticism, eventually leading to the issuance of Financial Accounting Standards Board Statement No. 52 (SFAS No. 52). SFAS No. 52 differs from SFAS No. 8 on objectives and method of translation, and on accounting treatments of translation adjustments. This dissertation provides an empirical examination of the security market reaction to the accounting policy change embodied in SFAS No. 52, and its impact on the volatility of reported earnings of MNCs. The effects of the issuance and early adoption of SFAS No. 52 on security return distributions were determined by both cross-sectional comparisons of cumulative average residuals (CAR) between MNCs and domestic firms and between early and late adopters, and by time-series tests on CAR of MNCs. Two volume analyses were performed to test the effects of SFAS No. 52 on security volume. The first analysis was adjusted to remove the effects of the marketwide factors on volume, and the second analysis was unadjusted for the market influences. Four nonparametric tests were used in testing the effects of SFAS No. 52 vis-a-vis SFAS No. 8 on the volatility of reported earnings of MNCs. The findings of this study led to the following conclusions: (1) SFAS No. 52 had significantly affected security returns of MNCs, but had no significant effects on security volume of MNCs; (2) the early adoption of SFAS No. 52 had no effects on security returns and volume of early adopters as opposed to late adopters; and (3) SFAS No. 52 did not have any significant effects on the volatility of reported earnings of MNCs. However, the impact of exchange adjustments on MNCs* earnings under SFAS No. 52 was significantly affected by the size of foreign operations and industry classifications.

Bakgrund: I och med en ökad internationell handel har det blivit allt viktigare med en adekvat hantering av transaktionsexponering. Valutor är förknippade med olika risker och ger således upphov till skild transaktionsexponering, vid handel med utlandet. Tidigare forskning förordar att hantering av trasaktionsexponering regleras via styrdokument, och vi har identifierat en avsaknad av forskning kring hur svenska företags styrdokument är utformade. Problemformulering: I vilken utsträckning kongruerar tidigare forskning med hur svenska företag har utformat styrdokument för hantering av transaktionsexponering i olika valutor? Syfte: Syftet med studien är att, i relation till vad tidigare forskning förespråkar, undersöka och analysera hur styrdokument för hantering av transaktionsexponering är utformat i företag. Studien syftar även till att analysera skiljaktigheter i styrdokumentet för transaktionsexponering i olika valutor, samt vilka faktorer som ger upphov till eventuella avvikelser. Slutsatser: Studiens resultat tyder på en tydlig kongruens mellan tidigare forskning och etablerade tillvägagångssätt för hur styrdokument för hantering av transaktions-exponering är utformat i svenska företag. Styrdokumentet är övergripande i sin utformning; reglerar strategin för riskhantering men inte tillvägagångssättet för hanteringen. Styrdokumentet reglerar inga skillnader för hur transaktionsexponering i olika valutor ska hanteras, trots att den faktiska hanteringen uppvisar markanta skillnader. Upphov till olik hantering ger: faktorer relaterade till valutamarknadens egenskaper, företagsspecifika faktorer och andra påverkande omvärldsfaktorer. Kunskapsbidrag: Studien bidrar till en ökad förståelse och tydligare nyansering av hur svenska företag styr hantering av transaktionsexponering, utifrån ett företagsperspektiv. Vidare ämnar studien föranleda intresse för hur företag reglerar hantering av transaktions-exponering i olika valutor, och av vilken bevekelsegrund. / Background: As a result of increased international trading, adequate management of transaction exposure has become more important. Foreign currency cash flows are associated with different risks and thus give cause to distinct transaction exposure with overseas trading. Previous research advocates that management of transaction exposure is controlled through policy documents and we have identified a lack of research in how policy documents of Swedish firms are designed. Problem: To what extent is previous research agreeing with how Swedish firms have developed policy documents for managing transaction exposure of different foreign currency cash flows? Aim: The aim of the study is, compared to what previous research advocates, to examine and analyze how policy documents for managing transaction exposure are designed within the Swedish firms. The study also aims to analyze the differences in the policy document for the transaction exposure in different foreign currency cash flows, as well as the factors that give reasons to possible deviations. Conclusions: The findings of the study indicate a clear congruence between previous research and established practices of how policy documents for managing transaction exposure are designed in Swedish firms. Policy documents are comprehensive in their design; regulate the risk management strategy but not the management procedures. Even though the actual management of transaction exposure of different foreign currency cash flows indicates significant discrepancies, the policy document doesn’t regulate any of them. Giving reason for a different management are: factors related to the foreign exchange market characteristics, company-specific factors and other influencing market factors.Contribution: The study contributes to a better understanding and clearer differentiation of how Swedish firms control the management of transaction exposure, from a business perspective. Moreover, the study intends to give rise to the interest in how and on which grounds companies differently control the management of transaction exposure of different foreign currency cash flows.

Submitted by Vinícius Bisogni (vibisogni@uol.com.br) on 2014-08-26T22:48:46Z No. of bitstreams: 1 Dissertacao_Vinicius de Araujo Bisogni.pdf: 2688252 bytes, checksum: 608dee9763c8c1a015d3b54b3692c5b0 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2014-08-27T11:45:32Z (GMT) No. of bitstreams: 1 Dissertacao_Vinicius de Araujo Bisogni.pdf: 2688252 bytes, checksum: 608dee9763c8c1a015d3b54b3692c5b0 (MD5) / Made available in DSpace on 2014-08-27T12:01:56Z (GMT). No. of bitstreams: 1 Dissertacao_Vinicius de Araujo Bisogni.pdf: 2688252 bytes, checksum: 608dee9763c8c1a015d3b54b3692c5b0 (MD5) Previous issue date: 2014-07-30 / This paper aims to compare different methods of forecasting cash needs in overnight, to ensure that the liquidity of a particular financial product - in this case, the Call Deposits (Demand Deposits Account, in foreign currency) - are sufficient to cover the liquidity risks of a financial institution and, in other hand, optimize the profit provided from the remaining balance that exceeds the outputs of the models. Here, the Cash Flow model of Schmaltz (2009), which segregates the model in different components (deterministic and stochastic), is applied to determine the cash needs and, through the Monte Carlo method for predicting different cash flows, is stipulated an average value of balance to be used in overnight. As a contrast, the deterministic model of Ringbom et al (2004) is used to provide the "Profit-Maximizing Reserve Ratio" to finally compare both of them historically, between Jan/2009 and Dec/2013, in order to conclude which of models of cash reserve shows to be more satisfying. The database used replicate balances and withdraws of a commercial bank, to this specific financial product, and it is also used for parameters estimation. / Este trabalho tem como objetivo comparar diferentes métodos de previsão de necessidades de caixa no overnight, que assegurem que a liquidez de um produto financeiro específico – neste caso, o Call Deposits (Depósito à Vista, em moeda estrangeira) – seja suficiente para cobrir os riscos de liquidez de uma instituição financeira e, em contrapartida, otimizem o lucro oriundo do saldo restante que ultrapasse o valor de saída destes modelos. Para isso, o modelo de Fluxo de Caixa de Schmaltz (2009), que segrega os diferentes componentes do caixa (determinísticos e estocásticos), será utilizado para determinar as necessidades de caixa e, através do método de Monte Carlo para a previsão de diferentes caminhos, chegamos a um valor médio de saldo para ser utilizado no overnight. Como comparativo, será utilizado o modelo determinístico de Ringbom et al (2004), que oferece a 'Taxa de Reserva de Maximização de Lucro', para, enfim, compará-los historicamente, entre Jan/2009 e Dez/2013, a fim de concluirmos qual dos modelos de reservas de caixa se mostra mais satisfatório. A base de dados utilizada replica os saldos e saques de um banco comercial, para o produto financeiro em questão, e, também, é utilizada para a estimação dos parâmetros.

Made available in DSpace on 2010-04-20T20:56:58Z (GMT). No. of bitstreams: 3 FredericoAraujoTurolla2005.pdf.jpg: 22630 bytes, checksum: a986c983569fe1e1e598c80d45ea8e7e (MD5) FredericoAraujoTurolla2005.pdf.txt: 260148 bytes, checksum: c447996e2d5fff342713401eb46da8c7 (MD5) FredericoAraujoTurolla2005.pdf: 1695632 bytes, checksum: 7c5530aa3a5fa60ab6aa45feda08576c (MD5) Previous issue date: 2005-09-20T00:00:00Z / This thesis discusses the Brazilian public sector’s currency-linked domestic debt between 1995 and 2004. It argues that the reasons of that debt are not to be found in the goals of optimal debt composition, but rather among the exchange rate policy objectives. The Mexican Tesobonos case offers insights for the Brazilian case, highlighting three major differences, namely the average term of the bonds; the stronger concentration of Mexican debt in international markets; and the importance of non-residents as holders. The Brazilian case was presented in historical perspective, starting with the introduction of the ORTN with dollar-indexation clause by the end of the 60’s. It attempted to follow the development of the Brazilian currency-linked domestic debt from the 60’s onwards. Taking into account that the objectives of that policy instrument are more related to exchange rate policy it was presented a brief survey of the literature on the short-term determinants of the exchange rate, starting with Meese and Rogoff (1983), which had introduced the idea that a random walk is a better forecast to exchange rate than any other model based on macroeconomic fundamentals. It is also presented a review of the literature on foreign exchange intervention, which offers plenty of works devoted on developed countries and scarce contributions on emerging countries. The offering of currency-linked domestic bonds is treated as foreign exchange intervention, in search for its effects on the exchange rate level and volatility. The econometric exercise built a database of the stock of currency-linked domestic on a daily basis, through aggregation of primary auctions of bonds and swaps over the period between 1991 and 2004. The exercise estimated the impact of such debt over foreign currency prices in two periods, namely the administered regime (1995-1999) and the floating period (1999-2004). It was used a Vector Error Correction Model (VECM). Estimated elasticities showed a possible simultaneity bias, which was detected through a Granger causality test. The latter provided evidence of a feedback-type bi-directional causality. Estimations are subject to heteroskedasticity, which was corrected through GARCH modeling. This test showed that the elasticity of the exchange rate with respect to intervention with currency-linked domestic debt was -0.17 in the administered regime and 2.15 in the floating regime. / Esta tese discute a dívida cambial doméstica do setor público brasileiro entre 1995 e 2004. Argumenta-se que a origem dessa dívida não está relacionada à busca de uma composição ótima da dívida pública, mas sim a objetivos de política cambial. O caso dos tesobonos mexicanos é analisado como precedente para o caso brasileiro, ressaltando-se três peculiaridades: o prazo médio dos títulos cambiais; a concentração da dívida pública mexicana no mercado internacional; e a importância dos não-residentes entre os detentores. O caso brasileiro foi apresentado a partir de uma perspectiva histórica, desde a introdução das ORTN com cláusula de correção cambial, no fim dos anos sessenta. Foi realizada uma tentativa de reconstrução da trajetória da dívida mobiliária cambial até o período recente. Levando-se em consideração que os objetivos desse instrumento estão concentrados na política cambial, foi feita uma breve resenha da literatura sobre os determinantes da taxa de câmbio, começando por Meese e Rogoff (1983), que introduziram a idéia de que um passeio aleatório é melhor previsor do câmbio que os modelos baseados em fundamentos macroeconômicos. É feita também uma breve revisão da literatura sobre intervenção no câmbio, que é farta em trabalhos para países desenvolvidos e escassa no que se refere aos países emergentes. A colocação de títulos indexados ao câmbio é tratada como intervenção, avaliando-se seus efeitos sobre a taxa de câmbio e sua volatilidade. No exercício econométrico, foi construída uma base de dados diários de endividamento cambial doméstico, através da agregação dos leilões primários de títulos e de swaps emitidos entre 1991 e 2004. O impacto da dívida cambial sobre o câmbio foi estimado, para os períodos de câmbio administrado (1995-1999) e de câmbio flutuante (1999-2004), através de um Modelo Vetorial de Correção de Erro (VECM). As elasticidades estimadas apresentaram uma possível ocorrência de simultaneidade, que foi detectada através de um teste de causalidade de Granger. Esse teste revelou uma causação bi-direcional de tipo feedback. As estimações estão sujeitas a heterocedasticidade, que foi corrigida através da estimação de um GARCH. Este revelou que a elasticidade do câmbio em relação à intervenção com dívida cambial é de -0,17 no câmbio administrado e de -2,15 no câmbio flutuante.

[pt] O crescimento do volume de títulos indexados ao câmbio adicionou diversas questões a respeito da sustentabilidade da dívida pública. O objetivo deste trabalho é analisar a gestão da dívida pública ao longo dos anos de 1994 a 2003 quanto ao uso de títulos indexados à taxa de câmbio. Enfatiza-se o processo histórico do endividamento brasileiro e a evolução da composição da dívida interna. Através de um modelo de minimização de custos e riscos, estima-se a composição ótima da dívida interna para a economia brasileira com base em dados recentes. Analisa-se também a política monetária ótima frente a um choque externo em um país com elevado endividamento indexado à moeda estrangeira. Os resultados sugerem que a alocação da dívida deve ser predominantemente composta de títulos indexados a índices de preços e que frente a uma crise externa, a política monetária ótima deve ser restritiva, dado o elevado nível de endividamento indexado à moeda estrangeira. / [en] Concerning the composition of the public debt, the recent growth in the foreign currency linked debt provoked the debate about sustainability of the public debt. The objective of this work is to analyze the management of the foreign currency linked debt from 1994 to 2003. The evolution of the composition and its historical process is emphasized. A model that estimates the optimal internal debt composition through cost and risk minimization is applied to recent Brazilian data. It is also analyzed the optimal monetary police facing an external crises for a country that has a high level of foreign currency linked debt. The results suggest that the optimal composition of the public debt implies a massive use of price linked indexed bonds. And also, for facing an external crisis, the optimal monetary policy should be restrictive since the foreign currency linked debt is in such a high level.

This thesis is designed as a comprehensive view of trading on foreign markets. It contains the fields of specifics and practices of the international trade, which the firms in this situation are forced to deal with. The work is focused not only on accounting procedures, even if they include a proportion of mainly practices, but also takes in the areas of taxation and exchange policy. In the practical part I gradually focused on various activities that the company deals with; not only in accounting, but also in the field of exchange and taxation policies or e.g. the obligations on public authorities.

The topic of my thesis is {\clqq}International operations of domestic producer - tax, accounting and law connections". The aim of this work is to analyze business operation of domestic producer with foreign businessmen. It is necessary to use foreign currency and their reduction of money to Czech currency in accounting. Point of delivery is connected with international operations, because it delimits object of the Value Added Tax. Trade between businessmen has to be legally regulated by sale of goods. It determines discretions and duties of both parties. Delivery terms are important terms of a contract in international trade. It appoints duties for seller and buyer at supply and receiving of goods. The theoretical part summarizes knowledge, which concerns with the characteristics of international world, whiteness of accounting, using foreign currency, determining point of delivery and substantiality of delivery terms INCOTERMS 2000. In the practical part I deal with transfer guides for international trade, which the company requests from me. After I compare taxation of chosen operations with the Czech rules of accounting. I use exchange rates. I strike a balance and precede positives for the particular company.

The decision of the Swiss National Bank from January 2015 to drop the exchange rate profit of the Swiss franc caused a significant shock to the financial market. The Swiss franc boost strongly influenced Poland because many of a mortgage loan was granted precisely in this currency. The goal of the MA thesis is to analyze the impact of the Swiss franc boost on the Polish commercial banks and to describe individual measures taken and solutions found in Poland. The introductory part deals with the beginning of the expansion of foreign currency loans not only in Poland but also in the greater context of Poland´s neighbouring countries. Furthermore, the Recommendation S is described in more detail. The second chapter contains analysis of loans development in Poland. Here, the Bank Millennium is used as an example to demonstrate the loan portfolio composition. The final part of this work talks about the Polish reaction to the change of the Swiss monetary policy and to the specifics of these provisions.