[pt] No período de 2004 a 2008, foram registradas, no Brasil, 199 ofertas públicas de ações, sendo 111 ofertas iniciais de ações, basicamente abertura de capital registrada na Bolsa de Valores de São Paulo; e 88 ofertas públicas de ações registradas na Comissão de Valores Mobiliários, com finalidades diversas. Utilizando uma amostra de 50 ofertas públicas, observamos as principais práticas de avaliação de empresas adotadas pelos principais agentes financeiros que atuam no país. Concluímos que as avaliações respeitam os principais modelos e premissas discutidas no meio acadêmico, aplicando-os à prática, assim como com o que é praticado em outros países, ajustando-se a realidade brasileira. Observamos algumas diferenças quantitativas entre as ofertas iniciais de ações e as ofertas públicas de ações, sendo que o segundo grupo se mostrou mais conservador quanto às premissas adotadas. / [en] Between 2004 and 2008, 199 public stock offers were registered in Brazil, of which 111 were initial stock offers, at the São Paulo Stock Exchange, Brazil’s main stock exchange; and 88 public stock offer registered at Comissão de Valores Mobiliários (Brazilian SEC), with several reasons. Using a sample of 50 public offers, we observed the best practices adopted by the main financial appraisers in Brazil. We concluded that these appraisers tend to use the better known models and assumptions accepted in the academic world, according with what is practiced in other countries, adjusted to Brazilian reality. We observed some quantitative differences between the assumptions in the pricing of initial stock offers and public stock offers, where the second one showed more conservative assumptions than the first.

Le cessionnaire n'est pas à l'abri des risques liés aux opérations de cessions de droits sociaux et il va, pour cela, insérer au contrat des garanties de passif. Or l'efficacité de ces clauses n'est pas entièrement assurée. La mise en oeuvre de la garantie présente certaines difficultés. Ces difficultés ont deux origines. Elles sont tout d'abord liées à une mauvaise rédaction de la convention. En l'absence de prototype pour la rédaction de telles clauses, qui mette le cessionnaire à l'abri des risques d'apparition d'un passif, cette mission se révèle difficile. Elles sont ensuite liées à l'absence de règles légales propres à la matière et qui régissent les opérations complexes de cessions. Les juges vont tenter de remplir ce vide juridique, néanmoins les solutions diverses apportées par la jurisprudence rend les décisions rendues imprévisibles. On tente alors de proposer un régime propre aux garanties de passif qui assure au bénéficiaire de la garantie la protection qu'il recherche. / Since the transferee is not immune to the risks associated to the transfer of shares, he inserts guarantees in his contract. But the effectiveness of such clauses is not fully guaranteed. The implementation of guarantee faces some difficulties. These problems have two origins. They are first of all related to poor drafting of the convention. In the absence of a prototype for the development of such clauses, which put the transferee free of occurrence of a liability, this mission is difficult. They are then liked to the absence of legal rules relative to the subject. Judges try to fill this legal vacuum, however the various solutions provided by jurisdictions makes decisions unpredictable. We then try to recommend solutions related to these guarantees, which provides a higher protection to the transferee.

The master thesis covers the topic of company purchasing of own shares. In the meantime, this kind of process in the life of a company has been completed by another important phenomenon -- financial assistance -- which is the second topic of this thesis. The thesis aims to analyse the changes, that have been noticed in the Czech system of law, concerning the company purchase of own shares and the financial assistance during the last eighteen years, i. e. since the Commercial Code entered into force in the Czech Republic. There are also included the reasons of the legal regulation of the process of purchasing of own shares, that are of economic, legal even ethic character. In fact, the company law in the Czech Republic has been influenced in a significant way by the European sources of law, as well as the other branches of law. Thus, the evolution of the European legal framework of the company purchase of own shares and the financial assistance, and its impact on the Czech company law, have to be mentioned. To be more illustrative, the thesis refers to the judicature of the Supreme Court of the Czech Republic, to the judicature of the Court of Justice of the European Union, and standard practice of the Securities Commission.

This diploma thesis is dedicated to acquisitions of companies and analyses their tax aspect under the laws of the Czech Republic. From taxation aspects point of view the thesis also focuses on commercial and accounting impacts of relevant acquisitions. The main objective of the thesis is to identify, quantify and qualitatively assess tax implications for parties participating within the acquisitions. The thesis further aims at identification of legal forms of acquisitions in the Czech law system, the accounting analysis of the acquisition alternatives and analysis of court's practice relevant from taxation point of view. These sub-objectives also define to certain extent, field for analysis and assessment of the tax implications of particular acquisition structures.

The aim of the article is to find the relationship between the growth and decline in the share price during the promulgation period of quarterly results of companies and surprise, either positive or negative in the quarterly results. Quarterly results are compared with the forecasts of analysts who publish their forecasts for quarterly results at Thomson Reuters. Relationship is confirmed statistically, where stock returns in the period is the dependent variable, independent variables are three -- return of the corresponding market index, excess impact -- measure of surprise in quarterly results in comparison with analysts' estimates and VIX index. Linear regression is used for testing of return and GARCH model is used for testing of volatility, there is focus on adaptation of actual volatility to the long-term average volatility after accidental shock.

The aim of this thesis is to explore investment opportunities of the Czech population, the ability of businesses to obtain needed capital for their investment plans and possibilities to obtain these funds from individuals through securities. The main part of this work is to evaluate the dependence between the securities markets and the growth of gross domestic product between 2006 - 2012. For the research, graphical and correlation analysis were used. Due to detected dependencies between gross domestic product and the bond market, issuance of bonds with a five-month delay of the positive fluctuation of gross domestic product was recommended. The final section is concentrates on prediction of the future development of the bond market, which proved to be unpredictable.

This paper estimates the effects of capital accumulation on industry labor shares by taking account of capital heterogeneity. Using a cross-country, cross-industry dataset covering 15 European countries over 38 industries, I take advantage of a detailed breakdown of the capital stock distinguishing between physical, ICT and intangible assets. The results suggest that, over the 1995-2015 period, capital accumulation has not been a driving force of declining labor shares - if anything the opposite. Performing a cross-section regression analysis on the relationship between long differences in capital intensities and industry labor shares, I find that accumulation of physical capital in general, and Machinery & Equipment in particular, are the only asset types showing a statistically significant correlation with the labor share, suggesting a positive association. In contrast to previous research, I do not document a negative relationship between ICT capital and labor shares. I do, however, find evidence suggesting that it might be investments in Software & Databases that explain these earlier findings.

This master’s thesis deals with problematics of portfolio theory, which helps to create optimal portfolios for the selected investment company. Portfolios consist of shares, which are traded on New York Stock Exchange and which include a historical value at least for two years. There are two ways of creating portfolios. The first way is the portfolio with minimal risk and no required return and the second way is the portfolio with minimal risk and required return. In this thesis are used mathematical methods, which include a linear algebra, an optimization and a statistics.

This diploma thesis deals with a security portfolio creation for a small Czech private investor. The portfolio is composed of shares from the SPAD system on Prague Stock Exchange with an expected investment horizon of four years. The most important used tool is the fundamental analysis.

The main goal of the thesis "Technical analysis" is to analyze the issue of technical analysis itself, more specifically the CAMP model, which deals with optimizing the portfolio, then design a program to calculate it (generate the required results). This analysis corresponds to the structure of the thesis, while in the beginning of the work are mentioned an important theoretical basis. There is described the financial system, financial and capital markets in connection to the Burza cenných papírů Praha, a.s. and other major capital markets. In addition, I discuss the methodology of technical analysis, CAMP model and the source code and the description of Visual Basic. Then I use this methodology in practice and focus on the goal of the work. Finally I analyze the options, benefits as well as weaknesses of the CAMP model and my program in the Czech capital market conditions.