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Diploma thesis analyses venture capital, which is part of alternative asset class investment. At the outset, paper very briefly discusses the private equity industry and differences between venture and buyout capital. Followed by a chapter that discusses entrepreneurship, entrepreneurial finance, financing alternatives for new ventures and the importance of venture capital and its impact on new businesses. Next chapter describes problems and risks that venture capital fund and entrepreneurs face after the contract is being signed. The paper also highlights some instruments that can be used against these risks and problems. The biggest part of thesis describes whole venture capital investment cycle from getting money, screening opportunities to valuation and exit of portfolio companies. Lastly the paper analyses venture capital in Central and Eastern Europe region (CEE) and briefly describes venture capital company based in Prague - Credo Ventures and its portfolio companies.

This thesis aims to study the banking characteristics of the parent bank of foreign banks and the influence of the economic environment of the home country on the credit risk of subsidiaries. The study collected a data set of 32 foreign banks in eight CEE countries (joining the EU in 2004) from 2009 to 2020 and conducted an empirical analysis using a fixed-effect panel regression model. Credit risk (NPL) is used as the dependent variable, and the explanatory variable is divided into four groups according to the home country and host country, the bank level, and the macroeconomic level. The regression results show that the profitability of the parent bank has a negative impact, while the liquidity, size, capital, and credit risk of the parent bank has a positive impact on the credit risk of the subsidiary. Moreover, the inflation in the country where the parent bank is located has a negative influence on the credit risk of the subsidiary, while the GDP growth and unemployment rate in the country where the parent bank is located leads to an increase in credit risk. These results show that international risk is transferred from the parent country to the host country through a new channel for foreign banks. Key words: credit risk, fixed effects model, CEE countries, banking sytem, foreign bank

Buuruljin Enkhbold Finance and Growth Nexus: CEE & Central Asia and Beyond Abstract (English) This thesis investigates the effect of financial development on economic growth using both global sample and regional samples focusing on Central and Eastern Europe (CEE) and Central Asia during the time period 1960-2013. The results of fixed effect panel and system GMM estimators suggest that the effect of private credit on growth had been neutral until 2007 and the effect turns negative if the time period is up to 2013. The negative effect of private credit on growth has been the largest for CEE and Central Asia, particularly for non-EU countries in the region. Stock market capitalisation and lending deposit spread have consistent effects regardless of the choice of time frame which implies that economies benefit from larger stock markets and lower lending deposit spread. Keywords: financial development, credit, stock market, spread, growth, CEE and Central Asia, generalized method of moments (GMM)

Alors que le contentieux des produits de santé n'a jamais été aussi fourni, l'application du régime spécial de responsabilité du fait des produits défectueux issu de la directive européenne du 25 juillet 1985, entraîne l'émergence d'un certain nombre d'incertitudes qui affectent directement le sort des demandes en réparation. Les incertitudes matérielles ont, pour la plupart reçu un traitement efficace par l'action conjuguée de la jurisprudence et du législateur. Si les outils juridiques traditionnels, tels que les présomptions ou la causalité alternative, ont permis de résoudre une partie non négligeable de ces incertitudes, les juges se sont également attachés à développer des outils nouveaux comme la balance bénéfice/risque ou encore la répartition de l'obligation à la dette selon les parts de marché. Cependant, si le développement de ces outils juridiques, plus adaptés aux spécificités des produits de santé, a permis d'apporter une solution efficace aux incertitudes matérielles, le traitement de l'incertitude scientifique, fondé sur les présomptions du fait de l'homme, n'apporte, toujours pas, de solutions satisfaisantes. L'étude du traitement des incertitudes dans le contentieux des produits de santé défectueux permet d'apprécier les acquis mais également les limites atteintes par l'utilisation de certains outils mis à la disposition des juges et qui se révèlent parfois inadaptés. L'intervention du législateur et la prise en compte des spécificités des produits de santé, permettraient de développer un système d'indemnisation adapté qui interviendrait de façon subsidiaire en cas d'échec de la voie contentieuse. / At a time when healthcare-product litigation is attaining record heights, the implementation into French law of the special liability regime for defective products, which derives from the European Council Directive of 25 July 1985, has led to the emergence of several grey areas of uncertainty which have a direct impact on the outcome of claims for compensation. Areas of material uncertainty have, for the most part, been effectively dealt with through the combined application of case law and the intervention of the legislator. While classic legal tools such as presumption and alternative causality provide a means to resolve a non-negligible part of these uncertainties, judges have also endeavoured to develop new tools, such as risk/utility test and market-share liability. Still, although the development of these legal tools - better suited as they are to the specific features of healthcare products - provide an effective solution to resolving areas of material uncertainty, the treatment of scientific uncertainty, which is based on presumptions of fact, does not always provide satisfactory solutions. The study of the legal treatment of uncertainty in healthcare-product litigation provides a means to assess the benefits but also the limitations of certain tools that are now available to judges but which at times prove inadequate. Intervention on the part of the legislator, while at the same time taking into account the specific features of healthcare products, could lead to the development of a suitable compensation system that could afford relief when litigation fails.

La Seconde Guerre mondiale avait complétement interrompu les échanges entre la France et le Pérou. En revanche, au cours des Trente Glorieuses, la France réussit à rétablir une position appréciable au sein de l’économie péruvienne. Grâce à une diplomatie économique active et un engagement diversifié des entreprises privées et publiques, la France devint un partenaire notable de la coopération technique. Ce pays joua un rôle important dans les programmes d’industrialisation et de modernisation du Pérou. Cette thèse s’interroge sur l’évolution et la structure des relations économiques franco-péruviennes entre 1945 et 1975. L’étude se penche sur les échanges commerciaux ainsi que sur les domaines des échanges financiers, de l’industrie et de la coopération technique, combinant des analyses macro et micro-économiques. Il s’agira d’analyser les stratégies et performances des entreprises françaises au sein des grands projets au Pérou en considérant les succès et les limites de leurs engagements. Ainsi, la thèse présente une étude nuancée à propos d’un sujet jamais étudié auparavant et cherche à contribuer d’une manière novatrice aux recherches sur l’histoire des relations entre l’Europe et les pays latino-américains ainsi que sur les rapports Nord-Sud. / The Second World War had completely severed the relations between France and Peru. Throughout the Golden Age of Capitalism, however, France managed to re-establish a considerable position within the Peruvian economy. Thanks to an active economic diplomacy and the various efforts of private and public companies, France became a notable partner in technical cooperation and played, henceforth, an important role in the Peruvian programmes of industrialisation and modernisation. This thesis deals with the evolution and structure of the economic relations between France and Peru from 1945 to 1975. Combining macro- and microeconomic methods, it equally investigates the bilateral trade relations as well as the domains of finance, industry and technical cooperation. The study analyses the strategies and performances of French companies in Peruvian large-scale projects considering their successes as well as their limits. In this way, the thesis presents a nuanced view on a subject, which has never been studied before. It contributes in an innovative way to the research on the relations between Europe and Latin America and between the Global North and South.

Un niveau élevé de protection de la santé humaine est assuré dans la définition et la mise en oeuvre de toutes les politiques et actions de l’Union européenne. L’une des politiques les plus importantes, conformément aux enjeux de santé et au développement économique, est celle des médicaments. Leur sécurité est garantie par un cadre juridique donné par une législation pharmaceutique d’envergure présidant à l’octroi de l’autorisation de mise sur le marché et au suivi post-autorisation. Ce cadre juridique est supporté par un dispositif institutionnel d’exception, caractérisé par une interaction étroite entre l’Agence européenne des médicaments, la Commission européenne et les autorités nationales compétentes. Il a récemment été réformé à travers la nouvelle législation de pharmacovigilance. Le concept de sécurité sanitaire est ainsi devenu le principe directeur de la gestion du risque pharmaceutique. Toutefois, lorsque le risque inhérent à tout produit pharmaceutique se manifeste, le dommage médicamenteux se produit ainsi que la demande de réparation. Face à la nécessité d’indemniser les victimes de tels accidents, les réponses nationales des systèmes juridiques français et italien, par les biais de la responsabilité civile de droit commun et de la responsabilité du fait des produits défectueux issue de la directive 85/374/CEE, se révèlent inefficaces, car peu respectueuses de la spécificité du médicament. Ce constat conduit à plaider en faveur d’une dissociation entre responsabilité et indemnisation, en garantissant cette dernière à travers la création d’un fonds d’indemnisation général pour les dommages médicamenteux à participation mixte public-privé. Cette solution garantit une socialisation des risques justifiée par le caractère social du risque thérapeutique. Cela constitue le contrepoids aux dangers inhérents aux innovations de la science, tout en faisant profiter les malades des bénéfices thérapeutiques de demain. En prônant une approche holistique de la politique du médicament, la proposition de ce fonds constitue un instrument d’une politique de santé publique qui ne voit dans l’indemnisation des risques médicamenteux qu’un complément et un prolongement de la garantie de sécurité à la base de la législation pharmaceutique européenne. / The definition and implementation of the European Union’s policies and activities guarantee a very high level of human health protection. One of its most important policies, in accordance with the relative health and economic development issues, is that on medicinal products. Drug safety is guaranteed by a legal framework, constructed on the pharmaceutical legislation laying down rules and procedures for obtaining marketing authorisation and for post authorisation monitoring. This legal framework is supported by a special institutional system,which in particular ensures close interaction between the European Medicines Agency, the European Commission and the national competent authorities. This legal framework has recently been revised as a result of the new pharmacovigilance legislation. As such, health safety has become a key directive in managing pharmaceutical risk. Yet, whenever a risk relating directly to a particular pharmaceutical product becomes apparent, medical damages and compensation claims arise. The response of the national French and Italian legal systems to the application for compensation of the victims of such accidents, by way of the ordinary rules of civil liability and the liability for defective products as defined in Council Directive85/374/EEC, has proven ineffective: they fail to take into account the specific nature ofpharmaceutical products. Based on this observation, there is a sound case for separating liability from compensation: the latter can be guaranteed by setting up a general compensationfund for medical damages, with both public and private sector participation. This solutionwould guarantee a socialisation of risks that is justified by the social nature of therapeutic risk. It would provide a counterbalance to the dangers inherent in scientific innovation, whilst simultaneously allowing patients to benefit from future therapeutic developments. By advocating a holistic approach to drug policy, this proposed compensation fund would act as apublic health policy instrument, in the context of which compensation for medical risks would only be considered an addition to, and extension of, the security guarantee that constitutes the cornerstone of the European pharmaceutical legislation.