The objective of the thesis is to analyze numerous project financing possibilities in the Czech Republic. The thesis introduces the framework of project finance, together with its definition and fundamental characteristics. Furthermore it aims to identify the issues of risk analysis and risk management. The final section of the thesis provides an overview of the current global project finance trends and identifies the situation in the Czech Republic. Additionally, the thesis includes a case study of the first Czech energy finance project - ECKG Kladno.

La liberté contractuelle est un principe fondateur du droit civil français, en vertu duquel chaque sujet de droit est libre, non seulement de décider de s’engager ou non, mais également de déterminer les conditions de son engagement contractuel et la personnalité de son cocontractant. Malgré ses apparentes particularités, dues à son objet, le droit des marchés financiers ne constitue pas une branche autonome du droit, de telle sorte que le droit civil a toute vocation à s’appliquer sur les marchés financiers. Pour autant, un rapide examen du droit des marchés financiers fait apparaître des atteintes à la liberté contractuelle, en premier lieu à la libre détermination du contenu du contrat. Ce constat est d’autant plus frappant lorsque l’on approfondit l’étude des marchés financiers, les offres publiques étant en effet l’occasion de multiples atteintes. Plus particulièrement, l’initiative contractuelle est lourdement affectée par les offres publiques obligatoires, qu’elles soient d’acquisition ou de retrait. Cette thèse a pour objet d’examiner ces diverses atteintes portées par le droit des marchés financiers à la liberté contractuelle afin d’en déterminer le fondement. / Contractual freedom is a founding principle of French civil law, under which each legal subject is free, not only to decide whether to engage, but also to determine the conditions of his contractual commitment and the personality of the other party. Despite its apparent peculiarities, due to its object, the financial market legislation is not an autonomous branch of law, so that the civil law should apply to the financial markets. However, a quick review of the financial markets legislation revealed violations of contractual freedom, in the first place to free determination of the content of the contract. This finding is even more striking when looking further : the contractual intent is heavily affected both through the mandatory public bid and through the mandatory buyout offer. This thesis examines how the contractual freedom is affected by the financial market legislation to determine the causes.

Diploma thesis focuses on the social economy and social entrepreneurship. Its aim is to identify possible directions of further development of the social economy in the Czech Republic. The starting point for this work is the assumption that successful development of social entrepreneurship is dependent on access to financial resources, a good legislative definition and availability of the necessary information. The operational objective is to analyze the range of financial instruments available to social enterprises. The work is divided into several parts. The first chapter summarizes the historical development of the social economy in Western European countries and subsequently in the Czech Republic. The next chapter presents the approaches to the concept of social economy from the perspective of several European institutions. The chapter is also a case of good practice from Italy. The following chapter, in which are presented the main theoretical approaches to the social economy in the Czech Republic. In the analytical part of the work are first defined problem areas of social entrepreneurship, it is also stated range of financial instruments available to social enterprises and subsequently defined possible directions of further development of the social economy.

The overall importance of capital market communication has increased hand in hand with the development of the economic importance of the capital market it-self. Equity investors use various information sources, such as management reports, consolidated financial statements, investor relation presentations, and web pages, to prepare and assess investment decisions. This cumulative dissertation consists of four manuscripts that analyses different group accounting related aspects of the capital market communication. The first two manuscripts are classified as contributions to the understanding of current IFRS topics in capital market communication. These manuscripts are case-based instructional resources and deal with group accounting decisions on financial instruments and consolidation issues. The second part of the dissertation comprises empirical analyses on financial KPI reporting across different parts of capital market communication. The manuscripts provide empirical analysis of the consistent use of financial KPIs across the different parts of capital market communication, the determinants of consistent KPI reporting and the value relevance.:I. Group Accounting in the Field of Tension Between Capital Market Communication and IFRS – Overview of the Dissertation 1 Introduction 2 Overview and Findings of the Manuscripts II. The Success Story of International Additives Producer AG – A Case Study on Categorization of Investments under IFRS 1 Manuscript – The Case 2 Teaching Notes 3 Suggested Case Solutions III. The Hardest Cycle Climb at TCC – A Financial Instruments Case 1 Case 2 Case Learning Objectives and Implementation Guidance 3 Teaching Notes IV. Determinants of Consistent Capital Market Communication: Evidence from Germany 1 Introduction 2 Regulatory Framework for KPI Disclosure 3 Literature Review and Hypotheses Development 4 Research Design 5 Results and Discussion 6 Conclusion V. The Capital Market Relevance of Consistent Key Performance Indicator Reporting: Preliminary Evidence from Germany 1 Introduction 2 Literature Review and Hypotheses Development 3 Data Collection and Variable Measurement 4 Results and Discussion 5 Conclusion, Limitations and Future Research

The concept of capital has been a much debated issue throughout economic, accounting and finance history. In economics it was defined as the financial resources utilised by companies while other definitions indicated it represented the actual capital goods themselves. This dualistic meaning of capital has led to various interpretations of the concept of capital and these different interpretations can also be found in the cost of capital model. The cost of capital model is a decision-useful financial tool employed by management to make decisions regarding the financing of projects, performance measurement and risk and return management. The two main forms of funding are debt and equity resources. The cost of capital model was built on the accounting interpretation and classification of the different debt and equity sources of funding. As time went by the financial markets became more sophisticated and new innovative instruments were introduced to help raise financing for companies. Some of these sophisticated instruments and accounting book entries are normally not included in discussion on capital structure and the cost of capital model. The aim of this research is to unbundle and understand the different dimensions of the cost of capital with special focus on the impact of accounting classification on hybrid financial instruments and certain accounting book entries. The balance sheet items that have revealed themselves as grey areas of the accounting classification and the hidden constituents of the cost of capital include accounting book entries such as deferred tax and accumulated depreciation, hybrid financial instruments and the effect of cash. Currently these instruments pose questions as to their proper debt-equity classification or can have an impact on the capital structure of an organisation. An adjusted model will be presented that will incorporate any hidden areas related to the debt-equity accounting classification schema. The introduction of these items into the cost of capital model will make it more robust and it will become an even more decision-useful tool for management and analysts a like. / Dissertation (MCom)--University of Pretoria, 2011. / Financial Management / unrestricted

In this thesis a general framework and accompanying guidelines for how to classify financial instruments within the fair value hierarchy (included within IFRS 13) is presented. IFRS 13 introduces a broad and loosely defined regulation of how to classify a financial instrument which leaves room for misinterpretation and uncertainties. In this thesis the pricing of financial instruments and behaviour of the market data used as inputs in the models has been investigated. This is to give better insight into what is classified as significant market data, how it is used and how it is approximated. Instruments that have been investigated are autocalls, swaps, European options and Asian options. The result is presented as general recommendations for how to classify the specified instruments with clearer boarders introduced between the levels in the hierarchy. Methods and deductions introduced in the thesis could also further be implemented in classification of closely related financial instruments but has been limited in this thesis due to time restrictions.     Nyckelord på svenska IFRS, Finansiella instrument, Klassificering, Fair value, Fair value hierarchy, Autocall, Swap, Europeisk option, Asiatisk option, Implicit volatilitet, Korrelation, Marknadsaktivitet, Räntesatser / I denna uppsats är ett generellt ramverk och medföljande riktlinjer för hur man klassificerar finansiella instrument inom fair value hierarkin (inkluderad i IFRS 13) presenterat. IFRS 13 introducerar en bred och löst definierad regulation om hur klassificering finansiella instrument ska gå till som lämnar rum för feltolkningar och oklarheter. I denna uppsats har prissättningen av finansiella instrument och beteende av marknadsdata som används i modellerna undersökts. Detta ger en bättre inblick i vad som klassificeras som signifikant marknadsdata, hur den används och hur den kan approximeras. Instrument som har undersökts är autocalls, swaps, europeiska optioner och asiatiska optioner. Resultatet presenteras som allmänna rekommendationer för hur man klassificerar de angivna instrumenten med tydligare gränser som införts mellan nivåerna i hierarkin. Metoder och slutsatser som är presenterade i uppsatsen kan även vidare användas vid klassifikation av liknande finansiella instrument men har i denna avhandling begränsats på grund av tidsskäl.

This paper discusses the possibilities of predicting changes in stock pricing at a high frequency applying a multi-level neural network without the use of recurrent neurons or any other time series analysis, as suggested in a paper byChen et al. [2017]. The paper tries to adapt the model presented in a paper by Chen et al. [2017] by making the network deeper, feeding it data of higher resolution and changing the activation functions. While the resulting accuracy is not as high as other models, this paper might prove useful for those interested in further developing neural networks using data with high resolution and to the fintech business as a whole.

Denna uppsats behandlar vilka faktorer som påverkar svenska fastighetsbolags syn på ränteswappar och huruvida coronapandemin, IFRS regelverket, den nya referensräntan Swestr eller bolagens rating har någon betydelse i detta. Studien undersöker vidare hur stor efterfrågan på räntederivat tidigare har varit, samt hur framtidsutsikterna ser ut gällande användandet av ränteswappar. För att besvara studiens problemformulering har en kvalitativ metod använts, där fem semistrukturerade intervjuer med både fastighetsbolag och en bank varit utgångspunkten till arbetets slutsats. Studiens resultat visar att samtliga tillfrågade fastighetsbolag har en egen räntesäkringsstrategi och egna preferenser vad gäller räntederivat. Idag använder en klar majoritet av svenska fastighetsbolag ränteswappar i sina räntesäkringsstrategier, men studien tyder på att mindre aktörer på marknaden eventuellt i framtiden kommer söka sig till simplare lösningar. Vidare visar studien att varken coronapandemin, IFRS regelverket eller Swestr påverkar fastighetsbolagens förhållningssätt till ränteswappar. Däremot kan det externa ratingbetyget indirekt ha en koppling till hur ett fastighetsbolag väljer att hedga sig mot räntefluktuationer.  Studiens område är fortsatt vagt undersökt och ämnet kommer förbli intressant att forska vidare på i framtiden. / This study deals with the factors that affect Swedish real estate companies´ views on interest rate swaps and whether the corona pandemic, the IFRS regulations, the new reference interest rate Swestr or the companies external rating have any significance in this. The study further examines how the demand for interest rate swaps has changed and how the future looks like. To fulfill the purpose of the study, a qualitative method has been used, with five semi-structured interviews with both real estate companies and a bank. The collected answers have formed the basis of this paper's conclusion.  The results of the study show that all real estate companies surveyed have their own interest rate hedging strategy, and their own preferences on interest rate derivatives. A majority of Swedish real estate companies use interest rate swaps today in their interest rate hedging strategies, but this study indicates that smaller real estate corporations in the market may seek more simple solutions in the future. Furthermore, the study indicates that neither the coronavirus pandemic, the IFRS regulations nor Swestr has an impact in the real estate companies´ approach towards interest rate swaps. On the other hand, the external rating can indirectly be a reason why real estate companies choose to hedge with interest rate derivatives against interest rate fluctuations. The field of study is still vaguely researched and the subject will remain interesting to research in the future.

International Financial Reporting Standards (IFRS) are required or permitted for use in over 100 countries across the world. IFRS are developed by the International Accounting Standards Board (IASB). The IASB, with no formal or legal mandate, is performing a task normally reserved for national standard-setters. This study sought to establish the legitimacy of IFRS by assessing the due process of the IASB. The study established that countries have different motivations for choosing IFRS which raises legitimacy concerns. The global financial crisis compounded the legitimacy challenges of IFRS by exposing due process vulnerabilities. The study established that the IFRS governance structures are dominated by powerful stakeholders especially members of the G-20. Although the due process procedures provide opportunities for participation, actual participation is still dominated by constituents from Europe. Africa and South America still account for very low proportions of governance seats and participants in standard-setting projects. / Financial Accounting / M. Com. (Accounting)

美國次級房貸風暴自2007年7月爆發以來，除重創金融市場外，亦導致相關會計準則之修訂。本研究以我國金融業為對象，探討：（1）以公平價值認列之金融商品及相關金融資產負債之損益，其財務報導是否具有價值攸關性；（2）金融資產減損損失對投資人之影響是否重大；（3）可能產生減損損失之金融資產其財務報導是否具有價值攸關性；以及（4）財務會計準則第34號公報第二次修訂對投資人之影響為何。 / 本研究之主要發現如下：（1）以公平價值認列之金融商品具有價值攸關性，亦即其對投資人具有參考價值；（2）金融資產減損損失及無活絡市場之債券投資具有價值攸關性，金融資產減損損失增加時，會降低公司之價值，而影響投資人決策；以及（3）第34號公報第二次修訂之內容，對股價具有負向之解釋能力，亦即投資人並不認為金融商品重分類規定之放寬，有助於降低金融風暴對於金融業可能帶來的衝擊。 / Since the U.S. subprime mortgage crisis broke out in July, 2007, it not only inflicted heavy losses to global financial markets, but also caused changes in accounting standards. Using the financial industry in Taiwan as research sample, this study examines: (1) whether financial instruments measured at fair value and their reported gains and losses in the financial statements have value-relevance; (2) the influence of impairment losses of financial assets; (3) whether the financial instruments related to impairment losses of financial assets are value-relevant; and (3) the influence to investors before and after the Statements of Financial Account Standard (SFAS) No. 34 second revised. / This study’s major findings are as follows. The financial instruments measured at fair value are value-relevant and can provide incremental information to investors. Impairment losses on financial assets and non-active market investments also have value-relevance. If a company has more impairment losses on its financial assets, it may negatively affect the firm’s value and change investors’ decisions. As for the second revision of SFAS No. 34, it did not reverse investors’ expectations of the negative effect of the aforementioned financial crisis on the financial industry in Taiwan.