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11	Právní aspekty derivátů / Legal Aspects of Derivatives Krupová, Tereza January 2011 (has links) Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...
12	Porovnání výkonu v bruslařském testu s kotoučem a bez kotouče u obránců a útočníků z kategorie Extraligy mladšího dorostu / Comparison of performance in test of skating with and without the puck among the Extraleague U16 competition defensemen and forwards Škripko, Pavol January 2012 (has links) Title: Comparison of performance in test of skating with and without the puck among the Extraleague U16 competition defensemen and forwards Objectives: The aim of this diploma thesis is to compare basic ice hockey skills of defensemen and forwards in a skating test carried out with and without the puck. We would like to analyze the data we receive, draw conclusions about the skills of players and come up with practice recommendations for defensemen and forwards. Methods: The diploma thesis was written from a methodological point of view based on experiment, which resulted in a comparative analysis by using different statistical methods. The testing was done on ice hockey stadiums of HC Hvězda Praha, HC Slavia Praha and HC Letci Letňany. The tested group of ice hockey players came from HC Hvězda Praha, HC Slavia Praha and HC Letci Letňany who play in the Extraleague U16 competition. Results: From the results and comparison of average performances of the U16 players we can conclude that the defensemen did not dominate over the forwards in backward skating, tests carried out with the puck. The difference performances of backward skating without the puck was 0,12sec (in favor of the forwards) and in backward skating with the puck 0,69sec (in favor of the forwards). And not even when comparing deficient...
13	Análisis de la norma de control contemplada en el artículo 12 de la Ley 20.544 que regula la tributación de los contratos derivados Reyes Taha, Juan Francisco January 2012 (has links) Tesis (para optar al grado de magíster en derecho tributario) / El presente trabajo busca describir los contratos de derivados financieros más comunes, y explicar someramente el régimen tributario aplicable a los mismos al amparo de la ley N° 20.544 de 22 de octubre de 2011. Asimismo, busca dar cuenta de la posibilidad de utilizar a los instrumentos derivados financieros como instrumentos de planificación tributaria por medio de los cuales se puede pretender evitar la aplicación de ciertos impuestos sobre la base de la celebración de contratos con efectos económicos idénticos pero tratamientos tributarios más favorables. En este contexto, surge una norma de control del artículo 12 de la ley N° 20.544, la cual busca dotar al Servicio de Impuestos Internos de herramientas de fiscalización y control adecuadas para hacer frente al empleo de instrumentos derivados con fines de planificación. En el afán de explicar dicha norma de control indagamos en el origen de la norma, los límites y restricciones que puede tener la misma al importar una verdadera interpretación económica del hecho gravado y el efecto que creemos tiene el establecimiento de dicha norma en el esquema fiscalizador del Servicio de Impuestos Internos, explicitando los requisitos que dicho Servicio debe cumplir a efectos de aplicar la misma Chile. Ley no. 20.544. Artículo 12 Chile. Servicio de Impuestos Internos Derecho tributario--Chile Planificación tributaria Contratos de seguros--Chile Contratos de derivados financieros Instrumentos derivados financieros Futuros Forwards Swaps
14	Instrumentos financeiros para administração do risco cambial Freitas, Gustavo Wanderley Dias de 25 May 1994 (has links) Made available in DSpace on 2010-04-20T20:14:50Z (GMT). No. of bitstreams: 0 Previous issue date: 1994-05-25T00:00:00Z / Analisa os instrumentos financeiros disponíveis para administração do risco cambial: Futuros, Forwards, Swaps e Opções. Apresenta um resumo dos principais fatos na história do mercado cambial internacional; as principais características deste mercado; os tipos de exposição cambial; e as principais estratégias de utilização dos instrumentos estudados. Câmbio Risco cambial Instrumentos financeiros Contratos futuros Contratos de Forwards Administração de empresas Administração cambial Administração de risco Câmbio Hedging (Finanças) Mercados financeiros futuros
15	Tributación de los Instrumentos Derivados Salah Abusleme, María Agnes January 2006 (has links) Memoria (magister en derecho tributario) / No autorizada por el autor para ser publicada a texto completo / Los instrumentos derivados adoptan su denominación a causa de que su precio deriva o depende del precio del activo que los subyace. Dentro de las categorías de instrumentos derivados más utilizados se puede mencionar a los futuros y los forwards, contratos en los que las partes se comprometen a comprar y vender un activo determinado en una fecha futura a un precio que se fija en la negociación; los swaps, contratos que básicamente consisten en un intercambio de flujos monetarios o de valores en el tiempo; y las opciones, contratos que otorgan a una de las partes el derecho a comprar o a vender en el futuro a un determinado precio a cambio del pago de un precio o prima. Vemos así que el denominador común de estos instrumentos es el futuro. En este sentido se contraponen a las operaciones que se desarrollan en el mercado spot o efectivo, constituido por los mercados en tiempo presente Derecho Derecho tributario--Chile Tributación--Aspectos jurídicos--Chile Seguros derivados--Chile Bolsas de productos--Chile Especulaciones mercantiles Instrumentos derivados Futuros Forwards Swaps
16	Špecifiká riadenia menových operácií nadnárodných firiem / Specifics of Currency Transactions in International Companies Gregová, Silvia January 2012 (has links) International companies perform business transactions in different countries all over the world and must be able to manage their financial assets in various currencies. Significant foreign exchange alteration can markedly harm market value of any company. The companies use so called 'hedging' to avoid such situations. The aim of this master thesis is to analyze specifics of currency operations based on a case study in the international company and its transaction exposure. The thesis discovers that the selected company uses only two types of 'hedging'.
17	Análise das alternativas de proteção cambial para uma empresa multinacional do setor químico atuando no Brasil: uma discussão sobre modelo de proteção cambial com enfoque em custo para as operações de uma empresa importadora Santos, Rafael Fernandes 24 February 2017 (has links) Submitted by Rafael Fernandes Santos (fernandes.s.rafa@gmail.com) on 2017-03-17T18:37:53Z No. of bitstreams: 1 RAFAEL FERNANDES REVISÃO v5 Arthur.pdf: 1011335 bytes, checksum: 84d175672e25f360d8a50ee49efed09c (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2017-03-17T18:39:15Z (GMT) No. of bitstreams: 1 RAFAEL FERNANDES REVISÃO v5 Arthur.pdf: 1011335 bytes, checksum: 84d175672e25f360d8a50ee49efed09c (MD5) / Made available in DSpace on 2017-03-20T11:04:27Z (GMT). No. of bitstreams: 1 RAFAEL FERNANDES REVISÃO v5 Arthur.pdf: 1011335 bytes, checksum: 84d175672e25f360d8a50ee49efed09c (MD5) Previous issue date: 2017-02-24 / This study addresses the practice of cash flow hedge operations within organizations, what are the main economic variables linked to the decision, instruments used, costs and benefits associated with the operation of an importing nature chemical company in Brazil. This issue is relevant because in an environment of high interest rates and exchange rate volatility it becomes increasingly challenging to make a decision regarding a currency protection model that minimizes its operational cost. The objective of this study is to identify a hedge model that minimizes the operational costs involved in this activity, taking into account the nature of the operation and the characteristics of the company’s cash flow. To achieve this, a study was conducted based on a quantitative experimental research approach that aimed to simulate the exchange rate hedge operations of the company using two types of financial instruments and comparing the costs of this simulation with the model that is being used in the last three years. The results contribute to the improvement of the management of the currency hedge in the company in question, through the proposed simulation and understanding of the main variables that can affect the price of the derivatives in order to reduce the operational cost of this activity in comparison with the current scenario. / Este trabalho aborda a prática de operações de hedge de fluxo de caixa dentro das organizações, quais são as principais variáveis econômicas atreladas à decisão, instrumentos utilizados, custos e benefícios, associados à operação de uma empresa química de natureza importadora no Brasil. Tal questão é relevante pois em um ambiente de altas taxas de juros e volatilidade cambial torna-se cada vez mais desafiador a tomada de decisão com relação à um modelo de proteção cambial que minimize o seu custo operacional. O objetivo deste trabalho é identificar um modelo de hedge que minimize os custos operacionais envolvidos nesta atividade, levando em consideração a natureza da operação e as características do fluxo de caixa da companhia em questão. Para atingí-lo foi realizado um estudo, pautado em uma abordagem de pesquisa do tipo quantitativa experimental visando simular as operações de proteção cambial do fluxo de caixa da companhia utilizando dois tipos de instrumentos financeiros e comparando os custos advindos dessa simulação com o modelo que vem sendo utilizado nos últimos três anos. Os resultados contribuem para a melhoria da gestão do hedge cambial na empresa em questão, através da simulação proposta e do entendimento das principais variáveis que podem afetar o preço dos derivativos visando reduzir o custo operacional desta atividade em comparação com o cenário atual. Modelos de hedge Contratos a termo Custo do hedge Risco cambial Empresa não-financeira Empresa importadora País emergente Hedging models Forwards FX risk Hedge cost Non-financial company Emerging market Administração de empresas Hedging (Finanças) Administração cambial Câmbio Empresas multinacionais
18	Valuta och internationellt bistånd : Svenska biståndsorganisationers hantering av valutaköp och valutarisk / International Aid and Currency : Currency management and foreign exchange risk management of Swedish non-governmental organizations. Backlund, Eric, Sörensson, Jonathan January 2015 (has links) Bakgrund: Biståndsorganisationer (NGOs) är verksamma i hela världen och exponeras följaktligen mot valutarisk. Organisationerna hanterar biståndsmedel i så väl vanliga som ovanliga valutor när de på olika sätt finansierar lokala samarbetspartners. Andelen forskning om hur biståndsorganisationer hanterar valutaköp och valutarisk är begränsad och denna studie avser att studera området ytterligare. Syfte: Studien ämnar att utifrån riskhanteringsteori samt best practice analysera problematiken kring exponeringen mot valutarisk för svenska NGOs samt dess biståndsmottagare. Syftet är även att på detta sätt kunna diskutera generella strategier för svenska NGOs valutahandel och valutariskhantering. Genomförande: Den kvalitativa ansatsen utgörs av informationsinhämtning i form av nio intervjuer som utformats efter teori samt tidigare studier. Genom fem intervjuer med svenska NGOs ges en bild av hur organisationernas processer och behov ser ut relaterat till valutariskhantering. Information om hur valutarisk- och valutahantering bedrivs i praktiken samt hur experter inom området ser på NGOs nuvarande hantering baseras på fyra intervjuer med aktörer inom valutarisk- och valutahantering. Studiens empiri från genomförda intervjuer analyseras med stöd i studiens teoretiska referensram samt tidigare studier. Slutsats: Studien visar att problematiken kring valutahandel och valutariskhantering är mer komplex än den verkar vid en första anblick samt att syftet med valutariskhantering skiljer sig mellan vinstdrivande företag och ideella organisationer. Det framgår även att NGOs i nuläget överför merparten av exponeringen mot valutarisk till motpart genom avtal och att NGOs med stor andel bunden finansiering inte har möjlighet att utförligt undersöka eller implementera valutariskhantering. Slutligen har ett antal strategier utvecklats för att mer kostnadseffektivt köpa valuta. / Background: Non-governmental organizations (NGOs) are active in most parts of the world and are consequently exposed to foreign exchange risk. The organizations manage aid funds in both common and uncommon types of currency when they in different ways finance local cooperation partners. The amount of previous research how aid organizations handle the management of currency trade and foreign exchange risk is limited and this study aims to examine the area further. Aim: The study aims to analyse the complex of problems regarding exposure to foreign exchange risk for both Swedish NGOs and their cooperation partners, to do so on the basis of foreign exchange risk theory and best practice. The aim is in such a way to discuss general strategies for currency trade and foreign exchange risk management for Swedish NGOs. Completion: The qualitative approach consists of nine interviews that have been designed in accordance with theory and previous research. A picture of the organizational processes and needs of Swedish NGOs regarding foreign exchange risk- and currency trade management was given by five interviews with NGOs. Information concerning how foreign exchange risk- and currency trade management is utilized in practice and how experts in the field perceive current management of NGOs was gathered from four interviews with actors within foreign exchange risk- and currency trade management. The empirical data is analysed on the basis of the theoretical framework and previous research. Conclusion: The study shows that the complex of problems regarding foreign exchange risk- and currency trade management are not as straightforward as at first glance. It also indicates that foreign exchange risk management differs between for-profit businesses and non-profit organizations. It appears that NGOs currently transfer all foreign exchange risk exposure to its counterpart through contracts. The investigation and implementation of foreign exchange risk management is not possible for NGOs with a large ratio of restricted funds. Finally a number of strategies have been developed for a more cost-effective currency trade. currency foreign trade FX aid NGOs NGO non governmental organizations organizations risk humanitarian international management options forwards swap USD EUR exposure transaction translation effective efficient bistånd NGOs NGO biståndsorganisationer hjälporganisationer humanitära organisationer biståndsmedel valuta valutahandel valutakurser valutarisk risk riskhantering valutaköp transaktionsexponering translationsexponering hård valuta exotisk valuta valutaförlust valutahantering valutariskhantering svenska biståndsorganisationer SIDA ramorganisationer ramavtal avtal om rambidrag optioner terminer valutaoptioner valutaterminer NDF förlustfinansiering intern riskreducering ekonomisk effektiv

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