The diploma paper offers a complex view on hedging of a foreign exchange risk in a concrete company, which is highly dependent on export. Preliminary theoretical part sums up all the possibilities how to avoid risk, including hedging or financial derivatives. Specific attention is paid to in practise always more popular option strategies. Practical part then try to apply all the acquired knowledge on a concrete company. After the complex analysis of revenues and expenditures is presented analysis and evaluation of the whole hedging strategy.

Diplomová práce mapuje vliv kurzového rizika na finanční řízení mezinárodních firem. Predstavuje metody a nástroje mezinárodního finančního řízení a řízení treasury. Dále popisuje instrumenty, které společnosti používají k zabezpečení proti kurzovému riziku. Na praktickém příkladu velké mezinárodní korporace práce ukázuje procedury a prostředky řízení tohoto rizika.

This thesis deals with selected aspects of financial management of transnational corporations and describes the impact of foreign exchange risk on these companies. The theoretic part of this thesis explains terms like cash pooling, netting and concerns the issue of transfer prices. Furthermore the principles of foreign exchange risk, transaction, economic and translation exposure are defined with focus on financial derivatives that serve as instruments for managing and hedging the risk. The practical part depicts the case study, in which the theoretical knowledge has been applied to a chosen international company.

This paper concentrates on the analysis of currency crises in economies undergoing economic transition. The papaer begins with a brief introduction of contemporary exchnage rate regimes, which is followed by an analysis of the history of the World monetary system. The following chapters concentrate on the analysis of the monetary development in selected transitional economies. In case of the the first one, The Czech Republic, the analysis includes the period from the times of the centrally planed economy, through the initial transformation and the currency crisis of 1997 to the present day. In case of the other countries included in this paper, Latvia, Estonia, Lithuania and Icelnad, the analysis concentrates on the current critical development in these economies. Apart from the analysis of the selected currency crises, the objective of this paper is to draw conclusions relevant to the future development of currency policies in the transitional economies.

The thesis describes questions of exchange differences in accordance with czech generally accepted accounting principles and in accordance with the International financial reporting standards. The thesis explains exchange rates used on the Czech Republic and czech accounting principles. The second part of this thesis is focused on International financial reporting standards. It makes clear what the functional currency is. It describes translation from the local currency to the functional currency and the translation from the functional currency to the presentation currency. It relates consolidated financial statement in the view of exchange differences.

The thesis describing Strategy of business unit is divided into three parts. First theoretical part summarizes strategic management together with strategic analysis, consisting of external and internal part. Second part describes operations on betting market, contemporary Czech market, its development and actual services offered. Last part analyses the strategy of Tipsport Company. It contains basic characteristic of the company followed by development of individual parts of business strategy such as SWOT and PEST analysis and marketing strategy.

Recent crisis and economic recession caused in many countries problems with drop in inflation and overall downturn in economic growth. The Central Banks found themselves in so called zero lower bound. This thesis describes the situation of deflation, zero lower bound and liquidity trap. These conditions called for the use of alternative monetary policy tools. The main goal of the thesis is to evaluate the use of foreign exchange rate intervention as unconventional tool in a small open economy with inflation targeting regime represented by the Czech Republic in the analytic part. Thesis examines other non-standard instruments and provides reasons for the Czech National Bank decision. The analysis shows the complexity of the issue and provides the evidence that exchange rate commitment was not displayed to the desired price level. The tool could lead to expected repercussion, but the effect is impacted by factors, which Central Bank cannot control. The effect of the CB way to fight the decreasing inflation will be better shown after the CB exit from the commitment.

The subject of the diploma thesis is Foreign Exchange Management. The aim of the thesis is to analyse the differences of FX management in multinational corporations based on the case study. The theoretical part focuses on the possibilities of FX exposure management. In the case study the process of FX management in particular multinational company is analysed.

The aim of the diploma thesis is to analyze the exchange rate risk, to suggest and demonstrate the possibilities of the risk management in the case study of AWT Group. The conclusions of the case study are generalized to be utilizable for other companies. Diploma thesis is divided into two main parts - theoretical part and case study. Concept of exchange rate risk and ways of its management are explained in the theoretical part. The theoretical knowledge is applied to praxis in case study of AWT.

The aim of this Diploma thesis is to describe and explain how to identify, quantify and eliminate negative effects of exchange rate fluctuation. Both internal and external methods of hedging are considered. A recommendation of an appropriate complex hedging strategy relating to a specific Czech technological company forms the second part of the thesis. This provides a guidance to practical use of the theoretical relations described in the first part.