The topic of the submitted thesis is the Economic and legal aspects of IPO (Initial Public Offering) and its purpose is to describe the process of an Initial Public Offering and subsequently apply the findings in the case study of one particular IPO - Pivovary Lobkowicz Group. The thesis is composed of six chapters, each of them dealing with different aspects of Initial Public Offering. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into five parts. Part One describes the capital market. Part Two deals with IPO history, its subpart One with global history and subpart Two with Czech history of IPO. Part three focuses on securities, its subpart One on securitues in general and subpart Two on shares specifically. Part four explains the share issue. Part five looks at the term Initial Public Offering itself. Chapter Two illustrates the reasons for an IPO. The chapter consists of six parts. Part One focuses on acquiring capital. Part Two investigates the prestige and credibility. Part Three addresses the issue of marketing use and advertising. Part four examines benefits for existing shareholders. Part five describes obtaining information about company value. Part six deals with increasing employees involvement. Chapter Three is subdivided into...

[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.

The thesis "IPO analysis in Czech Republic" focuses on initial public offering (IPO) issue applied on the Czech capital market. The beginning of the thesis focuses on IPO characteristics and company's alternative financing. The work describes IPO process in detail in case of an issue on the Prague Stock Exchange and the long-term performance characteristics of the new issues further. The ending focuses on the current Czech capital market, the Prague Stock Exchange and the investors.

The aim of this master thesis is the analysis of the possible forms of funding business in the Czech Republic with a focus on non-bank sector - performance of these types, their advantages and disadvantages, and implementation analysis of the choice of sources of funding the project Rapol. The work is divided into four chapters. The first chapter deals with the theoretical performance forms of financing business in the Czech Republic divided into internal (net cash flow, reserves) and external sources of funding (Issuance of shares, EU structural funds, venture capital, Business Angels, government grants, leases, bonds, trade credit, factoring, forfeiting, quiet community). The second chapter is devoted to the characteristics of firms Rapol s.r.o. and RBB Invest a.s. and the third chapter the characteristics of the project Rapol. Last, the fourth chapter, represents the analysis of the choice of sources of funding the project Rapol.

The topic of this Master's thesis is to define the product offering for start-up called Honey Hive and to describe the process supporting the product portfolio definition. Product portfolio definition is based on the theory of 4P (Marketing mix). The whole process of defining the product offering is based on 4P -- Price, Product, Promotion and Place. Each aspect brings its own view into product offering -- from defining the pricing strategy, through suppliers mix definition to the competition analysis. Honey Hive's day-to-day business is based on offering the honey and honey based products. It will be located within attractive environment of Cesky kras. Honey Hive intends to capitalize on regional tourism increase and modern trends of consuming local products.

Tidigare studier visar på ett samband mellan årstidsbunden depression och underprissättning vid börsintroduktioner på den amerikanska marknaden. Studien undersöker detta samband på börsintroduktioner genomförda i Sverige, där prevalensen av årstidsbunden depression är hög. Prevalensen och effekten av årstidsbunden depression skattas genom dagslängd och förändringen av dagslängden. För att besvara forskningsfrågan utförs tre regressionsanalyser på studiens urval bestående av 147 börsintroduktioner genomförda år 2006 till 2019 på Nasdaq OMX Stockholm och Nasdaq First North. Resultatet visar en genomsnittlig underprissättning på 8,2%. Däremot uppvisas inget signifikant samband mellan årstidsbunden depression och underprissättning.

The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.

The initial idea for this research is based on the gap that I found in my company performance and specifically in the process of value offering and the relationship with customers. The company has recently faced the challenges of a loss of market share and competitive advantage. The aim of this study is to provide a validated value offering constructs for the company. That is, knowing the customers’ needs, value and preferences better; identifying what kind of value the customers are looking for and improving the value offerings of the company in order to raise customers´ satisfaction. Understanding the priority of value offering elements from customers’ perspective, the nature of customer satisfaction and the relationship between the elements of value offering and customers´ satisfaction are the main objectives. The relevant literature and research related to value offering including its elements, value, perceived value and customer satisfaction are reviewed comprehensively. The methodology used is a case study. Both quantitative and qualitative methods are used for collecting and analysing the data. In qualitative phase, 16 customers were selected for in-depth interviews and for quantitative phase 268 customers who all are dentists responded a survey made up of 24 scales. The result showed that the highest significant element is Price value and also it was revealed in which important parts related to value offering and customer satisfaction the company is performing poorly.

No description available.

Underprissättning vid en börsintroduktion (Initial Public Offering, IPO) har blivit ett uppmärksammat fenomen inom litteraturen för företagsfinansiering. Tidigare forskning har identifierat en trend att IPO:er är i genomsnitt underprissatta, och graden av underprissättning kan variera kraftigt. Men en enhetlig förklaring till denna variation har ännu inte kunnat fastslås. Fenomenet har studerats på internationella och lokala reglerade marknader, men ingen studie har hittills gjorts på en svensk oreglerad marknad. Syftet med uppsatsen är således att bidra till den existerande forskningen om underprissättning vid en börsintroduktion genom att undersöka huruvida det föreligger ett samband mellan resultatvolatilitet innan en börsintroduktion och graden av underprissättning av en IPO på den svenska marknaden. Urvalet består av 96 företag som noterats på First North Stockholm under åren 2017-2022, och för att undersöka sambandet genomförs en multipel linjär regressionsanalys. Vi kan konstatera att under den studerade tidsperioden var svenska IPO:er som noterats på First North i genomsnitt underprissatta med 6.52 %, och vi finner ett svagt stöd för vår hypotes att det föreligger ett positivt samband mellan resultatvolatilitet innan en börsintroduktion och underprissättning.