This thesis deals with the usage of management accounting information for motivation and evaluation of employees. The first part is theoretical and it intorduces the basic approaches to motivation, and follow-up evaluation system. The various motivation theories and their potential application in practice are discussed. The practical part describes the motivation system in a particular company. First the Glasswork company is introduced and afterwards its motivation system is described. The motivation system in the Glasswork consists of indicators, which are used to calculate bonusses. Considerable attention is therefore devoted to these indicators in this thesis. At the end of the practical part is assessing if the indicators and the related algorithms to calculate the bonusses are set appropriately and that the motivation system works effectively. Finally the changes to improve the current situation are designed.

Announcements of acquisitions of publicly traded companies are usually accompanied by their share price booming by tens of percent. The underlying reason is that the acquirer of the company gains a controlling stake, due to which he can help the company pivot in the desired direction or benefit from synergy effects. A minority investor, by definition, is not capable of doing this, thus he is willing to pay a lower price for the shares than the acquirer of the controlling stake. The thesis analyzes whether a minority shareholder can profit from the acquisition premium by purchasing shares of companies which he believes will be later acquired. The paper consists of two parts - theoretical and analytic. The theoretical part discusses the significance of the acquisition premium and its value, with regard to the type of investor and his motivations for the acquisition. The theoretical part yields into the analytic part, where acquisition waves are tested. It also includes an analysis of individual acquisitions and their underlying reasons, which are grouped into categories in order to find patterns of aquired companies.

Diplomová práce se zaměřuje na zkoumání fiskálních pravidel - omezení fiskální politiky, která byla přijata v průběhu devadesátých let 20. století. Zkoumané země se dělí na dvě skupiny. Zaprvé se jedná o anglofonní země (Spojené království, Austrálie, Nový Zéland) s odlišným právním a politickým systémem než země druhé skupiny - Evropské měnové unie, které musely akceptovat tzv. Maastrichtská kritéria a Pakt stability a růstu. Analýza efektivnosti fiskální pravidel, která zahrnují pravidla numerická, procesní i transparentnostní, se zaměří na rizikovou prémii u úrokových sazeb finančního trhu jednotlivých zemí, na tzv. sovereign rating hodnotící kreditní riziko a samozřejmě také na konkrétní výsledky působení pravidel na fiskální agregáty jednotlivých zemí. Ačkoliv byla klíčová pravidla přijata až v devadesátých letech, reflektovala určitý vývoj veřejných financí v minulosti, proto se práce zaměří také na historické aspekty vzniku těchto pravidel, které hrály důležitou roli při jejich konstrukci. Výsledkem analýzy pak bude mezinárodní komparace efektivity fiskálních pravidel, která pomůže formulovat obecnější hospodářsko-politická doporučení pro země s rizikovým vývojem veřejných financí.

The diploma thesis focuses on issuance of the primary bond by non-financial companies on the Prague Stock Exchange (PSE). In the theoretical part were described the main parameters of securities and financial indicators of companies that build the risk premium and discussed options of risk-free base. The application part presents the evaluation of major factors influencing price and bond rates on the example of emissions carried on the PSE.

Green bonds present a promising tool enabling investors in fixed-income mar- kets to finance environmental projects. Yet, the pricing of green bonds with respect to conventional bonds remains an open question. This thesis in- vestigates the existence of a yield differential between green and equivalent conventional bonds in the secondary market. By matching green bonds with synthetic conventional bonds and performing a fixed effects panel regression of the yield spread, we find evidence of a small negative premium associ- ated with green bonds ("green premium"): as a result of high demand from value-seeking investors, the yield of green bonds is on average 1.12 basis points lower than that of their conventional counterparts. The variation in the magnitude of the green premium with bond characteristics is further examined through a cross-sectional regression. We show that external ver- ification of the bond's green credentials and assurance on its post-issuance allocation report significantly increase the estimated green premium. Finally, the green bond's yield seems to decrease in case proceeds are used to finance new projects, while refinancing existing projects results in an increase in the bond's yield. Our findings provide valuable insights into the field of green bond pricing. While the...

The dissertation thesis deals with discounts and premiums in business valuation, especially lack of marketability discount and control premium (minority discount). There are no complex theoretical publications concerning these topics in the Czech Republic. Abroad, the publications are mostly descriptions and results of empirical studies originated in U.S. markets. These empirical studies usually deal with a single or a few aspects of a discount or premium. There are still some blank areas in the discounts and premiums theory even abroad, such as the sources of control premium, relationship between the levels of value and standards of value, the relation between the value of a company as a whole and the value at the level of shareholders. I develop a theoretical model of control premium, in the dissertation, which is trying to fill-in these blank areas and thus help practitioners to deal with the control premium or minority discount in a correct way. Moreover the model shows how protection of minority shareholders in general and especially during acquisitions influences the magnitude of control premium. It also shows that the magnitude of control premium depends on the market competition structure. If the competition is perfect (as we can suppose it would be at financial markets for minority interests) or there is a strong oligopsonistic competition the subjects of transaction are not able to influence the price, whereas for monopsonic structure (as it usually is in the M&A market in the Czech Republic) the subjects can influence the price. For monopsonic structure at the M&A market I conclude it is impossible to estimate the value of transaction as a point estimate since it will depend on nonfinancial factors what the price of transaction will be. We can only estimate the upper and lower boundary of interval the final price of transaction will lie within. The boundaries are the maximum price for the acquirer and minimum price for the seller in the sense of German Köln School. The dissertation also tests the possibility and theoretical correctness of using the results of foreign empirical studies of discounts and premiums for valuing businesses in the CR. We analyze the methodology and synthetize the problems connected with application of results of various studies. I conclude that it is impossible to use the results directly in the conditions of the CR. I suggest there should be a deeper analysis done and factors that influence the magnitude analyzed and considered. We should not rely just on averages. The thesis also contains an empirical part testing the magnitude of the lack of marketability discount in the Czech Republic.

The diploma thesis deals with the topic of discounts and premiums in the valuation theory. More specifically, it covers the area of entity-level discounts. First part of the thesis is devoted to general theoretical analysis of the topic. Next chapter is dedicated to key person discount and portfolio discount, including empirical evidence, relevant factors of influence, their quantification and several case studies. Final part of the thesis describes possibilities of utilization of these two types of discounts in Czech practice.

The aim of this thesis is to analyze the functioning of Fair Trade and define the main opportunities which it offers to the producers from Africa. The first chapter contains the typical features of this concept, its definition, essential principles, methods of certification, a brief historical overview and current development. It also introduces some important international organizations involved in Fair Trade. The second chapter focuses on Fair Trade in Africa. It includes the analysis of African market, SWOT analysis and definition of some important Fair Trade organizations in Africa and their main activities. The emphasis is given to Fair Trade in Africa, the utilization and distribution of Fair Trade premium, commodity structure, number of farmers involved in the concept of Fair Trade and some other factors. The last part is devoted to the cocoa industry in Africa and two major cooperatives operating in the Ivory Coast and Ghana.

The topic of this thesis is the evaluation of risk in enterprise. First section summarizes common knowledge related to investment process and states methods used for analysis of risk and investments efficiency. Second part evaluates economic efficiency and risk of a future investments in the particular enterprise. Projects are critical to the realization of performing organization's strategies. Each project contains some degree of risk and it is required to be aware of these risks and to develop the necessary responses to get the desired level of project success. Because projects' risks are multidimensional, they must be evaluated by using risk evaluation methods. The aim of this part is to provide an analytic tool to evaluate the project risks. At first the thesis analysis net present value and other investment criteria of the construction project without risk factors. Subsequently the projects' risks are are evaluated by using risk premium. To study of how projected performance varies along with changes in the key assumptions on which the projections are based is used the sensitivity analysis. The main sources for data was the enterprise environment.

The aim of the work is to analyze the theoretical basis of determination of the market risk premium in conditions of the national market in the Czech Republic with CAPM and practical procedures of its determination using the market data provided by Bloomberg. The work addresses some open problems of practical determination of market risk premium as a choice between historical and implied risk premium, determination of credit spread as a representative of country risk and accurate determination of the equity and bond market volatility ratio. The thesis also contains research on the cost of equity and single-factor sensitivity analysis demonstrating the significant influence of a small change in one parameter entering the calculation of the discount rate on the resulting value.