This Master's degree thesis focuses on shares from in the context of provision of stock law in the context of provision on securities or book-entry securities under civil law. In the first part the quality of connection of the right and the list is analyzed including situations when the shareholder's right can exist independently of the security list. Also the definition of securities is reviewed which apply to shares only with certain reservation described here. The functions and the most important features of shares, such as the substitutability and tradability of shares on a regulated market, are also discussed. The thesis further reflects the fact that the share can also be issued as a book-entry security, the regulation of which has been separated from the category of securities and therefore forms a separate category. The last alternative is the share in the form of an immobilized security whose character is based on the adjustment of the securities as the share's list is preserved, as well as the book-entry securities through registration in the register. The second part analyzes registered shares and bearer shares. These forms of shares are distinguished by their requisites, but also by the extent of the limitations that are set out in these forms. Above all, it is a ban on bearer shares in...

The aim of this graduation thesis is to provide detailed description of actual state of Czech male deodorant and antiperspirant market with putting emphasis on Axe brand, which makes efforts to become the leading brand of this dynamic market. The thesis is structured into three chapters. First chapter is mapping Czech male deodorant market and Czech retail market as well. Axe brand and its local and global activities are introduced in the second chapter. Last chapter of graduation thesis extensively describes evolution of single indicators in Czech male deodorant market which are decisive for practical area of trade marketing.

Customer Reward Programs (CRP) have increasingly been used in many industries and markets worldwide with the purpose of gaining customers and retaining their loyalty through repeated purchases in exchange of rewards. Currently, most of the retailers in the Swedish grocery store sector have implemented CRP of different types, from simple discount-based programs to complex multipartnership structures. Previous works have been carried on the competitiveness of the grocery retail market in Sweden, but these haven’t addressed the role of the CRP. Therefore, the objective of this thesis was to analyze the performance of the CRP offered by Ica, Coop, Citygross, Willys and Hemköp from a customer loyalty perspective. The discount store Lidl was also included although they haven’t implemented a CRP. The retailers included in our study covered approximately 93% of the market share in Sweden.   Data was collected through anonymous online surveys that included 12 questions addressed to households living in several Swedish cities. The online surveys allowed us to gather demographics data and info about CRP memberships, purchasing habits, customer loyalty, reward preferences, and customer awareness. In total 134 households replied the survey.   We found high store loyalty among the respondents. However, the strong preference for conveniently located stores indicated that most customers enroll in the CRP to take advantage of the repeated visits they already do to a certain store, which has a favorable location. In other words, we suspect customers become store loyal and then they enroll in the CRP. This attitude is masked as true loyalty but in fact it only implies a behavioral loyalty. Further deeper analysis shall be performed to confirm this finding.   We observed a clear increase of the customer loyalty (measured by share of wallet and purchase frequency) in respondents enrolled in CRP compared to not-enrolled counterparts. Households with children and households with high income had a greater tendency to participate in CRP and these two groups exhibited higher customer loyalty. Our results showed that the package of benefits and rewards offered by the CRP alone does not capture many customers into the CRP. Instead, customers looked for store location, quality and price as the appealing factors to enroll a CRP.   The survey results confirmed the dominance that Ica has over the Swedish grocery retail market. Further analysis combining level of expenditures and frequency of purchase showed that Lidl, Hemköp and Citygross performed quite similar within a group that does not capture great portion of the customer expenditure combined to a low purchase frequency. An output of our research showed that Lidl compete quite well with retailers that have CRP in place like Citygross and Hemköp, or on the contrary, that Hemköp with an advanced CRP does not attract customers sufficiently when compared to Lidl. An analysis based on the double jeopardy effect theory showed that Willys exhibits an “excessive loyalty”. This means, Willys had a higher frequency of purchase and level of expenditure than expected when compared against its market penetration level. Therefore, we identified that Willys overachieve results compared to the others retailers and also to Coop, its closest competitor. We concluded that a CRP with larger benefit scheme does not necessarily increases the customer loyalty to the store. Moreover, boosting CRP with multi-partnership programs that offer several experience rewards (spa, ski resorts, music events and travel tickets) could be inefficient for the grocery retailers since customers feel primarily attracted to immediate rewards related with groceries discounts.

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Master thesis deals with the issue of selected business share transactions from the accountancy and tax view. In the first part of thesis there are defined the basic theoretical concepts. The analytical part is focused on the analysis of the law connected with acquisition, holding and selling a business share. The practical part is based on acquired knowledge to elaborate a methodical tool. Suggest methodical tool is subsequently applied to the example.

In active portfolio management, fund managers seek to follow an investment strategy with the objective of outperforming an investment benchmark index. Opportunities to outperform a benchmark in active fund management is made possible through crosssectional dispersion of returns in the market. It is cross-sectional volatility of returns that allows fund managers to identify changing trends in market relationships and to take advantage of market opportunities.Quarterly active share and active return data of Domestic General Equity funds was used to determine whether the level of active share and active return has a correlation with volatility measures such as cross-sectional variance of returns or the South African Volatility Index (SAVI). The actively-managed funds’ outperformance of the benchmark index during periods of differing cross-sectional variance was also looked at. Lastly, the possibility of whether market volatility can be used to inform fund investment decisions was also examined.The findings in this study are that there is no significant relationship between the crosssectional variance of returns, active share and active returns. In measuring fund performance in times of differing cross-sectional dispersion and breaking the analysis period into such intervals rather than as a continuous time series, active funds outperform the benchmark index during periods of low and moderate cross-sectional variance. The SAVI can be used as a fairly accurate and readily available approximation of cross-sectional variance. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The diploma thesis deals with the topic of quality of life and well-being of Czech seniors with regard to forms of housing. The quantitative research of secondary data from the SHARE database was carried out in this work. To analyze these data, the methods of regression analysis and non-parametric tests were used in order to find out what influences the quality of life and well-being of Czech seniors with an emphasis on forms of housing. Another part of work is qualitative research, which was done by semi-structured interviews with seniors in order to elaborate the results of quantitative research in more detail. In the final part, recommendations leading to the improvement of the quality of life of seniors are proposed.

<p>Of every 10 workers in the world six work in the informal economy, while four out of every five organizations operate in the informal economy. An important sector in the informal economy is street food vending. Street food vendors not only earn their own living but provide a service to the market by making affordable food available quickly to the participants of the street market. While their role in the developing economies cannot be overlooked, not a lot has been known about them. This thesis explores street food vending in Afghanistan and Nigeria. Nigeria is used as an example for the rest of West Africa. In this thesis we will find out what crops are predominantly used by street food vendors, what are the impacts of price volatility on the profitability of street food vendors, are the vendors profitable, and how they make decisions under risk. We will be using tornado graphs, as well histograms, and cumulative density function to determine profitability and risk for street food vendors. We will also be using decision making trees to visualize how decisions are made by street food vendors.</p><p> </p>

This paper extends the scope of Earnings per share ("EPS") studies by incorporating Bushman et al. (2004)'s conceptual framework of corporate transparency to illustrate how the disclosure requirement of an accounting rule governing EPS could have far-reaching effects on the information environment in US. Informed participants are having a keener edger over average investors in using EPS as a guide to investment value. EPS signals a summary measure of firm performance to market participants. The market reactions to EPS and change in per share earnings provide a distinct opportunity to gauge the informativeness of earnings. The information role will nevertheless derail whenever there is an equity change. The accounting rule stipulates the use of a theoretical construct, the weighted average number of shares, in the denominator for EPS, which the average investor is unable to interpret as the number of shares at the reporting date is the actual, not average number of shares. Relative to the actual-share EPS, the average-share EPS will either inflate or deflate the per share earnings. The informed investors, who can substitute actual number of shares for the theoretical construct, are hence bestowed by the accounting rule an information advantage over the average investors. Earnings response coefficient is significant with denominator of EPS substituted while the explanatory power of theoretical-denominator EPS abates when it is contemporary with the denominator substituted EPS. Financial analysts' expertise in the provision of idiosyncratic information to the market has been compromised by the average-share EPS, which is reflected heretofore in proforma earnings forecasts errors. Proforma earnings use a numerator different from accounting rules and to further temper the denominator with the actual number of shares will make pro-forma EPS forecast unintelligible to users. The unintended consequence of inflating or deflating the per share earnings misleads average investors in their decision-making process. Analysts should not issue proforma earnings forecast while researchers should abstain from using theoretical-denominator EPS for sample firms with equity change as their policy prescriptions may further aggravate the problem. A simple remedy to change the accounting rule, SFAS No. 128 is eminently anticipated, if not warranted.