This Master´s thesis analyses problems with global classification of chosen subjects on capital market of the Czech Republic, determines inner stock value and with other factors gives the sign to the investor about buying stock of company. The aim of this thesis is to help investors with investing free finance resources to the capital market. This thesis takes into account the concrete requirements defined by investor.

The aim of the thesis is to assess the suitability of financing company’s project via initial public offering as well as to set the steps of the whole IPO process. The introductory section clarifies important terms related to the issue. Practical section deals with the company’s readiness and observance rate of assumptions of a successful emission. There are outlined individual steps in addition. The conclusion formulates own suggestions, including improving recommendation.

The diploma thesis deals with the consolidation rules, particularly the elimination of intercompany profit system resulting from reciprocal market activities in consolidating companies. These rules are further examined in terms of the efficiency and administrative burden. In the practical part of the information is evaluated.

Die anspruchsvollen Zielsetzungen zum CO2-Ausstoß von Kraftfahrzeugen verlangen immer stärker nach hocheffizienten Fahrzeugkonzepten und werden zukünftig zu deutlich höheren Elektrifizierungsanteilen der Antriebe führen. Die große Herausforderung liegt dabei in der Lösung des Zielkonfliktes zwischen voll elektrischem Fahren und erstfahrzeugtauglicher Reichweite. Im Rahmen eines Forschungsprojektes zur Konzeption von Hybridfahrzeugen hat die BMW Forschung ein Konzeptfahrzeug entwickelt, das im urbanen Bereich emissionsfrei betrieben werden kann und dennoch alltagstauglich für spontane längere Fahrten nutzbar ist (Abbildung 1). Die für dieses Projekt abgeleiteten Ziele waren ein Verbrauch von < 2,5 l im Ladungserhaltungsbetrieb, eine E-Reichweite von 100 km, eine BMW-adäquate Beschleunigung von < 8 sec von 0 auf 100 km/h, eine erstfahrzeugtaugliche Höchstgeschwindigkeit von 180 km/h, ein Raumangebot auf Niveau heutiger viersitziger Coupés im Kompaktsegment und eine Gesamtreichweite von 1.000 km (Eiletz 2015a). Im Rahmen des Beitrags werden sowohl Prozess und Vorgehensweise bei der Gestaltung des Hocheffizienz-Konzeptfahrzeugs als auch die Ergebnisse des Forschungsprojektes dargelegt.

The war represents one of the most conspicuous manifestations of the overabundance of energy that Georges Bataille has been theorizing as part of his theory of general economics. On the background of this facts, work seeks to define war as an inherently non-utilitarian expenditure of energy with which the human must necessarily contend. Next, the work attempts to question the common denominators of the excessive moments that war undoubtedly belongs to, and to point out their importance in philosophy of Bataille. The sovereignty that accompanies such moments will be further themed, bearing in mind the specificity that the author devotes to it, which breaks out of dialectical necessity. Keywords: Georges Bataille, sovereignty, accursed share, heterogeneity, self-consciousness, critique of utilitarity, war

Employee share options and Black Economic Empowerment deals are financial instruments found in the South African market. Employee share options (ESOs) are issued as a form of non-cash compensation to the employees of the company in addition to their salaries or bonuses. Its value is linked to the share price and since there is no downside risk for the employee his share option is similar to owning a call option on the stock of his employer. Black economic empowerment (BEE) deals in this report refer to those types of transactions structured by listed South African companies to facilitate the transfer of a portion of their ordinary issued share capital to South African individuals or groups who qualify under the Broad-Based Black Economic Empowerment Act of 2003 (“the Act”). This Act requires a minimum percentage of the company to be black-owned in order to address the disproportionate distribution of wealth amongst racial groups in South Africa due to the legacy of Apartheid. These transactions are usually structured in such a way to allow the BEE partner to participate in the upside of the share price beyond a certain level but not in the downside which replicates a call option on the share price of the issuing company. The cost of both ESOs and BEE deals has to be accounted for on the balance sheet of the issuing company at its fair-value. Neither of these instruments can be traded and their extended option lifetimes are features that distinguish these deals significantly from regular traded options for which liquid markets exist. This makes pricing them a non-trivial exercise. A number of types of mathematical models have been developed to take the unique structure features into account to price them as accurately as possible. Research by Huddart&Lang (1995&1996) has shown that option holders often exercise their vested options long before the maturity of the transactions but are unable to quantify a measure that can be used. The wide variety of factors influencing option holders (recent stock price movements, market-to-strike ratio, proximity of vesting dates, time to maturity, share price volatility and wealth of option holder) as well as little exercise data publicly available prevents the options from being priced in a consistent manner. Various assumptions regarding the exercise behaviour of option holders are used that are not based on empirical observations even though the option prices are sensitive to this input. This dissertation provides an overview of the models, inputs and exercise behaviour assumptions that are recognized in pricing both ESOs and BEE deals under IFRS 2 in South Africa. This puts the reader in a position to evaluate all pricing aspects of these deals. Furthermore, their structuring are also analysed in order to identify the general issues related to them. A number of methods to manage the pricing issue surrounding exercise behaviour on ESOs have been considered for the South African market. The ESO Upper Bound-methodology showed that for each strike there is a threshold at which exercise will occur and the employee can invest the after-tax proceeds in a diversified portfolio with a higher expected return than that of the single equity option. This approach reduces the standard Black-Scholes option value without relying on assumptions about the employee’s exercise behaviour and is a viable alternative for the South African market. The derived option value represents the cost of the option. Seven large listed companies’ BEE transactions are dissected and compared against one another using the fair-value of the transaction as a percentage of the market capitalization of the company. The author shows how this measure is a more equitable way of assigning BEE credits to companies than the current practice which is shareholding-based. The current approach does not reward the effort (read cost) that a company has undertaken to transfer shares to black South Africans but only focuses on the amount that is finally owned by the BEE participants. This leaves the transaction vulnerable to a volatile share price and leads to transactions with extended lock-in periods that do not provide much economic benefit to the BEE participants for many years. Other inefficiencies in the type of BEE transactions that have emerged in reaction to the BEE codes that have been published by the South African government are also considered. Finally the funding model that is often used to facilitate these deals is assessed and the risks involved for the funder (bank) is reflected on. / Dissertation (MSc)--University of Pretoria, 2011. / Mathematics and Applied Mathematics / unrestricted

Share-based incentive programs have become increasingly common in Sweden. At the same time, there is criticism of whether these have a positive effect on companies or not. The programs are intended to solve the so-called principal-agent problem, which arises when the ownership and control in a company are separated. Share-based incentive programs are intended to solve this dilemma by making the employees who participate in the program’s shareholders of the company. This study has examined whether share-based incentive programs benefit the companies’ shareholders. The study investigates this by using a first-difference method, based on the publicly traded companies at Nasdaq Stockholm. The study takes support from the principal-agent theory, the managerial power theory, and other studies within the field. The result from the study shows that there is no significant difference between the companies that use the share-based incentive programs and the companies that do not. Based on this result, it is concluded that share-related incentive programs do not benefit shareholders. / Aktierelaterade incitamentsprogram blir allt vanligare i Sverige. Samtidigt finns det kritik mot huruvida dessa har en positiv effekt för företag eller inte. Programmen är tänkta att lösa det så kallad agentproblemet, som uppstår när ägandet och kontrollen i företag är separerade. Aktierelaterade incitamentsprogram är tänkta att lösa detta dilemma genom att göra de anställda som deltar i programmen till aktieägare i företaget. Denna studie har därför valt att undersöka huruvida aktierelaterade incitamentsprogram gynnar bolagets aktieägare. Studien undersöker detta genom att använda sig av en first-difference metod som baseras på bolagen på Stockholmsbörsen. Studien tar stöd från agentteorin, managerial power teorin samt tidigare forskning inom området. Resultatet från studien visar att det inte finns någon signifikant skillnad mellan bolagen som använder sig av de aktierelaterade incitamentsprogrammen och bolagen som inte använder sig av programmen. Utifrån detta resultat dras slutsatsen att aktierelaterade incitamentsprogram inte gynnar aktieägare.

Thesis (MBA.) -- University of Limpopo, 2019 / This research examines the effect of human capital investment on the firm’s performance in South African companies. This research is important given that the human asset has been proven to be one of the most important assets in the organisation and therefore this research set out to examine whether human assets actually contribute to the performance of the firm in the Johannesburg Stock Exchange Social Responsible index (SRI). Therefore the objective of this research was to examine the relationship between human capital investment and firm performance in terms of sales turnover, share price and net profit. Secondary data on human capital investment and companies’ performance (sales turnover, net profit and share price) were collected from integrated report archives of the 28 best performing companies in the JSE SRI Index for the six years from 2010 to 2015. The theoretical foundation was on the human capital theory and related previous literature. The research adopted a quantitative paradigm and applied the regression statistics, which were analysed with the aid of the excel software. Findings from the regression analysis indicate p value of 0.04 for HCI and sales turnover, p value of 0.69 for HCI and the share price and p value of 0.16 for HCI and net profit. This therefore, means that, within the sample of companies, there is a significant relationship between human capital investment and sales turnover of firms and no significant relationship between human capital investment and share price, and net profit of companies. This finding indicates that the result may change from negative to positive with a longer period of data. Over the long term companies that invest in HC would experience profitability (within a range of 10 to 13 years) (Blundell et al, 1999).This means that future research should use a longer period of data and include more companies outside of the JSE SRI Index companies. The research recommends that there is a need for companies to invest in human capital to improve companies’ performance and to win customers’ confidence.

Tidigare forskning visar att om lärare utformar NO-lektioner med inslag av kritiskt tänkande, skapar elever ett större positivt intresse till undervisningen och attityderna förändras till dess innehåll. Syftet med studien är att ta reda på hur NO-lärare arbetar med att utveckla elevers kritiska tänkande samt om de kan använda färdigt material. Semistrukturerade intervjuer har genomförts med sex olika mellanstadielärare och det visade sig att lärarna använder tre strategier för att nå dit, vilka är repetition, progression i olika NTA- laborationer samt skriva kritiska frågor och arbeta utefter EP A-modellen. Studien visar att de intervjuade lärarna anser att det är viktigt att utveckla elevers kritiska förmågor och lärarna arbetar aktivt med detta på lektionerna. Avslutningsvis framhåller studien att lärarna aktivt behöver arbeta med elevers kritiska tänkande och med NTA-materialet, samt att Concept Cartoons hjälper läraren i denna process. / Previous research shows that if teachers design their science classes with elements of critical thinking, pupils’ create a greater positive interest in the teaching and attitudes change towards its content. The purpose of this study is to find out how science teachers work to develop pupils' critical thinking and whether they can use ready-made material. Semi- structured interviews have been conducted with six different middle school teachers and it turned out that the teachers use three strategies to get there, which is repetition, progression in different NTA laboration and writing critical questions and working according to the Think- Pair-Share model. The study shows that the interviewed teachers believe it is important to develop pupils' critical abilities and the teachers work actively with this during class. In conclusion, the study highlights that teachers need to actively work with pupils' critical thinking and the NTA-material and Concept Cartoons help the teacher in this process.

Российская Федерация является одним из ведущих мировых производителей стали. Металлургическое производство в России выросло на 2,6%, занимала четвертое место млн т пропустив вперед Китай, Японию, Индию, опередила США по сравнению с 2019 годом. Цель магистерской диссертации состоит в поиске направлений повышения конкурентоспособности промышленного на внешнем рынке, на примере ПАО «Трубная Металлургическая Компания». В частности была проведена оценка финансово-экономической деятельности и анализ международная конкурентоспособность. Анализ финансово-экономической деятельности ПАО «ТМК» позволил выявить в контексте повышения конкурентоспособности сильные и слабые стороны предприятия. К сильным сторонам можно отнести: соответствие показателей ликвидности нормативным значениям, т. е. предприятие в состоянии в срок рассчитываться по краткосрочным обязательствам; хорошая финансовая устойчивость; рентабельность продукции. К слабым сторонам можно отнести: значительную зависимость от кредиторов по причине недостатка собственного капитала; отрицательную динамику изменения собственного капитала, при том, что активы существенно увеличились. Выявлены основные факторы, оказывающие влияние на деятельность компании в сравнении с основными конкурентами Tenaris LLC и Evraz, далее выделены проблемы и очерчены контуры их решения в контексте повышения конкурентоспособности компании. Для дальнейшего развития компании и повышения ее конкурентоспособности на российском и зарубежном рынках необходимо решения таких ключевых проблем, как: необходимость повышения степени доступа к внешним рынкам и производственной гибкости предприятия. Одним из направлений повышения конкурентоспособности для ПАО «ТМК» и повышения доступности внешних рынков может стать объединение усилий с одной из компаний-конкурентов. Другим направлением повышающее конкурентоспособность, является наращивание коммуникационной активности на внешнем рынке за счет улучшения интернет-магазина TMK eTrade. / The Russian Federation is one of the world's leading steel producers. Metallurgical production in Russia grew by 2.6%, ranked fourth in million tons, leaving China, Japan, India ahead, ahead of the United States compared to 2019. The purpose of the master's thesis is to find ways to increase the competitiveness of industrial in the foreign market, as exemplified by PJSC "Pipe Metallurgical Company". In particular, an assessment of financial and economic activities and an analysis of international competitiveness were carried out. Analysis of the financial and economic activities of PJSC "TMK" made it possible to identify the strengths and weaknesses of the enterprise in the context of increasing competitiveness. The strengths include: compliance of liquidity indicators with standard values, ie, the company is able to settle on time for short-term liabilities; good financial stability; profitability of products. Weaknesses include: significant dependence on creditors due to lack of equity capital; negative dynamics of changes in equity capital, despite the fact that assets have increased significantly. The main factors influencing the company's activities in comparison with the main competitors Tenaris LLC and Evraz are identified, the problems are further highlighted and the contours of their solution in the context of increasing the company's competitiveness are outlined. For the further development of the company and increasing its competitiveness in the Russian and foreign markets, it is necessary to solve such key problems as: the need to increase the degree of access to foreign markets and the production flexibility of the enterprise. One of the ways to increase competitiveness for PJSC TMK and increase the accessibility of foreign markets may be joining efforts with one of the competing companies. Another area of increasing competitiveness is increasing communication activity in the foreign market by improving the TMK eTrade online store.