V posledních letech zažívá Česká republika nevídaný boom v oblasti řešení problémových a nedobytných pohledávek. Patří už k tradicím českého hospodářství, že ne vždy jsou pohledávky splaceny řádně a včas. Jednou ze stále více používaných alternativ jak tyto pohledávky řešit, resp. vymáhat je jejich prodej třetí osobě. Diplomová práce se zaměřuje na oblast problematiky interního oceňovaní úvěrových pohledávek v České spořitelně, a.s pro účely jejich prodeje. Výsledkem je návrh metodiky, která je rozpracována do třech základních modifikací. První modifikací je hodnota pohledávky odvozená ze schopnosti dlužníka splácet při využití rizikových parametrů, jako je pravděpodobnost selhání dlužníka a míry výtěžnosti pohledávky. Druhou modifikací je hodnota pohledávky stanovená pomocí simulace konkurzního řízení. Třetí modifikací je pak hodnota pohledávky odvozená z hodnoty zajištění při využití interní metodiky pro oceňování nemovitých a movitých zástav či jiných druhů zajištění a z bohaté zkušenosti České spořitelny, a.s. při jejich realizaci.

Zajišťovací účetnictví v IFRS upravuje standard IAS 39 - Finanční nástroje - účtování a oceňování a dálší standardy. Zajišťovací účetnictví je možností, jak vykazovat finanční deriváty v případě, že je účetní jednotka používá jako zajištění například proti kursovému riziku. V diplomové práci se nacházi popis podmínek, které účetní jednotka musí splnit, aby mohla zajišťovací účetnictví aplikovat. Jednou z podmínek zajišťovacího účetnictví je pravidelné testování efektivnosti zajištění po celou dobu trvání zajištění. Toto je v práci popsáno na komplexních příkadech, společně s dokumentací, kterou by měla účetní jednotka zhotovit.

The thesis describes and applies two parametric option pricing models which partially ease the well-known discrepancy between real world and Black-Scholes model. Stochastic volatility and jumps encompassed by Heston and SVJ models explain implied volatility smile and its heterogeneous term-structure. Both models are calibrated to market data observed for EURUSD currency options on January 23, 2015. While SVJ model provided a better fit for the market, especially for mid-term expiry smile curvature, its estimated risk-neutral parameters were unrealistic comparing with their counterparts under statistical measure. Estimations suggest zero long term price volatility and 2 jumps during the year with average magnitude of 6 \%. Both models failed to match curvature of short time to expiry smile and provided a good fit of term-structure and long-expiry smile. Analysing delta ratios adjusted for non-constant volatility as a possible alternatives the study considered minimum variance delta estimated with Heston model, delta ratio recommended by Nassim Taleb and two deltas adjusted for local volatility assuming sticky moneyness and sticky tree dynamics of implied volatility. On data set of EURUSD options from 1.1.2014 to 30.5.2015, our research did not find any alternative which would be more reliable than common Black-Scholes delta.

Protective measures in Czech Civil Procedure Law Abstract This dissertation deals with the protective measures constituting a special type of the Czech civil procedure besides the proceedings on law finding, enforcement and insolvency. The theory refers to this sort of procedure as a set of procedural institutes that have little in common, except for the same basis residing in interim securing of rights or in securing effective exercise of rights. The author deals with the protective legal instruments as perceived by the predominant doctrine, which corresponds to the essence of the matter and to the legal regulation, that is to say, pre-trial reconciliation (also called a Praetorian reconciliation), preliminary measures (injunctions), pre-trial evidence and subject of the evidence securing, judicial (and also executor) lien and disturbed possession action. She emphasizes the general regulation of preliminary measures, but the submitted analysis is in a significant extent applicable as well to the preliminary measures under the Act on Special Court Proceedings. The objective of the dissertation is to present a complex work on the protective measures in Czech civil procedure law, currently absent in the Czech legal literature. The author has divided the dissertation into two parts - general and special. The...

This thesis analyses the legal regime of in rem security interests, in particular pledges and security assignments of rights, in the context of syndicated loan finance. The thesis draws mainly from the Act No. 89/2012 Coll., the Civil Code, and the Act No. 90/2012 Coll., on Commercial Companies and Cooperatives (the Corporations Act), and related legal acts, case law and jurisprudence. In the first chapter, the author describes the main elements of a facilities agreement and the typology of loans. The term syndicated loan is defined as a bank loan provided by two or more creditors, who are not joint and severe creditors among themselves, and which is usually secured by in rem security interests. The second chapter of the thesis introduces the area of securing debts and describes the security and reimbursement functions of security interests. In the third and fourth chapter, the author details the main attributes of in rem security interests. The thesis focuses on the secured party, the security provider and the secured debt whereas emphasis is given on the security agent, whose position can be structured using the institutes of joint and severe creditorship, administration of security, trust and parallel debt. The thesis deals with the ranking of security interests and negative pledges. The author states...

The aim of the thesis is to answer the following question: What is the aim and the purpose of the migration-related detention? The question is further specified in four sub-questions provided in the introduction. Given that the essence of the detention is the deprivation of personal liberty as one of the fundamental human rights, the practice of detaining migrants in the Czech Republic seems to be in conflict with the personal liberty guarantees stipulated by the constitutional laws of the country, the Charter of Fundamental Rights of the European Union and several international human rights treaties. Resolutions of this conflict requires that such conditions are identified, under which the restriction of personal liberty is permissible. The list of conditions is provided in the thesis, including a legitimate purpose of the restriction of the fundamental right. Any restrictive practice must be capable of achieving this purpose and must not be misused for a purpose other than this. Subsequently, the thesis identifies aims of the different types of migrated-related detention, provided by the Czech laws - the Police Act, Aliens Act and the Asylum Act. The immediate aim pursued by detaining an alien is often to prevent him from obstructing a particular legal proceeding or action. The thesis also deals with the...

The diploma Selected problems of the reinsurance market and their solutions shows the development of the insurance and reinsurance markets in recent years, especially in the last two decades. The diploma deals with changes in the actual situation, describes the classic forms of risk transfers, introduces alternative instruments as possible solution. The diploma also describes the principle multi financing system, which can be an effective solution in the reinsurance market.

Diplomová práce analyzuje a doporučuje vhodné nástroje pro zajištění proti kurzovému riziku. Obsahuje teoretické poznatky z oblasti podnikových financí a zajištění kurzového rizika, analýzu mezinárodní firmy a návrh vhodného finančního nástroje pro zajištění kurzu měny.

Suretyship and financial guarantee - abstract As a topic of my Thesis I chose two civil and earlier also business law institutes Suretyship and Financial guarantee. I have analyzed the actual meaning of the debt security and its legal instruments in first part of my paper. There was a significant change in the Czech legal order since the new civil code came into power. Before the change, the institute of Suretyship was referred to in the "old" civil code Law no. 40/1960 Coll. for civil right purposes and in business code Law no. 513/1991 Coll. for business law purposes. After the recodification of private law, all legal obligations are now jointly in the "new" civil code Law no. 89/2012 Coll. The second part of my paper was dedicated to an analysis of this change and its impact. I went thru the effective legal treatment of the debt security, explained the effective debt security legal system in the civil code (analyzed the general provisions joint for all security institutes) in the next chapter. Furthemore, I dealt with the first of the security institutes being the topic - suretyship. First, I explained the meaning historical evolution since the Roman law, thru middle age, Austria-Hungary and the last century till today. Afterwards I dealt with the basics of suretyship, focused on the main differences...

AABSTRACTBSTRACT The aim of this thesis is to provide a comprehensive view on the issue of promissory notes as a guarantee in legal relations. It is supposed to serve both the debtor in building up his defense and the creditor in the evaluation of the risks he may face during the application of his promissory note. Apart from reference books and legislation, the main source used is the analysis of the case law and its contribution to the topic. This thesis is divided into four chapters. General issues are the theme of the first chapter with the focus on the signature and necessary entries on the note. Then the core of the hedge bill is questioned, concerning especially the nature of the securing contract, which is the reason of the guarantee function of the note and consequences associated with the transfer of the note. The second chapter is focused on the bilateral rights and obligations connected with the note and its secured claim, the risk of abuse of negotiable instruments and also the admissibility of causal objections in the case of the endorsement. Following that, suggestions of the possible defense against the abuse are proposed. The third chapter is devoted to procedural issues and the specifics of the procedure in this matter. The payment order is then discussed as well as the nature of the...