Creation and Development of Czech Capital Market
|Author:||Mgr. Ivan Vrhel|
|Year:||2004 - summer|
|Leaders:|| † doc. Ing. Jiří Havel CSc.
|Work type:|| Financial Markets
|Awards and prizes:|
|Abstract:||The thesis Creation and development of Czech capital market analyses and describes the establishment and development of the market after a year 1993. Capital market is an integral part of a modern financial system and one of the key sources for corporations to raise external capital. The thesis describes an institutional framework, and analyses the creation of two key elements of the market -- share and bond market. While the share market was established as a result of voucher privatisation, the bond market was created by a spontaneous activity of key market players. Thesis aims on the analises of different development of those two markets. If we take take account of key indicators, such as market capitalization and likvidity of the markets we discover a significant dicrepancy between those two markets. Whilst the bond market has increased its role in past ten years, the role of a share market has dramatically decreased over the same time period with effectivelly less than ten traded companies. In a last chapter the thesis focuses on one of the main reasons of a drop of czech share market -- the extent of initial public offerings (IPO´s). Since the beginning of trading we have not seen a single IPO at the Czech share market.|
|Downloadable:|| Diploma Thesis - Vrhel