G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings AgenciesReturn

This paper is dedicated to venture capital as a way of company funding in IT sector. The aim of the thesis is to analyse and evaluate an impact of using venture capital financing on selected businesses (IT companies in Czech Republic) according to changes in selected indicators financial analysis. The evaluation is provided also by using alternative indicators. Literature review focuses on the ways of company funding, description of the current venture capital trend and its history. Empirical analysis evaluate the influence of venture capital is examined by selected financial analysis indices, bankruptcy models, and alternative indicators recommended by investors themselves. The results of this thesis are stated in conclusion where they are also discussed and compared with other studies conducted on this topic.

The importance of risk management is nowadays one of the most important activities of financial institutions. One of the most commonly used methods for measuring and managing market risk is the indicator of Value at Risk (the minimum predicted loss for given significant level and time horizon) and Conditional Value at Risk (the average of expected losses that exceed the value of the Value at Risk). The aim of submitted article is the estimation of Value at Risk and Conditional Value at Risk for given shares of stock's portfolio assuming elliptical distribution of probability. Significant level is determined for 15 %, 10 %, 5%, 1% and 0.5 % for time horizon one day. Firstly, fitting probability of time series will be estimated. It can be assumed that the least appropriate type of distribution for the time series will be the normal distribution. Next, VaR and CVaR will be calculated for all given probability distribution. Due to the fact that it is assumed that empirical time series and portfolio time series will correspond to either Student or Laplace distribution then the most appropriate model for estimating VaR and CVaR will be these two distributions.

Primal comprehension of risk capital has been enlarged gradually in the course of time. It is approved by significant amount of funds in Europe and in the USA, which was explicitly specialized for investing in initial development. They diversified their investments and enlarged the subject of their activity to all sphere of risk investments, or focused in development financing only. Change of concept of a meaning risk capital symbolized diversification market of risk capital into two parts: market of classic risk capital and market of development capital. Risk capital is investment in equity of enterprise, which is without history. Objective of capital development is financing of quick growth and implementation of innovative intentions of enterprise with history and without sufficiency of capital. Article presents a different opinion on state interventions at the market of private equity. Significant attention is devoted to development premises of private equity formal market in the middle and east Europe. Next development of private equity market in the countries of a respective region depends on measure of impact of global recession and on development assumptions of effective functioning of market. Before crisis sizeable volume of accumulated capital waits for investing, and therefore we can't expect to stubbing recession of risk capital market in the states of analyzing region now.

The Markets in Financial Instruments Directive (MiFID), was come into force in November 2007 and broadens the scope of both services and financial instruments covered previously by the Investment Services Directive (ISD). MiFID sets out new policies, processes and the conduct of business rules with clients and controls around how an investment firm works on a daily basis with clients. These rules are differ depending on the classification of the clients themselves (retail client, professional client or eligible counterparty). MiFID sets out the basic information requirements and fiduciary duties of investment firms towars their customers. The objective of this document is to describe the Investments Sales process for non-professional clients including of providing respective investment services to such clients.