Odhad výše diskontu u akcií s omezenými právy

This thesis is dedicated to main approaches of restricted stock estimation. The main aim of the work is to identify possible methods and basic steps to estimat of separate stock value or value of various shares on equity including preferred stocks and stocks with restricted rights in conditions of efficient markets as well as in conditions of Czech economic environment. The aim of the research is to understand how to estimate preference share value. The first part of the thesis is dedicated to relevant legislation that allows issuing of preferred shares and other types of stocks with restricted rights. The next part deals with empirical studies comparing market prices of preferred and ordinary stocks. After analyzing of the results and main factors that influence the value of preferred stocks, I properly study respective approaches of preferred stock estimation and estimation of stocks with restricted rights. The last chapter of the main part explains possibility to use foreign empirical and theoretical studies under Czech economic environment.