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Gambling in Stock Markets: Empirical Evidence from Europe
Vokatá, Petra ; Novák, Jiří (advisor) ; Jánský, Ivo (referee)
Motivated by the recent evidence of investors' preference for stocks with lottery- type payoffs documented on the U.S. stock markets, I investigate preferences for stocks that appear to be like lotteries in Europe. Across 14 markets, lottery- type stocks, characterized by high idiosyncratic skewness, high idiosyncratic volatility and low price, underperform and exhibit a "lottery premium". Fur- thermore, preferences for lottery-type stocks can help to explain the puzzling negative relation between past idiosyncratic volatility and returns, which does not persist after controlling for past extreme positive returns. Examining the relation between national revenues from gambling and "lottery premium" I find that countries featuring higher gambling revenues also exhibit a higher "lottery premium". Overall, the results indicate that lottery preferences might impact investment decisions and stock prices. JEL Classification G11, G12 Keywords gambling, lottery-type stocks, idiosyncratic volatility, maximum returns Author's e-mail p.vokata@gmail.com Supervisor's e-mail novakji@fsv.cuni.cz
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Economic Value of Frequency Spectrum
Dopita, Jiří ; Cahlík, Tomáš (advisor) ; Vokatá, Petra (referee)
The focus of this bachelor's thesis are various methods in which the frequency spectrum is allocated and a valuation of the frequency spectrum. At the beginning there is a description of mobile communication technologies and the individual bands of spectrum used by mobile operators for a better understanding of the topic. There are also described various methods in which the frequency spectrum is allocated. Special attention is paid to auctions because they are currently the most used method of spectrum allocation. Auctions that have already been completed and selected auctions that are in preparation are described in the next chapter. Finally, the value of the frequency spectrum in various bands is analyzed using data from European auctions that have been described in the chapter before. More attention is paid to the value of the digital dividend where various factors influencing the value are examined.
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Gambling in Stock Markets: Empirical Evidence from Europe
Vokatá, Petra ; Novák, Jiří (advisor) ; Jánský, Ivo (referee)
Motivated by the recent evidence of investors' preference for stocks with lottery- type payoffs documented on the U.S. stock markets, I investigate preferences for stocks that appear to be like lotteries in Europe. Across 14 markets, lottery- type stocks, characterized by high idiosyncratic skewness, high idiosyncratic volatility and low price, underperform and exhibit a "lottery premium". Fur- thermore, preferences for lottery-type stocks can help to explain the puzzling negative relation between past idiosyncratic volatility and returns, which does not persist after controlling for past extreme positive returns. Examining the relation between national revenues from gambling and "lottery premium" I find that countries featuring higher gambling revenues also exhibit a higher "lottery premium". Overall, the results indicate that lottery preferences might impact investment decisions and stock prices. JEL Classification G11, G12 Keywords gambling, lottery-type stocks, idiosyncratic volatility, maximum returns Author's e-mail p.vokata@gmail.com Supervisor's e-mail novakji@fsv.cuni.cz
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Signaling Effect of Dividends
Strnad, Jan ; Rippel, Milan (advisor) ; Vokatá, Petra (referee)
This thesis deals with the question of whether there is a positive relationship between dividend and firm's value. Thesis focuses on the signaling theory which states that dividends convey information from managers about the future performance of the company to investors. The first part covers theoretical background for determining the optimal level of dividends. It focuses on description of processes how firm's future profitability may be communicated via dividends and critical assessment of signaling models, particularly in respect to their assumptions and the relationship between dividends and stock repurchase. The second part verifies the signaling theory based on data from WSE (Warsaw Stock Exchange). It describes the specifics of Polish market and the methodology of data collection. Then hypotheses whether the amount of dividend has an impact on the stock price on the day of the announcement and whether announced dividend convey the information about firm's future profitability are tested. In the end there are presented the results. Analysis of the collected data gave mixed evidence for the signalling theory. Data confirmed the relationship between dividends and firms' future profitability, but not the relationship with stock prices. Based on the results I hypothesise that the information contained in...
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Population development and emigration of Maghreb's countries
Vokatá, Petra ; Kocourková, Jiřina (advisor) ; Kalibová, Květa (referee)
Population development and emigration of Maghreb's countries Abstract The main aim of diploma thesis is to map the migratory situation and trends of all area since 1990 up to the present in context of the population development in region of Maghreb's countries. This all is in connection with the population growth of the states - natural and total. Apart from the analysis of the whole Maghreb as one unit, the demographic parameters are in detail assessed on the example Tunisia. It is estimated that migratory streams of the inhabitants of North Africa's countries are largely directed to Europe. The analasis is focused on the breakdown of the target countries, emigrants and on changes during the reporting period. The analasis uses conventional demographic indicators, its own methods of processing often difficult available data at the same time and empirical investigation. The initial basis of analyzing given issues show the theoretical conception of population development in Arabic countries, with emphasis on demographic transition and dependent migratory transition. Analysis revealed that none of Maghreb's countries has not yet completed demographic transition, the second stage of the demographic transition since 2000 suspended. Keywords: migration, migratory trends, population development, population growth,...
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Gambling in Stock Markets: Empirical Evidence from Europe
Vokatá, Petra ; Novák, Jiří (advisor) ; Jánský, Ivo (referee)
Motivated by the recent evidence of investors' preference for stocks with lottery- type payoffs documented on the U.S. stock markets, I investigate preferences for stocks that appear to be like lotteries in Europe. Across 14 markets, lottery- type stocks, characterized by high idiosyncratic skewness, high idiosyncratic volatility and low price, underperform and exhibit a "lottery premium". Fur- thermore, preferences for lottery-type stocks can help to explain the puzzling negative relation between past idiosyncratic volatility and returns, which does not persist after controlling for past extreme positive returns. Examining the relation between national revenues from gambling and "lottery premium" I find that countries featuring higher gambling revenues also exhibit a higher "lottery premium". Overall, the results indicate that lottery preferences might impact investment decisions and stock prices. JEL Classification G11, G12 Keywords gambling, lottery-type stocks, idiosyncratic volatility, maximum returns Author's e-mail p.vokata@gmail.com Supervisor's e-mail novakji@fsv.cuni.cz
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Accumulation of Foreign Exchange Reserves: Asian Case
Tůma, Ladislav ; Vacek, Pavel (advisor) ; Vokatá, Petra (referee)
Bachelor's thesis deals with development of accumulation of foreign exchange reserves in selected Asian countries. In the first chapter various reasons for holding reserves are described. Apart from standard operational purposes, signs of neo-mercantilist and self-insurance motives can be identified in the case of Asian countries. Subsequently, reserve holdings are compared with measures of adequacy. During the 1990's all countries in the sample exceeded criteria suggested but during the first decade of the twenty-first century the growth of foreign exchange reserves slowed down in relative terms. In the econometric part a fixed effect model was designed. Policy analysis proved the presence of structural break after the Asian crisis in 1997. The model was used for prediction of reserves after financial crisis in 2008. Before 2008 accumulation in of reserves in examined states had common trend, however after 2008 trends in sample countries diverged.
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Signaling Effect of Dividends
Strnad, Jan ; Rippel, Milan (advisor) ; Vokatá, Petra (referee)
This thesis deals with the question of whether there is a positive relationship between dividend and firm's value. Thesis focuses on the signaling theory which states that dividends convey information from managers about the future performance of the company to investors. The first part covers theoretical background for determining the optimal level of dividends. It focuses on description of processes how firm's future profitability may be communicated via dividends and critical assessment of signaling models, particularly in respect to their assumptions and the relationship between dividends and stock repurchase. The second part verifies the signaling theory based on data from WSE (Warsaw Stock Exchange). It describes the specifics of Polish market and the methodology of data collection. Then hypotheses whether the amount of dividend has an impact on the stock price on the day of the announcement and whether announced dividend convey the information about firm's future profitability are tested. In the end there are presented the results. Analysis of the collected data gave mixed evidence for the signalling theory. Data confirmed the relationship between dividends and firms' future profitability, but not the relationship with stock prices. Based on the results I hypothesise that the information contained in...
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