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Do mutual funds offered in Czech Republic add value to investors?
Nosek, Jiří ; Hronec, Martin (advisor) ; Jakubík, Petr (referee)
We estimate the proportions of skilled, unskilled, and zero-alpha funds preva- lent in the mutual Funds population easily accessible by Czech Investors. We estimate alphas from a regression against a concise set of Exchange Traded Funds and control for luck using False Discovery rate. We design a straight- forward ETF selection algorithm and find that if investors adhere to simple diversification rules, they can outperform a large proportion of mutual funds. We further document a negative relationship between the performance of mu- tual funds and its Total Expense ratio, suggesting that portfolio managers are on average unable to compensate their costs with better performance. JEL Classification C12, C20, G12, G23 Keywords Mutual Funds, Exchange Traded Funds, Perfor- mance evaluation Title Do mutual funds offered in Czech Republic add value to investors?
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At the right time, in the right factor. Can factors be timed?
Nosek, Jiří ; Hronec, Martin (advisor) ; Červinka, Michal (referee)
This thesis examines the controversial prospect of Factor timing. We use Thompson Reuters data that allow us to construct international risk-factors and respective predictive signals and we test the capacity of these signals to time factors using the Kelly Criterion formula to determine the optimal fraction of capital to invest. Concerning the United States market, we showed that among all signals that we used only the Value Spread seems to contain some predictive power for all the factors in the study. All other timing signals were almost uniformly disappointing and were unable to time any of the factors. We further showed that timing strategies performed much better in the intentional setting, often outperforming the passive buy-and- hold approach. JEL Classification G12, G14, G17, G19 Keywords factors, factor timing, time-series, Kelly crite- rion, empirical analysis Title At the right time, in the right factor. Can factors be timed? Author's e-mail jirkaa.nosek@seznam.cz Supervisor's e-mail martin.hronec@fsv.cuni.cz 1
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Analysis of Mind
Nosek, Jiří
The article deals with the origin of conception of analysis in Greek philosophy and with application of this conception to mind in Plato’s philosophy.
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Vagueness, Science, and Philosophy
Nosek, Jiří
The collection of 14 papers in Czech and Slovak given at the interdisciplinary seminar of the same title held in Prague 2001. The authors - philosophers and scientists - consider roles which phenomenon of vagueness plays in everyday life, arts, philosophy, linguistics, psychology, physics and biology.
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Popper's criticism of the causal theory of language
Nosek, Jiří
The article interprets Popper's criticism of the causal theory of language. The interpretation draws on Popper's conception of language based on emergent and creative nature of language which contradicts the deterministic character of causality ascribed to language by its causal theory.
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Millennium of Science and Philosophy
Nosek, Jiří
A collection of papers discussed at the interdisciplinary seminar "100 and 1000 Years of Science and Philosophy" held in Prague in November 7-8, 2000. The papers, written by 19 Czech and Slovak authors oriented in natural, social and human sciences, present various views on history of sciences and philosophy of the last 1000 years' period.
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Essays on Truth
Nosek, Jiří
A collection of 19 papers in Czech and Slovak given at the interdisciplinary seminar Truth in Science and Philosophy held in Prague 1999. The papers are written by philosophers and scientists working in science, social sciences and humanities whose common aim is to present problems of truth from various perspectives which are discussed in science and philosophy in recent years.
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