|
|
Theory of behavioral finance
Vopasek, Luboš ; Kuncl, Martin (advisor)
Theory of behavioral finance combines psychology and finance theory. Main goal of thesis is to describe basic psychological factors influencing economic and financial behaviour. Thesis also focuses on so-called financial puzzles which are empirical phenomenons inconsistent with traditional finance theory such as efficient market hypothesis.
|
|
|
Course of global financial crisis in Germany – impacts on the Czech economy
Kořínek, Tomáš ; Plchová, Božena (advisor) ; Nigrinová, Lenka (referee)
A financial crisis in 2007 changed the development of the global financial system. A lot of financial innovations, although they cannot be considered the only reason of the crisis, affected the critical situation reasonably. The initial crisis of the financial system soon transferred into real economy. German banking system suffered from negative effects of the financial crisis. The federal government sets up a Special fund for stabilization of the financial market (Soffin) to help the financial sector. Germany is the second largest exporter in the world and the fall of the foreign demand meant a depression of its export. The Czech financial system (banking) was not affected too seriously during the initial period of the financial crisis. The main reason of this was that the majority of Czech banks are controlled by foreign subjects which meant that risky businesses were implemented by principal companies. The crisis transferred into real economy through the channel of foreign trade.
|
|
|
Záchranné programy americké vlády a Fedu v době finanční krize
Savkanič, Tomáš ; Havlíček, David (advisor)
Since current financial crisis, U.S. government and Federal Reserve have vigorously commenced several bailout plans in order to avert cataclysmic financial meltdown, stabilize financial markets, constrain bank failures, and inhibit a credit freeze. Although the policies financed by taxpayer funds were originally estimated at $700 billion, they swiftly turned into over $15 trillion. This circumstance have naturally arisen a wave of critique doubting the necessity of government interventions. The negative feedbacks are based on capitalism rules where failure of weaker banks and companies is an essential and natural aspect of market. The thesis aim is to analyze the programs necessity, efficiency and effectiveness using methods such as cost-benefit analysis. In conclusion, this thesis will try to answer how efficacious the federal government bailout plans will be in the long run, even though they can seem auspicious in ameliorating present situation in the short run.
|
|
|
Dynamic Financial Market Model
Stádník, Bohumil ; Musílek, Petr (advisor) ; Brada, Jaroslav (referee) ; Zmeškal, Zdeněk (referee)
The correct model of a liquid financial market is one of the most important matter for a management of all financial market activities including for example a stock or bond porfolio management or an asset pricing. Clear random walk models, which consider a market price/yield development on liquid financial markets to be a random walk within the meaning of a symmetric normal (gaussian) distribution, is very useful to explain quite accurately many financial market effects. If we study financial markets more closely, we recognize that such development can be partly causal and a clear random walk is only a special case of it. Dynamic Financial Market Model considers feedback processes on financial markets which cause an dependence in a probability of next price/yield step direction and also expects mix of random processes as a final result. Both effects cause not gaussian (normal) observations in probability distributions of finacial instruments and this is why the model is also able to explain for example effects like thin or fat tails and other deformations in the probability distribution. S&P500 index or Euro Bund futures probability distribution on daily basis are good examples of the diversion from normality.
|
|
|
The analysis of the supervision of all segments of the financial market in the Czech Republic
Kočová, Olga ; Zeman, Karel (advisor) ; Řežábek, Pavel (referee)
At the present time are held very intense and controversial discussions about how to set financial market supervision in both the United States and the European Union. In the theoretical part I will define the basic concepts and definitions relating to the issue. From a theoretical point of view I will characterize individual segments of the financial market, central banking, models of institutional arrangements and the basic principles of supervision. In the analytical part of the thesis I will process analysis of the development of the financial market supervision in the Czech Republic since 1989 in different areas of supervision with regard to the development of legislation, the scope and effectiveness of institutions responsible for their actions. I will make a comparison of changes in the development and setup supervision of financial market segments. The aim of this thesis is to analyze the development of financial market supervision, including the scope of authorities from 1989 to the present day financial monitoring exercise and perform.
|
|
|
Financial arbitrator of the Czech Republic and his role in consumer protection
Maryško, Lukáš ; Půlpánová, Stanislava (advisor)
The thesis discusses the financial arbitrator of the Czech Republic as an institute of alternative dispute resolution on financial markets and his purpose in protection of consumers of financial services. First, the legislative framework of consumer protection is described, especially new Czech law on consumer credit. Then, the financial arbitrator itself is discussed, along with proposed changes of the institute. Finally, the thesis compares the Czech financial arbitrator with similar bodies in other member states of the European Union - France, Slovakia and Ireland. The thesis also includes the author's personal reflections on the matter.
|
|
|
Analysis of reactions to extreme movements on forex market in view of behavioural finance
Halva, Jakub ; Havlíček, David (advisor)
This bachelor thesis focuses on underreactions and overreactions on extreme moves on the foreign exchange market (FOREX). Theoretical part focuses on differences between efficient market theory and modern approach of behavioural finances to the analysis of price movements on the financial markets. Analytical part examines two different groups of currencies (developed market currencies and emerging market currencies) in their relation to the newly published information and analyzes reactions on these information on daily and hourly time frames. There is found no evidence of consistent underreactions or overreactions on daily time frame but there are identified statistically significant underreactions on the hourly time frame in the group of developed currencies. The last part of the thesis discusses potential flaws of the methodology used in the thesis which can potentially lead to distortions of the results.
|
|
|
Asset management in the context of the financial markets
Schůt, Petr ; Musílek, Petr (advisor)
The main aim of this thesis is above all to analyse trends in asset management with the intention to make a conclusion regarding current event on financial market in the Czech Republic. The emphasis of the all work is focused on the current importance of the subjects called professional asset managers and their clients, which are related to czech financial market and also have global financial links. The important part of the work is the analysis of the individual investors gathering financial resources from their clients, which are later allocated by the asset managers on the markets in different investment instruments in the form of available capital. This capital is later used by the group of investors to other financial transactions.
|
|
| |
|
|
Institutional Framework of the Financial Market and Regulatory Issue
Jurošková, Lenka ; Pošta, Vít (advisor) ; Půlpánová, Stanislava (referee)
The first aim of this thesis is to tackle the deficiencies within the system of financial regulation. Furthermore, it aims to assess the submitted and even the already adopted proposals. The aims cannot be achieved without an analysis of the causes of the global financial crisis 2007-2009, because it helps to understand a range of deficiencies in the system of financial regulation. A global financial crisis of that magnitude cannot be traced to a single cause but was instead the result of multiple interconnected causes, which are examined at the macroeconomic as well as microeconomic level.
|
guest ::
