Konečná hodnota aktiv Pražské burzy

Neumann, Pavel

Neumann Pavel Abstract This thesis draws parallel between depositors facing a bank run and investors facing a stock price crash in order to determine a formula for debt ratio that would trigger mass sale of stocks for particular company. To reach terminal debt ratio formula, this thesis firstly discusses a topic of financial crises from stock market and banking perspective. Next, it compares regulation for both institutions on Czech national and EU level. Then, this thesis derives a formula for calculation of terminal debt ratio based on game theory and pricing of the options approach. Lastly, it tests limits of terminal debt ratio framework on companies listed on Prague Stock Exchange and concludes that terminal debt ratio framework is best applicable on non-financial companies that experienced moderate growth in stock price over the examined period.

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