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Hedge funds, regulation and financial crisis
Kočan, Michal ; Havlíček, David (advisor) ; Málek, Jiří (referee)
The aim of this thesis is to describe hedge funds, regulation and changes in it and especially about the situation of financial crisis. Introduction of the work deals with the general characteristics of this type of funds, their historical development, successes, and failures. Furthermore, the comparison report describes the differences from the more common investment funds and outlines some strategies used in these funds. I compare their efficiency to global stock index. An important part of the thesis is the regulation of the fund the ongoing changes in the regulation because of the financial crisis. At the end of the thesis, is a subjective evaluation of the impact of regulation and the financial crisis on the industry of the hedge funds. A practical part analyzes the relationship of hedge funds and the public in the Czech Republic and Slovakia, where the results show little awareness and knowledge of hedge funds.
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An analysis of the U.S. government and FED's bailout programs in times of 2008 financial crisis and their impact on the U.S. public debt
Vilímovský, Petr ; Havlíček, David (advisor) ; Stádník, Bohumil (referee)
The financial crisis of 2008 substantially affected global affairs in the early 21st century. Its epicentre lay in the U.S. real estate, mortgage and derivatives markets. In response to the crisis the U.S. government in cooperation with the Federal Reserve established a number of emergency provisions aimed at stabilizing the economy as well as stimulating growth. The objective of this thesis is to analyse the selected provisions in terms of their respective costs, impact on economic indicators and impact on the U.S. public debt. The practical part of this thesis is based on cost-benefit analysis and graphical analysis. Due to the large number of provisions only the most important ones with the highest actual or estimated costs have been analysed. It seems that the TARP program has been the biggest success as it helped to stabilize the interbank market while being poised to be profitable. The first QE is also deemed successful for it helped to start a desired increase in the price level during the period of deflation. The ARRA on the other hand had a minimal impact on the economy while entailing enormous costs. Same applies to the second QE which only led to a factual monetization of the U.S. public debt.
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Financial market anomalies
Uherek, Jiří ; Havlíček, David (advisor) ; Janda, Karel (referee)
The bachelor thesis is focused on the most known financial markets anomalies. In the first part the efficient market hypothesis is described as traditional theory of finance. The most known financial markets anomalies are listed and analyzed in the second part of this thesis. In this part is also offered an explanation of these anomalies from the point of view of behavioral finance. The final section analyses particular anomaly -- the weekend effect. The analysis confirmed the occurrence of weekend effect on different markets. The conclusion based on research of several trading strategies is that there is not possible to gain excess return from knowledge of weekend effect. The analysis also confirmed the change of return patterns in last decade.
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Analysis of precious metals and diamonds
Suchánková, Veronika ; Veselá, Jitka (advisor) ; Havlíček, David (referee)
The main intention of this thesis is the analysis of the factors that influence the precious metals market according to the selected methodology. The secondary intention is the consideration of the posibility to include the commodities traded on the precious metals market in the portfolio of investments. The introductory chapter deals with the listing of the commodities, the most important commodity exchanges and derivatives. The second chapter individually describes the precious metals. The first subsection of the second chapter analyzes the supply and demand for the individual metals. The following subsections focus on the factors that influence the price of the precious metals in history and in present time. The analytical part, which concludes this chapter includes the calculations of correlation coefficients, average growth coefficient and standard deviation of the factors that influence the precious metals. The last chapter of this thesis is dedicated to diamonds and is divided to two major subsections. The first subsection describes the history of the most significant diamonds, the characteristics of diamonds, the types of the deposits and the major producers of diamonds. The second subsection analyzes the prices of natural and synthetic diamonds and the development of profit of the selected company in terms of time. The last chapter deals with investments in diamonds.
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Behavioral Finance - Prospect Theory and impact of type of college education on the four-fold pattern
Karamonová, Petra ; Křížek, Tomáš (advisor) ; Havlíček, David (referee)
Thesis deals with Prospect Theory and with its findings when making decisions under risk which is called four-fold pattern. In theoretical part is shortly mentioned the field of Behavioral finance and further described original Prospect Theory and also its modified version called Cumulative Prospect Theory. The main goal of the practical part is to confirm on the basis of questionnaire between different kinds of college graduates the four-fold pattern, identify between 3 segments differences and make the final conclusion whether the type of college education has an impact on four-fold pattern.
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Evaluation of effectiveness of selected methods of fundamental analysis on a sample of Russian stocks
Mizera, Petr ; Musílek, Petr (advisor) ; Havlíček, David (referee)
The diploma thesis is focused on testing of effectiveness of selected methods of fundamental analysis on a sample of Russian stocks. The introductory part lists briefly different ways of describing changes of stock prices. The second chapter explains key principles of fundamental analysis with focus on models which are used for determination of intrinsic value of stocks, and the necessary inputs. The following chapter describes development of Russian stock market in last two decades. The last chapter includes stock evaluation of nine Russian companies at the end of 2007 via DCF equity model and dividend discount models. Effectiveness of this analysis is then evaluated by comparison of particular stock return with return of the market portfolio represented by the MICEX index during the three-year time.
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Growth investing to small cap stocks
Rada, Hynek ; Musílek, Petr (advisor) ; Havlíček, David (referee)
This thesis focuses on indentification of financial analysis indicators of small firms. These indicators should help investors to use growth investing method within their first pick stocks. Discussed indicators are from capital market, rentability, indebtedness and liquidity areas. The resulting values of these indicators are interpreted accordingly to the strategy of the company. That helps to identify the company's strengths and weeknesses. This thesis contains of basic theoretical knowledge of growth investing and specifics of small companies. It also comprises of results of older empirical studies in which growth and value investing was compared. The growth investing methods by Jime Slater. There were used 14 historically significantly above average growing companies registred in NASDAQ for the purpose of analysis.
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Analysis of trends in investment banking in the period 2006 - 2010
Hobza, Vladimír ; Veselá, Jitka (advisor) ; Havlíček, David (referee)
The thesis focuses on analysis of trends in investment banking in the period 2006 -- 2010. The main trends are securitization, consolidation of investment banking and new regulation. The thesis analyses the trends in detail and explains interconnections and impact on the whole investment banking industry. The development is illustrated on a few particular investment banks and bank holding companies in Europe and the United States of America. The last part presents new regulations and proposed changes in the investment banking industry.
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Fed Model Testing
Hříbalová, Pavlína ; Musílek, Petr (advisor) ; Havlíček, David (referee)
Diploma Thesis focuses on Fed Model testing and its credibility on market data. The research is based on Gordon Model and Capital Asset Pricing Model (CAPM), it explains, what the basic features of the Fed Model are and describes its derivation from Gordon Model. The Thesis shows possible Fed Model limitation. It uses the US market, Great Britain and Germany 1979 -- 2011 data to demonstrate validity of the model. Eventually possible reasons of Fed Model development in period 2002 -- 2011 are presented.
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