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Implied volatility modelling of options
Jahn, Daniel ; Kopa, Miloš (advisor) ; Hendrych, Radek (referee)
This text presents an analysis of constrained local polynomial estimation used to extract the implied volatility smile from options data. The optimization constraint derived from the state price density ensures the no arbitrage condition. The analysis contains an evaluation of the role of different parameters, such as the degree of the polynomial, kernel type and bandwidth, on the resulting IV smile. Two main approaches are suggested, one attempting to reflect the problematic case of the out-of-the- money options, the other focusing on producing a smooth state price density and a well-fitting IV smile. Powered by TCPDF (www.tcpdf.org)
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Development Possibilities of Talented Students in Primary Schools
Pospíšilová, Jana ; Kasíková, Hana (advisor) ; Tvrzová, Ivana (referee)
This Bachelor thesis looks at the issue of talented students in regular schools, their specific educating and general status of such pupils in regular elementary school classroom. The introduction defines the notion of talent and the related requirements and historical development. It also deals with recognition of talent and points summary characteristics of talented students. The cruxes of the work are the options for schools and teachers in the educating of talented students in regular school facilities. It deals with existing programs in education and specifics contained segregated or integrated education. The focus on teaching itself is a stimulus to students how could their teachers develop the talent, build differentiated teaching and work with them in the group. The importance here is also working with parents. The conclusion is devoted to a substantial and neglected group of talented pupils with a handicap (twice exceptional) and the reflection of current state reality. KEY WORDS Talent, development, uniqueness, personality, options.
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Options Valuation: The Discrete case
Šiklová, Renata ; Zahradník, Petr (advisor) ; Dostál, Petr (referee)
In this work we will get familiarized with a discrete valuation of options. A power- ful and widely applicable numerical method known as the binomial model will be established. Starting with a basic economic idea of non-arbitrage principle we build a risk-neutral world and develop the binomial model for call options. The general binomial model is extended into a trinomial model and there are several parame- terizations that are actually used in practice, provided for both of them. Great emphasis is also focused on a theoretical background. The theoretical knowledge, that will be introduced here in the discrete world, one can regard as basis for con- tinues models. The consequences of probability theory and risk-neutral valuation appear in the valuation of American options. There are three ultimate goals of this work: construction of the model itself, its implementation and an overview of the theoretical background. 1
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Legal issues of derivatives
Kessler, Tomáš ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 Legal Issues of Derivatives Abstract Derivatives symbolize one of the most successful instruments of international markets in 20. century boosted by ongoing globalization and never-ending technological progress. Though origins of derivatives could had been found in Ancient times, the real "explosion" of derivatives has blown in last two centuries. The essential objective and purpose of the thesis is firstly to analyse the true meaning and definition of the term "derivative" and surrounding legal issues and secondly to provide comprehensive list of basic derivatives according to the historical and financial-economic indicators. My thesis consists of six chapters. First two introductory chapters deal with the general aspects of derivatives, such as definition and legal nature. Derivatives, generally speaking, are legal contracts between market participants allowing contracting parties to transfer risks connected with particular underlying to another party or speculate on market movements in order to gain profits. Derivatives are traded in both, standardized and OTC markets, which embodied them with ultimate flexibility and range. Assessing true legal nature of derivatives stands for one of the main issues concerned by academics and practitioners, in particular whether derivatives fall under the category of...
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Legal Aspects of Derivatives
Krupová, Tereza ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...
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Hedging of Currency Risks
Kuruc, Oliver ; Kubec, Jiri (referee) ; Rejnuš, Oldřich (advisor)
Bachelord thesis "Hedging of currency risk" in the first part deals with the theoretical issues of financial derivatives. At the beginning is described and characterized the different categories and types of financial derivatives. There will be also outlined legal, accounting and tax perspective on the issue. In the practical part is detailed description of the possibility of hedging against currency risk and comprehensive overview of the hedging instruments from Czech banks.
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I Live Tarot
Oplatková, Hana ; Vondřejcová, Silvie (referee) ; Klímová, Barbora (advisor)
Private deck of cards created during six-month survey and documentation of daily experiences. The package contains 49 cards and it is inspired by a set of 78 tarot cards. Text content - reverse side of the card was created using diary notes. Face side of the card was chosen as a representation of processes taking place usually in days when the card was read.
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Management of the Construction Project
Šrotová, Zuzana ; Zouhar, Petr (referee) ; Waldhans, Miloš (advisor)
This thesis describes the basic procedures of the management of a construction project. For a better understanding of the processes here explains the concepts that are contained in this work. The goal is to become familiar with the specific procedures and methods of project management during the implementation of construction projects.
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