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Theory of behavioral finance
Šulc, Miroslav ; Kuncl, Martin (advisor)
The bachelor thesis is dedicated to behavioral finance and it's application. The thesis describes evolution of the theory till present. Theories are introduced, which forego behavioral finance, for example Expected utility theory. Just as well the newest discipline, neuroeconomics, is outlined. The application part of the thesis analyse bubble on technological market in USA 1995-2000.
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Stock Price Bubbles
Li, Xiaokun ; Musílek, Petr (advisor) ; Veselý, Marek (referee)
Economic bubbles are playing an increasingly significant role in the current global economy. We believe these bubbles are to a certain extent dominating the real economy, and, therefore, research based on this specific economic phenomenon is becoming increasingly popular and important. The focus of this master's thesis is based upon analysis of stock price bubbles. This thesis contains author analyzed historical cases representative of stock price bubbles; summarizations of their traditional features; common factors causing their formation; and reasons leading to their bursting. Solutions to the dilemma of stock price bubbles are discussed in depth, and emphasis is placed upon clearly deciphering different theoretical approaches regarding this phenomenon-not only from the efficient market hypothesis viewpoint but also from the perspective of behavioral finance. The research contains testing and measuring methodologies of stock price bubbles, and the author's view concerning them is strongly supported by the results within the empirical data-testing chapter. Upon reading, one can expect to achieve a basic overview of this forefront science.
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The behavior of stock rates in view of behavioral finance
Havlíček, David ; Musílek, Petr (advisor) ; Veselá, Jitka (referee)
Thesis deals with analysis and interpretation of movements of share rates in the view of behavioral finance. It examines how investor psychology, as one man, and the characteristics of the crowd and their influence on the behavior of the markets. This work represents some of the theoretical concepts of behavioral finance, which are contrary to the postulates of the theory of efficient markets, as well as empirical evidence on market anomalies that serve as the basis of arguments advocates of behavioral finance. The theoretical parts are dismembered some of the main influences acting on the psychology of investors, with a strong emphasis on the scarcity of arbitration, and some selected problems of the theory. In the practical part in the three experiments proven results confirming the interpretation of behavioral finance.
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