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The impact of speculators on the commodity markets
El-Moussawi, Chadi ; Musílek, Petr (advisor) ; Derner, Tomáš (referee)
In the recent years, there has been growing talk of investing in commodities in the financial markets. In the past, the commodity markets served for purposes of the producers and the end-users of commodities. With gradual innovation of the financial markets in the 19th and 20th century the modern commodity markets evolved and became more standardized. This process was accompanied by the increasing interest of financial speculators. In contrast with the commercial participants, the goal of these new investors in the commodity markets is not to hedge against adverse changes in commodity prices but to profit on the price movements of commodities. The inflow of this group was intensified by the development of new financial instruments enabling these investors to enter the commodity markets. It is undisputable that speculators have positive effect on the markets, by providing liquidity and lowering transaction costs. What remains to be answered is the real effect which the speculators have on the commodity prices, and if their action does not create distortion in the commodity prices. The price development on the commodity markets during the recent financial crisis gives strong arguments in the hands of those accusing the speculators of the negative impact on the commodity prices, which sometimes lead to creation of price bubbles. The goal of this thesis will be the analysis of the effect of speculators on the commodity markets, and if this prejudice is justified.
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A Performance Comparison of mutual funds and ETFs available in Czech Republic from the CZK investor's point of view
Kůna, Jakub ; Musílek, Petr (advisor) ; Havlíček, David (referee)
This diploma thesis "A Performance Comparison of in Czech Republic available mutual funds and ETFs from the view of CZK investor" elaborates on collective investing in Czech Republic; focusing on mutual funds and their exchange traded alternatives in ETFs. In the thesis, a history of Czech collective investments' development is briefly mentioned and of ETFs' beginnings in the US, also a legislative framework for the mutual funds in CZ is shortly discussed; furthermore, different approaches to fund classification based on various criteria are provided. An impact of fund fees and expenses is also analysed. A Current situation on the capital market of funds and ETFs and its trends are showed in many graphs and tables. In the second part of the thesis, author introduces not only the basic ones but also the more sophisticated methods of portfolio's or fund's performance measurements, including yields, risks, risk-adjusted yields etc... The third and last chapter aims at application of the previously mentioned methods on a selection of 20 funds and ETFs; therefore building a financial model enabling that. The analysis is viewed as from the CZK investor, thus all calculations are made in CZK.
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ETF from investor's point of view
Víťazka, Peter ; Witzany, Jiří (advisor) ; Pumprová, Zuzana (referee)
Bachelor thesis is dealing with description of a modern product called exchange traded funds. It provides information about features, development and functioning of this new investment instrument. It outlines orientation in this topic and analyzes advantages and risks in comparison with chosen product for investor. Purpose of the last analytical part is to draft creation of Czech crown ETF tracking PX index. The thesis yield groundwork for possible launch of this plan.
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Investing in Russian market using ETF
Belov, Pavel ; Witzany, Jiří (advisor) ; Prokop, Martin (referee)
This thesis deals with the exchange traded funds. The goal is to explore the investment attractiveness of the ETF versus open-end and closed-end mutual funds and identify positive and negative aspects of these investment instruments. This work describes the characteristics of the ETF, the advantages and disadvantages for small and large institutional investors, different investment strategies for trading ETFs. In the analytical part of the thesis is carried out the research of the effectiveness and efficiency of investment in the Russian market today using selected mutual funds and ETFs.
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Trading in commodities
Pecha, Martin ; Drozen, František (advisor) ; Marková, Jana (referee)
The goal of this diploma thesis is to analyze the gold market and provide readers with the necessary information and context having an impact on the price of gold. The thesis consists of three chapters. First one deals in general with the commodity market and introduces the readers to commodity exchange issues such as trading commodities in commodity exchanges, motives of commodity trading as well as the specific characteristics of commodities. Second one concerns the detailed analysis of commodity investment tools that investors might use when they feel like getting an exposure to price movements of commodities. The last chapter gears towards an analysis of the gold market in today's super globalized world and depicts what fundamental factors have an impact on the price of gold. At last, I shall summarize existing pieces of knowledge and cast light on further gold price movements.
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Derivatives in family finances
Varecha, Martin ; Smrčka, Luboš (advisor) ; Zámečník, Petr (referee)
This thesis focuses on the derivatives market. The goal is to choose ones that are suitable for use for the benefit of family finances and planning. Mapping the world market derivatives, and then describes the basic characteristics of the main types of contracts. After the general characteristics of the derivatives in the introduction, are briefly described two types (forwads and swaps) that are not directly used in the family finances. In their description, however, are pointed out the fundamental principles of derivatives and trading with them. In the next section, the focus is on those derivatives that are suitable for use in household budgets. They include Futures, Options, Warrants, Investment Certificates, Exchange Traded Funds (ETF), Contracts for diference (CFD). There are also discussed basic principles of these instruments, their use and the current bid.
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ETF funds
Veselovský, Eduard ; Brada, Jaroslav (advisor) ; Šedivý, Jan (referee)
This thesis deals with exchange traded funds (ETFs). The goal is to explain how different kinds of ETFs work and to find out whether some of them operate inefficiently when it comes to following their benchmarks. The thesis describes the collective investments industry, characteristics and valuation of ETFs, and compares the performance of chosen commodity funds among themselves as well as to their benchmarks. The thesis reaches an interesting conclusion.
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Analysis of modern instruments on capital markets
Matyáš, Radko ; Veselá, Jitka (advisor) ; Žilák, Pavel (referee)
This thesis is focused on some of the new instruments on capital markets -- specifically on Investment Certificates, Warrants, Exchange Traded Funds and Contracts for Difference. It shows fundamental principle of behavior, important specifications and comparison to other investment products. The text further examine overall instruments' offering especially on the European markets and compare trading possibilities of the main brokers in the Czech Republic. The work analyses price changes of the instruments and related underlying assets and examine risk and profitability with respect to the latest global financial crisis.
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Investment products of ETF and CFD
Gordan, Branislav ; Witzany, Jiří (advisor) ; Witzany, Jiří (referee)
Bachelor work describes two independent investment products, ETF (exchange traded funds) and CFD (contract for differences). My work is divided into two parts. First part describes function, and development of ETF. Second part includes information about CFD and their function, advantages and disadvantages. In the end, we can find comparison between these products. and prediction of their future on the stock market.
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