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Investing in LEGO sets
Voborský, Michal ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
This Bachelor thesis indetifies LEGO sets as an opportunity for investment and determines sets as alternative assets. The thesis is divided into five chapters. First defines alternative assets and investing in them. Second describes the history of the LEGO Company and their products. Third one describes ways of investing in LEGO sets and defines markets, where LEGO is traded. Fourth part describes factors which influence the value of LEGO sets. Last, fifth, part analyses return on investment and compound annual growth rate.
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Technical analysis from investor's point of view
Kandera, Filip ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
The aim of my bachelor's thesis is to define the basic terms of technical analysis, to create automated trading systems based on particular indicators and to analyze their profitability by testing on historical data. The subsequent comparison of systems' yields with government bond yield and systems' yields individually will determine their profitability and evaluate their use in trading the currency pair. I want to achieve this goal by explaining the basic concepts and methods of technical analysis in the theoretical part. In the practical part, automated trading systems will be set up on a trading platform and applied them to annual historical data. At last, I will make recommendations for the use of trading systems according to results. The main benefit of this work is to verify the profitability of automated trading systems and to assess whether they are suitable for real-time trading.
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Technical and economic aspects of payment transactions
Barvíková, Kamila ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
Thesis describes technical and economic aspects of payment transaction using the empirical analysis on real data of payment institution. It focuses on the description of selected products provided by payment institution and empirically analyzes them on the basis of the available data in terms of the number of transactions in individual currencies, the ratio of product types utilization and clearing and settlement used by the payment institution. The thesis also describes the security requirements necessary for the conduct of payment transactions on the Internet for non-technically educated audiences. At the end of the thesis there are several recommendations for the development of payment institution based on empirical knowledge from data analysis, which can be used for further analysis of the payment institution.
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Relationship between government debt and sovereign rating
Antonyová, Kristýna ; Blahová, Naďa (advisor) ; Brada, Jaroslav (referee)
A main focus of this thesis is a relationship between government debt and rating of a respective country. The first chapter forms a theoretical basis and deals with a general characteristics of rating for all economic subjects, introduction of the three most important rating agencies and last but not least with government debt. The theoretical part is followed by a description of government debt's development and rating of the Czech Republic. An application part of the thesis conducts a basic analysis of relationship between government debt and rating and subsequently the core analysis using a specific framework from a rating agency.
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Mortgage market development in the Czech Republic
Polívková, Eva ; Blahová, Naďa (advisor) ; Brada, Jaroslav (referee)
This thesis deals with mortgage market development in the Czech Republic and the factors that affect volume of provided mortgage loans. The main goal of this thesis is to evaluate the influence of each indicator using time series regression analysis during the period between the years 2003-2016. The main data sources used in the analysis are the Czech statistical office, Czech National Bank and the Ministry of Regional Development. This thesis is divided into four chapters. The first chapter defines mortgage loans and mortgage bonds, their characteristics and categories. The second chapter states brief description of current mortgage market development in the Czech Republic, legislative changes and the state mortgage financial assistance. The third chapter discusses the potential macroeconomic indicators that influence the volume of provided mortgage loans and in the last chapter, these indicators are verified by multiple regression models, namely using the Autoregresive distributed lag model.
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Predictability of stock returns using financial ratios in Prague Stock Exchange
Brada, Jiří ; Pěkná, Martina (advisor) ; Benčík, Daniel (referee)
This paper studies whether financial ratios can predict stock return and change of indexes PX and PX-TR in Prague Stock Exchange for the period from 2008 to 2014. We select price to earnings ratio (PE), market to book ratio (MB), dividend yield (DY) and size of the company (S) as the explanatory variables because of its common application in investment practice. The obtained results indicate that above mentioned ratios have some predictive power, where the PE and MB ratios demonstrate the strongest relationship with the explained variables.
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Company valuation
Brada, Jiří ; Pokorný, Jan (advisor) ; Hraba, Zdeněk (referee)
The aim of this thesis was to comprehensively describe the valuation process, emphasize the significance of each part and point out possible pitfalls. The methodological valuation theory is not regulated in the Czech Republic, with a few exceptions, thus the credibility of the final value depends on the economic quality of applied process. Before the valuation methodology itself is applied, there has to be carried out both strategic and financial analysis providing the inputs for the applied models. Strategic analysis examines both general macroeconomic conditions, which could affect future performance of the company, and relevant market the company operates on within the competitive landscape. Strategic analysis provides the inputs into subsequent financial plan, primarily based on historical financial performance of the company, and serve as its corrective. In this thesis there were analyzed yield-based and market multiples methods, complemented by asset-based approach. Yield-based methods, i.e. DCF and EVA, are based on discounted future value which will the company generate. That implicates the suitability of its application for the companies with predictable financial plan. That means mostly companies with stable financial history, in case of young innovative startup the usage of such a method...
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Three Essays on Labor Market Institutional Environment
Fialová, Kamila ; Schneider, Ondřej (advisor) ; Münich, Daniel (referee) ; Brada, Josef (referee) ; Dybczak, Kamil (referee) ; Janáček, Kamil (referee)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies Three Essays on Labor Market Institutional Environment Dissertation Thesis Kamila Fialová Prague 2012 Abstract This thesis consists of three papers about labor market institutional environment. The first paper "Labor Market Institutions and Their Effect on Labor Market Performance in the New EU Member Countries" estimates the effects of labor market institutions on various performance indicators (unemployment, long-term unemployment, employment, activity rate) in European countries. The results confirm that high taxes increase unemployment, whereas active labor market policies tend to reduce it. The paper also shows that stricter employment protection, higher taxes, and a larger economic burden represented by the minimum wage decrease employment and activity rates. The second paper "Labor Market Institutions and Their Impact on Shadow Economies in Europe" analyzes the role of labor market institutions in explaining developments of shadow economies in European countries using several alternative measures of the shadow sector. The results indicate that the one institution that unambiguously increases shadow production and employment is strict employment protection legislation. Other labor market institutions have less...
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Currency Substitution and Foreign Exchange Intervention in Emerging Market
Loiseau-Aslanidi, Olga ; Zemčík, Petr (advisor) ; Kutan, Ali M. (referee) ; Brada, Josef (referee)
This dissertation consists of three essays that focus on the determinants and implications of exchange rate behavior in emerging markets. The first essay studies foreign exchange intervention conducted by the National Bank of Georgia. Various econometric methodologies are applied to study both the determinants and effectiveness of intervention. A unique daily data set is employed in the analysis. The major intervention motives of leaning-against-the-wind and of decreasing volatility are revealed. Intervention influences the exchange rate as intended after some lag. However, this effectiveness is achieved at the price of increased volatility of the exchange rate. In the second and third essays, the issue of currency substitution is studied. Two-currency monetary models are specified to analyze and explain currency substitution from different perspectives. These models focus on economic observables that influence a households decision to switch to a foreign currency, namely the exchange rate, interest rates of savings in foreign and domestic currencies, and domestic and foreign inflation. The second essay studies the significance and rationalizes currency substitution in Georgia. The paper finds that this issue is of first-order importance in the country. The actual dynamics of currency substitution...
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