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National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
Contagion effect in the current debt crisis: Effect of a membership in the eurozone
 Matyska, Tomáš ; Dědek, Oldřich (advisor) ; Turnovec, František (referee)
i Abstract This thesis deals with the topic of linkages on the financial markets. It summa- rize the main methodologies that are used for analyzing the interdependencies of financial time series. The Granger causality is then used to investigate the relation between the bond yields and stock price indices of the Czech republic and Slovakia with those of the Germany, Italy and Spain. The aim of this analysis is to find out whether the membership in the Eurozone has some sig- nifficant effect on the financial market linkages. The results of the analysis are such that none of the triplet Germany, Italy and Spain granger cause the financial data of Slovakia while there is strong evidence that they granger cause the Czech republic data. Moreover, stronger relationship was found in the case of the stock price indices. JEL Classification F15, G15 Keywords Financial linkage, Czech republic, Slovakia
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Strategic Role of Credit Rating agencies on Financial Markets
 Matyska, Tomáš ; Gregor, Martin (advisor) ; Kracík, Jiří (referee)
The thesis deals with the role of credit rating agencies (CRAs) on financial markets. While in years prior to the financial crisis credit ratings were considered to be trustworthy as evaluations of investment risks, the crisis has proved this premise wrong. The reason for the credit ratings failure -- whether it was due to inaccurate models and/or an intention -- is therefore crucial for setting up appropriate regulations. This thesis suggests that one of the reasons was the conflict of interest arising from the CRAs business model that was additionally enhanced by the use of credit ratings for regulatory purposes, such as capital adequacy. Many investors thus had to choose investments primarily on the credit rating basis, which created the incentives for the CRAs to systematically overestimate the investments' quality.
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