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Stock Price Bubbles: Identification and the Effects of Monetary Policy
Koza, Oldřich ; Matějů, Jakub (advisor) ; Ryska, Pavel (referee)
This thesis studies bubbles in the U.S. stock market and how they are influenced by monetary policy pursued by the FED. Using Kalman filtering, the log-real price of S&P 500 is decomposed into a market-fundamentals component and a bubble component. The market-fundamentals component depends on the expected future dividends and the required rate of return, while the bubble component is treated as an unobserved state vector in the state-space model. The results suggest that, mainly in recent decades, the bubble has accounted for a substantial portion of S&P 500 price dynamics and might have played a significant role during major bull and bear markets. The innovation of this thesis is that it goes one step further and investigates the effects of monetary policy on both estimated components of S&P 500. For this purpose, the block- restriction VAR model is employed. The findings indicate that the decreasing interest rates have a significant short-term positive effect on the market-fundamentals component but not on the bubble. On the other hand, quantitative easing seems to have a positive effect on the bubble but not on the market-fundamentals component. Finally, the results suggest that the FED has not been successful at distinguishing between stock price movements due to fundamentals or the price misalignment.
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Quantification of fabrics and magmatic textures of rhyolite extrusive domes
Hrudková, Kristýna ; Lexa, Ondrej (advisor) ; Závada, Prokop (referee)
Bubbles in rhyolites are being formed during ascension of rhyolite magma up to the surface. That is beacuse of decreasing content of dissolved water in melt. Stability of bubbles is kept constant because of their own internal pressure, which they are able to sustain for a long period. Some bubbles can occure after the fragmentation of magma in extrusive bodies on the surface. Bubbles created this way have very small size and they don't participate in fragmentation. In my thesis I'm dealing with internal structure of some rhyolite magmatic bodies and description of mechanisms of bubble formation. Furthermore I will concentrate on methods of quantification of the internal structure of extrusive domes, i.e. the AMS magnetic minerals population structure and texture analysis of rock incisions. Texture analysis was concentrated on some aspects, which could help us to assess the extent of distribution of bubbles in strips. In conclusion, I compare the results of these methods to evaluate the importance of individual structural elements for structural-geological interpretation. We investigated samples from extrusive rhyolite body, which are being formed during the gradual egression of magma on the surface. We were investigated bubbles and their realtions between each other by using several methods. On the...
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The housing bubble in China
Ba, Lei ; Novák, Jiří (advisor) ; Princ, Michael (referee)
Language: English Title: The Housing Bubble in China Abstract: This paper studies the housing price boom in recent decade since 2003 in China. The study focuses on four municipalities of China, Beijing, Shanghai, Tianjin and Chongqing. Despite the fact that the whole country is suffering a sky soaring housing boom, this paper reveals a regional difference between two types of big cities. Better developed cities such as Beijing and Shanghai are experiencing greater volatility in the boom and economic fundamentals have less explanatory power to the price increases. Oppositely, less developed cities such as Tianjin and Chongqing have relatively sustainable housing prices which are better supported by economic fundamentals. Finally, this paper concludes that Beijing and Shanghai are experiencing a bubble in the housing prices, if the public expectation on economic growth cannot maintain, the bubble will burst.
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WATERWAY, TO SING THE SPACE
Orel Tomáš, Jakub ; Šejn, Miloš (referee) ; Helia De Felice, Jennifer (advisor)
The way of the Jedovnice creek: connection with the spring Falling into the underground halls and back to the light. The Water Way is an intermedial poem that is concerned to the element of water, character of its way through the landscape and its presence in the landscape. Since the type of work I most prefer is the work in the landscape, I am returning back to the natural landscape, strong places in Moravian karst near Brno. The audiovisual poem is primarily focused on the moment of melting. Sublimation of ice from the ice shelter, ephemeral phenomena on the surface, such as miniature whirls, waves, rays of sunlight and especially moonlight. The poem focuses on the possibilities of transferring the experience with a specific place, and the events in a unique, unrepeatable time and space into the theatrical scene and possibilities of the musical and audiovisual interpretation of such experience. I work with digital media (video mix and audiostop) to transfer the artist's physical experience in a unique time and unique natural setting into the scenic form of the work. Considering the physical and symbolic qualities of the water element, I have abandoned the composition of the event in the classical sense.
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Comic Strip Generator - Mashup
Krutiš, Tomáš ; Svoboda, Pavel (referee) ; Kajan, Rudolf (advisor)
This Bachelor thesis describes a creation of a web application, in which can user create and save comics. As a sources of images are used web services, which provide images via their API. This application is mashup. The work describes applied technologies, design of web application and shows the implementation of some parts of the application.
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Bubble dynamics in drinks
Broučková, Zuzana ; Trávníček, Zdeněk ; Šafařík, P.
This study introduces two physical effects known from beverages: the effect of sinking bubbles and the hot chocolate sound effect. The paper presents two simple „kitchen” experiments. The first and second effects are indicated by means of a flow visualization and microphone measurement, respectively. To quantify the second (acoustic) effect, sound records are analyzed using time-frequency signal processing, and the obtained power spectra and spectrograms are discussed.
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Oscillations of Bubbles Attached to a Capillary: Case of Pure Liquid
Vejražka, Jiří ; Vobecká, Lucie ; Tihon, Jaroslav
In this contribution, we therefore present results of a linear inviscid theory for shape oscillations of a spherical bubble, which is in contact with a solid support. The theory allows determining eigenmode, but also response of the bubble shape to a motion of its support or to volume variations. Present theory covers also the cases previously analyzed by Strani and Sabettaand Bostwick and Steen, and it can be applied to both bubbles and drops. The theory has been compared to experiments. Good agreement is found for the case of small bubbles, which have spherical static shape. Experimental results for larger bubbles and drops deviate from the theory, if a neck is formed. It is shown that this deviation correlates well with a ratio of bubble volume to the maximum volume, when a detachment occurs.
Fulltext: content.csg -  PDF
Plný tet: SKMBT_C22012112614031 - PDF
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Microbubble Generation by Fluidics. Part II: Bubble Formation Mechanism
Tesař, Václav
Author develops a facility for generation of sub-millimetre sized air bubbles in water. A promising and economically viable method, based on author's earlier experience, is fragmentation of bubbles by oscillation while they are still at the aerator exit locations. Understanding the mechanism by which the oscillation affects bubble formation is a pre-requisite to new aerator design. Results obtained so far reveal a strange bubble size independence on the applied acoustic power, frequency of oscillation and the character of aeratoir body.
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