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The Assessment of the stock market effectiveness and choosing the appropriate investment strategy
MEDKOVÁ, Petra
This thesis is dedicated to the stock markets issue. Its main aim was to assess the effectiveness of the stock market and choose an appropriate investment strategy. To this purpose, the 5 industries of U.S. stock market were chosen, which served as a data base for all applied methods. The thesis presents the results of correlation and runs tests verifying the weak form of market efficiency, the results of fundamental analysis and of active strategies simulation as well. The final part is focused on creating of investment portfolio, which was chosen as the most appropriate investment strategy of the refenrence data set.
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Comparison of basic characteristics (income, risks, degrees of effectiveness) in selected sectors and industries Stock Exchange
SAIKO, Michaela
The aim of this diploma work was to analyze a selected segment of the stock exchange market using the theory of market efficiency and the methods of technical and fundamental analysis, to form an optimal investment strategy on the basis of the findings. The American stock exchange market was analyzed. Six different segments of the capital market were selected ? gold, oil and gas pipelines, steel and iron, car parts, food and telecommunication services. Each segment was represented by eight companies. The general characteristics of the companies were compared according to their profits, degree of risk, alpha and beta coefficients. Fundamental analysis was used to monitor the correlation between future profits for 2012 and alpha coefficients for the period 2007 ? 2011. The theory was proven ? at low levels of future profits, high levels of alpha coefficients were measured and vice versa - at high levels of future profits, low levels of alpha coefficients were measured. During efficiency tests, runs tests and correlation tests were monitored. During runs tests, the number of turns of a real file was compared with the number of runs of a simulated file; no distinctive variances were identified in the monitored stock titles. Forms of market efficiency were proven during the correlation tests and runs tests. The methods of technical analysis used were sliding averages, RSI indicators and Momentum. Trading on the basis of technical analysis is not completely possible because we did not succeed in finding an existing optimal strategy. If an optimal strategy works out it is regardless of the segment?s characteristics. I recommend a passive strategy with regards to the fundamental analysis.
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Theory of investment - Fundamental analysis
Kováč, Michal ; Brada, Jaroslav (advisor) ; Čech, Tomáš (referee)
Fundamental analysis provides a method which based on global, industrial and corporate information attains to a decision, showing stocks being undervalued or appraised accordingly. The goal of this thesis is to implement and verify adequate methods of fundamental analysis on stocks of bank corporation Commerzbank AG and to give in a background for decision, whether the stocks on the market were evaluated correctly. At the closure of thesis interest lies in analysis of balance entries of Commerzbank and its ever changing structure depending on trends of stock quotes from 1st of Jan 2009 until 30th of September 2012.
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Fundamental analysis of stock Erste Bank traded on PSE.
Neškudla, Michal ; Veselá, Jitka (advisor) ; Špániková, Kateřina (referee)
This bachelor's thesis deals with a fundamental analysis of Erste Bank's shares on the Prague Stock Exchange. In the opening chapter which focuses on a global analysis, it will be shown how macroeconomic variables (e.g. GDP, inflation and interest rates) influence the share price. In the following chapter the effects of a branch on the intrinsic value of shares will be studied and banks on the Czech banking market will be compared. In the third part the intrinsic value of shares will be calculated using various computational procedures. Finally, at the end of my thesis I give my personal recommendation about shares of Erste Bank.
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Analysis of securities of selected branch on the Stock Exchange using the methods of technical and fundamental analysis
VOCHOZKOVÁ, Helena
The aim of this work was to analyze selected branch from the stock market through technical and fundamental analysis. The target is to formulate the most appropriate investment strategy for each sector. The starting point for selecting appropriate investment strategy is inefficient market hypothesis. Selection of the investment strategy, depend on the current economic situation. Based on given results, it is not recommended to use any of the strategies. However, it can propose a suitable investment portfolio. The selected investment portfolio is certainly dependent on many factors. Among these factors belongs the current economic situation and investor´s attitude to risk. Choosing an investment strategy is also influenced by the investor's own attitude to the theory of efficient markets. Investors will opt for active or passive investment strategy on the basis of their opinion.
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The Fundamental and Technical Analysis
SCHÖNBEKOVÁ, Lucie
The main objective of this diploma work is the application of various methods and indicators for fundamental and technical analysis on the data of H + S bussi, Ltd. company in the years 2006 - 2010 and based on the results obtained to evaluate the financial situation of the company. The first part of this work provides information problems of fundamental and technical analysis. The second part focuses on the characteristics of the enterprise itself and the methods of evaluation of financial health.
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Analysis of securities to capital markets (inter-industry comparison of the amount and structure of each type of risk and return on the selected stock exchanges)
WEISSOVÁ, Kateřina
The main objective of this thesis is to analyze selected sectors of the European capital market by means of methods of technical and fundamental analysis. Based on the results obtained for each frame exchanges, industry sectors and the best investment strategy. The first part deals with the theoretical description of securities to capital markets, investment strategies, methods of assessment of the securities in the capital markets, the theory of efficient markets, market testing and evidence of their effectiveness. On the European stock market index, including the German DAX30 randomly selected ninety nine companies with data for the period 2006 {-} the 2011th The work on the basis of a confirmed capital market inefficiencies can be found active investment strategy to achieve above average returns.
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Fundamentální analýza vybraného akciového titulu z BCPP
Šrámek, Ondřej ; Veselá, Jitka (advisor) ; Musílek, Petr (referee)
The main goal of this thesis is to properly apply the methods and approaches of these two concepts of valuing stocks. Fundamental and technical analysis are the most common ways to value stocks. In the first part of the text, I present the theoretical background of fundamental analysis and aftewards apply its methods in practice. The whole analysis comes from global analysis of the economy and its relations to capital markets to banking industry analysis and firm analysis in the end. Technical analysis comprises two basic fields - charting and technical indicators. Upon the practical application of both concepts, I present the final recommendation for investors.
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Stock analysis of the NWR
Dragoun, Josef ; Veselá, Jitka (advisor) ; Musílek, Petr (referee)
The bachelor thesis is aimed to fundamental analysis and technical analysis of the mining company New World Resources Plc, which is listed on the Prague, Warsaw and London stock exchange. The first chapter is within global, industry and company fundamental analysis focused on identifying main factors, which affect intrinsic value of the stock. Second chapter of the thesis researches evolution of the NWR stock prices with the aid of moving averages, Bollinger's bands, MACD, Relative strength index and Stochastic. The main goal of the entire analysis is to set investment recommendation and estimate ideal timing for buying the stock.
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Fundamental approaches to exchange rate determination and their validity in small transitive economy
Sommer, Josef ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The bachelor thesis concerns the topic of exchange rate determination. The first part of the thesis focuses on exchange rate characterization and explanation of differences between fundamental analysis, technical analysis and efficient markets hypothesis. This part is then followed by description of traditional theories pursuing the impact of particular fundamental factors on exchange rate in the short, medium and long run. The second part of the thesis comprises the validation of purchasing power parity, interest rate parity, international Fisher effect and interest rate differential theory in case of the Czech Republic, a small transitive economy. The closing part of the thesis summarizes the empirical findings and attempts to explain the causes of deviations of exchange rate development from the path set up by fundamental approaches.
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