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Methods of the exchange rate determination and the analysis of the MDL/USD currency pair
Panfile, Mariana ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
The aim of this bachelor thesis is to describe the basic theories of the exchange rate determination in the case of the MDL/USD currency pair. The first part of the thesis describes the exchange rate as one of the basic economic quantities, its importance in the current economic environment and the basic approaches to its determination. Next part is focused on the three fundamental models of prediction of the exchange rate: the purchasing power parity, the interest rate parity, the international Fisher effect and the balance of payments theory. Application of the described models is included in the analytical part, where the theoretical evidence is verified upon the real economic data. The results of the empirical analysis and the possible reasons that limit holding of the characterized models in the real economic environment are discussed in the conclusion of the bachelor thesis.
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Fundamental analysis of Nokia's stock
Misárek, Aleš ; Veselá, Jitka (advisor) ; Ducháčková, Eva (referee)
This bachelor thesis focuses on fundamental analysis of chosen stock, specifically Nokia's stock. In each of three levels of fundamental analysis -- economy, industry and stock valuation -- it's applying fundamentals of economic theory in practice. In economy fundamental analysis, the focus is put on identification of macroeconomic factors that affect development of stock markets and subsequent quantification of relationship between these factors and stock markets. Complex analysis of industry of manufacturing mobile telecommunication devices is performed in industry fundamental analysis. In stock valuation, there are a number of evaluation models used to determine the intrinsic value of stock and then, as a result of evaluating, an investment recommendation is given.
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Fundamental analysis of stocks of Komerční banka
Strnad, Jakub ; Prokop, Martin (advisor) ; Dobrovolný, Marek (referee)
My Bachelor thesis is concerned with the fundametal analysis of stocks of Komerční banka, a. s. By applying all parts of fundamental analyses -- global, market, firm, I will do a detailed analysis of these stocks with consideration of the relations which affect the price movement. After that I will determine the intrinsic value. Every chapter consists of both the theoretical basis that outlines the area being solved and the practical application of those methods. The outcome of this work will be investment advice, whether to buy, hold or sell those stocks. Invesment advice will be at the end of the thesis.
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Fundamental analysis of shares of Pegas Nonwovens
Řeha, David ; Veselá, Jitka (advisor) ; Ducháčková, Eva (referee)
The bachelor thesis is focused on a fundamental analysis of shares of Pegas Nonwovens. In the three main chapters, the firm is analysed at global, industry and company level. Global fundamental analysis uses correlation coefficients to examine the impact of macroeconomic indicators on shares. The industry analysis concerns with the characteristics of the sector of non-woven textiles. The aim of the company fundamental analysis is to determine the intrinsic value of shares. Finally, investment recommendation is formulated.
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Analysis of possibilities and methods of trading on the FOREX market for small investors
Zámečník, David ; Zámečník, Petr (advisor) ; Smrčka, Luboš (referee)
The aim of the thesis is to provide a structured description of methods of trading on the currency market which is currently developing extensively and therefore attracts even the small investors; unlike earlier when this kind of trading was favored mainly by large companies and wealthy investors. It can be difficult to orient oneself in this relatively new type of trading at first. That is why this thesis attempts to provide adequate and comprehensive techniques of approach to this type of trading. The thesis is based on basic methods that the investors in the FOREX market use. One fundamental part of the thesis contains practical examples from the real world market on which the issues of trading can be better shown.
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Valuing Financial Service Institutions within the EU
Vitochová, Zuzana ; Veselá, Jitka (advisor) ; Polák, Michal (referee)
The thesis deals with valuation of shares of financial service institutions. This process is specific due to the characteristics by which financial service institutions differ from non financial service institutions. The thesis focuses on these characteristics and on the methods of fundamental analysis suitable for valuation of shares of financial service institutions. The aim of the thesis is valuation of the Erste Group's share considering selected international, macroeconomic, sectoral and corporate factors and determination of an investment advice. The thesis focuses on financial service institutions of the EU and financial markets at which they are present. The analysis of interdependence of financial markets of the EU is done in the thesis.
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Application of the Money Management in Foreign Exchange Market Trading and Recognition of Such Trades in Accounting of Banks
Knytl, Jan ; Zelenka, Vladimír (advisor) ; Mandel, Martin (referee)
My diploma thesis discusses the power and importance of money management when trading foreign exchange market. With the help of real examples it aims to demonstrate the difficulty of the future foreign exchange rate estimation and the ambiguousness of the market analyses results. Comparing the results of real trading in the spirit of diversification to the actual results of Vince's model, the thesis points out whether the application of diversification is a real necessity or not. The thesis also highlights the impact of diversification on the trading system performance compared to Vince's model. The final part proposes a possible practical accounting solution to the foreign exchange speculative trades.
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Evaluation of effectiveness of selected methods of fundamental analysis on a sample of Russian stocks
Mizera, Petr ; Musílek, Petr (advisor) ; Havlíček, David (referee)
The diploma thesis is focused on testing of effectiveness of selected methods of fundamental analysis on a sample of Russian stocks. The introductory part lists briefly different ways of describing changes of stock prices. The second chapter explains key principles of fundamental analysis with focus on models which are used for determination of intrinsic value of stocks, and the necessary inputs. The following chapter describes development of Russian stock market in last two decades. The last chapter includes stock evaluation of nine Russian companies at the end of 2007 via DCF equity model and dividend discount models. Effectiveness of this analysis is then evaluated by comparison of particular stock return with return of the market portfolio represented by the MICEX index during the three-year time.
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The finer Points of International Financial Market Analysis based on historical Data
Rakovčík, Jakub ; Taušer, Josef (advisor) ; Černá, Iveta (referee)
First chapter describes International Financial Markets. Second chapter describes market fundamental analysis. Third chapter describes market technical analysis and efficient market hypothesis testing. Fourth chapter discusses market psychological analysis. Fifth chapter encompasses other theoretical background to be used in application. Sixth chapter deals with application of fundamental and technical analysis on a tennis betting market having found parallels between the sports betting markets and financial markets.
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Fundamental analysis of the exchange rate of EUR/USD
Ševčík, Václav ; Brůna, Karel (advisor) ; Langer, Miroslav (referee)
The aim of this thesis is empirical verification of the fundamental theory of exchange rate determination in the case of the currency pair EUR/USD. The theoretical part is devoted to the issue of exchange rate theory, with emphasis on the importance of the currency pair EUR/USD, and major characteristics of the fundamental theory of exchange rate determination. Attention is also paid to methods of analysis of time series, which will be used in the analytical part. The analytical part is devoted to an empirical verification of the underlying theories. On the basis of these theories are developed econometric models, which are then tested using the methods of linear regression and cointegration. The results of the models and their relevance are discussed in conclusion.
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