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Bank regulatory standards and supervision: The impact on the of banks' efficiency
Kufnerová, Andrea ; Fišerová, Tereza (advisor) ; Havránková, Zuzana (referee)
This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...
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On Supervision of Financial Markets by Czech National Bank
Skácelík, David ; Marková, Hana (advisor) ; Kohajda, Michael (referee) ; Švarc, Zbyněk (referee)
1 Abstract This work deals with the performance of supervision over the financial market and the entities operating in the financial market. Part of the work is devoted to consumer protection in the financial market and compensation systems. Because of the fact that the Czech Republic became a member of the European Union in 2004, this work includes also legislation of regulation and supervision of this level, as this treatment significantly predetermines Czech adjustment. Following questions were examined as an example of protecting the interests of clients of supervised entities: - whether there are any tools to protect the client's interests at the level of supervised entities, - what kind of role the supervisory authority has or may have in relation between a supervised entity and its client, - how are the client's financial interests protected in the event of failure of the supervised entity and whether this protection is de lege lata sufficient. The theoretical part of the work briefly describes the institute of supervision, its assorting and forms. The authority of supervisor is discussed in the next part together with the regulations under which the supervision is conducted. Owing to the fact that the scope of supervisory activity of the Czech National Bank is quite extensive, and the objective of...
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Factors Influencing Children's Financial Literacy
WEDLOVÁ, Zuzana
The bachelor thesis deals with the issue of financial literacy in children aged 6-15 years and the factors that influence the level of financial literacy. The first chapter characterizes financial literacy and its importance. The second chapter describes objective and subjective factors of financial literacy and organizes the knowledge gained from the study of literature, including research findings. The third chapter is devoted to the issue of fostering financial literacy within the framework of basic education in the Czech Republic.
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Use of technical analysis in the financial market
SOUKUP, Josef
The objective of this bachelor thesis is the application of the principles and procedures of technical analysis and the creation of own business strategy in a selected financial market. It explains the selection of a suitable platform for performing the analysis. It shows individual basic as well as advanced tools for a technical analysis. It introduces the specifications of individual selected tools and shows the principles on which they work. This thesis is mainly focused on the building of a business strategy based on a technical analysis of the selected financial market.The developed strategy involves the use of the mathematical tool Fibonacci retracement for the analysis of price levels. Other indicators are used together with this tool - exponential and simple moving averages and Parabolic SAR. Trading rules are established that include money and risk and reward management. The technical analysis is performed on the DAX and S&P500 stock market indices. Daily, four-hour and hourly timeframes are examined for individual indices. The results of the technical analysis are compared with market performance, which means the market earnings for the entire analyzed period.
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Economic cycle and profitability of selected collective investment funds in the Czech Republic
MELMEROVÁ, Ida
The bachelor thesis focuses on the comparison of the profitability of selected collective investment funds in the context of the development of the Economic cyckle in the Czech republic. The thesis is devoted to financial market and the structure of the collective investment funds. It also focuses of Economic cycle, which, through main information about this problem, distribution and other regulations. Bachelor thesis also delas with financial market regulation in Czech republic. This work is based on analysis and comparison of the profitability of selected collective investment funds and economic cycle. The result is to valorize the link between the profitability of these funds and the economic cycle of the Czech republic.
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Customer protection in the provision of investment services
Kubíček, Jan ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Customer protection in the provision of investment services Approaches to supervision This diploma thesis investigates possibilities and opportunities in the field of financial regulation and supervision conducted by the Czech National Bank. Its focus is the protection of customer in the area of investment services. The thesis begins with the research question and the reasons why it was chosen. Then, basic overview of the financial law framework in the Czech Republic is provided. The thesis continues with general remarks on deterrence and persuasion as two distinctive extremes. Some conclusions form the literature are compiled. A number of experiences is distilled from papers and empirical studies, too. Sources are not only from the field of financial regulation and supervision, but also from other fields. These form the basic framework for closer investigation of several supervisory/regulatory approaches. Then pros and cons of several regulatory approaches are evaluated. These are: responsive regulation, smart regulation, principles-based regulation and anticipatory regulation. One part is dedicated to evaluating conclusions drawn from real experiences with implementation of yet another approach, cooperative regulation (which has some similar characteristics with the others) in the field of tax regulation...
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Non-bank financial intermediaries and their role in the financial market
Novotná, Tereza ; Pečená, Magda (advisor) ; Nechvátalová, Lenka (referee)
This thesis analyses the role of non-bank financial intermediaries in the Czech financial market, with the emphasis on comparison of efficiencies of banks and non-bank financial corporations engaged in lending. This paper addresses their influence on the financial market both in the global and in the Czech environ- ment. The evaluation of the performance of the individual parts of the Czech financial sector is conducted using the Data Envelopment Analysis, which yields specific efficiency scores. Based on these values, aggregated data on banks and non-bank financial corporations engaged in lending are compared against each other and over the time period from 2013 to 2021.
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Effect of Green New Deal on investment funds
Prokš, Petr ; Pečená, Magda (advisor) ; Šíla, Jan (referee)
Socially responsible investing (SRI) had in recent decades gained in importance. Despite that there is no consensus amongst researchers regarding SRI effect on short-term or long-term fund's performance in the United States. This paper seeks to utilize standard economic models (CAPM, 3-factor Fama-French) on latest (January 2018 to December 2021) data. In addition, author seeks to look for performance trend by splitting observed period to one before Covid crisis and during the crisis. Then he will look for any significant impact on funds' performance and its characteristics. Final part consists of observing effect of published articles by news outlet and whether there is any impact. News divided into positive and negative with regards to SRI thematic. Results implies that performance is negatively correlated with higher ranking of social consciousness of fund (ESG value was used) and that manager of funds with lower ESG standards are better at stock-picking. Study did not find any significant long-term effect of Covid crisis while short-term effect suggested greater need for funds to employ stock-picking skill. News effects were generally insignificant with effect of bad news being stronger than effect of positive news. Keywords Financial markets, Socially responsible investing, ESG, market news...
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Automated Investment Strategy for Trading Selected Cryptocurrency
Melzrová, Anežka ; Budík, Jan (referee) ; Luhan, Jan (advisor)
This master's thesis deals with an automated investment strategy designed for the cryptocurrency market. The selected cryptocurrency is characterized and analyzed. Existing automated investment strategies are evaluated and then a custom automated investment strategy is proposed. All the strategies are tested on historical data of the selected cryptocurrency and their contribution is evaluated.
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Information obligations of financial market entities towards the Czech National Bank
Havlovicová, Jaroslava ; Vybíral, Roman (advisor) ; Kotáb, Petr (referee)
Information obligations of financial market entities towards the Czech National Bank Abstract The information obligations imposed on financial market participants are one of the most important mechanisms for supervisors to properly exercise their powers. In the absence of information obligations on financial market participants, regulation of their activities would be 'blind'. The thesis aims to provide a thorough presentation of the theoretical foundations on which the information obligation is based. It characterises the supervisory authorities at national and EU level, defines their powers and the tools used by obliged entities to provide information. On the other hand, the characteristics of each group of obliged entities and the legal framework of their activities are defined. At the same time, the work does not neglect the closely related issue of consumer protection, which is a significantly weaker party in the environment of financial markets in the legal relations arising here. The rigorous thesis focuses in detail on the legal regulations embedding the information obligation into the Czech legal system, in particular the laws regulating specific sectors of the financial market and the sub-legal regulations of the Czech National Bank, on the basis of which the obliged entities fulfil their...
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