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The Use of Artificial Intelligence on Stock Market
Kuna, Martin ; Veselý, Karel (referee) ; Dostál, Petr (advisor)
Diplomová práce se zabývá aplikací vybraných metod umělé inteligence v prostředí kapitálových, potažmo akciových, trhů. Konkrétně se zaměřuje na využití umělých neuronových sítí pro predikci trendu a na možnost aplikace genetických algoritmů k řešení problému optimalizace investičního portfolia. Obsahuje návrh řešení uvedených problémů v praxi. Návrhy jsou koncipovány ve formě modelů zpracovaných ve vývojovém prostředí Matlab.
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Financing of Companies Through Entry into the Alternative Market PSE
Štěpánek, Marek ; Ptáček, Roman (referee) ; Meluzín, Tomáš (advisor)
Master‘s thesis is focused on the possibility of financing a company through entering the alternative market of the Prague Stock Exchange Ltd. The alternative market of the Prague Stock Exchange is the START Market, which is suitable for smaller and innovative czech companies. This is about an unregulated market, which means that the conditions of admission conditions and trading rules are set by the stock exchange. The thesis defines the basic starting points, which are connected with the capital market, the market organizer and the initial public offering of stocks (IPO).
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The Know Your Client Principle in the area of the Investment Intermediation
Šlapáková, Kateřina ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
and keywords The Know Your Client Principle in the area of the Investment Intermediation The ongoing deeper harmonisation of the financial system regulation within the European Union significantly affected the investment intermediation, i.e. the reception and transmission of orders. The first aim of the theses was to describe the regulation of this area, and for that purpose the related essential terms and possible providers of investment intermediation were discussed, including the description of both European and Czech sources of law. The implementation of MiFID II Directive and related legislation affected primarily the regulation of the investment intermediaries (in Czech investiční zprotředkovatelé), which de facto operate as limited investment firm. This stricter regulation may change the way investment services are distributed in the Czech Republic due to the common tight cooperation between investment firms (in Czech obchodníci s cennými papíry) and investment intermediaries. Another aim of the theses and its core part was to identify how the KYC principle is triggered during investment intermediation (excluding KYC aspects arising from the anti-money laundering regulation). It was found that those KYC aspects include customers' categorization and (mainly) the assessment of suitability and...
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Algorithmic and high-frequency trading on capital market
Kádě, Lukáš ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Algorithmic and high-frequency trading on capital market Abstract The subject of this diploma thesis is legal regulation and development of regulation of algorithmic and high-frequency trading on capital market within Community Law but also within several European countries, USA and Japan. The aim of this diploma thesis is to define terms of algorithmic and high-frequency trading, which were not thoroughly regulated until lately, to outline development of legal regulation, to compare different approaches to their regulation in different countries and to assess the phenomenon of algorithmic and high- frequency trading. The diploma theses uses descriptive method to define the fundamental terms and discuss positive legal framework. It also uses deduction for assessment and comparative method to examine different approaches to legal regulation in different countries. The first chapter characterizes capital market as a place in which algorithmic and high- frequency trading takes place, including its historical development, participants and supervisory authorities. The second chapter defines terms of algorithmic and high-frequency trading considering their historical development and both mutual similarities their differences and their characteristics. It also includes an analysis of their key aspects and related...
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Financial market and its legal aspects
Špaček, Tomáš ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
The master's thesis on the topic of financial market and its legal aspects aims to analyse the weaknesses in the legal regulation of markets in financial instruments. The thesis is divided into six chapters, introduction and conclusion. The chapters are divided into subchapters. The first chapter defines the financial market and deals with its divisions. Since the legal aspects of financial market are a traditional subject of the study of financial law, the basic concepts of this field are notoriously well known. The first chapter therefore describes only the basic division that is applied to the financial markets. It then goes on to compare existing definition of the financial markets that can be found in academic literature. The second chapter discusses the capital market participants. As certain concepts of financial market might suggest, many different persons might fall into the category of market participants. This chapter, however, discusses selected persons who provide their services on the market in financial instruments. It focuses mainly on investment firm because it provides investors with access to the capital market. The third chapter discusses financial instruments. The fourth chapter concerns investment services that can be provided in relation to financial instruments. The fifth chapter...
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PERSPECTIVES OF IPO DEVELOPMENT IN CENTRAL AND EASTERN EUROPEAN REGION
Plottová, Sylvia ; Bartoš, Vojtěch (referee) ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Meluzín, Tomáš (advisor)
The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.
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The relationship between the Development of Macroeconomic Indicators and the Capital Market in CR
KLIMEŠOVÁ, Pavla
This Master's thesis is focused on an assessment of development on the capital market in the Czech Republic in the context of development of macroeconomic indicators. There are used correlation and regression analyses which indicate power of relation between variables and determine regression models. These regression models are used to predict future values. There are a gross domestic product, an unemployment rate, a consumer price index, a national deficit, an exchange rate CZK/EUR and interest rates (2W repo rate, a discount, a Lombard rate and PRIBOR) used as independent variables. Representatives of the capital market are a stock market index PX and a 10-Years Bond Yield, which are dependent variables. There is also a mention of the existence of relation between the Czech and foreign development because of globalization.
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Comparison of investment opportunities in mutual funds
ČERMÁKOVÁ, Tereza
This work explores comparison of investment opportunities in mutual funds. The bachelor thesis deals with the collective investment in the Czech Republic, mutual funds and the influence of financial crisis on collective investmen. The thesis is focused on the comparison of selected mutual funds and their recommendations. The main aim of this thesis is to evaluate the situation on the securities market of mutuals funds in the Czech Republic,the classification of mutual funds, their comparison according to selected criteria and the evaluation of individual mutual funds. Finally, the selected investments are assessed according to revenues, risk and liquidity, based on analysis of data obtained from the selected investment companies websites. The study result is the recommendation investment strategy in form of the compilation and assesment of several investments portfolio.
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IPO in the Context of Czech and European Law
Neumahr, David ; Horáček, Vít (advisor) ; Josková, Lucie (referee)
155 Title of the rigorous thesis IPO in the Context of Czech and European Law Abstract The rigorous thesis deals with an initial public offering (IPO) of shares of the company in the context of Czech and European law. The thesis is divided into four integral parts consisting of six substantive chapters and is complemented by a case study. The first part introduces and explains the concept of the IPO, its development and it deals also with related institutes. The second part aims to present the general legal aspects of the IPO and to define and assess the regulatory framework directly related to the initial public offering, in particular from the point of view of European law, which sets outs the direction in which national legislation on capital market regulation is inevitable. In the third part, the author thoroughly analyzes, clarifies and evaluates the individual phases of the entire initial public offering process from the point of view of the issuing company and with practical examples in the light of the Capital Market Undertakings Act. The additional chapter of the third part emphasizes the importance of choosing a suitable market for the IPO. A separate section is dedicated to the prospectus, which most issuers are obliged to prepare and publish during an IPO. Within tis section, the author focuses...
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Investment opportunities of small investor on the capital market in CR and their comparison
BEŇOVÁ, Veronika
This bachelor thesis deals with investment possibilities of small investors in the capital market. The main aim of this thesis is to characterize these possibilities and compare them. With regard to a wide conception of this topic, the thesis focuses on stock investments at Czech stock exchanges via securities traders. For an investor to be successful doing business affairs, they should be familiar with the given issue in detail. Thus, first, the thesis characterizes financial market, capital market especially, theoretically. Then, stock market is described, as well as some investment instruments and strategies. The practical part deals with stocks in the Czech Republic, and based on their comparison a stock which is more suitable for small investors, is recommended. Further, the practical part deals with choosing the securities trader, three companies mediating stock business are introduced. Traders are compared based on given criteria, one of which is for instance the fees and company history on the market. Based on a multi-criterion evaluation the trader most suitable for a small investor is recommended.
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