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Unconventional monetary policy after the collapse of Lehman Brothers
Dragoun, Josef ; Brůna, Karel (advisor) ; Dvořák, Michal (referee)
This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected assets in comparison with balance sheet of Federal reserve systems with help of correlation coefficient. The thesis also deals with the thought how should behave in the zero lower bound environment and what are the pitfalls of unconventional monetary policy.
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Financial analysis and intercompany comparison
ŠTÍCHA, Blažej
The subject of this work is approaching and explanation of the methods of the intercompany comparison, further the implementation of the short financial analysis of the selected company, the comparison with other firms using the methods of the intercompany comparison in the selected branches. It explains basic terms of the financial analysis, methods of financial analysis and methods of the intercompany comparison. The practical part of the thesis showes the analysis of the financial situation of the selected company and the conducted intercompany comparison by the methods of order, rating, scoring, simplified scoring, standardized variables and distance from the fictional firm using a variable number of parameters. The resulting order of companies is evaluated by Spearman's correlation coefficient. In the end of the work there is the overall assessment of the results of the intercompany comparison and description of some problems that can occur during the calculation and implementation of the intercompany comparison.
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Development of the educational structure and regional competitiveness in selected regions of the Czech Republic
Holušová, Karolína ; Kouřilová, Jana (advisor) ; Tomešová, Jana (referee)
The thesis focuses on regional disparities and changes in the educational structure of the population in selected regions of the Czech Republic. The main objective of the thesis is to determine whether and how the educational structure affects the regional competitiveness. The growth of GDP, unemployment and the changes in the education structure from 2001 to 2010 are the main aspects of the thesis. The correlation coefficient has been calculated in order to support the relation between the educational structure of population and the economical competitiveness of regions. The correlation coefficient confirmed that the decrease of unemployment rate depends on the educational structure of population and rejected that the rise of GDP depends on the educational structure of the population.
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Net inventory investment and its importance in business cycle
Kučera, Lukáš ; Mirvald, Michal (advisor) ; Chytilová, Helena (referee)
Cyclical component of aggregate net inventory investment in Czech republic between I.quarter 1996 and IV.quarter 2010 can be described by Production smoothing model, which says, that it is more advantageous for firms to absorb shocks of their product demand into inventories than to adjust their production permanently. This statement stands on a discovery, that cyclical component of net inventory investment is negativelly corralated with cyclical component of final sales and at the same time variability of cyclical component of final sales is higher than cyclical component of production (GDP). Although it is not possible to expect that every firm in the economy will behave according to this model, it seems, with respect to the analysis, that the cost of adjustment is one of the most important factors considered by firms within their optimalization problem.
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Testing of selected technical analysis indicators´ profitability on the EU markets
Matoušková, Hana ; Veselá, Jitka (advisor) ; Šaroch, Stanislav (referee)
This diploma thesis deals with the technical analysis with the emphasis on creating, testing and using of trading systems. Its objective is to find out whether it is possible for a trader to design and trade his own profitable trading system with widely accessible tools and methods. First part of the thesis concentrates among other things on the explanation of stock valuation principles, description of tested shares and time period. The second and third chapters fully describe the process of trading system development and the analysis of results of both trading systems. Last chapter is devoted to the interconnection of European stock markets, which is explored by the means of correlation analysis among different stock indexes. The correlation coefficients show a strong link of the markets and the rising level of integration of European markets.
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Processing flow visualisation records by correlation coefficient evaluation in sub-images
Tesař, Václav ; Něnička, Václav
Authors introduced a new method of processing flow visualisation images,aiming at identification of instability structures. In principle, the method utilises the structures' coherence. In two digital images, recorded at slightly differentinstants of time, the pixel pairs from the same position in the images are interrogated one by one. In each, vectors of the recorded quantity values are formed from n x n pixels in immediate neighbourhood, which form the sub-image. The correlation coefficient is then computed for the vector pair. High positive values of the coefficient indicate absence of change whereas values near zero indicate chaotic changes. Of interest are negative values, which indicate a coherent motion.
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EXTRACTING INFORMATION ABOUT COHERENCE IN JET FLOWS
Tesař, Václav ; Něnička, Václav ; Šonský, Jiří
Several alternative approaches to processing jet flow visualization images were recently introduced by the authors. Common feature is processing a sequence of 2D images to detect presence and evaluate development dynamics of 3D vortical structures, which are recognised as regions that differ from the uncorrelated turbulent background in the processed pictures by their high negative values of correlation coefficient.
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Analysis of interconnection of selected European stock markets and their tendency towards integration
Polák, Michal ; Veselá, Jitka (advisor)
This article compares the stock exchanges in Vienna, Budapest, Frankfurt and Milan. It settles basic information about their development, the subject of exchange and the classification of market segments. This work also characterizes the trade system of each of the stock exchanges and the liquidity of spot market, with particular emphasis on stock market. A part of this analysis is the comparison of markets based on aspects such as market capitalization, trade volume or the quantity of trade. Last chapter is devoted to the interconnection of stock markets, which is explored by the means of correlation coefficient among different indexes. These indexes show a strong link of the markets and through splitting the timeframe into periods of (2000-2004 - before Hungary's EU entry and after - 2004-2009), a stronger correlation was discovered during the period of index growth (after the Hungary's EU entry). By creating a more autoregressive model VAR, which describes individual processes among stock indexes and the direction of dependency, the hypothesis of strong interconnection of stock markets was proven. VAR model verified one-sided reliance among indexes and the rising level of integration of world markets.
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