|
|
The Development of Small Company by Franchising
Červinka, Michal ; Mikulecký, Petr (referee) ; Koráb, Vojtěch (advisor)
Annotation: This thesis deals with the development of a small company by means of franchising. This franchising concept is based on the critical analysis of the chosen companies. In the theoretical part I processed franchising generally. The practical part contents the characteristic of the chosen company CZECH RENT A SKI s.r.o. This company deals with a winter equipment rental. I processed this concept based on the analysis of the company. The last part contains the schedule of the implementation of this concept.
|
|
|
Application Synco Living
Červinka, Michal ; Hejčík, Jiří (referee) ; Štětina, Josef (advisor)
Following bachelor´s thesis is about a modern way of heating and ventilation of the intelligent buildings by the system” Synco living” from Siemens Ltd., discussed advantages and disad-vantages and describes specific components of the given system. Parts of this work are to de-signs houses / apartments showing the practical use of the system. In economic terms, the study points to the purchase price and return of investments over the years. It also discuss the options of further expansion of the system and mutual communication among the components. Conclusion includes directions the development of these systems would take.
|
|
|
Renovation of a family house
Červinka, Michal ; Fišer, Jan (referee) ; Hejčík, Jiří (advisor)
This master’s thesis is dealing with the plan of reconstruction of the house in an effort to get closer to "near zero building". Total heat loss along with calculation of the cost of the house operation and the energy performance of buildings were computed for the given house. Then we have enclosed suggestions of individual methods of building´s insulation (replacing of windows, doors and gates, insulation of exterior walls, roof and ceiling between floor and attic) and a draft of a new technical building services (forced ventilation with heat recovery, photovoltaic system and heat pump). Furthermore, the suitability of the original heating system was evaluated and the also the energy performance for the renovated building was analyzed during the reconstruction. An economic evaluation was calculated for each method of reconstruction, together with the new green subsidy programme. At the end of the dissertation is drawn up the economic evaluation of the whole proposed reconstruction, together with an assessment, what class of the building we have achieved according to its the energy intensity.
|
|
| |
|
|
Alternative Investment in Art Assets
Kruja, Mirela ; Horváth, Roman (advisor) ; Červinka, Michal (referee)
This thesis investigates the influence of market uncertainty on investments in alternative asset classes, specifically art collectibles, wine, and stamps, over a span of 50 years leading up to the economic downturn of the 2000s, from 1960 to 2007. It explores the premise that such investments can hedge risk during times of financial instability, thus complementing traditional investment strategies. The study aims to provide empirical evidence of the relationship between the price of these alternative asset classes and macroeconomic variables. This paper should serve as an update to the existing body of literature on alternative investments in collectibles, providing valuable insights into how market uncertainty shapes investment behavior. Overall, the results of the study show that wealth and income dynamics play a significant role in shaping the prices in the art market, and by extension, other alternative investment markets, while the analysis of this study emphasizes the role of macroeconomic conditions such as interest rates, inflation rate, and the EPU Index more. JEL Classification D81, G11, Z11 Keywords alternative investments, art price index, wine price index, stamp price index, investment, cointegration model, collectibles Title Alternative Investment in Art Assets
|
|
|
Comparison of LSTM and random forest on forecasting small-cap stocks from different regions
Michalski, Jakub ; Šíla, Jan (advisor) ; Červinka, Michal (referee)
The following thesis focuses on using machine and deep learning on predicting small-cap stock index returns. Namely, Random forest and LSTM models are tested on indices from different regions, which are Russell 2000, FTSE Smallcap, Nifty Smallcap 100, S&P/AXS Small Ordinaries, and B3 Smallcap Index. By writing this thesis I want to emphasise possible benefits that come with machine learning implementation in small-cap stocks indices analysis, and show which method is better. The R2 , which was used as the main metric, indicates that LSTM performs better than Random forest for every index. Indexwise the best results was achieved by the FTSE Smallcap with 61.1% R2 . We can also see some possible improvements in results by optimizing each index separately, or by including more features that are not that easy to get. JEL Classification C01, C45, C49, C51, C53 C67 C88 Keywords excess returns, LSTM, random forest, machine learning, deep learning, forecasting, small-cap stocks, small-cap index, financial market, neural network Title Comparison of LSTM and random forest on forecasting Small-cap stocks from different regions
|
|
|
DeFi Tokens: Stylized Facts
Francia, Nina Luz ; Krištoufek, Ladislav (advisor) ; Červinka, Michal (referee)
This thesis examines the price and return properties of the four major cryp- tocurrencies (Bitcoin, Ethereum, Binance, and Ripple), five DeFi coins (Uni- sawp, Chainlink, Maker, Pancakeswap, Aave), along with the two conventional financial assets (Euro/USD exchange rate, and S&P500 index). The daily data to January 2023 is used, with different starting dates for each asset depending on the data availability. The main focus of the examination is to examine whether the new class of financial assets show the statistical properties consistent with the stylized facts of the conventional financial assets. This exercise is important and have strong implications to many stakeholder and decision-makers in the finance in- dustry, in relation to whether these new assets show basic statistical properties consistent with those of the conventional financial assets. The properties exam- ined include return predictability (or information efficiency in the weak-form), departure from normality, volatility clustering, leverage effect, and return-risk relationship. Results show that the cryptocurrencies as well as DeFi coins exhibit the properties that are consistent with the stylized facts of the price and return financial assets, except that they show a substantially high degree of volatility and little degree of...
|
|
|
Gambler's Fallacy in Investors' Decision-making
Javůrková, Tereza ; Kukačka, Jiří (advisor) ; Červinka, Michal (referee)
This thesis focuses on the Gambler's Fallacy and its effect on the behavior of investors operating in the stock market. The aim is to incorporate the psychological findings about this behavioral phenomenon to the field of finance. This allows us to analyze the dynamics of the stock market that results from human misconceptions about the probabilities of independent events. More specifically, we analyze the profitability of two types of virtual investors whose decision-making is affected by distorted probabilities based on the Gambler's Fallacy. We further define two other trivial benchmark investors' strategies with different levels of randomness. We examine investors' gains in a simulated efficient market as well as in the real S&P 500 index constituents. Our analysis builds on three different approaches: simulation analysis, empirical frequency analysis, and asset pricing models. By applying the simulation approach together with frequency analysis on the historical stock prices, we find that investors affected by the Gambler's Fallacy gain statistically higher returns than a random investor. Then, we ap- ply both the three-factor and five-factor Fama & French asset pricing model to stocks sorted into portfolios based on their previous earnings per share evo- lution. Our findings reveal a negative...
|
|
| |
|
|
Analysis of the advantage arising from the swing laterality on the PGA Tour
Šuráň, František ; Červinka, Michal (advisor) ; Chadimová, Kateřina (referee)
Focusing on golf stances, the study examines if left-handed players possess advantages due to factors like golf course architecture. Examining a dataset from a prestigious male professional golf tour, we assess laterality's impact on earnings. A dummy variable is established to evaluate the influence of left- handedness, equaling one if a golf player is left-handed and 0 otherwise. The results confirm the underrepresentation of left-handed golf players, which con- trasts with the overrepresentation of left-handers in other sports. The analysis also reveals that strokes gained and driving distance are significant factors in golf player earnings, while the percentage of greens in regulation and our new variable is not. Interestingly, a randomly selected left-handed player tends to earn more and outperform a right-handed player in driving distance but not in the average number of fairways hit in regulation. The findings suggest that left-handers' advantages may be more significant at lower performance levels, where errors and bad shots are more common, leading to greater variations in outcomes between right and left-handed players. JEL Classification C10, C12, C23, L83, Z20 Keywords golf, PGA Tour, laterality, regression analysis, performance analysis, earnings determination Title Analysis of the...
|
guest ::
