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The construction of the risk surcharges for the imbalances trading on OTE market
Maštalíř, Jakub ; Brada, Jaroslav (advisor) ; Blaheta, Petr (referee)
This master thesis approaches the energy markets from the point of view of an electricity trader acting on the retail markets, in particular an electricity supplier to the end customers. The first part introduces the reader into the basic practices applied in the management process of the portfolio of end customers, which includes metering and evaluation of the real take-off, planning and prediction and, of course, final evaluation of the imbalances. Second part explains the principles of balance management in case of the entire ČEPS electrical grid, mechanics of the imbalances settlement and describes its actual setting with focus on the way it motivates the market participants for minimization of their own imbalances and therefore improvement of the overall electrical grid balance. The final part describes the basic construction of the risk surcharges, which the supplier adds to the commodity price to cover the costs caused by the existence of his end customers' imbalances. Furthermore, it is shown how the dependence on the system imbalance influences the size of the risk surcharge and the basic model is extended to include even this factor. Because the supplier does not set the surcharge at the level of individual end customer but for the entire portfolio, the functioning and power of the portfolio effect, which brings an extra savings in the imbalances settlement costs, is also explored in the final part. The possibility of dependence presence in the imbalances of individual end customers is also accounted for. For the first time in the Czech academic literature the economic problems that are faced by the electricity supplier to the end customers are examined and the analysis and solution of one important problem is provided in the full picture. However, the most important contribution of this master thesis lays in the opening of this topic to further examination on the academic ground.
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Analysis and methods of optimal investing in stock markets for small and medium investors
Gál, Jakub ; Brada, Jaroslav (advisor) ; Blaheta, Petr (referee)
Bachelor's thesis starts off with basic explanation how the stock markets work from both investor's and issuer's point of view. Paper brings closer look on Czech and also on 3 world's major stock markets. It also shows existing theories of investing, risks of investing and more detaily explains fundamental, technological and psychological analysis. The object of this work is author's suggestions that moves the theories from theoretical area into practical use and looks for optimal entry and exit into and from stock market. The bachelor's thesis is revolving around psychological analysis and method of Investment clock and elaborate them into more detail to enable investors determinate more precisely when to buy and when to sell the stoce.
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The usage of technical analysis on spot Forex market
Melichárek, Martin ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
The subject of this bachelor thesis is to describe the various elements of the technical analysis and their practical usage for real trading in the international Foreign Exchange market. In the first part there is a characteristic of the market in terms of participants and their motivation and in terms of traded currency pairs. Next part is focused on technical analysis and development from its beginnings to modern graphical and statistical methods. Application of the assumptions of these methods to real data of the EUR/USD currency pair and the analysis of these results is the main goal of this thesis. Selected formations, oscillators, trend and predicting indicators are analyzed in detail and finally is outlined comprehensive analysis that links all these elements. The stated main goal is to find out whether we could rely on technical analysis in the prediction of exchange rates with an emphasis on speculative trading on Forex.
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Nonstandardised option contracts - warrants
Tomaník, Jan ; Brada, Jaroslav (advisor) ; Blaheta, Petr (referee)
The thesis is mapping current situation on the market in warrants as nonstandardised option contracts. Particular attention is paid to the special issues of warrants modified into the form of so called "access products". The function of such financial instrument is to open extraordinary investment opportunity to certain kind of investors, who otherwise are not allowed to make direct investment into the underlying asset itself. Access products can be considered as particular financial innovation, which spread out on Central European capital markets. The most familiar form of access products are low strike price covered call warrants, the characteristics of which are being analyzed and compared to standard options and warrants. The author also focuses on the process of issuing warrant securities on Czech capital market according to Czech law and problems linked to it, which the issuer encounters. The thesis proves on the example of Fondul Proprietatea Warrants, which were in 2010 successfully placed to third market of Vienna Stock Exchange by Czech entity, that such warrant issue is possible despite of material complications stemming from the absence of clear definition of warrants in Czech law.
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Public debt management in the Czech Republic - alternatives, comparison
Kípeť, Ondřej ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
This thesis describes the actual trends of accumulation of the public indebtedness and the various views on the existence of fiscal deficit and public debt. The main purpose of the thesis is to analyze the public debt management - its objectives, operations and organisation. The quantitative criteria for debt portfolio determined by the Ministry of Finance of the Czech Republic are analyzed and compared with the development and structure of the czech central government debt. The analytical part of the thesis includes the rules for issuance of the government bonds, the analysis of the interest costs and the thoughts about the sustainability of the czech central government debt.
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The Elliott wave principle and its significance in technical analysis
Gorol, Tomáš ; Blaheta, Petr (advisor)
The main goal of the thesis is to introduce the reader to the Elliott wave principle as a part of technical analysis, its fundamentals and exploitation in contemporary markets. At the beginning of the thesis basic tenets of technical analysis and the characteristics of common trading tools are described. The next chapter determines the fundamentals of the Elliott wave principle, its rules for trading, possible risks and disadvantages. The reader is also introduced to the mathematical background, exploitation in trading and other factors which influence the Elliott waves. The conclusion of the thesis is directed to application of the Elliott waves on real markets in combination with other tools of technical analysis and its evaluation.
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Managing the exchange rate risk on the example of import-oriented firm
Garšicová, Beata ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
The thesis describes the methods of managing the exchange rate risk for the firms. It theoretically characterizes the risk, the reasons for hedging and the possible strategies and hedging practices. It focuses on internal methods, as well as hedging with derivatives. It deals with the different types of exposures and their importance for companies. Practical part brings the example of a concrete import-oriented firm. The company has both economic and translation exposure which are described in details. Apart from that, the thesis brings some improvements in current hedging strategy of the company.
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