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Performance analysis of non-financial companies within the business cycle
Kramoliš, Richard ; Pošta, Vít (advisor) ; Nečadová, Marta (referee)
This bachelor s thesis deals with analysis of the relationship between performance of non-financial companies and macroeconomic factors. There will be presented several important factors and the aim is to find factors that significantly influence the performance of non-financial companies. The theoretical part of this paper will outline how macroeconomic factors can affect non-financial companies. In the next part, these hypotheses will be examined. The basic method used for this analysis will be regression analysis. Due to the regression analysis, it will be possible to determine which factors influence performance.
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Stock Price Sensitivity of European Oil Companies to Oil Prices
Martinek, Tomáš ; Pošta, Vít (advisor) ; Hořejší, Bronislava (referee)
The aim of this thesis is to investigate stock price sensitivity of 50 European companies to oil price changes using panel data analysis. Besides that, this Thesis compares sensitivities of different groups of companies. The first comparison is between Eastern and Western European companies. The second comparison is between different segments of the oil industry. Specifically, Upstream, Midstream, Downstream segment and integrated oil companies. The main finding of this thesis is that there is a positive dependence between oil price and stock prices of European oil companies. Moreover, there is a significant difference between sensitivity of Upstream and integrated companies. However, no significant difference in sensitivity of western and eastern European comapnies was found.
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Analysis of the systematic risk and its influence in value investing
Mikláš, Antonín ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This Bachelor´s Thesis deals with analysis of systematic risk and its influence in value investing. Theoretical part of the thesis explains components of valuation based on discounted cash flow model. This part is focused mainly on beta from CAPM model which measures relation between given asset and systematic risk. Practical part begins with calculation of macroeconomic variables needed for company valuation. Then, combining the different stock market indices and using the least squares method, beta of the companies CEZ and Philip Morris CR is calculated. Valuation of these companies is made in the final part of the thesis accompanied with sensitivity analysis, which examines the influence of beta on internal value of a share.
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Process of picking stock based on value investing principles
Literák, Adam ; Pošta, Vít (advisor) ; Abdullin, Denis (referee)
The Bechelor thesis is focused on the process of picking undervalued stock. It is devided into two parts: theoretical-mothodological and practical. The first part defines Value Investing and its connection to the Efficient Market Theory and the tools used to determine the true value of a stock. To estimate the intrinsic value of a stock, Discounted Cash Flow model is used. All the inputs to the model (Free Cash Flows to the Firm, Waighted Average Cost of Capital, growth) are described and then estimated in the practical part. Western Digital Corporation, Inc., is picked based on screening the stock market. WDC is valued and its estimated value then compared to the price on the market. Closing thoughts conatain conclusions and potencial vulnerability of the model used.
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Testing the efficiency of capital markets in European economies
Burianec, Dominik ; Pošta, Vít (advisor) ; Gawthorpe, Kateřina (referee)
This master´s thesis deals with testing the efficiency of capital markets. The subject to verification of the stock markets of Austria, Hungary, Germany, Great Britain, Czech Republic and Poland during the 2006-2016Q1. The aim of this work is to test the weak formo f efficiency in these markets. The hypothesis was tested using the ACF test ADF and KPSS tests, variance ratio test, run test and test of January effect.
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Selected aspects of the latest financial crisis
Vlček, Tomáš ; Pošta, Vít (advisor) ; Makovský, Petr (referee)
The thesis is dedicated to clarifying the origins and main causes of the economic crisis. In the first part I ilustrate the connection between the monetary policies of central banks and the changes in structure of the production and investments with the help of Austrian Business Cycle Theory. These theoretical assumptions are confronted with the empirical findings from USA throughout the 20th century. The second part discusses other factors leading to the crises, mainly focusing on the 2009 economic crises and various free market and state controlled factors. The thesis discusses these factors from the point of view of theoretical and empirical knowledge of economic science.
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The efficient frontier during the financial crisis.
Kocholová, Soňa ; Pošta, Vít (advisor) ; Makovský, Petr (referee)
Bachelor thesis deals with the basics of portfolio theory and its applications, mathematical and graphical models in the theory of portfolio and, finally, an estimate of the specific efficient frontiers during the financial crisis. The aim of the work is to estimate, graphically illustrate and to compare the efficient frontier for specific states in the course of eight years. These sets of portfolios are composed of two assets and that is one risk and one risk-free asset. A result of this combination is an efficient frontier illustrated in a form of the capital market line and its slope given by so called risk premium. We will focus on the comparison in time for each state individually and at the same time each year separately between the states themselves. Finally, a specific example of portfolios with various share of risk and risk-free assets are compiled lying on the line of an efficient frontier.
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Value Investing
Liptáková, Lenka ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This bachelor's thesis deals with value investing in the form defined by Benjamin Graham. In clarifying the theoretical aspects, particular attention is given to an intrinsic value of stocks and to its calculation methods. A way to overcome the deficiencies in the two most widely used models of calculation is introduced. It is value screening, which by defining of certain criteria makes an assumption of undervalued stocks. Then the investment approach of the most successful investor, Warren Buffett, is described. The practical part is devoted to assessment of the current (May 2014) market situation from the value investor's point of view. Using the free stock screener, the list of companies with selected characteristics is generated. Subsequent analysis of individual companies leads to conclusion, that all considered companies are too risky to be characterized as appropriate for value investing.
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The use of CAPM to create a portfolio
Burianec, Dominik ; Pošta, Vít (advisor) ; Kulbakov, Nikolay (referee)
This thesis deals with the capital asset pricing model (CAPM). The first section describes the theoretical aspects of the model, assumptions and attributes. CAPM is widely used in the finance literature and can be used among all risky assets like stocks, bonds, real estate. The second part of the thesis is devoted to practical calculations, which are based on theoretical assumptions and the real data. There is calculated return and risk of quarterly held portfolio that is composed of the five most liquid securities traded on the Prague Stock Exchange
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