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ETF funds as an alternative to collective investment
ZÁMEČNÍKOVÁ, Veronika
This thesis focuses on ETF funds as an alternative to collective investment. In the first part of the theses collective investment is defined, its pros and cons. The next chapters are dedicated to history of collective investment in the world and Czech Republic, legislation in Czech Republic and subjects of collective investment. In the next chapter of the first part the indicators of yield and risk are described. The last chapter of theoretical part is devoted to ETF funds characteristics, differentiation of the basic differences between ETF funds and other funds of collective investment and the main categories of ETF funds. For the practical part of the thesis, I chose 15 ETF funds and 10 actively managed funds. For these funds the indicators of yield, indicators of yield with risk considered and indicators of risk were calculated. The indicators of yield with risk considered are Sharpe ratio, Treynor ratio and Jensen method of alfa coefficient calculation, as indicators of risk the standard deviation and Value at risk were chosen. The data used were monthly and it was set up time period of five years. Lastly, I compared the calculated values, determined if it is more beneficial to invest in ETF funds or in actively managed funds and I recommended funds for minor investor. The data used were between 2017 and the end of 2021, so its development was affected by the Covid-19 epidemic that negatively affected prices of securities and by that also funds that trade with these securities.
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Do mutual funds offered in Czech Republic add value to investors?
Nosek, Jiří ; Hronec, Martin (advisor) ; Jakubík, Petr (referee)
We estimate the proportions of skilled, unskilled, and zero-alpha funds preva- lent in the mutual Funds population easily accessible by Czech Investors. We estimate alphas from a regression against a concise set of Exchange Traded Funds and control for luck using False Discovery rate. We design a straight- forward ETF selection algorithm and find that if investors adhere to simple diversification rules, they can outperform a large proportion of mutual funds. We further document a negative relationship between the performance of mu- tual funds and its Total Expense ratio, suggesting that portfolio managers are on average unable to compensate their costs with better performance. JEL Classification C12, C20, G12, G23 Keywords Mutual Funds, Exchange Traded Funds, Perfor- mance evaluation Title Do mutual funds offered in Czech Republic add value to investors?
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Trading in commodities
Pecha, Martin ; Drozen, František (advisor) ; Marková, Jana (referee)
The goal of this diploma thesis is to analyze the gold market and provide readers with the necessary information and context having an impact on the price of gold. The thesis consists of three chapters. First one deals in general with the commodity market and introduces the readers to commodity exchange issues such as trading commodities in commodity exchanges, motives of commodity trading as well as the specific characteristics of commodities. Second one concerns the detailed analysis of commodity investment tools that investors might use when they feel like getting an exposure to price movements of commodities. The last chapter gears towards an analysis of the gold market in today's super globalized world and depicts what fundamental factors have an impact on the price of gold. At last, I shall summarize existing pieces of knowledge and cast light on further gold price movements.
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Investment products of ETF and CFD
Gordan, Branislav ; Witzany, Jiří (advisor) ; Witzany, Jiří (referee)
Bachelor work describes two independent investment products, ETF (exchange traded funds) and CFD (contract for differences). My work is divided into two parts. First part describes function, and development of ETF. Second part includes information about CFD and their function, advantages and disadvantages. In the end, we can find comparison between these products. and prediction of their future on the stock market.
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