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Market Reaction to Earnings Announcements and (In)Efficiency of Financial Markets: Cross-sector Analysis
Prucek, Pavel ; Kočenda, Evžen (advisor) ; Teplý, Petr (referee)
Using the sample of three largest stocks from seven main market sectors in the US, the thesis examines the effect of information content of earnings announce ments on market reaction across sectors. Our findings prove the asymmetry of market reaction to different earnings surprise categories with negative-surprise reaction being the most profound. The financial markets tend to be less ef ficient in response to negative earnings surprises. Leakage of information is not present suggesting that insider trading is well-mitigated on the US capital markets. Furthermore, we investigate the market reaction to earnings surprises in different sectors separately and find that Consumer Staples and IT sector tend to be the most sensitive, on the contrary Telecommunication and Energy sector tend to be the least sensitive. G14; G15; G30JEL Classification Keywords Earnings announcement; Market reaction; Mar ket efficiency; Cross-sector analysis; Corpo rate disclosure; Insider trading; Post-earnings- announcement drift A u th o r's e-m ail p a v e l.prucekSgm ail. com S u p erv iso r's e-m ail kocenda@f s v . c u n i. cz
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Operational risk and its management
Sarvaš, Marcel ; Půlpánová, Stanislava (advisor) ; Janda, Karel (referee)
This thesis refers to operational risk, with focus on the selected issues. It explains the terminology of operational risk and presents its brief history. It focuses on the commom criminal cases from following spheres -- money laudering, insider trading and credit card fraud. The work further deals with the situation of their origin, course, protective measures against situation of origin of criminal cases and brings up the most famous cases.
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Illegal trades and practices in financial markets
Viták, Marek ; Žák, Květoslav (advisor) ; Spirit, Michal (referee)
The thesis is focused on problems of illegal trades and practices in financial markets. First chapter focuses on the role of financial markets in developed economies, regulation and supervision of these markets and international cooperation in this area. Second chapter is devoted to money laundering, especially to its characteristics and phases of the laundering process and relevant regulations in the Czech Republic. Special attention is devoted to the activities of the Czech Financial Analysis Department and banking institutions in the fight against money laundering. The last part of the thesis is focused on insider trading and market manipulation.
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Effects of Insider Trading Regulation
Zelenka, Jaroslav ; Bolcha, Peter (advisor) ; Mičúch, Marek (referee)
This thesis analyses the relationship between insider trading regulation (broadly interpreted) and equity costs of firms on data from the Chinese, South African and Russian capital markets covering the years from 1995 to 2011. Time series analysis showed -- as expected -- that stock markets in each of the countries react in specific ways: E.g. none of the regulatory measures proved effective in decreasing the equity costs in the case of South Africa. Analysis of the Chinses and Russian data showed, however, a possible common feature of the participants on the two markets. It seems that these markets react to mere signals of upcoming regulatory measures rather than on these measures themselves. This interpretation of the results is thus in line with the rational expectations hypothesis.
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Illegal trades in the Czech capital market
Michalcová, Šárka ; Veselá, Jitka (advisor)
This thesis deals with the issue of illegal transactions in the Czech capital market. First chapter focuses on the history of money laundering, general features and different phases of the laundering process, concrete exposed cases and Financial Analytical Unit of Ministry of Finance. Particular emphasis is placed on the 40+9 recommendations of the international organization FATF. The second chapter is devoted to insider trading, i.e. abusing of internal information, information asymmetry, Directive of the European Parliament and of the Council 2003/6/EC and examples of misuse of such information. The final section analyzes the current status of Act No. 253/2008 Coll., describes the passing of the International Convention against money laundering and terrorist financing and marginally outlines the legislation of insider trading.
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Illegal practices on the capital market and the measures against it
Plačková, Mária ; Musílek, Petr (advisor)
The aim of this bachelor thesis is to describe illegal trades on capital market. In the first part you can find information about money laundering, insider trading, their main features and examples of famous cases. The next section describes the need for regulation and transnational cooperation in the fight against illegal practices and the legislative regulation in the Czech Republic. The final section analyze the procedure of banks and government agencies in the detection of legalization of criminal proceeds. I describe the process, from filing suspicious transaction until after filing a complaint lodged by the Financial Analytical Unit of the Ministry of Finance of the Czech Republic.
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Illegal trades and their regulation in selected countries
Ficik, Jozef ; Veselá, Jitka (advisor)
This thesis deals with two of very common and wide-spreaded kinds of illegal trades the world is forced to face recently- money laundering and insider trading. It includes their basic description and internal relations and describes the most common criminal cases from this illegal spheres. Thereinafter it focuses on the situation around money laundering and insider trading in Slovakia and Czech Republic, compares corresponding legislation of these countries and describes some money laundering cases and insider trading cases.
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Illegal trades in the capital markets
Lidmaňská, Kateřina ; Veselá, Jitka (advisor)
The bachelor thesis deals with illegal trades in the capital markets. In the first chapter I focus on money laundering, describe its main features and the phases of the process of money laundering. I also give examples of some resolved cases. In the second chapter I focus on insider trading describing information asymmetry, the concept of inside information and examples of insider trading. In the last chapter legislation valid in the Czech Republic is briefly described.
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