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Vliv sentimentu na vývoj ceny Bitcoinu
Bohuslav, Tomáš
The bachelor's thesis is about the influence between the price of Bitcoin and market sentiment. This connection is looked at during recurring cycles for Bitcoin, which are started in July 2010. Clarification of the influence of sentiment is also carried out during periods of significant economic events (the period of the covid-19 pandemic and the Russian invasion of Ukraine). The thesis discusses the specifics of the bitcoin market, basic information for understanding its functioning, and the psychology of investors. The relationship between sentiment and Bitcoin price is then tested using correlation analysis. A recommendation for including Bitcoin in the investment portfolio is also formulated. Based on the results of this work a price increase is expected in the medium-term investment horizon.
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Improving Investment Timing
Málek, Petr ; Novák, Jiří (advisor) ; Cingl, Lubomír (referee)
This masters thesis is based on study of technical analysis of financial markets, i.e. analysis of dependencies between past and present price data, especially when it comes to "supports" and "resistances" or historical price levels where price recently tended to stop and reverse. First of all, summary of the most relevant literature on technical analysis is presented, together with literature on psychology of investing, behavioral finance and market efficiency. Following that, theoretical arguments in favor of possible edge in trading of technical levels are introduced and possible objections are addressed. This theory - in the form of several thousands of unique but similar trading strategies - is then tested on historical data of the most important financial assets. Results are compared to those of conservative buy-and-hold strategy and random trading. We reached the conclusion that trading based on technical price levels brings positive capital gains which are better than those achieved by random trading and buy-and-hold strategy. Parameters of our strategies influence the results in expectable manner more often than not.
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Improving Investment Timing
Málek, Petr ; Novák, Jiří (advisor) ; Cingl, Lubomír (referee)
This masters thesis is based on study of technical analysis of financial markets, i.e. analysis of dependencies between past and present price data, especially when it comes to "supports" and "resistances" or historical price levels where price recently tended to stop and reverse. First of all, summary of the most relevant literature on technical analysis is presented, together with literature on psychology of investing, behavioral finance and market efficiency. Following that, theoretical arguments in favor of possible edge in trading of technical levels are introduced and possible objections are addressed. This theory - in the form of several thousands of unique but similar trading strategies - is then tested on historical data of the most important financial assets. Results are compared to those of conservative buy-and-hold strategy and random trading. We reached the conclusion that trading based on technical price levels brings positive capital gains which are better than those achieved by random trading and buy-and-hold strategy. Parameters of our strategies influence the results in expectable manner more often than not.
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Psychologické a sociologické aspekty investování na akciových trzích
Šedina, Jan ; Klosová, Anna (advisor) ; Resende, José De Lara (referee)
This work is mainly focused on the environment of stock markets. It aims to identify some psychological and sociological factors relating to investors' behaviour which may help to justify occurrence of excessive movements in stock market prices resulting in price "bubbles" and stock market crashes. It emphasizes that the assumptions for the validity of the Efficient Markets Hypothesis based on dominant position of rational investors in stock markets have been empirically undermined by number of experiments and observations. As one of the most vigorous alternative challenging the Efficient Market Hypothesis is now considered the theory of behavioural finance stressing some imperfections of human behaviour which may substantially influence dynamics of stock market prices in both directions.
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