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Social Responsible Investment
Kličková, Adéla ; Šmajer, Vojtěch (referee) ; Pavláková Dočekalová, Marie (advisor)
This master thesis analyses socially responsible investments. Socially Responsible Investment aims to create a positive impact on society and the environment. Its aim is to evaluate and analyze funds’ performance and methods of assessment. The added value of the theme lies in the potential for further development of sustainable investment, focusing on the current opportunities that investors can use on the Czech market.
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Performance Evaluation of Real Estate Investment and Mutual Funds
Janková, Zuzana ; Novotná, Veronika (referee) ; Rejnuš, Oldřich (advisor)
Diploma thesis deals with the evaluation and the comparison of the performance of mutual funds and investment funds with a focus on the real estate sector. The essence and principles of mutual funds, ETF and REIT are presented, and the resulting weaknesses and advantages. According to the selected indicators, the profitability, riskiness and expense of the investment opportunities are examined and investment recommendations for management of an investment company and potential retail investors are established.
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Is it worth investing in Czech mutual funds?
Sedlačík, Adam ; Křehlík, Tomáš (advisor) ; Pištora, Vojtěch (referee)
In the Czech Republic many people do not invest. Therefore, we try to find out whether Czech mutual funds offer a good opportunity for investment on the Czech market in comparison with American funds. We use Sharpe ratio, Treynor index, Jensen's alpha and Modern portfolio theory to find this out. We conclude that Czech bond mutual funds are safe place to put your money in even though they provide small but almost certain returns. Czech stock funds perform worse than their American counterparts in terms of Sharpe ratio, Treynor index and Jesen's alpha. Applying modern portfolio theory proved to be beneficial in case of mutual funds in the Czech Republic. Powered by TCPDF (www.tcpdf.org)
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The performance of the Czech Private Pension scheme: Current design and its position within CEE countries
Hlaváč, Jan ; Schneider, Ondřej (advisor) ; Benáček, Vladimír (referee)
This thesis focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the thesis. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. To complement the analysis we also employ the Sharpe style analysis to evaluate the impact of managerial decisions of market selection/timing on the scheme returns. The findings suggest that except for Poland none of the schemes managed to beat its long- term domestic benchmark (10- year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of Czech Republic. The results of style analysis suggest a modest positive influence of the active managerial decisions on the scheme returns with respect to the passive investment strategies. JEL Classification G23, G28, O57, H55 Keywords: Private pension schemes, Czech voluntary pension scheme, financial performance, Sharpe ratio, Sharpe Style...
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The performance of the Czech Private Pension scheme: Current Design and its position within CEE countries
Hlaváč, Jan ; Schneider, Ondřej (advisor) ; Benáček, Vladimír (referee)
This thesis focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the thesis. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. To complement the analysis we also employ the Sharpe style analysis to evaluate the impact of managerial decisions of market selection/timing on the scheme returns. The findings suggest that except for Poland none of the schemes managed to beat its long-term domestic benchmark (10-year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of Czech Republic. The results of style analysis suggest a modest positive influence of the active managerial decisions on the scheme returns with respect to the passive investment strategies.
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Investice do akcií a zlata
Horký, Lukáš
This bachelor thesis focuses on the comparison between the selected investment assests, namely stocks and gold, based on historical return, risk and Sharpe ratio, in period 2000 - 2014. The first part describes the basic theoretical background of the financial market and mentioned investment assests. This section also describes how can be traded with these assests on financial market. The next part is an analysis of the factors which significantly participates in development of a stock and gold markets. The third and final part focuses on the analysing and processing data in the selected time period. Based on the calculated values in the final stage compares shares and golds.
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Investice do podílových fondů a ETF
Nevrklová, Marta
The bachelor thesis "Investments in mutual funds and ETF" is focused on the characteristics of both investment products, their comparison, differences, advantages and disadvantages and the current legislative framework in the Czech Republic. The main goal of the thesis is an unequivocal recommendation to retail Czech investor, on which of these investment options is more favorable for him. The recommendation is based on an analysis and comparison in terms of return, risk, liquidity, availability and fees through a model example.
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A Performance Comparison of mutual funds and ETFs available in Czech Republic from the CZK investor's point of view
Kůna, Jakub ; Musílek, Petr (advisor) ; Havlíček, David (referee)
This diploma thesis "A Performance Comparison of in Czech Republic available mutual funds and ETFs from the view of CZK investor" elaborates on collective investing in Czech Republic; focusing on mutual funds and their exchange traded alternatives in ETFs. In the thesis, a history of Czech collective investments' development is briefly mentioned and of ETFs' beginnings in the US, also a legislative framework for the mutual funds in CZ is shortly discussed; furthermore, different approaches to fund classification based on various criteria are provided. An impact of fund fees and expenses is also analysed. A Current situation on the capital market of funds and ETFs and its trends are showed in many graphs and tables. In the second part of the thesis, author introduces not only the basic ones but also the more sophisticated methods of portfolio's or fund's performance measurements, including yields, risks, risk-adjusted yields etc... The third and last chapter aims at application of the previously mentioned methods on a selection of 20 funds and ETFs; therefore building a financial model enabling that. The analysis is viewed as from the CZK investor, thus all calculations are made in CZK.
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Comparison of selected mutual funds
Hort, David ; Veselá, Jitka (advisor) ; Ducháčková, Eva (referee)
The main task of this bachelor thesis is a comparison of selected debt and equity mutual funds based on the historical performance taking into account risk and the fees of these funds as well. The first, theoretically oriented, part of this work deals with the branch of collective investment in the Czech Republic from the perspective of historical evolution, recent legislative adjustments and the definition of the essential representatives of collective investment including their distribution. The second part presents the basic methods of quantification of historical risk and performance of the mutual funds. The final, practically oriented, section includes the results of the measurement of the historical performance of the selected funds based on the composite measures of performance and this closing chapter contains the analysis of the transaction costs of the monitored funds as well. Investment recommendations for potential investors are made based on these findings.
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