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Analysis of Exchange-Traded Funds Pricing Deviations and Tracking Errors: Evidence from U.S. Market
Panáček, Martin ; Polák, Petr (advisor) ; Baruník, Jozef (referee)
i Abstract In this thesis, we present an analysis of pricing deviations and tracking errors of ETFs with regard to their focus. We deploy several panel data models estimated on a sample of 12 U.S. iShares ETFs divideded into three categories: broad market ETFs, dividend ETFs and sector specific ETFs and examine if the pricing deviations and tracking errors differs between the groups. We suggest, that dividend and sector specific ETFs tend to have bigger pricing deviations and tracking errors, however, we attribute it mainly to the higher expense ratios associated with them, rather than because of their focus. JEL Classification G10, G15, G23 Keywords Exchange-Traded Funds, Pricing Deviations, Tracking Errors Title Analysis of Exchange-Traded Funds Pricing De- viations and Tracking Errors: Evidence from U.S. Market Author's e-mail martin.panacek@icloud.com Supervisor's e-mail polakpet@gmail.com
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THE ISSUE OF DISCOUNT ON THE GOODS AND THEIR IMPACT IN THE ACCOUNTING AND TAX CONTEXT ON THE CASE OF THE TRADE CHAIN.
SKUSILOVÁ, Veronika
The aim of this thesis is to analyze the impact of the discount politics of the chain store in connection with the current regulations, their interpretation and actual situation. The practical part is focused on the discounts analysis in the selected company. The introduction characterizes the enterprise, its organizational structure and general classification of discounts. In the following chapters there are described some more details about types of particular discounts and the purpose of its use. There are used some specific examples in order to explain the purpose of discounts as well as a description of discounts accounting and reflecting their impact on the assets of the company, financing and operating result. An important information source for this section are internal, operational and other policies. For further understanding of the discounts issue, especially in term of business policy, it was necessary to make an inquiry within the company. Due to these information, it was possible to implement the theory and make the accounting and tax implications analyse. The end of the practical part includes description of problematic situations, which are usual in general practice.
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Renewable resources - financial, tax and legal aspects in the CR
SEKALOVÁ, Renata
The aim of the Bachelor thesis is to study, work and create transparent comprehensive view of the financial, legal, and organizational issues of the financial reporting of renewable energy in selected electricity market participants. The practical part is focused on the accounting process of production and purchase of solar energy. On two different model variants solar power plant operators are analyzed possible accounting operations. The last unit of this work is devoted to accounting reporting of energy trader positions. It focuses on the calculation of the purchase price and method of billing between energy producers and redeeming the trader accounts and price differences between the cleared entities and the market operator. In conclusion, it is recommended due to the extreme amount of tax documents received in quarterly stages of a modern form of accounting treatment - selfbilling.
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Prices of fuel and their regional deviations
Tampier, Filip ; Zeman, Jiří (advisor) ; Filipová, Alena (referee)
This bachelor thesis describes the fuel market in the Czech Republic and factors influencing the end price of fuel, sold on the market. In the research part, it examines the magnitude of long-term price deviations of fuel in different regions of Czech Republic and strives to discover their causes. The data needed to analyze these price deviations and their causes all comes from public online sources of both public and private institutions. Regression analysis on 5 % significance level is used for modeling. The analysis consists of two models, where the first one analyses statistical significance of regional price deviations using backward elimination method and the second one analyses the influence of chosen regional indicators on these price deviations. The results have shown, that in the long term, the price of gasoline and diesel differs from normal in seven and ten regions respectively. It was further proven with 95 % certainty, that 85 % of regional gasoline price deviations can be explained by seven regional indicators. However the model hasn't found any dependence between regional indicators and diesel price deviations.
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