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Efficient market hypothesis in the modern era
Vlček, Šimon ; Krištoufek, Ladislav (advisor) ; Korbel, Václav (referee)
Efficient Market Hypothesis (EMH) has been the central assumption of financial modelling in the previous decades. At its core, it is a statement about the efficient incorporation of available information in the prices of assets, rendering each price a 'true' representation of the asset's intrinsic value. The notion of informationally efficient financial markets has been, since its formulation, entrenched in the very core of our understanding of how asset pricing works, yet, with ever so increasing frequency, when subjected to empirical scrutiny, it fails to prove its explanatory and predictive prowess. New academic strands emerged have emerged as a result, attempting to explain those empirical short-comings, with rather mixed results. The new models and theories often either explain a singular anomaly, rather than pro- viding a generalized and consistent theoretical framework, or are exclusive with the general state of financial markets, which tends to be efficient and rational. This thesis shall explore the relationship of information and financial mar- kets, taking into account developments that have occurred since the inception of the EMH. Subsequently it will present a new theoretical model for asset pric- ing and ipso facto the efficiency of financial markets, based on meta-analysis of information, along...
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Analysis of degree of the financial market regulation in the US and expected trends
Malyk, Kateryna ; Blahová, Naďa (advisor) ; Marková, Jana (referee)
The bachelor thesis is focused on the analysis of the US financial market regulation system and the investigation of certain cyclical events, which then lead to a change of regulation. The aim is to provide an overview of the real situation on the financial market. Another aim of this thesis is to highlight the existing significant issue in the US market and warn of possible consequences. Attention is also paid to the interconnection with the cycle of the US President's election. The first chapter generally describes the history of development and transformation of regulation in the United States. The second chapter focuses on the structure of the US financial market regulation and supervision system by regions. In the third part of the bachelor thesis, selected impulses of regulation change are analyzed and the current situation in the US market is described. The conclusion includes a summary and my opinion on the future development potential in the field of regulation.
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Efficient market hypothesis in the modern era
Vlček, Šimon ; Krištoufek, Ladislav (advisor) ; Korbel, Václav (referee)
Efficient Market Hypothesis (EMH) has been the central assumption of financial modelling in the previous decades. At its core, it is a statement about the efficient incorporation of available information in the prices of assets, rendering each price a 'true' representation of the asset's intrinsic value. The notion of informationally efficient financial markets has been, since its formulation, entrenched in the very core of our understanding of how asset pricing works, yet, with ever so increasing frequency, when subjected to empirical scrutiny, it fails to prove its explanatory and predictive prowess. New academic strands emerged have emerged as a result, attempting to explain those empirical short-comings, with rather mixed results. The new models and theories often either explain a singular anomaly, rather than pro- viding a generalized and consistent theoretical framework, or are exclusive with the general state of financial markets, which tends to be efficient and rational. This thesis shall explore the relationship of information and financial mar- kets, taking into account developments that have occurred since the inception of the EMH. Subsequently it will present a new theoretical model for asset pric- ing and ipso facto the efficiency of financial markets, based on meta-analysis of information, along...
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