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Predictability of security returns using Twitter sentiment
Fremunt, Marek ; Baruník, Jozef (advisor) ; Kukačka, Jiří (referee)
This work concentrates on exploring the influence of social networks to financial markets. We have introduced a novel approach to Twitter sentiment analysis, in which we collect continuous stream of data and analyze it. Our original data set contains over 200 million English written Tweets from the period between July 1, 2014 and October 9, 2014. Twitter sentiment is used as a good representative of investors' mood. On hourly data we investigate how investors are influenced by basic emotions, moods and sentiment in their decision making processes as well as the influence of keywords related to specific securities and FOREX symbols. Particularly, we examine the relationships between Twitter-based variables and returns as well as volatility of several financial instruments on a wide range of data including commodities, currencies and S&P 500 Cash Index. We show that Twitter sentiment influences volatility of securities' returns, tested and shown on both conditional and realized volatility models. We also describe the effect of Twitter sentiment on securities' returns. Moreover, we reveal the influence of basic emotions on investors' decision making processes. Our results suggest that investors are influenced by emotions and moods, especially at longer investment horizons. The impact of emotions at shorter...
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How the size of a nonprofit organization influences the efficiency of its financing?
Fremunt, Marek ; Kameníček, Jiří (advisor) ; Hrbek, Pavel (referee)
This bachelor thesis describes nonprofit sector focusing on the Czech non-governmental organizations (NGOs) and the efficiency of their financing. At the beginning of the thesis I mention key definitions of the nonprofit sector. After that I concentrate on the Czech NGOs, which has moved forward during the last two decades. I describe the history, Czech legislature and types and forms of NGOs. I also measure the influence of NGOs on the Czech economy and make a brief comparison with the foreign non-governmental sector. In the last part I examine the influence of the size of the NGOs (according to revenues) to the efficiency of their financing. In order to analyze this influence, I modify the model KAMF to measure the efficiency of NGOs' financing. In the empirical part of this work I apply the model on the sample of 109 Czech NGOs and analyze the effect. In order to detect advanced relation between the size of NGO and its efficiency of financing, I have used OLS regression analysis.
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