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Loudness Index Measuring
Hloušek, Pavel ; Mach, Václav (referee) ; Kurc, David (advisor)
This thesis deals with noise measuring. There are described methods of measurement and evaluation of noise, focusing on Steven’s loudness calculation method. Basic concepts of acoustics are provided in the first part. There are also mentions measurement of noise using microphones and sound level meter. The second part is focused on the practical solution of thesis. In which it is made measurement of noise using sound level meter NTi Acoustilizer and implementation of the graphical user interface for calculation of the Steven’s loudness index in Matlab.
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Bias and Accuracy in Equity Research: The Case of CFA Challenge
Hloušek, Pavel ; Novák, Jiří (advisor) ; Máková, Barbora (referee)
This thesis analyses drivers of optimistic bias in equity research and substance of ability in explaining differences in accuracy among equity analysts. I have shown the existence of a relevant reason for optimistic bias in equity research, which is not related to conflict of interest - the usually referred driver of the bias. Then I have supported the stream of literature showing that analyst's ability is not a strong determinant of analyst's accuracy. A new perspective on the topics is offered by using a sample of equity reports from valuation competition CFA Research Challenge. Contribution of the thesis lies (i) in working with a sample of analysts who do not face the conflicts of interest proposed by the literature to be causing optimistic bias, which offers a unique opportunity to test whether such conflict-of- interest-free analysts issue biased recommendations and in (ii) using success in CFA Challenge as a new proxy for ability of equity analysts. The methods used are an analysis of bias and accuracy of target prices, hit-ratio of investment recommendations, and analysis of returns - estimated by CAPM, Fama French three-factor model and Carhart four-factor model.
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Bias and Accuracy in Equity Research: The Case of CFA Challenge
Hloušek, Pavel ; Novák, Jiří (advisor) ; Máková, Barbora (referee)
This thesis analyses drivers of optimistic bias in equity research and substance of ability in explaining differences in accuracy among equity analysts. I have shown the existence of a relevant reason for optimistic bias in equity research, which is not related to conflict of interest - the usually referred driver of the bias. Then I have supported the stream of literature showing that analyst's ability is not a strong determinant of analyst's accuracy. A new perspective on the topics is offered by using a sample of equity reports from valuation competition CFA Research Challenge. Contribution of the thesis lies (i) in working with a sample of analysts who do not face the conflicts of interest proposed by the literature to be causing optimistic bias, which offers a unique opportunity to test whether such conflict-of- interest-free analysts issue biased recommendations and in (ii) using success in CFA Challenge as a new proxy for ability of equity analysts. The methods used are an analysis of bias and accuracy of target prices, hit-ratio of investment recommendations, and analysis of returns - estimated by CAPM, Fama French three-factor model and Carhart four-factor model.
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Loudness Index Measuring
Hloušek, Pavel ; Mach, Václav (referee) ; Kurc, David (advisor)
This thesis deals with noise measuring. There are described methods of measurement and evaluation of noise, focusing on Steven’s loudness calculation method. Basic concepts of acoustics are provided in the first part. There are also mentions measurement of noise using microphones and sound level meter. The second part is focused on the practical solution of thesis. In which it is made measurement of noise using sound level meter NTi Acoustilizer and implementation of the graphical user interface for calculation of the Steven’s loudness index in Matlab.
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