|
|
Stock exchange mergers, alliances and new financial markets
Znojová, Anna ; Žilák, Pavel (advisor) ; Vorek, Marian (referee)
In my final thesis, I focus on the various forms of Stock Exchange's cooperation and try to outline the impact of deregulation and globalization to Stock Exchange Markets organization. I mentioned the theoretical background, which were used as a basis for analyzing the topic of consolidation of stock exchanges. In the introduction I explain some basic terms, such as mergers, union or federation, and clarify the difference between cooperation and consolidation. Then I focused on the first transatlantic alliance and one of the most important entities in the Stock Exchange markets - NYSE Euronext. I evaluated the alliance of the three selected indicators, the market capitalization, trading volume and market velocity. The analyze carried out in my thesis shows that the regulatory authorities allowed in the past the establishment of Stock Exchanges alliances, which are currently the largest and most important players on the Stock Exchanges markets, and it is really difficult for regional markets to compete them. This problem is, in particular, outlined in the case of Deutsche Börse, which sought to be connected with the transatlantic alliance NYSE Euronext., but this merger was rejected by the European Commission, just for fear of disruption of market competition. As the evidence that the Stock Exchange markets are constantly busy and that all exchanges are trying to reach the best position and thus are seeking for the best possible partner for future cooperation, I introduced two recently published plans for connections, which was merger between Deutsche Börse and the Russian stock exchange MICEX and merger of Intercontinental Exchange and NYSE Euronext. At last but not least I focused on the analysis of the Asian continent from the perspective of realized and unrealized mergers where Stock Exchange markets are not oversaturated and still have a huge potential for further development.
|
|
|
Specifics and Success of Fundamental Analysis Based on Price Earnings Ratio
Vorek, Marián ; Veselá, Jitka (advisor) ; Musílek, Petr (referee) ; Svoboda, Martin (referee)
This thesis describes fundamental analysis method based on a price to earnings ratio and an effort is put on the following areas: (i) empirical verification of factors determining the price to earnings ratio, (ii) empirical verification of an investment strategy based on historical price to earnings ratios and (iii) behavior of P/Es in bear market periods. The empirical verification of the main factors determining the price to earnings ratio is conducted on empirical data for a sample of eleven stocks listed on Prague Stock Exchange in period 2006-2011. The empirical verification of macroeconomic factors determining the price to earnings ratio as well as the empirical verification of an investment strategy based on historical price to earnings ratios are researched based on empirical data of an equity index S&P 500 in period 1954-2011 and an equity index PX in period 2001-2011. Behavior of P/Es in bear markets is researched on empirical data of index S&P 500 in period 1954-2011 and index PX in period 2001-2011.
|
|
|
Analysis of the relationship between the change of sovereign rating and market behavior
Cibulka, Jakub ; Musílek, Petr (advisor) ; Vorek, Marián (referee)
This master thesis analyzes the relationship between the change of sovereign rating and market behaviour. The first part is devoted to rating itself. I present the various types of the rating, development, structure and risks of the market for credit rating agencies. The second part focuses on the nature of government bonds and the methodology for determining credit rating. The third part contains an analysis of market indicators in selected countries, econometric analysis of the relationship between credit ratings and risk perception in the market and comparison with other indicators of potential default. I summarize all the knowledge in the conclusion and I am trying to predict future developments in the market for credit rating agencies.
|
|
|
The specifics and problems associated with a bank stock valuation
Shcherba, Yuliya ; Veselá, Jitka (advisor) ; Vorek, Marián (referee)
The principal aim of the thesis is to suggest a follow-up procedure for a bank's stock valuation for investors and to help them make a decision about the prospects of buying or selling bank shares. The particular strategic and fundamental factors influencing the intrinsic value of a bank are described in detail. Special attention is paid to determining the intrinsic value of the banks' brand. An example of particular methods of determining the intrinsic value of a bank's stock is given in the last chapter where the intrinsic value of the biggest Russian bank Sberbank Rossii is calculated with a decision at the end on whether the market pricing is correct.
|
|
|
Testing of success of fundamental analysis methods in selected sectors
Zemková, Kateřina ; Veselá, Jitka (advisor) ; Vorek, Marián (referee)
The aim of this thesis is to introduce the theoretical and practical aspects of fundamental analysis. The thesis is divided into three main parts in which global analysis and sector analysis is gradually performed and in the last part a valuation of selected equities is performed. Emphasis is placed on the financial sector and manufacturing of tobacco products. In the financial sector the equities of Komerční banka and Erste Bank Group are analyzed and the representative of manufacturing of tobacco products is Philip Morris ČR. After determining the intrinsic value of the shares by several methods, their market position is concluded. Finally, the success of the chosen methods is evaluated.
|
|
|
Testing of investment strategies based on concrete methods of fundamental analysis
Cyrner, Pavel ; Veselá, Jitka (advisor) ; Vorek, Marián (referee)
The first part of this work "Testing of investment strategies based on concrete methods of fundamental analysis" is designed as theoretical introduction into fundamental analysis. There are briefly described and explained the different parts of fundamental analysis with emphasis on analysis at the level of individual firms and related specific methods and models of determining the intrinsic value of shares. In the next section, there are companies presented and characterized, whose shares will make up the sample, which will be used to test various methods and models of fundamental analysis. The last and the most important part of this work is devoted to practical application of methods and models of fundamental analysis on a sample of shares of companies, introduced in the second part. At the end of this section, evaluation of the success of these methods and models is presented.
|
|
|
The effectiveness of chosen fundamental analysis methods on a sample of stocks
John, Jaroslav ; Veselá, Jitka (advisor) ; Vorek, Marián (referee)
The diploma thesis deals with the effectiveness of chosen fundamental analysis valuation methods on a sample of stocks. The sample consists of stocks traded on the Prague Stock Exchange and on the New York Stock Exchange. The Czech part of the sample consists of stocks of ČEZ, Erste Group Bank, Komerční banka, Philip Morris ČR and Telefónica O2. The American part of the sample includes stocks of Coca Cola, General Electric, Intel, Southern Company and Bank of America. These stocks are valued by dividend discount models and cash-flow models stepwise to the end of the years 2005 and 2006. As regards the dividend models, the Gordon model, the three-stage model and the H-model are applied whereas within the cash-flow models the DCF equity method was chosen. The effectiveness of the valuation process was subsequently tested over the course of three years by comparing the particular stock returns and the returns of the market portfolio represented by market index. The evaluation of effectiveness is then done in terms of the absolute, the relative and the portfolio effectiveness.
|
|
|
Comparative analysis of central europe stock exhanges and their trading systems
Chvátal, Ladislav ; Žilák, Pavel (advisor) ; Vorek, Marián (referee)
This thesis deals with the comparative analysis of stock markets in Prague, Warsaw and Budapest. The main goal of the thesis is to evaluate the trading systems and development of stock indices, market capitalisation, trading volume and numer of new IPO. One part is also devoted to birth of stock aliances in Central Europe. The results showed dominant role of Warsaw Stock Exchange in this region. Warsaw stock exchange operates with most developed trading system. In terms of market indicators Warsaw stock exchange has the biggest market capitalization and trading volume. On the other hand Prague and Budapest Stock Exchange could benefit in the future from membership in CEESEG holding company.
|
|
|
Gold market analysis and the influence of commodities on portfolio diversification
Kováč, Jakub ; Musílek, Petr (advisor) ; Vorek, Marián (referee)
The objective of the Diploma Thesis entitled Gold market analysis and the influence of commodities on portfolio diversification is to provide an insight to commodities as an investment asset class. This goal is tackled by the first and the second chapter. The first chapter provides theoretical support for commodities as a distinct asset, whereas the second chapter is focused on investors opportunities to obtain economic exposure to commodity assets on current financial markets. When introducing the commodity products, main focus is set on the gold market. The second objective of the Diploma Thesis is to analyze the gold market and gold added value for the investors. The structure of both supply and demand for gold is analyzed. Demand and supply are identified as the main gold price drivers. The thesis confirms that the main added value of gold as an asset lies in its addition to a portfolio of capital assets. Gold significantly improves diversification of the portfolio, protects the portfolio from inflation as well as from the economic event risk. On the contrary, in comparison to capital assets gold is not an perspective stand alone investment. The last objective of the thesis is to analyze the diversification potential of commodity indexes within a portfolio context. The last chapter is devoted to this objective. The chapter introduces commodity indexes as an investible product and analyses the influence of a selected commodity index being added to a portfolio of capital assets on the efficient investment frontier. It is shown that not only is the commodity index not a good diversification tool but the investors would be better off by selling it short.
|
|
|
Fundamental analysis of the automotive industry in selected countries
Záruba, Ondřej ; Veselá, Jitka (advisor) ; Vorek, Marian (referee)
This thesis deals with the global view on developments in the automotive industry.It tries to specify all the basic characteristics of industry.It is finding the definition of the importance of car manufacturing in the different geographical regions.Measures dynamics of economic factors affecting the progress.Searches for medium and long-term trends of changes in automobilism.Brings the current trends and changes.The focus of the work is in the economic comparison of automobile manufacturers General Motors, Ford, Daimler, Volkswagen, BMW, Porsche, Fiat, Renault, Peugeot SA , Toyota, Honda, Nissan, Suzuki, Mitsubishi, Hyundai, Kia, Tata and FAW. The main conclusion of this comparison is a author's discussion by the market values of the comparison companies.
|
guest ::
RSS feed.