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Does LSTM neural network improve factor models' predictions of the European stock market?
Zelenka, Jiří ; Baruník, Jozef (advisor) ; Čech, František (referee)
This thesis wants to explore the forecasting potential of the multi-factor models to predict excess returns of the aggregated portfolio of the European stock mar- ket. These factors provided by Fama and French and Carhart are well-known in the field of asset pricing, we also add several financial and macroeconomic factors according to the literature. We establish a benchmark model of ARIMA and we compare the forecasting errors of OLS and the LSTM neural networks. Both models take the lagged excess returns and the inputs. We measure the performance with the root mean square error and mean absolute error. The results suggest that neural networks are in this particular task capable of bet- ter predictions given the same input as OLS but their forecasting error is not significantly lower according to the Diebold-Mariano test. JEL Classification C45, C53, C61, E37, G11, G15 Keywords Stocks, European market, Neural networks, LSTM, Factor Models, Fama-French, Predic- tions, RMSE Title Does LSTM neural network improve factor mod- els' predictions of the European stock market?
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Asian automotive industry: the impact on the European market
Benc, Tomáš ; Vošta, Milan (advisor) ; Kašpar, Václav (referee)
The aim of my thesis is to describe the automotive industries of the most significant countries in the Asian region. The whole thesis is focused on passenger cars. The thesis is focused on the following countries: Japan, South Korea, China and India. Another aim is to analyze the impact of selected auto makers from these countries to the European market. One of the aims is also introduction of the future trends in the Asian automotive industry, related to Europe. The last aim is to determinate when the Chinese automaker will belong to the world's car manufacturers.
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Specifické problémy prodeje a problémy řízení zásob u prodejců osobních automobilů
Stehlík, Michal
The thesis is devoted to identifying of the specifics of the sales and stock management of the sales department of the companies CARTec motor Ltd., an authorized dealer of Jaguar, Land Rover and Range Rover and the company Carent Inc., an authorized dealer and official representative of Ford in the Czech market. The aim is to analyze the processes associated with the sale of the new cars and stock management of the sales department for both companies, to identify the specifics and differences of a sector in which the companies operate. Subsequently find problematic activities and the bottlenecks in the new car sales and management of the sales stocks and propose solutions to these specific problems The proposals for solutions of the identified problems and optimization of the individual processes associated with the sale of new cars can not be put into practice and realize due to the reasons of the stringent conditions and requirements from the importers and manufacturers of these brands when operating in an official authorized dealer network. Companies CARTec motor Ltd. and Carent Inc. should therefore continue to keep the same direction and to practice their trade policy as usual, the sales and service departments operate under the environment and conditions which currently rule the official authorized dealer network and Ford brands JLR almost optimally.
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The Impact of Cash Crop Export to the EU on the Economic Perfomance in Ghana
Lamptey, Samuel Nii Lante
ABSTRACT The main objective of this master's thesis is to investigate the relationship between cash crop exports to the European Union from Ghana and its impact on the economic performance of Ghana. It is also aimed at investigating the aftermath of the European Union Directive 2000/36/EC on the Economic development of Ghana by investigating and observing the trend in GDP to access the economic performance of Ghana by looking at cocoa export to the European Union. The study then provides an insight of Ghana and European Union trade relation and then also an overview of Ghana's cash crops with focus on cocoa. It is followed with comparison of the trend in economic growth before and after the implementation of European Union Directive. Econometric and Statistical analysis of secondary data from sources such as International Financial Statistics, International Monetary Fund and the World Bank countries indicators is done. This is followed by analysis of the results, discussion of the results and recommendations based on the results. A brief summary of the thesis is given in the conclusion.
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