The results of empirical tests of the capital asset pricing model (CAPM) are discussed in this paper. A formidable problem here involves setting up an effective method for testing or test methodology. Many conceptual and statistical problems are inherent in tests of capital asset pricing model. It always has to be concerned the possible contaminating effects of the inevitable real-world violations of the model’s assumption. The tests reported in this paper are tests of how well the model fits history. The purpose of this work is to determine whether the CAPM fits the real world and, if it does not, to determine the source and size of the discrepancies between the model and the world. The data of Lithuanian firm’s stocks are used in order to test the model. The asset market of Lithuania is young and unstable. Thus the results are not the best. But recently situation is getting better. It will be shown in this paper that capital asset pricing model could be tested with real data of Lithuanian stock market. The results are quite good. Microsoft Visual Basic 6.3 equipment is used to solve this problem.

The thesis describes the theory of capital asset pricing model (CAPM) and the issue of robust estimates. Robust methods are an effective tool to achieve better estimation relative to the classical least squares method when there is a fai- lure to assume a normal distribution of errors or in the presence of outlying obser- vations in the data. Theory of M-estimates, which is then applied in the practical part of the thesis to the multidimensional CAPM model is treated in detail. The- ory of R- and L-estimates is explained in less detail. A simulation study compares simultaneous estimates in multivariate model and estimates designed individually when applied to the model assuming the mutual independence of equations. 1

This thesis describes the design of portfolio for the small family business in the Czech capital market conditions. It works with data from the Prague Stock Exchange and specifically from the Prime Market. The proposed based on Markowitz's portfolio theory and the CAPM model. From the historical data is created several portfolios, which are then compared with each other and have selected the one best suited to profitability and risk. Finally, the selected portfolio is tested under the conditions of the Czech capital market.

The Diploma Thesis deals with the problems of an estimate of the discount rate and the single parameters used especially in the two basic methods for its determination: the surcharge (premium) method and the CAPM model. In the first part there are presented the effects which influence the discount rate and thus also the method of its estimate. The second part of the thesis describes the surcharge (premium) method which includes an estimate of the riskfree rate, the risk premiums and the liquidity premium. The third part of the work is devoted to the CAPM model, and it is divided into two chapters. Firstly, the CAPM model is derived in chapter 3. Then, in chapter 4, there are presented the possibilities of estimate of its single parameters and premiums which are most frequently added to the basic CAPM model.

The All-Electric Vehicle (AEV) industry development has intensified and is connected to governmentefforts to minimize greenhouse gas emissions and encourage people to buy electric vehicles. This hasled to all the lights turning on newly established all-electric vehicle makers and some older players. Thegrowth of these companies is depicted in their market capitalization, which has seen an unprecedentedrun. However, one can notice a knowledge gap in the analysis of factors affecting such companies'expected rate of return. This research focuses on analyzing the factors from three of the most knownasset pricing models - CAPM, Fama-French 3 Factor, and Fama-French 5 Factor models. It shows whichof these factors are significant in estimating the expected return rate for nine chosen companies and theimpact of each considerable factor on the return rate.Additionally, we calculate the expected return rate using the beforementioned models to verify whetherthere is an uptrend or not in the electric vehicle market. The current research is limited to companieslisted on the US stock market, with only all-electric vehicle production lines. We make an introductionto the AEV theoretical aspects and related market structure. We also present theoretical concepts behindthe expected rate of return perception.The analysis showed that the market risk premium impacts 100% of the companies. The SMB factorinfluences 55% of the companies while the HML factor only 11%. Finally, RMW affects 66% of thechosen dataset and CMA 77%. For all companies, there is a positive expected return rate. Looking atthe significant coefficients for each model, the results are the following: we can observe that for CAPMand all the companies, 100% of the coefficients are positive. For FF3FM, 93% of the significant factorsare positive, while only 7% are negative. Finally, for FF5FM, out of the 28 significant factors, 65% ofthe coefficients are positive, and 35% are negative.

This master’s thesis deals with financial analysis of company Tenza, a.s. The results of financial analysis of this company are compared with results of competitive companies using modern and classical methods. It includes theoretical part which is necessary to complete the analysis, graphical and verbal interpretation of the results. At the conclusion of this thesis the observed companies are compared and possible steps to improve problematic points of solved problems are proposed.

This thesis deals with the determination of the value of the joint-stock company ŽĎAS using the income approach. To determine the value of the yield method was used the DCF method in variant entity and EVA also in variant entity. The theoretical part is mainly focused on describing the procedure of determining the value of the company from the definition of the enterprise, the categories of value and purposes awards to description of methods and their specific process. The practical part is attended of determining the value of the company ŽĎAS at the level of an objective value that can be considered generally acceptable. Determining of the value is preceded by processing of strategic and financial analysis and compilation of value drivers and financial plan. Determination of value is made at the date of the first 1st 2014, and should be only used for internal needs of the stock company ŽĎAS.