The aim of this thesis is to evaluate the possibility of household investment in the money market in the Czech Republic. In the theoretical section we can find details of the cash market and its segments. Followed by financial institutions and relevant indicators influencing investor decisions. The practical part is focused on specific financial products. They are mutually compared and evaluated in terms of availability and suitability for the small investor. Return, risk and liquidity are also taken into account.

Denna studie har genomförts i syfte att undersöka påverkan på svenska banker under och efter införandet av direktivet Market in Financial Instruments Directive (MiFID) IIs transparenskrav. Efter reguljära brister på den finansiella marknaden utformades det nya direktivet för att stärka transparensen för samtliga aktörer. Problematiken finns i eventuella risker som uppstår vid ökat krav på transparens och hur bankerna hanterar dessa samt hur den asymmetriska informationen påverkas på marknaden mellan konsument och företag. Studien är av kvalitativ art och den primära källan består av intervjuer med utvalda aktörer på den svenska bankmarknaden. Resultatet visade att respondenterna ansåg att en gräns för öppenhet inte existerar och att transparens därmed inte kan bli för hög. Med de nya transparenskraven sågs en positiv effekt på marknadskvaliteten då ökade krav lett till högre disciplin och därmed minskad asymmetrisk information. Dock bekräftas teorin som menar att allmänheten kan översvämmas med för mycket information som i sin tur skapar osäkerhet hos konsumenten. Studien visade att majoriteten av respondenterna ansåg sig vara positiva över de förhöjda transparenskraven och ser stora möjligheter trots konstaterade risker. / This study was carried out with the aim of investigating the impact on Swedish banks during and after the introduction of the directive Market in financial instruments (MiFID) II transparency requirements. After regular shortcomings in the financial market, the new directive was designed to strengthen the transparency for all actors. The problem is the possible risks arising from increased transparency requirements and how banks act and how the asymmetric information is affected on the market between consumers and companies. The study is of qualitative art and the primary source consists of interviews with selected actors in the Swedish banking market. The result showed that respondents felt that a limit of transparency does not exist and that transparency can not be too much. With the new transparency directive, a positive effect on market quality was seen as increased demands led to higher discipline and thereby reduced asymmetric information.However, the theory confirms that the public can be flooded with too much information, which in turn creates uncertainty for the consumer. Studies showed that the majority of respondents felt positive about the increased transparency requirements and saw great opportunities even though risks were found.

[pt] Séries temporais são ferramentas importantes para análise de eventos que ocorrem em diferentes domínios do conhecimento humano, como medicina, física, meteorologia e finanças. Uma tarefa comum na análise de séries temporais é a busca por eventos pouco frequentes que refletem fatos de interesse sobre o domínio de origem da série. Neste trabalho, buscamos desenvolver técnicas para detecção de eventos raros em séries temporais. Formalmente, uma série temporal A igual a (a1, a2,..., an) é uma sequência de valores reais indexados por números inteiros de 1 a n. Dados dois números, um inteiro t e um real d, dizemos que um par de índices i e j formam um evento-(t, d) em A se, e somente se, 0 menor que j - i menor ou igual a t e aj - ai maior ou igual a d. Nesse caso, i é o início do evento e j o fim. Os parâmetros t e d servem para controlar, respectivamente, a janela de tempo em que o evento pode ocorrer e a magnitude da variação na série. Assim, nos concentramos em dois tipos de perguntas relacionadas aos eventos-(t, d), são elas: - Quais são os eventos-(t, d) em uma série A? - Quais são os índices da série A que participam como inícios de ao menos um evento-(t, d)? Ao longo desse trabalho estudamos, do ponto de vista prático e teórico, diversas estruturas de dados e algoritmos para responder às duas perguntas listadas. / [en] Time series are important tools for the anaylsis of events that occur in different fields of human knowledge such as medicine, physics, meteorology and finance. A common task in analysing time series is to try to find events that happen infrequently as these events usually reflect facts of interest about the domain of the series. In this study, we develop techniques for the detection of rare events in time series. Technically, a time series A equal to (a1, a2,..., an) is a sequence of real values indexed by integer numbers from 1 to n. Given an integer t and a real number d, we say that a pair of time indexes i and j is a (t, d)-event in A, if and only if 0 less than j - i less than or equal to t and aj - ai greater than or equal to d. In this case, i is said to be the beginning of the event and j is its end. The parameters t and d control, respectively, the time window in which the event can occur and magnitude of the variation in the series. Thus, we focus on two types of queries related to the (t, d)-events, which are: - What are the (t, d)-events in a series A? - What are the indexes in the series A which are the beginning of at least one (t, d)-event? Throughout this study we discuss, from both theoretical and practical points of view, several data structures and algorithms to answer the two queries mentioned above.

The present thesis is focused on speculative behavior of investors in financial markets. More precisely, the thesis consists of five papers and takes a closer look at two speculation driven financial market anomalies, the overreaction hypothesis and the momentum effect, and considers them in two financial markets, cryptocurrency and commodity markets.

La 5ta edición del libro Finanzas para no financieros explica, de manera sencilla, los principios básicos para la comprensión de las decisiones financieras que, principalmente, implica riesgo y rentabilidad. La publicación presenta conceptos de costo de oportunidad y valor del dinero en el tiempo. Presenta algunos conceptos y reportes actualizados para ser tomados como ejemplos. / The Finanzas para no financieros ‘s fifth edition explains, in a simple way, the basics values to comprehension of the financial choices which imply risk and profitability. The book also explains concepts of opportunity cost and value of money in time. The publication presents some concepts and reports updated to be taken as examples.

<p>In this dissertation, I investigated price dynamics in the hotel room-night market and attempted to explain pricing decisions from a market perspective. Since market dynamics of the hotel room-night market can be paralleled to those in the financial market, financial market models allowed for examination of various aspects of hotel room pricing decisions.</p><p>In the first study, advance-purchase discounts were estimated through application of an option pricing model considering property-specific attributes. Non-refundable advance-purchase discounts are a commonly used rate fence. One challenge to their implementation, however, is deciding upon the precise magnitude of the discount. Quan’s (2002) study on the price of room reservations is a good starting point, but it is a conceptual model that assumes away other property-specific factors. This study thus tested the idea that advance-purchase discounts are affected by various components, including the value of the right to cancel a reservation (e.g., cancelation option value) and the room- and property-specific factors in the hotel room-night market (e.g., uncertainty, reviews, and seasonality). The analysis supported this hypothesis and additionally revealed that advance-purchase discounts are smaller for rooms with high review ratings in a high-demand period. Interestingly, the divergence between advance-purchase discounts and cancelation option value components widened in a high-demand period, which implies a tendency by hotels to adjust their room rates rather than the amount of discount for customers who book their stay well in advance. Theoretically, this study thus contributes to finance literature by extending the application of the option pricing model to real options for non-financial assets. This study also contributes to the hospitality literature by demonstrating the effects of property-specific attributes on advance-purchase discount magnitude. The results also have implications to the hospitality industry by providing an analytical framework by which hoteliers can estimate property-specific advance-purchase discounts.</p><p>The second study concentrated on rate parity agreement’s effect on the hotel room-night market’s efficiency at reflecting product characteristics in room rates. This study examined the impact of rate parity agreement between hotels and online travel agencies by comparing hotel rates between Europe and the United States. This study found that room rates were less sensitive to property quality attributes under rate parity clauses. The reflection of property quality on room rates were less efficient when hotels have rate parity agreement with OTAs. Furthermore, the results supported the claim that rate parity exacerbates price increase in periods of high demand, which indicates possible collusion between suppliers (hotels) and distributors (OTAs). The findings provided theoretical implications by testing the market efficiency of the hotel room-night market and confirming the impact at the property level. This study also provided a perspective on pricing decision makers to understand how rate parity agreement influence their pricing decisions. Last, the findings provided support for recent policies in Europe that restrict rate parity agreements between hotels and OTAs.</p><p>The third study empirically examined hoteliers’ response to the demand by observing the price movement of two rates with different cancelation policies—free cancelation rates and non-refundable rates. By modifying Hasbrouck’s (1995) information share approach, this study examined the non-refundable rates’ contribution to the price discovery process. The perceived quality of accommodation by customers, one of the primary determinants of the price discovery process, was included in analysis. The results suggested that non-refundable rates were contribute more to the information variance than free cancelation rates did. The findings also suggested that consumers’ perceived quality and volatility influence non-refundable rates’ contribution to the price discovery process. The results also have practical implications for market participants, as they help to build an understanding of aggregated demand and its impact on pricing. Non-refundable rates are generally regarded as just one of many kinds of discounted rates, but the results of this study suggest that hoteliers should carefully consider the role that non-refundable rates play in their pricing strategy.<br></p>

An individual's behavior is a substantial part of one’s personality and is a big part in decision-making, it applies to large and small decisions in our everyday lives. An increase in the proportion of young adults in the stock market has been observed in recent years. Our world was hit by a pandemic, Covid-19 and as a result of this pandemic, a majority of countries in the world experienced financial crises and difficulties. Many analysts noticed, however, the continued increase in private investors in the stock market. The results in this study have shown that an individual's personality and personal traits are decisive factors in how an investor will behave in the stock market. The different causes and factors addressed in the study affect each respondent in different ways where some were affected more and others less. The study thus showed that it was not only one factor or cause that affects how risky an investor is, it is a combination of several factors and causes. This study has provided a new perspective for the theorists as the study took place during a pandemic. Lastly, this study has given rise to relevant questions that are presented in future research suggestions. / En individs beteende är en stor del av personligheten och är även en avgörande faktor för olika beslut som vi individer fattar, det gäller såväl stora som små beslut i vår vardag. Olika faktorer och orsaker har större påverkan i vårt beteende än vad vi kan tro, även i vårt köpbeteende på finansmarknaden när investerare tar beslut om diverse investeringar såsom aktier. Det har i synnerhet observerats en ökning av andelen unga vuxna på aktiemarknaden under de senaste åren. Vår värld drabbades av en pandemi, Covid-19 och till följd av denna pandemi upplevde majoriteten av världens länder finansiella kriser och svårigheter. Det intressanta som däremot många analytiker uppmärksammade var den fortsatta ökningen av privata investerare på aktiemarknaden, speciellt de unga vuxna. I och med den ännu pågående pandemin har det därmed inte gjorts studier och observationer om privata investerares köpbeteende under just Coronapandemin. Detta har gett upphov till att föra en kvalitativ studie om vilka orsaker och faktorer som påverkar privata investerares köpbeteende och hur pass riskaverta investerarna är baserat på dessa orsaker och faktorer och det individuella köpbeteendet. Med hjälp av teorier och tidigare forskning från området beteendeekonomi (”behavioral finance” på engelska) har denna studie, vars avsikt varit att undersöka köpbeteende och grad av riskaversion, varit möjlig. Resultaten har visat att en individs personlighet och de personliga dragen är avgörande faktorer för hur en investerare kommer att bete sig på aktiemarknaden. De olika orsakerna och faktorerna som togs upp i studien påverkar varje respondent på olika sätt där vissa påverkades mer och andra mindre. Graden av riskaversionen hos studiens respondenter gick att avgöra baserat på varje investerares övertro på sig själv, hur påverkade de blir av lättillgänglig information, stereotyper som ett företag kan påvisa samt flockbeteende. Studien visade därmed att det inte endast var en faktor eller orsak som påverkar hur pass riskavert en investerare är, det handlar om en blandning av flera faktorer och orsaker. För just denna åldersgruppen var graden av riskaversion av svagare karaktär vilket indikerar på att investerare i denna åldersgrupp inte är rädda för större risker. Denna studie har gett ett nytt perspektiv för teoretikerna då studien tagit plats under en pandemi vilket kan ha bidragit med andra resultat med tanke på den finansiella krisen som världen drabbades av. Avslutningsvis har denna studie gett upphov till relevanta frågor som presenteras under förslag på framtida forskning.

This Master Thesis in General Management aims on defining the relationship between a country's degree of development and household asset management in the European Union. Both of the variables are defined by relevant sub-variables where the relationships are being observed. There were used datasets gathered by respected European Statistical Agency Eurostat for 2019. Master Thesis focuses on the European Union area and it aims at defining the crucial relationships between the variables in order to draw the conclusions that would help in pursuing the degree of development in different countries. In the Master Thesis, we were using quantitative research reflecting on the statistically expressed relationships using the correlation pattern. There were used 29 numbers for each of the variables representing the total number of European Union members in 2019 (28) plus the European Union average. There were found statistically significant relationships based on which we were able to define a proper generalization together with the causation pattern for the European Union countries and households.

[pt] O presente trabalho tem como objetivo analisar a possibilidade de se realizar operações de arbitragem da volatilidade com opções de ações brasileiras. Utilizando o modelo proposto em Molero e Mello (2018) para calcular a inclinação da concavidade do sorriso da volatilidade das opções de compra das quatro ações de maior liquidez na Bolsa de Valores do Brasil (B3), foram encontradas 26 oportunidades de arbitragem da volatilidade das opções dos papéis, ao longo do período de 1 de setembro a 30 de novembro de 2020. A análise dos resultados das operações apontou que, assim como era esperado, as operações feitas quando a concavidade do sorriso da volatilidade atingiu o limite a partir de 2,0 desvios-padrão da média, a maioria das operações foi vencedora, enquanto as perdedoras apresentaram ônus pouco significativo, combinação que resultou em um lucro nada trivial. Os resultados positivos não se repetiram quando foram testadas operações em dias de coeficientes mais próximos da média da série. O resultado reforçou o já conhecido argumento das caudas grossas, o qual define que quanto mais longe da média estiver o parâmetro, mais difícil será de prever seus movimentos e de precificá-lo corretamente, o que abrirá oportunidades para operações de arbitragem com obtenção de lucro. / [en] This paper aims to analyze the possibility of carrying out volatility arbitrage operations with Brazilian stock options. Using the model proposed by Molero and Mello (2018) to calculate the concavity slope of the volatility smile of the purchase options of the four most liquid shares on the Brazilian Stock Exchange (B3), 26 opportunities for volatility arbitrage of the options of the shares were found, over the period from September 1 to November 30, 2020. The analysis of the results of these operations indicated that, as expected, the operations carried out when the concavity of the volatility smile reached the limit from 2,0 standard deviations from the mean, the majority of the operations were successful, while the losers presented little significant loss, a combination that resulted in a non-trivial profit. The positive results were not repeated when operations were tested on days with coefficients closer to the series mean. The result reinforced the well-known argument of thick tails, which defines that the farther from the mean the parameter is, the more difficult it will be to predict its movements and to price it correctly, which will open opportunities for profit-making arbitrage operations.

Evolutionary game theory originated from the application of mathematical game theory to biological studies. Well-known examples in evolutionary game theory are the prisoner's dilemma, predator-prey models, the rock-paper-scissors game, etc. Recently, such well-known models have attracted increased interest in population dynamics to understand the emergence of biodiversity and species coexistence. Meanwhile, it has been realized that techniques from statistical physics can aid us to gain novel insights into this interdisciplinary field. In our research, we mainly employ individual-based Monte Carlo simulations to study emerging spatio-temporal patterns, spatial correlations, and the influence of quenched spatial disorder in rock-paper-scissors systems either with or without conserved total population number. In balanced rock-paper-scissors systems far away from the ``corner'' of configuration space, it is shown that quenched spatial disorder in the reaction rates has only minor effects on the co-evolutionary dynamics. However, in model variants with strongly asymmetric rates (i.e., ``corner'' rock-paper-scissors systems), we find that spatial rate variability can greatly enhance the fitness of both minor species in``corner'' systems, a phenomenon already observed in two-species Lotka-Volterra predator-prey models. Moreover, we numerically study the influence of either pure hopping processes or exchange processes on the emergence of spiral patterns in spatial rock-paper-scissors systems without conservation law (i.e., May-Leonard model). We also observe distinct extinction features for small spatial May-Leonard systems when the mobility rate crosses the critical threshold which separates the active coexistence state from an inactive absorbing state. In addition, through Monte Carlo simulation on a heterogeneous interacting agents model, we investigate the universal scaling properties in financial markets such as the fat-tail distributions in return and trading volume, the volatility clustering, and the long-range correlation in volatility. It is demonstrated that the long-tail feature in trading volume distribution results in the fat-tail distribution of asset return, and furthermore it is shown that the long tail in trading volume distribution is caused by the heterogeneity in traders' sensitivities to market risk. / Ph. D.