We use an information asymmetry index , which is based on measures of adverse selection developed by market microstructure literature rather than on ex-ante firm characteristics, to measure the level of information asymmetry . Then we want to test how the information asymmetry, the sole and principal determinant of the pecking order theory, basically affects capital structure decision. During the period 1995-2005, We find that information asymmetry does affect firm¡¦s debt issuance positively and significantly, especially when firms¡¦ size are large and when firm¡¦s financing needs are high. Furthermore, we find there are some other determinants have important influence on firms¡¦ financing decision. This result can explain why the literatures are always only partially successful in interpreting firms¡¦ financing decisions. It also suggests that if we test models under basic assumptions, we can find some support in any theory.

Subject matter of this thesis is the problem of informed trading on the Prague Stock Exchange. This topic is developed in two directions. First one is empirical analysis of informed trading, which makes use of unique dataset which includes trading in XETRA and SPAD. This dataset enabled the author to compare change in measures of informed trading in respective trading systems. For this comparison models PIN and VPIN are used, the latter for the first time in Czech academic research. Model PIN brings the result that the probability of informed trading has significantly decreased following the transition to XETRA. On the contrary, results of VPIN metric suggest that measure of toxic liquidity has slightly increased. Second one is economic analysis of law. On the basis of economic insight two regulatory issues are identified - the problem of inside information and conflict of interest in case of market makers. Legal analysis has brought two key findings - problem of inside information is the result of incomplete implementation of european legislature and the conflict of interest is attributed to its improper treatment, based on the concept of fiduciary duties, which are hard to enforce in this particular case. Proposal how to fix these problems suggests "chinese wall" as the solution which would...

Made available in DSpace on 2010-04-20T20:54:47Z (GMT). No. of bitstreams: 0 Previous issue date: 2002-02-27T00:00:00Z / Este trabalho trata do estudo da formação de preços no mercado de commodities brasileiro. O enfoque teórico fornecido pela Microstructure Theory foi utilizado juntamente com o instrumental econométrico da análise de cointegração por meio do método de Johansen. Os resultados demonstraram que o mercado brasileiro é tomador de preços. apesar de influenciar as cotações internacionais.