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.

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This study analysed the short- and long-run interactions between the exchange rate and different types of investments in South Africa from 1970 to 2014. The study focussed on the portfolio theory, the life cycle of investment and the accelerator model of investment, which all found that investment plays an important part in the economic growth and development prospects of a country, thus a healthy investment environment needs to be present in order to attract investment inflows into the country. The conceptualisation of exchange rates focussed on the definitions and types of exchange rates that are in existence, as well as the theories of exchange rate determination which included the purchasing power parity, the interest rate parity, the portfolio balance approach and the Balassa-Samuelson model. These theories are all different but are essential for this study as assumptions made by these theories are relevant to the explanations of exchange rates. The Vector Autoregressive model (VAR), a multivariate Johansen co-integration approach and Granger causality test were conducted to analyse the interactions between the exchange rate and different types of investments. The short-run analysis found that there was a short-run relationship between the exchange rate and different types of investments in South Africa. However, this short-run interaction were found to be small, thus, not significant enough to cause disruptions to the exchange rate and to the inflow of investments into the country. The long-run analysis found that a there was a long-run relationship between the exchange rate and different types of investments in South Africa. This long-run relationship was also found to be negative. This study concluded that investments have a negative, long-run effect on the exchange rate, suggesting that a fall in the investments would cause an increase in the exchange rate in the long-run.

This study analysed the short- and long-run interactions between the exchange rate and different types of investments in South Africa from 1970 to 2014. The study focussed on the portfolio theory, the life cycle of investment and the accelerator model of investment, which all found that investment plays an important part in the economic growth and development prospects of a country, thus a healthy investment environment needs to be present in order to attract investment inflows into the country. The conceptualisation of exchange rates focussed on the definitions and types of exchange rates that are in existence, as well as the theories of exchange rate determination which included the purchasing power parity, the interest rate parity, the portfolio balance approach and the Balassa-Samuelson model. These theories are all different but are essential for this study as assumptions made by these theories are relevant to the explanations of exchange rates. The Vector Autoregressive model (VAR), a multivariate Johansen co-integration approach and Granger causality test were conducted to analyse the interactions between the exchange rate and different types of investments. The short-run analysis found that there was a short-run relationship between the exchange rate and different types of investments in South Africa. However, this short-run interaction were found to be small, thus, not significant enough to cause disruptions to the exchange rate and to the inflow of investments into the country. The long-run analysis found that a there was a long-run relationship between the exchange rate and different types of investments in South Africa. This long-run relationship was also found to be negative. This study concluded that investments have a negative, long-run effect on the exchange rate, suggesting that a fall in the investments would cause an increase in the exchange rate in the long-run.

Hedge funds and China’s stock market: a study on factors influencing investment decisions by fund managersThe research was conducted using a web-based questionnaire sent to all Asia-related hedge funds, worldwide. Analysis of the collected data revealed that the factors influencing the portfolio investments made in China by fund managers differed from the factors which influence investment in global and emerging markets. While market conditions, market timing and changes in earning estimates are the top three influencing factors on investment decisions on global stock exchanges, fund managers are more influenced by global trend, potential growth and company size when dealing with China’s stock market. Research results also support the hypotheses that there are relationships between size of fund, trading style and personal expertise of managers and the factors influencing investment decisions.The international hedge fund industry and China’s stock market are two fast-growing entities of global capital markets. Stronger interaction between these two institutions in the future would create important implications for the financial world. The objective of this research is to identify factors that influence investment decisions by hedge fund managers in relation to China’s stock market.The following implications can be extracted from this research:(1) If China’s stock market is classified within the Emerging Markets Index, adjustments are necessary and provision should be made reflecting investor criteria for China.(2) Global trends and the potential growth of China were the two most attractive factors influencing investment decisions, suggesting a ‘herding’ tendency and ‘attention-grabbing’ bias of hedge fund managers.(3) Company evaluation remains important to hedge fund managers, suggesting that Chinese government regulators should implement reforms to improve quality of listed firms.(4) Gaps in the research on China’s stock market as well as the outcomes of this research indicate that further studies on the international hedge fund industry and China’s stock market could reveal new perspectives and enhancements to the current body of knowledge on these subjects. This thesis consists of six chapters. Chapter 1 provides an overview of the research context and research justification. The research problem and questions are identified, and the theoretical framework and hypotheses are constructed. Chapter 2 presents an overview of the hedge fund industry and China’s stock market. Chapter 3 examines the literature: factors that influence investment decisions in global, emerging markets and in particular, China’s stock market. A framework of an 8-step decision-making process was developed. Chapter 4 researches alternative methodologies and presents a justification for the selection of the research methodology. Chapter 5 summarises the results of the data analysis and interpretation. Chapter 6 discusses the conclusions, implications, contributions and limitations of the research. Recommendations for further research are also included.The outcomes of this research are expected to benefit all participants of the global financial industry, including institutional and individual investors; executives in banking, insurance and securities businesses; financiers of listed firms and multinational corporations; government regulators and independent research analysts. Other beneficiaries will be academics and the media.

Hedge funds and China’s stock market: a study on factors influencing investment decisions by fund managersThe research was conducted using a web-based questionnaire sent to all Asia-related hedge funds, worldwide. Analysis of the collected data revealed that the factors influencing the portfolio investments made in China by fund managers differed from the factors which influence investment in global and emerging markets. While market conditions, market timing and changes in earning estimates are the top three influencing factors on investment decisions on global stock exchanges, fund managers are more influenced by global trend, potential growth and company size when dealing with China’s stock market. Research results also support the hypotheses that there are relationships between size of fund, trading style and personal expertise of managers and the factors influencing investment decisions.The international hedge fund industry and China’s stock market are two fast-growing entities of global capital markets. Stronger interaction between these two institutions in the future would create important implications for the financial world. The objective of this research is to identify factors that influence investment decisions by hedge fund managers in relation to China’s stock market.The following implications can be extracted from this research:(1) If China’s stock market is classified within the Emerging Markets Index, adjustments are necessary and provision should be made reflecting investor criteria for China.(2) Global trends and the potential growth of China were the two most attractive factors influencing investment decisions, suggesting a ‘herding’ tendency and ‘attention-grabbing’ bias of hedge fund managers.(3) Company evaluation remains important to hedge fund managers, suggesting that Chinese government regulators should implement reforms to improve quality of listed firms.(4) Gaps in the research on China’s stock market as well as the outcomes of this research indicate that further studies on the international hedge fund industry and China’s stock market could reveal new perspectives and enhancements to the current body of knowledge on these subjects. This thesis consists of six chapters. Chapter 1 provides an overview of the research context and research justification. The research problem and questions are identified, and the theoretical framework and hypotheses are constructed. Chapter 2 presents an overview of the hedge fund industry and China’s stock market. Chapter 3 examines the literature: factors that influence investment decisions in global, emerging markets and in particular, China’s stock market. A framework of an 8-step decision-making process was developed. Chapter 4 researches alternative methodologies and presents a justification for the selection of the research methodology. Chapter 5 summarises the results of the data analysis and interpretation. Chapter 6 discusses the conclusions, implications, contributions and limitations of the research. Recommendations for further research are also included.The outcomes of this research are expected to benefit all participants of the global financial industry, including institutional and individual investors; executives in banking, insurance and securities businesses; financiers of listed firms and multinational corporations; government regulators and independent research analysts. Other beneficiaries will be academics and the media.

Hedge funds and China’s stock market: a study on factors influencing investment decisions by fund managersThe research was conducted using a web-based questionnaire sent to all Asia-related hedge funds, worldwide. Analysis of the collected data revealed that the factors influencing the portfolio investments made in China by fund managers differed from the factors which influence investment in global and emerging markets. While market conditions, market timing and changes in earning estimates are the top three influencing factors on investment decisions on global stock exchanges, fund managers are more influenced by global trend, potential growth and company size when dealing with China’s stock market. Research results also support the hypotheses that there are relationships between size of fund, trading style and personal expertise of managers and the factors influencing investment decisions.The international hedge fund industry and China’s stock market are two fast-growing entities of global capital markets. Stronger interaction between these two institutions in the future would create important implications for the financial world. The objective of this research is to identify factors that influence investment decisions by hedge fund managers in relation to China’s stock market.The following implications can be extracted from this research:(1) If China’s stock market is classified within the Emerging Markets Index, adjustments are necessary and provision should be made reflecting investor criteria for China.(2) Global trends and the potential growth of China were the two most attractive factors influencing investment decisions, suggesting a ‘herding’ tendency and ‘attention-grabbing’ bias of hedge fund managers.(3) Company evaluation remains important to hedge fund managers, suggesting that Chinese government regulators should implement reforms to improve quality of listed firms.(4) Gaps in the research on China’s stock market as well as the outcomes of this research indicate that further studies on the international hedge fund industry and China’s stock market could reveal new perspectives and enhancements to the current body of knowledge on these subjects. This thesis consists of six chapters. Chapter 1 provides an overview of the research context and research justification. The research problem and questions are identified, and the theoretical framework and hypotheses are constructed. Chapter 2 presents an overview of the hedge fund industry and China’s stock market. Chapter 3 examines the literature: factors that influence investment decisions in global, emerging markets and in particular, China’s stock market. A framework of an 8-step decision-making process was developed. Chapter 4 researches alternative methodologies and presents a justification for the selection of the research methodology. Chapter 5 summarises the results of the data analysis and interpretation. Chapter 6 discusses the conclusions, implications, contributions and limitations of the research. Recommendations for further research are also included.The outcomes of this research are expected to benefit all participants of the global financial industry, including institutional and individual investors; executives in banking, insurance and securities businesses; financiers of listed firms and multinational corporations; government regulators and independent research analysts. Other beneficiaries will be academics and the media.

We analyze the effect of bilateral investment treaties (BITs) on bilateral foreign portfolio investment in equity and debt securities. We find that expropriation risk and the level of a BIT’s investor protection are complementary. Applying a Poisson Pseudo-Maximum-Likelihood model to a panel of 60 home and 39 host countries from 2002 to 2017, we find that host countries receive 40% more bilateral equity investment when they protect foreign investors with a BIT. This effect almost doubles when investment protection of BITs is strong, and the political risk of the host country is high.

This paper investigates the effect of arbitral proceedings on bilateral portfolio equity investments in emerging markets. Investment disputes may deter foreign investors as they reveal a government’s poor behavior towards foreign investors. The analysis investigates the effects of the first initiation of arbitral proceedings, the first outcome in favor of the investor, and the first outcome in favor of the respondent state of arbitration proceedings. The database is an unbalanced panel of 55 home and 36 host countries from 2001 to 2018. Estimations do not reveal an unconditionally significant effect of arbitral proceedings on bilateral portfolio equity holdings. The impact becomes significant considering the interplay with bilateral investment treaties and political risk.

Esta tese é composta de três ensaios empíricos sobre finanças corporativas e macrofinanças, todos eles aplicados ao Brasil. O primeiro mostra como uma mudanças tributárias no nível do acionista podem afetar as decisões financeiras das empresas investidas, através da estrutura de propriedade. Os resultados sugerem que as empresas ajustam suas políticas financeiras para minimizar os gastos tributários totais (nível do acionista mais nível da firma). No segundo artigo, analisa-se a relação entre o investimento estrangeiro em carteira (EFPI) e o investimento agregado brasileiro. Os resultados mostram que o EFPI tem um impacto marginal positivo na formação bruta de capital fixo, mas que essa relação é condicionada a fatores institucionais, tal como o grau de intervenção do governo no mercado de crédito. Finalmente, no terceiro ensaio, mostro que um aumento exógeno dos preços dos ativos colateralizáveis imobiliários pode ter consequências positivas no financiamento e investimento das empresas. As firmas aparentemente mais beneficiadas pelo ciclo expansionista de crédito observado no Brasil durante os anos 2000 foram justamente aquelas com menor grau de tangibilidade, potencialmente fora do mercado de crédito no período anterior. / In this thesis, I present three empirical essays on corporate finance and macro-finance applied to Brazil. In the first one, I show that an exogenous tax change at the investor level can have real effects on the invested firms’ behavior. My evidence suggests that treated firms adjust their financial policies considering substitute financial instruments and seeking to minimize overall tax spending. In the second paper, I analyze the role of equity foreign portfolio investment (EFPI) on affecting aggregate investment. The results show that EFPI has a marginal positive impact on the gross capital formation, but this relation seems to be contingent on institutional factors such as government intervention in credit markets. Finally, in the third essay, I show that an exogenous increase in collateral prices can have positive consequences on firms’ financing and investment decisions. The credit expansion registered in Brazil in the middle of the 2000’s seem to have alleviated financial constraints most for smaller, less tangible firms, which probably were (at least partially) out of the credit market before the boom.