This study analyses the linkage between monetary policy and the stock market in South Africa using monthly data for the period from 2000 to 2010. It provides an overview of the Johannesburg Stock Exchange and the monetary regimes adopted by the South African Reserve Bank since the 1960s and the interrelation between the monetary variables and the stock market. It also provides a review of literature, both theoretical and empirical on the linkages between the two variables. Based on the review of literature, a Vector Autoregression [VAR] model was chosen as a method of analyzing the relationship between the two variables. The empirical results revealed that there is no long term relationship between the variables, however, in the short-run there is a dynamic relationship between monetary policy and the stock market in South Africa. This implies that innovations in the stock market affect the implementation of monetary policy and vice-versa. The study recommended that monetary authorities should pay attention to the fact that the stock market performance has a great impact on their decision making due to the fact it is greatly affected by repo rates.

The thesis "IPO analysis in Czech Republic" focuses on initial public offering (IPO) issue applied on the Czech capital market. The beginning of the thesis focuses on IPO characteristics and company's alternative financing. The work describes IPO process in detail in case of an issue on the Prague Stock Exchange and the long-term performance characteristics of the new issues further. The ending focuses on the current Czech capital market, the Prague Stock Exchange and the investors.

In my thesis I will focus on analysis of basic forms of stock exchange cooperation. I will search theoretical fundament of my thesis in history of stock exchanges and cooperation of exchanges. Afterwards, I will focus on characteristics of basic atributes of main stock exchange alliances.For my thesis I decided to focus on these alliances: NYSE Euronext, NASDAQ OMX, and regional cooperation Vienna-Ljubljana-Budapest-Prague. Within these alliances I focus on form of cooperation, law surroundings,trading platform, clearing and settlement system.Analysis of determinants of mentioned markets will help me to evaluate allinaces. From mentioned above I will conclude general determinants of efective stock exchange cooperation.

In recent decades, many investors have abandoned hopes of achieving above market returns through active management, and consigned themselves to passive investing in the form of market capitalization based portfolios. Using Swedish stock exchange data from 2002-2016, this thesis investigates if there is a way to harmonize the strengths of active management, yielding potential above market returns, and passive index investing, implying lower fees and transparency. Based on observations from 275 companies, analysed through market model regressions, the results suggest that fundamentally invested value and quality portfolios create an alpha of 1-2 percent quarterly relative the market capitalization benchmark portfolio. Moreover, the results constitute basis for performing real investments, as they take into consideration the transaction costs implied by portfolio turnover. Furthermore, the findings of greater risk-adjusted returns through fundamentally weighted portfolios stand in opposition to the efficient market hypothesis.

The aim of the Master Thesis is to find the suitable product for investing in capital markets for small investors. Partial aim is to fully and clearly describe the very principle of functioning of capital markets in a clear and understandable way. The aim is also analysis of selected investment instrument, evaluation of the risk and impact assessment of possible loss of funds to the investor, which has to be take into consideration in each investment. Since the thesis is about investing in the capital markets, the risk of loosing of the invested funds is relatively high. This thesis also characterizes the way in which this risk can be eliminated as much as possible to achieve the desired return on investment.

This thesis analyzes the influence of publicized events on stock price of football teams. For this, event study method and regression model was used. Publicized events were significant win in competitions or corruption scandal in Italian football. This thesis found out, that some events influence investor behavior, for example corruption scandal in Italian football or FC Porto win in Champions league final. Efficient market hypothesis was not disprove. Furthermore, it was found that fans -- investors respond to the results of his team, especially surprising wins and goal difference. Higher volume of stocks is traded in the season than out of season.

M.Com. (Financial Management) / Working capital management (WCM) is considered critical for the success of all business and especially for small businesses. A recession (such as the one that took place in 2009) complicates the working capital management of small businesses. Working capital management of a sample of small and medium enterprises in South Africa were investigated to determine how they manage their working capital during challenging economic conditions. The impact of the 2009 economic recession on WCM was specifically investigated by following a quantitative descriptive research approach. The study sample consisted of 44 companies listed on the JSE Ltd AltX Index. A trend analysis was applied on WCM variables to determine significant changes overthe study period. Because variables were not normally distributed, the Mann Whitney U test was conducted to determine the statistical significance of the WCM mean ranks pre-, during and post-recession phases. The trend analysis of working capital management over the six-year study period exhibited a significant improvement in the working capital management level during the economic recession. This was largely attributed to delaying payment to creditors. The analysis of the WCM variables pre-, during and post-recession phases indicated that there were no significant changes in WCM that can be attributed to the 2009 economic recession. It was concluded that although there were changes in working capital management over the study period, the changes could not only be attributed to the 2009 recession.

Den allmänna synen antyder att det föreligger ett negativt samband mellan utdelningsandel och framtida vinsttillväxt, där en hög utdelningsandel antas begränsa investeringsmöjligheter och således också vinsttillväxten. Senare tidens forskning har med stöd i empiri funnit att det i ett flertalet industrialiserade länder råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt både på företags- och marknadsnivå.Den här studien avser att undersöka om det föreligger ett positivt samband mellan utdelningsandel och framtida vinsttillväxt för svenska företag noterade på Stockholmsbörsen mellan år 1995 – 2011. Urvalet består av företag som är eller varit noterade på Stockholmsbörsen i minst fem år mellan dessa år.Studiens resultat visar att det skett en ökning av både utdelningsandelen och företagens vinster under de senaste decennierna. Resultatet bekräftar även senare tidens forskning att det råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt men också att det finns andra faktorer som påverkar vinsttillväxten. Studiens slutsats är att företag med en hög utdelningsandel tenderar att uppvisa en högre framtida vinsttillväxt. / The general view suggests that there is a negative correlation between dividend payout ratio and future earnings growth, where a high dividend payout ratio is assumed to limit investment opportunities and thus also limit earnings growth. In recent years, research has found that in a majority of industrialized countries there is a positive correlation between dividend payout ratio and future earnings growth, both at company and market level.This study aims to examine whether there is a positive correlation between dividend payout ratio and future earnings growth for Swedish companies listed on the Stockholm Stock Exchange between 1995 and 2011. The sample consists of companies that have or have been listed on the Stockholm Stock Exchange for at least five years between these years.The results of the study indicate that there has been an increase in both the dividend payout ratio and corporate profits in recent decades. The results also reaffirm recent research in that there is a positive correlation between dividend payout ratio and future earnings growth, but also that there are other factors that affect earnings growth. The study concludes that companies with a high dividend payout ratio tend to show higher future earnings growth.

Thesis "Analysis of IPO in Central Europe" is focused on IPO issue in Central European region, with emphasis on the Czech Republic. The beginning of the thesis deals with characteristics of IPO, followed by a division of IPOs in primary and secondary issues. The third part explores the causes of differences between the number of IPO on the Prague and Warsaw Stock Exchange. In the last section is located analysis of the relation between number of IPOs and gross domestic product in Central Europe.

This thesis compares stock exchanges in Central and Eastern Europe. It covers exchanges of Prague, Budapest, Warsaw, Bucharest, Ljubljana, Zagreb, Vienna, and Istanbul. At first, all the exchanges are briefly introduced including naming five most liquid stocks. Selected market specifics are then compared including supported order types, tick sizes, fees policy, trading hours, safety breaks, taxes, market capitalization, and weights in global stock indices. Lastly, a comparison of trading activity is provided and analysis of important feature of trading -- liquidity is performed calculating selected liquidity measure for each market.