The aim of this diploma thesis is a fundamental analysis of selected joint-stock companies of the Czech stock market for the purpose of selecting advantageous investment opportunities. The theoretical part of the thesis summarizes the most common knowledge of investing and methods of fundamental analysis. In the practical part, these findings applied to the analysis by Fortuna Entertainment Group, Pegas Nonwovens AG, ČEZ and Philip Morris CR. The investment recommendation is proposed in the basis of the comparision of the results gathered by the analysis.

Diploma thesis deals with the determination of the intrinsic value of Philip Morris ČR a.s. shares using methods of fundamental stock analysis. The theoretical part is focused on clarifying the basic concepts and methods that relate to this issue and will be used in the processing of the following parts. The analytical part contains fundamental stock analysis compiled on macroeconomic, branch and corporate level. The proposal part focuses on the application of selected methods to quantify the intrinsic value of shares, including the subsequent recommendation for investors.

Robust Investment Portfolios Zdeněk Konfršt Abstract This master's thesis pursues the construction of stable, robust and growth portfo- lios in active portfolio management. These portfolios provide limited downside risks, short-time drawdowns and substantial growth prospects. We argue that the construc- tion of such portfolios is based on security selection as well as on portfolio theory (the Mean-Variance Model, MVM). The equity based portfolios were constructed and tested on real market data from the 1995-2014 period. The tested portfolios outperformed the S&P 500 out of and within the risk-reward ratio domain. Robust portfolios build on the MVM but they are less sensitive to errors of param- eters estimation. We experimented with several robust approaches and the results confirmed that the robust portfolios were less sensitive to outliers, less volatile and more stable (robust). The bottom-up process of security selection seems time consuming and labor intensive. Therefore we proposed an alternative approach to select stocks with so- called "cluster analysis". Generally, the cluster analysis classifies similar objects (companies) into similar groups. Technical and fundamental parameters of companies provided needed classification parameters. The classification was run over companies from the German DAX...

Anonymity of shareholders and the requierements for their identification This thesis concentrates on the anonymity of shareholders which is currently one of the most discussed aspects of the corporate law. The topicality of this issue was one of the reasons for the selection of this topic. Czech legislation has been criticized both by NGOs and a large part of Czech population for the excessive simplicity of the use of anonymous shares and for owners identification impossibility.. The paper is focused on ways of both hiding the beneficial owner of shares and also shareholders identification. This work is written during the ongoing debate on the abolition of bearer shares, which is considered to be an instrument for corruption or legalization of proceeds from criminal activities, so-called money laundering. Debates on the abolition (or at least reducing) of the shareholders anonymity are being held not only in the Czech Republic. Many countries have already implemented certain instruments in this area. Bearer shares have been canceled without compensations in some countries, , other countries allowed their demeterialized or immobilized form. The aim of this work is to analyze not only valid and effective legislation, but also the legislation enacted in connection with the recodification of private...

The aim of the Thesis is to determine the influence of technical analysis to the profitability of shares by O2 Telefónica, Komerční banka and ČEZ whan applied to a predeterminated trading model and judge the validity of Efective Markets Theory. It will be also followed up the influence of trading signals of technical indicators on the shape and characteristics of conditional distribution set by those signals. The Crystal Ball was used as the main software tool. This software dispose of all tools necesarry for the analysis. There is also desribed the theoretical background of areas like shares, technical analysis, random quantity distribution, generating of random numbers and other related areas in the Thesis, so the reader who does not understand the problemacy could understand the best.

The subject of the diploma paper is Multiple Criteria Decision Making of Stocks Traded on Prague Stock Exchange during financial crisis in the years 2008 and 2009. Diploma paper is divided into two sections. First section mainly focus on introduction of multiple criteria decision algorithms and fields, where are algorithms applied. Main purpose of second part of the diploma paper is to compile classified semence of stocks based on fundamental investment principals and make comparison of various orders based on both years and each algorithms.

Diplomová práce se zabývá analýzou akciových titulů z německého burzovního indexu DAX. Úvodní kapitola diplomové práce obsahuje korelační analýzu indexu DAX s dalšími akciovými indexy. Hlavní kapitola je zaměřena na využití fundamentální analýzy při ohodnocování akciových titulů z dotyčného burzovního indexu DAX. Ohodnocování akciových titulů je prováděno pomocí dividendového diskontního modelu a modelů ziskových. Závěr tvoří zkoumání úspěšnosti investičních strategií založených na fundamentálních akciových ukazatelích.

Determination of the stock expected return is an important element of asset management. This paper presents an Arbitrage Pricing Theory model, which strives to estimate the expected return explaining the historical volatility of the stock prices. This paper presents the model as it was introduced, necessary extension for application to a small market included. Statistical methods on which the model has been build are discussed -- factor analysis completed by principal component analysis. In the practical part, the model is applied to the Czech market with an assessment of the success of the application. The forces which were expected to represent risk factors for the market have been examined as well. It will be shown that the model may contribute to the understanding of risk behaviour of the stocks.

Motivated by the recent evidence of investors' preference for stocks with lottery- type payoffs documented on the U.S. stock markets, I investigate preferences for stocks that appear to be like lotteries in Europe. Across 14 markets, lottery- type stocks, characterized by high idiosyncratic skewness, high idiosyncratic volatility and low price, underperform and exhibit a "lottery premium". Fur- thermore, preferences for lottery-type stocks can help to explain the puzzling negative relation between past idiosyncratic volatility and returns, which does not persist after controlling for past extreme positive returns. Examining the relation between national revenues from gambling and "lottery premium" I find that countries featuring higher gambling revenues also exhibit a higher "lottery premium". Overall, the results indicate that lottery preferences might impact investment decisions and stock prices. JEL Classification G11, G12 Keywords gambling, lottery-type stocks, idiosyncratic volatility, maximum returns Author's e-mail p.vokata@gmail.com Supervisor's e-mail novakji@fsv.cuni.cz

The thesis deals with the relationship between the stock prices of commodity companies and commodity prices produced by these companies. Each commo-dity was testing with three related companies. In this thesis was used various methods for testing. Namely Engle-Granger test of cointegration, the correlation analysis, Granger causality test and VAR-GARCH model for testing volatility spilloves between markets. Empirical results show that effect of commodity to shares is different for each group of commodities. The most evident effect appears at the impact of industrial and precious metals on mining companies and the effect of oil prices on the shares of the oil companies. In contrast, the prices of gas and agricultural commodities did not influence the prices of those commodities shares significantly.