This thesis examines the impact of shocks in spot prices on long-term forward contracts in power markets. A unique comparison of efficiency of German and Hungarian power markets is provided. The risk premium on week-ahead forward contract is scrutinized by both data inspection and by unbiased forward rate hypothesis (UFRH) testing. Additionally, the ex-post market's prediction error for this product is explained by main drivers of spot electricity price, which are presented in section devoted to introduction to power markets. Expectedly, Hungarian forwards with longer time-to-delivery are found to react heavily on spot market shocks after controlling for changes in short-run marginal costs of conventional power plants. Such outcome applies both to intra-day and weekly time horizons. However, this evidence was not found for German market. These results point out to immaturity and the presence of inefficiencies in Hungarian power market. However, Hungarian risk premia on week-ahead and day-ahead forward products turn out to be considerably lower than for Germany. This was confirmed by UFRH tests on week-ahead forward contracts, where a significant risk premium was found in Germany as opposed to Hungarian risk premium. This finding is surprising since Hungarian spot prices are more prone to upward...

Diploma Thesis focuses on Fed Model testing and its credibility on market data. The research is based on Gordon Model and Capital Asset Pricing Model (CAPM), it explains, what the basic features of the Fed Model are and describes its derivation from Gordon Model. The Thesis shows possible Fed Model limitation. It uses the US market, Great Britain and Germany 1979 -- 2011 data to demonstrate validity of the model. Eventually possible reasons of Fed Model development in period 2002 -- 2011 are presented.

Using cross-sectional and longitudinal data from EU-SILC for the Czech Republic this thesis shows that mothers suffer wage penalty, whereas fathers gain wage premium. These results are in accordance with literature abroad. This thesis also shows that parenthood has greater impact on individuals with higher education, that motherhood penalty is lower for single mothers, whereas fatherhood premium is higher for single fathers, and that there is stronger self-selection of mothers into specific jobs than in case of fathers. Model of fixed effects suggests that parenthood is connected with unobservable characteristics that have positive effect on parent's wages. Results of this thesis are in accordance with human capital theory, division of labor within the household, self-selection of mothers into more mother-friendly jobs. But results concerning lower work effort of mothers are inconclusive.

This diploma thesis introduces the measures of network connectedness in the context of asset pricing. It proposes an asset pricing model in which the factor of connectedness is included as one of the risk factors together with the three Fama-French factors. The goal of the analysis is to examine whether the con- nectedness represents a signifcant risk factor that should be considered while determining the risk premium of the portfolio in diferent sectors in the market. Using the realized volatilities and returns of 496 assets of SP 500 index over the period 2005 - 2018, that are divided into 11 sectors, we frstly determine the linkages of connectedness between the assets in the same sector. Applying Fama-MacBeth two-step regression model, we explore the signifcance of the connectedness factor for the determination of the risk premium. We argue that the sector overall connectedness represents a signifcant risk in most of the sec- tors and should be therefore taken into account by the investors in all sectors. Moreover, the total directional connectedness that captures the spillover of shocks to one asset from the other assets in the sector, is a signifcant risk fac- tor that should increase the risk premium of the portfolio, especially in sectors such as the fnancial, health care, consumer...

This thesis focuses on the equity premium puzzle, risk-free rate puzzle and possible solutions of these two quantitative conundrums. Original formulation of both puzzles is introduced and comprehensive literature survey is presented to show the developments regarding this topic. These include risk-based explanations, non-risk based explanations and behavioral finance perspective. Main contribution of this study dwells in estimation of these two puzzles for the Czech Republic. Using consumption-based asset pricing model with time separable preferences, presence of the two puzzles is estimated employing annual Czech data from 1995 to 2011. The equity premium puzzle is not present in the Czech Republic, as the coefficient of risk aversion 5.57  . On the other hand, the risk-free rate puzzle is as severe as in developed economies. Furthermore, the individual time preference parameter  is estimated to be larger than one - a counterintuitive result suggesting consumers prefer unit of consumption tomorrow to unit of consumption today. Robustness of the results is confirmed when different proxy for a risk-free rate is used. Results do not change significantly and the risk-free rate puzzle persists. Direction for future research of the financial market puzzles in the Czech Republic is suggested.

The issue of forecasting the future price of risky financial assets has attracted academia and business practice since the inception of the stock exchange. Also due to the just finished financial crisis, which was the worst crisis since the Great Depression, it is clear that research in this area has not been finished yet. On the contrary, new challenges have been raised. The main goal of the thesis is the demonstration of the significant information potential which is hidden in option market prices. These prices contain informations on probability distribution of the underlying asset returns and the risk connected with these returns. Other objectives of the thesis are the forecast of the underlying asset price distribution using parametric and nonparametric estimates, the improvement of this forecast using the utility function of the representative investor, the description of the current market sentiment and the determination of the risk premium, especially the risk premium on Czech market. The thesis deals with the forecast of the underlying asset price probability distribution implied by the current option market prices using parametric and nonparametric estimates. The resulting distribution is described by the moment characteristics which represent a valuable tool for analyzing the current market sentiment. According to the theory, the probability distribution of the underlying asset price implied by option prices is risk neutral, i.e. it applies only to risk neutral investors. The theory further implies that the distribution of real world can be derived from the risk neutral distribution using utility function of the representative investor. The inclusion of a utility function of representative investor improves the forecast of the underlying asset price distribution. Three different utility functions of traditional risk theory are used in the thesis. These functions range from the simple power function to the general function of hyperbolic absolute risk aversion (HARA). Further, Friedman-Savage utility function is used. This function allows both a risk averse investor and a risk loving investor. The thesis also answers the question: Are the current asset prices at so high level that the purchase of the asset means a gamble? The risk premium associated with investing in the risky asset is derived in the thesis. The risk premium can be understood as the premium demanded by investors for investment in a risky asset against the investment in a riskless asset. All the theoretical methods introduced in the thesis are demonstrated on real data coming from two different markets. Developing market is represented by shares of CEZ and developed market is represented by S&P 500 futures. The thesis deals with demonstrations in single point in time as well as in available history of the data. The forecasts of the underlying asset price distribution and the relating risk premium are constructed in the available data history. The goals and the objectives of the thesis have been achieved. The contribution of the thesis is the development of parametric and nonparametric methodology for estimating the underlying asset price probability distribution implied by the option market prices so that the nature of the particular market and instrument is captured. The further contribution of the thesis is the construction of the forecasts of the underlying asset price distribution and the construction of the market sentiment in the available history of data. The contribution of the thesis is also the construction of the market risk premium in the available history and the establishment of the hypothesis that the markets gamble before the crisis.

The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.

The goal of this graduation thesis is a proposal of domain names valuation methodology. For the purpose of valuation the domain names are divided into three classes based on the manner of generation of their utility which is the main value making factor. For the domain names class which is able to generate cash flow itself there are two income methods proposed -- DCF method and market comparison method. The domain names which serve as a marketing tool and therefore their utility is projected into incomes for products and services, are marked as class two. Their valuation is based on excess earnings method and profit premium method. The last class is the domain names whose utility is not known and neither obvious. Their valuation is made through combination of expanse and income methods in the form of point method. Model examples of valuation for each class of domain names are mentioned in the last chapter.

This work deals with valuable consideration when changes of ownership of equity securities occur in connection with corporate changes in joint-stock company, especially with unwilling changes -- rise of registered capital with excluding the priority subscription right (§ 204a/5 of the Commercial Code), unwilling transfer of shares on the major shareholder (§ 354 of the "Act on the changes of commercial companies and associations") and squeeze out (§ 183i of the Commercial Code). Valuable consideration defines relatively in detail the Takeover Bid Act. This framework could be to certain extent analogically used for valuable consideration in unwilling transaction. However, its definition itself offers a considerable room for interpretation, so is also seized as the independent secondary topic (chapter 1). The main topic concerns two basic aspects. The first is a company evaluation. In this aspect we will take a look only at the dependence of the expert providing the evaluation on major shareholder (chapter 5). Work aims at the second problematic aspect of unwilling transaction - a premium over the valuable consideration for the infringement of right (chapter 2, especially section 2.4.). The work also deals with unevaluated risks of minority shareholders in the period beginning the day to which the company was evaluated to time of the pay out of ownership (chapter 4).

Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.