FIUBKFIT Financial Markets

School of Business Administration in Karvina
Winter 2023
Extent and Intensity
16/0/0. 6 credit(s). Type of Completion: zk (examination).
Ing. Tomáš Heryán, Ph.D. (lecturer)
Guaranteed by
Ing. Tomáš Heryán, Ph.D.
Department of Finance and Accounting - School of Business Administration in Karvina
Contact Person: Ing. Irena Szarowská, Ph.D., MPA
Sat 14. 10. 9:45–11:20 B101, Sat 11. 11. 9:45–11:20 B101, Sat 9. 12. 9:45–11:20 B101
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
The capacity limit for the course is 60 student(s).
Current registration and enrolment status: enrolled: 52/60, only registered: 2/60
fields of study / plans the course is directly associated with
Course objectives
The course introduces students to the basics of financial markets not only in the Czech Republic, the types of financial instruments traded on the spot, secondary, stock, and OTC markets. Emphasis is placed on clarifying approaches to measuring financial assets, risk analysis, and the basics of portfolio theory. Also, students are introduced to the basics of econometric software EViews through dealing with the issue of stationarity, correlation analysis, long-term and short-term causality, as well as regression analysis.
Learning outcomes
Seminar paper focused on the analysis of time series with stock market data.
  • [1] Financial market: The functioning of the financial market, including a brief presentation of its channels, the banking market, and the securities market. Allocation, operational efficiency. Allocation of savings by households. Information asymmetry is the interconnectedness of both channels through securitization. Follow-up to the issues of the global financial crisis and the debt crisis in the Eurozone. [2] Money market: Money market instruments. Distinguishing issuers of short-term securities. The practical importance of money market interest rates for the economy. Deficit financing and fundamental differences compared to equity securities from the point of view of investors' rights. [3] Capital markets Bond market. The basic breakdown of bonds and the company's decision-making before the issue itself. Basic calculations for duration and convexity. The stock market, share issue. Fundamental, technical, and psychological analysis. Differences in the issue of shares and bonds from the point of view of the company's financial management and basic accounting statements. [4] Financial derivatives Selected risks in the financial markets. Spot and forward operations. Fixed and conditional financial derivatives. Natural hedging or hedging through financial derivatives in the case of an exporting company. Financial futures, Forwards, Swaps, and Options. Long and short positions in the case of option contracts. Selected types of exotic financial derivatives. [5] Commodity markets Importance of commodities from the point of view of investing and creating a portfolio. Inflation and Commodity Investments. Portfolio protection from the point of view of volatility in financial markets. Presentation of selected types of commodities. [6] Time series analysis Getting to know the EViews program and importing actual data from MS Excel. Daily earnings per share. Share price volatility. Stationarity. Correlation analysis. Short-term and long-term causality. Creating a regression model and checking the correctness of its output.
    required literature
  • HERYÁN, T. Finanční trhy. OPF SU, Karviná, 2014. ISBN 978-80-7510-022-1. info
  • LAOPODIS, N. T. 2013. Understanding Investments: Theories and Strategies. Abingdon: Routledge, Tylor & Francis. ISBN 978-0-415-89162-2.
  • RADOVÁ, J., P. DVOŘÁK a J. MÁLEK, 2013. Finanční matematika pro každého. Praha: Grada Publishing. ISBN 978-80-247-8721-3.
  • REJNUŠ, O., 2016. Finanční trhy. 4. vyd. Praha: Grada Publishing. ISBN 978-80-247-5871-8.
  • VESELÁ, J., 2019. Investování na kapitálových trzích. 3. vyd. Praha: Wolters Kluwer. ISBN 978-80-7598-212-4.
    recommended literature
  • CIPRA, T., 2014. Finanční ekonometrie. Praha: Ekopress. ISBN 978-80-86929-93-4.
  • HERYÁN, T. a P.G. TZEREMES, 2016. The bank lending channel of monetary policy in EU countries during the global financial crisis. Economic Modelling. ISSN 0264-9993.
  • HERYÁN, T. a J. ZIEGELBAUER, 2016. Volatility of yields of government bonds among GIIPS countries during the sovereign debt crisis in the euro area. Equilibrium 11(1), s. 61-74. ISSN 1689-765X. URL:
  • KOHOUT, P., 2011. Finance po krizi – Evropa na cestě do neznáma. 3. rozšířené vydání. Praha: Grada Publishing. ISBN 978-80-247-4019-5.
  • VESELÁ, J. a M. OLIVA, 2015. Technická analýza na akciových, měnových a komoditních trzích. Praha: Ekopress. ISBN 978-80-87865-22-4.
  • Časopisecké články z: Ekonom, Fondshop, Finance a úvěr a jiných periodik dle doporučení vedoucích seminářů. info
Teaching methods
Skills demonstration
Seminar papers
Assessment methods
Written exam
Language of instruction
Further comments (probably available only in Czech)
Study Materials
The course can also be completed outside the examination period.
Information on the extent and intensity of the course: Přednáška 16 HOD/SEM.
Teacher's information
Student requirements: seminar work, 60% assessment exam, 20% seminar work, 20% two intermediate tests.
The course is also listed under the following terms Winter 2018, Winter 2019, Winter 2020, Winter 2021, Winter 2022.
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