FIUBPFIT Financial Markets

School of Business Administration in Karvina
Winter 2025
Extent and Intensity
2/1/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Daniel Mikušťák (lecturer)
doc. Ing. Iveta Palečková, Ph.D. (assistant)
prof. Ing. Daniel Stavárek, Ph.D. (assistant)
Ing. Jana Šimáková, Ph.D. (assistant)
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
Timetable
Thu 16:25–18:00 MS
  • Timetable of Seminar Groups:
FIUBPFIT/01: Thu 13:55–14:40 B101, D. Mikušťák
FIUBPFIT/02: Thu 14:45–15:30 B101, D. Mikušťák
Prerequisites
FAKULTA(OPF) && TYP_STUDIA(B) && FORMA(P)
none
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.

The capacity limit for the course is 60 student(s).
Current registration and enrolment status: enrolled: 60/60, 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 concerning those ESG factors.
Learning outcomes
After completing the course, the student will acquire basic knowledge of the functioning of financial markets, their structure and instruments, become familiar with current issues of capital and money markets, be able to view the world of finance from an investor’s perspective and understand the importance of diversification, while developing the ability to navigate selected sources of financial information and apply them in investment decision-making as part of the seminar paper.
Syllabus
  • [1] Financial market: The essence of the functioning of the financial market, including a brief introduction to its channels, the banking market and the securities market. Allocative, operational efficiency. Allocation of savings by households. Information asymmetry, interconnectedness of the two channels through securitization. Follow-up on issues of global financial crisis, Eurozone debt crisis, COVID-19 disease pandemic. Learning Outcome: The student will then be able to identify not only the basic types of investment instruments but also the factors that play a major role in investment decision-making, correctly taking into account increasingly recurrent crisis scenarios. It defines adverse selection and moral hazard.
  • [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 from equity securities in terms of investors' rights. Learning Outcome: Can explain the basic relationships between changes in market interest rates and the effect on the price of selected investment instruments when the issue of green bonds is first introduced. The student can distinguish between interbank interest rates and central bank interest rates. In addition, the student can explain how these rates may or may not affect the value of an investment and why this is so.
  • [3] Capital Markets: Bond Market. Basic breakdown of bonds and the firm's decision-making before issuance. Basic calculations for duration and convexity. Stock market, equity issuance. Fundamental, technical and psychological analysis. Portfolio theory. The importance of "green" investing in portfolio construction, future leverage of ESG companies versus "brown" investments. Specific ETFs and collective investment funds. Learning Outcome: The student is already able to differentiate between equity and bond investments, where he/she can apply the acquired knowledge of fundamental and technical analysis in portfolio construction. When constructing a portfolio, the student will understand the risk of leverage, which in the future will bring a significant degree of volatility in stock prices.
  • [4] Financial Derivatives: Selected risks in financial markets. Spot and forward transactions. Fixed and contingent financial derivatives. Natural hedging versus hedging by an exporting company through financial derivatives. Financial futures, Forwards, Swaps and Options. Long and short positions in the case of option contracts. Selected types of exotic financial derivatives. Learning Outcome: The student will be able to define the basic types of financial derivatives, including advantages and disadvantages. The student will be able to differentiate between selected types of risk when diversifying risk, particularly market, interest rate, and foreign exchange risk.
  • [5] Commodity markets: The importance of commodities in terms of investing and portfolio construction. Inflation and commodity investments. Portfolio protection in terms of volatility in financial markets. Introduction to selected types of commodities. Comparison of commodities in terms of global impacts on sustainability and environmental prudence. Learning Outcome: Be able to define the inclusion of commodity instruments in an investment portfolio in terms of inflation risk. Understands, however, the need to actively manage this part of the portfolio in the event of a sudden increase in the market price level compared to other types of investment instruments. In terms of sustainability, the student can distinguish between commodities that are closely related to environmental prudence and sustainability.
  • [6] Time Series Analysis: Familiarity with MS Excel. Share price volatility. Stationarity. Correlation analysis. Short-term and long-term causality. Students will search for investment opportunities independently, selecting those whose price performance can be subjected to correlation and volatility analysis. The student will be able to analyse time series with prices of investment instruments in a completely new way.
Literature
    required literature
  • Heryán, T. (2025). Finanční trhy: Distanční studijní text (Rozšířené a upravené vydání). Slezská univerzita v Opavě, Obchodně podnikatelská fakulta v Karviné.
  • Rejnuš, O. (2024). Finanční trhy (5. vyd.). Grada.
  • RADOVÁ, J., P. DVOŘÁK a J. MÁLEK, 2013. Finanční matematika pro každého. Praha: Grada Publishing. ISBN 978-80-247-8721-3.
  • PURCELL, K. and B. VIVARI, 2023. Sustainable Investing: An ESG Starter Kit for Everyday Investors. Business Expert Press. 978-1637425107.
  • 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.
  • HATHRY, G., 2024. Green Investments: Sixteen (16) keys to investing in eco-responsible projects. Our Knowledge Publishing. ISBN 978-6207309368.
  • 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: https://www.researchgate.net/profile/Tomas_Heryan/contr
  • HERYÁN, T. a P.G. TZEREMES, 2017. The bank lending channel of monetary policy in EU countries during the global financial crisis. Economic Modelling. ISSN 0264-9993.
  • LAOPODIS, N. T. 2013. Understanding Investments: Theories and Strategies. Abingdon: Routledge, Tylor & Francis. ISBN 978-0-415-89162-2.
  • 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
Lecture, text work, interview, teamwork, cooperative and collaborative learning, teaching through case studies.
Assessment methods
In-class activities (10 % of the evaluation), active participation in professional discussion (10 % of the evaluation), seminar paper (20 % of the evaluation), written exam (60 % of the evaluation).
Language of instruction
Czech
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
Teacher's information
Student requirements: seminar work, professional discussion, attendance at seminars.
The course is also listed under the following terms Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2019, Winter 2020, Winter 2021, Winter 2022, Winter 2023, Winter 2024.
  • Enrolment Statistics (recent)
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