FIN819S Money and Financial Markets in Central Europe

Obchodně podnikatelská fakulta v Karviné
zima 2008
Rozsah
1/2/0. 5 kr. Ukončení: z.
Garance
prof. Ing. Daniel Stavárek, Ph.D.
Katedra financí a účetnictví – Obchodně podnikatelská fakulta v Karviné
Omezení zápisu do předmětu
Předmět je otevřen studentům libovolného oboru.
Cíle předmětu
The aim of the course is to analyse various aspects affecting building of investment strategies in Central European money and capital markets, especially markets of Visegrad Group countries (V-4): Czech Republic, Poland, Hungary and Slovakia. Specific features of these markets are analysed in details: their size, level of efficiency, trade volumes, relations to macroeconomic indicators, relations to banking systems and cash and treasury management systems. Markets are characterised from the point of view of market structures, usefulness of technical and fundamental analyses, financial risk factors, etc. Students will increase their computer skills using spreadsheets for financial analysis.
Osnova
  • Structure of the Course:
    1. General Characteristics of the Financial Markets in V-4 Countries.
    Common features of markets in the Central European region, process of markets establishment, characteristics of the markets in Czech Republic, Hungary, Poland, and Slovakia.
    2. Efficiency of the Financial Markets in Central Europe.
    Allocation efficiency and operational efficiency of the markets. Information efficiency of the markets - theory, levels of efficiency, tests of efficiency verified under conditions of Central European markets. Fractal efficiency of the markets - theory, investment horizons, their relations, testing of fractal efficiency in Central European markets.
    3. Legal Background and Regulation.
    Legislation of financial markets in Czech Republic, Hungary, Poland, and Slovakia. Regulatory issues - need of regulations, types of regulations. Regulatory institutions in Central European countries and level of their independence. Money laundering and its preventing in Central Europe. Self-regulatory institutions (professional bodies, associations and chambers). Advantages of self regulation compared to governmental regulation.
    4. Institutional Framework.
    Financial market institutions in countries of Central Europe. Stock exchanges. Over-the-counter markets. Central depositories and registers. Brokerage companies. Issuers. Collective investment - mutual funds and pension funds. Other players in the market.
    5. Investment Strategies in Central Europe.
    The best practices in building of appropriate investment strategies. Passive investment strategies and their advantages: index-based funds, buy-and-hold strategy. Active investment strategies and their advantages: market timing. Tests of market timing and index-based strategy in Central European financial markets. Passive and active investment strategies combined - Treynor-Black model. Advantages of international diversification of investment.
    6. Securities Market Analysis in Central Europe.
    Theoretical base of (a) technical analysis, (b) fundamental analysis and (3) using contemporary information technologies and artificial intelligence methods in capital market analysis. Examples of analysis of Central European stock indices using the tools and techniques of technical and fundamental analysis. How to use fuzzy sets for building appropriate investment strategy.
    7. Macroeconomic Indicators and Financial Markets.
    Relations between stock market prices and macroeconomic indicators. Theoretical correlation and their tests in Central European markets (money supply M1, economic growth measured by GDP growth, rate of inflation, interest rates).
    8. Financial Risk.
    Components of financial risk. Market risk. Credit risk. Default risk. Clearing and settlement rules of G-30 group. Clearing and settlement rules of the stock markets in Central Europe. Capital adequacy rules. Value-at-risk method. Risk hedging. Dynamic hedging. Hedging accounting.
    9. Risk of Investment in the New Markets.
    Development of financial markets in 1990´s. Globalisation, internationalisation, new economy. Establishment of the new markets. Characteristics of high-tech stocks. Risk of investment in high-tech stocks. Specific features of biotechnologies.

Literatura
    povinná literatura
  • Trading rules of the stock exchanges in Prague, Budapest, Warsaw and Bratislava. info
  • Various readings from The Economist, The Banker, IMF Working Paper Series and other. info
  • ROSE, PS. Money and Capital Markets. Richard D. Irwin, Inc., USA,, 1996. ISBN 0-07-231002-2. info
Informace učitele
classwork and final test
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
Předmět je zařazen také v obdobích zima 1990, léto 1991, zima 1991, léto 1992, zima 1992, léto 1993, zima 1993, léto 1994, zima 1994, léto 1995, zima 1995, léto 1996, zima 1996, léto 1997, zima 1997, léto 1998, zima 1998, léto 1999, zima 1999, léto 2000, zima 2000, léto 2001, zima 2001, léto 2002, zima 2002, léto 2003, zima 2003, léto 2004, zima 2004, léto 2005, zima 2005, léto 2006, zima 2006, léto 2007, zima 2007, léto 2008, léto 2009, zima 2009, léto 2010.