Work detail

Fundamental and Technical Aspects Development of the Czech Stock Market

Author: Mgr. Martin Sommer
Year: 1996 - summer
Leaders: prof. RNDr. Jan Ámos Víšek CSc.
Work type: Financial Markets
Language: Czech
Pages: 63
Awards and prizes: Young Economist Award
M.A. with distinction from the Dean of the Faculty of Social Sciences for an extraordinarily good masters diploma thesis
Abstract: Fundamental and technical aspects of the emerging Czech stock market
The paper demonstrates the lack of correlation between prices and
fundamentals on the Czech equity market. However, the existing links
between the stock and market returns enable investors to construct
portfolios with relatively stable risk-adjusted returns relative to the
market. The paper makes the case that the ownership structure in the
Czech companies biased towards investment funds and private owners makes
it unlikely that the primary equity market will become active in the
foreseeable future. But the vigorous primary market would seem to be the
main pre-condition for plausible valuations on the secondary market
given the use of vouchers as the main privatization method.
Downloadable: Diploma Thesis - Sommer


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