Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
The course introduces students to selected topics in financial markets research. It provides an overview of financial markets, new challenges facing financial system participants, ways of measuring market reaction to new information, evaluating its efficiency, documenting pricing anomalies, as well as introduction to the impact of micro-structure decisions on the financial markets. The course is organized around selected research topics that are presented in current and influential academic articles. Empirical evidence is presented during lectures. In the seminar sessions, students are asked to work in small groups, present and discuss the assigned readings.
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
The course introduces students to selected topics in financial markets research. It provides an overview of financial markets, new challenges facing financial system participants, ways of measuring market reaction to new information, evaluating its efficiency, documenting pricing anomalies, as well as introduction to the impact of micro-structure decisions on the financial markets. The course is organized around selected research topics that are presented in current and influential academic articles. Empirical evidence is presented during lectures. In the seminar sessions, students are asked to work in small groups, present and discuss the assigned readings.
Literatura -
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
Hillier, D., Grinblatt, M., Titman, S., 2013. Financial Markets and Corporate Strategy, 2nd European Edition, McGraw Hill.
A list of readings covering selected academic articles can be found in the coursebook.
Metody výuky - angličtina
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (27.09.2023)
Dear students,
I hope you are all doing well. Let me inform you about some essential arrangements for the course on Financial Markets, JEM037, that you registered for at the IES.
The IES courses are organized in a present mode -- students attend lectures in their presence. The lectures will be held each Tuesday, 11h00-12h20, in room #314, starting from Oct. 3, 2023 as planned in the IES schedule. Seminars will take place each Wednesday, 08h00-09h20, starting from Oct. 18, 2023.
During the first lecture on Oct. 3, all information about the course structure, seminars etc. will be presented. Finally, a coursebook is ready in the SIS to access once the new academic year is activated.
I look forward to meeting you soon and good luck with your studies.
Evžen Kočenda
Požadavky ke zkoušce -
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
Grading for this course is based on final exam, seminars, activity etc. (details are given in a coursebook). Maximum number of points attainable is 100. Final grade will be given based on the following distribution:
Points
Grade
100 - 91
A
90 - 81
B
80 - 71
C
70 - 61
D
60 - 51
E
50 - 0
F/fail
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
Grading for this course is based on final exam, seminars, activity etc. (details are given in a coursebook). Maximum number of points attainable is 100. Final grade will be given based on the following distribution:
Points
Grade
100 - 91
A
90 - 81
B
80 - 71
C
70 - 61
D
60 - 51
E
50 - 0
F/fail
Sylabus -
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
Lectures
01. Introduction. Financial Crisis 1
Introduction to the course. Requirements. Seminar. 2007-2009 Subprime mortgage crisis.
02. Financial Crisis 2
Subprime mortgage crisis. New structured instruments. Impact on the countries of Central and Eastern Europe (CEE).
Examples of market inefficiencies. Investor sentiment, noise trade risk, and professional arbitrage. Passive vs. active management.
05. Liquidity
Global liquidity. Market Liquidity. Funding Liquidity. Interaction between market liquidity and banks´ funding liquidity. Measurement and indices.
06. Money Markets
Main features of the money markets. Central bank operations. Money market indicators. Determinants of interbank rates.
07. Forex Market
Main features of the forex market. Key players, instruments and operations. Links to money markets.
08. Financial Regulation
Financial system regulation. New regulation requirements. Challenges to financial market participants introduced by new financial regulation.
09. Risk Management
Importance of risk management. Tricky aspects of introducing the efficient risk management system. Differences among firms in motivation for hedging cash flow risk or against changes in firm values. Risk management of the interest rate risk vs value of portfolio.
10. Incentives, Information & Corporate Control
Managerial incentives and financial decisions. Information content of earnings announcements, change in the dividend policy, debt-equity choice.
11. Mergers, Acquisitions & Restructuring
Mergers and Acquisitions as the growth strategies. Shedding assets as gelation of values. Changes in the ownership structure for value creation.
12. Contagion and Spillovers
Volatility on financial markets. Spillovers across markets and empirical evidence.
13. Stock Market and Security Offerings
Function of the stock market as a source of funds. Emergence of securities on stock market.
Poslední úprava: prof. Ing. Evžen Kočenda, M.A., Ph.D., DSc. (28.09.2022)
Lectures
01. Introduction. Financial Crisis 1
Introduction to the course. Requirements. Seminar. 2007-2009 Subprime mortgage crisis.
02. Financial Crisis 2
Subprime mortgage crisis. New structured instruments. Impact on the countries of Central and Eastern Europe (CEE).
Examples of market inefficiencies. Investor sentiment, noise trade risk, and professional arbitrage. Passive vs. active management.
05. Liquidity
Global liquidity. Market Liquidity. Funding Liquidity. Interaction between market liquidity and banks´ funding liquidity. Measurement and indices.
06. Money Markets
Main features of the money markets. Central bank operations. Money market indicators. Determinants of interbank rates.
07. Forex Market
Main features of the forex market. Key players, instruments and operations. Links to money markets.
08. Financial Regulation
Financial system regulation. New regulation requirements. Challenges to financial market participants introduced by new financial regulation.
09. Risk Management
Importance of risk management. Tricky aspects of introducing the efficient risk management system. Differences among firms in motivation for hedging cash flow risk or against changes in firm values. Risk management of the interest rate risk vs value of portfolio.
10. Incentives, Information & Corporate Control
Managerial incentives and financial decisions. Information content of earnings announcements, change in the dividend policy, debt-equity choice.
11. Mergers, Acquisitions & Restructuring
Mergers and Acquisitions as the growth strategies. Shedding assets as gelation of values. Changes in the ownership structure for value creation.
12. Contagion and Spillovers
Volatility on financial markets. Spillovers across markets and empirical evidence.
13. Stock Market and Security Offerings
Function of the stock market as a source of funds. Emergence of securities on stock market.
