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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: Kočenda Evžen, prof. Ing., M.A., Ph.D., DSc. (28.09.2022)
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Hillier, D., Grinblatt, M., Titman, S., 2013. Financial Markets and Corporate Strategy, 2nd European Edition, McGraw Hill. Madura, J., 2015. Financial Markets and Institutions, 11th Edition, South-Western, Cengage Learning. Poslední úprava: Kočenda Evžen, prof. Ing., M.A., Ph.D., DSc. (28.09.2022)
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Dear students, I hope you are all doing well. Let me provide you with some essential information 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. 1, 2024, as planned in the IES schedule. There is one exception, though. Please note in your calendars/schedules that the second lecture will be held on Wednesday, Oct. 2, 2024, 12h30-13h50, in room #206 because there will be no lecture on Tuesday, Oct. 8. Seminars will be held on Wednesdays, but they will start later on. There are no seminars on Oct. 2 and 9. During the first lecture on Oct. 1, 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 Poslední úprava: Kočenda Evžen, prof. Ing., M.A., Ph.D., DSc. (30.09.2024)
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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:
Poslední úprava: Kočenda Evžen, prof. Ing., M.A., Ph.D., DSc. (28.09.2022)
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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).
03. Efficient Markets Efficient market hypothesis (EMH): weak form, semi-strong form, strong form. Relevant information. Speed of adjustment. Hypothesis testing.
04. Behavioral Finance 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: Kočenda Evžen, prof. Ing., M.A., Ph.D., DSc. (28.09.2022)
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