Market Microstructure of Stock Exchanges in the Visegrad Region
| Název práce v češtině: | Mikrostruktura akciových trhů zemí Višegrádského regionu |
|---|---|
| Název v anglickém jazyce: | Market Microstructure of Stock Exchanges in the Visegrad Region |
| Klíčová slova: | trhová mikroštruktúra; akciové trhy; trhové rozpätie; Vyšehradský región; Burza cenných papierov v Bratislave; Burza cenných papierov v Budapešti; Burza cenných papierov Praha; Burza cenných papierov vo Varšave |
| Klíčová slova anglicky: | market microstructure; stock markets; bid-ask spread; Visegrad region; Bratislava Stock Exchange; Budapest Stock Exchange; Prague Stock Exchange, Warsaw Stock Exchange |
| Akademický rok vypsání: | 2010/2011 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | prof. PhDr. Petr Teplý, Ph.D. |
| Řešitel: | skrytý - zadáno vedoucím/školitelem |
| Datum přihlášení: | 23.02.2011 |
| Datum zadání: | 23.02.2011 |
| Datum a čas obhajoby: | 12.09.2011 00:00 |
| Místo konání obhajoby: | IES |
| Datum odevzdání elektronické podoby: | 31.07.2011 |
| Datum proběhlé obhajoby: | 12.09.2011 |
| Oponenti: | Mgr. Petra Buzková |
| Zásady pro vypracování |
| After the collapse of communism in the countries of Visegrad Region, that is Czech
Republic, Hungary, Poland, and Slovakia, a difficult task to transform their central planned economies to market economies arose. Undoubtedly, one of the fundamental features of well performing market economies is sound capital market. Therefore, during the transition period of the early 1990’s, in all four countries the stock markets were established to support the privatization efforts and investments in new emerging companies. One may say that these exchanges started from very similar initial position. All established in countries distorted by the long years of central planning and without any embed tradition of equity corporate financing. Nowadays, after almost two decades from their establishment, the Budapest Stock Exchange, the Bratislava Stock Exchange, the Prague Stock Exchange, and the Warsaw Stock Exchange all operate in somewhat different way and hold different position within their home economies. Hence it this thesis, our goal in this thesis will be to compare these exchanges in comprehensible analysis. |
| Seznam odborné literatury |
| BARNES, P. Stock market efficiency, insider dealing and market abuse. Farnham: Gower, 2009.
BIAIS, B., GLOSTEN, L., SPATT, Ch. Market microstructure: A survey of microfoundations, empirical results, and policy implications. Journal of Financial Markets, 8. 2005. 217–264. BORYS, M. M. Essays in finance and monetary policy: evidence from Visegrad countries. Praha: Univerzita Karlova v Praze, Centrum pro ekonomický výzkum a doktorské studium, 2009. FABOZZI, F. J., MODIGLIANI, M., JONES, F. J. Capital markets: institutions and instruments. New Jersey: Prentice Hall, 2003. HARRIS, L. Trading and exchanges: market microstructure for practitioners. Financial management association survey and synthesis series. New York: Oxford University Press, 2003. MADHAVAN, A. Market microstructure: A survey. Journal of Financial Markets, 3, 2000. 205–258. O’HARA, M. Market microstructure theory. Cambridge (Massachusetts): Blackwell Publishers, 1995. |
| Předběžná náplň práce |
| 1. Introduction
2. Stock markets, their function and principles 3. Market microstructure 4. Comparison of stock exchanges in the Visegrad region 5. Estimation of bid-ask spread using Roll’s estimator 6. Conclusion |
| Předběžná náplň práce v anglickém jazyce |
| 1. Introduction
2. Stock markets, their function and principles 3. Market microstructure 4. Comparison of stock exchanges in the Visegrad region 5. Estimation of bid-ask spread using Roll’s estimator 6. Conclusion |