FIN820S Money and Financial Markets A

Obchodně podnikatelská fakulta v Karviné
zima 2009
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 provide the student with a basic understanding of money and financial markets and how they relate to economic activity. The course is designed around several parts. It covers topics as a role of money and financial market, its organisation, structure and functioning. Follows basics of interest rates, yields, interest rate determination and asset pricing. In the next stage different types of markets as a stock, bond and derivatives markets are explored. The course is capped by explication about stock exchanges and OTC markets within the regions all over the world.
Osnova
  • Structure of the Course:
    7. Financial Markets and the Subjects of Financial Markets.
    Placement and role of the financial markets in economy. Financial markets functions. Classification of financial market subjects. Functions and kinds of financial agents. Institutional investors. Investment companies and funds. General principles of the assets and liabilities management. Specialised financial agents. Market makers. Regulation of financial markets, causes, goals and tools. The role of state and contemporary trends in state regulation.

    8. Organisation and Structure of the Financial Markets.
    Criteria of financial markets classification, structure and institutional organisation of financial markets in the Czech Republic and in abroad. Primary markets and issue of securities. Secondary securities market, functions and business mechanism. Bond, stock, commodity and foreign exchange markets. Money and capital markets. Efficiency of the financial markets and market efficiency types. Transaction costs. Financial innovation. Contemporary development trends in the world financial markets and its impact to financial system. Globalisation of the financial markets.
    9. Financial Asset Pricing and Interest Rates.
    Financial Asset features. Financial and real investment instruments. Determinates of the investment instruments demand. Analysis of yield, risk and liquidity. Yield to the maturity and other ways of yield measuring. Interest rates theory. Level and structure if the interest rates. Time structure of the interest rates and yield curve analysis.

    10. Theory of Portfolio and Asset Pricing.
    Systematic and unique risk. Measuring of the investments yield and risk portfolio. Diversification. Theory of portfolio, Markowitz and Tobin model. Simple index model. Assumptions of the capital market theory, interpretation of the capital market line. Model of the capital asset valuation (CAPM) and other models.
    11. Money Market.
    Creation and development of the money market in Czech economy. Features of the short term investment instruments. Inter-bank credit market, inter-bank foreign exchange market in the Czech Republic, Europe and USA. Debt and derivative instruments of the money market. Term deposits, deposit certificates, treasury bills. Commercial papers and bills of exchange. Valuation of the discount tools. Forward term deposits, interest forwards, short term interest futures. Short term return curve. Securing, speculation and arbitrage in the money market.
    12. Bond Market.
    Valuation of the bond instruments. Non coupon and coupon bonds in the world and in the Czech Republic. Other kinds of bonds. Creation and development of the bond market in Czech economy. Bond euromarket, bond market in the USA. Main bond indexes. Price elasticity, duration, convexity. Spot and forward yield curve. Characteristic of the bond instruments price volatility. Analysis of the bond market and contemporary economic software.
    13. Stock Market.
    Primary and secondary stock trades. Capital market indicators, general stock indexes in the Czech Republic and in the world. Stock valuation and stock prices behaviour. Inner stock value, fundamental analysis and possibility of its exercise. Characteristic features and principles of the technical analysis. Methods and instruments of the technical analysis, possibility of contemporary software products exercise. Psychological analysis. Global deposit certificates. Stock options, options and futures for the stock index.

    14. Derivatives Market.
    Substance and structure of the derivatives market. Development tendency and changes of the derivatives market structure. Characteristic features of the forward and futures contracts. Mechanism of trades in the futures markets and role of the futures in the financial markets. Substance of the options. Definition, risk and yield of the option contracts, economy role of the options markets. Swaps and its explo
Literatura
    doporučená literatura
  • ELTON, EJ., GRUBER, MJ. Modern Portfolio Theory and Investment Analysis. 6th ed. New York, etc.: John Wiley Sons, 2003. ISBN 0-471-23854-6. info
  • DAS, S. Risk Management and Financial Derivatives. 1st ed. London: McMillan Press, 1997. ISBN 0333713974. info
  • FABOZZI, F., MODIGLIANI, F. Capital Markets: Institutions and Instruments 2nd ed. Upper Side River (N.J.): Prentice Hall, 1996. ISBN 0-13-067334-X. info
  • ROSE, PS. Money and Capital Markets. Richard D. Irwin, Inc., USA,, 1996. ISBN 0-07-231002-2. info
  • MADURA, J. Financial Markets and Institutions. Saint Paul etc.: West Publishing Company, 1992. ISBN 0-314-87735-5. info
  • KOHN, M. Money, Banking and Financial Markets. 2. vyd. Chicago etc.: The Dryden Press, 1991. ISBN 0-03-033334-2. info
Informace učitele
discussion, coursework and final test. The course is concluded by 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, zima 2008, léto 2009, léto 2010.