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Sindrom sraza ramena (engl. impingement syndrome shoulder - SIS) bolni je proces upale burze i pripadajućeg dijela rotatorne manžete ramenog zgloba. Uzrok ovome su dugotrajne aktivnosti rukom iznad glave ili učestale kratke, ali snažne aktivnosti s podignutom rukom. Rameni zglob je najnestabilniji zglob u tijelu. Stabilnost mu održavaju mišići rotatorne manžete koji ga okružuju te održavaju kontakt između zglobnih površina. Rameni zglob često je izložen opterećenju te je sklon ozljedama i oštećenjima. Jedno od takvih oštećenja je i sindrom sraza kod kojeg dolazi do kompresije na strukture rotatorne manžete, subakromijalne burze i tetive duge glave m. bicepsa brachii između tuberkula nadlaktične kosti i korakoakromijalnog luka. Ranom dijagnostikom moguće je utvrditi u kojoj mjeri su nastala oštećenja te pripisati određenu vrstu fizikalne terapije. Kineziterapija kao najvažnija metoda liječenja sindroma sraza ima za cilj jačanje mišićno-ligamentarnog aparata sa svrhom sprječavanja daljnjeg pogoršanja, održavanje pokretljivosti i mobilnosti te prevenciju moguće kontrakture u ramenu. Pacijent je uključen u proces liječenja od samog početka i potrebno je njegovo aktivno sudjelovanje i razumijevanje kako bi se lakše savladale terapijske procedure koje slijede u daljnjem liječenju. Shoulder impingement syndrome (SIS) is a common cause of shoulder pain. It occurs when there is an impingement of tendons or bursa in the shoulder from the bones of the shoulder. Overhead activity of the shoulder, especially repeated activity, is a risk factor for shoulder impingement syndrome. The shoulder joint is the most unstable joint in the body. Muscles of rotator cuff give him stability and surrounding it and maintaing contact between the joint surfaces. The shoulder joint is often subjected to loads and is prone to injury and damage. One of these defects is the rotator cuff in which there is a compression of the structures of the rotator cuff, subacromial bursa and the tendom of long head M.biceps brachii between tubercles of the humerus and coracoacromial archus. Early diagnosis is possible to determine to what extent the damage to this attributed to a particular type of physical therapy. Kinesiotherapy as the most important method of treatment syndrome clash aims to strengthen muscle - ligament apparatus with the aim of preventing further deterioration, maintain mobility and preventing possible contracture in the shoulder. The patient is involved in the healing process from the very beginning and it is necessary to his active participation and understanding in order to help overcome therapeutic procedures to follow in further treatment.

Prednosti držanja šuma u investicijskom portfelju. Kako se može ulagati? Javno vs. komercijalno šumarstvo Investiranje u šumarstvo putem burzi Trošak kapitala Razlog više zbog čega ulagati u šume

This rigorous thesis discusses the legal aspects of cryptocurrency trading platforms and exchanges. The aim of this rigorous thesis is to analyse the legal status of cryptocurrency trading platforms and exchanges, or rather their operators, in terms of applicable Czech and European law, and in the same way analyse the Initial Exchange Offering, propose possible changes in legislation and provide a comparative view of the legal status of cryptocurrency trading platforms and exchanges in selected countries. The first part of the thesis briefly introduces cryptocurrencies and describes their legal nature. Furthermore, this section describes cryptocurrency trading platforms and exchanges and the variances between them, as well as the difference between a cryptocurrency trading platform or an exchange and its operator. The second part analyses the Czech and European legislation relating to cryptocurrency trading platforms and exchanges. First, various areas of financial law are discussed, namely currency exchange and stock exchange activities, capital markets business, payments, and tax law. In addition to the field of financial law, the areas of anti-money laundering, trade licensing and personal data protection, including so-called cookies, are further analysed. The second part is concluded with a proposal for...

Unatoč špekulativnom pretjerivanju, vjerojatno se ipak nalazimo u relativno ranoj fazi novog bikovskog tržišta.

Svoj rast i razvoj poduzeća financiraju na različite načine ovisno o tome u kojoj fazi poslovanja se poduzeće nalazi. U fazi zrelosti, odnosno ekspanzije, tri su prevladavajuća načina na koje se poduzeće može financirati: 1) iz zadržane dobiti, 2) financiranjem putem duga, te, 3) izdavanjem dionica. Predmet istraživanja ovoga rada su dionička društva i financiranje putem izdavanja dionica. U radu su prikazana glavna obilježja i načini financiranja poslovanja putem emisije dionica. Analiziraju se vrste dionica, proces izdavanja i sudionici te se opisuju elementi i procesi inicijalne i sekundarne javne ponude dionica. Financiranje poslovanja poduzeća putem povlaštenih dionica, koje je relativno slabo zastupljeno kao način financiranja, prikazano je na konkretnom primjeru kupnje povlaštenih dionica Podravke d.d. od strane Europske banke za obnovu i razvoj. U radu su također definirane inicijalne i sekundarne javne ponude dionica u Republici Hrvatskoj u razdoblju od 2006 do danas.

The main aim of the thesis is to characterize the possibilities of investing a small investor in the Czech capital market and to compare these possibilities. The thesis is focused on stocks traded through the RM-SYSTEM or the Prague Stock Exchange. In the first part, we find an explanation of important terms, description of basic investment possibilities and presentation of yield, risk and liquidity as the main concepts of investment strategy. The second part first describes trading on the Prague Stock Exchange and the RM-SYSTEM. This is followed by a stock exchange comparison according to yield, risk, liquidity and cost. These characteristics are calculated for four specific stocks traded on both exchanges. A five-year time horizon is chosen for the calculation. The return is compared using the average monthly return and the total return for the selected shares. The risk is calculated over the standard deviation. Cost is calculated using a model situation. The analysis results are first compared for each characteristic separately and then summarized and compared as a whole. Based on the results, we recommend a stock exchange stat is more suitable for a small investor.

Svaki se investitor treba zapitati vjeruje li da za vrijeme njegovog ulagačkog horizonta više neće biti oštrih i dugotrajnih padova kao što su bili oni iz 1973-75, 2000-02 i 2008-09, u kojima se vrijednost portfelj zna prepoloviti i onda godinama gmizati nazad na početnu vrijednost. COVID-crash je u tom pogledu bio vrlo netipičan i više je sličio atomskoj korekciji nego pravom medvjeđem tržištu – najbrži pad od -34% u povijesti, ali i najbrži oporavak od 66%, i to sve unutar jedne godine. Mala je vjerojatnost da će se budući burzovni slomovi tako brzo korigirati.

Jeffery Nii Otokunor Sackey.The relationship between bank capital and bank earnings in Ghana. Diploma thesis. Brno: Mendel University, 2018. This diploma thesis explores the relationship between bank capital and their endings in Ghana. It provides a general overview of the factors that influence the profitability of commercial banks listed on the Ghana Stock Exchange. Data for the study will be sourced from secondary sources. Whereas Stata and Gretl are used for the analysis and other macroeconomic factors such as the real exchange rate will be used for the thesis. Keywords: Stock Exchange, Macroeconomics Factor, Bank Earnings, Exchange rate Commercial banks.

Svrha rada je objasniti pojam gospodarskih ciklusa, opisati njihova temeljna obilježja, definirati pojam tržišta kapitala te pojasniti njegov razvoj i karakteristike. Kao ključni cilj ovoga rada je objasniti povezanost gospodarskih ciklusa s tržištem kapitala u Republici Hrvatskoj što je detaljno razrađeno i opisano putem analize grafova. U prvom dijelu definiran je pojam ciklusa, njihova obilježja te osnovne vrste. Nakon toga, slijedi složenija razrada koja se odnosi na teorije gospodarskih ciklusa. Uz gospodarske cikluse objasnit će se i tržište kapitala, njegova temeljna obilježja i razvoj u Republici Hrvatskoj kao najvažnije institucije. U drugom dijelu rada definira se pojam tržišta kapitala, njegova osnovna podjela na četiri temeljna tržišta, a nakon toga slijedi definicija burze i burzovnih indeksa. U posljednjem poglavlju prikazana je povezanost gospodarskih ciklusa i tržišta kapitala u Republici Hrvatskoj. Njihova povezanost opisana je u razdoblju od 2001. do 2016. godine, odnosno u razdoblju prije i poslije krize. Razradom gospodarskih ciklusa, može se zaključiti kako niti jedno gospodarstvo ne može konstantno biti u ravnoteži. Poznato je kako su vrh i dno zapravo maksimum, odnosno minimum koje neko gospodarstvo može postići, ali nakon toga slijedi obrnuti smjer kretanja. Ni jedna ekspanzija i ni jedna recesija nisu konstantne. Iza svake ekspanzije slijedi recesija i obratno. Ono što je važno razumjeti je međusobna povezanost gospodarskih ciklusa i tržišta kapitala u Hrvatskoj. Promatranjem kretanja odabranih ekonomskih pokazatelja poput osobne potrošnje, investicija i bruto plaća te dioničkog indeksa CROBEX-a, kao pokazatelja kretanja na tržištu kapitala, može se uočiti njihova međusobna povezanost. U razdoblju pada, odnosno recesije pokazatelji i CROBEX se smanjuju, dok je njihov rast uočljiv u tijeku oporavka, odnosno ekspanzije. Svako kretanje na tržištu kapitala ima određenu povezanost s različitim stadijima gospodarskih ciklusa. The purpose of the paper is to explain the concept of economic cycles, to describe their basic characteristics, to define the concept of capital market and to clarify its development and properties. The key objective is to explain the correlation of economic cycles with market capitalization in the Republic of Croatia, which has been elaborated and described in detail through graph analysis. The first part defines the concept of cycles, their characteristics and basic species. Thereafter, there is a more complex elaboration of the theory of economic cycles. In addition, the capital market, its core features and development in the Republic of Croatia and the most important institutions will be explained. In the second part of the paper, the concept of the capital market is defined, its basic department on four basic markets, followed by the definition of the stock market and stock indexes. The last chapter shows the link between the economic cycles and the capital market in the Republic of Croatia. Their correlation is described in the period from 2001 to 2016, in the period before and after the global financial crisis. By developing economic cycles, it can be concluded that no economy can be permanently in balance. It is known that the top and bottom are actually the maximum, or the minimum that some economy can achieve, but thereafter follows the reverse direction of movement. No expansion and no recession are constant. Every expansion is followed by recession and inversely. What is important to understand is the interconnectedness of economic cycles and the capital market in Croatia. By observing the movements of selected economic indicators such as personal consumption, investment and gross wages, and share index CROBEX, as indicator of capital market movements, it can be noticed their interrelationships. In the period of falling or recession, indicators and CROBEX are decreasing, while their growth is noticeable in the course of recovery towards expansion. Any movement on the capital market has a certain correlation with the different stages of economic cycles.

The main aim of my bachelor's thesis was an evaluation of possibilities, contributions and deficiencies of technical analysis in capital market's conditions.

Working capital has been touted as the lifeblood of every firm as it strongly facilitates the daily transactional activities of the firm and extensively, determined further capital investments and firm valuation. However, it is known to be an important cog in the wheel of a company.The aim of the thesis is, therefore, to examine the relationship and the impact of working capital management and organizational performance of 26 nonfinancial firms listed in the Ghana Stock Exchange in the period 2014 and 2015. The independent variables were the working capital variables which include Average collection period, Average payment period, Cash Conversion Cycle, Inventory turnover in days and control variables such as financial leverage, size of the firm and economic growth. Net operating profit was used as the dependent variable in the model. The descriptive analysis, Pearson correlation, and multiple regression models were applied to interpret the results of data. Results of correlation analysis show that Average collection period, size,inventory turnover in days, Cash conversion cycle and financial leverage showed a positive relationship on Net operating profit for 2015 apart from average payment and GDP growth which were negative in the same year. However, inventory turnover in days, average payment period and average collection period were the only variables with the negative relationship on the performance proxy in 2014. Results of regression analysis further revealed that the independent variables might significantly explain the variations in the dependent variable at 1% level of significance with variables like size, average payment period, financial leverage and GDP all showing a significant impact on the dependent variable, since the study revealed that working capital management could either have a negative or positive relationship with firm’s performance. Thus, it is suggested that managers can create value for their investor by slashing the number of days of average collection period and inventories to a reasonable minimum and also firms should conduct a thorough evaluation of their trends of performances by employing different components of working capital variables in the analysis.More organizations and years should be considered to analyze the general overview of the effects of working capital on profitability

This bachelor thesis deals with investments in wine. The aim of the thesis is to compare the profitability and riskiness of investments in wine with stocks and with other alternatives, such as gold. Part of the work is focused on the characteristics of wine as an asset and on the ways in which it can be invested in wine. The second part contains a description of the indices and the calculation of return, risk, correlation or Sharpe ratio.

Prvi svjetski rat ostavio je europski kontinent u rasulu, prekinuta je međunarodna trgovina. Nezadovoljne mase ljudi nisu više vjerovale u kapitalistički ustroj. To je dovelo do mnoštvo štrajkova. Tijekom 20ih godina 20. stoljeća došlo je do uspona ekonomije i proizvodnje. U SAD-u je proizvodnja je toliko narasla da se dogodila hiperprodukcija, tj. zasićenost tržišta proizvodima, što je automatski dovelo do pada cijena na burzi. Pad se dogodio praktički preko noći, ljudi su ostali na ulici, a poduzeća su propala. Država nije bila spremna na krizu takvih razmjera, radnike se otpuštalo na tisuće. Situacija je bila toliko kritična, da se ljudi nisu mogli niti prehraniti. Kriza u Njemačkoj je dovela do jačanja Hitlerove nacionalsocijalističke stranke. Loša ekonomska situacija budila je frustracije u ljudima te tako nezadovoljni, Hitlerove ideje su im se počele činiti kao jedini izlaz. S druge strane Atlantika, u SAD-u, Franklin Roosevelt, iznio je svoj program oporavka pod nazivom „New Deal“. Njegov plan je bio državnom intervencijom ponovno oživjeti gospodarstvo, organizirao je javne radove i usvojio nove zakone vezane za cijene proizvoda na tržištu. Situacija je došla pod kontrolu tijekom Drugog svjetskog rata, razlog tomu je bila opća mobilizacija ljudi u vojnu industriju i logističku potporu. To je dovelo do punjenja državnog proračuna, a nakon Drugog svjetskog rata ekonomije su već stale na noge, cijene su se snizile te se moglo vratiti normalnoj trgovini. World War I left the European continent in chaos. The international trade was aborted. Dissatisfied mass of people distrusted the capitalist structure. This lead to a massive amount of strikes. During the 1920s there was a rise in economy and production. In the USA the level of production was so high that it soon lead to hyper productions which automatically lead to the downfall of the stock market. The crash happened quickly, almost over the night, people were left on the streets and the companies went bankrupt. The government wasn’t prepared for a crisis of these proportions. Thousands of workers got fired. The situation was so critical that people couldn’t even feed themselves. The crisis in Germany lead to the uprising of Hitler’s national socialist party. Bad economic situation brought out the frustration in people and so Hitler’s ideas were perceived as the only way out. Across the Atlantic, in the USA, Franklin Roosevelt carried out his recovery programme by the name “New Deal”. His plan was that the government should intervene and stimulate the economy, he organized public works and adopted laws related to the prices on the market. The situation came under control during World War II, the reason being the general mobilization into the war industry and logistic. This lead to the enrichment of the state budget. After WWII economies have stabilized, the prices went down and the return to a healthy economy was finally made possible.

Burze su platforme za trgovanje vrijednosnim papirima poput dionica i obveznica. Zagrebačka burza jedina je hrvatska burza vrijednosnim papira te je jedna od značajnijih burzi vrijednosnim papira u Jugoistočnoj Europi. Zadatak završnog rada bio je osmisliti, dizajnirati i implementirati sustav za analizu podataka o burzovnim kretanjima. Sustav se zasniva na tehničkoj analizi koja je detaljno objašnjena u ovom radu. Grafički prikaz korelacije između cijena dionica i indeksa CROBEX omogućen je u Shiny aplikaciji. Korištene su tehnologije: R, RStudio Shiny te MySQL baza podataka Stock markets are trading stocks, such as stocks and bonds. The Zagreb Stock Exchange is the only Croatian stock exchange and one of the most important stock exchanges in Southeast Europe. The task of final thesis was to plan, design and implement a system for analyzing data on stock exchanges. The system is based on the technical analysis detailed in this paper. The graphical representation of the correlation between the stock price and the CROBEX index is shown in the Shiny application. Used technologies are: R, RStudio Shiny and MySQL databases.

Zadatak ovog projekta bila je vizualizacija podataka o burzovnim kretanjima. Potrebni podaci za prikaz preuzeti su sa stranice Zagrebačke burze i spremljeni u MySql bazu podataka. Dohvat iz baze i analiza nad podacima radi se u C#-u. Nakon toga korisniku su ti podaci prikazani pomoću HTML-a, JavaScripta i CSS-a. Na stranici se može vidjeti grafički i tablični prikaz osnovnih financijskih podataka, osnovnih fundamentalnih pokazatelja, kretanje cijene dionice te usporedba tih podataka po kvartalima i kroz zadnje 3 godine. The task of this project was to visualize data on stock exchanges. Required display data is downloaded from the Zagreb Stock Exchange website and stored in the MySql database. Retrieve from the base and data analysis are written in C #. After that, the user is presented with HTML, JavaScript and CSS. On the page you can see a graphical and tabular overview of basic financial data, basic fundamentals, stock price movements, and comparison of these data by quarter and over the last 3 years.

U ovome radu problem istraživanja je bio preuzimanje kompanija putem burzi vrijednosnica te obrane od neprijateljskog preuzimanja, te je cilj rada bio istražiti načine preuzimanja kompanija, kao i obrane od neprijateljskog preuzimanja. Stoga su u radu prezentirane osnovne karakteristike preuzimanja kompanija posredstvom burzi vrijednosnica, te taktike obrane od neprijateljskog preuzimanja koje napadnuta kompanija može primijeniti. Kroz primjere iz prakse navedene u ovom radu može se dobiti detaljniji uvid u procese preuzimanja. The thesis presents research of the takeovers of companies through the stock exchange, as well as defense against a hostile takeover; there for the aim of the study was to explore ways of acquiring companies, as well as defense against a hostile takeover. Hence, the student presented the basic characteristic of takeovers through the stock exchange and thesis of defense that attacked companies may apply. Through praxis examples mentioned in this thesis a more detailed look into the process of takeovers is available.

Apache Spark je běžně používaná platforma pro analýzu velkých dat na velkých počítačových clusterech, kde pro svou práci využívá především hlavní paměť počítače. Pokusili jsme se přidat softwarovou knihovnu samoučící se neuronové sítě do jednoho takového analytického celku pro big data. Výsle-dek je efektivní a rychlý dokonce na jediném běžném počítači. Tento přístup je přínosem pro výzkumníky s omezenými zdroji, kterým přiná-ší možnost analýzy velkých dat. Náš nápad byl experimentálně ověřen a je popsán zde. Jako případovou studii pro naši metodu jsme použili dostupná data ze sociální sítě Twitter, konkrétně tweety pro hashtag #Brexit a jejich analýzu sentimentu, přičemž jsme hledali korelace s burzovními daty.

The bachelor thesis consists of two main parts. The first one is the theoretical-methodological, which deals initially with the basic terms of business and their interpretations. The main aim of this section is to explain the essence and the importance of creating a business plan. There is also shown the structure of the business plan and the possibilities that can be implemented in it. In the practical part are applied these theoretical knowledge. The practical part is written in form of a business plan for setting up a company using automated business strategies to evaluate investment for the general public. For better understanding of demand, a questionnaire survey was conducted. The aim of this work is to evaluate the feasibility of this business plan. The business plan has highlighted the high demand for the initial investment project.

155 Title of the rigorous thesis IPO in the Context of Czech and European Law Abstract The rigorous thesis deals with an initial public offering (IPO) of shares of the company in the context of Czech and European law. The thesis is divided into four integral parts consisting of six substantive chapters and is complemented by a case study. The first part introduces and explains the concept of the IPO, its development and it deals also with related institutes. The second part aims to present the general legal aspects of the IPO and to define and assess the regulatory framework directly related to the initial public offering, in particular from the point of view of European law, which sets outs the direction in which national legislation on capital market regulation is inevitable. In the third part, the author thoroughly analyzes, clarifies and evaluates the individual phases of the entire initial public offering process from the point of view of the issuing company and with practical examples in the light of the Capital Market Undertakings Act. The additional chapter of the third part emphasizes the importance of choosing a suitable market for the IPO. A separate section is dedicated to the prospectus, which most issuers are obliged to prepare and publish during an IPO. Within tis section, the author focuses...

U ovom diplomskom radu govori se o sekundarnom tržištu kapitala u Republici Hrvatskoj te se objašnjava financijsko tržište općenito te Zagrebačka i Varaždinska burza. Istražuju se sve karakteristike i uloga financijskog tržišta, sekundarnog tržišta, burzi općenito te uloga burzi u Hrvatskoj. Određenim spoznajama o sekundarnom tržištu kapitala cilj je objasniti pojam i vrste, te dokazati njegovu ulogu i značenje u gospodarstvu svake zemlje a posebno Republike Hrvatske.

Ovim radom se željela istražiti harmonizacija financijskih izvještaja između onih poduzeća koja svoje dionice listaju na Zagrebačkoj burzi i onih koji ne kotiraju na burzi. Istraživanje je provedeno na uzorku od 30 hrvatskih poduzeća. Uočeno je da poduzeća koja kotiraju na burzi imaju homogenije izvještaje od poduzeća koji ne kotiraju na burzi iz razloga što učestalije koriste metodu troška. Također imaju homogenije iskazivanje, veću homogenost u iskazivanju amortizacije te značajno učestalije iskazuju vrijeme mjerenja goodwilla od poduzeća koja ne kotiraju na burzi. Slijedom navedenog prihvaća se hipoteza H1 kojom se pretpostavlja da postoji značajna razlika u stupnju harmonizacije financijskih izvještaja listanih poduzeća u odnosu na nelistana poduzeća. Scope of this work was to explore harmonization of the financial reporting among those companies that list their shares on the Zagreb Stock Exchange and those who don't. The study was conducted on the sample of 30 Croatian companies. It was noted that listed companies have more homogeneous reports from unlisted companies because they use cost method more frequently. Also, they have more homogeneus expressing, greater homogenity in presenting amortization and they significantly more often express time of goodwill measurement. Therefore, we accept hypothesis H1 which assumes that there is a significant difference in the level of harmonization of financial reports of listed companies compared to unlisted companies.

Inicijalna javna ponuda je prva javna ponuda dionica nekog poduzeća investicijskoj javnosti. Financiranje poduzeća emisijom dionica nastaje iz potrebe da se investira u rast i razvoj poduzeća. Emisija dionica najčešće se odvija neizravno, odnosno putem posrednika – investicijskih banaka. Postoje mnoge prednost zbog kojih bi se poduzeća trebala odlučiti na IPO kao način prikupljanja financijskih sredstava. Kao mjesto provedbe IPO-a poduzeća se sve više odlučuju za velike strane burze poput NYSE, što je bio i slučaj sa Alibabom koja je bila predmet ovog istraživanja. Initial public offering is the first time that the stock of a company is offered to the investment public. Raising capital by issuing shares arises from the need to invest in business development and growth. The process of issuing shares usually takes place indirectly, through an intermediary – investment bank. There are many advantages for the company to decide on the IPO as a way to raise capital. Companies are opting for large foreign stock exchanges such as the NYSE for their IPO, as was the case with Alibaba, which has been the subject of this study.

Tržište kapitala na hrvatskom je području dugo vremena bilo relativno slabo razvijeno i tek je u posljednjih nekoliko godina postalo popularno među građanima. Trgovanje dionicama predmet je zanimanja i ekonomskih stručnjaka, ali i onih koji trguju dionicama. Zbog evidentne neizvjesnosti u kretanju cijena dionica sportskih društava postavlja se pitanje koji faktori utječu na kretanje cijena dionica. Cilj rada bio je dokazati neovisnost kretanja cijena dionica sportskih društava u odnosu na kretanje tržišta. Analiza kretanja cijena izabranih uzoraka pokazala je da cijene dionica nisu bile podložne variranjima te da nisu ovisile o rastu ili padu burzovnog indeksa. Klubovi veću važnost daju sportskom uspjehu, koji stvara prihode. The capital market in Croatia was relatively underdeveloped for a long time and only in recent years became popular among citizens. Trading with shares is interesting for economic experts, but also for those who trade with it. Due to the obvious uncertainty in the movement of stock prices of sports organizations, the question is: “Which factors influence the movement of stock prices”? The aim was to demonstrate the independence movement in share prices of sports organizations in relation to the movement of the market. The analysis of price movements of selected samples showed that stock prices weren’t connected with variations and weren’t dependent on the growth or decline of the stock market index. Clubs give more importance to sports success, which generates revenue.

Volatilnost je promjena cijene indeksa u određenom razdoblju. Osnovne statističke metode za mjerenje volatilnosti dionice su standardna devijacija, koeficijent determinacije i beta koeficijent. Ovaj rad sagledava definicije pojmova dionice, burze, standardne devijacije, koeficijente determinacije i beta koeficijenta. Nakon definicija i kratkog opisa statističkih metoda, statističke metode se primijenjuju na dionice sa Zagrebačke burze i uspoređuju se rezultati dobivenih mjerenja. Najvažniji zaključak je da je standardna devijacija jedina od tri navedene metode koja nam pokazuje volatlnost dionice s njom samom. Volatility is a change in the price index over a given period. Basic statistical methods for measuring stocks volatility are standard deviation, coefficient of determination and the beta coefficient. This paper examines the definitions of terms stocks, stock market, standard deviation, coefficient of determination and the beta coefficient. After definitions and a brief description of the statistical methods, statistical methods were applied to stocks from Zagreb Stock Exchange and are compared to the results obtained by measuring. The most important conclusion is that the standard deviation is the only one of the three methods which shows volatility of stock against itself. Key words: Stock, Stock market, Volatility

U ovo radu su u osnovnim crtama objašnjene burze kao središnje mjesto trgovanja vrijednosnim papirima, njihova povijest i značenje. Pojašnjeni su svi pojmoji koji su vezani uz burzu, vrijednosne papire, vrste burzovnih poslova i burzovnih posrednika, te načina trgovanja na burzama. Navedene su najpoznatije svijetske burze kao što su burze iz New Yora, Tokya, Londona, te Hrvatska Zagrebačka burza. Objašnjeni su i najveći slomovi burza u povijesti koji su promijenili cijeli tijek burzovnog poslovanja. This thesis gives a summary of stock markets being the central place of trading in securities, and it also covers their history and significance. The work includes all terms connected to stock market, securities, stock-exchange transactions and brokers, as well as the stock-exchange trading types. The most popular world stock markets have been mentioned, such as the ones in New York, Tokyo, London, and also the Croatian Stock Exchange in Zagreb. Further, there are explanations of the biggest stock-market crashes in history which have altered the entire course of stock-exchange transactions.

Oblikovan je i implementiran sustav za pretraživanje događaja, prodaju ulaznica, burzom za razmjenu ulaznica, ispis ulaznica te prijenos odgovarajućeg koda na mobilni uređaj. Sustav koristi trenutno dostupne podatke o događajima sa stranica eventim.hr i ulaznice.hr. Omogućava pretraživanje događaja po različitim kriterijima, registraciju korisnika te kupovanje, prodaju i poklanjanje ulaznica. Za potrebe ove aplikacije oblikovana je i baza podataka u koju spremamo podatke o događajima, lokacijama, vrstama i cijenama ulaznica, registriranim korisnicima, njihovim ulaznicama te o prometu na burzi ulaznica. Problem je riješen na način da je baza podataka izrađena u MSSQL sustavu, sustav je pisan u asp.NET MVC frameworku u jeziku C#. A system was modeled and implemented to search events, sell tickets, ticket exchange, ticket printing and transferring the appropriate code to a mobile device. The system uses available event data from the websites eventim.hr and ulaznice.hr. It allows users to search events by various criteria, user registration and record management and buying, selling and giving away tickets. To fulfill the application requirements a database was modeled to store data about events, event locations, ticket prices and ticket types, registered users, their tickets and traffic on the ticket exchange. The database was modeled using MSSQL and front-end was written using asp.net MVC framework in the C# language.

Studies investigating stock-exchange anomalies -- mainly with respect to returns and volatility -- have been emerging in recent years and decades. This work explores whether weather conditions, days of the week, length of daylight, seasonal affective disorder, holidays, and lunar phase affect trading volume. Segmented into two parts, the work primarily analyses time-series cross-sectional data covering 12 major stock exchanges and spanning from January 2010 to March 2015. The other part of the work focuses on a detailed analysis of the New York Stock Exchange using only time-series data obtained for the time period from January 2001 to December 2009. Additionally, this period is further split to two time spans as the NYSE fundamentally changed its trading system during the period in question. We find strong evidence of the Monday effect -- manifested in low trading volume on Mondays -- recognizable in the time-series cross-sectional part of the analysis, as well as in the time-series part. Other aforementioned anomalies either do not affect the trading volume significantly or their effect is statistically significant only in one of the two parts of the analysis.

This paper investigates financial integration of developing equity markets of European Union members which are Romania, Bulgaria and Croatia with global dominant equity markets. The analysis is performed at the country level using daily (five days) and monthly national stock market indices for three different periods: period before EU membership, period after EU membership, and whole period starting from September 1997 to December 2012. Augmented Dickey-Fuller test statistic, Granger causality, Granger cointegration test and recursive cointegration methods are employed. Empirical results show that all indices are integrated of order one. The relationship is more significant in the period after European Union membership, but not significant in the period before European Union membership. For Croatia, US’s S&P500 index has the strongest impact on CROBEX in whole period. The result implies that European Union membership has strong positive impact on the integration of developing European Union countries., Ovaj rad istražuje dimenziju financijske integracije među zemljama u razvoju koje su članice EU (Rumanija, Bugarska i Hrvatska), metodom usporedbe burzovnih indeksa s globalnim i dominantnim tržištem vrijednosnih papira. Prilikom analize podataka korištene su dnevne i mjesečne vrijednosti indeksa na burzi na nivou države, odnosno podaci o trgovini na kraju dana/mjeseca. Za pristup podacima koristili smo službenu web stranicu Yahoo Finance i to za američki S&P500 indeks, engleski FTSE indeks i njemački DAX indeks; podatke za bugarski SOFIX indeks i rumunjski BET indeks primili smo od osoblja njihovih burzi. Na stranici Zagrebačke burze dostupni su podaci o trgovanju na burzi, pa smo tu pronašli podatke za CROBEX indeks. Zaključne vrijednosti/cijene indeksa su predstavljene u domaćoj valuti i razmatrane su unutar tri različita rezdoblja: razdoblje prije članstva u EU, razdoblje poslije članstva, te sveobuhvatno razdoblje počevši od rujna 1997., zaključno s prosincem 2012. godine. Uspoređuju se zaključne, dnevne vrijednosti indeksa Hrvatske, Bugarske i Rumunjske sa razvijenim i globalnim burzama kako bi se istražila kratkoročna i dugoročna dinamika na tržištu vrijednosnih papira zemalja u razvoju, koje su već članice ili su potencijalne članice EU, sa SAD, Njemačkom i Engleskom koje igraju bitnu ulogu na međunarodnom i globalnom tržištu vrijednosnih papira, burzi, jer su svi međunarodni investicijski tokovi pod utjecajem ovih dominirajućih tržišta. Metode koje su korištene prilikom analize financijske integracije su: Unit root test, Augmented Dickey-Fuller test, Granger test uzročnosi, Granger kointegracijski test i Recursive kointegracijska metoda. Empirijski rezultati pokazuju integriranost svih indeksa u sveobuhvatnom razdoblju. Pokazuje se značajna veza među ideksima nakon članstva u EU, iako se ista veza ne može primijetiti u razdoblju prije članstva. U slučaju Hrvatske, S&P500 indeks ima najveći utjecaj na CROBEX u cjelokupnom periodu. Rezultati analize pokazuju da članstvo unutar EU doprinosi jakom i pozitivnom utjecaju na integraciju onih zemalja u razvoju koje su članice EU, promatrano kroz ADF test i Granger test uzročnosti.

The main theme of this bachelor's thesis uses free cash flow to evaluate the company on the stock market using methods of technical analysis. The literary section I described the financial markets and their functioning, shares and their types, characteristics of the joint-stock company. Finally, I spent time series analysis, technical analysis and its methods. In the practical part I have applied lessons learned about technical analysis, chose two methods and used it to buy shares of three companies using fictitious company. I started analyzing price developments, risks and interdependencies. Then I made using two methods selected six investments. I then conducted an evaluation of investments and the results compared and evaluated both methods. And finally I according to information obtained experience and wrote recommendations not only for myself in the future, but also for other beginning investors.

This thesis deals with the development of application for fundamental analysis of stocks. Main goal of the thesis is to make application, which will be helpful for individual investors in performing fundamental analysis of stocks. It is desktop application, which performs calculations with high precision and it uses free on-line sources of financial data. The application was developed in Java programming language. It will be available as a~freeware alternative to proprietary fundamental analysis software on the market. The first part describes capital market and stock exchange, makes characteristics of stock and explains principle of fundamental analysis of stocks. In the second part, the market research of fundamental analysis software was realized, design and implementation of the application for fundamental analyiss was described and the application was evaluated.

This work is dealing with portfolio optimization of stocks available on Czech RM-SYSTEM stock. The optimization is done by multiple criteria decision. In first two chapters there are description of theory of capital market, stock market and stock markets which are on Czech market. The practical part is the main important part of the work. The practical part deals with optimization of portfolio of stocks which are available on Czech stock market. Main goal of this work is to show possibility of creating portfolio of stocks by multiple criteria decision methods.

U okviru završnog rada ispitana je primjenjivost optimizacijskih postupaka u prostornom nisko propusnom filtriranju financijskih vremenskih nizova. Analiza je provedena za 10 najlikvidnijih dionica sa Zagrebačke burze. Rad sadrži tri računalna modela na temelju kojih se optimizacijskim postupcima konstruiraju novi vremenski nizovi koji su linearna kombinacija cijena ostalih dionica. Modeli služe za kratkoročna i dugoročna predviđanja cijena, gdje na dnevnoj bazi dobivamo informacije o potencijalnoj cijeni sutrašnjeg dana, odnosno promjeni trenda. U procesu stvaranja modela rađale su se brojne ideje za unapređenje sustava koje predlažemo kao budući rad. This project analyzes the application of optimization techniques in low pass spatial filtering of financial time series. We analyzed the ten most liquid stocks listed on Zagreb Stock Exchange. Three computer models were developed and processed with optimization techniques to build new time series which are linear combinations of the prices of the other stocks. The models are used for short and long term price prediction. Each day we get the information about tomorrow's price and trend changes. During the process of the models, we got many ideas for the improvement of the system that could be used in further development.

This thesis analyzes the influence of publicized events on stock price of football teams. For this, event study method and regression model was used. Publicized events were significant win in competitions or corruption scandal in Italian football. This thesis found out, that some events influence investor behavior, for example corruption scandal in Italian football or FC Porto win in Champions league final. Efficient market hypothesis was not disprove. Furthermore, it was found that fans -- investors respond to the results of his team, especially surprising wins and goal difference. Higher volume of stocks is traded in the season than out of season.

Nakon globalne krize 2008. g. najveći izazov u oporavku tržišta kapitala predstavljalo je vraćanje povjerenja investitora. Financijski posrednici imali su probleme s pronalaženjem kratkoročnog financiranja koje je bilo nužno kako bi nastavili sa svojim svakodnevnim poslovanjem. Važno je napomenuti kako se svjetska ekonomija još nije u potpunosti oporavila od krize, a vlade su morale intervenirati kako bi se spasile neke od najvećih financijskih institucija čije bi propadanje značilo kolaps cijelog gospodarstva. Takav rasplet bi imao pogubne posljedice na kvalitetu života i standard velikog dijela stanovništva.