Vliv vybraných makroekonomických veličin na ceny akcií v Evropě

Abstract

Financial and economic systems are closely connected, therefore it is important to identify how they affect each other. The aim of the thesis is to determine what influence selected macro-economic aggregates have on development of stock prices at European securities markets. In the first part the chosen European stock markets are described and compared. In the second part, the theoretical assumptions of financial multifactor models are given and then the methodology of cointegration analysis and VECM calculations are defined. The third part is focused on the application of cointegration analysis on estimated multifactor model and quantification of the effect of selected macro-economic aggregates on the stock prices of more and less developed European securities markets.