Comparasion of the Development of the Stock Market in the Czech Republic and Poland
|Author:||PhDr. Luděk Koleček|
|Year:||2003 - summer|
|Leaders:|| † doc. Ing. Jiří Havel CSc.
|Work type:|| Doctoral
|Awards and prizes:|
|Abstract:||The thesis aims on a comparison of the development of stock markets in the Czech Republic and Poland. The stock markets were established in both countries in the early 90's. The Polish approach was, in contrast to the Czech case, characterised from the beginning by strict regulation of capital markets. The level of institutional framework and regulation has been equated in the time in both countries, but the Czech Republic still lags behind in enforcement of the law.
The indicator of market integration based on the international CAPM signalised similar level of market integration with world portfolio. The market size measured by the ratio capitalisation/GDP is the same, a small difference can be observed in the market liquidity, where the Polish market is slightly more active. The main difference between both stock markets can be identified in an extent of initial public offerings. The Polish market provides a place to raise external capital; on the other hand, there has been not a single IPO at the Czech market since the beginning of trading.