| Abstract [eng] |
The Master’s Thesis analyzes the microeconomic factors of shares’ price and its influence on the Equity Market return. Taking into consideration the objective of the Research, the Thesis highlights the differences and correlations of the share value and the share market price, the main assumptions of the value investment strategies in the context of theory of fundamental analysis. The Empirical Research helps identifying the share price factors – relative financial indicators – determining the value of shares, on the basis of which the investors reason their expectations in regard of the share market price. The results received in the course of Regression Analysis allowed proving the basic Research hypothesis stating that the microeconomic factors of shares’ price influence the investors’ decisions, which are reflected in the changes of shares’ price. It was determined, that the companies having different asset structure, dividend payment policy, size and market liquidity characteristics, decisions of changing in nominal share value, also have different influence of value factors on the Equity Market return. The identified differences of factors’ influence can be helpful in preparation of investment strategies for the groups of companies with different characteristics. |
