Cenové bubliny na finančních trzích

The bachelor thesis deals with the occurrence of price bubbles in the financial markets. At first, the nature of this strange phenomenon is clarified. Then, it is put into the context of two different theoretical approaches, through which the process of formation of asset prices can be explained - The Efficient Market Hypothesis and Behavioral Finance. A substantial part of the thesis is devoted to a comparison of these two theories. Basic knowledge of the crowd psychology is mentioned. Next part focuses on the description of the circumstances and analysis of the specific causes of price bubbles from the recent past. The greatest attention is paid to the technology bubble at the turn of the millennium, analysis of its causes, course and consequences. Examples of present price increases, which can be considered as next price bubbles, are following. However, such designation is accompanied by uncertainty. In a market environment, it is likely to lead to further occurrences of price bubbles, but it is very difficult to predict them due to considerable complexity of this phenomenon. In conclusion, the bachelor thesis deals with the implications of the existence of price bubbles for central banks conducting monetary policy and also with the question whether to regulate financial markets to prevent their occurrence.