Tato prace se zabyva analyzou organizovaneho ceskeho akcioveho trhu za pomoci akcii Komercni banky a skupiny Erste. Porovnanim vnitrnich hodnot akcii a realnych cen akcii na trhu je urcena mira vlivu behavioralnich faktoru na rozhodovani investoru. Z provedene studie vyplyva, ze mira vlivu behavioralnich faktoru na rozhodovani investoru s pribyvajicim casem klesa, coz znamena, ze behavioralni faktory maji vetsi dopad na cenu v kratsim obdobi.This diploma thesis deals with the analysis of czech stock market. The intrinsic values of Komercni banka and Erste group are estimated using the dividend discount models and excess returns model. Subsequently, these intrinsic values are compared with the real prices and the impact of behvior bias on stock prices is determined. I found that the behavioral biases are bigger in the short period and their dependance is lower with the increasing time.