Struktura rizikových prirázek vlastníku dle citlivosti odvetví na hospodárský cyklus/Structure of owner's risk rewards depending on the sector sensitivity to the economic cycle

All national economies go through their economic cycle and partial sectors of these economies go through their market life cycle, too. But the course of the market life cycle doesn't have to ever be the same as in the case of the economic cycle. So, there exist sectors with different sensitivities to economic cycle. The sector sensitivity can considerably influence many financial quantities, especially quantities describing the entrepreneurial risk. The main aim of this article is to find out the structure of cost of equity, which is required in sectors with different sensitivity to the economic cycle. The sector sensitivity is measured according to the correlation between GDP, used for considering the economic cycle, and amount of sales reached on the sector, used for identifying the market life cycle. Highest values of all risk rewards are reached in the anti-cyclical sector. From the findings there can be derived, that investments in companies acting in anti-cyclical sectors is the most risky.