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The Feltham-Ohlson Model: Goodwill and Price Volatility
Janský, Michael ; Novák, Jiří (advisor) ; Baruník, Jozef (referee)
This paper derives and tests the hypothesis that there exists a positive relationship between the amount of unrecognized goodwill a company has in relation to the book value of its equity, and the volatility of the price of its stock and the average trading volume of its shares, and that further this relationship is stronger when the source of that goodwill cannot be traced to items recognized in accounting. The hypothesis is derived from the theory of residual income valuation and the Feltham-Ohlson model of company valuation, and is tested on the accounting and market data of 92 companies listed on the New York Stock Exchange. While the results do not offer sufficient reason to reject any of the paper's hypotheses, they provide only partial support to them, and further research is required.
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Telemetric monitoring of the feral pigeon ( Columba livia f. domestica) population at the Karlovo namesti square in Prague
Kanov, Štěpán ; Řezníček, Jan (advisor) ; Novák, Jindřich (referee)
"A Telemetric monitoring of the feral pigeon ( Columba livia f. domestica) population at the Karlovo náměstí square in Prague" This thesis deals with both the monitoring of numbers in the pigeon (Columba livia f. domestica, "the Pigeon") sites in question and also the spatial definition of the daily activities of individual specimens using a telemetric system. Previous researches gathered data on population density and food routes usually obtained by observation. Therefore we believe it's important to supplement this data with spatial movement maps of individuals that cannot be obtained by observation but the telemetry system allows us to do so in certain time period. The data obtained from GPS trackers will be processed into daily spatial activity maps of the specimen. These data will hopefully help us to gain insight into the life of not just specific individuals, but will also allow us to derive spatial activity of the entire population living in the locality in question. The results will be compared with the results from the previous pigeon count. This knowledge can be useful to population control, or serve in other studies. Keywords: pigeon, abundance, telemetry
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Phylogeny and biogeography of Neotropical and African riverine cichlids: multilocus phylogenetic methods in the evolutionary studies
Musilová, Zuzana ; Novák, Jindřich (advisor) ; Bryja, Josef (referee) ; Reichard, Martin (referee)
Summary: The thesis comprises from the introduction and five main parts: three of them are published papers, the rest two are manuscripts prepared for submitting to the scientific journals. The first two are published phylogenetic studies of the cichlasomatine cichlids based on (1) molecular characters, and (2) both morphological and molecular data with the description of a new genus Andinoacara. The third (3) is the already published description of the new species Andinoacara stalsbergi from Peru combining both morphological and phylogenetic approaches and including the detailed phylogeny of the genus Andinoacara. The next unpublished manuscript (4) is the more detailed comprehensive phylogeography of the two non-relative genera (including Andinoacaras) of the trans-Andean cichlids. Including all valid species from the majority of their distribution areas it was reconstructed the ancestral area of both genera in the Choco region, Colombia, and revealed the directions of their distribution spreading. The last (5) unpublished manuscript is the phylogeographical study of the cichlid genus Serranochromis from the headwaters of the totally unknown Central Angola. It showed several evidences of the faunal exchange among the adjacent river systems. Lastly, the thesis is supplemented by several appendices...
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Financial Risk and Models of its Measurement: Altman's Z-score Revisited
Kruchynenko, Ihor ; Svoboda, Svatopluk (advisor) ; Novák, Jiří (referee)
Master thesis touches upon the interesting spheres of risk classification, measurement and management of financial institutions. Modern banks have numerous credit risk measurement models at their disposal. However, agreement about performance of those models is not that unanimous and to some point the models are blamed for breaking out of 2007 financial crisis. In the theoretical part of the thesis we provide survey of risk measurement practices in banks. We investigate the main types of risk of banks in their day-to-day activities. Special focus is paid on the credit risk and on the models and techniques of its measurement; Practical part of thesis then contains construction and accuracy estimation of particular credit-risk-model (Altman Z-score). In it we construct and compute Altman Z-score for sample of firms from two chosen sectors in United Kingdom. Main goals of the work are a) testing accuracy of the model by comparing its outputs to real development, and b) econometric testing of the specification of the model itself.
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Relationship between Executive Compensation and Bank Performance of TARP Recipients
Zamrazilová, Marta ; Janský, Petr (advisor) ; Novák, Jiří (referee)
The objective of this diploma thesis is to examine the relationship between executive compensation and bank performance. We study the executive pay structure of the U.S. largest 100 bank holding companies during period 2002-2009. Our data analysis describes differences between behaviour of TARP recipients and the banks that did not receive state financial help with consideration of financial crisis effect. We use econometric model to test the dependence of bank performance measures and particular elements of executive remuneration - total sum, bonus, stock award and option award. The relationship is generally considered as weak, but we also find linkage between TARP recipients' compensation and Market Capitalisation and on the other hand non-TARP bank appeared to define compensation according to earning per share. A special attention is devoted to executive remuneration structures of TARP recipients with weakest results and their comparison with Dodd-Frank Financial Reform Act and TARP standards. JEL Classification: G21, G35, G38, K23 Keywords: Executive compensation, bank performance, Troubled Asset Relief Program, performance-related pay, corporate governance, financial crisis, executives
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Improving Investment Timing
Málek, Petr ; Novák, Jiří (advisor) ; Cingl, Lubomír (referee)
This masters thesis is based on study of technical analysis of financial markets, i.e. analysis of dependencies between past and present price data, especially when it comes to "supports" and "resistances" or historical price levels where price recently tended to stop and reverse. First of all, summary of the most relevant literature on technical analysis is presented, together with literature on psychology of investing, behavioral finance and market efficiency. Following that, theoretical arguments in favor of possible edge in trading of technical levels are introduced and possible objections are addressed. This theory - in the form of several thousands of unique but similar trading strategies - is then tested on historical data of the most important financial assets. Results are compared to those of conservative buy-and-hold strategy and random trading. We reached the conclusion that trading based on technical price levels brings positive capital gains which are better than those achieved by random trading and buy-and-hold strategy. Parameters of our strategies influence the results in expectable manner more often than not.
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Time-space mobility of students in Prague
Šťástka, Jakub ; Ouředníček, Martin (advisor) ; Novák, Jakub (referee)
Šťástka, J. (2010): Time-space mobility of students in Prague. Diploma thesis, Charles University in Prague, Faculty of Science, Department of Social Geography and Regional Development, Prague. Diploma thesis deals with evaluation of time-space mobility of students in selected Prague's high schools. In introduction, research questions searching for differences in daily motions, non-daily motions of students and way of spending leisure time in a city are asked. Furthermore, this thesis is aimed at discussion of time-space mobility within Czech and foreign literature and approach to study of everyday-life. The main objective of this diploma thesis is to analyze everyday mobility of students in Prague and to document their correlation on the basis of data from questionary survey. key words: time-space mobility, everyday rythm, lifestyle, commuting, suburbanization, leisure time, students, Prague.
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