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Good vs. Bad Volatility in Major Cryptocurrencies: The Dichotomy and Drivers of Connectedness
Šíla, Jan ; Kočenda, Evžen ; Kukačka, Jiří ; Krištoufek, Ladislav
Cryptocurrencies exhibit unique statistical and dynamic properties compared to those of traditional financial assets, making the study of their volatility crucial for portfolio managers and traders. We investigate the volatility connectedness dynamics of a representative set of eight major crypto assets. Methodologically, we decompose the measured volatility into positive and negative components and employ the time-varying parameters vector autoregression (TVP-VAR) framework to show distinct dynamics associated with market booms and downturns. The results suggest that crypto connectedness reflects important events and exhibits more variable and cyclical dynamics than those of traditional financial markets. Periods of extremely high or low connectedness are clearly linked to specific events in the crypto market and macroeconomic or monetary history. Furthermore, existing asymmetry from good and bad volatility indicates that information about market downturns spills over substantially faster than news about comparable market surges. Overall, the connectedness dynamics are predominantly driven by fundamental crypto factors, while the asymmetry measure also depends on macro factors such as the VIX index and the expected inflation.

Úplný záznam
On a stepladder model walking (with and without a decorator)
Polach, P. ; Prokýšek, R. ; Papáček, Štěpán
This work is related to our previous studies on underactuated biped robot models and has been motivated by the need to implement the previously developed sensor and control algorithms for the real-time movement of the laboratory walking robot, designed and built at the Department of Control Theory of the Institute of Information Theory and Automation of the Czech Academy of Sciences [1, 6, 7]. Underactuated biped robots with an upper body form a subclass of legged robots, see, e.g., [4] for a review on the control of underactuated mechanical systems and [2] for a study of an asymptotically stable walking for biped robots. It is obvious that in general, the walking control of underactuated walking robots is a more challenging problem than walking control of fully actuated walking robots. As follows, we examine the well-known mechanical system of the stepladder model with and without a decorator, whose role is substituted by an external inertial force according to the D’Alembert principle. It is well known, that stepladder walking is possible due to the periodic movement (pendulating) of an operator – decorator1 The rigorous dynamical analysis of stable cyclic walking of a class of stepladder models is presented in the next section.

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Texture Spectral Similarity Criteria Comparison
Havlíček, Michal ; Haindl, Michal
Criteria capable of texture spectral similarity evaluation are presented and compared. From the fifteen evaluated criteria, only four criteria guarantee zero or minimal spectral ranking errors. Such criteria can support texture modeling algorithms by comparing the modeled texture with corresponding synthetic simulations. Another possible application is the development of texture retrieval, classification, or texture acquisition system. These criteria thoroughly test monotonicity and mutual correlation on specifically designed extensive monotonously degrading experiments.

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Drivers of Private Equity Activity across Europe: An East-West Comparison
Kočenda, Evžen ; Shivendra, R.
We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific.

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Determinants of Financial Inclusion in Africa and OECD Countries
Kočenda, Evžen ; Eshun, S. F.
Sub-Saharan Africa (SSA) has been identified as one of the least financially inclusive regions in the world with a huge disparity in comparison to highly financially inclusive regions. Using a dynamic panel data analysis, we explore the factors influencing financial inclusion in Sub-Saharan Africa (SSA) using countries belonging to the Organisation for Economic Co-operation and Development (OECD) as a benchmark. We employ the System Generalized Method of Moments (GMM) estimator and assess 31 SSA and 38 OECD countries from 2000-2021. We show that the differences in trade openness, banks' efficiency, income, and remittances are some macro-level factors that explain the variation in financial inclusion levels. We highlight the importance of quality literacy policies, trade improvement with restrictions on cross-border capital flows, and a more efficient financial system to promote financial inclusion.

Úplný záznam
Polach, P. ; Anderle, Milan ; Zezula, Pavel ; Papáček, Štěpán
A key feature for bipedal walkers (robots and humans as well) is their stability or disturbance rejection defined as the ability to deal with unexpected disturbances. The paper by Griffin and Grizzle (2017) have significantly contributed to the shift from flat ground to slopes and steps when evaluating the walking efficiency of their robots. Similarly, in this contribution, based on the appropriate model of robot dynamics and control law, we examine the stability of walking-without-falling for different ground perturbations for a threelink compass gait walker. I.e., we perform the sensitivity analysis of the walking stability of underactuated bipedal walker with respect to certain disturbation using the alaska/MultibodyDynamics simulation tool.

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Hybrid evaluation of the industrial global impact on Mexican aquifers under uncertain criteria evaluations
Flores Casamayor, H. ; Carpitella, Silvia ; Izquierdo, J. ; Mora-Rodríguez, J. ; Delgado-Galván, X.
The present paper proposes an integrated methodological approach to address the problem of managing five aquifers of Guanajuato state, Mexico, according to such relevant criteria as environmental, social, economic and hydrological aspects. The goal of this research consists in formalizing a structured framework to first evaluate the various degrees of importance of criteria and to secondly get a classification of aquifers by minimizing uncertainty of evaluations. To such an aim, the Analytic Hierarchy Process (AHP) is used for calculating the vector of criteria weights, while the Fuzzy Logic (FL) theory supports in deriving quantitative evaluations of aquifers under each selected criterion. The Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is then proposed to formalize the final ranking of aquifers, something that will be helpful to understand which alternative matches all the differently weighted criteria in the most suitable way at a practical level. In such a way, getting a comprehensive and strategic overview about the problem of interest will be possible.

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Bohl-Marek decomposition applied to a class of biochemical networks with conservation properties
Papáček, Štěpán ; Matonoha, Ctirad ; Duintjer Tebbens, Jurjen
This study presents an application of one special technique, further called as Bohl-Marek decomposition, related to the mathematical modeling of biochemical networks with mass conservation properties. We continue in direction of papers devoted to inverse problems of parameter estimation for mathematical models describing the drug-induced enzyme production networks [3]. However, being aware of the complexity of general physiologically based pharmacokinetic (PBPK) models, here we focus on the case of enzyme-catalyzed reactions with a substrate transport chain [5]. Although our ultimate goal is to develop a reliable method for fitting the model parameters to given experimental data, here we study certain numerical issues within the framework of optimal experimental design [6]. Before starting an experiment on a real biochemical network, we formulate an optimization problem aiming to maximize the information content of the corresponding experiment. For the above-sketched optimization problem, the computational costs related to the two formulations of the same biochemical network, being (i) the classical formulation x˙(t) = Ax(t) + b(t) and (ii) the 'quasi-linear' Bohl-Marek formulation x˙M(t) = M(x(t)) xM(t), can be determined and compared.

Úplný záznam
Financial Impact of Trust and Institutional Quality around the World
Kapounek, S. ; Kočenda, Evžen ; Kouba, L.
We investigate the financial impact of social trust, institutional quality, and regulations. As a testing ground we employ a unique, large, and hand-crafted dataset of more than 850 000 lending-based crowdfunding projects from 155 platforms across 55 countries during 2005–2018. We show that the impact of social trust is positive but economically less pronounced than that of institutional trust proxied by legal and property rights protection and regulation. Moreover, the financial impact of social trust is greater at the national level, while impact of institutional quality dominates at the international level. Nevertheless, the financial impact of trust and institutional quality around the world is positive, which is an encouraging implication under increasing anonymity and internationalization of financial environment.

Úplný záznam
GA 19-07635S: Outputs and Results
Rehák, Branislav
This manuscript aims to deliver a survey of results obtained during the solution of the project No. GA19-07635S of the Czech Science Foundation. The timespan dedicated to the work on this project was 1.3.2019 - 30.6.2022. The main area dealt with were\nnonlinear multi-agent systems and their synchronization, further, attention was paid to some auxiliary results in the area of nonlinear observers. This Report briefly introduces the Project, provides a summary of the results obtained and also sketches an outline how these results will be applied and extended in future.

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