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Stock portfolio optimization using multi-criteria methods
Mihál, Jakub ; Borovička, Adam (advisor) ; Čížek, Ondřej (referee)
This bachelor thesis aims to fulfill expectations of fictional investor, in other words choice of optimal stock portfolio based on preset requirements. First part of the bachelor thesis is dedicated to theoretical approach explaining stock markets, decision theory and linear programming. Process of the optimal portfolio selection is based on process consisting of 3 main steps. First steps selects stocks that are effective - worth investing - from investor's point of view. Selection is carried out via multi-criteria decion analysis method ELECTRE I. Second step verifies reliabitily of the output from step one. Third step designes mathematical model and resultant optimization in mathematical comilator LINGO. In conclusion I will focus myself on thorough interpretation and analysis of the results and choice of optimal portfolio.
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Econometric analysis of oil price
Novotný, Lukáš ; Formánek, Tomáš (advisor) ; Čížek, Ondřej (referee)
This bachelor thesis is focused on econometric analysis of oil price WTI. The purpose of the work is to find what factors have influence on the oil price. These factors are tested by econometric methods and after choosing the selected variables I tried to build up some models which describe the oil price WTI movements. In building up the models I am using econometric approaches to correct the models. The bachelor thesis is divided into 3 main chapters -- two of them are theoretical and the last chapter is practical. In the theoretic parts there is a summary of oil facts, extraction, processing of oil, oil market and there is a description of selected econometric methods. In practical part there are my own models and comments on the results. The resulting models show weaker effect of traditionally expected factors like supply and demand for oil and on the other hand greater influence of other factors like global financial crisis or oil stocks. The bachelor thesis leads to proving some thesis from the used literature. It also shows the complexity of creating oil price.
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Business strategy of a FC Insolvency
Čížek, Ondřej ; Hajdíková, Taťána (advisor) ; Dvořák, Jiří (referee)
Tato diplomová práce se soustředí na podnikatelský projekt a klade si za cíl zjistit, zda je popisovaný záměr dlouhodobě konkurenceschopný a ziskový. K dosažení zadaného cíle budu postupně používat vhodné analýzy, které budu následně vyhodnocovat a prezentovat. Tyto a samozřejmě i jiné nástroje využívané v práci budou sloužit k získávání kvalitních dat a jejich následné třídění bude přispívat k zjištění cíle uvedeného na začátku. Sekundárním cílem je vytvořit strategii společnosti na základě získání dat o konkurenci, trhu, zákaznících a dalších. Použité metody budou mít teoretické ukotvení v příslušných kapitolách práce. Prezentaci výsledků společně s hodnocením a mými názory najdete v závěru práce.
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The empirical analysis of the project: Stáže ve firmách
Švarc, Michal ; Formánek, Tomáš (advisor) ; Čížek, Ondřej (referee)
This paper is dedicated to the empirical analysis of the pilot trainee project Stáže ve firmách, which is considered as treatment in this analysis. The main objective of the empirical analysis is estimation of average treatment effect(ATE) and average treatment effect on treated(ATET) for characteristics like socioeconomic status and wage. Counterfactual methods for policy impact evaluation like Difference in Differences Estimator(DiD), First Differences Estimator(FD) and Propensity Score Matching(PSM) are used to estimation mentioned effects. This paper contains extension of Assignment Problem that is used for people matching purposes as alternative for PSM. This way of matching provides better control over creation of couples. Resulting pairs are more similar in selected characteristics due to better control during couples creation process.
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Conflict and genocide in Rwanda
Čížek, Ondřej ; Dubský, Zbyněk (advisor) ; Sršeň, Radim (referee)
The thesis is analyzing the approach of three states - France, USA and Czech republic - towards the conflict in Rwanda, which afterwards became the most horrifying genocide in modern era. Further more the thesis analyzes, how the approaches influenced the negotiations and decisions in the UN Security Council. The conclusion then evaluates the whole analysis and formulates an alternate solution to the conflict.
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Macroeconometric Model of Monetary Policy
Čížek, Ondřej ; Pánková, Václava (advisor) ; Kodera, Jan (referee) ; Lukáš, Ladislav (referee)
First of all, general principals of contemporary macroeconometric models are described in this dissertation together with a brief sketch of alternative approaches. Consequently, the macroeconomic model of a monetary policy is formulated in order to describe fundamental relationships between real and nominal economy. The model originated from a linear one by making some of the parameters endogenous. Despite this nonlinearity, I expressed my model in a state space form with time-varying coefficients, which can be solved by a standard Kalman filter. Using outcomes of this algorithm, likelihood function was then calculated and maximized in order to obtain estimates of the parameters. The theory of identifiability of a parametric structure is also described. Finally, the presented theory is applied on the formulated model of the euro area. In this model, the European Central Bank was assumed to behave according to the Taylor rule. The econometric estimation, however, showed that this common assumption in macroeconomic modeling is not adequate in this case. The results from econometric estimation and analysis of identifiability also indicated that the interest rate policy of the European Central Bank has only a very limited effect on real economic activity of the European Union. Both results are influential, as monetary policy in the last two decades has been modeled as interest rate policy with the Taylor rule in most macroeconometric models.
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Convergence analysis of selected financial indicators for CR and EU
Verner, Jan ; Pánková, Václava (advisor) ; Čížek, Ondřej (referee)
This thesis deals with the nominal and real convergence for Czech Republic and the Euro zone. It also includes analysis of synchronization of economic development in Czech and European economies for identifying potential risks associated with introducing the euro in the CR. The thesis describes different types of convergence and the relevant indicators with their historical evolution and hypothesis about future trends. The empirical part of the paper analyzes some selected indicators using econometric VAR models and linear and non-linear models of conditional heteroskedasticity. A suitable model for the analyzed data is chosen which gives a comparison of development in the Czech Republic and the EU. Especially time series causality, the existence of cointegration and conditional variance processes are observed. In conclusion there's a summary of all theoretical and modelled outputs with the risk evaluation of joining the monetary union.
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Treaty reinsurance of truck transport
Čížek, Ondřej ; Švarc, Zbyněk (advisor) ; Žák, Květoslav (referee)
The Bachelor thesis is dealing with the truck transport, more accurately with its legal regulation in Czech republic. Main area of interest is the domestic truck transport. For an elaboration of international truck transport would be another bachelor thesis needed. By the domestic truck transport deals the thesis above all with the description and evaluation of the legal regulation of this question in Czech republic. Within this description was neccessary to mention the contract of a transport of an article, to which is given one whole chapter. The evaluation, which is with one exception generally positive, contains the ending of thesis.
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