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Investment Decision Making of State and Local Governments
Kula, David ; Fotr, Jiří (advisor) ; Ochrana, František (referee) ; Potluka, Oto (referee)
The topic of this dissertation thesis is collection, analysis and evaluation of information about investment decisions making within public administration bodies. The investment decision making is examined in relation to allocation of public funds on investment activities and projects. The main goal of this thesis is to analyze and evaluate the current status of the investment decision making within the public sector. Subsequently the goal is to offer new or updated knowledge related to these issues, and bring recommendations to improve the investment decision making of public administration bodies. At first, there are described current knowledge in the field of investment decision making. This is followed by an analysis of assessment methods used for evaluation and selection of investment projects. The work is completed by recommendations for investment decisions making in the form of a normative model. The model should increase benefits of public investment expenses for society. There are used data obtained through a questionnaire survey of 430 subsidized firms, 169 state organizational units and state funds and 130 cities, boroughs and counties. Another important source of information was secondary data of selected ministries and agencies, legislation and literature.
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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Marketing Situational Analysis of a chosen Company
Doležal, Ondřej ; Svoboda, Petr (advisor) ; Čejka, Pavel (referee)
The aim of my thesis is to create an educated description of marketing situational analysis of selected energy company - ČEZ, Inc. The analysis should help the company to better plan its marketing activities and thus succeed in a competitive environment. The theoretical part deals with basic concepts related to marketing as a whole and theoretical background needed for the completion of marketing situational analysis, which includes both PEST analysis, Porter's fice forces analysis, SWOT analysis and marketing mix. Results from those are then applied in practice. The result of each analysis are then formulated into recommendations that should help the company to improve its marketing management.
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Modelling, parameter estimation, optimisation and control of transport and reaction processes in bioreactors.
ŠTUMBAUER, Václav
With the significant potential of microalgae as a major biofuel source of the future, a considerable scientific attention is attracted towards the field of biotechnology and bioprocess engineering. Nevertheless the current photobioreactor (PBR) design methods are still too empirical. With this work I would like to promote the idea of designing a production system, such as a PBR, completely \emph{in silico}, thus allowing for the in silico optimization and optimal control determination. The thesis deals with the PBR modeling and simulation. It addresses two crucial issues in the current state-of-the-art PBR modeling. The first issue relevant to the deficiency of the currently available models - the incorrect or insufficient treatment of either the transport process modeling, the reaction modeling or the coupling between these two models. A correct treatment of both the transport and the reaction phenomena is proposed in the thesis - in the form of a unified modeling framework consisting of three interconnected parts - (i) the state system, (ii) the fluid-dynamic model and (iii) optimal control determination. The proposed model structure allows prediction of the PBR performance with respect to the modelled PBR size, geometry, operating conditions or a particular microalgae strain. The proposed unified modeling approach is applied to the case of the Couette-Taylor photobioreactor (CTBR) where it is used for the optimal control solution. The PBR represents a complex multiscale problem and especially in the case of the production scale systems, the associated computational costs are paramount. This is the second crucial issue addressed in the thesis. With respect to the computational complexity, the fluid dynamics simulation is the most costly part of the PBR simulation. To model the fluid flow with the classical CFD (Computational Fluid Dynamics) methods inside a production scale PBR leads to an enormous grid size. This usually requires a parallel implementation of the solver but in the parallelization of the classical methods lies another relevant issue - that of the amount of data the individual nodes must interchange with each other. The thesis addresses the performance relevant issues by proposing and evaluation alternative approaches to the fluid flow simulation. These approaches are more suitable to the parallel implementation than the classical methods because of their rather local character in comparison to the classical methods - namely the Lattice Boltzmann Method (LBM) for fluid flow, which is the primary focus of the thesis in this regard and alternatively also the discrete random walk based method (DRW). As the outcome of the thesis I have developed and validated a new Lagrangian general modeling approach to the transport and reaction processes in PBR - a framework based on the Lattice Boltzmann method (LBM) and the model of the Photosynthetic Factory (PSF) that models correctly the transport and reaction processes and their coupling. Further I have implemented a software prototype based on the proposed modeling approach and validated this prototype on the case of the Coutte-Taylor PBR. I have also demonstrated that the modeling approach has a significant potential from the computational costs point of view by implementing and validating the software prototype on the parallel architecture of CUDA (Compute Unified Device Architecture). The current parallel implementation is approximately 20 times faster than the unparallized one and decreases thus significantly the iteration cycle of the PBR design process.
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Interpretive principles in Verdi's operas
Beneš, Andrej ; HAJÓSSYOVÁ, Magdaléna (advisor) ; VOTAVOVÁ, Yvona (referee)
The master’s thesis deals with the theme creation of the opera production of Giuseppe Verdi with the focus on his opera Falstaff and deals with significant important interpretations of this opera. This dissertation is supposed to bring a complete picture of Verdi’s opera production pointing out some details which are not commonly known nor from the public nor in the professional music world. What appears in this work is Verdi’s correspondence (letters). I consider these letters an authentic source to understand Verdi’s creative and artistic intentions. Hereafter I portray an idea of how to perceive opera Falstaff not only from my point of view but I used the lead from the Italian reviews and musicology.
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Dramatic work of Josef Tejkl
Linhart, Otto ; CÍSAŘ, Jan (advisor) ; STROTZER, Milan (referee)
This Bachelor thesis is devoted to the work of Josef Tejkl (1952/2009), playwright, director, novelist and artist, particularly to his dramatic activity. In an attempt to give a comprehensive survey of the dramatist‘s works not published up to now, I am endeavouring to analyse Tejkl‘s dramatic work viewed through literary Baroque style. In the works of Tejkl Baroque trends can be clearly seen. I want to point out my own thesis, which is that Baroque themes determine the understanding of Josef Tejkl‘s almost whole output. This Bachelor treatise also aims at helping the complete cataloguing of all works of this author in the hope that in future at least a part of Tejkl‘s dramatic output will find its publisher.
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Puppies and young dogs nutritions
Šabatová, Kateřina ; Hučko, Boris (advisor) ; Plachý, Vladimír (referee)
Puppies and young dogs nutritions Summary In this work I have attempted to summarize the most important aspects in nutrition of puppies and dogs in growth. The introduction describes the digestive tract and also the changes that have occurred due to domestication. Next is explained the importance of nutrition and water in nutritional requirements of a dog. Important are needs of nutrients and energy that are necessary to maintain the provision of the necessary vital functions. The basic components of food are proteins, saccharides, lipids, minerals and vitamins. I explain the necessary proportions, the amounts and the possible consequences of their lack in food. I focus on essential fatty acids, which in recent years are subject to frequent explorations and their pros and cons are not yet fully understood. I also mention ballast and significant specific active substances. Nutrition of pregnant and lactating females is often neglected, but for puppies it is a very crucial period. The influence of nutrition of pregnant females to the size and weight of newborn puppies has been proved. Further I deal with nutrition of puppies immediately after birth, I explain the composition of colostrum and its effect on the immunity system of the puppy. I also compare ratios of nutrients in the colostrum and milk. Further, I deal with the feeding of the individual at the time of weaning and in different growth periods. There are many possibilities of feeding puppies from after weaning until adulthood described in books. With the new knowledge about nutrition the ways of feeding our dogs have inevitably changed , but also the dogs' nutritional requirements have changed due to the conditions where and how they live and what their nutrient needs are according to their sport, breeding or other use. Currently, there is a possibility of a commercially produced complete nutritional diet or home-prepared fresh food - cooked or raw- barf. In the last chapter, I summarized possible aspects of malnutrition and its potential consequences. I described the most common problems associated with inadequate nutrition of growing dogs such as obesity as well as malnutrition, which also adversely affects the individual. The influence of proper nutrition of the puppy on its growth is clear. If we neglect the nutrition of the dog in the first two years of its life, the consequences are often irreversible.
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Population genetic analysis of Old Kladruber horse
Vostrá Vydrová, Hana ; Majzlík, Ivan (advisor) ; Karel, Karel (referee)
The Old Kladruber horse, along with the Lipizzaner horse, Andalusian horse and Lusitano horse, is of the original Italo-Spanish type. The Old Kladruber horse is kept in two colour varieties (grey and black). Because the population is closed, there is a concern about the loss of genetic variation. The genetic diversity and population structure were analysed in the Old Kladruber horse breed based on the pedigree information of animals that were registered in the Studbook to identify factors that may have affected the genetic variability of the breed. Pedigree records collected from 1729 to 2013 contained information on 7971 animals that were used in the analyses. The pedigree depth was up to 33 generations, with an average of 15.1 complete generations. The effective number of founders and ancestors contributing to the current genetic pool was 92.69 and 17.16, respectively. The average values of the inbreeding coefficient were as follows: 13% (with a maximum value of 29%) for the reference population (individuals that can currently take part in reproduction, n=612), 11% for the grey variety (with a maximum value of 25%) and 15% for the black variety (with a maximum value of 29%). The proportion of inbred animals was high (99%). The average rate of inbreeding in the reference population was 1%: 0.8% for the grey variety and 1.1% for the black variety, and the respective estimates of the effective population sizes were 52 for the reference population, 62 for the grey variety and 45 for the black variety. The estimated percentage of genetic diversity lost due to non-random mating within subpopulations and the reference population was 1.0, 1.0 and 1.2%, respectively. The total loss of genetic diversity in the reference population, in the grey variety and in the black variety was 11%, 13% and 17%, respectively.
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Subsidy Support of the Sustainable Waste Management
BEDNÁŘOVÁ, Renata
The subject of the dissertation is the issue of the waste management with special emphasis on the recycling of the construction and demolition waste. The recourse is an analysis of the key instruments regulating the activities and behaviour of market operators in this field toward fulfilling all-society priorities and principles of the sustainable development, where special accent is put on the area of subsidy policies and programmes. The aim of the dissertation is to analyse and evaluate the setting of the selected subsidy programme in terms of economic and ecological efficiency with the emphasis on the assessment of the impact on the recipient. The subject of the research will be a priority axis 4 "Improvement of Waste Management and Removal of Old Environmental Burdens" within the Operational Programme Environment 2007 - 2013. In the literature review basic concepts and important definitions are defined, followed by the comprehensive and complex searches of the problematics from different angles of view. First of all, the global aspect of environmental protection is discussed, broader historical, legal, economic and political contexts, that are essential fundament for understanding the current and future challenges both globally regionally, are summarized. Hereafter, a more detailed description of the situation of the European Union is followed, then the overview is completed by a detailed view at the state of the problematics in the Czech Republic. Subsequent chapters are devoted to a detailed analysis of the waste management sector, again in terms of global, European and national standpoint, in the end the view is focused on the key issue of the dissertation problematics of construction and demolition waste. In the application part the fulfilling of the stated objective of the dissertation through four defined hypothesis is solved. Hypotheses verify the efficiency and appropriateness of the setting of the system of subsidies in the frame of the monitored programme. The emphasis is imposed on the assessment of the impact of the allocated subsidies to the private entities on their economic and environmental efficiency.
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