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Valuation of Commercial Insurance Companies with Focus on Relative Valuation
Hejduková, Markéta ; Mařík, Miloš (advisor) ; Daňhel, Jaroslav (referee) ; Hnilica, Jiří (referee)
Considering the insufficient current state of theory in the field of the insurance companies' valuation, the aim of this dissertation thesis was firstly to comprehensively analyze issues of commercial insurance companies' valuation and secondly to develop an appropriate body of knowledge that could contribute to the development of a practical methodology to be used in valuation practice. This dissertation thesis is divided into three consecutive parts. The first part assessed the accounting issues of commercial insurance companies with an impact on financial analysis and planning and on further procedure of insurance companies' valuation. In this section, the structure of financial statements of insurance companies was described and specific items of financial statements were discussed, especially concerning financial investments and technical reserves. The book keeping methods, reporting and testing while abiding to the Czech accounting regulations were analyzed. As well as, different accounting procedures required by IFRS or US GAAP were pointed out. Moreover, specific ratios convenient for a financial analysis of insurance companies were recorded. For an overall rating of the financial health, the value creation test was suggested in an equity form. Subsequently, the value drivers of insurance company were identified and recommendations for the complex processes of financial planning were given. Such a complex financial planning process should include a strategic analysis applicable for the purposes of a premium growth rate forecast. The second part includes the various methods of valuation, such as income approach, asset approach and relative valuation. Application of conventional valuation techniques was assessed and necessary modifications of classical methodology were suggested with respect to the specifics of the insurance market. Special attention has been paid to the fair value reporting of certain balance sheet items, as well as the creation of hidden reserves, respectively hidden debt. Modifications of valuation formulas were stated and/or suggested per each introduced method. The scope of this part also included methods of Embedded Value and Appraisal Value, which are used in practice for reporting purposes in the fields of life insurance, and their applicability in the field of business valuation was then assessed. The third part contains an extensive empirical study that focuses on one of the methods of the valuation multiples estimation, for the purposes of life insurance companies, namely so-called sector regressions. Analysis and testing were performed on historical data of traded life insurance companies from Europe, the USA and Canada for the period of 2000 to 2011. Only profitable companies were taken into account in each given year. Data were drawn from S&P Capital IQ database. Multiples MV/E, MV/BV, MV/Prem and D/MV, which were identified as utilizable (dependent variables) in the theoretical part of this thesis, were tested together with 13 financial indicators of life insurance companies (independent variables). Extreme observations of the tested multiples, as well as the indicators, were removed. The major outcome of this empirical study is firstly an identification of key financial indicators which have a major impact on valuation multiples of life insurance companies, and secondly, computation of time consistent regression formulas. Such formulas make for a relatively simple tool for the estimation of valuation multiples (and subsequently market value) of non-traded life insurance companies based on key financial indicators.
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Integral methods for the determination of fracture characteristics of general stress concentrators
Gröger, Roman
The integral appoaches for calculation of generalized stress intensity factors (GSIF) are presented. Integral identities are derived using the Betti reciprocal theorem as a superposition of two independent solutions satisfying the sam boundary conditions. The complementary solution for computation of GSIF is assembled using the negative eigenvalues lambda. This algorithm yields a set of integral identities that allow to estimate GSIF separately for mode I and II. A quantitative comparsion of the integral approach with recently used extrapolation method is proposed in conclusion.
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Assesment of stress and psychotropic induced changes of trimetric G protein subunit levels and cellular functions in vitro and in vivo in the context of depressive disorder
Páv, Marek ; Kovářů, Hana (advisor) ; Höschl, Cyril (referee) ; Doležal, Vladimír (referee)
Depression is a complex systemic disorder with exhibiting biological, cognitive and psychopathological symptoms. There are changes in hormonal regulation, immune changes and disturbance in function of especially monoamine and indoleamine neurotransmitter circuits in the CNS. Pharmacologic intervention with antidepressants is treating depressive syndrome as well as homeostatic imbalance. These neurotransmitter systems use in the signal transduction from membrane into the cell receptors coupled with heterotrimeric G proteins (GTP binding proteins).This thesis studies changes in G protein subunit levels induced by stress and psychotropic drugs in the CNS and immune system of experimental mice and antidepressant induced changes in vitro in the C6 glioma cell line an in vivo in the rat tissue. Immobilization stress induces prominent changes in the G protein subunit levels in the spleen and CNS of experimental mice with analogical profile of response. Results show importance of stress dopaminergic component in the leukocyte function regulation and also demonstrate importance of dopaminergic regulation without stress exposition. Findings obtained in the glioma C6 cell line show antidepressant induced drug specific changes of the G subunit profiles and demonstrate thus mode of action independent on the...
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Design of nf electron-valve stereo amplifier
Dofek, Přemysl ; Rampl, Ivan (referee) ; Káňa, Ladislav (advisor)
This master’s thesis is dealing with low frequency all valve stereo amplifier unit conception for an electric guitar. The amplifier contains two independent output stages with two power tubes EL34, working in AB class, with 40Watts of power. The apparatus is equipped with two channels, EQ correctors, parallel effects loop, output selection with lowered anode power supply, selection between silicon or tube rectifier. The preamplifier works in mono mode and the stereophony is reached by dividing the signal in an added effects system. This unusual solution differs from both monaural conceptions and binaural power amplifiers which contains no preamp. It offers the possibility of stereophony without the necessity of dividing the guitar signal before the amplifier’s input. The sound that comes from the speaker on one side is effected and on the other side is dry by using monaural effects apparatus. The sound from both speakers is effected by using binaural effect apparatus. The amplifier can be used as power amplifier stage only when the return of the effect loop is used as the amplifier input. Every available possible solution is discussed in case of each block and then the most suitable is chosen. The biggest attention is paid to a proposal and calculation of both power and output transformer, ergonomical lay-out of the stages in need of the best S/N separation. The stages were simulated in Micro-Cap 9.0 and Tonestack 1.3 computer programmes. The construction was carried out with the emphasis on proper shielding and grounding. The overall stability tests were performed after building the amplifier as well as frequency characteristics with the scope and distortion with the distortion meter.
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Assumptions of consensual communication between pupil in puberty and his teacher
Komžáková, Petra ; Kučírek, Jiří (advisor) ; Linková, Marie (referee)
TITLE: Assumptions of consensual communication between pupil in puberty and his teacher ABSTRACT: Communication between the pupil in the period of adolescence and his teacher is mainly influenced by pupil's fase of development and specific features of school environment. The assumption of consensual communication is to know these types of influence and to choose our modes of behaviour accordingly. Interviews with adolescent pupil's proofed the theory mainly that the pupil's need rules and boundaries which the adults should observe consistently and they should let step by step the adolescents make the decisions and allow them to be independent. KEYWORDS: Consensus Communication Adolescence School
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Population biology of the pine needle pathogen Lecanosticta acicola (Thüm.) Syd. (Capnodiales, Ascomycota)
Janoušek, Josef
Lecanosticta acicola is a heterothallic ascomycete that causes brown spot needle blight (BSNB) on native and non-native Pinus spp. in many regions of the world. The aim of this thesis was to elucidate the origin of L. acicola populations in Europe and consider the reproductive mode of the pathogen in affected areas. In order to study the population genetics of L. acicola, eleven polymorphic microsatellite markers were developed. In addition, mating type markers that amplify both mating type idiomorphs (MAT1-1 and MAT1-2) were designed and the protocols for their applications were optimised. Collections of diseased material were obtained from 17 host species in Asia, Europe and America. In total, 201 isolates from diseased pine needles were obtained. All isolates were screened with the microsatellite markers and the mating type idiomorph determined with the mating type markers. For 87 individuals, part of the Translation Elongation Factor 1-alfa gene was sequenced. The isolates from Central America were unique, highly diverse and most likely represent a new cryptic species. The isolates from East Asia formed a discrete group. Two distinct populations were identified in both North America and Europe. Approximate Bayesian Computation analyses strongly suggest independent introductions of two populations from North America into Europe. Microsatellite data and mating type distributions showed the presence of sexual reproduction in North America and in Europe. Results from this thesis have showed that European populations of L. acicola originate from North America. This is the first study of L. acicola populations on a global scale.
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Early diagnostic of mnestic disorders in neurodegenerative diseases
Laczó, Jan ; Bojar, Martin (advisor) ; Jirák, Roman (referee) ; Mareš, Jan (referee) ; Rektorová, Irena (referee)
The ageing of the world's population means that the number of people with dementia, especially Alzheimer's disease (AD), will dramatically increase. That's why there is now a great effort to detect the presence of AD in its earliest predementia stages, in the stage of mild cognitive impairment (MCI), and particularly to identify individuals with amnestic syndrome of the hippocampal type (Ha-MCI - preclinical AD). The aim of our studies was to reveal whether spatial navigation testing could serve as an early biomarker of AD - whether spatial navigation is impaired early in patients with MCI, especially in Ha-MCI patients. We used the human analogue of the Morris water maze, the Hidden Goal Task (HGT), which is designed t! o separate two different modes of navigation, egocentric (body- centred, hippocampus independent) and allocentric (world-centred, hippocampus dependent), using a real space navigation setting called the Blue Velvet Arena (BVA), fully enclosed cylindrical arena, as well as a computer version of the BVA. Our results suggest that spatial navigation is impaired already in patients with amnestic MCI, who are more likely to progress to AD, especially in those with amnestic syndrome of the hippocampal type. The Ha-MCI patients presented severe spatial navigation impairment similar to that seen in...
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The Mode of Catecholamine Adrenergic Action in Human Peripheral Mononuclear Blood Cells
MIKULKA, Aleš
Effects of {$\alpha$}1, {$\alpha$}2, {$\beta$}3 adrenergic agonists on resting oxygen consumption and effects of {$\alpha$} and {$\beta$}2 adrenergic antagonists on noradrenaline stimulated oxygen consumption of the human peripheral blood mononuclear cells (PBMC) were studied using the Clark oxygen electrode. It was found that, the {$\alpha$}2 agonist increases slightly the resting oxygen consumption in the PBMC while, the {$\beta$}2 and the {$\alpha$} antagonists inhibit the noradrenaline stimulated oxygen consumption considerably. The {$\alpha$}1 and {$\beta$}3 agonists have no effect on the resting oxygen consumption. The NA termogenesis in the PBMC is mediated by {$\beta$}1 (25%), {$\beta$}2 (8%) and {$\alpha$}2 (12%) adrenergic receptors and not by {$\beta$}3 adrenoreceptors. The NA thermogenesis in the PBMC is mediated by different adrenoreceptors than the NA thermogenesis in the brown adipose tissue. The NA thermogenesis of PBMC is independent on the presence of organic substrates in the cultivation medium. Administration of external substrates (glucose, glutamine, methionine) to the medium has no effect on resting and NA stimulated oxygen consumption of PBMC, while administration of cysteine increases NA stimulated oxygen consumption considerably, indicating that acetyl-CoA could be an important substrate for NA thermogenesis in PBMC.
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Boland, McGuckian and Groarke: nature and the self in three contemporary Irish women poets
Skálová, Alena ; Wallace, Clare (advisor) ; Quinn, Justin (referee)
This thesis comprises historical and critical introduction to contemporary women's poetry in Ireland and close reading of three poets of its two latest generations, Eavan Boland, Medbh McGuckian and Vona Groarke. It focuses on her perception of nature and attitude to the relationship between the human self and natural processes and objects. The contextual background to my reading emphasizes the feminist critique of the traditional false images of the woman's self in Irish poetry and politics, and suggests new opportunities of the most recent female poetic voices. The culturally rooted simplifying or even harmful connection between femininity and the fertile land or Catholic ideals of virginity has provoked a lot of indignation among contemporary women poets, and caused abundant literary attempts of its re-negotiation. The authentic poetic representation of the woman's sexual and spiritual connection to the land and nature along with women's subjective use of nature imagery belongs to crucial points of this re-negotiation. It is pursued extensively in all of the poetesses discussed in this paper. My close reading considers the political objectives of the poems and notices different modes of their artistic response to the relevant cultural questions. Nevertheless, it emphasizes also the independence...
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