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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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Czech Producer and the Aspects of International Co-Production
Konečný, Lubomír ; KOPECKÝ, Čestmír (advisor) ; ULDRICHOVÁ, Helena (referee)
This master thesis is focusing on European film industry and on the position of Czech producer in this system. In the beginning is cinematography listed into the system of creative industries and there is a definition of what the producer is. Furthermore are presented the possibilities of financing of audiovisual work in local conditions, which is the necessity for potential co-productions. Significant part of the thesis is dedicated to the analysis of structure of European audiovisual funds, which are Eurimages and MEDIA Desk and producer?s networking. In the case study is described the history of growth of Danish company Zentropa which is one of the most successful European companies based on possibilities which offers European film market. In the end of thesis is in short view described the change of industry connected with entering of digital media and social networks to audiovisual industry.
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Language attitudes in Norway and the Czech Republic from a sociolinguistic point of view
Řezníková, Ivana ; Štajnerová, Petra (advisor) ; Svevad, Thor (referee)
The subject of the master thesis is language attitudes. The focus is put on how language attitudes can affect the way how the language is changing, how they can be expressed and which factors play important roles in forming of language attitudes. There have been a number of sociological and sociolinguistic case studies in this field in Norway. Based on them, I compare the Norwegian and Czech attitudes to the latest trends in language change such as globalization, regionalization and others. The main questions are: how do factors forming language attitudes to language varieties differ when compared Norwegian and Czech? How are language attitudes affected by differencies in history and culture in these two lands? Hypothetical, the factors connected to contact with English would be quite similar both in Norwegian and Czech. On the other hand the relationship between standard spoken language and dialects would differ more mostly because of these varieties have a different status in Norwegian and Czech context.
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Functional and physical fitness of paraplegics
Pivoňková, Jana ; Potměšil, Jaroslav (referee) ; Čichoň, Rostislav (advisor)
In the begining of the theoretic part of the thesis I briefly describe problems of the Spinal cord lesion. In the main part I concentrate on terms definition of the physical and health-related fitness by various authors, fitness testing, then significance physical activity of handicaped people and complications related to physical fitness of paraplegics. In the practical section of this pilot study was aplicated the questionnaire and battery testing, which we have originally created. Respondent fills the questionnaire on his own and the paraplegic's practical skills are evaluated. The battery testing is focuesd on practical measurement of single components of health-related fitness and it is provided by terapeut. Fifteen parplegics participated in the research (14 men, 1 woman). From created graphs of individual questions we were examinating diversions of respondents from average value, individual respondents with each other and we were searching relation with several parameters. We were focusing on practicableness of terrain measurement and we were interested in reactions of paraplegics on the course of the testing, because it was a pilot study. Key words: Transverse Spinal Cord Lesion, Paraplegia, Physical Fitness, Health-Related Fitness, Physical Activity, Battery testing, Questionnaire.
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Simplified Study of Feasibility of a chosen Plan
Kubový, Daniel ; Pirožek, Petr (advisor) ; Pevná, Jana (referee)
The subject of this thesis is to create the simplified feasibility study of two versions of photovoltaic power plants and compare them with each other. Point out the advantages, disadvantages and differences of each version. The aim will be to prove or disprove the sustainability of each version throughout their lifetime at current conditions in the Czech Republic. It will also be taken eye on investment efficiency. Option A have to build solar power plants on the roof of the factory holding. Option B have to build photovoltaic power plant on the meadow. Both versions of solar power plants will have the same power. The electrical energy produced from both versions of solar power plants will be consumed in the manufactory. I deal with methodological approaches in the theoretical part of the issue. In practical part I follow these approaches by creating my own simplified feasibility study.
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Behavioral finance - implications for investors
Stupavský, Michal ; Musílek, Petr (advisor) ; Havlíček, David (referee)
Degree thesis deals with behavioral finance with a focus on behavior and psychology of an individual investor. The first part is devoted to the prospect theory that is a descriptive model of behavior of economic agents under the conditions of uncertainty and stands in a stark contrast with the traditional normative expected utility theory. The second part is devoted to the group of behavioral biases that are distortions of human thinking and judgment documented by cognitive psychology. These biases are difficult to eliminate and lead to a biased perception, inaccurate judgments and illogical interpretations. The third and final part is devoted to a questionnaire survey whose goal was to find out whether financial market participants behave according to the axioms of the expected utility theory or whether they systemically deviate from the axioms of this normative theory. The second goal of the survey was to confirm or disprove inferences of academic studies about existence of behavioral biases.
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The Behaviour of Japanese Macaques (Macaca fuscata) with a Concentration on Infant-handling in a Zoo
Hradilová, Eva ; Marván, Richard (advisor) ; Vančata, Václav (referee)
This study (1) detailly describes and analyses selected affiliative behaviours in a captive group of Japanese monkeys (Macaca fuscata) and compares all findings with results of other studies in free- ranging and captive primate groups; (2) tries to deepen our knowledge about distribution of the affiliative behaviours in terms of the biological markets theory (N06 and Hammerstein 1995) with emphasis on possible effects of dominance-submisive relations, status of females (mothers vs. non- mothers) as well as age of dependent infants and thus examines its functionality in our study group; (3) tests which hypotheses about distribution of affiliative behaviours in nonhuman primates (see Seyfarth 1977, 1980, de Waal and Luttrell 1986, Manson 1998, Bentley-Condit et al. 2001, Henzi and Barrett 2002, Kleindorfer, Wasser 2004) fit best to situation in the study group. Subjects were 12 Japanese monkeys at Olomouc Zoo (Czech Republic): 8 adult females (all > 5 years of age; 4 mothers and 4 non- mothers) and 4 dependent infants ( 0 - 4 months of age; 1 female and 3 males). In summer 2006, a total of 138 observation hours of behavioural data were gathered on 23 days. A combination of focal-animal sampling, all occurences sampling, instantaneous scan sampling and ad libitum sampling (Altman 1974) was used to score adult...
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The Effect of Ankle Taping on the Onset the Muscle Fatigue of M. Tibialis Anterior a M. Gastrocnemius
Louda, Zdeněk ; Pavlů, Dagmar (referee) ; Pánek, David (advisor)
Background: Taping is widely used both as a preventive and stimulative means in sport and as a therapeutic agent for the treatment of musculoskeletal disorders apparatus. Effect of taping is not yet clearly understood, as well as a mechanism tape which affects muscles and their performance or fatigue. In the publications we learn about the effects and benefits taping, some publications agree on theories influence, but objectively it is not proven mechanism of its effects on the organism. Objective: The aim is to create an overview of theoretical knowledge concerning the topic taping, created on the basis of theoretical knowledge, hypothesis, and accordingly build clinical study. It examines whether a taping functional caliper legs influence the activity selected muscles of the lower leg. Methods: In five subjects with no previous trauma in the ankle was compared course median frequency EMG signal at a constant isometric muscle contraction intensity by 30% MVC for two minutes to m. triceps surae and m. tibialis anterior-free conditions and applications tapu functional caliper legs. Median frequency conditions with taping applications were compared with the state without application of taping and to each other by statistical function T test. Results: In the theoretical part has managed to create sufficient...
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Podnikatelský plán AEROBIC CENTRUM, s. r. o.
Trochtová, Gabriela ; Vojík, Vladimír (advisor)
Cílem diplomové práce bylo poznání problematiky malého a středního podnikání tak, aby podala informační studii o založení firmy, vytvoření podnikatelského plánu a jeho struktury jako systematického přístupu při rozhodování o založení nové firmy v podmínkách České republiky. Praktická část diplomové práce představila sestavení podnikatelského plánu firmy AEROBIC CENTRUM, s. r. o..
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Study of Electrophysiological Function of the Heart in Experimental Cardiology
Ronzhina, Marina ; Tyšler, Milan (referee) ; Halámek, Josef (referee) ; Kolářová, Jana (advisor)
Srdeční poruchy, jejichž příkladem je ischemie myokardu, infarkt, hypertrofie levé komory a myokarditida, jsou v experimentální kardiologii obvykle studovány na modelu izolovaného srdce. Kritéria pro detekci srdečních poruch však nejsou pro zvířecí modely standardizována, což komplikuje srovnání a interpretaci výsledků různých experimentálních studií. Obzvlášť složitá situace nastává při současném výskytu několika patologických jevů, jejichž vzájemná součinnost komplikuje rozpoznání jejich individuálních účinků. Korektní posouzení stavu srdce vyžaduje také zohlednění mnoha faktorů spojených s akvizicí dat. Tato práce je věnována kvantitativnímu hodnocení elektrofyziologických změn způsobených globální ischemií myokardu. Vliv ischemie byl hodnocen pro fyziologická srdce a srdce se zvětšenou levou komorou a dále pro srdce nabarvená napěťově-citlivým barvivem di-4-ANEPPS. Přestože jsou oba fenomény často zastoupeny v animálních studiích, nebyl dosud popsán jejich vliv na manifestaci ischemie v elektrogramech (EG), ani nebyl kvantifikován jejich vliv na přesnost detekčních algoritmů pro identifikaci ischemie. Práce shrnuje kvantitativní změny srdeční funkce vyvolané ischemií (v normálních podmínkách, při hypertrofii levé komory, a při administraci barviva) založené na hodnocení EG a VKG parametrů. Dále práce obsahuje rozbor důležitých aspektů akvizice záznamů, jako je umístění snímacích elektrod, způsob výpočtu deskriptorů z EG a VKG (s použitím výsledků manuálního rozměření záznamů, nebo bez něj) a identifikace okamžiku vývoje ischemie v preparátu. Nedílnou součást práce tvoří návrh, realizace a ověření metod pro automatickou detekci ischemie v experimentálních záznamech. Výsledky práce dokazují, že dosažení opakovatelných a věrohodných výsledků je podmíněno zohledněním všech výše uvedených faktorů souvisejících jak se stavem srdce, tak s metodikou záznamu a analýzy dat.
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