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Development of Autopilot and Flight Director Modes inside a Simulink Environment
Novák, Jiří ; Matoušek, Radomil (referee) ; Nechvátal, Luděk (advisor)
Tato diplomová práce je zaměřena na vývoj simulačního prostředí v Matlab/Simulink zvoleného letadla ve známém letovém režimu. Pozice a orientace letadla pohybujícího se ve vzduchu je popsána pohybovými rovnicemi se šesti stup\v{n}i volnosti. Soustava translačních, rotačních a kinematických rovnic tvoří soustavu devíti nelineárních diferenciálních rovnic prvního řádu. Tyto rovnice lze linearizovat okolo nějakého rovnovážného stavu, který budeme nazývat letovým režimem. Součástí simulačního prostředí je řídící systém letadla založený na PID regulaci. Základem je návrh autopilota, který řídí úhel podélného sklonu a úhel příčného náklonu. Součástí návrhu jsou takzvané „flight director\textquotedblright \phantom{s}m\'{o}dy jako udržení výšky, volba kursu, regulace vertikální rychlosti, změna výšky, zachycení požadované výšky a navigační m\'{o}d založený na nelineárním navigačním zákonu. Optimalizace regulátorů za použití PSO algoritmu a Pareto optimalitě je využita pro nastavení parametrů PID regulátoru. Simulační prostředí je vizualizováno v softwaru FlightGear.
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Revision and further development of a cyber-physical measuring system for tool holders
Novák, Jiří ; Hänel, Thomas (referee) ; Holub, Michal (advisor)
Během obrábění se nástroj zahřívá a v důsledku toho se mění jeho geometrie. Za účelem měření teploty během frézování byl vyvinut sensorický upínač nástrojů. V rámci této bakalářské práce byl tento upínač nástrojů přepracován. Funkce byla rozšířena o měření zrychlení, aby bylo možné měřit vibrace během frézování. Kromě toho jsou použity nové komponenty a jiný standard pro bezdrátový přenos a byla navržena nová konstrukce. Dále byly provedeny pokusy, při nichž byla ověřena funkčnost nového měřícího systému. Odchylka naměřené frekvence vibrací přitom nepřesáhla 2 %. Konečná výroba upínače a integrace měřícího systému do nástrojového držáku nebyla součástí této bakalářské práce.
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Discount Rate Estimation Practices of Czech Valuation Experts in Minority Shareholder Squeeze-Outs
Bobysud, Jakub ; Novák, Jiří (advisor) ; Čech, František (referee)
This thesis examines the environment of expert appraisals in the Czech Republic and studies the conflict of interests arising from a setting when a valuation expert is contracted to provide valuation for the purpose of a minority shareholder squeeze-out. This underlying conflict of incentives stems from the fact the expert is paid by the majority shareholder and also from possible efforts relationship building (resulting in securing future engagements) from the expert's side with the majority shareholder that would arise from discretionary adjustments to discount rate calculations and decreased squeeze-out price. This opportunistic behavior is deterred by reputational and legal consequences upon discovery of such practices which can be facilitated by institutional barriers such as a requirement for an approval of the squeeze-out by the Czech National Bank. The previous quantitative research into fields of expert appraisals, methodologies used by valuation experts, and minority squeeze-outs is limited in both Czech and international setting. We rely on previous research into litigation and reputational risks and based on its findings introduce checks for structural differences in behavior of expert groups in discount rate estimation practices. We combine data provided by a valuation team of one of...
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Female Leadership and Financial Performance: A Meta-Analysis
Gömöryová, Katarína ; Havránková, Zuzana (advisor) ; Novák, Jiří (referee)
Is female leadership the secret ingredient to financial prosperity? This question has been the subject of extensive research, yet the findings remain inconclusive. We aim to provide a comprehensive understanding of this relationship employ- ing contemporary techniques on the up-to-date dataset comprising 1,131 esti- mates gathered from 96 distinct studies. We clarify the theoretical underpin- nings and methodological challenges in estimating this effect. Then we address the pervasive issue of publication bias resulting in the mild preference for pos- itive outcomes. After filtering out this bias, the study finds a negligible mean effect estimate, suggesting that the impact of women in leadership on financial performance is minimal. We further explore the potential factors that could account for variations in the estimated effects across different studies. Utilising Bayesian Model Averaging, weighted by the inverse number of estimates, we identify thirteen significant moderators that influence the relationship under study. Among these, the proportion of female authors, the impact factor of the journal, the duality of the CEO role, and the tenure of leaders are found to exert the most positive influence on the effect. Conversely, the age of leaders pushes effect the most in the opposite direction....
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Artificial intelligence in Behavioral Finance
Niyazli, Toghrul ; Ismayilov, Ilgar (advisor) ; Novák, Jiří (referee)
Since the dot.com bubble burst in 2001, financial markets have been plagued by extreme volatility caused by investors emotions and irrational behaviors. Since the financial market has become more complex and tech oriented, stock market sentiment has been a key determinant of large market movements. In this context, it is worth to look into the role of emotions such as fear, greed, and excitement in influencing investment decisions. In addition, newly developed artificial intelligence techniques can be utilized to record and collect data from online sources to conclude collective irrational human behaviors. Behavioral finance is a newly developed discipline that examines the impact of psychological elements on decision-making processes when individuals encounter uncertain situations. This thesis aims to analyze the influence of behavioral finance phenomena including Herding, Anchoring, and Overconfidence biases on the investment decision-making practices within the context of the United States stock market. One of the study goals is to investigate whether sentiment of public, can be a rational tool impacting on investors' decision- making process or not. The investigation is prompted by the potential of Artificial Intelligence and Machine Learning to accurately analyze vast amounts of data and make...
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Is ESG a resiliency factor for company stock returns during a crisis? Evidence from Europe during the covid-19 pandemic
Krameš, David ; Novák, Jiří (advisor) ; Kurka, Josef (referee)
The goal of this thesis was to examine whether high ESG performance serves as a resiliency factor for company stock returns during times of crisis. Using a DID estimator for 3 different regions and treatment timings, I find that high ESG performance did serve as a resiliency factor for company stock returns in the short term during the covid-19 pandemic, with high-ESG firms having 1.125-4.785% higher stock excess log returns compared to low-ESG firms over a 15 day period. This is probably a result of their lower perceived riskiness. I also find this effect is primarily driven by the S pillar and for European companies, by firms belonging to the Financial and Healthcare industries. In the long term, I find that the effect reverses and ESG becomes a negative factor, which I believe is caused by investors starting to seek riskier investments again. Finally, for European and American firms, I find the effect of a high score in the G pillar is negative even in normal times.
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Visualization and simulation methods of Solar System bodies
Hýroš, Andrej ; Hanák, Jiří (referee) ; Novák, Jiří (advisor)
Táto práca sa zaoberá vývojom programu na simuláciu a vizualizáciu pohybu n telies podľa Newtonových zákonov. Vstupom je zoznam telies a ich počiatočné podmienky. Po dokončení simulácie je vzájomný pohyb telies celého systému animovaný v programe s grafickým užívateľským rozhraním a je uložený súbor s priebehom simulácie. Počas simulácie sú riešené diferenciálne rovnice prvého rádu. V práci boli implementované viaceré algoritmy numerickej integrácie, ktoré umožňujú používateľovi zvoliť si vhodný algoritmus pre potreby jeho simulácie a dosiahnuť tak optimálny priebeh simulácie. Program bol prehlásený ako validný po porovnaní výstupu programu s dátami od NASA.
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Low Earth orbit trajectory prediction using a machine learning approach
Janda, Přemek ; Vlk, Jan (referee) ; Novák, Jiří (advisor)
Přesné orbitální predikce orbit satelitů na nízé oběžné dráze Země jsou nezbytné pro každodení provádění operací, tak aby se předešlo jejich srážkám. Tato práce se zaměřuje na analýzu histrorických dat trajektorií, tvořených z klacických dráhových elementů. S využitím strojového učení, data jsou sdružena, zpracována a na závěr užita pro predikci dráhy orbity. Nejlepších výsledků předpovědí bylo dosaženo s neuronovou sítí s doulodobou a krátkodobou pamětí (LSTM).
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Deferred tax as a measurement of earnings management
Mišoň, Matěj ; Novák, Jiří (advisor) ; Hronec, Martin (referee) ; Pečená, Magda (referee)
This thesis investigates relationships between deferred taxes and possible earnings management in publicly traded companies on London Stock Exchange in FTSE 350 in the last several years. It also discusses other possibilities of earnings management, mostly by accruals. It builds on a model introduced by (Phillips J. D., Pincus, Rego, & Wan, 2004), which is a "probit" econometric maximum-likelihood estimation model. The results suggest there might be no relation of net deferred tax liabilities on earnings management to avoid a decline in earnings, and possibly some relation, although inconclusive, of deferred tax expense on earnings management.
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Corporate governance and M&A effectiveness
Akmatalieva, Chinara ; Gregor, Martin (advisor) ; Novák, Jiří (referee)
This master thesis analyzes the transactions of merger and acquisition for three European countries as Germany, Netherlands and Austria with developed economies and how they are affected by corporate governance in the companies. In order to address, it collects 41 deals from 426 chosen transactions from the 1st of January 2010 to 31st of December 2019. Using method of event study with data from stock market it was examined the cumulative abnormal return on the shares of the acquiring company. Based on the results of the study, the optimum number of directors on the board, the board independence ratio and the length of the CEO's tenure have a positive relation to the effectiveness of mergers and acquisitions at the current level of corporate governance. In addition, guided by this research, it is possible to improve the mechanism of corporate governance in order to increase efficiency of mergers and acquisitions in Europe. Furthermore, an empirical model with cumulative abnormal return calculation tend to explain the impact of board structure, the number of independent members and the tenure of chief executive officer on mergers and acquisitions performance. JEL Classification C8, G3, G30, G34, M20 Keywords corporate governance, mergers and acquisitions, event study, agency theory, board of...
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