|
Srovnání stability evropských bank
Hrdlička, Jan
Hrdlička, J. Comparison of stability of European banks. Bachelor thesis. Brno: MENDELU, 2014. In this bachelor thesis, we are observing influences on the capital adequacy using the other indicators. Based on the hypothesis, we create the model, into which we will subsequently fill in other suitable variables.The aim is to get a sta-tistically significant model that meets the classical assumptions.
|
|
Economy of Chile in 1960s and 1970s with Accent on Market Reforms after 1973
Strejčková, Klára ; Pekárek, Štěpán (advisor) ; Ševčík, Miroslav (referee)
This bachelor thesis puts the stress on the analysis of economic reforms approved in Chile in the 60's and 70's years of the 20th century. The focus of this work is profoundly dedicated to the analysis of two important macroeconomic indicators: developments of inflation and trade exports, bearing in mind the context of the coup in 1973 which is seen as a direct consequence of the communist rule of the Salvador Allende's Cabinet (1970-1973). The Allende's Cabinet strove to transform the Chilean economic society into a socialist one. The bachelor thesis has validated a hypothesis stating that the pro-market reforms approved after 1973 led to diversification of the Chilean export as well as a gradual and progressive stabilization of the country's inflation that had reached as 350 % during the socialist Allende's government. This work brings a comparison of two very different economic doctrines that formed Chile in the 70's of the last century. There is being compared a socialist government approach, having focused on nationalizing of the private sector, to the liberal government's approach aimed at decreasing the public sector, privatization as well as tearing down international trade barriers.
|
|
Míry podobnosti pro nominální data v hierarchickém shlukování
Šulc, Zdeněk ; Řezanková, Hana (advisor) ; Šimůnek, Milan (referee) ; Žambochová, Marta (referee)
This dissertation thesis deals with similarity measures for nominal data in hierarchical clustering, which can cope with variables with more than two categories, and which aspire to replace the simple matching approach standardly used in this area. These similarity measures take into account additional characteristics of a dataset, such as frequency distribution of categories or number of categories of a given variable. The thesis recognizes three main aims. The first one is an examination and clustering performance evaluation of selected similarity measures for nominal data in hierarchical clustering of objects and variables. To achieve this goal, four experiments dealing both with the object and variable clustering were performed. They examine the clustering quality of the examined similarity measures for nominal data in comparison with the commonly used similarity measures using a binary transformation, and moreover, with several alternative methods for nominal data clustering. The comparison and evaluation are performed on real and generated datasets. Outputs of these experiments lead to knowledge, which similarity measures can generally be used, which ones perform well in a particular situation, and which ones are not recommended to use for an object or variable clustering. The second aim is to propose a theory-based similarity measure, evaluate its properties, and compare it with the other examined similarity measures. Based on this aim, two novel similarity measures, Variable Entropy and Variable Mutability are proposed; especially, the former one performs very well in datasets with a lower number of variables. The third aim of this thesis is to provide a convenient software implementation based on the examined similarity measures for nominal data, which covers the whole clustering process from a computation of a proximity matrix to evaluation of resulting clusters. This goal was also achieved by creating the nomclust package for the software R, which covers this issue, and which is freely available.
|
|
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.
|
|
Stability and convergence of numerical computations
Sehnalová, Pavla ; Dalík, Josef (referee) ; Horová, Ivana (referee) ; Kunovský, Jiří (advisor)
Tato disertační práce se zabývá analýzou stability a konvergence klasických numerických metod pro řešení obyčejných diferenciálních rovnic. Jsou představeny klasické jednokrokové metody, jako je Eulerova metoda, Runge-Kuttovy metody a nepříliš známá, ale rychlá a přesná metoda Taylorovy řady. V práci uvažujeme zobecnění jednokrokových metod do vícekrokových metod, jako jsou Adamsovy metody, a jejich implementaci ve dvojicích prediktor-korektor. Dále uvádíme generalizaci do vícekrokových metod vyšších derivací, jako jsou např. Obreshkovovy metody. Dvojice prediktor-korektor jsou často implementovány v kombinacích modů, v práci uvažujeme tzv. módy PEC a PECE. Hlavním cílem a přínosem této práce je nová metoda čtvrtého řádu, která se skládá z dvoukrokového prediktoru a jednokrokového korektoru, jejichž formule využívají druhých derivací. V práci je diskutována Nordsieckova reprezentace, algoritmus pro výběr proměnlivého integračního kroku nebo odhad lokálních a globálních chyb. Navržený přístup je vhodně upraven pro použití proměnlivého integračního kroku s přístupe vyšších derivací. Uvádíme srovnání s klasickými metodami a provedené experimenty pro lineární a nelineární problémy.
|
|
The effect of pyrethroid based pesticides on fish
RICHTEROVÁ, Zuzana
Pyrethroids are ones of the most used pesticides worldwides. The widespread use and high stability of pyrethroids lead to the assumption of that their occurrence in the environment could be quite frequent. They can reach water ecosystem as pollutants. Residues of pyrethroids are not only detected in the water column, but also in sediments and in fish tissues. The first study was devoted to the product Nexide containing 60 g.l-1 of active substance gamma-cyhalothrin. Tested Nexide concentrations were 5, 25, 50, 100, and 250 µg.l-1. Early life stage test was used.Common carp (Cyprinus carpio) was tested. There were significant mortalities in all concentrations except the lowest concentration during the trial. The lowest concentration tested 5 µg.l-1 only caused a slightly increased mortality. This lowest concentration influenced the growth in length and weight negatively, decelerated ontogenetic development, and made the body surface of the individuals darker. Histopathology of individuals from this concentration revealed dystrophy in liver. Examination of kidney, intestine and gills did not show significant histopathological differences compared with control. The evaluation of selected parameters of oxidative stress demonstrated a significantly higher activity of detoxification enzyme glutathione-S.transferase (GST) and a significantly lower activity of defensive enzyme glutathione peroxidase (GPx) compared with the control group. The other examined parameters of oxidative stress such as catalase (CAT), glutation reductase (GR), and lipid peroxidation determined by using the thiobarbituric acid-reactive substances (TBARs) were comparable to the control group. Changes in oxidative stress parameters suggest that exposure of the organism to the product Nexide in the given concentration leads to dysbalance of defensive enzymes. The second study was devoted to the product Cyperkill 25 EC containing 250 g.l-1. Tested Cyperkill 25 EC concentrations were 7.2, 36, 72, 144, and 360 µg.l-1. The procedure of the trial was the same as the preceded one. There were 100% mortalities in all concentrations except the lowest concentration during the trial. The lowest tested concentration 7.2 µg.l-1 allowed 90% of individuals to stay alive till the end of experiment. The lowest concentration influenced the growth in length and weight negatively and decelerated ontogenetic development compared with the control. Any individual exposed to this concentration did not reach juvenile stage until the end of the trial. Dark pigmentation was visible in 68% of these exposed individuals on the last day. Similar darkening was visible in individuals from higher concentrations shortly before death too. Histological examination did not revealed significant changes in intestine, liver, kidney, and gills compared with the control group. Evaluation of selected parameters of oxidative stress demonstrated significantly lower activities of GST, GR, and GPx. Activities of CAT and TBARS were comparable with the control group. Changes in oxidative stress parameters suggest that exposure of the organism to the product Cyperkill 25 EC in the given concentration could induce oxidative stress and interfere with the activities of antioxidant enzymes. The presented thesis summarises actual data about pyrethroids and their influence on fish. The demonstrated effects confirm high susceptibility of early developmental stages of fish to tested pesticides. When interpreting the results, we have to take into account the fact that studies showed this risk even on single pyrethroid substances. But water organisms are exposed to many other more or less toxic products and substances in a real environment. These xenobiotics could react with each other and their mixture could even potentiate negative effects. The performed studies also clearly show the significant differences in the sensitivity of embryonic and embryolarval tests.
|
|
Support of regional development through the Local Action Group Podchlumí
Jezberová, Zuzana ; Hejnák, Václav (advisor) ; Marcela, Marcela (referee)
The Diploma thesis deals with issues of the support of regional development through the Local Action Group Podchlumí, r.a. (LAG Podchlumí).
The goal of this thesis was to explore the contribution of the LAG Podchlumí to quality of life of residents and business development. Assessment of the influence of LAG on regional development has been based on the existence and implementation of the Program of rural development program of the Czech Republic Axis IV. LEADER, which leads to an improvement of management and to mobilization of the natural inner potential of countryside. The Program of rural development represented the main financial source for fruition of LAG projects in the previous programming period.
In this thesis, activities of the LAG Podchlumí and local subjects for support and development of partnership of residents and for public, business, and non-profit communities have been analysed. Implementation of own projects, through which the versatile development of the region, life improvement of residents, increase the attractiveness of the region has been evaluated. In order to get an independent and objective evaluation, an anonymous questionnaire has been conducted among residents of the region Podchlumí. Further, personal observation of the region Podchlumí, a study of professional literature as well as of internal materials of the LAG has been done. The hypothesis that the Local Action Group Podchlumí plays an important role in development of partnership of public administration of municipalities, agricultural subjects, independent agricultural as well as non-agricultural enterpreneurs, and non-profit organizations has been verified on the basis of analysis of realized activities. Support from the Program of countryside development to the region Podchlumí, Measure IV.1.2 Realization of local development strategy, contributed to achieving improvements in quality of life of residents. The greatest support was given to appearance of communities and quality of infrastructure, development of public facilities and services. Financial resources were spent also on modernization and development of agricultural as well as non-agricultural business. In comparison with other LAGs in the district Jičín, the LAG Podchlumí supported the greatest number of projects through the measure IV.1.2 of the Rural development program on realization of local developing strategy. It has been found by means of evaluation of the anonymous questionaire among residents of the region that residents perceive improvement of appearance and life of communities but they are not aware of the fact that many projects have been implemented with the contribution of activities of the LAG Podchlumí. For this reason, the LAG Podchlumí should focus more on propagation of its own activities. Residents of the region are interested in surrounding of their villages.
It is possible to made conclusion that the results of analysis of activities of the LAG authenticated and confirmed correctness of the hypothesis that the Local Action Group Podchlumí plays an important role in development of partnership of public administration of municipalities, agricultural subjects, independent agricultural as well as non-agricultural enterpreneurs, and non-profit organizations.
|
|
Resolving of insolvency of business corporations trough bankruptcy
Marková, Martina ; Civínová, Denisa (advisor) ; Klára, Klára (referee)
The presented thesis tries to introduce the reader to the course of the insolvency proceedings, especially in bankruptcy proceedings. The theoretical part mainly discussed about the meaning and history of this institute, further aspects necessary for the commencement of insolvency proceedings and then there is described in more concise form the additional course up to the decision on the debtors bankruptcy. Subsequently, the author deals with the consequent procedure in cases where the debtors bankruptcy is solved by bankruptcy. Describes the course, focusing primarily on the sale of the debtors property and its subsequent allocation among the creditors until its conclusion, which is the submission of the final report by the insolvency administrator of the court, its subsequent approval and distribution schedule. In the practical part of the thesis the theoretical knowledge mentioned above is applied to the selected insolvency case of business corporation. In this part there are also pointed some potential problems and complexities that arose in this case. There is also described and analyzed the entire insolvency proceedings from filing an insolvency petition to the preparation of the final report by the insolvency administrator, that is the stage where the proceedings took place on the date of submission of this work. Furthermore, the author discusses the development and the number of insolvency proceedings in our country since 2008 when the new legislation of this institute came into force. On the same principle, the author also deals with the analysis of the most common types of obligations of business corporations.
|
|
A comparison of unemployment in various social groups
Urbanová, Věra ; Majerová, Věra (advisor) ; Petra, Petra (referee)
This diploma thesis has both a theoretical and a research section. In the theoretical part basic concepts related to the topic are defined and the unemployment of social groups vulnerable in the labour market that require increased attention in their inclusion are analysed. The empiric section comprises of research focusing on candidates of these social groups applying for a job. Furthermore, the research of the labour office's employees at the departments of the labour office (KoP ÚP ČR) is included. The acquired data is then evaluated and a conclusion formed as to how the current situation can be improved.
|
|
Regional Aspects of the Transformation of the Slovak Manufacturing Sector in the Period 1997-2011
Hostomský, Karel ; Ženka, Jan (advisor) ; Pavlínek, Petr (referee)
This master thesis deals with the transformation processes of the Slovak manufacturing sector in the period of 1997-2011. The theoretical framework of the paper presents the comparison of two conceptual approaches - the concept of path-dependency and the concept of footloose multinationals - on the regional distribution of manufacturing activities during the reporting period. Analyzes are made according to a dependent variable, which is the regional employment in the manufacturing sector on the microregional level of NUTS4. Regional changes in the distribution of the manufacturing employment are analyzed employing several independent variables connected to the two theoretical concepts mentioned above. The main goal of the thesis is to shed light on and interpret the changes of industrialization and sectoral changes of the manufacturing sector.
|
guest ::
