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Proměnlivost multiplikátorů vládních výdajů v čase: Evidence z dat z USA
Focht, Daniel ; Maršál, Aleš (advisor) ; Chytilová, Helena (referee)
This paper estimates the size of the government spending multiplier over different states of the economy. Previous research came with two contradictory conclusions. Part of the literature argues that the spending multiplier is larger during recession and zero-lower bound periods, while the second one concludes that it remains constant. First, a summary of the relevant literature is presented, outlining different types of used methodological approaches and estimated size of the multiplier. We build a model estimated using local projections by Jorda for the period 1889 to 2016 to estimate government spending multipliers over different states of the economy. Our results show that the spending multiplier remains constant over different states of the economy.
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Fundamental analysis of a share of Pegas Nonwovens
Pečonka, David ; Veselá, Jitka (advisor) ; Derner, Tomáš (referee)
The topic of my bachelor thesis is the fundamental analysis of a share of Pegas Nonwovens company. It consists of three parts: the first (global) part examines how major macroeconomic variables (interest rate, inflation, money supply, GDP) influence share prices. The second chapter describes characteristic factors of nonwovens industry which may also affect analyzed share. It's for example cyclicality of the business cycle or competitive environment. At the third, lowest level the corporate fundamentals are introduced. Using various models, I calculate the intrinsic value and in comparison with the market price I determine the valuation of shares. The aim should be the formulation of investment recommendation to buy or sell Pegas shares.
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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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Synura echinulata (Synurales) - silica scale plasticity in natural populations influenced by environmental factors; accompanying scaled chrysophytes
Kreidlová, Jana ; Němcová, Yvonne (advisor) ; Hodač, Ladislav (referee)
The silica scale shape variation in Synura echinulata has been investigated only in laboratory conditions, so far. The aim of this thesis was to study scale shape variation in natural populations and to determine which environmental parameters influence the scale shape. The scale shape variation was investigated using landmark-based methods of geometric morphometrics. Scale shape changes related to environmental factors were analyzed using the two-block method PLS (Partial Least-Squares analysis) and adonis (R). The scale shape was mostly influenced by locality, pH and altitude. Shape distinguished populations of S. echinulata probably exist in different localities. The more distant localities are, the less similar are scales of S. echinulata in their shape. This scale shape variation is probably genetically determined, even thought all so far sequenced populations belong to the same species. High morphological disparity which was probably caused by anthropogenic pollution, was recorded in the locality Brdy. During sampling of the natural populations of Synura echinulata in the Czech Republic, several localities representing a significant reservoirs of species diversity, were found. Therefore, the thesis was extended and biodiversity research in the Czech Republic was added. A few samples were...
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Comparison of methods of ECLIA and ELISA in determining the beta-CrossLaps
KOŽANTOVÁ, Jana
Osteoporosis is a very old disease affecting a large majority of population. Its occurrence rate has been growing permanently. It is a systemic disease of bones for which the decrease in bone mass, i.e. of inorganic as well as organic bone part is characteristic. Typical symptoms are osteoporotic fractures. To perform an in time diagnostics of the disease, it is necessary to execute the necessary examinations. One of them is also the laboratory determination of markers of bone resorption and new creation for finding out the state of bone metabolism. The target of my bachelor thesis was to find out the level of the bone resorption marker (beta-CrossLaps) by means of ELISA and ECLIA methods on the same serum from patients with the diagnosed osteoporosis and to process statistically the results. In the next part I dealt with the structure and functions of bones. Then I focused on markers of bone formation and resorption. Finally I mentioned the bone metabolism and its control mechanisms. I concentrated mainly on the metabolism of calcium, D vitamin, parathormone and calcitonin. I carried out the practical part of my bachelor's thesis in the accredited private laboratory STAFILA, spol. s r. o. in České Budějovice. The procedure of my work followed the standard operating procedure of the laboratory. In the research, in total 66 serums of patients with osteoporosis were analysed by me. At first, I determined the concentration by beta-CrossLaps method based on the principle of sandwich ELISA on the appliance NexGen Four from TestLine company. Then I analysed the same samples on the automatic analyser IDS-iSYS from IDS company, this time by ECLIA method. Both appliances on which the determination was executed, principles of both methods, applied analytic sets and the procedures of analysis are described in the methodical part. In the next part of my bachelor's thesis, the results of my measuring are stated. At first I entered the concentrations beta-CrossLaps in ng/ml measured by both methods into the table and for the respective samples I stated the sex and years of birth of individual patients. Moreover I prepared a graph illustrating the share of men and women of various age categories in my research. The second graph shows the differences in values of beta-CrossLaps concentrations between both methods. Resulting concentrations were subject to regression analysis. I applied linear regression and Grubbs test for finding out the outlying values excluded from the further statistical processing. I performed Passing-Bablok regression based on the remaining values. As a result of regression equation and 95% CI of the slope B and intercept A, the proportional error of measuring was rejected but on the contrary, the systematic error was confirmed. Correlation coefficient R = 0,97 shows a very good linear dependency between both methods. It turned out by practice in the laboratory that the evaluation of concentrations beta-CrossLaps from the same patients on various appliances may show partially different values. I worked at two different analysers, each of them was based on another principle, with a different sensitivity and calibration. All of this could have the influence on the resulting concentration of individual samples. The advantage of automatic analyser IDS-iSYS is a quicker determination. Moreover it is possible to perform on this apparatus all the possible examination concerning the bone metabolism from D vitamin, parathormone, osteocalcin up to bone markers. It is advantage for the patients with osteoporosis as well as with other metabolic skeleton diseases. It follows from this that all the necessary examinations may be carried out on one apparatus.
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Aspects of Gene Regulation of CYP3A4 in Hepatic Tissue.
Krausová, Lucie ; Štaud, František (advisor) ; Mičuda, Stanislav (referee) ; Skálová, Lenka (referee)
1 Summary CYP3A4 is an important enzyme involved in elimination of majority of metabolized xenobiotics. It plays a major role in the detoxification system of the human body, therefore it is responsible for many drug-drug interactions (DDIs). DDI present a complication of current pharmacotherapy, in the extreme they can lead in failure of therapy or in life-threatening toxic effects. DDIs are caused by changes in enzymatic activity of CYP3A4, which is highly variable among individuals. An important mechanism of modulating CAP3A4 activity is the regulation of inducible transcription by nuclear receptors, especially PXR, CAR and GR. The structure of CYP3A4 promoter and mechanisms of transcriptional regulation has been studding intensively for many years, but the research of relationship of nuclear receptors and transcriptional cofactors in CYP3A4 transactivation is still incomplete. Present work contributes to elucidation of some questions concerning the effects of azole antimycotics on CYP3A4 transcription via PXR, potency of valproic acid to activate PXR and CAR or determinants of CYP3A4 expression via GR in placental cells. The experiments were performed with up-to-date molecular biology methods and using in vitromodels of the primary human hepatocytes and hepatoma cell lines. To the aims of the doctoral...
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Econometric test of euro adoption impact on German and Czech exports: the costs and benefits of Eurozone membership in the trade sector
Hyžíková, Mirka ; Benáček, Vladimír (advisor) ; Princ, Michael (referee)
The purpose of this study is to find the influence of common currency on the international trade development. The study deals with the Rose effect, which says, that the currency unions increase trade by more than 200%. This thesis designes an extended gravity model of international trade where the economic characteristics of countries are combined with institutional and policy factors of trade, such as the EU common policies, impacts of the Euro or trade agreements and other factors, which lowers the transaction costs of trade, such as the quality of infrastructure. The thesis also deals with the data structure influence on the results of the estimation of gravity models and shows the problem which is not in common literature noted. Compared to the common research, this thesis focus in detail only on Czech and German exports.
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Fytochemical potencial of polyfenols contain in berries
KRUMPHANZLOVÁ, Iva
This thesis sums up findings on polyphenols and their positive influence on human health. In these fytochemicals, unlike in micronutrients, recommended daily amount cannot be estimated. Micronutrient deficiency in food can cause deficiency symptoms, while in polyphenol deficiency, the deficiency does not occur. When they are present in sufficient amount in food, it is considered functional food, which is important for civilization illnesses prevention. At the beginning of the theoretical part, the polyphenol classification from pharmacological and chemical point of view is represented. On the basis of this classification important role of antioxidants and flavonoids is described. Special attention is being paid to resveratrol, which is populardue to its well known "French paradox". The following part considers the polyphenol influence on human health. The way in which polyphenols protect our body from certain diseases is explained in detail. Most of the health benefits are supported by studies conducted on animals. These studies are also mentioned and described in this paper. In the theoretical part the process of absorption and the polyphenols safety for human body is also explained. Polyphenol sources are listed in the last subchapter. The work is mainly aimed at blueberry fruits (Vaccinium myrtillus) and vine grapes (Vitis vinifera). Other berries are briefly mentioned as well, such as cranberries, raspberries, blackberries and currant. The goal of this work is to create a diet that would provide a functional daily amount of polyphenols. This amount can be compared to 120 ml of native blueberries. Only products, consumable without cooking, are used in this diet. The second goal is to chart, which food products are adequate source of polyphenols. On the basis of these goals, research inquiries were defined. Research inquiry No. 1: What amount of polyphenols is contained in berries, especially blueberries. Research inquiry No. 2: Which food products (without cooking) are ideal to be included in diet, to provide adequate daily amount of polyphenols. To asses polyphenol content in blueberries, analysis of polyphenol content acquired through GEOMED program from Nemocnice České Budějovice a.s., department of clinical pharmacology, was used. Assessments were made using the HPLC method (high performance liquid chromatography) in cooperation with the biological centre AV ČR in České Budějovice. Thanks to this analysis, the first inquiry can be answered. An interesting phenomenon is discovered, that frozen blueberries have higher polyphenol content then cooled ones. Malvidin (malvidin-3-6"-acetoyl glycoside) was chosen as priority anthocyan since it is most represented in the blueberry. Remaining information about polyphenol content in certain food products were drawn on Joseph Maroon´s book, MD, FACS (2010). The practical part involves a diet for 14 days, which meets the given requirements. The results clearly show that it is possible to create a diet rich in polyphenols. A list of blueberry products accessible to everyone is included. Blueberry dairy products, jams, beverages, fruit salads and fruit pyre have been analysed. The list shows which product contains the most polyphenols. The required amount can be achieved by the proper combination of given products. The ideal one proved to be 200 ml of red wine and one blueberry dairy product (with the malvidin value higher than 64). Findings in this paper will serve to promote polyphenol awareness and itseffects. This diet can be used in nursing homes, where their positive influence on equilibrium can be applied. It can also be used in spas and other alimentation related facilities.
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Residential Complex in Brno - Komín
Ertl, Jakub ; Čelikovský, Martin (referee) ; Makovský, Zdeněk (advisor)
Urban Risen Solution parcel located on the street Pasture in the city of Brno chimney. The property is located on the edge of the city district and directly continues the surrounding forest, which is on the east side. The plot is an avenue of chestnut trees that proposal preserves intact. Oklí are good amenities. In its narrowest surroundings there are elementary school and kindergarten with their priľahlími Sports and satellites family townhouses on the south side of the property. After the eastern and northern boundary leads IMPORTANT relaxing walking routes on which the proposal responds through-beds, and a "restoration" of pastures, which once was located here. Land would extend that oľúbenú Walking and served by community residents as well as the city of the chimney. The project also own community náveznosťou room with a plate of street furniture. Architectural design Material objects based on the elongated shape of the land and is divided into three apartment buildings. Distributes land to the "street" and the "grazing". The volume responds to building orientation sides are angled wings housing the south and west. All the apartments are so perfect sunlit and overlook the "pasture". On the north side of the building they are arranged in the form of communication zasklennej galleries. The porch with loggias flats made up of separate steel structure, which forms the form of these apartment buildings. The main module becomes one living room, ensuring good housing variability. The building is located only forty apartments of sizes 1 + kk to 5 + kk apartment with terrace. Parking is in the combined form of overhead and underground parking. Building Solutions The building is designed as a reinforced concrete skeleton with dimensions of 8600 mm x 6600 mm with stiffening communication core. The shell is insulated with thermal insulation with a thickness of 200 mm. Area building openings is minimized on the north facade and vice versa is open to south and west facades, which benefits the passive energy gain. These construction holes are filled with high quality aluminum windows and doors with Triple glazing. On the frame is attached a separate steel construction porches and balcony. This concept allows a perfect insulation shell fired by a separate steel structures unheated porch and balcony, and hence a considerable degree of energy efficiency.
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