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Uranium in historical ceramic glazes: Determination by alpha radiation detection and comparison with other methods
Vopat, Michal ; Goliáš, Viktor (advisor) ; Jelínek, Emil (referee)
In the Czech Republic yellow and ivory glazes with uranium in the Ditmar-Urbach and Terra Teplice companies were manufactured in the pre-war and inter-war period. The production of these glazes took place at the latest since the 1900, the material springs have existed since 1912. Their production ended in 1945. The most suitable method of non-destructive determination of uranium was the measurement of surface alpha activity on planar surfaces by a probe with a ZnS (Ag) scintillator constructed special for this bachelor thesis. Altogether 85 samples, evidence of this production, were measured. To determine the conversion of detected alpha activity to uranium content, an indirect calibration method was chosen to measure uranium content in three types of glazes by WDS analysis. In the studied set, uranium contents ranged from 0.2-2.2 % with the highest frequency ranging from 0.5-0.6 % U. 16 samples of yellow and ivory glazes were without added uranium with contents up to 322 ppm eU. Comparison of uranium contents determined by surface alpha activity measurement with area beta activity confirmed that the glazing does not form a saturated layer for beta radiation. Three types of glazes analyzed by WDS were also measured by XRF. By comparing uranium contents determined by both methods, it was found that...
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Arimaa challenge - comparission study of MCTS versus alpha-beta methods
Jakl, Tomáš ; Majerech, Vladan (advisor) ; Hric, Jan (referee)
In the world of chess programming the most successful algorithm for game tree search is considered AlphaBeta search, however in game of Go it is Monte Carlo Tree Search. The game of Arimaa has similarities with both Go and Chess, but there has been no successful program using Monte Carlo Tree Search so far. The main goal of this thesis is to compare capabilities given by Monte Carlo Tree Search algorithm and AlphaBeta search, both having the same evaluation function, in the game of Arimaa.
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Analysis of the systematic risk and its influence in value investing
Mikláš, Antonín ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This Bachelor´s Thesis deals with analysis of systematic risk and its influence in value investing. Theoretical part of the thesis explains components of valuation based on discounted cash flow model. This part is focused mainly on beta from CAPM model which measures relation between given asset and systematic risk. Practical part begins with calculation of macroeconomic variables needed for company valuation. Then, combining the different stock market indices and using the least squares method, beta of the companies CEZ and Philip Morris CR is calculated. Valuation of these companies is made in the final part of the thesis accompanied with sensitivity analysis, which examines the influence of beta on internal value of a share.
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Analysis of factors influencing relative market stock valuation
Hanzl, Tobiáš ; Vrabec, Michal (advisor) ; Řezanková, Hana (referee)
The goal of this diploma thesis is to analyze P/S ratio using Gordon dividend discount model and also to prove hypothesis that assumes existing influence of margin, dividend payout ratio, future dividend growth and discount rate on P/S ratio value. The goal is also to find other factors that can influence relative market stock valuation. Multidimensional regression analysis and also factor analysis were used in order to get a proper knowledge of the factors. There are 781 stocks used in this work. This thesis proves influence of the mentioned variables and also other variables were found that help achieve deeper understanding of examined variable. Market valuation is a very complex matter and is influenced by numerous factors.
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CAPM and its application in the business valuation
Vavrouch, Martin ; Pošta, Vít (advisor) ; Kulbakov, Nikolay (referee)
The Bachelor thesis deals with the use of CAPM within the business valuation process. In the first, theoretical, part, the DCF model is explained, the CAPM is derived and the link between the DCF model, used for intrinsic value computation, and CAPM, used for discount rate calculation, is shown. The second, practical, part concerns itself with the application of the theoretical model CAPM in the real world and on the real company ČEZ a.s. In this part the basic methods of CAPM computation are shown as well as the main pitfalls of this calculation. At the end of the second part, the valuation of ČEZ using DCF and the discount rate obtained from the CAPM is performed.The main goal is to demonstrate to the reader how to calculate the discount rate using CAPM and to calculate the actual discount rate of ČEZ.
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A Performance Comparison of mutual funds and ETFs available in Czech Republic from the CZK investor's point of view
Kůna, Jakub ; Musílek, Petr (advisor) ; Havlíček, David (referee)
This diploma thesis "A Performance Comparison of in Czech Republic available mutual funds and ETFs from the view of CZK investor" elaborates on collective investing in Czech Republic; focusing on mutual funds and their exchange traded alternatives in ETFs. In the thesis, a history of Czech collective investments' development is briefly mentioned and of ETFs' beginnings in the US, also a legislative framework for the mutual funds in CZ is shortly discussed; furthermore, different approaches to fund classification based on various criteria are provided. An impact of fund fees and expenses is also analysed. A Current situation on the capital market of funds and ETFs and its trends are showed in many graphs and tables. In the second part of the thesis, author introduces not only the basic ones but also the more sophisticated methods of portfolio's or fund's performance measurements, including yields, risks, risk-adjusted yields etc... The third and last chapter aims at application of the previously mentioned methods on a selection of 20 funds and ETFs; therefore building a financial model enabling that. The analysis is viewed as from the CZK investor, thus all calculations are made in CZK.
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The study of the relationship between average realized stock returns and the risk of stock investment
Řípa, Daniel ; Bašta, Milan (advisor) ; Cícha, Martin (referee)
Bachelor thesis deals with the topic of average return rates of stock investments and assessment of their risk. The aim of this work is a comparison of two alternative approaches of risk measurement. Twenty years long time series of 30 stocks' returns from 1991 to 2010 are first used to analyze a relationship between average realized returns and standard deviations of the returns. Variety of computational algorithms is used in attempt to generalize this relationship. Analysis of the full length time series does not seem to discover a significant mutual relationship in the analyzed dataset. However, by analogically employing the algorithm of the CAPM analysis a significant and positive linear relationship between standard deviations and realized returns was found. Furthermore, two-step regression algorithm introduced by Fama & MacBeth is used to test the validity of CAPM model. This method led to the conclusion that CAPM cannot be rejected within the analyzed dataset. Moreover, strong positive linear relationship was found between the estimates of standard deviation and beta coefficients, which may be explained by the lack of variability in correlation between individual assets' and market portfolio's returns.
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