This diploma thesis deals with the situation of disadvantaged groups in the labor market, who have, by law, received more attention in the matter of procurement of their jobs. There are five characterised disadvantaged groups in the diploma thesis. The main focus is on the group of persons over the age of 50. Within the framework of this group of older persons the diploma thesis displays the demographic progress of the population of Czech Republic. In the context of this progress there is disquisition about changing attractiveness of older persons in the labor market. The employing support of the disadvantaged groups is tackled by policy of employment and some chosen projects.

通常已建立的指數基金，經過一段時間後其追蹤指數的效能已經無法滿足初期建購時的要求，此時管理者便面臨指數基金投資組合的調整問題。本論文融合建構指數基金的方法及最小化交易成本的概念，提出一個新的混合整數線性規劃模型以調整指數基金投資組合。模型亦考慮實務中交易成本、最小交易單位及批量、固定交易費用比率、以及資產總類數等限制。因此，模型包含整數變數及二元變數，求解也較為困難許多。本論文以啟發式演算法增進求解的效率，並以台灣50指數的相關資料做為實證研究的對象。 / The efficiency of index-tracking in index fund, which has been built, has usually been incapable to meet the needs after a period of time. In this moment, the managers have to face with the problems of the adjusting for index fund portfolio. In this paper, we integrate the methods of constructing index fund and the concepts of minimum transaction cost with it, and propose a new mixed integer linear program model to adjust the index fund portfolio. Moreover, the model also considers some limitations, such as the transaction costs, minimum transaction units and lots, fixed proportional transaction rates, and cardinality constraint in practical operating. For this reason, a set of integer variables and binary variables are introduced. However, they increase the computational complexity in model solution. Due to the difficulty of the MILP problem, a heuristic algorithm has been developed for the solution. The computational results are presented by applying the model to the Taiwan 50 index.

本篇論文以分析師對未來公司盈餘預測為基礎，使用剩餘所得模型來對台灣股票市場做實證研究。在這個架構下，我們比較了剩餘所得模型評價法與各種不同的傳統評價法對台灣50成分股的估算表現。 本篇論文的實證發現，內含價值對股票價格比率(intrinsic value to price ratio)對台灣50成分股的預測，在中短期的投資期間內相較於傳統評價法，預測力最高。帳面價值對股票價格比率(book value to price ratio)則在長期的投資期間內，預測力顯著高於其他評價法。盈餘對價格比率(earnings to price ratio)預測力最低。而將所有評價法一同列入考慮時，則發現並沒有任何一種評價法能明顯主宰其他不同的評價法，各種評價方法在預測未來股市表現是互補的。 本篇論文進一步探討剩餘所得模型評價法對台灣50成分股的交易策略，發現以剩餘所得模型估算出的內含價值為標準來進行交易，能得到正報酬。而考慮會計保守原則的模型報酬率能顯著高於沒有將會計保守原則列入考慮的模型。 / We provide an empirical assessment of the residual income valuation model bases on analysts’ forecast data in Taiwan stock market. In this framework, we compare the performance of alternative estimates of intrinsic value with traditional valuation estimates for the component stocks of TSEC Taiwan 50 Index. According to our results, intrinsic value-to-price ratio is a reliable predictor of market returns over short-to-mid period and book-to-price ratios is a reliable predictor over long horizons. Unlike the two ratios, earnings-to-price ratio has little predictive power for returns in Taiwan stock market. Furthermore, intrinsic value-to-price ratio does not dominate traditional valuation but provide another perspective of stock valuation, and we can have a better forecast of future return of Taiwan stock market with consideration of all valuation estimates.

World population is ageing and in Europe the situation is especially alarming. In the next two decades the ratio of people over 65 years of age is expected to double. This threatens long-term sustainability of welfare systems. The debate about future developments has been going on since the turn of the century. Based on this debate the European Union defined improving the inclusion of people over 50 as the main solution to this problem. The means to achieving this goal have been identified at the level of the labour market, disease prevention and lifelong learning. The specific instruments are: 1) increasing the participation of older workers in the labour market by increasing retirement age, introducing penalties for early retirement, promoting retraining of older and increasing retraining efficiency, 2) restructuring of pension systems and provision of social services and 3) strengthening participation of older people in society, applying the principles of active aging at all levels of social life and increasing the quality and variety of lifelong learning opportunities. This paper analyses the situation of persons over 50 years of age in the Czech Republic in terms of their position in the labour market, participation in social life and quality of life in the context of the strategic concept of...

自從槓桿型指數基金於各股票市場發行後，各國主管機關皆紛紛發出聲明表示，該商品並不適合長期持有；因此，該類型投資商品的公開說明書皆會註明不宜長期投資。然而，本研究實證結果發現，持有期間長短並非主要風險來源。雖然，如大家所知，槓桿型指數基金多是以「日」為單位追蹤指數，而導致複利效果 (Compounding Effect) 使基金長期報酬與槓桿倍數不同。 根據算出上述的報酬差異(Return Difference)可以發現不論是正向2倍或是反向1倍皆與台灣50報酬率的標準差有統計上顯著關係。反向1倍皆與台灣50報酬率的標準差有顯著負相關；反之，正向2倍與台灣50報酬率的標準差有顯著正向相關。然而，從已實現乘數(Realized Multiple)的分佈中可發現，不合理值並不隨投資期間越長而越多。意即儘管投資期間越長，並不一定會導致複利效果越大，而與目標槓桿倍數脫節。再者，隨著投資期間越長，波動度(volatility)的對於報酬差異的解釋力越強；因此，若想長期投資槓桿型指數資金，預測標的波動度的能力更顯為重要。 / When we browse the reports about the inverse and leveraged ETF, most of them emphasize that the LETF is not appropriate to long-term investors. However, in this research, we attempt to demonstrate the main factor of the performance of the leveraged and inverse ETF is not how long the LETF we hold, but the volatility of the underlying index or ETF. Observing the empirical test, no matter how long the investment horizon is, the coefficient of the variance of the Taiwan 50 is statistically significant both in the Taiwan 50 Bear -1X and the Taiwan 50 Bull. However, its effect on the Bear -1X is opposite to that on the Bull 2X. First, the relationship between the volatility and the return difference of Taiwan 50 and the Bear -1X is negative. In contrast, the relationship between the volatility and the return difference of Taiwan 50 and the Bull 2X is positive. However, in accordance with the distribution of the realized multiples, the frequency of either the Bear -1X or Bull 2X was not more and more when the holding period is longer. As a result, our research show the variance has a significant effect on both, no matter how long investors hold. If the volatility is moderate, the return difference may be close to zero; then the LETFs would be a convenient way to investors who desire to magnify the market return. Moreover, due to the increasing explanatory power of the volatility, we may make a further inference that whether the compounding effect is positive or negative depends on the volatility, especially within longer holding period. Therefore, without the great ability to forecast the variance, the LETFs are not recommended to the long-term investors.

THE OUTER SPACE TREATY IN THE CONTEXT OF 21ST CENTURY ABSTRACT The Outer Space Treaty is the fundamental legal document of space law and this year it celebrates 50 years since its adoption. Questions are being raised among the international community about the relevance of the Treaty in the context of 21st century mostly given the completely different conditions at the time of its adoption and at present. Reasons for such a debate is the current development in the field of space and technology, which is not covered by the Outer Space Treaty or any other relevant binding convention. New possibilities to explore space are emerging, especially among the private actors and activities vary given its nature, from commercial to military. And within the 50 years these new options also slowly contribute to serious environmental problems, which were not of such importance and priority as they are now. Besides these issues, the space law is characterized by its high fragmentation and no common standard for national legislation in this field. Given these challenges the scholars and specialist agree, that the contemporary legislation does not provide a necessary framework to ensure the peaceful use of space and its future safety. The question is, what future will have the Outer Space Treaty in context of the...

Este projeto teve como objetivo geral continuar a avaliar a adequação de anfifílicos que se agregam em solução aquosa formando bicamadas, para recobrir superfícies de sílica. Em paralelo, foi objetivada a reconstituição do reconhecimento receptor-ligante, tendo como modelo o monosialogangliosídio GM1 e a enterotoxina do vibrião da cólera. Os resultados obtidos poderão se mostrar de grande valor em aplicações práticas que envolvem a construção de sistemas de detecção e quantificação de substâncias ou moléculas específicas. A adsorção e estabilidade de bicamadas contendo fosfatidilcolina (PC) ou misturas de brometo de dioctadecildimetilamônio (DODAB) e dipalmitoilfosfatidilcolna (DPPC) sobre a superfície de nanopartículas de sílica foi estudada através de isotermas de adsorção por dosagem do fosfato inorgânico, análises de sedimentação por imagens fotográficas e medidas dos diâmetros médios (Dz) e potenciais-zeta (ζ) de partículas por espectroscopia de correlação de fótons. Foram avaliadas as afinidades entre as bicamadas e a superfície das nanopartículas e a estabilidade do sistema em função da força iônica, do pH e da concentração adicionada de lipídio. A afinidade das bicamadas pela superfície da sílica apresentou uma correlação com as forças de van der Waals e as pontes de hidrogênio que se formam entre os grupos químicos do anfifílico e aqueles de superfície da sílica. A formação de uma única bicamada lipídica de PC sobre a sílica foi detectada, o que levou à estabilidade coloidal do sistema particulado. As bicamadas mistas de DPPC/DODAB por sua vez apresentaram uma afinidade decrescente pela sílica com a elevação da porcentagem de DODAB na bicamada. Os dados de isoterma e de ζ das partículas sugerem uma separação física entre o DPPC e o DODAB. O conjunto otimizado partícula de sílica/bicamada de PC (partícula biomimética) foi assim utilizado para promover a incorporação do GM1 micelar nas bicamadas, medida por fluorescência com a utilização da sonda GM1 pireno, seguida do reconhecimento e ligação da toxina da cólera (CT) ao complexo formado. A transferência do GM1 das micelas para as partículas se mostrou dependente da disponibilidade de bicamadas adsorvidas nestas e da ausência de bicamadas não-adsorvidas, livres em dispersão. Para avaliar a ligação da toxina da cólera às partículas biomiméticas foram calculadas isotermas de adsorção a partir da dosagem de proteína não ligada que resta no sobrenadante. A ligação específica da CT na presença de bicamadas de PC e GM1 foi de 67% em massa do total da proteína adicionada, revelando uma ligação positiva entre receptor e ligante. A estequiometria revela que a proporção molar PC: GM1: CT é de 300: 5: 1 respectivamente. A proporção de 1 CT: 5 GM1 está de acordo com a literatura onde experimentos de difração de raios-X mostram a estrutura tridimensional do pentâmero CTB5 ligado a cinco unidades de pentasacarídeo do GM1. / The general objective of this project was to continue evaluating the suitability of amphiphiles that aggregate in aqueous solution forming bilayers, to cover surfaces of silica. A secondary objective pursued was to promote the reconstitution of the receptor-ligand function, having as a model the monosialoganglioside GM1 and the enterotoxin of the choleric vibrio. The results may prove to be valuable in pure research or practical applications for sensing and detection of biomolecules. The adsorption and stability of phosphatidylcholine (PC) bilayers or mixtures of dipalmitoylphosphatidylcholine (DPPC) and dioctadecyldimethylammonium bromide (DODAB) over surfaces of silica nanoparticles were evaluated through adsorption isotherms by inorganic phosphate dosage, sedimentation analysis by means of photographic images and measurements of hydrodynamic diameter (Dz) and zeta-potentials (ζ) of particles by photon correlation spectroscopy. The affinity between the bilayers and the nanoparticles surfaces and the general system stability were evaluated as a function of ionic strength, pH and added lipid concentration. The affinity showed a correlation with the van der Waals and the hydrogen bridges forces that form between the chemical groups of the amphiphile and the silica surface. The formation of a single lipid PC bilayer over the silica was detected, leading to the colloidal stability of the particulate system. Mixed bilayers of DPPC/DODAB on the other hand showed a decreasing affinity for silica with an increasing DODAB percentage in the bilayer. Data from isotherms and ζ of particles suggests a physical separation of the DPPC and DODAB. The optimized array of silica particle/PC bilayer (biomimetic particles) was thus used to promote the incorporation of micellar GM1 into the bilayers, measured by fluorescence with a GM1 pirene probe, followed by the cholera toxin (CT) binding to the resulting array. GM1 transfer from micelles to particles showed dependence on the adsorbed bilayers availability and on the absence of non-adsorbed bilayers, free in the bulk solution. To evaluate CT binding to biomimetic particles adsorption isotherms were calculated from the dosage of unbound protein remaining in the supernatant. Specific binding of CT in the presence of PC and GM1 bilayer was 67% mass of total protein added, indicating a positive binding between receptor and ligand. Stoichiometry revealed that the molar proportion PC: GM1: CT is 300: 5: 1 respectively. The proportion of 1 CT: 5 GM1 is in good agreement with data in the literature where X-ray diffraction tests show the 3-dimensional structure of the CTB5 pentamer bound to five units of the pentasaccharide GM1.

La connaissance des interactions interfaciales et l'énergie de surface est nécessaire pour étudier et modéliser les processus qui se déroulent dans le mouillage, l'adhésion ou la diffusion. Tels phénomènes sont rencontrés dans la préparation des suspensions, des émulsions et les peintures. Dans ce contexte, l'énergie de surface représente un paramètre important dans l'étude des propriétés interfaciales solide/liquide où plusieurs applications sont impliquées. Nous avons étudié l'effet de la modification chimique sur l'énergie de surface de deux silices choisies selon deux différentes échelles: l'OX qui présente un substrat nanométrique et les wafers de silicium qui est un substrat millimétrique. Pour la silice OX 50, La modification chimique de la surface a été réalisée avec l'hexadecyltrichlosilane (HTS) à caractère hydrophobe. L'infrarouge en transmission et la quantification de carbone organique ont été efficaces pour estimer les quantités croissantes d'HTS greffées à la surface de la silice. Deux isothermes d'adsorption ont été tracées. Ensuite, la volumétrie d'adsorption continue d'argon et d'azote a été utilisée pour étudier l'évolution de l'hétérogénéité énergétique. Ceci a été achevé en faisant recours à une stratégie d'analyse de volume adsorbée à la monocouche (Vm) d'azote et d'argon. Les résultats obtenus ont servi pour tracer une troisième isotherme d'adsorption. La quantification de l'énergie de surface a été réalisée avec la montée capillaire (technique macroscopique) et la chromatographie gazeuse en phase inverse (CGI) (technique moléculaire). Pour les wafers de silicium, deux types de surfaces ont été élaborées durant cette étude. Le premier hydrophile (traitement Piranha, formations des groupements OH). Cette surface a été obtenue par oxydation de ces wafers (traitement Piranha). La deuxième a été obtenue par le greffage d'HTS (greffons CH3). La quantification de l'énergie de surface a été réalisée avec la mouillabilité (technique macroscopique) et la microscopie à force atomique (AFM) (technique nanoscopique). Enfin, les différentes valeurs d?énergie de surface de la silice vierge OX 50 ont été comparées avec celles de la surface plane hydrophile (OH). Pour les surfaces hydrophobes, on a comparé les valeurs d?énergie de surface de la silice OX 50 modifiée d'une quantité maximale d?HTS avec le wafer de silicium à greffons CH3 / The knowledge about interfacial free energy interactions and surface energy is necessary for understanding and modeling many surface and interface processes. The investigation of the surface properties of solids is very important in several applications such as wetting, spreading and adhesion processes. Such processes occur during the preparation of suspensions, emulsions, painting, printing and corrosion protection. Knowledge about surface free energy of solids appears as a very important parameter determining the interfacial properties in solid/liquid and solid/gas interfaces where many implementations are involved. We have studied the effect of the chemical modification on surface energy for two types of silica: Aerosil OX 50 is chosen as a nanometric substrate and the wafers of silicium chosen as micrometric substrate. For silica OX 50, the chemical modification was carried out using the hydrophobic hexadecyltrichlorosilane (HTS). Transmission infrared and the quantification of organic carbon were helpful in the estimation of increasing quantities of HTS grafted to the surface. Two adsorption isotherms were drawn. Then, continuous adsorption isotherm of argon and nitrogen was used to study the evolution of energetic heterogeneity in the course of the chemical reaction. This was achieved by applying an analysis strategy of the monolayer volume (Vm) of adsorbed argon and nitrogen. Results enabled the drawing of a third adsorption isotherm. The quantification of surface energy for various samples was realize using capillary rise (macroscopic technique) and inverse gas chromatography (IGC) (molecular technique). For silicon wafers, two types of surfaces were elaborated in this study. The first hydrophilic (OH grafting), was obtained by oxidation of silicon wafers (Piranha treatment), the second hydrophobic (CH3 grafting), was obtained by grafting HTS molecules to the surface. The quantification of the surface free energy was achieved using the wettability (macroscopic technique) and the atomic force microscopy (AFM) (nanoscopic technique). Finally the different values of surface free energy obtained for native silica are compared to those of hydrophilic (OH) flat surfaces. As for hydrophobic surfaces, the silica OX 50 modified with maximum quantity of HTS is compared to Hydrophobic (CH3) flat surfaces

Este projeto teve como objetivo geral continuar a avaliar a adequação de anfifílicos que se agregam em solução aquosa formando bicamadas, para recobrir superfícies de sílica. Em paralelo, foi objetivada a reconstituição do reconhecimento receptor-ligante, tendo como modelo o monosialogangliosídio GM1 e a enterotoxina do vibrião da cólera. Os resultados obtidos poderão se mostrar de grande valor em aplicações práticas que envolvem a construção de sistemas de detecção e quantificação de substâncias ou moléculas específicas. A adsorção e estabilidade de bicamadas contendo fosfatidilcolina (PC) ou misturas de brometo de dioctadecildimetilamônio (DODAB) e dipalmitoilfosfatidilcolna (DPPC) sobre a superfície de nanopartículas de sílica foi estudada através de isotermas de adsorção por dosagem do fosfato inorgânico, análises de sedimentação por imagens fotográficas e medidas dos diâmetros médios (Dz) e potenciais-zeta (ζ) de partículas por espectroscopia de correlação de fótons. Foram avaliadas as afinidades entre as bicamadas e a superfície das nanopartículas e a estabilidade do sistema em função da força iônica, do pH e da concentração adicionada de lipídio. A afinidade das bicamadas pela superfície da sílica apresentou uma correlação com as forças de van der Waals e as pontes de hidrogênio que se formam entre os grupos químicos do anfifílico e aqueles de superfície da sílica. A formação de uma única bicamada lipídica de PC sobre a sílica foi detectada, o que levou à estabilidade coloidal do sistema particulado. As bicamadas mistas de DPPC/DODAB por sua vez apresentaram uma afinidade decrescente pela sílica com a elevação da porcentagem de DODAB na bicamada. Os dados de isoterma e de ζ das partículas sugerem uma separação física entre o DPPC e o DODAB. O conjunto otimizado partícula de sílica/bicamada de PC (partícula biomimética) foi assim utilizado para promover a incorporação do GM1 micelar nas bicamadas, medida por fluorescência com a utilização da sonda GM1 pireno, seguida do reconhecimento e ligação da toxina da cólera (CT) ao complexo formado. A transferência do GM1 das micelas para as partículas se mostrou dependente da disponibilidade de bicamadas adsorvidas nestas e da ausência de bicamadas não-adsorvidas, livres em dispersão. Para avaliar a ligação da toxina da cólera às partículas biomiméticas foram calculadas isotermas de adsorção a partir da dosagem de proteína não ligada que resta no sobrenadante. A ligação específica da CT na presença de bicamadas de PC e GM1 foi de 67% em massa do total da proteína adicionada, revelando uma ligação positiva entre receptor e ligante. A estequiometria revela que a proporção molar PC: GM1: CT é de 300: 5: 1 respectivamente. A proporção de 1 CT: 5 GM1 está de acordo com a literatura onde experimentos de difração de raios-X mostram a estrutura tridimensional do pentâmero CTB5 ligado a cinco unidades de pentasacarídeo do GM1. / The general objective of this project was to continue evaluating the suitability of amphiphiles that aggregate in aqueous solution forming bilayers, to cover surfaces of silica. A secondary objective pursued was to promote the reconstitution of the receptor-ligand function, having as a model the monosialoganglioside GM1 and the enterotoxin of the choleric vibrio. The results may prove to be valuable in pure research or practical applications for sensing and detection of biomolecules. The adsorption and stability of phosphatidylcholine (PC) bilayers or mixtures of dipalmitoylphosphatidylcholine (DPPC) and dioctadecyldimethylammonium bromide (DODAB) over surfaces of silica nanoparticles were evaluated through adsorption isotherms by inorganic phosphate dosage, sedimentation analysis by means of photographic images and measurements of hydrodynamic diameter (Dz) and zeta-potentials (ζ) of particles by photon correlation spectroscopy. The affinity between the bilayers and the nanoparticles surfaces and the general system stability were evaluated as a function of ionic strength, pH and added lipid concentration. The affinity showed a correlation with the van der Waals and the hydrogen bridges forces that form between the chemical groups of the amphiphile and the silica surface. The formation of a single lipid PC bilayer over the silica was detected, leading to the colloidal stability of the particulate system. Mixed bilayers of DPPC/DODAB on the other hand showed a decreasing affinity for silica with an increasing DODAB percentage in the bilayer. Data from isotherms and ζ of particles suggests a physical separation of the DPPC and DODAB. The optimized array of silica particle/PC bilayer (biomimetic particles) was thus used to promote the incorporation of micellar GM1 into the bilayers, measured by fluorescence with a GM1 pirene probe, followed by the cholera toxin (CT) binding to the resulting array. GM1 transfer from micelles to particles showed dependence on the adsorbed bilayers availability and on the absence of non-adsorbed bilayers, free in the bulk solution. To evaluate CT binding to biomimetic particles adsorption isotherms were calculated from the dosage of unbound protein remaining in the supernatant. Specific binding of CT in the presence of PC and GM1 bilayer was 67% mass of total protein added, indicating a positive binding between receptor and ligand. Stoichiometry revealed that the molar proportion PC: GM1: CT is 300: 5: 1 respectively. The proportion of 1 CT: 5 GM1 is in good agreement with data in the literature where X-ray diffraction tests show the 3-dimensional structure of the CTB5 pentamer bound to five units of the pentasaccharide GM1.

The thesis Legal Aspects of Withdrawal from the EU is divided into two parts. The theoretical part sums up the legislation of the withdrawal according to article 5O of the Lisbon Treaty. There is also an example of withdrawal from the EU before the article 50 has been even applied. The section dedicated to the practical results attained from the research was completed by analysing existing preferential agreements, which the UK has owing to EU, as any other member state. Then the same analysis has been carried out with existing preferential agreements, that the UK concluded with third countries. There has been done a forecast of the trade balance and its effect on GDP for the next two years according to the prediction of the Bank of England.