Práce odhaluje stěžejní faktory, jež stojí za úspěšnou aktivitou společnosti ABradio, a. s, která provozuje (kromě jiných činností) veliké množství rádiových stanic po internetu. Zároveň zjišťuje vnitřní i vnější negativní prvky ovlivňující podnik. Stručně se zabývá i konkurencí firmy na čekém trhu. V závěru je navržen postup na odstranění úzkých míst s cílem přispět k lepším výsledkům organizace a způsobu její činnosti uvnitř i navenek.

Cílem mé práce byla analýza právního rámce pro zveřejňování účetních údajů se zaměřením na povinnosti podnikatelských subjektů. Dostupnost veřejných informací pro běžného uživatele a možnosti využití těchto informací pro rozhodování v oblasti nákupu cenných papírů.

Kam, Kwok Hung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 100-103). / Abstracts in English and Chinese. / Abstract Page --- p.11 / Abstract (Chinese) --- p.12 / Acknowledgment Page --- p.13 / Table of Contents --- p.1 / Table of Figures --- p.1 / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Background --- p.1 / Chapter 1.2 --- Utility and Value Function --- p.5 / Chapter 1.2.1 --- Expected utility theory --- p.5 / Chapter 1.2.2 --- Prospect Theory --- p.9 / Chapter 1.3 --- Mental Accounting --- p.14 / Chapter 1.3.1 --- Segregation vs Aggregation --- p.17 / Chapter 2 --- Moving reference point with loss aversion --- p.21 / Chapter 2.1 --- Model Setup --- p.21 / Chapter 2.2 --- Simulation Results --- p.27 / Chapter 3 --- Constant Rebalancing Portfolio with Additive Utility --- p.30 / Chapter 3.1 --- Model setting --- p.31 / Chapter 3.1.1 --- Additive Utility Theory (AUT) --- p.33 / Chapter 3.2 --- Analysis --- p.34 / Chapter 3.3 --- Results --- p.35 / Chapter 3.4 --- Summary --- p.38 / Chapter 4 --- Revision of Gomes´ة Work --- p.40 / Chapter 4.1 --- Background --- p.40 / Chapter 4.2 --- Portfolio Allocation with zero surplus wealth --- p.44 / Chapter 4.3 --- Portfolio Allocation with Negative Surplus --- p.46 / Chapter 4.4 --- Portfolio Allocation with Positive Surplus --- p.50 / Chapter 4.5 --- Numerical Results --- p.51 / Chapter 4.5.1 --- Gomes´ة Work --- p.56 / Chapter 4.6 --- Summary --- p.57 / Chapter 5 --- Mental Accounting under Value Function in the Prospect Theory --- p.59 / Chapter 5.1 --- Cognitive dissonance --- p.59 / Chapter 5.2 --- Market Setting --- p.60 / Chapter 5.3 --- Single Mental Account --- p.61 / Chapter 5.4 --- Two Mental Accounts --- p.63 / Chapter 5.5 --- Numerical results --- p.67 / Chapter 5.5.1 --- Pessimistic View --- p.71 / Chapter 5.6 --- Summary --- p.72 / Chapter 6 --- Mental Accounting under Friedman-Savage Value Function --- p.74 / Chapter 6.1 --- Two Assets with Single mental account --- p.76 / Chapter 6.1.1 --- Different Sharpe ratios --- p.78 / Chapter 6.1.2 --- Same Sharpe ratio --- p.82 / Chapter 6.2 --- Two Assets with two mental accounts --- p.85 / Chapter 6.2.1 --- Segregation or Aggregation --- p.86 / Chapter 6.2.2 --- Numerical results --- p.90 / Chapter 6.3 --- Summary --- p.93 / Chapter 7 --- Conclusion --- p.96 / Bibliography --- p.100

Jiang, Kening. / "August 2011." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (p. 90-93). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Portfolio Selection Using Clustering Methodology --- p.7 / Chapter 2.1 --- Heuristic algorithm --- p.8 / Chapter 2.1.1 --- Step 1: Security transformation by factor model --- p.8 / Chapter 2.1.2 --- Step 2: Clustering algorithm --- p.10 / Chapter 2.1.3 --- Step 3: Representative selection by t he Sliarpe ratio --- p.16 / Chapter 2.2 --- Numerical results --- p.17 / Chapter 3 --- Modified Portfolio Selection Using Clustering Methodology --- p.22 / Chapter 3.1 --- Analysis of artificial factors --- p.23 / Chapter 3.2 --- Problem reformulation --- p.27 / Chapter 3.3 --- Numerical results --- p.29 / Chapter 4 --- Minimum Variance Point --- p.70 / Chapter 4.1 --- Iterative elimination scheme I --- p.72 / Chapter 4.2 --- Iterative elimination scheme II --- p.74 / Chapter 4.3 --- Orthogonal matrix mapping --- p.76 / Chapter 4.4 --- Condition to solve diagonal dominant problem --- p.77 / Chapter 4.5 --- L1 formulation --- p.82 / Chapter 4.6 --- Numerical results --- p.85 / Chapter 5 --- Summary and Future work --- p.88

Os principais conceitos de gerenciamento de portfolio de projetos, ou simplesmente PPM (Project Portfolio Management), desenvolveram-se a partir da evolução das práticas de gerenciamento de projetos e desenvolvimento de produtos. O trabalho traz uma revisão da literatura nessa área, com o levantamento dos principais modelos de PPM e uma análise crítica para a construção do quadro teórico. Depois de pouco mais de 40 anos de estudos, ainda são poucos os modelos portfolio específicos da área de projetos. Foram identificados e analisados cinco modelos. No Brasil, o desenvolvimento deste tema ainda é emergente, dado que os primeiros estudos foram realizados no início da década de 90 e vêm se tornando mais freqüentes na década atual. Apesar do desenvolvimento acadêmico, as técnicas de PPM são novas para as organizações e seus resultados não foram empiricamente testados. Neste estudo, foi realizado um levantamento exploratório com 31 respondentes de diferentes organizações e quatro estudos de caso com empresas de diferentes segmentos, em diferentes estágios de PPM, com o objetivo de identificar as principais práticas de PPM adotadas, o estágio de implementação e a relação entre as práticas e os resultados obtidos. Os principais resultados deste estudo indicam que o PPM ainda é pouco presente nas organizações e, quando é, não apresenta medidas claras dos resultados obtidos com este processo. A falta do PPM pode ser um dos fatores que dificultam a implementação adequada das ações estratégicas definidas pelos executivos. O desdobramento das ações estratégicas em projetos e a delegação da responsabilidade pela execução dos projetos aos níveis inferiores, de forma desestruturada, promovem conflitos desnecessários, com perda de energia da organização.Já a falta de medição dos resultados obtidos dificulta a implementação das práticas de PPM nas organizações, pois não dá segurança aos executivos de que os recursos aplicados em PPM trarão benefícios à organização. / The main concepts of project portfolio management, or just PPM, have been developed based on the evolution of project management and product development practices. This work shows a literature review on this area, with a survey on the main PPM models as well as a critical analysis to build a theoretical frame. After 40 years of studies, there are few portfolio models specific to the project management area. This work has identified and evaluated five models. In Brazil, the development of this theme is emergent, beginning on the 90\'s and growing fast in the current decade. Although their academic development, the PPM techniques are new for most of the companies and their results were not empirically tested. This study demonstrates an exploratory survey with 31 executives from different organizations and four case studies with companies from different segments, in different stages of PPM. Its objective was to identify the main PPM practices adopted, its implementation stage and the relations between those practices and the obtained benefits. The main research results propose that PPM is still rarely present on the organizations and, when it appears, there is no clear measure of obtained results. The PPM absence may be one of the factors to hamper the correct implementation of strategic actions defined by the executive team. The unfolding of the strategic actions into projects and the structureless delegation of implementation responsibility to mid-level managers creates unnecessary conflicts, with loss of organization\'s energy. On the other hand, the absence of measurement hampers the PPM practices implementation because there is no evidence to executives of PPM benefits to the organization.

This study examines the performance of recently introduced passively-managed exchange-traded hedged funds (HETFs). Using data that cover the period 2008 to 2017 of all available HETFs under global macro and long-short classifications with sufficient number of observations, the study provides the most complete and update measure and documentation of the performance of these two fund categories. Little research has been done on HETFs' performance in despite of the rapid growth and expected future expansion of their market sizes, since the introduction of HETFs expands for ordinary investors investment opportunity set that were only available to high net wealth individuals and institutions. Using a simple 3-three factor model including equity, bond and volatility factors, it shows long-short HETFs cannot closely follow the returns of their corresponding indexes as global macro HETFs. By using Fung and Hsieh's (2004) 7-factor model, and Edelman, Fung and Hsieh's (2012) revised 8-factor model, significant negative alphas are found for strategy portfolios. The relatively poor performance of the HETFs can be attributed to their high expense ratio and their failure to closely track the benchmark index.

This thesis records a study of major change. The study was designed to reveal and address the implications for teachers of primary mathematics, of moving from test-based assessment to a base built upon a balanced blend of norm-referenced and criteria-based assessments. In developing embedded authentic assessment through a process portfolio model, the teachers looked to change from the assessment of learning to assessment for learning. Consequently, through the efforts of the teachers involved, their students and those students’ parents, the study traced a substantial pedagogical restructure. Based on an interpretative methodology, this study of significant assessment restructure used mainly qualitative approaches to data collection and analysis, supplemented by limited quantitative data. Interviews, participant observer interactions, surveys and joint teacher discussion and planning sessions were effective in mapping the change. Through frequent interaction, participating teachers shared their emerging understandings, along with difficulties and successes in the evolution and implementation of an effective, flexible process portfolio. From the beginning of the evolution, teachers working together to bring about improvements that would lead to students perceiving mathematics as meaningful, engendered a strong feeling of excitement, curiosity and ‘team’. As the change progressed the team identified and met a range of challenges, not the least of which was gaining an understanding of the nature and function of a process portfolio strategy as against the product portfolio which was in use at that time in the study school. The resultant change was not implemented without barriers. / Of prime concern across the group of teachers involved was the perennial problem of finding development time in what were already busy teaching days. However, for the change to be meaningful and lasting, it was imperative that the teachers invested considerable time in assuming ownership through genuine engagement in the evolution of the new concept. The engagement saw teachers experience first-hand the application of constructivist learning theory. It was an approach to learning that was largely unfamiliar to them and one they needed to understand in developing a successful process portfolio model. The study of that learning and the resultant change illustrated that a well-designed process portfolio structure offers widely diverse opportunities for teachers and students to work meaningfully with authentic mathematics. The enthusiastic prolonged engagement on the part of the students, with notable parental support, was deemed by the participant teachers to be suitable reward for the time and effort that they invested over the two years of the study. Following the teachers’ prolonged commitment, the emergent portfolio was shared through an in-house booklet written to encourage other teachers to adopt authentic assessment, Process Portfolios in Primary Mathematics: A Guide. Within the booklet, explanation and illustration of the rationale, form and function of the unique process portfolio model offers starting points for others, should they embark on a similar course of assessment change in search of real student engagement in understanding mathematics. Subsequent sharing of the results of the study with the wider profession through journal articles and conference workshops is to be based on the contents of the guide booklet.

This dissertation consist of three contributions to financial and insurance mathematics. The first part considers numerical methods for dynamic portfolio optimisation in the expected utility model. The aim is to compare the risk-neutral computational approach (RNCA) also known as the martingale approach to stochastic dynamic programming (SDP) in a discrete-time setting. The main idea of the RNCA is to use the completeness and the arbitrage free properties of the market to compute the optimal consumption rules and then determine the trading strategy that finance this optimal consumption. In contrast, SDP solves for the optimal consumption and investment rules simultaneously using backward recursion and the principle of optimality. The setting that we consider is a discrete time and state space lattice. We provide some new theoretical results relating to the Hyperbolic Absolute Risk Aversion class of utility functions as well as propose a straightforward implementation of RNCA in binomial and trinomial lattices. Moreover, instead of discretizing the Hamilton-Jacobi-Bellman equation with possibly more than one state variable, we use symbolic algorithms to implement stochastic dynamic programming. This new approach provides a simpler numerical procedure for computing optimal consumption-investment policies. A comparison of the RNCA with SDP demonstrates the superiority of the RNCA in terms of computation. The second part considers the pricing of contingent claims using an approach developed and applied in applied in insurance. This approach utilize probability distortion functions as the dual of the utility functions used in financial theory. The main idea of the dual theory is to distort the subjective probabilities rather than outcomes to express the investor????????s risk aversion. In the first part, the RNCA for asset allocation uses the same principle as risk-neutral valuation for derivative pricing. The idea of the second part of this research is to show that the risk-neutral valuation can be recovered from the probability distortion function approach, thereby establishing consistency between the insurance and the financial approaches. We prove that pricing contingent claims under the real world probability measure using an appropriate distortion operator produces arbitrage-free prices when the underlying asset prices are log-normal. We investigate cases when the insurance-based approach fails to produce arbitrage-free prices and determine the appropriate distortion operator under more general assumptions than those used in Black-Scholes option pricing. In the third part we introduce dynamic portfolio optimisation with risk measures based on probability distortion function and provide a formal treatment of this class of risk measures. We employ the RNCA to study the consumption-investment problem in discrete time with preferences consistent with Yaari????????s dual (non-expected utility) theory of choice. As an application, we first consider risk measures based on the Proportional Hazard Transform that treats the upside and downside of the risk differently and secondly a risk measure based on the standard Normal cumulative distribution function. When the objective is to maximise a dual utility of wealth, and the underlying security returns are normal, the efficient frontier is found to be the same as in the mean-variance portfolio problem for an equivalent risk tolerance. When the objective is to maximise a dual utility of consumption, then ????????plunging???????????? behaviour occurs ( investing everything is the risky asset). Other properties of the optimal consumption-investment policies in the dual theory are also investigated and discussed.

<p>Arbetet handlar om en ny förordning som kommit till i januari 2006. Förordningen innebär att alla elever i skolåren 1-9 ska ha en individuell utvecklingsplan. Vi har undersökt hur arbetet med förordningen fungerar ute på fyra skolor i södra Halland och hur skolorna arbetat fram sin individuella utvecklingsplan samt hur den används i det vardagliga arbetet. Den viktigaste frågan för oss har varit att ta reda på om lärarna har ansett att arbetet med den individuella utvecklingsplanen tagit tid från undervisningen eller om det är ett hjälpmedel. Vårt resultat visar att de intervjuade lärarna tyckte att från början tog arbetet mycket tid, men efter att ha arbetat med den en tid ser alla lärarna en stor fördel med att alla elever har en individuell utvecklingsplan. Fördelarna lärarna ser är bland annat att det är lättare att individualisera undervisningen, eleven ser sitt eget lärande och vid eventuella skol/lärarbyten så underlättar den individuella utvecklingsplanen övergången.</p>

<p>The purpose of this study was to examine through interviews, how preschool teachers describe educational documentation and how they use this educational tool in their everyday activity. To get an overview of what educational documentation can be, the study takes its startingpoint in the educational movement in Reggio Emila in Italy after the second World War, where educational documentation was an important part of the educational philosophy. The background also gives an overwiev of the policy documents for preschools in Sweden. The study shows that educational documentation run the risk of being confused with or reduced to the children’s folders, where the aim is to describe with a few chosen pictures the child’s growth trough the years in preschool. But this is no educational documentation. The study pointed at the educational factor as an important aspect of how teachers describe their work with educational documentation. Further and recurring education is essential in the dynamic profession of preschool education. Leadership seems to be important, especially for the teachers that has not had any further education. The time for work with educational documentation is described as adequate, but when the question of joint refexion came up, the time was said to be too short. The dialogue that is important for the educational documentation does not take place. ICT, <em>Information and Communication Technology</em>, plays an essential part in today´s work with educational documentation. The access to technical equipment and knowledge how to use it is varying and in need of improvement.</p>