This thesis is aimed to empirically investigate the performance impact of frequent acquisitions as an aggressive merger and acquisition (M&A) strategy for an acquiring firm. In literature related to the study of M&A, a common question is whether acquisitions improve the performance of acquirers. Neither theoretical nor empirical studies have a clear view on the performance effect of M&A. Some argue positively and some are opposite. Although existing research are mixed for their arguments, a takeover is commonly perceived as a shock to the firm with a constant effect on changing business performance. This static perception of M&A creates a difficulty in explaining why firms acquire others when the performance effect is negative. To address the issue, this thesis examines the M&A effect dynamically with taking into account the role of merger frequency in affecting performance. On the basis of a large sample that consists of about 14,000 acquisitions from more than 100 countries over last 12 years, the thesis finds that the investors perceive a lower value if the acquiring firm is involved in frequent mergers. This is because more mergers are expected to attract considerable amount of management attention away from profitable activities in order to digest the challenges of new business integration at least in the short run. This “digesting constraint” argument is evident by our estimations. Firm becomes less profitable in the short run after a merger shock, and this adverse effect can be more severe if the firm is involved in more frequent mergers. Evidence of the thesis further show that, the effect of merger shocks is not static and persistent, and it changes with time. The shock affects adversely profitability in the short run, usually lasting a couple of years, and then the negative effect on performance could be turned either oppositely if the firm digests the shock successfully, or otherwise, continuously but diminishing over time if the digestion takes longer such as for frequent acquisition. This finding implies that the pace of firm resilience to a merger shock can be affected by its merger strategies. The pace can be slow if the firm pursues frequent mergers aggressively. The performance effect of a merger shock is dynamic and changes with time. The dynamic view for merger shocks from this study opens a new vision for literature in merger studies. Overall the market expectation to a merger effect on changing firm performance is quite consistently related to what has actually happened to the firm after the merger shock.

Title: Customer behavior and brand preferences in a snowboard shop Objectives: The main aim of this thesis is to find out what are customers during their purchase of winter sports clothes and equipment influenced by and what are their decisions based on. Another task is revealing what brands in the Snowboardel shop belong to the most known and preferred ones. Methods: In this thesis there is used the method of iterrogation and the method of analysis. The iterrogative method was used to collect the information essential for the research. Afterwards were these information analysed to find out the internal relations and its causes. Results: The research revealed that customers are during their purchase mainly influenced by the quality, design and price of the winter sports products. They also usually think their purchase thoroughly out. Among brands the big and well-known world snowboarding brands are usually most known and preferred. Keywords: Customer behavior, brand, winter sports equipment, customer preferences

In mountain lakes, which were affected by acidification in the past or in the present, invertebrate species have become top predators and they influence the whole community. This thesis deals with foraging strategies of three of these predators, Cyclops abyssorum and Heterocope saliens (Crustacea: Copepoda) and Glaenocorisa propinqua (Insecta: Heteroptera) in the model localities Černé lake, Plešné lake and Prášilské lake. The main aim was the determination of food composition and food preferences of these predators. The quality and quantity of consumed food I investigated with a microscope using a method which has not been published yet. To make a microscope preparation I used Potassium hydroxide or Lactic acid in order to dissolve soft organic matter, so that the chitinous particles were well visible. The found food of animal origin was subsequently compared with the prey availability with the use of Jacobs' index. In addition to this research, a feeding experiment with G. propinqua was carried out. The food of all the invertebrate predators was dependent on food availability or eventually on the season of the year. G. propinqua mostly preferred as a prey members of Daphniidae family and then the species Polyphemus pediculus (Cladocera), if they were available (Prášilské lake). In Plešné lake,...

Title: Accuracy in throwing on the vertical target depending on combination of crossed and identical hand - eye laterality in selected population of FTVS students. Objectives: The aim of this study is determination of any disparity in success rate and darts distribution among selected strongly right-handed and left- handed population of male and female students of FTVS in throwing on the vertically positioned target. Methods: The main research method was used descriptive association method. A total of 60 individuals were enrolled in the study. We used Musalek's test battery (2013) containing questionnaire part, preferential tasks and proficiency tests to define particular sidedness of individual probands. Further a specific task of the throw at the target was employed. For data analysis we used descriptive statistics methods, chi-squared test goodness of fit, analysis of variance, tetrachoric correlation and level of substantive significance expressed by Cohen's d. Results: The results indicated that left-handed individuals did not show a significantly better accuracy in throwing at the vertically positioned target compared with right-handed individuals. It seems that gender is an important factor that affects the level of accuracy in the throws on target because male showed significantly better...

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This thesis deals with the relationship between media coverage of political parties and election results. Specifically, it focuses on four political parties (TOP 09, Věci veřejné, KDU- ČSL and Strana zelených) in the period of nine months before the parliamentary elections in May 2010. The two established political parties were not successful in these elections (KDU- ČSL and Strana zelených), the other two parties were. Using quantitative content analysis of media content this work examines media coverage of these four parties in nationwide television, radio and print media. The thesis compares differences between media presentations of the parties with the evolution of political preferences of the parties. As a source, monthly data acquired by two public opinion research agencies - CVVM and Median - was used. Even more important to answer the research questions was to compare the media presentation of the parties with their final election results. The thesis assumes that the form of media presentation of the parties is one of the factors that affects their voters' support. Based on the data found this thesis tries to find out trends and patterns guiding the relationship between media space which parties achieved, the development of their electoral preferences and the final election results.

The present work aims to familiarize students with current representatives of naked snails. In the Czech Republic there are five families of naked snails (Agriolimacidae, Arionidae, Boettgerillidae, Limacidae and Milacidae) and all their representatives are characterized by the loss of a secondary shell. Working closely represents ten of them. Part of the work is simplified determination dichotomous key and atlas. Basis of the thesis is a proposal of nine laboratory exercises, observations and experiments that pose naked snails from many angles, from basic observation of the external morphology through the food demands and sensory perception until after the autopsy. Tasks are designed for use in high school; Simplified variant may serve základoškolským hours practically oriented science. Some of the presented tasks (monitoring food preferences, sensory perception and response to stimuli) can be extended to a project day or protracted class of biologically oriented project. All designed tasks were tested. The most important model species of this thesis is the Spanish slug (Arion vulgaris (Moquin-Tandon, 1855)). It is a Czech non-native, invasive representative of the family Arionidae. Thanks laboratory exercises contained in the work of pupils, it is possible that the snail introduce in detail and...

i Charles University Faculty of Social Sciences Institute of Economic Studies MASTER'S THESIS Are Sharks Worth More Alive Than Dead? A Stated Preference Study on Shark Ecotourism in Costa Rica. Author: Bc. Alicia Maria Berrios Supervisor: Mgr. Milan Ščasný PhD. Academic Year: 2016/2017 ii Declaration of Authorship The author hereby declares that he compiled this thesis independently; using only the listed resources and literature, and the thesis has not been used to obtain a different or the same degree. The author grants to Charles University permission to reproduce and to distribute copies of this thesis document in whole or in part. Prague, January 01st , 2017 Signature iii Acknowledgments With boundless appreciation, I would like to extend my gratitude to Mgr. Milan Ščasný PhD., for his incredible support in writing this research. He spent a countless number of hours on this thesis work, and ultimately, this research wouldn't have been possible without him. I would also like to express my gratitude to Carlos Avila, for his generosity in helping me conduct the in-person interviews. I would also like to express my gratitude to Prof. Melville Saayman, who helped tremendously in the experimental design of this work. Thank you to Mgr. Martin Kryl for programming the survey instrument. Lastly, I would like to...

The Emission Trading Scheme for green house gases is a key tool of European climate protection. Including the road transport sector might be a promising strategy to limit its CO2 emissions. This could be realized within a common market (trans-sectoral trading permitted) or separated markets (trans-sectoral trading not permitted). Starting from different assumptions on emission reduction objectives, the impact of both options is analyzed using a quantitative model. Although an emission trading scheme is ecologically effective regardless of the trading model, it turns out that CO2 emissions and emission allowance prices differ strongly between both design options due to sector specific price elasticities of allowance demand. (authors' abstract)

Doctor of Philosophy / Department of Human Nutrition / Edgar Chambers IV / Preference mapping is a method that provides product development directions for developers to see a whole picture of products, liking and relevant descriptors in a target market. Many statistical methods and commercial statistical software programs offering preference mapping analyses are available to researchers. Because of numerous available options, there are two questions addressed in this research that most scientists must answer before choosing a method of analysis: 1) are the different methods providing the same interpretation, co-ordinate values and object orientation; and 2) which method and program should be used with the data provided? This research used data from paint, milk and fragrance studies, representing complexity from lesser to higher. The techniques used are principal component analysis, multidimensional preference map (MDPREF), modified preference map (PREFMAP), canonical variate analysis, generalized procrustes analysis and partial least square regression utilizing statistical software programs of SAS, Unscrambler, Senstools and XLSTAT. Moreover, the homogeneousness of consumer data were investigated through hierarchical cluster analysis (McQuitty’s similarity analysis, median, single linkage, complete linkage, average linkage, and Ward’s method), partitional algorithm (k-means method), nonparametric method versus four manual clustering groups (strict, strict-liking-only, loose, loose-liking-only segments). The manual clusters were extracted according to the most frequently rated highest for best liked and least liked products on hedonic ratings. Furthermore, impacts of plotting preference maps for individual clusters were explored with and without the use of an overall mean liking vector. Results illustrated various statistical software programs were not similar in their oriented and co-ordinate values, even when using the same preference method. Also, if data were not highly homogenous, interpretation could be different. Most computer cluster analyses did not segment consumers relevant to their preferences and did not yield as homogenous clusters as manual clustering. The interpretation of preference maps created by the highest homogeneous clusters had little improvement when applied to complicated data. Researchers should look at key findings from univariate data in descriptive sensory studies to obtain accurate interpretations and suggestions from the maps, especially for external preference mapping. When researchers make recommendations based on an external map alone for complicated data, preference maps may be overused.