This thesis introduces three variable clustering methods designed in the context of diversified portfolio selection. The motivation is to cluster financial assets in order to identify a small set of assets to approximate the level of diversification of the whole universe of stocks. First, we develop a data-driven approach to variable clustering based on a correlation blockmodel, in which assets in the same cluster have the same correlations with all other assets. Under the correlation blockmodel, the assets in the same cluster are controlled by the same latent factor. In addition, each cluster forms an equivalent class among assets, in the sense that the portfolio consisting of one stock from each cluster will have the same correlation matrix, regardless of the specific stocks chosen. We devise an algorithm named ACC (Asset Clustering through Correlation) to detect the clusters, with theoretical analysis and practical guidance for tuning the parameter for the algorithm. Our second method studies a multi-factor block model, which is a generalization of the correlation blockmodel. Under this multi-factor block model, assets in the same cluster are governed by a set of multiple latent factors, instead of a single factor, as in the correlation blockmodel. Observations of the asset returns lie near a union of low-dimensional subspaces under this model. We propose a subspace clustering method that utilizes square-root LASSO nodewise regression to identify these subspaces and recover the corresponding clusters. Through theoretical analysis, we provide a practical and straightforward guidance for choosing the regularization parameters. Existing subspace clustering methods based on regularized nodewise regression often arbitrarily choose the form of the regularization. The parameter that controls the regularization is also often determined exogenously or by cross-validation.Our third method theoretically unifies the choices of the regularizer and its parameter by formulating a distributionally robust version of nodewise regression. In this new formulation, we optimize the worst-case square loss within a region of distributional uncertainty around the empirical distribution. We show that this formulation naturally leads to a spectral-norm regularized optimization problem. In addition, the parameter that controls the regularization is nothing but the radius of the uncertainty region and can be determined easily based on the degree of uncertainty in the data. We also propose an alternating direction method of multipliers (ADMM) algorithm for efficient implementation. Finally, we design and implement an empirical analysis framework to verify the performance of the three proposed clustering methods. This framework consists of four main steps: clustering, stock selection, asset allocation, and portfolio backtesting. The main idea is to select stocks from each cluster to construct a portfolio and then assess the clustering method by analyzing the portfolio's performance. Using this framework, we can easily compare new clustering methods with existing ones by creating portfolios with the same selection and allocation strategies. We apply this framework to the daily returns of the S&P 500 stock universe. Specifically, we compare portfolios constructed using different clustering methods and asset allocation strategies with the S&P 500 Index benchmark. Portfolios from our proposed clustering methods outperform the benchmark significantly. They also perform favorably compared to other existing clustering algorithms in terms of the risk-adjusted return.

Diploma thesis will be focuses on the processing of steel chips, explanation of general con-cepts, the division of chips according to their origin, their types and examples of some machines that are related to the chip processing system. It will also describe which law to follow when sor-ting waste like this, how to recycle it and how much this topic is connected with the ecological point of view. The second part of the work will be focused on the processing of the aluminium waste from the production of aluminium components. It contains a specific example of the calculation of a proposal to change the treatment of the waste and the return on investment in this change. The reason why to undergo this change is described too and in what way it will be beneficial.

Liquid wastes discharged from industrial outfalls have been researched for many years in the past. Majority of past studies, initiated in 1960s, were experimental studies mainly focused on basics of discharges such as key geometrical properties. Eventually, more robust experimental studies were performed to measure the mixing properties of effluent discharges with various jet configurations and ambient water conditions. Discharges could be as a means of submerged diffusers or surface channels and receiving water could vary from a homogenous calm ambient to a very complex stratified turbulent cross flow ambient. Depending on the bathymetric and economic situation around an outfall project, submerged discharges are preferred designs for most of ocean outfalls. It is the reason that majority of past studies have evaluated the mixing characteristics of submerged jets. Since early 1990s, the numerical modelling has emerged to support complex fluid mechanic problems. Later in 1990s and early in 2000s, the use of computational fluid dynamic (CFD) tools emerged in predicting the jet properties for the effluent discharges. Since then different numerical models have been developed for different applications. Similar to experimental studies, most of numerical studies have been focused on the submerged dense jet discharges. The current study intends to stay focused on the numerical modelling of such jets too; however, to cover the gaps in the literature. To achieve this, a thorough literature review was performed on the past CFD studies of over past 20 years to better understand what was done and what the gaps are. The results of this thorough review revealed that although there has been a great progress in the CFD studies in the field of effluent discharges, there are some applications that have not been investigated before, yet. It was found that there are some discharge inclinations that were not studied numerically before. Four discharge angles of 60°,75°, 80° and 85° were selected in this study, as previous studies mostly focused on 30° and 45°. The higher inclinations are more suitable for deep water outfalls where terminal rise height of the jet does not attach to the ambient water surface. The numerical model OpenFOAM was used in this study which is based on the Finite Volume Method (FVM) applying LRR turbulence model closure. LRR turbulence models was proved to be a capable choice for effluent discharge modelling. The second gap identified in the comprehensive literature review completed was the submerged dense effluent discharge into shallow water with surface attachment (for both inclined and vertical discharges). There was no previous numerical study of such jets identified. Three different regimes were identified: full submergence, plume contact and centerline impingement regimes (i.e. FSR, PCR and CIR). Key geometrical and dilution properties of these jets at surface contact (Xs, Ss) and return point (Xr, Sr) were extracted numerically and compared to those available from experiments. Two discharge angles (30° and 45°) were investigated based on the available experimental data. Five Reynolds-averaged Navier-Stokes (RANS) turbulence models were examined in this study: realizable k-ε and k-ω SST models (known as two-equation turbulence models), v2f (four equations to model anisotropic behavior) and LRR and SSG turbulence models (known as Reynolds stress models - six equations to model anisotropic behavior). Vertical dense effluent discharges are popular in the design of outfall systems. Vertical jets provide the opportunity to be efficient for a range of ambient currents, where the jet will be pushed away not to fall on itself. This research work investigates worst case scenario in terms of mixing and dilution of such jets: vertical dense effluent discharges with no ambient current and in shallow water where jet impacts the surface. This scenario provides a conservative design criteria for such outfall systems. The numerical modelling of such jets has not been studied before and this research work provides novel, though preliminary, insights in simulations of vertical dense effluent discharges in shallow waters. Turbulent vertical discharges with Froude numbers ranging from 9 to 24 were simulated using a Reynolds stress model (RSM), based on the results from inclined dense discharges to characterize the geometrical (i.e., maximum discharge rise Zm and lateral spread Rsp) and dilution μmin properties of such jets. Three flow regimes were reproduced numerically, based on the experimental data: deep, intermediate and impinging flow regimes.

This master’s thesis deals with problematics of portfolio theory, which helps to create optimal portfolios for the selected investment company. Portfolios consist of shares, which are traded on New York Stock Exchange and which include a historical value at least for two years. There are two ways of creating portfolios. The first way is the portfolio with minimal risk and no required return and the second way is the portfolio with minimal risk and required return. In this thesis are used mathematical methods, which include a linear algebra, an optimization and a statistics.

This thesis deals with the influence of changes in the surrounding of development project area on its return. This is done in the form of defining the main areas of environmental change. These are based on exploration of the possibilities of urban development, the development process and the methods of its evaluation. From them, possible scenarios are put together, determined their predictability, identified aspects that can affect them and the stages of the process when they can occur. These scenarios are eventually verified on specific projects.

This thesis is focused on renewable energy sources, which are currently and increasingly used. Primarily for passive and low-energy houses. The principles that apply to heat pumps and solar collectors with thermal storage, which are suitable for new or older buildings, are described in detail. The thesis analyzes the thermal properties of the object under consideration and the proposed heat pump with its calculation and determination of the payback period of the investment in dependence on the analysis of energy price development in the las 10 years.

The thesis project analyses current investment opportunities in the real estate market. It investigates the standard sales through real estate agencies and direct sales from developers; the core focus is however on alternative options of buying properties, such as foreclosure auctions, auctions of financial authorities, purchases of agricultural land, etc. The theoretical part of the work examines the ba-sic terminology and ways of buying properties. The practical part uses the findings and evaluates investment opportunities with regard to their risks, the difficulty of the process of acquiring the property and most importantly the return on investment.

The aim of this Master’s thesis is to analyze the performance of Air Bank a. s. in the period 2012 – 2017 using indicators typical for the banking sector. The results are compared with three selected competing banks. Then from publicly available information assesment is made for the two scenarios of the future development of Air Bank a. s. on the basis of the results of the economic evaluation. In the discussion part the scenarios are evaluated and then deducted the implications of Air Bank a. s. in case of fulfillment of the scenarios. The merger scenario is more advantageous in terms of economic and long-term competitiveness.

Metody, jak získat zpět měřicí vybavení pro průzkum horní atmosféry, jsou v současné době značně omezené. Velmi nízká míra návratnosti vedla k návrhu radiosondy na jedno použití, což nutí mnoho světových meteostanic omezit počet provedených denních měření. Snížení frekvence sondáže pak následně vede ke snížení přesnosti předpovědi počasí. Tato práce otevírá cestu k alternativě v podobě konstrukce návratového modulu, který by měl zajistit řízené vyklesání aerologické sondy a přistání na vhodném místě. Zvolená konstrukce je výsledkem analýzy možných konfigurací, jejichž cílem bylo najít nejoptimálnější variantu pro splnění požadavků mise. Konvenční konfigurace s pevnými křídly je zde sledována zkoumáním jejích základních částí. Zvolené součásti jsou dimenzovány na základě dvou krokových iteračních metod detailně popsaných v této práci. Dále jsou zkoumány základní požadavky na autonomii návratového kluzáku. Je zde navržena koncepce řídicího systému, který by měl vybrat nejvhodnější a dostupné místo pro přistání a navést kluzák k přistání na něm. V neposlední řadě jsou analyzovány a zvažovány možné metody instalace užitečného zatížení a studovány a porovnávány možné systémy odpojení od meteorologického balónu. Popsaný návratový modul by měl ve výsledku umožnit častější provádění měření atmosféry s přesnějšími měřicími zařízeními u kterých bude předpoklad vysoké pravděpodobnosti opakovaného použití. Očekává se, že tento přístup by měl vést ke snížení nákladů na sondáž atmosféry a zároveň zredukovat množství použitého materiálu a produkovaného odpadu.

Bakgrund: Dagligen kan vi läsa om människans överkonsumtion och ohållbara levnadssätt. Det finns ett ökat intresse för hållbara placeringsalternativ bland privatpersoner. Bland den svenska befolkningen sparar 8 av 10 myndiga personer aktivt i värdepapper, varav en tredjedel valde en investering med fokus på hållbarhet under 2020. Efterfrågan och finansiella flöden till hållbara produkter har de senaste åren ökat, varför det ter sig både aktuellt och intressant att undersöka varför det skett. Syfte: Syftet med studien är att undersöka och analysera ett specifikt urval av variabler för att se vilka faktorer som påverkar privatpersoner att investera hållbart eller inte. Metod: En deduktiv ansats har genomsyrat metodarbetet och studien har genomförts med en kvantitativ enkätundersökning som vidare kompletterats med kvalitativa intervjuer. Enkätundersökningen besvarades av 86 respondenter varav 5 respondenter senare valdes ut till intervju. Data har bearbetats med univariata analyser samt bi- och multivariata analyser bestående av 1 beroende variabel, bestämd till “vikten av hållbarhet” som förklarats med hjälp av 18 oberoende variabler. Resultat: Studiens regressionsanalys utmynnade i 5 signifikanta respektive 13 ickesignifikanta oberoende variabler. De variabler som föreföll signifikanta på lägst signifikansnivå blev social påverkan följt av överavkastning i förhållande till hållbarhet. Slutsats: Analysen av resultatet gav indikationer på att avkastning inte behöver var en motsättning till hållbarhet, samtidigt som de som väljer att inte beakta hållbarhet är av denna åsikt. Hållbara investeringar görs i högre grad, trots att investeraren har ett lägre förtroende för hållbarhetsrapportering / Background: We can daily read about human overconsumption and unsustainable lifestyles. An increased interest in sustainable investment alternatives has been seen among private investors. Among the Swedish population, 8 out of 10 adults actively save in securities, of which a third chose an investment with a focus on sustainability in 2020. The demand for sustainable products has increased in recent years, which also seems current and interesting to examine why it has happened.  Purpose: The purpose of the study is to examine and analyse a specific selection of variables to see which factors influence individuals to invest sustainably or not.  Methodology: A deductive approach has permeated the methodological work and the study has been carried out with a quantitative survey which is further supplemented with qualitative interviews. The questionnaire was answered by 86 respondents, of which 5 were later selected for an interview. A regression analysis was pursued consisting of 1 dependent variable, “importance of sustainability”, which was explained using 18 independent variables.  Results: The study's regression analysis resulted in 5 significant and 13 non-significant independent variables, respectively, where the most significant variables were social impact followed by excess return in relation to sustainability.  Conclusion: The analysis of our findings indicate that financial return does not have to be a contradiction to sustainability, as well as those who do not value sustainability values the financial return. Sustainable investments are being made, even though the credibility for the sustainability reports is somewhat low.