DISSERTATION - Abstract in English Three Essays on Electricity Markets Author: PhDr. Petra Luňáčková Academic Year: 2017/2018 This thesis consists of three papers that share the main theme - energy. The articles introduce characteristics and behavior of electricity focusing on its unique properties. The dissertation aims at the Czech electricity market and analyzes also highly discussed solar power plants. The first article studies long term memory properties of electricity spot prices through the detrended fluctuation analysis, as electricity prices are dominated by cycles. We conclude that Czech electricity prices are strongly mean reverting yet non-stationary. The second part of the dissertation investigates possible asymmetry in the gas - oil prices adjustment. Oil prices determine the price of electricity during the times of peak demand, as the reaction of power plants fueled by oil is quick but marginal costs are high. We chose the gasoline - crude oil relationship known as "rockets and feathers" effect and offer two new tests to analyze such type of relationship as we believe that error correction model is not the most suitable tool. Analyzing international dataset we do not find statistically significant asymmetry. The third study assesses the impact of renewable energy sources, solar plants in...

01 Abstract Foreign exchange reserves are a useful tool and a buffer but maintaining an amount that is too large can be costly to the economy. Recent accumulation of these reserves points to the importance of this topic. This thesis focuses on one specific part of the effect of FX reserves on the economy - the inflation. I use panel data for 74 countries from the year 1996 to the year 2017. There is a certain degree of model uncertainty for which this thesis accounts for by using Bayesian model averaging (BMA) estimation technique. The findings from my model averaging estimations show FX reserves to not be of importance for inflation determination with close to no change when altering lags, variables, when limiting the sample to fixed FX regimes nor when limiting the sample to inflation targeting regimes. The most important variables are estimated to be a central bank financial strength proxy, exchange rate depreciation, money supply, inflation targeting, and capital account openness. These results are robust to lag changes, prior changes, and for the most part remain the same when Pooled OLS is used.

The subject of the diploma thesis is to establish safe harbours for management fees. Safe harbours as a transfer pricing scheme are based on the Transfer Prices Guide-lines for Multinational Enterprises and Tax Authorities from 2017. This scheme entails simplification for businesses, which should reduce the burden on businesses in the production of transfer pricing. The work mainly focuses on setting safe harbours for a fairly controversial area of management fees and the safe harbours are based on setting the usual market margins for selected management services.

This master thesis introduces the origins of the Alfréd Radok Awards Foundation and briefly explains evolution of the contest the Foundation has run for the past twenty two years. It focuses mainly on the Alfréd Radok Awards Drama Contest which introduced the best original and unperformed Czech or Slovakian plays.

Desinfektionsmittel sind ein elementarer Bestandteil der Tierseuchenbekämpfung und damit auch der Lebensmittelsicherheit. Die Prüfung chemischer Desinfektionsmittel ist Voraussetzung für deren zuverlässige Wirksamkeit und zielgerichteten Einsatz. In Deutschland geschieht dies nach den Richtlinien der Deutschen Veterinärmedizinischen Gesellschaft e.V. (DVG). Seit der ersten Fassung sind die Richtlinien einem ständigen Anpassungsprozess unterworfen. Im Zuge der europäischen Harmonisierung gilt es nun, sich gesamteuropäischen Richtlinien, verfasst durch das europäische Komitee für Normung (Comité Européen de Normalisation) (CEN) anzupassen. Das Thema dieser Arbeit entwickelte sich im Kontext der derzeitigen Diskussion über Verbesserungsvorschläge zu den bestehenden Richtlinien und deren Anpassung an die europäischen Normen. Es wurden je zwei Testviren für die Bereiche Tierhaltung und tierärztliche Praxis ausgewählt, um sie auf Eignung für die Viruzidieprüfung zu testen und gegebenenfalls zu etablieren. Des Weiteren wurde in einem zweiten Teil, in Anlehnung an die Forderungen der europäischen Normen die Prüfung zu vereinfachen, ein alternatives Zellkulturnachweissystem für das Newcastle-Disease-Virus (NDV) geprüft. Die Prüfung der viruziden Wirksamkeit erfolgte mit fünf verschiedenen Grundsubstanzen, gewählt um ein möglichst breites Spektrum an Desinfektionsmittelwirkstoffen abzudecken. Es wurden Glutaraldehyd, Ethanol, Natronlauge, Natriumhypochlorit und Peressigsäure verwendet. Die Versuche wurden mit einer niedrigen Eiweißbelastung und bei einer Temperatur von 20°C durchgeführt. Um eine praxisnahe Situation zu simulieren wurde auf, bereits in den DVG-Richtlinien, verankerten Stahl- und Holzkeimträgertests zurückgegriffen. Als mögliche Prüfviren für die Tierhaltung wurden das Equine Arteritis-Virus (EAV) und das Bovine Virus Diarrhoe Virus verwendet. Bei beiden Viren handelt es sich um weit verbreitete Tierseuchenerreger mit einer großen epidemiologischen Bedeutung. Die Untersuchung von fünf verschiedenen Desinfektionsmitteln erfolgte im Keimträgertest auf Holz. Sowohl EAV als auch BVD stellen ein weniger geeignetes Prüfvirus dar, da beide Viren enorme Titerverluste im Trocknungsvorgang der Holzkeimträger zeigten. Die Viren ließen sich zwar leicht vermehren, aber die erzielten Ausgangstiter reichten nicht aus um die Trocknungsverluste zu kompensieren und aussagekräftige Ergebnisse zu produzieren. Für den Bereich tierärztliche Praxis wurden das Feline Coronavirus (FCoV) und das Murine Parvovirus (MPV) genutzt. FCoV ist ein weltweit in Hauskatzenpopulationen vorkommendes Virus mit einer hohen Seroprävalenz und wurde daher ausgewählt. MPV wurde als Stellvertreter für die, in der Praxis häufig vorkommenden Parvovirusinfektionen gewählt. Es schien ein ideales Modellvirus aufgrund seiner weiten Verbreitung in der Forschung zu sein. Bei beiden Viren erfolgte die Prüfung auf Stahlkeimträgern. Unter Laborbedingungen konnte FCoV ohne Probleme zu hohen Titern vermehrt werden. Es gab keine nennenswerten Trocknungsverluste. FCoV erwies sich als geeignetes Prüfvirus. MPV hingegen ist bedingt durch die langen Versuchszeiten und schwierig auszuwertenden Zellkulturen, sowie wegen der niedrigen Ausgangstiter weniger geeignet als Modellvirus für die Desinfektionsmittelprüfung. Die Anzucht von NDV in Allantoisflüssigkeit von SPF Hühnereiern erschien sehr aufwendig und mit hohem Eiweißfehler belastet. In den Versuchen konnte ein deutlich höherer Eiweißgehalt als in den vergleichend geprüften, in Zellkultur angezogenen Viren nachgewiesen werden. Infolge der Probleme mit der Kultivierung der LMH-Zelllinie und den damit verbundenen langen Wartezeiten bis zur eigentlichen Versuchsdurchführung kann nur eine teilweise Empfehlung, von auf Zellkultur vermehrtem NDV (NDV (ZK)) gegeben werden. Nach Behebung dieser Probleme ist durchaus eine Ablösung, von in Allantoisflüssigkeit angezüchtetem NDV durch NDV (ZK) zu empfehlen. Die Verfälschung der Ergebnisse durch die höheren Eiweißgehalte bei Desinfektionsmitteln mit deutlichem Eiweißfehler könnten so vermieden werden.

I study, develop and implement selected interest rate models. I begin with a simple categorization of interest rate models and with an explanation why interest rate models are useful. I explain and discuss the notion of arbitrage. I use Oldrich Vasicek's seminal model (Vasicek; 1977) to develop the idea of no-arbitrage term structure modeling. I introduce both the partial di erential equation and the risk-neutral approach to zero-coupon bond pricing. I briefly comment on affine term structure models, a general equilibrium term structure model, and HJM framework. I present the Czech Treasury yield curve estimates at a daily frequency from 1999 to the present. I use the parsimonious Nelson-Siegel model (Nelson and Siegel; 1987), for which I suggest a parameter restriction that avoids abrupt changes in parameter estimates and thus allows for the economic interpretation of the model to hold. The Nelson-Siegel model is shown to fit the Czech bond price data well without being over-parameterized. Thus, the model provides an accurate and consistent picture of the Czech Treasury yield curve evolution. The estimated parameters can be used to calculate spot rates and hence par rates, forward rates or discount function for practically any maturity. To my knowledge, consistent time series of spot rates are not available for the Czech economy. I introduce two estimation techniques of the short-rate process. I begin with the maximum likelihood estimator of a square root diff usion. A square root di usion serves as the short rate process in the famous CIR model (Cox, Ingersoll and Ross; 1985b). I develop and analyze two Matlab implementations of the estimation routine and test them on a three-month PRIBOR time series. A square root diff usion is a restricted version of, so called, CKLS di ffusion (Chan, Karolyi, Longsta and Sanders; 1992). I use the CKLS short-rate process to introduce the General Method of Moments as the second estimation technique. I discuss the numerical implementation of this method. I show the importance of the estimator of the GMM weighting matrix and question the famous empirical result about the volatility speci cation of the short-rate process. Finally, I develop a novel yield curve model, which is based on principal component analysis and nonlinear stochastic di erential equations. The model, which is not a no-arbitrage model, can be used in areas, where quantification of interest rate dynamics is needed. Examples, of such areas, are interest rate risk management, or the pro tability and risk evaluation of interest rate contingent claims, or di erent investment strategies. The model is validated by Monte Carlo simulations.

This diploma thesis focuses on providing complete characteristics of European electroenergetic industry by sample of 28 most important companies from 28 countries. Analyzing these companies, their financial results and relations to surroundings during terms from 2001 to 2010 is made by means of financial analysis, then output analysis and statistical analysis to prove relations between companies' financial results and macroeconomic and microeconomic factors. As a result of partial analyses there are several findings, of which the most interesting ones are following. Financial results were getting better during observating period, indebtedness was decreased in spite of low level of indebtedness at the beginning, however companies didn't show high profitability of their capital. Companies from southeastern part of Europe had worse results than the others. By statistical analysis there wasn't observed significant influence of prices of input commodities necessary for electricity production. On the other side the positive connection between domestic product with price index and development of these companies was found significant. During this period the decrease of portion of these companies in electricity production in domestic economies was found with average partial privatization.

1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...

Made available in DSpace on 2016-04-04T18:36:27Z (GMT). No. of bitstreams: 1 Darlene Teixeira 1.pdf: 887858 bytes, checksum: d12dd192a95bec0b4974679938d19eca (MD5) Previous issue date: 2005-08-29 / Pontif?cia Universidade Cat?lica de Campinas / It is known that the effective use of information is closely related to the quality employed for its retrieval and dissemination. Information is a organizational resource needed to identify problems as well as to solve them, and it also must be dealt with specific and measurable characteristics such as gathering, use and life circle methods, presenting different attributes in each phase. It can also be transformed into products that make easier for organizations to reach their goals. Thus, the combination of Information Technology with Communication and Information Science has great influence on the production, management and use of information within organizational processes. The main objective of this research was to identify the ways in which the university managers use the information in the decision making process and in order to achieve it a case study was carried at the PUC-Campinas with information collected from Directors of the University Academic Centres and other documental sources. The results obtained could be used to assist the university managers to analyze information when taking decisions as well to offer management alternatives by means of TI tools which can be found inside the organization itself. Among these results, it may be pointed out that although not effectively use by most of the subjects, the IC tools and scenarios analysis can be normally used by university managers if they get themselves familiar with these techniques specially on continuous monitoring in a way that can be reduced the possibility of being surprised by internal and external changes. / Sabe-se que o uso efetivo da informa??o est? intimamente ligado ? qualidade que se pode fazer para a sua articula??o, recupera??o e dissemina??o. Necess?ria tanto para ajudar a identificar problemas quanto para solucion?-los, a informa??o torna-se um recurso e como tal deve ser tratada com caracter?sticas especificadas e mensur?veis, como m?todo de coleta, uso, ciclo de vida padr?o, com diferentes atributos em cada est?gio. Pode tamb?m ser transformada em produtos que possibilitam ? organiza??o atingir seus objetivos. Sendo assim, a converg?ncia da tecnologia da informa??o, da comunica??o e da ci?ncia da informa??o afeta a cria??o, gest?o e uso da informa??o dentro dos processos organizacionais. O objetivo geral deste estudo foi identificar as informa??es utilizadas pelos gestores universit?rios nos processos decis?rios e para tal, foi realizado um estudo de caso na PUC-Campinas a partir de question?rios feitos aos Diretores dos Centros da Universidade, dentre outras t?cnicas de coleta de dados. Os resultados obtidos poder?o auxiliar os gestores universit?rios na forma de analisar as informa??es para o processo decis?rio bem como fornecer alternativas de gerenciamento das mesmas atrav?s de ferramentas de TI que podem estar dentro da pr?pria organiza??o. Dentre esses, pode-se destacar que, embora n?o efetivamente ainda utilizadas por todos os gestores, as ferramentas de intelig?ncia competitiva e an?lise de cen?rios podem perfeitamente ser utilizadas pelos gestores universit?rios desde que os mesmos se conscientizem e se familiarizem com a aplica??o das mesmas, especialmente no monitoramento cont?nuo, de forma que possa ser reduzida a probabilidade de serem surpreendidos por mudan?as internas e externas.

Made available in DSpace on 2016-04-04T18:36:34Z (GMT). No. of bitstreams: 1 GIOVANA DELIBERALI MAIMONE.pdf: 1319303 bytes, checksum: a735e1cbf0f8760a46bedbc74dcede0e (MD5) Previous issue date: 2007-12-12 / The activities that include the informational treatment are broadly studied and applied by Information Science, concerning printed documents, conventionally found in libraries and information centers. However, in relation to imagetic material, specifically the artistic-pictorial works (paintings) situated in different places, there is little literature about the theme, in spite of communicative and documentary importance these materials can offer. Considering image as a source of information and as an element that can be analyzed and represented, the conceptual framework of the area concerning this theme is presented, intending to identify methodologies of informational treatment, specific of this kind of document. In this perspective, with the purpose of evidencing the state of art in Paulista scene, four representative art institutions of the state of S?o Paulo are observed. Analysis and proposals are elaborated in order to adjust the methodologies found in literatures of the area to the national context, taking into account the economic and the social limits. Two essays with two representative works of the studied museums are made to demonstrate the possibility of appliance of the proposals. Finally, the considerations about the theme reveal the situation of documentary backwardness of Brazil in relation to the developed countries, making the position of museums and painting collection galleries clear in relation to the public: the contemplation. On the other hand, this search demonstrates real possibility of changing this framework, through the application of suggested proposals, expressing worries about the generation of knowledge to the user. This research utilized the inductive method, starting of data observer specifically in each museum with the intent of a general reality. / As atividades que compreendem o tratamento informacional s?o amplamente estudadas e aplicadas pela Ci?ncia da Informa??o no que diz respeito aos documentos impressos, convencionalmente encontrados em bibliotecas e centros de informa??o. Por?m, em rela??o aos materiais imag?ticos, especificamente as obras art?stico-pict?ricas (pinturas) situadas em ambientes diferenciados encontram-se escassas literaturas, apesar da import?ncia comunicativa e document?ria que estes materiais podem oferecer. Partindo da concep??o da imagem como fonte de informa??o e elemento pass?vel de ser analisado e representado, apresenta-se o quadro conceitual da ?rea no que concerne a esta tem?tica, intentando identificar metodologias de tratamento informacional espec?ficas desta tipologia de documento. Nesta perspectiva, com o prop?sito de evidenciar o estado da arte em cen?rio paulista, recorre-se ? observa??o de quatro institui??es de arte representativas do estado de S?o Paulo. An?lises e propostas s?o elaboradas a fim de adequar as metodologias encontradas na literatura da ?rea ao contexto nacional, considerando os limites econ?micos e sociais. Para demonstrar a possibilidade de aplica??o destas propostas, s?o realizados dois ensaios com duas obras representativas dos museus estudados. Por fim, as considera??es revelam a situa??o de atraso document?rio do Brasil em rela??o aos pa?ses desenvolvidos, tornando clara a posi??o dos museus e pinacotecas em rela??o ao p?blico: a contempla??o. Em contrapartida, esta pesquisa demonstra clara possibilidade de modifica??o deste quadro, atrav?s da aplica??o das propostas sugeridas, manifestando preocupa??es quanto ? gera??o de conhecimentos para o usu?rio. Utilizou-se para esta pesquisa o m?todo indutivo, partindo-se de dados observados especificamente em cada museu com o intuito de se chegar a uma realidade gen?rica.