Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The terms efficiency and effectiveness cause much controversy within the perspective of management. Merely to understand the concepts of efficiency or effectiveness separately is not enough. This is because both are closely related, and in many cases it is possible to establish relations of cause and effect between them. This discussion can be analyzed from the perspective of agricultural activities in Brazil, a sector that has relevance in the Brazilian context and in which the discussions between efficiency and effectiveness are incipient. From this, the aim of this study was to analyze the performance of the Brazilian agricultural activity through the application of models of efficiency and effectiveness in the cities and regions of Brazil through the use of a data panel in the decades of 1990 and 2000. In this sense, the division was made in three stages. The first is exploratory, the second stage aims at analyzing models of efficiency and effectiveness in the Brazilian agricultural activities at two different time periods, using the DEA for efficiency and the analysis of indices for effectiveness, both models were applied in Brazilian municipalities. The third and final stage of this study was to determine whether the results of efficiency and effectiveness are related, based on the premise of checking if the efficiency was related to effectiveness. Thereafter, a regression analysis was carried out using panel data to statistically verify if this relation was corroborated or refuted. Thus, regarding the agricultural efficiency, it is noteworthy the high levels of agricultural efficiency, especially among the states of São Paulo, Santa Catarina, Goiás, Rio Grande do Sul and Minas Gerais. The most concerning regions regarding the aspect of agricultural efficiency in the periods analyzed are the states of Rio Grande do Norte, Piauí and Tocantins. In relation to the effectiveness aspect, the states of Minas Gerais, Sao Paulo, Espirito Santo, Rio Grande do Sul, Mato Grosso do Sul and Mato Grosso are prominent, highlighting the importance of this activity for the Southeast, South and Midwest regions. The lowest agricultural efficiency values in the analyzed periods are for the states of Rio Grande do Norte, Piauí and Paraíba, reflecting the difficulties of the North and Northeast regions in relation to agricultural efficiency. Finally, the model of panel data analysis supported the hypothesis of the study, demonstrating that the agricultural efficiency is a way to achieve effectiveness in this activity. / Os termos eficiência e eficácia geram muitas controvérsias dentro da ótica da gestão. Apenas compreender a eficiência ou eficácia separadamente não é o suficiente. Isso porque ambos os conceitos estão estreitamente relacionados, sendo possível, em muitos casos, estabelecer relações de causa e efeito. Essa discussão pode ser analisada na ótica da atividade agropecuária no Brasil, setor que possui relevância na realidade brasileira e na qual as discussões entre eficiência e eficácia são incipientes. A partir disso, o objetivo deste estudo consistiu em analisar o desempenho da atividade agropecuária brasileira por meio da aplicação de modelos de eficiência e eficácia nos municípios e regiões do Brasil com a utilização de um painel de dados nas décadas de 1990 e 2000. Neste sentido, foi feita a divisão em três etapas. A primeira delas é de cunho exploratório; a segunda etapa visa analisar modelos de eficiência e eficácia para a agropecuária brasileira em dois períodos distintos de tempo com a utilização da DEA para eficiência e da análise de índices para a eficácia, sendo os dois modelos aplicados nos municípios brasileiros. A terceira e última etapa deste estudo foi verificar se os resultados de eficiência e eficácia estão relacionados, principalmente baseados na premissa de verificar se a eficiência tinha relação com a eficácia. A partir disso, foi realizada uma análise de regressão com dados em painel a fim de verificar estatisticamente se essa relação era corroborada ou refutada. Assim, no que concerne à eficiência agropecuária, há de se destacar os elevados níveis de eficiência agropecuária, principalmente entre os estados de São Paulo, Santa Catarina, Goiás, Rio Grande do Sul e Minas Gerais. As regiões mais preocupantes com relação ao aspecto de eficiência agropecuária nos períodos analisados são os estados do Rio Grande do Norte, Piauí e Tocantins. Referente à eficácia, os estados de destaque são Minas Gerais, São Paulo, Espírito Santo, Rio Grande do Sul, Mato Grosso do Sul e Mato Grosso, evidenciando novamente a importância dessa atividade para as regiões Sudeste, Sul e Centro-Oeste em relação às demais. Os menores valores de eficácia agropecuária nos períodos analisados são os estados do Rio Grande do Norte, Piauí e Paraíba, refletindo as dificuldades das Regiões Norte e Nordeste quanto à eficácia agropecuária. Por último, apresenta-se o modelo de análise de dados em painel que corroborou a hipótese de estudo, demonstrando que a eficiência agropecuária é um caminho para que a eficácia seja alcançada para essa atividade.

Master's thesis deals with the financial analysis of the company Residence Belgická, s.r.o. and its task is to evaluate the financial situation of the company and determine its strengths and weaknesses. The work consists of two parts, the theoretical and the practical. The theoretical part describes and explains the methods used in the practical part. The practical part deals with the presentation and analysis of the company. Work includes analysis of absolute and differential indicators - horizontal and vertical analysis of balance sheet and profit and loss, ratio analysis, including profitability ratios, activity and liquidity analysis using credible and bankruptcy models and finally compares the company with the industry as well as direct competitors regarding to achieved hotel key indicators and indicators of financial analysis.

This master’s thesis analyses the financial situation of the company and formulates proposals for improvement in problem areas. The theoretical part defines basic terms, methods and indicators. The practical part describes the company and evaluates its profit situation and financial stability on the basis of selected methods of financial analysis. Interpretation of the results is the starting point for the design part of the thesis.

This thesis entitled "Financial Analysis" focuses on the theoretical and practical aspects of financial analysis. The goal of the thesis is to assess the financial situation and health of a selected company in period 2008 - 2012 by using chosen elementary methods of financial analysis. The main contribution of my thesis is a description of the financial situation of the company for the last 5 years and formulating proposals for improvements in problem areas of financial management.

This master´s thesis deals with the analysis of the financial situation of the manufacturing company and forms the steps to ensure the improvement in the identified problematic areas of the financial situation of the company. Interpretation of the results of the analysis is the key for making proposals of measures for an improvement in the problematic areas.

A global strategic financial analysis of the luxury retail industry was conducted. The research entailed comprehensive analyses and forecasts of the global economy, the luxury retail industry and four of the most prominent, multi-national luxury goods firms in the world. These companies included: Coach, Michael Kors, Tiffany & Co., and LVMH Moet Hennessy, whom market among the world's finest personal luxury goods from handbags, clothing and accessories to diamonds, jewelry, watches, fragrances, cosmetics and wines. The macroeconomic analysis focused on factors pertinent to the luxury goods industry such as: (1) the lasting effects of the global financial crisis, our gradual emergence from the Great Recession and the impact these conditions have had on consumer spending and confidence; (2) the generational shift of consumers from the retiring baby boomers to the technologically savvy Generation Z and their unique demands for products as well as experiences; and (3) the growth and demand from emerging economies, especially China which is the globe's top luxury nationality accounting for 25% of all luxury purchases worldwide. Comprehensive financial ratio analyses, SWOT assessments, technical trends and forecasts of revenues, earnings and share prices for the four companies, resulted in recommendations to investors and advice to top management of the four firms. Luxury retail is a fascinating, recession resilient industry and it is expected to reach €1 trillion within the next 5 years. However, regardless of how successful firms in this industry have been in the past, to survive and continue to succeed, it is imperative that they remain flexible and adaptable in this ever-changing world.

Thesis (MMus (Music))--University of Stellenbosch, 2005. / In this thesis, an attempt is made to create an aesthetically pleasing musical scale based on the ratio of phi. Precedents for the application of phi in aesthetic fields exist; noteworthy is Le Corbusier’s architectural works, the measurements of which are based on phi. A brief discussion of the unique mathematical properties of phi is given, followed by a discussion of the manifestations of phi in the physical ratios as they appear in animal and plant life. Specific scales which have found an application in art music are discussed, and the properties to which their success is attributable are identified. Consequently, during the design of the phi scale, these characteristics are incorporated. The design of the phi scale is facilitated by the use of the most sophisticated modern computer software in the field of psychacoustics. During the scale’s design process, particular emphasis is placed on the requirement of obtaining maximal sensory consonance. For this reason, an in-depth discussion of the theories regarding consonance perception is undertaken. During this discussion, the reader’s attention is drawn to the difference between musical and perceptual consonance, and a discussion of the developmental history of musical consonance is given. Lastly, the scale is tested to see whether it complies with the requirements for successful scales.

The goal of this Master's Thesis is estimation of financial situation of company R. JELÍNEK a.s. At the start of the thesis there is theoretical part describing methods of financial analysis, ratio analysis and bankruptcy and credibility models. In practical part there is performed financial analysis of financial statements of the company for last eight years. First, there is conducted horizontal and vertical analysis, then ratio analysis and bankruptcy and credibility models. In conclusion part there is estimation of the company on basis of conducted analyses and comparison of results of classical financial analysis with results of bankruptcy and credibility models.

Objective: The study will investigate whether cash liquidity have a negative affect on profitability and share value of companies, listed on Nasdaq OMX Stockholm 2008-2011. Part of the purpose is also to show if the industry risk is of importance for treasury management of these companies. Method: The methodology for the study is key analysis through hypothesis testing and regression analysis Conclusion: The liquidity ratio affects profitability in a negative direction on the entire sample. No other conclusion can be drawn. / Syfte: Studiens syfte är att undersöka om kassalikviditeten har en negativ påverkan på lönsamhet och aktievärde, hos företag noterade på Nasdaq OMX Nordic Stockholm mellan åren 2008 till 2011. Delsyftet är att undersöka om branschrisken har ett positivt samband med kassalikviditeten för dessa företag. Metod: Metoden för studien är nyckeltalsanalys med hjälp av hypotesprövning och regressionsanalys, för företag på Nasdaq OMX Nordic Stockholm. Slutsats: Kassalikviditeten påverkar lönsamheten i negativ riktning på hela urvalet. Inga andra slutsatser kan dras.

Cross-cultural studies, like TIMSS and PISA 2003, are being conducted since 1960s with an idea that these assessments can provide a broad perspective for evaluating and improving education. In addition countries can assess their relative positions in mathematics achievement among their competitors in the global world. However, because of the different cultural and language settings of different countries, these international tests may not be functioning as expected across all the countries. Thus, tests may not be equivalent, or fair, linguistically and culturally across the participating countries. In this conte! ! xt, the present study aimed at assessing the equivalence of mathematics items of TIMSS 1999 and PISA 2003 across cultures and languages, to fin! d out if mathematics achievement possesses any culture specifi! c aspect s. For this purpose, the present study assessed Turkish and English versions of TIMSS 1999 and PISA 2003 mathematics items with respect to, (a) psychometric characteristics of items, and (b) possible sources of Differential Item Functioning (DIF) between these two versions. The study used Restricted Factor Analysis, Mantel-Haenzsel Statistics and Item Response Theory Likelihood Ratio methodologies to determine DIF items. The results revealed that there were adaptation problems in both TIMSS and PISA studies. However it was still possible to determine a subtest of items functioning fairly between cultures, to form a basis for a cross-cultural comparison. In PISA, there was a high rate of agreement among the DIF methodologies used. However, in TIMSS, the agree! ment ra! te decreased considerably possibly because the rate o! f differ e! ntially functioning items within TIMSS was higher, and differential guessing and differential discriminating were also issues in the test. The study! also revealed that items requiring competencies of reproduction of practiced knowledge, knowledge of facts, performance of routine procedures, application of technical skills were less likely to be biased against Turkish students with respect to American students at the same ability level. On the other hand, items requiring students to communicate mathematically, items where various results must be compared, and items that had real-world context were less likely to be in favor of Turkish students.