The thesis is focused on fair tuition fees. It tries to explore more profoundly all the possible factors, which could be considered as important during the measuring benefits of higher education. Among these factors we can find p.e. Labour market success rate, unemployment and income level of graduates in employment. The other main theme of this thesis is the current situation concerning the funding of higher education in the Czech Republic and other EU countries. The issue of tuition fee is currently very actual and it is clear that proper financial cost analysis of studies and the possibilities of measuring return on investment in tertiary education are more than important. Therefore I present existing possibilities to measure return on investment and also to the following possibilities how to include and use the unemployment rate of graduates.

The thesis is focused on the issue of human capital from the microeconomic point of view, especially on the investment in the human capital in the form of university education. The first part is describing the development of the human capital, the approaches to its measurement and the forms of investment. The second part is focused on the methods of decision making about the investment in the human capital, including a concrete example of decision and a calculation of the rate of return on investment. In the trird part I'm going to take into account the risk of unemployment and the compatibility of graduates in the labour market.

La mia tesi di dottorato è una raccolta di tre articoli che considerano diversi aspetti del sistema scolastico italiano e i suoi legami con il mercato del lavoro. il primo capitolo offre una breve sintesi della letteratura sugli investimenti in istruzione secondaria e terziaria. Il secondo capitolo analizza i differenziali salariali fra i diplomati delle scuole superiori italiane. il terzo ed ultimo capitolo analizza le determinanti del tempo di inserimento professionale dei laureati italiani. / My dissertation is a collection of three essays that consider various aspects of the Italian education system and its links with the labour market. The first chapter provides a review of the empirical works focused on the issue of investments in both secondary and tertiary education in most of OECD countries, with a particular attention on Italy. The second chapter provides empirical evidence on differences in early occupational labour market outcomes across high school tracks. The third and last chapter investigates the hazard of first job for Italian university graduates.

My thesis will focus on optimal investment decisions, especially those that are planned for longer investment horizon. I will review the literature, showing that changes in investment opportunities can alter the risk-return tradeoff over time and that asset return predictability has an important effect on the variance and correlation structure of returns on bonds, stocks and T bills across investment horizons. The main attention will be given to pension funds, which are institutional investors with relatively long investment horizon. I will find the term structure of risk-return tradeoff in the empirical part of this paper. Later on I will add some variables into the model and investigate whether it can improve the results. Finally the optimal investment strategies will be constructed for various levels of risk tolerance and the results will be compared with strategies of Czech pension funds. I am going to use data from Thomson Reuters Datastream, Wharton Research Data Services and additionally from some other sources.

Public interest in investments has increased dramatically during the past decades. Also parallely, there has been much research interest related with profitability, liquidity, and statutory and regulatory protection of investments, the three important pillars of investment. However, there is no similar research comparing the markets of Spain, USA and Russia in order to answer the research question of this thesis. Considering these factors, there exists need for this scientific research. The objective of this study was to discover the effect of statutory and regulatory protection in investment decision by comparing and analysing the legal environment of investments. The two steps to achieve this objective were: - Analyse and compare the legislation and securities market regulation international, national and institutional framework. - Survey. On a national level, we focused on three markets - Spain, the USA and Russia. On an institutional level, we concentrated on state agencies with regulatory power over securities markets of the above mentioned countries. The conclusion answered the main question of the work – “How does statutory and regulatory protection affect investment decisions?” This thesis in financial and business law is very relevant and will be of great interest to the investment sector. It can help interested parties in investment societies find specific solutions to improve the efficiency in investments in the above mentioned securities markets taking into consideration statutory and regulatory protection. Also, this work raises new questions for future research and indicates new possibilities of conducting future investigations. / Vicerrectorado de Investigación y Transferencia de Conocimiento (Escuela de Doctorado) "Convocatoria para la concesión de subvenciones con el objetivo de facilitar la obtención de la mención de Doctor internacional en el título de doctora o doctor, Ayudas Movilidad 2015". Jeffrey E. Smith Institute of Real Estate and Capital Markets of University of Missouri "Research Scholar (Becario de Investigación) - 01/02/2016-31/12/2017".

Information system, ERP, IS selection, analysis, risk.