The purpose of this graduation theses is the proposal of building of a new squash center in the particular locality. The final prospectus goes from the complete analysis of the market in term of potential customers and also of current competition. By the choice of the introduced project versions I take the investment return into account.

The thesis deals with the optimization of production lines cover sheets for external blinds. The aim of this work is to propose appropriate investment in line for expansion of capacity and the reduction of risks in the form of cooperation. To achieve the objective I propose two alternative solutions. Combination of these two variants has been optimized with regard to investment in capacity expansion, reduce risk and achieve a fast return on investment. The conclusion describes the individual prices of investment items and annual profit from the newly formed water jet technology.

The aim of this thesis is to assess the influence of superstructure implementation and thermal insulation of residential building for expenses associated with operating the property. Calculation used detached brick apartment building in Brno Slatina on the street Tilhonova 50a/50b, which has two separated entrances. The heat sources, principles of thermal insulation of residential buildings, energy prices and the possibility of her savings have been described theoretically. Various materials have been designed with different insulation thicknesses of thermal insulation material. To existing and newly designed apartment building has been processed label of the building envelope and certificate of energy performance of the building and then the values were compared. The thesis includes a calculation of the costs to perform construction modifications and determine payback period of the investment.

No description available.

This master thesis determines and compares operating costs (energy balance) of family houses, depending on their age and during their life cycle. The basic terms, heat-technical properties and technological procedures of improving heat-technical properties are defined in the first part of the thesis. In the practical part, the operating costs of three older houses are determined. Variants of building modifications to improve heat-technical properties are suggested and evaluated. Certificates of energy performance were determined and the values compared, for both the current state of the houses and for the state after the improvement heat-technical properties. The thesis includes calculation of building modifications costs and the payback period of the investment.

This graduation thesis addresses questions of deriving benefits from the FTTx optical access network. This project is divided into four main subject surveys. First part contains familiarization with individual architecture of FTTx network, topology of network and the use of components in these access networks. Second part shows how ideal optical access network is for distribution of modern multimedia services which pose great demand on the width of transmission band. It also shows success and trend growth of integration of the optical network into access segment in the Czech Republic and the rest of the world. The choice of right proposal and follow-on project of FTTx optical access network in assigned location is described in part three. It also compares investment costs needed for implementation of these proposals. Final part of this project shows financial budget and return of investments of a proposed access network. It also includes a contemplation of optical access network’s development.

My diploma thesis is foceused on evaluation of return of the investment based on the laster insulation together with the filling of the open space and the usage of the back gained heat. For my calculation I used the real building of the basic school Františka Kupky in Dobruška. It is a typical building extended to the whole area of Czech Republic. The realization of the building was finished in 1994. I deal with more variants of more widths of the insulation system in my work. In every single draft is counted with costs for buying of the insulation and the exchange of the filling of the opern spaces. Every draft is counted with the usage of the back gained heat. The biggest benefit was found in the insulation of the 180 mm perimeter wall and the 280 mm of the roofing sytem. Windows and door had the same number of the heating 0.8 W/m2k. In the experimental calculation with the most advantages the conclusion was made that on the heat loss of thr object is the most influential the filling of the open spaces and the facilities for the back gained heat, too. Because it is a typical building, my diploma thesis could work as a background for the draft of the elimination of the heat loss at the buildings with the same shape and usage.

台灣發行量加權股價指數在編製時並未調整現金股利的影響，不僅會低估實際的投資報酬率，以其作為標竿指標，在評估共同基金績效時，亦會產生標竿錯誤的問題。因此，本文將現金股利的再投資報酬納入，重新編製加權股價指數。實證結果發現，若自民國75年起調整現金股利之影響，則在民國89年10月31日時，股價指數由5544.18點調整為6419.83點，約增加1.16倍。以新指數重新衡量基金績效的結果，發現績效排名並無大幅度的改變，而且基金績效是否擊敗大盤的情形，受新指標的影響亦不大，此乃因近年來上市公司配息少，而且基金績效非常極端。但基於理論上的正確性，在計算投資報酬率及評估共同基金績效時，仍應以納入現金股利之加權股價指數為基礎，以降低因標竿指標錯誤所造成研究結果的偏誤，否則未來我國股票配息的情況及基金報酬率的特性若改變之後，以過去的方式評估績效將可能造成極大之偏差。 / The Taiwan Stock Exchange Market Weighted Index (TAIEX) is not adjusted for cash dividend. Since the TAIEX is commonly used for calculating the investment return of the Taiwan’s market and as the benchmark index for mutual fund performance evaluation, the investment return in Taiwan is underestimated and there is benchmark error in the evaluation of mutual fund performance. This paper adjusts the TAIEX by incorporating the effect of the reinvestment of cash dividend in the TAIEX. The beginning date of our adjustment is January 4, 1986. Since then until the end of October 2000, the adjusted TAIEX grew to 1.16 times of the unadjusted index. However, The mutual fund performance evaluated based on the adjusted index is insignificantly different from that based on the un-adjusted index. This is because mutual funds have extreme performance. Due to the small cash dividend paid out by the listed firms on the Taiwan Stock Exchange, the adjustment effect is not enough to overturn the evaluation of

我國勞工退休金新制自2005年7月1日開始實施，由過去的確定給付制改為具有確定提撥特色的「個人帳戶制」。對於勞工而言，確定提撥制和過去確定給付制不同之處在於承擔退休金投資風險的責任將由雇主轉由個人承擔。如何透過退休機制的設計以降低退休金的投資風險是近年來的重要議題，因此本文主要從個人偏好與風險的觀點探討保證投資收益率制度與制度轉換選擇權等兩個降低確定提撥制投資風險的重要配套措施。 在本論文的第一篇研究中發現，資產配置與國際投資對保證成本的影響頗大，在個人可選擇資產配置的情況下，高投資風險的資產選擇將造成政府未來龐大的或有負債。為了解決政府保證成本過高造成代內與代間的財富移轉，本文從使用者付費與個人效用的觀點探討保證投資收益率制度的設計，發現藉由設立保證投資收益上限可提升風險趨避者、損失趨避者與後悔趨避者等偏好下的預期效用，且能降低個人管理下方風險所需的提撥成本與退休計畫參加者所需繳交的保證費用，故建議政府可將投資收益率上限納入保證投資收益率制度，供退休計畫參加者選擇合於本身偏好的保證收益率上限。 在近來許多國家的公、民營退休體系由過去以確定給付制改為確定提撥制，為了降低在確定提撥制下的退休金投資風險，在美國的佛羅里達州之公務人員退休體系中，存在著可供個人選擇是否轉換到確定給付制的機制。在我國勞退新制中除了從過去的確定給付制改為確定提撥制外，亦輔以「年金保險制」供勞工選擇與轉換，若年金保險制具有確定給付制的特徵，則勞工等於是擁有一個從確定提撥轉換轉到確定給付制的選擇權，因此制度選擇權的探討對我國而言亦是相當地重要。在本論文的第二篇研究中發現，當風險趨避程度越高則轉換至確定給付制的機率越高，轉換到確定給付制的高峰期會出現在開始工作的初期與屆臨退休之際等兩段期間。隨著工作期間的延長，個人轉換到確定給付制的機率越低，但仍可有效地提升退休金的所得替代率與達到降低退休金下方風險的效果，在加入退休制度初期不得轉換的限制之後，會降低轉換到確定給付制的機率。 / The Labor Retirement Pension Act enacted in 2005 introduced defined contribution (DC) pension plan for substituting the traditional defined benefit (DB) pension plan. In the defined contribution pension plan, the investment risk is transferred to the participants. However, the design of rate of return guarantee makes the investment risk less severe for participants. In the first essay, we find that the asset allocation and foreign investment have large impact on the guarantee cost: the high risky investment may result in large potential liability of the government in the future if participants have the investment portfolio choice. This study develops a framework to analyze design of rate of return guarantee from the financial engineering and user paid principle view. We find that the cap of investment return guarantee not only increases the expected utility of risk aversion, loss aversion and regret aversion, but also decreases the contribution cost to participant associated with managing the downside risk. Around the world, the defined contribution (DC) plans have been the primary trend of pension reform in the both public and private sector. In an attempt to decrease the investment risk associated with DC plan, the public employees are provided with an option to buy back DB plan in the Florida State of U.S.A. In the second essay, we find that the higher level of risk aversion is, the higher probability to buy back DB plan is. During the employee’s early years of service and as the employees near retirement, the probability to exercise the option is the highest. The probability to exercise the option is decreasing with the years of service being increasing; the option also increase the pension replacement rate as well as decrease the downside risk of pension. The probability to exercise the option is lower, when the option to buy back the DB plan is prohibited during the employee’s early years of service.