This thesis describes the problems of storage and management of biological data, particularly of Haloalkane Dehalogenase enzymes. Furthermore, the thesis aims at project HADES (HAloalkane DEhalogenase databaSe) initiated by protein engineering group of Loschmidt Laboratories, Masaryk University in Brno. This is a project whose main goal is simply to store, preserve and display a wide variety of proteins data. The result of this work is a flexible database system allowing easy extensibility and maintainability, which is built on technologies Apache, PostgreSQL and PHP using the Zend Framework.

The paper examines Meta ads in the adult education field. The ads are selected based onfour main criteria, ads with creatives that show people in the profession of the intendededucation, ads that the audience can quickly identify as an educational program, creativeswith a high signal-to-noise ratio and creatives with only one point of focus in the pictures.The ads are analyzed through a semiotic analysis and then the subject of a survey todetermine how they score in regards to informativeness, entertainment, irritation and speedof processing. The paper finds a connection between ads with a high CTR (Clickthroughrate) and high scores in the survey in “informative” and “fast to process” ads. The mainlimitation of the paper is the low amount of partakers in the survey, coupled with the methodof scoring ads based on a survey instead of in their natural habitat, not accounting forbanner blindness and other phenomena related to social media and the web.

In the light of the global competitive markets, firms are motivated to reduce costs and increase benefits derived from collaboration. As a result of this, customers reduce the number of suppliers and rather focus on establishing strategic relationships with fewer suppliers. Relationship marketing, which results in relationship value, is a fairly new concept which originated during the 1980s; as various academic authors have noted, this subject has not yet been fully explored. Value is a subjective concept, conceptualised as a trade-off between benefits and sacrifices, and can be multifaceted. Perceptions regarding value are relative to the competition. This research determined which relationship value constructs can be classified as antecedents and which of those are mediators within the South African automotive supply chain and if relationship value can lead towards retention. This research further determined what Tier 1 suppliers value most from their Tier 2 suppliers. This is important as it is crucial to retain business for Tier 2 suppliers who are usually of South African descent. The primary objective of the research was achieved, that is, to “develop a relationship value model for the South African automotive B2B supply chain”. The secondary objectives were also achieved, namely:  Objective 1: Determine RVM (relationship value model) constructs in the relationship between Tier 1 and Tier 2 suppliers.  Objective 2: Determine how trust and commitment relate to relationship value iii  Objective 3: Determine the antecedents for the perception of relationship value by Tier 1 suppliers.  Objective 4: Determine the relationship between relationship value and business retention. From this study, it is self evident that relationship quality is perceived as being more significant than the actual product in the South African automotive supply chain since it demands a high regard for quality in general. Added to this, Tier 2 suppliers should take cognisance of trust as being of utmost importance to establish relationship value, which in return results in business retention. With the introduction of sufficient relationship value strategies, Tier 2 suppliers should be enabled to mitigate competition based on pricing. Also, with added relationship value, Tier 2 suppliers could establish themselves in a desirable position in order to retain, and even expand, business prospects in the future. / Business Management / D.B.L.

Made available in DSpace on 2016-03-15T19:25:24Z (GMT). No. of bitstreams: 1 Felipe Namur.pdf: 898119 bytes, checksum: 5a7a9a3c8afc7163ca30e749e356a10e (MD5) Previous issue date: 2010-08-18 / Fundo Mackenzie de Pesquisa / Campbell and Schiller (1987) proposed, within the scope of econometric analysis and cointegration, a powerful tool that enabled the present value model tests to also test market rationality and efficiency. The opportunity offered by the present value model of a substantial and settled fundamental value theory together with a powerful tool kit of empiricaleconometric tests was able to effectively contribute for the comprehension of important phenomena in the area of financial economics such as asset pricing, agents rationality and market efficiency as well as impelling new studies and improvements. If this basic rationality can be verified then follows several econometrically testable implications. In other words there will be a spread S reflecting the differences between the theoretical or fundamental value and the actual prices that if stationary will reflect a long term trend of reversion to those fundamental values. Pindick (1991) pioneered in the application of the present value model for commodities. Although other works and tests of the present value model for other assets have been developed it could not be found any other work or research for commodities but Pindick (1991) in the literature. The other papers and researches dealing with commodities before Pindick (1991) regard the convenience yield qualitatively, developing and analyzing it conceptually. It is in Pindyck (1991) that for the first time a quantitative operational variable for the convenience yield is built demonstrating that it´s values can be extracted from future prices. These so named cash flows can be seen as similar to dividends for stocks and are possible of being tested by the present value model. This work s purpose is to apply Pindyck s (1991) methodologies in Brazilian reality, using the live cattle commodity over the period from 2.001 to 2.008 based on theoretical reference and literature about the present value model, rationality hypothesis, market efficiency and making use of econometric tool kit regarding stationarity and unit root tests (ADF), Granger casuality testes, F tests with restrictions, OLS, VAR and cointegration tests. The validation of virtually all the implications of the present value model leads to the following conclusion and response to the formulated research problem: Prices for live cattle over the period from 2.001 to 2.008 match with the net convenience yield cash flows discounted to the present. The evidences presented assert the adjustment between prices and cash flows, implying that economic agents while trading with the live cattle commodity do that rationally, and only in a no significant fashion drive away from its fundamental values, regressing to it as a rule. / Campbell e Schiller (1987) propuseram, dentro da estrutura de análise econométrica e cointegração,uma poderosa ferramenta para que os testes de modelo de valor presente possam também testar racionalidade e eficiência de mercado. A oportunidade oferecida pelo modelo de valor presente, uma consistente e sedimentada teoria de valor fundamental simultaneamente a um poderoso ferramental de testes empírico-econométricos, pode contribuir de forma efetiva para a compreensão de importantes fenômenos na área de finanças, como apreçamento de ativos, racionalidade de agentes e eficiência de mercados, além de ser um propulsor de novos estudos e avanços. Se esta racionalidade básica puder ser verificada, então diversas implicações testáveis econometricamente se derivam. Em outras palavras haverá um spread S refletindo as diferenças entre o valor teórico ou fundamental e os valores praticados que, sendo estacionário refletirá uma tendência de longo prazo de reversão a estes valores fundamentais. Pindyck (1991) é o trabalho pioneiro de aplicação do modelo de valor presente para mercadorias. Embora outros trabalhos e testes de modelo de valor presente para outros ativos tenham sido desenvolvidos não se encontrou na literatura nenhuma outra pesquisa para mercadorias além de Pindyck (1991). Os trabalhos sobre mercadorias anteriores tratam do ganho de conveniência de forma qualitativa, elaborando-o e analisando-o conceitualmente. É em Pindyck (1991) que pela primeira vez se constrói uma variável operacional, quantitativa para o ganho de conveniência, demonstrando que seus valores podem ser extraídos dos preços dos contratos futuros. Estes fluxos de caixa, assim identificados, podem ser vistos como semelhantes aos fluxos produzidos pelos dividendos das ações e possíveis de serem testados pelo modelo de valor presente. A proposta deste estudo é reproduzir as metodologias empregadas por Pindyck (1991) na realidade brasileira, para a mercadoria boi gordo, no período de 2001 a 2008, tendo como referencial teórico modelos de valor presente, hipóteses de racionalidade, eficiência de mercado e utilizando-se de ferramental econométrico abrangendo testes de estacionariedade e raiz unitária (ADF), testes de causalidade de Granger, testes F com restrições, MQO, VAR e testes de co-integração. A aceitação de praticamente todas as implicações do modelo de valor presente permite a seguinte conclusão e resposta ao problema de pesquisa formulado: Os preços do boi gordo no período de 2.001 a 2.008 correspondem aos fluxos de caixa dos ganhos de conveniência líquidos esperados, descontados a valor presente. As evidências apresentadas constatam a correspondência entre preços e fluxos de caixa, implicando que os agentes econômicos ao transacionarem com a mercadoria boi gordo o fazem de forma racional, e apenas de forma não significativa afastam-se de seus valores fundamentais, regredindo a eles como norma.

在一個動態體系中，土地在各期的最佳利用方式，將可能隨開發時機而改變，如此，倘若政府土地稅的課徵，會對地主土地開發時序選擇造成影響，則將有影響土地利用的可能。職是之故，土地稅對土地開發時序的影響，就成了政府在課徵土地稅時，必須思索的課題。本文首先重點式的介紹國內外論及此一課題的相關文獻。其次利用現值模型做為分析的架構，得到了以下結論： 　　(1)地主土地開發的最適時機，在將土地開發延後一期之邊際成本等於利益相對之時。 　　(2)在土地開發前適用的稅率高於開發後的狀況下，課徵土地收益稅與地價稅，將加速土地開發。而在開發後稅率高於開發前之情形下，課徵土地收益稅與稅基「永以為定」的地價稅，效果為延緩土地的開發；但課徵稅基為市場價值的地價稅時，效果則不明確。 　　(3)課徵增值稅的效果取於土地前次移轉價值。如果此移轉地價高於（小於）土地開發前純收益之還原價值，則土地增值稅的課徵將加速（延後）土地開發的進行。 　　(4)無論是否課徵土地稅，土地開發前純收益流量的增加，將會導致土土地延後開發。另一方面，提高土地開發後之純收益流量，通常會造成土地開發的提前。不過，在地價稅的課徵係以市場價值做為稅基的情形下，土地開發後純收益流量增加對土地開發時序時影響，視土地開發前後適用稅率的相對大小而定。在土地市場發生閉鎖效果時，課徵土地增值稅將造成部分土地的延後開發。

This thesis is focused on mathematical modelling of exchange rate CZK/USD in 1991 - 2014. Time series was divided into 5 parts. First Box-Jenkins methodology models were examined, especially ARIMA model. Unfortunately, the model could not be used because none of the time series showed correlation. The time series is considered as a white noise. The data appear to be completely random and unpredictable. The time series have not constant variance neither normal distribution and therefore GARCH volatility model was used as the second model. It is better not to divide time series when using model of volatility. Volatility model contributes to more accurate prediction than the standard deviation. Results were calculated in RStudio software and MS Excel.

Made available in DSpace on 2008-05-13T13:47:40Z (GMT). No. of bitstreams: 1 1850.pdf: 600111 bytes, checksum: 512f00eac39c4e25d72fa4b37ecc7e97 (MD5) Previous issue date: 2005-04-12 / Using Brazilian financial data for some shares traded in the Brazilian Stock Market (BOVESPA) we test the expectation hypothesis of present value models discounted by a constant factor. This model relates the price of a stock to its expected dividends. To perform econometric testing we use mainly the jointly restriction through Wald Test in a Vector Autoregression framework, as well as alternative testing procedures. The empirical results partially support the present value model discounted by a constant factor to predict prices for stock through its expected dividends. / Através de dados financeiros de ações negociadas na Bolsa de Valores de São Paulo, testa-se a validade do modelo de valor presente (MVP) com retornos esperados constantes ao longo do tempo (Campbell & Schiller, 1987). Esse modelo relaciona o preço de uma ação ao seu esperado fluxo de dividendos trazido a valor presente a uma taxa de desconto constante ao longo do tempo. Por trás desse modelo está a hipótese de expectativas racionais, bem como a hipótese de previsibilidade de preço futuro do ativo, através da inserção dos dividendos esperados no período seguinte. Nesse trabalho é realizada uma análise multivariada num arcabouço de séries temporais, utilizando a técnica de Auto-Regressões Vetoriais. Os resultados empíricos apresentados, embora inconclusivos, permitem apenas admitir que não é possível rejeitar completamente a hipótese de expectativas racionais para os ativos brasileiros.

In the light of the global competitive markets, firms are motivated to reduce costs and increase benefits derived from collaboration. As a result of this, customers reduce the number of suppliers and rather focus on establishing strategic relationships with fewer suppliers. Relationship marketing, which results in relationship value, is a fairly new concept which originated during the 1980s; as various academic authors have noted, this subject has not yet been fully explored. Value is a subjective concept, conceptualised as a trade-off between benefits and sacrifices, and can be multifaceted. Perceptions regarding value are relative to the competition. This research determined which relationship value constructs can be classified as antecedents and which of those are mediators within the South African automotive supply chain and if relationship value can lead towards retention. This research further determined what Tier 1 suppliers value most from their Tier 2 suppliers. This is important as it is crucial to retain business for Tier 2 suppliers who are usually of South African descent. The primary objective of the research was achieved, that is, to “develop a relationship value model for the South African automotive B2B supply chain”. The secondary objectives were also achieved, namely:  Objective 1: Determine RVM (relationship value model) constructs in the relationship between Tier 1 and Tier 2 suppliers.  Objective 2: Determine how trust and commitment relate to relationship value iii  Objective 3: Determine the antecedents for the perception of relationship value by Tier 1 suppliers.  Objective 4: Determine the relationship between relationship value and business retention. From this study, it is self evident that relationship quality is perceived as being more significant than the actual product in the South African automotive supply chain since it demands a high regard for quality in general. Added to this, Tier 2 suppliers should take cognisance of trust as being of utmost importance to establish relationship value, which in return results in business retention. With the introduction of sufficient relationship value strategies, Tier 2 suppliers should be enabled to mitigate competition based on pricing. Also, with added relationship value, Tier 2 suppliers could establish themselves in a desirable position in order to retain, and even expand, business prospects in the future. / Business Management / D.B.L.

The main objective of this diploma thesis was to evaluate the economic situation in the selected retail chain, which is operating in the market of the Czech Republic. Then the Retail chain Tesco was elected for this purpose. To achieve these objectives the detailed financial analysis was realized and the intercompany comparison with competitors of this retailer was also used.

本文立基於Merton(1974)或有求償權評價法及Leland(1994)內生破產資本結構模型上，加入次順位債券的考量，建立一個連續時間資本結構分析模型，量化的資本結構可作為企業融資之決策依據。內生破產行為與風險移轉行為都是股東與債權人之間可能產生的代理問題，本文的模型不但分析這兩種代理問題，更計算其所產生的代理成本。由模擬的結果發現內生破產成本雖然不大，但是其對無風險利率及公司非槓桿價值的波動度卻是非常的敏感。在本文的模型下，只要債務契約不能重新訂立，次順位債券的發行永遠都會降低優先債務的價值。在本模型中次順位債券的風險貼水比優先債券的風險貼水高；但是本文發現不管是優先債券或是次順位債券的風險貼水，當公司接近宣告破產時，公司非槓桿價值的波動度對兩種債券風險貼水的影響出現高風險低報酬的現象，可能的解釋理由如下：當公司接近宣告破產時，公司非槓桿價值波動度的增加使破產可能性提高，進而使風險貼水減少的間接力量大於波動度增加直接使風險貼水上升的力量。 / Based on Merton(1974) and Leland(1994), we construct a continuous-time capital structure model with subordinated debt. Quantitative results may serve the guidance of financial policy of the firm. Both endogenous bankruptcy and risk shifting behaviors are the agency problems between the equityholders and debtholders. Based on our model, the agency problems is considered and the agency costs are calculated. From the result of simulation, endogenous bankruptcy agency cost is small but sensitive to the volatility of unlevered asset value of the firm. Under renegotiation-proof, the senior debt is harmed by the issuance of the subordinated debt in our model. The risk premium of the subordinate debt is higher than that of the senior debt is confirmed by the model, however, when the firm is near bankruptcy, the behavior of "high risk high return" of both debts is reversed. The reason for the junk bond behavior may be explained as the negative effect of risk premiums due to the increase of the probability of bankruptcy is higher than the positive effect of the greater risk caused by higher volatility.