The possibilities of day surgery system development within the health policy in Slovakia

Background: In the day surgery system are intertwined elements of state health policy, health care payers' interests, employers of health care system, as well as the interests and wishes of patients. A problem in the health policy is to find a way to regulate ambulatory and short-term surgical procedures, which are hardly distinguishable, and still fulfil the requirements of transparent financing, quality and security. The objective of this paper is to highlight the reasons for the long-term stagnation in Slovakia day surgery and the possibilities of eliminating the structural drivers causing this negative phenomenon. Methods: Due to the nature of the analyzed data and desired outcomes, we selected application of correspondence analysis. Results of correspondence analysis provide valuable information necessary for the projection of specialization of one day surgery clinics for that type of procedure, as well as for the support of the new clinics creation (also with the potential state support), the pricing policy, systemic reduction of beds what is connected with reduction of underutilized departments in hospitals, in order to optimize management processes in the healthcare system. Results: Contribution reveals negative aspects which causing a low level of day surgery in Slovakia. Moreover, it reveals the approaches of the different subjects of day surgery. Presented options for setting optimal strategy supporting its development are based on the results of the analysis. Correspondence analysis provided valuable information of present structure of the day surgery system. The determined similarity of the regions and association of specialized fields indicate specific settings of the day surgery system and its components that are inevitable to analyze in the subsequent analytical process. Conclusions: Results of the analysis are very important in order to set up the system measures in the process of its further development, which should be part of the strategic plan of each health system. On conceptual and methodological issues related with reporting of day surgery performances are highlighting international organizations such as the OECD,WHO

Long Combo strategy using barrier options and its application in hedging against a price drop

This paper presents hedging analysis against an underlying price drop by Long Combo strategy using barrier options. Applicationof hedging results in SPDR Gold Shares is performed as well. New approach of hedging analysis based on the profit functions is introduced.The main theoretical contribution is the derivation of profit functions in analytical form from secured position by Long Combo strategyconstructed by barrier options. The practical application of the proposed hedging strategies in SPDR Gold Shares and the comparisonof obtained hedging alternatives is the main practical benefit

Short Combo Strategy Using Barrier Options and its Application in Hedging

AbstractThis paper deals with a Short Combo option strategy and its application in hedging against an underlying price increase assuming the given underlying asset will be bought in the future. The key difference between the previous studies is that in this paper we are concentrated on single barrier options. Barrier options were formed to provide risk managers with cheaper means to hedge their exposures without paying for the price changes they believed unlikely to occur. The methodology is based on the profit functions in analytical form. We propose various hedging possibilities and show its practical application. In our analysis we used vanilla and barrier European options on SPDR Gold Shares. The results show that the Short Combo strategy formation using barrier options gives the end-users greater flexibility to express a precise view in the specific future price situations

Proposal of creation of a portfolio with minimal risk

The aim of this work is to propose a method for creating portfolios with a minimal expected risk. The proposed method consists of two steps. In the first step, the authors use a method for finding a minimum spanning tree. It is a graph theory tool, which is the field of discrete mathematics. Graph is defined as a set of vertices and edges. By this method the authors distribute assets, for example a stock index, into several subgroups. From each group it is then chosen an asset, from which most of the edges come out. These selected assets will be used to create a portfolio. In the second step, the authors will use a method of minimizing the standard deviation of the portfolio to calculate the weight of its assets. By this method, first it is found the weight of each asset so that the resulting portfolio would have the lowest possible expected risk. Then the authors find the portfolio with the lowest possible expected risk at required yield and create investment strategies. These strategies are compared during the time and between each other based on the variation coefficient. The article can be a practical guide for an individual investor during the minimal risk portfolio creation and shows him, which assets (and which asset weights) of the selected index to purchase

Portfolio creation using graph characteristics

The aim of this work is by combination of the graph theory and Markowitz portfolio theory to illustrate how some graph characteristics are related to the diversification potential of individual portfolio-forming stocks. Using the graph characteristic, the vertex eccentricity, individual stocks are divided into two groups: a group of large and group of small eccentricity. Eccentricity in this context is considered to be a very suitable metric of the centrality of individual vertices. Different price histories (5 to 30 years) of the Standard and Poor’s index are analyzed. Using the simulation analysis, samples of mentioned groups are generated and then tested by means of comparison to show that larger eccentricity samples, representing stocks on the periphery of the minimum spanning tree of the graph, have a higher potential for diversification than those found in the center of the graph. The results published in the article can be a practical guide for an individual investor during the portfolio creation process and help him/her with decision-making about stock selection