Portfolio selection in factor investing

Táto práca empiricky skúma úlohu pokročilých metód konštrukcií portfólia pri faktorovom investovaní. Tieto metódy umožňujú efektívnejšie zachytenie zdrojov rizika vo faktorových portfóliach. Ich výkonnosť je hodnotená naprieč mnohými faktormi a porovnáva sa s naivnejšími metódami, ktoré sa zvyčajne používajú v literatúre o oceňovacích anomáliach a faktorových indexoch. Na- jviac diverzifikované portfólio konzistentne dosahuje najvyššie výnosy, pričom má iba miernu volatilitu a jedno z najnižších rizík s nízkou pravdepodobnosťou výskytu. Na druhej strane, portfólio diferzifikovanej parity rizika trpí vysokou volatilitou a najväčšou expozíciou na riziká s nízkou pravdepdoobnosťou výskytu, pričom dosahuje len porovnateľne priemerné výnosy s inými stratégiami. 1This thesis empirically examines the role of advanced portfolio selection methods in factor investing. These methods provide more efficient exposure to underlying risk sources in factor portfolios. Their performance is evaluated across number of prominent factors and compared with more naive equal- and value- weighting, typically used in asset pricing literature as well commercial investment vehicles. The most diversified portfolio consistently achieves the highest returns, while having only moderate volatility and one of the lowest tail risk exposure. On the other hand, the diversified risk parity portfolio suffers high volatility as well as the greatest tail risk exposure, while achieving only comparable average returns with other strategies. 1Institut ekonomických studiíInstitute of Economic StudiesFaculty of Social SciencesFakulta sociálních vě

K niektorým otázkám štandardov učiteľského vzdelávania v SR

V príspevku sú analyzované niektoré dôsledky transformačných a integračných procesov na učiteľské vzdelávanie v Slovenskej republike. Ťažisková pozornosť je upriamená na štandardy učiteľského vzdelávania v zmysle bolonského procesu a nových požiadaviek na akreditáciu študijných odborov

The perspectives on the efficiency of individual sports programs within a selected public sector entity: a case study

Sport as a public benefit activity is of social and economic importance and contributes to the objectives of national economies and the European Union. An economic view of sports involves assessing the costs and benefits associated with sporting activities, and sports can be categorised according to their public benefit character. Despite the specificities of sport, the analysis of the efficiency of institutions providing sporting activities is as relevant as in other public sector sectors. This paper aims to evaluate the success of individual sports in a selected public sector organisation using DEA analysis with a focus on technical efficiency. The paper covers 2016-2019, where sports are considered separate units with their own management. Analysing the efficiency of institutions providing sports activities using DEA analysis is not common, as the availability of relevant data limits quantitative analyses. Although sport is a public good, assessing the efficiency of these institutions is critical to optimising their activities. This specific analysis is essential, as it is for other public sector organisations, as it helps to identify areas for improvement and more efficient use of available resources. In this context, the contribution of the scientific article is also that it highlights the importance of evaluating the efficiency of sport at a higher level, which is becoming an important area within the general economics and economics of sport. The search for optimal ways to use resources in sports poses a challenge, especially when it comes to individual sports under the umbrella of relevant organisations. The performance of these sports will be evaluated in detail using technical efficiency, which will allow a more accurate assessment of individual sports' contribution to the organisation's overall efficiency. Given the specificities of the sporting environment and the decentralised management of individual sports, this analysis will contribute to gaining a better insight into how to optimise the conditions for achieving outstanding sporting results in the environment of the public sector organisation analy

Kinetic modelling of hydrogen transfer deoxygenation of a prototypical fatty acid over a bimetallic Pd60Cu40 catalyst: an investigation of the surface reaction mechanism and rate limiting step

Herein, for the first time, we demonstrate a novel continuous flow process involving the application of tetralin as a hydrogendonor solvent for the catalytic conversion of oleic acid to diesel-like hydrocarbons, using an efficient and stable carbonsupported bimetallic PdCu catalyst. Using Pd60Cu40/C, where 60:40 is the molar ratio of each metal, at optimum reactionconditions (360 °C and WHSV = 1 h-1), 90.5% oleic acid conversion and 80.5% selectivity to C17 and C18 paraffinic hydrocarbonswere achieved. Furthermore, a comprehensive mechanistic based kinetic modelling - considering power rate law, L-H andE-R models was conducted. Kinetic expressions derived from the three kinetic models were investigated in rate data fittingthrough nonlinear regression using a Levenberg-Marquardt algorithm. Based on the statistical discrimination criteria, theexperimental data of the dehydrogenation reaction of tetralin was best fitted by an L-H rate equation assuming the surfacereaction as the rate controlling step. On the contrary, the kinetic data of the oleic acid deoxygenation reaction was wellcorrelated with an L-H rate equation assuming single site adsorption of oleic acid with dissociative H2 adsorption. It wasfound that the rate limiting step of the overall reaction was the hydrogenation of oleic acid with an activation energy of 75.0± 5.1 kJ mol-1 whereas the dehydrogenation of tetralin had a lower activation energy of 66.4 ± 2.7 kJ mol-1

Directional pattern analysis of a linear phased antenna

An antenna array is a system compound from simply radiators (dipoles, microstrip antennas), that together form desired radiation pattern. Phased array antennas consist of multiple stationary antenna elements, that are fed coherently and use variable phase or time-delay control at each element to scan a beam to given angles in space. Variable amplitude control is sometimes also provided for antenna pattern shaping