Multi-level analysis of dynamic portfolio formations: Central European countries

The paper focused on measuring efficiency of investment strategies and portfolio optimization based on dynamic portfolio formation using the global minimum variance approach in a region of central European countries. The paper analyses DCC GARCH model, which was employed in order to obtain conditional correlation matrices. The analysis includes a comparison of global minimum variance (GMV) and newly proposed least correlated assets (LCA) portfolio formations based on individual shares and market indexes. Performance of constituted portfolios showed that dynamic form of portfolio optimization is an efficient tool in profit maximization and volatility minimization. The study shows that there is a potential for improvements of proposed methods. LCA portfolio formation showed that the number of parameters could be effectively lowered without a loss of profit

Interview with Robert B. Worford

An interview with Robert Britley Worford (1893-1978) about life during World War I. There is no audio for this interviewhttps://scholars.fhsu.edu/koh/1113/thumbnail.jp

Relationship between Czech and European developed stock markets: DCC MVGARCH analysis

The study concentrates on an analysis of the Czech stock market performed by an application of DCC MV GARCH model of Engle (2002). Data sample including years from 1994 to 2009 is represented by daily returns of Prague Stock Exchange index and other 11 major stock indices. There is found an existence of increasing trend in conditional correlations among a whole European region. The trend reveals breakpoints splitting a data series into three phases of development. The analysis includes a composition of returns adjusted by exchange rates capturing a point of view of global investors. The Czech Koruna exchange rate effects in a conjunction with equity returns are identified as a possible risk aversion instrument. Granger causality concept is added in order to find a development of data flow directions in a perspective of the Czech market. Results show that unidirectional influence of foreign markets affecting Czech market occurs in data series.stock market integration, multivariate analysis, dynamic modelling, conditional correlation

Review of \u3cem\u3eThe Color of Opportunity: Pathways to Family Welfare and Work.\u3c/em\u3e Haya Stier and Marta Tienda. Review by Eric Swank.

Book review of Haya Steir and Marta Tienda. The Color of Opportunity: Pathways to Family, Welfare, and Work. University of Chicago Press, 2001. $32.50 hardcover

A biomaterial with a channel-like pore architecture induces endochondral healing of bone defects

Biomaterials developed to treat bone defects have classically focused on bone healing via direct, intramembranous ossification. In contrast, most bones in our body develop from a cartilage template via a second pathway called endochondral ossification. The unsolved clinical challenge to regenerate large bone defects has brought endochondral ossification into discussion as an alternative approach for bone healing. However, a biomaterial strategy for the regeneration of large bone defects via endochondral ossification is missing. Here we report on a biomaterial with a channel-like pore architecture to control cell recruitment and tissue patterning in the early phase of healing. In consequence of extracellular matrix alignment, CD146+ progenitor cell accumulation and restrained vascularization, a highly organized endochondral ossification process is induced in rats. Our findings demonstrate that a pure biomaterial approach has the potential to recapitulate a developmental bone growth process for bone healing. This might motivate future strategies for biomaterial-based tissue regeneration

eGovernment as an element of the right to good administration

The right to good administration constitutes an established principle of European Union law, which includes the procedural rights of stakeholders in administrative proceedings, the result of which may affect their interests. Article 41 of the European Union Charter of Fundamental Rights states that every person has the right to have his or her affairs handled impartially, fairly and within a reasonable time by the institutions and bodies of the Union. When it comes to reasonable time of handling the case one can ask if eGovernment solutions are the guarantee of such a right. eGovernment understood as the use of all kinds of electronic means of communication, in particular, however, the Internet, improves services provided by the state to its citizens. The usage of IT technology in public administration allows it to perform its activities in a more efficient way. This improvement applies not only to the communication between parties but also to the quality of citizens’ life. To sum up, one can ask the question if the European right to good administration can be understood as the right to eGovernment solutions and if so, to what extent. Which services and technical solutions should be guaranteed as ones ensuring challenges of good administration

Local Government Tasks in Managing Migrations in the Czech Republic and Poland

Difficult problems that cannot be easily solved, the so-called wicked problems, remain one of the biggest challenges for both Poland and the Czech Republic. They concern both the state authorities and the local self-government. The analysis shows that in both countries, the tasks of local government units, in particular communes, do not focus on foreigners’ issues as a separate matter. Despite similar experiences, migration situations, and legal regulations, there are slight differences in both countries with respect to the understanding of who is a member of a local government community, and thus for whom public tasks can be performed. The challenge for both countries is to adjust their legal regulations to focus more on foreigners, primarily in areas such as integration, culture, health care, and education. It is also postulated to create the possibility of participation by foreigners in decisions taken by governmental authorities (e.g., in the scope of granting international protection). Undoubtedly, the thesis that solving the “wicked problems” category can only be advanced with the participation and joint responsibility of the local self-government is still very relevant, which was pointed out in the article in several areas. The research results lead to the proposal to recognise a foreigner as a member of the local government immediately after obtaining residence, regardless of the length of stay. The clue is to clearly identify the concentration of life interests and genuine connection, which is determined in this respect

Relationship between Czech and European developed stock markets: DCC MV GARCH analysis

The study concentrates on an analysis of the Czech stock market performed by an application of DCC MV GARCH model of Engle (2002). Data sample including years from 1994 to 2009 is represented by daily returns of Prague Stock Exchange index and other 11 major stock indices. There is found an existence of increasing trend in conditional correlations among a whole European region. The trend reveals breakpoints splitting a data series into three phases of development. The analysis includes a composition of returns adjusted by exchange rates capturing a point of view of global investors. The Czech Koruna exchange rate effects in a conjunction with equity returns are identified as a possible risk aversion instrument. Granger causality concept is added in order to find a development of data flow directions in a perspective of the Czech market. Results show that unidirectional influence of foreign markets affecting Czech market occurs in data series

Volatilita akciového trhu v České republice : vzestupy a pády

The thesis concentrate on a volatility analysis os a stock market in the Czech Republic in years 1994-2009 including a comparison with a data available from world developed stock markets - namely European region, USA and Japan, econometric tools include GARCH model and its most popular derivates and generalisations I.E. IGARCH, EGARCH AND APARCH PROCESSES. The thesis is split into two main parts. The first part is devoted to a PSE volatility analysis based only on domestic data series involving GARCH class model estimations, forecasting abilities comparison and also a structural-break analysis based on the ICSS algorithm including the Inclan-Tiao test and its successors. Next part involves a dynamic analysis based on DCC MVGARCH model, which describes a change in a volatility spillover effect during the time. Data source used during the model estimation includes a development of stock indices and also net profits from point of view of Czech investor investing on global markets. It is furthermore supported by Granger causality estimation, which reveals a long-lasting unidirectional dependence of PSE on other developed markets. The complex results, which arise from a synergistic compound of particular econometric models, show that the stock market in the Czech Republic came through three main phases.Tato práce se zabývá analýzou volatility českého akciového trhu v letech 1994 až 2009 včetně srovnání s vyspělými světovými akciovými trhy - konkrétně se jedná o evropský region, USA a Japonsko. Nástroji ekonometrické analýzy jsou často užívané modely odvozené od původního procesu GARCH tzn. IGARCH, EGARCH a APARCH procesy. Práce je rozdělena do dvou hlavních částí. První část je věnována analýze volatility Burzy cenných papírů Praha založené pouze na domácích informacích. Analýza obsahuje odhady modelů GARCH, srovnání jejich schopností předpovídání a rovněž část věnovanou strukturálním zlomům založené na ICSS algoritmu, Inclan-Tiao testu a jeho upravených verzích. Další část se zabývá dynamickou analýzou založenou na DCC MVGARCH modelu, který popisuje vývoj volatility spillover efektů během pozorovaného období. Datový zdroj využitý při odhadu modelu obsahuje vývoj hodnot akciových indexů i čistých výnosů z pohledu českého investora investujícím na globálních trzích. Analýza je dále podpořena výpočty Grangerovy kausality, která odhaluje dlouhodobou jednosměrnou závislost BCPP na ostatních vyspělých trzích. KOMPLEXNÍ VÝSLEDKY, KTERÉ VYCHÁZÍ ZE SYNERGICKÉHO SPOJENÍ KONKRÉTNÍCH EKONOMETRICKÝCH MODELŮ UKAZUJÍ, ŽE ČESKÝ AKCIOVÝ TRH PROŠEL TŘEMI FÁZEMI VÝVOJE.Institut ekonomických studiíInstitute of Economic StudiesFaculty of Social SciencesFakulta sociálních vě

Strategy and philosophy of district heating systems control

The District Heating Systems (OHS) are being developed in large cities in accordance with their growth. The OHS are formed by enlarging networks of heat distribution to consumers and at the same time they interconnect the heat sources gradually built. OHS is used in larger cities of some European countries e.g. in Germany, France, Denmark, Finland, Sweden, Netherlands, Czech Republic, Poland and others. Production technology of heat by means of combined production of power and heat (CHP) is an important way to increasing of thermal efficiency of closed thermal loop. The paper shows the system access to the control of extensive OHS-controlled plant. It concerns automatic control of technological string "production, transport + distribution, consumption" of extensive district heating and that is the contribution of this paper. Control by means of advanced control algorithms is a tool (up to now neglect) for decreasing cost of energy and increasing the level of environment protection. © 2003 IFAC