Differentiated Estimates of Valuation Multipliers based on Price-to-Book Ratio for the Czech Brewing Industry

This article focuses on the differentiated estimations of industry multipliers in relation to Price-Book Value ratio (P/BV) with applying for the Czech brewing industry. Differentiation of estimates brings better approximation of these sector-wide multipliers to the defined groups companies within the given markets and thus increases the accuracy of the method of relative business valuation. Due to the absence of market data on privately held companies, the market value was assessed using the DCF method, while the book value was taken from the enterprise's accounts. The assumption of the linearity of the market-book value relationship for the subsequent calculations and differentiation of P/BV estimations was verified using regression analysis. The differentiation of P/BV ratio was made according to the size of entities, but mainly based on equality of market and book value, respectively according to the equality P/BV = 1. Then our results were supplemented by the calculation of industry P/BV ratio using P/EAT ratio and ROE decomposition. Using this additional method, the brewing industry was compared with other relevant industries in the Czech Republic.O

Scientismus v přípravě učitelů

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The response of chironomid assemblages to mineral richness gradient in the Western Carpathian helocrenes

We investigated the effect of water mineral richness (basicity) on chironomid assemblages of helocrene springs in the Western Carpathians. To do so, we tested for relationships between the taxonomic structure, total abundance and abundance of most frequent taxa of chironomid assemblages and mineral richness gradient in two contrasting habitats: trickle (A) and water-loged soil with standing water (B). Chironomid assemblage showed a strong and systematic response to the complex gradient of mineral richness, which explained the largest portion of variance in both the habitat A and B faunal data and was projected on the first axes of NMDS ordinations. As only 17 samples were analysed so far, the results are considered preliminary and, hopefully, more confident results will be available in near future

O smyslu vzdělání pro přežití civilizace

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Consumer Demand for Wine and Beer in the Czech Republic, and Their Mutual Influences

The paper analyses consumer demand for wine and beer in the Czech Republic in the period of 1991–2013. The objective of this research was to evaluate the elasticity of consumption of wine and beer in reaction to a change of prices and further to a change in the level of a household income. Based on the dynamic models of the gross demand for wine and beer there were determined the coefficients of direct and cross price elasticity, and income elasticity coefficients. In accordance with the identified sizes, respectively, after evaluating their statistical significance, there was carried out the economic analysis of observed demand functions. Analysis of demand functions has shown that the consumptions of wine and beer by the Czech households were not linked on a statistically significant level, in the examined period. Dynamic model of the gross demand for wine showed a statistically insignificant sensitivity of wine consumption to a change of the household income. Wine consumption of Czech households was significantly formed only by its price. Dynamic model of the gross demand for beer has shown that beer consumption by the Czech households responded significantly only to change in household income. Whereas in the case of wine, there was identified an influence of previous consumption on the current one, this was not confirmed in the case of beer

Analysis of the Commitment to Development Index

Analysis of the Commitment to Development Index Miroslav Syrovátka ABSTRACT The Commitment to Development Index aims to measure the effects of wide range of rich countries' policies that support or limit development prospects of poor countries. These policies are grouped into seven components of the index. The thesis analyzes and assesses the methodology of the index construction with the main focus on its environmental component. It is argued that although the environmental component is a legitimate part of the concept behind the index, the difficulties of its implementation limit its information value. This is due to the specific shortcomings of component indicators and the necessity to combine environmental policy indicators with indicators of exploitation of global environmental resources. The scores of Visegrad countries and correlation analysis show the specificity of the environmental component within the whole index and indirectly support the conclusions about its reduced information value. The thesis discusses the options for modification, both at the level of composite index construction and presentation, and at the level of individual indicators of the environmental component.Analýza ukazatele Commitment to Development Index Miroslav Syrovátka ABSTRAKT Index vstřícnosti k rozvojovým zemím se pokouší měřit účinek široké škály politik bohatých zemí, které napomáhají nebo omezují perspektivy rozvoje chudých zemí. Tyto politiky jsou řazeny do sedmi komponent tohoto indexu. Disertační práce analyzuje a hodnotí metodiku konstrukce indexu se zaměřením na jeho environmentální komponentu. Přestože je environmentální komponenta legitimní součástí konceptu tohoto indexu, obtížnost operacionalizace její vypovídací hodnotu omezuje. To je způsobeno jak specifickými problémy jednotlivých ukazatelů komponenty, tak nutností integrace ukazatelů environmentální politiky s ukazateli využívání globálních environmentálních zdrojů. Výsledky visegrádských zemí a korelační analýza poukazují na specifičnost environmentální komponenty v rámci celého indexu a nepřímo podporují závěry o její snížené vypovídací schopnosti. Práce diskutuje možnosti modifikace, a to jak na úrovni konstrukce a prezentace složeného indexu, tak na úrovni jednotlivých ukazatelů environmentální komponenty.PhD Environmental StudiesDoktorský program Environmentální studiaFakulta humanitních studiíFaculty of Humanitie

The predatory behaviour of Monopelopia tenuicalcar (Kieffer, 1918) larvae in a laboratory experiment

Larvae of the subfamily Tanypodinae are in general regarded as predators. Actual predation has been observed directly in only a few Tanypodinae species, but their behaviour and mouthpart morphology suggest that all Tanypodinae ingest food in the same way and thus are all predators. This view is reflected in most autecological databases. There remains uncertainty for some species, most notably for Monopelopia tenuicalcar (Kieffer 1918). The uncertainty stems from the lack of direct observations, while gut content analysis points to non-animal food sources. A laboratory experiment was carried out in which larvae of Corynoneura sp. were offered to M. tenuicalcar in a set of Petri dishes. All predator and prey larvae were collected from the same locality, where they were the most abundant members of early spring littoral community. M. tenuicalcar showed clear predatory behaviour. In most cases (84 out of 86) the predator larva pierced the larva of Corynoneura and sucked its inner body content instead of engulfing it. Only in two cases did the predator engulf the whole victim. In all cases the seizing and processing of the prey was the same, with the ingestion of the food carried out by strong sucking. Obviously, if the chitinous structures of the prey fit the mouth opening of the predator, it was engulfed completely, otherwise the prey larva’s internal contents were just sucked out. A video of the exceptional case of engulfing the whole prey is available at https://youtu.be/o6-8dA1XDy0. The strategy of sucking out prey may explain why body remnants like head capsules or claws of prey have not been found in the guts of Monopelopia larvae. Instead, the guts of Monopelopia larvae that pierced Corynoneura were green as they were full of algae “stolen” from the intestines of the grazing victims. Piercing and sucking out prey by Tanypodinae may be more common than has been expected before. Due to this, gut content analysis seems to be unreliable for the determination of feeding strategy in Tanypodinae.

Executive and non-executive board members in the context of czech law and czech corporate governance code

Executive and non-executive board members in the context of czech law and czech corporate governance code Abstract This thesis analyses the division of responsibilities in boards of directors, focusing on executive and non-executive directors. The regulation of unitary boards was recently amended in the Czech Republic. The previous regulation was perceived as unclear. This may be one of the reasons why most Czech companies is using a two-tier board structure, which separates the supervisory function and the management function of the board. The question remains: Will the amendment of unitary boards cause more companies to use non-executive directors? Provisions regarding the participation of non-executive directors on boards are often located in soft law. The Czech Corporate Governance Code contains the provisions in the Czech Republic, which is why the first part of the thesis provides information on corporate governance and corporate governance codes. The second part of the thesis offers a brief review of the historical development of non-executive directors in countries where the unitary board model originated. This part focuses on soft law regulation in the United Kingdom. It subsequently analyses soft law regulations concerning non-executive directors in different countries worldwide and compares them...Výkonní a nevýkonní členové správní rady v kontextu právní úpravy a kodexu správy a řízení společností ČR Abstrakt Tato práce pojednává o institutu rozdělení správní rady na výkonné a nevýkonné členy. V českém prostředí byla nedávno novelizována právní úprava monistického systému správy akciových společností. Tato novela podstatně změnila základy monistického systému a odstranila nejasnosti předchozí úpravy, které mohly být jedním z důvodů, proč většina tuzemských akciových společností využívá dualistický model správy. Otázkou zůstává, jestli novela připravila podhoubí pro využívání institutu nevýkonných členů správních rad. Zásadní pravidla ohledně nevýkonných členů správních rad jsou obsažena v soft law, v českém prostředí konkrétně v Kodexu správy a řízení společností ČR. Proto první část práce pojednává obecně o správě a řízení společností (corporate governance) a s ní souvisejících kodexech. S rozdělením členů správní rady na výkonné a nevýkonné se tradičně setkáváme v zemích, kde dominuje monistický systém uspořádání akciových společností. To je důvodem, proč je v druhé části popisována historie a vývoj tohoto rozdělení především ve Spojeném království. V této části jsou také následně rozebírána pravidla rozdělení v některých ekonomicky významných zemích z celého světa a jsou porovnávány s českou...Katedra obchodního právaDepartment of Business LawFaculty of LawPrávnická fakult

How (Not) to Measure Quality of Life

The article presents the concept of human development and its measurement using the Human Development Index (HDI). The first three parts explain the evolution of the human development concept and the methodology of the HDI and provide some analysis of HDI results. The focus of the article is to critically discuss the HDI as a measure of human development. Based on critical perspectives of selected authors, the article analyses the weak points (and by implication the strong ones as well) of the HDI, and it also discusses proposed changes in the HDI methodology. The combination of relative comprehensiveness of the scope of the indicator and relative simplicity of its methodology made the HDI more popular than its creators may have expected. Despite all the critical comments on the HDI, it may be used as a summary measure of development. However, it should be noted that it may serve only as a rough measure

IDENTIFICATION OF CYCLE-TO-CYCLE VARIABILITY SOURCES IN SI ICE BASED ON CFD MODELING

The presented paper deals with modelling of cycle‐to‐cycle variations (CCV) in SI ICEs by means of 3‐D CFD LES approach. The main goals are the following: to identify the most important sources of CCV and to compare 2 different ignition systems: classical spark ignition and turbulent flame jet. Calibrated 3‐D CFD LES models of these engines are applied to perform time‐demanding multi‐cycle calculations of selected engine operating points. The simulation data are analyzed including comparison with experimental data and main conclusions are drawn. The turbulence, which is generated during intake stroke, is identified as the main CCV source while early flame kernel development (strongly influenced by local turbulence) is also important.Tento článek se zabývá modelováním mezicyklové variability v zážehových spalovacích motorech pomocí 3‐D CFD LES přístupu. Hlavní cíle práce jsou následující: identifikace hlavních zdrojů mezicyklové variability a porovnání 2 různých systémů pro zapálení směsi: klasický zážeh pomocí svíčky a turbulentní hořící paprsek. Kalibrované 3‐D CFD LES modely těchto motorů jsou použity pro časově náročné simulace mnoha po sobě následujících cyklů pro vybrané pracovní body těchto motorů. Data ze simulací jsou analyzována včetně srovnání s experimenty a jsou formulovány hlavní závěry. Turbulence, která je primárně generována během sacího zdvihu, je identifikována jako hlavní zdroj mezicyklové variability, zatímco co úvodní fáze vývinu jádra plemene (silně ovlivněna lokální turbulencí) je taky důležitá