Metody oceňování opcí

Diplomová práce je zaměřena na metody oceňování opcí. Jsou zde popsány základní charakteristiky a druhy opčních kontraktů. Poté je uveden popis 6 oceňovacích modelů - Black-Scholes model, French Black-Scholes model, binomický model, model kvadratické aproximace, Bjerksund-Stersland model a Jump-Diffusion model. Empirická část obsahuje zhodnocení jednotlivých modelů při aplikaci na reálná data. Bylo ukázáno, že všechny modely kromě Jump-Diffusion modelu poskytují velmi přesné výsledky, avšak bylo nemožné rozhodnout, který je nejlepší. Evidence ukazuje, že je vhodnější použít implikovanou volatilitu namísto historické. Navíc bylo prokázáno, že modely pro oceňování evropských opcí jsou vhodné i pro ocenění amerických opcí.The diploma thesis is focused on the option pricing methods. There are described basic features of the option contracts and the types of them. Then a description of 6 pricing methods is given - the Black-Scholes model, the French Black-Scholes model, the Binomial Model, the Quadratic approximation model, the Bjerksund-Stersland model and the Jump-Diffusion model. The empirical part contains an analysis of the performance of all models on the real market data. It was shown that all models except for the Jump-Diffusion one fit the data very well, yet it was impossible to determine the best one. The evidence suggests that it is better to plug a few-days-delayed implied volatility than the historical one into all of the models. It was observed that the models for pricing European options are suitable even for the American ones.Institute of Economic StudiesInstitut ekonomických studiíFaculty of Social SciencesFakulta sociálních vě

Two Different Causes of Paediatric Hypercalcaemia

Paediatric hypercalcaemia is a rare condition which can be easily overlooked or misdiagnosed. We report two paediatric patients who presented to the Department of Paediatrics, Pardubice Hospital, Pardubice, Czech Republic, in 2009 and 2010, respectively. Each patient was diagnosed with hypercalcaemia due to a different cause. The first case involved a seven-month-old infant who presented with failure to thrive, vomiting and psychomotor retardation. Fluorescent in situ hybridisation revealed Williams-Beuren syndrome. The second patient was a 16-year-old girl with abdominal pain and renal colic due to hypercalcaemia-induced urolithiasis. High parathyroid hormone serum levels suggested primary hyperparathyroidism. An adenoma of the left upper parathyroid gland was diagnosed via technetium-99m-labelled methoxyisobutyl isonitrile single photon emission computed tomography and removed surgically. Hypercalcaemia should be considered in the differential diagnosis of various disease states, particularly among infants who fail to thrive or children with abdominal pain. Keywords: Hypercalcemia; Williams-Beuren Syndrome; Hyperparathyroidism; Parathyroid Adenoma; Case Report; Czech Republic

Evaluation of an electro-pneumatic device for artificial capillary pulse generation used in a prospective study in animals for surgical neck wound healing

The paper examines the development and testing of an electro-pneumatic device for wound healing therapy after surgery in the neck area. The device generates air pressure values in a miniaturized cuff using electronic circuitry to drive an electro-valve and air compressor. The device works in two distinct modes: continuous pressure mode and pulsating pressure mode. The pressure value setting can vary from 3 to 11 mmHg, and the pulsating pressure mode's operating frequency range is approximately 0.1 to 0.3 Hz. Laboratory measurements were conducted to evaluate the device's correct functioning in both continuous and pulsating pressure modes. A four-day prospective study with animals (n = 10) was also conducted to evaluate neck wound healing therapy using the electro-pneumatic device. Out of the twelve histological parameters analysed to reveal the differences between the experimental and control wounds, only one demonstrated a significant difference. Out of the ten animals treated with the device, three showed a significant difference in terms of benefit after therapy. We can therefore conclude that the device potentially improves the wound healing process in the neck area if the pre-set air pressure value does not exceed 8 mmHg.Web of Science9art. no. 983

Binocular video head impulse test: Normative data study

IntroductionThe video head impulse test (vHIT) evaluates the vestibulo-ocular reflex (VOR). It’s usually recorded from only one eye. Newer vHIT devices allow a binocular quantification of the VOR.Purpose (Aim)To investigate the advantages of simultaneously recorded binocular vHIT (bvHIT) to detect the differences between the VOR gains of the adducting and the abducting eye, to define the most precise VOR measure, and to assess gaze dys/conjugacy. We aimed to establish normative values for bvHIT adducting/abducting eye VOR gains and to introduce the VOR dysconjugacy ratio (vorDR) between adducting and abducting eyes for bvHIT.MethodsWe enrolled 44 healthy adult participants in a cross-sectional, prospective study using a repeated-measures design to assess test–retest reliability. A binocular EyeSeeCam Sci 2 device was used to simultaneously record bvHIT from both eyes during impulsive head stimulation in the horizontal plane.ResultsPooled bvHIT retest gains of the adducting eye significantly exceeded those of the abducting eye (mean (SD): 1.08 (SD = 0.06), 0.95 (SD = 0.06), respectively). Both adduction and abduction gains showed similar variability, suggesting comparable precision and therefore equal suitability for VOR asymmetry assessment. The pooled vorDR here introduced to bvHIT was 1.13 (SD = 0.05). The test–retest repeatability coefficient was 0.06.ConclusionOur study provides normative values reflecting the conjugacy of eye movement responses to horizontal bvHIT in healthy participants. The results were similar to a previous study using the gold-standard scleral search coil, which also reported greater VOR gains in the adducting than in the abducting eye. In analogy to the analysis of saccade conjugacy, we propose the use of a novel bvHIT dysconjugacy ratio to assess dys/conjugacy of VOR-induced eye movements. In addition, to accurately assess VOR asymmetry, and to avoid directional gain preponderance between adduction and abduction VOR-induced eye movements leading to monocular vHIT bias, we recommend using a binocular ductional VOR asymmetry index that compares the VOR gains of only the abduction or only the adduction movements of both eyes

Option pricing methods

The diploma thesis is focused on the option pricing methods. There are described basic features of the option contracts and the types of them. Then a description of 6 pricing methods is given - the Black-Scholes model, the French Black-Scholes model, the Binomial Model, the Quadratic approximation model, the Bjerksund-Stersland model and the Jump-Diffusion model. The empirical part contains an analysis of the performance of all models on the real market data. It was shown that all models except for the Jump-Diffusion one fit the data very well, yet it was impossible to determine the best one. The evidence suggests that it is better to plug a few-days-delayed implied volatility than the historical one into all of the models. It was observed that the models for pricing European options are suitable even for the American ones

Těžba v Predator-Prey modelu

The paper is focused on the Predator-Prey model modified in the case of harvesting one or both populations. Firstly there is given a short description of the basic model and the sensitivity analysis. The first essential modification is percentage harvesting. This model could be easily converted to the basic one using a substitution. The next modification is constant harvesting. Solving this system requires linearization, which was properly done and brought valuable results applicable even for the basic or the percentage harvesting model. The next chapter describes regulation models, which could be used especially in applying environmental policies. All reasonable regulation models are shown after distinguishing between discrete and continuous harvesting. The last chapter contains an algorithm for maximizing the profit of a harvester using econometrical modelling tools

Optimalizace těžby přírodních zdrojů

The thesis describes various modifications of the predator-prey model. The modifications are considering several harvesting methods. At the beginning a solution and a sensitivity analysis of the basic model are provided. The first modification is the percentage harvesting model, which could be easily converted to the basic model. Secondly a constant harvesting including a linearization is derived. A significant part is devoted to regulation models with special a focus on environmental applications and the stability of the system. Optimization algorithms for one and both species harvesting are derived and back-tested. One species harvesting is based on econometrical tools; the core of two species harvesting is the modified Newton's method. The economic applications of the model in macroeconomics and oligopoly theory are expanded using the methods derived in the thesis

Prenatalni a perinatalni patologie membranozniho labyrintu vnitrniho ucha

Available from STL Prague, CZ / NTK - National Technical LibrarySIGLECZCzech Republi

Optimalizace těžby přírodních zdrojů

Práce popisuje různé modifikace modelu dravec-kořist pro případ těžby jedné nebo obou populací. Na začátku je uvedeno řešení základního modelu a jeho citlivostní analýza. První modifikací je procentuální těžba, která může být převedena na základní model. Dále je odvozen model konstantní těžby včetně linearizace systému. Podstatná část práce je věnována regulačním modelům s důrazem na environmentální aplikace a stabilitu systému. V práci jsou popsány a ověřeny optimalizační algoritmy pro případ těžby. Jednodruhová optimalizace je založena na ekonometrických metodách; jádrem dvoudruhové optimalizace je upravená Newtonova metoda. Práce také rozšiřuje ekonomické aplikace modelu v makroekonomii a teorii oligopolu.The thesis describes various modifications of the predator-prey model. The modifications are considering several harvesting methods. At the beginning a solution and a sensitivity analysis of the basic model are provided. The first modification is the percentage harvesting model, which could be easily converted to the basic model. Secondly a constant harvesting including a linearization is derived. A significant part is devoted to regulation models with special a focus on environmental applications and the stability of the system. Optimization algorithms for one and both species harvesting are derived and back-tested. One species harvesting is based on econometrical tools; the core of two species harvesting is the modified Newton's method. The economic applications of the model in macroeconomics and oligopoly theory are expanded using the methods derived in the thesis

Privatization of hospitals in the Czech Republic

Institut ekonomických studiíInstitute of Economic StudiesFakulta sociálních vědFaculty of Social Science