Cost of equity as the measuring instrument of risks during the corporate- and market life cycle

Tato disertační práce se zabývá vztahem životního cyklu podniku a struktury podnikatelských rizik, která jsou měřena pomocí nákladů vlastního kapitálu. Kromě životního cyklu podniku je zohledněn i životní cyklus trhu. Výsledky výzkumu naznačují, že existují pouze méně významné odlišnosti ve struktuře podnikatelských rizik v závislosti na životním cyklu podniku a tržní pozici.This dissertation is focused on relations between corporate life cycle and the structure of entrepreneurial risk, that is measured by cost of equity. Besides the corporate life cycle there is considered also the market life cycle. The research results prove, that there are only little differences in the structure of entrepreneurial risks depending on the corporate life cycle and the market position.

Life Cycle of a Company and Impact on Financial Structure Choice

Purpose of the article Companies during their existence pass through the phases of their life cycle. Every phase is among others characterized by different availability of financial sources and this fact will significantly influence the financial structure of a company. Previous researches were aimed mostly on availability and usability of external financial sources during the life cycle of a company. The financial structure in context of the life cycle of a company was so far most researched by Marc Reiners. This author viewed the financial structure only in accordance with the legal status of the investors and he did´nt consider other important criterions like origin, usable life and bribability of financial sources. According to all these criterions is the financial structure in context of the life cycle of a company considered in this article. Scientific aim The companies are classified into three groups into companies that are in phases of growth, stabilisation and decline. The financial structure is separately within these groups under review. Financial sources are divided always according to the criterion, which is selected to consider the financial structure. Methodology/methods To implementing the research is used the method of analysing the secondary data that are extracted from the financial reports of surveyed firms. Phases of the life cycle of a company are identified on the basis of the growth indicator, developed by Marc Reiners. All the selected companies are from the Czech automotive industry, they are small or middle, and they have some history, because for companies in the phase of foundation isn´t this growth indicator usable. Findings In the financial structure of all selected companies, regardless of the phase of their life cycle, dominate long-dated and bribable financial sources. The companies in phase of stabilisation are at least indebted and have the highest share of internal sources. Conclusions (limits, implications etc) It can be said, that the fact, that especially companies in phase of stabilisation have most available external sources and they can most indebt, wasn´t approved oneself on financial structure of these companies. The limitation of this finding is that only few companies are in the phase of stabilisation according to the used growth indicator

The use of Computers in the Number Theory

PARI/GP je poměrně málo známý matematický software, který byl navržen především pro rychlé výpočty v teorii čísel, ale našel své uplatnění i v dalších oblastech matematiky. Práce uvádí přehled základních příkazů PARI/GP a na jednoduchých příkladech je ukázáno jejich možné použití. PARI/GP je dále užit k hledání velkých prvočísel speciálních tvarů.PARI/GP is a relatively obscure mathematical software that was designed especially for quick calculations in the number theory, but which has also found its application in other areas of mathematics. This work gives an overview of the basic commands of PARI/GP, and some simple examples to show their potential use. PARI/GP is then used for looking for large primes of special forms.

Economic Value Added as a Dependence on the Corporate- and Market-life Cycle

Economic value added (EVA) is an indicator which is widely used as the main tool for financial analysis. There are two methods of calculating it. The original method which was made by Stern & Stewart is defined as the net operating profit after taxes minus the cost of capital. The second method which was developed and used by the “Czech Ministry of Industry and Trade” indicates that, the economic value added is the difference between return on equity and the alternate cost of equity that is composed of separate risk rewards, and this “spread” is consequently multiplied by the equity. Economic value added depends on many factors. Whereas some of them are controllable by the company, others are not. This article is focused on the relationship between economic value added and the corporate- vs. market life cycle. This is because, there is an assumption that conditions for developing EVA changes depending on the actual phase of corporate- and market life cycle. In this research, the model by Reiners (2004) is used to identify the phases of corporate- and market life cycle and the method provided by the “Czech Ministry of Industry and Trade” is used to calculate EVA. However, there is a consideration of the relativity of EVA in the form of “spread” because of the intercompany comparison. The study found that, the highest spread is achieved by companies that are in the phase of expansion and phase of market expansion. On the contrary, companies in the phase of declension during market declension achieved the lowest and negative spread

Effect of titanium dioxide on the properties of lead-acid batteries operating in hybrid vehicles mode

Předkládaná práce se zabývá problematikou olověných akumulátorů pracujících v režimu hybridních elektrických vozidel, tzn. ve stavu částečného nabití. Nežádoucí jevy, jako například předčasná ztráta kapacity a velký vnitřní odpor, mohou výrazně ovlivnit životnost olověného akumulátoru. Experiment popsaný v této práci má za cíl objasnit, jaký vliv má oxid titaničitý v aktivních hmotách záporných elektrod zejména na životnost těchto olověných akumulátorů.This work deals with lead-acid batteries operating in hybrid electric vehicles mode, i.e. in a partial state of charge. The adverse effects such as premature capacity loss and large internal resistance can markedly affect the life of a lead battery. The experiment described in this work aims to clarify the influence of the titanium dioxide in the active mass of negative electrodes especially in the life of lead acid batteries.

Methods and steps for quality problem solving for industrial practice

Předkládaná práce se zabývá přístupy a metodami, které se používají pro účely řešení problémů s kvalitou (plánování a zlepšování kvality), dále pak softwarovými nástroji každé z metod. Základním zaměření práce je podat informace o existujících metodách. V praktické části jsou uvedeny případové studie základních metod pro řešení problémů s kvalitou.This work deals with approaches and methods, which uses for purposes problem solving with quality (planning and improving quality), and software tools every method. Basic sight this work is give information on existent methods. In practical part are introduce case studies of basic methods for problem solving with quality.