"The Influence of the Development of Reference Interest Rates in Choosing Investment and Debt Financial Tools for Corporations - Case of the Czech Republic in 1997-2002s"

This paper focuses on the development of reference interest rates in the Czech Republic after the currency crisis of May 1997 and covers the period to the years 2002/2003 (that is to the time just before the country’s entry into the European Union) when the currency exchange of the Czech koruna (CZK) and interest rates were stabilised. The relatively high volatility of Czech reference interest rates in the late 1990’s influenced the development of company debt financing, forcing companies to become more sophisticated and dynamic in their use of debt instruments and hedging tools as they attempt to manage the subsequent interest rate risk. In this paper, the situation in three model corporations is also described – the first, a solvent company with a foreign owner (Moravian-Silesian Heating Company – MSHC, renamed to Dalkia Morava in 2002), the second, a solvent company with the Czech state as its majority owner (North Moravian Power Company – NMPC), and the third with domestic capital, which had economic problems during the given period (Vítkovice, a.s.), plus a big insurance company as a specific and very important institutional investor in domestic financial markets

Sběr a zpracování dat při měření LED modulů předních světlometů

Cílem této bakalářské práce je navrhnout soubor měřených parametrů pro zařízení LED Module Check sloužící k měření LED modulů předních světlometů automobilů a následná tvorba reportů z jednotlivých měření. Na začátku je popsána funkce zařízení LED Module Check a parametry LED modulů, které je třeba sledovat. Dále je popsána struktura třídy napsaná v jazyce C#, která bude obsahovat hodnoty měření a jejich interpretace do formátu XML. Na závěr jsou představeny nástroje pro tvoření a úpravu dokumentu a konverzi do formátu PDF.The aim of this is devise a file of measured parameters for LED Module Check device which is using for measurement of headlamps LED modules and for following generating reports of measurements. At the beginning of the thesis is described LED Module Check functionality and LED parameters to following up. In the following section is decribed main class written in C# language, own measured values and their interpretation to XML format. Finally, are introduced tools for making and adjustment documents and conversion to PDF format.

Applying the principles of sustainability in cultural heritage objects care: the case study of cuneiform tablet

This paper discusses application of sustainability principles in the care of museum’s collections and more specifically, in the case of cuneiform tablet collection. The principles of sustainability are inherently present in the idea of memory institutions and their rules of collection preservation. This paper shows how digitalization of collections and the new ways of data storage are well suited for reaching goals of preservation of the collection for future and simultaneously widening access to the collection for those interested. Various methods and approaches employed to achieve protection and opening the collection are presented

Amendments to the Valuation of Immovable Property from 1 January 2021

V článku jsou uvedeny a komentovány změny oceňování nemovitostí, které přinášejí novela zákona o oceňování majetku a novela prováděcí oceňovací vyhlášky k 1. lednu 2021.The article presents and comments on the changes in real estate valuation brought by the amendment to the Property Valuation Act and the amendment to the implementing valuation decree as of 1 January 2021

Microdialysis as a tool for antibiotic assessment in patients with diabetic foot: a review

Diabetic foot is a serious late complication frequently caused by infection and ischaemia. Both require prompt and aggressive treatment to avoid lower limb amputation. The effectiveness of peripheral arterial disease therapy can be easily verified using triplex ultrasound, ankle-brachial/toe-brachial index examination, or transcutaneous oxygen pressure. However, the success of infection treatment is difficult to establish in patients with diabetic foot. Intravenous systemic antibiotics are recommended for the treatment of infectious complications in patients with moderate or serious stages of infection. Antibiotic therapy should be initiated promptly and aggressively to achieve sufficient serum and peripheral antibiotic concentrations. Antibiotic serum levels are easily evaluated by pharmacokinetic assessment. However, antibiotic concentrations in peripheral tissues, especially in diabetic foot, are not routinely detectable. This review describes microdialysis techniques that have shown promise in determining antibiotic levels in the surroundings of diabetic foot lesions

"Cash and Working Capital Management in the Czech Republic"

This paper outlines the changing financial scene in The Czech Republic, which is following the global pattern of institutional investors taking over the role of commercial banks as relationship banking is gradually giving way to transaction-driven banking. Investment-grade companies have become more reliant on direct financing and less reliant on intermediated financing. This is due both to reluctance by banks to extend credit facilities to high-grade corporates as they search for more lucrative returns on capital, and by the growth in the supply of capital by institutional and other non-bank investors. This growth in direct financing has been predominately in the form of unsecured and unregistered commercial paper issues. The relatively high Czech reference interest rates in the late 1990’s influenced the development of company debt financing, forcing companies to become more sophisticated and dynamic in their use of debt instruments and hedging tools as they attempt to manage the subsequent interest rate risk. The objectives of cash management are straightforward – maximise liquidity and control cash flows and maximise the value of funds while minimising the cost of funds. The strategies for meeting such objectives include varying degrees of long-term planning requirements. Also, like everywhere in the world, much treasury activity in the Czech Republic is concentrated on cash management. This includes financing the corporation, administration of debts (loans, bonds, commercial papers, etc.), good relationships with the banks, payments to suppliers and collections from customers, control of foreign currency and interest positions according to the company’s needs for finance, and finally the reporting and technical support of all these functions. The use of cash pooling as a global standard for concentrating cash into the main bank account of the firm, has very quickly found favour in corporates in the Czech Republic