Template-Type: ReDIF-Article 1.0 Author-Name: Hana Scholleová Title: Basic Areas of Utilization of Real Options to Manage a Firm Abstract: Real options as a right to future decision-making based on additional information from outside a company can be found everywhere, every company has the flexibility, but its value depends on volatility. It order to utilize it some selection is necessary as working with real options may bring more benefits than expenses. The first degree of selection is not caringe for decisions at high certainty or at risk with zero volatility, where the option value is close to zero. Real options give some answer as classical methods of DCF where decision-making cannot be deferred. As for options in low-budget projects, it may happen that the estimation of the project value will be higher than the direct capital costs. Real options are not a new method: they only enlarge the scale of classical methods, giving the possibility to evaluate a company´s opportunities. Especially New Economy companies often use options without knowing their values, which could bring better efficiency to their decision-making processes. Keywords: volatility, flexibility, real options Classification-JEL: G30 Pages: 3-11 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=120.pdf File-URL: http://www.vse.cz/aop/120 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:120:p:3-11 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/120 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Černý Title: On Estimation of Volatility of Financial Time Series for Pricing Derivatives Abstract: Estimation of volatility of financial time series plays a crucial role in pricing derivatives. Volatility is often estimated from historical data; however, it is well known that volatility varies in time. We propose a method to choose a suitable length of historical data to estimate contemporary volatility. The method is based on adaptation of a procedure used in statistical quality control - a hypothesis, that data contains a changepoint of volatility, is tested and if the test gives a positive answer, the changepoint is estimated. Then, a period of data where no changepoint is statistically significant is used to estimate contemporary volatility. The approach is illustrated on an analysis of CZK/EUR exchange rates. Keywords: time series, volatility, Derivative, Black-Scholes model, changepoint Classification-JEL: C12, C13, G12 Pages: 12-21 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=126.pdf File-URL: http://www.vse.cz/aop/126 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:126:p:12-21 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/126 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Mikovcová Title: Activity Based Costing Abstract: It is not possible to use standard methods of management in present constantly changing conditions. Enterprises have to apply progressive methods of management. The aim is to enhance the methodical application and formulate practical recommendations for enterprises in the area of cost management. Keywords: management methods, activity based costing, activities, resources, cost objects Pages: 22-28 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=127.pdf File-URL: http://www.vse.cz/aop/127 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:127:p:22-28 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/127 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Černá Author-Name: Jan Černý Title: Notes on Cycles in Activity-on-Arc Networks Abstract: A new type of cyclic activity graph is introduced. In contrast to the well-known "start-after-end" type with only one backward arrow, the new one admits several backward arrows representing the removal of working groups from the n-th to the (n + 1)-th cycle (e.g., from the previous family house being constructed to the next one). It is shown how to calculate minimum cycle length, first and last possible starting times of activities and slacks. Brief examples of applications (e.g., in building industry, manufacturing of airplanes, ships and cranes) are mentioned. Moreover, an example of traffic signal settings is presented in detail. Keywords: Network, Activity, Cycle, Optimization, Application, Traffic Lights Classification-JEL: C6 Pages: 29-36 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=130.pdf File-URL: http://www.vse.cz/aop/130 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:130:p:29-36 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/130 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Pudil Author-Name: Petr Somol Title: Identifying the most Informative Variables for Decision-Making Problems - a Survey of Recent Approaches and Accompanying Problems Abstract: We provide an overview of problems related to variable selection (also known as feature selection) techniques in decision-making problems based on machine learning with a particular emphasis on recent knowledge. Several popular methods are reviewed and assigned to a taxonomical context. Issues related to the generalization-versus-performance trade-off, inherent in currently used variable selection approaches, are addressed and illustrated on real-world examples. Keywords: variable selection, feature selection, machine learning, decision rules, classification Classification-JEL: C60, C80 Pages: 37-55 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=131.pdf File-URL: http://www.vse.cz/aop/131 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:131:p:37-55 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/131 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Brožová Title: Theory of Individual Labour Supply Decisions, Selected Applications and Extensions of the Basic Model Abstract: The article deals with a subject s decisions about his individual labour supply. It explains the development of this problem from the cardinalistic point of view, characteristic for marginalistic economists, concerning ordinalistic decision-making between consumption and free time. The gist of this contribution is extending the basic neo-classical model in the sense of analysing selected application cases. Considered to be one of the most important applications of this model, household decision-making about labour supply has been analysed. Shared childcare and running the household as a unit influences the labour supply of the family members. Keywords: disutility of labour, indifference analysis, reservation wage, household decisions Classification-JEL: D010, J220 Pages: 56-69 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=132.pdf File-URL: http://www.vse.cz/aop/132 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:132:p:56-69 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/132 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Křečková Kroupová Title: Battle for Talents Abstract: This article deals with the problem of the lack of talented employees across industries, from the low-tech to the high-tech, as well as across countries, from the developed to the developing ones. The author includes among the key causes the increase in "intangible assets', ageing populations, exhausted and demoralized workforce, the mismatch between education and corporate needs, and errors in talent management. The author sees possible solutions to this situation for corporations in searching for talents in "unexplored' areas, for example among women and immigrants, approaching talents as soon as possible, employing more part-time and older workers, and finally offering employees more than just good salary - an interesting and demanding job, open two-way communication between the subordinate and the bosses and opportunities for employees' growth and development. Keywords: talent management, motivation, qualification, workforce Classification-JEL: M12 Pages: 70-75 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=133.pdf File-URL: http://www.vse.cz/aop/133 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:133:p:70-75 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/133 Template-Type: ReDIF-Article 1.0 Author-Name: Marcela Zamazalová Title: Customer Satisfaction Abstract: Measurement of customer satisfaction or dissatisfaction is an important factor in corporate development. Deep insight into the crucial factors that have an influence on customer satisfaction and result in repeated purchases plays a critical role. The connection between customer satisfaction and its profitability for the company is discussed in many studies. They focus on the confirmation of the existence of a relationship between the rate of customer loss and a company's efficiency. In addition to themeasurable effects in the financial sphere, every customer is also an important source of qualitative effects that are difficult to evaluate. Keywords: customer satisfaction, loyalty, retail Classification-JEL: G30 Pages: 76-82 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=135.pdf File-URL: http://www.vse.cz/aop/135 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:135:p:76-82 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/135 Template-Type: ReDIF-Article 1.0 Author-Name: Antonín Dvořák Author-Name: Pavel Kavina Author-Name: Richard Nouza Title: On Some Trends in Mineral Resource Extraction after 2000 Abstract: The world raw material market has undergone a great change in the recent years. One of the essential reasons is the rapid economic growth of many former developing countries such as China, India, Indonesia, Brazil, Vietnam, etc. These countries were historically and typically producers and exporters of many raw materials but now they also consume or even import them, because the consumption of all raw materials is increasing rapidly in these young, densely populated and rapidly developing countries. In relation to this trend, the nominal prices of various commodities have reached wholly new levels. In the 1970s - and mainly in the 1980s and 1990s - many Western European countries adopted as a main motto of their national resource strategies something like, "We do not really need national mining of natural resources, we are not to destroy our environment; the absolute majority of required resources will be brought from non-European territories.' But the name of the problem is not "mining production' but "consumption', which is still increasing in the developed countries, too. The result of these mistaken strategies was that the raw materials are mined in Third World countries with much more serious environmental impacts compared to Europe. A rightful question comes to mind: Do European countries need different resource politics in the 21st century? Keywords: natural resources, raw materials, prices of raw materials Classification-JEL: G30 Pages: 83-91 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=138.pdf File-URL: http://www.vse.cz/aop/138 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:138:p:83-91 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/138 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Sýkora Title: The Least Developed Countries in The International Community and their Progress Towards Achieving Millennium Development Goals Abstract: The aim of this paper is to describe the current situation of the least developed countries (LDCs). After briefly explaining their historical development, this paper presents the current definition criteria for LDCs as well as their up-to-date list. The position of the LDCs within the international community is briefly explained on the example of changing strategies of international development partners towards achieving progress in the LDCs. Finally, the progress of the LDCs towards achieving the Millennium Development Goals (MDGs) is assessed. The assessment shows that if the current development is not accelerated, the majority of the MDGs will not be met by 2015 as planned. In the recent past it was thought that the right way to speed up the economic and social developments in the LDCs is their growing engagement in international trade. This paper shows empirical evidence of the impacts international trade has had on the LDCs' economies in the recent past. It proves again that the solution for the LDCs does not lie in any single measure. To significantly decrease the proportion of the population living in poverty in any country, the country must be able to provide its people with a sufficient number of paid employment opportunities. Keywords: International trade, Least developed countries, Millennium development goals Classification-JEL: F43, O10, O19 Pages: 92-102 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=139.pdf File-URL: http://www.vse.cz/aop/139 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:139:p:92-102 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/139 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Horčička Title: Some Aspects of the Economic Relations between Austria-Hungary and the Unites States of America, 1914-1918 Abstract: The World War changed not only political but also economic relations among the belligerent powers and between these powers and neutrals. The foreign trade between Austria-Hungary and the United States of America was strongly influenced by the British naval policy. Despite the breakdown in the foreign trade relations in 1915, some economic contacts between Austria-Hungary and the Unites States remained. The most important economic topic between the two countries was the question of Austro-Hungarian ships which anchored in US harbours. The author analyzes the complicated process of their sale to US buyers. The relevant negotiations started in 1915 and lasted until mid 1918. Keywords: World War I, Economic Relations, Austria-Hungary, the United States of America Pages: 103-109 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=146.pdf File-URL: http://www.vse.cz/aop/146 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:146:p:103-109 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Březina Title: The Purpose of Metaphor in the Specialist Style Abstract: This article focuses on the nature of metaphors in languages for specific purposes. The question whether metaphors must only be seen as an instrument of linguistic creativity or as an instrument that plays a significant cognitive role in linguistic change is still open. Regarding this situation, it is still impossible to analyse their real role, which results in many faulty interpretations in linguistic research. Keywords: language for specific purposes, mental model, linguistic research, conceptual metaphor Pages: 110-113 Volume: 2008 Issue: 4 Year: 2008 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=147.pdf File-URL: http://www.vse.cz/aop/147 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2008:y:2008:i:4:id:147:p:110-113 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/147