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Agri-environmental subsidies and the National Rural Development Plan
52-59Views:185The financing of agri-environmental target programs which is a prominent area in the EU became possible during the implementation and successful operation of the National Agricultural Environment Protection Program (NAPP) launched in 2002. Through this program we gained experience in the field agri-environmental measures which are financed from the Guidance Section of European Agricultural and Guarantee Fund in the European Union. The agri-environmental measures which are included in the National Rural Development Plan (NRDP) were implemented in Hungary in the fall of 2004 when the farmers handed in their application after the publishing of the related law. The NAPP financing is still active, but not significant since most farmers have chosen NRDP measures.
We are examining the experience of the above programs after studying some theoretical aspects of the agricultural economics and the EU laws. We try to analyse the most important experiences of NAPP including the legal background, news opportunities yielded by target programs, the financing, organisation, and institutional background. We will present the results taking into consideration the data of the winning applicants. -
Agri-environmental schemes in the European Union
111-117Views:217Some details on agri-environmental measures in EU have been presented in this paper. Territorial, financial and regulation-specific aspects have been investigated based on statistics from EUROSTAT and ENFRD reports. It has been concluded, that AES shows a much diversified picture in the EU. For example, by 2009 the old members and new member states of EU had different proportions of agricultural area (25% and 10%, respectively), where AES had been introduced. Differences in AES are remarkable both at the level of member states as well as in the amounts of payments per hectare. The reasons behind this are the different national conditions and approaches on AES as well as differences in time these measures had been introduced in member countries. The final conclusion is that further increases may be expected in the coming years regarding the area involved in different agri-environmental measures and the total amount of AES payments in the EU.
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Mitigation and adaptation measures in the hungarian rural development programme
245-250Views:192In the Hungarian Rural Development Programme (RDP) climate change adaptation is addressed through the measures in Axis 1, 2, 3 and 4. Under Axis 1 farmers can receive support for farm modernisation that will help them adapt to climate change. The processing industry will also be able to use the available resources for capital expenditure on buildings and new equipment. Axis 2 and especially the soil and water package within the agrienvironmental
measure aim to support production methods, which protect soil quality and will help adaptation to climate change. Measures of Axis 3, such as basic services for the economy and rural population, village renewal and development will provide local communities the opportunity to identify actions that can be undertaken to deal with the effects of climate change. On the other hand, the extension of forest resources contributes to climate change mitigation and enhances carbon sequestration. New methods have been elaborated to the sustainable regional water management, irrigation, water regulation, defence against internal water, and soil protection established. Water management contributes to the balance of water quantity on one side, but also to mitigating the climate change on the other. -
The strengthen of the second pillar in the European Union and Hungary
88-94Views:200The Common Agriculture Policy (CAP) took shape in the early 1960s. At that time the first action was to stop food shortages. Among the objectives of the Treaties of Rome appeared the subvention of rural development had not yet.
Rural development appeared, in 1992, in connection with accompanying measures, and by end of decade, the European Agricultural Model had taken shape. Agenda 2000 pointed out the direction of rural development and introduced the first and second pillars in the CAP. The regulations of rural development were simplified by 1257/1999/EC, which stressed the importance of rural development to and it has to continue the principle of subsidiarity and has to be decentralized.
The last enlargement raised new problems, the mid-term review of Agenda 2000 occurred and resulted in a new CAP-reform in 2003. The 1783/2003/EC rural development regulation modified the previous regulation. According to the new regulation it is necessary to strengthen the new rural development policy, enlarge the circles of accompanying measures, place greater emphasis on requirements of environment, human resource, animal welfare and plant health. Digression and modulation take part in the new CAP-reform in order to increase the role of rural development in the common budget.
In the next budget from 2007-2013, the European Union wants to create a single rural development fund and simplify programming, financing, monitoring. The EU wants to enlarge the instruments of rural development with a four axis model. -
Clusteranalysis as a swine farm qualifying method
165-174Views:204Cluster Analysis is one of the most favorite multivariable statistical methods, which is actually a special type of aggregating method. Observations are clustered by variables belonged to the observations. Our purpose is to create such clusters, in which the elements are the most similar, and between the clusters they are the most variant. For example these clusters could be the qualitative classifications of farms.
There have been several methods in Cluster Analysis as well as numerous distance measures, which could be used. In this article, we study all of these methods and measures. After we show the theoretical background, we apply the method in a given casestudy to control the qualitative classifications of experts. In this study, we use both the hierarchical and the non-hierarchical method, and also compare them. We would like to attract the attention that the most important problem of the analysis is to determine the optimal of clusters. -
Acquisition practice prior to commercial use in the European Union
153-158Views:195The target of 3% of GDP spent on R&D by the Lisbon priorities seems to be still far away from the reality in some European countries and at EU level as well. The economic crisis determined the priorities and it makes more complicated to dedicate more budget on Research and Development. New methods, new measures are needed in the European Union. Measures that supporting the demand side of the innovation and generates market-pull affects. The Europe 2020 Innovation Union Flagship Initiative dedicates a special role to precommercial procurement for the upcoming 10 years. Nowadays, there are more and more European countries running pilot projects adapting the American SBIR (Small Business Innovation Research) programme.
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Development of and Lessons from the Institution System of the Common Agricultural Policy in Slovenia
43-53Views:164The comprehensive agricultural policy of Slovenia during the setting-up of its agricultural institutional system for implementation of the Common Agricultural Policy has enabled the setting-up and design of the Paying Agency system to handle national and EU subsidies according to schedule. The country has acted on the advice of the European Union to use the introduction of SAPARD measures as a preparatory and experimental field for utilising subsidies after EU accession. Moreover, in addition to the importance of gaining practical experience in the field of implementation of rural development measures, Slovenia has recognised the necessity to become familiar with the application procedures for obtaining direct payments relevant for the largest group of beneficiaries, farmers. Accordingly, farmers have been practicing for 3 years how to fill in application forms, and have gained important experience before opening the most relevant resources. Also, the advisers supporting farmers to obtain subsidies have been trained during the last 3 years, in order to provide real assistance. EU agricultural subsidies are not divided among the Member States; there will be a strong competition not only with the new Member States, but also with the farmers of the more developed EU-15.
Slovenia has done its best in order to launch its farmers – due to the different development levels of the EU-25 Member States – into this very strong competition not like pupils, but at least like mature secondary school students. -
Inner pelvic measurements in dairy breeds
51-56Views:417Dystocia causes great financial losses: due to dystocia milk production is decreased and the probability of calf loss is increased. There are many factors that may cause dystocia. One of the factors –often investigated in beef cattle- is pelvic measurements. There have not been inner pelvic measurement comparisons in dairy breeds in Hungary.
After comparing the imported, primiparous cows, Jersey turned out to have the smallest absolute inner pelvic measures. According to their age and weight, Brown Swiss cows had the largest pelvic dimensions. Ayrshires, Norwegian and Swedish Red, the three dairy breeds which share similar genetic background did not differ in most measures. Holsteins were closest to the seemingly ideal 1:1 horizontal and vertical diameter ratio; however this breed suffers the most from dystocia. Jerseys, despite having the smallest pelvic area are famous of their calving ease, perhaps not by coincidence. Though this dairy breed is the lightest, when pelvic area was compared in ratio of body weight Jerseys were not smaller than the 130 and 114 kg heavier Norwegian and Swedish Red cows. -
Marginalisation and Multifunctional Land Use in Hungary
50-61Views:186Our study prepared as a brief version of National Report in the frame of EUROLAN Programme. We deal with the interpretation of some definitions (marginalisation of land use, multifunctionality of land use, marginalisation of agriculture, multifunctionality of agriculture), with sorting and reviewing indicators of marginalisation and finally with the analysis of functions of land use. We suggested a dynamic and a static approach of marginalisation. We can explore the dynamic process by time series and the static (regional) one by cross-section analyses.
It is very hard to explain the perspective of the future of marginalisation of land and of agriculture in Hungary. The process of marginalisation seems faster in the agriculture in the coming years, but it depends on the utilisation of new possibilities given by the EU financial resources and by the Common Market. At this moment agriculture seems one of the big losers of the accession.
In the long term we should face considerable challenges in the land use. It is necessary to take into account that there is a supply market of foods and traditional fibre production world-wide. There are limited possibilities to produce and to market for example biodiesel (fuel), bioethanol, or maybe biogas. Thus the environment and landscape preservation becomes more and more real land use alternatives.
The environmental interpretation of the multifunctionality of land use: activities (functions) of environmental preservation and nature conservation in a certain area, which aim to preserve natural resources by the existing socio-economic conditions.
Preservation of rural landscapes is the task mainly for land-users, who can be commanded by legal means and can be encouraged by economic measures to carry out the above activity. In the recent past measures of „command and control” type regulation were predominant, however nowadays, especially in the developed countries, the role of economic incentives increases.
As a conclusion of our analysis we can state that as long as the main land-dependent activities (agriculture, forestry, housing, tourism, local mining) cease to be viable under an existing socio-economic structure, then it is hardly possible to sustain the rural landscape on an appropriate level by non-commodity products (such as environment preservation, cultural heritage, nature conservation, employment etc.).
1 The study was prepared in the frame of EUROLAN (EU-5 Framework Project), QLK5-CT-2002-02346, as a compiled version of the Hungarian National Report, The national project co-ordinator: Prof. Dr. Gabor Szabo.
A part of places with high ecological values coincides with the areas with unfavourable agricultural endowments and underdeveloped micro-regions. We think so that the marginalisation preserves the non-environmental-sound activities and hinders the development of multifunctional agriculture and this process can change only by joint utilisation of endogenous and exogenous resources and methods. Thus the successful programmes for agri-environmental protection and multifunctional land use can serve the moderation of negative effects of marginalisation or maybe the marginalisation process itself. -
Inner pelvic measurements in dairy breeds
31-35Views:376Dystocia causes great financial losses: due to dystocia milk production is decreased and the probability of calf loss is increased. There are many factors that may cause dystocia. One of the factors –often investigated in beef cattle- is pelvic measurements. There have not been inner pelvic measurement comparisons done on dairy breeds in Hungary.
After comparing the imported, primiparous cows, Jerseys turned out to have the smallest absolute inner pelvic measures. According to their age and weight, Brown Swiss cows had the largest pelvic dimensions. Ayrshire, Norwegian and Swedish Red, the three dairy breeds which share similar genetic background did not differ in most measures. Holsteins were closest to the apparent ideal 1:1 horizontal and vertical diameter ratio; however, this breed suffers the most from dystocia. Jerseys, despite having the smallest pelvic area are famous of their calving ease, perhaps not by coincidence. Although this dairy breed is the lightest, when the pelvic area was compared in ratio of body weight Jerseys were not smaller than the 130 and 114 kg heavier Norwegian and Swedish Red cows. -
Study of animal welfare status and heat stress measures applied in dairy cow herds in Hungary
79-82Views:328The following material focuses on dairy production and climate related issues in Hungary. All the data was gathered during PhD
project: Study of animal welfare status in dairy cow herds in Hungary. Relations between animal welfare and climate changes expressed by
increase in temperature are described. Extremely hot weather creates hard conditions for milking cows when animal welfare is highly
compromised. From the preliminary results obtained one might formulate hypothesis that there are still areas on the farms where immediate
actions should be taken to give a relief to cows in hot seasons. There was found significant number of farms with too many animals per one
water trough, dirty water troughs, limited access to water troughs and hazardous surface for cows in critical places where many animals are
gathered. Calves with not sufficient amount of water in hot days and other parts of the year were reported. Silage exposure to the sun and
mouldy food in a silage clump was also found to be an important factor in monitoring impact of warm weather. Half of the farms letting
animals to spend time on the pasture or paddock did not provide shade for animals. Low conception rate of first insemination was predicted
to be influenced by heat stress, what is proved by lack of heat decreasing measures taken on the farms. -
Study of animal welfare status in dairy cow herds in Hungary – looking for causes of lameness
47-50Views:365In the last 20–30 years lameness in cattle was found to be third the most influential disease next to mastitis and reproduction disorders. Studies have been established to explore reasons for lameness and prevention. The problem with more robust prevention plans is that knowledge and research evidence is not strong enough to run an effective prevention plan. The aim of the research is to look for reasons of lameness by observing number of cows on 6 farms during 2 lactations. Performance data will be put together to body condition score (BCS) and lameness scores. Other examination is focused on monitoring of 40 farms. This part of the project is more related to extension, collecting and sharing solutions for decreasing lameness. Producers are advised what kind of measures are possible to reduce occurrence of lameness. Effectiveness of those actions will be measured at the end of the study. The first preliminary results show lack in almost all preventive measures needed to be taken in minimising lameness. Those areas are related to poor facilities, lack of straw, problems with labour and basic management.
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Study of animal welfare status in dairy cow herds in Hungary – looking for causes of lameness
25-29Views:277In the last 20-30 years, lameness in cattle was found to be third the most influential disease next to mastitis and reproduction disorders. Studies have been established to explore reasons for lameness and prevention. The problem with more robust prevention plans is that knowledge and research evidence is not strong enough to run an effective prevention plan. The aim of the research is to look for reasons of lameness by observing number of cows on 6 farms during 2 lactations. Performance data will be put together to body condition score (BCS) and lameness scores. Other examination is focused on monitoring of 40 farms. This part of the project is more related to extension, collecting and sharing solutions for decreasing lameness. Producers are advised what kind of measures are possible to reduce occurrence of lameness. Effectiveness of those actions will be measured at the end of the study. The first preliminary results show lack in almost all preventive measures needed to be taken in minimizing lameness. Those areas are related to poor facilities, lack of straw, problems with labor and basic management.
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Methods for detention of lipid rancidity
117-120Views:936There are various methods available for measurement of lipid oxidation in foods.Changes in chemical, physical, or organoleptic properties of fats and oils during oxidation may be monitored to assess the extent of lipid oxidation. However, there is no uniform and standard method for detecting all oxidative changes in all food systems. The available methods to monitor lipid oxidation in foods and biological systems may be divided into two groups. The first group measures primary oxidative changes and the second determines secondary changes that occur in each system.
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The Present and Future of Tokay Aszú
87-92Views:214Tokay wine is Hungary’s noblest wine. Beyond doubt, it is one of those uniquely Hungarian products, which has been without rival for centuries. Today the role of quality has become increasingly important and consumers who are ready to pay more for quality wines expect it. This wine will be able to get back its original popularity if the message of its excellence reaches the public. Knowledge of historical wine-producing regions constitutes a part of basic education and wine-marketing could take important measures to spread it since good products need to be sold properly and consumers require information about wines – with gastronomy – and wine producing regions.
With foreign invested capital, advantageous changes have been started in Tokay-Hegyalja. However, there is much still to do in order to produce, sell and consume Tokay wine on such conditions that are really worthy of a Hungaricum. It is essential to approach the famous oenologists of Europe and the world and to establish suitable production conditions for every winegrower. In addition to following consciously prepared wine-marketing directions, our country needs to make an expected name for this Hungaricum. These aims are important mainly because of approaching EU-accession. There is timely to study on what conditions Hungarian viticulture and oenology could access. It would be a great success of the Hungarian delegation if they could make current Hungarian laws of Tokay-wine-production accepted in the EU. Of course, all of these would be valid after EU-accession. During the pre-accession period, our country needs to fulfil several stipulations. For example, origin-protection, establishment of a registry system, law harmonisation, development of an institutional system.
Strengthening of home consumption has always been an inspirational tool in a product’s life cycle. It is important not only to take the requirements of foreigners into consideration and to produce for export, but we also need to satisfy the home market. Considerable stress should be laid on establishing and preserving viticulture. Increasingly, buyers expect high standards and they are ready to pay more for quality wines. They also demand appropriate professional information and consultation. So there is a lot to do and theoretical approach should be followed by action. In order to get to know what quality expectations exist, we have to examine the consumers of the Hungarian wine-market. Study of the Hungarian people’s consumption behaviour, referring to Tokay „aszú”, was closely connected with my work.
Participants of my study were consumers who buy Tokay „aszú” mainly in shopping centres, supermarkets and low-price shops specified for wine selling. Wine shops have important roles as they give opportunity for salespersons to make closer relationships with buyers. These shops could be communication channels of spreading wine culture. It would be favourable if in every town or city there were at least one wine shop giving the opportunity of consultation besides commercial activity and also providing services that support the improvement of wine culture’s position. The majority of questioned people spend less than 4.000 Forints on buying of Tokay „aszú” in a year. Results of the questionnaire survey support the fact that there is a demand for these wine-specialities, but lack of money strongly effects demand.
The Following summarises the history of Tokay wine, tasks of Hungary and the expected effects relating to EU-accession. Regulation of oenology and the wine-market, referring to quality wines and main results of the survey are also overviewed in the text. -
Production of corn in Serbia in the light of climate change
305-322Views:335This paper presents the basic elements of maize production technology in Serbia. For their good knowledge, it is necessary to be familiar with the basic biological requirements of the species, phenology and its particular requirements for water, heat, soil conditions and mineral nutrition. A special emphasis in this paper is given to recent research by the author regarding the correction of production technology (selection of hybrids, time and density of sowing, etc.) from the aspect of knowing the weather conditions of the year to the moment of sowing and the amount and position of available nitrogen in the soil profile during the spring before sowing. In the light of predicted climate change conditions for the Republic of Serbia, the authors of this paper have proposed and appropriated adaptation measures. The general conclusion is that there are no general recipes for the correct production technology of this plant species, but should be adapted to each specific year, field and hybrid.
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Sour cherry anthracnose and possibilities of the control with special regard to resident Glomerella population in sour cherry plantations of East Hungary
12-17Views:277Anthracnose is considered one of the most destructive diseases for sour cherry production due to the rapid development of the disease on fruits. Glomerella cingulata (Stoneman) Spauld. & H. Schrenk (anam.: Colletotrichum gloeosporioides (Penz.) Penz. & Sacc. in Penz.) has been the fungal pathogen responsible for anthracnose in last decades. Yield losses greater than 90% may occur under epidemic conditions. C. acutatum (J.H. Simmonds, 1968) strains were isolated of sourcherry plantations in East Hungary and this pathogen, new for Hungarian microbiont became recently dominant. Contrarily to the former species it is certainly transmitted with ants during fruit ripening. About third of strains proved to be cutinase producers that enable them to actively penetrate via cuticule, and these strains infect directly berries of blackberry, grape and tomato as well as plum and apple. Most of cutinase negative strains could also infect these fruits after mechanic injury. All strains of both species produce amylase, cellulase, lecithinase, lipase, polyfenoloxydase and protease in vitro, although the activity of these enzymes highly varied in the medium. The only C. acutatum strains produced noticeable amount of chitinase. Strains, tolerant to recently applied fungicides to control the anthracnose, could be isolated of sour cherry plantations that might be the cause of ineffectiveness of control measures in 2010. The mycofungicide containing mixture of three Trichoderma species in oil carrier could efficiently depress the development of anthracnose in ripening sour cherry.
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Status of soil quality in south-west of Romania and its role in sustainable development of the rural space
273-278Views:183Being aware of lands ecological resources’ natural conditions and particularities for different uses and crops is of great importance
for the big and small producers.
In this paper we present the main aspects regarding the quality of the ecopedological conditions. Here there are briefly presented the
physico-geographic conditions and the telluric-edaphic configuration of the area. Also, the structure of the main categories of agricultural
activities in the physical geographical areas (mountains, hills and plateaus, high and low plains and meadows) and main soils’ types and
associations are presented. Lands vocation for different use (arable, lawns, hay, orchard, vineyard
The paper ends with highlighting the necessary measures for a lasting administration of ecopedological resources in the studied area. -
Structural and concepcional changes related to the University of debrecen and its sport organizations between the period 2000–2013
133-139Views:326The strategic and conceptional approach to sport has brought substantial changes in the sporting life of University of Debrecen during the period between 2005–2013. The restructualisation process aiming at the development of university sport as well as the measures related to creating a more transparent financing system demonstrates elements of improvement in comparison to the period prior to the Bologna process. The Sport Concept of the university operates the different areas of sport within a transparent, planed and complex structural framework in accordance with the principles outlined in both the National Sports Strategy (2007) and the legal regulations specified by the Sports Law and its modification (2004, 2011). The conceptional changes of sport at the University of Debrecen followed the main objectives and guidelines of the European Commission that lays a great emphasis on issues such as the integration of athletes into higher education allowing maintenance of parallel educational and athletic carriers for athletes.
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Thinning and final cutting control in black locust (Robinia pseudoacacia L.) stands: a methodological approach – Short communication
43-46Views:175Planning, implementing and inspecting forestry operations require more extent application of certain assessment methods. These methods may need to be improved and, in some cases, their simplification is necessary in order to ease their usage in practice. Knowledge and application of auxiliary tables and functions, data on volume and methods to estimate yields are needed for the planning of any kind of forestry operations, depending on the level of planning. The main purpose of this paper is to propose relatively rapid and simple methods to estimate the volume at thinning and final cutting, and the gross above ground volume at the harvest of black locust (Robinia pseudoacacia L.) stands, as well as to introduce tending operation models tailored for black locust. All these measures could be beneficial to forest authorities and foresters who are responsible for planning and production.
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Reflections on the use of subsidies received from the Agriculture and Rural Development Operational Programme and the European Agricultural Fund for Rural Development in the micro-region Ibrány-Nagyhalász
211-216Views:166Hungary’s accession to the European Union caused major changes in the country’s life. Rural development subsidies can be received through extensive application mechanisms. This is particularly challenging for lagging micro-regions. My study presents the lagging microregion of Ibrány-Nagyhalász, focusing on what types of organizations and upon what grounds received subsidies in the framework of the Agriculture and Rural Development Operational Programme 2004–2006 (AVOP). I focus on the same parameters when examining the measures in the third axis of the New Hungary Rural Development Programme 2007–2013 (ÚMVP), followed by a comparison between the two programmes’ effectiveness. I conclude that due to the experience collected throughout the period of AVOP, both the number and the quality of applications have risen from the year 2007. Still, due to the lack of competence, cooperation and motivation, the region's planned improvements are not yet fully met and the capabilities of the region are not yet fully exploited. For the future, even more complex and more feasible projects are needed.
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Environmental Indicators – Agri-Environmental Indicators
248-255Views:169close relation. This means that policies related to the economy and the environment cannot be handled without each other. The United Nations Conference (Stockholm, 1972) was the first global conference to signal that environment concerns have increasingly become subject of mainstream socio-economic policies. The process started in the Seventies, laying emphasis on environment protection, plays an important role in the policy of international agencies. The use of environmental indicators is essential for monitoring the effects of environmental measures. The best way of evaluating sustainability if the results can be compared on a global level. International efforts are being made by the United Nations (UN), the Organisation for Economic Co-operation and Development (OECD), the Statistical Office of the European Commission (Eurostat) and other international agencies to develop a framework for environment statistics. This study deals with these frameworks, paying attention to agri-environment indicators. Hungary became a member of the UN in 1955, of the OECD in 1996, and will become a member of the European Union in 2004. The first summary in connection with environmental indicators of Hungary, taking the OECD Pressure – State – Response framework as a basis, was published in 1994. As a result, comparability of environmental indicators for Hungary with those used international are given.
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Sunflower in Romanian agriculture
153-163Views:355Romania is one of the largest producers of sunflower closely followed by Bulgaria, Hungary, France and Spain. The total sunflower production increased after 1990, due the increase of cultivated surface during the moderate yield average increasing rate. Last year, Romania was ranked first in the European Union (EU) for the area cultivated with sunflower and the total production of sunflower seeds, according to the National Statistics Institute (INS). Romania's position on the map of sunflower producers area is supported by about 1 million hectares sown. In the segment of sunflower productivity, Romania has an unfavourable position, situated in the last places in the classification of the EU's most productive agricultures. In order to increase production per hectare, it is required to perform measures aimed at the elements of sustainable cultivation technology, including the stability of the production level by ensuring phytosanitary protection.
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Magnesium uptake dynamism of maize (Zea mays L.) on prairie soil
83-89Views:167Different influence factors on the magnesium (Mg) uptake in case of three maize hybrids with different long vegetation period have been investigated at the Experimental Station of the University of Debrecen, Centre of Agricultural Sciences and Engineering, at Debrecen-Látókép. The soil of the experiment is a calcareous chernozem, based on loess, with high fertility, that is characteristic for soils of the region Hajdúság.
Upon irrigation is the experiment divided to main plots, by different hybrids into sub-plots, while treatments of five nutrientsupply levels with fixed N:P2O5:K2O rate (beside control)mean sub-subplots. Soil samples were taken from the upper, cultivated soil layer 3 times during the year 2008. Their pH has been measures in a 0.01 M CaCl2-solution and their Mg-content from the same solution and from ammonium-lactate acetic acid (AL) extract. Plant samples were taken seven times in the vegetation period, of which we measured the Mg-content. Beside this, the during the
vegetation period by maize biomass extracted Mg-amount has been calculated using fresh and dry matter weights. The effects of irrigation, hybrids and nutrient-supply levels on the soil pH and on the AL- and CaCl2-extractable Mg-amount have been studied, as well. After that I tried to find a correlation between soil pH and the Mg-content of soil determined in different extractants, beside this between the by the two solutions extracted Mg-amount. -
Managing risk using real options in company’s valuation
125-132Views:312The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.