Summary Camera recording and video analysis have emerged as a successful non‐invasive method for collecting a wide range of biological data on many different taxa of animals. However, camera monitoring has rarely been applied to long‐term surveillance of cavity or box‐nesting species and ordinary off‐the‐shelf cameras are employed. We present methodology and data on the effectiveness of nest box monitoring using a camera system embedded in four ‘smart nest boxes’ (SNBoxes). We applied the SNBoxes to eight Tengmalm's owl (Aegolius funereus) nests in the Czech Republic during a 5‐month period in 2014. Each SNBox consisted of a pair of cameras with infrared lighting, an event detector, a radiofrequency identification reader, auxiliary sensors and a 60 Ah 12 V battery to power the whole system. All devices used were centrally managed by an embedded computer with specifically developed software. Using four SNBoxes, we observed owl nesting continually during the incubation, nestling and fledgling phases, in total 309 days, resulting in 3382 owl video events. Batteries were changed every 6·5 days. A memory of 4 GB was found sufficient to store monthly data. We identified 12 types of male and female parental activities and their timing, the diet composition and frequency of prey delivery, the manner of prey storage, the light intensity at the time of each parental activity, the temperature inside the clutch and outside the box and the duration of nestling period of each young. We also produced a video on owl nesting for the general public. The SNBox and related methodology show enormous potential as a non‐invasive tool for monitoring animals using boxes or natural cavities. The main advantage of the SNBox is the possibility to study both nocturnal and diurnal animal species and great flexibility in use of the software and hardware for different tasks. As a result, the SNBox provides an opportunity for novel insights into the breeding, roosting, hibernating, and food storage activities of a wide range of cavity‐living birds, mammals and reptiles.

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Agent-Principal Problem in Financial DistributionThe paper deals with the agent-principal problem (adverse selection) in the distribution of investment products. Utilising data from the Czech financial market, a linear model with mixed effects was constructed, evaluating the relationship between remuneration of individual agents and quality-costs of the products they recommend. The results were structured for different organisational setups. We have found that in some less important environments from the market perspective (small and medium multi-level marketing networks, small and big pools, medium and big flat firms), there is a negative association between quality-cost of the contracted product and the amount of commission paid out to the agent. This indicates potential consumer detriment. In the majority of organisations dominating the industry, however, the direction of this relationship is positive in nature or statistically insignificant. Hence, the systemic potential for instigating the adverse selection was not detected in a major part of the market, bringing up regulatory implications in the conflict of interest and inducements area.

Purpose This paper aims to deal with the conflict of interest in the area of investment advice, rewarded through the commission mechanism. Using a substantial data set on sales of independent agents, the authors have examined the relationship between the amount of commission paid to the agent and the subsequent performance of the client’s portfolio (annualised five-year returns, volatility and total expenses ratio). Design/methodology/approach The main working method consisted of linear model with mixed effects. Processing total amount of 2,066 advised sales from, the authors were able to examine not only the general level of aforementioned relationship but also the effect of different organisational environments, ranging from multi-level marketing (MLM), pool to flat structures. Findings Contrary to general expectations, the authors have found that investment advisers do recommend products with generally higher costs and volatility, but in the MLM networks, they are at the same time able to generate significantly higher returns on recommended funds. Research limitations/implications Due to the setting of this study, the authors were only able to cover the vital period of 2007-2018, mostly the “good times” in the region’s economy. Such limitation represents guideline for further longitudinal research, which will be followed in the next analytical steps. Practical implications The results are of interest both to policymakers and final consumers. The first group can better adjust rules in the inducements and advice area, to stimulate shift in different organisational environments. Clients, on the other hand, receive additional guidance on which types of companies generally offer the most beneficial advice. Originality/value Although research on advice and conflict of interest is prevalent, the meta-analysis shows that only few authors were able to quantitatively disseminate the relationship between remuneration of advisor and subsequent utility of the client. The findings are unique in this regard, bringing statistically conclusive results from region of Central Europe, where advice represents one of the principal distribution channels.

Due to mainly opportunistic hunting behaviour of Barn owl can be its diet composition used for assessing local structure of small-mammal community. We evaluated the structure of small-mammal communities in the Mediterranean region by analysing Barn owl diet using own pellets and literature data (85 localities comprising 182,343 prey individuals). Contrary to widely accepted macroecological theory, we found a latitudinal increase of small-mammal alpha diversity, a less distinct west–east increase and lower diversity on islands. The mean prey weight decreased with increasing latitude, while on islands it decreased with increasing island area. The mean prey weight on islands was further negatively affected by mean land modification by human and positively affected by its range. The diet diversity on islands was not affected either by island area or its distance from the mainland. Its composition largely conformed to the main pattern pronounced over whole the region: an unexpected homogeneity of small-mammal community structure. Despite high beta diversity and large between-sample variation in species composition, Crocidura (+ Suncus etruscus) and murids (Apodemus, Mus, Rattus, in marginal regions partly replaced by gerbillids, Meriones or Microtus) composed more than 90% of owl prey in 92% of samples. Peak abundances of these widespread species are associated with a dynamic mosaic of dense patches of sparse herb vegetation and evergreen sclerophyllous shrublands interspersing areas of human activity, the dominant habitat of the inner Mediterranean and richest food resource for foraging Barn owls. The respective small-mammal species can be looked upon as invasive elements accompanying large scale human colonization of the region since the Neolithic and replacing original island biota. Our study documented that desertification of the Mediterranean played an important role in shaping inverse latitudinal gradient in diversity of small-mammals that contradicts to widely accepted mecroecological theory.

This paper evaluates the accuracy of real GDP growth forecasts published in the period 1995-2013 by two Czech institutions: the Ministry of Finance (MF) and the Czech National Bank (CNB). A two-stepped approach is adopted: first a battery of forecasting errors (MAE, RMSE, MASE) is calculated, complementary to evaluation papers already available. Then statistical analysis is carried out by comparing both MF and CNB forecasts with OECD, European Commission and consensus benchmarks (Kruskal-Wallis test), assessing the presence of systemic bias (Wilcoxon test) and determining their incremental improvement (Page trend test). The results show that although some error patterns might suggest performance deficiencies (i.e. during the recession periods), the accuracy of forecasts prepared by both the MF and CNB does not differ significantly from the benchmark forecasts; MF and CNB predictions do not contain systemic bias and their accuracy improves as the horizon shortens. The paper also highlights several methodological shortcomings in the internal evaluations conducted by both institutions, indicating a potential for further improvement.

Abstrakt:Příspěvek pojednává o negativních dopadech některých aspektů státní regulace (regulatorní arbitráž, relativní pře-regulace a pod-regulace) na chování ekonomických aktérů v rámci distribuce finančních produktů. Prostřednictvím tří případových (životní pojištění, neveřejné nabídky dluhopisů, penzijní spoření) jsou ilustrovány případy, kdy státní zásahy určitého typu vedly k deformaci fungování cílového trhu a k celkově negativnímu dopadu na koncové zákazníky. Jakkoliv nelze popřít dílčí selhání i na straně regulovaného trhu jako takového, provedená pozorování ukazují, že zejména regulatorní arbitráž mezi jednotlivými sektory finanční industrie je významným stimulátorem distribuční aktivity, která může být do budoucna zdrojem systémového rizika pro celý trh.