Dissertations / Theses on the topic 'P-tal'

De p-adiska talen vars främsta användningsområde ligger inom talteorin beskrevs först av den tyske matematikern Kurt Hensel 1897.

För varje primtal p, så utvidgas talsystemet Q av rationella tal till ett större talsystem som betecknas Qp, de så kallade p-adiska talen.

En annorlunda valuation av rationella tal ger ett så kallat icke-arkimediskt absolutbelopp samt en annan metrik än den vi är vana vid, en ultrametrik. Vilket gör att kroppen av p-adiska tal Qp får en annorlunda topologi.

Ett icke-arkimediskt absolutbelopp har samma egenskaper som ett vanligt arkimediskt absolutbelopp, samt en extra egenskap nämligen .

Avslutningsvis använder vi oss av Hensels lemma, vilken bygger på Newton-Raphsons metoden för att lösa ekvationer, för att bestämma om ett polynom har rötter i Zp och i så fall vilka de är. Då den p-adiska analysen på många sätt är lättare än den reella analysen så visar Hensels lemma ganska lätt om ett polynomen har rötter i Zp.

Syftet med vår uppsats är att undersöka om det går att generera en överavkastning genom att investera i en portfölj innehållande aktier med låga P/E-tal på Stockholmsbörsen. Det vill säga kan man med hjälp av låga P/E-tal som investeringsstrategi erhålla en högre riskjusterad avkastning? För att undersöka detta skapades två portföljer, ett innehållande aktier med låga P/E-tal och den andra med höga P/E-tal. Undersökningen omfattar 16 år mellan 1992 till 2007. Varje portfölj innehöll 15 aktier och omplacerades var sjätte månad. Slutgiltigt jämfördes den riskjusterade avkastningen hos låga P/E-talsportföljen med den höga P/E-talsportföljen. Dessutom jämfördes den erhållna riskjusterade avkastning från den låga P/E-talsporfölje gentemot marknadsindex (OMXSPI) samt svenska stadsskuldsväxlar. Efter en noggrann analys kunde vi inte bevisa att den låga P/Etalsportf öljen generera en positiv riskjusterad överavkastning gentemot marknadsindex, mellan år 1992 och 2007. Dock finns det belägg utifrån våra resultat att det gick att generera en riskjusterad överavkastning med låg P/E-talsstrategi mellan år 2000 till 2007.

Tidigare forskning från USA fastslår att P/E-talet och direktavkastningen fungerar som indikatorer för framtida aktieutveckling. Denna forskning sträcker sig fram till år 2000. Tanken med detta arbete är att applicera föregående forskares tankar på den svenska marknaden för åren efter 2000. Tanken med uppsatsen är att utreda ifall historiska värden på direktavkastning och P/E-tal kan leda en investerare till ett bättre investeringsbeslut under perioden 2000- 2008.

Arbetet består av två delar, en utförlig kvantitativ del och en något enklare kvalitativ del. I den kvantitativa delen genomförs tester på den datamängd som samlats in i form av regressionsanalyser. Den kvalitativa delen består främst av intervjuer av analytiker inom finansbranschen och är tänkt att fungera som ett stöd för den kvantitativa delen. Några av de intervjuade personerna har även fungerat som stöd under arbetets gång.

För mätperioden har P/E-talet fungerat som en indikator och resultaten stämmer väl överens med rådande teorier. Att bevisa att direktavkastningen har fungerat som en indikator under samma period går däremot inte och resultatet stämmer inte med befintlig teori. Något att ha i åtanke är att mätperioden är starkt influerad av IT-bubblan och även att mätperioden kan anses vara för kort.

Earlier research from USA concludes that the P/E-ratio and the dividend yield works well as indicators of the expected stock price. This research goes from far beyond to the year 2000. The idea with this paper is to apply recent researchers’ thoughts on to the Swedish stock market for the years after 2000. The authors of this paper want to investigate whether historical values in dividend yield and P/E ratios could guide an investor to a better investment decision during the period 2000-2008.

The paper consists of two parts, one extensive quantitative part and one more basic qualitative part. In the quantitative part, tests on the data collected are made with the help of regression analysis. The qualitative part consists mostly from interviews of analysts from financial companies; these are meant to work as a support to the quantitative part. Some of the analysts interviewed have also been a support during the writing of this paper.

For the period investigated, the P/E-ratio has worked well as an indicator and the results from the tests are in line with existing theories. To show that the dividend yield also has worked well as an indicator during same period is not possible and the results is not in line with existing theory. Something to bare in mind is that the period measured is strongly influenced by the dot-com bubble and also that the period measured might be too short.

Den rapport du just ska till att läsa är ett kandidatarbete i matematisk statistik skrivet vid matematiska instutitionen, Linköpings Universitet. Det område som undersöks är att om man med hjälp av P/E-tal kan förutsäga kraftiga börsnedgångar (börskrascher) på OMXS30. För att definiera en börskrasch har vi använt måttet Value at Risk (VaR). Detta mått är vedertaget hos finansiella instutitioner som ett riskmått men i denna rapport används det som sagt för att definiera nivån for en börskrasch. VaR har beräknats med diverse olika metoder som presenteras i rapporten.   Efter att en börskrasch definierats har vi använt logistisk regression med P/E-tal som förklaringsvariabel för att undersöka om dessa nedgångar har ett samband med höga P/E-tal. Denna undersökning har lett fram till ett starkt resultat som säger att om en börsnedgång definieras med ett V aR mått som bygger på normalfördelningsantagande där volatiliteten är simulerad med GARCH(1,1) så kan vi konstatera att det finns ett säkerställt samband mellan höga P/E-tal och börskrascher.   Slutsatserna som dragit från undersökningen är att man genom att inkorporera en logistisk regression mot P/E-talet kan forstärka sitt VaR mått givet de antaganden som presenterats. Författarna uppmuntrar vidare forskning på området för att se om resultatet kan generaliseras till olika börsindex och även till specifika bolag.

Organisation/Organisation Författare/Authors

Växjö Universitet Marcus Gunnarsson

Ekonomihögskolan Olof Palmquist

Växjö University

School of Management and Economics

Dokumenttyp/Type of document Handledare/Tutor

Examensarbete/ Diplomawork Stig Malm Examinator/Examiner

Rolf G Larsson

Titel och undertitel/Title and subtitle

Mätning och utvärdering av intellektuellt kapital inom aktiemarknaden/ Measurement and evaluation of intellectual capital within the stock market

Sammanfattning

Bakgrund: I dagens hårda konkurrens i samhället går trenden mot en informations- och kunskapsbaserad ekonomi där kunskapsföretagen blir fler och fler. Den största tillgången i företagen är de anställda och deras kompetens. Denna kompetens kan omvandlas till en värdefull tillgång och benämns som intellektuellt kapital. Trots att det finns ökad förståelse för att det intellektuella kapitalet skapar mervärde för företaget finns det hinder med att redovisa detta då det inte får tas upp i balansräkningen.

Syfte: Uppsatsens syfte är att analysera huruvida intellektuellt kapital är något som fondförvaltare utvärderar när de gör en investeringsbedömning.

Avgränsningar: Begränsningarna är att vi undersöker hur intellektuellt kapital kan vara till fördel för endast fondförvaltare; vi analyserar olika fondförvaltare i deras arbete endast med en investeringsbedömning. En sista avgränsning är att vi valt att inte tillfråga de fondförvaltare som inte utvärderar intellektuellt kapital aktivt i sina investeringsbedömningar.

Metod: Vi har utgått från en kvantitativ metod och har genomfört en enkätundersökning för insamling av material. Resultatet har vi analyserat utifrån den teori som vi tagit upp i det teoretiska kapitlet. Ansatsen är av abduktiv karaktär åt det deduktiva hållet då vi har studerat existerande teorier och fallstudier inom ämnet.

Resultat, slutsatser: Svenska fondanalytiker lägger inte särskilt stor vikt på intellektuellt kapital när de utvärderar och analyserar ett företag. Grunden till detta är för det första att det är svårt att mäta trovärdigheten av intellektuellt kapital när företagen själva sammanställer och redovisar detta utan att kontrolleras av någon utomstående part. För det andra är korrelationen mellan större delen av ett företags strukturkapital och aktiens utveckling på börsen inte påvisbar.

Förslag till fortsatt forskning: Ett redovisningssystem för intellektuellt kapital som är lika för alla inom samma bransch möjliggör fortsatt forskning inom ämnet med syftet att finna en analysmetod som påvisar eller dementerar förändringen av ett företags intellektuella kapital med företagets aktierörelse på börsen.

Nyckelord

Intellektuellt kapital, Humankapital, Strukturkapital, Kundkapital, Immateriella tillgångar, Soliditet, Likviditet, Lönsamhet, P/E-tal, PEG-tal, P/S-tal

Key Words

Intellectual capital, Human capital, Capital structure, Customer capital, Immaterial assets, Solidity, Liquidity, Profitability, P/E, PEG, P/S

Utgivningsår/Year of issue Språk/Language Antal sidor/Number of pages

2006 Svenska/Swedish 37

Internet: http://www.vxu.se/ehv

Syftet med denna studie är att undersöka hur den närmaste framtiden för SAS ser ut samt att undersöka värderingen på SAS aktien ser ut på stockholmsbörsen. Hur ser börskursen ut för SAS aktien år 2015? Hur har SAS P/E tal utvecklat sig jämfört med andra flygbolag? och hur har SAS hanterat tidigare kriser? Studien har avgränsats till en tidsperiod på tio år för SAS och fem år för de övriga flygbolagen. De flygbolag som har valts i studien utöver SAS är Lufthansa, British Airways, Norwegian och Air France-KLM. Motivet till studien har varit den turbulens som har varit kring SAS och dess aktie under början av år 2010 i samband med nyheten om en nyemission och vinstvarningar.

För beräkning av börskursen har Damodarans aktievärdering med differentiell tillväxt använts i studien. För beräkning av de variabler som har använts i Damodarans modell har både ex ante och ex post metoden använts. För justering av börskursen vid nyemission har korrigeringsfaktor (k) vid nyemissioner använts.

SAS har haft många kriser som har inträffat i samband med olika externa omvärldshändelser. De övriga flygbolagen har känt av samma kriser. För att ta sig igenom kriserna genomför de olika flygbolagen besparingsprogram där bland annat antalet anställda minskas.

Beräkningen av börskursen visar att den bör vara 3,184 SEK år 2015. Om hänsyn tas till nyemissionen 2010-04-29 och den planerade sammanläggningen av aktier 2010-06-07 stiger värderingen av börskursen till 61 SEK.

Sett ur ett historiskt perspektiv bör SAS ta sig igenom den nuvarande krisen liksom de har gjort vid tidigare kriser. Jämfört med de andra flygbolagen i studien har deras E/P tal fluktuerat mer vilket innebär en ökad riskfaktor för aktieägarna. Trots det anses börskursen för SAS, vid studiens utförande, vara fullvärderad!  

 

Bakgrund: Det finns många aktier att välja mellan på aktiemarknaden. För en person som aldrig tidigare har handlat med aktier kan det vara svårt att veta vilken investering som efter en tid kan generera ett högre värde än det satsade kapitalet. Relativvärdering är en investeringsstrategi som kan tillämpas för att identifiera dessa aktier. Syfte: Syftet med studien är att undersöka om värdemultiplarna P/E-talet, P/BV-talet och direktavkastning kan generera överavkastning genom investeringar i undervärderade aktier i finansbranschen. Om så är fallet, därefter påvisa vilken av värdemultiplarna som genererar högst avkastning. Metod: Studien har att tillämpat en kvantitativ metod med deduktiva inslag. Värde- och tillväxtportföljer har komponerats med värdemultiplarna P/E-talet, P/BV-talet och direktavkastning. Värdemultiplarna har beräknats fram med sekundärdata från databasen Thomson Reuters EcoWin Pro och årsredovisningar. Resultat: Studiens resultat påvisar att det går att generera överavkastning med relativvärdering som investeringsstrategi. Majoriteten av värdeportföljerna presterade bättre än tillväxtportföljerna. Portföljen som hade den högsta överavkastningen var värdeportföljen baserat på P/BV-talet.
Background: The capital stock market consists of many different shares. For a person who has never acted in shares, it can be difficult to know which investment over time that could generate a higher value than the invested capital. Relative valuation is an investment strategy that can be applied to identify these shares. Objective: The aim of this study is to investigate whether key ratios P/E-ratio, P/BV-ratio and dividend yield can generate excess returns by investing in undervalued stocks in the financial industry sector. If so, then demonstrate which of key ratios that generates the highest return. Method: This study has applied a quantitative approach with deductive features. Value and growth portfolios have been composed by key ratios P/E-ratio, P/BV-ratio and dividend yield. Key ratios have been calculated on secondary data from the database Thomson Reuters EcoWin pro and annual reports. Results: Our results demonstrate that it is possible to generate excess returns with the relative valuation as an investment strategy. The majority of the value portfolios performed better than the growth portfolios. The portfolio that had the highest excess return over the total period was the value portfolio that consisted of P/BV-ratio.

Sambandet mellan P/E-tal och avkastning har undersökts flertalet gånger förut. Forskare världen över har erhållit varierande resultat och ingen enighet gällande sambandet har uppnåtts.Avkastning framhålls som det primära intresset för investerare på aktiemarknaden då det kan ses som belöningeninvesterarenerhåller för att bidra med riskkapital till aktiebolaget.Med det sagt tar studienuppett aktuellt problem,investerare och sparare som betalar förvaltningsavgifter till kapitalförvaltare och kopplar detta till att testa om det går via investeringsstrategi grundad på enkel fundamental analys uppnå en högre avkastning.Med utgångspunkt från Famas hypotes om effektiva marknader undersöker studien förhållandet mellan P/E-tal och avkastning för aktier på den svenska aktiemarknaden Stockholmsbörsen och de 100 aktierna med högst börsvärde, under tidsperioden 2011–2018.Avsikten är att besvara frågeställningen enligt följande: På vilket sätt kan nyckeltalet P/E användas i investeringssyfte, ett test av den effektiva marknadshypotesen på den svenska aktiemarknaden.Avkastning testas primärt mot P/E-tal men även beta testas mot avkastning. Studien förhåller sig till en kvantitativ metod som grundar sig i sekundärdata som erhålls från Thomson Reuters databas Eikon. För att besvara hypoteser har vi tillämpat statistiska modeller i form av enkel linjär regressionsanalys. Avkastning är den beroende variabeln och som oberoende variabel har vi P/E-tal och beta.Resultatet visar inte på att ett samband existerar mellan avkastning och P/E-tal. Hypotesprövningen visar på att vi kan förkasta nollhypotesen för att det inte finns ett samband mellan beta och avkastnings. Avkastning förknippas alltså inte med P/E-tal. Tidigare forskning är tudelad gällande sambandet men denna studiens erhållna resultat styrker Famas hypotes om effektiva marknader. Resultatet bidrar till att klargöra hur komplext detta område är och att oenigheten uppenbarar sig även på den svenska aktiemarknaden

Bakgrund: Finns det verkligen en investeringsstrategi som ger en garanterad överavkastning och som skulle kunna innebära att efterfrågan på de tjänster som professionella kapitalförvaltare tillhandahåller försvinner?

Syfte: Syftet med vår uppsats är att undersöka huruvida det går att generera överavkastning på Stockholmsbörsen genom att investera i en portfölj enbart innehållande aktier med låga P/Etal. Frågan är alltså om det existerar det någon så kallad P/E-talseffekt?

Genomförande: P/E-talseffekten testades genom att vi för var och en av våra 28 perioder fr.o.m. 1991 t.o.m.2004 skapade två portföljer där den ena innehöll aktier med de femton lägsta P/E-talen på Stockholmsbörsen och den andra innehöll aktier med höga P/E-tal. Den låga P/E-talsportföljen riskjusterade avkastning jämfördes sedan med den höga P/Etalsportföljens. En jämförelse gjordes även med den riskjusterade avkastningen för AFGX och SIXRX.

Slutsats: Vi har efter att noggrant analyserat våra resultat kunnat fastställa med 95 procent sannolikhet att det sett till hela vår undersökningsperiod, fr.o.m. 1991 t.o.m. 2004, inte går att påvisa en P/E-talseffekt på Stockholmsbörsen. Ser vi däremot enbart till perioderna efter ITbubblan, hösten 2000 till hösten 2003, kan vi med hjälp av våra resultat konstatera att det under denna period var möjligt att erhålla en överavkastning genom att investera i aktier med

låga P/E-tal.

Background: Is there an investment strategy that yields a guaranteed abnormal return and that could imply that the demand for the services provided by professional capital managers would disappear?

Purpose: The purpose with this thesis is to examine whether it is possible to generate an abnormal return at the Stockholm Stock Exchange by investing in a portfolio that only contains stocks with low P/E ratios. The question is consequently if there exists a so called P/E effect.

Implementation: We tested the P/E effect by creating two portfolios for each of our 28 periods from the beginning of 1991 until the end of 2004. The first portfolio included stocks with the fifteen lowest P/E ratios on the Stockholm Stock Exchange and the other portfolio included stocks with high P/E ratios. The risk adjusted return of the low P/E ratio portfolio was then compared to that of the high P/E ratio portfolio. A comparison was also made with the risk adjusted return from AFGX and SIXRX.

Conclusion: We can, after a thorough analysis of our results, with 95 per cent probability say that a P/E effect didn’t existed on the Stockholm Stock Exchange if we look at our entire research period from the beginning of 1991 until the end of 2004. We can however say that it was possible to generate an abnormal return by investing in stocks with low P/E ratios, if we look solely at the periods after the IT bubble, fall 2000 until fall 2003.

Background: What is a share and what determines the value of a company? This is a constant issue that many in the financial world are facing. Many argue that there has been some decoupling between stock valuation and how the company in question is developing operationally after the financial crisis that the world faced during 2008-2009. Problem: It is important to distinguish between the company and the share. A company that is good and well maintained may not be worth buying only because of it. The share is judged by other elements also. It can be a problem when people doesn´t make this distinction. Purpose: The purpose of this paper is to test the following hypothesis: The higher operating profit (performance) a company has, the higher will the valuation for the share on the market be. Question: Is there a relationship between a listed company's operating performance and its share valuation? Method: In our study we will focus on figures from annual reports, called "hard" data and therefore it is most natural to make use of the quantitative research approach. One reason that we chose the deductive approach is that it usually forms the basis for our research strategy. Theory: We use key performance indicators that measure the operational development of the business and sets them against the key indicators for the stock valuation. The following ratios are used for operational activities; Solidity, revenue growth, return on equity and return on capital employed. The figures for stock valuation is EV/EBIT and P/E-ratio. Conclusion: There is a weak positive correlation between a company's operational development and its share valuation, but it is very weak when looking at a sample group as a whole. In individual cases, there is relatively strong correlation.

Bakgrund: Åren 86-97 kännetecknas som en period med flera stora reformer och en svensk konjunktur som nådde sin botten med tre år i följd av negativ BNP-tillväxt. Påtagligt var även reaktionen från Stockholmsbörsen som i samband med lågkonjunkturen upplevde en kraftig nedgång. Vad drev då denna avkastningsutveckling, vinsterna eller värderingarna av dessa? Hur såg sambandet ut mellan konjunktur, bolagsvinster, vinstvärderingar och börsutveckling för perioden?

Syfte: Syftet med denna uppsats, på uppdrag av Melker Schörling AB, är att studera avkastningsutveckling, bolagsvinster och P/E-multiplar över en konjunkturcykel för att analysera till vilken grad multipelexpansion/kontraktion kontra vinsttillväxt drivit avkastningen för olika branscher på Stockholmsbörsen.

I ett andra skede utreds huruvida prognoser för P/E-tal och branschvinster på Stockholmsbörsen korrelerat med konjunkturen samt även hur EBITDA- och vinstmarginaler inverkat på aktievärderingar under tidsperioden. Utifrån studiens resultat kommer eventuella lärdomar kopplas till dagens konjunkturella situation.

Genomförande: Insamlat datamaterial i form av siffror och nyckeltal utgår från Affärsvärldens tidsskrifter och årsböcker med början 1986 och slut 1997. Utifrån dessa har, för studien, relevanta beräkningar dessutom gjorts.

Resultat: Studien av Stockholmsbörsen 86-97, där handelsbranschen genomled konjunkturnedgången bäst, visar inte på att konjunkturen spelar roll för avkastningsutvecklingen. Vinstprognoserna drev avkastningen under lågkonjunkturen medan vinstvärderingarna dämpade nedgången. Genomgående ökade vinstvärderingarna under lågkonjunkturen till följd av att vinstprognoserna föll mer än kursen. Studien visar på att dessa ökade vinstvärderingar innehöll överskattade vinstförväntningar. Innan börsnedgången befann sig P/E-talen på relativt låga nivåer och när utväxlingen i samband med lågkonjunkturens slut skedde var P/E-talen höga, vilket ifrågasätter huruvida P/E-talet egentligen är representativt under en lågkonjunktur samt dess förmåga att indikera på risk. Prognostiserat P/E-tal korrelerar väl med faktiskt P/E-tal men det faktiska fluktuerar i större grad. Marginalerna, som korrelerar negativt med vinstvärderingarna, uppvisar en laggningseffekt gentemot omsättningen.

Background: The years 86-97 are characterized as a period with many big reformations when the Swedish economy reached its bottom with three years in a row with negative GDP. The reaction from the Swedish stock market was substantial and Stockholmsbörsen went through a heavy bearish period. What was it that drove this stock return, the expected earnings or the valuation of them? What was the connection between the business cycle, earnings, valuations and stock return for this particular period?

Aim: The aim of the thesis, on behalf of Melker Schörling AB, is to study stock return, company earnings and price-earnings ratios during a business cycle in order to analyse to what extent multiple expansion/contraction versus earnings growth have driven stock return for the different branches on Stockholmsbörsen.

In a second stage we observe how estimates of branches’ price-earnings ratios and earnings correlate with the business cycle and what impact EBITDA and pre-tax profit margin have on valuation during the period. Based on the result of the thesis, contingent knowledge will be related to today’s economic situation.

Completion: The data, consisting of figures and ratios, is collected from magazines and yearbooks of Affärsvärlden starting 1986 and ending 1997. With the help of these, relevant calculations have been made.

Result: This study of Stockholmsbörsen during the years 86-97, where the consumer-goods index had the best performance, shows that the business cycle has no impact on the stock return. The earnings estimates drove the stock return during the economic slump of 91-93 while the valuations tempered the fall. Through the economic slump the valuations became higher due to the fact that the earnings estimates fell more than the stock return. The study also shows that the increased valuations consisted of overestimated earnings estimates. Before the stock market fell the price-earnings ratios were at relatively low levels and when bull period begun in the end of the economic slump the ratios were high. This fact questions whether the price-earnings ratio is representative during an economic slump and if the ratio indicates risk accurately. Forward PE correlates positively with current PE, but the current PE is more volatile. Margins, which correlate negatively with valuations, indicate a lagging effect towards sales growth.

The problem postulate which has led to this investigation is the discrepancy between on the one hand the perception of Scholtz's research as the norm to which Afrikaans linguistics is gauged and on the other hand the self-evident ignorance of his work by the average Afrikaans/Nederlands graduate. The subject is: An investigation into the linguistic and literary historic work of J. du P. Scholtz. The intention is to attempt to indicate the entire spectrum of Scholtz's research in these spheres. In order to give a complete picture of his contribution to Afrikaans one should describe the linguistic and literary historic contributions. His work as a cultural and art historian will be mentioned only briefly. Chapter 1 contains the results and analysis of an empirical investigation which was directed into an evaluation of Scholtz's work. In doing so an attempt is made to indicate that the above mentioned ignorance is not merely a personal and imagined scenario: Subsequently chapter 2 points out certain hitherto unknown biographical details and chapter 3 gives a comprehensive chronological outline of Scholtz's publications in an attempt to support the view of him as the norm according to which Afrikaans linguistics is gauged. This is followed by a comprehensive spectrum of his contributions with the focus primarily on his linguistic contributions in chapter 4. Raidt viewed his work from a chronological perspective in_order to trace his development but it is also. important, however, to illustrate the various spheres in which he operated. The entire range, viz diachronic and synchronic linguistics, lexicology, lexicography, linguistic textual analyses, linguistic criticism, socio-historic linguistics and correspondence with linguists is illustrated.

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Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior
Carbide reinforced metallic alloys potentially improve some important mechanical properties required for the overall use of important engineering materials such as steel and nickel. Nevertheless, improved performance is achieved not only by composition enhancement but also by adequate processing techniques, such as novel sintering methods in the case of powder metallurgy. The method minimizes energy losses in addition to providing uniform heating during sintering. Thus, the general objective of this study was to evaluate the density, hardness, flexural strength, dilatometric behavior and to analyze the microstructure of metal matrix composites based nickel with addition of carbides of tantalum and / or niobium when sintered in a conventional furnace and Plasma assisted debinding and sintering (PADS). Initially, were defineds best parameters of granulation, screening and mixing procedure. After, mixtures of carbonyl Ni and 5%, 10% and 15 wt.% NbC and TaC were prepared in a Y-type mixer under wet conditions during 60 minutes. The mixtures were then dried and granulated using 1.5 wt. % paraffin diluted in hexane. Granulates were cold pressed under 600 MPa. Paraffin was then removed from the pressed pellets during a pre-sintering process carried out in a tubular furnace at 500 ?C during 30 min. The heating rate was 3 ?C/min. The pellets were then sintered using either a plasma assisted reactor or a conventional resistive tubular furnace. For both methods, the heating rate was set to 8 ?C/min up to 1150 ?C. The holding time was 60 minutes. The microstructure of the sintered samples was evaluated by SEM. Brinell hardness tests were also carried out. The results revealed that higher density and higher hardness values were observed in the plasma-assisted sintered samples. Hardness increased with the concentration of carbides in the Ni-matrix. The flexural strength also increased by adding the carbides. The decline was larger for the sample with addition of 5% 5% TaC and NbC. In general, compositions containing added carbide 10% showed less porous and more uniform distribution of carbides in the nickel matrix microstructural appearance. Thus, both added carbide and plasma sintering improved density, hardness, flexural strength and microstructural appearance of the composites
Ligas met?licas refor?adas por carbetos melhoram potencialmente algumas propriedades mec?nicas necess?rias para a utiliza??o de importantes materiais de engenharia, tais como o a?o e o n?quel. No entanto, o desempenho ? conseguido n?o apenas pela melhoria de composi??o, mas tamb?m por t?cnicas de processamento adequadas, tais como, novos m?todos de sinteriza??o, no caso da metalurgia do p?. Desta forma, o objetivo do presente trabalho foi avaliar a dureza, resist?ncia ? flex?o, comportamento dilatom?trico e analisar a microestrutura de comp?sitos de matriz met?lica base n?quel com adi??o de carbetos de t?ntalo e/ou ni?bio quando sinterizados em forno tubular convencional e Plasma assisted debinding sintering (PADS). Os carbetos (5%, 10% e 15% em massa) foram misturados ao p? de n?quel carbonila via ?mido com aux?lio do misturador Y adaptado durante 1h. Ap?s secagem, as misturas foram submetidas ao processo denominado de granula??o em tambor. Utilizou-se 1,5% de parafina (% massa) dilu?da em hexano. Os p?s granulados foram compactados a frio utilizando press?o de 600 MPa. Antes da sinteriza??o a uma taxa de 8 ?C/min com patamar 1h na temperatura de 1150?C tanto em forno tubular quanto em reator PADS, as amostras foram pr?-sinterizadas em forno tubular para extra??o da parafina a uma taxa de 3 ?C/min com patamar 30 min em 500 ?C. A dureza avaliada foi a Brinell e a an?lise microestrutural por MEV. Os resultados mostraram que as amostras sinterizadas assistidas por plasma apresentaram dureza superior ?quelas sinterizadas em forno convencional. As imagens por MEV comprovaram esses maiores valores de durezas, uma vez que a matriz apresentou-se mais densificada. Com rela??o ? adi??o dos carbetos, a dureza aumentou com o aumento da concentra??o dos mesmos. A resist?ncia ? flex?o tamb?m aumentou ao adicionar os carbetos. A retra??o foi maior para a amostra com adi??o de 5% de TaC e 5% NbC. De maneira geral, as composi??es com adi??o de 10% de carbetos apresentaram um aspecto microestrutural menos poroso e com uma distribui??o mais uniforme dos mesmos na matriz de n?quel. Assim, tanto a adi??o de carbetos quanto a sinteriza??o com aux?lio do plasma melhoraram a dureza e o aspecto microestrutural dos comp?sitos

Le facteur positif d'élongation de la transcription P-TEFb est un facteur de transcription général, requis non seulement pour une expression efficace de la majorité des gènes codant des protéines, mais également pour la production de transcrits viraux pleine taille à partir du génome du VIH-1 intégré dans le génome de la cellule hôte. Composé de la kinase CDK9 et d'une cycline T associée, le complexe P-TEFb stimule l'élongation de la transcription en phosphorylant l'ARN polymérase II (ARN pol II), l'enzyme responsable de la synthèse de tous les ARN messagers de la cellule. L'activité du complexe P-TEFb est régulée négativement par sa séquestration réversible et dynamique au sein de la petite particule ribonucléoprotéique nucléaire 7SK (snRNP 7SK) par le petit ARN nucléaire 7SK (snARN 7SK), en coopération avec la protéine HEXIM. La snRNP 7SK contient également les protéines LARP7 et MePCE qui sont associées stablement au snARN 7SK et le stabilisent. La transcription initiée à partir du promoteur LTR (Long Terminal Repeat) du génome du VIH-1 intégré est régulée principalement à l'étape d'élongation. La processivité de la transcription du génome viral dépend de la protéine virale Tat qui recrute P-TEFb au niveau de l'ARN pol II. En plus de son rôle dans le recrutement de P-TEFb, la protéine Tat entraîne le désassemblage de la snRNP 7SK pour augmenter le niveau de P-TEFb actif dans les cellules infectées. Mes travaux de thèse ont visé à mieux définir comment la snRNP 7SK est assemblée et comment la protéine Tat du VIH-1 est capable de la désassembler. Nous avons démontré que la structure en tige-boucle située à l'extrémité 5' du snARN 7SK contient deux motifs de liaison pour les protéines HEXIM ; in vivo, ces deux motifs recrutent deux protéines HEXIM de manière interdépendante. Nous avons ensuite montré que Tat et HEXIM se lient au snARN 7SK de manière mutuellement exclusive. Tat remplace efficacement HEXIM sur le snARN 7SK in vivo permettant ainsi le désassemblage de la snRNP 7SK/HEXIM/P-TEFb pour augmenter le niveau de P-TEFb actif. Enfin, nous avons identifié les éléments du snARN 7SK impliqués dans la liaison des proteins LARP7 et MePCE
Synthesis of mRNAs by RNA Pol II is tightly controlled at the step of transcription elongation by the positive transcription elongation factor b (P-TEFb) that is a cyclin-dependent kinase composed of Cdk9 and cyclin T. P-TEFb is a general transcription factor that is required for efficient expression of most protein-coding genes as well as for production of full-length transcripts from the integrated HIV-1 genome. In human cells, about half of P-TEFb forms a kinase-inactive ribonucleoprotein (RNP) with the 7SK snRNA and the HEXIM, LARP7, and MePCE proteins. While LARP7 and MePCE bind stably to and provide stability for 7SK snRNA, P-TEFb and HEXIM show a dynamic, transcription-dependent association with 7SK snRNA. Transcription initiated from the long terminal repeat (LTR) promoter of the integrated HIV-1 genome is controlled predominantly at the level of elongation. The processivity of HIV transcription depends on the viral transactivator Tat that recruits P-TEFb to the RNA Pol II. Besides tethering P-TEFb to the RNA pol II, Tat also promotes the disassembly of the 7SK/HEXIM/P-TEFb snRNP to increase the nuclear level of active P-TEFb in infected cells. I focused my research on trying to understand how the 7SK snRNP is assembled and how the HIV-1 Tat protein is able to disrupt it. We have demonstrated that the 5' hairpin of 7SK contains two binding sites for the HEXIM protein; under in vivo conditions these two HEXIM binding sites of 7SK snRNA recruit two copies of HEXIM in a tightly interdependent manner. We then showed that Tat and HEXIM bind to the 7SK snRNA in a mutually exclusive manner. Tat efficiently replaces HEXIM1 on the 7SK RNA in vivo and therefore, it promotes the disassembly of the 7SK/HEXIM/P-TEFb negative transcriptional regulatory RNP to increase the nuclear level of active P-TEFb. Finally, we have identified the 7SK snRNA elements involved in the binding of the LARP7 and MePCE proteins

La transcription par l’ARN Polymérase II des gènes codant pour les protéines endogènes et virales est bloquée lors d’une pause transcriptionnelle intervenant à proximité du site d’initiation. Le facteur positif d’élongation de la transcription (P-TEFb) est nécessaire pour lever cette pause ainsi que pour la maturation co-transcriptionnelle des ARN pré-messagers. L’activité du P-TEFb, composé d’une kinase (CDK9) et d’une cycline (CycT1), est elle-même finement régulée. L’association ARN/protéine entre l’ARN non-codant 7SK et la protéine HEXIM1 inhibe le P-TEFb via l’assemblage d’un large complexe inactif. Cependant, les mécanismes moléculaires conduisant à son recrutement, activation et inactivation restent mal compris. Cette thèse apporte de nouvelles informations sur l’interaction entre la CycT1 et HEXIM1. Des résidus de CycT1 nécessaires pour lier HEXIM1 ont été identifiés par mutagénèse aléatoire et crible en double-hybride inverse. Leur différent rôle sur l’activité du P-TEFb ‘cartographie’ leur impact allostérique sur CDK9 et souligne l’importance de la conformation active du P-TEFb pour lier son inhibiteur HEXIM1. De plus, les zones de contact avec HEXIM1 identifiées sur la CycT1 recouvrent partiellement la surface de contact avec la protéine Tat du VIH-1, corroborant ainsi l’interaction compétitive entre Tat et HEXIM1 pour la CycT1 observée dans d’autres études. L’identification bioinformatique d’homologues putatifs d’HEXIM1 et de l’ARN 7SK chez les nématodes est aussi abordée et il est démontré en particulier que plusieurs résidus-clés de l’interaction CycT1/HEXIM1 sont conservés chez C. Elegans, supportant ainsi l’existence d’homologues réels chez les nématodes
Transcription of endogenous and viral genes by RNA Polymerase II is blocked during the promoter-proximal pausing. The positive transcription elongation factor (P-TEFb) is required to release this pause and to allow co-transcriptional pre-mRNA processing. P-TEFb is composed of a kinase (CDK9) and a cyclin (CycT1), and its activity is itself finely regulated. The RNA/protein association between 7SK non-coding RNA and HEXIM1 protein inhibits P-TEFb through the assembly of a large inactive complex. However, the molecular mechanisms underlying its recruitment, activation or inactivation remain to be understood. This thesis provides new insights into CycT1/HEXIM1 interaction. CycT1 residues critical for HEXIM1 binding were identified through random mutagenesis and a reverse two-hybrid screen. Their different effect on P-TEFb transcriptional activity ‘maps’ their allosteric impact on CDK9 and underscores the importance of P-TEFb active conformation to bind its inhibitor HEXIM1. In addition, contact surfaces to HEXIM1 identified on CycT1 partially overlap HIV-1 Tat binding surface, accounting for the competitive binding between Tat and HEXIM1 to CycT1 observed in other biochemical studies. The bioinformatic identification of putative homologues of HEXIM1 and 7SK RNA in nematodes is also discussed and it is demonstrated in particular that several key residues in CycT1/HEXIM1 interaction are conserved in C. Elegans, supporting the existence of true homologues in nematodes

Questo lavoro propone dei temi sulla tax compliance in un contesto come quello italiano, caratterizzato da un basso livello della stessa. Il primo capitolo propone una ricerca concernente gli effetti dei controlli. Nella letteratura, l’esito degli stessi è ancora discusso, alla luce del fatto che sono possibili due effetti opposti: il target effect ed il bomb-crater effect. Grazie all’impiego di un database dell’Agenzia delle Entrate italiana, con una combinazione di tecniche di of matching e difference – in – difference, questo lavoro mostra come in un particolare contesto, come quello italiano, i controlli possono avere un effetto positivo sulla tax compliance. Il secondo capitolo mostra gli effetti dell’introduzione di una presumptive tax nella forma di una minimum tax. L’obiettivo principale è quello di studiare l’effetto di tale introduzione quando si hanno particolari condizioni. Nello specifico, questa analisi confronta le tasse italiane pagate da un particolare gruppo di contribuenti, con quelle che verrebbero pagate con l’introduzione di una presumptive tax nella forma di una minimum tax. Il presente lavoro include due differenti metodologie di stima di una presumptive tax, sviluppate dall’ISTAT e dall’Agenzia delle Entrate italiana, includendo anche le possibili reazioni dei contribuenti.
This work investigates issues of tax compliance in a context like the Italian one, characterized by a low level of it. The first chapter investigates the role of audits. In the present literature, the outcome of them is an open question since two opposite effects are possible: the target effect and the bomb-crater effect. Using a database provided by the Italian Revenue Agency, with a combination of matching with difference – in – difference techniques, this work shows how in a particular context, such as Italy, audits can have a positive effect on tax compliance. The second chapter explores the effects of implementing a presumptive tax in the form of a minimum tax. The main aim is to study the effect of a change in the policy from a particular starting condition. More specifically, this analysis compares the taxes collected in Italy from a particular group of taxpayers, to the ones that would be collected if Italy implements a presumptive tax in the form of a minimum tax. This work implements two different methodologies to estimate a presumptive tax, provided by ISTAT and the Italian Revenue Agency, and reactions of taxpayers are included as well.

Questa tesi si compone di tre parti e tratta di differenti aspetti inerenti l'organizzazione geopolica delle nazioni da un punto di vista teorico. Viene prestata particolare attenzione agli effetti della distribuzione del reddito.
This dissertation is composed of three papers and discusses different aspects of the geopolitical organization of countries from a theoretical point of view. Special attention is given to the effects of income distribution

Building engineering is called upon to keep up with the pace and challenges of modern design, which aims not only to build higher and greener, but also to fulfill the demands of the growing population and simple human curiosity. The main purpose of this study was to examine the global behavior of a slender and inclined (V-shaped) 300 m high rise building with different structural systems applied. In order to properly evaluate them, four different parametric studies were conducted. These included determining the appropriate inclination angle and the geometry of a simple beam system and later comparing fourteen different structural systems, namely trusses, diagrids, Tubed Mega Frames and moment frames. Parallel to this, a further investigation was made on a shell and beam element model, in order to assess the simplifications made and to control the obtained results. This study was based on various simulations in Finite Element Analysis programs, primarily ETABS, but also SAP2000 and Autodesk Robot Structural Analysis. The modelling included the definition of geometry and applied loads and results in extracting the desirable forces and deformations. Additionally, the automatic design for structural members was used for the purpose of a comprehensive study of the chosen structural systems. The designed structures were subjected to static analysis (dead, live, wind, seismic load), dynamic analysis (response spectrum and time history function) and nonlinear P-delta effect. A buckling analysis was also performed to determine the modes and associated load factors for buckling. In the end, the structural response in terms of displacement and acceleration was compared. The inclination angle study set the defining angle at 10° from vertical, with respect to the serviceability limit deflection. Comparing alternative truss geometries in a 2D parametric study resulted in the choice of four different systems (X, N, K and W trusses). In the 3D analysis, the chosen truss systems, together with three variations of diagrid systems, and seven Tubed Mega Frames with two moment frame structures were further analyzed. In both groups, the mass and the material of the systems were kept similar and the comparison was basically based on the obtained maximum displacement and natural periods of the buildings. The shell and frame model comparison gave a difference in displacements between 0 and 12%. Finally, the comprehensive study of the Tubed Mega Frame, X truss and diagrid structures showed that these buildings were performing similarly to vertical buildings with a top story displacement within the suggested limits (less than 673 mm). Further investigation should be made concerning the acceleration under synthetic earthquake, which exceeded the suggested norms, as well as the connecting nodes between the trusses and the inclined columns. The outcome of this study implied the possibility of construction and usability of inclined, slender, tall buildings with respect to the Ultimate Limit State and the Service Limit State, as specified in the American standard, ASCE 7-10, and opened new possible issues for further research.

The main causative agent of human urinary tract infections is the uropathogenic Escherichia coli (UPEC) pathotype. It may cause disease due to its ability to express a number of bacterial virulence factors. Fimbrial adhesins are particularly important for the initial establishment of infection in the urinary tract. The fimbriae are hair-like structures protruding from the bacterial cell and by attaching to specific receptors in the urinary tract they mediate adherence to different cell types, allowing the bacteria to resist the shear forces from urine flow. The UPEC strains generally carry multiple determinants for fimbrial adhesins. Previous studies have indicated that there is a co-regulation between different fimbrial genes and one factor that has been implicated in this is the PapB protein, acting as a transcriptional regulator of P-fimbrial expression. The PapB protein can be regarded as the prototype of a family of fimbrial regulators that show high homology between different fimbrial operons. One homolog is FocB, regulator of F1C fimbriae. In this study, the role of the FocB protein in the regulation of F1C fimbriae as well as in the co-regulation with other fimbrial genes was investigated. It was observed that FocB binds to DNA, similarly to PapB, in an oligomeric fashion and that PapB and FocB can form hetero-oligomeric complexes, which appear to have a repressive role in the regulation of the F1C fimbriae. In addition, the FocB protein also had a repressive effect on transcription of the fim operon, which encodes theType 1 fimbriae. For further analysis of FocB in vitro, we developed efficient procedures for purification of the protein and established conditions for its crystal formation with the aim to conduct X-ray diffraction studies. By the hanging-drop vapour-diffusion method, we obtained crystals that in the X-ray analysis diffracted sufficiently well to allow modelling of a high resolution structure of FocB. The structural model was considered in relation to the DNA binding properties of the protein. The FocB analysis represents the first structural model of this family of transcriptional factors. This model should aid in further understanding of the roles and functions of these proteins in the regulation of the UPEC fimbrial operons. The complexity of the system, with multiple factors involved in the regulation of fimbrial operons, was revealed in earlier studies of the PapI protein showing that PapI activates transcription of the pap operon as a part of a complex with the global regulator Lrp. However, PapI itself did not appear to bind to DNA and its mode of action has remained unclear. By genetic analyses and in vitro studies we show that PapI may interact also with the α subunit of the RNA polymerase. This finding indicates that PapI might directly interact with the transcriptional apparatus and thus aid in the activation of pap expression. Bacteria are frequently releasing outer membrane vesicles (OMVs) from their surface. We studied the release of the haemolysin toxin from E. coli in connection with formation of OMVs and found that the toxin was tightly associated with the vesicles in an active form. By overproduction of the PapB or PapI regulators in order to maximise the population of bacteria expressing fimbriae, we could detect P fimbriae proteins associated with OMVs that displayed specific adhesion to receptor-coated beads. This suggests a possible scenario in which the vesicles canfunction as directed vehicles of bacterial virulence factors.

Questa tesi è composta da due saggi indipendenti. Il saggio presentato nel Capitolo 1 studia la conformità fiscale all'interno di un modello basato su agenti. Il modello è progettato tenendo conto di una serie di regole fiscali in vigore in Italia e calibrato con micro-dati forniti dall'autorità fiscale italiana. I risultati delle simulazioni mostrano che, considerando livelli di deterrenza realistici, agenti strettamente razionali generano un livello (medio) di non conformità fiscale sostanzialmente superiore a quello suggerito dai dati empirici. Quando includiamo nel processo decisionale dell’agente il calcolo e l’aggiornamento della probabilità soggettiva di subire un controllo, così come l’attitudine alla conformità sociale e gli effetti di rete, il modello fornisce risultati maggiormente in linea con l'evidenza empirica. Il saggio presentato nel Capitolo 2 impiega diverse tecniche di apprendimento automatico, con l'obiettivo di identificare quei contribuenti che hanno maggiore probabilità di aumentare l’importo della loro dichiarazione dei redditi dopo essere stati controllati dall'autorità fiscale. Tra i metodi impiegati, la foresta casuale ha garantito la maggiore accuratezza predittiva. Per valutare l'utilità pratica del nostro approccio, calcoliamo l'aumento del reddito netto riportato dai contribuenti identificati dal modello random forest. Troviamo che, in media, questo aumento è significativo rispetto alla media di tutti i contribuenti ispezionati. Riteniamo, dunque, che il nostro approccio possa rivelarsi uno strumento utile al fine di individuare e selezionare quei contribuenti che hanno una maggiore probabilità di dichiarare un reddito più alto in seguito ad un controllo, consentendo, quindi, una migliore allocazione delle - tipicamente scarse - risorse finanziarie a disposizione dell’autorità fiscale nell'ambito della sua attività ordinaria di controllo.
The essay presented in Chapter 1 studies tax compliance within an agent-based framework. The model is designed according to a set of normative taxing rules for the Italian case and calibrated with micro-data provided by the Italian tax authority. Simulation results show that, under realistic deterrence levels, strict rational agents generate a (average) level of tax noncompliance substantially higher than that suggested by the empirical data. When subjective audit probability computing and updating as well as social conformity attitude and network effects are included in the decision process, the model provides results more in line with the empirical evidence. The essay presented in Chapter 2 employs several machine learning techniques, with the aim to identify those taxpayers who are more likely to increase their net income declarations after being audited by the tax authority. Among the employed methods, random forest guaranteed higher predictive accuracy. In order to assess the practical utility of our approach, we compute the reported net income increase by taxpayers identified through the random forest model. We find that, on average, this increase is significant compared to the average of all the inspected taxpayers. We believe that our approach could prove a useful tool in order to identify and select those taxpayers who are more likely to increase the income reporting after an audit, therefore allowing for a better allocation of the – typically scarce – financial resources available to the tax authority for its ordinary auditing activities.

In this thesis, we review the Receiver Function (RF) method, conceived many years ago in earthquake seismology, to see whether it can also be used in reflection seismology, and more specifically to see whether it can be applied to ocean-bottom-cable (OBC) data. The conventional RF method is used to determine the local PS wave response of a target zone below a multi-component 3C receiver and has been originally designed to process individual earthquake data of constant ray parameter p, acquired at the free surface. The target is illuminated from below. The converted PS wavefield generated at the receiver side is isolated from the global earth response by deconvolving the horizontal Ux component with the vertical Uz component, where Uz is assumed to contain only the impinging P waves (i. E. The unpredictable effective source function). Simultaneously to the source signature removal, the effect of the deconvolution can be subdivided into two steps: (1) P-PS wave separation and (2) multiples removal. The keyword is combination between components (by adaptive subtraction) or equivalently ratio between components. Our motivation is to reproduce these two steps with OBC data, in order to determine the (separated) primary PP and PS responses generated in the sub-seafloor area. However, there are several issues that require special attention when we implement the RF technique to OBC acquisition geometry. Firstly, the target (i. E. The sub-seafloor) is illuminated from above. Therefore there exist three types of incident waves at the receiver level: the upgoing P and PS wavefields (Pup and Sup as for land data) but also the additional downgoing P wavefield (Pdown). Secondly these wavefields are mixed between the components with time varying ray parameters, which precludes the possibility of applying the RF approach in the conventional time-offset domain. These problems can be addressed by taking into account the additional measurement of the pressure wavefield by the hydrophone Uh and by transforming the data in the ¿ -p domain (requiring fine receiver spacing usually afforded by OBCs). This transformation reorders the data by incidence angle at the receiver level, such that the pure upgoing PP and PS wavefields can be separated, based on polarization angle discrimination. This first step partially addresses the problem of multiples in the data by removing the downgoing (receiver side) water multiples, but it requires the knowledge of the seafloor properties as inputs. The other advantage of the ¿ ¡ p domain is that the water multiple reverberation becomes periodic. Remaining pure upgoing (source-side) water multiples are fully predictable (in contrast to overlapping source-side and receiver-side multiples) and can therefore be removed using predictive deconvolution (this is the required second step). Our adapted version of the RF technique uses the various ratios between components to estimate the elastic properties at the seafloor, as well as calibration operators, required for the decomposition. Our data-driven method can be automatically applied with a minimum of user-defined inputs, by taking advantages of the coherency between adjacent p traces and the redundancy of informations within the multiples. The strategy has been successfully applied to field data. Our results suggest several avenues for further processing

Bakgrund: För att relativvärderingar inte skall bli missvisande sätts krav på att de jämförda bolagen faktiskt är tillräckligt lika för att tillåta en jämförelse. I praktiken väljs generellt bolag inom samma bransch, medan teorin förespråkar för att skillnader i finansiella variabler som bland annat tillväxt och risk måste kontrolleras för. Tidigare forskning har oftast endast studerat hur de finansiella variablerna påverkar multipelvärdet. Relativvärdering påverkas dock även av pågående marknadstrender, förutsatt att dessa trender influerar börsvärdet. Andra variabler än branschtillhörighet och finansiella sådana kan således påverka värdet och därmed även behöva kontrolleras för, innan en relativvärdering utförs. Hållbarhetsarbete är en sådan trend som vuxit sig väldigt stark på senare tid. Hållbarhetsarbete i allmänhet och ESG-betyg i synnerhet är områden som ännu inte är helt kartlagda, speciellt vad gäller deras påverkan på ett företags värdering. Syfte: Studiens syfte är att analysera om det föreligger några samband mellan ESG-betyg och multipelvärden samt hur dessa samband i så fall ser ut och varför, för svenska stora och medelstora bolag listade på Nasdaq Stockholm Large och Mid Cap. Metod: Studien har utförts med en kvantitativ strategi, där samband mellan ESG-betyg och multipelvärden undersökts för årsskiftet 2020/2021, genom multipla regressionsanalyser. Totalt 151 svenska bolag med erhållna ESG-betyg har analyserats genom att deras multipelvärden för fyra olika multiplar använts som beroende variabler, samt där ESG-betyg och ett antal finansiella kontrollvariabler utgjort oberoende variabler i regressionerna. Underlaget till studien har utgjorts av data från databasen Refinitiv samt årsredovisningar. Slutsats: Resultatet visar att ett statistiskt signifikant negativt samband föreligger mellan ESG-betyg och multipelvärden. Att lägre betyg går hand i hand med högre värdering och vice versa, är fallet genomgående för såväl Mid Cap som Large Cap.
Background: In order for relative valuation not to be misleading, it is required that the companies compared are in fact sufficiently equal to allow a comparison. In practice, these companies are generally chosen within the same industry, while theory advocates that differences in financial variables such as growth and risk are more important and must be controlled for. Previous research has mostly only studied how these financial variables affect the value of multiples. However, relative valuation is also affected by ongoing market trends, provided that these trends influence market value. Variables other than financial ones and industry affiliation may thus affect the value and have to be controlled for, before a relative valuation using multiples is performed. Sustainability is one such trend that has grown tremendously strong in recent times. Sustainability work in general and ESG scores in particular are areas that have not yet been fully mapped, especially in terms of their impact on a company’s valuation. Purpose: The purpose of this study is to analyze potential relationships between ESG scores and values of multiples, how these relationships look and why, for large and medium-large Swedish companies listed on the Nasdaq Stockholm Large and Mid Cap lists. Methodology: A quantitative approach was used for the study, where the relationship between ESG scores and values of multiples was examined for the turn of the year 2020/2021, through multiple regression analyzes. A total of 151 Swedish companies, with published ESG scores, were analyzed using their multiples’ values for four different multiples as dependent variables in the regressions. ESG scores and a number of financial control variables constituted the independent variables in said regressions. The basis for the study has consisted of data from the Refinitiv database and annual reports. Conclusions: The results show that there is a statistically significant negative relationship between ESG scores and the values of multiples. The fact that lower ESG scores go hand in hand with higher valuations and vice versa, is the case throughout for both Mid Cap as well as Large Cap.

Cette etude constitue une mise au point du clonage in vitro par differentes techniques (embryogenese, organogenese directe ou indirecte et microbouturage) afin de trouver des clones de porte-greffes interessants vis-a-vis du clementinier greffon. Le materiel de depart: graines est obtenu par une pollinisation controlee: nous avons ainsi obtenu des plants hybrides entre p. Trifoliata et tangelo nova. La culture d'ovules 2 mois apres la pollinisation nous a conduits a l'obtention de plantes viables par l'embryogenese somatique soit directement, soit par l'intermediaire des cals. Le sauvetage d'embryons immatures par la culture in vitro, 3 mois apres la polliinisation etait necessaire pour remedier au probleme de l'avortement des fruits et augmenter les chances d'obtenir des embryons hybrides. La callogenese a ete mise au point sur differents types d'explants suivie d'une organogenese controlee. Une regeneration directe a partir des entre-nuds ou cotyledons a egalement ete obtenue. La multiplication par microbouturage des pousses feuillees obtenues par embryogenese ou organogenese a conduit a l'obtention de nombreux clones, soigneusement identifies lors de leur developpement in vitro puis en serre ou en verger. L'origine des plantules obtenues a ete determinee par les analyses morphologiques des feuilles et suivie electrophoretiques dans le cas d'hybridations intergeneriques. Le materiel clone a ete constamment controle: croissance, greffage, electrophorese. Une partie a ete greffee et plantee en verger pour une etude a long terme des interactions greffons/porte-greffes

The main objective of the thesis is evaluating and comparing Second-Order Elastic Analysis Methods defined in two different specifications, AISC 2005 and TS648 (1980). There are many theoretical approaches that can provide exact solution for the problem. However, approximate methods are still needed for design purposes. Simple formulations for code applications were developed, and they are valid as acceptable results can be obtained within admissible error limits. Within the content of the thesis, firstly background information related to second-order effects will be presented. The emphasis will be on the definition of geometric non-linearity, also called as P-&
#948
and P-&
#916
effects. In addition, the approximate methods defined in AISC 2005 (B1 &ndash
B2 Method), and TS648 (1980) will be discussed in detail. Then, example problems will be solved for the demonstration of theoretical formulations for members with and without end translation cases. Also, the results obtained from the structural analysis software, SAP2000, will be compared with the results acquired from the exact and the approximate methods. Finally, conclusions related to the study will be stated.

O consenso entre os organismos internacionais de cooperação para o comércio e para o desenvolvimento econômico está em reconhecer na capacidade de inovar a principal fonte para a promoção da produtividade nas organizações. Parte do esforço brasileiro de construção e desenvolvimento de um sistema nacional de inovação constituiu-se na criação de programas de incentivos fiscais, como forma de fazer avançar os investimentos em Pesquisa, Desenvolvimento & Inovação - P&D&I, provocando o setor privado a participar mais intensamente do processo de financiamento do desenvolvimento tecnológico. Uma década após a implementação do principal programa de incentivo fiscal à inovação no Brasil (Lei nº 11.196/05), é mister verificar se tais incentivos foram capazes de atingir os seus objetivos. A presente tese visa a avaliar: (i) qual a repercussão sobre os dispêndios com P&D&I da opção pela utilização dos incentivos fiscais concedidos pela Lei do Bem e (ii) quanto da renúncia fiscal, ou seja, dos créditos recebidos pelas empresas participantes deste programa, retornou em termos de investimentos em P&D&I ao longo do tempo. A metodologia empregada, propõe a estimação de um modelo empírico para os dispêndios em P&D&I, em que estes são explicados ora pela opção da empresa por utilizar os incentivos fiscais da Lei do Bem ora pela renúncia fiscal decorrente da utilização do mesmo programa, além de um conjunto de variáveis de controle associado às restrições de financiamento. Os testes estatísticos foram conduzidos para o agregado das companhias de capital aberto, registradas na BM&FBOVESPA em 2013, relativamente a seus desempenhos no período de 2008 a 2013. Os resultados, para dados em painel dinâmico, foram obtidos a partir do modelo GMM-System e apontam que a decisão de utilizar os incentivos fiscais da Lei do Bem está associada a um aumento nos dispêndios com P&D&I, ao longo do tempo. Assim sendo, para cada ponto percentual de aumento na propensão das companhias em optar pelo uso da Lei do Bem espera-se de 0,65 a 0,85 pontos percentuais de aumento em seus dispêndios com P&D&I. Por outro lado, o aumento de um ponto percentual na renúncia fiscal gera uma expectativa de aumento nos dispêndios com P&D&I das companhias, que pode variar de 0,26 a 0,40 pontos percentuais, ao longo do tempo
The consensus among international cooperation agencies for trade and economic development lies in recognizing in the ability to innovate the main source for promoting productivity in organizations. The Brazilian effort of construction and development of a national innovation system constituted the creation of tax incentive programs as a way to advance investments in Research, Development & Innovation - R&D&I, causing the private sector to participate more intensely financing process of technological development. A decade after the implementation of major tax incentive program for innovation in Brazil (Law nº. 11.196/05), it is necessary to verify that such incentives were able to achieve their goals. The present thesis aims at evaluating: (i) the impact on R&D&I expenditures of the option to use the tax incentives granted by the \"Lei do Bem\" and (ii) how much of tax waiver, that is to say, of the credits received by companies participating in this program, has returned in terms of R&D&I investments over time. The methodology to be used proposes the estimation of an empirical model for R&D&I expenditure, which are explained either by the company\'s option to use tax incentives of the \"Lei do Bem\" or by tax credits obtained due to the use of tax incentives program, in addition to a set of control variables associated with financing constraints. The statistical tests were conducted to the group of publicly traded companies listed on the BM & FBOVESPA in 2013, for their performances in the period 2008 to 2013. The results for the dynamic panel data were obtained from the GMM-System model and indicate that the decision to use the \"Lei do Bem\" tax incentives is associated with an increase in R&D&I expenditures over time. So that for each percentage point of increase in the propensity of companies to opt for the use of the \"Lei do Bem\", 0.65 to 0.85 percentage points of increase in R&D&I expenditures is expected. On the other hand, the increase of one percentage point in the tax waiver generates an expectation of increase in the R&D&I expenses of the companies, which can vary from 0.26 to 0.40 percentage points, over time

Questa tesi contiene tre saggi di teoria macroeconomica. Il primo capitolo presenta una rassegna dei modelli monetari con agenti eterogenei e include una valutazione dei costi dell’inflazione in termini di welfare per agenti con reddito e ricchezza eterogenei. Il secondo capitolo studia le interazioni tra due canali di trasmissione della politica monetaria che emergono in presenza di eterogeneità: il canale del debito nominale e il canale della tassa da inflazione. Il terzo capitolo studia le relazioni tra le aspettative di crescita del reddito e gli episodi di default su debito sovrano. Questo saggio mostra come introducendo un meccanismo di apprendimento del processo stocastico che determina la sostenibilità del debito sia possibile generare una significativa volatilità del debito e riprodurre una frequenza di default empiricamente plausibile.
This thesis presents three essays in macroeconomic theory. The first chapter surveys monetary models with heterogeneous agents and contains an evaluation of heterogeneous welfare costs of inflation when agents have different income and wealth levels. The second chapter studies the interactions between two transmission channels of monetary policy that arise because of heterogeneity: the nominal debt channel and the inflation-tax net worth channel. The third chapter studies the relations between expectations of future output growth of a small open economy and sovereign defaults. This essay shows that learning of the stochastic process that drives debt sustainability induces significant debt volatility and an empirically plausible default frequency.

Esse trabalho tem como objetivo contribuir para a literatura empírica dos retornos do P&D no Brasil, em particular, dos incentivos fiscais da Lei do Bem (Lei no 11.196/2005) sobre a sobre a produtividade total dos fatores (PTF) das firmas beneficiárias. Para isso, desenvolvemos nosso trabalho em torno de dois objetivos específicos: o primeiro é verificar o impacto do incentivo fiscal sobre os esforços em P&D das firmas beneficiárias por meio do teste de adicionalidade. O segundo é estimar a elasticidade da PTF com relação ao P&D e o impacto do tratamento da Lei do Bem sobre essa elasticidade. Por fim, analisamos o impacto indireto da Lei do Bem sobre a PTF que ocorre por meio do aumento dos dispêndios em P&D. Essa avaliação foi conduzida a partir de estimações de modelos econométricos com microdados de firmas industriais brasileiras para o período de 2003 a 2013, aplicando o procedimento de Propensity Score Matching (PSM) associado a estimações de Efeitos Fixos e de Blundell e Bond (1998). Entre os resultados encontrados, verificamos que apenas as estimações para o período de 2006 a 2009 ultrapassaram o limite superior da renúncia fiscal, o que significa que uma parte do aumento verificado para o período de 2010 a 2013 deva ter ocorrido como substituição do gasto público, evidenciando, pelo menos parcialmente, o efeito de crowding out. Os resultados da segunda etapa do trabalho sugerem que a lei tem efeitos indiretos positivos sobre a produtividade das firmas, mas, apesar disso, a elasticidade da PTF se encontra abaixo da mediana dos estudos internacionais
The objective of this dissertation is to contribute to the empirical literature on returns to R&D in Brazil, in particular, the tax incentives of Lei do Bem (Lei no 11.196/2005) on the total factor productivity (TFP) of the beneficiary firms. In order to do this, we have organized this study around two specific objectives: the first is to verify the impact of the tax incentive on the R&D efforts of the beneficiary firms through the additionality test. The second is to estimate the elasticity of TFP with respect to R&D and the impact of the treatment of the Lei do Bem on this elasticity. Finally, we analyze the indirect impact of the Lei do Bem on TFP that occurs through the increase in expenditures in R&D. This evaluation was carried out based on estimations of econometric models with microdata from Brazilian industrial firms for the period 2003 to 2013, applying the procedure of Propensity Score Matching (PSM) associated with estimates of Fixed Effects, and Blundell and Bond (1998). Among the results, we found that only the estimates for the period from 2006 to 2009 exceeded the upper limit of the tax waiver, which means that part of the increase observed for the period from 2010 to 2013 must have occurred as a substitution of public expenditure, evidencing, at least partially, the crowding-out effect. The results of the second stage of the study suggest that the law has positive indirect effects on firm productivity, but nonetheless, the elasticity of TFP is below the median of international studies.

Among the hard-hit cities during 17 August 1999 Kocaeli Earthquake (Mw 7.4), Adapazari is known for the prominent role of site conditions in damage distribution. Since the strong ground motion during the event was recorded only on a rock site, it is necessary to estimate the response of alluvium basin before any study on the relationship between the damage and the parameters of ground motion. Therefore, a series of site and laboratory tests were done on Adapazari soils in order to decrease the uncertainty in estimation of their dynamic properties. In downtown Adapazari, a 118 m deep borehole was opened in the vicinity of heavily damaged buildings for sample recovery and in-situ testing. The stiffness of the soils in-situ is first investigated by standard penetration tests (SPT) and by velocity measurements with P-S suspension logging technique. Disturbed samples were recovered by core-barrel and split-barrel samplers. 18 Thin-Walled tubes were successively used for recovering undisturbed samples. A series of monotonic and cyclic direct simple shear tests were done on specimens recovered from the Thin-Walled tubes. It is concluded that the secant shear modulus and damping ratio of soils exposed to severe shaking during the 1999 event are significantly smaller than those estimated by using the empirical relationships in literature. It is also observed that the reversed-S shaped hysteresis loops are typical for cyclic response of the samples.

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A presente disserta??o tem por objetivo investigar o valor instrumental do comportamento humano para o funcionamento da democracia atrav?s da ideia de raz?o p?blica. A intera??o que existe entre governo e cidad?os ? determinante para que as pol?ticas p?blicas de um pa?s sejam condizentes com as prefer?ncias da popula??o e n?o de grupos de poder. Sendo assim, torna-se importante analisar a ideia subjacente ? democracia de "governo pela discuss?o" ? luz de teorias que nos iluminem tanto no que diz respeito ? ideia de decis?o coletiva justa, quanto, ao real comportamento humano. Para tal, primeiramente ? apresentada a ideia de raz?o p?blica a contraponto, em particular, as vis?es de Rawls e Sen, dando ?nfase para ao conceito de imparcialidade nas decis?es pol?ticas. Em seguida, na terceira se??o, trabalham-se as ideais de racionalidade, razoabilidade, introduzindo-se os conceitos de heur?sticas, vieses, e valores sociais. Assim, constr?i-se uma associa??o para se pensar sobre os resultados de diferentes tipos de comportamento humano para a democracia e como ? poss?vel refletir a partir dele sobre as ideias de objetividade posicional e transcendental. Finalmente, na se??o IV, realiza-se uma investiga??o emp?rica atrav?s da base de sobre a rela??o entre percep??es sobre informa??es e disposi??es pol?ticas e a frequ?ncia de conversa sobre pol?tica com os amigos. Utiliza-se um modelo de regress?o log?stica ordenada, com dados do Latino Bar?metro de 2015 para o Brasil, aliado ao m?todo de componentes principais para capturar dimens?es explicativas relevantes. Os seguintes resultados obtidos contradizem as hip?teses pr?vias: a falta de confian?a no governo e a percep??o de garantias faltantes n?o significativos, o ativismo dissociado a causas espec?ficas reduz, ao passo que, um senso de cidadania ao reverso aumenta as chances de se conversar sobre pol?tica com mais frequ?ncia com amigos.
The present dissertation aims to investigate the instrumental role of human behaviour for democracy through the idea of public reason. The interaction between government and citizens is decisive for a country's public policies to be in line with population preferences rather than power groups. Thus, it becomes important to analyse the idea underlying democracy of "government by discussion" in the light of theories that enlighten us both with regard to the idea of just collective decision and real human behaviour. To this end, we first counterpoint the idea of public reason, in particular, of Rawls and Sen, with an emphasis on the concept of impartiality in political decisions. Then, in the third section, we work on the notions of rationality, reasonableness, introducing the concepts of heuristics, biases, and social values. Thus, an association is constructed for thinking about the results of different types of human behavior for democracy and how the ideas of positional and transcendental objectivity fit this purpose well. Finally, in section IV, we conduct an empirical investigation based on the relationship between perceptions of relevant political information and dispositions and the frequency of political talk with friends. We use a logistic regression model, with data from the 2015 Latin Barometer for Brazil, combined with principal components method to capture relevant explanatory dimensions. The following results contradict previous hypotheses: lack of trust in the government and the perception of absent guarantees are not significant, while activism dissociated of specific causes reduces and a reverse sense of citizenship increases the chances of talking about politics more frequently with friends.

Doctor of Philosophy
Department of Agronomy
Ganga M. Hettiarachchi
Although phosphorus (P) is an essential nutrient for the growth of plants, it is one of the most limiting nutrients in terms of availability as a high proportion of applied P rapidly transforms into insoluble forms with low solubility in soils. To further understand the fate of P applied to soils, two separate but related studies using three high P-fixing soil types each were used for which the objectives were to investigate the mobility, availability, and reaction products from two granular and one liquid P fertilizer alone or plus a fertilizer enhancement product. Energy dispersive spectroscopy showed a substantial amount of P remained in the granule following a 5-week incubation. At the end of the 35-day incubation period there was evidence that the fluid fertilizer was superior over the granular sources in terms of enhanced diffusion and extractability of P for three calcareous soils with varying levels of CaCO3. Phosphorus x-ray absorption near-edge structure (XANES) spectroscopy results in conjunction with resin-extractable P indicated a strong negative correlation between Ca-P solids formed and P extractability, suggesting that degree of Ca-P formation limits P solubility. For the three acidic P-fixing soils the results were complex. In two out of three acid soils, liquid P treatments diffused farther from the application point than the granular treatments. Phosphorus XANES results suggested that Fe-P or Al-P interactions control the overall P solubility. Integration of pH, resin extractable-P and XANES results suggested the P retention mechanism was either dominated by adsorption or precipitation depending on soil pH. More acidic soil conditions favored precipitation. The objectives of the third study were to observe how long-term (14 years) addition of P with or without N influences the inorganic and organic P pools in a native grassland soil using sequential fractionation, XANES, and 31P-nuclear magnetic resonance (NMR) spectroscopy. The overall results suggested that P and N fertilization and associated changes in plant productivity induced significant changes in soil P pools such as Ca-P, phytic acid, monoesters, and residual forms of P. The addition of P alone induced formation of inorganic P forms while the addition of P and N induced transformation of residual P forms into more labile and/or organic P forms.

Esse trabalho teve como objetivo contribuir para o debate sobre a importância das políticas de incentivo à inovação no Brasil. Os resultados esperados do uso que as empresas fizeram dos diferentes tipos de instrumentos sobre os gastos em pesquisa e desenvolvimento (P&D) foram avaliados pelo método de diferenças em diferenças. O método permitiu obter as diferenças de gastos entre empresas beneficiárias de instrumentos e as não-beneficiárias em três períodos consecutivos: 2005 em relação à 2003; 2008 em relação à 2005 e de 2011 em relação à 2008. Ao fazer isso, foi possível identificar se tais diferenças foram positivas e significativas, podendo ser atribuídas às influências dos instrumentos. Os instrumentos utilizados foram: incentivos fiscais, Lei de Informática, financiamentos em parcerias, financiamentos sem parcerias e subvenção. E a utilização dos mesmos pelas empresas teve maior relevância no âmbito de diversos programas de apoio à inovação vigentes no país a partir da retomada das políticas industriais e tecnológicas, nos anos 2000. O estudo concluiu que os efeitos positivos e significativos são limitados à determinados grupos tecnológicos e à poucos instrumentos, em geral, de caráter fiscal. Além disso, esses efeitos positivos surgem em apenas um período, sendo que para cada grupo tecnológico foram efetuadas estimativas para três períodos. Também não houve evidências de que os instrumentos financeiros exerçam efeitos significativos sobre as decisões de gastos em pesquisa e desenvolvimento, apesar da maior ênfase dada aos mesmos no período estudado. Os resultados sugerem fraca influência dos mecanismos de apoio à P&D no Brasil sobre o aumento dos gastos privados, apesar dos avanços recentes.
This study aimed to contribute to the debate about the importance of encouraging innovation policies in Brazil. Understanding the role played by public support instruments to research and development activities in relation to private business spending has become fundamental to achieving this end. The expected results of the use that companies made of different types of instruments on spending were evaluated by the method of difference in differences. This allows you to compare, over a certain period of time, the differences in expenses between the companies that made use of any type of instrument and the companies that did not. Thus, the method yielded differences in spending between the beneficiary and nonbeneficiary firms of those instruments of three consecutive periods: 2005 compared to 2003; 2008 compared to 2005 and 2011 compared to 2008. In doing so, it was possible to identify whether these differences were positive and significant and can be attributed to the influence of the instruments. The instruments used were: tax incentives, Information Technology Law, financing partnerships, financing and grants. And their use by companies had most relevance within various programs to support innovation in force in the country from the resumption of industry and technology policy in the 2000s. The study concluded that the positive and significant effects are limited to certain technological groups and the few instruments in general tax character. In addition, these positive effects arise in one period, and for each technology group estimates were made for three periods. There was also no evidence that the financial instruments carry significant effects on spending decisions on research and development, despite the greater emphasis given to them during the study period. The results suggest weak influence of mechanisms to support R&D in Brazil on the rise in private spending, despite progress in recent years.

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Brazilian society increasingly demands quality public services assuming the application of established practices in private management would support the managerial model called New Public Management, a model that aims to assist managers to meet this demand. The Federal Higher Education Institutions - FHEI - need to professionalize the management to achieve excellence in public service. This research started asking: What is the composition of the satis-motivational dynamics of the administrators? who work at the Federal University of Juiz de Fora ? UFJF? The research goal was to diagnose the components of the satis-motivational dynamics that impacts the work of the technical-administrative civil servants - TA - who make their professional career in the position of administrator in the FHEI. The answer achieved may subsidize the construction of pertinent policies of people management and the implementation of strategic people management within the UFJF. Qualitative data was collected through interviews with ten out of the 42 administrators who work at UFJF. Such interviews were recorded in audio, transcribed and interpreted by inductive and phenomenographic analysis procedures. The main findings: (1st) motivation to work vary according to the conception of work developed by each individual through subjectively experiencing the performed work; (2d) the motivational factors that positively impact the work of TAs administrators in UFJF are related to: (i) the content of the job they perform; (ii) the recognition they receive; (iii) their sense of accomplishment; (iv) the importance they confer to their work; (3d) such motivational factors manifested according to two working concepts revealed by the interviewees: (a) work as having relevant social impact of organizational results; (B) work as an achievement of personal goals within the organization. It were also identified motivational factors that negatively impact the TA administrators? motivation as well as the ones that bring them satisfaction and dissatisfaction in their work. The administrators? in UFJF satis-motivational dynamic is compounded by: their profile, the activities they carried out and the career horizon they perceive at UFJF. Based on this satis-motivational diagnosis it was drawn up a proposal for a satis-motivational program relevant to the administrators? career as technician public servants in UFJF and pertinent to the organizational context. This diagnosis revealed evidence of an existing crisis of motivations linked to the examined workforce over qualification that tends to result in a loss of their motivation when carrying out perceived low-complexity tasks. The results are relevant to launch a Brazilian interpretive perspective on individual and motivational dynamics in the public sector, that provides managers with information to release TA?s own motivational potential and the re-motivation of those who are in a loss of motivation process. The results are relevant to launch a Brazilian interpretative perspective at the intrinsic individual motivational dynamics in the public sector, which provides managers the possibility to release the motivational potential of each worker and to propitiate their own re-motivation of those who are in loss of motivation process.
A sociedade brasileira demanda crescentemente servi?os p?blicos de qualidade e a aplica??o de pr?ticas consagradas na gest?o privada ? um dos pressupostos presentes no vigente modelo gerencial da chamada Nova Administra??o P?blica, modelo esse que se prop?e a auxiliar os gestores no atendimento dessa demanda com pertin?ncia e efetividade. As Institui??es Federais de Ensino Superior - IFES - necessitam profissionalizar a gest?o de suas atividades para atingir excel?ncia na presta??o de servi?o p?blico. Servi?o este prestado por seus servidores p?blicos, dentre eles os t?cnicos-administrativos. A presente pesquisa partiu da seguinte indaga??o: Qual ? a composi??o da din?mica satis-motivacional dos administradores que fazem sua carreira na Universidade Federal de Juiz de Fora? O objetivo foi diagnosticar os componentes dessa din?mica satis-motivacional que impactam o trabalho dos servidores p?blicos t?cnicos-administrativos - TAE ? fazendo sua carreira no cargo de administrador numa IFES. A resposta alcan?ada pode subsidiar a constru??o de pol?ticas motivacionais pertinentes de gest?o de pessoas e a implementa??o de uma gest?o estrat?gica de pessoas no ?mbito da UFJF. Esta pesquisa coletou dados qualitativos mediante entrevistas realizadas com dez dos 42 administradores que comp?em o quadro efetivo da UFJF. Tais entrevistas foram gravadas em ?udio, transcritas e interpretadas por an?lise indutiva e fenomenogr?fica. Dentre as descobertas: (1?) as motiva??es para trabalhar variam de acordo com a concep??o que cada indiv?duo subjetivamente elabora vivenciando o trabalho que realiza; (2?) os fatores motivacionais que impactam positivamente no trabalho dos TAEs administradores na UFJF relacionam-se com: (i) o conte?do do que realizam no cargo; (ii) o reconhecimento que recebem; (iii) a sensa??o de realiza??o; (iv) a import?ncia que eles mesmos atribuem ao cargo; (3?) tais fatores motivacionais se manifestaram de acordo com duas concep??es de trabalho explicitadas pelos sujeitos de pesquisa: (a) trabalho como impacto social relevante do resultado organizacional; (b) trabalho como conquista de objetivos pessoais dentro da organiza??o. (4?) Tamb?m se identificaram fatores motivacionais que impactam negativamente no trabalho e na motiva??o dos administradores bem como os que lhes trazem satisfa??o e insatisfa??o no seu trabalho. Comp?em a din?mica satis-motivacional do administrador na UFJF: o seu perfil, as atividades que realiza e o horizonte de carreira por ele almejado na IFES. Com base no diagn?stico satis-motivacional foi elaborada uma proposta de programa satis-motivacional pertinente aos servidores TAE da carreira de administrador na UFJF e ao contexto organizacional. Este diagn?stico revelou ind?cios de estar se vivendo uma crise das motiva??es ligada ? superqualifica??o do quadro de funcion?rios TAE que tendem a perder sua motiva??o pela realiza??o de tarefas percebidas como de baixa complexidade. Os resultados s?o relevantes por lan?ar um olhar brasileiro e interpretativista do indiv?duo e da din?mica motivacional no setor p?blico, que propicia aos gestores considerar a ?tica dos pr?prios TAE para desbloquear o potencial motivacional de cada trabalhador e propiciar a eles realizarem sua pr?pria remotiva??o dos que se encontram em processo de perda da motiva??o.

Mervärdesskatterättsligt särbehandlas omsättning av upphovsrätter genom tillämpning av en reducerad skattesats. I 7 kap. 1 § 3 st. 8-9 p. ML hänvisas direkt till upphovs­rättslagen för bedömningen av förekomsten av en upphovsrättsligt skyddad prestation och rättighetens övergång. Föreligger en mervärdesskatterättslig omsättning av eko­nomiska värden samtidigt med en upphovsrättsligt giltig upplåtelse eller överlåtelse av en upphovsrättsligt skyddad prestation ska omsättningen beskattas med en reducerad skattesats om sex procent. Uppsatsen utreder intrångsersättning enligt 54 § 1 st. URL i relation till det mervärdes­skatterättsliga omsättningsbegreppet och den reducerade skattesatsen i 7 kap. 1 § 3 st. 8-9 p. ML.  Ersättning enligt 54 § 1 st. URL ska erläggas då ett intrång i upphovsrätten kan konstateras. Ersättning ska alltid utgå oavsett god tro och även i fall där upphovs­mannen, genom t.ex. positiva sidoeffekter, tjänat på intrånget. I doktrin har det därför uttalats att ersättningen inte utgör skadestånd, något som lagstiftaren uttryckligen klassificerat den att vara. Vid en granskning av ersättningens karaktär och syfte i rela­tion till upphovsrättslagens regler för rättighetens övergång framgår att en upphovs­rättsligt giltig överlåtelse eller upplåtelse inte föreligger vid en transaktion som föranlett ersättningsskyldighet enligt 54 § 1 st. URL. Enligt 7 kap. 1 § 3st. 8-9 p. ML är detta en förutsättning för att transaktionen ska omfattas av den reducerade skattesatsen. I ett mervärdesskatterättsligt perspektiv står det emellertid klart att ersättning enligt 54 § 1 st. URL är tänkt att spegla de förhållanden som hade gällt om parterna ingått avtal på för­hand och att det finns ett ostridigt samband mellan ersättningens storlek och det faktiska nyttjandet av rättigheten. Således skulle ersättningen mervärdesskatterättsligt kunna jämställas med en upplåtelse av nyttjanderätt. För tillämpning av den reducerade skatte­satsen i 7 kap. 1 § 3st. 8-9 p. ML är ett jämställande med upplåtelse ur mervärdes­skatterättslig synpunkt emellertid inte tillräckligt. Mervärdesskattelagens ovillkorliga koppling till upphovsrättslagen i 7 kap. 1 § 3st. 8-9 p. ML medför att en upplåtelse ska prövas enligt upphovsrättslagens regler för rättighetens övergång. Den samlade slutsatsen av uppsatsens utredning är följaktligen att ersättning enligt 54 § 1 st. URL kan omfattas av det mervärdesskatterättsliga omsättningsbegreppet. Mervärdesskattelagens ovillkorliga koppling till upphovsrättslagen innebär emellertid att ersättningen inte kan omfattas av 7 kap. 1 § 3st. 8-9 p. ML och den reducerade skattesatsen om 6 procent. Ersättningen utbetalas till följd av ett intrång och avsaknaden av en uttrycklig överenskommelse hindrar en tillämpning av 7 kap. 1 § 3st. 8-9 p. ML.
VAT turnover of copyrights are subject to a reduced VAT-rate. In the Value added tax act (ML) the paragraph of 7 kap. 1 § 3 st.  8-9 p. ML refers directly to the Copyright act (URL) for the assessment of the existence of a copyright and, the sale or lease of such a right. If a taxable supply is at hand while, simultaneously, a legally valid lease or sale of a copyright can be established, the turnover is taxed at a reduced VAT-rate of six percent. The thesis investigates intrusion compensation under Article 54 § 1 st. URL relative to the value added tax turnover concept and the reduced rate in 7 kap 1 § 3 st.  8-9 p. ML. Compensation according to Article 54 § 1 st. URL must be paid when an infringement of copyright is at hand. Compensation should always be paid regardless of good faith and even in cases where the holder of the right has earned revenue by e.g. spin-offs. In the legal literature, it has therefore been expressed that Article 54 § 1 st. URL does not con­stitute damages, something that the legislature explicitly has classified it to be. When reviewing the character and purpose of the compensation in relation to URL, and its rules for the transition of the right, it is clear that a valid transition does not exist in a transaction that has prompted compensation under Article 54 § 1 st. URL. According to 7 kap. 1 § 3st. 8-9 p. ML, this is a prerequisite. For the transaction to be covered by the reduced VAT-rate, a valid transition, according to the general rules of the rights transition in URL, must be at hand. However, from a VAT-perspective, compensation under 54 § 1 st. URL is meant to reflect the conditions that would have been if the concerned parties had reached an agreement in advance. There is an undisputed link between the remuneration and the actual use of the right. Thus, the compensation could be deemed equal to a lawful lease of copyright. For the purposes of the reduced tax rate in 7 kap. 1 § 3st. 8-9 p. ML, an equation of the compensation to a lawful lease of copyright is not sufficient. The provision is directly connected to URL and any transition of copyright must therefore be examined under the URL's rules for the transition of rights. The overall conclusion of this thesis is therefore that compensation under 54 § 1 st. URL may be subject to VAT. However, due to the unconditional connection to URL, the turnover cannot qualify for the reduced tax rate of six percent stipulated in 7 kap. 1 § 3st. 8-9 p. ML. The compensation is paid as a result of an infringement of copyright and the absence of an explicit agreement prevents the application of the reduced tax rate in 7 kap. 1 § 3st. 8-9 p. ML.

Telemetry system, Optimisation, Sensoric networks, Smart Grid, Internet of Things, Sensors, Information security, Cryptography, Cryptography algorithms, Cryptosystem, Confidentiality, Integrity, Authentication, Data freshness, Non-Repudiation.

碩士
國立臺灣大學
物理研究所
101
We find evidence for the semileptonic baryonic decay B- → p pbar l nubar (l=e,μ), based on a data sample of 772 million $B ar B$ pairs collected at the Upsilon(4S) resonance with the Belle detector at the KEKB asymmetric-energy electron-positron collider. A neural-network based hadronic $B$-meson tagging method is used in this study. The branching fraction of B- → p pbar l nubar is measured to be [5.8_(-2.1)^(+2.4) (stat.)±0.9(syst.)]×10^(-6) with a significance of 3.2 sigma, where lepton universality is assumed. We also estimate the corresponding upper limit: B(B- → p pbar l nubar) < 9.6×10^(-6) at the 90% confidence level. This measurement helps constrain the baryonic transition form factor in B decays.

Le travail de recherche présenté dans ce mémoire est dédié au filtrage des multiples de la tranche deau sur les données sismiques OBC (Ocean Bottom Cable).
Ces multiples générés par les réflexions successives entre la surface de l'eau et le fond marin détériorent considérablement la qualité des images sismiques.

Nous proposons dans ce document une méthode robuste de filtrage de ces multiples par "sommation PZ" dans le domaine (Tau,p).
Nous commençons par modéliser les enregistrements de l'hydrophone et du géophone en OBC dans le domaine des ondes planes harmoniques.
Nous montrons que ces modèles s'expriment en fonction des arrivées primaires et des multiples de la colonne d'eau.
Cette modélisation nous permet de proposer un algorithme de filtrage des multiples qui tient compte non seulement de la physique de propagation des ondes mais aussi des caractéristiques de l'acquisition: couplage et orientation des géophones, réponses impulsionnelles des capteurs, bruits.

Après la validation sur des données synthétiques, la nouvelle approche est appliquée sur des données réelles 2D dans le cadre d'une séquence de traitement.
Nous montrons que cette approche est robuste en présence de bruit et donne de meilleurs résultats en comparaison avec des séquences standards.

Nous généralisons à la fin de ce document la séquence de traitement au cas des acquisitions OBC 3D grâce à la transformation (Tau,p)3D.
Cette généralisation n'est pas immédiate et nécessite des étapes supplémentaires dans la séquence de traitement tel que l'interpolation des données en 3D.
La comparaison de la séquence 3D aux séquences standards révèle que la nouvelle approche améliore significativement les résultats

Tem se vindo a verificar uma crescente preocupação em criar uma política fiscal que incentive a constituição e o desenvolvimento das PMEs, dada a representatividade destas no panorama empresarial. Neste contexto, o presente estudo tem como objetivo comparar a taxa efetiva de IRC e seus determinantes, das PMEs e das empresas de grande dimensão, na esfera nacional. Foram utilizadas duas amostras compostas por empresas portuguesas não cotadas, uma de 9.110 PMEs e outra de 127 empresas de grande dimensão, abrangendo o período de 2010 a 2017. Os resultados obtidos permitiram concluir que as PMEs têm um menor encargo de IRC em relação às empresas de grande dimensão, e de um modo geral, parte dos determinantes da taxa efetiva de IRC – estrutura de financiamento, return on assets, e book-tax differences, apresentam uma relação semelhante nos dois grupos de empresas, embora a relação destes determinantes com a taxa efetiva seja mais ou menos intensa. Os determinantes - composição do ativo e dimensão da empresa, não são significativos no grupo das grandes empresas. Por fim, foi possível concluir que, embora a descida da taxa nominal, durante os anos em análise, tenha sido mais acentuada nas PMEs, o grupo das grandes empresas é que conseguiu reduzir mais a sua carga tributária. Desta forma, aos formuladores de políticas tributárias devem colocar mais atenção às alterações que afetam a determinação da base tributável, do que à taxa nominal, de forma a atingir as suas metas (Serrato e Zidar, 2018).
There has been a growing concern to create a fiscal policy that encourages the constitution and development of SMEs, given their representativeness in the business landscape. In this context, the present study intends to analyse the corporate effective tax rate and its determinants of SMEs and large companies at the national level. Two samples composed of unlisted Portuguese enterprises were used, one from 9,110 SMEs and one from 127 large companies, covering the period from 2010 to 2017. The obtained results led to the conclusion that SMEs have a lower corporate effective tax rate than large companies, and in general, part of the determinants of the effective tax rate - financing structure, return on assets, and book-tax differences, have a similar relationship in both groups of companies, although the relationship of these determinants with the effective rate is more or less intense. The determinants - asset composition and size company are not significant in the group of large companies. It was then concluded that, although the decrease of the nominal tax rate during the analysed years was more pronounced in SMEs, the group of large companies managed to do a higher reduction of their tax burden. Thus, tax policy makers should pay more attention to changes that affect the determination of the tax base rather than the nominal rate in order to achieve their goals (Serrato and Zidar, 2018).

Summaries in Afrikaans and English
In die studie is daar gepoog om aan te toon waarom die ondervindingsmod~l vir taalleer die aangewese model vir effektiewe tweedetaalleer is. Die kommunikatiewe onderrigbenaderingswyse, onderhandeling in die klaskamer en die belangrikheid van die prosessillabus in tweedetaalverwerwing is bespreek. Die taalonderwyser se rot as fasiliteerder van leer in kommunikatiewe FAfrikaanstaalonderrig in die interaktiewe klaskamer met klem op leerdergesentreerde onderrig is uiteengesit. Daar is verder aangetoon dat daar ten opsigte van die rot van die onderwyser 'n paradigmatiese verskuiwing moet plaasvind, veral noudat beginsels van uitkomsgebaseerde onderrig wat deel van kurrikulum 2005 vorm, in 1998/1999 in aile Suid-Afrikaanse skole ingestel is. Die onderwyser is nou 'n fasiliteerder van kennis, nie 'n oordraer daarvan nie. Belangrike aspekte van leer wat leerders se tweedetaalleer be'invloed, is bespreek, byvoorbeeld klaskamerkommunikasie, fasilitering, suggestopedia, faktore wat begrip van leerstof be'invloed, onderwyser - en leerdergedragswyses, positiewe /eeratmosfeer, behandeling van leerderfoute, Jeerderpersepsies, kommunikatiewe strategiee en evalueringsmetodes. 'n Verskeidenheid taallesse wat op T2-Afrikaans en die T2-taalklaskamer betrekking het, en wat verskillende onderrigteoriee, uitkomsgebaseerde onderrig en die ses taalvaardighede integreer, word in hoofstuk 5 ge'illustreer.
In this study it is shown why the discovery model of language learning is the appropriate model for effective language learning. The communicative teaching approach, classroom-negotiation and the importance of the process syllabus in second language acquisition is discussed. The language teacher's role as facilitator of learning, in communicative L2 - Afrikaans language teaching in the interactive classroom with a learner-centered focus is explained. It is further shown that the role of the teacher must undergo a paradigm shift especially now that principles of outcomes based education which forms part of curriculum 2005 has been introduced into all schools in South Africa in 1998/1999. The teacher is now a facilitator of knowledge and not a transmitter thereof. Important aspects of learning that influence learners' second language learning are discussed, for example classroom communication, facilitation, suggestopedia, factors that influence the understanding of subject matter, teacher and learner behaviours, positive learning atmosphere, treatment of Ieamer errors, learner perceptions, communicative strategies and methods of evaluation. A variety of language lessons which integrate various teaching theories, outcomes based education and the six language learning skills which are related to L 2-Afrikaans and the L 2-classroom are illustrated in Chapter 5.
Afrikaans and Theory of Literature
M.A. (Afrikaans)