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Luo, Ning. "Present-value relations and Chinese stock price behavior: the case of Shenzhen exchange." Thesis, University of Macau, 2006. http://umaclib3.umac.mo/record=b1637006.
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Thomas, Vassilis. "THe present value relation and stock price volatility : the U.K. evidence and Monte Carlo simulations." Thesis, Lancaster University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.282389.
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Kubičková, Veronika. "Srovnání vybraných způsobů ocenění pro nemovitost typu rodinný dům v lokalitě okolí Tišnova." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2010. http://www.nusl.cz/ntk/nusl-232526.
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My diploma paper is focused on description of the ways of assessing, which are used in practice. The diploma paper should also make a comparison between those assessing methods and recognise the difference between them. Next aim of my diploma paper is to shortly mention the questions of International valuation norms (standards), but only those parts, which are related with assessing of real property. Practical part of my diploma paper is especially focused on assessing of family houses by chosen assessing methods, which are: cost approach, comparison method (nenašla jsem), standard price and price at present time. Whose resultant values will be compared. Partial task is recognition how the aspect of job opportunity is influencing the price of family house, which was counted by comparison method.
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Suchomel, Jan. "Zjištění vlivu krnovského obchvatu na ceny RD nacházejících se v jeho bezprostřední blízkosti a dopad odklonu dopravy na cenu RD v centru města." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2012. http://www.nusl.cz/ntk/nusl-232655.
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The Master’s thesis „Determination of the Impact of Krnov Bypass on Prices of Detached Houses in its Close Proximity and the Effect of Traffic Diversion on Detached House Prices“ has as one’s task a determination of the influences of a by-pass road on the prices of family houses. In pursuance of this task it has been used several kinds of the valuation methods, as for example the cost approach according to the price order, the comparative method according to the price order and the comparative method Standard unit market price (non-promulgation). In the conclusion of the Master’s thesis there is a separate determination of the influence of the by-pass road on the prices of the family houses, which are located in its neighbourhood and the impact of a deflection on the prices of the family houses in Krnov city centre.
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Lundberg, Sofia. "Going once, going twice, SOLD! : the economics of past and present public procurement in Sweden." Doctoral thesis, Umeå universitet, Institutionen för nationalekonomi, 2001. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73622.
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This thesis is about the economic aspects of public procurement of services through auctionsin Sweden. It focuses on two different institutions, auctions used to find foste r-parents forboarded out children in the 19th century, and auctions of cleaning service contracts in the 20 thcentury. I n both cases, the contracting entity is the municipality or its representative, thelowest bidder wins the auction, and is paid in accordance with his/her bid.In the child auctions, c hildren were allotted to foster-parents by means of an open biddingprocess, the descending English auction, where the bids were given continuously to theauctioneer. In modern public procurement sealed bids ar e used in accordance with the firstprice,sealed bid auction. The first part of this thesis is about price formation in the childauctions and a study is made of the children who were auctioned several times, indicatingasymmetric information among bidders or adverse selection in this market. These subjects arestudied using field data on 601 child auctions held in Northern Sweden during the period 1863to 1889. The empirical findings in the first paper suggest that the foster-parents had a cleareconomic motive in these auctions. The child characteristics significantly affect the amount ofcompensation paid to the foster-parent. There is also evidence that farmers preferred older,more productive children. The second paper studies whether a re-auctioned child commandeda higher or lower price than a child that was not re-auctioned. The results indicate some formof asymmetric information because foster-parents demanded a higher level of compensationfor a re-auctioned child. The results also suggest that the probability that a child was reauctionedincreased if he/she was not healthy.The third paper in the thesis discusses a kind of "paradox". Although there is a competitiveeffect on the bids in the auction of cleaning service contracts, the contracting entity has anoption, given by law, to restrict the number of bidders. In th is paper, an implementation costis introduced fo r the contracting entity to justify such a restriction. The results, based onSwedish municipality data, indicate that contract and municipality characteristics, assumed toaffect the implementation cost, affect the volume of the procurement, and the number ofbidders, but not necessarily the choice of allocation mechanism. The final paper studiesregional differences in bids, costs, and competition in municipal procurement using the samedata as in paper [3]. The results show higher estimated costs for completing the contract, butlower estimated mean bids in the major city area of Stockholm compared with the res t of thecountry. This is explained by lower profit margins and higher operational costs in the majorcity area. An analysis is also carried out of why the lowest bidder is not always the contractedbidder.Härtill 4 delar.
digitalisering@umu
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Plchová, Monika. "Srovnání vybraných způsobů ocenění pro nemovitost typu rodinný dům v Litomyšli a okolí." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2011. http://www.nusl.cz/ntk/nusl-232566.
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Diploma Thesis "Comparison of selected methods of valutation of a family house - type estates in Litomyšl and it's surroundings" describes the way of assesing, compares these methods and recognises the difference between them. The practical part is especially focused on assesing of choosen family houses by the cost approach, comparative public notice, comparative non-promulgation, standard price and price at present time. At the end of diploma thesis there is provided how much the aspect of job opportunities influences the price of family houses, which was counted by the comparison method.
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Vondrák, Radek. "Srovnání vybraných způsobů ocenění pro nemovitost typu rodinný dům v lokalitě Telč a okolí." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2010. http://www.nusl.cz/ntk/nusl-232530.
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This master´s thesis „Comparison of selected methods of valuation of the property type of family house in Telč and its surroundings” deals with the analysis of possible valuation methods and their comparing. The main objective of this thesis is to describe the methods of valuation and on the basis of selecting valuation methods prepare their confrontation. In the diploma thesis is valued ten of family houses in Telč and its surrounding, which are compared by the following methods: coast approach, comparative public notice, comparative non-promulgation method and price at present time. Part of objective this thesis is describe to the main influences acting on the standard price in the area of Telč and its surroundings.
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Marcos, Francisco de Jesus. "Equity research - Daimler Group." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20731.
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Mestrado em FinançasDaimler AG é uma empresa alemã centenária, que apresenta um vasto portefólio de produtos e serviços, provenientes das suas três subsidiárias - Mercedes-Benz Cars and Vans, Daimler Trucks AG e Daimler Mobility AG. O Grupo segue uma sólida e bem estruturada estratégia focada nos seus consumidores, que permitiu à empresa manter-se na vanguarda desde a sua existência, com uma presença mundial e uma forte reputação no mercado. Em 2019, a Daimler AG vendeu mais de 3.35 milhões de unidades, apresentando uma quota de mercado de 3.7%. A estrutura deste projeto baseia-se nas recomendações do CFA Institute e tem como objetivo estimar o valor da ação da Daimler AG no final de 2020, concluindo com uma recomendação de compra, venda ou de manter a ação. Para chegar a esta conclusão, os métodos utilizados foram o Discounted Cash-Flow, o Adjusted Present Value, o Relative Valuation e o Dividend Discount Model. Com base no Discounted Cash-Flow, no Adjusted Present Value e no Relative valuation, foram obtidos preços-alvo superiores ao preço de fecho da ação a 19 de Setembro, de 45.5€. Para o Dividend Discount Model, as conclusões não foram consideradas relevantes, visto que o pagamento de dividendos irá ser severamente afetado nos próximos anos, como resultado da crise financeira causada pela proliferação pandémica mundial em 2020. Após estas análises e avaliações feitas da Daimler AG, foi considerada uma recomendação final de compra e um potencial de aumento de 26% para a ação da Daimler no final de 2020.
Daimler AG is a centenary German automotive company with a wide portfolio of products and services, provided from its three subsidiaries - Mercedes-Benz Cars and Vans, Daimler Trucks AG and Daimler Mobility AG. The Group follows a solid and well-structured strategy focused on its customers, which allowed the company to remain at the forefront since its existence, with a worldwide presence and a strong market reputation. In 2019, Daimler AG sold more than 3.35 million units, presenting a 3.7% market share. The structure of this project follows the CFA Institute recommendations and aims to estimate the fair value of a Daimler AG share at 2020 year end, concluding with a buy, hold or sell recommendation. To achieve this conclusion, the valuation methods carried out were the Discounted Cash-Flow, the Adjusted Present Value, the Relative Valuation and the Dividend Discount Model. Based on the Discounted Cash-Flow, the Adjusted Present Value and the Relative valuation, it were obtained target prices above the closed stock price on September, 19th, of 45.5€. For the Dividend Discount Model, the conclusions were not considered relevant, since the payment of dividends will be severely affect in the following years, as result of the financial crisis caused by the global pandemic that proliferated in 2020. After the analysis and valuations made on Daimler AG, it was considered a final buy recommendation, with an upside potential of 26% for the 2020 year end Daimler share.
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Jasaitė, Aida. "Medynų auginimo derlingose augavietėse ekonominis įvertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120620_150616-65023.
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Tirtas labiausiai paplitusių Lietuvoje medžių rūšių (P, E, Ą, U, B, D, J, Bt) grynų medynų auginimo derlingose augavietėse (c, d, f dirvožemio derlingumo ir N, L dirvožemio drėgnumo indeksai) ekonominis efektyvumas. Darbo objektas –ūkinių miškų labiausiai paplitusių medžių rūšių grynų medynų (P išskyrus d, f derlingumus, E, Ą, U, B, J, D, Bt) derlingose augavietėse (c, d, f dirvožemio derlingumo ir N, L dirvožemio drėgnumo indeksai) auginimo ekonominis efektyvumas, išreikštas grynosios dabartinės vertės rodikliais. Šios derlingos augavietės sudaro 44,1 proc. visų Lietuvos miškų. Tyrimų tikslas – palyginti dirbtinai atkuriamų ąžuolynų, uosynų, eglynų bei pušynų ir savaime atželiančių beržynų, juodalksnynų, drebulynų ir baltalksnynų auginimo ekonominį efektyvumą. Darbo metodai - taikytas variantų skaičiavimo metodas. Darbo rezultatai. Taikant įvairius nenukirsto miško kainų variantus ir 3 proc. diskonto normą, nustatyta, kad derlingose augavietėse savaiminis miško atžėlimas minkštųjų lapuočių medžių rūšimis (B, J, D, Bt) yra ekonomiškai efektyvesnis nei ąžuolynų, uosynų, eglynų ar pušynų dirbtinis įveisimas. Nustatyta, kad nenukirsto miško kainos padidėjimas, tiesiogiai veikia medynų auginimo ekonominio vertinimo rodiklius, šiuo atveju GDV. Raktažodžiai: medynų auginimas, technologinė savikaina, ekonominis efektyvumas, grynoji dabartinė vertė, diskonto norma, vidutinė metinė grynoji dabartinė vertė, nenukirsto miško kaina.The economic efficiency of growing the pure stand of the most common tree species ( pine, spruce, oak, ash tree, birch, aspen, black an dgrey alder) inLithuania‘s fertile site type habitats ( c,d,f – soil fertility and N,L indice of soil moisture) has been studied. Research object: Economic efficiency of growing pure stand of the most common tree species in fertile habitats, expressed by the net present value of the indicators ( soil fertility, soil moisture indice). The fertile sites constitute 44,1 percent of all the forests in Lithuania. Researchaim: To compare the economic efficiency of artificially reforested oak, ash, spruce and pine stands with natural regeneration of birches, black alders, grey alders and aspens. Research methods: Variant calculation method was applied. Research outcomes: By applying diverse price options for uncut forest and 3percent discount rate, it was estimated that self – regeneration of soft deciduous tree species in fertile habitats is more cost effective than artificial afforestation with oaks, ash trees, spruces and pines. The price increase was found to have a direct effect on the economic indicators of forest growing. Keywords: forest growing, technological cost, economic efficiency, net present value, discount rate, the average annual net present value, the price of uncut forest.
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Persson, Rickard. "The short and long-term interdependencies between stock prices and dividends: A panel vector error correction approach." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-255666.
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This paper examines the short and long-term interdependencies between stock prices and dividends. I utilize firm level data from FTSE ALL SHARE from 1990-2014 and apply panel vector error correction model estimated with Engle & Grangers (1987) two-step procedure. The results show that there is a bi-directional long-term relationship between stock prices and dividends, i.e. an adjustment process is at work when a disequilibrium occurs. I also find a bi-directional short-term relationship. This paper also shows that Lintners model and the present value model are relevant frameworks in stock valuations.
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Vitovská, Lucie. "Srovnání vybraných způsobů ocenění pro nemovitost typu rodinný dům v lokalitě Oslavany a okolí." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2010. http://www.nusl.cz/ntk/nusl-232468.
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Master´s thesis „Comparison of selected methods of valuation of a house in Oslavany and its surroundings“ it describes the methods and principles used by estate appraisal. It deals with the prices comparison. The prices are determined by the cost approach, comparative public notice and comparative non-promulgation method. The main accent is put on the consideration of the local net connection coefficient. Based on the ascertained facts this thesis mentions the influence of an estate price and a public sewer.
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Nordmark, Sandra, and Josefin Wallgren. "The value of iron ore and timber in Sweden : An ex post study of the United Nations valuation framework for green national accounts." Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-63279.
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Green national accounts are a complement to the more traditional GDP measure which includes natural capital and the depreciation and regeneration of natural capital. The United Nations have developed an international standard model, the System of Environmental-Economic Accounting, for valuing natural resources within the green national accounts. The method is based on forecasts of future streams of expected incomes from the resource. This study aims to find out whether the valuation method used to forecast future incomes from iron ore and timber according to the international standard is consistent with the actual outcomes. In Sweden, previous studies have been made to develop green national accounts from the 1800s onward. By using the United Nations’ current and previous valuation methods and performing calculations on historical resource rents it is possible to evaluate how well the methods can estimate true future values. This study shows that both valuation methods systematically misestimate the future income streams from both resources.Gröna nationalräkenskaper är ett komplement till det mer traditionella BNP-måttet som även tar hänsyn till bland annat naturkapitalet och dess förslitning. FN har utvecklat en internationell standardmodell för gröna nationalräkenskaper, System of Environmental-Economic Accounting (SEEA), där en rekommenderad värderingsmetod för naturkapital finns angiven. Värderingsmetoden är baserad på framtida, förväntade, inkomstflöden från naturresursen. Den här studiens syfte är att ta reda på om värderingsmetoden för att förutse framtida intäkter för järnmalm och skog enligt den internationella standarden stämmer överens med de faktiska utfallen. I Sverige har tidigare studier gjorts för att utveckla gröna nationalräkenskaper från 1800-talet och framåt. Genom att använda FN:s nuvarande och tidigare rekommenderade värderingsmetoder för naturresurser och göra beräkningar på historiska vinster från naturresursen kan man se hur väl värderingsmetoderna fungerar i praktiken. Den här studien visar att bägge värderingsmetoderna systematiskt felskattar de framtida intäktsflödena från bägge resurser.
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Chytil, Jaroslav. "Posouzení vhodnosti rekonstrukce průmyslového areálu z hlediska návratnosti investice." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-241343.
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I concentrated on assessing the suitability of the reconstruction of the industrial complex in terms of return on investment. For illustration and example, I chose part of an industrial complex in Nova Ves near Pohořelic. The solution was used knowledge from the field of investments, valuation of immovable assets and budgeting reconstruction. The result is both evaluation using economic indicators (in this case, the net present value of the investment), which demonstrate the appropriateness (or inappropriateness) and the extent of reconstruction in terms of return on invested funds. This thesis is beneficial for the homeowners who are considering reconstruction and want to rent a property.
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Corsetti, Manuel. "Past, present and future evolution of oil prices." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/59134.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2010.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 55-59).
This thesis reviews how oil price has evolved throughout time since it was discovered and commercially exploited in 1859 in Pennsylvania. Rather than a pure economic study, this thesis illustrates how major historic and geopolitical events have been influenced or driven by a frantic quest for oil. Oil has allowed the automotive industry to thrive, the industrial revolution to shift gears and has fueled economic growth especially in the USA and the western countries throughout the twentieth century. Oil has also played a major strategic role during WWI and WWII. More recently, Oil has also been used as an economic weapon in several occasions. During the first and the second oil crises, producing countries have created OPEC in order to control prices in an attempt to get autonomy from consuming countries who had historically manipulated the prices thanks to the "Seven Sisters" regrouped in an illegal but extremely powerful "Oil Cartel". In the 1980's Reagan's Administration has successfully used oil as an economic weapon to fight the Soviet Union which eventually collapsed. With "Peak Oil" now approaching (some say already reached) oil prices are more and more difficult to manipulate. As supply now struggles to match demand, oil prices are more and more driven by macroeconomics fundamentals but this doesn't mean that speculation has no impact as we have seen recently during the 2007- 2008 bubble. To end with, this thesis concludes showing that if the past evolutions of oil prices are pretty well understood, predicting future prices is an exercise that requires utter humility.
by Manuel Corsetti.
S.M.
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Neubauer, Ondřej. "Kalkulace výrobních nákladů ve firmě Tomášek Milan - TOMEX." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224527.
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This thesis is focused on the calculation of production costs with the introduction of licensed production of submersible sludge pumps in company Tomasek Milan - TOMEX. The aim of this work is the introduction of licensed production and determine the manufacturing cost. In the theoretical section describes the methods for determining a production layout, calculation methods and methods of return on investment. The practical part deals with the determination of a suitable arrangement of production, production calculations and evaluation of overall investment.
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Šmýdová, Lucie. "Řízení cash flow při minimální ceně stavební zakázky." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2013. http://www.nusl.cz/ntk/nusl-225945.
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The content of this master‘s thesis is cash flow management of a construction project in case of minimum price "Intensification sewage Sokolov - Phase I". Two alternatives of cash flow management of a construction project are compared, which differ in the contractual terms between the construction company and the contractor subcontracting. In the first alternative the business requires payment of the invoices within 90 days and the assurance with a bank guarantee by subcontractors. In the second variant subcontractor has provided the company the possibility of using a 9% discount with payments within 30 days and provide guarantee restraints. The expected present value of cash flow is used to evaluate the most suitable alternative. The result of my master‘s thesis is to identify potential risks and opportunities to ensure the liquidity of the contract.
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Chytil, Jaroslav. "Výběr nejvhodnějšího typu pronájmu." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240226.
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Price, value, evaluation of investment, payback period, net present value, lease, rent, sell, apartment, flat, taxation, revenue, expense I focused on choosing the best type of rent. For illustration and example, I chose an apartment in the Brno center. The solution was used knowledge from the field of investment and valuation of real property. The result is both an economic evaluation using indicators (in this case net present value of the investment), but also verbal assessment of individual options and their pros and cons. Rewarding this work can not only be for retail investors who prefer investing in "something tangible".
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Lidén, Erik. "Essays on information and conflicts of interest in stock recommendations." Göteborg : Dept. of Economics, School of Economics and commercial law, Göteborg University, 2005. http://www.handels.gu.se/epc/archive/00004063/01/Liden_avhandl.pdf.
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Lloyd, Tim. "Present value models of agricultural land prices in England and Wales." Thesis, University of Nottingham, 1992. http://eprints.nottingham.ac.uk/11753/.
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This study employs recently developed techniques in time series econometrics to estimate linear models of equilibrium price determination in a competitive market for durable assets. Motivating this study is the unstructured approach employed in previous land price research, where the theoretical model of agent behaviour is invariably mis-specified or left undeveloped and the empirical model prone to the problems of spurious regression. The joint issues of theoretical and statistical congruence play important roles here. Specifically, a theoretical model is developed in which market participants are assumed to price land using present value methods. At the market level this yields a reduced form expression of equilibrium price determination which can be estimated empirically using aggregate data for England and Wales. The concepts of error correction and cointegration are then investigated and applied to the land price model. A unique long run relationship is identified between real agricultural land prices, inflation and real agricultural rents. Taking account of inflation-hedging as a motivation for acquiring farmland, land prices are shown to be principally determined by the returns to land, as embodied by market rents. The empirical model is also congruent with theoretical predictions regarding the unit elasticity between asset prices and returns. The error correction representation of the cointegrating set indicates that the short run response of land prices to rent and inflation is larger than the long run response. Consequently, land prices initially overshoot their equilibrium values following changes in rents or inflation. The period of adjustment to long run equilibrium lasts around three or fours years. The long run real rate of discount on agricultural land is estimated at 3.6% confirming the widely held belief that real rates of return on farmland are low. Present value models incorporating naive, adaptive and rational expectations are also estimated and the adaptive model is favoured by the data.
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Gulcu, Altan. "Designing pricing mechanisms in the presence of rational customers with multi-unit demands." Diss., Atlanta, Ga. : Georgia Institute of Technology, 2009. http://hdl.handle.net/1853/28176.
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Thesis (M. S.)--Industrial and Systems Engineering, Georgia Institute of Technology, 2009.Committee Chair: Pinar Keskinocak; Committee Co-Chair: Wedad Elmaghraby; Committee Member: Julie Swann; Committee Member: Mark Ferguson; Committee Member: Paul Griffin.
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KRIMPLE, DEBRA LEA. "TOXIC TOUR IN LOWER PRICE HILL: CREATING PRESENCE THROUGH NARRATIVE AND EXPERIENCE." University of Cincinnati / OhioLINK, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1022196343.
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Ndong, Mamadou. "Choice of exchange rate regime in the presence of commodity price disturbances." Thesis, University of Warwick, 1995. http://wrap.warwick.ac.uk/66664/.
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This thesis discusses the choice of an exchange rate regime for a small commodity-exporting economy which experiences both monetary shocks and commodity price shocks. To investigate these matters, stochastic calculus is used in a continuous-time setting. The Franc Zone serves as an illustration: it is a currency union between a small country and a large country, and was subject to enormous strains in the last decade. The model developed in chapters 3 and 4 stresses the role of expectations in affecting domestic price variability, when the commodity price is described as a Poisson process. It also points to an exchange rate policy of "leaning with the wind" on the basis of the price stability criterion. Chapter 4 further investigates how the degree of openness of the small economy can influence the choice of the optimal exchange rate. Finally the analysis explains why the recent devaluation in the Franc Zone was a necessity in contrast to other studies which failed to notice the need for a devaluation. In this respect, it suggests a way to measure the degree of overvaluation.
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Thierbach, Frank. "Mean variance hedging in the presence of additionally observed market prices /." Aachen : Shaker, 2003. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010527019&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Silva, Carlos Eduardo Mariano da. "Modelos de valor presente como instrumentos para estimativa de preços de contratos de boi gordo, café arábica, milho e dólar norte-americano no Brasil." Universidade Presbiteriana Mackenzie, 2015. http://tede.mackenzie.br/jspui/handle/tede/831.
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Carlos Eduardo Mariano da Silvaprot.pdf: 2595730 bytes, checksum: 9833a96c1c04d678ce0e727b83b72b45 (MD5)
Previous issue date: 2015-02-11The aim of this work is to test the rationality of the Brazilian market for commodities actively negotiated at the BM&FBovespa, the exchange for stocks and derivatives in Brazil. The study encompasses live cattle, arabic coffee, corn and the US$/R$ exchange rate. The Present Value Model (PVM) was used to test the ratio between the future and spot prices spread and the market price of commodity under study. The ratio between the convenience yield, that accrues to holders of inventory, and the spot price is also tested. Cointegration tests, Granger causality tests and serial autocorrelation are among the tools employed. Conformance to the present value model is weak, since there is no cointegration between the convenience yield and the spot price for none of the four commodities. Prices, therefore, deviate from fundamentals. It is not possible to reconcile return forecasts with an efficient market environment under a context of rational expectations for the above mentioned assets. It is thus necessary continued investigations in this field. Two alternative schools of thought for investigations would be using equilibrium models between future and spot prices with arbitrage finite elasticity and, if prices follow an stochastic multivariate process, reverting to a trend line, to treat the convenience yield as an endogenous variable.
Este trabalho de pesquisa teve por objetivo principal testar a racionalidade do mercado brasileiro de commodities agropecuárias, para os ativos boi gordo, café arábica, milho e no âmbito de ativos financeiros, para a taxa de câmbio do dólar norteamericano. Essas commodities estocáveis são largamente transacionadas na Bolsa de Mercadoria e Futuros (BM&FBovespa). Utilizou-se o modelo de valor presente (PVM) da razão entre o spread dos preços futuros e a vista ( spot ) e o preço de mercado do ativo em questão, bem como entre o ganho de conveniência, que é o benefício obtido pelos detentores de estoque físico e o preço de mercado spot , utilizando testes de cointegração, de causalidade no sentido de Granger e de auto correlação dos excessos de retorno. Os resultados da pesquisa mostram uma fraca evidência do modelo para explicar os preços das commodities estocáveis estudadas, já que não houve cointegração entre o preço spot e o ganho de conveniência para nenhuma das commodities. Os preços, portanto, se desviam dos valores fundamentais para as commodities neste estudo. Assim, não é possível compatibilizar a previsibilidade de retornos com a existência de um mercado eficiente sob um contexto de expectativas racionais para os ativos estudados. Nesse sentido é necessária a continuidade das investigações neste campo. Duas vertentes alternativas para esses estudos seriam a utilização de modelos de equilíbrio de preços spot e futuros com elasticidade finita de arbitragem e, em outra linha de pesquisa, se os preços seguirem um processo multivariável estocástico, revertendo à uma linha de tendência, tratar o ganho de conveniência como uma variável endógena.
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Thierbach, Frank [Verfasser]. "Mean-Variance Hedging in the Presence of Additionally Observed Market Prices / Frank Thierbach." Aachen : Shaker, 2003. http://d-nb.info/1181600804/34.
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Villarinho, Alvaro Teixeira. "Previsibilidade de retorno das ações no mercado brasileiro, através da aplicação de modelo de valor presente com retornos esperados constantes num contexto de expectativas racionais." reponame:Repositório Institucional do FGV, 2005. http://hdl.handle.net/10438/290.
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Previous issue date: 2005-04-12Using Brazilian financial data for some shares traded in the Brazilian Stock Market (BOVESPA) we test the expectation hypothesis of present value models discounted by a constant factor. This model relates the price of a stock to its expected dividends. To perform econometric testing we use mainly the jointly restriction through Wald Test in a Vector Autoregression framework, as well as alternative testing procedures. The empirical results partially support the present value model discounted by a constant factor to predict prices for stock through its expected dividends.
Através de dados financeiros de ações negociadas na Bolsa de Valores de São Paulo, testa-se a validade do modelo de valor presente (MVP) com retornos esperados constantes ao longo do tempo (Campbell & Schiller, 1987). Esse modelo relaciona o preço de uma ação ao seu esperado fluxo de dividendos trazido a valor presente a uma taxa de desconto constante ao longo do tempo. Por trás desse modelo está a hipótese de expectativas racionais, bem como a hipótese de previsibilidade de preço futuro do ativo, através da inserção dos dividendos esperados no período seguinte. Nesse trabalho é realizada uma análise multivariada num arcabouço de séries temporais, utilizando a técnica de Auto-Regressões Vetoriais. Os resultados empíricos apresentados, embora inconclusivos, permitem apenas admitir que não é possível rejeitar completamente a hipótese de expectativas racionais para os ativos brasileiros.
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Sedelius, Thomas. "The Tug-of-War between Presidents and Prime Ministers : Semi-Presidentialism in Central and Eastern Europe." Doctoral thesis, Saarbrücken : VDM Verlag Dr. Müller, 2006. http://d-nb.info/988659786/04.
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Seidlová, Andrea. "Požadavky na zadávací dokumentaci veřejných zakázek na stavební práce." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2014. http://www.nusl.cz/ntk/nusl-226816.
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This thesis focuses on the issues related to the requirements of the contracting authority contained in the tender documents of public works contracts. In the first part, the basic concepts of public procurement are explained, where most attention is devoted to particular tender documents. The second part deals with the situation of public procurement in the Czech Republic, during the years following the opinion of the newly released energy efficient buildings. A case study is used to determine whether the use of economic net present value (NPV), as the evaluation criteria for the selected public order.
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Fisher, Evan. "Humanitarian presence. Locating the global choices of Doctors Without Borders." Thesis, Université Paris sciences et lettres, 2020. http://www.theses.fr/2020UPSLM024.
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Cette thèse constitue une monographie de l’organisation non gouvernementale Médecins Sans Frontières. Son matériel de base est une enquête ethnographique menée sur les opérations de cette ONG médicale humanitaire au moment même où elles se déroulent. En observant les membres de MSF en train de proposer des soins médicaux aux migrants dormant dans les rues à Paris ou aux habitants d’un bidonville à Nairobi, ou en train d’évaluer et de planifier leurs projets depuis le siège, nous les voyons bricoler pour faire tenir ensemble les objectifs parfois incompatibles d’une mission humanitaire en apparence simple : l’assistance médicale à des personnes vulnérables à travers le monde. Notre approche pragmatiste nous invite à prendre au sérieux dans l’analyse le fait que c’est l’aide humanitaire elle-même qui doit faire tenir ensemble en situation les ambiguïtés, les ambivalences ou même les contradictions d’une telle mission, tant dans ses projets et ses actions que dans ses effets ambivalents. Pour ce faire, nous nous sommes demandé comment procède MSF pour sélectionner celles et ceux qu’elle cherche à aider autour du monde. Pour répondre, nous avons produit une description fine de l’instrumentation du triage : les processus d’élaboration et l’usage des outils qui soutiennent le choix réflexif des bénéficiaires autour du globe. Nous proposons pour cela trois gestes analytiques, qui nous permettent de contribuer aux discussions actuelles sur la globalité en anthropologie : assemblages globaux, espaces globaux, santé globale. D’abord, nous montrons comment le tracé de frontières, de territoires, d’échelles que ces instruments de triage ne cessent de produire participe à la distribution de lieux humanitaires : l’espace humanitaire, le terrain, les plateformes médicales, le siège de MSF. Ensuite, en faisant porter l’analyse sur la façon dont les instruments de triage débouchent sur une mise en « scripts » ou en scénarios de ceux que les humanitaires prétendent aider, nous montrons comment MSF acquiert la capacité d’agir spécifiquement dans ses relations avec les bénéficiaires humanitaires : tact et tactiques du care, reconnaissance réciproque des bénéficiaires dans leur besoin d’aide et des humanitaires dans leur besoin d’aider, acceptabilité d’une responsabilité envers cette vulnérabilité associée dans le même temps à la tentative de transférer cette responsabilité vers des systèmes des santé publics. Enfin, en rendant compte de ces instruments en termes de technologies humanitaires d’intervention, nous mettons en évidence la façon dont MSF opère des interventions ponctuelles tant dans les organes de gouvernement que dans les corps des gouvernés. Notre description de l’aide en train de se faire et notre analyse des problèmes associés aux lieux, aux bénéficiaires et aux technologies d’intervention humanitaires constituent ce que nous appelons l’aide humanitaire au présent. Par aide humanitaire au présent, nous désignons les manières d’exister de MSF, son extension physique globale, les soins de santé qu’elle accomplit, sa politique non gouvernementale et son éthique de l’attention. Sur ce concept peut se soutenir une approche critique positive de l’aide humanitaire, considérant à la fois la pluralité et l’incompatibilité des bénéfices qu’elle est censée apporter, mais aussi les cas et les instances précis où MSF a échoué à les faire tenir ensembleThis dissertation is a monograph of the nongovernmental organisation (NGO) Doctors Without Borders (MSF). It is based on an ethnographic inquiry into the operations of this medical humanitarian NGO as they take place. Observing members of MSF providing healthcare to migrants in Paris and to inhabitants of a slum in Nairobi, evaluating and planning projects in their headquarters, we see them tinker together the sometimes-incompatible goals of a seemingly simple humanitarian mission: medical assistance to the vulnerable around the world. Our pragmatist approach consists in arguing that analysis of international aid must account for how humanitarians find a way to hold together the ambiguities, and even the contradictions, of this claimed mission in the ambivalent effects humanitarian aid in practice. To this end, we ask how MSF selects those it seeks to assist around the world. Our response entails close description of the instrumentation of triage: the problematic processes of elaborating and using tools that support the reflexive choice of beneficiaries around the globe. We then make three analytical gestures, allowing us to contribute to ongoing discussions in anthropology on global assemblages, global spaces, and global health. First, we show how the processes of bordering, territorializing, and scaling that triage instruments support, participate in producing humanitarian locations: humanitarian space, the field, medical platforms, and headquarters. Second, analysing the ways triage instruments script for those humanitarians claim to assist, we argue that MSF gains humanitarian agency in the ways it relates to humanitarian beneficiaries: the tact and tactics of care, the reciprocal recognition of beneficiaries in their need and of MSF’s need to help, the acceptance of responsibility for this vulnerability coupled with an attempt to transfer responsibility to public health care systems. Third, accounting for these instruments in terms of humanitarian technologies of intervention, we demonstrate how MSF makes timely interventions into governing bodies and the bodies of the governed. Together, our description of aid as it takes place and our analysis of the problems associated with humanitarian locations, beneficiaries, and technologies of intervention constitute what we call MSF’s humanitarian presence. This humanitarian presence indicates the ways MSF exists, in their global physical extension, in the health care they practice, in their nongovernmental politics and their ethics of attention. This concept supports critique by indicating, first, the multiple and incompatible goods that are to inhere in humanitarian aid, and second, those specific instances when MSF has failed to do so
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Kirkhope, John. "The Duchy of Cornwall - a feudal remnant? : an examination of the origin, evolution and present status of the Duchy of Cornwall." Thesis, University of Plymouth, 2013. http://hdl.handle.net/10026.1/1491.
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This thesis conducts a legal analysis of the Duchy of Cornwall and how its perceived status has changed over the centuries. The roots of the Duchy date back nearly a thousand years therefore an understanding of the roots of the Duchy and its evolution, focussing on the significant legal issues, over time is necessary to comprehend its present position. The thesis concludes by exploring issues surrounding the contemporary legal status of the Duchy and identifies areas in which there is a convenient ambiguity. In doing so it establishes that while the Duchy and Government describe it as a “private estate” it enjoys privileges and rights which are unique to a “private estate”. In addition it has a significant role in supporting the United Kingdom’s Head of State, the Sovereign, and the heir to the throne. The associated research undertaken in connection with this thesis presents new information which challenges the arguments of those who claim via the Duchy a special constitutional status for Cornwall. The evidence also suggests that the Duchy is not, despite claims to the contrary, publicly accountable in way that is expected in the 21st Century. The possibilities suggested by the Freedom of Information Act 2000 have been utilised and the experience gained will be of value to future researchers. As a consequence of the refusal of public authorities to provide information five complaints have been made to the Information Commissioner and there have been, at the time of writing, four cases in front of the First Tier Tribunal (Information Rights). The material contained within the National Archives has been comprehensively investigated for the first time by anyone with any interest in the Duchy. This has revealed significant new information which although publicly available was not generally known and casts new light on the status of the Duchy. An exploration of the Parliamentary Archives, not previously undertaken, raises questions about the basis of the privileges enjoyed by the Duchy. A similarly detailed review of the legal material, including important court cases challenges the “rights” claimed for the Duchy.
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Kariuki, Isaac Maina [Verfasser]. "Price Formation in the Presence of International Private Food Quality Standard: The case of Kenyan French beans / Isaac Maina Kariuki." Kiel : Universitätsbibliothek Kiel, 2012. http://d-nb.info/1024277828/34.
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Miller, Wendi M. "An investigation of the relationship between gender roles and life situations as presented on prime time network television." Instructions for remote access. Click here to access this electronic resource. Access available to Kutztown University faculty, staff, and students only, 1994. http://www.kutztown.edu/library/services/remote_access.asp.
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Thesis (M.S.)--Kutztown University of Pennsylvania, 1994.Source: Masters Abstracts International, Volume: 45-06, page: 2896. Abstract precedes thesis as [1] preliminary leaf. Typescript. Includes bibliographical references (leaf 29).
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SMITH, KANDICE K. "A CITY REVITALIZED: PROMOTING CIVIC PRESENCE TO REESTABLISH IDENTITY." University of Cincinnati / OhioLINK, 2006. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1148180757.
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Yahaya, Azlan R. "Islam Hadhari: An Ideological Discourse Analysis of Selected Speeches by UMNO President and Malaysia Prime Minister Abdullah Ahmad Badawi." Ohio University / OhioLINK, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1331172976.
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Silva, Maykon Daniel Gonçalves. "Integração de preços no mercado brasileiro de milho sob a presença de custos de transação no período de 2009 a 2016." Universidade Federal de Goiás, 2017. http://repositorio.bc.ufg.br/tede/handle/tede/7156.
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Made available in DSpace on 2017-04-17T14:30:04Z (GMT). No. of bitstreams: 2 Dissertação - Maykon Daniel Gonçalves Silva - 2017.pdf: 1320616 bytes, checksum: 9862182535d5f51ca357251e0f681941 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-03-31
Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
The objective of this study is to analyze the integration of prices in the Brazilian maize market, considering the transaction costs. The daily maize prices were analyzed from January 2009 to December 2016, in the physical markets of Sorriso - Mato Grosso, Dourados - Mato Grosso do Sul, Paranaguá and Cascavel - Paraná, Rio Verde - Goiás, Passo Fundo - Rio Grande do Sul and Campinas - São Paulo. The methodology consisted of the unit root test, Granger causality, Johansen cointegration, estimation of the linear error correction vector model (VEC) and Threshold (TVEC) with two regimes . The results indicate that Campinas has a bias and a long-term equilibrium relation with the other markets and the estimation of the TVEC model confirms the presence of a threshold. In the Down regimes, where most of the sample percentage is found, the price changes in Campinas affected the prices of Dourados and Triangulo Mineiro only in the short term, i.e., past price variations. In the Up regimes the price changes in Campinas affected in the short and long term the other physical markets. In addition, the threshold parameters indicate the existence of transaction costs in the interrelationships between prices. So that a price shock resulting from excess demand in Campinas, for example, exceeds 1,22%; 1,45%; 1,26%; 0,9%; 1,27%; 1,03% and 1,39% promote a price adjustment in Cascavel, Dourados, Paranaguá, Passo Fundo, Rio Verde, Sorriso and Triângulo Mineiro, respectively.
O objetivo deste estudo é analisar a integração de preços no mercado brasileiro de milho, considerando os custos de transação. Foram analisados preços diários do milho no período de janeiro de 2009 a dezembro de 2016, nos mercados físicos de Sorriso - Mato Grosso, Dourados - Mato Grosso do Sul, Paranaguá e Cascavel – Paraná, Rio Verde - Goiás, Passo Fundo – Rio Grande do Sul e Campinas – São Paulo. São regiões de maior dinâmica na comercialização do grão no País. A metodologia consistiu no teste de raiz unitária, causalidade de Granger, cointegração de Johansen, estimação do modelo vetorial de correção de erro linear (VEC) e com Threshold (TVEC) dois regimes. Os resultados indicam que Campinas possui uma bicausalidade e uma relação de equilíbrio de longo prazo com os demais mercados e a estimação do modelo TVEC confirma a presença de um threshold. Nos regimes Down, onde a maior parte da porcentagem da amostra se encontra, as variações de preços ocorridas em Campinas afetaram os preços de Dourados e Triangulo Mineiro somente no curto prazo, ou seja, variações de preços passados. Nos regimes Up as variações de preços em Campinas afetaram em curto e em longo prazo os demais mercados físicos. Além disso, os parâmetros threshold, indicam a existência de custos de transação nas inter-relações entre os preços. De modo que um choque de preços resultado por excesso de demanda em Campinas, por exemplo, superior a 1,22%; 1,45%; 1,26%; 0,9%; 1,27%; 1,03% e 1,39% promovem um ajustamento de preços em Cascavel, Dourados, Paranaguá, Passo Fundo, Rio Verde, Sorriso e Triângulo Mineiro, respectivamente.
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Chitiyo, George. "Demand for public higher education: an econometric study of price and financial aid in the United States (2003-2005) a dissertation presented to the faculty of the Graduate School, Tennessee Technological University /." Click to access online, 2009. http://proquest.umi.com/pqdweb?index=0&did=1663047881&SrchMode=1&sid=2&Fmt=6&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1268936066&clientId=28564.
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Kang, Myoungwon. "Le Pouvoir exécutif en Corée du Sud et en France : approche historique et contemporaine . La relation entre le Premier ministre dans la Constitution et la pratique institutionnelle." Thesis, Cergy-Pontoise, 2017. http://www.theses.fr/2017CERG0887/document.
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Le régime politique d'un pays ne se construit pas instantanément. Il se forme enpassant par plusieurs étapes d'évolutions continuelles et par les expériences historiques, les particularités nationales et, bien entendu, les influences exercées par les paysenvironnants. La Corée du Sud et la France ont respectivement subi d'importantesévolutions politiques dans le passage de la monarchie absolue à la démocratie,évolutions ancrées dans le régime politique en vigueur.En France, les bases démocratiques sont apportées par la Révolution française.La République s'est établie à la suite de l'expérimentation de plusieurs régimespolitiques. La Cinquième République actuellement en place est le fruit d'expériencespassées et notamment de la Première et la Deuxième Guerre mondiale. Contrairement à la France, dans les années 1800 en Corée, les révolutions bourgeoises ont été unéchec. La Corée a été longtemps absorbée par le Japon et le régime démocratique n'a vu le jour qu'à la fin de la Deuxième Guerre mondiale. Depuis, elle a connudifférents régimes politiques allant du régime de présidentiel ou parlementaire auxgouvernements militaires. Ce n'est qu'en 1987 que la sixième République actuellementenvigueur est établie.Actuellement, ces deux pays connaissent des formes de gouvernements différentes. La Corée est un régime présidentiel que l'on peut qualifier de dénaturé alors que la France connaît un régime parlementaire rationalisé, que certains auteurs vont jusqu'à qualifier de semi-présidentiel. Cependant, dans l'administration réelle du régimepolitique, les deux pays connaissent beaucoup de similitudes. Celles-ci s'expliquent par la forme de gouvernement retenue. Le régime constitutionnel en Corée du Suds'inspire fortement du régime présidentiel des Etats-Unis, mais celui-ci s’atténue parl'introduction d'éléments propres au régime parlementaire. En France, l'héritage desprécédentes Républiques implique que le régime soit parlementaire, mais deséléments du régime présidentiel ont été ajoutés tels que le suffrage universel directpour l'élection du Président.Cependant, lorsque le parti politique du président et le parti majoritaire à l'Assembléediffèrent, la forme de gouvernement respective des deux pays se différencie nettement. Premièrement, selon leurs constitutions actuelles, le pouvoir de dissolution parlementairedu Président et l'existence ou la non-existence de la motion de censure que lachambre basse peut exercer à l'encontre du gouvernement forment une premièregrande différence. Deuxièmement, en ce qui concerne le pouvoir exécutif,en Corée du Sud, le Premier ministre est relégué à la seconde place alors qu'enFrance, il peut être un élément indépendant au sein de l'exécutif. Ainsi, entre ces deux pays, la forme de gouvernement et le pouvoir exécutif ont des fortes similitudes, tout en conservant des différences notables.En fonction des formations politiques et des circonstances, un gouvernement divisé(en Corée du Sud) ou de cohabitation (en France) peuvent apparaître. Selon cesdifférentes formes de gouvernement, le Premier ministre peut être soumis au Présidentcomme en Corée du Sud, ou bien au contraire il peut exercer le pouvoir au bénéfice d’un partage des attributionsconstitutionnelles avec le Président comme en FrancePolitical systems are not created spontaneously, but are the combined results of a nation’s history, the characteristics of its people, and the influences of neighboring countries over an extended period. They are in constant flux and development. Case in point, Korea and France have undergone many political changes from absolute monarchy to the democratic system of government currently in place.In the case of France, after establishing the foundation of democracy through a popular revolution and experiencing various political systems after the establishment of the Republic, it underwent the First and Second World Wars to arrive at today’s system of the Fifth Republic. On the other hand, in the case of Korea, the popular revolution of the late 1800s failed to succeed, and after annexation by Japan, democracy was established only after the end of the Second World War. Since then, Korea has experienced a presidential system of government, a parliamentary government, and a military regime amongst others. The current political regime of the Sixth Republic was stabilized in 1987.Presently, Korea and France are operating under different forms of government: a modified presidential system and a dual executive system respectively. Nevertheless, there are many similarities between the actual operations of the two. The main reason for this phenomenon is that both political systems share common elements. The political system of Korea is the American presidential system with a parliamentary element added to it, while France has elements of direct presidential elections and a presidential system based upon a parliamentary system of government.However, when the president and the majority of parliament disagree, the difference in the political systems of Korea and France is that the president’s right to dissolve parliament and the right to parliamentary disapproval are the most important. Secondly, in terms of executive power, the Korean prime minister is the second in command, whereas in France the prime minister is another form of executive power.Thus, the form and power of government in Korea and France share many similarities but appear to be different. Depending on what political conditions are present, a strong presidential system may appear, or a cohabitation government can take place. Under such a form of government, the prime minister is subordinate to the president. On the contrary, in France, the prime minister exercises his constitutional powers
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Buhr, Klaus. "Volatility, price-discovery and trading volume in Australian equity index and option markets : a dissertation presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Auckland, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/1202.
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This dissertation investigates the information considerations of volatility, pricediscovery and the relationship change in volume and volatility resulting from index derivatives transactions on financial markets in Australia. The impact of information on volatility was investigated in the essay one, as volatility is a key factor for accurately pricing derivative securities. I assessed the forecast accuracy, unbiasedness and information content of volatility forecasts, based on implied volatility and conditional volatility models for the S&P/ASX 200 Index Options market in Australia. The conditional volatility models produce the most accurate forecasts and are robust when forecasting into short time horizons. Essay two, investigates the information content of the index and option markets in the price-discovery process. Based on the above volatility results, the long-run equilibrium relationship between the share price index and the implied price of the share-price-index option was investigated. Causality was determined to show which market leads the other. Information share measures were used to gauge the contribution of the share price index and index option markets to the price-discovery process. Unambiguous evidence shows the index market leads the options market and the former contributes more to price-discovery than the latter. In essay three, I investigate the dynamic relationship between the future price volatility of the S&P/ASX 200 Index and the trading volume of the S&P/ASX 200 Index Options to explore the informational role of option volume in predicting price volatility. I found the contemporaneous call options volume have a significant strong positive feedback effect on the implied volatility, but the contemporaneous feedback effect of volume on the TARCH volatility is insignificant. The contemporaneous feedback effects from the implied volatility and the TARCH volatility to the call options volume are positive, significant and strong.
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Senthilnathan, Samithamby. "The role of the most recent prior period's price in value relevance studies : a thesis presented in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand." Massey University, 2009. http://hdl.handle.net/10179/930.
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Numerous value relevance investigations use the Ohlson (1995) model to empirically explore the value relevance of accounting variables such as earnings and goodwill amortisation by employing equity price as the dependent variable, but do not incorporate the most recent prior period’s equity price as an additional explanatory variable. The Ohlson (1995) model and the efficient market literature indicate that, since share prices represent the present value of future permanent earnings in an efficient market, the most recent prior period’s equity price should be a crucial variable for explaining the current price in value relevance models. This thesis therefore outlines how the Ohlson (1995) model incorporates the most recent prior period’s price as a potentially important value relevant explanatory variable, and reformulates the Ohlson (1995) model to demonstrate how the empirical specification of value relevance regression models can be greatly improved by including the most recent prior period’s price as an additional explanatory variable. We revisit the Jennings, LeClere, and Thompson (2001) empirical specification used to study whether goodwill amortisation is value relevant and potentially informative with respect to future earnings to illustrate the improvement to the Ohlson (1995) value relevance model empirical specification. When the model specification is improved by including the most recent prior period’s price as an additional explanatory variable, trailing earnings are shown, using time series, cross-sectional, and returns-based analysis, to be at best marginally value relevant when empirically explaining share prices in value relevance regression models. The thesis also indicates that goodwill amortisation should not be deducted from earnings in accounting statements because the presence of goodwill amortisation is significantly positively (not negatively) related to equity prices. This effect is eliminated when the most recent prior period’s price is included as an additional explanatory variable in the regression analysis, thus indicating that goodwill amortisation information as well as trailing earnings information have already been incorporated into the most recent prior period’s price. The thesis further indicates that value relevance studies that use the Ohlson (1995) model should use, for econometric reasons, change in price or else returns, not the price level, as the dependent variable. When returns are used to test the value relevance of goodwill amortisation, firms that report positive goodwill amortization actually have higher subsequent returns, a result that could possibly be due to the fact that growing firms tend to possess goodwill when they use acquisitions to expand. Results obtained when using returns to test whether goodwill amortisation is value relevant therefore extend the existing literature, since the prevailing expectation in the accounting literature is that goodwill amortization either represents a reduction in the value of goodwill over time or is not value relevant.
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Kolařík, Jan. "Analýza developerského projektu na výstavbu administrativního objektu v Brně." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233120.
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The aim of this diploma thesis is determine feasibility and profitability of property development project at particular lands in Brno. Solution of problem includes both, the legislative part that determines possibility lands focused on change of territorial plan and the financial part that estimates costs and revenues in project balance and potencial profits for investor, if project will be realized. Main result of this diploma thesis is to answer the question, if property development project should be realized at particular lands in question and estimate future value of lands and project. Diploma thesis \uv{Analysis of the development project for the construction of an administrative building in Brno} is useful for everyone, who needs estimate potential of a land for profit from realization of property development project.
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Tricaud, Sabrina. "L’entourage institutionnel de Georges Pompidou (1962-1974) : institutions, hommes et pratiques." Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100031.
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Cette recherche porte sur l’entourage institutionnel de Georges Pompidou, Premier ministre d’avril 1962 à juillet 1968, puis président de la République de juin 1969 à son décès le 2 avril 1974. Histoire politique de l’administration, elle étudie l’organisation, la structure, et le fonctionnement des deux institutions coutumières que sont le cabinet du Premier ministre et le Secrétariat général de la présidence de la République sous Georges Pompidou. Elle analyse les évolutions de ces organes sur le temps long et étudie les adaptations apportées par Georges Pompidou en terme de rupture et de continuité. Elle s’interroge notamment sur le poids des héritages gaulliens et sur le rôle de Georges Pompidou dans la stabilisation des institutions de la Ve République. Cette recherche retrace également l’histoire des hommes et des femmes qui ont travaillé à ses cabinets civils et militaires à Matignon puis au Secrétariat général de l’Élysée entre 1962 et 1974. À travers l’étude de leur formation, de leur profil, de leur carrière, elle précise les caractéristiques propres à cet entourage politique et enrichit les travaux sur le personnel politico-administratif au cours des années 1960-1970. Enfin, l’analyse des relations entre Georges Pompidou et son entourage, entre ses collaborateurs et d’autres entourages politiques, pose la délicate question de l’influence de conseillers du Premier ministre puis du chef de l’État sur lui-même, et sur le processus décisionnelThis research is about the institutionnal entourage of Georges Pompidou during his mandates as a Primer Minister (April 1962-July 1968) and as a President of the French Republic (June 1969-April 2th 1974, when he prematurely died). It focuses on two institutions whose organisation, structure and internal functioning have been empirically shaped : the Prime Minister Cabinet and the Secretary-Generalship of the Presidency. It analyses their long-term evolution and the way Georges Pompidou modified them, from both points of view of rupture and continuity. It interrogates the impact of the gaullist legacy and Pompidou's personal influence regarding the global stabilisation of the Fifth Republic's institutions. This research also aims to depict the history of men and women that worked for Pompidou in its civilian and military cabinets, in Matignon and at the Elysee's Secretary-Generalship between 1962 and 1974. A thorough exploration of their professional background, their profile and career allows us to describe the specificities of this political entourage. Furthermore, it contributes to the understanding of the political and administrative high-level servants during the 1960's and the 1970's. Finally, by analysing the relations between Georges Pompidou and his staff, and between this staff and other political circles, we get onto the sensitive question of influence. This research then tries to assess the influence that the advisors may have exerted on their Prime Minister and President, and on the decision-making process
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Fišerová, Cwiklinski Marta. "Wonderful world with IKEA." Master's thesis, Vysoké učení technické v Brně. Fakulta výtvarných umění, 2013. http://www.nusl.cz/ntk/nusl-232371.
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The most important moment of whole project is the change of the status. Creation of unique sarcophagus for an object of mass-production - one of many globally manufactured objects become a part of a unique, authentic object and authorship. Transformation of one of the mass-product to the skeleton of author's object. Mass-product gives dimensions to the original object - it is directing process of creation. By creating its own unique case the object of mass-production is finally closer to human scale: one piece of furniture vs. one carpenter.
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Gheorghiu, Alexandra. "Comportements dangereux au volant chez les jeunes. Le rôle des mécanismes d’influence sociale dans le groupe." Thesis, Bordeaux 2, 2012. http://www.theses.fr/2012BOR21991/document.
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Les accidents routiers restent un problème important du secteur public de la santé au niveau international, national et régional. L’Organisation Mondiale de la Santé estime que plus d’un million de personnes meurent chaque année à cause d’un accident routier et entre 20 et 50 millions sont blessées ("Global status report on road safety: time for action," 2009). Parmi les conducteurs tués dans des accidents routiers, les jeunes conducteurs représentent au moins un quart (OECD, 2006). Les causes principales des accidents routiers, telles qu’elles sont mises en évidence dans le rapport de 2004 de l’Organisation Mondiale de la Santé (Peden et al., 2004), sont : la conduite sous l’influence de l’alcool, la vitesse, la conduite en état avancé de fatigue, l’utilisation du téléphone portable, la visibilité réduite et les facteurs appartenant à la qualité de la route. A ces causes, pour les jeunes, il faut rajouter la recherche des sensations, l’excitabilité et l’influence des pairs (A. F. Williams, 2006). L’influence des pairs représente un sujet controversé dans la littérature de spécialité à cause des résultats obtenus. Une partie des chercheurs considèrent que la présence des pairs a un effet plutôt négatif (Arnett et al., 1997; Doherty et al., 1998; Moller & Gregersen, 2008), pendant que l’autre envisage plutôt un effet positif (Delhomme, 1994; Engstrom, Gregersen, Granstrom, & Nyberg, 2008; Rueda-Domingo et al., 2004; Vollrath, Meilinger, & Krager, 2002). Cette recherche analyse l’effet des pairs sur les comportements à risque des jeunes conducteurs roumains et français en utilisant la théorie du comportement planifié, mais aussi l’effet de différents types de pressions de la part des pairs sur le comportement du jeune conducteur. Les résultats ont mis en évidence que les normes subjectives et surtout les normes subjectives de la part des amis, contribuent significativement à expliquer l’intention de réaliser des comportements à risque comme le dépassement de la vitesse et la conduite sous l’influence de l’alcool. Les analyses comparatives ont montré aussi des différences entre les deux populations. Par exemple, pour la population roumaine, les normes se retrouvent plus souvent dans les resultats des analyses que dans le cas de la population française. En plus, les jeunes conducteurs français ont un point de vue plutôt instrumental envers la voiture, en tant que pour les jeunes conducteurs roumains, la voiture représente plutôt un moyen d’impressionner les autres. Un autre résultat intéressant souligne le caractère souvent situationnel de la prise de risques chez les jeunes conducteurs accompagnés par des pairs, mais aussi les implications d’un groupe d’amis à prise de risques élevée. Pour conclure, les résultats obtenus à l’égard du rôle des normes et de l’effet de la pression des pairs sur les comportements à risque des jeunes conducteurs sont encourageantsRoad crashes remain a significant public health problem at international, national and regional level. World Health Organization estimates that more than a million persons die each year in road car crashes and that 20 to 50 million other persons are injured in those crashes ("Global status report on road safety: time for action," 2009). Among the drivers that die in car crashes almost a quarter are young drivers (OECD, 2006). The main causes of car crashes identified by WHO are driving while intoxicated, speeding, driving while tired, phone use, low visibility and poor road conditions (Peden et al., 2004). To these causes, in the case of young drivers we can add sensation seeking, excitability and peer influence (A. F. Williams, 2006). Peer influence on young drivers’ behaviour is a controversial topic in the literature due to the rather contradictory conclusions of the researches on this theme. Some researchers have found a negative effect of peer presence (Arnett et al., 1997; Doherty et al., 1998; Moller & Gregersen, 2008), while others have found a protective effect (Delhomme, 1994; Engstrom, Gregersen, Granstrom, & Nyberg, 2008; Rueda-Domingo et al., 2004; Vollrath, Meilinger, & Krager, 2002). This research analyses the effect that peers can have on young drivers’ risky behaviours by using the theory of planned behaviour approach and by looking into the effect that peer pressure type can have on the young driver. The results highlight that subjective norms and especially friend’s perceived norms contribute significantly to explaining young drivers’ intention to speed or to drive while intoxicated. The comparative analysis showed some interesting differences among the two populations. For example, for the Romanian drivers norms play a much more important role in explaining risky driving behaviours that for the French population. Also, young French drivers perceive the car as having rather an instrumental role while Romanian drivers see it more like a way to impress. Another interesting result emphasizes on the situational character of young drivers risk taking but also on the implications that risk taking peers might have. Finally, the results obtained regarding the role of norms and the effects of peer pressure on young drivers’ behaviour are rather encouraging
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Laminou, Abdou Souleymane. "Optimality of the Financial Decision and the Theory of American and Exotic Options." Thesis, Rennes 1, 2016. http://www.theses.fr/2016REN1G016/document.
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Cette thèse examine les décisions financières à travers la théorie des options Américaines et Exotiques. Dans un premier temps, nous avons présenté une revue de la littérature sur les options de type Américain. La tarification de l’option Américaine standard d’achat est revisitée en vue de fournir les pré-requis. Dans l’étape suivante, un nouveau type de contrat d’option, appelé Strangle Euro-American ou Strangle Hybride, a été introduit. Des formules analytiques ont été fournies pour leurs prix ainsi que leurs paramètres de gestion. Une nouvelle méthode est proposée pour calculer les intégrales qui définissent les bornes d’exercice anticipé. Il a été démontré que cette méthode est efficiente, précise et rapide pour la tarification de tous les types de Strangle voir au delà. Puis, nous avons examiné les options Step de type Américain. Nous avons démontré que les propriétés des options d’achat "vanille" ne s’appliquent pas aux Step dans certaines situations. Les formules d’évaluation et des paramètres de gestion ont été déterminés. Et enfin, nous avons considéré l’évaluation d’une firme détenant simultanément une option d’abandon et une option d’expansion de ses activités selon des conditions du marché (favorables ou défavorables). Les seuils critiques de décision ont été obtenus. Des formules analytiques pour la valeur de la firme ont été obtenues. Des simulations illustrent le comportement de ces seuils critiques de décisions anticipéesThis thesis investigates the financial decisions through the theory of American and Exotic options. First, the literature on American-style derivatives is surveyed. The pricing of standard American call option in the early exercise premium representation is addressed in order to provide prerequisites for what follows. Second, a new variant of Strangle contracts, called Euro-American or Hybrid Strangles, is introduced and priced. Analytical formulas are provided for the prices of all these option contracts as well as their hedging parameters. A new quadrature is proposed to account for the systems of coupled integral equations that locate the early exercise boundaries. It is shown to be efficient, accurate, and fast for pricing all types of early exercisable strangles and more. Third, we examines the valuation of American Step options contract. The structures of the immediate exercise regions of the various contracts are identified. Typical properties of American vanilla calls are shown to fail in some cases. Formulas for prices and hedging parameters, for the American Step options, are derived. Finally, we consider the valuation of a firm holding simultaneously an option to expand and to abandon productions depending on the state of the market (good or bad) in a real option framework. Optimal decision levels are obtained. Analytical formulas for the firm’s value are provided. Numerical results document the behavior of the firm’s value and optimal exercise boundaries levels
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Williamson, Myra Elsie Jane Bell. "Terrorism, war and international law: the legality of the use of force against Afghanistan in 2001." The University of Waikato, 2007. http://hdl.handle.net/10289/2594.
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The thesis examines the international law pertaining to the use of force by states, in general, and to the use of force in self-defence, in particular. The main question addressed is whether the use of force, which was purported to be in self-defence, by the United States, the United Kingdom and their allies against al Qaeda, the Taliban and Afghanistan, beginning on 7 October 2001, was lawful. The thesis focuses not only on this specific use of force, but also on the changing nature of conflict, the definition of terrorism and on the historical evolution of limitations on the use of force, from antiquity until 2006. In the six chapters which trace the epochs of international law, the progression of five inter-related concepts is followed: limitations on the resort to force generally, the use of force in self-defence, pre-emptive self-defence, the use of forcible measures short of war, and the use of force in response to non-state actors. This historical analysis includes a particular emphasis on understanding the meaning of the 'inherent right of self-defence', which was preserved by Article 51 of the United Nations' Charter. This analysis is then applied to the use of force against Afghanistan which occurred in 2001. Following the terrorist attacks of 11 September, the US and the UK notified the United Nations Security Council of their resort to force in self-defence under Article 51. Each element of Article 51 is analysed and the thesis concludes that there are significant doubts as to the lawfulness of that decision to employ force. In addition to the self-defence justification, other possible grounds for intervention are also examined, such as humanitarian intervention, Security Council authorisation and intervention by invitation. This thesis challenges the common assumption that the use of force against Afghanistan was an example of states exercising their inherent right to self-defence. It argues that if this particular use of force is not challenged, it will lead to an expansion of the right of self-defence which will hinder rather than enhance international peace and security. Finally, this thesis draws on recent examples to illustrate the point that the use of force against Afghanistan could become a dangerous precedent for the use of force in self-defence.
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Piton, Nicolas. "Optimisation de la prise en charge diagnostique, pronostique et théranostique des carcinomes broncho-pulmonaires humains : des techniques d’imagerie in vivo à la biologie moléculaire. Ligation -dependent RT-PCR : a new specific and low-cost technique to detect ALK, ROS and RET rearrangements in lung adenocarcinoma A new assay for detection of theranostic gene translocations and MET exon 14 skipping in thoracic oncology. One-year perspective routine LD-RT-PCR in 413 newly diagnosed lung tumors STK11 mutations are associated with lower PDL1 expression in lung adenocarcinoma BRAF V600E mutation is not always present as expected ! A case report of lung and thyroid carcinomas A novel method for in vivo imaging of solitary lung nodules using navigational bronchoscopy and confocal laser microendoscopy." Thesis, Normandie, 2019. http://www.theses.fr/2019NORMR119.
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Le carcinome pulmonaire est une affection grave et fréquente dont la prise en charge a été bouleversée ces dernières années, tant sur le plan diagnostique que pronostique ou « théranostique » avec l’avènement des « thérapies ciblées ». Ces dernières permettent une nette amélioration de la survie et du confort des patients éligibles, mais ne sont pas sans compliquer le travail médical, depuis le diagnostic de la maladie jusqu’au suivi régulier du patient, sans oublier le choix des traitements ou les problèmes techniques posés par la multiplication arborescente des altérations moléculaires à rechercher à partir d’un tissu tumoral souvent peu abondant dans ce contexte particulier de l’oncologie thoracique. Ce travail de thèse collige 5 travaux de recherche selon deux angles d’approche : les marqueurs moléculaires pronostiques et « théranostiques » du cancer pulmonaire, et les procédures de diagnostic in vivo de cette pathologie. Le premier axe comporte 4 articles. Les deux premiers concernent l’évaluation d’une nouvelle technique moléculaire, la LD-RT-PCR, dans la détection des translocation géniques du cancer pulmonaire : la première étude est une étude de faisabilité, la deuxième est un travail de validation. Le troisième article explore l’association entre la présence d’une mutation STK11 dans les carcinomes pulmonaires et l’expression de PDL1. Enfin, le quatrième article est une étude de cas illustrant l’importance de l’approche morphologique du cancer pulmonaire. Le second axe est représenté par un travail comparant une technique d’imagerie in vivo par voie endoscopique utilisant la micro-endoscopie confocale par laser avec l’approche microscopique conventionnelleLung cancer is a serious and frequent condition for which the management strategies have been dramatically modified in recent years, from a diagnostic, prognostic and “theranostic” perspective, most notably with the introduction of “targeted therapies”. The latter have demonstrated dramatic improvement in both quality of life and survival rates of eligible patients, yet consequently highlight new complications in diagnosis, treatment options or technical considerations which can be attributed to the growing number of molecular alterations to be detected from limited tissue samples frequently encountered in thoracic oncology. This work combines 5 different research papers from 2 different angles: prognostic and “theranostic” molecular markers of lung cancer, as well as in vivo diagnostic procedures of lung cancer. The first angle encompasses 4 articles. The first two evaluate a new molecular technique, LD-RT-PCR, to detect gene translocation in lung cancer. The third article explores the association between STK11 mutations in lung cancer and the expression of PDL1. Finally, the fourth article is a case report illustrating the importance of a morphological approach to lung cancer. The second angle compares in vivo imaging techniques by endoscopy using confocal laser microendoscopy alongside a conventional microscopic approach
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Senate, University of Arizona Faculty. "Faculty Senate Minutes January 22, 2018." University of Arizona Faculty Senate (Tucson, AZ), 2018. http://hdl.handle.net/10150/626508.
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Morgan, Kirsty Kate. "The legalisation and regulation of online gambling in South Africa." University of the Western Cape, 2017. http://hdl.handle.net/11394/6092.
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Fujdiak, Radek. "Analýza a optimalizace datové komunikace pro telemetrické systémy v energetice." Doctoral thesis, Vysoké učení technické v Brně. Fakulta elektrotechniky a komunikačních technologií, 2017. http://www.nusl.cz/ntk/nusl-358408.
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Telemetry system, Optimisation, Sensoric networks, Smart Grid, Internet of Things, Sensors, Information security, Cryptography, Cryptography algorithms, Cryptosystem, Confidentiality, Integrity, Authentication, Data freshness, Non-Repudiation.
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Mann, Janelle M. "What is driving the price of dairy quota? : a net present value adaptive expectations model." 2008. http://hdl.handle.net/1993/21193.
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