Tesis sobre el tema "Interessi passivi"

l'istituto del leveraged buyout è stato regolato dal legislatore italiano dopo un lungo periodo in cui non era chiara la sua liceità nell'ordinamento italiano. Nonostante la legittimazione di tale strumento finanziario il suo utilizzo concreto viene ostacolato da parte del Fisco a causa del suo presunto utilizzo a fini elusivi. In questa tesi si descriverà quali sono le contestazioni più diffuse a seguito degli accertamenti fiscali.

L'indebitamento nell'economia aziendale: raccolta di risorse finanziarie tra debito e capitale. Gli effetti dell'indebitamento nella formazione del reddito imponibile. La determinazione del reddito d'impresa nei rapporti patrimoniali tra debito e capitale.

O presente trabalho tem por objetivo demonstrar que a ação coletiva passiva pode ser um importante instrumento na preservação do meio ambiente. Para tanto é realizada uma análise sobre a evolução histórica das ações coletivas até chegar à apreciação da ação coletiva passiva. Embora, nossa doutrina não tenha se ocupado significativamente do estudo, os conflitos de interesses em que a coletividade encontra-se no pólo passivo da demanda existem e, mais do que nunca, estão presentes na sociedade. Assim, será feita uma abordagem dos princípios que garantem este tipo de ação, bem como analisadas questões referentes a legitimação processual, representação adequada e interesse de agir. Além de abordar o instituto da coisa julgada, ressaltando a importância dos seus efeitos no que tange a natureza do bem ambiental. E ainda, uma apreciação crítica da questão no futuro código de processos coletivos. Deste modo, para entender e manejar com a necessária eficiência os chamados processos coletivos torna-se imperativo a ruptura com a visão de institutos processuais clássicos, marcados por uma visão individualista e que se mostram obsoletos e impróprios para regrar o processo,principalmente ambiental, sendo imprescindível buscar novos paradigmas para nortear esse novo ramo do direito processual. Assim, é imperativo trilhar novos caminhos processuais a fim de conseguir a adequada tutela do meio ambiente, onde o formalismo e as regras clássicas e arcaicas do direito sejam deixados de lado, pois em nada condizem com a natureza do direito ambiental, devido a sua característica tão peculiar.
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The present work aims to demonstrate that the way which the civil procedure is designed today by law enforcement officers, is not able of meeting constitutional rights, particularly with regard to environmental issues. Therefore, it is made an analysis of the historical evolution of collective actions to reach the appreciation of passive collective action. Still, that our doctrine has not engaged significantly in the study, the conflicts of interest in which the collectivity must meet at the passive pole of the demand exist and, more than ever, are present in society. In this way, the contribution of procedural institutes from other systems has been shown to be very effective in helping in the formation of an environmental process to achieve effective protection of the environment. In this feeling, to understand and managed with the necessary efficiency so-called collective processes becomes imperative to break with the vision of classic procedural institutes, marked by an individualistic vision and that show obsolete and unfit to regulate processes, being essential to seek new paradigms to lead this new branch of procedural law. Thus, it is essential to pursue new procedure paths in order to achieve adequate protection of the environment, in which the formalism and the classical and archaic rules of law are left aside, because of it does not match the nature of environmental law, due to its so peculiar characteristic.

Studiens syfte är att undersöka hur lärare i årskurs 3 ser på bänkboken och dentysta, fria läsningen i klassrummet. Även deras syn på elevers möjlighet till attfinna sin läslust och kunna utveckla sin läsning undersöks. Resultatet som presenteras i studien bygger på kvalitativa intervjuer med 10 verksamma lärarefrån olika skolor. Undersökningen visar att elevers läslust kan väckas på olikasätt och att läsningen kan påverkas av olika faktorer. Genom att aktivt jobbamed elevers intressen, läsmiljöer i klassrummet och att anpassa läsningen tillelevers nivå, kan läsförmågan gynnas. Även läsande förebilder kan påverkaelevers läsintresse, både hemma och i skolan. Att som lärare vara läsande förebild betecknades som svårt, då tiden sällan finns för att läsa när eleverna läser.Lärarna lyfte även vikten av att behålla läsningen i klassrummet samtidigt somen önskan finns att fler elever läser i hemmet. Genom egen läsning hemma kanelevers avkodningsförmåga och läsflyt öka. Bänkboken är enligt lärarna gynnsam för elevernas läsning, då de får rutiner i klassrummet och möjlighet attfinna ett nytt intresse.

This work offers the critical edition of the latin text De origine Orobiorum sive Cenomanorum by Giangrisostomo Zanchi form Bergamo based on the collation of the two witnesses that convey it: the edition published in Venice in 1531 and the handwritten version, not autograph and shorter than the printed copy, conserved in Bergamo’s Civic Library “Angelo Mai”. The edition is preceded by four main sections: the first one is a prosopography of Zanchi’s branch Giangrisostomo belonged to, investigated also in some manuscripts still unpublished; the second includes the analysis of De origine Orobiorum form and content, strictly tied to the Antiquities written by the forger Annius of Viterbo in the end of 15th century; the third involves the inquiry of epigraphical interests arisen in Renaissance Bergamo because Zanchi’s book ends with a collection of tituli from the city centre and the territory; finally, the last part describes the two witnesses of De origine Orobiorum, showing similarities and differences in order to suppose the epoch of the editing.

Denna kandidatuppsats utreder om eller till vilken grad museibesökare kan avgöra om eller när utställningsföremål utsatts för ingrepp eller vårdåtgärder. Sådana åtgärder kan vara stora, så som renovering eller försiktiga, t. ex. konservering. Valet av undersökningsområde kommer sig av egna undringar kring sådana frågor om vårdåtgärder av föremål i utställningar, och en saknad av upplysningar i samband med utställningar som kan svara på sådana frågor. Uppsatsen grundar sig i frågorna kan, eller hur väl, museibesökare avgöra eller utröna vårdåtgärder och materiell autenticitet av museiföremål? och finns intresse hos museibesökare för redovisning av vårdåtgärder och materiell autenticitet, i utställningar eller annorstädes? Frågorna undersöks med en enkätundersökning bestående av en skriftlig enkät med tillhörande bilder på museiföremål. Enkäten rör museibesökares uppfattning av museiföremålens skick och orsaker till dessa, skickens autenticitet, vikten av att påtala när ändringar till skick gjorts samt besökares intresse av att lära sig om ovanstående företeelser. Analys av enkätsvaren visade att hälften av informanterna hade ensidig föreställning av föremålsvård som bestående antingen bara av aktiva vårdåtgärder så som ingrepp av olika slag eller bara av passiva vårdåtgärder så som begränsad användning och god förvaring. Dessa föreställningar skulle kunna balanseras och nyanseras genom redovisning av museiföremåls vårdåtgärder och utlärning av föremålsvård, något som en majoritet av informanterna också uttryckte intresse för. En drivande faktor i denna kandidatuppsats har varit förhoppningen att en diskussion kring redovisning av vårdåtgärder ska främja en diskussion kring museers uppfattade position som absolut kunskapsauktoritet, historiens många tolkningsmöjligheter till trots.
This thesis investigates if or to which degree museum visitors can determine if or when exhibition objects have been subjected to intervention or maintenance measures. Such measures could be vaste, for example a renovation, or careful, such as preventive conservation. The choice for area of investigation is a result of my own musings to such questions about maintenance measures of objects in exhibitions, and a percieved lack of information in conjunction with exhibits which can answer such questions. The thesis is based in the questions can, or how well can, museum visitors determine or deduce maintenance measures and material authenticity of museum objects? and do museum visitors have any interest in presentation of maintenance measures and material authenticity, in exhibits or elsewhere? The questions are investigated by way of survey, comprised of a written questionnaire with accompanying pictures of museums objects. The questionnaire regards museum visitors estimation of the conditions of the museums objects and the causes for these, the authenticity of the objects conditions, the importance of calling attention to deliberate changes to said conditions as well as the visitors interest in learning about all aforementioned occurences. Analysis of the questionnaire showed that half of the informants had a biased, unbalanced conception of object care comprised of either only active maintenance measures such as different kinds of intervention, or of only passive maintenance measures such as limited use or preventive storage. These conceptions could be balanced out and nuanced by presentation of maintenance measures of museum objects and by education in object care, something a majority of the informants also expressed an interest in. A driving force within this thesis has been the hope that a discussion about presentation of maintenance measures will further a discussion about the percieved absolute authority of knowledge of museums, despite history’s vaste possibilities of interpretation.

Mestrado em Finanças
As instituições financeiras deparam-se com o problema de correctamente alocar e gerir os recursos que dispõem em aplicações que maximizem a sua rendibilidade. Fazê-lo tendo em conta os riscos inerentes a essa premissa é uma das missões primordiais da área de gestão de activos e passivos de uma instituição ou Asset-Liability Management (ALM). Os riscos evocados anteriormente são genericamente o risco de liquidez, de taxa de juro, de crédito e mercado, sendo os dois primeiros os mais relevantes para a área anteriormente definida tendo em conta o impacto que estes podem ter tanto na margem financeira como na própria solvabilidade da instituição. Em suma, visto que a minha formação se centrou na área financeira, mais propriamente nas instituições financeiras, e tendo em conta a conjuntura actual que o sistema financeiro está a ser alvo, decidi ingressar num estágio numa área de ALM por forma a apreender como se efectua esta gestão e monitorização de risco numa instituição bancária portuguesa.
Financial institutions face many issues when they need to allocate their assets and resources properly to maximize their profit. Doing this regarding the associated risks is one of the main purposes of the ALM Desk. The risks highlighted before are mainly Liquidity risk, Interest Rate risk, Market risk and Credit risk, the former being the most important to the ALM monitoring process. This happens since the first two are, considering the ALM point-of-view, the risks that can more easily cause changes on the financial margin and the institutions solvability. In short, since my academic background lies on Financial Institutions management I?ve decide to do an internship in this same area in order to learn and understand this process of risk management and monitoring in a Portuguese financial institution.

Le résumé de cette thèse et d'évoquer les différentes missions de l'ALM bancaire ainsi que les risques financiers qu'elle prend en charge et rappelé certains points de réglementation, nous proposons de nous intéresser à un sujet assez caractéristique des questions soulevées par le métier d'ALM, à savoir la gestion du risque de taux d'intérêt sur les dépôts à vue dans le cadre de leurs rémunérations. Rappelons que, dans un bilan, on distingue le Banking Book, une partie consacrée au bilan des ressources et des emplois liés à la clientèle c'est-à-dire la sphère opérationnelle. En fait, comme beaucoup d'autres départements d'une banque, l'ALM a un objectif de rendement dans certaines limites de risque. Les enjeux sont relativement importants pour les établissements financiers. Par exemple, la banque de détail constitue depuis longtemps une source de revenus stable et pérenne pour les établissements et le marché attache une grande importance à leur capacité à conserver cette caractéristique. D'autre part, des postes comme les dépôts de la clientèle constituent autant de ressources de liquidité disponibles à moindres coûts et ce n'est pas un point à négliger dans le contexte particulièrement tendu depuis la crise de 2008. Le management du risque déterminé par les marges de taux d'intérêt liées aux dépôts à vue d'une banque, ce qu'on appelle l'Interest Rate Margin. Celui-ci est défini comme la différence entre le taux de marché et le taux dépôt auxquels, on multiplie un certain montant de dépôts. Nous supposons que les dépôts à vue sont liés à la fois aux taux d'intérêt et au risque commercial qui ne peut être entièrement couvert sur les marchés financiers. La dynamique des taux de marché à terme suit un modèle de marché standard et tient compte d'une certaine prime de risque associée à l'investissement dans des actifs à long terme. Les taux des dépôts en Zone US sont déterminés par le taux M2 own rate, c'est pour cette raison que la Fed s'intéresse à la grandeur M2 own rate qui se calcule comme le taux moyen des ressources de M2 pondéré par les encours. Dans le cas de la zone Euro, on parle du taux de dépôt ou de rémunération. Les taux de rémunération dépendent des taux de marché et notamment les taux Euribor 3 Mois. Nous remarquons notamment que, lorsque les taux de marché sont faibles, les taux de rémunération des dépôts le sont aussi. Les taux de dépôt ou de rémunération sont liés aux taux du marché de manière linéaire (ou non linéaire). Nous adoptons le point de vue d'un gestionnaire actif-passif qui se concentre sur le bénéfice d'exploitation net de la banque à un trimestre donné selon les règles comptables habituelles, confronté à l'inachèvement du marché et traitant des dérivés sur taux d'intérêt, nous distinguons deux types de stratégies de couverture: la couverture au sens quadratique; la couverture au sens des quantiles et de l'expected shortfall. Pour ces deux types de stratégie, nous considérons deux niveaux d'information : l'une portant uniquement sur l'information relative aux taux d'intérêt et l'autre incluant également le montant courant des dépôts à vue
The summary of this thesis and to evoke the different missions of the banking ALM as well as the financial risks it takes on and recall some regulatory points, we propose to focus on a subject quite characteristic of the issues raised by the ALM profession, namely the management of interest rate risk on sight deposits as part of their remuneration. It should be recalled that, in a balance sheet, a distinction is made between the Banking Book, a section devoted to the balance sheet of customer-related resources and uses, i.e. the operational sphere. In fact, like many other departments of a bank, the ALM has a return objective within certain risk limits. The stakes are relatively high for financial institutions. For example, retail banking has long been a stable and sustainable source of income for institutions and the market attaches great importance to their ability to maintain this characteristic. On the other hand, items such as customer deposits constitute liquidity resources available at lower costs and this is not a point to be neglected in the particularly tense context since the 2008 crisis. The management of the risk determined by the interest rate margins related to a bank's demand deposits, known as the Interest Rate Margin. This is defined as the difference between the market rate and the deposit rate at which a certain amount of deposits is multiplied. We assume that demand deposits are linked to both interest rates and commercial risk that cannot be fully hedged in the financial markets. The dynamics of forward market rates follow a standard market model and take into account a certain risk premium associated with investing in long-term assets. The deposit rates in the US zone are determined by the M2 own rate, which is why the Fed is interested in the M2 own rate, which is calculated as the average rate of M2 resources weighted by outstanding amounts. In the case of the Euro zone, we talk about the deposit or remuneration rate. The interest rates depend on market rates and in particular the Euribor 3 Month rates. In particular, we note that, when market rates are low, so are deposit rates. Deposit or remuneration rates are linked to market rates in a linear (or non-linear) way. We adopt the perspective of an asset-liability manager who focuses on the bank's net operating income in a given quarter under normal accounting rules, faced with unfinished business and dealing with interest rate derivatives, we distinguish two types of hedging strategies: quadratic hedging; quantile and expected shortfall hedging. For these two types of strategies, we consider two levels of information: one dealing only with interest rate information and the other also including the current amount of demand deposits

This study investigates the view of some students and a teacher’s attitudes towards the learning possibilities of the integration of personal interests to the teaching of English. The research carried out at one of the largest profile schools in Sweden, with an aesthetic subject-orientation. These subjects are referred to as “passion subjects”. Qualitative interviews and observation were the methods used for data collection. The research questions were about students’ and teachers attitudes towards the involvement of their passion subject in the formal education process, as well as their views on integrating English as a foreign language in the teaching/learning process of their passion subject. The results show that the teacher and the students view the involvement of students’ personal interests in the formal education as a key source for motivation. Regarding the involvement of English as a foreign language in the passion subject, the results are both positive and negative: positive in the sense that it is viewed as getting extra lessons in English and negative in the sense that information can be overlooked as the students not always understand the input.

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With the publication of IFRS 4, it was established that the Insurance Enterprises should submit their Technical Reserves to the Liability Adequacy Test - LAT. The Brazilian regulation for this test requires that the Current Estimate is discounted by a Term Structure of Interest Rates-TSIR. As the literature offers several methods for its construction, it will be necessary to choose among them and this condition the result of the LAT application. This paper aims to discuss and apply the interpolation technique by Cubic Spline, the parametric model of Svensson and the one-factor equilibrium model of Vasicek, the construction of TSIR which will be used to discount the Current Estimates of future cash flows under insurance contracts of life-contingent annuities and pensions. As a specific goal, we want to know and analyze the magnitude of the differences found in the results of the LAT from the use of different TSIR models. Rates traded on BM&FBOVESPA will be used to estimate the parameters that characterize each of the models presented. Finally, cash flows hypothetical and observed (Insurer practical case) will be used to perform robustness tests. The results indicate that: 1) The result of Liability Adequacy Test is sensitive to the choice of the model used in the construction of TSIR; 2) The sensitivity increases with the longevity of cash flow, to the extent that the current estimate is sensitive to average term of cash flow; 3) The LAT is an uncertain value in time, as TSIR depends on the macroeconomic factors prevailing at the time of its construction; 4) The adoption of an ultimate forward rate (UFR) for the Brazilian insurance market should be evaluated by the supervisor
Com a publica????o do IFRS 4, ficou estabelecido que as Companhias Seguradoras devem submeter suas Provis??es T??cnicas ao Teste de Adequa????o de Passivo  TAP. A regulamenta????o brasileira para este teste exige que a Estimativa Corrente seja descontada por uma Estrutura a Termo da Taxa de Juros ETTJ. Como a literatura especializada oferece diversas metodologias para sua constru????o, ser?? necess??rio optar por uma delas e, dessa forma, condicionar o resultado do TAP ?? sua aplica????o. Este trabalho tem como objetivo geral discutir e aplicar a t??cnica de interpola????o por Spline C??bico, o modelo param??trico de Svensson e o modelo de equil??brio unifatorial de Vasicek na constru????o da ETTJ que ser?? utilizada para descontar a Estimativa Corrente das obriga????es decorrentes dos contratos de seguros com cobertura por sobreviv??ncia. Como objetivo espec??fico, deseja-se conhecer e analisar a magnitude das diferen??as encontradas nos resultados do TAP decorrente da utiliza????o de diferentes modelos de ETTJ. As taxas negociadas nos preg??es da BM&FBOVESPA ser??o utilizadas para estima????o dos par??metros que caracterizam cada um dos modelos apresentados. Por fim, fluxos de caixa hipot??ticos e observados (caso pr??tico de uma Seguradora) ser??o utilizados para performar os testes de robustez. Os resultados indicam que: 1) O resultado do Teste de Adequa????o de Passivo ?? sens??vel ?? escolha do modelo utilizado na constru????o da ETTJ; 2) Esta sensibilidade aumenta com a longevidade do fluxo de caixa, na medida em que a Estimativa Corrente ?? sens??vel ao prazo m??dio dos pagamentos inerentes ao fluxo; 3) O TAP ?? um valor incerto no tempo, dado que a ETTJ depende dos fatores macroecon??micos vigentes na data de sua constru????o; 4) A ado????o de uma taxa a termo de longu??ssimo prazo (UFR) para o mercado segurador brasileiro deveria ser avaliada pelo regulador

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Non-maturing liabilities make up a large part of the funding base of financial institutions. These liabilities, such as checking and savings accounts, while allowing their depositors to withdraw the full amount of their investments at any time, the balance remain in the financial institutions for long period of time. The lack of defined contractual maturity makes the risk management a difficult task. This study analyzes the implied maturity of savings deposits through a replicating portfolio model. As a result, it’s presented structures for allocating cash flows to manage market and liquidity risk of savings deposits.
Os depósitos sem vencimento formam grande parte da base de captação das instituições financeiras. Esses passivos, depósitos à vista ou de poupança, embora permitam que seus titulares saquem a qualquer momento o montante integral de suas aplicações, permanecem nas instituições financeiras por longos períodos de tempo. A falta de maturidade contratual definida torna o gerenciamento de riscos desses produtos uma difícil tarefa. Este estudo busca analisar as maturidades implícitas dos depósitos de poupança através de um modelo de carteira replicante. Como resultado, são apresentadas estruturas para alocação de fluxos de caixa para gestão de risco de mercado e liquidez dos depósitos de poupança.

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The non-maturing deposits are an important source of funding for financial institutions, and imposes a challenge on risk market and liquidity management because of the lack of contractual maturity. The depositors can withdraw the invested amount, as well as investing new amounts, without any contractual penalties. Currently, there is no regulatory standard model to measure de interest rate risk and capital requirements for this accounts. However, there are new regulatory demands that, among other things, aim to standardize the non-maturing accounts models, increasing the comparability between financial institutions risk profiles. These regulatory demands increase the need of quantitative models that defines the run-off profile of this accounts or the evolution of the deposits account volumes through time. This study proposes an approach to model the expected deposits cash flows which will enable to measure the interest rate risk and present its application under the new regulatory rules for capital requirement that are been proposed. As a result we calculate the interest rate risk and the capital requirement for a hypothetical balance sheet.
Os depósitos sem vencimento são uma importante fonte de funding das instituições financeiras, e apresentam um desafio na gestão dos riscos de juros e liquidez, por não apresentarem um vencimento definido. Os depositantes podem sacar o montante de suas aplicações, bem como aportar novos volumes, a qualquer tempo sem a incidência de penalidades. Atualmente não há um modelo regulatório padronizado para mensurar o risco de juros desses produtos, bem como seu requerimento de capital. No entanto, novas regulamentações tem surgido com o intuito de, dentre outras coisas, trazer certa padronização para a modelagem dos depósitos sem vencimento, aumentando a comparabilidade do perfil de risco entre instituições financeiras. Essas regulamentações aumentam a necessidade de modelos quantitativos que definam um perfil de run-off da carteira ou de evolução dessa carteira no tempo. Este estudo tem como objetivo propor uma abordagem para modelar os fluxos de caixa esperados dos depósitos de poupança que possibilitará calcular o risco de mercado e apresentar sua aplicação dentro das novas normas de requerimento de capital que estão sendo propostas. Como resultado calculamos o risco de mercado e requerimento de capital para um balanço teórico.

The word expropriation is used in South Africa to describe the process whereby a public authority or institution takes property from a private person for public purposes against payment of compensation. The current Act regulating expropriations in South Africa is known as the Expropriation Act 63 of 1975. However, it has three primary inconsistencies with the Constitution. Firstly it predates the Constitution - therefore, it does not infuse the values of equality, human dignity and the achievement of freedom. Secondly it is not consistent with comparable modem statutes elsewhere in the world. The last issue is that this Act is inconsistent with the Constitution in the sense that the Act only provides for expropriation for public purposes and the Constitution provides for expropriation in the public interest as well as for a public purpose. For these reasons it is crucial to establish a new legislative framework. In an attempt to rectify the above difficulties, an expropriation policy and a draft Bill were introduced. The primary purpose of the Bill is to harmonise the considerable amount of legislation in South Africa on the subject of expropriation, and to fill the gaps of the current Act. However, the new proposed Bill was referred back to cabinet as it had various difficulties. According to newspaper commentators, one of these reasons was that market value would not be used when determining the amount of compensation. This is not true, as market value is one of the listed factors in section 25(3) of the Constitution, and it is provided for in the Bill. Another reason was that the role of the courts will also be restricted in the new Bill. Parties will no longer be able to refer disputes concerning the amount of compensation to court. Once again this is not true, the courts role is only restricted in the sense that it would no be able to determine the amount of compensation as provided for in the Constitution, but will only be allowed to approve or decline the amount the Minister determined. This is one of the aspects that may be debatable constitutionally. After an in-depth study of the proposed Bill, the author came to the conclusion that there are actually only three aspects that might be unconstitutional namely; the definition of public interest which is to be included that widens the capacity to expropriate; departure from the notice procedure; and the fact that the courts may no longer determine the amount of compensation, but only approve or decline. Expropriation is one of the most important tools to speed up land reform in South Africa, and it is, therefore, of the utmost importance that the procedure must take place in a fair, equitable and constitutional manner. The purpose of this study will be to identify the aspects which result in expropriations that is not done on this basis, to scrutinize them and to make recommendations to these aspects.
Thesis (LL.M. (Law)--North-West University, Potchefstroom Campus, 2009.

The right of child victims of armed conflict to recovery and reintegration in essence is a particular exposition of the public law relationship. In this study reference is made to the theory of public subjective rights as it applies in German law to explain the relationship. Shortcomings in the theory are identified after which aspects of the Reformed Tradition are discussed to come to sound solutions. An effort is made to establish a theoretical framework in terms of which the relationship can be explained comprehensively. The conclusion is reached that particular status aspects of child victims are activated in their relationship with the State. It is only in terms of the negative and positive status aspects (which relate to the juridical destination of the State) that child victims may demand negative or positive State conduct in their favour.
Thesis (LL.M.)--North-West University, Potchefstroom Campus, 2011

Mestrado em Matemática Aplicada à Economia e à Gestão
O propósito do presente trabalho é modelizar quatro sucessões cronológicas de taxas de juro activas e passivas das instituições bancárias em Portugal para os meses de Junho de 1987 a Junho de 1996, e analisar as suas relações de causalidade com a taxa de inflação. A ocorrência de determinados acontecimentos que interferiram com o comportamento das taxas de juro nominais, como por exemplo, a supressão dos preços máximos e mínimos fixados administrativamente para as operações de empréstimos e depósitos bancários, ou o estabelecimento da liberalização do movimento de capitais com a União Europeia, levounos a proceder à modelização de análise de intervenção, associando à metodologia ARIMA univariada de Box-Jenkins os efeitos determinísticos desses choques exógenos (intervenções e outliers), de modo a permitir uma melhoria da qualidade do ajustamento dos modelos e uma melhor descrição da estrutura das referidas sucessões. Através da metodologia função transferência e com a inclusão da taxa de inflação, pretende-se mostrar que as variações no nível geral dos preços produzem um efeito sobre as taxas de juro nominais, mas que há desfasamentos que são variáveis consoante o prazo e o tipo de operação (de concessão de empréstimos ou de captação de depósitos). Como alternativa aos modelos de função transferência que, por um lado, partem da hipótese fundamental de ausência de feedback ou interdependência entre as sucessões e, por outro lado, exigem adequadas transformações a fim de as tornar branqueadas, o que pode diminuir a força das suas relações de causalidade, procederam-se a testes de causalidade à Granger para modelos VAR bivariados. Das verificações empíricas dos testes realizados, concluiu-se que não existe uma relação de causalidade recíproca no sentido das taxas de juro nominais poderem também ser consideradas preditivas do nível futuro da inflação, e as taxas de juro apenas são influenciadas pelas variações no nível geral dos preços ou integram as expectativas inflacionistas para alguns subperíodos considerados.
The purpose of the present work is to modelize four time series concerning the lending and deposit interest rates ofthe banking institutions in Portugal, from June 1987 to June 1996. This work also aims at analysing their implications in the inflation rate. Some facts have had deep influence on the behaviour of the nominal interest rates, such as: the abolition of the maximum and minimum prices administratively fixed for lending operations and banking deposits, or the liberalization of the capitai movements within the European Union which led us to the systematization ofthe intervention analysis associating the Box-Jenkins' univariate ARIMA methodology with the deterministic effects ot the exogenous shocks (intervations and outliers), in order to achieve an improvement of quality in the models adjustment, as well as a better description of the abovementioned time series. Through the methodology of tranfer function models and with the inclusion of the inflation rate, our purpose is to show that the changes, in what regards the prices general levei, affect the nominal interest rates although there are some gaps wich vary according to the term and type of operation (lending or deposit-taking). As an alternative to the transfer function models that assume beforehand the crucial hypothesis of the lack of feedback or interdependence between the time series and, on the other hand, demand suitable transformations in order to make them prewhitened (which may reduce the strength of their causal relationships), GrangeTs causality tests have been carried out for bivariate VAR models. Of the empirical verifiability of the tests carried out, we carne to the conclusion that there is no feedback relation confirming that the nominal interest rates might be considered preditive of the future levei of inflation. And the interest rates are only affected by the changes occurred in the general price levei or take part in the inflation expectations for some of the sub-periods referred to.
info:eu-repo/semantics/publishedVersion

L'après-crise et l'évolution de la réglementation confrontent les banques à un cadre nouveau, replaçant la performance financière au cœur de leur modèle. A l'exception des risques associés aux opérations financières propres, les effets de la structure des revenus sur la rentabilité et la stabilité des résultats sont toutefois débattus. Le présent travail doctoral propose une poursuite de la recherche sur la performance des banques en s'intéressant à l'influence des conditions économiques et de marchés. Une telle influence est peu explorée au-delà des risques de crédit et de trading. Les conditions économiques et de marchés semblent à même d'expliquer d'importantes variations sur la plupart des postes du résultat des banques. La projection des résultats possibles, et plus généralement la mesure des aléas, requièrent la considération de l'ensemble de la structure des revenus ainsi que des volatilités et corrélations des variables d'influence.Plus avant sur un plan stratégique, la recherche est ensuite orientée vers l'estimation de la performance, selon l'environnement, des activités de banque " traditionnelle " et des services financiers à la clientèle. Enfin, la performance attendue des activités (espérances de rentabilité et de volatilité) ainsi que les écarts possibles à ces attentes sont évalués à l'aide de scénarios multiples. Il apparait que la diversification vers les services financiers, ainsi que des stratégies prudentes de transformation d'échéances de taux entre passifs et actifs, améliorent l'attente de performance vis-à-vis de la banque traditionnelle considérée seule. L'incertitude globale de performance associée à une banque ainsi diversifiée semble également contenue en regard des bénéfices attendus. Si l'influence des conditions économiques et financières est exogène, le choix de la structure des activités parait ainsi offrir des opportunités de mitigation des risques et de soutien au rendement-risque.

Dans les conditions actuelles du marché, les entreprises dans les pays émergeants ont le choix entre une dette à court terme en monnaie locale et un financement à long terme en devise forte provenant de sources internationales pour financer leurs investissements à long terme. Ceci crée un gap de taux ou de change. Cette thèse se situe dans la continuité des travaux de recherche qui ont déjà étudié la question de la diversification des risques de change dans les marchés financiers matures. A la différence des approches existantes, cette recherche se concentre sur les monnaies des pays émergeants pour lesquels il n’existe pas ou peu d’instruments de couverture du risque de change et de taux. Le modèle proposé repose sur une conception fondamentalement différente des modèles de risque existants, cherchant à atténuer les risques internes grâce à la diversification du portefeuille, plutôt que par l’adéquation entre l'offre et la demande. Ceci en étudiant à la fois les corrélations entre les monnaies des pays des marchés émergeants constituées dans un portefeuille composé de monnaies des pays africains, asiatiques, sud-américains et d’Europe de l’Est ainsi que l’effet de la diversification sur la réduction du risque de marché. Le choix des monnaies n’a pas une incidence significative sur les résultats du moment que les limites régionales proposées sont respectées. L’objectif principal de cette thèse est de contribuer à la spécification et à l’identification d’un modèle de diversification des risques tout en démontrant que la constitution d’un portefeuille diversifié et non couvert des produits dérivés de change sur les monnaies des marchés émergents est une activité lucrative à long terme. En s’appuyant sur un Système d’Information performant, le model proposé tente de démontrer l’effet qu’auraient de tels produits de couverture sur la réduction du risque de crédit de l’emprunteur et par conséquent celui des bailleurs de fonds. Afin d’atteindre cet objectif, les différents risques liés à ces activités ont été définis tout en choisissant les méthodes pour une gestion efficace de ces risques ainsi que la modélisation d’expositions hypothétiques créées par cette activité. L’impact de la réduction de l’exposition au risque de marché par l’usage des produits de couverture du risque de change et de taux, sur le risque de crédit des entreprises dans les pays émergeants a aussi été modélisé. Les résultats de la simulation proposée montrent qu’une gestion optimale des risques de changes et de taux générés, à travers l’offre de couvertures sur les monnaies des pays émergeants, peut être une activité lucrative pour les banques car l’atténuation des risques peut se faire en diversifiant efficacement le portefeuille
In current market conditions, companies in emerging markets have the choice between a short-term debt in local currency and a long-term hard currency financing from international sources to finance their long-term investments. This practice would create either an interest rate gap or a currency gap. As an extent of previous researches and studies covering the question of currency risks diversification in mature financial markets, this thesis is quite distinctive from the existing literature as it focuses on emerging market currencies for which there are little or no hedging options of currency and interest rate risks. The proposed model is based on a fundamentally different approach from existing risk models, seeking to mitigate risks internally through portfolio diversification, rather than by matching supply and demand. This, by analyzing both correlations between emerging market currencies in a portfolio composed of African, Asian, South American and Eastern Europe currencies and the effect of diversification on market risk reduction. The main objective of this thesis is to contribute to the specification and the identification of a risk diversification model while demonstrating that the establishment of a diversified portfolio of emerging market currencies not covered by the commercial banks is a lucrative business over the long-term. With an efficient information system, the proposed model attempts to demonstrate the effect that such hedging products would have on reducing the credit risk of borrowers and hence the lenders. To achieve this aim, the different risks associated with these activities have been identified while choosing the methods for their effective management as well as the modeling of hypothetical exposures created by this activity. The impact of reducing market risk exposure through the usage of interest rate and currency hedging products on the credit risk rating of companies in emerging countries has also been modeled. The current research claims that the choice of currencies does not significantly impact the results as long as the proposed regional limits are respected. The simulation’ results show that managing a diversified currency portfolio under an optimal risk management guidelines can be a lucrative business for banks as the risk mitigation can be effectively done through portfolio diversification

Les pactes d’actionnaires, conventions adoptées par les protagonistes des affaires internationales, répondent aux attentes des administrateurs et actionnaires quant à la circulation des actions et des parts sociales. Par contre, hors le marché règlementé, la liberté contractuelle accordée à la société – et actionnaires – de recourir à ce type d’arrangement contractuel, se heurte à la réalité légale et jurisprudentielle qui demeure la seule source de droit régissante cette convention. En optant pour la conclusion d’un pacte d’actionnaires, aucune disposition légale, notamment article de droit, ne régit cette convention. Ce contrat reste donc soumis aux règles de droit commun. Cette particularité accorde aux protagonistes une certaine liberté de rédaction, ce qui créé une originalité quant à la forme, au fond et aux effets de l’application du pacte. Reconnu, dans le monde des affaires français – tant par le législateur français que par les praticiens et protagonistes, comme étant une des formes adaptées à la gestion leurs sociétés, le législateur égyptien découvre encore cette forme contractuelle. La mondialisation, culturelle et commerciale, a non seulement permis de rapprocher entre les commerçants afin de trouver des solutions créatives quant à la conclusion des pactes d’actionnaires, mais aussi aux législateurs, autant bien français qu’égyptiens, de trouver des solutions quant aux problématiques qui s’opposent aux praticiens lors de la négociation, la conclusion ou même l’exécution de ces contrats. L’objet de cette étude sera d’examiner les particularités des pactes d’actionnaires dès la phase des négociations, passant par les phases de conclusion et exécution, jusqu’à la phase conflictuelle. Cette étude visera le modèle français, ayant déjà avancé sur ce domaine, en le comparant au modèle égyptien qui commence à se familiariser avec cette pratique. Bien que ces deux exemples demeurent toujours en voie d’évolution, le recours à ce type de contrat révèle des particularités et difficultés lors de son application, ce qui incitera les protagonistes à trouver des modalités novatrices permettant une mise en œuvre plus efficace de ces contrats et répondant à leurs attentes
The shareholder agreements, considered as the one of the major contracts concluded by and between the actors of the international affairs, meet the expectations of the companies’ directors and shareholders regarding the transfer of stocks and shares. Nevertheless, outside the regulated market, the principle of contractual freedom accorded to the company - and its shareholders - to resort to this type of contractual arrangement, faces both legal and jurisprudential realities, which remains the only source of law governing this agreement.By choosing to undertake a shareholder agreement, no legal provision, including article nor law, governs this type of agreement. This agreement is therefore subject to the dispositions of the applicable general law. This feature gives the parties some freedom on drafting the agreement, which affects the form and content of the contract and produce its effects on the contract’s application. vWhile this agreement is frequently used in the French business practice - both by the French legislature and by practitioners and shareholders, and considered as one of the forms used to manage the companies, the Egyptian legislation is still discovering this contractual management form.The cultural and commercial globalization has not only helped traders to find creative solutions by entering into this agreement, but it has also helps the French and Egyptian legislations to find solutions as to issues that oppose practitioners during the negotiation of the contract, its conclusion or even during its execution.The purpose of this study is to examine the features of the shareholder agreements starting from the negotiations phase, through the conclusion and execution phases, until the conflictual phase. This study will focus on the French model, having already progressed in this area, compared to the Egyptian model that begins to become familiar with this practice. Although these two examples are still in process of evolution, the use of this type of contracts reveals the peculiarities and difficulties in its implementation, which will encourage the parties to find more innovative methods for more effective implementation of these contracts in order to meet their mutual expectations

Engaging Queensland primary teachers in professional associations can be a challenge, particularly for subject-specific associations. Professional associations are recognised providers of professional learning. By not being involved in professional associations primary teachers are missing potential quality professional learning opportunities that can impact the results of their students. The purpose of the research is twofold: Firstly, to provide a thorough understanding of the current context in order to assist professional associations who wish to change from their current level of primary teacher engagement; and secondly, to contribute to the literature in the area of professional learning for primary teachers within professional associations. Using a three part research design, interviews of primary teachers and focus groups of professional association participants and executives were conducted and themed to examine the current context of engagement. Force field analysis was used to provide the framework to identify the driving and restraining forces for primary teacher engagement in professional learning through professional associations. Communities of practice and professional learning communities were specifically examined as potential models for professional associations to consider. The outcome is a diagrammatic framework outlining the current context of primary teacher engagement, specifically the driving and restraining forces of primary teacher engagement with professional associations. This research also identifies considerations for professional associations wishing to change their level of primary teacher engagement. The results of this research show that there are key themes that provide maximum impact if wishing to increase engagement of primary teachers in professional associations. However the implications of this lies with professional associations and their alignment between intent and practice dedicated to this change.

Introduzione: La vitamina D e i suoi effetti sulla salute umana sono temi che stanno suscitando un grande interesse, e negli ultimi anni si sta assistendo ad un rapido aumento del numero di pubblicazioni in materia di vitamina D e sue relazioni con asma, allergie ed infezioni respiratorie. Inoltre, la consapevolezza che essenzialmente ogni tessuto e cellula del corpo possiede i recettori per la vitamina D, ha aperto le porte a numerosi studi inerenti al sistema della vitamina D e alle sue azioni precedentemente non riconosciute. Dati recenti indicano che l'ipovitaminosi D è associata a molte condizioni morbose extrascheletriche come l'asma. Obiettivi dello studio: Abbiamo studiato le relazioni esistenti fra livelli di vitamina D nel siero, funzionalità polmonare, controllo dell’asma nei bambini ed abitudine tabagica dei loro genitori. Materiali e metodi: Abbiamo stimato la correlazione tra la concentrazione di 25-idrossicolecalciferolo [25(OH)D], i parametri di funzionalità respiratoria ottenuti con l'esecuzione della spirometria basale e i livelli di controllo dell’asma, secondo le linee guida Global Initiative for Asthma (GINA) e il Childhood Asthma Control Test (C-ACT), in 152 bambini con asma (età compresa tra 5-15 anni; 84 maschi) in uno studio cross-sectional condotto durante l’inverno e la primavera. Abbiamo inoltre studiato l’esistenza di una possibile associazione tra l'abitudine al fumo dei genitori e i livelli di vitamina D di questi bambini asmatici. Risultati Solo il 9.9 % dei nostri bambini avevano livelli sierici sufficienti di 25(OH)D (tra 30 e 40 ng/ml). Abbiamo individuato una moderata correlazione positiva tra la capacità vitale forzata in percentuale del predetto e i livelli della vitamina (ρ di Spearman=0.36, 95%CI=0.22-0.50, P<0.001). Questo dato è stato ritrovato anche per il volume espiratorio forzato al 1 secondo (ρ=0.36, 95%CI=0.23-0.50, P<0.001). I soggetti con asma ben controllato mostravano livelli sierici di vitamina D più elevati rispetto ai bambini con asma parzialmente o non controllato, con valori mediani pari a 22.4 ng/ml (IQR = 18.2 - 26.0 ng/ml), 17.8 ng/ml (IQR = 12.6 - 22.0 ng/ml) e 13.5 ng/ml (IQR = 10.1 - 18.1 ng/ml), rispettivamente (P<0.001). Abbiamo inoltre individuato una correlazione moderatamente positiva tra i livelli di 25(OH)D e il C-ACT score (r=0.49, 95%CI=0.36-0.62, P<0.001). Analizzando l'abitudine tabagica dei genitori in rapporto ai livelli sierici di vitamina D è emersa una associazione statisticamente significativa tra i due parametri. In particolare, i livelli sierici appaiono significativamente ridotti se entrambi i genitori riferiscono di fumare regolarmente (P<0.001). Conclusioni I nostri risultati indicano che l’ipovitaminosi D è frequente nei bambini con asma che vivono in un paese del Mediterraneo. In questi bambini, bassi livelli di vitamina D sono associati a parametri di funzionalità respiratoria più bassi e quindi ad un ridotto controllo dell’asma. Lo studio suggerisce inoltre che il fumo passivo potrebbe rappresentare un fattore causale per l'ipovitaminosi D nei bambini asmatici. Occorrono però ulteriori studi per verificare questa relazione, in particolare analizzando marcatori biologici di esposizione al fumo di sigaretta.
Introduction: Vitamin D and its effects on human health are topics that are attracting great interest, and in recent years there is a rapid increase in the number of publications about vitamin D and its relationship to asthma, allergies and respiratory infections. This discovery, together with the realization that essentially every tissue and cell in the body has vitamin D receptors, has prompted new interests in the vitamin D system and its previously unrecognized actions. Recent data suggest that hypovitaminosis D is associated with many nonskeletal conditions such as asthma. Objectives: We investigated the relationship between vitamin D serum levels, lung function and asthma control in children and smoking habits of their parents. Materials and Methods: We estimated the correlation between the concentration of 25-hydroxycholecalciferol [25(OH)D], lung function parameters obtained from baseline spirometry and levels of asthma control, according to the guidelines Global Initiative for Asthma (GINA) and the Childhood Asthma Control Test (C- ACT), in 152 children with asthma (aged 5-15 years, 84 males) in a cross-sectional study conducted during the winter and spring. We have also studied the existence of a possible association between the smoking habits of parents and the vitamin D levels of these children with asthma. Results: Only 9.9 % of our children had sufficient vitamin D serum levels (between 30 and 40 ng / ml). We found a moderate positive correlation between the forced vital capacity percent predicted and the vitamin levels ( Spearman ρ = 0.36 , 95% CI = 0.22 to 0.50, P <0.001). This finding was also found for the forced expiratory volume in 1 second ( ρ = 0.36 , 95% CI = 0.23 to 0.50, P <0.001). Patients with well-controlled asthma showed serum levels of vitamin D higher than children with not or partly controlled asthma, with median values equal to 22.4 ng/ml (IQR = 18.2 - 26.0 ng / ml), 17.8 ng/ml (IQR = 12.6 - 22.0 ng/ml) and 13.5 ng/ml (IQR = 10.1 - 18.1 ng / ml), respectively (P <0.001) . We have also identified a moderately positive correlation between 25(OH)D levels of and the C -ACT score (r = 0:49, 95% CI = 0.36-0.62 , P <0.001). By analyzing the smoking habits of parents in relation to vitamin D serum levels, a statistically significant association between the two parameters was present. In particular, serum levels appear to be significantly reduced if both parents report smoking regularly (P <0.001). Conclusions: Our results suggest that hypovitaminosis D is frequent in children with asthma living in a Mediterranean country. In these children, lower vitamin D serum levels are associated with reduced asthma control and lung function. The study also suggests that passive smoking could be a causal factor for hypovitaminosis D in children with asthma. However, further studies to verify this relationship, in particular by analyzing biomarkers of exposure to cigarette smoke are necessary.

Esta dissertação tem como tema a ligação do crime de corrupção passiva ao regime de conflito de interesses do cargo público e o seu papel na prevenção e na contribuição para a investigação criminal deste tipo de crime. As questões tradicionais às quais procuramos responder, para entender-mos o que o Direito Penal considera um crime de corrupção passiva, são: Qual o bem jurídico tutelado pela incriminação da corrupção passiva? Quais os deveres do cargo violados pela prática do crime de corrupção passiva? Quais os atos praticados pelo funcionário que podem resultar numa viola-ção desses deveres? Qual a qualificação jurídica desses atos (i.e. corrupção própria ou impró-pria)? O que constitui o “acordo ilícito” entre corrupto e corruptor? Para além da finalidade repressiva que o Direito Penal assume, optámos, também, por abordar as vantagens que um regime de conflito de interesses pode-rá trazer ao ordenamento jurídico. Assim, explorámos tanto, a posteriori, as formas pelas quais os deveres funcionais do cargo são violados na prática do crime de corrupção passiva como, a priori, quais instrumentos deste regime podem evitar que tais deveres sejam violados. O regime de conflito de interesses tem como principal objetivo acautelar o cumprimento dos deveres de imparcialidade e de independência durante o exercício do cargo, visando afastar o funcionário de decisões em que, este ou uma pessoa que lhe seja próxima, detenha interesses privados conflituantes com os seus deveres funcionais. Com efeito, tem vindo a ser reconhecido internacionalmente que a existência de conflitos entre interesses privados e deveres funcionais do cargo podem conduzir à prática de crimes corrupção. Por isso, os Estados deverão estar dotados de um regime de identificação e de resolução de conflitos de interesses eficaz, de forma a conseguirem detectar e resolver preventivamente situações onde exista risco de corrupção.
Os instrumentos destes regimes podem, ainda, auxiliar a investigação criminal. Com efeito, um registo prévio dos interesses privados e das relações profissionais, negociais e pessoais do funcionário – acompanhada por uma cons-tante fiscalização da sua veracidade – pode conduzir a uma maior facilidade de: apurar a relação entre corrupto e corruptor; revelar redes de corrupção; e identificar vantagens indevidas que fujam à tradicional transferência bancária ou envelope com dinheiro (v.g. um posto de trabalho, facilidades negociais ou empresariais). Como conclusões, podemos adiantar que o crime de corrupção passiva está interligado com um conjunto de deveres funcionais inerentes ao exercício do cargo público, existindo deveres de natureza puramente administrativa que, em-bora possam ser violados na prática de um crime de corrupção passiva, não são suficientes para justificar o agravamento da qualificação do crime para corrup-ção própria. Quanto aos atos praticados pelo funcionário no exercício de um cargo público, importa sublinhar que os mesmos não se subsumem, tão-só, às compe-tências formais do funcionário. Englobam, também, um conjunto de poderes factuais decorrentes da posição privilegiada em que o cargo coloca o seu titular perante a prática do acto concreto. Podemos, pois, afirmar que existem actos que, mesmo não sendo abran-gidos pelo exercício formal do cargo, poderão resultar na violação de deveres funcionais e, consequentemente, serem enquadrados no crime de corrupção passiva. No que respeita ao regime de conflito de interesses português, considera-mos que, embora a sua eficácia seja satisfatória – quando comparada com a de outros ordenamentos jurídicos –, existem falhas que podem ser suprimidas e espaço para um reforço do sistema.

碩士
東吳大學
日本語文學系
103
This thesis is mainly a study of Japanese “ 受身passive voice” and “授受表現receiving expression” from aspects of viewpoints. In general understanding, the grammatical passive form “(ra)reru” is used to express victimized actions, and the receiving expression, “te-ageru,” “te-morau,” and “te-kureru,” is used to indicate the giving and/or receiving with benefits and favors. This explanation of disadvantages and advantages has been a study in the past and has become a theory. However, examples of passive voice not implying victims or receiving expression not demonstrating benefits can still be found in Japanese. In other words, the old theory itself has an obvious conflict. The purpose of this thesis is to inspect whether this explanation of disadvantages and advantages is an objective judgment from grammar forms or a subjective opinion from personal interpretation. This thesis includes 5 chapters. Chapter 1 as the introduction explains the motivation, purpose, goal, and scope of this study. Chapter 2 looks into previous researches, which support the theory of disadvantages and advantages is a subjective interpretation. Chapter 3 views from a larger scale and examines questions or conflicts found in Chapter 2. Chapter 4 demonstrates the process of interpretation, touches upon the grammar itself, and discusses about perspectives of form and meaning. Chapter 5 states the conclusion of this thesis and also proposes to the future Japanese education. In conclusion, taking from the point of view of perspectives to observe passive voice and receiving expression in Japanese, it can be defined that the existing theory of disadvantages and advantages is not evaluated by the grammatical forms. First, speaking of the passive voice “(ra)reru” is the form that shifts attention from the active doer to the passive receive. It can be understood as a grammatical manipulation; therefore, the grammatical passive voice does not necessarily means disadvantages or victimized situations. On the other hand, the receiving expressions, “te-ageru,” “te-morau,” and “te-kureru,” are expressing the doer’s intention of doing something that is nice to the others. However, because of the misinterpretation of putting the focus at the results rather than the doer’s intention, the connection to benefits and favors appeared. To sum up, passive voice and receiving expression are demonstrating the definition of perspectives. They are defined by the subjective opinions based on the verb and context. Finally, the importance to separate the discussion of grammar forms and meanings is worth attention, and in Japanese education, forms and meanings should be separated as well.

Thesis (Ph.D.)--York University, 2003. Graduate Programme in English.
Typescript. Includes bibliographical references (leaves 217-228). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://gateway.proquest.com/openurl?url%5Fver=Z39.88-2004&res%5Fdat=xri:pqdiss &rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:NQ99215

Project Work presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
A volatilidade das taxas de juro tem consequências diretas no valor dos cash‐flows presente e futuros. Desta forma, as Instituições bancárias estão particularmente expostas ao risco de taxa de juro. O objectivo do presente trabalho consiste em analisar as rubricas que compõem o Balanço de um Banco Central Nacional e consequentemente identificar os gaps existentes entre o activo e o passivo. Após a identificação desses mesmos gaps é estudado um modelo de imunização do Balanço de forma a corrigir os gaps apresentados.
The volatility of interest rates there are direct consequences on the value of present and future cash flows. In this way, banking institutions are particularly exposed to interest rate risk. The objective of this work is to analyze the items that make up the National Central Bank Balance sheet and, consequently, to identify the gaps between the assets and the liabilities. After identification of these gaps, the immunization of the Balance sheet was studied in order to correct the presented gaps.

Social Media play a huge role nowadays. With brands entering this spectrum, it is also possible to influence purchasing decisions and consumer behaviour. Also, tourism rates increased worldwide. Today, users research online before booking and even travelling. This is especially important in the luxury segment of fivestar hotels where the price is high. In this five-star segment, the brand pages on Facebook have a large fan base but a small engagement rate. This means that despite being an open channel, users don't interact with the brand or others on the brand page. Thus, this is important as engaged users produce user-generated content that gives strength to the brand and inspires other users. To understand this lack of engagement, I conducted semi-structured interviews in Lisbon. The results showed that the primary motivators for an active role on the brand page are: perceiving high levels of brand humanisation; also, perceiving advantages for participating (e.g. information, discounts, inspiration, etc.); and finally, some level of selfcongruity. Furthermore, the users that don't become more involved have profound privacy concerns to what happens to their data and profiles. Also, they're very aware of other people's opinions towards their brand preference. By understanding these motivations that drive the shift to active participation, brands can learn about the type of language and contents that their audiences search for. If they learn and apply this knowledge, it is expected that they grow their online engagement and positive word-of-mouth.
As redes sociais têm um crescente papel no dia-a-dia. Com as marcas a invadirem este espectro, estas plataformas são influenciadoras do comportamento do consumidor. Também o turismo cresceu exponencialmente nos últimos anos. Para marcar uma viagem, os utilizadores procuram online antes de comprarem. Isto é fulcral de se estudar, nomeadamente no segmento de luxo de hotéis de cinco estrelas em que o preço é elevado. Estes hotéis no Facebook têm muitos fãs, contudo, a interação é pouca. Isto significa que, apesar de o Facebook ser um canal aberto, os utilizadores não usufruem em pleno. Esta é uma importante temática pois utilizadores envolvidos, significa conteúdo de cocriação que valoriza a marca e inspira outros. Para perceber este fenómeno do envolvimento, conduzi entrevistas semiestruturadas em Lisboa. Os resultados mostram que os principais motivadores para um utilizador ser ativo são: a humanização da marca; a perceção de vantagens (ex. mais informação, descontos, inspiração, etc); e também deter alguns níveis de congruência de personalidades com a marca. Adicionalmente, os utilizadores que não participavam tão ativamente demonstraram elevados níveis de preocupação com a privacidade e com o que acontecia às suas informações pessoais, ou mostraram-se preocupados por saber que os seus pares avaliam a sua preferência/interação com as marcas. Ao percebermos estas motivações que levam à passagem para uma participação ativa, as marcas podem aprender sobre o tipo de conteúdos que as suas audiências procuram e valorizam. Caso apliquem, terão tendência para aumentar a interação na sua página e o passa-palavra eletrónico sobre si mesmas.

Проаналізовано Аналіз кредитного ринку України, Характеристика фінансового стану та результатів діяльності банківської установи, Практика мінімізації кредитного ризику в акціонерному банку "Південний", Зарубіжний досвід щодо мінімізації кредитного ризику Запропоновано Практичні аспекти організації системи захисту від кредитного ризику в акціонерному банку "Південний".
The analysis of the credit market of Ukraine, Characteristics of the financial state and results of the banking institution, The practice of minimizing credit risk in the joint-stock bank "Pivdennyi", Foreign experience in minimizing credit risk is analyzed. Practical aspects of organization of the system of protection against credit risk in Joint-Stock Bank "Pivdennyi" are offered.

In support of a short dissertation entitled - "A critical review of the source and residence principles of taxation of income : A place for both principles in the South African tax system?" Qbjeetives To review and critically examine the application of the source and reside.nce principles regarding the taxption of income in South Africa, and to reveal the extent of the existence and application of a hybrid tax system in respect of the source and residence principles. To examine the legal principles and policy considerations arising from the existence of a hybrid tax system, inter alia, in the context of the Fifth Interim Report of the Katz Commission and consequent legislative developments. with a view to recommending. where appropriate, tax reform. Methodology iDd AQProach A review of relevant authority,liter@ture, principles and legislation. Conclusion To draw conclusions and recommendations regarding the merits of adopting a hybrid system in South Africa and, where appropriate, recommend legislative reforms particularly with regard to business income.
Mercantile Law
LL.M. (Mercantile Law)