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1
Tan, Yen Keng, University of Western Sydney, College of Law and Business e of Construction Property and Planning School. "Strategic investment issues for listed property trusts". THESIS_CLAB_CPP_Tan_Y.xml, 2004. http://handle.uws.edu.au:8081/1959.7/623.
Testo completoAbstract (sommario):
In the context of Listed Property Trusts (LPTs), three strategic investment issues have received considerable prominence in recent years. This thesis focuses on both the quantitative and qualitative aspects of these three strategic investment issues. 1/ the role of international property in LPTs 2/ the effect of stapled-securities management structure 3/ the performance of property securities funds. The three investment issues are assessed in some detail. The findings of the research suggest that the addition of international LPTs in the Australian LPT portfolio has resulted in significant diversification gains. The findings of the mixed-asset portfolio analysis suggest adding international LPTs to the Australian mixed-asset portfolio.Portfolio performance improved considerably. Mixed-asset portfolio performance is further enhanced when direct property is included. It is evident from the study that the property research discussed has led to the development of new LPT methodologies and a fuller understanding of the investment dynamics of the LPT sector in Australia.Doctor of Philosophy (PhD)
2
Coghlan, Julian. "An analysis of property trusts in Australia /". Title page, contents and introduction only, 1985. http://web4.library.adelaide.edu.au/theses/09EC/09ecc676.pdf.
Testo completo
3
Tan, Yen Keng. "Strategic investment issues for listed property trusts". Thesis, View thesis, 2004. http://handle.uws.edu.au:8081/1959.7/623.
Testo completoAbstract (sommario):
In the context of Listed Property Trusts (LPTs), three strategic investment issues have received considerable prominence in recent years. This thesis focuses on both the quantitative and qualitative aspects of these three strategic investment issues. 1/ the role of international property in LPTs 2/ the effect of stapled-securities management structure 3/ the performance of property securities funds. The three investment issues are assessed in some detail. The findings of the research suggest that the addition of international LPTs in the Australian LPT portfolio has resulted in significant diversification gains. The findings of the mixed-asset portfolio analysis suggest adding international LPTs to the Australian mixed-asset portfolio.Portfolio performance improved considerably. Mixed-asset portfolio performance is further enhanced when direct property is included. It is evident from the study that the property research discussed has led to the development of new LPT methodologies and a fuller understanding of the investment dynamics of the LPT sector in Australia.
4
Tan, Yen Keng. "Strategic investment issues for listed property trusts /". View thesis, 2004. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20050223.131622/index.html.
Testo completo
5
Makatsane, Ntseno P. "A performance comparison of specialised (industrial) and non-specialised real estate investment trusts in South Africa". Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/30049.
Testo completoAbstract (sommario):
There is a belief that anything that is specialised tends to outperform the diversified counterparts and this study investigates if this proposition applies in the property industry, specifically the REIT (Real Estate Investment Trust) market in South Africa (SA). The norm is to apply a quantitative methodology when assessing performance but this study follows a qualitative approach in comparing the overall performance between specialised and diversified REITs in SA using non-quantitative metrics. A mix of specialised and diversified REITs in SA were sampled and a multiple case study analysis was done after interviewing senior management in four REITs. A total of four interviews were done with five respondents across four cases. These cases were then analysed using thematic analysis. The respondents were asked questions relating to the REIT they are working for, industrial specialised and diversified REITs performance and the SA property market as a whole. The overall findings suggest that diversified REITs may outperform the specialised REITs in SA currently however, this conclusion depends on a lot of factors. These factors include the analysis time of reference, the economic status of the country (for example, recession), the size of the REIT, the company gearing level, how that specific sector is performing at that particular time relative to others and the management efficiency level. The growth of e-commerce plays a vital role as a factor as well because it is said to be replacing the brick and mortar retail industry therefore, its influence affects the specialised industrial sector performance. For further research, a similar study with a quantitative approach can be considered in order to add to the SA REIT body of knowledge. Furthermore, research on the performance of property companies before and after attaining REIT status could be investigated to determine the REIT status effect on the company. To add on to the SA REIT literature, performance between REITs in different sectors and provinces could be explored.
6
Olcese, Tomás. "Formação histórica da real property law> inglesa: tenures,estates, equity & trusts". Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/2/2131/tde-29082013-140556/.
Testo completoAbstract (sommario):
A real property law inglesa é um tema pouco estudado na tradição jurídica de base romanística, e menos ainda no Brasil. Mesmo a literatura comparatística tem minimizado, ou mesmo omitido, o estudo abrangente das fontes inglesas ao analisar o tema, resultando na ausência de trabalhos escritos desde uma perspectiva do direito privado continental que analisem com maior profundidade os principais elementos formativos dos direitos reais sobre bens imóveis de matriz inglesa. As referências e alusões ao sistema do common law, contudo, são hoje cada vez mais freqüentes nos ordenamentos de matriz civilística, principalmente em razão da maior interação entre ordenamentos pertencentes a sistemas jurídicos de tradição histórica diversa. Portanto, para estabelecer diálogos relevantes, deve-se dedicar atenção especial aos principais elementos de formação do sistema de direito inglês, de modo a desvendar sua particular estrutura e terminologia. O primeiro passo para estabelecer esse diálogo é conhecer os elementos que deram origem ao sistema do common law. Dado o forte vínculo do direito inglês com a sua história, torna-se necessário o estudo da real property law por meio de uma análise das suas fontes históricas que revele tanto a estrutura conceitual quanto o sentido das expressões e dos institutos mais típicos do sistema do common law. É esse estudo que pretendemos realizar neste trabalho, mediante a análise da formação histórica das tenures, dos estates, da equity e dos trusts. Uma pesquisa baseada nas fontes relativas à formação da real property law traz a vantagem adicional de fornecer uma visão ampla acerca da natureza e o funcionamento do sistema do common law como um todo, na medida em que o desenvolvimento primário do direito inglês esteve associado à estrutura dos direitos reais sobre bens imóveis na Inglaterra. Desse contexto derivam, em larga medida, as particularidades e as características que tornam o sistema do common law, em muitos aspectos, diverso dos sistemas jurídicos de tradição romanística. A busca por uma aproximação entre os sistemas pertencentes a essas duas tradições jurídicas exige uma compreensão dos elementos que deram origem à diversidade entre elas. Nossa proposta é, justamente, identificar esses elementos e torná-los compreensíveis desde uma perspectiva civilística, por meio de uma análise das fontes inglesas mais relevantes para o tema.English real property law is not a subject very often studied in the legal tradition based on Roman law, and even less so in Brazil. Even comparative writers have tended to minimize, if not altogether omit, a comprehensive study of the English sources when discussing the subject, resulting in a lack of literature, written from the perspective of continental private law, that analyses in greater depth the main formative elements of the law of real property based on the English legal model. The references and allusions to the common law legal system, however, have become increasingly more frequent in civil law contexts, largely due to the greater degree of interaction between legal systems belonging to different historical traditions. Thus, in order to establish meaningful dialogues, special attention must be given to the main factors that shaped the English legal system, thereby unveiling its specific structure and terminology. The firs step towards establishing such a dialogue is to understand the elements that gave birth to the common law legal system. Given the strong connection English law has with its history, it is necessary to study the real property law through an analysis of its historical sources, which will reveal the conceptual structure and the meaning of the most typical expressions and institutions of the English legal system. That is the task undertaken herein, to be accomplished through the study of the historical inception of the doctrine of tenures, the doctrine of estates, equity and trusts. A study based on the sources regarding the formation of the real property law brings the additional advantage of providing a broad outlook on the nature and operation of the English legal system as a whole, as the primary development of English law was associated to the structure of rights over land in England. That context is the cause, to a large extent, of the peculiarities and characteristics that make the English legal system, in many ways, different from legal systems based on Roman law. The pursuit for a closer interaction between the legal systems that belong to those two legal traditions requires an understanding of the elements that determined their differences. The object of this research is to identify those elements and make them comprehensible from a civilian perspective, by means of an analysis of the most relevant English sources on the subject.
7
Daniels, Joseph A. "Securitizing spectacle : property, real estate investment trusts, and the financialization of retail space in Singapore". Thesis, University of British Columbia, 2015. http://hdl.handle.net/2429/55203.
Testo completoAbstract (sommario):
In this thesis I explore several intersections of the work on financialization, urbanization, the real estate financial nexus, and spectacle urbanism. Taking the recently formed Singapore real estate investment trust (REIT) market as its case, this thesis contributes to efforts to build out our understanding of the consequences of urban financialization: among them, argued here, being the production of ‘spectacle urbanism’ as an everyday experience in retail spaces. Entangled within state initiatives to develop Singapore as a leading financial center, the REIT market was initiated in 2002 as part of a wider effort to deepen financial markets in the city-state. Its existence has become a current political issue in parliament, manifestly centered upon the politics over claims to property and its seeming capture by financial actors as a “purely financial asset”. And it is here that the thesis begins in Chapter 1 to outline the contemporary relevance of this study. In Chapter 2 I argue that urbanizing financialization—that is to concern ourselves with financialization and urbanization as interdependent processes—is necessary for understanding the spatial dynamics of financialization. The strategic starting point is to focus upon the material and spatial processes that enable property to be treated as a “pure financial asset”. In Chapter 3, drawing upon interviews conducted in the Singaporean REIT market, I demonstrate the material and spatial process that REIT managers concern themselves with to realize property as a ‘pure financial asset’, guided by the notion of producing liquidity or ‘unlocking value’. Chapter 4 considers the effects of these processes and argues that a constructive dialogue is to be had between the work on spectacle urbanism and financialization. I argue that not only does financialization accelerate spectacle urbanism, but that this in turn largely sustains urban financialization in a recursive process. Finally, the thesis concludes with a reflection upon the implications of the empirical chapters and the ‘politics’ of this research—highlighting the urgency of future research on the role of the state in creating these infrastructures of financialization.Arts, Faculty of
Geography, Department of
Graduate
8
Rickens, Carl. "An investigation into South African property unit trusts: do active managers add value to investors?" Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33011.
Testo completoAbstract (sommario):
Active vs passive management is a central debate within asset management, with active managers promising superior market beating performance after fees through their superior knowledge and stock selection. This study investigates the performance of 34 South African property unit trusts over multiple periods between 2005 and 2018. Fund performance was evaluated using three risk-adjusted measures, namely the Sharpe ratio, information ratio and Jensen's alpha, in order to determine whether there is significant outperformance amongst the funds. The benchmark used to compare performance was the South African Listed Property index (SAPY), which is the most common and well established proxy for the South African property market. The sample was divided into three periods, long term 2005-2018, medium term 2008-2018 and short term 2015-2018. In all periods, outperformance of active funds were shown to be inconclusive, with only a small number of funds showing significant positive alphas and significantly high Sharpe and information ratios. A small number of funds achieved outperformance across multiple periods. On average significant outperformance was uncommon and inconsistent. Furthermore, a number of funds achieved significant underperformance over multiple periods, with inferior risk-adjusted returns and alphas compared to the benchmark. However, the volatility of fund returns were shown to be less than the benchmark on average in all periods, indicating that active managers were able to reduce volatility compared to the benchmark. In the more recent short term period, performance of the active funds were especially low with many negative alphas' present. The best performing fund across multiple periods was shown to be a risk parity portfolio of property stocks, which achieved significantly higher returns whilst having lower volatility than the benchmark and other funds. Ultimately the results suggest that active managers in the sector do not provide sufficient evidence for outperformance. Hence investors are better of making use of passive indices or a risk parity portfolio if they are looking for exposure to South African listed property. This is in line with other international studies which have also found that active management in the property industry does not provide significant and consistent outperformance. These results provide useful insight to property investors in South Africa and contribute to the debate between active vs passive management within the financial literature.
9
Mtonga, Edwin Madalo. "A critical appraisal of the current anti-money Laundering laws of Malawi with specific focus on trusts". Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5190.
Testo completo
10
Kishore, Rohit, University of Western Sydney, College of Law and Business e of Construction Property and Planning School. "The Impact of size and value effects on listed property trust performance". THESIS_CLAB_CPP_Kishore_R.xml, 2004. http://handle.uws.edu.au:8081/1959.7/468.
Testo completoAbstract (sommario):
The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct.Doctor of Philosophy (PhD)
11
Gouret, Camille. "L'administration fiduciaire : Contribution à l'étude de la fiducie". Thesis, Montpellier, 2017. http://www.theses.fr/2017MONTD052.
Testo completoAbstract (sommario):
Arrivée à ces noces d’étain, la fiducie continue de déranger autant qu’elle déroute. Alors que tout oppose la prétendue propriété fiduciaire de la propriété, la doctrine, presque à l’unisson, défend ce mariage contre-nature. Pour administrer le patrimoine créé pour l’occasion, le fiduciaire se verrait confier la toute puissance d’un propriétaire, qu’il faudrait immédiatement s’empresser de contenir pour que fiduciant et bénéficiaire ne se retrouvent pas démunis face au fiduciaire roi dans son royaume. Pourquoi persister en ce sens ? N’est-il pas possible de puiser dans nos catégories juridiques au lieu de les épuiser ? Assurément, la réponse est positive. En replaçant l’affectation voulue par les parties au contrat au cœur de l’opération et en acceptant de sortir des sentiers battus, il est possible de rendre au fiduciaire sa véritable place, celle d’un administrateur de patrimoine doté de pouvoirs propres. L’analyse alternative proposée permettra à la fois d’éclairer le régime applicable, de lever certaines zones d’ombre et d’accroître l’efficacité de l’opération, en offrant au fiduciant et au bénéficiaire les moyens de faire face à un fiduciaire peu scrupuleuxIntroduced in the french law since ten years yet, the french trust, as know as « fiducie », keeps destabilising. While everything seems oppose that so-called fiduciary property and the real property, the doctrine preaches for assimilation. To manage the fiduciary estate, the trustee is said to own the whole power as a proprietor, but wich has to be straight away limited to spare the settler and the sestui que trust findind themeselves helpless in front of a powerfully trustee. Why then to prevail in this way ? Isn’t it possible to deal with others mechanism of the legal arsenal instead of altering it ? Doubtlessly, a positive answer has to be given. To focus attention on the allocation (affectation) and to depart from the beaten tracks, allow to take back the trustee his rightful palce : he is an estate manager provided with inherent powers. The analyse suggested succeed in explaining the legal regime, clarifying doubts and increasing effectiveness thanks to means for settler and sestui que trust to deal with a careless trustee
12
Kruger, Marko. "Transformation from property loan stocks to real estate investment trusts and the resulting influence on international diversification". Diss., University of Pretoria, 2009. http://hdl.handle.net/2263/67753.
Testo completoAbstract (sommario):
South Africa has made a recent transformation from Property Loan Stock companies and Property Unit Trusts to the internationally recognised Real Estate Investment Trust structures. The locally listed companies that decided to adopt this structure should experience increased global interaction. This study focused primarily on the international direct or indirect real estate investments made from a South African Real Estate Investment Trust perspective. When conducting this investment, the respective companies must obtain financing for the investments, which will have an impact on capital and shareholder structure. The capital structure acts as an umbrella term that includes the shareholder’s equity and debt of a company. The study mainly focused on long-term debt. The shareholder structure focuses on the equity of South African Real Estate Investment Trusts in depth and determines if international activity had taken place. Global investments usually have a structure through which money is transferred to foreign countries to execute an investment. This is predominantly referred to as the company structure. The top 13 Real Estate Investment Trusts, by market capitalisation, were examined to first determine whether international investment took place and secondly whether their company structure experienced change after foreign property investments had been made. Emphasis was placed on the risks involved during the international investment process, the reason for company structure changes, as well as the benefits associated with these decisions. The various direct and indirect impacts that the previous themes have on the bottom line of a specific South African Real Estate Investment Trust were also explored, should these investors choose to capitalise on a global scale.Dissertation (MSc (Real Estate))--University of Pretoria, 2017.
Construction Economics
MSc (Real Estate)
Unrestricted
13
Manie, Latiefa. "The South African law of trusts with a view to legislative reform". University of the Western Cape, 2016. http://hdl.handle.net/11394/5349.
Testo completoAbstract (sommario):
Doctor Legum - LLDMore than twenty years have passed since the Trust Property Control Act 57 of 1988 came into operation. Although the Act provided context, clarity and regulation in certain areas of trust law, it is apparent that there exists a pressing need to develop statutorily the law of trusts more extensively. To this end, the research has a dual objective: Firstly, to identify those areas of South African trust law that are not currently regulated statutorily but for which, by reason of extensive and, at times, controversial jurisprudential development, such regulation is now essential. Secondly, to analyse critically the Trust Property Control Act in its current form in order to determine the utility of its provisions, particularly in light of jurisprudential development since the Act’s commencement. The purpose of the study is to formulate comprehensive recommendations for legislative reform in the area of South African trust law.
14
West, Matt. "The feasibility of establishing a diversified hotel property fund on the Johannesburg Stock Exchange". Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50491.
Testo completoAbstract (sommario):
Thesis (MBA)--Stellenbosch University, 2005.ENGLISH ABSTRACT: This study explores the feasibility of establishing a diversified hotel property fund (DHPF) on the Johannesburg Stock Exchange. To be launched in 2005/2006, the proposed unit trust fund is made up of a diversified portfolio of hotels located throughout South Africa. Research suggests that Hotel Property Funds have traditionally been the most volatile of Real Estate Investment Trusts (REITs) with their share value largely dependent on hotel revenue. However, investing in HPFs and REITs have numerous advantages such as their stipulated 90% dividend-payout ratio, steady stream of cash flow and zero corporate income taxes. The Property Unit Trust sector in South Africa in 2003 realised annualised rates of returns of 39%, and furthermore, the economic outlook and hotel industry sector show promising signs with economic growth rates for 2004 and 2005 reaching 4% and 5% respectively. This study thus considers whether a hotel property fund will succeed in South Africa and what returns investors can expect. By drawing on empirical and primary research and lessons learnt from international best practices this ground-breaking report identifies and analyses key performance variables of HPFs and REITs and applies them to a South African context. These variables include; capital structure, investment strategy, risk and return, Net Asset Value (NA V) and initial public offerings (IPO's). The report establishes that there is no optimal capital structure for REITs and only when the market reacts to the issuance of debt can one tell if the REIT is favourably structured or not. Concerning investment strategy, investors are in general, often lured to a diversified portfolio, however this report suggests that there is no optimal strategy for investing in REITs. In addition, over a medium to long term, REIT performance is strong, while over the short term performance is varied impacting on investor strategy. In assessing risk and return it was concluded that including REIT shares in an already diversified portfolio, the maximum expected return for each given level of risk is increased, and the level of risk for each level of expected return is reduced. Furthennore, the performance of RElTs is not necessarily detennined by size or Net Asset Value and thus small and large REITs can offer investors similar returns. Finally, initial-day returns for industry lnitial Public Offerings (lPO's) easily outperfonn REIT lPO's. Similarly to RElTs, there are numerous advantages to Hotel REITs which include, unlocking and redeployment of capital, investment spread and risk reduction and the provision of synergies between counter cyclical performing properties. However, empirical research indicates that Hotel REITs prove to be the most volatile of REIT sectors. Hotel REITs differ enonnously from their parent group in terms of their revenue & earnings which are more diverse in source and are generated from short-tenn leases. As such. Hotel REITs are also considered to be more management intensive. As with REITs there is no evidence to suggest an optimal capital structure and with the envisaged 50% debt ratio, the DHPF could be considered to be following international best practices. Several drawbacks with Hotel REITs include the lowest dividend yield among all RElT sectors, high volatility in income earnings, sensitivity to upswings and downturns in the tourism market, large capital investments and fixed operating expenses for staff and infrastructure. However despite these obstacles and in answer to the research problem, the prospects of the DHPF succeeding in South Africa are very high indeed. The REIT and Hotel REIT markets have proved successful throughout major capital markets, providing investors with a multitude of benefits. South Africa's economic and tourism climate is very favourable. The Property Unit Trust (PUT) sector has performed immensely well and investors can expect a healthy return which, as shown, is considerably higher than other investments. Finally, the fund is being spearheaded by a high calibre DHPF management team, which is key to the listing and management of the fund.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die moontlikheid om 'n Diverse Hotel Eiendomsfonds (DHEF) op die Johannesburgse Aandelebeurs te loods. Die huidige aanvangsfase sal in 2005/2006 wees, en sal bestaan uit 'n portfolio van verskillende hotelle wat reg oor Suid-Afrika versprei is. Die navorsing toon dat hoteleiendomsfondse tradisioneel die mees veranderlikste van die Eiendoms Beleggings Trusts (EBT) was en dat die aandeel waarde hoogs afhanklik is van die hotel se inkomste. Nieteenstaande, het investering in DHEFs en EBTs 'n verskeidenheid van voordele soos die voorgeskrewe 90% dividend uitbetalingspersentasie, 'n bestendige kontantvloei en geen korporatiewe inkomstebelasting nie. Die eiendomsbeleggingsfondse sektor in Suid-Afrika het gedurende 2003 'n jaarlikse groei van 39% getoon, en verder beloof die ekonomiese uitkyk in die hotel bedryf om tussen 4% en 5% gedurende 2004 en 2005 onderskeidelik te groei. Gegewe die inligting, is die vraag dus of 'n hoteleiendomsfonds sukses kan behaal in Suid-Afrika en watter opbrengs beleggers kan verwag. Deur na primere empiriese navorsing, sowel as lesse wat geleer is deur beste internasionale praktyke, te bestudeer, identifiseer hierdie verslag sleutel prestasie veranderlikes van EBTs en DHEFs plaas dit in konteks van Suid-Afrika. Hierdie veranderlikes sluit in: kapitaaistruktuur, beleggingsstrategie, risiko en terugkeer, Bruto Bate Waarde (Net Assest Value) (BBW) sowel as aanvanklike openbare aanbod (Initial Public Offering) (AOA). Daar is bevind dat daar geen optimale kapitaalstruktuur vir DHEFs bereken kan word nie. Verder word aangetoon dat daar slegs bepaal kan word of EBTs se struktuur voordelig is wanneer die mark reageer op nuwe skuld wat aangegaan is. Wat beleggingsstrategie betref, is beleggers oor die algemeen meer aangetrokke tot 'n diverse portefeulje van beleggings. Hierdie verslag bevind egter dat daar geen optimale strategie is om in EBTs te bele nie. Daar word verder bevind dat medium- tot langtermyn opbrengste goed vertoon, terwyl prestasie oor die korttermyn wisselvallig is wat gevolglik 'n invloed op beleggers se strategie het. In waardering van risiko en wins, is dit bepaal dat die insluiting van EBT aandele in 'n diverse portfeulje, die maksimum verwagte opbrengs vir elke vlak van risiko verhoog en dat die vlak van fisiko vir elke vlak van die verwagte opbrengs verlaag word. Verder is daar bevind dat die prestasie van EBTs nie noodwendig bepaal word deur batewaarde of -groote nie en klein EBTs kan beleggers vergelykende opbrengste bied. Eerstedag opbrengs vir industriele AOAs presteer beter as die van EBTs. Soortgelyk aan EBTs is daar verskeie voordele aan hotel EBTs wat die ontsluiting en herontplooiing van kapitaal, beleggingsverspreiding en risikoverlaging insluit. Empiriese navorsing dui aan dat hotel EBT's die mees onstabiele van die EBT sektor is. Hotel EBT's verskil wesenlik van ander EBTs in terme van opbrengs en verdienste wat meer divers is in oorsprong en gegenereer word deur korttermyn huurkontrakte. Hotel EBTs word ook gesien as meer bestuursintensief. Net soos met EBTs is daar geen bewyse dat daar 'n optimale kapitaalstruktuur bestaan nie en met die verwagte 50% skuld verhouding, volg DHEF wereldwye beste praktyk. Daar is verskeie nadele aan hotel EBTs, insluitend die laagste dividenduitkeer onder alle EBT sektore, hoe vlakke van onstabiliteit in verdienste, sensitiwiteit vir opswaai en afloop in die toerismemark, groot kapitaalbelegging en hoe vaste operasionele uitgawes op werknemers en infrastruktuur. Die gevolgtrekking is dat ten spyte van negatiewe faktore, die vooruitsig dat DHEF in Suid-Afrika sal slaag, hoog is. Die EBT en hotel EBT mark het bewys dat dit suksesvol is in talle ander groot kapitaalmarkte wat beleggers met 'n verskeidenheid van voordele kan voorsien. Suid-Afrika se ekonomiese- en toerismevooruitsig is baie positief. Die Eiendoms Eenheids Fonds (EEF) sektor het goed vertoon en beleggers kan 'n gesonde opbrengs verwag wat, soos aangedui word, aansienlik hoer is as ander beleggings. Die fonds word gedryf deur 'n hoe kaliber bestuurspan wat krities is tot die notering en die bestuur van fondse.
15
Cutts, Tatiana. "The role of tracing in claiming". Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:5000c8bc-8fd4-4889-b13d-f0ad714e947f.
Testo completoAbstract (sommario):
The central tenet of tracing theory is that in certain circumstances it is possible to show that one asset stands in the place of another, such that any claims in relation to the original asset can be transmitted to its substitute. Since at least 2001 academic and judicial orthodoxy has been that this is done by following the path of value from one asset to the other, and can be aided in more complex cases by the application of evidential rules or presumptions. These ideas are at the heart of existing accounts of proprietary claims against trustees who deal with trust assets without authority, and personal and proprietary claims against strangers to the trust. They are also at the heart of calls to 'unify' the rules of tracing at law and in equity, removing existing distinctions drawn between claimants who are owed fiduciary duties and those who are not. In this thesis it is argued that there are no independent processes of following and identifying value, and that the language of 'tracing value' has lent the appearance of neutrality and conceptual unity to disparate heads of fiduciary and non-fiduciary liability. Most importantly, it has led to the assumption that in any case in which a claimant can demonstrate that a series of transactions links some right in the defendant’s hands with a right previously held by or for the claimant, the claimant can claim that right. In this thesis it is argued that far from creating an arbitrary practical obstacle for claimants seeking to trace and locate value, the fiduciary relationship is at the heart of the justification for any claim that exists to a new right in the hands of someone else.
16
Chuweni, Nor Nazihah. "Performance analysis of Malaysian Islamic real estate investment trusts: The management approach to best practice". Thesis, Queensland University of Technology, 2018. https://eprints.qut.edu.au/118620/1/Nor%20Nazihah_Chuweni_Thesis.pdf.
Testo completoAbstract (sommario):
A real estate investment trust (REIT) is a fund that predominantly invests in income-producing assets. Islamic REITs, an alternative investment, must observe an additional layer of Sharia requirements. This study is the first to provide analysis addressing the Sharia compliance effect in developing a best practice model. Malaysian Islamic REITs were found to exhibit persistently higher efficiency performance than conventional REITs, implying that Sharia requirements do not hinder their efficiency performance. This study extends current knowledge about performance measurements for the under-researched Islamic REITs market, which would be of great interest to REIT investors, policy makers, and managers.
17
Van, der Mescht Elizabeth. "Limited interests in property an overview of limited interests in property with particular reference to the taxation of usufructs and more specifically the capital gains tax effects on disposal for individuals and for trusts". Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12202.
Testo completoAbstract (sommario):
Includes abstract.Includes bibliographical references.
The aim of this dissertation is to provide an overview of limited interests in property with particular reference to the taxation of usufructs and more specifically to the capital gains tax effect on disposal for individuals and trusts.
18
Ball, Eli Byron Stuart. "Enrichment at the claimant's expense : attribution rules in unjust enrichment". Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:dc066712-fd0c-4d4f-81ad-dfbbb1805acf.
Testo completoAbstract (sommario):
This thesis presents an account of attribution in unjust enrichment. Attribution refers to how and when two parties – a claimant and a defendant – are relevantly connected to each other for unjust enrichment purposes. It is reflected in the familiar expression that a defendant be 'enriched at the claimant's expense'. This thesis presents a structured account of attribution, consisting of two requirements: first, the identification of an enrichment to the defendant and a loss to the claimant; and, secondly, the identification of a connection between that enrichment and that loss. These two requirements must be kept separate from other considerations often subsumed within the expression 'enrichment at the claimant's expense' which in truth have nothing to do with attribution, and which instead qualify unjust enrichment liability for reasons that should be analysed in their own terms. The structure of attribution so presented fits a normative account of unjust enrichment based upon each party's exchange capacities. A defendant is enriched when he receives something that he has not paid for under prevailing market conditions, while a claimant suffers a loss when he loses the opportunity to charge for something under the same conditions. A counterfactual test – asking whether enrichment and loss arise 'but for' each other – provides the best generalisation for testing whether enrichment and loss are connected, thereby satisfying the requirements of attribution in unjust enrichment. The law is stated as at 15 March 2014.
19
Sakavičius, Justas. "Problematics of property trust law in Lithuania". Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120118_103532-96991.
Testo completoAbstract (sommario):
This dissertation is the first study in Lithuania to analyse Lithuanian trust of property law. Up to now, no one in legal studies has made any complex academic attempt to examine the genesis of property trust law, to discuss the characteristics of subjects and objects of this property trust law or to identify the most commonly occurring problems. There has been neither any thorough academic study concerning the sub-institutions of property trust law, i.e. the right to hold public property or private property in trust. The aim of the research is to comprehensively and systematically analyse, using foreign examples for comparison, the Lithuanian property trust law model, studying the aforementioned property law both as a coherent institution and as an amalgamation of two legal institutions intended for realisation of public and private ownership respectively. The dissertation also aims to reveal certain theoretical and practical issues and deficiencies in the regulation of property trust law in Lithuania, suggesting ways of filling gaps in Lithuanian law on both public and private property trust cases.Ši disertacija yra pirmasis tyrimas Lietuvoje, analizuojantis Lietuvos turto patikėjimo teisę. Lietuvos teisės moksle iki šiol nebuvo nei vieno kompleksinio mokslinio bandymo, tirti turto patikėjimo teisės prigimtį, aptarti šios daiktinės teisės objektus, subjektų ypatumus, įvardinti dažniausiai pasitaikančias problemas. Nėra išsamių mokslinių tyrimų ir dėl turto patikėjimo teisės atskirų subinstitutų, t. y. dėl viešojo bei privataus turto patikėjimo teisės. Šio tyrimo tikslas yra išsamiai ir sistemiškai, remiantis užsienio teisės patirtimi, išanalizuoti Lietuvos turto patikėjimo teisės modelį, tiriant minėtą daiktinę tiek kaip vientisą institutą, tiek kaip dviejų teisinių institutų, skirtų viešosios bei privačios nuosavybės įgyvendinimui, samplaiką, atskleidžiant teorines bei praktines turto patikėjimo teisės reglamentavimo Lietuvoje problemas ir trūkumus, pasiūlant teisinio reglamentavimo spragų užpildymo būdus tiek viešojo, tiek privataus turto patikėjimo teisės atvejams.
20
Sit, Meng Poh Joyce. "Property trust funds in Singapore : prospects and possibilities". Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/70279.
Testo completo
21
Fouché, Francois Casper. "Implikasies van die bedanking van trustees / F.C. Fouché". Thesis, North-West University, 2008. http://hdl.handle.net/10394/3671.
Testo completoAbstract (sommario):
In a recent judgment by the Free State Provincial Division of the High Court of South Africa it was decided that a trustee who resigns is only relieved from his duties when his name is removed from the letter of authority by the Master of the High Court. This judgment has caused many questions to be raised regarding the implications of the resignation by a trustee.
This judgment and the current legal position of the resigning trustee are investigated in this dissertation. The legal position of the resigning trustee seems to be uncertain, and the mentioned judgment should not be unreservedly accepted as correct. The role and responsibility of the Master of the High Court in this process is considered, as well as the legal position of the resigning trustee, the remaining trustees and third parties contracting with the trust. Certain conclusions are drawn and recommendations are made regarding this aspect of South African trust law.Thesis (LL.M. (Estate Law))--North-West University, Potchefstroom Campus, 2009.
22
Kamchedzera, Garton Sandifolo. "Access to property, the social trust and the rights of the child". Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.627623.
Testo completo
23
Fourie, Michiel Philippus Willem. "Attracting investment into South African property investment vehicles : evaluating tax". Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24354.
Testo completoAbstract (sommario):
South African property investment vehicles consist of collective investment schemes in property (CISPs), also known as property unit trusts (PUTs) and property loan stock (PLS) companies. The application of sections 25B(1), 11(s), 10(1)(k)(i)(aa) and 64B(5)(b) of the Income Tax Act 58 of 1962 (“the Act”) and paragraph 67A(1) of the Eighth Schedule to the Act result in these property investment vehicles being taxed based on their legal form, that of a trust versus a company, rather than on their common purpose. The South African Revenue Service recognised these inconsistencies in the 2007/8 budget tax proposals and proposed that it be reviewed. In December 2007, National Treasury released a discussion paper on the reform of the listed property investment sector in South Africa. The discussion paper is aimed at adopting a real estate investment trust (REIT) regime in South Africa to make South African property investment vehicles more attractive to foreign investors as well as to address the current tax inconsistencies and fragmented regulation of the South African listed real estate sector. In this study, the current inconsistent tax treatment of these property investment vehicles is reviewed, both as to how they apply to the property investment vehicle and to their respective investors. This study further reviews how REITs in selected other countries are regulated and taxed and National Treasury’s proposals as to how REITs applicable in South Africa should be regulated and taxed. CopyrightDissertation (MCom)--University of Pretoria, 2010.
Taxation
unrestricted
24
Xie, Huizhong, e 謝慧中. "Trust transformation and behavioral patterns : peasant resistance under land property conflicts in rural China". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/206450.
Testo completoAbstract (sommario):
Authoritarian China provides a unique context to explore resistance strategies. For one thing, it is alert to both institutionalized resistance and non-institutionalized one. For another, China is different from traditional authoritarian state due to the change of state legitimacy. It now gains support from the public by economic performance rather than ideology control, making it tolerant of resistance claiming for economic requests. Previous literatures have discovered different types of peasant resistance. However, they fail to highlight the diversity in peasant resistance that different types co-exist. Furthermore, prior studies seldom focus on analyzing the rationale behind peasant behaviors.
This thesis examines the state–society relationship by exploring peasant resistance to land conflicts in rural China. Trust in the state is an important intermediate variable that shapes peasant responses to state policy. Through 4 months of ethnographic fieldwork and semi-structured interviews with 45 land-lost peasants in 2 villages, the study finds an interplay between peasant trust and behavior toward state policy. More specifically, the way people trust the central government leads to different resistance strategies. This study uncovers four types of trust in the central government and shows how they lead to specific social actions in terms of intention and capacity: Justice Bao (morally good intention and large capacity), Judge (legally just and large capacity), Clay Bodhisattva (good intention and small capacity), Monster (bad intention and large capacity). Accordingly, peasants develop four types of behavioral patterns based on the trust types: state-dependent and norm-based, state-dependent and policy-based, self-dependent and policy-based, self-dependent and norm-based. It also investigates the opposite process of how those actions lead to a reshaping of trust in the state. In other words, this study places the evolution of trust in a cyclic lifetime learning model where trust shapes behavior and is in turn reshaped by the consequences of those behaviors.
This study contributes to the existing literature in three main aspects. Firstly, it identifies that peasant trust in the central government is diverse rather than monolithic as found by current literatures. Secondly, it displays the connection between trust in the state and corresponding behavioral patterns towards the state policy. Thirdly, it enriches the current literature on trust by indicating that trust evolves in a lifetime learning process. It on one hand influences peasants’ behavioral patterns; on the other is reshaped by the consequences of behaviors.published_or_final_version
Sociology
Master
Master of Philosophy
25
Ben, Ali Prieur Nabila. "Les contrats d'exploitation des biens immatériels : étude de droit français et marocain". Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAA022/document.
Testo completoAbstract (sommario):
Les biens immatériels que possèdent les entreprises, sont le plus souvent des droits de propriété industrielle ou un savoir-faire tenu secret. Leur exploitation indirecte, nationale ou internationale, s’effectue à travers la conclusion de différents contrats d’exploitation. Avec la mondialisation, ces contrats sont au cœur de l’économie moderne et constituent l’un des outils de transfert de technologie. Cette thèse propose une analyse globale des contrats d’exploitation des droits de propriété industrielle et de savoir-faire en droit marocain et en droit français. Dans la première partie, on expose leur régime général, en droit des contrats, droit de la propriété industrielle et droit de la concurrence. La deuxième partie propose une analyse unitaire de chaque type de ces contrats dans ces deux systèmes et traite leurs régimes spécifiquesIntangible property owned by companies consists most often of the industrial property rights or a secret know-how. Their indirect exploitation, national or international, is made through the concluding of various contracts of exploitation. With the globalization, these contracts are at the heart of the modern economy and constitute one of the most important tools of technology transfer. This dissertation offers a global analysis of the various contracts of exploitation of the industrial property rights and know-how in Moroccan law and in French law. The first part of the thesis exposes their general regime under contract law, industrial property law and competition law. The second part proposes a unitary analysis, which views the problems raised by each type of these contracts in these two legal systems and treats their specific regimes
26
Jensen, Sean Talbot. "Towards Tools for Achieving Third-Party IP Assurance". BYU ScholarsArchive, 2018. https://scholarsarchive.byu.edu/etd/6691.
Testo completoAbstract (sommario):
Intellectual Property (IP) is used to speed up the design process and save money. The use of IP and complex CAD tools reduce visibility into the design and what is actually happening during synthesis and implementation. All of the complexity makes it easier for an attacker to insert malicious logic or tamper with the design in ways that are difficult to detect. Not very much work has been done towards the creation of tools to facilitate the safe use of 3rd-party IP. This work presents Physical and Functional Assurance, two approaches that aim to accomplish this task through physically and logically identical IP instantiation respectively. The approaches and their results and performance impact are presented across a suite of 53 experiments. The Physical Assurance approach is successful at instantiating the 3rd-party IP in the user design without modification and it is also successful at catching even minute tampers along the way. The Functional Assurance approach is shown to be feasible, but still requires work to become a fully-fledged tool.
27
Pozo, Sánchez Julio, e Flores Carolina Ormeño. "Problematic areas in the real property subjects to a fiduciary domain: sales tax treatment and the provisionary measures". IUS ET VERITAS, 2018. http://repositorio.pucp.edu.pe/index/handle/123456789/123266.
Testo completoAbstract (sommario):
According to Peruvian legislation, through an escrow agreement a trustor transfers under a fiduciary domain in favor of an escrow agent various goods, rights and obligations, which must achieve certain purpose. These will constitute an autonomous patrimony that does not respond any obligation of the trustor and the agent escrow. Despite the clarity of this statement, the authors reveal that indeed there might be different interpretations about this agreement that have practical consequences with the treatment of real properties subject to fiduciary dominion.De acuerdo a la legislación peruana, a través del contrato de fideicomiso, el fideicomitente transfiere en dominio fiduciario a favor del fiduciario diversos bienes, derechos y obligaciones, los mismos que deben ser afectados a la consecución de un determinado fin. De tal manera se constituye un patrimonio autónomo que no responde por las obligaciones del fideicomitente ni del fiduciario. Pese a la claridad de dichas disposiciones, los autores evidencian que en la realidad se presentan situaciones problemáticas de concepto que tienen consecuencias prácticas con el tratamiento de los inmuebles sujetos a dominio fiduciario.
28
Hale, John Patrick. "Rock art in the public trust managing prehistoric rock art on federal land /". Diss., [Riverside, Calif.] : University of California, Riverside, 2010. http://proquest.umi.com/pqdweb?index=0&did=2019830541&SrchMode=2&sid=1&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1274289259&clientId=48051.
Testo completoAbstract (sommario):
Thesis (Ph. D.)--University of California, Riverside, 2010.Includes abstract. Available via ProQuest Digital Dissertations. Title from first page of PDF file (viewed May 19, 2010). Includes bibliographical references. Also issued in print.
29
Fix, Christian. "Die Fiducie-Sûreté : eine Untersuchung der französischen Sicherungstreuhand aus deutscher Sicht". Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAA001.
Testo completoAbstract (sommario):
La thèse qui a été préparée dans le cadre d’une cotutelle est consacrée à la fiducie-sûreté au sens des articles 2011 et s. du Code civil. Elle est rédigée en langue allemande et comporte un résumé en français. La thèse présente le sujet d’un point de vue comparatif. Après un bref aperçu introductif de la fiducie-sûreté, la thèse aborde les questions de la propriété fiduciaire et du patrimoine fiduciaire. Elle examine la question de savoir si la fiducie-sûreté se présente comme une sûreté accessoire à la créance garantie. Le dénouement de la fiducie-sûreté ainsi que les formalités de l’enregistrement et de publicité qui doivent être respectées font l’objet des développements dans les chapitres suivants. Les effets d’une procédure collective sur la fiducie-sûreté sont examinés de manière détaillée. La thèse conclut avec un résumé des résultats les plus importants soulignant les forces et les faiblesses majeures de la fiducie-sûretéThe present thesis is dedicated to the fiducie-sûreté – the security trust in terms of articles 2011 et seqq. of the French Civil Code. The study is written in German and comprises an abstract in French. The author discusses the fiducie-sûreté from a comparative perspective. After providing a short overview of the fiducie-sûreté, the study deals with the questions related to the propriété fiduciaire and the patrimoine fiduciaire. It examines whether the fiducie-sûreté is accessory to the claim secured by this security right. In the following chapters, the work sheds light on the phase of termination of the fiducie-sûreté as well as on the measures of registration and publication which have to be observed. The work then explores the impact of insolvency proceedings on the fiducie-sûreté in its different aspects. The study concludes with a summary of its most important results underlining the strengths and weaknesses of the fiducie-sûreté
30
Takei, Ayaka. "The Jewish people as the Heir : the Jewish successor organizations (JRSO, JTC, French Branch) and the postwar Jewish communities in Germany /". Electronic version of summary Electronic version of examination, 2004. http://www.wul.waseda.ac.jp/gakui/gaiyo/3837.pdf.
Testo completo
31
Åkerblom, Philip. "Strategic management of intellectual property in the field of vehicle autonomy and connectivity : A case study in the truck manufacturing field". Thesis, Uppsala universitet, Institutionen för samhällsbyggnad och industriell teknik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-446021.
Testo completoAbstract (sommario):
The truck manufacturing field is expected to go through a disruptive change in the coming decade(s) due to a predicted implementation of autonomous (self-driving) heavy-duty vehicles. Here, companies face a challenge in that autonomous vehicles (AV) will include technologies and competences from multiple industries. This will most likely have an impact on how companies manage their intellectual property (IP) to protect their inventions if they wish to keep up with the changing market. To do this in the most optimal way, it is argued that a company’s IP-strategy needs to be incorporated into their business strategy. At the same time, studies show that companies are experiencing difficulties in extracting the full potential of their IP-management. Hence, this master thesis aims at investigating how a truck manufacturing company can adapt their IP-management policy in line with future developments within these emerging technologies and how their IP-strategy can become intertwined with their business strategy. Next to a literature review of these fields, the thesis conducts a qualitative case study of a truck manufacturer that intends to be part of this change based on 11 semi-structured interviews. From the empirical results, the company’s decision-making process regarding IP is identified, whereby this thesis suggests four points of improvement that could make their IP-management policy more effective. Further, this study presents three actions that can be taken in a company to incorporate their IP-strategy with their overall business strategy. The study ends with giving suggestions for future research and presenting six managerial implications that would come by implementing the suggestions made in this thesis.
32
Liu, Wei. "Analysis and Development of A Trusted Low Dropout Regulator (LDO) Model For Intellectual Property (IP) Reuse Aiming at System Verification". The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1398967795.
Testo completo
33
Strohschein, Heather. "Between modern dance and intercultural performance the multiple truths of the Bird Belly Princess /". Bowling Green, Ohio : Bowling Green State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=bgsu1182295842.
Testo completo
34
Thebault, Déborah. "Les biens publics en droit anglais". Thesis, Université Paris Cité, 2019. http://www.theses.fr/2019UNIP5034.
Testo completoAbstract (sommario):
Le droit anglais ne connaît ni propriété publique ni service public, personnalité morale de droit public ou dualisme juridictionnel. À défaut, le droit anglais met en œuvre une "échelle" de publicisation des biens. Pour identifier les biens publics, cette étude s'appuie sur l'existence d'un droit public substantiel, qui n'a pas encore fait l'objet d'une reconnaissance formelle en droit anglais. Ce droit public substantiel doit être distingué du judicial review, qualifié par les juristes anglais d'administrative law, mais qui ne constitue qu'un droit public processuel. La substantialité du droit public anglais réside dans l'exorbitance diffuse de règles par rapport au droit commun, lequel comprend les règles de common law et d'equity, mais aussi les règles issues du corpus législatif. Grâce à ce régime exorbitant, nous identifions deux catégories de biens publics sur le fondement des critères organique et fonctionnel. D'abord, les biens sont publics sur le fondement du critère organique, en raison du caractère public de la qualité de leur propriétaire. En droit anglais, il existe, selon nous, deux catégories de propriétaires publics : la Couronne, propriétaire public par les privilèges dont elle bénéficie par la logique organique inhérente au souverain ; et, en raison de l'acception anglaise de la propriété, le public lui-même. Ensuite, les biens sont publics sur le fondement du critère fonctionnel en raison de l'intérêt public poursuivi par leur affectation. C'est le cas des entités ayant un objet charitable, ou bien encore des sociétés privatisées - étant précisé qu'en l'absence de personnalité morale de droit public, la privatisation ne peut être conçue dans son sens continentalAgainst the backdrop of French public law with its separate administrative and ordinary courts, French lawyers often assume that English law does not have a system of public law. This is inaccurate. This thesis aims to demonstrate the existence of a substantive public law in the English legal system. It does so by identifying a number of public assets. Substantive public law should be distinguished from judicial review, which is not substantive but procedural public law. The substance of English public law lies in a multitude of rules that deviate from the rest of the legal system. These rules are found not only in common law and equity, but also in statute and in delegated legislation. From the analysis of these derogative rules, it appears that public assets enjoy privileged legal treatment. This is triggered either by the "publicness" of the asset, such as the Crown or the public itself, or by the pursuit of the public interest, regardless of the public nature of the owner. My research reveals two sets of substantive public law rules applying to public assets. The first comprise adverse possession when applied to Crown lands and town or village greens. The second set encompasses charities, and assets owned by privatised services
35
Pinto, Hania Vanessa. "Les biens immatériels saisis par le droit des sûretés réelles mobilières conventionnelles". Thesis, Paris Est, 2011. http://www.theses.fr/2011PEST0066/document.
Testo completoAbstract (sommario):
Traditionnellement, les biens immatériels sont qualifiés, tantôt de biens incorporels, tantôt de propriétés incorporelles ou intellectuelles, tantôt encore de biens d'exploitation, la plupart de ces qualifications étant insatisfaisantes. En réalité, cette catégorie de biens souffre d'une absence de définition. Pourtant, d'aucuns affirment qu'ils représentent une richesse économique, une source de crédit fantastique pour les débiteurs, et un gage de sécurité pour les créanciers. Or, la législation française semble avoir superbement ignoré les biens immatériels.En témoigne le droit des biens tout d'abord. En effet, à la lecture de l'article 516 du Code civil, selon lequel « tous les biens sont meubles ou immeubles », force est de constater que les biens immatériels ne peuvent être valablement rattachés à la catégorie des meubles ou à celle des immeubles. Les biens immatériels s'opposent aux biens matériels (biens de la nature, matières premières, biens intellectuels tombés dans le domaine public ou dénués de protection au titre du droit de la propriété intellectuelle). Ils désignent les biens qui disposent d'une chose incorporelle et d'un corpus. Nous avons recensé deux natures de biens immatériels : les biens immatériels financiers regroupant les monnaies, les parts et actions sociales, les instruments financiers, les créances et les biens immatériels industriels regroupant les fonds de commerce et les propriétés intellectuelles.En témoigne le droit des sûretés réelles conventionnelles ensuite. Le projet de réforme du droit des sûretés qui a été confié à la Commission Grimaldi fondait de nombreux espoirs. Ayant fait l'objet de très rares modifications depuis l'origine du Code civil, l'édifice s'ébranlait et nécessitait une rénovation. Il s'ébranlait principalement pour trois raisons : la lisibilité notamment parce que le droit des sûretés réelles conventionnelles sur biens immatériels s'est développé en marge du Code civil, l'efficacité et la capacité des régimes envisagés quant à la préservation des intérêts du débiteur et du créancier. Depuis longtemps la pratique et la doctrine dénonçaient une telle complexification et appelaient de leurs vœux aux changements. Malheureusement, l'ordonnance n° 2006-346 du 23 mars 2006 portant réforme du droit des sûretés n'a pas su rassurer. En créant le nantissement comme la sûreté réelle conventionnelle sur biens mobiliers incorporels, sans l'accompagner d'un régime uniforme, elle n'a fait qu'accentuer les inquiétudes et les critiques patentes.Pourtant, nous sommes convaincus de ce que le droit français dispose des remèdes indispensables au sauvetage de la matière. En effet, le nouveau régime du gage, tel que modifié par l'ordonnance n° 2006-346 du 23 mars 2006, comporte désormais un régime adapté aux biens immatériels industriels. Quant à la fiducie-sûreté, consacrée par la loi n° 2007-211 du 19 février 2007, elle a révélé, à travers les expériences observées hors de nos frontières, sa pleine efficacité lorsqu'elle a pour assiette des biens immatériels financiersImmaterial assets are traditionally described either as intangible assets or as intangible or intellectual property, or else as operating assets, but most of those terms are not satisfactory. This class of assets actually suffers from a lack of definition. However, some people state that they represent a form of economic wealth, a fantastic source of credit for the debtors, and a guarantee of safety for the creditors. And yet, French legislation seems to have ignored immaterial assets.This is first and foremost demonstrated by property law. Indeed, according to article 516 of the Code civil, which states that « property is either movable or immovable », one has to admit that immaterial assets cannot validly be linked to movable or immovable property. Immaterial assets are opposed to material assets (property of nature, commodities, intellectual property of the public domain or without protection under intellectual property law). They refer to property that has an object and a corpus. Two types of immaterial assets have been identified: financial immaterial assets, bringing together currencies, units and shares in a company, financial instruments, liabilities and industrial immaterial assets, bringing together business and intellectual property.This is also demonstrated by conventional real-property surety law. The surety law reform project which was awarded to the Grimaldi Commission was the source of significant hope. It had only been rarely amended since the inception of the Code civil and the structure was weakening and needed updating. This weakening had three main grounds : readability first, in particular since conventional real-property surety law on immaterial assets had developed outside of the Code civil, efficiency and capability of the contemplated systems regarding the preservation of the interests of the debtor and the creditor. Practice and doctrine had been denouncing such complexity for long and were calling for amendments. Unfortunately, order n°2006-346 of March 23rd 2006 reforming surety law didn't restore confidence. By creating the lien as the conventional real-property surety on immaterial movable assets without creating a consistent system, it has only emphasized the obvious concerns and critics.However, we are convinced that French law has the means that are essential to save this subject. Indeed, the new system of pledge, as amended by order n° 2006-346 of March 23rd 2006, now has a system that is suitable for industrial immaterial assets. As for the “fiducie-sûreté”, established by Act n° 2007-211 of February 19th 2007, it has revealed that, through the experiences observed abroad, it is fully efficient when it deals with financial immaterial assets
36
Pollock, William J. "The epistemology of necessity". Thesis, University of Edinburgh, 2001. http://hdl.handle.net/1842/4053.
Testo completoAbstract (sommario):
The thesis examines the direct reference theory of proper names and natural kind terms as expounded by Saul Kripke, Hilary Putnam and others and finds that it has not succeeded in replacing some kind of description theory of the reference of such terms - although it does concede that the traditional Fregean theory is not quite correct. It is argued that the direct reference theory is mistaken on several counts. First of all it is question-begging. Secondly, it is guilty of a 'use/mention' confusion. And thirdly, and most importantly, it fails to deal with the notion of understanding. The notion of understanding is crucial to the present thesis - specifically, what is understood by a proper name or natural kind term. It is concluded that sense (expressed in the form of descriptions) is at least necessary for reference, which makes a significant difference to Kripke's claim that there are necessary a posteriori truths as well as contingent a priori truths. It is also argued that sense could be sufficient for reference, if it is accepted that it is speakers who effect reference. In this sense, sense determines reference. The thesis therefore not only argues against the account of reference given by the direct reference theorists, it also gives an account of how proper names and natural kind terms actually do function in natural language. As far as the epistemology of necessity is concerned the thesis concludes that Kripke (along with many others) has not succeeded in establishing the existence of the necessary a posteriori nor the contingent a priori from the theory of direct reference. Whether such truths can be established by some other means, or in principle, is not the concern of the thesis; although the point is made that, if a certain view of sense is accepted, then questions of necessity and a priority seem inappropriate.
37
Zelfelová, Daniela. "Svěřenské fondy - právní, účetní a daňové aspekty ve vybraných státech". Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201995.
Testo completoAbstract (sommario):
The master´s thesis focuses on fiduciary funds (svěřenské fondy) in the Czech Republic and trusts in the Canadian province of Quebec and Great Britain. First, a brief history of these funds and trusts is given, followed by an explanation of their importance, their basic characteristics, and the specific laws pertaining to them, with an emphasis on the differences between civil law and common law. Furthermore, the thesis investigates these trusts for accounting and tax purposes. Throughout the thesis, each chapter is concluded by a comparison of the fiduciary funds in the Czech Republic and trusts in Quebec and Great Britain in order to explore the similarities and differences in each observed area.
38
Le, Moulec Eliaz. "Pour un renouvellement du système répressif dit des atteintes juridiques aux biens". Thesis, Rennes 1, 2019. http://www.theses.fr/2019REN1G001.
Testo completoAbstract (sommario):
Les atteintes juridiques aux biens représentent une part considérable de l’activité criminelle. Les incriminations qui permettent de les sanctionner sont donc appelées à jouer un rôle essentiel. Leur ancienneté aussi bien que leur importance contribuent à expliquer la véritable valeur de modèle qui leur est attribuée par la doctrine pénaliste. Dépassant les limites du droit pénal spécial, elles ont gagné, dans les ouvrages de droit pénal général, le statut d’exemples récurrents. N’est-ce pas le vol, l’escroquerie et l’abus de confiance que la doctrine invoque traditionnellement pour illustrer respectivement les notions d’infraction simple, d’infraction complexe et de condition préalable ? Il n’est pourtant pas certain que ces incriminations soient véritablement à la hauteur de ce rôle « d’exemplarité » que l’on prétend leur faire jouer. Une étude de la littérature donne à voir, au contraire, un pan du droit pénal où les critiques sont devenues aussi nombreuses que puissantes. Le droit de blâmer librement, dont dispose la doctrine selon le professeur GARÇON, y est utilisé à grande mesure. Surtout, il semble n’épargner aucun acteur de la construction juridique : la doctrine ne doute pas seulement de l’œuvre législative et jurisprudentielle mais aussi profondément d’elle-même. Cette thèse envisage alors un renouvellement du système répressif dit des atteintes juridiques aux biens, en puisant notamment, pour ce faire, dans les ressources du droit civil et du droit comparé. Tirant les enseignements d’une étude historique préalable, elle appréhende son objet à l’image d’un système astral constitué d’un cœur autour duquel gravitent des éléments qui le complètent. Elle peut alors initier le renouvellement escompté à partir des incriminations fondamentales de vol et d’abus de confiance qui forment ce cœur et dégager des principes dont elle étudie et traite ensuite les répercussions sur l’ensemble du systèmeJuridical infringements to property represent a considerable part of criminal activity. The incriminations which can enable to punish them have, therefore, to play an essential role. Their significant lifespan as well as their importance contribute to explain their real value as a model, assigned to them by the criminal doctrine. Going beyond the limits of special criminal law, they won, in the general criminal law publications, the status of recurrent examples. Isn’t it to robbery, swindle, and breach of trust that the doctrine traditionally appeal to illustrate respectively the notions of unique offence, of complex offence and of condition precedent? However, it is not sure that those incriminations are truly up to this role of “exemplary nature”, that one claims to make them have. A study of the literature shows, on the contrary, a part of the criminal law where the critics have become extremely numerous and powerful. The right to blame freely, that the doctrine has, according to the Professor GARÇON, is used a lot. In particular, it doesn’t seem to spare any player of the juridical construction: the doctrine doesn’t only doubts the legislative and jurisprudential work, but it also deeply doubts itself. This thesis therefore considers a renewal of the repressive system, said of the juridical infringements to property, by especially using the resources of the civil and comparative law. Drawing lessons from a former historical study, it apprehends its object like an astral system made of a heart around which gravitate some elements that complete it. It is then able to initiate the expected renewal, on the basis of the fundamental incriminations of robbery and breach of trust which form this heart, and draw principles of which it studies and deals with the repercussions on the whole system
39
Ody, Baptiste. "La fiducie et l'entrepreneur". Thesis, Rennes 1, 2016. http://www.theses.fr/2016REN1G012/document.
Testo completoAbstract (sommario):
La fiducie a été introduite en droit français par une loi du 19 février 2007. Définie par l’article 2011 du Code civil, elle permet à une personne de transférer temporairement des éléments de son patrimoine vers un patrimoine fiduciaire qui est à la fois distinct du sien et de celui du fiduciaire qui en a la charge. Mécanisme sui generis relevant tant du droit des personnes que du droit des biens, la fiducie a été conçue par le législateur comme un mécanisme efficace de gestion et de sûreté. Près de dix ans après sa promulgation, sa pratique demeure pourtant confidentielle. Cette marginalité s’explique notamment par un régime juridique rigide et inadapté aux spécificités entrepreneuriales. Caractérisés tant par leur qualité de dirigeants que de propriétaires, les entrepreneurs sont pourtant les destinataires naturels de la fiducie. Ils cumulent en effet des considérations personnelles et professionnelles auxquelles l’opération fiduciaire répond utilement dans des juridictions étrangères. L’insuffisance du régime français de la fiducie est d’autant plus patente que les entrepreneurs disposent d’autres mécanismes d’affectation et/ou de rétention de propriété. Aussi, pour développer la fiducie, il apparaît nécessaire d’en libérer le potentiel en la rénovant au service des entrepreneursThe fiducie is a trust-like device that was introduced into French law by a statute of February 19th, 2007. Defined by Article 2011 of the Civil Code, it allows a grantor to temporarily transfer property to a fiduciaire that will not personally benefit from it. The fiducie is a sui generis device that was conceived for asset management and securitization purposes. Yet, nearly ten years after its enactment it remains rarely used. This scarcity can be explained by both the rigidity of its legal regime and its inadequacy for French entrepreneurs. As people who carry out managerial duties in firms that they partially or totally own, entrepreneurs should be particularly interested in using the fiducie for they face personal and professional issues which can be tackled by trust law in foreign jurisdictions. The inadequacy of its current regime is all the more problematic as French law offers various mechanisms that can produce similar legal consequences. Therefore, in order to develop the fiducie, one must renovate its regime with the objective of being useful to entrepreneurs
40
Rossetto, Anubis Graciela de Moraes. "Impact FD : an unreliable failure detector based on process relevance and confidence in the system". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/150037.
Testo completoAbstract (sommario):
Detectores de falhas não confiáveis tradicionais são oráculos disponíveis localmente para processos deumsistema distribuído que fornecem uma lista de processos suspeitos de terem falhado. Este trabalho propõe um novo e flexível detector de falhas não confiável, chamado Impact FD, que fornece como saída um valor trust level que é o grau de confiança no sistema. Ao expressar a relevância de cada processo por um valor de fator de impacto, bem como por uma margem de falhas aceitáveis do sistema, o Impact FD permite ao usuário ajustar a configuração do detector de falhas de acordo com os requisitos da aplicação: em certos cenários, o defeito de umprocesso de baixo impacto ou redundante não compromete a confiança no sistema, enquanto o defeito de um processo de alto fator de impacto pode afetá-la seriamente. Assim, pode ser adotada uma estragégia de monitoramento com maior ou menor rigor. Em particular, definimos algumas propriedades de flexibilidade que caracterizam a capacidade do Impact FD para tolerar uma certa margem de falhas ou falsas suspeitas, ou seja, a sua capacidade de fornecer diferentes conjuntos de respostas que levam o sistema a estados confiáveis. O Impact FD é adequado para sistemas que apresentam redundância de nodos, heterogeneidade de nodos, recurso de agrupamento e permite uma margem de falhas que não degrada a confiança no sistema. Nós também mostramos que algumas classes do Impact FD são equivalentes a § e , que são detectores de falhas fundamentais para contornar a impossibilidade de resolver o problema do consenso em sistemas de transmissão de mensagens assíncronas na presença de falhas. Adicionalmente, com base em pressupostos de sincronia e nas abordagens baseada em tempo e padrão de mensagem, apresentamos três algoritmos que implementam o Impact FD. Os resultados da avaliação de desempenho usando traces reais do PlanetLab confirmam o grau de aplicabilidade flexível do nosso detector de falhas e, devido à margem aceitável de falhas, o número de falsas respostas ou suspeitas pode ser tolerado quando comparado a tradicionais detectores de falhas não confiáveis.Traditional unreliable failure detectors are per process oracles that provide a list of processes suspected of having failed. This work proposes a new and flexible unreliable failure detector (FD), denoted the Impact FD, that outputs a trust level value which is the degree of confidence in the system. By expressing the relevance of each process by an impact factor value as well as a margin of acceptable failures of the system, the Impact FD enables the user to tune the failure detection configuration in accordance with the requirements of the application: in some scenarios, the failure of low impact or redundant processes does not jeopardize the confidence in the system, while the crash of a high impact process may seriously affect it. Either a softer or stricter monitoring strategy can be adopted. In particular, we define some flexibility properties that characterize the capacity of the Impact FD to tolerate a certain margin of failures or false suspicions, i.e., its capacity of providing different sets of responses that lead the system to trusted states. The Impact FD is suitable for systems that present node redundancy, heterogeneity of nodes, clustering feature, and allow a margin of failures which does not degrade the confidence in the system. We also show that some classes of the Impact FD are equivalent to and § which are fundamental FDs to circumvent the impossibility of solving the consensus problem in asynchronous message-passing systems in presence of failures. Additionally, based on different synchrony assumptions and message-pattern or timer-based approaches, we present three algorithms which implement the Impact FD. Performance evaluation results using real PlanetLab traces confirmthe degree of flexible applicability of our failure detector and, due to the accepted margin of failures, that false responses or suspicions may be tolerated when compared to traditional unreliable failure detectors.
41
Simbi, Nadia, e Koukouvinou Panagiota. "Managing Open Digital Technology in the Cluster Environment : A case study of the Cluster of Forest Technology". Thesis, Umeå universitet, Institutionen för informatik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160771.
Testo completoAbstract (sommario):
The role of open innovation is becoming increasingly important for organizational competitiveness, while digital technologies provide new opportunities for organizational innovativeness. Regardless of domain and industry, digital technologies have reshaped structure, business logic and organizational dynamics. In that spirit, the forestry industry moves from the traditional model to the open paradigm, embracing the significance of purposive external exploration and internal exploitation of knowledge and technologies. Although the importance of digital technologies has been highlighted by academia, their enabling role in the open innovation process is insufficiently explored. Moreover, little research showcases the systematic way to organize for open innovation in the digital world. This process towards openness creates new opportunities as well as challenges. In order to investigate these emerging challenges and opportunities for open innovation in a digital world, we conducted a qualitative exploratory case study in the Cluster of Forest Technology in northern Sweden. Our results illustrate that challenges such as trust, power asymmetries, knowledge flow and coopetitive activities need to be managed. This study contributes to the existing literature by providing a way to address these challenges, seize more opportunities and bridge the gap between open innovation and digital technologies.
42
Van, der Schyff Elmarie. "The constitutionality of the Mineral and Petroleum Resources Development Act 28 of 2002 / Elmarie van der Schyff". Thesis, North-West University, 2006. http://hdl.handle.net/10394/1663.
Testo completoAbstract (sommario):
The Mineral and Petroleum Resources Development Act 28 of 2002
(MPRDA} is premised on the principle that minerals are part of the
natural heritage of all South Africans. Section 3 of the MPRDA
articulates the core of the new mineral law dispensation. Through the
provisions of the said section, new concepts are introduced to the field of
mineral law previously governed by the South African common law
system of private ownership, based on Roman-Dutch principles.
The study focused on section 3 of the MPRDA and the consequences
ensuing from its implementation. Consequently, a historical overview of
the development of South African mineral law was followed by an
exposition of the development of the constitutional property concept. It
was concluded that mineral rights from the previous dispensation
constitute property protected by section 25 of the Constitution. It was
also found that the development encapsulated in the MPRDA in respect
of the ownership of the country's unsevered minerals, is indicative of the
decline of private property. It is substituted by a line of thought which
recognises that certain interests 'are held in common' by the nation.
This idea is also found in inter alia the National Water Act 36 of 1998
and the National Environmental Management Act 107 of 1998.
This led to the next section of the research where the concept of
custodial sovereignty as manifested in the Anglo-American public trust
doctrine was studied. It was apparent that the public trust doctrine is a
legal construct whereby ownership of certain assets vests in the state, to
be administered on behalf of the nation and generations yet to come.
The historical survey of the Roman concepts of res publicae and res
omnium communes indicated that although this doctrine is not part of
South Africa's common law heritage, principles underlying the doctrine
found application in South African law in respect of the seashore. The
conclusion was reached that the doctrine has indeed been incorporated
in South African mineral law by the MPRDA, constituting a new mineral
law regime in the country.
Due to the fact that a new mineral law dispensation was introduced,
mineral rights as they existed in the previous mineral law dispensation
were annihilated. It was, therefore, necessary to determine whether this
annihilation resulted in the expropriation of property. Consequently the
content of the concept 'expropriation' was studied in order to determine
whether the previously held mineral rights were expropriated. The study
indicated that expropriation entails the acquisition of property by the
state, but that ample room exists for the development of the concept of
constructive expropriation. Based on the information gained on the
concept of expropriation, the consequences ensuing from the MPRDA
for the holders of common law mineral rights and old order rights and the
impact of the MPRDA on ownership of landowners were analysed. It was
indicated that the extent of the deprivation brought about by the MPRDA
varies between expropriation and the regulation of mining activities. The
significance of section 3 of the MPRDA for the people of South Africa
was analysed and it was found that the newly introduced doctrine can be
applied to the advantage of the nation as a whole.
A separate section of the research entailed a limited comparative
analysis of Canadian mining law that focused on constitutional
jurisdiction over minerals in the Canadian mining regime and the taking
of property interests in minerals. It is proposed that the South African
expropriation concept should develop along the lines followed in
Canadian jurisprudence.
After considering the abovementioned aspects, the final conclusion of
the study is that the concepts introduced by and the consequences
emanating from the implementation of section 3 of the MPRDA are
constitutionally justifiable.Thesis (LL.D (Indigenous Law)) -- North-West University, Potchefstroom Campus, 2007.
43
Arnelo, Albin, e Broberg Nicole Fogelgren. "Agile Contracts Implementation for Industrial Companies Purchasing Embedded Systems". Thesis, KTH, Skolan för industriell teknik och management (ITM), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-278900.
Testo completoAbstract (sommario):
The continuous advances and prevalence of embedded systems, being systems consisting of both hardware and software put together, provides a great challenge for industrial companies. Due to the increasing need of complex products to meet the demands of customers, companies more often need to source software from external suppliers. Software has the characteristic of being a product which is difficult to specify as it has the ability to iteratively update itself according to the changing environment, making it hard to determine precisely what it will look like at the beginning of its development. As a result, traditional waterfall contracts, for which the intention is to set clear specifications early on, are often not suitable for developing systems including software. Therefore, the need for flexible contracts, called agile contracts, among industrial companies is emerging to support new technological applications. The purpose of this thesis was to examine what the main challenges are when implementing agile contracts in industrial companies who are purchasing embedded systems, and how these challenges can be mitigated or rectified. This was done by an empirical study in the form of interviews with various relevant actors. Firstly, employees from an industrial company looking to implement agile contracts within its procurement processes to support its embedded system purchases were interviewed. The respondents expressed their concerns and perceived challenges with introducing agile contracts to their business. Then, to answer the challenges interviews were conducted with people who were knowledgeable within the topic of agile contracts. Also, a benchmark, a literature review and a theoretical framework have been performed to analyse previous findings within this research area. This thesis identified nine main challenges being Risk Management, Payment Model, Time Aspect, Communication, Embedded Systems, IP-Rights, Supplier Management, Mindset & Knowledge and Future. Each of these challenges was answered separately, but it was found that some answers overlapped between different challenges. The most prevalent challenge was regarding communication, as a successful relationship built on sufficient collaboration and trust lays a foundation for all the other challenges to be managed more easily. Another recurrent theme was that all involved parties must understand precisely what an agile contract implies in order to make beneficial decisions to manage all the challenges.De kontinuerliga framstegen för inbyggda system, som består av både hårdvara och mjukvara sammansatt innebär en stor utmaning för industriella företag. På grund av det ökade behovet av mjukvara för att möta kundernas efterfrågan behöver företag köpa in mjukvara från externa leverantörer. Mjukvara är svårt att specificera eftersom det har förmågan att iterativt uppdatera sig själv i enighet med den förändrade miljön. Detta gör det svårt att i ett tidigt skede av ett projekt fastställa exakt hur produkten ska vara utformad. På grund av detta är traditionella kontrakt, som ofta följer vattenfallsmodellen för vilken avsikten är att tidigt sätta tydliga kravspecifikationer, sällan lämpade för att köpa in inbyggda system. Därav uppstår behovet av agila kontrakt bland industriföretag för att stödja nya tekniska tillämpningar. Syftet med denna avhandling var att undersöka vilka de huvudsakliga utmaningarna är gällande att implementera agila kontrakt på ett industriföretag som köper in och utvecklar inbyggda system samt hur dessa utmaningar kan bemötas. Detta gjordes i form av en empirisk studie med relevanta aktörer, främst inom ett industriföretag som avser att implementera agila kontrakt i sin inköpsprocess för att effektivisera inköp av inbyggda system. Först intervjuades medarbetare som idag köper in inbyggda system. Dessa fick uttrycka sina tveksamheter och utmaningar kring att implementera agila kontrakt i sin inköpsprocess. Efter det utfördes mer strukturerade intervjuer med kunniga personer inom agila kontrakt med målet att hitta lösningar till de tidigare identifierade utmaningarna. Dessa intervjuer i kombination med en litteraturstudie, ett teoretiskt ramverk och en benchmark användes för att analysera och besvara de identifierade utmaningarna. Denna avhandling identifierade nio huvudsakliga utmaningar från de explorativa intervjuerna; Riskhantering, Betalningsmodell, Tidsaspekt, Kommunikation, Inbyggda System, IP-Rättigheter, Mentalitet & Kunskap samt Framtid. Dessa utmaningar har alla blivit besvarade separat men det fastställdes tidigt att de finns tydliga överlappningar mellan utmaningarna. Den vanligaste överlappningen var angående kommunikation då en framgångsrik relation byggd på samarbete och förtroende lägger grunden för att alla andra utmaningar lättare ska kunna bemötas och lösas. Ytterligare ett återkommande tema var att alla parter måste förstå exakt vad ett agilt kontrakt innebär och hur det fungerar för att kunna fatta rätt beslut och hantera övriga utmaningar.
44
Sperb, Gabriela Steffens. "A relação de emprego sob uma perspectiva comunitária: um contrato existencial, relacional e fraterno pautado pela boa-fé". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/148779.
Testo completoAbstract (sommario):
A presente dissertação se propõe a fazer uma análise do contrato de trabalho atual e de como a crise da pós-modernidade e os modos de produção adotados pela sociedade pós-industrial o afetaram. Será realizada uma revisão histórica do contrato de trabalho, bem como, uma investigação das teorias acerca de sua natureza jurídica, dedicando-se especial atenção à teoria comunitário-pessoal da relação de trabalho. O contrato de trabalho e suas características serão objeto de estudo, com especial atenção às críticas atuais ao instituto, a partir das quais será realizada uma comparação entre ele e os contratos civilistas e consumeristas. Analisadas as particularidades dos chamados contratos pós-modernos e a proposta de reconstrução dogmática elaborada por Maria do Rosário Palma Ramalho, será sugerida uma configuração diferente do contrato de trabalho clássico apoiada na boa-fé e a partir das concepções existencial, relacional e fraterna do contrato. A aplicação da boa-fé, sob a ótica da função social, será estudada como forma de viabilizar a noção comunitária do vínculo laboral. Analisar-se-á o conceito e a aplicabilidade das categorias contratuais existenciais e relacionais à relação de trabalho, destacando-se a possibilidade de agregá-las às características clássicas do contrato laboral. A fraternidade será estudada como elemento indispensável à concepção comunitária das relações de trabalho.This dissertation aims make an analysis of the current labor agreement and how it is affected by the post-modern crisis and the production methods adopted by the post-industrial society. A historical review of the employment contract will be carried out and an investigation of the theories about its legal nature, devoting particular attention to community-personal theory of the employment relationship. The employment contract and its characteristics will be studied, with special attention to the current criticism of the institute, from which will be compared to civil law contract and consumer. Analyzed the characteristics of so-called postmodern contracts and the proposed dogmatic reconstruction drafted by Maria do Rosário Palma Ramalho, will be a suggested different configuration of the standard employment contract with emphasis on good faith and from the existential concepts, relational and fraternal contract. The application of good faith from the perspective of social function, will be studied as a way to enable the community concept of employment. It will analyze the concept and applicability of existential and relational categories contractual employment relationship, especially the ability to aggregate them to the classic characteristics of the labor contract. It will examine the fraternity as an essential element to the community conception of labor relations.
45
Nallet, Antoine. "La notion d'universalité, étude de droit civil". Thesis, Lyon, 2019. http://scd-rproxy.u-strasbg.fr/login?url=https://www.dalloz-bibliotheque.fr/pvurl.php?r=http%3A%2F%2Fdallozbndpro-pvgpsla.dalloz-bibliotheque.fr%2Ffr%2Fpvpage2.asp%3Fpuc%3D5442%26nu%3D240%26selfsize%3D1.
Testo completoAbstract (sommario):
La notion d’universalité se présente sous l’angle d’une distinction entre l’universalité de droit et l’universalité de fait. Cette opposition, héritage de la tradition, a été, en droit moderne, coulée dans des objets juridiques nouveaux. L’universalité de droit, assimilée à la notion de patrimoine, s’identifie grâce à l’idée de corrélation actif/passif ; l’universalité de fait à l’idée de collection de biens qui se réifie. Devenue familière, cette distinction souffre de quelques paradoxes qui compliquent son insertion dans le droit civil. Contrairement à l’idée affirmée en doctrine, la corrélation actif/passif n’est pas le seul élément d’identité de l’universalité de droit. Comprise, en droit moderne, à partir de la théorie du patrimoine d’Aubry et Rau, elle se différencie également de l’idée de bien. Toutefois, le législateur contemporain, à travers les mécanismes de l’EIRL et de la Fiducie, a consacré l’idée d’une universalité cessible, donc objet de droit.La convergence des deux formes d’universalités vers l’idée de choses appropriées justifie de revenir sur la théorie des universalités et d’interroger le bienfondé de cette distinction. De cette analyse, il ressort que le siège réel de l’universalité correspond à l’idée d’ensemble de biens, qui se réifie. Ce résultat est rendu possible grâce à la communauté d’affectation déterminée par le propriétaire des biens. Il va, par ce fait, créer une interdépendance fonctionnelle entre les différents biens.La structure de l’universalité rend délicate l’appréhension de son régime. Toutefois, sa qualification de bien permet de constater qu’elle s’insère facilement dans la théorie générale des biens, même si quelques ajustements sont nécessaires du fait de son caractère universel. C’est tout un pan du droit des biens qui se trouve saisi par une conception monolithique de l’universalitéIn French law, the issue of universitas is usually approached from the universitas juris versus universitas rerum perspective. Universitas juris is the totality of the rights and liabilities of a person regarding its asset; by contrast, universitas rerum is understood as a totality of objects treated in one or more respects as a whole in law. However, in modern law, this traditional dichotomy merged into new subject-matters.Indeed, through the mechanisms such as “Individual Enterprises of Limited Responsibility” and “Trust”, French legislation dedicated, as a new subject-matter, the concept of “transferable” universitas. As a consequence, contrary to the prevailing doctrine, the interrelationship between asset and liability appears not to be the only element of identification of universitas juris. Based on that observation, the commonly enforced distinction between universitas juris and universitas rerum raises legal paradoxes and reveals not to be fit to the modern french civil law.The convergence of the two forms of universitas emphasizes the relevance of the “theory of universitas” while questioning the merits of such dualism. It thus appears that the focal point of universitas must be located in the notion of “proprietary rights”. This is made possible through the upstream definition of a special-purpose asset by the owner, allowing a functional interdependence between different goods treated as an indivisible whole by the law.Concerning its regime, the universitas qualification as a “proprietary right” shows that it fits easily into “the general theory of property law”, even if some adjustments are necessary. It is an entire branch of property law grasped by a monolithic conception of universitas
46
Bursuc, Vlad A. "Amateurism and Professionalism in the National Collegiate Athletic Association". Oberlin College Honors Theses / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1374144535.
Testo completo
47
Sebehela, Tumellano. "An investigation into the impact of listed property (property unit trusts) in a diversified investment portfolio in South Africa". Thesis, 2009. http://hdl.handle.net/10539/5960.
Testo completoAbstract (sommario):
Investors seek to maximize the overall returns of diversified investment portfolios. That is, ideally
investors would like to receive increasing risk-adjusted returns over a given period. In order to
achieve this they allocate different percentages in different asset classes to form diversified
investment portfolios.
One of the asset classes that is considered for asset allocation is property. When allocating the
property component, an investor has a choice of investing in either direct-held properties or listed
properties. This research report focuses on listed properties, and property unit trusts (PUTs) will
be the main focus not property loan stocks (PLSs).
The literature (national and international) consensus is that listed property can be equity security,
fixed-income security or hybrid security in a diversified investment. However, the dominant
school of thought is that listed property funds has similar characteristics supported by empirical
studies by Myer and Terris (1995), and Friday and Higgins (2000) and the less dominant school
of thought is that listed property has gilts characteristics supported by empirical study by Kuhle
(1987). Most of those empirical studies were undertaken in United States of America. At the
moment, in South Africa (SA), there hardly any empirical studies comparing listed property funds
and other asset classes expect a few real estate analyses by real estate analysts such as Leon
Allison from First South Securities (South Africa) which show high positive relationship between
listed property funds and bonds.
Directly held property is a complex asset due to its physical structure, types of property, and
natural forces and factors that affect land. Proper and efficient maintenance contribute to the
value appreciation of property. When you diversify through usage of directly held property, it is
better to have a limited the number of properties included in a diversified investment portfolio in
ii
order for them (physical property) to be manageable. The more physical properties you have in an
investment portfolio, the more people needed to manage those physical properties. More
importantly, physically help property has direct impact on the listed property fund. Tax changes
can either persuade or dissuade people to invest in property market.
In attempting to establish whether or not PUTs increase the overall returns of diversified
investment portfolio conclusions were drawn from literature survey, research findings and
hypothesis testing. There was no conclusive evidence suggesting whether PUTs enhances overall
absolute returns; however, listed property funds reduce risk of the diversified investment
portfolios. In certain case, as shown by Kuhle (1987), the more assets investors include their
investment portfolios, the more risk reduction is prevalent in diversified investment portfolios.
Other studies such as Friedman (1971) showed the inclusion of listed property trusts in a
diversified investment portfolio minimizes maximum losses and earns reasonable returns.
Therefore, listed property is a hybrid security and diversification does not necessarily increase
after risk-adjusted returns but does reduce risk.
From available data, the hypothesis test confirmed that introduction of PUTs in a diversified
investment portfolio does not necessarily increases returns. The research report further confirmed
that listed property funds have both characteristics of equities and fixed-income securities.
Going forward, having a diversified investment portfolio is an advisable strategy especially in
case of unforeseen market conditions. Diversified investment portfolios works more like
defensive stocks because investors make minimum losses while making reasonable returns during
unforeseen circumstances.
Historically the property market has outperformed other markets. Finally, diversification seems
not to increase the overall returns of diversified investment despite decreasing the risk of
diversified investment portfolio.
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Lee, Ming-Te, e 李明德. "EXCESS DIVIDENDS, REAL ESTATE LINK, AND PROPERTY TYPE PERFORMANCE OF REAL ESTATE INVESTMENT TRUSTS". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/91521216111379961715.
Testo completoAbstract (sommario):
博士元智大學
財務金融學系
97
This dissertation consists of essays relating to the three important aspects of REIT investment. The first essay, “REITs Excess Dividend and Information Asymmetry: Evidence with Taxable Income”, extends Hardin and Hill (2008) to explore the impact of information asymmetry on REIT excess dividend payments. Many researchers explain REIT dividend distribution as either a principal-agency problem solver or a signaling mechanism (Wang, Erickson, and Gau, 1993; Bradley, Copozza and Seguin; 1998; Ghosh and Sirmans, 2006; Feng, Ghosh and Sirmans, 2007; Hardin and Hill, 2008). Their studies imply that REITs convey more information by paying higher dividends. Nevertheless this is inconsistent with the finding of Hardin and Hill (2008). Previous REIT dividend studies either completely ignore the mandatory payout requirements or compute the requirements with income reported for financial purposes. This essay examines the payments of REIT excess dividends computed with taxable income. Contrary to Hardin and Hill (2008), this study shows that REITs with higher asymmetric information pay out more excess dividends. The regression results show that REITs with higher asymmetric information pays out more excess dividends. The result is more similar to McDonald, Nixon and Slawson (2000) and Downs, Guner and Patteson (2000) whose arguments However, this result is contrary to Hardin and Hill (2008) whose findings. The title of the second essay is “The Link between Equity REITs and Private Real Estate Returns”. This study examines the linkage between equity real estate investment trust (REIT) returns and private real estate returns. Consistent with Giliberto (1990) whose research results, this study finds that the real estate factor is useful in explaining large-cap REIT returns. Moreover, this exposure is driven by the linkage between large-cap REITs and unsecuritized real estate. This study supports He, Myer, and Webb (1996 and 1997) and Hsieh and Peterson (2000), which advocates the use of REITs to capture the real estate factor in a long list of studies. The third essay is entitled “REIT Return Performances and Risk Sensitivities: Does Property-Type Matter?” This study reexamines REIT property-type risk sensitivities and performances by applying a variety of asset pricing models. Specifically, Chen and Peiser (1999) indicate office and industrial REITs outperform other five property type sectors. Similarly, hotel REITs underperform again relative to other five property type sectors (Kim et al., 2002). Contrary to these studies and consistent with the efficient market hypothesis, this essay shows that REITs do not perform differently across property-type sectors on risk-adjusted bases. These results are consistent with Young (2000) whose study concludes that investors can’t earn excess profits from any property-type REIT sectors. Further, this essay finds differential risk sensitivities across property types. This finding is in agreement with Gyourko and Nelling (1996) and Mueller and Laposa (1996) but contrary to Young (2000).
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Hutcheson, Tiffany J. "Investment in property by Australian superannuation schemes". Thesis, 2019. http://hdl.handle.net/1959.7/uws:53101.
Testo completoAbstract (sommario):
The superannuation sector in Australia accounts for close to AUD 2.5 trillion, representing major institutional investors in both a local and global context, of assets under management (AUM) in Australia's managed fund industry. This level of AUM makes up the majority of AUM in the industry. Over the past few decades, superannuation schemes have come to regard property as a key asset class to include in their multi-asset portfolios. This thesis explores the decision-making made by superannuation schemes when investing in property. lt does this by identifying the main criteria used in this decision-making through a survey process and rigorous analysis. To establish a background for the research in the thesis, an overview of the superannuation industry and descriptive case studies are undertaken to provide an understanding of the property exposure and allocation strategies of Australian superannuation schemes and overseas pension funds. The level of investment in direct property and indirect property, that is unlisted property funds and separate accounts, and listed property, is analysed. This background and the literature review on previous decision-making surveys allow seven independent factors and twentytwo independent sub-factors to be identified as the main criteria influencing the property investment decision-making process by institutional investors. The questionnaire models used in previous surveys did not allow respondents to indicate their level of preference for each of the factors and sub-factors. Consequently, a multi-criteria decision-making model was adopted to construct questions where respondents used pair-wise comparisons to indicate the importance of each factor or sub-factor relative to another factor or sub-factor. This allowed degrees of importance for each factor or sub-factor to be established. Two sample groups, superannuation schemes and wholesale property funds, are surveyed by way of face-to-face interviews. A broad range of non-profit superannuation schemes of different sizes were surveyed, with the respondents being a chief investment officer or investment manager. As property is such an expensive asset to invest in, superannuation schemes often invest in wholesale property funds to obtain property exposure. Consequently, managers of wholesale property funds that invest on behalf of superannuation schemes in direct property were also surveyed. While time and travel restrictions limited the number of superannuation schemes and wholesale property funds that could be surveyed, the AHP methodology allows reliable and consistent findings to be generated from the survey responses. Strategic decision-making is found to be the main factor influencing property investment by the superannuation schemes and wholesale property funds. The degree of importance placed on strategic decision-making by the survey respondents is considerably higher than the degree of importance they place on the other factors. This is in contrast to previous surveys undertaken over the past fifty years, which identified property type and location as the main factors influencing decisionmaking. Core, risk-adjusted return and return are found to be the main sub-factors. Previous surveys had ranked return analysis above risk-adjusted analysis. The responses by sub-groups of the superannuation schemes and the wholesale property funds were also analysed. Four significant differences were found to exist between the responses made by the superannuation scheme sub-groups, which are small, medium and large superannuation schemes. The differences are for two factors, property type and investment style, and two sub-factors, return analysis and local experience. Restrictive mandates and the lower level of funds held by the smaller superannuation schemes relative to the larger superannuation schemes could be reasons for these differences. Only one significant difference existed between the sub-group responses made by the diversified, retail, office and industrial wholesale property funds. lt was for the sub-factor unlisted property fund. This thesis contributes in three ways to the limited knowledge currently available on property investment decision-making by institutional investors. Firstly, it provides an in-depth analysis of the current strategic property allocation by superannuation schemes. Secondly, it identifies the main decision-making factors and sub-factors. Lastly, differences in the decision-making by the sub-groups of superannuation schemes and wholesale property funds are found to exist. Future research should be undertaken on the main factors and sub-factors identified in this thesis, to find out why they are so important. The reasons for the differences between the sub-groups decision-making should also be researched to establish if they affect the returns on their investment in property.
50
Bantseke, Thatahatso. "Property-type diversification strategies and their performance implications on SOUTH AFRICAN real estate investment trusts". Thesis, 2018. https://hdl.handle.net/10539/26783.
Testo completoAbstract (sommario):
A research report submitted to the University of the Witwatersrand, Faculty of Engineering and the Built Environment, School of Construction Economics and Management in partial fulfilment of the requirements for a Master of Science degree in Building,2018Background - Extensive research that examines the performance implications of regional and property-type diversification has been undertaken in Asia, United States of America and the United Kingdom. Research on South African real estate investment trusts’ (SAREITs) diversification strategies is insufficient. The South listed property market is ranked amongst the largest sectors on the JSE with 35 SA REITs listed on the JSE, which represent a market capitalisation of over ZAR435 billion which is 6% of the JSE All Share Index market value. The size of this sector emphasizes the importance it within the South African economy. This study is of significance to the academic fraternity as well as local and international investors and asset managers who are interested in participating in the South African REITs market Purpose -The study investigates the effects of property-type diversification on SAREITs performance through literature review which explores the key variables in the diversification and performance relationship to create an understanding of the REITs sector. Correlation and multiple regression analysis is undertaken utilizing secondary data from Published Annual Financial Statements, MSCI South Africa and INET BFA Databases. The REITS analyzed have the majority of their underlying property assets located within South Africa and have been listed on the JSE for the 2014 to 2017 financial years. Findings - The findings from the literature review highlight that property type diversification strategies although playing a paramount role in portfolio formation of REITs and performance, the returns of companies are also influenced by other moderating factors such as property specific, organizational and industry characteristics. Regressions between return variables with the property types and degree of diversification of REITs, show both positive and negative relationship but these associations were found to be statistically insignificant. The hypothesis is not fully supported by the statistical data analysis and entails that other non-systemic risk factors such as“firm leverage policies”;“management style”;“net asset values”;“size of REITs stock” and “property location” need to be analysed in conjunction with in order to yield more robust results. Limitations - The study focused on SAREITS with the majority of their underlying property assets located within South Africa and listed on the JSE for the 2014 to 2017 financial years. Complete regional data on the listed REITs was lacking which restricted the study to an analysis of property type strategies. Utilisation of secondary data restricted the research to a single set of data and this impacts on the findings as some of the data is incomplete. Further studies in this area could include regional-type diversification strategies analysis over a longer observation period.
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