Title: The Investment Savings Account – Standard Taxation – Right in TimeAuthors: Gustav Mårtensson and Erica Nordström LöfSupervisor: Göran HäggBackground: In order to facilitate and stimulate financial investments among privateinvestors the organization Aktiespararna made a proposal for a standard-taxed account. As aresult of this, the Swedish government decided to implement the Investment Savings Accountin January of 2012. The introduction of the Investment Savings Account implies that there arenow three different types of accounts for financial investments that are differently taxed onthe Swedish Market. Private investors can improve their after-tax results by combining AssetAllocation and Asset Location, according to earlier studies. This makes it interesting toinvestigate if earlier studies can be applied on the Swedish market and how the different typesof accounts would perform.Aim: This study aims to map the tax-effects of different accounts by backtesting of historicaldata. Further, the study aims to analyze the after-tax performance of different investmentstrategies in different types of accounts and how the introduction of the Investment SavingsAccount can affect investor behavior.Completion: The study uses a quantitative method to backtest the performance of differentinvestment strategies in the three different types of accounts; Investment Savings Account,Endowment Assurance and conventional brokerage account. The results of the backtest havebeen analyzed by applying modern finance theory, behavioral finance and Swedishshareholder statistics.Results: The study identifies moderate tax volatility in the standard-taxed accounts and thatinvestment strategies that yields high dividends should be placed in these accounts as long asthe government borrowing rate is low. Passive investment strategies that yield low dividendsshould preferably be placed in conventional brokerage accounts. The study also indicated thatthe Investment Savings Account is flexible and suitable for a wide range of private investors.It is also possible that the implementation of the Investment Savings Account will increase thenumber of transactions made by private investors. / Titel: Investeringssparkontot – För schablonbeskattning - i tidenFörfattare: Gustav Mårtensson och Erica Nordström LöfHandledare: Göran HäggBakgrund: För att förenkla och stimulera sparandet i finansiella instrument gavAktiespararna förslag på en schablonbeskattad sparandeform för privata investerare. Dettaresulterade i att regeringen beslutade om att investeringssparkontot skulle lanseras den förstajanuari 2012. Införandet av investeringssparkontot innebär att det nu finns tre olikasparandeformer för finansiella tillgångar som alla beskattas olika. Tidigare forskning visar attprivata investerare kan förbättra sin nettoavkastning genom att tillämpa en kombination avtillgångsallokering och tillgångsplacering. Detta öppnar upp för att undersöka hur tidigareforskning kan tillämpas på den svenska marknaden, och hur de olika sparandeformernapresterar.Syfte: Syftet med studien är att via historisk simulering kartlägga skatteeffekterna för de olikasparandeformerna depå, investeringssparkonto och kapitalförsäkring. Utifrån dennakartläggning syftar studien vidare till att analysera hur olika investeringsstrategier påverkas avsparandeform och hur införandet av investeringssparkontot kan påverka privata investerareshandelsbeteende.Genomförande: Studien har genomförts med en kvantitativ metod med fokus på att simuleraolika investeringsstrategiers utfall för de olika sparandeformerna depå, investeringssparkontooch kapitalförsäkring med hjälp av historiska data. Resultaten av simuleringarna haranalyserats med hjälp av modern finansteori, behavioral finance och aktieägarstatistik.Slutsats: Studien identifierar en dämpad skattevolatilitet i de schablonbeskattadesparandeformerna och att aktiva investeringsstrategier med hög direktavkastning gynnas avatt placeras i dessa så länge statslåneräntan är låg. Passiva strategier med låg direktavkastningplaceras med fördel i depå. Studien finner att investeringssparkontot är en flexibelsparandeform som kan passa en bred massa. Det är även tänkbart att införandet avinvesteringssparkontot kan öka privatpersoners transaktioner.Nyckelord: investeringssparkonto, schablonbeskattning, tillgångsplacering.

Meaningful teaching in physical education – A study of pupils opinions of the contents and teachers methods to activate and account inactive pupils. Nowadays people in society are getting more and more inactive, and we have during our practice at different schools, noticed that many pupils are uncalled for and inactive at the lessons in physical education. The purpose with the study is to see what pupils in the ninth grade thinks about the contents of the subject and what they want it to contain to make the teaching more meaningful. The study also looks in to different methods that teachers in physical education use to make the lesson feel meaningful for all the pupils and how they work to activate and account inactive pupils. To collect the information we chose to distribute questioners to pupils and do interviews with teachers. In question of contents, the pupils want to do activities with a high level of effort and they want to have a varying and challenging teaching. To create a context the pupils wanted more theory and they think that the teaching gets more meaning if they get more responsibility and have influence over the lesson. To activate and account the inactive pupils, the teachers in this study tries to create a secure environment and they think it’s important with an open dialogue whit their pupils. They want to make their pupils feel competent and secure enough to participate in the teaching. Different methods they used were to find special solutions and adapt the teaching after individuals and levels to activate all the pupils.

At the end of 2005, the State Council of China passed ”The Decision on adjusting the Individual Account of Basic Pension System”, which adjusted the individual account in the 1997 basic pension system. In this essay, we will analyze the adjustment above, and use Life Annuity Actuarial Theory to establish the basic pension substitution rate model. Monte Carlo simulation is also used to prove the rationality of the model. Some suggestions are put forward associated with the substitution rate according to the current policy.

The existing literature on current account¡¦s analysis of influencing factors-related issues had had extensive research achievements, but they mostly stressed the discussion of influencing factors from outside the economic body. To better understand and improve government¡¦s ability of controlling variations in current account balance in order to suit the macro economic situation through the use of nimble interest and exchange rate policies, we employ the analytical tool to examine factors that influence Taiwan's excess saving during the period from 1987Q3 to 2009Q1. We modify the current account share of GDP regression by including interest rate, exchange rate and quarterly rate of inflation to reflect the effect of current account dynamics. Empirical evidences indicate that the coefficients of the long-run relationship are significantly crucial. We apply both the linear error-correction model (ECM) and nonlinear smooth transition regression model to investigate the dynamics of current account vis-a-vis interest rate, exchange rate and the quarterly rate of inflation. and find supportings to the appropriateness of nonlinear smooth transition regression model. Furthermore, exchange rate was found having positive impact on current account balances. That is, a depreciation in the exchange rate would improve the current account and an appreciation, on the other hand, will worsen the current account. But the quarterly rate of inflation has a significantly negative effect, with an increase in the quarterly rate of inflation leading to a decrease in current account balances. Finally, from the long run cointegrating relationship, current account balances raises while the interest rate is decreasing, indicating there might exist income effect when interest rates fall. Because a fall in income reduces consumption, and increases saving, in turn, causes current account balances to rise, and vice versa. The empirical results shows all coefficients¡¦ sign can not only explain and interpret real economic phenomena, but also are consistent with theoretical expectations.

The fluctuation of the world economy has a tremendous influence to domestic imports and exports to a small opened economy. In another word, it has great impact to the current account of a small opened economy. After the 1980s, Taiwan relies on the growth of net export to drive its economy growth, showing that depend on to foreign trade degree quite high, so government values the current account very much. With the economic variables of the region of America, Asia, and Europe to carry on regional study the relation with the current account of Taiwan, the relevant parameter included in this research is that foreign production value, domestic production value, real effective of exchange rate, and real interest rate differential of domestic and international. Utilize structural vector autoregressive model, with impulse response functions and forecast error variance decompositions analysis result, to consider each variable in short-run and long-run to the current account of influence. According to impulse response functions, it synthesizes three regional analysis results, the current account accord with the theories with the relevant parameter. The foreign production value increases to cause the current account increment. The domestic production value increases to cause the current account reduced and converge in the long-run. The real effective of exchange rate increases to cause the current account surplus in the short-run, the impulsive effect is convergence in the long-run. The real interest rate differential increases to cause the current account deficit in the short-run. According to forecast error variance decompositions, the current account is influence by the real effective of exchange rate and itself factor in three regions, in addition the influence by the foreign production value in the region of America and Asia. In the region of America and Asia, the current account receives self influence that decreases progressively at time changes that part substitutes by the foreign production value. Under the long-run, the foreign production value in the region of America and Asia is also influence by the current account because imports and exports of Taiwan are in the majority that the main country comes from America and Asia, that the production value of regions are easier to cause the current account. The current account always causes by the real effective of exchange rate in the long-run. Accord with Shirvani and Wilbratte (1997), the real exchange rate has the long-run relational with the current account in real example analysis. In the short-run, the exchange rate depreciation has not influenced the result to the current account. In the long-run, the depreciation can improve the current account to become surplus. This research discovers to influence the factor of the current account of Taiwan, in the region of America and Asia, the foreign production value makes the phenomenon with the current account surplus in the long-run. In the region of American, Asia, and Europe, the real effective of exchange rate increases to make the phenomenon with the current account surplus in the long-run, the current account receives self influence no matter under short-run and long-run. In the short-run, the influence of the current account results negative direction and oscillation to convergence.

<p>Meaningful teaching in physical education – A study of pupils opinions of the contents and teachers methods to activate and account inactive pupils.</p><p>Nowadays people in society are getting more and more inactive, and we have during our practice at different schools, noticed that many pupils are uncalled for and inactive at the lessons in physical education. The purpose with the study is to see what pupils in the ninth grade thinks about the contents of the subject and what they want it to contain to make the teaching more meaningful. The study also looks in to different methods that teachers in physical education use to make the lesson feel meaningful for all the pupils and how they work to activate and account inactive pupils. To collect the information we chose to distribute questioners to pupils and do interviews with teachers. In question of contents, the pupils want to do activities with a high level of effort and they want to have a varying and challenging teaching. To create a context the pupils wanted more theory and they think that the teaching gets more meaning if they get more responsibility and have influence over the lesson. To activate and account the inactive pupils, the teachers in this study tries to create a secure environment and they think it’s important with an open dialogue whit their pupils. They want to make their pupils feel competent and secure enough to participate in the teaching. Different methods they used were to find special solutions and adapt the teaching after individuals and levels to activate all the pupils.</p>

Gemeinsamer Workshop von Universitaetsrechenzentrum und Professur Rechnernetze und verteilte Systeme der Fakultaet fuer Informatik der TU Chemnitz. Es werden Varianten gezeigt, wie neue Studenten der TU-Chemnitz Ihr Benutzerkennzeichen für URZ-Dienste selbst anlegen können.

Table of Contents -- (p. 3) -- Introduction -- (p. 5) -- The Spiritans in Western Australia -- (p. 7) -- The Sound -- (p. 9) -- Albany -- (p. 10) -- Mollyalup -- (p. 12) -- Parting -- (p. 14) -- Off to Mauritius -- (p. 15) -- Tribute to the Mooney Family -- (p. 17) -- Working with the Saint of Mauritius -- (p. 18) -- Fr. Maurice Bouchet - A Forgotten Hero Remembered -- (p. 19) -- Holy Ghost College, Ballarat -- (p. 24) -- Foundations of Ballarat in Australia -- (p. 24) -- Holy Ghost Fathers Return to Australia -- (p. 34) -- Libermann House -- (p. 36) -- Mr. Kev Conway-Spiritan Associate -- (p. 42) -- Profiles of the Parishes where the Spiritans work in Australia -- (p. 43) -- The Archdiocese of Melbourne -- (p. 43) -- Archdiocese of Brisbane -- (p. 47) -- Diocese of Bunbury -- (p. 51) -- Diocese of Geraldton -- (p. 53) -- Port Hedland -- (p. 54) -- Appendix 1.A. Ballarat -- (p. 57) -- Appendix 1.B. Ballarat -- (p. 59) -- Appendix 2. Western Australia -- (p. 65) -- Celebrating our Homecoming -- (p. 70) -- Lake Mollayalup -- (p. 71) -- Silver Jubilee of Spiritans in Australia, 1996 -- (p. 72) -- Spiritans Appointed to Australia -- (p. 72) -- Temporary Appointments/Holiday -- (p. 73) -- Replacements, Etc. -- (p. 73) -- Post Script -- (p. 74) -- Bibliography -- (p. 75)

Defining art has been one of philosophy of art’s biggest projects. However, no definition offered has achieved to account for all objects we consider art. In this paper, I argue that normative dualism, an unjustifiable Western prejudice for the mental, plays a big part in this failure. The division between fine art and utilitarian and “low” art has been perpetuated because the former is associated with the mental processes involved in its appreciation and, thus, considered more valuable. Theories of art also tend to exclude production (a physical process), concentrating mostly on the appreciation of art (a mental process). Ridding theory of the bias of normative dualism, by abolishing the division that sets fine art apart as more valuable and writing theory that takes art production into consideration, is the only way art theory will succeed in accurately describing art objects.

The function of accounting is to provide users with useful information in making economic decisions. Information regarding goodwill, a major constituent of the value of many listed companies, is likely to be useful in making decisions relating to those companies. A historical review of accounting literature, including professional standards, relating to methods of accounting for purchased goodwill showed that none of them has stood the test of time. The current trend towards an impairment paradigm will not resolve the issue satisfactorily because it produces, at best, a partial solution. The difficulty in accounting meaningfully for goodwill is compounded because, given its foundation in historical cost principles, accounting has been unable to present any information at all with regard to internally generated goodwill within the confines of the traditional Balance Sheet. This, in turn, has led to the evasion of the reality that the two forms of goodwill are inextricably merged. Trying to account satisfactorily for goodwill has been a prime example of R.R. Sterling�s �issues conceived in a way that they are in principle unresolvable�. The problem was accordingly redefined as being to find a method by which the current level of information relating to goodwill in the financial statements contained in a company�s Annual Report could be improved. This thesis seeks to identify a logically defensible method of accounting for goodwill which addresses the redefined problem. It builds upon the historical research undertaken, combined with a priori reasoning, to propose an additional financial statement which is a modification of nineteenth century �double accounting� in a modern context. This statement, which goes far to solve the redefined problem, also furnishes information regarding the company�s market capitalization at balance date and is termed the Market Capitalization Statement (�MCS�). While the idea of furnishing market capitalization data to readers of the Annual Report is not new, it is believed that this is the first time such data has been systematically linked with the Balance Sheet to provide an objective, integrated and meaningful view of goodwill in the financial statements. The practical application and simplicity of the MCS are illustrated by a range of examples drawn from Australian �dot-com� companies over a period of time which saw considerable fluctuation in both goodwill and market capitalization, supplemented by examining data relating to some of Australia�s largest listed companies over the same period. These examples demonstrate that the MCS has the potential to provide significant information not available in conventional financial statements, while freeing the traditional Balance Sheet and Profit and Loss Account to present information in a more meaningful and less distorted way. Finally, the MCS is noted as still being subject to certain problems and distortions in the context of the historical cost basis of the remaining financial statements. It is shown that, if used in the context of an exit price based system, Chambers� CoCoA, many of these distortions are removed. The MCS also complements the information provided by CoCoA as originally formulated.