本研究針對我國1996年至2006年之上市櫃公司，以最終控制集團發生異動之公司作為經營權異動樣本，探討經營權異動之決定性因素，與異動後經營績效表現與公司治理機制間之關聯。 實證結果顯示，董監事持股比率愈低、最終控制者無超額持股、經營控制權與所有權偏離愈大、董監事持股質押比率愈高之公司，其經營權發生異動之可能性愈高。獨立董監事之設置雖與經營權異動之可能性呈正向相關，惟其關聯性未達顯著水準。經營權異動之公司，其財務績效在異動前後並無顯著差異，表示經營權異動之目的可能不在取代無效率之管理當局，也可能表示併購的綜效需要較長的時間才得以顯現。其中，董監事持股比率較高之公司，其經營績效在經營權異動後表現較佳。本研究顯示董監最低持股可發揮利益連結的效果，對於近期金管會擬取消董監最低持股規範之提案，本研究認為有作更深入討論之需要。 / Using companies listed on Taiwan Stock Exchange Corporation and GreTai Securities Market over the period of 1996 to 2006, this study empirically investigates the determinants of change in corporate control and the subsequent period performance after the change. The change in corporate control is measured in terms of change in business group of a specific firm. The empirical results show that companies with less shareholdings owned by their board members, inadequate shareholdings to support their control, larger deviation in cash flow right from voting right, and higher ratio of shareholding pledged by their board members, have higher probabilities of occurrence of change in corporate control. However, the result doesn’t support that independent directors play a role in corporate control change. With respect to the firm performance in the period subsequent to the corporate control change, there exists no significant difference as compared to that of prior period. The evidence thus suggests that the replacing unqualified management may not be the primary purpose of corporate control change, or simply that the synergies take more time to show. In addition, this study also finds that firms subject to corporate control change tend to perform better if their board members hold a larger fraction of shares. This result lends itself to the proposal recently discussed by the Financial Supervisory Commission, Executive Yuan Taiwan on abolition of requirement of minimal shareholding by the board members. It appears that shareholdings by the board members can have interest-alignment effect.

本論文主要目的係探討政府持股與企業避稅間之關係。本文以2005年至2014年台灣公開發行以上公司為樣本，分析政府持股比例、代表政府董監事席次比例對租稅規避的影響，並檢視公股主導企業之避稅程度。 實證結果顯示，政府持股比例對企業避稅無顯著影響，然而，當代表政府的董監事席次比例愈高，企業會減少避稅行為。此外，研究結果亦指出公股主導之企業相對於家族企業，其避稅程度較低。進一步分析公股主導之企業和雙權偏離互動對企業避稅之影響。實證分析發現，當股份盈餘偏離程度愈大，公股主導之企業相對於家族企業，其避稅程度較高，隱含公股主導之企業會透過避稅行為將財富移轉至企業本身；反之，當席次盈餘偏離程度愈大，公股主導之企業相對於家族企業，其避稅程度較低，表示政府掌握董事會席次時，能有效監督企業遵循稅法規定，採用較保守的租稅政策。 / The purpose of this study is to examine the association between government shareholding and tax avoidance. This study uses the data of Taiwan public companies from 2005 to 2014 to analyze whether government shareholding percentage and the ratio of directors held by the government have impact on tax avoidance, and investigate the level of tax avoidance of government-controlled companies. The empirical results reveal that government shareholding does not significantly affect corporate tax avoidance. However, when the ratio of directors held by the government increases, companies would reduce the level of tax avoidance. In addition, the results also indicate that government-controlled companies are less tax avoidance compared with family-controlled companies. This study conducts further analysis on the influence of the interaction of government-controlled companies and the deviation between control rights and cash flow rights on tax avoidance. The results show that the higher the level of the deviation between voting rights and cash flow rights, the higher the level of tax avoidance of government-controlled companies than family-controlled companies. It implies that government-controlled companies might transfer fund to themselves through tax avoidance. On the contrary, when the deviation between the ratio of controlled board seats and cash flow rights increases, the government-controlled companies engage in less tax avoidance than family-controlled companies. It represents that when the board of directors is controlled by the government, it could effectively supervise the company to comply with tax regulations, and the company would adopt conservative tax strategies.

The thesis will focus on outlooks of the Czech energy system, especially with respect to supply-demand balance and generation adequacy. The current situation in the electricity market will be used as a starting point for projections of future scenarios. The scenarios will look at possible issues and challenges as well as further developments that the Czech energy system will be facing in the near future. These problems and challenges can be defined as the mid-term and long-term ability to balance supply and demand for electricity in the Czech Republic. The increase in production of electricity from renewable resources and the subsequent loss of flexibility of power sources go hand in hand with adverse economic conditions, together worsening the overall risk in the electricity system. At the same time we must take into account changes in EU energy policy and its effect on member countries, such as the planned shutdown of nuclear power plants in Germany, increased taxation of carbon dioxide production, supported production of electricity from renewable resources, and integration of energy markets. We must consider the harmonization of methods that are used to evaluate the adequacy and security of a production portfolio, known as a generation adequacy, while meeting the requirements of the given system and...

Long-term omni-directional ambient noise was collected at several sites in the Gulf of Mexico during 2004 and 2005. The Naval Oceanographic Office deployed bottom moored Environmental Acoustic Recording System (EARS) buoys approximately 159 nautical miles south of Panama City, Florida, in water depths of 3200 meters. The hydrophone of each buoy was 265 meters above the bottom. The data duration ranged from 10-14 months. The buoys were located near a major shipping lane, with an estimated 1.5 to 4.5 ships per day passing nearby. The data were sampled at 2500 Hz and have a bandwidth of 10-1000 Hz. Data are processed in eight 1/3-octave frequency bands, centered from 25 to 950 Hz, and monthly values of the following statistical quantities are computed from the resulting eight time series of noise spectral level: mean, median, standard deviation, skewness, kurtosis and coherence time. Four hurricanes were recorded during the summer of 2004 and they have a major impact on all of the noise statistics. Noise levels at higher frequencies (400-950 Hz) peak during extremely windy months (summer hurricanes and winter storms). Standard deviation is least in the region 100-200 Hz but increases at higher frequencies, especially during periods of high wind variability (summer hurricanes). Skewness is positive from 25-400 Hz and negative from 630-950 Hz. Skewness and kurtosis are greatest near 100 Hz. Coherence time is low in shipping bands and high in weather bands, and it peaks during hurricanes. The noise coherence is also analyzed. The 14-month time series in each 1/3- octave band is highly correlated with other 1/3-octave band time series ranging from 2 octaves below to 2 octaves above the band's center frequency. Spatial coherence between hydrophones is also analyzed for hydrophone separations of 2.29, 2.56 and 4.84 km over a 10-month period. The noise field is highly coherent out to the maximum distance studied, 4.84 km. Additionally, fluctuations of each time series are analyzed to determine time scales of greatest variability. The 14-month data show clearly that variability occurs primarily over three time scales: 7-22 hours (shipping-related), 56-282 hours (2-12 days, weather-related) and over an 8-12 month period.

The purpose with this study is to show how the subjective uncertainty analysis can be applied to the cost estimates and examine how the attitudes towards risk budgeting of construction projects works. Biogas Mellannorrland is based on a case study and focuses on four location options for the biogas plant. For each option, a cost estimate in form of a fixed cost and variable cost elements, where the latter are uncertain. Pearson-Tukey method have been applied as a method to estimating subjective probabilities. An assumption is made so that the uncertain costs are normally distributed, where the parameters’ mean and standard deviation collected from respondents indicating percentiles at 5% and 95% for doubtful cost elements. In order to identify the project managers risk attitude, the risk premium method will be used to calculate where the expected value is produced by Pearson-Tukey method. The expected value is subtracted with certainty equivalent, which consist of the budgeted amount. The study was conducted through interviews in order to obtain the costs and the subjective probabilities. The study results show that it is difficult to determine which option is the best, or the worst, by just looking at the expected value. The risk premium shows that each option is a risk averse choice for the project managers, since the risk premium was greater than zero. / Denna studie syftar till att visa hur subjektiv osäkerhetsanalys kan tillämpas vid kostnadskalkyler samt undersöka riskattityder vid budgetering av byggprojekt. Undersökningen är en fallstudie vid Biogas Mellannorrland och fokuserar på fyra lokaliseringsalternativ för biogasanläggning. För varje alternativ görs en kostnadskalkyl i form av ett antal fasta och rörliga delkostnader, där de senare är osäkra. Som metod för att skatta subjektiva sannolikheter har Pearson-Tukey-metoden tillämpats. Ett antagande görs att osäkra kostnader är normalfördelade, där parametrarna väntevärde och standardavvikelse hämtas från respondenter som anger percentilerna vid 5 % och 95 % för osäkra delkostnader. För att identifiera projektledarnas riskattityd, kommer riskpremium att beräknas, där det förväntade värdet tas fram med Pearson-Tukey- metoden. Det förväntade värdet subtraheras med säkerhetsekvivalensen, vilket utgörs av det budgeterade beloppet. Studien har genomförts med hjälp av intervjuer för att få fram kostnader och subjektiva sannolikheter. Studiens resultat visar att det är svårt att avgöra vilka alternativ som är bäst eller sämst genom att bara titta på väntevärdet. Med riskpremium visar alla alternativ att projektledarna gör ett riskaversivt val, eftersom riskpremium blev större än noll.

Under detta arbete studeras en av Europas mest moderna cementfabriker med kapacitet att producera runt 2,6 miljoner ton cement per år. Syftet med examensarbetet är att beskriva variationen i utfallen av råmjöl och identifiera vilka orsaker till variation som är möjliga att minska. Oavsiktliga variationer av kvalitet i råmjölet kan resultera i bristande klinkerkvalitet, som i sin tur kan medföra en betydande intäktsförlust. Arbetet utgår från teorier om offensiv kvalitetsutveckling, Six sigma, processledning och cementproduktion. En metodkombination av kvantitativa och kvalitativa metoder har tillämpats för datainsamling och dataanalys, där den kvantitativa datainsamlingen baserats på historiska data från referensorganisationen. De slutsatser som redogörs för, är att processen som studeras har möjlighet till att prestera i världsklass. Huvudsakliga bidragande orsaken är metoden för styrning där systemet saknar styrgränser som leder till överstyrning. Även materialvariation vid byten av råmaterialslimpor är en betydande orsak till variansen i råmjölet. Förutsatt att styrsystemet kopplas på för tidigt efter ett genomfört limpbyte kan effekten av ett limpbyte förvärras. Vidare tyder resultaten på att 80% av den totala variationen i råmjölets kalkmättnad skapas av limpbyten. / During this work, one of Europe's most modern cement factories is studied, with the capacity to produce around 2.6 million tons of cement per year. The purpose of the thesis is to describe the variation in the outcome of raw meal and identify which causes of variation are possible to reduce. Involuntary variations in the quality of the input raw meal can result in a lack of clinker quality, which in turn can result in a significant loss of revenue. The work is based on theories relating to Total Quality Management, process management and cement production. A method combination of quantitative and qualitative methods has been applied for data collection and data analysis, where the quantitative data collection is based on historical data gathered from the reference organization. The conclusions outlined are that the process being studied has the opportunity to perform world-class. The main contributing factor is the method for control where the system lacks control limits that lead to over compensation. Also, material variation in the case of changes of raw material piles is a significant cause of the variance in the raw meal. Provided that the control system is switched on prematurely after a raw material pile change has been carried out, the effect of the change can be worsened. Furthermore, the results indicate that 80% of the total variation in the raw meal’s lime saturation is created by raw material pile changes.

Esta tese trata a existência de Princpios de Grandes Desvios (PGD), no âmbito de sistemas fermiônicos em equilbrio. A motivação fsica detrás de nossos estudos são medidas experimentais de resistência elétrica de nanofios de silcio dopados com átomos de fósforo. Estas medidas mostram que efeitos quânticos no transporte de carga elétrica quase desaparecem para nanofios de comprimentos maiores que alguns nanômetros, mesmo para temperaturas muito baixas (4.2°K). A fim de provar matematicamente tal efeito, dividimos nosso trabalho em diversos passos: 1. No primeiro passo, para férmions não interagentes numa rede com desordem, mostramos que a incerteza quântica da densidade da corrente elétrica microscópica, em torno de seus valores macroscópicos(clássicos), é suprimida exponencialmente rápido em relação ao volume da região da rede onde um campo elétrico externo é aplicado. A desordem é modelada como um potencial elétrico aleatório juntamente com amplitudes aleatórias de saltos com valores complexos. O célebre modelo de Anderson de tight-binding é um exemplo particular do caso geral considerado aqui. Nossa análise matemática é baseada em estimativas de Combes-Thomas, o Teorema Ergódico de Akcoglu-Krengel e no formalismo de Grandes Desvios, em particular o Teorema de Gärtner-Ellis. 2. Em segundo lugar, provamos que, para férmions interagindo fracamente na rede, as funções geradoras J(s), s R de cumulantes de distribuições de probabilidades associadas com estados KMS pode ser escrito como o limite de logartmos de integrais gaussianas de Berezin. Mostramos que os determinantes das covariáncias associadas às integrais gaussianas são majorados uniformemente (via desigualdades de Hölder para normas Schatten). Tais covariâncias são também somáveis, em casos gerais de interesse, incluindo assim, sistemas que não são invariantes por translação. 3. No terceiro passo, analisamos expansões de logartmos de integrais gaussianas de Berezin, e assim combinando com métodos construtivos de teoria quântica de campos, mostramos a analiticidade de J(s) para s nas vizinhanças de 0. Finalmente, discutimos como combinar os passos 2-3, a fim de provar (matematicamente falando) os resultados experimentais mencionados acima para férmions interagindo em equilbrio. De fato, os resultados encontrados nesta tese, generalizam trabalhos prévios no âmbito do PGD usado para o estudo de sistemas quânticos. / This Thesis deals with the existence of Large Deviation Principles (LDP) in the scope of fermionic systems at equilibrium. The physical motivation beyond our studies are experimental measures of electric resistance of nanowires in silicon doped with phosphorus atoms. The latter demonstrate that quantum effects on charge transport almost disappear for nanowires of lengths larger than a few nanometers, even at very low temperature (4.2°K). In order to mathematically prove the latter, we divide our work in several steps: 1. In the first step, for noninteracting lattice fermions with disorder, we show that quantum uncertainty of microscopic electric current density around their (classical) macroscopic values is suppressed, exponentially fast with respect to the volume of the region of the lattice where an external electric field is applied. Disorder is modeled by a random external potential along with random, complex-valued, hopping amplitudes. The celebrated tight-binding Anderson model is one particular example of the general case considered here. Our mathematical analysis is based on Combes-Thomas estimates, the Akcoglu-Krengel ergodic theorem, and the large deviation formalism, in particular the Gärtner-Ellis theorem. 2. Secondly, we prove that for weakly interacting fermions on the lattice, the logarithm moment generating function J(s), s R of probability distributions associated with KMS states can be written as the limit of logarithms of Gaussian Berezin integrals. The covariances of the Gaussian integrals are shown to have a uniform determinant bound (via Hölder inequalities for Schatten norms) and to be summable in general cases of interest, including systems that are not translation invariant. 3. In the third step we analyze expansions of logarithms of Gaussian Berezin integrals, which combined with constructive methods of quantum field theory is useful to show the analyticity of J(s) for s in a neighborhood of 0. We finally discuss how to combine steps 2-3 in order to prove (mathematically speaking) for interacting fermions in equilibrium the experimental results above mentioned. In fact, the found results in this Thesis generalize previous works in the scope of LDP used to study quantum systems.

Made available in DSpace on 2016-04-27T16:58:16Z (GMT). No. of bitstreams: 1 Claudia Borim da Silva.pdf: 1181639 bytes, checksum: a1c349e009d97a59b67411221aef0c9a (MD5) Previous issue date: 2007-05-30 / Due to student difficulty with understanding standard deviation, this work aimed to identify the reasoning about variation and variability in all parts of the investigation cycle of the statistical thinking. Nine middle and high school Mathematics teachers and two mathematics students of University of São Paulo participated in an action research, 3 hr meetings, lasting in total for 48 hrs. The contents were simple and grouping data frequency distribution, graphics, center and spread measures. The reasoning levels were classified using the general model developed by Garfield (2002). The teachers showed no variaton reasoning during the first week, except for a teacher with idiosyncratic reasoning. During the action research sensibility phase and planning of investigative cycle phase, the teachers developed variability reasoning naturally, but not about variation. However, this experience promoted an upgrade of teachers statistical thinking, that used three (between four) dimensions created by Wild e Pfannkuch (1999). Nevertheless, the statistical thinking upgrade did not implicate a gain in variation reasoning level, observed during the data analysis phase. To compare three discret variable frequency distribution were done using the perception of mode, minimum and maximum values and minimum frequency and use of the distribution chunk with range was organized with existence of the frequency in all groups, understood like verbal until procedural reasoning, respectively. The center measures discussion showed the misconception of mean, which was understood as the mode, and this inhibited necessity perception of a spread measure. The use of correct mean of arithmetic mean induced the teachers use complement measures as the mode and minimum and maximum values, but not the standard deviation. The mean fo standard deviation was predominantely a measure of number of differents observations, signal of homogeneous sample, as many Mathematics textbooks introduced the concept of variation. The comprehension of one standard deviation interval towards mean didn´t develop naturally and the teachers who understood this mean of standard deviation had difficulty to understand what was in the interval, which suposed to develop this integrated reasoning process with the educational softwares created for this intention. In conclusion, the term more variation can cause wastly differing results due to personal interpretation of the phrase ´more variation´ and idiosyncratic reasoning process involved in analysing complex mathematical data: more variation between frequency in only the variable category or variable value in comparing frequency distributions and more variation between sample different observations, both without use of variation from mean / Devido à dificuldade encontrada por alunos de graduação para a compreensão do desvio padrão, este trabalho teve como objetivo verificar o raciocínio sobre variação e variabilidade nas etapas do ciclo investigativo do pensamento estatístico. Foram participantes da pesquisa nove professores de Matemática da escola básica e dois alunos de Matemática da Universidade de São Paulo. O trabalho seguiu os pressupostos de uma pesquisa-ação e a fase de implementação teve duração de quarenta e oito horas, divididas em dezesseis encontros de três horas cada. Foram discutidos os conteúdos estatísticos: distribuição de freqüência simples e com dados agrupados, representações gráficas, medidas de tendência central e dispersão. Os níveis de raciocínio sobre variação foram classificados de acordo com o modelo proposto por Garfield (2002). O diagnóstico identificou a ausência de raciocínio sobre variação, exceção feita a um professor que apresentava raciocínio idiossincrático. Durante a fase de sensibilização da pesquisa-ação e planejamento do ciclo investigativo, os professores apresentaram naturalmente o raciocínio sobre variabilidade, mas não sobre variação. Entretanto, a experiência com a elaboração de uma pesquisa, desde a definição dos objetivos até a coleta e montagem do banco de dados permitiu um avanço no desenvolvimento do pensamento estatístico dos professores, que já transitavam em três das quatro dimensões de sua estrutura elaborada por Wild e Pfannkuch (1999). Não obstante, o desenvolvimento do pensamento estatístico não implicou diretamente em um nível mais avançado do raciocínio de variação, observado durante a fase de análise dos resultados da pesquisa. Para a comparação de três distribuições de freqüências simples de variável discreta foram utilizadas a percepção da moda, a observação dos valores máximo e mínimo e da menor freqüência e a elaboração de um intervalo de variação composto pelos valores da variável que tinham freqüência nas três distribuições, conjuntamente, que foram categorizados como raciocínio verbal de variação até raciocínio de procedimento, respectivamente. A discussão sobre as medidas de tendência central permitiu observar a interpretação equivocada de média como maioria, que se refere à moda, que foi um fator impeditivo para a percepção da necessidade de uma medida de variação. A utilização do correto significado de média motivou os professores a utilizarem medidas complementares como a moda e os valores máximo e mínimo, mas não o desvio padrão. O significado atribuído ao desvio padrão foi, predominantemente, uma medida da variação entre as observações indicando homogeneidade da amostra, aspecto reforçado pelos livros didáticos de Matemática do ensino médio e categorizado como raciocínio verbal de variação. A composição do intervalo de um desvio padrão da média não surgiu naturalmente e mesmo os participantes que compreenderam esta interpretação do desvio padrão, apresentaram dificuldade para identificar o que tinha no intervalo. Acredita-se que o desenvolvimento de aplicativos computacionais para trabalhar o conceito de intervalo em torno da média possa auxiliar na aquisição deste raciocínio, considerado um raciocínio completo de variação. Conclui-se que a linguagem maior variação pode induzir dois diferentes raciocínios idiossincráticos: a maior variação das freqüências em alguma categoria ou valor da variável de uma distribuição de freqüências e a maior variação de observações diferentes na amostra, ambas não relacionadas com a medida de tendência central

Made available in DSpace on 2016-04-26T18:18:45Z (GMT). No. of bitstreams: 1 Alexandre Cavalcanti Marquesi.pdf: 2011035 bytes, checksum: 32d3c7addbfb91620d98df0370525f80 (MD5) Previous issue date: 2010-05-10 / The main objective of this research project is to examine the real reasons for the behavioral paradox of people in cyberspace, i.e., the complete change in their original attitudes and objectives after accessing the Internet. This work presents a sociocultural map of the factors involved in the seduction of the desire to buy on the Internet, seeking to understand what actually causes the aforementioned paradox to occur in the context of the social appropriation of interactive media. In practical terms, therefore, the research problem is as follows: Why does a person enter cyberspace with the intention of carrying out a given task, but upon becoming immersed in this environment, end up performing other activities and even prioritizing them, thereby using up the time required to perform his originally planned tasks? Are the reasons for this discrepancy of objectives simply psychological and this behavior seasonal? Is it merely a question of suspended or disordered self-control reduced to the sphere of individuality? Or is the process involving, as it does, a breakaway from the intended path , a significant deviation , a deeper one and of a collective nature, presenting signs of an anthropological and philosophical problem that encompasses relationships with time, space, worldly objects (immaterial) and with other people experienced differently in cyberspace during the sojourn into the Internet? The main hypothesis of this research refers to the latter alternative. The methodology adopted here consists of bibliographical and empirical research aimed at scrutinizing the main reasons that make this paradox a daily reality of cyberspace journeyers in today s consumer society. This study focuses on cybercultural environments, which, in this dissertation, are understood as techno-symbolic manifestations of the glocal phenomenon, i.e., neither global nor local, but belonging to an approach of third magnitude that cannot be reduced to its constituents elements. From the epistemological standpoint of this research, there is another important hypothesis: the unwanted or unexpected activities to which a person is subject, voluntarily or involuntarily, when immersed in cyberspace take place in the interactive glocal context. The theoretical body of reference for this research encompasses postmodern and contemporary authors such as Baudrillard, Harvey, Morin, Foucault, Trivinho and Virilio, and is based on the perspectives of sociodromology, poststructuralism, postmodernism, post-Marxism and the current critique of communication and mediatic civilization. The fulfillment of the study objectives evidently presupposes an understanding of the cultural nature of human attitudes, the socio-technological aspects of cyberculture and their impact on the lives of individuals in this context. The development of this dissertation based on theoretical and methodological principles ensures its place in the field of communication / Este Projeto de Pesquisa tem como principal objetivo a investigação dos reais motivos implicados no que se pode chamar de paradoxo comportamental ou paradoxo cibercultural dromocrático dos sujeitos no ciberespaço: o desenvolvimento de atitudes e o cumprimento de objetivos totalmente distintos dos inicialmente planejados e desejados após a entrada na rede. O trabalho apresenta um mapeamento sociocultural dos fatores envolvidos na sedução do desejo de compra na rede, a fim de se compreender o que de fato influencia a produção do mencionado paradoxo no contexto da apropriação social das mídias interativas. O problema de pesquisa assim se apresenta, em termos práticos: por que o sujeito ingressa no ciberespaço pensando em realizar apenas as tarefas previstas e recorrentemente acaba, no processo de imersão, cumprindo outras atividades (e até mesmo dando-lhes prioridade), de modo a esgotar muitas vezes nelas o tempo necessário ao cumprimento das tarefas anteriormente previstas? As razões dessa discrepância de objetivos são apenas psicológicas e comportamentais sazonais? Trata-se somente de uma questão de suspensão ou desordem do autocontrole , reduzida à esfera da individualidade? Ou o processo, por envolver uma quebra ou dobra de percurso, um desvio significativo, é mais profundo, de natureza coletiva, apresentando indícios de uma problemática antropológica e filosófica que abarca a relação com o tempo, com o espaço, com os objetos do mundo (imaterial) e com o outro doravante vividos de modo diverso na cibercultura durante a permanência na rede? A principal hipótese da pesquisa recobre essa última alternativa. A metodologia adotada abrange pesquisa bibliográfica e pesquisa empírica, em compatibilidade com a dissecação das principais razões que tornam o paradoxo uma realidade diária dos dromoaptos (capazes de serem velozes) na sociedade de consumo atual. O estudo está focado em ambientes ciberculturais que, na dissertação, serão compreendidos como manifestação tecnossimbólica do fenômeno glocal, isto é, nem global, nem local, mas vertente de terceira grandeza, já realizada planetariamente e não redutível aos seus elementos constituintes. Na perspectiva epistemológica da pesquisa, aventa-se outra importante hipótese: é no contexto glocal interativo que se efetivam, em percurso tortuoso e lúdico, as atividades nãodesejadas ou não-esperadas das quais o sujeito é, voluntária ou involuntariamente, objeto quando imerso no ciberespaço. O quadro teórico de referência é formado por autores pós-modernistas e contemporâneos como Baudrillard, Harvey, Morin, Foucault, Trivinho e Virilio, e se baseia nas perspectivas da sociodromologia, do pósestruturalismo, do pós-modernismo, do pós-marxismo e da crítica atual da comunicação e da civilização mediática. Nessa esteira, o cumprimento dos objetivos do estudo pressupõe, evidentemente, a compreensão da natureza cultural das atitudes humanas, dos aspectos sociotecnológicos da cibercultura e de seus impactos na vida dos indivíduos nesse contexto. A consolidação do trabalho com base nesse recorte de princípios teóricos e metodológicos garante, integralmente, seu pertencimento à área de Comunicação

指數型基金透過追蹤指數來提供投資人被動管理的投資策略，因而成為保守投資人的熱門投資工具。本論文的目的在於建立一個追蹤指數的同時也能有效控管損失的指數型基金。在此目標下，該基金面臨到的不單是追蹤指數的績效，還有降低資產配置風險的問題。有鑑於此，本論文融合兩種下方風險的概念：指數追蹤的下方偏差(downside absolute deviation)以及條件風險值(conditional value-at-risk, CVaR)。針對兩者間的規避程度分別分配其權重，並以該基金之平均報酬大於指數的平均報酬作為限制條件，經由改寫下方偏差與離散化CVaR後得到一個新的線性規劃模型。本論文以台灣50指數與恆生指數的歷史資料做為實證探討的對象，驗證使用本線性規劃模型所建立之指數型基金的效能。 / Index fund has become popular in these days among the conservative investors since it provides a passive investment strategy. The main purpose of this paper is to create an index fund which can replicate the performance of a broad-based index of stocks and has the ability to control the loss efficiently at the same time. For this purpose, the index fund we build confronts with not only the performance of index tracking, but also lowering the level of the risk of assets allocation. In order to accomplish the goal, we combine two concepts of downside risk: downside absolute deviation and conditional value-at-risk (CVaR). Under the constraint of average portfolio return being greater than average index return, and assign weights according to the degree of evasion to each of the risks, a linear programming model is formulated by rewriting downside absolute deviation and discretizing CVaR. The results obtained from the computational experience on Taiwan 50 index and Hang Seng index are provided for testing the efficiency of this model.