The paper shows standard circuits with load reactive and non load reactive counterbalance valves. A Matlab simulation based on a linear model for the circuit with load reactive counterbalance valves shows what parameters have a significant influence on the stability of the system. The most important parameters of the counterbalance valve that influence the stability are pilot gain and relief gain. The factors describe how pilot pressure and load pressure affect the flow across the counterbalance valve. A new counterbalance valve (patent pending) has the pilot gain and relief gain required for stability only in operating ranges that require the parameters for stability. When the load is not moving or the counterbalance valve is not required for positive (non overrunning) loads, the new valve has a higher pilot ratio, which means that the valve opens further at lower inlet pressures. The new counterbalance valves saves about 30% power compared with a standard counterbalance valve that has the same parameters for stability when it is lowering an overrunning load. The standard counterbalance can be replaced with the new load adaptive valve in the same cavity. The paper shows test results and the design of the valve.

本研究因應政府頒布『金融控股公司法』，就資訊系統整合的角度出發，首先針對金融控股公司法與三大主要金融機構 ( 銀行、保險、證券) 的資訊系統應用作文獻探討，再針對企業導入 EAI 之關鍵成功因素作文獻探討，並探討金控公司之整合性金融商品，最後推導出一個整合性的資訊架構。 本研究最後推導出一個採用集中式資料交換系統( EAI Broker )的機制來中介金控公司期下子公司之間的業務應用，以協助金控可以因應市場及客戶群的改變而設計出符合需求的 IT 整合架構，並在資訊架構中設計出有別於單純銀行、保險、證券子公司的額外系統架構，分別是企業流程整合系統、專家系統、企業入口網站等，以期使金控公司得以在整合之後，透過此一資訊架構發揮其整合之综效。

金融控股公司為求合併能夠順利進行，於成立之初或納入其他子公司時，多會先購入部分子公司之股票，待合併完成，此購入之股票將成為金控公司之庫藏股。而由於特殊之產業性質，其庫藏股亦受金融控股公司法及其他法令釋函之限制，因此庫藏股對金融控股公司管理營運所造成影響，略有別於一般產業之公司。本文即擬針對金融控股公司其庫藏股持股與購入成本高低及嗣後處理與註銷持股可能產生的問題，對股東權益和盈餘分配能力之影響，以及公司管理上所需考慮之因素與可能面臨決策情形，試予探討，最後提出建議如下： 1、金控公司於合併過程中，有可能逾越證交法規定之限額。然在主管機關倡導鼓勵金控機構合併以壯大規模之政策下，此一現象已不重要。何況是否違反證交法似為灰色地帶。 2、庫藏股購入及持有之注意 （1）購入典型庫藏股宜量力而為，各項購入目的，於短時間內儘量予以完成，避免走入註銷持股之路。為維護公司信用所必要購入庫藏股宜少運用。 （2）注意購入庫藏股後，持有期間內保留盈餘及資本公積是否足夠彌補庫藏股出售或註銷之差損，並據以考量盈餘分配及資本公積轉增資配股之能力。 3、庫藏股之去化考驗 （1）以維護公司信用及股東權益為目的而買回之庫藏股，必須在買入後六個月內辦理註銷股份，而股價愈高之金控，愈易遭受鉅額之註銷虧損，則此類庫藏股之買入似當慎思。 （2）一般而言，買入庫藏股之每股成本均高於面額，故註銷之虧損應大於出售或轉讓予員工或轉換ECB等之虧損。因此，萬不得已，屆滿三年未有去路時，才予註銷股份。 （3）若以發行ECB或GDR來轉換數量龐大之庫藏股，是否有轉換損失當與其買入成本與股價息息相關。故以庫藏股作為ECB等轉換之用時，宜儘量完成轉換。 （4）子公司持有金融控股公司之股份價格適當時，宜於註銷期限前轉讓出去。而持股及金額大者，尤宜早日規劃其轉讓事宜。 關鍵字：金融控股公司、庫藏股

In leadership development, an established literature and a fertile praxis fall short of clarifying how individuals may develop the many and varied capabilities that contribute to leadership processes. Literature promoting personal growth tends to reduce personal development to cognitive development or rely on broadly defined and under-evidenced notions. The adult development literature offers to this research a conceptualization of personal development as systemic qualitative change in individual sensemaking. As sensemaking develops, it progresses toward greater integration (of interdependent cognitive, emotive, purposive, and conative dimensions), sophistication, and self-determination. The research aimed to examine how changes in the sensemaking of individuals may result in developmental outcomes relevant for personal and leadership development. This inquiry moves from a perspective idealist ontology and a social constructivist epistemology, selects philosophical hermeneutics as a research paradigm, and embraces exploratory qualitative longitudinal research. Purposive sampling guided the selection of research context, a leadership program focused on personal growth. Transcripts from 32 semi-structured constructivist-phenomenological interviews, collected from nine participants across fourteen months, were analyzed through constructivist grounded theory. Development was assessed ipsatively according to a literature-based framework. Contributions, in terms of substantive theory, are not generalizable beyond research context and sample. This research advances the differentiation of developmental context, process and outcomes. Context is found to transcend holding environment—to be ideally conducive to a specific type of change in virtue of a distinctive emerging quality. While vector processes facilitate development, core processes (individual sensemaking) are development. In terms of outcomes, the research supports an association between personal development and development of leadership capabilities, but questions whether self-awareness or personality adjustments per se constitute authentic personal or leadership development. This research exposes a pattern of seeking affirmation, associated with disproportionate identity salience of external image, which is potentially capable of hindering personal development by triggering maladaptive rather than adaptive self-reflection.

Background: Behaviour difficulties are one of the commonest problems for which parents seek professional advice. Behaviour difficulties in early childhood are associated with poorer educational and social outcomes in later life (Loeber & Dishion, 1983). The importance of early intervention and preventative work to support behaviour difficulties has been stressed in the literature and is a priority in the government’s strategy for promoting positive outcomes for children. It is now generally accepted that parenting programmes (PPs) are an effective mechanism for supporting children with behaviour difficulties. A review of the literature suggests that while there are numerous evaluations of PPs there is limited evidence of PPs that are successful outside of a clinic setting and even less evidence on particular aspects of PPs and how parents view them. Aims: The main aim of this research was to explore a community based PP (the Holding Hands Group Programme (HHGP)) in terms of both its outcomes and the perceptions of the parents involved. The aim of paper one was to investigate whether families who undergo the HHGP, notice any improvement in child behaviour, parental stress and parental confidence. A second aim was to compare the HHGP to the previously evaluated Holding Hands Individual Programme (HHIP). The aim of paper two was to examine the process elements of the Holding Hands Group Programme (HHGP), seeking new insights and a detailed descriptive portrayal of how parents experience the HHGP. Methods: The study utilised a pragmatic approach to evaluation, with mixed methods and differing methodologies. Paper 1 involved a fixed quasi-experimental design using a pre-test, post-test single group evaluation. Outcome data was gathered from 34 parental responses to a range of psychometric measures completed on each of three occasions. Paper 2 involved semi-structured interviews being carried out with 15 parents prior to, and on completion of, the HHGP. The interviews focused on parent’s experiences of the programme and what they liked/disliked. Results: Paper 1: At the start of the HHGP parents typically reported high levels of intensity of behaviour, behaviour that was a problem and stress levels. They also reported low levels of parental confidence. By the end of the HHGP parents reported significantly increased confidence and significantly reduced stress, intensity of behaviour and behaviour that was problem. These positive results were maintained beyond the end of the programme as indicated at follow-up meetings. The findings indicate that the HHGP was effective for all identified subgroups of the sample. These findings broadly mirror the findings of the evaluation of the HHIP, although results do show some significant differences between the HHIP and the HHGP. Paper 2: The interviews conducted with fifteen parents were analysed using a rigorous approach to thematic analysis to identify emerging themes. Six themes were identified from parental accounts: support, new knowledge, reconstructing, awareness, changes and interactions. Alongside these themes was a practical element about ‘what worked’. Prior to the HHGP parents gave detailed descriptions about the difficulties that they were experiencing with their child, were able to identify what they wanted to achieve through the group and seemed able to predict what might be useful to them. After the sessions parents discussed what they had gained from taking part and were able to give suggestions for what had caused any changes. Extensions and Implications: On methodological grounds it would be desirable to undertake further work with either a control group, or baseline wait list. A further extension would be to use a longer follow up period or to contact the current participants to see how this cohort is coping when they start school. This study relied on self report data, therefore future work could consider the use of videoing interactions. It would also be useful to extend the interview process to include the follow up period. The results of this study imply that PPs can be delivered effectively to groups in non-clinic settings, and this suggests a route to more cost-effective delivery of PPs. However, as the results indicate that the HHGP was not successful for all, it reminds us that practitioners need to be vigilant in attempting to identify those families that are not helped and flexible in trying to assist them in other ways - perhaps via booster sessions or through the use of self-guided written materials.

Using a sample of 1007 U.S. bank holding companies from 1995 to 2015, this study investigates whether the use of financial derivatives of U.S. bank holding companies affects distance-to-default, a measure of a bank’s chance of defaulting. My results show that total derivatives and total derivatives for trading purposes do not have any statistically significant impact on distance-to-default. There is, however, a statistically significant correlation between total derivatives for non-trading purposes and distance-to-default. More exposure to total non-trading derivatives decreases distance-to- default, thus making a bank holding company riskier. Further analysis of the results shows that, after the initiation of the Dodd-Frank Act, more exposure to credit derivatives will decrease distance-to-default, therefore increasing the riskiness of a bank holding company.

Denna studie handlar om fastighetsvärdering och hur faktorerna taxerad standard, byggnadens faktiska skick och fastighetsägarens innehavstid påverkar småhusfastigheters värde och skrivs på uppdrag av Lantmäteriet. Syftet är att få bredare kunskap om värdefaktorn standard och dess samband med byggnadens skick och ägarens innehavstid samt standardens, skickets och innehavstidens påverkan på småhusfastigheters värde. Vid fastighetstaxering bestäms byggnadens värde utifrån värdefaktorerna som anges i 8 kap 3 § fastighetstaxeringslagen (SFS 1979:1152) som är storlek, ålder, standard, byggnadskategori, fastighetsrättsliga förhållanden och värdeordning. Enligt fastighetstaxeringslagen bestäms värdefaktorn standard utifrån småhusets byggnadsmaterial och utrustning. Det finns begränsad forskning kring värdefaktorn standard och dess påverkan på småhusfastigheters värde, detta tyder på att denna studie behövs och kan fylla luckor i kunskapen kring ämnet.  För att undersöka detta har en representativ delmarknad i Gävle valts ut. Med representativ delmarknad menas ett delområde som kan representera ett generellt resultat som kan antas vara desamma oavsett lokalisering. Data har samlats in om fastigheterna i den valda delmarknaden (insamlingsmetoden), analyser har genomförts (analysmetoden) samt enkäter och intervjuer. Studien visar att det finns ett samband mellan fastigheters värde och fastighetsägares innehavstid. Fastigheter som har längre innehavstid har lägre kvadratmeterpris och de som har kortare innehavstid har högre värden. Det går inte att utläsa något samband mellan standardpoängen och värdet eller standardpoängen och ägarens innehavstid. Undersökningarna kring hur skicket påverkar värdet och dess samband med innehavstiden tyder på att skicket är som bäst i början på innehavstiden. Detta förklaras genom att fastighetsägarna i stor utsträckning väljer att utföra renoveringsåtgärder i inledningen av sin innehavstid. Analysen av sambandet mellan antal utförda åtgärder(skicket) och värdet visar inget samband eller mönster. Fastighetsmäklarna anser dock att det finns ett samband mellan antal utförda renoveringsåtgärder och fastigheternas slutpris. Det anses även att kvalitén på hur åtgärderna är utförda är avgörande för hur mycket åtgärden påverkar värdet samt vilka specifika åtgärder fastighetsägarna valt att utföra. Även material- och trendval kan påverka hur mycket en åtgärd påverkar fastighetens värde. / This study is about property valuation and how the factors taxed standard, the actual condition of the building and the real estate owner's holding time affect the value of small houses and are written on behalf of Lantmäteriet. The aim is to get broader knowledge of the value factor standard and its relation to the condition of the building and the owner's holding time as well as the standard, condition and holding times impact on the value of small houses. In the case of property taxation valuation, the value of the building is determined on the basis of the value factors listed in chapter 8, section 3, of the Property Taxation Act (SFS 1979: 1152), size, age, standard, building category, property rights and value order. According to the Real Estate Tax Act, the value factor is determined by the building materials and equipment of the housing. There is limited research on the value factor standard and its impact on the value of small houses, this suggests that this study is needed and can fill gaps in knowledge about the subject. To investigate this, a representative submarket in Gävle has been selected. "Representative submarketing" means a subset that can represent a general result that can be assumed to be the same regardless of location. Data has been collected about the properties in the selected submarket (collection method), analyzes have been carried out (analysis method), and questionnaires and interviews. The study shows that there is a connection between the value of the property and the ownership owners' holding time. Real estate that has a longer holding time has lower square meterprise, and those with a shorter holding time have higher values. There is no connection between standard points and the value or owner's holding time and standard points. The surveys on how the condition affects the value and its relation to the holding time indicates that the condition is the best at the start of the holding period. This is explained by the fact that property owners often choose to carry out renovation measures at the beginning of their holding time. The analysis of the relationship between the number of improvments performed (the condition) and the value shows no relationship or pattern. However, real estate agents consider that there is a correlation between the number of renovation measures and the real estate prices. It is also considered that the quality of the actions taken affects the value as well as what specific actions property owners have chosen to perform and that material and trend choices can affect how much a measure affects the property's final price.

Holding company as matter of fact In the 19th century the concept of artificial legal persons as independent legal entities separate from their shareholders was created. The joining of companies into corporate groups is in contradiction with the abovementioned concept. Nevertheless, corporate groups are a reality and every legislator had to deal with this issue and create sufficient legislation, considering the protection of minority shareholders on the one hand and the possibilities of the evolution of corporate groups on the other hand. Current Czech legislation regarding corporate groups is more than 10 years old and yet there are still contradictions in the interpretation of the basic provisions of the law of corporate groups amongst experts. My thesis is divided into two parts: the first part consists of the interpretation of the basic provisions of the Commercial Code regarding corporate groups. I used all the basic methods of interpretation, especially the comparison of different expert opinions to provide complex and clear interpretation. The goal of the first part was to point out the abovementioned contradictions and offer my own point of view to readers. In the second part of the thesis, I focused on the option of the holding company to force the controlled company to enter into an...

The main purpose of the thesis is to explore the specifics of the financial management of holdings companies in the Czech Republic with an emphasis on the area of financial management. However, the author assumes that persistent reasons for holding creation is using of synergy effects consisting mainly of centralized management of cash flows to minimize the cost of capital and minimizing the risk of an individual investor who actively makes managerial functions in view guarantees of individual companies. It was found the lack of a comprehensive and systematic approach for a qualitative research. A total of 15 holding companies was use for the qualitative research. The outcome gives many answers concerning the specifics of the financial management of the holdings companies. It seems guarantee, minimizing cost of capital and cash management are key points. The synergistic effect of the holding companies can be used when transferring financial means between companies holding. The impact of the transfer of available financial means was simulated for holding No. 13. It was clearly shown to decrease WACC at one of the companies within the holding. It was found that the subsidiaries, which effectively control the cash flow, maintain a low level of Cash Ratio and Net Working Capital. It was also found that the subsidiaries that manage cash flow effectively, achieve higher ROA. The same assumption was not found in the parent companies. The research question that subsidiaries, which effectively control the cash flow, use financing through bank loans to a lesser extent, was partially confirmed.

Legal regime of a group company after recodification of private law in the CR The issue of company group legislation is a topic increasingly discussed in the modern times. There are some questions that a legislator must ask: whether to allow the formation of corporate groups in the first place; if so, to what extent should disadvantageous instructs towards the subsidiary be permitted; how to handle the compensation for the damage caused by such instructs; in what manner to protect minority company members and creditors of the subsidiary. The recodification of private law in the Czech Republic has brought a new legislation of company groups in an attempt to introduce group enabling law in reaction to recent trends discussed on European level. The first part of this thesis concentrates on bases on which the legislation in the Czech Business Corporation Act is built, including a brief comparison of German and French concept of corporate company law, the doctrine of piercing the corporate veil and recent discussions on European level. The second part deals with the new term of influence and the first degree of company groups. It focuses mainly on the legal presumptions of control, the definition of concerted action and the topic of the majority partner. In the third part there is a detailed analysis of...