Le retour à meilleure fortune est un fait juridique résultant de l’amélioration soudaine de la situation patrimoniale d’un débiteur, par un gain à la loterie ou un héritage, le mettant en mesure de payer ses créanciers. Pris en compte dans la cession de biens sous l’Antiquité, le débiteur de bonne foi n’échappait à la prison pour dettes que contre l’abandon de ses biens et l’engagement de s’acquitter du reliquat dû après leur vente si la fortune venait de nouveau à lui sourire. Le droit positif n’accorde, aujourd’hui, que peu de place à ce fait juridique. En droit public, celui-ci constitue encore, dans le Code de l’action sociale et des familles ainsi que dans celui des collectivités territoriales, un critère de récupération des aides publiques. Et, en droit privé, la liberté contractuelle permet encore d’assortir la remise de dette d’une clause de retour à meilleure fortune afin d’organiser une réversibilité de l’abandon de créance. L’article 2284 du Code civil donne encore un effet juridique à cette situation en intégrant au gage commun des créanciers tous les biens nouveaux acquis par le débiteur. Partant de là, le retour à meilleure fortune devrait profiter aux créanciers. Mais ce principe est aujourd’hui malmené par un droit « à ne pas payer ses dettes ». Qu’il soit un consommateur ou un professionnel, le débiteur de bonne foi peut obtenir la purge de ses dettes. L’obligation de paiement du débiteur est alors éteinte y compris si la fortune vient de nouveau à lui sourire. Seuls les créanciers dont les droits sont juridiquement préservés des effets de la purge peuvent encore prétendre à un paiement dans une telle situation. Pour l’essentiel, le débiteur conserve donc l’acquis de son retour à meilleure fortune. D’ailleurs, la Commission européenne a demandé aux Etats-membres de l’Union d’encourager le rebond du débiteur par une politique en faveur de la seconde chance. Le législateur français a ainsi adopté différentes mesures en faveur du rebond pour encourager celui qui a échoué à retenter sa chance. Les présents travaux envisagent donc les incidences juridiques du retour à meilleure fortune en distinguant les situations dans lesquelles il est valorisé de celles où il est neutralisé ; avant d’aborder les mesures en faveur du rebond du débiteur. / Return to better fortune is a legal item, consisting in a better financial state to the debtor by lottery or by inheritance. In this way, the creditors can obtain payment if the debtor’s situation happens to improve suddenly. A long with the transfer of property in Antiquity, the debtor in good faith could only avoid prison by abandoning his property and committing to pay off the balance due following its sale if fortune were again to smile on him. These days, the civil law contains indirect echoes of this concept. Today, the law accords but little room to this payment cause of action against a debtor. It is true that, under public law, it still qualifies as a criterion for recovery of public aid in the family and social Code as well as in the local authorities Code. And under private law, freedom of contract allows deferral of debt to be made subject to a return to better fortune clause so as to organize reversibility of abandoning property. Article 2284 of the Civil code includes all newly acquired property within a general pledge to creditors. In this way, return to better fortune should be profitable to creditors: they can obtain payment. But, for the main part, this concept is today ill-supported by a law “not to pay one’s debts”. Whether to be a consumer or a professional, the debtor in good faith can obtain purge of his debts. The debtor’s obligation to pay is thus extinguished, even if fortune were again to smile on him. Only creditors whose rights can be preserved juridically, by purge of this debts, are alleged to be paid in such a situation. But for the main part, the debtor conserves the fruit of his return to better fortune. Such policy in favor of a second chance, sought by the European institutions, has lead to the French legislator adopting recovery-favorable measures: the taking over of a company in difficulty has been favored and reintegration of the failed facilitated. Certain hurdles to recovery have also been removed in this research : on the one hand, return to better fortune valued, on the other hand, this situation neutralized ; before taking up the actions in favor of a second chance for the debtor.

>Magister Scientiae - MSc / Globally, high unemployment rates exist amongst individuals with schizophrenia. Evidence suggests that these individuals have a desire to return to work (RTW), however, they experience difficulty in finding as well as sustaining employment. Work plays a pivotal role in the functioning of individuals with schizophrenia and has a substantial positive influence on their quality of life (QOL). Several studies recommend supported employment as a practice aimed at improving rates of competitive employment for individuals with schizophrenia. The current study aimed to explore the experiences and perceptions of individuals, with a primary diagnosis of schizophrenia, about the use of the Model of Occupational Self-Efficacy (MOOSE) as a supported employment strategy in enhancing the work skills and facilitating RTW in the open labour market. A qualitative research design was utilised to explore these experiences and perceptions from nine participants. Additionally, one occupational therapist and one occupational therapy technician were selected and participated as key informants of the study. Participants were selected through the use of purposive sampling. Written informed consent was received from the participants, and their confidentiality was upheld throughout the study. Semi-structured interviews were used to collect data, and were audiotaped and transcribed verbatim. Transcriptions were anal

Leung Lok-yee. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 70-71). / Abstracts in English and Chinese. / Chapter 1. --- Introduction and Literature Review --- p.1 / Chapter 2. --- Methodology --- p.4 / Chapter A. --- Momentum Strategies / Chapter B. --- Relative Strength Indexes / Chapter 3. --- Data --- p.13 / Chapter 4. --- Emirical Findings --- p.15 / Chapter A. --- Momentum Strategies / Chapter B. --- Relative Strength Indexes / Chapter 5. --- Conclusion --- p.37 / Chapter 6. --- Tables --- p.39 / Chapter 7. --- Bibliograhy --- p.70

Made available in DSpace on 2014-06-11T19:31:02Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-12-11Bitstream added on 2014-06-13T19:40:45Z : No. of bitstreams: 1 andrade_nsf_dr_jabo.pdf: 474430 bytes, checksum: 6e71312deb02091fbcdb01549805e82d (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O objetivo geral deste trabalho foi demonstrar o valor econômico das perdas de nutrientes por erosão do solo, no cultivo da cana-de-açúcar. Especificamente, avaliar as perdas de nutrientes por erosão (P, K, Ca e Mg), o custo de reposição de nutrientes e de produção da cana, e os indicadores de análise de investimentos: valor presente líquido, taxa interna de retorno e a relação benefício / custo em dois sistemas de colheita (cana crua e queimada) em Catanduva - SP, em área de 100 ha para cada sistema, formadas e colhidas no mesmo período de (2002 a 2007), com similaridade quanto ao tipo de solo, variedade, topografia e número de cortes. A metodologia baseou-se na equação universal da perda de solos, teoria dos custos de produção e de reposição de nutrientes, e teoria dos indicadores das análises de investimentos. Estimou-se que a área com cana queimada perdeu mais nutrientes em todos os cortes, por isso o maior custo médio de reposição de nutrientes R$ 33,93 ha-1 ano-1, sendo de R$ 21,12 ha-1 ano-1 para a cana crua. O menor custo de produção foi da cana crua em todos os cortes, média de R$ 29,60 t-1, sendo de R$ 32,71 t-1 para a queimada. A cana crua apresentou um lucro médio de R$ 5,70 t-1 (R$ 562,87 ha-1 ano-1) e a queimada de R$ 2,59 t-1 (R$ 217,46 ha-1 ano-1). O retorno econômico da cana crua é superior ao da cana queimada, evidenciado ainda mais por meio dos resultados obtidos pelos dois sistemas de colheita, considerando-se índices de análises de investimentos (VPL, TIR, B/C). Conclui-se que a cana crua apresentou o melhor retorno técnico e econômico em virtude de proporcionar melhor conservação do solo e da água, a qual foi valorada pelo custo de reposição de nutrientes perdidos por erosão / The general objective of this work was to demonstrate the economic value of nutrients loss by soil erosion in sugarcane cultivation. Specifically, It was to evaluate the nutrient loss through erosion (P, K, Ca and Mg), the cost of replacing the nutrients and the production of sugar cane, and also the indicators of investment analysis: liquid present value, the internal return tax, and the benefit cost relation in two harvesting systems (raw cane and burnt) in Catanduva, São Paulo state, Brazil. An area of 100 ha was studied for each system, formed and harvested in the same period (2002 and 2007), with similarities in the type of soil, variety, topography, and the number of cuts. The methodology was based on the universal equation of soil loss and the theory of production costs and the replacement of nutrients. It was estimated that an area of burnt sugar cane lost more nutrients in all of the cuts, thus it has the highest average cost of replacing the nutrients, BRR$33.93 ha-1 year-1, compared with BRR$21.12 ha-1 year-1 for raw cane. The lowest production cost was with raw cane in all of the cuts, with an average of BRR$29.60 t-1, compared to BRR$32.71 t-1 for burnt cane. Raw cane presents an average profit of BRR$5.70 t-1 (BRR$562.87 ha-1 year-1) and burnt BRR$2.59 t-1 (BRR$217.46 ha-1 year-1). The economic return on raw cane is higher than that of burnt cane, which is proven from the results obtained from the two systems of harvesting through the analysis of the investment indexes (LPV, IRT, B/C). We can conclude that raw cane presents the best technical and economic return in its ability to better conserve soil and water, which is valued in the cost of nutrient replacement and losses through erosion

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This thesis concentrates on the topic of the endogenous supply of money. It describes the basic shapes of the endogenous money theory and analyzes the causes of usual misunderstandings about the nature and behavior of money. We outline the important difference between asset-based and liability-based understanding of money and conclude that although both principles are theoretically applicable, the liability-based approach matches the major volume of real economic transactions. The liability-approach, which we conclude to be more appropriate way of understanding money, leads back to the topic of money endogeneity. We go over to the development of the ideas of endogenous supply of money as they appear over the second half of the 20th century and depict the major contributions in this area. We reference also the Czech academic research and comment the most relevant works. In the second part, the thesis concentrates on two theoretical areas analyzing the impacts of the money endogeneity. We point out at fundamental controversies in the concept of deposit multiplication concluding it to be an unrealistic process in a credit based economy. We conclude that the stock of money is not a directly controllable aggregate, especially not by means of the money base. The other area is the theory of capital and the foundation of the return on capital. We recall the Keynesian topic of the euthanasia of the rentier, develop the microeconomical foundation of the accumulation of capital and conclude that the zeroizing of the interest rate is feasible in a long-run. In the third part we go over to economic history and schools of economic thinking confronting them with the theory of endogenous supply of money. We concentrate on the notorious Smithian criticism of the mercantile doctrine finding the criticism not fully sustainable if we consider the varying nature of money over the medieval period. We analyze the available statistical data of medieval England concluding that the stock of monetary metals had a direct influence on the economic activity of England in the pre-Smithian era thus referencing to a strongly exogenous character of money, while there is no such relation afterwards, when money was becoming more endogenous. We put a next emphasis on the Austrian theory of money, which in many aspects is at variance with the endogenous money theory. We analyze both views on the money circulation and add new comments to the discussion on the foundation of the return on capital. We draw attention to the Mises' idea of Zirkulationskredit (circulation credit) concluding that this concept comes in fact to a common understanding of the money behavior along with the endogenous money approach. We conclude with finding that the theory of endogenous supply of money is a fundamental economical concept with impacts on almost all other branches of economics. This thesis thus contributes to a larger adoption of the endogenous money theory in the economical research on the theoretical as well as on the practical level. Concerning the practical area, the primary interest in adoption of this theory in contemporary macroeconomics is indeed concentrated on the suggestion for economic policy after the 2008 subprime crisis and we extend this thesis also by concluding notes in this issue.

Determination of the stock expected return is an important element of asset management. This paper presents an Arbitrage Pricing Theory model, which strives to estimate the expected return explaining the historical volatility of the stock prices. This paper presents the model as it was introduced, necessary extension for application to a small market included. Statistical methods on which the model has been build are discussed -- factor analysis completed by principal component analysis. In the practical part, the model is applied to the Czech market with an assessment of the success of the application. The forces which were expected to represent risk factors for the market have been examined as well. It will be shown that the model may contribute to the understanding of risk behaviour of the stocks.

The theme of the dissertation is the private rate of return to educational Investments in tertiary sector. The topic of the research is the impact of the tuition fees on this indicator, including considering the possibility to finance additional costs of the student by the new state loan product. There is introduced the current state of theory and done the SWOT analysis of needs of the education system in the Czech Republic. It is done calculation of private student rate of return to investment into tertiary education and made practical verification of the possibility of using new bank loan product as a source for funding of additional costs for financing of student fees.

Considere um processo estocástico X_m em tempo discreto definido sobre o alfabeto finito A. Seja x_0^k-1 uma palavra fixa sobre A^k. No estudo das propriedades estatísticas na teoria de recorrência de Poincaré, é clássico o estudo do tempo decorrente até que a sequência fixa x_0^k-1 seja encontrada em uma realização do processo. Tipicamente, esta é uma quantidade exponencialmente grande com relação ao comprimento da palavra. Contrariamente, o primeiro tempo de retorno possível para uma sequência dada está definido como sendo o mínimo entre os tempos de entrada de todas as sequências que começam com a própria palavra e é uma quantidade tipicamente pequena, da ordem do tamanho da palavra. Neste trabalho estudamos o comportamento da probabilidade deste primeiro retorno possível de uma palavra x_0^k-1 dado que o processo começa com ela mesma. Esta quantidade mede a intensidade de que, uma vez observado um conjunto alvo, possam ser observados agrupamentos ou clusters. Provamos que, sob certas condições, a taxa de decaimento exponencial desta probabilidade converge para a entropia para quase toda a sequência quando k diverge. Apresentamos também um estimador desta probabilidade para árvores de contexto e mostramos sua consistência. / Considering a stochastic process X_m in a discrete defined time over a finite alphabet A and x_0^k-1 a fixed word over A^k. In the study of the statistical properties of the Poincaré recurrence theory, it is usual the study of the time elapsed until a fixed sequence x_0^k-1 appears in a given realization of process. This quantity is known as the hitting time and it is usually exponentially large in relation to the size of word. On the opposite, the first possible return time of a given word is defined as the minimum among all the hitting times of realizations that begins with the given word x_0^k-1. This quantity is tipically small that is of the order of the length of the sequence. In this work, we study the probability of the first possible return time given that the process begins of the target word. This quantity measures the intensity of that, once observed the target set, it can be observed in clusters. We show that, under certain conditions, the exponential decay rate of this probability converges to the entropy for all almost every word x_0^k-1 as k diverges. We also present an estimator of this probability for context trees and shows its consistency.

O objetivo desta dissertação foi investigar se a Rentabilidade sobre o Patrimônio Líquido (ROE) do setor bancário privado atuante no Brasil foi maior do que a dos setores não-financeiros privados no período de 1997 a 2004. Partiu-se de uma comparação geral para comparações mais detalhadas a fim de se chegar a respostas mais consistentes e verificar se o que vale para o todo vale para as partes que o compõem. Considerou-se tanto o ROE legal quanto o ROE ajustado pelos efeitos da inflação. Analisou-se também a rentabilidade dos cinco maiores bancos privados brasileiros comparativamente a seus pares de países desenvolvidos selecionados. Por fim, foi analisado se a rentabilidade auferida pelo setor bancário privado foi maior do que seu custo de capital próprio, ou seja, se seu spread econômico foi positivo.Utilizou-se, como medida para comparação, a média dos ROE’s e o seu desvio padrão. Para estimação do custo do capital próprio foi utilizado o CAPM tendo como benchmark as taxas dos EUA adaptadas ao risco Brasil. Os resultados da pesquisa evidenciaram que, na média, a rentabilidade do setor bancário privado foi maior do que a dos setores não-financeiros privados e apresentou menor volatilidade, tanto pelo ROE legal quanto pelo ROE ajustado pelos efeitos da inflação, neste caso, no entanto, as diferenças foram menores. Na comparação com os maiores bancos de países selecionados, evidenciou-se que o ROE médio dos maiores Bancos Privados brasileiros não destoa de seus pares de países desenvolvidos. Quanto à questão do spread econômico, considerou-se o ROE ajustado tanto pelo IGP-M quanto pelo IPCA. Em ambos os casos, o spread econômico do setor bancário privado só foi positivo em 1999. No período de 1997 a 2004, o spread econômico foi de –6,4%, quando se utilizou o IGP-M, e de -4,6%, quando se utilizou o IPCA. Concluindo, embora o setor bancário privado, na média, tenha apresentado Rentabilidade sobre o Patrimônio Líquido maior do que os setores privados não-financeiros privados, essa rentabilidade não foi suficiente para cobrir o custo do capital próprio. Dessa forma, na média, os Bancos não têm conseguido criar valor para os acionistas. / The objective of this thesis was to investigate if the return on equity (ROE) from the private banking sector that operates in Brazil was bigger than the non-financial private sectors in the period from 1997 to 2004. It began from a general comparison and evolved to more specific comparisons in order to reach more consistent answers and to analyze if what is true for the whole is true for the parts that complete it. It was considered both the legal ROE and the adjusted ROE by the inflation effects. It was also analyzed the ROE of the five largest Brazilian private banks comparatively to theirs peers from developed countries selected. At last, it was analyzed if the ROE of the private banking sector was bigger than its own capital cost, that is, if its economic spread was positive. It was used, as comparison measure, the average of the ROE’s and its standard deviation. The CAPM having as benchmark the USA rates adapted to the Brazil´s risk was used for estimating the cost of own capital. The results of the research showed that, on the average, the ROE of the private banking sector was bigger than the non-financial sectors and presented less volatility, as for the legal ROE as for the adjusted ROE by the inflation effects, in this case, however, the differences were lower. In the comparison with the biggest banks from selected countries, it was showed that the average ROE of the biggest Brazilian private banks wasn’t different from their developed countries peers. Regarding economic spread, it was considered as the ROE adjusted by the IGP-M as by the IPCA. In both cases the private banking sector economic spread was positive only in 1999. In the period from 1997 to 2004, the economic spread was –6,4%, when IGP-M was used, and –4,6%, when IPCA was used. To sum up, although the private banking sector, on the average, showed ROE bigger than the non-financial private sectors, this ROE was not enough to cover the own capital cost. In this way, on average, the banks have not created value for their stockholders.