Tributos implícitos refletem a extensão pela qual ativos favorecidos tributariamente têm seu retorno pré-imposto reduzido em comparação com o retorno pré-imposto de ativos sem benefício fiscal e de risco similar. Em condição de equilíbrio de mercado, se dois ativos de riscos semelhantes possuírem o mesmo fluxo de caixa pré-imposto, mas um deles for favoravelmente tributado em relação ao outro, haverá maior demanda pelo ativo menos tributado, que terá, portanto, seu preço relativo aumentado. Conseqüentemente, dado que o retorno pós-imposto é o mesmo para ambos, o retorno pré-imposto do ativo favorecido será menor que o retorno pré-imposto do ativo não-beneficiado. A perda de retorno pré-imposto sofrida pelo ativo beneficiado decorre da tributação implícita. O aumento de preço do ativo beneficiado pressupõe que haja um detentor disposto a vendê-lo um tipo de investidor para o qual a alteração nos preços relativos acontece sem que o seu retorno pós-imposto se altere: o investidor marginal. Investidores que possuam alíquota marginal de imposto explícita diferente da suportada pelo investidor marginal formam a denominada clientela tributária, que se constitui por um investidor para o qual a mudança nos preços relativos alteraria também o seu retorno pós-imposto. Os objetivos da tese são apresentar a teoria econômica e os conceitos subjacentes à tributação implícita, assim como comprová-la empiricamente. Trata-se de tema importante, pois traz à luz um tipo de tributação ainda pouco visível para a maioria dos indivíduos e das empresas, mas que é tão material quanto a explícita (descrita nos códigos e regulamentos tributários e provisionada nas demonstrações financeiras). A MP nº 281/2006, que introduziu a isenção de imposto de renda para os rendimentos produzidos por títulos públicos federais adquiridos por estrangeiros, foi o evento ao redor do qual se examinou o efeito causado pela isenção sobre os retornos da NTN-B, título escolhido pelos não-residentes à época do ato. A hipótese testada foi de que a entrada maciça do investidor estrangeiro reduziria significativamente o retorno pré-imposto do título. Para os testes, empregou-se a análise de séries temporais: o mesmo título foi utilizado antes (sem benefício fiscal) e depois (beneficiado quando adquirido por estrangeiros) da MP. Assim, a diferença de percepção de risco que investidores possuem ao carregar ativos diferentes ficou mitigada, o que permitiu que se isolasse o efeito do benefício tributário sobre os retornos. Os resultados confirmaram que o investidor estrangeiro sofreu uma significativa tributação implícita: a depender da série da NTN-B, o investidor estrangeiro foi tributado implicitamente de 11% a 13%. A pesquisa contém também uma outra situação relacionada à MP nº 281/2006, mas que decorreu de falta de liquidez da NTN-B, quando o estrangeiro quis sair do mercado em momento posterior à entrada em vigor da MP. Nesse segundo instante, comprovou-se que o investidor estrangeiro recebeu um tributo implícito pago pelo governo brasileiro. Procurou-se demonstrar que o tributo implícito não é tipicamente pago para as autoridades tributárias. Na entrada do estrangeiro, houve pagamento de tributo implícito do não-residente para o investidor nacional. No momento seguinte, quando o investidor estrangeiro desejou sair do papel, o governo pagou o imposto implícito recebido pelo não-residente. Esses resultados contribuem para a pesquisa tributária no Brasil ao trazer novos conceitos correlatos à tributação implícita e demonstrar empiricamente que alterações tributárias podem resultar em alteração no retorno pré-imposto de ativos. Por exemplo, decisões de investidores podem ser afetadas quando uma empresa que tradicionalmente pagava dividendos passa a distribuir o seu lucro na forma de juros sobre capital próprio, conforme prediz a teoria da clientela tributária. Os resultados e conceitos também podem auxiliar na análise das conseqüências, sobre a economia como um todo, da implantação de políticas tributárias, assim como na implementação específica de determinado incentivo tributário sobre o retorno pré-imposto dos mais variados tipos de ativo. / Implicit taxes reflect the extent to which tax-favored assets bear lower pre-tax returns than do tax-disfavored assets of similar risk. In equilibrium, when two assets give rise to identical pre-tax cash flows, but the cash flows from one asset are taxed more favorably than those from the other asset, the tax-favored asset will increase relative to the price of the taxdisfavored asset. Consequently, given that the after-tax returns are the same to both assets, the pre-tax rate of return to the tax-favored asset will fall below that for the tax-disfavored asset. The loss of pre-tax return bore by the tax-favored asset is due to the implicit tax. The price rise of the tax-favored asset indicates that there is an investor willing to sell it a kind of investor to whom the prices of the assets change, with the result that the after-tax rates of return will remain the same to them (the marginal investor). Investors with explicit tax rates different from the explicit tax rate faced by marginal investors form a group of investors known as tax clientele. Those investors (clientele) are not indifferent to assets differently taxed. This research aims to present the economic theory and the main concepts related to implicit taxes, and still to test empirically its existence. Implicit taxes are an important issue because it sheds light upon a kind of taxation practically invisible to most people and businesses, but yet as real as the explicit taxes. The Provisional Measure n. 281/2006, which provided income tax exemption to non-resident investors who acquired federal government bonds, was the event chosen to empirically test for implicit tax effects, by examining NTN-B return changes surrounding the act. Indications suggested that foreign investors focused on a long-term Brazilian bond called NTN-B. The hypothesis to be tested was that the massive entrance of foreign investors would significantly reduce the NTN-B pre-tax return. Time series analysis was employed: the same bond was used before (without the tax exemption) and after (with the tax exemption) the act. Therefore, this study is less subject to confounding cross-sectional risk differences, helping to distinguish between the effects of taxes and risk. Results of empirical tests report a significant decrease of return suffered by the foreign investor, from 11% to 13%, depending on the bond invested. The study also investigates another event related to the tax exemption, but actually connected to the small liquidity of the NTN-B. Few months later, the same foreign investor who massively bought the NTN-B in response to the tax exemption decided to leave the Brazilian market. At this time, the Brazilian government paid him a significant implicit tax. The comparison between the first event (tax exemption) and the second one (liquidity) shows that implicit taxes are typically not paid directly to the taxing authority. When the foreign investor first entered the market, he paid implicit taxes to the Brazilian investor. Later on, when the foreign investor decided to sell the bond recently bought, the Brazilian government then paid him implicit taxes. These results contribute to tax research by demonstrating that changes in tax rates may result in changes in pre-tax returns. For instance, according to the theory of tax clienteles, the decisions of investors might be affected when a Brazilian company decides to change its dividend policy, by paying interest on own equity instead of dividends. The results and concepts also provide information to tax policy makers on the economy-wide effects of tax rate changes, as well as the effects of specific tax incentives on pre-tax returns.

This thesis deals with bolted steel tanks, especially modification one of them. This modification is realized in cooperation with Kohimex spol. s r.o., which is assembling theese tanks for many years. The thesis continues on the bachelor one called "ASSEMBLED STEEL TANKS", which has already dealt with this issue. At the beginning of the thesis the issue of tanks is explained. Furthermore, there is made description of the tank modification details. At the next stage, the work presents stress-strain states of the tank, first for the current tank and then for the modified option. On the basis of completed analysis is made economic evaluation of design modified tank option due to the current tank. The results of this study allow better issue understanding of bolted tanks designing or they give impuls to improve the current way of designing.

M. Tinkham and M.W.P. Strandberg. / "February 1, 1955"--Cover. "Reprinted from The Physical review, vol. 97, no. 4, 937-966, February 15, 1955." / Includes bibliographical references. / Army Signal Corps Contract DA36-039 sc-42607 Project 132B Dept. of the Army Project 3-99-12-022

Customer satisfaction is the key for the accomplishment of health care and fitness companies. It is a process beginning with identifying customer vision management and ending with customer loyalty and retention. The purpose of this study was to test the reliability and validity of Turkish version of the Customer Satisfaction Scale (CSS) for health care and fitness clubs. The sampling group that was the customers of the private health care and fitness centers consisted of 150 female (47.3 %) and 167 male (52.7 %), totally 317 people. Principal component analysis (PCA) was performed for the factor analysis of the items. Five factors emerged which accounted for 65.7 % of the variance related with social and intellectual improvement, physical and psychological satisfaction, facility attractivity, staff attitudes and competence and cleanness of the center. Internal consistency method was used to test reliability. Cronbach alpha values indicated highly reliable results. For all items= .92 Factor 1= .88, factor 2= .89, factor 3= .80, factor 4= .81, factor 5= .81 The present study demonstrated that Customer Satisfaction Scale is a reliable and a valid instrument to measure customer satisfaction of the members of health care and fitness clubs in Turkey.

Performance analysis most often is based on the detailed knowledge of program behavior. One option to get this information is tracing. Based on the research tool PARvis, the visualization environment VAMPIR was developed at KFA which now supports the new message passing standard MPI. VAMPIR translates a given trace file into a variety of graphical views, e.g., state diagrams, activity charts, time-line displays, and statistics. Moreover, it supports an animation mode that can help to locate performance bottlenecks, and it provides flexible filter operations to reduce the amount of information displayed. The most interesting part of VAMPIR is the powerful zooming feature that allows to identify problems at any level of detail.

No description available.

This research examines the identity perception of Maronite adolescents in Israel as part of the Israeli Palestinian Arab Christian community. The research was carried out between the years 2009-2011, involving 25 Maronite adolescents ranging from ages 16 – 18 years. Views on identity were also sought from the parents of this group. The research looks at the implications of their identity perception on their future orientation, career, place of residence, culture and heritage amidst the ongoing unstable social and political situation in the region. The research is inductive in nature and follows a non-positivist, qualitative, ethnographic approach, seeking depth in capturing and presenting the elusive nature of the “soft data” of the self-identity construct. The data were gathered and triangulated by a variety of methods: adolescents’ in-depth interview, parents’ semi–structured ethnographic interview, narrative text tools and a focus group. Findings revealed that the two leading components in the identity perception of the participants were the “Israeli Arab” national component, and the “Christian” religious component. Findings also indicated that the identity perception influences the choice of the participants’ careers; choosing from what was offered to them, rather than pursuing what they liked, and their place of residence having to deal with the limitations imposed on minorities regarding where they can, or cannot live. The participants expressed their need for leadership, religious or secular, to strengthen their involvement in the social and political agendas, educate the younger generation about their identity and heritage, offer a supportive and empowering framework for their ambitions and future plans and improve their socio-political presence among the other communities. The outcomes of this research contribute to a better understanding of the identity perception among Maronite adolescents and constitute a basis for understanding how they can be better supported as a minority group within a multi-cultural society in an unstable region. Further research is required to gain a deeper understanding of how the unstable periods influence belonging and identity issues among Christians in Israel and the Arab world, and to consider gender, socioeconomic and place of living variables.

The thesis begins with the question of who were those who appealed to Rome in 230 to provide the pretext for the First Illyrian War. This is followed by an analysis of the mechanics of trade and travel to Greece, and the conditions to be encountered there; also of the honorific inscriptions which provide much of the evidence for the presence. This evidence is then assessed for Delphi, the sanctuaries of Asklepios, Aitolia and other less cohesive presences. The conclusions are in terms of Rome's dealings with Greece up to and including the First Illyrian War, as affected by her allies' presence in Greece. There follows an excursus on the development of early Latin literature, its motivations, themes and relevance in historical context. The period of the Second Punic War is then analysed to see if and how traffic continued to frequent Greece, and how Rome's policy developed from the stance which she had taken in 230. This leads to a consideration of the causes of the Second Makedonian War, and of the differing policies of Flamininus and Scipio Africanus as revealed by their honours, dedications and letters in Greece. The subsequent Italian presence in Delphi, Thessaly, Aitolia, Thrace, the Aigæian, Boiotia and elsewhere is then assessed in its historical context. There is then a broad overview of the presence on Delos throughout the period, with the emphasis on the Syro-Aitolian War and the freeing of the port in 166.

No description available.

The objective of this presented study was to synthesize optically active compounds considered to be key intermediates in the synthesis of Oseltamivir (Tamiflu) by performing chemical and biotechnological methods. Thereof, the carboethoxy cyclohexenone skeleton first was synthesized utilizing easily available substances. The synthesis of alpha-hydroxy ketones in enantiomerically pure form offers a great importance in the synthesis of biologically active compounds. Toward this fact, the enantioselective synthesis of alpha-hydroxy carboethoxy cyclohexenone scaffold has been accomplished by following the routes which were manganese(III) acetate-mediated chemical oxidation followed by enzyme-mediated hydrolysis and additionally microbial direct biooxidation by whole cells of fungi expressly A. oryzae and A. flavus. A very satisfying results have been obtained by both of the methods.