75 English summary Lien of the share in a limited liability company The main goal of my thesis "Lien of the share in a limited liability company" is to analyze provisions of the new Czech Civil Code and Corporation Act, which were passed in the spring of 2012. Both statutes come into effect on 1 January 2014. At first I briefly describe the historical development of this issue since 1906, when first a statute concerning the limited liability company was passed in our country. Then I describe the main issues in the provisions of Czech commercial Code. Current legislation concerning the pawn of the share is a very brief one. The main problem, which I introduce, is that the legal possibility of pawning the share depends on the legal possibility of transferring the share. This provision neglects the fact, that the commercial Code defines two types of transfer of the share, that is to another shareholder or to a non-shareholder, i.e. to a person outside the company. The new Czech Civil Code contains a comprehensive legislation of the pawn. Its main assets are wide contractual freedom and protection of the lien debtor. Parties of the pledge contract can enter into contract, that enables the lien creditor to exercise voting rights on the General Meeting. Another, in my opinion controversial, new provision is that...

As Metodologias Ativas de Aprendizagem são estratégias de ensino que visam a mobilizar o aluno para a construção do próprio conhecimento de forma proativa e menos receptora. A presente pesquisa, de abordagem qualitativa, propôs-se investigar a aplicação da metodologia ativa Think Pair Share no Ensino Fundamental I. Para tanto, foi desenvolvida uma sequência de atividades com o tema astronomia com ênfase para o tópico lua, em que os alunos tiveram que pensar em conjunto, discutir em pares e efetuar relações com a mediação do professor. O desenvolvimento desta estratégia foi considerado positivo, pois os alunos se mostraram engajados nas atividades e responderam satisfatoriamente a ela. Foi constatada escassez de material de pesquisa sobre metodologias ativas aplicada ao Ensino Fundamental I no Brasil, o que sinaliza a necessidade de aprofundar as práticas e efetuar um registro reflexivo sistemático sobre as mesmas. / Learning Active Methodologies are teaching strategies to mobilize students to build knowledge through a more proactive and less receptive way. This research, of a qualitative approach, has proposed to investigate the application of active methodology Think Pair Share in Primary Education. Therefore, a sequence of activities was developed with the theme of astronomy with emphasis on the topic moon; students should think together, discuss in pairs and build relations with the mediation of the teacher. The development of this strategy has been positive because students were engaged in activities and responded satisfactorily. There is a shortage of Active Methodologies research material applied to Primary Education in Brazil, this shows the need of deepening the practices and create a systematic reflective record on them.

Share repurchases in Sweden has since legalization in 2000 gained momentum. Similar to other corporate events, there are studies that examine whether this affects the share price performance. With studies in the U.S. that measured excess returns of approximately 3,5 percent on the announcement day; Swedish buybacks, holding a tighter regulation is of interest to study. The Stockholm Stock Exchange regulation regarding reporting is also similar to the Stock Exchange in Hong Kong. Unlike most previous research using only the announcement of a buyback, where an actual repurchase cannot be assured, the stock exchanges in this study requires disclosure on a daily basis, which means that the announcement can be linked to an actual share repurchase. The study aims to examine how the stock markets in Stockholm and Hong Kong react to share repurchases. Thereby judge whether the notice gives a negative or positive effect. The problem formulation takes the following approach: Is there abnormal returns at the announcement of share repurchases in the Stockholm stock exchange and the Hong Kong stock exchange.  The following sub questions will further be explored: Are there differences between the size of the abnormal return and industry? Is there a correlation between the abnormal returns and corporate market-to-book value? The survey is conducted through an event study, measuring abnormal return during a window of ten days prior to the announcement day and ten days after. Repurchases are studied during the period 2000-03-10 until 2011-04-10 in order to cover the entire period since legalization in Sweden. The sectors used are: industrials, financials, consumer discretionaries and information technology. Furthermore a regression analysis consisting of the variables market-to-book, divided into low and high values, and abnormal return is constructed. Through a theoretical synthesis, consisting of previous research, signaling hypotheses, the efficient market hypothesis and agency theory, the empirical data is analyzed. The conducted study shows low positive abnormal returns (AAR) for both Stockholm and Hong Kong at 0,37 percent and 0,38 percent for the announcement day respectively with a certain significance days before the announcement. Small differences exist between sectors, with financials showing highest abnormal return and consumer discretionaries the lowest in the two markets. There is furthermore a significant value between high market-to-book values and negative abnormal returns.

Abstract After many years¡¦ M&A, the IC Packaging and Testing Industry show the trend of ¡§The big ones get bigger¡¨. The mainstream management styles of Packaging and Testing industries that run apparently into high capital intensity are the conglomerate by subsidiaries, or virtual group through M&A or equity investment. Under the inferiority of limited resources and cost competence, the small medium size of Packaging and Testing factory face the merged future. Therefore, it should find some adequate survival strategy. Under current circumstance, the fastest method for facing the powerful competitive pressure is M&A. Due to the fact the capital of IC Packaging and Testing are huge, and most stocks have been went public, the most available method of M&A is the share-for-share Exchange or mixed payment by cash or common stock. If it involves the common stock exchange, the study for exchange rate will become very important. This study is aimed at the related problem of share for share exchange. We use the Share-for-share Exchange model developed by Larson and Gonedes in 1969 as the basis and do some extension. We also use the dividend behavior decrease model developed by Marsh and Merton in 1987 to resolve the P/E ratio estimation problem simultaneously. The researched objects are Siliconware Precision Industries Co., Ltd ¡BGREATEK electronic¡B and IST International Semiconductor Technology Ltd. Besides, this study will also do small change in L-G model to suit the merger problem of the three IC Packaging and Testing companies. The result shows that the reasonable negotiation of share-for-share exchange by L-G model can provide both sides a negotiated or mediated bottom line and also imply that this message will provide substantial assistance for both sides.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The aim is to assessment the development of employment and income. Assess the dynamics and differentiation of net cash income of the population by region and sector of the economy. Employment is one of the key areas of concern not only the Czech Republic, but all Member States of the European Union. Employment policy is intended to promote employment and is one of the major areas of social policy. The incomes of the population significantly affects living standards, competitiveness and hence aggregate demand. For surveys of household income to apply various methods. Income inequality can be measured in different ways. The most popular methods include the Gini coefficient and Lorenz curve. The household is most popular statistical unit whose income is observed.

O desenvolvimento da fruticultura no Nordeste brasileiro enfrentou alguns desafios e limites nos Ãltimos anos. Contudo, devido ao avanÃo de novas tecnologias e pesquisas, conseguiu avanÃar em alguns aspectos, tornando favorÃvel o crescimento da produÃÃo de determinadas culturas, as quais sÃo beneficiadas pela crescente demanda internacional de commodities e pelo preÃo atrativo, proporcionando renda e emprego para os exportadores, produtores e trabalhadores envolvidos na atividade. Diante disso, este estudo tem como objetivo fundamental analisar o comportamento e as principais fontes de avanÃo ou retraÃÃo das exportaÃÃes da castanha de caju e do melÃo na regiÃo Nordeste, por meio de variÃveis comumente conhecidas como influenciadoras para as exportaÃÃes desses produtos, as quais sÃo: preÃo do produto em moeda internacional, taxa de cÃmbio, Ãrea colhida, rendimento mÃdio da produÃÃo e quantidade produzida pelos concorrentes internacionais. As informaÃÃes utilizadas na pesquisa foram retiradas do Sistema AliceWeb do MinistÃrio do Desenvolvimento, IndÃstria e ComÃrcio Exterior (MDIC), da ProduÃÃo AgrÃcola Municipal do Instituto Brasileiro de Geografia e EstatÃstica (IBGE) e do IpeaData. Para avaliar esses fatores influenciadores fez-se uso da metodologia Shift Share, com o uso de sÃries temporais cobrindo o perÃodo compreendido entre 1997 e 2013. A metodologia utilizada no trabalho à inovadora neste tipo de anÃlise e consiste na decomposiÃÃo do valor das exportaÃÃes destas duas commodities nos efeitos tidos como definidores dos avanÃos ou retrocessos do valor das exportaÃÃes nordestinas dos dois produtos. Os resultados encontrados na pesquisa mostraram que a regiÃo Nordeste està perdendo competitividade em relaÃÃo aos seus principais concorrentes (Vietnà e Ãndia) na produÃÃo e exportaÃÃo de castanha de caju, tanto no que concerne à expansÃo de Ãrea colhida como, principalmente, de rendimento relativo, numa evidÃncia de que a produÃÃo nordestina de castanha de caju avanÃa em descompasso tecnolÃgico em relaÃÃo aos seus dois principais concorrentes no mercado internacional. Considerando a produÃÃo e exportaÃÃo de melÃo pela regiÃo, as evidÃncias encontradas na pesquisa sugerem avanÃos da participaÃÃo nordestina no mercado internacional de melÃo, demonstrando uma maior competitividade frente à produÃÃo deste item nos principais concorrentes internacionais, que sÃo Espanha, Guatemala e Estados Unidos da AmÃrica. / The development of fruit production in Northeast Brazil faced some challenges and limits in recent years. However, due to the advancement of new technologies and research, managed to advance in some respects, making favorable growth in production of certain crops, which are benefited by the growing international demand for commodities and the attractive price, providing income and employment for exporters, farmers and workers involved in the activity. Thus, this study is essential to analyze the behavior and the main sources of progress or decline in exports of cashew nuts and melon in the Northeast, through commonly known variables as influencers for exports of these products, which are: price of the product in international currency exchange rates, harvested area, average yield in production and the quantity produced by international competitors. The information used in the research were taken from AliceWeb the Ministry of Development System, Industry and Foreign Trade (MDIC), the Municipal Agricultural Production of the Brazilian Institute of Geography and Statistics (IBGE) and IpeaData. To evaluate these influencing factors was made using the Shift Share methodology, using time series covering the period 1997-2013. The methodology that is used in paper proposes innovative in this type of analysis and is the decomposition of the value of exports of both commodities in the effects that hypnotize be definers of progress or setbacks in the value of Northeastern exports of both products. The results in the survey show that the Northeast is losing competitiveness relative to its main competitors (Vietnam and India) in the production and export of cashew nuts, both as regards the expansion area harvested as mainly relative yields, an evidence that the Northeastern production of cashew nuts advances in technological gap in relation to its two main competitors in the international market. Considering the production and export of melon by region, the evidence found in the survey suggest advances Northeastern participation in international melon market, demonstrating greater competitiveness compared to the production of this item in the main international competitors are Spain, Guatemala and the United States of America.

As Metodologias Ativas de Aprendizagem são estratégias de ensino que visam a mobilizar o aluno para a construção do próprio conhecimento de forma proativa e menos receptora. A presente pesquisa, de abordagem qualitativa, propôs-se investigar a aplicação da metodologia ativa Think Pair Share no Ensino Fundamental I. Para tanto, foi desenvolvida uma sequência de atividades com o tema astronomia com ênfase para o tópico lua, em que os alunos tiveram que pensar em conjunto, discutir em pares e efetuar relações com a mediação do professor. O desenvolvimento desta estratégia foi considerado positivo, pois os alunos se mostraram engajados nas atividades e responderam satisfatoriamente a ela. Foi constatada escassez de material de pesquisa sobre metodologias ativas aplicada ao Ensino Fundamental I no Brasil, o que sinaliza a necessidade de aprofundar as práticas e efetuar um registro reflexivo sistemático sobre as mesmas. / Learning Active Methodologies are teaching strategies to mobilize students to build knowledge through a more proactive and less receptive way. This research, of a qualitative approach, has proposed to investigate the application of active methodology Think Pair Share in Primary Education. Therefore, a sequence of activities was developed with the theme of astronomy with emphasis on the topic moon; students should think together, discuss in pairs and build relations with the mediation of the teacher. The development of this strategy has been positive because students were engaged in activities and responded satisfactorily. There is a shortage of Active Methodologies research material applied to Primary Education in Brazil, this shows the need of deepening the practices and create a systematic reflective record on them.

This thesis deals with shares in companies representing participation rate of the shareholder in a company and his rights and duties resulting from. At first I analyse establishing and regime of companies. Then I deal with kinds of shares in company limited by quarantee and private limited company. Finally, I focus on profit share, settlement and liquidating share. The aim is to analyse new Czech legislation.