PORTUGAL, Monica Maria de Andrade Torres. A formação do analista: um sintoma da psicanálise. 2017. 207f. – Dissertação (Mestrado) – Universidade Federal do Ceará, Programa de Pós-graduação em Educação Brasileira, Fortaleza (CE), 2017. / Submitted by Gustavo Daher (gdaherufc@hotmail.com) on 2017-06-07T14:50:50Z No. of bitstreams: 1 2017_dis_mmatportugal.pdf: 965864 bytes, checksum: cb6186a356331310d514f953d44c7415 (MD5) / Approved for entry into archive by Márcia Araújo (marcia_m_bezerra@yahoo.com.br) on 2017-06-08T11:46:40Z (GMT) No. of bitstreams: 1 2017_dis_mmatportugal.pdf: 965864 bytes, checksum: cb6186a356331310d514f953d44c7415 (MD5) / Made available in DSpace on 2017-06-08T11:46:41Z (GMT). No. of bitstreams: 1 2017_dis_mmatportugal.pdf: 965864 bytes, checksum: cb6186a356331310d514f953d44c7415 (MD5) Previous issue date: 2017 / Este trabalho dissertativo se insere no campo da formação do analista, a qual, con-forme convencionado, fundamenta-se em três condições: análise pessoal, estudo da teoria e supervisão ou controle clínico. Contudo, essas três condições esbarram jus-tamente no que Freud asseverou acerca das três profissões impossíveis – analisar, educar e governar. De modo efetivo, há demanda por formação, e essa, grosso mo-do, vem se realizando a partir da lógica de uma profissão sob os auspícios de uma instituição psicanalítica. A história do movimento psicanalítico, inicialmente com Freud e depois com Lacan, reflete as lutas em torno da concepção do ato de institu-ir, revelando as contradições emanadas do processo de formação do profissional analista. Trata-se de pesquisa imanente aos textos de Freud e Lacan, portanto uma pesquisa bibliográfica, cotejados com escritos de outros autores que trataram sobre os conflitos que cercam a questão da formação. O trajeto tem como lastro as elabo-rações de Lacan sobre o conceito de Escola e a teoria dos discursos, a partir da li-gação que ele estabeleceu entre o discurso do analista, do universitário e do mestre aos três impossíveis de Freud: analisar, educar e governar. Esse conceito foi desen-volvido para contemplar os diferentes laços sociais na fala do sujeito no dispositivo analítico e transposto para o campo da formação psicanalítica, considerando que essa tem uma análise como conditio sine qua non. Lacan liga a noção de sintoma em Freud a Marx e concebe que o sintoma é efeito do real. Além do sintoma, cate-gorias como tempo e dinheiro são somadas à discussão, pois são condições para uma análise. A categoria dinheiro é tratada a partir de Freud, com aportes de Marx e Simmel. Por um lado, a relação sintoma-saber-verdade transparece, sob o discurso do analista, a partir da extração de gozo no real, dimensão alinhada ao impossível, seguindo Lacan; por outro lado, a psicanálise padece do sintoma na formação do analista como uma profissão, pois se trata de um laço social impossível de ser geri-do sob o discurso do capitalista, porquanto esse subsume o sujeito no objeto, como objeto de consumo. Essa incompatibilidade lógica transparece na prática como um permanente impasse: esse será o ponto essencial a ser tratado ao longo da presen-te pesquisa.

Theoretical models suggest that ownership structure may be an important determinant of securities' market characteristics. For example, the presence of informed traders leads to greater bid-ask spreads (Copeland and Galai (1983), and Glosten and Milgrom (1985)), and strategic trading of informed and discretionary liquidity traders leads to intertemporal variation in both trading volume and trading costs (Admati and Pfleiderer (1988), and Foster and Viswanathan (1990)). However, the empirical studies on the effect of ownership structure on market characteristics are limited. Prior studies focus on either one type of market characteristics or one type of owners, and usually do not address the potential endogeneity problem between market characteristics and ownership structure. This dissertation extends existing literature with two essays on ownership and market characteristics. The first essay broadly examines the effect of ownership structure (inside ownership, institutional ownership, and individual ownership) on market characteristics such as order flow, price impact of trade, quoted spread and quoted depth. For each market characteristic examined, I establish an empirical model based on existing theories and empirical evidence. My results indicate that stocks with greater inside ownership have lower order flow, greater price impact of trade, greater quoted spread and lower quoted depth, while stocks with greater active institutional ownership and greater individual shareholders have greater order flow, smaller price impact of trade, lower spread and greater depth. These results may have implications for corporate governance. For example, while agency theory suggests managerial ownership may align interests of managers and shareholders, this essay finds that this comes with a liquidity cost. Further, my results suggest there are liquidity benefits of individual and institutional ownership. If as suggested by Amihud and Mendelson (1989), investors require a higher rate of return for illiquid stocks, firms can target their shares to specific types of investors (for example, active institutions and individuals) to improve liquidity, and reduce their cost of capital. The second essay is a specific application of the first essay and examines the effect of institutional ownership on price discovery around earnings announcements. I select earnings announcements as the event for my analysis because there are three well-documented regularities about earnings announcements. First, market participants anticipate the forthcoming earnings announcements. Second, the announcements of earnings news are usually accompanied by abnormal price changes and abnormal volume. Third, there is evidence that stock price continues to move in the direction of earnings surprise after the announcements of earnings news. Since results from the first essay suggest that institutional investors affect market characteristics such as price impact of trade and quoted spread, I expect that institutional participation would also affect the price discovery process around earnings announcements. My results indicate that institutional ownership is associated with greater anticipation of earnings news. Further, stocks with greater institutional ownership have a greater price response to announcements of earnings news. Finally, institutional investors have no significant effect on post-announcement drift. The results of the second essay suggest that institutional investors contribute to the price discovery process. / Ph. D.

This study contributes to the mergers and acquisitions as well as the informational transparency literature – by examining the relationship between a firm’s analysts' forecast error/ informational uncertainty and M&A outcomes. Contrary to our conventional wisdom, we find that an acquiring firm with more forecast errors and informational uncertainty (firm risk, as expressed by stock return variation) tends to have more favorable abnormal market reactions. Whereas a target firm with more forecast errors and informational uncertainty tends to have less favorable abnormal market reactions. As the relation between acquirer forecast errors and informational uncertainty looks counter-intuitive, we further delve into this issue. We find that, in general, firms with higher analysts' forecast errors and informational uncertainty tend to make fewer acquisitions, which implies that firms with lower informational quality are more selective in their acquisitions. Further, we find that the positive relationship between forecast error/ informational uncertainty and CAR is primarily driven by non-public target acquisitions. In the sub-sample analyses - where we consider only public target firms, our results show that acquirers with higher forecast errors and uncertainty end up acquiring targets with higher forecast errors and weaker firm performance. These findings offer some plausible explanation for the non-significant relation between acquirer analysts' forecast errors/ informational uncertainty and M&A market reactions. It appears that market participants are less enthusiastic about public target acquisitions by acquirers with more inferior informational quality.

This thesis deals with factors influencing the average speed on Czech roads. Curvature and inclination of the slopes were selected among the main factors influencing the average speed. Until now, these factors have been considered at discrete intervals, not as continuous functions. The function for calculating the curvature is based on ČSN 73 6101, where the equation with all variables is directly defined. The functional relationship for the movement of vehicles in sloping terrain was created from data from scientific articles. Therefore, an algorithm was implemented in this thesis, which can automatically evaluate the average speed on the road network. Python was used to implement this algorithm. Furthermore, there is a testing section for travel times, which is validated using route planners and also supported by extensive field research. Testing took place in GIS using network analysis methods. Testing has shown that the inclusion of curvature and inclination will significantly improve the calculation of travel times. key words: network analyst, curvature, gis, algorithm

The purpose of this study is to find improved algorithms to evaluate the work of equity analysts. Initially the study describes how equity analysts work with forecasting earnings per share, and issuing recommendations on whether to invest in stocks. It then goes on to discuss techniques and evaluation algorithms used for evaluating estimates and recommendations found in financial literature. These algorithms are then compared to existing methods in use in the equity research industry. Weaknesses in the existing methods are discussed and new algorithms are proposed. For the evaluation of estimates the main difficulties are concerned with adjusting for the reducing uncertainty over time as new information becomes available, and the problem of identifying which analysts are leading as opposed to herding. For the evaluation of recommendations, the difficulties lie mainly in how to risk-adjust portfolio returns, and how to differentiate between stock-picking ability and portfolio effects. The proposed algorithms and the existing algorithms are applied to a database with over 3500 estimates and 7500 recommendations and an example analyst ranking is constructed. The results indicate that the new algorithms are viable improvements on the existing evaluation algorithms and incorporate new information into the evaluation of equity analysts. / Syftet med denna studie är att hitta förbättrade algoritmer för att utvärdera aktieanalytikers arbete. I studien beskrivs inledningsvis hur aktieanalytiker arbetar med att ta fram prognoser för vinst per aktie och rekommendationer för att köpa eller sälja aktier. Därefter diskuteras tekniker och algoritmer för att utvärdera analytikers vinstprognoser och rekommendationer som hämtats från finansiell litteratur. Dessa algoritmer jämförs därefter med befintliga utvärderingsmetoder som används inom aktieanalys-branschen. Svagheter i de befintliga utvärderingsmetoderna diskuteras och nya algoritmer föreslås. För utvärderingen av vinstprognoser diskuteras svårigheterna i att justera för minskande osäkerhet allteftersom ny information blir tillgänglig, samt svårigheter att identifiera vilka analytiker som är ledande och vilka som är efterföljande. För utvärderingen av rekommendationer ligger svårigheterna främst i risk-justering av avkastningar, samt i att skilja mellan förmåga att bedöma enskilda aktiers utveckling och portföljeffekter. De föreslagna algoritmerna och de befintliga algoritmerna tillämpas på en databas med över 3500 vinstestimat och 7500 rekommendationer och ett exempel på ranking av analytiker tas fram. Resultaten indikerar att de nya algoritmerna utgör förbättringar av de befintliga utvärderingsalgoritmerna och integrerar ny information i utvärderingen av aktieanalytiker.

This paper sets out to evaluate whether investment recommendations of South African share analysts provide any value to an investor in the Johannesburg Stock Exchange (JSE). The study focuses on the creation of a portfolio based on the recommendations by analysts between December 2002 and July 2010. The monthly returns and respective risk-adjusted returns of this portfolio are compared to those of the SATRIX Top 40 over the same period of time. The paper also evaluates the effectiveness of the SATRIX Top 40 as a performance benchmark by comparing it to a portfolio for shares of family-controlled or owner-managed companies listed on the JSE. The study utilises analyst consensus recommendations, with focus on buy and sell recommendations, to create a buy and hold portfolio that is compared to the SATRIX Top 40. The SATRIX Top 40 is further compared to ten-share portfolio of family-owned or owner-managed companies. The study finds that analysts’ recommendations lead to higher risk-adjusted returns for an investor when compared to the SATRIX Top 40. The returns are even better in a bear market environment when compared the benchmark SATRIX Top 40. It is also found that a portfolio of shares of family-controlled or owner-managed companies performs better than the SATRIX Top 40 and thus provides a better benchmark for an investor. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

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Using the setting of earnings conference calls, this paper investigates the temporal focus of management presentation during those calls, i.e., the extent to which managers allocate their discussions to future firm prospects relative to past firm performance. I find a negative association between firms' past performance and the future focus of management presentation. Moreover, the association is less negative for firms with more long-term investors and is more negative for firms with high litigation risk. Additionally, I find that the temporal focus of management presentation is positively associated with that of analyst questions. I also find that managers' future focus is positively associated with the number of analysts following the firm but negatively associated with forecast quality of analyst reports (lower accuracy and higher dispersion). Finally, I find the future discussions in management presentation is positively associated with the time that analysts took to release the next quarter's forecasts. / Ph. D.