Le licenciement pour motif personnel, à la différence du licenciement pour motif économique, est intimement lié à la personne du salarié. Il constitue une notion essentielle en droit du travail, qu'on retrouve dans la plupart des États au monde, mais souvent, sous une terminologie différente. Face à ce constat, on serait tenté de se demander si laréglementation du licenciement pour motif personnel est réellement variable d'un pays à un autre. La réponse à cette question suppose une analyse comparée des législations de certains États. À ce titre, seuls la France et le Sénégal, deux États qui sont par ailleurs fortement liés par l'histoire, ont retenu notre attention. L'étude du droit du licenciement pour motif personnel en France et au Sénégal laisse entrevoir à la fois des similitudes et des divergences. Cette situation se justifierait d'ailleurs à plus d'un titre. En effet, parce que la France a constitué la puissance colonisatrice du Sénégal de 1854 jusqu'en 1960, le droit français a largement influencé le droit sénégalais et ce, depuis belle lurette. Mais, on ne peut s'empêcher de constater que cet impact a tendance à s'amenuiser de plus en plus. En effet, il apparait qu'à un moment donné, le législateur sénégalais a pris conscience du fait que l'idéal serait, non pas de mettre en place un droit du travail qui serait en grande partie calqué sur le droit de son ancienne puissance colonisatrice, mais plutôt d'élaborer un droit qui prendrait en compte les spécificités locales et les réalités nationales. Cette volonté du législateur est d'ailleurs visible aussi bien à travers l'ancien Code du travail sénégalais de 1961 qu'au niveau du nouveau Code de 1997. Le législateur de l'OHADA, de son coté, a su quelque peu freiner cette tendance. Une analyse minutieuse des dispositions de l'avant-projet d'acte uniforme portant sur le droit du travail laisse supposer un réel rapprochement avec le droit français actuel. Notre étude constitue donc l'occasion d'analyser cette évolution originale. De façon plus précise, elle permet, non seulement de recenser et d'expliquer les divergences notées au sein des droits français et sénégalais, mais aussi de mettre en exergue les innovations apportées par l'avant-projet d'acte uniforme de l'OHADA portant sur le droit du travail. / The redundancy for personal reason, unlike the redundancy for economic reason,is intimately linked to the person of the employee. It is an essential concept inlabor law, found in most states in the world but often under different terminology. ln front of this report, wc wouId be tried to wonder if the regulations of the redundancy for personal reason are really variable from a country to another.The answer to this question requires a comparative analysis of the laws of certain states. For this reason, only France and Senegal, two States which are, in addition, strongly bound by the history, held our attention. The study of the law of dismissal for personal reason in France and in Senegal suggests both similarities and differences. This is justified also in more ways. Indeed, because France constituted the colonizing power of Senegal from 1854 to1960, French law largely influenced Senegalese law. But today, it seems that this impact tends to fade more and more. Indeed, it appears that at sorne point, Senegalese legislators realized that the ideal would be not to establish a labor law that is largely modeled on the Law of its old colonizing power but rather to develop a law that takes into account local and national realities. This assertion is also visible both through the Senegalese former Labour Code of 1961 than at the new Code of 1997. The OHADA legislator, for his part, has curb this trend. Careful analysis of the provisions of the preliminary Uniform Act on employment law suggests a real reconciliation with current French law. Our study is therefore an opportunity to analyze this original evolution. In a more precise way, it constitutes the occasion to count and explain the divergences noted within the French and Senegalese laws, but also to put forward the innovations brought by the OHADA Law.

The standard approach to pricing financial derivatives is to determine the discounted, risk-neutral expected payoff under a model. This model-based approach leaves us prone to model risk, as no model can fully capture the complex behaviour of asset prices in the real world. Alternatively, we could use the prices of some liquidly traded options to deduce no-arbitrage conditions on the contingent claim in question. Since the reference prices are taken from the market, we are not required to postulate a model and thus the conditions found have to hold under any model. In this thesis we are interested in the pricing of American put options using the latter approach. To this end, we will assume that European options on the same underlying and with the same maturity are liquidly traded in the market. We can then use the market information incorporated into these prices to derive a set of no-arbitrage conditions that are valid under any model. Furthermore, we will show that in a market trading only finitely many American and co-terminal European options it is always possible to decide whether the prices are consistent with a model or there has to exist arbitrage in the market.

No description available.

This dissertation studies the impact of multiple pre-specified sources of risk in the return of three non-overlapping groups of countries, through an Arbitrage Pricing Theory (APT) model. The groups are composed of emerging and developed markets. Emerging markets have become important players in the world economy, especially as capital receptors, but they were not included in the majority of previous related works. Two strategies are used to choose two set of risk factors. The first one is to use macroeconomic variables, as prescribed by most of the literature, such as world excess return, exchange rates, variation in the spread between Eurodollar deposit tax and U.S. Treasury bill (TED spread) and change in the oil price. The second strategy is to extract factors by using a principal component analysis, designated as statistical factors. The first important result is a great resemblance between the first statistical factor and the world excess return. We estimate the APT model using two statistical methodologies: Iterated Nonlinear Seemingly Unrelated Regression (ITNLSUR) by McElroy and Burmeister (1988) and the Generalized Method Moments (GMM) by Hansen (1982). The results from both methods are very similar. With macroeconomic variables, only the world excess of return is priced in the three groups with a premium varying from 4.4% to 6.3% per year and, in the model with statistical variables, only the first statistical factor is priced in all groups with a premium varying from 6.2% to 8.5% per year. / Essa dissertação estuda o impacto de múltiplas fontes de riscos pré-especificados nos retornos de três grupos de países não sobrepostos, através de um modelo de Teoria de Precificação por Arbitragem (APT). Os grupos são compostos por mercados emergentes e desenvolvidos. Mercados emergentes tornaram-se importantes na economia mundial, especialmente como receptores de capital, mas não foram inclusos na maioria dos trabalhos correlatos anteriores. Duas estratégias foram adotadas para a escolha de dois conjuntos de fatores de risco. A primeira foi utilizar variáveis macroeconômicas, descritas na maior parte da literatura, como e excesso de retorno da carteira mundial, taxas de câmbio, variação da diferença entre a taxa de depósito em Eurodólar e a U.S. Treasury Bill (TED Spread) e mudanças no preço do petróleo. A segunda estratégia foi extrair fatores de risco através de uma análise de componentes principais, denominados fatores estatísticos. O primeiro resultado importante é a grande semelhança entre o primeiro fator estatístico e o retorno da carteira mundial. Nós estimamos o modelo APT usando duas metodologias estatísticas: Regressões Aparentemente não Correlacionadas Iteradas (ITNLSUR) de McElroy e Burmeister (1988) e o Método dos Momentos Generalizados (GMM) de Hansen (1982). Os resultados de ambas as metodologias são muito similares. Utilizando variáveis macroeconômicas, apenas o excesso de retorno da carteira mundial é precificado nos três grupos com prêmios variando de 4,4% a 6.3% ao ano e, no modelo com variáveis estatísticas, apenas o primeiro fator estatístico é precificado em todos os grupos com prêmios que variam entre 6,2% a 8,5% ao ano.

In this thesis we study the problem of forecasting the final score of a football match before the game kicks off (pre-match) and show how the derived models can be used to make profit in an algorithmic trading (betting) strategy. The thesis consists of two main parts. The first part discusses the database and a new class of counting processes. The second part describes the football forecasting models. The data part discusses the details of the design, specification and data collection of a comprehensive database containing extensive information on match results and events, players' skills and attributes and betting market prices. The database was created using state of the art web-scraping, text-processing and data-mining techniques. At the time of writing, we have collected data on all games played in the five major European leagues since the 2009-2010 season and on more than 7000 players. The statistical modelling part discusses forecasting models based on a new generation of counting process with flexible inter-arrival time distributions. Several different methods for fast computation of the associated probabilities are derived and compared. The proposed algorithms are implemented in a contributed R package Countr available from the Comprehensive R Archive Network. One of these flexible count distributions, the Weibull count distribution, was used to derive our first forecasting model. Its predictive ability is compared to the models previously suggested in the literature and tested in an algorithmic trading (betting) strategy. The model developed has been shown to perform rather well compared to its competitors. Our second forecasting model uses the same statistical distribution but models the attack and defence strengths of each team at the players level rather than at a team level, as is systematically done in the literature. For this model we make heavy use of the data on the players' attributes discussed in the data part of the thesis. Not only does this model turn out to have a higher predictive power but it also allows us to answer important questions about the 'nature of the game' such as the contribution of the full-backs to the attacking efforts or where would a new team finish in the Premier League.

A technique called gaussian temporal factor analysis (gaussian TFA) proposed by Xu in 2000 may be used to test the APT model under the mild assumption that the efficient market hypothesis (EMH) is violated. We are motivated to investigate statistical behaviors of the gaussian TFA model. / According to a recent survey by Cochrane (1999), the multi-factor APT model is gaining popularity and recognition over CAPM by the investment community. While empirical evidence shows that mutual funds can earn average returns not explained by the CAPM by following a variety of investment styles, this anomaly could be captured by APT which includes the single-factor CAPM as a special case. Yet, three aspects of APT still cannot be tested in practice. / First, a systematic testing package is proposed for testing gaussian TFA in six dimensions, including factor number, factor loadings, residuals correlations and autoregressive conditional heteroscedasticity (ARCH) effects, economic significance and factor independence, using financial data in Hong Kong. Particularly, a new hypothesis testing approach is proposed for statistically testing independence. / In the finance literature, an objective way to judge whether an asset pricing model is misspecified is by statistical tests. In the past, both the capital asset pricing model (CAPM) and the arbitrage pricing theory (APT) have been the subjects of extensive tests. / Second, we investigate two extensions of the gaussian TFA model in view of ARCH in driving noise residuals. We test the extended models for ARCH as well as other aspects to ensure model specification adequacy. Furthermore, we find that ARCH effects are not quite significant driving noise residuals of the macroeconomic modulate independent state-space model. This may be due to long-term modelling of the market. / Third, we test gaussian TFA from the practical point of view in financial prediction and portfolio management. For prediction, we introduce the gaussian TFA alternative mixture experts (ME) approach for forecasting. For adaptive portfolio management, we derive the gaussian TFA adaptive algorithm for implementing the Sharpe-ratio based adaptive portfolio management under different scenarios. Empirical results reveal that APT-based portfolio management techniques are in general superior to return-based techniques. / by Kai-Chun Chiu. / "July, 2003." / Adviser: Lei Xu. / Source: Dissertation Abstracts International, Volume: 64-09, Section: B, page: 4451. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (p. 113-125). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / School code: 1307.

No description available.

Pretendeu-se, por meio de uma avaliação doutrinária, jurisprudencial e histórico-legislativa, analisar a compatibilidade do emprego da arbitragem nos contratos de parceria público-privada. Nota-se, no contexto atual, uma nova postura estatal frente aos contratos administrativos, atuação esta que, desde o final do século XX, vem valorizando a paridade, a participação e o consenso nas relações entre o parceiro público e o particular. No bojo dessa nova concepção se inserem as parcerias público-privadas, que carregam inovações no trato entre a Administração contratante e o particular contratado. Não é por acaso que a Lei federal nº 11.079/2004, que trata dessa figura contratual moderna, foi uma das pioneiras em admitir, no âmbito da Administração Pública, a solução de controvérsias por meios não judiciais. Dessa forma, o estudo se volta à possibilidade do emprego da arbitragem nesse contrato de parceria, hipótese que encontra respaldo legal na Lei federal nº 11.079/2004. Embora a questão possa, aparentemente, encontrar barreiras nos princípios norteadores da Administração Pública (princípio da indisponibilidade, princípio da supremacia do interesse público, princípio da legalidade e princípio da publicidade), uma reflexão mais aprofundada permite vislumbrar que seu emprego, observadas algumas limitações, não afronta tais princípios, sendo notório que o legislador brasileiro, a jurisprudência pátria e a prática nas parcerias público-privadas vêm, cada vez mais, se inclinando para a aceitação da arbitragem como meio alternativo para a solução de controvérsias oriundas da relação jurídico-contratual administrativa. / Il est proposé, à travers une évaluation doctrinale, jurisprudentielle et législative, de présenter une analyse à propos de la compatibilité de l\'utilisation de l\'arbitrage dans les contrats de partenariat public-privé. Il faut noter, dans le contexte actuel, une nouvelle attitude de l´État face aux contrats administratifs, ce qui, depuis la fin du XXe siècle, vient à valoriser l\'égalité, la participation et le consensus dans les relations entre le partenaire public et le secteur privé. Au coeur de ce nouveau contexte se trouvent les contrats de partenariat public-privé, qui apportent des innovations dans les rapports entre l\'Administration Publique et l\'entrepreneur privé. Ce n\'est pas au hasard que la Loi fédérale nº 11.079/2004, qui établisse le régime juridique des contrats de partenariats, a été innovatrice à admettre, dans le cadre de l\'administration publique, le règlement des différends par des moyens non judiciaires. Ainsi, l\'étude se tourne vers la possibilité de soumettre à l´arbitrage les litiges provenant du contrat de partenariat public-privé, une hypothèse qui repose sur la Loi fédérale nº 11.079/2004. Bien que la question peut apparemment trouver des obstacles dans les principes directeurs de l\'Administration Publique (le principe de l´indisponibilité, le principe de la suprématie de l\'intérêt public, la primauté de la loi et le principe de la publicité), une réflexion plus approfondie rend compte que, sous réserve de certaines limitations, l´emploi de l´arbitrage ne confronte pas ces principes. Le législateur brésilien, la jurisprudence et de la pratique dans les contrats de partenariats public-privé sont de plus en plus inclinés vers l\'acceptation de l\'arbitrage comme mode alternatif de résolution des différends qui proviennent des relations contractuelles administratives.

Les parties qui font le choix de l'arbitrage encourent des risques absents de la justice de l'Etat. La comparaison entre ces deux modes de résolution des différends est de nature à mettre en exergue le niveau de ces risques et à permettre leur identification. Du point de vue des garanties offertes au justiciable, il apparaît que l'importance des difficultés auxquelles s'exposent les plaideurs est assez faible. L'arbitrage offre généralement des garanties identiques à celles de la justice de l'Etat. Parfois, celles-ci sont même plus fortes que ce que propose la justice de l'Etat : obligations de transparence et de célérité. En revanche, les menaces pesant sur l'efficacité de la procédure arbitrale sont plus problématiques : l'arbitre bénéficie d'un régime de responsabilité nettement moins favorable que le juge de l'Etat. En outre, les décisions des tribunaux arbitraux ne constituent pas une jurisprudence. Enfin, ces derniers sont dépourvus d'imperium merum. Ils ne disposent pas de la faculté d'apposer la formule exécutoire. / Parties choosing arbitration are facing various risks. They are very different from the difficulties occurring within state justice. Identifying and assessing the level of those risks can be made possible by comparing those two forms of justice. Regarding the procedural guarantees, it appears that the parties are facing risks of a very weak importance. Arbitration is generally providing the same guarantees than state justice. Sometimes, they are even stronger : duty of disclosure, and reasonable time, for instance. However, the threats over the procedural efficiency are raising bigger problems : the arbitrator benefits from a liability regime far less favorable than the state judge. Moreover, arbitral tribunals' decisions do not constitute a case law. At last, arbitrators do not have any imperium merum powers. For instance, they cannot issue orders for the enforcement of their decision.

The U.S. National Market System (NMS), the largest marketplace in the world for securities and exchange traded funds, suffers from geographic market fragmentation which leads to reduced market efficiency. Communication lines transmit price updates and other information between geographically isolated exchanges at varying speeds, bounded above by the speed of light. Market participants have access to federally mandated information provided by the Securities Information Processor (SIP) and privately offered information provided by the exchanges, often called direct feeds. These feeds are quantitatively and qualitatively distinct, with the direct feeds tending to provide more information at a faster rate than the SIP feed. Differences between the SIP and direct feeds can lead to information asymmetries between market participants, which in turn create arbitrage opportunities. Under the market conditions of the NMS in 2016, these arbitrage opportunities occur regularly and many can be captured by market participants with fast connectivity. Several methods exist which allow market participants to reduce their communication latency with trading centers, including the practice of co-location where market participants pay to have their trading infrastructure located in the same building as the matching engines of an exchange. Such regularly occurring and executable arbitrage opportunities run counter to the Efficient-Market Hypothesis (EMH) in all forms, where even the weak form of the EMH claims that market participants should not be able to systematically profit from market inefficiencies. This thesis investigates the market inefficiencies and related effects introduced by geographic market fragmentation in two baskets of stocks: the Dow Jones Industrial Average (Dow), and the 30 largest stocks by market capitalization in the Standard \& Poor's 500 index (S&P 30).