Sommaren 2019 fick Boverket i uppdrag från Regeringen att inleda ett förberedandearbete med klimatdeklarationer. Klimatdeklarationer är en sammanställning avbyggprodukternas utsläpp av växthusgaser vid uppförandet av byggnaden. Lagen omklimatdeklaration för byggnader trädde i kraft 2022-01-01 där syftet med lagen är attbåde öka kunskapen och minska klimatpåverkan på byggnader som uppförs. Lageninnefattar enbart vissa byggnadsdelar och utsläppen i byggskedet fram till färdigbyggnad men kommer succesivt utvecklas och förändras för att leda branschen i rättriktning mot netto noll klimatavtryck 2045. Studien analyserar möjligheten att klimateffektivisera byggnader genom nyamaterialval och nya konstruktionslösningar. Målet med arbetet är att genomsamarbete med Myresjöhus ta fram en klimatdeklaration för ett av deras kataloghusoch för att sedan ta fram alternativa lösningar i konstruktionen som ger en positivinverkan på klimatdeklarationen. Undersökningen baseras på ett kataloghus som heterSmart 150 från Myresjöhus där en klimatdeklaration upprättas av kataloghuset iByggsektorns miljöberäkningsverktyg. Beräkningar i BM utförs enligt Boverketsrekommendationer där programmets generiska värden byts ut mot produktspecifikavärden med hjälp av EPD:er. Utsläppet från husmodell Smart 150 beräknades fram till 99,08 kg CO₂e per m². De alternativa materialen som undersöktes var grön betong,Koljer Foamglas T3+, cellulosaisolering vägg, fibergips, Recoma packwall och Cellulosaisolering i vind. Slutsatsen av studien är att de alternativa materialen grönbetong, cellulosaisoleringi vägg och tak samt Recoma packwall klimateffektiviserar byggnaden med 35%. / In the summer of 2019, the National Board of Housing, Building and Planning wascommissioned by the Government to begin preparatory work on climate declarations.Climate declarations are a compilation of the building products' fuel and energyconsumption used to build the building. The Act on Climate Declaration for Buildingsentered into force on 2022-01-01, where the purpose of the Act is to both increaseknowledge and reduce the climate impact on buildings that are constructed. The lawonly covers certain parts of the building and the emissions in the construction phaseup to the finished building but will gradually be developed and changed to lead theindustry in the right direction towards a net zero climate footprint by 2045. The study analyzes the possibility of climate efficiency in buildings through newmaterial choices and new design solutions. The goal of the work is throughcollaboration with Myresjöhus to produce a climate declaration for one of their cataloghouses and then develop alternative solutions in the design that have a positive impacton the climate declaration. The survey is based on a catalog house called Smart 150 from Myresjöhus where a climate declaration is constructed by the catalog house in theConstruction Sector's environmental calculation tool. Calculations in BM areperformed according to the National Board of Housing, Building and Planning'srecommendations, where the program's generic values are replaced by productspecific values with the help of EPDs. The emissions from the Smart 150 house modelwere calculated up to 99,08 kg CO₂e per m2. The alternative materials examined weregreen concrete, Foams Glass T3 +, Cellulose insulation wall, fiber gypsum, Recomapackwall and Cellulose insulation in attic.  The conclusion of the study is that the alternative materials green concrete, celluloseinsulation in walls and ceilings and Recoma packwall climate-efficient buildings by35%.

Call quality has been crucial from the inception of telecommunication networks. Operators need to monitor call quality from the end-user's perspective, in order to retain subscribers and reduce subscriber 'churn'. Operators worry not only about call quality and interconnect revenue loss, but also about network connectivity issues in areas where mobile network gateways are prevalent. Bandwidth quality as experienced by the end-user is equally important in helping operators to reduce churn. The parameters that network operators use to improve call quality are mainly from the end-user's perspective. These parameters are usually ASR (answer seizure ratio), PDD (postdial delay), NER (network efficiency ratio), the number of calls for which these parameters have been analyzed and successful calls. Operators use these parameters to evaluate and optimize the network to meet their quality requirements. Analysis of speech quality is a major arena for research. Traditionally, users' perception of speech quality has been measured offline using subjective listening tests. Such tests are, however, slow, tedious and costly. An alternative method is therefore needed; one that can be automatically computed on the subscriber's handset, be available to the operator as well as to subscribers and, at the same time, provide results that are comparable with conventional subjective scores. QMeter® 'a set of tools for signal and bandwidth measurement that have been developed bearing in mind all the parameters that influence call and bandwidth quality experienced by the end-user' addresses these issues and, additionally, facilitates dynamic tariff propositions which enhance the credibility of the operator. This research focuses on call quality parameters from the end-user's perspective. The call parameters used in the research are signal strength, successful call rate, normal drop call rate, and hand-over drop rate. Signal strength is measured for every five milliseconds of an active call and average signal strength is calculated for each successful call. The successful call rate, normal drop rate and hand-over drop rate are used to achieve a measurement of the overall call quality. Call quality with respect to bundles of 10 calls is proposed. An attempt is made to visualize these parameters for better understanding of where the quality is bad, good and excellent. This will help operators, as well as user groups, to measure quality and coverage. Operators boast about their bandwidth but in reality, to know the locations where speed has to be improved, they need a tool that can effectively measure speed from the end-user's perspective. BM (bandwidth meter), a tool developed as a part of this research, measures the average speed of data sessions and stores the information for analysis at different locations. To address issues of quality in the subscriber segment, this research proposes the varying of tariffs based on call and bandwidth quality. Call charging based on call quality as perceived by the end-user is proposed, both to satisfy subscribers and help operators to improve customer satisfaction and increase average revenue per user. Tariff redemption procedures are put forward for bundles of 10 calls and 10 data sessions. In addition to the varying of tariffs, quality escalation processes are proposed. Deploying such tools on selected or random samples of users will result in substantial improvement in user loyalty which, in turn, will bring operational and economic advantages.

Made available in DSpace on 2016-04-25T18:40:12Z (GMT). No. of bitstreams: 1 Tais Bastos e Santos Smetana.pdf: 2000998 bytes, checksum: c5f13c795a39bd230fc25fcaf7bcd432 (MD5) Previous issue date: 2015-12-11 / This research addresses issues related to performance of the Compliance function and its relationship with the sanctioning administrative proceedings of the CVM. The objective was to examine whether common administrative processes with conviction are linked to the compliance department of the accused. The CVM regulates the market through regulations, those who do not comply are condemned in administrative proceedings. The methodology consists of an exploratory research through the mining of secondary data sources in the public domain, CVM and BM&F. It was analyzed the menu of 846 cases (ordinary and summary proceeding) separately. To examine whether the convicted companies belong to the New Market; mined the classification of companies in the new market available in the database of BM&FBovespa. Raising skills and compliance function, based on the theoretical foundation available in bibliographies it was conducted. Finally, it was concluded that the incentive socially good behavior reduce market distortions and prevent illegal practices, of 550 ordinary sanctioning administrative proceedings condemned related to compliance, only 24 (4%) companies listed are in New Market, Level1, Level2 and Bovespa More, and 526 (96%) are the traditional market, companies with a compliance program act preventively and thus focus less on administrative processes. Urges point out that corporate governance is a set of mechanisms of incentives and controls, internal and external, aimed at minimizing the costs of the problem of agency. Thus, the Compliance area is inserted into the corporate governance context, it is a control mechanism created by companies to ensure compliance with regulatory requirements and provide transparency in business. The Compliance of Brazil has influence of international law as the UK Bribery Act 2010 and The FCPA (Foreign Corrup Practices Act). Both take into account the liability of legal entities based on internal controls and compliance procedures. Such procedures may mitigate or completely exempt the responsibility of the agents. Brazilian law Anti 12.846 / 2013 to create the leniency agreement, equivalent to an award-winning snitching also softens, its own way, the liability of legal entities. Therefore, companies that have an effective program of Compliance has a mitigating effect on corrupt practices / Esta pesquisa aborda questões relacionadas à atuação da área de Compliance e sua relação com os processos administrativos sancionadores da CVM. O objetivo da pesquisa foi analisar se os processos administrativos ordinários com condenação estão vinculados à área de compliance dos acusados. A CVM regula o mercado através de normas, aqueles que não as cumprem são condenados em processos administrativos sancionadores. A metodologia consiste em uma pesquisa exploratória, através da mineração de fontes de dados secundários de domínio público, CVM e BM&F. Analisou-se a ementa dos 846 processos (rito ordinário e sumário), individualmente. Para analisar se as empresas condenadas pertencem ao Novo Mercado; minerou-se a classificação das empresas do novo mercado disponibilizadas no banco de dados da BM&FBovespa. Foi realizado o levantamento das competências e função de compliance, com base na fundamentação teórica disponível em bibliografias. Finalmente, concluiu-se que o incentivo de condutas socialmente boas reduzem distorções no mercado e evitam práticas ilícitas, dos 550 processos administrativos sancionadores ordinários condenados relacionados com compliance, somente 24 (4%) empresas listadas estão no Novo Mercado, Nível1, Nível2 e Bovespa Mais, e 526 (96%) são do mercado tradicional, ou seja, empresas com um programa de Compliance agem de forma preventiva e consequentemente incidem em menos processos administrativos. Insta ressaltar que a governança corporativa é um conjunto de mecanismos de incentivos e controles, internos e externos, que visam minimizar os custos decorrentes do problema da agência. Destarte, a área de Compliance está inserida dentro do contexto de governança corporativa, pois é um mecanismo de controle criado pelas empresas para garantir conformidade com as demandas regulamentares e proporcionar transparência nos negócios. O Compliance do Brasil tem influência das legislações internacionais como o UK Bribery Act de 2010 e o O FCPA (Foreign Corrup Practices Act). Ambas levam em consideração a responsabilidade da pessoa jurídica com base nos controles internos e procedimentos de Compliance. Tais procedimentos podem mitigar ou isentar totalmente a responsabilidade dos agentes. A lei brasileira Anticorrupção - 12.846/2013 ao criar o acordo de leniência, equivalente a uma delação premiada, também ameniza, de uma forma própria, a responsabilidade da pessoa jurídica. Portanto, as empresas que possuem um programa efetivo de Compliance tem um efeito mitigador nas práticas de corrupção

Atmospheric convection is sensitive to the nature of the surface and its temperature. Both dry (without cloud) and moist (with cloud) convections depend on the surface temperature. Surface temperature is of critical importance in several practical applications like human comfort and crop cultivation. In the climate change scenario too, variations in the surface temperature take the center stage. Therefore, prediction of surface temperature is important. The evolution of the temperature is governed by the energy equation and the surface temperature by the surface energy balance. Important components of the surface energy balance are radiation (incoming solar radiation, reflected solar radiation, incoming and outgoing longwave radiation), sensible and latent heat fluxes and heat flux into the ground (called ground heat flux). A large number of individual and collective observations have been carried out in the past to understand the atmospheric boundary layer and the surface energy budgets. However a major share of the observations is from mid-latitudes. There have been few experiments carried out in India, for example, MONTBLEX, LASPEX, etc. One common drawback among these experiments is that the data time series is discontinuous and continuous measurements covering an entire season are lacking. Moreover these measurements were not comprehensive and hence did not allowed to calculate complete surface energy balance – in some cases radiation data is not available while in some humidity data. Therefore, continuous time series of sufficient duration and covering all variables needed to look at the seasonal energy balance based on measurements alone is missing in the Indian context. New programmes with the main objective of predicting convection are being planned in India. For example, PROWNAM (Prediction of Regional Weather with Observational Meso-Network and Atmospheric Modeling) is aimed at predicting the short term weather at SHAR and STORM (Severe Thunderstorms – Observations and Regional Modeling) aims to predict the occurrence of severe thunderstorms in the northeastern India. In both these programmes, measurement of all components of surface energy balance is one of the main objectives. However, the minimum configuration and data accuracy requirements for the flux towers, sensitivity of computed fluxes on data accuracy have not been carefully evaluated. This thesis is aimed at filling this gap. As a part of my work, a 10 m high micrometeorological tower was installed in an open area within the Indian Institute of Science (IISc) Air Field. Temperature, relative humidity and wind speed and direction instruments were mounted at two levels, 2 m and 8 m. All components of radiation were measured. Data, sampled every 5 s and averaged for 2 minutes were continuously stored, starting May 2006 onwards. Soil temperature was measured at 4 depths, 5 cm, 10 cm, 15 cm and 20 cm. In addition, a sonic anemometer capable of measuring 3 components of velocity and air temperature was installed at 2 m height, and data was collected for more than a month to enable the calculation of momentum and buoyancy fluxes using the Eddy correlation method (ECM). The present work evaluated the sensitivity of the fluxes for small calibration errors and quantified the minimum data accuracies and configuration needed for flux measurement with the Profile method (PM). After applying corrections, the comparison of fluxes from PM and ECM are in good agreement. The complete long-term surface energy balances is calculated in terms of source and sink. One aspect that emerges from the observation is that the seasonal variation in the sink term is relatively small (150-170 Wm-2) whereas the source term shows much larger variation from 180-250 Wm-2. A method has been implemented by which the ground surface temperature can be estimated by using the subsurface temperature timeseries by the method of Fourier decomposition and using the Fourier heat conduction equation. In addition we can compute the thermal diffusivity of the soil by using the amplitude and phase information of the sub-surface soil time series. The estimated temperatures from this method and one that estimated from radiation method are in good agreement with the maximum difference being less than 0º C.

Submitted by Maria Letícia Soares Mendjoud (lets.mendjoud@gmail.com) on 2015-08-26T23:51:48Z No. of bitstreams: 1 Maria_Leticia_Soares_Mendjoud.pdf: 1085686 bytes, checksum: a9336d7d26c6427d61769daec1fecc29 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-08-26T23:58:16Z (GMT) No. of bitstreams: 1 Maria_Leticia_Soares_Mendjoud.pdf: 1085686 bytes, checksum: a9336d7d26c6427d61769daec1fecc29 (MD5) / Made available in DSpace on 2015-08-27T13:13:10Z (GMT). No. of bitstreams: 1 Maria_Leticia_Soares_Mendjoud.pdf: 1085686 bytes, checksum: a9336d7d26c6427d61769daec1fecc29 (MD5) Previous issue date: 2015-07 / Este trabalho tem como objetivo testar a hipótese de que os níveis diferenciados de governança corporativa alteram a percepção de risco de crédito por parte dos credores via incremento nos custos de captação das empresas. Para tanto, analisamos empiricamente a relação entre as taxas de 384 debêntures, emitidas no período de 2009 a 2014, com suas respectivas classificações e listagens na Comissão de Valores Mobiliários (CVM) e na BM&FBovespa. Variáveis como tamanho da firma, alavancagem, performance, setor de atuação, prazo de emissão, montante emitido e existência de garantia real foram utilizadas no controle do estudo. Os resultados obtidos mostraram que existem benefícios financeiros associados à listagem e negociação de ações na Bolsa de Valores, porém não há diferenciação relevante entre os segmentos Novo Mercado, Nível 1 e Nível 2 quando comparados ao segmento Tradicional. Adicionalmente, obtivemos evidências estatísticas de que outros fatores também influenciam o custo de captação via debêntures, tais como taxa livre de risco, performance da companhia, montante total emitido, prazo de emissão e existência de garantia real.

Submitted by MARCOS AMARAL CAMPOS FILHO (mcamposfilho@gmail.com) on 2016-02-11T18:12:45Z No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-02-12T19:18:47Z (GMT) No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) / Made available in DSpace on 2016-02-15T11:17:55Z (GMT). No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) Previous issue date: 2016-02-02 / The main goal of this paper is to cast a light on how does the Individual Investor handles equity investments between the periods of January, 2006 and December, 2014. Through the analysis of net investment flows we found evidence of behavioral difference, in aggregate manner, between Individual Investor and the Foreign Investor, considered in the literature the most sophisticated. Also, there’s evidence that the evolution of financial flows from the Individual Investor (buys and sells) causes return and volatility. The results from Granger Causality Tests, along with those from Impulse Response Tests fortify the findings of the econometric regressions; additionally, a positive shock in volatility seems to affect the dependent variables in a negative manner, up to 21 trading days. / O presente trabalho analisa o grau de sofisticação do Investidor Individual, subclasse da Categoria 'Pessoa Física', na negociação de produtos de renda variável no período compreendido entre Janeiro de 2006 e Dezembro de 2014. Através da análise de dados diários dos fluxos líquidos de investimentos, encontramos evidências que reforçam a hipótese de baixa sofisticação do Investidor Individual, no que diz respeito à diferença de atuação, de maneira agregada, entre ele e o investidor tido como mais qualificado (i.e., Investidor Estrangeiro), além de confirmarmos o ditado popular de que ele 'Compra no Topo e Vende no Fundo'. Adicionalmente, encontramos evidência de causalidade entre, de um lado, a evolução do fluxo financeiro (tanto na compra quanto na venda), e do outro, variáveis como Retorno e Volatilidade, no sentido do primeiro causar estes. Os Testes de Causalidade de Granger e Impulso Resposta corroboram o indicado nas regressões; revela-se adicionalmente que um choque positivo na Volatilidade impacta negativamente as variáveis dependentes, de maneira crescente, por até 21 dias de pregão.

Submitted by Carlos Eduardo Shiratori (ceshiratori@gmail.com) on 2017-03-16T14:10:17Z No. of bitstreams: 1 Dissertacao 201703013.pdf: 2320593 bytes, checksum: c7231782f9a6b60a08a669a83bda6e7c (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Carlos, boa tarde Para que seu trabalho esteja de acordo com as normas da ABNT, será necessário realizar alguns ajustes: Primeiramente, foi solicitado alteração do título? Caso não, será necessário retornar ao título que consta em ata: ESTIMAÇÃO DO MODELO APT PARA O MERCADO BRASILEIRO DE FLLS Nas páginas que constam seu nome, o título e São Paulo 2017, deixa-los em letra maiúscula. A ficha catalográfica deve estar após a contra capa, na parte inferior da página. Retirar a numeração das páginas anteriores à Introdução. Em seguida deverá submeter o arquivo novamente. Att on 2017-03-16T16:13:00Z (GMT) / Submitted by Carlos Eduardo Shiratori (ceshiratori@gmail.com) on 2017-03-16T17:55:51Z No. of bitstreams: 1 Dissertacao 201703013.pdf: 2321265 bytes, checksum: 556389bf3029de29cf0ea9ea59b7afbb (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-03-16T18:03:06Z (GMT) No. of bitstreams: 1 Dissertacao 201703013.pdf: 2321265 bytes, checksum: 556389bf3029de29cf0ea9ea59b7afbb (MD5) / Made available in DSpace on 2017-03-17T12:36:20Z (GMT). No. of bitstreams: 1 Dissertacao 201703013.pdf: 2321265 bytes, checksum: 556389bf3029de29cf0ea9ea59b7afbb (MD5) Previous issue date: 2017-02-12 / This thesis seeks to investigate the risk factors that determine the returns of the FIIs traded in the stock exchange and organized counter markets of the BVMF, through the estimation of the APT model, according to the two classic approaches. For this purpose two APT models were estimated one with macroeconomic risk factors and a principal component analysis (PCA) of the returns of the FIIs selected for the sample. The results obtained indicate low explanatory power of the two APT models and, except for the ETTJt interest rate structure, no statistical significance was observed for the macroeconomic risk factors, results different from those obtained by Chan, Hendershott and Sanders (1990) for the US REITs market and similar to the results obtained by Rebeschini and Leal (2016) for the Brazilian stock investment funds market. This may indicate that despite the recent strong growth in the Brazilian FII market, the level of FIIs' Brazilian market development is still low, especially when compared to other assets traded in the Brazilian financial market or similar assets traded in foreign markets. Being observed a large number of FIIs with a single portfolio asset, which, together with the results obtained in previous studies and principal component analysis (PCA), suggest that FII returns are more related to the characteristics of the underlying assets than to risk factors related to market indices. / A presente dissertação busca investigar os fatores de risco que determinam os retornos dos fundos de investimentos imobiliários - FIIs negociados nos mercados de bolsa e balcão organizado da BVMF , mediante a estimação do modelo Arbitrage Princing Theory - APT, originalmente proposto por Ross (1976), conforme as duas principais abordagens. Para tanto foram estimados dois modelos APT um com fatores de risco macroeconômicos e uma Análise de Componentes Principais - PCA dos retornos dos FIIs selecionados para a amostra. Os resultados obtidos indicam baixo poder explicativo dos dois modelos APT e exceto pela estrutura de taxa de juros ETTJt não foi observada significância estatística dos fatores de risco macroeconômicos, resultados diferentes dos obtidos por Chan, Hendershott e Sanders (1990) para o mercado americano de REITs e semelhante aos resultado obtidos por Rebeschini e Leal (2016) para o mercado de fundos de investimento em ações brasileiros. O que pode indicar que apesar do forte crescimento recente do mercado brasileiro de FIIs, ainda é baixo o nível de desenvolvimento do mercado brasileiro de FIIs, principalmente se comparado a outros ativos negociados no mercado financeiro brasileiro ou de ativos semelhantes negociados em mercados estrangeiros, sendo observado ainda um grande número de FIIs com um único ativo em carteira, o que aliado aos resultados obtidos em trabalhos anteriores e na análise de componentes principais (PCA) sugerem que os retornos dos FIIs estão mais relacionados às características próprias dos ativos subjacentes do que à fatores de risco relacionados à índices de mercado.

Made available in DSpace on 2010-04-20T20:14:50Z (GMT). No. of bitstreams: 0 Previous issue date: 1998-09-04T00:00:00Z / Este trabalho apresenta o conceito de derivativos e suas principais características. Desenvolve uma revisão bibliográfica da análise dos fatores que afetam a liquidez de contratos derivativos agrícolas, principalmente contratos futuros. Avalia a liquidez dos contratos futuros agrícolas negociados na Bolsa de Mercadorias & Futuros (BM&F) e os principais fatores que afetam esta liquidez. Compara a negociação de contratos futuros agrícolas da BM&F com bolsas de commodities norte-americanas que possuem contratos similares.

Submitted by Luiz Fernando Alves Jr (luizfalvesjr@yahoo.com.br) on 2011-09-14T17:50:22Z No. of bitstreams: 1 Dissertacao Luiz Alves Jr.pdf: 640831 bytes, checksum: 63a6f4da7dee84ca741e9567c860b77e (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2011-09-14T19:26:29Z (GMT) No. of bitstreams: 1 Dissertacao Luiz Alves Jr.pdf: 640831 bytes, checksum: 63a6f4da7dee84ca741e9567c860b77e (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2011-09-14T19:26:45Z (GMT) No. of bitstreams: 1 Dissertacao Luiz Alves Jr.pdf: 640831 bytes, checksum: 63a6f4da7dee84ca741e9567c860b77e (MD5) / Made available in DSpace on 2011-09-14T19:27:22Z (GMT). No. of bitstreams: 1 Dissertacao Luiz Alves Jr.pdf: 640831 bytes, checksum: 63a6f4da7dee84ca741e9567c860b77e (MD5) Previous issue date: 2011-08-14 / Fama & French (1993) Three Factors Model is an extension of the Sharpe-Lintner & Black (1972) asset-pricing model, the CAPM. In this model, the market value and ratio price to book value of the firms are incorporated as explainable variables to the CAPM, adding to the market-risk factor β of the model. The Three Factors Model was originally developed to the American stock market and then successfully rolled-over to several different countries markets. Some studies have been done to the Brazilian case however the lack of data has compromised the results. The aim of this work is to test the Fama & French (1993) model to the Brazilian stock market using a new methodology to build the portfolios. The innovation in this work is the usage of a moving data-base that incorporates new stocks to the portfolios as they debut in the stock market and reaches the liquidity parameters for the model. In the previews works, the databases were made of fixed sets of stocks. This methodology aims to mitigate the lack of data problem in the Brazilian stock market. The period of analysis is from 2000 to 2011, and the stocks used to build the portfolio are those with reliable data and the ones that present at least one trade per 2 months. The analysis of the Three Factors Model were made using the Black, Jensen & Scholes (1972) linear regression approach, the same applied by Fama & French (1993) in their work. Sixteen portfolios were used as the dependent variables. They were built trough the crossing of 4 groups of stocks organized according to their market value (ME) and their ratio price to book value (ME/BE). Two portfolios were built as the independent variables. They are a set of stocks that mimic the market value risk factor, the SMB portfolio, and the price to book-value risk factor, the HML portfolio. The method used to estimate the parameters of the equation was the Ordinary Least Square. The results found for the Brazilian stock market were very similar to the ones found by Fama & French (1993). The first one was the same empirical contradictions of the CAPM found by Fama & French (1993) for the American market. The Betas from the CAPM had no apparent relation to the expected return of the stocks. Next, the Three Factors Model presented a higher explaining (R²) power to the portfolios returns and was statistically significant to 15 of the 16 tested portfolios. The coefficient of the regressions related to the risk factors SMB and HML presented, in the vast majority, the same signals of the ones found by Fama & French (1993). A small discrepancy was found in some HML coefficients and it was explained by the performance of the Brazilian economy and stock market in the period. At last the Three Factors Model proved itself a much better tool to evaluate the risk factors of Brazilian stocks then the CAPM. / O modelo de três fatores de Fama & French (1993) é uma extensão do modelo de precificação de ativos de Sharpe (1963), Lintner (1965) e Black (1972), o CAPM. Em Fama & French (1993), o valor de mercado e o valor contábil das empresas são adicionados como variáveis explicativas ao fator de risco de mercado β do CAPM. O objetivo deste trabalho é testar o poder explicativo do modelo de três fatores para o mercado acionário brasileiro. A inovação deste trabalho foi a utilização de um universo de ações móvel, no qual os títulos que são lançados na Bovespa no período de análise vão sendo incorporadas à base de dados conforme atingem os requisitos do modelo. Trata-se de uma abordagem inovadora, já que tradicionalmente o universo de ações que compõe a amostra é rígido do início ao fim do período de análise. Esta abordagem foi desenvolvida com o intuito de mitigar o problema de falta de dados do mercado acionário brasileiro. O período de análise foi de 2000 à 2011, e as ações utilizadas foram todas aquelas que possuíam um histórico confiável e apresentaram pelo menos um negócio à cada dois meses. A análise do Modelo de Três Fatores foi realizada utilizando a metodologia de séries temporais de Black, Jensen e Scholes (1972), da mesma forma que Fama & French (1993). Como variável dependente foram utilizadas 16 carteiras, oriundas do cruzamento das ações dividas em 4 percentis iguais pelos seus valores de mercado (ME), e 4 percentis iguais pela razão valor de mercado pelo valor contábil (ME/BE). Como variáveis independentes foram construídas duas séries de retorno que replicam os fatores de risco valor de mercado, SMB, e a razão valor de mercado pelo valor contábil, HML. Estas foram construídas pela diferença dos retornos das ações de maior ME e menor ME; e pela diferença do retorno das de maior ME/BE, pelas de menor ME/BE. O método de estimação dos coeficientes das regressões utilizado foi o dos mínimos quadrados ordinários. Os resultados do Modelo encontrados para a bolsa brasileira foram similares àqueles encontrados por Fama & French (1993). O Modelo apresentou maior poder explicativo para os retornos dos portfolios analisados que o CAPM, e mostrou-se estatisticamente significante para 15 das 16 carteiras. Os coeficientes das regressões relativos aos fatores de risco SMB e HML apresentaram, em sua maioria, os mesmo sinais que os encontrados por Fama & French (1993). Foi encontrada uma discrepância relativa ao sinal do fator HML para as carteiras de maior ME/BE, cuja explicação está atrelada ao momento da economia e mercados no período. Por fim, o Modelo e a discrepância foram reavaliados dividindo-se o período de análise em pré e pós-crise de 2008. O modelo mostrou maior poder explicativo para o período pós-crise que para o pré-crise. A mesma discrepância do sinal de HML foi encontrada no pré-crise, entretanto não foi verificada no pós-crise.

Purpose – This research aims to explore the effectiveness of utilising Benefits Realisation Management (BRM) as part of comprehensive success measures, emphasising the stage in-between appraisal and evaluation of projects in the UK public sector. Design/methodology/approach – The study is constructed as a qualitative case study. Semi-structured interviews are used as part of the inductive, exploratory approach to achieve the study's objectives. It employs an approach based on grounded theory for its analysis. Findings – This paper suggests that Benefits Realisation Management is not used effectively in the UK public sector during projects lifetime to control and monitor projects and ensure their success. The current reviews of projects and programmes, through their execution, may not be sufficient. Research limitations/implications – This study offers contributions to the project success literature and benefits management literature by adding empirically supported insights about BM utilisation during project reviews. The research may be limited primarily by the research method – predominantly the snow-balling data collection. The assumptions made about the UK public sector may limit the broader generalisation of the findings. Practical implications – This research may be used to advise the practising managers of the need to maintain benefits orientation after appraisal throughout a project's lifetime and after delivery. Project governance structures are advised to update and improve their current project review practices. The study additionally identifies possible obstacles to the process and biases. Originality/value – This paper attempts to fill a literature gap by providing empirical results that explore the success definition and measures and the effectiveness of BRM during project execution and gate reviews. Keywords: Benefits Management; Project Success; Project Performance; Performance Measurement; Public Sector. Paper type: Research Thesis