Bacteriophages are viruses that specifically infect bacteria. The bactericidal nature of lytic bacteriophages has been exploited by scientists for decades with the hope to utilise them in the fight against bacterial infections and antibiotic resistant bacteria in medical settings. More recently, the potential applications of bacteriophages for biocontrol in the agrifood and environmental sectors have been investigated in an attempt to develop ‘natural’ antimicrobial products. Bacteriophages have a couple of decisive advantages over conventional methods of controlling pathogenic bacteria, such as high host specificity, the ability to self-replicate, and the ability to evolve with their hosts. However, more research is needed to optimise the parameters for phage applications, including the impact of environmental conditions on lysis efficiency, multiplicity of infection, and to significantly minimise the emergence of bacterial resistance to phages. Temperature plays a key role in every biological activity in nature. It is also assumed that temperature has an effect on phage lysis efficiency. A comprehensive study of it and how it affects both the host cells and their corresponding phages is crucial to ensure the efficient removal of bacterial pathogens. In this thesis, temperature (as selected parameter) was investigated to determine its influence on the lysis effectiveness of the three different phages belonging to the family of the Myoviridea that were isolated and purified from a single water sample taken from a brook receiving treated wastewater. We used the multiplicity of infection of 1 in all of our study in this project. Temperature was found to have a significant impact on phage-mediated lysis efficiency. Both the temperature of incubation of the phage-bacteria mixture (incubation temperature) and the temperature history of bacterial hosts were found to have profound effects on plaque sizes as well as plaque numbers. Plaque size and number decreased with increasing temperature. For the phages examined, bacterial lysis was more efficient at 20°C compared to 30 or 37°C. Phages were suggested to be well adapted to the environment where they were isolated from with general implications for use in biological disinfection. Furthermore, the temperature history of the bacteria (prior to phage encounter) was found to have a modulating effect on their susceptibility to lysis. A second part of this study compared the performance of the three phages in regard to bacterial resistance. The emergence of bacterial resistance is a major obstacle to the success of bacteriophages applications. The use of multiple phages is typically recommended and has proven better than the use of a single phage. However, the bestway to perform phage treatment is still very unclear. This study therefore compared simultaneous addition of multiple phages (in form of a cocktail) with the sequential addition of the individual phages at different time points in trying to delay the emergence of bacterial resistance. The data obtained from this work suggest that lysis effectiveness can be adjusted to optimize any treatment goal. For fast initial bacterial clearance the use of a single phage with short time maximal lysis efficiency proved most efficient, while the simultaneous addition of phages in the form of a cocktail was most successful strategy in our study. Addition of selected phages sequentially can be normalized in such a way that is just as effective as a cocktail. A third part of this thesis looked into the susceptibility of bacteria that had undergone sublethal disinfection. We addressed the question whether bacteria subjected to sublethal doses of chlorine and UV are still susceptible to phage-mediated lysis. The chlorine treatments indicated the development of a phage-insensitive phenotype for a critical chlorine dose in the transition zone between live and dead. The remaining live (and culturable) bacteria were shown insensitive to the selected phage. The lowest UV exposure at 2.8 mJ/cm2 eliminated bacteria susceptibility to the phages. This phage- resistant phenotype may have serious consequences for the application of phages on foods or water that have previously undergone a weak disinfection regime.

La firme transnationale, présentée comme modèle d’organisation pour faire face à la mondialisation et à la globalisation au début des années 90, par Bartlett & Ghoshal (1989), a inspiré plusieurs chercheurs. A travers cette recherche, nous avons voulu apporter un éclairage nouveau en intégrant des facteurs de contingence afin de voir si le modèle est universel, ou contingent. La problématique de cette thèse cherche à vérifier si : « la structure transnationale est une organisation réservée aux firmes ? ».A l’aide d’une étude de cas appliquée à une structure en réseau l’Université Catholique de l’Afrique de l’Ouest (UCAO) et en s’appuyant sur les théories existantes en matière de gestion et de gouvernance des entreprises multinationales, nos travaux empiriques portent sur un terrain de recherche expérimental, en contexte africain. Ce terrain, est illustré par une organisation à but non lucratif, d’inspiration ou d’obédience religieuse.Les résultats ont permis de se rendre compte que le modèle transnational peut être implanté dans ce genre d’organisation, mais il faut procéder par étapes pour arriver à une intégration globale de toutes ses activités opérationnelles et fonctionnelles, en commençant par celles qui sont jugées les plus pertinentes. L’impact de la religion et de l’organisation à but non lucratif (OBNL) a été mis en exergue en tant que facteurs jouant un rôle positif dans le cas étudié. / Presented as an organization model to face globalization in the early 90’s by Bartlett & Ghoshal, The transnational has inspired lot of researchers.The problematic of this thesis aims to verify whether the transnational structure is an organization which fits firms only.With the help of a case study applied to a network structure “The catholic University of West Africa” and based on existing Theories in management and multinational governance, our work will attempt to test this hypothesis in an experimental research field in an African Context. This field is illustrated by a non-profit religious organization.The results allowed us to realize that the transnational model can be implemented in this kind of organization, but one should proceed step by step to achieve a global integration of all the operational and functional activities, starting by those alleged to be more relevant. The impact of religion and non-profit organization has been highlighted as factors playing a positive role in the studied cases.

O tratamento diferenciado dos países em desenvolvimento surge a partir da década de 70 como expressão de resistência dos países do então Terceiro Mundo a uma ordem mundial pós-guerra entendida essencialmente como injusta e cuja doutrina do desenvolvimento tal como prescrita não conseguia equalizar. A partir de movimentações políticas, os países em desenvolvimento emplacaram tal tratamento no âmbito de importantes documentos internacionais e acordos multilaterais. O tratamento diferenciado dos países em desenvolvimento se expressa no direito internacional ambiental por meio do princípio das responsabilidades comuns mas diferenciadas e respectivas capacidades, consagrado da Declaração do Rio sobre Meio Ambiente e Desenvolvimento, de 1992, e cuja expressão máxima é a Convenção-Quadro das Nações Unidas sobre Mudanças Climáticas (CQMC). Tendo como objeto o tratamento diferenciado dos países em desenvolvimento, delimitado às obrigações centrais no âmbito da CQMC, a presente pesquisa encara o problema de sua operacionalização desde a mencionada Convenção até o seu Acordo de Paris. Para tanto, a pesquisa vale-se do método dedutivo, uma abordagem estruturalista e materialista-histórica para a análise de conteúdo dos textos jurídicos, observando a operacionalização do tratamento diferenciado em nas obrigações em termos de vinculatividade, precisão e delegação. O resultado foi que as mudanças climáticas são necessariamente um debate sobre desigualdades em termos de responsabilidade, mitigação e vulnerabilidade. Sob a alegação de um mundo mais complexo, onde a expressão ‘Terceiro Mundo’ é substituída pela noção de ‘Sul Global’, afirma-se que tal enquadramento de uma dívida Norte-Sul não seria mais pertinente, esvaziando o significado do tratamento diferenciado dos países em desenvolvimento. Porém, a persistência da dívida Norte-Sul em termos dinâmicos aponta que tal tratamento diferenciado dos países em desenvolvimento também continua atual. No intuito de instrumentalizar as obrigações da Convenção, o Protocolo de Quioto – endossado principalmente pelos países europeus – estabelece uma arquitetura descendente, apoiado em normas diferenciais por meio de compromissos de redução precisos, vinculantes e firmados internacionalmente, tendo como destinatários, em um primeiro momento, os países desenvolvidos. O Acordo de Paris – que reflete a estratégia dos Estados Unidos desde antes da própria Convenção – estabelece uma arquitetura ascendente, recorrendo a normas contextuais, onde os compromissos são nacionalmente determinados e isentos de um escrutínio internacional. O Acordo – cuidadosamente redigido – não estabelece nenhuma obrigação substancial precisa ou mesmo vinculante sobre tais contribuições, deixando ampla margem para todos os países e tornando a liderança dos países desenvolvidos no enfrentamento das mudanças climáticas apenas uma obrigação retórica. Deste modo, conclui-se que, sob o argumento de prover diferenciação para todos, o Acordo de Paris esvazia o significado do tratamento diferenciado dos países em desenvolvimento. Entretanto, apenas no âmbito da delegação, ou seja, dos mecanismos de cumprimento estabelecidos pelo Acordo, notadamente o balanço geral de implementação por meio de ‘naming and shaming’ que os países em desenvolvimento poderão exigir a necessária liderança dos países desenvolvidos. / In the 1970s, countries recognised as ‘developing’ began to be treated differently with regard to international agreements and doctrines that affected those countries development, following a widespread consensus among developing countries that the post-war order was unjust. As a result of political moves, developing countries have introduced such treatment in the framework of important international documents and multilateral agreements. The differentiated treatment of developing countries is expressed in international environmental law through the principle of common but differentiated responsibilities and respective capacities enshrined in the 1992 Rio Declaration on Environment and Development and culminated in the United Nations Framework Convention on Climate Change (UNFCCC). Having as its object the differentiated treatment of developing countries, limited to the central obligations under the UNFCCC, this research faces how international climate agreements operated within the differentiated treatment for developing countries. The research is based on the deductive method, a structuralist and historical materialist approach to the analysis of the content of legal texts, observing the differential treatment in obligations in terms of obligation, precision and delegation. The result was that climate change is necessarily a debate on inequalities in terms of responsibility, mitigation and vulnerability. Under the claim of a more complex world, where the expression 'Third World' is replaced by the notion of 'Global South', it is stated that such framing of a North-South divide would not be more relevant, depriving the meaning of differential treatment of developing countries. However, the persistence of the North-South divide in dynamic terms points out that such differentiated treatment of the developing countries is still relevant. In order to implement the obligations of the Convention, the Kyoto Protocol - endorsed mainly by European countries - establishes a downward architecture, supported by differential norms through precise, binding and internationally agreed reduction commitments, directed primarily to developed countries. The Paris Agreement - which reflects the US strategy prior to the Convention itself - establishes an upward architecture, using contextual norms where commitments are nationally determined and thus exempt from international scrutiny. The Agreement - carefully worded - does not establish any substantive or precise binding obligation on such contributions, leaving wide scope for all countries and does not require substantive efforts from developed countries in tackling climate change. In this way, it is concluded that, under the argument of providing differentiation for all, the Paris Agreement emptied the meaning of the differential treatment of developing countries. However, only within the scope of the delegation, through compliance mechanisms established by the Agreement, notably the global stocktake through naming and shaming that developing countries may require the necessary leadership of the developed countries.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / This paper presents the Horner-Wadsworth-Emmons olefination applied to preparing 22 new 5-alkoxy-3-trifluoromethyl-penta-2,4-dienenitriles (5), 5- phenylthio-3-trifluoromethyl-penta-2,4-dienenitriles (6) and ethyl 4-alkoxy-2- cyanomethylene-but-3-enoates (7) from the condensation between diethyl cyanomethylphosphonate (4) and β-alkoxyvinyl ketones (1), β-phenyltiovinyl ketones (2) and ethyl 4-alkoxy-2-oxo-but-3-enoates (3), furnishing the desired products with 10 to 93% yields. In a second step, this paper presents a simple and accessible novel synthetic route, for the preparation of a series of 30 unpublished 1,6- disubstituted 4-trifluoromethyl-pyridin-2(1H)-imines (14-19) from the condensation reaction of 5-aryl-3-trifluoromethyl-5-methoxy-penta-2,4- dienenitriles (Ar = Ph, 4-F-C6H4, 4-Br-C6H4, 4-Me-C6H4 and 4-MeO-C6H4) (5) with primary amines R-NH2 (R = Bu, 2-(1-cyclehexenil)ethyl, 2-(4- morpholinyl)ethyl, 2-phenethyl-ethyl, 2-(4-chlorophenethyl)ethyl and 2-(4- methoxyphenethyl)ethyl) (8-13), in a solvent free sealed system to give the expected products with yields between 20 to 98%. In addition, a series of new 6-substituted 4-trifluoromethyl-2H-pyran-2- ones (20) was obtained in 88 to 100% yeld, from the autocondensation reaction of 5-aryl-3-trifluoromethyl-5-methoxy-penta-2,4-dienenitriles (Ar = Ph, 4-F-C6H4, 4-Br-C6H4, 4-Me-C6H4 and 4-MeO-C6H4) (5), in a reflux system using water as solvent in the presence of HCl and 1 equivalent of ZnBr2. The pyridinimines, pyranones and dienes obtained in this work were identified and characterized by Hydrogen Nuclear Magnetic Resonance (H1NMR), Carbon-13 Nuclear Magnetic Resonance (C13 NMR), Mass Spectroscopy (GC-MS-EI), High Resolution Mass Spectroscopy (HRMS-ESI) and Elemental Analysis. / Este trabalho apresenta a metodologia de olefinação Horner-Wadsworth- Emmons aplicada de maneira inédita na preparação de 22 novas 5-alcóxi-3- trifluormetil-penta-2,4-dienonitrilas (5), 5-feniltio-3-trifluormetil-penta-2,4- dienonitrilas (6) e 4-alcóxi-2-cianometileno-but-3-enoato de etila (7) a partir da reação entre cianometilfosfonato de dietila (4) e respectivas β-alcoxivinil cetonas (1), β-feniltiovinil cetonas (2) e 4-alcóxi-2-oxo-but-3-enoatos de etila (3), levando a formação dos produtos com rendimentos entre 10 e 93%. Numa segunda etapa, este trabalho apresenta uma nova rota sintética, simples e acessível, para a preparação de uma série de 30 inéditas 4- trifluormetil-piridin-2(1H)-iminas 1,6-dissubstituídas (14-19) a partir da reação de condensação entre os 5-aril-3-trifluormetil-5-metóxi-penta-2,4-dienonitrilas (Ar = Ph, 4-F-C6H4, 4-Br-C6H4, 4-Me-C6H4 e 4-MeO-C6H4) (5) com aminas primárias R-NH2 (R = Bu, 2-(1-cicloexenil)etila, 2-(4-morfolinil)etila, 2-fenetiletila, 2-(4-clorofenetil)etila e 2-(4-metoxifenetil)etila) (8-12), em um sistema fechado e sem solvente, obtendo os produtos esperados com rendimentos de entre 20 e 98%. Em outra etapa do trabalho, foram obtidas 4-trifluormetil-2H-piran-2-onas 6-substituídas (20) a partir da reação autocondensação de 5-aril-3-trifluormetil- 5-metóxi-penta-2,4-dienonitrilas (Ar = Ph, 4-F-C6H4, 4-Br-C6H4, 4-Me-C6H4 e 4- MeO-C6H4) (5), em um sistema de refluxo utilizando água como solvente, na presença de HCl e 1 equivalente de ZnBr2, obtendo-se os produtos esperados com rendimentos entre 88 e 100%.As piridiniminas, piranonas e dienos obtidos neste trabalho foram identificados e caracterizados por Ressonância Magnética Nuclear de Hidrogênio (RMN H1), Ressonância Magnética Nuclear de Carbono-13 (RMN C13), Espectroscopia de Massas (CG-MS-EI), Espectroscopia de Massas de Alta Resolução (HRMS-ESI) e Análise Elementar.

O tratamento diferenciado dos países em desenvolvimento surge a partir da década de 70 como expressão de resistência dos países do então Terceiro Mundo a uma ordem mundial pós-guerra entendida essencialmente como injusta e cuja doutrina do desenvolvimento tal como prescrita não conseguia equalizar. A partir de movimentações políticas, os países em desenvolvimento emplacaram tal tratamento no âmbito de importantes documentos internacionais e acordos multilaterais. O tratamento diferenciado dos países em desenvolvimento se expressa no direito internacional ambiental por meio do princípio das responsabilidades comuns mas diferenciadas e respectivas capacidades, consagrado da Declaração do Rio sobre Meio Ambiente e Desenvolvimento, de 1992, e cuja expressão máxima é a Convenção-Quadro das Nações Unidas sobre Mudanças Climáticas (CQMC). Tendo como objeto o tratamento diferenciado dos países em desenvolvimento, delimitado às obrigações centrais no âmbito da CQMC, a presente pesquisa encara o problema de sua operacionalização desde a mencionada Convenção até o seu Acordo de Paris. Para tanto, a pesquisa vale-se do método dedutivo, uma abordagem estruturalista e materialista-histórica para a análise de conteúdo dos textos jurídicos, observando a operacionalização do tratamento diferenciado em nas obrigações em termos de vinculatividade, precisão e delegação. O resultado foi que as mudanças climáticas são necessariamente um debate sobre desigualdades em termos de responsabilidade, mitigação e vulnerabilidade. Sob a alegação de um mundo mais complexo, onde a expressão ‘Terceiro Mundo’ é substituída pela noção de ‘Sul Global’, afirma-se que tal enquadramento de uma dívida Norte-Sul não seria mais pertinente, esvaziando o significado do tratamento diferenciado dos países em desenvolvimento. Porém, a persistência da dívida Norte-Sul em termos dinâmicos aponta que tal tratamento diferenciado dos países em desenvolvimento também continua atual. No intuito de instrumentalizar as obrigações da Convenção, o Protocolo de Quioto – endossado principalmente pelos países europeus – estabelece uma arquitetura descendente, apoiado em normas diferenciais por meio de compromissos de redução precisos, vinculantes e firmados internacionalmente, tendo como destinatários, em um primeiro momento, os países desenvolvidos. O Acordo de Paris – que reflete a estratégia dos Estados Unidos desde antes da própria Convenção – estabelece uma arquitetura ascendente, recorrendo a normas contextuais, onde os compromissos são nacionalmente determinados e isentos de um escrutínio internacional. O Acordo – cuidadosamente redigido – não estabelece nenhuma obrigação substancial precisa ou mesmo vinculante sobre tais contribuições, deixando ampla margem para todos os países e tornando a liderança dos países desenvolvidos no enfrentamento das mudanças climáticas apenas uma obrigação retórica. Deste modo, conclui-se que, sob o argumento de prover diferenciação para todos, o Acordo de Paris esvazia o significado do tratamento diferenciado dos países em desenvolvimento. Entretanto, apenas no âmbito da delegação, ou seja, dos mecanismos de cumprimento estabelecidos pelo Acordo, notadamente o balanço geral de implementação por meio de ‘naming and shaming’ que os países em desenvolvimento poderão exigir a necessária liderança dos países desenvolvidos. / In the 1970s, countries recognised as ‘developing’ began to be treated differently with regard to international agreements and doctrines that affected those countries development, following a widespread consensus among developing countries that the post-war order was unjust. As a result of political moves, developing countries have introduced such treatment in the framework of important international documents and multilateral agreements. The differentiated treatment of developing countries is expressed in international environmental law through the principle of common but differentiated responsibilities and respective capacities enshrined in the 1992 Rio Declaration on Environment and Development and culminated in the United Nations Framework Convention on Climate Change (UNFCCC). Having as its object the differentiated treatment of developing countries, limited to the central obligations under the UNFCCC, this research faces how international climate agreements operated within the differentiated treatment for developing countries. The research is based on the deductive method, a structuralist and historical materialist approach to the analysis of the content of legal texts, observing the differential treatment in obligations in terms of obligation, precision and delegation. The result was that climate change is necessarily a debate on inequalities in terms of responsibility, mitigation and vulnerability. Under the claim of a more complex world, where the expression 'Third World' is replaced by the notion of 'Global South', it is stated that such framing of a North-South divide would not be more relevant, depriving the meaning of differential treatment of developing countries. However, the persistence of the North-South divide in dynamic terms points out that such differentiated treatment of the developing countries is still relevant. In order to implement the obligations of the Convention, the Kyoto Protocol - endorsed mainly by European countries - establishes a downward architecture, supported by differential norms through precise, binding and internationally agreed reduction commitments, directed primarily to developed countries. The Paris Agreement - which reflects the US strategy prior to the Convention itself - establishes an upward architecture, using contextual norms where commitments are nationally determined and thus exempt from international scrutiny. The Agreement - carefully worded - does not establish any substantive or precise binding obligation on such contributions, leaving wide scope for all countries and does not require substantive efforts from developed countries in tackling climate change. In this way, it is concluded that, under the argument of providing differentiation for all, the Paris Agreement emptied the meaning of the differential treatment of developing countries. However, only within the scope of the delegation, through compliance mechanisms established by the Agreement, notably the global stocktake through naming and shaming that developing countries may require the necessary leadership of the developed countries.

Abstract The plant can be considered a superorganism that consists of the plant per se and numerous populations of pro- and eukaryotic microorganisms. The interactions between the plant and endophytic microorganisms colonizing plant internal tissues are typically commensalistic or mutualistic. However, information on the role of endophytes in plant defense is limited because pathways are only partly known and systemic responses are typically not seen. The aim of this thesis was to study the priming capacities of endophytic Methylobacterium sp. IMBG290 on potato (Solanum tuberosum L.). Priming of plants by non-pathogenic bacteria allows the host to save energy and to reduce time needed for development of defense reaction during a pathogen attack. Priming phenomenon was demonstrated for Methylobacterium sp. IMBG290 as an activation of salicylic acid and jasmonate/ethylene-dependent defense pathways after challenge inoculation with the pathogen. Moderate activation of plant antioxidant system may also contribute to resistance induction by the strain. The viable but nonculturable state is presumably a survival strategy observed for the majority of bacterial endophytes. Pathogen attack or environmental changes can activate these quiescent forms. Thus Methylobacterium+ sp. IMBG290 became cultivable upon plant inoculation by nonpathogenic bacteria. I observed that the composition of the endophyte community changed in response to Methylobacterium sp. IMBG290 inoculation in shoot tissues and correlated with potato disease resistance and growth promotion. Therefore, the activation of endophytic bacterial populations as a putative mechanism of plant disease resistance was proposed. Endophytes have a high agricultural potential. Growth- and resistance-promoting capacities of Methylobacterium sp. IMBG290 on potato were highly variable depending on the cultivar, pathogen, inoculum density, and environmental conditions. Context-dependent efficacy requires more attention when designing complex microbial inoculants capable influencing positively plant growth, resistance, and nutritional properties. / Tiivistelmä Kasvia voidaan pitää superorganismina, joka koostuu kasvista itsestään ja lukuisista pro-ja eukaryottisista mikrobipopulaatioista. Kasvin ja sen sisäosia asuttavien endofyyttisten mikro-organismien väliset vuorovaikutukset ovat yleensä kommensalistisia tai mutualistisia. Endofyyttien rooli kasvin puolustuksessa on kuitenkin huonosti tunnettu, koska reitit tiedetään vain osittain eikä järjestelmällisiä vasteita usein havaita. Tämän väitöskirjatyön tavoitteena oli tutkia endofyyttisen Methylobacterium sp. IMBG290-kannan kykyä vahvistaa perunan (Solanum tuberosum L.) puolustusta. Tautia aiheuttamattomat bakteerit kykenevät vahvistamaan kasvien puolustusta, mikä auttaa isäntäkasvia säästämään energiaa ja nopeuttamaan puolustusreaktiota patogeenihyökkäyksen aikana. Methylobacterium sp. IMBG290-kannan vahvistuskyvyn osoitettiin perustuvan salisyylihappo- ja jasmonaatti/etyleeni-riippuvaisten puolustusreittien aktivoimiseen patogeeni-istutuksen jälkeen. Antioksidanttijärjestelmän lievä aktivoituminen voi myös vaikuttaa kannan aiheuttamaan vastustuskyvyn lisääntymiseen. Suurimmalle osalle bakteeriendofyyteistä ‘elävä mutta viljelemätön’-olotila on luultavasti selviytymisstrategia. Patogeenihyökkäys tai muutokset ympäristössä voivat aktivoida tällaiset hiljaiset olomuodot. Methylobacterium sp. IMBG290-kanta muuttui viljeltävissä olevaan muotoon kun kasviin istutettiin tautia aiheuttamaton bakteeri. Selvitin, että endofyytti-yhteisön koostumus muuttuu vasteena Methylobacterium sp. IMBG290-kannan istuttamiseen kasvin verson solukoissa, korreloiden lisääntyneen perunan vastustuskyvyn ja kasvun kanssa. Siksi endofyyttisten bakteeripopulaatioiden aktivoitumista esitettiin uutena kasvin puolustusmekanismina. Endofyyteillä on suuret mahdollisuudet maataloudessa. Methylobacterium sp. IMBG290-kannan kasvua ja vastustuskykyä lisäävät ominaisuudet perunalla vaihtelivat lajikkeen, patogeenin, lisätyn bakteeriympin ja ympäristöolosuhteiden mukaan. Suunniteltaessa monimutkaisia bakteeriymppejä kasvien kasvin, vastustuskyvyn ja ravintosisällön lisäämiseksi, täytyy tällainen tilanteesta riippuva tehokkuus ottaa enemmän huomioon.

Studien undersöker om den svenska aktiemarknaden i regel presterar sämre mellan månaderna maj och september enligt den så kallade “ sell-in-may-and-go-away- effekten”. Vi använder den logaritmerade avkastningen för det svenska indexet OMXS30 som delas upp i olika perioder; maj till september, samt oktober till april. Avkastningen för dessa perioder jämförs genom att använda en regressionsmodell. Resultatet från undersökningen visar att effekten är positiv, samt signifikant på en-procentsnivå mellan 1986 till 2017 för OMXS30 iSverige. Studien tittar även på sell-in-may-and-go-away- effektens utveckling, och finner indikationer för att effekten avtar efter publiceringen av Bouman & Jacobsens undersökningav effekten år 2002. Indikationen på att effekten avtar kan betyda en högre grad av rationalitet hos investerare samt en mer effektiv marknad allt eftersom sell-in-may-and-go-away- effekten blir mer allmänt känd. Resultatet för att effekten skulle vara avtagande är dock inte statistisk signifikant och därmed inte heller statistiskt säkerställd.

L’élément financier est un élément fondamental de l’action publique. En effet, pour pouvoir assurer leurs missions de service public, les personnes publiques ont besoin de ressources monétaires suffisantes. Cette idée est aujourd’hui indiscutée. Pourtant, on observe qu’il subsiste un réel malaise sur le point de savoir s’il est souhaitable que lesdites personnes puissent agir en vue de satisfaire leurs propres intérêts financiers. Cet embarras tient pour beaucoup au fait que les malentendus qui ont longtemps obscurci l’analyse des rapports qu’entretiennent entre eux l’intérêt financier des personnes publiques et l’intérêt général n’ont pas tous été parfaitement dissipés. La clarification de ces rapports fait apparaître que l’intérêt financier des personnes publiques, quoique n’étant jamais un intérêt privé, ne doit pouvoir être traité comme un intérêt général dans les diverses hypothèses concrètes où l’administration entend le satisfaire qu’à la condition qu’il n’en résulte pas d’inconvénients excessifs pour les autres composantes de l’intérêt général, voire pour des intérêts purement privés jugés dignes de protection. L’intérêt financier doit donc être concilié à divers autres intérêts, publics et privés. Cette conciliation ne s’opère pas identiquement selon que l’administration prend en charge une activité dans un but financier ou qu’elle tient seulement compte de la dimension financière d’une activité dont le but n’est pas financier. / The financial element is a fundamental component of public policy. Indeed, in order to ensure their public tasks, public entities need sufficient monetary resources. This idea is now undisputed. Yet we observe that there remains a real unease about whether it is desirable that these entities can act to satisfy their own financial interests. This embarrassment is largely due to the fact that the misunderstandings that have long obscured the analysis of the relationships that these financial interest of public persons and the general interest have not all been completely dispelled. The clarification of these reports shows that the financial interest of public figures, although still standing still a general interest in principle, should be treated as such in the various concrete cases in which the administration intends to satisfy it only provided it does not result in unnecessary inconvenience for the other components of the public interest or for purely private interests worthy of protection. The financial interest must be reconciled with various other interests, public and private. This reconciliation does not operate identically as the administration supports an activity in a financial goal or that it takes into account only the financial dimension of an activity whose purpose is not financial.

Magister Legum - LLM / South Africa

Magister Legum - LLM