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No. of bitstreams: 11 Andre Luis Germano Gouveia1.pdf: 3914193 bytes, checksum: fd182456ee4c9e9f525b167f4d3b0c80 (MD5) Andre Luis Germano Gouveia2.pdf: 3371405 bytes, checksum: cc53148f67445244fee75f581c4e9f92 (MD5) Andre Luis Germano Gouveia3.pdf: 3091724 bytes, checksum: 53e298637596a640568dd3d70413dfd1 (MD5) Andre Luis Germano Gouveia4.pdf: 3846428 bytes, checksum: 2ac329fb45314be11914379521eb73ed (MD5) Andre Luis Germano Gouveia5.pdf: 3139449 bytes, checksum: d754380f24f264313a6019ad9a60644d (MD5) Andre Luis Germano Gouveia6.pdf: 2820562 bytes, checksum: db88261c9970c92fa7b5bcb827d9b474 (MD5) Andre Luis Germano Gouveia7.pdf: 3589844 bytes, checksum: 462c35116980e72e1a68454c0f4fe205 (MD5) Andre Luis Germano Gouveia8.pdf: 3148278 bytes, checksum: 9bf0b60f360a282e5377e385ac5719f3 (MD5) Andre Luis Germano Gouveia9.pdf: 3550187 bytes, checksum: 74aa39d0e5ea0b52d9664920fd2e1cc2 (MD5) Andre Luis Germano Gouveia10.pdf: 2602136 bytes, checksum: 14e7e5a096e53d4395900257964eeef5 (MD5) Andre Luis Germano Gouveia11.pdf: 3467267 bytes, checksum: ad9cbfdfad32d412be0cd21276dd693e (MD5) Previous issue date: 2010-09-02 / Fundo Mackenzie de Pesquisa / Adaptation of Brazilian Accounting Rules to the International Financial Reporting Standards (IFRS),can be analysed as a reflex of the global improvement in communication and information among the economic agents, such as: corporations, funders, investor and other stakeholders through the business world. Internationally speaking the development of such standards is on behalf of IASB Board, in Brazil new standards are issued by CPC Accounting Pronouncements Committee, after having them discussed with the society, standards must have being approved by CVM Brazilian Security Exchange and CFC Federal Accounting Council. A new interpretation has been approved regarding Concession Agreements, based on IFRIC 12, in Brazil ICPC 01. The objective of this paper has for objective to verify the impact over finance and economic ratios after the adoption of such interpretation, for Brazilian utilities concession business. This analysis is made of a comparison between the rations calculation before and after the adoption of ICPC 01. Through the analysis of ANEEL, the Public Agency, CVM and BM&F Bovespa websites, 06 different companies have been selected to be analysed in this study. They represent utilities segment such as: power distribution, commercialization and transmission. Calculus and tests have been made based on literature. This new interpretation indicates that infrastructure equipments can not be recorded as a concession assets any longer, since them do not belong to the concessionaries, but to the Government. In line with the new interpretation they should be recorded as intangible assets or financial assets, depending on the demand risk. The results demonstrate that there are substantials differences between the older and the new standard that needs to be followed as from 2010 Fiscal Year, which directly impact on financial ratios. These impacts also point to a better use of accounting as a relevant information tool and source, since more adequate criteria can be utilized as from the adoption of such interpretation for evaluating Brazilian utilities concession contracts. / A adequação das normas brasileiras de contabilidade às normas internacionais, IFRS, é o reflexo de que a informação e comunicação entre os agentes econômicos como: empresas, credores, investidores e demais stakeholders acompanha as mudanças freqüentes e globais observadas no mundo dos negócios. Internacionalmente o desenvolvimento de elaboração das normas contábeis ficou a cargo do ISAB board. No Brasil é efetuada pelo Comitê de Pronunciamentos Contábeis CPC, responsável pela emissão de pronunciamentos, interpretações e orientações, que depois de discutidas de forma ampla com a sociedade, são aprovadas e deliberadas pela Comissão de Valores Mobiliários CVM, e pelo Conselho Federal de Contabilidade CFC. Uma das mais recentes interpretações emitidas refere-se à ICPC 01 Contrato de Concessões, baseado no IFRIC 12 Concession Contratcs. Este estudo tem como objetivo geral identificar quais os impactos gerados pelo atendimento da interpretação técnica ICPC 01 Contratos de Concessão sobre os indicadores de desempenho econômico-financeiros que auxiliam os agentes na tomada de decisão, desta forma a se identificar quais se apresentavam como de maior relevância para a avaliação do desempenho das empresas do setor elétrico brasileiro, anterior e posterior às novas regras contábeis para os contratos de concessão do setor elétrico nacional. Por meio de pesquisa junto aos contratos de concessão da ANEEL Agencia Nacional de Energia Elétrica, na CVM e BM&F Bovespa foram escolhidas seis empresas, avaliando desta forma os segmentos de distribuição, comercialização e transmissão de energia. Foram efetuados cálculos conforme apresentado em fontes bibliográficas sobre a adoção da nova regra. A mudança mais relevante da nova interpretação indica que deve ocorrer alteração no registro da infra-estrutura de concessão, uma vez que não pertence ao operador, concessionário, e sim ao Poder Concedente, sendo assim, o que antes da mesma era registrado como ativo imobilizado, deverá ser registrado como ativo intangível ou ativo financeiro. O que define qual a forma é a essência econômica, ou seja, a o risco da demanda contratual. Os resultados encontrados demonstram que existem diferenças substanciais entre o padrão utilizado até 2009 e o vigente a partir de 2010,impactando diretamente em índices de desempenho econômico-financeiro de rentabilidade e lucratividade das concessões. Estes índices também apontam para o melhor uso da contabilidade como ferramenta e fonte de informação, pois critérios mais adequados são utilizados a partir deste momento para a avaliação de concessões de serviço público no setor de energia nacional.

La conférence des Etats parties à la convention cadre des Nations Unies sur les changements climatiques qui s’est tenue à Paris à la fin de l’année 2015 (COP 21) a relancé l’intérêt des Etats pour la protection de l’environnement et la transition écologique et énergétique. Depuis plus d’une décennie, de nombreuses lois sont intervenues qui placent les collectivités territoriales au cœur de ce dispositif. Aujourd’hui, la réalisation de la transition énergétique repose sur un partenariat entre collectivités publiques, gardiennes du service public, et entreprises privées maitrisant ingénierie et technique propres au secteur énergétique. Cette politique publique s’inscrit ainsi dans le contexte de réforme de l’action publique qui modifie profondément les modes de gestion des services publics. / The conference of the member states of the United nations framework convention about climate change (COP 21) which took place in Paris, december 2015, increased the state’s interest either for the protection of the environment and the ecological transition. From more than a decade, many laws had have the goal to place local authorities into the hearth of this system. Today, the realization of the energy transition is based on a partnership between public authorities, garantor of the public service and private companies mastering engineering and energy techniques. This policy takes place in the story of a new public management, which profoundly changes the way public services are managed.

El presente documento tiene como objetivo general exponer el proceso de estructuración detrás de la emisión del bono de Abengoa Transmisión Sur S.A. (ATS) y evaluar la emisión como caso de éxito en el Perú para proyectos de inversión de similar naturaleza. Los objetivos específicos del trabajo son: Explicar la adecuación del bono a la estructura contractual y financiera del proyecto de inversión desarrollado por Abengoa Transmisión Sur S.A. Describir los mecanismos aplicados a la emisión para mejorar su atractivo hacia los inversionistas. Diagnosticar el grado de éxito de la emisión en el público inversor. Analizar las implicancias de este tipo de emisión en el mercado de bonos para proyectos de infraestructura en el Perú. Cabe destacar, que este trabajo se realiza en base a la experiencia obtenida durante el proceso de estructuración de la emisión y sobre la información pública disponible de esta. Mi papel en el proceso de estructuración de la emisión abarcó la revisión y negociación de todos los contratos de la emisión con los estructuradores, la revisión del funcionamiento del modelo financiero aplicado, el llenado de los formatos necesarios para proceder con la emisión, la coordinación con asesores legales, consultores de los estructuradores y agencias de rating y atender eventuales consultas de los potenciales inversionistas. El sondeo de precio del bono y la determinación de la tasa de interés cupón aplicable al bono fueron realizados por los estructuradores. Por tanto, se hace el énfasis de que el presente trabajo se expone desde la perspectiva del emisor y no del inversionista. / Trabajo de investigación

Jan Pelar is an integral part of the cultural heritage of Wallachia. He personally represented Wallachian culture at Ethnographic Exhibition in Prague in 1895. On this occasion he obtained his first musician concession. Reportedly, he composed the Wallachian anthem, "My sme Valaši" on his way to Prague. This work will focus on his musical career and his personal life which was extraordinary. This work will focus on his musical career, his extraordinary personal life and his legacy to younger musicians.

Infrastructure is one of the main parameters of economic growth and a country‘s competitiveness depends on the provision and maintenance of efficient and productive infrastructure assets. However, Nigeria, like most countries in Sub-Saharan Africa has the lowest quantity and poorest quality of stocks of infrastructure assets in the world and this phenomenally poor infrastructure has remained an impediment to development in the country. Decades of sub-optimal investment, poor maintenance culture and the fact that the required infrastructure investments could not be accommodated within the available fiscal space as a result of budgetary constraints have all contributed to the Nigeria‘s infrastructure deficit. The immediate outcome of this however is that the available infrastructure assets across the Nigerian landscape are in decrepit state and absurdly inadequate. Besides, the present demand for basic infrastructure services has grown astronomically out-stripping the supply capacity of the existing ones. Closing the infrastructure financing gap will however require increased investment by private investors through creative financing in an enabling legal and financial environment. Outside the budgetary constraints, the absence of efficient maintenance and management of infrastructure assets and quality service delivery by the public sector are some of the reasons why procurement of public infrastructure stocks by government through the traditional approach is no longer plausible and hence, the general appeal of the public-private partnership framework. However, despite all the potentials, the public private partnership technique in Nigeria has not made an appreciable impact in closing the infrastructure gaps due to lack of access to long-term financing. It is against this back-drop that this study has sought to investigate how reforms of the legal and financial infrastructure could widen access to financing through innovative financial resource mobilization in scaling-up infrastructure development and service delivery to the teeming Nigeria population. Therefore, the central thesis of this study is that the inadequacy of appropriate laws and inefficient financial system are partly responsible for the huge financing gaps in the Nigeria‘s infrastructure market and with the legal and financial reforms, an enabling legal and financial environment that would open up space for resource mobilization through innovative financing techniques and sources will be created thereby widening access to long-term financing and increasing the appetite for private investment in the nation‘s public infrastructure assets and services. So, the overarching objective of this thesis is to explore how legal and financial system reforms can facilitate the development of financial models and instruments that can help mobilize financial resources to fund infrastructure and bridge the huge infrastructure financing gaps in Nigeria in a sustainable fashion. Given the infrastructure poverty that constrains economic growth and development in Nigeria, the outcomes of this proposed study would help inform the need for the legal and financial system reforms to unlock resources in addressing the problems of financing gaps in infrastructure projects development in Nigeria. Besides, such outcomes based on the Nigerian experience in infrastructure financing and development may be turned into valuable knowledge for policy –making and further research in Nigeria. Copyright / Thesis (LLD)--University of Pretoria, 2012. / Centre for Human Rights / unrestricted

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[pt] Após uma criteriosa revisão de trabalhos acadêmicos que aplicam a abordagem de opções reais para a avaliação de concessões de infraestrutura e identificação das principais lacunas dessa literatura, desenvolvemos esta Tese, composta por quatro estudos independentes. O primeiro explica o modelo binomial e mostra como incorporar os fluxos de caixa do projeto usando a taxa de dividendos para criar a treliça de valor do projeto. Desenvolvemos um código em R, fornecemos um tutorial sobre este modelo e mostramos como o código pode ser personalizado para aplicações específicas. O segundo mostra porque cláusulas obrigatórias de investimentos adicionais em contratos de concessão são subótimos e propõe um modelo de opções reais que combina decisões flexíveis de expansão de capacidade com extensões condicionais de prazo. Usando um projeto de rodovia no Brasil, mostramos como essa flexibilidade pode ser útil para atrair investimentos privados em projetos públicos de infraestrutura. O terceiro avalia a concessão de um Veículo Leve sobre Trilhos no Brasil. Adotamos a abordagem de opções reais para modelar as cláusulas flexíveis embutidas neste contrato e analisamos se elas são conflitantes entre si e como impactam a avaliação geral do projeto. Por fim, o quarto utiliza testes de Raiz Unitária, Razão de Variância e Medida de Abordagem de Parâmetros para avaliar o processo estocástico mais adequado para modelar a incerteza de demanda de passageiros em concessões aeroportuárias no Brasil. Analisamos amostras ex-ante e ex-post covid-19 e mostramos que tanto a sazonalidade quanto a pandemia impactam significativamente o modelo de difusão estocástica. / [en] After a careful review of academic works that apply the real options approach to the evaluation of infrastructure concession projects and identifying the main gaps in this literature, we developed this Thesis, composed of four independent studies. The first explains the binomial model and shows how to incorporate the project cash flows using the cash flow dividend rate to create the project value lattice. We develop a R code, provide a tutorial on how to use this model and show how the code can be customized for particular applications. The second shows why additional investments in expansion as firm obligations in concession contracts are suboptimal and proposes a real options model that combines flexible capacity expansion decisions with conditional term extensions. Using a typical toll road project in Brazil, we show how this kind of flexibility can be useful for policy development to attract private investment in public infrastructure projects. The third evaluates the concession of a Light Rail Vehicle in Brazil. We adopt the real options approach to model the different flexible clauses embedded in this contract and analyze whether they conflict with each other and how they impact the overall project evaluation. Finally, the fourth uses Unit Root, Variance Ratio tests, and the Parameter Approach Measure to evaluate the most appropriate stochastic process to model the uncertainty of passenger demand in airport concessions in Brazil. We analyze samples ex-ante and ex-post covid-19 and show that both seasonality and the pandemic significantly impact the stochastic diffusion model.

Одним из основных направлений развития экономической обстановки в регионах является применение государственно-частного партнёрства в целях реализации масштабных проектов и экономии материальных, социальных ресурсов для решения совместных целей. Партнёрство частного сектора и властей реализуется разнообразными способами, одним из которых является – концессия. Концессионное соглашение позволяет объединить ресурс двух сторон для решения экономических и социальных проблем регионального, а иногда и национального контекста. Работа содержит следующие положения научной новизны: - предложено авторское определение понятия региональный энергетический комплекс, что позволит более точно охарактеризовать данную комплексную корпоративную структуру с целью стратегирования подходов к ее администрированию, - разработана методика оценки экономической эффективности концессии регионального энергетического комплекса, призванная обеспечить формирование объективного информационного базиса принятия региональных управленческих решений. / One of the main directions of the development of the economic situation in the regions is the use of public-private partnerships in order to implement large-scale projects and save material and social resources for solving joint goals. The partnership between the private sector and the authorities is implemented in a variety of ways, one of which is a concession. The concession agreement allows to unite the resource of the two parties to solve the economic and social problems of the regional and sometimes national context. The work contains the following provisions of scientific novelty: - the author's definition of the concept of a regional energy complex is proposed, which will allow to more accurately characterize this complex corporate structure in order to strategize approaches to its administration, - developed a methodology for assessing the economic efficiency of the concession of the regional energy complex, designed to ensure the formation of an objective information basis for making regional management decisions.

Sweden has a goal of having an electricity production solemnly comprising renewable energy sources by the year 2040. To cater for the fulfillment of this goal, more onshore wind power will be needed in Sweden. The wind farm itself has been studied both in terms of its impacts on societal and environmental interests as well as how the Swedish spatial planning system paves the way for more wind power or not. The connection of wind farms to the regional and national transmission grid is far less studied. Therefore, this thesis explores the grid connection process and how it is experienced by the practitioners in terms of wind power developers and network operators. Also, the ways in which the power grid is taken into account when finding a location for a wind farm is studied. This is done by a literature review and a thematic analysis of ten conducted interviews. The grid connection process is presented, along with the four main themes identified by the thematic analysis; Making two long processes parallel, The importance of grid capacity, Dialogue between the developer and the network operator and Proactive consideration of grid connection. The results suggest that the grid connection process, in combination with the wind farm development, is experienced as time-consuming, which gives rise to problems regarding technology development and puts the finalization of the entire project at risk. Consequently, the practitioners want to make the processes more parallel. This is however complicated by the associated risks of not being reassured grid capacity and inflexible permit procedures. Another important result is that the network operators and developers often have different interests to guard, which can complicate the grid connection process further. The available capacity in the grid is crucial when locating a wind farm, but also the economic distance to the point of connection, which in turn depends on several parameters. It is suggested that consideration of the power grid should be more integrated with the spatial planning in Sweden. This can improve the predictability of wind power planning, promote adequate power grid planning and facilitate the Swedish goal of an electricity production only comprised of renewable energy by 2040. / För att genomföra en grön omställning av Europas energisystem väntas mer elproduktion av förnyelsebar energi integreras. Sverige har som mål att ha en elproduktion som enbart består av förnyelsebar energi till år 2040. För att åstadkomma detta mål förväntas andelen vindkraft i landet att öka. Att ansluta till elnätet hör till en av de fundamentala nödvändigheterna för att etablera en vindkraftpark. Trots detta så är planering och utförande av nätanslutning till det svenska elnätet en förbisedd del av processen för att etablera vindkraft i Sverige. Syftet med denna studie är därför att undersöka anslutningsprocessen för landbaserad och storskalig vindkraft och bidra att till ökad kunskap kring hur denna process upplevs av utövarna. Dessutom undersöks det hur vindkraftsprojektörer tar hänsyn till elnätet när de letar områden för vindkraft. Detta görs med en litteraturstudie angående hur anslutningsprocessen går till, följt av en tematisk analys av intervjuer med nätägare och vindkraftsprojektörer. En övergripande bild av anslutningsprocessen och relaterad litteratur presenteras. Fyra huvudteman identifieras från den tematiska analysen; Att göra två långa processer parallella, Signifikansen av nätkapacitet, Dialogen mellan vindkraftsprojektör och nätägare och Proaktiv hänsyn av nätanslutning. Resultaten visar att en stor utmaning med anslutningsprocessen är att den tillsammans med utvecklingen av vindparken upplevs som så pass långdragen i tid, att problem uppstår med teknikutveckling och genomförandet av projektet i sig. Detta bidrar till att vindkraftsprojektörer och nätägare vill försöka göra processerna för utveckling av vindparken och nätanslutningen mer parallella. Att processen för att utveckla vindparken är tidskrävande och osäker bidrar till att den nödvändiga nätkapaciteten inte alltid kan garanteras, vilket försvårar en synkronisering av processerna. Ett ytterligare viktigt resultat är att nätägare och vindkraftsprojektörer ofta har olika intressen under nätanslutningsprocessen, vilket kan komplicera dess förlopp. Var det finns nätkapacitet är en stor faktor vid lokalisering av vindkraft, men även det ekonomiska avståndet till en anslutningspunkt som i sin tur beror på flera parametrar. Elnätsfrågan är komplex både när det gäller lokalisering och anslutning av vindkraft. Men för att skapa goda förutsättningar för mer vindkraft i Sverige, och för uppfyllandet av målet till 2040, bör elnätsfrågan hanteras proaktivt och integreras mer i den fysiska planeringen i Sverige.

[pt] A Mata Atlântica representa uma das regiões mais biodiversas e únicas do planeta e atualmente restam menos de 25 por cento de sua cobertura original. O Caminho da Mata Atlântica (CMA) é uma iniciativa de conservação que tem como missão engajar a sociedade na conservação e recuperação do bioma, por meio de atividades ao ar livre e da conexão de áreas naturais ao longo de uma trilha de longo curso (TLC). As TLC s, por sua vez, têm sido mundialmente reconhecidas como importantes ferramentas de conservação da biodiversidade e dos ecossistemas, uma vez que formam grandes corredores ecológicos. As rodovias são uma das principais causas de fragmentação de habitats naturais em todo o mundo e pioram ainda mais a situação de isolamento de áreas no bioma. Para mitigar os impactos negativos das estradas, algumas medidas compensatórias podem ser implementadas. O objetivo deste estudo foi analisar a legislação ambiental existente no âmbito federal e estadual do Rio de Janeiro relativa à restauração florestal, ao licenciamento ambiental e à concessão de rodovias, com o intuito de trabalhar estratégias para reduzir os impactos causados pela existência dessas estradas nas proximidades do traçado do CMA. Como resultado, podemos dizer que são poucos os contratos que trazem inovações nesse sentido. Considerando as graves consequências causadas pela fragmentação de habitats para a biodiversidade, é de extrema importância que seja dada mais atenção à construção das condicionantes de licença e das medidas compensatórias presentes nos contratos de concessão. O CMA pode ser uma solução, de forma a aumentar a conectividade entre os fragmentos e consolidar a trilha como um grande corredor funcional para a conservação da biodiversidade. / [en] The Atlantic Forest represents one of the most biodiverse and unique regions on planet Earth and less than 25 percent of its original coverage currently remains. The Atlantic Forest Trail (CMA) is a conservation initiative whose mission is to engage society in the conservation and recovery of the biome, through outdoor activities and the connection of natural areas along a long-distance trail. These, in turn, have been recognized worldwide as important tools for conserving biodiversity and ecosystems, as they form large ecological corridors. Highways are one of the main causes of fragmentation of natural habitats around the world and further worsen the situation of isolated areas in the biome. To mitigate the negative impacts of roads, some compensatory measures can be implemented, such as the creation of ecological corridors, based on forest restoration. The objective of this study was to analyze the existing environmental legislation at the federal and Rio de Janeiro state levels regarding forest restoration, environmental licensing and highway concessions, with the aim of working on strategies to reduce the impacts caused by the existence of these roads nearby the CMA route. As a result, we can say that few agreements bring innovations in this sense. Considering the serious consequences for biodiversity caused by habitats fragmentation, it is extremely important to give more attention to the construction of license conditions and compensatory measures present in concession agreements. CMA can be a solution, in order to increase connectivity between the fragments and consolidate the trail as a large functional corridor for biodiversity conservation.