No / The triazoylketone discussed in this paper crystallises from racemic solutions as a conglomerate. Here, we report the ternary phase diagram confirming the conglomerate behaviour of this molecule. Through computation we also explore the underlying reasons for the absence of a racemic compound in this system and the evident epitaxial crystallisation leading to crystals of almost racemic compositions but which retain the crystal structure of the pure enantiomer. / EU-project ‘IntEnant’, Integrated Synthesis and Purification of Enantiomers

This paper studies via experimental setting whether diversification discount exists and what factors affect the magnitude of the discount. The results suggest that experience before decision increases the likelihood of exercising the real option of conglomerates. People are also more likely to convert if it is less risky to do so.

With the changing economic structure, from the textile, food, petrochemicals, steel,to high-tech industry, capital and technical requirements are gradually increasing. With the liberalization and internationalization, market competition was intensified. The large conglomerates have strong financial, human, technical resources and capabilities, who are more competitive to face the intense environmental change. Taiwan 100 Group's asset size is 600 times than 40 years ago. As a result, large conglomerates grasp Taiwan's economic lifeline. The majority of conglomerates engaged in diversification, but which resources and capabilities can engage in what kind of diversification to deliver competitive advantage for conglomerates is an important subject. Therefore, this study chooses two long history and successful business group in Taiwan, which are Far Eastern Group and Yuen Foong Yu Group. To investigate that what kind of resources and capabilities they use to implement diversification strategies. Then escalating group¡¦s resources and further expand the scale of the groups. According to this study, the analysis showed that the Far Eastern Group and Yuen Foong Yu Group, technology, human resources, assets, industry position, industry business experience, management ability, organizational ability, are the key resources and capabilities to perform any kind of diversification strategies.

The Zagros fold-thrust belt results from the continent-continent collision between the Arabian margin and the Eurasian plate following the closure of the Neo-Tethys Ocean during the Tertiary. Despite some ongoing controversies about the timing of the onset of the collision there is little doubt that the main episode of the cover shortening in the Zagros folded belt occurred since about 10 Ma as suggested by the youngest folded strata of the Agha Jari red marls. Shortening by about 70 km derived from balanced sections across the Zagros folded belt, yields shortening rates of 7 km Ma-1 consistent with the present-day rates of 0.7 cm yr-1 based on GPS studies. A major unconformity between the Agha Jari formation and the Bakhtyari conglomerates indicates that cover shortening decreased or ceased 5 Ma ago. During or since the deposition of the Bakhtyari Formation, the Zagros fold belt underwent a regional uplift whose origin still remains enigmatic. The deformation is characterized by periodic folding with axial lengths sometimes greater than 200 km. This fold geometry is outlined by the limestone beds of the Asmari Formation, which is one of the main oil reservoirs in the Zagros. The Zagros also serves as the main originating headspring of the rivers running into the Persian Gulf and Oman Sea watersheds. Among all these rivers, the major ones are: Arvand Rud, Gamasb, Karun, Rajah, Zaal and Marun join and form Jarahi, Seymareh, Qareh Aqhaj, Zohreh, Dalaki, Mend, Shur, Minab, Mehran and Naband. Therefore, the Zagros region has high potential for dam construction to control surface water for electric energy, water supply for irrigation of agricultural lands and land reclamation. Among various formations in the Zagros region, the Asmari Formation limestone with relatively exclusive characteristics such as rigidity and morphology is a suitable rock foundation for dams in the Zagros range. It should be considered that the Asmari limestones constitute a series of double plunging, asymmetrical folds with northwest-southeast trend and that the southern flanks are steeper than the north-eastern ones (70° to 90º, locally reversed). Due to varying inclinations, there are much more curvatures of strata in the southwestern flanks of folded structures, with different characteristics of the rock mass in the two flanks of the anticlines. The anticlines, particularly in the Asmari Formation, contain tension-induced, open fracturing which has introduced significant secondary permeability. Engineering geological investigations indicate that there is a clear relationship between rock mass characteristics of the Asmari Formation and tectonic activities such as various tilting and curvature rates of strata at folded structures in the Zagros Mountain range. In this regard it should be considered that the upper and middle units of the Asmari Formation that constituted the main dam foundation rock mass on the northern flanks are influenced by karstification processes which have resulted from aggressive mineral waters. Thus huge karst features and cavities can be observed, where the Gachsaran evaporites stratigraphically overlie Asmari Formation succession limestones. The aggressive mineral waters originating from the Gachsaran Formation play the main role in karstification of the Asmari Formation limestones, whereas the lower Asmari is less influenced by these solutions and karstification processes as it is restricted to where the Karun-3 and Karun-4 dams are situated. Reassessment of available data and geological investigations during this research, lead to a new proposed configuration of engineering characterization of the rock mass for the Asmari formation limestones in the Zagros Region. / Thesis (PhD)--University of Pretoria, 2012. / Geology / unrestricted

The goal of this research study is to develop a model of information that will enable media conglomerates and other companies, with theme park investments, to make informed and effective decisions based on scholarly and empirical evidences. In order to do this, the following research study uses historic, scholarly, journalistic, and focus group evidences to consolidate the information necessary to create a model to support concepts and designs. The paper begins with establishing why it is important for media conglomerates, with theme park investments, to integrate cinema into the park’s design. Then it looks back through the history of cinema and theme parks, identifying the similarities and differences. Furthermore, it analyzes the development of Universal Studios Hollywood and Disneyland. The study uses the history of Hollywood from its beginning to the decentralization to parallel the development of the movie-based theme park, and how the decentralization of Hollywood and the rise of the movie-based theme park support one another. As the idea of the convergence of one media with another is not a new concept, information on media convergence is used as part of the scholarly research in this area. Because movies and movie-based attractions are each forms of storytelling, the study includes prolific information on media, film, literary, and psychological theories as supporting evidence. The empirical research method utilized in the research, specific to this study, includes four focus groups in Florida, New York City, Cincinnati, and Los Angeles and one interview with a theme park president. Throughout the study, concepts of narrative, spectacle, pleasure, character, and setting are addressed in terms of how these elements work in movies and movie-based theme park attractions.

Esta pesquisa tem como hipótese o fato de que a atuação requerida da Administração Pública contemporânea no Brasil é a que melhor se coadune com os valores constitucionais voltados ao desenvolvimento da nação, assim entendido aquele que assegura a maior garantia possível ao valor fundamental da República: a dignidade da pessoa humana. Essa nova visão do Direito Administrativo, a partir da Constituição, recebe vários nomes, entre eles constitucionalização do Direito Administrativo, e prega não só os deveres de legalidade, impessoalidade, moralidade e publicidade, mas, também, o de eficiência na concretização dos direitos de segunda geração ainda não devidamente efetivados no Brasil, tal como o de universalização dos serviços públicos de saneamento básico. Para se ater ao objeto desta pesquisa, demonstrou-se que o atingimento da cobertura integral do sistema de fornecimento de água potável, coleta e tratamento de esgoto encontra-se diretamente relacionado com a prevenção de doenças e com o desenvolvimento social, devendo ser implementado pelo Estado como forma de assegurar o direito de todos à saúde, conforme previsto na Constituição. Assim, cuidou-se de apurar um pouco da história do saneamento básico, a titularidade para a prestação de tais atividades, o atual regramento jurídico desses serviços (com ênfase nos princípios norteadores da Lei de Diretrizes Nacionais, na obtenção de recursos e remuneração, bem como nas atividades de prestação e regulação). Discutiu-se o controle sobre os serviços e também a participação privada no setor, passando por um estudo do \"modelo\" francês de saneamento básico. Por fim, abordou-se a prestação e a regulação do saneamento básico por consórcios públicos de entes federativos. / This research has as hypothesis the fact that the activities required of the contemporary public administration in Brazil is the one that best fits with the constitutional values aimed at development of the nation, thus understood that which ensures the greatest assurance possible for the fundamental value of the Republic: the dignity of the human person. This new vision of administrative law, from the Constitution, receive several names, among them constitutionalization of administrative law, and preach not only the duties of legality, impersonality, morality, and transparency, but also the efficiency in achieving the secondgeneration rights still not properly enforced in Brazil, such as the universalization of public sanitation services. To stick to the object of this research, it was demonstrated that the achievement of full coverage of drinking water supply system, sanitation system and sewer treatment is directly related to the prevention of diseases and with social development, and must be implemented by the State as a way to ensure everyone\'s right to health, as directed for in the Constitution. Nevertheless, the study broth some light in the history of sanitation, the ownership for the provision of such services and the current rules and regulations (with emphasis on the guiding principles of the law of directives for national basic sanitation, on obtaining funds and compensation, as well as in the activities of regulation and services provided). After deliberate over control of the services and also the private participation in the sector, through a study of the French \"model\" of basic sanitation systems. The final approach move toward the provisions and regulations of basic sanitation by Federative public conglomerates.

本研究旨在探討影響公司有效稅率之相關因素，除了參考國外研究發現之因素，如企業規模、研究發展支出、固定資產淨額、舉債程度、獲利能力及產業別等，並考量我國租稅及商業環境之特色，如：證券及土地交易所得免稅之規定、集團企業因素之影響等，以對影響我國上市（櫃）公司有效稅率之因素做較完整而全面之分析。本研究之研究範圍自民國75年至86年，選擇在台灣證券交易所之股票上市公司，以及在櫃檯買賣中心之股票上櫃公司為研究樣本。 本研究經實證檢定後獲致以下結論： 1. 經由實證結果之驗證，可推論台灣上市（櫃）公司確實會透過證券、土地交易之安排來規避稅賦，藉以降低公司之有效稅率。 2. 集團之上市（櫃）公司，其有效稅率會比非集團之公司為低。並且，同一產業別中，集團之上市（櫃）公司，其有效稅率會比非集團化之公司為低。 3. 實證結果支持政治成本假說。亦即，當公司規模愈大，其政治能見度愈高，所受到的控制監督相對亦較大，其享用之社會資源相對亦較多，因此必須多付出一些政治成本，故有較高之有效稅率。 4. 公司融資舉債的稅盾利益效果相當顯著，故若考量了租稅成本後，公司應該選擇舉債融資而非股權融資，以達租稅最小化之目的。 5. 投資固定資產支出具有折舊及投資抵減的租稅優惠，但省稅效果並不顯著。在研究發展費用方面，實證結果並不如預期，可能係由於次級資料庫中的遺漏值過多，以致最後統計結果之扭曲。 / This study investigates the determinants of corporate effective tax rates (ETRs) in Taiwan, including firm size, R&D expenses, net fixed assets, and leverage. The data used in this study are from 1986-1997. Samples are available from the public traded companies registered in the Taiwan stock exchange and OTC. The conclusions of this study are as follows: 1. The results show that companies reduce their ETRs by engaging in securities and land transactions. 2. Conglomerates’ effective tax rates are lower than non-joint-venture companies. 3. The empirical result support the Political cost hypothesis. The larger the firm sizes are, the greater degrees they are monitored, so they bear greater political costs. 4. The leverage effects and tax dodges benefits are also significant, and if considering tax benefits, companies should prefer debt to stocks in order to minimise their tax expenses.

This thesis is constituted of three chapters. he first part of my Ph.D. dissertation develops a Bayesian stochastic model for computing the reserves of a non-life insurance company. The first chapter is the product of my research experience as an intern at the Risk Management Department of Fondiaria-Sai S.p.A.. I present a short review of the deterministic and stochastic claims reserving methods currently applied in practice and I develop a (standard) Over-Dispersed Poisson (ODP) Bayesian model for the estimation of the Outstanding Loss Liabilities (OLLs) of a line of business (LoB). I present the model, I illustrate the theoretical foundations of the MCMC (Markov Chain Monte Carlo) method and the Metropolis-Hastings algorithm used in order to generate the non-standard posterior distributions. I apply the model to the Motor Third Party Liabil- ity LoB of Fondiaria-Sai S.p.A.. Moreover, I explore the problem of computing the prudential reserve level of a multi-line non-life insurance company. In the second chapter, then, I present a full Bayesian model for assessing the reserve requirement of multiline Non-Life insurance companies. The model combines the Bayesian approach for the estimation of marginal distribution for the single Lines of Business and a Bayesian copula procedure for their aggregation. First, I consider standard copula aggregation for different copula choices. Second, I present the Bayesian copula technique. Up to my knowledge, this approach is totally new to stochastic claims reserving. The model allows to "mix" own-assessments of dependence between LoBs at a company level and market wide estimates. I present an application to an Italian multi-line insurance company and compare the results obtained aggregating using standard copulas and a Bayesian Gaussian copula. In the second part of my Dissertation I propose a theoretical model that studies optimal capital and organizational structure choices of financial groups which incorporate two or more business units. The group faces a VaR-type regulatory capital requirement. Financial conglomerates incorporate activities in different sectors either into a unique integrated entity, into legally separated divisions or in ownership-linked holding company/subsidiary structures. I model these different arrangements in a structural framework through different coinsurance links between units in the form of conditional guarantees issued by equityholders of a firm towards the debtholders of a unit of the same group. I study the effects of the use of such guarantees on optimal capital structural and organizational form choices. I calibrate model parameters to observed financial institutions' characteristics. I study how the capital is optimally held, the costs and benefits of limiting undercapitalization in some units and I address the issues of diversification at the holding's level and regulatory capital arbitrage. The last part of my Ph.D. Dissertation studies the hedging problem of life insurance policies, when the mortality rate is stochastic. The field developed recently, adapting well-established techniques widely used in finance to describe the evolution of rates of mortality. The chapter is joint work with my supervisor, prof. Elisa Luciano and Elena Vigna. It studies the hedging problem of life insurance policies, when the mortality and interest rates are stochastic. We focus primarily on stochastic mortality. We represent death arrival as the first jump time of a doubly stochastic process, i.e. a jump process with stochastic intensity. We propose a Delta-Gamma Hedging technique for mortality risk in this context. The risk factor against which to hedge is the difference between the actual mortality intensity in the future and its "forecast" today, the instantaneous forward intensity. We specialize the hedging technique first to the case in which survival intensities are affine, then to Ornstein-Uhlenbeck and Feller processes, providing actuarial justifications for this restriction. We show that, without imposing no arbitrage, we can get equivalent probability measures under which the HJM condition for no arbitrage is satisfied. Last, we extend our results to the presence of both interest rate and mortality risk, when the forward interest rate follows a constant-parameter Hull and White process. We provide a UK calibrated example of Delta and Gamma Hedging of both mortality and interest rate risk.

The study of money and banking is largely considered the purview of economics. Nevertheless, money theme cannot be neglected by social analysis for money is a social construct, embedded in social interactions. Financial system, money&rsquo / s highest level of institutionalization, also cannot be abstracted from social and political sub-structure. In this thesis we tried to look at the way in which Turkish financial transformation in early 1980&rsquo / s has found its reflections on social sphere / in terms of changing social relations and institutions. We first presented a short history of Turkish financial system, then we focused on the essential features of 1980 Transformation, covering its political background. The emphasis is made on power relations between bureaucracy, political will and financial market participants. We also combined the main features of mainstream theoretical approaches to money and finance from the fields of sociology and we put current debates on Turkish financial liberalization into the context of sociology. As we considered the ways financial relations shape societal developments and political processes, we tried to identify how debt-money system had permeated further in the social relations through financialization of society

[pt] Esse artigo investiga a participação de fundos filiados a conglomerados financeiros na indústria brasileira. Usando dados de 2002 a 2016, mostramos que fundos filiados a bancos apresentam retornos, entre 1.96 por cento-2.30 por cento ao ano, inferior a fundos independentes. Além disso, mostramos que gestores de fundos filiados a bancos têm menos incentivos a tomar risco no mercado do que gestores de fundos independentes. Consistente com os incentivos enfrentados, mostramos que fundos filiados a bancos mudam menos de posição, tentam menos antecipar movimentos de mercado e têm portfólios mais parecidos com o mercado do que fundos independentes. Finalmente, mostramos que as diferenças na tomada de risco pode estar associada a 7.68 por cento-29.6 por cento da diferença de performance entre fundos filiados à bancos e independentes. / [en] This paper investigates financial conglomerates participation in the Brazilian equity mutual fund industry. Using data from 2002 to 2016, we show that bank-affiliated funds underperform funds managed by stand-alone entities by 1.96 percent-2.30 percent per year. Moreover, we find that bank-affiliated fund managers have less incentives to take risk than independent funds. Consistent with incentives, we show that bank-affiliated funds trade less often, try less to time the market and have portfolios more similar to the market s than independent funds. Finally, we show that differences in risk taking can be associated to 7.68-29.6 percent of the performance difference between bank-affiliated and independent funds.