台灣證券交易所每季會挑選並公告可為權證標的的股票，證券商再從中選取想要發行的股票標的，這些被選為標的的股票被發行權證的次數存在明顯的差異。證券商在發行時掌握了許多優勢，除了可以挑選標的之外，權證契約的內容大多也都由證券商決定，這些權證的契約內容勢必會依據標的股票特性的不同而有所差異。在本文中我們將找出會影響證券商選擇標的的因素。另外，我們也試圖找出權證契約與標的股票的特性的關聯性並且討論避險成本課稅問題解決後，對證券商發行權證的影響。 我們發現證券商偏好以近期受到較多市場關注、具有投資人市場偏好、有較高波動度以及有較好流動性的股票作為權證的標的。我們也發現不同標的特性的股票權證契約特性也會不同，受到市場較多關注、流動性較高的標的股票以及重設型、歐式的權證的溢價比例會較高，也發現標的股票的波動性越高，權證的存續期間會較低、標的股票的市值比例越高，權證的行使比例會越低、標的股票的波動性越高，證券商則傾向以重設型以及美式的形式發行權證。近幾年權證檔數的激增與避險成本課稅問題的解決也存在著緊密的關係。 最後，以避險成本課稅問題的時間點來觀察權證市場前後期的改變，則發現下列幾種現象的差異。第一、單一股票於一季之內被發行的次數增加，第二、權證的溢價比例上升，第三、權證的行使比例與存續期間下降，第四、單一權證的發行量降低。這些現象則顯示證券商發行權證模式的改變，在避險成本課稅問題解決後，證券商發行權證的模式類似於石油輸出國家組織控制石油供給量，透過降低每檔權證的發行量來增加議價的籌碼。 / Taiwan Stock Exchange (TWSE) selects and announces the stocks for issuing warrants quarterly. Brokers can pick up suitable underlying assets for issue warrants. We observed, however, that the frequency for underlying stocks for issuing warrants were different. We know that the broker has many advantages on issuing warrants likes selecting underlying stocks and setting covenants as well. The covenants will be set base on the stock’s characters. We tried to find key factors for brokers for issuing warrants. Besides, after the deregulation on hedge cost, we elaborate the relationship between warrants and underlying assets. We found brokers prefer to issue the warrant whose underlying asset with good liquidity, market frenzy and high volatility. Besides, we also noticed that the warrant’s characters will be different base on their underlying assets. The premium is higher for stocks with market frenzy, high liquidity and European warrant. Underlying assets with high volatility will attribute low duration. Stock with high market capitalization will make exercise ratio lower. Brokers intend to issue Reset and American warrants for underlying asset with high volatility. The surge of warrant issuing attributed to relax on hedging tax. Last, we showed the warrant market different after the relaxing restrictions of hedge cost as follows. First, the frequency of issuing warrant with same underlying asset increases. Secondly, the premium for issuing warrant rises. Thirdly, exercise ratio and duration declines. Fourthly, the volume for single issue is lower. These phenomenon shows that brokers try to increase their bargain power by controlling the warrant volume. This model likes Organization of Petroleum Exporting Countries (OPEC) to control the petrol price by depressing the supply.

This thesis is the study of the 19th century arcades in Beyoglu. The aim is to explore the interrelation between the arcades of Beyoglu and their surrounding urban structure in both of their formation and transformation processes, and to find out the possible contributions of arcades to the transformation and recentralization process of &amp / #272 / stanbul. The individual stories of the arcades as well as the socio-economic and political conditions are studied to find out the formation and transformation processes. Therefore the study is constructed by historical and spatial analysis. The history of arcades gives important clues about the development and transformation processes of the cities. Apart from the changes in surrounding urban structure and functioning, individual attempts in existing socio-economic environment determines the transformation. Therefore, changes in ownership along with changes in building have been taken as the basis for the study. At the end of the study, possible contributions of arcades to the urban space, derived from the tendencies and spatial opportunities were discussed and the role of arcade in redeveloping the central areas was pointed out. And this thesis showed that arcades may be the alternative to the peripheral shopping centers with their spatial possibilities and social facilities.

Criminals often resort to camera tampering to prevent capture of their actions. Many surveillance systems left unattended and videos surveillance system operators lose their concentration after a short period of time. Many important Real-time automated detection of video camera tampering cases is important for timely warning of the operators. Tampering can be defined as deliberate physical actions on a video surveillance camera and is generally done by obstructing the camera view by a foreign object, displacing the camera and changing the focus of the camera lens. In automated camera tamper detection systems, low false alarm rates are important as reliability of these systems is compromised by unnecessary alarms and consequently the operators start ignoring the warnings. We propose adaptive algorithms to detect and identify such cases with low false alarms rates in typical surveillance scenarios where there is significant activity in the scene. We also give brief information about the camera tampering detection algorithms in the literature. In this thesis we compare performance of the proposed algorithms to the algorithms in the literature by experimenting them with a set of test videos.

After two world wars, the West European Economy goes through serious recession. Through the cold war, the representatives of west European countries, German and France, feel that they must cooperate. Hence, by the bases of economic co-operations, the West Europe starts to integrate their resources and political alliances. From the ¡§Economic Community (EC)¡¨ to ¡§Economic and Monetary Union (EMU)¡¨, most West European countries go through several obstacles, like the Collapse of Bretton Woods System in 1971 and the European Crisis in 1992,¡K¡K, etc. Finally, in 1th, Jan., 1999, 11 countries of European Union establish EMU and expect to take Euro as their single currency formally in 2002. They also establish European Central Bank (ECB) to execute the Euro zone¡¦s single monetary policy. The status of Euro after 1th Jan., 1999 is the purpose of this study. This article tries to use the Exchange Rate decision theories, Purchasing Power Parity (PPP) and Interest Rate parity (IRP), to investigate the relationship between Euro and USD. From several statistical empirical tests, it reveals that the trends of Euro couldn¡¦t correspond with the theoretical wants, ie PPP and IRP can¡¦t catch the trends of Euro. By the outcome of ¡§Sign Test¡¨ and ¡§Wilcoxon Sign-Rank Test¡¨, it can be found obviously that the Euro indeed is undervalued from the establishment to Apr., 2000 if we don¡¦t take the transaction costs into account. As a result of the outcome of empirical finds, the article starts to investigate the reasons why the theoretical values from exchange rate decision theories are not equal with real ones. One is that if the empirical models ignore some important factors which lead to the biases of models¡Fthe other is if Euro is undervalued during this observation periods. From the economic macro-environmental analyses, the article can infer that because of the Kosov Wars, Russian economic reform problems, the increase of short interest rate gap between USD and Euro, the different economic reform paces among member countries of EMU,¡K¡K, etc. result in the main factors of the weak currency - Euro.

This Diploma Thesis describes foreign mortgage covered bonds which can be issued by Czech banks under English law on foreign regulated markets after the amendment to the Czech Act No. 190/2004 Coll., the Bonds Act, as amended took effect in 2012. The Diploma Thesis outlines basic characteristics of foreign mortgage covered bonds, lists reasons for their issuance, and compares them with certain alternative sources of funding for banks. The Diploma Thesis describes the structure of programme and issuance documentation used in the international capital markets. The author points out certain regulatory deficiencies existing under Czech law and proposes amendments in support of the international investment attractiveness of foreign mortgage covered bonds of Czech banks. The Diploma Thesis also analyses selected issuances of foreign mortgage covered bonds by Czech banks.

Opioid use disorder (OUD) and opioid overdose are pervasive public health problems in the U.S. Medications for opioid use disorder (MOUD) have been shown effective to reduce OUD morbidity and mortality. Two distinct approaches to MOUD are currently used: agonist therapy (methadone or buprenorphine) or antagonist therapy (naltrexone). Limited information is available about the patterns of use, adherence to therapy, and characteristics of those who use agonist vs. antagonist therapy. The objective of this study is to assess recent trends in MOUD, adherence in use of MOUD, and the characteristics of those who use agonist vs. antagonist therapy in a nationally representative population of commercially insured patients in the U.S. This retrospective descriptive study utilized data from Truven Marketscan Commercial Claims and Encounters database from years 2011 to 2016. All individuals aged 18 years and older who have a diagnosis of OUD and utilize MOUD at any point during the study period were included. Demographic characteristics of interest included age, gender, geographic region, and type of insurance coverage. Clinical characteristics of interest included diagnosis of OUD and type of MOUD used, including extended – release naltrexone for injection, oral naltrexone, buprenorphine in combination with naloxone, and buprenorphine alone. Descriptive analyses were employed to understand utilization patterns and trends over time and proportion of days covered was used to measure adherence. Frequency and percentage are presented for categorical variables. Adherence of MOUD will be estimated by measuring proportion of days covered. As this study uses de-identified commercial health claims data, it has been determined as not human subjects research by the University of Kentucky’s Office of Research Integrity. Agonist therapy with buprenorphine or buprenorphine/naloxone was the most common treatment, representing 75.7% of those receiving treatment. Between 2011 and 2016, the percentage of individuals receiving treatment with partial agonist therapy decreased 16.5% to 9.2%, respectively. Meanwhile, the percentage of individuals receiving treatment with antagonist treatment increased from 0.1% in 2011 to 0.3% in 2016. In the analysis of proportion of days covered, all MOUD reported a decrease at both 180 and 365 days. In the commercial population, younger female patients were more likely to be treated with injectable naltrexone. Specifically, in the North Central geographic region, commercial adult patients were more likely to be treated with buprenorphine monotherapy. Overall, this study found a decrease in use of agonist therapy from 2011 through 2016, with an increase in use of antagonist therapy in the same time period. However, the increase in use of antagonist therapy does not fully account for the decrease in use of agonist therapy, suggesting that since 2011 many patients with OUD still remain untreated. All MOUD types were analyzed and saw a decrease in proportion of days covered, as a measure of adherence, from 2011 to 2016 putting patients at an increased risk for relapse, further complications, emergency visits, and hospitalizations. More information is needed about characteristics of patients who not only seek out treatment for OUD, but also maintain their treatment overtime.

No description available.

In the modern consumer economy, experience is playing an increasingly important role. We are looking to buy a special but authentic experience, in particular when it comes to food consumption. These developments have led to a resurface and reinvention of the traditional covered market hall. New versions of the conventional concept have been created, and these covered food halls put emphasis on creating an attractive public realm for the visitor. However, the different versions of the covered food halls have different public realms with varied effects on the sense of place and conviviality for the visitor. The aim of this research is to find out what the drivers of the public realm of the modern covered food hall are, and to analyze how these influence, and can possibly improve the sense of place and conviviality. Three case studies of new covered food halls in Rotterdam provided valuable insights. From the theories it became apparent that there are four drivers of the public realm when it comes to the creation of a sense of place and conviviality: economical, social, cultural and political. The case studies showed the same result, however it has come to show that the tangible public realm is first and foremost the result of the intangible organization behind the covered food halls, relating to the political driver of the public realm. The structure and the aim of the organization determine the other 3 drivers, resulting in the physical structure of the public realm, and the activities that take place in the space. Within the physical realm, elements such as personalization, flexibility and transparency have shown to be crucial to create a sense of place and conviviality. The organization behind the hall also influences the activities that take place inside and around the hall. In order to possibly improve the public realm of the covered food hall, it is therefore important to start with finding a fitting organization for the aims and goals the covered food halls has as part of the public realm.

Made available in DSpace on 2017-07-21T20:42:29Z (GMT). No. of bitstreams: 1 Valeria Motoyama.pdf: 5827958 bytes, checksum: a45e061751d030d873a6927ec19ed8bb (MD5) Previous issue date: 2007-05-31 / In this work samples of ASTM A 285 Grade C class steel, welded with covered electrodes AWS E7018 and AWS E6013, and with variations in the welding energy, were tested electrochemically, immersed in alkaline liquor, which is used in Kraft batch digesters. Workpieces were cut by electroerosion process from base metal (MB), heat affected zone (ZTA) and weld metal (MS), and submitted to metallographic characterization. A perlitic and ferritic microstructure was observed, with acicular ferrite surrounded by grain boundary ferrite and formation of Widmanstätten ferrite. Samples welded with AWS E7018 electrodes show microhardness profiles higher than AWS E6013 electrodes due to higher contents of manganese and silicon. Corrosion rates of MB, ZTA and MS regions increase with liquor temperature, and MS regions show corrosion rates higher than ZTA and MB, without heat treatment, for both electrodes. Values calculated were 0,30 mm/year for MB, 1,49 mm/year for ZTA and 2,63 mm/ano for MS with AWS E7018 electrode, without heat treatment, high energy, and for AWS E6013 electrode, in the same conditions, 1,24 mm/year for ZTA and 1,65 mm/year for weld metal. / Neste trabalho, amostras de aço da classe ASTM A 285 Grau C, soldados com eletrodos revestidos AWS E7018 e E6013, e com variação nas energias de soldagem, foram submetidos a ensaios de corrosão eletroquímicos, imersos em licor alcalino que é empregado em digestores descontínuos para obtenção de celulose pelo processo Kraft. Os corpos de prova foram retirados por eletroerosão do metal de base (MB), zona termicamente afetada (ZTA) e metal de solda (MS), e submetidos a caracterização metalográfica. Constatou-se uma microestrutura perlítica e ferrítica, com formação de ferrita acicular circundada por ferrita de contorno de grão e ferrita Widmanstätten. Os corpos de prova soldados com os eletrodos AWS E7018 apresentam perfis de dureza maiores que o AWS E6013, devido ao maior teor de manganês e silício. As taxas de corrosão das regiões MB, ZTA e MS aumentam com o acréscimo da temperatura do licor, sendo que as regiões dos MS(s) apresentam taxas de corrosão maiores que as ZTA(s) e MB, sem tratamento térmico, para ambos os eletrodos. Foram calculados valores de 0,30 mm/ano para MB, 1,49 mm/ano para ZTA e 2,63 mm/ano para MS com o eletrodo AWS E7018, sem tratamento térmico, com alta energia, e para o eletrodo AWS E6013, nas mesmas condições, 1,24 mm/ano para ZTA e 1,65 mm/ano para o metal de solda.

An increase in the number of debris-covered glaciers and expansion of debris cover across many glaciers has been documented in many of the world’s major glacierised mountain ranges over the last 100 years. Debris cover has a profound impact on glacier mass balance with thick layers insulating the underlying ice and dramatically reducing ablation, while thin or patchy cover accelerates ablation through albedo reduction. Few debris-covered glaciers have been studied in comparison with ‘clean’ glaciers and their response to climatic change is uncertain. Remote sensing, integrated with field data, offers a powerful but as yet unrealised tool for studying and monitoring changes in debris-covered glaciers. Hence, this thesis focuses on two key aims: i) to test the utility of visible/near infrared satellite sensors, such as TERRA ASTER, for studying debris-covered glaciers; ii) to develop techniques to fully exploit the capability of these satellite sensors to extract useful information, and monitor changes over time. Research was focused on four interrelated studies at the Miage Glacier, in the Italian Alps. First, a new method of extracting debris-thickness patterns from ASTER thermal-band imagery was developed, based on a physical energy-balance model for a debris surface. The method was found to be more accurate than previous empirical approaches, when compared with field thickness measurements, and has the potential advantage of transferability to other sites. The high spatial variability of 2 m air temperature, which does not conform to a standard lapse rate, presents a difficulty for this approach and was identified as an important area for future research. Secondly, ASTER and Landsat TM data are used to map debris-cover extent and its change over time using several different methods. A number of problems were encountered in mapping debris extent including cloud cover and snow confusion, spatial resolution, and identifying the boundary between continuous and sporadic debris. Analysis of two images in late summer 1990 and 2004 revealed only a small up glacier increase in debris cover has occurred, confirming other work’s conclusions that the debris cover on Miage Glacier increased to its present extent prior to the 1990s. A third area of research used ASTER DEMs to monitor surface elevation changes of the Miage Glacier over time to update previous studies. Surface velocities on the glacier tongue were also calculated between 2004-2005 using feature-tracking of ASTER orthorectified visible band imagery and ASTER DEMs. However, ASTER DEMs were found to be rather poor for both applications due to large elevation errors in topographically rough parts of the glacier, which prevented a full analysis and comparison of results to previous surface elevation and velocity studies. Finally, the lithological units of the debris cover were mapped, based on the spectral differences of different rock types in the debris layer, providing information both on the location and concentration of different rock types on the surface. Therefore, the identification in the variation in emissivity throughout the glacier surface can be identified, which in turn has an impact upon calculated surface temperatures and ablation respectively. Overall, this research presents a significant contribution to understanding the impact of a debris layer on an alpine glacier, which is an area of key interest and current focus of many present glaciological studies. Since future glacial monitoring will increasingly have to consider supraglacial debris cover as a common occurrence, due to climate warming impacts of glacial retreat and permafrost melting. This contribution is achieved through the successful application of methods which utilise ASTER data to estimate debris thickness and debris extent, and the lithological mapping of debris cover. Therefore, the potential for incorporating these remote sensing techniques for debris-covered glaciers into current global glacier monitoring programs has been highlighted. However the utility of ASTER derived DEMs for surface elevation change analysis and surface velocity estimations in a study site of steep and varied terrain has been identified as questionable, due to issues of ASTER DEM accuracy in these regions.