Degree thesis deals with behavioral finance with a focus on behavior and psychology of an individual investor. The first part is devoted to the prospect theory that is a descriptive model of behavior of economic agents under the conditions of uncertainty and stands in a stark contrast with the traditional normative expected utility theory. The second part is devoted to the group of behavioral biases that are distortions of human thinking and judgment documented by cognitive psychology. These biases are difficult to eliminate and lead to a biased perception, inaccurate judgments and illogical interpretations. The third and final part is devoted to a questionnaire survey whose goal was to find out whether financial market participants behave according to the axioms of the expected utility theory or whether they systemically deviate from the axioms of this normative theory. The second goal of the survey was to confirm or disprove inferences of academic studies about existence of behavioral biases.

In modern business environment, time becomes more and more valuable resource fororganizations. The way managers will organize their time for completing managerialtasks, will influence not only job performance but inner feelings and job satisfaction,and, eventually, organizational performance. Research uses the term t emporaldispositions for analyzing how people are seeing the time. Temporal disposition hasdifferent elements and each of them are considering a different viewpoint of howpeople perceive the time. We found out that the connection between two basicelements of temporal disposition, time urgency and pacing styles, are not researchedproperly which leads into a misunderstanding about these concepts.  The purpose of this study is to d iscover the correlation between two different elementsof temporal dispositions (time urgency and pacing styles) through measuring the timeurgency and pacing styles of middle- and low-level managers. Further, this studyaims to enhance our understanding about Swedish managers’ time urgency andpacing styles. Finally, the thesis attempts to expand the academic field of temporaldisposition through e xplaining how the way managers are feeling about time (timeurgency) affects how they are distributing their time for completing managerial tasks(pacing styles). The quantitative research has been used in this study. A questionnaire with 10 itemshas been developed for this study, and 122 managers have been participated in thesurvey. The following correlation between time urgency and pacing styles has been found:time urgency is positively correlated with U-shaped pacing style and negativelycorrelated with steady-action style. We have not found any significant correlationbetween time urgency and deadline-action pacing style. Further, this study foundthat time patience (the opposite of time urgency) is positively correlated withsteady-action pacing style and negatively correlated with deadline-action pacingstyle. Similarly, results have shown that U-shaped pacing style is used both by timeurgent and time patient managers. Finally, we found that middle-level managers aremostly time urgent and using U-shaped pacing style when completing managerialtasks while low-level managers are mostly time patient and using steady-actionpacing style.

O efeito disposição, originalmente proposto por Shefrin e Statman (1985), preconiza que os investidores tendem a vender ações com lucro em um curto período de tempo e manter ações com prejuízo por um longo período de tempo. A despeito da ampla gama de evidências sobre o assunto, as razões que levariam os investidores a manifestar esse viés comportamental ainda é motivo de uma controvérsia importante entre motivações racionais e comportamentais. Neste trabalho, o objetivo foi testar duas motivações comportamentais concorrentes para explicar o efeito disposição: a teoria perspectiva e o viés da reversão à média. Para cumprir esse objetivo, foi feita uma análise das transações mensais de compra e venda de uma amostra de 51 fundos de investimento em ações brasileiros, no período de 2002 a 2008. A análise envolveu a estimação de dois modelos de regressão de variável dependente qualitativa. O primeiro consistiu em um modelo logit binário cujo propósito foi determinar a probabilidade de um gestor realizar um ganho ou uma perda de capital em razão de variáveis de retorno das ações. O segundo foi um modelo logit ordenado cujo objetivo foi verificar a existência de uma relação entre as variáveis de retorno e o volume monetário vendido das ações. Em ambos os modelos, os parâmetros estimados para as variáveis de retorno das ações foram interpretados como um coeficiente de disposição, sendo que a proposição desse coeficiente consistiu na principal contribuição da pesquisa. Os resultados dos modelos estimados trouxeram evidências de que a teoria perspectiva parece permear o processo decisório dos gestores dos fundos analisados. Já no caso da hipótese de que o efeito disposição é decorrente do viés da reversão à média, não foi possível corroborá-la com base nos resultados aqui relatados. / The disposition effect, originally proposed by Shefrin and Statman (1985), predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way is still subject to much controversy between rational and behavioral explanations. In this thesis, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve this goal, an analysis of monthly transactions for a sample of 51 Brazilian stock funds from 2002 to 2008 was conducted. The analysis involved the estimation of two regression models with qualitative dependent variable. The first one consisted of a binary logit model whose purpose was to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The second one was an ordered logit model whose objective was to verify the existence of a relationship between stock returns and the monetary volume sold. In both models, the estimated parameters for the stock return variables were interpreted as a disposition coefficient and the proposition of this coefficient was the main contribution of the research. The results of the estimated models brought evidence that prospect theory seems to guide the decision making process of the managers of the analyzed funds. The hypothesis that the disposition effect is due to mean reversion bias could not be confirmed based on the results reported here.

Background: Self-help interventions can be useful in improving well-being and improving symptoms of low-level mental health problems. Goal-setting has also been found to be linked to well-being. In order to maximise the benefit of any goal related self-help interventions, it may be advantageous to consider for whom they may work best. Objective. The study aimed to replicate and extend previous findings relating to the efficacy of the Goal Setting and Planning (GAP) self-help intervention for improving well-being using an active control group to allow for a more carefully controlled test of GAP. In addition to this, the study aimed to examine the potential mediating effect that the intervention has via goal progress. Lastly the study aimed to investigate whether the gains in well-being associated with the GAP intervention will be greatest for individuals scoring more highly in ‘agentic’ value scores. Method. A controlled trial of 58 participants completed pre and post measures of well-being and were also led through a goal selection exercise in which they chose two goals to work towards over a five week period. Twenty-nine participants were allocated to the intervention condition which involved working through the GAP intervention in an online format to support their goal progress. The remaining 29 participants were allocated to the control group and were asked to work towards their goals without any further support. All participants were asked to provide goal attainment scores at the end of week three and at the end of week five. Results. There was no significant effect of condition on post-intervention outcome measures (p = .87, partial h2 = .02). Post measures indicated small but not significant gains in well-being across groups. Goal progress averaged across the two assessments did not differ significantly between groups. The conditions for mediation were not met therefore it was not possible to test for the mediating effects of goal progress on well-being. Lastly, moderation analysis showed that agency value scores did not significantly moderate the effectiveness of GAP in improving scores on any of the well-being measures. Conclusion: These null-findings particularly in relation to the efficacy of the GAP intervention were unexpected given significant findings in previous trials. However, the use of an active control group allowed for a more focused examination of the efficacy of the self-help components compared to previous trials. It is suggested that the goal-setting elements of GAP completed by both conditions may account for the small gains in well-being. Limitations of the current study are discussed particularly in relation to the use of a non-clinical, mainly undergraduate student sample. It is also suggested that goal-based self-help interventions may have limited use in non- clinical student populations. Ideas for future research are made including the recruitment of participants who would potentially benefit more from an intervention to improve well-being such as GAP.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2016-08-29T12:57:43Z No. of bitstreams: 1 Marilú Rodriguez e Rodrigues.pdf: 1113309 bytes, checksum: 2dced7ce9b255848e14b778ee3ba988b (MD5) / Made available in DSpace on 2016-08-29T12:57:43Z (GMT). No. of bitstreams: 1 Marilú Rodriguez e Rodrigues.pdf: 1113309 bytes, checksum: 2dced7ce9b255848e14b778ee3ba988b (MD5) Previous issue date: 2016-04-04 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / There is a representative number of studies showing evidence of the disposition effect. Such studies show that there are no explicit reasons for this deviant behavior, being a reason for doubt between rational and behavioral motivations. Shefrin and Statman (1985), in their seminal study developed the theory called the disposition effect, in which investors tend to sell winning assets quickly and loser assets remain active for longer. Although evidence of the disposition effect has been observed on these studies there are still gaps which have not been solved. Including the study of the disposition effect in emerging countries like Brazil, and studies with primary data which do not exist. The aim of this study is to evaluate whether Brazilian equity fund managers are affected by the disposition effect manifestation. The first empirical study with data from stock funds obtained from Economatica software took in consideration not only the portfolio of each fund every month, but also stock prices over time, assets of each fund and the Bovespa index. Along the study, several analysis were carried out, from statistical proportions tests to the adjustment of multivariate models such as logistic regression and ordered logistics to try to detect signs of the manifestation of the disposition effect on Brazilian equity funds managers. With all these techniques, we cannot neglect the presence of the disposition effect on the managers of the main Brazilian funds. The only test which showed no statistical significance was the test comparing proportion and market return. The difference on this test could have been influenced by the lack of fund assets control, which was held in regressions. The conclusion of the study shows that there is a disposition effect in Brazilian equity and investment fund managers, therefore the aim of the research survey has been met, as well as the data analysis performance made by Economatica software compared to previous studies such as Lucchesi (2010), where the author used data collected monthly by The Securities Commission of Brazil (2010). For further studies it is suggested that the research is carried out with the use of primary data from BM&FBOVESPA customers, as further from the evidence of the disposition effect it will be possible to identify the socioeconomic and demographic profile as well as other characteristics of the stock exchange Brazilian investor / Existe um número representativo de estudos que demonstram evidências sobre o efeito disposição. Esses estudos evidenciam que não existem razões explícitas sobre esse desvio comportamental, sendo motivo de dúvida entre as motivações racionais e comportamentais. Shefrin e Statman (1985), em seu estudo seminal, desenvolveram a teoria denominada efeito disposição, na qual os investidores tendem a vender ativos vencedores rapidamente e mantêm ativos perdedores durante um tempo maior. Embora nesses estudos tenham sido verificadas evidências sobre o efeito disposição, ainda existem lacunas que não foram estudadas. Entre elas o estudo do efeito disposição nos países emergentes como o Brasil, além de não existirem estudos realizados com dados primários. O objetivo deste trabalho é avaliar se os gestores de fundo de ações brasileiros são afetados pela manifestação do efeito disposição. Foi realizado o primeiro estudo empírico com dados dos fundos de ações somente obtidos do software Economatica, desde o portfólio de cada fundo em todos os meses, assim como os preços das ações ao longo do tempo, o patrimônio de cada fundo e o índice Bovespa. Durante o estudo, foram realizadas várias análises, desde testes de proporções estatísticos, até o ajuste de modelos multivariados como regressões logísticas e a logística ordenada para tentar detectar indícios da manifestação do efeito disposição nos gestores dos fundos de ações ativos brasileiros. Com todas essas técnicas, não podemos rejeitar a presença do efeito disposição nos gestores dos principais fundos brasileiros. Apenas no teste de proporção, comparando com o retorno de mercado, não foi encontrada significância estatística. A diferença nesse teste pode ser influenciada por não ter sido controlado pelo patrimônio do fundo, o que foi realizado nas regressões. A conclusão do estudo demonstra que existe o efeito disposição nos gestores brasileiros de fundos de investimentos em ações, portanto o objetivo da investigação da pesquisa foi atendido, assim como a análise dos dados realizada por meio do software Economatica comparando com os estudos anteriores como Lucchesi (2010), onde o autor utilizou dados mensais coletados da Comissão de Valores Mobiliários (2010). Para possíveis estudos, sugere-se a realização da pesquisa com dados primários dos clientes da BM&FBOVESPA, dados que, além de permitirem a manifestação do efeito disposição, permitirão identificar o perfil socioeconômico, demográfico e demais características do investidor brasileiro em bolsas de valores

The incidences of obesity and type 2 diabetes and their complications are increasing globally. The presence of elevated circulating free fatty acids has been associated with the initial dysfunction of pancreatic beta cells and microvascular endothelial cells followed later by their demise. The aim of this thesis was to investigate the mechanisms by which demise occurs, and how it may be prevented. Palmitate, a saturated fatty acid, caused cell death in both INS-1 beta cells and HCMec/D3 microvascular cells, whereas the unsaturated fatty acid oleic acid did not cause cell death, and also protected against palmitate-induced toxicity. Etomoxir, the mitochondrial CPT1 inhibitor did not rescue INS-1 or HCMec/D3 cells from palmitate-induced toxicity suggesting that palmitate-induced toxicity does not occur via entry into the mitochondria. Cells were exposed to 2-bromopalmitate, a non-metabolisable fatty acid used to reduce the pool of cytoplasmic CoA, to determine whether palmitate-induced toxicity might be mediated by its ability to be activated. Pre-incubation with 2-bromopalmitate in INS-1 cells significantly prevented palmitate-induced cell death. These data suggest that the activation of palmitate with CoA might mediate cell death. Cell cycle analysis found that neither oleic acid nor palmitate caused an increase or decrease in cell proliferation in both INS-1 and HCMec/D3 cells. The data suggest that the mechanism of oleic acid-induced cytoprotection might not be via a pro-proliferative mechanism. INS-1 cells were imaged using spontaneous Raman microspectroscopy after 24-hour exposure to esterified and non-esterified fatty acids. Uni- and multi-variate analysis and spectral decomposition were carried out using a methodology optimised and validated which is presented in this thesis. The aim was to quantify changes, if any, in lipid disposition: distribution, intensity (as a measure of concentration) and composition after exogenous exposure to these fatty acids. Exposure to 0.125 mM palmitate showed a significant decrease in the percentage of lipid within the cells and a corresponding increase in the intensity of this lipid. This suggests that palmitate, alone, might be shuttled into lipid droplets. This was not observed when the cells were exposed to oleic acid, whereby an increase in the intensity of lipid was observed even though no significant change was observed in the percentage of lipid within the cells. When palmitate and oleic acid were combined, the composition of the lipid droplets changed such that the levels of palmitate decreased and the levels of oleic acid increased. These data suggest that oleic acid does not shuttle palmitate into lipid droplets. These data do not support the hypothesis that oleic acid protects against palmitate-induced cytotoxicity by shuttling palmitate into lipid droplets. The methyl esters of palmitate and oleic acid were employed to determine whether they would affect lipid disposition. No change in lipid distribution or intensity was observed when the cells were exposed to these fatty acids, validating the requirement for the free carboxyl oxygen for the covalent binding to glycerol for the formation of lipid droplets. These data also suggest that INS-1 cells cannot de-esterify esterified fatty acids.

Le concept d’autorité publique, qui s’enracine dans les sciences politiques et morales, peut aussi s’inscrire dans une visée communicationnelle, soit :- la mise au jour d’une relation de sens consubstantielle et conflictuelle ;- l’observation dynamique du processus communicationnel articulé autour de cette relation ;- l’interprétation stratégique d’une problématique d’effectivité de la communication des autorités publiques.L’imbrication ainsi problématisée ouvre un système d’hypothèses où, d’une part, l’autonomie communicationnelle » de l’autorité publique s’organise autour d’une double polarité légitimation/représentation, où, d’autre part, le processus de communication met au jour une dialectique de la force. Enfin, cette relation dialectique procède aussi d’un système d’action où l’autorité publique met en jeu l’effectivité de son dispositif de communication.Nous proposons de comprendre le processus de communication des autorités publiques à l’intérieur d’un espace de modernité politique : l’autorité publique y construit sa légitimation par la signification politique et le traverse par un véritable parcours de reconnaissance sur le « terrain » du citoyen. / The concept of public authority, which takes root in the political and moral sciences, can also be linked to a communicative aim:- The consubstantial and conflicting relation of sense is highlighted; - The dynamic observation of the communicative process is articulated around this relation;- The effectiveness strategic issue interpretation of the communication of the public authorities.Search on interweaved issue opens up to a system of hypotheses, on the one hand, the communicative autonomy of the public authority gets organized around a double polarity legitimization/representation, on the other hand, the process of communication brings to highlight a dialectic of strength. Finally, this dialectical relation involves a system of action, where the public authority puts at stake the effectiveness of its device of communication.We suggest understanding the communication process of the public authorities inside a political modernity field: the public authority builds its legitimization by the political meaning and goes through it by a real recognition route on the citizen "ground".

Orientador: Mariana Claudia Broens / Banca: João Queiroz / Banca: Michael Beaumont Wrigley / Resumo: Neste trabalho propomos a análise da natureza dos estados mentais, um tema central nos estudos em Filosofia da Mente. Para isso, sugerimos um percurso investigativo que começa com a análise da noção cartesiana de dualismo substancial definido por postular uma mente distinta do corpo e responsável pela produção de estados mentais. Em seguida, procuramos problematizar a concepção cartesiana tendo como base as críticas que Ryle dirige à por ele denominada 'doutrina oficial'. Com esse propósito, é considerado, em especial, o conceito de disposição sugerido por Ryle (2000) para combater o que ele denomina concepções intelectualistas de mente. Por fim, analisamos algumas das principais teses externalistas, iniciadas com o trabalho de Putnam (1975), sobretudo a perspectiva representacional concebida por Dretske (1997) a respeito da relação do indivíduo com o meio ambiente. Procuramos mostrar que o conceito de disposição sugerido por Ryle fornece subsídios para uma teorização externalista dos estados mentais, servindo como base para uma concepção externalista de indivíduo muito diversa da cartesiana. / Abstract: In this dissertation we propose the analysis of the nature of the mental states that is a very main issue in the studies of Philosophy of Mind. In order to this, we suggested doing a research which begins with the analysis of the cartesian notion of the substantial dualism, defined by postulating a distinct mind from the body and responsible for producing mental states. Afterwards we tried to argue about the cartesian conception based on the criticisms whose Ryle refers himself as being designated "official doctrine". With this purpose, it is considered, in special, the concept of disposition, suggested by Ryle (2000) in opposition to what he designates as intellectual conceptions. Finally, we analysed some of the main externalists theses which were started with Putnam (1975), above all the representational perspective conceived by Dretske (1997) as far as the relationship between the person and the environment is concerned. All things considered we tried to show that the concept of disposition suggested by Ryle supports an externalist theorisation of the mental states, considering itself as the basis for an externalist conception of the person which is very different from the cartesian conception. / Mestre

Les jeunes adolescents sont couramment dépeints comme familiers des TIC, acculturés depuis l'enfance à leur usage et particulièrement experts dans leur manipulation. Cette thèse vise à saisir, au-delà de l'hypothèse de sens commun d'un « bain » dans lequel baigneraient les jeunes actuels, le processus d'appropriation des ordinateurs par les jeunes adolescents. Le cadre conceptuel proposé articule les apports de la sociologie dispositionnaliste de Bernard Lahire, qui permet de rendre compte de la pluralité des univers d'appropriation, et les concepts de schème d'utilisation et d'instrument, développés par l'approche instrumentale de Pierre Rabardel, qui permet de caractériser ce qui s'incorpore dans l'usage des outils informatiques et de rendre compte de la nature instrumentale des logiques d'action mises en oeuvre. La thèse montre que le développement des usages et du jeu des compétences techniques est étroitement articulé à la construction de soi et aux formes de sociabilité adolescentes, mais que la pluralité des univers d'usage des outils informatiques conduit à une pluralité des formes d'appropriation, source d'une différenciation interpersonnelle et d'une hétérogénéité interne des dispositions et schèmes d'utilisation incorporés. L'appropriation générationnelle, ludique et pragmatique, conduit à une familiarisation pratique permettant l'incorporation de savoir-faire locaux ; l'appropriation familiale passant par la transmission de ce que nous analysons comme un capital informatique conduit à une variabilité inter-individuelle des dispositions à l'usage ; tandis que l'appropriation scolaire, en rupture avec les usages familiers aux élèves, conduit à une manipulation consciente et structurée produisant une variabilité intra-individuelle des schèmes d'utilisation.

Le paiement des frais hospitaliers par les patients est une raisons majeures de pauvreté en Chine, notamment en milieu rural en Chine. Afin d'améliorer l'efficacité et l'égalité de financement des soins de santé en milieu rural en Chine ; on va faire une étude de faisabilité concernant la mise en place de la micro-assurance sociale ainsi que la réassurance en milieu rural en Chine.Cette thèse est composée de quatre parties. La première partie est la recherche de la problématique et le justificatif de l'étude. La deuxième partie est consacrée à la présentation générale de la situation sanitaire en Chine, y compris l'assurance maladie en Chine, que ce soit en milieu rural ou en milieu urbain. Dans la troisième partie, une étude des conditions d'application de la micro-assurance médicale en milieu rural a été faite. Enfin, on va envisager un système de réassurance sociale pour la micro-assurance qui pourrait être créée.Selon les cotisations calculées et la disposition à payer moyenne, on peut dire que la mise en place de la micro-assurance en milieu rural serait faisable.