本研究主要探討台灣股市投資人對於券商盈餘預測資訊反應是否存在行為偏誤的情形，並且根據評價理論，探討以券商預測之EPS所求算之E/P ratio是否能作為股價偏誤程度的指標，以提供投資決策之資訊。根據本研究第三章的假設推論，E/P ratio僅能做為緩慢成長股(指成長率接近於0)股價偏誤的指標，因此也只有緩慢成長股的股價與E/P ratio具有相對關係。 本研究採用事件研究法，觀察券商盈餘修正資訊與下期股價累積平均異常報酬之關係，以驗證股價對資訊是否具有反應偏誤、偏誤的類型為何；此外，本研究也觀察樣本基準日之E/P ratio與下期累積平均異常報酬之關係，以驗證E/P ratio是否能做為股價偏誤程度的指標。 研究結果發現，台灣股市投資人對於券商盈餘預測資訊存在過度反應的情形，不論以整體樣本組或將樣本經過E/P ratio指標、公司成長性指標分類後，前期盈餘預測正向修正的樣本組，下期股價表現將反轉下跌；前期盈餘預測負向修正的樣本組，下期股價表現將反向上漲，顯示投資人在券商盈餘預測資訊揭露的當期，股價往往過度反應，產生超漲或超跌的現象，之後，在投資人逐漸恢復理性，股價會逐漸調整偏離的幅度，導致券商盈餘預測資訊揭露的下期股價產生超額報酬。 然而在國外的研究當中，大部分支持投資是對資訊具有反應不足的現象，導致股價對於資訊落後反應，這與本研究之研究結果相異，本研究認為，造成實證結果相異的主要原因，可能來自於投資人組成結構不同，台灣股票市場卻是以散戶為重，可能會造成雜訊交易者增加，由於雜訊交易者對於資訊應造成的影響程度掌握度不佳，將使股價波動變大，容易使股價產生過度反應。另一方面，也可能是國內市場存在內線交易程度較高，也就是說，在券商發佈盈餘欲測之前，內線交易者早已提前反應內部資訊，導致當券商發佈盈餘預測資訊的當期，雜訊交易者過度反應該資訊，導致股價超漲或超跌，造成股價在盈餘預測宣告的下期反向便動，如同實務上有所謂「利空出盡」或「利多出盡」的情況發生。 此外，在E/P ratio與股價關聯性的探討中，實證結果發現，整體樣本的E/P ratio 指標與股價間並不具關連性，而在加入公司成長類型因子將樣本分類後，快速成長股的E/P ratio 指標與股價間仍不具關連性，僅有緩慢成長股之樣本組，高E/P ratio的樣本組表現優於低E/P ratio的樣本組。符合本研究之假設推論。

The linear relationship between a conservative element and salinity during mixing of water masses is widely used to study biogeochemistry in estuaries and the oceans. Even though nutrient ratios are widely used to determine the limiting nutrient in aquatic environments, the rules of nutrient ratios change through the mixing of freshwater and seawater are still unstudied. This study provides general rules for nutrient ratios change via mixing. A simple mixing model is developed with the aims to illustrate that nutrient ratio is a nonlinear function of salinity, thus, shift in limiting nutrient over the salinity gradient can be simply a result of river water and seawater mixing, albeit complicated by biological consumption or remineralization. This model explains a natural phenomenon that rivers contain relatively high dissolved inorganic nitrogen (DIN) to soluble reactive phosphorus (SRP) ratios start to decrease the ratios as salinity increases when seawater contains higher SRP:DIN ratios. Although additional sources of P have been implicated as the cause for such change, this change can be a result of riverine water and seawater mixing. Four mixing rules are presented here to explain the factors governing the change in nutrient ratios vs. salinity; thus, answering why in some cases variations in nutrient loading and in other cases mixing triggers changes to seasonal limitation status in some estuaries. Shift in nutrient ratios can be explained by the change in nutrient inventories via mixing. After the P-limited riverine water shifts in N limitation by mixing with N-limited seawater, new production of the estuary in general becomes limited by the amount of N inputs from the riverine water and the seawater. The result may help to explain a current consensus that N and not P riverine loadings lead to eutrophication in estuaries which are influenced by P-limited riverine waters. Further, new production which is generated by N-limited riverine input and N-limited seawater input mainly depends on the amount of N inputs from the riverine water and the seawater.

Osteoporosis is a disease of the bones. It is often called the “silent disease," because someone could have it now or be at-risk without even realizing it. As a result, bones become weak and can break from a minor fall or, in serious cases, even from simple actions, like sneezing or bumping into furniture. Breaking a bone is often the first clue that someone suffers from osteoporosis. The diagnosis of osteoporosis can be made using conventional radiography and by measuring the Bone Mineral Density (BMD). The most popular method of measuring BMD is Dual-Energy X-ray Absorptiometry (DXA). In conventional methods the measurement of bone does not give information about the bone quality but for the bone quantity. A non-invasive method that will have the ability to determine the bone quality is of interest. Such a method will contribute to the prediction or even the prevention of bone malfunction. In this study, two quality parameters, that are designed to contribute to improved diagnostic methods of osteoporosis, are determined. Those bone quality parameters are the Calcium/Phosphate (Ca/P) and Hydroxyapatite/Collagen (HAp/Col) ratios. The algorithm developed allows us to trace the spectral changes which take place when an x-ray beam passes through filters based on the Lambert and Beer’s law. A large number of filters were applied to spectra so as to obtain pseudo-monoenergetic spectra. The optimum energy pair would derive from two quasi-monoenergetic spectra with sufficient number of photons which will result in the minimization of the Coefficient of Variation (CV) of the aforementioned ratios. Dual Energy x-ray method is used in order to obtain this energy pair. Both Single and Double exposure techniques are used. / Η οστεοπόρωση είναι μια ασθένεια των οστών. Συχνά αποκαλείται ως η «αθόρυβη ασθένεια», καθώς κάποιος δεν αντιλαμβάνεται ότι νοσεί από αυτή. Σαν αποτέλεσμα της ασθένειας αυτής, τα οστά αδυνατίζουν και μπορεί να σπάσουν ακόμα και με ένα πολύ μικρό πέσιμο, ή ακόμα στις πιο σοβαρές περιπτώσεις, ακόμα και με ένα φτέρνισμα ή ένα χτύπημα στα έπιπλα. Η θραύση ενός οστού είναι το πρώτο σύμπτωμα της εμφάνισης της οστεοπόρωσης. Η διάγνωση της οστεοπόρωσης μπορεί να γίνει με τη συμβατική ακτινογραφία και μετρώντας την πυκνότητα των οστικών αλάτων (BMD). Η πιο διαδεδομένη μέθοδος μέτρησης του BMD είναι η DXA. Στην παρούσα μελέτη, υπολογίστηκαν δύο ποιοτικοί παράμετροι , ο λόγος ασβεστίου-φωσφόρου (Ca/P) και ο λόγος υδροξυαπατίτη- κολλαγόνου (HAp/Col). Πραγματοποιήθηκε αλγόριθμος στον οποίο έγινε χρήση διαφόρων φίλτρων έτσι ώστε να τροποποιηθούν τα φάσματα ακτίνων-Χ και να αποκτηθούν σχεδόν μονοενεργειακά φάσματα. Επιπλέον χρησιμοποιήθηκαν οι τεχνικές μονής και η διπλής έκθεσης.

本研究以台灣證券交易所編製之修正股價平均數為研究對象，衡量股價平均數之理論隱含價值，並加以預測。文中假設股票市價與真實價值間靜態均衡無法成立，改以連續收斂型態的動態調整過程，才能對於此種現象加以描述，並假設股價平均數之市價與模型評估值為共整合關係，利用V/P比率來預測股價平均數報酬率，且將投資大眾經常使用之變數（例如E/P、B/P、利率等等）加以比較，所得出之結論如下： (1) V/P比率一階自我相關係數較低，顯示V/P偏離平均值時，較其他比率返回平均數速度快，較能反映市場的走勢與變動。 (2) 短期下並無任一財務比率可以對於股價平均數走勢加以預測，但長期下（未來一年之後），V/P 比率具有相當顯著的預測能力。 (3) 將E/P與B/P納入迴歸式，V/P 比率在未來一至八季期間，仍具有顯著預測能力，可見V/P比率即使與E/P或B/P比率有某種程度的相關，並不影響到V/P 比率的預測能力。 (4) 將總體經濟變數納入迴歸式中，V/P 比率預測能力在短期中會受到些許影響，但經過一年之後，V/P 比率仍然具有相當顯著的預測能力。 (5) 若以過去公司每股盈餘、淨值、股東權益報酬率等財務相關歷史資料，作為未來公司盈餘收益以及成長的預測，會使得V/P 比率受到影響（在短期時預測能力大為降低），但就長期而言（未來第五季之後），此項指標仍然具有預測能力，對於股價平均數水準之評估，仍有一定程度的參考作用。 (6) 分別選取15%、13%、11%、9%及7%等固定折現率，依序求出修正股價平均數的V/P比率，檢定結果與隨時間變動折現率所計算之比率數值相比較，並沒有產生相當明顯的變化。雖然V/P比率的預測能力隨著折現率的下降而減弱，但其變化的趨勢並無絕對穩定的關係，對於「長期下」的預測能力，並不會產生極大的影響。 綜合以上結論，本研究發現：利用Ohlson（1990）剩餘所得模型（residual income model）來估算台灣證券交易所編製之修正股價平均數水準，較易以一般市場上獲取的會計資訊來加以衡量，也較能反映股市基本面價值。即使短期內V/P比率預測能力並不十分明顯，但長期下（一年後）採用V/P比率此項指標，仍能預測未來股價平均數之走勢，且與其他變數比較而言，此預測能力呈現一較穩定之關係。由於國內相關研究甚少直接對股市股價指數做直接的衡量與評估，因此，實務上可以將此估算方法作為一種參考指標，並以此分析未來股價指數水準在長期下之走勢與變動。 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 2 第三節 研究架構 5 第四節 研究流程 6 第二章 文獻探討 7 第一節 國外部分 7 第二節 國內部分 10 第三章 研究方法與設計 13 第一節 研究設計 13 第二節 剩餘所得模型 15 第三節 資料收集與整理 18 第四節 研究方法與實證模式 25 第四章 實證結果與分析 30 第一節 修正股價平均數之檢視 30 第二節 基本面比率對於股價平均數報酬率之預測 32 第三節 V/P衡量方法之優劣比較 36 第五章 結論與建議 50 第一節 研究結論 50 第二節 研究限制與建議 52 參考文獻 54 英文部分 54 中文部分 56

Esse trabalho buscou avaliar a possibilidade de utilização do glicerol como fonte de carbono para a desnitrificação conjunta à remoção biológica de fósforo de um efluente sintético em um reator de fluxo contínuo submetido à aeração intermitente e com biomassa suspensa. O regime operacional do reator foi dividido em duas fases: a primeira visando somente a remoção de nitrato, testando diferentes relações Carbono/Nitrogênio (C/N) em Tempo de Detenção Hidráulica (TDH) de 4 horas; e a segunda visando a remoção de nitrato e fosfato com períodos de aeração e não aeração de 2 e 4 horas respectivamente, para uma relação Carbono/Fósforo de 10 ± 1. Na primeira fase operacional foram testadas 3 relações C/N, a saber: 1,2 ± 0,1; 1,5 ± 0,1 e 1,8 ± 0,2. Para a relação C/N de 1,8 ± 0,2 foi possível atingir uma maior eficiência de desnitrificação com uma maior estabilidade operacional - 91 ± 8%. Para a segunda fase de operação que apresentou relação C/N de 3,5 ± 0,2, a desnitrificação foi completa na maior parte do tempo com 99 ± 2% de eficiência de remoção de NOx (nitrato mais nitrito), indicando que a desnitrificação com glicerol é favorecida para relações C/N mais altas. Não foi evidenciado uma remoção biológica de fósforo expressiva (9 ± 12%), indicando que não houve desenvolvimento dos organismos acumuladores de fósforo (OAPs), uma vez que a liberação de fosfato durante a fase não aerada não ocorreu. Isso pode ser explicado pela falta de ácidos graxos voláteis (AGV), que seriam provenientes da degradação anaeróbia do glicerol, sendo a maior parte desse consumida na desnitrificação. Portanto, o teor de nitrato pode ter sido um fator de impedimento ao desenvolvimento dos OAPs. Pelos ensaios de microscopia óptica foi observado a presença de bactérias filamentosas semelhantes às do gênero Beggiatoa, que também podem ter consumido parte dos substratos da fermentação do glicerol. Por essas razões, sugere-se avaliar outras configurações de reatores de modo a promover uma efetiva fermentação do glicerol previamente ao sistema de remoção de fósforo. / This study aimed to evaluate the feasibility of glycerol as a carbon source for denitrification and biological phosphorus removal of a synthetic wastewater in a continuous flow reactor with suspended biomass and subjected to intermittent aeration. The reactor operation was divided in two phases: the first one aimed only at removing nitrate, testing different C/N (Carbon/Nitrogen) ratios at an HRT (Hydraulic Retention Time) of 4 hours; and the second one aimed at the removal of nitrate and phosphate. During the second phase, the reactor was subjected to periods of aeration and non-aeration of 2 and 4 hours, respectively, for a C/P (Carbon/Phosphorus) ratio of 10 ± 1. In the first operational phase, three C/N ratios were tested, as follows: 1.2 ± 0.1; 1.5 ± 0.1 and 1.8 ± 0.2. For the C/N ratio of 1.8 ± 0.2, it was possible to achieve higher denitrification efficiency with greater operational stability - 91 ± 8%. For the second operational phase, with the C/N ratio of 3.5 ± 0.2, the denitrification was complete most of the time presenting 99 ± 2% of NOx (nitrate and nitrite) removal efficiency, indicating that the denitrification with glycerol is enhanced at higher C/N ratios. The biological phosphorus removal in this phase was not significant (12 ± 9%), indicating that there was no development of Phosphorus Accumulating Organisms (PAO), since the phosphate release during the anaerobic phase did not occur. This can be explained by the lack of Volatile Fatty Acids (VFA), which would come from the anaerobic degradation of glycerol that was consumed in denitrification. Therefore, the nitrate content may have been an interfering factor to the development of PAO. The optical microscopy analysis indicated the presence of filamentous bacteria similar to the genus Beggiatoa, which can also have consumed part of the substrates from the glycerol fermentation. For these reasons, it is suggested to evaluate other reactor configurations in order to promote the effective fermentation of glycerol previously to the phosphorus removal system.

Este trabalho buscou verificar a viabilidade do uso de fermentado de glicerol como fonte externa de carbono para a remoção biológica de nutrientes em um reator de leito estruturado, submetido à aeração intermitente (LEAI). O LEAI foi alimentado com efluente de reator UASB de bancada, usado no tratamento de esgoto sanitário. O reator LEAI possuía volume total de 12,3L e, devido às hastes cilíndricas verticais de espuma de poliuretano usadas como suporte para a biomassa, o volume útil foi de 8,6 L. Inicialmente, o reator foi operado sob aeração contínua com tempo de detenção hidráulica (TDH) de 24 horas e razão de recirculação de efluente igual a 3 para desenvolvimento de biomassa nitrificante no reator. Após a eficiência de nitrificação atingir 80%, o reator passou a ser operado com TDH de 12 horas e sob aeração intermitente, mantendo-se a razão de recirculação igual a 3. Foram então realizadas 4 fases em modo contínuo sob aeração intermitente (tempo de aeração/tempo sem aeração) de 2h/1h sem glicerol, 3h/1h sem glicerol, 2h/1h com glicerol, 3h/1h com glicerol. A adição de glicerol fermentado ocorreu somente durante os períodos não aerados. Em todas as fases, a DQO média efluente ao sistema variou entre 26±8 e 59±14 mg.L-1. Em relação à remoção de nitrogênio total (como NTK), verificou-se a baixa eficiência de remoção nas fases em que não houve a adição do fermentado, atingindo 49,6±13,5% (2h/1h) e 29,2±10,1% (3h/1h). Entretanto, nas fases em que houve a inserção do glicerol, as eficiências de remoção de N-total foram superiores, obtendo-se 64,9±21,6% (2h/1h) e 69,5±11,7% (3h/1h). Não foi observada remoção de fósforo em nenhuma das fases em que o reator foi operado com alimentação contínua. A fim de verificar a eficácia do fermentado de glicerol na remoção de N e P, o sistema foi modificado para que o reator LEAI operasse em bateladas sequenciais (RSB). Nessa etapa da pesquisa, observou-se o estabelecimento da comunidade acumuladora de fósforo no sistema, obtendo-se eficiência de remoção de fósforo de 56,1±8,5%. A eficiência de remoção de nitrogênio total também aumentou, atingindo 86,2±6,2%. Concluiu-se que o fermentado do glicerol apresenta potencial significativo para uso como fonte exógena de carbono no processo de remoção de fósforo e N-total. Concluiu-se também que, embora o glicerol fermentado contenha compostos favoráveis à remoção de fósforo em reatores de leito estruturado, a alimentação contínua do reator com aeração intermitente, não promove as condições ideais para o estabelecimento de processo estável de remoção de fósforo. No entanto, a elevada eficiência de oxidação de NTK, de remoção de matéria orgânica e de desnitrificação, aliadas à baixa produção sólida, mostram que o LEAI é uma alternativa interessante em comparação às tecnologias praticadas atualmente para pós-tratamento de efluentes de reatores anaeróbios. Contudo, quando a remoção de fósforo é necessária, a operação do reator em bateladas sequenciais é a alternativa viável. / This work aimed to verify the viability of the use of fermented glycerol as an external carbon source for the nutrient biological removal in structured-bed reactor subjected to recirculation and intermittent aeration (SBRRIA). The SBRRIA was fed effluent from UASB reactor bench scale, used in the treatment of domestic sewage. The SBTTIA reactor had a total volume of 12.3L and, due to the vertical cylindrical strips of polyurethane foam used as biomass support, the useful volume was 8.6 L. Initially, the reactor was operated under continuous aeration with hydraulic retention time (HRT) of 24 hours and effluent recirculation ratio of 3 for the development of nitrifying biomass in the reactor. After the nitrification efficiency reach 80%, the reactor started to be operated at the HRT of 12 h under intermittent aeration, maintaining the recirculation ratio equal to 3. Four phases were then carried out continuously under intermittent aeration (aeration / time without aeration) of 2h/1h without glycerol, 3h/1h without glycerol, 2h/1h with glycerol, 3h/1h with glycerol. The addition of fermented glycerol occurred only during time without aeration. In all phases, the average COD effluent of the system ranged between 26±8 and 59±14 mg.L-1. Low removal efficiency of total nitrogen (as TKN) was verified in the phases without addition of the fermented glycerol, reaching 49.6±13.5% (2h/1h) and 29.2±10.1% (3h/1h). However, the efficiency of total nitrogen removal efficiency was higher when fermented glycerol was added during the non-aerated period, attaining 64.9±21.6% (2h/1h) and 69.5±11.7% (3h/1h). No phosphorus removal was observed in any of the previous phases in which the reactor was operated under continuous feeding. In order to verify the feasibility of fermented glycerol in the removal of N and P, the system was modified so that the LEAI reactor operated in sequential batch mode (SRB). At this stage of the research, the establishment of the phosphorus accumulating community in the system was observed and phosphorus removal efficiency attained 56.1±8.5%. The efficiency of total nitrogen removal also increased up to 86.2±6.2%. It was concluded that the fermented glycerol presents significant potential for use as an exogenous carbon source in the process of phosphorus and nitrogen removal. It can be also concluded that fixed bed reactors can remove phosphorus from wastewaters using fermented glycerol presenting compounds favorable to the development of phosphorus accumulating microorganisms (PAO). However, reactors subjected to continuous feeding and intermittent aeration do not promote good conditions for the establishment of stable phosphorus removal process. Nevertheless, the high efficiency of TKN oxidation, organic matter removal and denitrification, coupled with low solid production, show that SBRRIA is an interesting alternative for the post-treatment of anaerobic reactor effluents. However, when phosphorus removal is required, sequential batch reactor operation is the viable alternative.

Esse trabalho buscou avaliar a possibilidade de utilização do glicerol como fonte de carbono para a desnitrificação conjunta à remoção biológica de fósforo de um efluente sintético em um reator de fluxo contínuo submetido à aeração intermitente e com biomassa suspensa. O regime operacional do reator foi dividido em duas fases: a primeira visando somente a remoção de nitrato, testando diferentes relações Carbono/Nitrogênio (C/N) em Tempo de Detenção Hidráulica (TDH) de 4 horas; e a segunda visando a remoção de nitrato e fosfato com períodos de aeração e não aeração de 2 e 4 horas respectivamente, para uma relação Carbono/Fósforo de 10 ± 1. Na primeira fase operacional foram testadas 3 relações C/N, a saber: 1,2 ± 0,1; 1,5 ± 0,1 e 1,8 ± 0,2. Para a relação C/N de 1,8 ± 0,2 foi possível atingir uma maior eficiência de desnitrificação com uma maior estabilidade operacional - 91 ± 8%. Para a segunda fase de operação que apresentou relação C/N de 3,5 ± 0,2, a desnitrificação foi completa na maior parte do tempo com 99 ± 2% de eficiência de remoção de NOx (nitrato mais nitrito), indicando que a desnitrificação com glicerol é favorecida para relações C/N mais altas. Não foi evidenciado uma remoção biológica de fósforo expressiva (9 ± 12%), indicando que não houve desenvolvimento dos organismos acumuladores de fósforo (OAPs), uma vez que a liberação de fosfato durante a fase não aerada não ocorreu. Isso pode ser explicado pela falta de ácidos graxos voláteis (AGV), que seriam provenientes da degradação anaeróbia do glicerol, sendo a maior parte desse consumida na desnitrificação. Portanto, o teor de nitrato pode ter sido um fator de impedimento ao desenvolvimento dos OAPs. Pelos ensaios de microscopia óptica foi observado a presença de bactérias filamentosas semelhantes às do gênero Beggiatoa, que também podem ter consumido parte dos substratos da fermentação do glicerol. Por essas razões, sugere-se avaliar outras configurações de reatores de modo a promover uma efetiva fermentação do glicerol previamente ao sistema de remoção de fósforo. / This study aimed to evaluate the feasibility of glycerol as a carbon source for denitrification and biological phosphorus removal of a synthetic wastewater in a continuous flow reactor with suspended biomass and subjected to intermittent aeration. The reactor operation was divided in two phases: the first one aimed only at removing nitrate, testing different C/N (Carbon/Nitrogen) ratios at an HRT (Hydraulic Retention Time) of 4 hours; and the second one aimed at the removal of nitrate and phosphate. During the second phase, the reactor was subjected to periods of aeration and non-aeration of 2 and 4 hours, respectively, for a C/P (Carbon/Phosphorus) ratio of 10 ± 1. In the first operational phase, three C/N ratios were tested, as follows: 1.2 ± 0.1; 1.5 ± 0.1 and 1.8 ± 0.2. For the C/N ratio of 1.8 ± 0.2, it was possible to achieve higher denitrification efficiency with greater operational stability - 91 ± 8%. For the second operational phase, with the C/N ratio of 3.5 ± 0.2, the denitrification was complete most of the time presenting 99 ± 2% of NOx (nitrate and nitrite) removal efficiency, indicating that the denitrification with glycerol is enhanced at higher C/N ratios. The biological phosphorus removal in this phase was not significant (12 ± 9%), indicating that there was no development of Phosphorus Accumulating Organisms (PAO), since the phosphate release during the anaerobic phase did not occur. This can be explained by the lack of Volatile Fatty Acids (VFA), which would come from the anaerobic degradation of glycerol that was consumed in denitrification. Therefore, the nitrate content may have been an interfering factor to the development of PAO. The optical microscopy analysis indicated the presence of filamentous bacteria similar to the genus Beggiatoa, which can also have consumed part of the substrates from the glycerol fermentation. For these reasons, it is suggested to evaluate other reactor configurations in order to promote the effective fermentation of glycerol previously to the phosphorus removal system.

Este trabalho buscou verificar a viabilidade do uso de fermentado de glicerol como fonte externa de carbono para a remoção biológica de nutrientes em um reator de leito estruturado, submetido à aeração intermitente (LEAI). O LEAI foi alimentado com efluente de reator UASB de bancada, usado no tratamento de esgoto sanitário. O reator LEAI possuía volume total de 12,3L e, devido às hastes cilíndricas verticais de espuma de poliuretano usadas como suporte para a biomassa, o volume útil foi de 8,6 L. Inicialmente, o reator foi operado sob aeração contínua com tempo de detenção hidráulica (TDH) de 24 horas e razão de recirculação de efluente igual a 3 para desenvolvimento de biomassa nitrificante no reator. Após a eficiência de nitrificação atingir 80%, o reator passou a ser operado com TDH de 12 horas e sob aeração intermitente, mantendo-se a razão de recirculação igual a 3. Foram então realizadas 4 fases em modo contínuo sob aeração intermitente (tempo de aeração/tempo sem aeração) de 2h/1h sem glicerol, 3h/1h sem glicerol, 2h/1h com glicerol, 3h/1h com glicerol. A adição de glicerol fermentado ocorreu somente durante os períodos não aerados. Em todas as fases, a DQO média efluente ao sistema variou entre 26±8 e 59±14 mg.L-1. Em relação à remoção de nitrogênio total (como NTK), verificou-se a baixa eficiência de remoção nas fases em que não houve a adição do fermentado, atingindo 49,6±13,5% (2h/1h) e 29,2±10,1% (3h/1h). Entretanto, nas fases em que houve a inserção do glicerol, as eficiências de remoção de N-total foram superiores, obtendo-se 64,9±21,6% (2h/1h) e 69,5±11,7% (3h/1h). Não foi observada remoção de fósforo em nenhuma das fases em que o reator foi operado com alimentação contínua. A fim de verificar a eficácia do fermentado de glicerol na remoção de N e P, o sistema foi modificado para que o reator LEAI operasse em bateladas sequenciais (RSB). Nessa etapa da pesquisa, observou-se o estabelecimento da comunidade acumuladora de fósforo no sistema, obtendo-se eficiência de remoção de fósforo de 56,1±8,5%. A eficiência de remoção de nitrogênio total também aumentou, atingindo 86,2±6,2%. Concluiu-se que o fermentado do glicerol apresenta potencial significativo para uso como fonte exógena de carbono no processo de remoção de fósforo e N-total. Concluiu-se também que, embora o glicerol fermentado contenha compostos favoráveis à remoção de fósforo em reatores de leito estruturado, a alimentação contínua do reator com aeração intermitente, não promove as condições ideais para o estabelecimento de processo estável de remoção de fósforo. No entanto, a elevada eficiência de oxidação de NTK, de remoção de matéria orgânica e de desnitrificação, aliadas à baixa produção sólida, mostram que o LEAI é uma alternativa interessante em comparação às tecnologias praticadas atualmente para pós-tratamento de efluentes de reatores anaeróbios. Contudo, quando a remoção de fósforo é necessária, a operação do reator em bateladas sequenciais é a alternativa viável. / This work aimed to verify the viability of the use of fermented glycerol as an external carbon source for the nutrient biological removal in structured-bed reactor subjected to recirculation and intermittent aeration (SBRRIA). The SBRRIA was fed effluent from UASB reactor bench scale, used in the treatment of domestic sewage. The SBTTIA reactor had a total volume of 12.3L and, due to the vertical cylindrical strips of polyurethane foam used as biomass support, the useful volume was 8.6 L. Initially, the reactor was operated under continuous aeration with hydraulic retention time (HRT) of 24 hours and effluent recirculation ratio of 3 for the development of nitrifying biomass in the reactor. After the nitrification efficiency reach 80%, the reactor started to be operated at the HRT of 12 h under intermittent aeration, maintaining the recirculation ratio equal to 3. Four phases were then carried out continuously under intermittent aeration (aeration / time without aeration) of 2h/1h without glycerol, 3h/1h without glycerol, 2h/1h with glycerol, 3h/1h with glycerol. The addition of fermented glycerol occurred only during time without aeration. In all phases, the average COD effluent of the system ranged between 26±8 and 59±14 mg.L-1. Low removal efficiency of total nitrogen (as TKN) was verified in the phases without addition of the fermented glycerol, reaching 49.6±13.5% (2h/1h) and 29.2±10.1% (3h/1h). However, the efficiency of total nitrogen removal efficiency was higher when fermented glycerol was added during the non-aerated period, attaining 64.9±21.6% (2h/1h) and 69.5±11.7% (3h/1h). No phosphorus removal was observed in any of the previous phases in which the reactor was operated under continuous feeding. In order to verify the feasibility of fermented glycerol in the removal of N and P, the system was modified so that the LEAI reactor operated in sequential batch mode (SRB). At this stage of the research, the establishment of the phosphorus accumulating community in the system was observed and phosphorus removal efficiency attained 56.1±8.5%. The efficiency of total nitrogen removal also increased up to 86.2±6.2%. It was concluded that the fermented glycerol presents significant potential for use as an exogenous carbon source in the process of phosphorus and nitrogen removal. It can be also concluded that fixed bed reactors can remove phosphorus from wastewaters using fermented glycerol presenting compounds favorable to the development of phosphorus accumulating microorganisms (PAO). However, reactors subjected to continuous feeding and intermittent aeration do not promote good conditions for the establishment of stable phosphorus removal process. Nevertheless, the high efficiency of TKN oxidation, organic matter removal and denitrification, coupled with low solid production, show that SBRRIA is an interesting alternative for the post-treatment of anaerobic reactor effluents. However, when phosphorus removal is required, sequential batch reactor operation is the viable alternative.