La thèse explore la question de l’efficacité des comités d’audit en France : les comités d’audit jouent-ils effectivement leur rôle ? La problématique de l’efficacité de ces comités dans le processus d’évaluation du gouvernement d’entreprise demeure importante dans le contexte français, où les textes (notamment les recommandations de la 8ème directive) restent très imprécis. Une première partie expose les critères d’efficacité et le fonctionnement général des comités d’audit à partir d’un état de la littérature et d’une étude empirique sur des données secondaires. Nous examinons de façon approfondie les principaux déterminants de la diligence d’un comité d’audit. Ce problème est examiné dans le cadre d’une relation d’agence et d’asymétrie d’information. Ainsi, notre étude dépasse le cadre de la simple existence d’un comité d’audit (purement formel), pour s’intéresser de plus près à la capacité de ces comités à protéger effectivement les intérêts des parties prenantes et ceci en renfonçant la qualité du contrôle interne et celle du processus de l’audit externe. / Corporate governance in France has developed considerably in recent years. The strengthening of governance procedures is illustrated by the creation of audit committees, which today exist in virtually all listed companies. However, the issue of the audit committee’s effectiveness in the corporate governance evaluation process remains significant in the French context, where the texts (particularly the recommendations of the 8th European Directive) continue to lack clarity. This thesis aims to contribute to our understanding of the “black box” of governance procedures by studying the way that the audit committee’s characteristics affect the extent of reporting on internal control and risk management procedures and on audit fees. It emphasizes that the mere existence of an audit committee is not sufficient; it also needs to be effective. To be effective it must have the necessary means (composition, diligence, and resources). This study therefore looks beyond the simple existence of the audit committee (purely formal) and focuses on attributes related to its composition, its diligence, and the diversity of its members in order to more closely examine the audit committee’s ability to protect stakeholder interests. To do this, we analyze 176 non-financial French listed companies during a period when establishing an audit committee was voluntary. The results obtained support previous works advocating that audit committees comply with best practice rules for expertise,independence, and diligence and be comprised of experienced and diverse members. Our results raise several questions on the scope of the transposition into French law of the 8th European Directive.

Made available in DSpace on 2016-04-26T20:26:12Z (GMT). No. of bitstreams: 1 TESE - CESAR AUGUSTO GUIMARAES PEREIRA.pdf: 3312958 bytes, checksum: 11ed29eece76f5772f1b5c564754f54a (MD5) Previous issue date: 2005-11-30 / This work is based on a certain conception of users of public services, defined here as participants in a specific legal relationship binding them to the service provider. This idea stems from the Celso Antonio Bandeira de Mello's proposition of 2002 that public utility services are only those apt to be used individually by specific users. Chapter 2 examines the legal system and deepens the theoretical consequences of this proposition. It compares the user to similar individual positions. Chapter 3 is dedicated to the legal situation of the user vis-a-vis the service provider. They are linked by a predominately statutory bound that allows however certain spaces of freedom to be filled by consensus. This is an important condition for Chapter 4, which analyzes the relationship between consumer law - under the Consumer Protection Code - and the public utility services. It intends to clear certain mistakes by identifying boundaries and grounds for the limited application of consumer law. These three chapters form the part of the work dedicated to the legal position of the user. The following chapters deal with certain economic aspects of the service and their implications. Chapter 5 examines the creation of utility services as linked to the coming-of-life of constitutional fundamental rights and values. It examines the economic constraints to the provision of services. It establishes the rights of (hypothetical or potential) users with regard to the creation and organization of utility services. This is a supply-based analysis. Chapter 6 proposes a demand-oriented approach: it examines the position of the users and the remuneration of utility services (by taxes or user fees). The work reviews deeply entrenched opinions and proposes pragmatic and flexible criteria for the creation of user fees unlike those applicable under tax regulations. By proposing that the user should be placed in the center of any analysis of public utility services, this dissertation aims at abandoning a view of mere protection of the user and enhances the idea of individual responsibility. The first step towards that goal is to acknowledge that the service is provided always to a certain specific user. This person is entitled to individual rights and can claim his satisfaction. It proposes that the user be seen as a citizen, not a subject. He should not be guarded, but entitled and encouraged to exercise individually or collectively his rights with regard to public utility services / O estudo baseia-se na caracterização do usuário do serviço público como participante de uma relação jurídica concreta que o liga ao prestador. A idéia deriva da restrição do conceito de serviço público às utilidades fruíveis singularmente pelos usuários, proposta por Celso Antônio Bandeira de Mello em 2002. O Capítulo 2 examina o direito positivo e aprofunda as conseqüências teóricas dessa redução, comparando o usuário com figuras próximas. O Capítulo 3 é dedicado ao exame da situação jurídica do usuário em face do prestador do serviço. Conclui-se pela existência de um vínculo predominantemente estatutário, embora com espaços de liberdade para preenchimento consensual. Essa constatação é importante como pressuposto para o Capítulo 4, no qual se analisam os termos em que o direito do consumidor tal como veiculado pelo CDC pode ser aplicado ao serviço público. Pretende-se desfazer equívocos, identificando os limites e fundamentos dessa aplicação. Esses três capítulos compõem a parte do estudo dedicada à posição jurídica do usuário. Os capítulos seguintes relacionam-se com os aspectos econômicos do serviço e suas relações com essa posição jurídica. O Capítulo 5 examina as condições para a criação dos serviços públicos, a partir de sua vinculação à realização dos direitos fundamentais e demais valores constitucionais. Analisa-se a chamada reserva econômica do possível e se estabelecem os direitos dos usuários (hipotéticos ou potenciais) em face da criação e organização do serviço. Faz-se aí a análise de aspectos econômicos do serviço sob o prisma da oferta. O Capítulo 6 tem um enfoque de demanda: examina-se a posição do usuário frente à remuneração do serviço (taxa ou tarifa). São revistas posições consolidadas sobre o tema, propondo-se critérios pragmáticos e flexíveis para a instituição de tarifas, apartados dos critérios próprios do regime tributário. Ao defender-se que o usuário deve ser posto no centro da análise do serviço público, busca-se abandonar uma visão de tutela do usuário e reforçar a idéia de sua responsabilidade individual. O primeiro passo para esse objetivo é reconhecer que o serviço é prestado sempre em favor de um usuário determinado, que detém direitos subjetivos e pode reclamar sua satisfação. Pretende-se que o usuário seja cidadão, não súdito; que não seja tutelado, mas que tenha condições formais e materiais para exercer individual ou coletivamente seus direitos subjetivos em relação ao serviço público

La transposition de la directive relative aux services de paiement du 13 novembre2007 en droit français est à l’origine de la création d’une nouvelle catégorie d’acteurs bancaires : l’établissement de paiement. La fourniture de services de paiement cesse ainsi d’être du domaine exclusif des établissements de crédit pour devenir l’activité principale des établissements de paiement. S’il est vrai que cette nouvelle répartition des activités bancaires ébranle le monopole bancaire, elle n’y met cependant pas fin. Pour une meilleure lisibilité et un contrôle plus efficace des acteurs, il est proposé une mutation du système bancaire grâce à d’une part une scission complète des activités bancaires, et d’autre part une indépendance des établissements de paiement face aux établissements de crédit. La sécurisation du marché des paiements dépend également de l’encadrement des opérations de paiement. La préservation de la confiance du consommateur est essentielle au bon fonctionnement du marché des services de paiement. / The transposition into French law of the Payment Services Directive of 13November 2007 led to the creation of a new category of players in the banking sector: the payment institution. The provision of payment services is no longer the sole domain of credit institutions but becomes the main activity of payment institutions. Although this new distribution of banking activities undermines thebanking monopoly, it does not terminate it. For a better legibility of the bankingsystem and a more efficient control of banking institutions, it is proposed amutation of the banking system through on the one hand, a complete separation of banking activities, and on the other hand payment institutions independence from credit institutions. Securing the payments services market also depends on the supervision of payment transactions. Preserving consumer’s trust is essential to awell-functioning payment services market.

This thesis presents three empirical analyses in the economics of Higher Education within the United Kingdom. The first analysis evaluates the impact of student funding reforms on participation and course choice, through the use of a difference-in-differences strategy with heterogeneous treatment effects. The results show that students who received the largest increase in study costs were less likely to move further away and also more likely to study a subject with lower graduate wage premia due to the significant reduction in the risk of investing in higher education. Students who received the largest increase in up-front financial support were more likely to attend a university further away. The second question addresses whether undergraduate subject choice is affected by changes in the expected benefits and opportunity costs of investing in HE through variation in the labour market. Students who reside in areas of high unemployment are found to be less likely to choose subjects with the largest graduate wage and employment premia. This suggests that students may be afraid of failure in challenging labour markets and instead choose to study subjects with a greater chance of success. However, lower socioeconomic status students are more likely to study subjects with the highest graduate wage and employment premia. This suggests that the students who may be the most aware of the costs, are also the most aware of the benefits. Finally, the third analysis investigates whether students who are socioeconomically disadvantaged incur a further penalty in terms of degree attainment. The results show that the most disadvantaged students outperform their advantaged counterparts. This may be due to pre-university attainment being an imperfect measure of ability in the most disadvantaged students, or that students who have had to overcome the most challenges to attend university are better-equipped and more determined to succeed.

Forgé pour traduire juridiquement la relation nouée tout au long de l’instance arbitrale entre l’arbitre d’un côté, et les parties à la convention d’arbitrage de l’autre, le contrat d’arbitre est depuis longtemps reconnu par la doctrine et la jurisprudence. Sans doute l’origine privée de la mission de l’arbitre alliée à son caractère le plus souvent onéreux, a-t-elle inévitablement contribué à reconnaître l’existence de ce contrat comme une évidence. Cependant, une recherche et une mise à l’épreuve, à la lumière du droit positif, des mérites de l’approche contractuelle de la relation entre l’arbitre et les parties s’avèrent nécessaires. L’étude révèle en effet que le contrat d’arbitre, imposé comme un remède aux problèmes rencontrés par le droit de l’arbitrage à un moment de son histoire, engendre actuellement davantage de difficultés qu’il n’en résout. Cela tient au fait que nombre des obligations de l’arbitre traditionnellement rattachées à ce contrat relèvent déjà de son statut établi par le décret du 13 janvier 2011 portant réforme de l’arbitrage. Il en résulte de nombreuses incertitudes et incohérences mises en lumière à travers l’analyse du contentieux opposant les arbitres aux parties devant les juridictions étatiques de droit commun. À travers une analyse critique du contrat d’arbitre, l’étude se propose d’établir les fondements d’une approche renouvelée de la relation entre l’arbitre et les parties. / The arbitrator's contract is designed to materialize from a legal point of view the relationship built up between the arbitrator and the parties to the arbitration agreement during the arbitral proceedings. In this respect, it has been recognized for a long time by both the doctrine and the case law. It is very likely that the private source of the arbitrator's mission, along with its usually onerous nature, have participated in deeming the existence of such contract a self-evident fact.However, the contractual approach of the relationship forged between the arbitrator and the parties is worth putting to the test in the light of positive law. The study carried out in the present thesis unveiled that the arbitrator's contract, although it has been imposed as a remedy to several difficulties arbitration had once to face, actually leads to more difficulties that it solves. This is due to the fact that various obligations that the arbitrator is considered to have to comply with according to the arbitrator's contract actually preexist as a result of the arbitrator's legal status, in accordance with the Decree of January 13th 2011 on the reform of arbitration law. This results in various uncertainties and inconsistencies brought to light through an extensive analysis of disputes between the arbitrators and the parties that have been brought to State courts. Through critical analysis, this thesis offers to lay the foundation of a renewed approach of the relationship between the arbitrator and the parties.

The purpose of this thesis is to, from an institutional approach, study how the Stockholm importers within the textile sector adapted their foreign trade to the change in economic policy 1720 through 1738. The focus is to investigate to what extent the introduction of new laws, regulations etc. can be an explanation for what happened to Stockholm’s foreign trade, mainly imports, particularly textile imports during the period. It is mainly the economic policies that had been enacted during the Hornian government and their effects that have been studied. This is a period that has seldom been studied in other research. This thesis begins when the Russian raids were over. This was a year when the foreign trade still was relatively free and was untouched by the 17th century’s regulations. After 1721 the policies that would be introduced to increase Sweden's level of self-sufficiency and strengthen ties with the North Sea area had several components. Besides the economic policy, the main sources for the thesis are the city toll records. The trade policies in the shape of tolls and fees, import and consumption bans etc. and the commercial policies together became different kinds of political tools used for several purposes. The conclusion of this thesis is that the economic policies made the Stockholm importers adapt their trade to the change. The import bans and sumptuary laws had an effect. The economic policies gave rise to an increase in the import of textile raw materials. The rise in toll costs and import fees contributed to displacing the foreign trade towards other areas. The change in the economic policies was successful in the sense that it gave rise to new conditions for domestic production within the textile sector and forced Stockholm's importers to adapt their foreign trade.

This item contains the agenda, minutes, and attachments for the Faculty Senate meeting on this date. There may be additional materials from the meeting available at the Faculty Center.

Valet mellan aktiv respektive passiv fondförvaltning har sedan länge varit en omdiskuterad fråga inom privata fondsparandet. På senare tid har frågan kommit att återaktualiserat efter att de aktivt förvaltade storfonderna Allemansfond komplett och Kapitalinvest anklagats för vilseledande marknadsföring, då de inte har generat en högre avkastning än den generella marknaden. Inom den akademiska världen har erkända forskare och sedermera pristagare av Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, påvisat att aktivt förvaltade fonder inte kan generera en högre avkastning med hänsyn till förvaltningsavgifterna. Utifrån förvaltningsavgifterna påvisade betydelse har vi valt att studera effekten av de rabatterade förvaltningsavgifterna, inom Premiepensionssystemet. Studiens syfte är således att under tidsperioden, 1 januari 2004 till 31 december 2013, analysera om aktiv förvaltade fonder har genererat en högre riskjusterad avkastning än passivt förvaltade fonder, då hänsyn tagits till de rabatterade förvaltningsavgifterna. Studien baserades på dagliga marknadsnoteringar av 174 aktivt förvaltade premiepensionsfonder och årliga förvaltningsavgifter.  Vidare använde vi oss av ett globalt aktiemarknadsindex, MSCI World, som utifrån definitionen av passivt förvaltade fonder var synonymt med studiens jämförelseindex. I enlighet med studiens syfte använde vi oss av det riskjusterade avkastningsmåttet Sharpekvot för att kunna besvara studiens frågeställning.  Resultatet av studien påvisade att aktivt förvaltade fonder har genererat en högre avkastning än passivt förvaltade fonder då hänsyn tagits till förvaltningsavgifter. Då även fondernas risktagande togs i anspråk blev resultatet det motsatta och vi kan därigenom konstatera att aktivt förvaltade fonder har generat en lägre riskjusterad avkastning är passivt förvaltade fonder. Vidare har vi även kunnat konstatera att aktivt förvaltade fonder med låga förvaltningsavgifter har generat en högre såväl avkastning som riskjusterad avkastning än aktivt förvaltade fonder med höga förvaltningsavgifter. / The choice between active and passive fund management has long been a contentious issue within the private mutual fund investments. Lately, the issue has been widely discussed since the actively managed funds Allemansfond komplett and Kapitalinvest was accused of misleading marketing, since their performance has not overachieved the return of the general market. In the academic world, recognized scholars and later Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has demonstrated that actively managed funds cannot generate a higher return with regard to management fees. Based on the importance of the management fees, we have chosen to study the effect of the discount management fees, within the Premiepensionssystemet. Therefore the study's objective is to analyse whether active managed funds have generated higher risk-adjusted returns than passively managed funds, reduced for the discounted management fees. The study will be limited to analyse the period between the 1st January 2004 to 31th December 20103 The study was based on daily market quotations of 174 actively managed Premiepensionsfonder and annual management fees. Furthermore, we used a global stock market index, MSCI World, by the definition of passively managed funds that was synonymous with the study's benchmark. In accordance with the study’s purpose, we used the risk-adjusted performance measure Sharpe ratio in order to answer the research question. The results of this study demonstrated that actively managed funds have generated higher returns than passively managed funds, reduced for the discounted management fees. When the funds' risk taking was committed, the result is the opposite, and we can thus conclude that actively managed funds have yield a lower risk-adjusted returns than passively managed funds. Furthermore, we also noted that actively managed funds with low management fees has generated higher returns as well as risk-adjusted returns than actively managed funds with high management fees.

The primary purpose of this study was to determine the social determinants of arts festivals with reference to the ABSA KKNK. This goal was achieved by firstly analysing the event/festival phenomenon and the role thereof in event/festival tourism. Secondly, a literature study was conducted in order to examine the role of the community in supporting events/festivals. And thirdly, the results of the empirical research were discussed. Lastly, conclusions were drawn from the research and recommendations were made with regard to the social determinants of events/festivals. Literature indicated that events/festivals are central to daily living as perhaps never before and it can also be said that events/festivals play certain social, economic, cultural and environmental roles. Events/festivals can have various positive impacts on a community, such as job opportunities, economical growth and upliftment of the community. However it can also create various negative impacts such as crime, prostitution and damage to the environment. It is important to increase the number of positive impacts and decrease the number of negative impacts. This may improve the support of the community for the event/festival and improve the sustainability of the event/festival. The support of the community is also influenced by aspects such as community concern, ecocentric attitudes, community attachment. These social support determinants were measured by means of a questionnaire, as adapted from Gursoy and Kendall (2006) and it was therefore the objective of the questionnaire to analyse the social determinants that that may improve community support. The survey was distributed in the community of Oudtshoorn in 2007 and the determinants, as well as the relationship between the determinants and support for the event/festival, were based on structural equation modeling. A total of 279 questionnaires were completed during the festival. Respondents were, in general, more positive about the festival than negative. The results of the structural equation modelling suggest that community attachment and benefits and costs perceived are the most important social determinants in gaining local support for the ABSA KKNK. In the case of this study, ecocentric attitudes and issues of community concern did not influence the level of support given to the event/festival. / Thesis (M.A. (Tourism))--North-West University, Potchefstroom Campus, 2011.

The event tourism industry is one of the fastest growing tourism industries worldwide. One type of event that is growing immensely is festivals, especially music festivals such as the Cape Town International Jazz Festival. As a result of the fast growing pace of festivals, it has become crucial for a festival to sustain itself in the market place to stay competitive. The Cape Town International Jazz Festival (the Jazz Festival) is a fast growing music festival and hosts numerous well–known local and international jazz artists, as well as young up–and–coming artists. For this exciting Jazz Festival to keep growing, it needs to be sustainable. To achieve this, the organisers and managers of the Jazz Festival need to know what is important to the visitors of the Jazz Festival, so they can fulfil their needs. This in turn leads to satisfied visitors that will return to the Jazz Festival and keep the festival sustainable. Generally speaking, music festivals have a more professional management approach than other tourism events and thus are more likely to be more successful. Key Success Factors (KSFs) are a precondition for the success of any event and will influence the competitiveness of the event in the market place. It is imperative for organisers to identify the KSFs that are important to the visitors so as to provide them with a satisfactory experience. This will also assist in measuring the achievement of the event’s goals and objectives. The main purpose of this study was to determine the KSFs in managing the visitor experience at the Cape Town International Jazz Festival. To reach this goal, the study is divided into two articles. Research for both articles was conducted at the Cape Town International Jazz Festival through distributing 400 questionnaires randomly throughout the two days of the festival, which was held on 3 and 4 April 2010. Article 1 is titled: “Key aspects for efficient and effective management of the Cape Town International Jazz Festival: a visitor’s perspective”. The main purpose of this article was to identify the Key Success Factors in managing the Cape Town International Jazz Festival, to determine what visitors deemed as important when attending the Jazz Festival. A factor analysis was done to achieve this goal. Results indicated that Hospitality Factors, Quality Venues, Information Dissemination, Marketing and Sales, and Value and Quality are the KSFs that are of importance when managing the Jazz Festival. The results of this article provided festival managers with valuable information when organising an event such as the Cape Town International Jazz Festival. Article 2 is titled: “The importance of different Key Success Factors to different target markets of the Cape Town International Jazz Festival based on travel motives”. The main purpose of this article was to determine whether different target markets that are visiting the Jazz Festival, deemed different KSFs as important, depending on their travel motives. An analysis of variance (ANOVA) was done to determine if there were statistically significant differences between the three clusters and the KSFs that they deemed important. Results showed that the three clusters, namely, Escapists, Culture Seekers and Jazz Lovers, deemed different KSFs as important when they are visiting the Jazz Festival. The results of this article gave festival organisers and marketing managers insight as to which markets to focus scarce marketing resources on and which markets to keep growing, as they will sustain the festival in the long term. Therefore, this research revealed the KSFs that are of utmost importance when managing the Cape Town International Jazz Festival, and that these aspects differ for certain markets. Organisers therefore need to assess the KSFs to provide products that will satisfy the visitor in order for him/her to return each year and keep the festival competitive and sustainable. / Thesis (M.Com. (Tourism))--North-West University, Potchefstroom Campus, 2012.