Problem: Interim and annual reports are some of the most crucial sources of information regarding companies’ performances. Interested parties such as analysts and investors assess this information and compare it with expectations. Analysts’ expectations of companies’ interim reports are of great importance when analysing the future development of share movement. Possible deviations between analysts’ expectations and actual presented results from the individual companies might change the perceptions of specific future stock prices. Furthermore business sectors have different characteristics and might respond differently to unexpected earnings news. Over- and underperformance of the presented results in relation to analysts’ expectations could create specific stock price movements over a forthcoming period depending on the nature of the report. The authors label this phenomenon as persistent trends. Purpose: The purpose of this thesis was to establish whether persistency and trends could be observed in the future development of companies’ stock prices with regard to analysts’ expectations and the true result presented by the companies. Method: With a quantitative approach the authors conducted an event study aiming to fulfill the purpose of this thesis. The study consisted of all fourth quarter reports presented 2001 throughout 2004 by the companies presently listed on the Most traded section of the Stockholm stock exchange A-list. The authors defined the nature of the studied reports as positive or negative depending on whether the pre-tax earning exceeded or were lower than the analysts’ expectations. Furthermore the authors constructed a mathematical formula which distinguished if the possible deviation of actual results compared to expectations was significant. The share price performance for two months subsequent to the earnings announcement was recorded and compared with the OMXS30 development for the equivalent time, thereby the authors gathered empirical evidence to fulfill the purpose. Furthermore the data was also divided into business subcategories to provide answers to whether there was uniform response to unexpected earnings information among business sectors. Results: The authors presented empirically founded evidence for the existence of persistent trends following the presentation of both positive and negative reports. The authors also rejected the presence of a uniform response to deviating earnings information in the business sectors.

<p>Problem: Interim and annual reports are some of the most crucial sources of information regarding companies’ performances. Interested parties such as analysts and investors assess this information and compare it with expectations. Analysts’ expectations of companies’ interim reports are of great importance when analysing the future development of share movement. Possible deviations between analysts’ expectations and actual presented results from the individual companies might change the perceptions of specific future stock prices. Furthermore business sectors have different characteristics and might respond differently to unexpected earnings news. Over- and underperformance of the presented results in relation to analysts’ expectations could create specific stock price movements over a forthcoming period depending on the nature of the report. The authors label this phenomenon as persistent trends.</p><p>Purpose: The purpose of this thesis was to establish whether persistency and trends could be observed in the future development of companies’ stock prices with regard to analysts’ expectations and the true result presented by the companies.</p><p>Method: With a quantitative approach the authors conducted an event study aiming to fulfill the purpose of this thesis. The study consisted of all fourth quarter reports presented 2001 throughout 2004 by the companies presently listed on the Most traded section of the Stockholm stock exchange A-list. The authors defined the nature of the studied reports as positive or negative depending on whether the pre-tax earning exceeded or were lower than the analysts’ expectations. Furthermore the authors constructed a mathematical formula which distinguished if the possible deviation of actual results compared to expectations was significant. The share price performance for two months subsequent to the earnings announcement was recorded and compared with the OMXS30 development for the equivalent time, thereby the authors gathered empirical evidence to fulfill the purpose. Furthermore the data was also divided into business subcategories to provide answers to whether there was uniform response to unexpected earnings information among business sectors.</p><p>Results: The authors presented empirically founded evidence for the existence of persistent trends following the presentation of both positive and negative reports. The authors also rejected the presence of a uniform response to deviating earnings information in the business sectors.</p>

The question of whether or not to release an accused on bail pending case resolution involves an evaluation of the risk the accused poses to the community. In addition to this evaluation, the risk posed to the reputation of the criminal justice system should the accused re-offend while on bail has come to influence the timeliness of the bail decision as well as the conditions of the release order. It appears that questions of institutional risk have intensified strategies of process, whereby the bail decision making process has come to take considerably longer as court actors postpone making the release decision. This organizational culture of risk aversion is evidenced in the growing remand population, the dominance of adjournment requests, the presumption of surety supervision, as well as the imposition of numerous restrictive conditions of release that are questionably related to the grounds for detention and allegations of the offence. Due to the additional protections contained in the Youth Criminal Justice Act (YCJA), the expectation is bail should be more liberally used for youths. However, despite the additional legislated protections, bail practices for both adults and youths are operating in remarkably similar ways. Indeed, it appears that routine bail practices for both adults and youths are inconsistent with the essential principles of the bail process. In Canada there is a presumption in favour of release on bail and a presumption of release on the least restrictive form of release appropriate in the circumstances. Despite these principles there has been a relatively steady increase in the size of the remand population in Canada. Focusing on the situation in Ontario, this dissertation examines the bail process in an effort to understand how the remand population has come to exceed the population of sentenced prisoners in provincial prisons for both adults and youths.

The question of whether or not to release an accused on bail pending case resolution involves an evaluation of the risk the accused poses to the community. In addition to this evaluation, the risk posed to the reputation of the criminal justice system should the accused re-offend while on bail has come to influence the timeliness of the bail decision as well as the conditions of the release order. It appears that questions of institutional risk have intensified strategies of process, whereby the bail decision making process has come to take considerably longer as court actors postpone making the release decision. This organizational culture of risk aversion is evidenced in the growing remand population, the dominance of adjournment requests, the presumption of surety supervision, as well as the imposition of numerous restrictive conditions of release that are questionably related to the grounds for detention and allegations of the offence. Due to the additional protections contained in the Youth Criminal Justice Act (YCJA), the expectation is bail should be more liberally used for youths. However, despite the additional legislated protections, bail practices for both adults and youths are operating in remarkably similar ways. Indeed, it appears that routine bail practices for both adults and youths are inconsistent with the essential principles of the bail process. In Canada there is a presumption in favour of release on bail and a presumption of release on the least restrictive form of release appropriate in the circumstances. Despite these principles there has been a relatively steady increase in the size of the remand population in Canada. Focusing on the situation in Ontario, this dissertation examines the bail process in an effort to understand how the remand population has come to exceed the population of sentenced prisoners in provincial prisons for both adults and youths.

As a mode of intervention in which the UN assumed direct authority over disrupted states, transitional administrations represent unique examples of ambitious state-building projects. This thesis investigates the apparent failure of transitional administrations to establish the rule of law in Cambodia, Kosovo and East Timor. It identifies nine explanatory factors which are tested against each case study. In addition, it seeks to enhance conceptual understandings of the UN???s state-building agenda and to add to empirical studies regarding attempts by external actors to establish the rule of law in disrupted states. Three findings emerge. First, in each case, UN transitional administrations failed in each of the following ways: to make the best use of their mandate; to establish effective state justice institutions; to build local commitment to the rule of law as a value system; to promote social relationships supportive of the rule of law; to ensure sufficient state capacity post-intervention; to maintain adequate levels of security; to address the existence of informal justice structures; to deal with the legacies of the past; and to ensure an adequate level of mission performance. Of these, establishing effective state justice institutions, building local commitment and addressing informal justice structures proved most crucial. Second, the state-based ???enforcement??? approach adopted by transitional administrations proved ineffective. Enacting laws and establishing coercive state structures such as judicial, police and prison services were critical to, but could not be equated with the rule of law. This approach did not account sufficiently for the importance of entrenched informal justice institutions, of the voluntary consent of local actors, or of appropriate institutional design choices. As a result, it did not offer real solutions to real problems faced by local actors. Finally, the UN failed to consider fully how to create an enabling ???space??? in which internal processes of change could occur, to engage appropriately with local actors, to overcome the tyrannies of truncated deployment, or to address these issues at the ???front-end??? of the mission. This ???entry without strategy??? approach to state-building seriously undermined the UN???s ability to establish the rule of law, as the self-declared touchstone of its state-building agenda.

In the present paper, the author analyses some problems that he considers relevant on the field of the public procurement on Peru and Latin America. Parting from the problems on the application of the Public Procurement Law in Peru, he proposes the installation of a new instance that watches for the right behavior of supervisor entities of public procurement. / En la presente ponencia, el autor analiza algunos de los problemas que considera más relevantes en la situación actual de la contratación pública en el Perú y en Latinoamérica. A partir de los defectos que presenta la aplicación de Ley de Contrataciones del Estado en el Perú, propone la creación de una nueva instancia que vigile el correcto actuar de las entidades supervisoras de dichas contrataciones.

The aim of this thesis is to evaluate chosen influences on the extent of reproduction of randomly chosen milk cows that are bred in the same conditions. The chosen influences such as breed, age of the first calving, time of year of calving and level of yield were observed within breeds of Czech Fleckvieh and Holstein cattle. Evaluation was carried out in ZOD "Podhradí" Choustník company, specifically in Budislav farm. 191 cows were chosen for the basic sample. 95 of them were Holstein cattle and 96 were Czech mottled cattle. Chosen influences were evaluated according to data gained from the set of milk yield inspections. A statistically significant difference was observed between Czech ticks and Holstein cows in the length of service period per second and first lactation where Holstein cows have a second lactation period longer than 44 days (P <0.001). Evaluation of first calving age did not show any influence on the level of reproduction neither within Czech Fleckvieh nor within Holstein cattle. During the annual evaluation, it emerged that Holstein cows calved in spring and winter have significantly bigger insemination interval compared to cows that were calved during summer or autumn. This fact was also proven by correlation analysis. This analysis also confirmed the relation between annual period and insemination interval Rxy=0,21(P<0,05). The correlation analysis also proved the relation between annual period and service period as well as interim of Czech Fleckvieh cattle Rxy= 0,327 (P<0,01). Statistically significant influence was not proven within Holstein cattle. Correlation analysis only pointed out the relation between yield and service period Rxy=0,213 (P<0,05). Unlike Holstein cattle, gradual increase of service period figures and interim depending on yield was noticed. Breeding cows milking more that 7,5 thousand kg of milk per lactation had service period of 132 days (P<0,01) and interim 407 days (P<0,01). Economical losses caused by prolonged interim during monitored herd of cattle reached 400.490 CZK in year of 2016.

Historically South African law has been dominated by Western law. Indigenous law and the jural postulates which underpin that law are insufficiently accommodated in the South African legal order. The Western component of the official legal system is regarded as institutionally and politically superior and is as such perceived to be the dominant system. In contrast indigenous law is regarded as a servient system. The monopolistic control of the legal order by the Western section of the population resulted in the creation of a legal order primarily suited to its own needs. The fact that few of the values of indigenous law are reflected in the official legal system and the fact that there is a measure of conflict and tension between the fundamental precepts of indigenous law and those of Western law, gave rise to a crisis of legitimacy of the official legal system in South Africa. This in turn lead to the emergence of unofficial alternative structures for the administration of justice. Indigenous law should receive full recognition and enjoy the same status as Western law. To accomplish this, legislative measures which entrench a distorted indigenous law, limit the application of indigenous law, or affect its status in the South African legal order, should be revoked. Even in a multicultural society such as that of South Africa, there is a common nucleus of core values that are shared by the whole society. But different cultures have different conceptions of these basic values and their role in legal, political and social ordering. The Bill of Rights should give due recognition to the postulates which underscore both Western and indigenous law. This should be done by providing that the values the Bill entrenches, must be interpreted in their proper cultural perspective where circumstances so demand. But this will be possible only if the level of knowledge of indigenous law and its fundamental precepts is drastically improved. / LL.D

During an arbitration, a party may need to request the arbitral tribunal to order interim measuresto secure a meaningful award. However, the parties may face issues relating to enforceabilityand hence the effectiveness of the arbitral tribunal’s interim decision. If the arbitral tribunal isseated in Sweden, under the current Swedish Arbitration Act (SAA), a decision on interimmeasures is not enforceable in the form of an order. This raises the issue whether such a decisioncould be made enforceable if issued in the form of an arbitral award. The SAA is currently undergoing a revision with the aim to increase the attractiveness ofSwedish arbitration, for both Swedish and foreign parties. The Government Commission(Commission) proposed in its report in 2015 that an express legislative provision be introducedspecifically empowering an arbitral tribunal to order an interim measure in the form of an orderor an award. This would be consistent with relevant Arbitral Rules. A decision in form of anaward would potentially be enforceable. The Government decided not to follow theCommission’s proposal in the proposed legislation referred to the Law Council on Legislation.The Commission implied that interim measures may be enforceable in Sweden, if made in theform of an award. Through the use of a legal dogmatic and legal analytical method this thesis concludes that thereis an uncertainty as to whether interim measures, in the form of an award, can be enforced inSweden. Parties can probably give the arbitral tribunal such authority to grant interim measuresthat are final and binding in character, if this is provided for in their arbitration agreement. Forexample, parties could vest the arbitral tribunal with such power by referring to arbitration rulesthat provide for such interim relief, as is provided in SCC and ICC Arbitral Rules. It is alsoconcluded that the enforceability depends on whether the award was rendered by a tribunalsitting in/outside of Sweden. The Swedish Supreme Court has stated that “award” within themeaning of the New York Convention (NYC) should, as a rule, be construed according to thelaw of the seat of the arbitration. This may allow for enforcement of interim measures in theform of an award. However, due to the general, but not conclusive, view that the NYC does notapply to interim measures, no certain conclusions can be made. Furthermore, it is argued, because of this ambiguity, that Sweden fails to offer parties andarbitrators a modern and effective arbitral regime, which may hamper Sweden’s ambitions inattracting foreign parties to arbitrate in Sweden. Therefore, Sweden should introduce apossibility for the arbitral tribunal to grant enforceable interim measures.

Le moyen sérieux et l’appréciation manifeste sont des notions bien connues des processualistes qui suscitent toujours la défiance et la circonspection. Elles connaissent pourtant un succès législatif spectaculaire et interviennent dans l’application d’un grand nombre de textes dont l’importance pratique et juridique n’est plus à démontrer. Encore considérées comme la clé la plus insaisissable des dispositifs dans lesquelles elles sont intégrées, ces notions appellent une étude synthétique. Faisant le lien entre des analyses doctrinales éparses qui ne s’intéressent à ces notions qu’au sein d’une procédure identifiée, la thèse tente d’en dégager une définition généralement et globalement opérante. Un examen attentif de la jurisprudence conduit à rejeter la définition classique fondée sur l’évidence et à lui substituer une définition fondée sur le concept plus large de certitude.La réflexion glisse alors imperceptiblement vers la théorie du droit et se tourne vers la question de la vérité en droit. Une connaissance objective des règles de droit est-elle possible ?A la recherche d’une définition succède naturellement une recherche des fonctions des notions. Véritables facteurs de rationalisation du droit processuel, elles y occupent une place essentielle. En dégageant les fonctions pratiques et juridiques des notions, la thèse est amenée à sortir des hypothèses consacrées et à rechercher si les conditions du recours à ces notions ne sont pas déjà réunies dans des dispositifs où il n’y est pourtant pas expressément fait référence. Elle quitte même le terrain du droit positif pour interroger la rationalité des mécanismes dont la mise en œuvre dépend des notions étudiées / An increasing number of statutes relies on the concepts of serious argument and obvious evaluation for their application. Yet no satisfying definition of these concepts has still been found. For if it is usually assumed that these concepts depend on the obviousness of the Law and of the disputed facts, a careful examination of the case law shows well enough that this view is false : one often judges an evaluation obvious only after having demonstrated its truth through a complex argumentation and a long reasoning.Thus, the thesis argues that the concepts refer not to the obviousness of the Law and the disputed events but to the certainty of these. Here the Law refers to a question of jurisprudence : is the case easy or hard ? This new definition leads to the discussion of skepticism regarding the Law. Once a definition that fits the case law has been built, it is necessary to identify the reasons, both legal and pratical, for the use of the concepts in procedural law.From this it becomes possible to a build critical look on the statutes that use the concepts of serious argument and obvious evaluation for their application : is this use justified or should the statutes be changed ? It will also be possible to consider that the appplication of statutes that do not refer to these concepts actually depends on them, or at least should depend on them