Esta tese é composta de três ensaios empíricos sobre finanças corporativas e macrofinanças, todos eles aplicados ao Brasil. O primeiro mostra como uma mudanças tributárias no nível do acionista podem afetar as decisões financeiras das empresas investidas, através da estrutura de propriedade. Os resultados sugerem que as empresas ajustam suas políticas financeiras para minimizar os gastos tributários totais (nível do acionista mais nível da firma). No segundo artigo, analisa-se a relação entre o investimento estrangeiro em carteira (EFPI) e o investimento agregado brasileiro. Os resultados mostram que o EFPI tem um impacto marginal positivo na formação bruta de capital fixo, mas que essa relação é condicionada a fatores institucionais, tal como o grau de intervenção do governo no mercado de crédito. Finalmente, no terceiro ensaio, mostro que um aumento exógeno dos preços dos ativos colateralizáveis imobiliários pode ter consequências positivas no financiamento e investimento das empresas. As firmas aparentemente mais beneficiadas pelo ciclo expansionista de crédito observado no Brasil durante os anos 2000 foram justamente aquelas com menor grau de tangibilidade, potencialmente fora do mercado de crédito no período anterior. / In this thesis, I present three empirical essays on corporate finance and macro-finance applied to Brazil. In the first one, I show that an exogenous tax change at the investor level can have real effects on the invested firms’ behavior. My evidence suggests that treated firms adjust their financial policies considering substitute financial instruments and seeking to minimize overall tax spending. In the second paper, I analyze the role of equity foreign portfolio investment (EFPI) on affecting aggregate investment. The results show that EFPI has a marginal positive impact on the gross capital formation, but this relation seems to be contingent on institutional factors such as government intervention in credit markets. Finally, in the third essay, I show that an exogenous increase in collateral prices can have positive consequences on firms’ financing and investment decisions. The credit expansion registered in Brazil in the middle of the 2000’s seem to have alleviated financial constraints most for smaller, less tangible firms, which probably were (at least partially) out of the credit market before the boom.

A presente tese objetiva fazer uma análise histórico-estrutural do padrão de crescimento econômico do regime autoritário-militar brasileiro (1964-1985), mostrando que, muito mais do que fatores conjunturais externos, como, por exemplo, as crises mundiais do petróleo de 1973 e 1979, a sua natureza, dinâmica e as contradições que lhe eram imanentes foram os principais fatores que impediram o Brasil de vir a se tornar uma potência mundial até o ano 2000, tal como pretendia a cúpula militar. Expõe o eixo sobre o qual giravam os planos econômicos dos governos deste regime, em especial dos presidentes Castelo Branco e Ernesto Geisel, argumentando que os mesmos, consubstanciados em estratégias não autonomistas, porque excessivamente dependentes de tecnologia e de capital industrial-financeiro forâneos, reduziram o poder de barganha do Estado brasileiro no cenário internacional. Enfoca também os pontos convergentes da economia política com a política externa, mostrando que - pelo fato dos governos militares terem se rendido à idéia de interdependência, crendo, com isso, que a limitação da soberania nacional era \"conveniente\" para que o Brasil recebesse créditos do Primeiro Mundo, em especial dos EUA -, isso impediu o fortalecimento do Poder Nacional. / This thesis is a historical-structural analysis of the Brazilian economic development pattern pursued by the military-authoritarian regime (1964-1985), showing that, more than non-domestic short-term causes, such as the world energy crisis due to oil price rises in 1973 and 1979, its nature, dynamics and the contradictions which were inherent in that pattern were the determining factors in the failure of Brazil to become a Great Power until 2000, as it was determined by the officialdom. It exposes the axis on which the then general-presidents\' economical plans turned round, specially Castelo Branco and Ernesto Geisel\'s, arguing that these plans, based on nonautonomous strategies, as they were too much dependent upon foreign capital and technology, reduced Brazil\'s bargaining power in the international environment. It also focuses on the connection between political economy and foreign policy, showing that - since the military governments surrendered to the idea of interdependence, believing that the limitation of national sovereignty was \"useful\" for receiving credit from First World, notably from the USA -, this impeded the fortification of National Power.

A crescente globalização financeira e integração desses mercados resultaram em relações cada vez mais próximas entre os países, sejam eles desenvolvidos ou emergentes. Esses fenômenos, somados às crises financeiras recentes, provocaram maior interesse nos eventos de transmissão de volatilidade e de fluxos de informações entre os mercados financeiros. Dentre elas, destaca-se a crise financeira internacional de 2008, conhecida como \"crise do subprime\", considerada a maior e mais importante desde a Grande Depressão de 1929. Neste contexto, o mercado de recibos americanos de depósito (ADRs) apresentou uma importância crescente nas últimas décadas, especialmente para companhias sediadas em países emergentes, como os da América Latina. Essa região, particularmente, exibiu uma grande expansão neste mercado. De maneira geral, as empresas de países emergentes emissoras de ADRs possuem características mais similares às companhias sediadas nos mercados desenvolvidos, comparadas às demais de seu país de origem. Por isso, como objetivo geral deste estudo, buscou-se detectar e mensurar o fenômeno da interdependência, englobando os transbordamentos (spillovers) de retornos e de volatilidade e suas assimetrias, entre os principais mercados de capitais da América Latina - Brasil, Argentina, Chile e México - e dos países desenvolvidos - Estados Unidos, Japão, Reino Unido e França - no âmbito da última crise financeira internacional. Esse fenômeno foi investigado considerando tanto seus índices acionários de mercado, como os índices de ADRs criados neste estudo, um para cada mercado da América Latina. Estes foram compostos pelas cotações de seus respectivos ADRs níveis 2 ou 3, sendo que a metodologia desenvolvida para sua criação foi uma das contribuições deste trabalho. A partir das séries temporais de retornos diários logarítmicos dos índices dos oito países no período de junho de 2008 a maio de 2015, foi empregada uma metodologia abrangente. Foram aplicadas três abordagens univariadas para modelagem das volatilidades dos mercados (GARCH, EGARCH e TARCH) e dois modelos multivariados assimétricos VAR-MGARCH, com representação Diagonal VECH, para identificação dos transbordamentos de retornos e volatilidade, bem como a análise de suas correlações condicionais. Além disso, foram estimados dois modelos autorregressivos multivariados (VAR) para análise das relações conjuntas dos mercados, e a análise das Funções de Resposta a Impulso (IRF) e dos efeitos sobre a variância por meio de sua decomposição. Os resultados indicaram que as séries de retornos dos mercados de ADRs de empresas latino-americanas não apresentam comportamento mais similar, no tocante à volatilidade, ao dos principais mercados de capitais desenvolvidos. No entanto, há evidências de que os índices de ADRs possuem maior interdependência com os principais mercados de capitais desenvolvidos, por apresentarem relações mais próximas com esses, comparados aos mercados acionários latino-americanos analisados. Essa conclusão corrobora as hipóteses elaboradas sobre esse tema a partir da teoria de segmentação de mercado e das próprias características dessas companhias. Outro resultado relevante foi que os mercados emergentes da América Latina são mais suscetíveis a efeitos locais e regionais que globais, confirmando o benefício do uso dos ativos financeiros desses países para diversificação de carteiras internacionais, mesmo durante uma crise financeira internacional, como a do subprime. / The growing financial globalization and integration of this markets resulted in increasingly close links between the countries, both developed and emerging ones. These phenomena, added to the recent financial crises, provoked greater interest in the events of volatility and information flows transmission between the financial markets. Among them, stands out the international financial crisis of 2008, known as the \"subprime crisis\", considered the largest and most important since the Great Depression of 1929. In this context, the American Depositary Receipts (ADRs) market showed an increasing importance in recent decades, especially for companies based in emerging markets, such as the Latin America. This region, particularly, exhibited a large expansion in this market. In general, companies in emerging countries issuers of ADRs have more similar characteristics to companies based in developed markets, compared to the rest of their country of origin. Therefore, the general objective of this study was to detect and measure the interdependence phenomenon, encompassing returns and volatility spillovers and their asymmetries, among the major capital markets in Latin America - Brazil, Argentina, Chile and Mexico - and developed countries - United States, Japan, UK and France - within the last international financial crisis. This phenomenon was investigated considering both their stock market indices and the ADRs indices created in this study, one for each Latin America country. They were compound of the quotes from their respective ADRs levels 2 or 3, and the methodology developed for their creation was one of the contributions of this assignment. Using the time series of daily logarithmic returns of the eight countries indices in the period from June 2008 to May 2015, it was applied an embracing methodology. It was estimated three univariate approaches to modeling the markets volatility (GARCH, EGARCH and TARCH) and two asymmetric multivariate models VAR-MGARCH, with Diagonal VECH representation, for identification of the returns and volatility spillovers, as well as analysis of their conditional correlations. In addition, two multivariate autoregressive models (VAR) were estimated for analysis of joint relations of markets, and analysis of Impulse Response Functions (IRF) and the effects on the variance through its decomposition. The results indicated that the returns series from Latin American ADR markets doesn\"t have behavior more similar, with regard to volatility, to the major developed capital markets. However, there is evidence that the ADR indices present greater interdependence with the major developed capital markets, because they have closer relationships with these, compared to the Latin American equity markets analyzed. This finding supports the hypothesis elaborated on this subject from the market segmentation theory and the characteristics of these companies. Another important result was that the emerging markets of Latin America are more susceptible to local and regional effects than global ones, confirming the benefit of the use of the financial assets of these countries for diversification of international portfolios, even during an international financial crisis, such as the subprime.

La franchise repose sur l’exploitation par le franchisé d’une clientèle attachée à la marque du franchiseur. L’intérêt commun des deux parties dans l’exploitation d’une clientèle justifie les obligations réciproques qui leurs incombent : le franchisé mobilise des moyens financier et humain, tandis que le franchiseur apporte des actifs immatériels. La réalisation d’une œuvre commune justifie également la collaboration et la confiance mutuelle des parties pendant l’exécution du contrat de franchise. On constate toutefois que les parties au contrat de franchise, au-delà de leur intérêt commun, ont chacune des intérêts particuliers. Il n’est dès lors pas étonnant que chacune d’elles cherche à obtenir le plus grand avantage à son seul profit moyennant le plus faible sacrifice.L’approche comparative du rapport d’intérêts entre le franchiseur et le franchisé, sous l’angle du droit français et du droit vietnamien, est riche d’enseignements. Elle permet de comprendre le régime juridique réservé à la franchise dans deux systèmes juridiques qui, malgré leur différence, possèdent de nombreux points communs. / Franchising is based on the exploitation by a franchisee of a clientele associated with the franchisor’s trademark. The common interest of both parties in operating a class of customers justifies their mutual obligations: the franchisee mobilizes financial and human resources while the franchisor brings intangible assets. The implementation of a common work also justifies collaboration and mutual trust among the parties during the carrying out of the agreement.Beside their common interest, each of the franchisor and the franchisees has proper interests. Therefore, it is not astonishing to find that every party tries to obtain the best advantage at the lowest cost.The comparative approach of the relationship between the franchisor and franchised in light of their respective interests, under French Law and Vietnamese Law, is enriching. It enables to go thoroughly into the legal aspects of franchising under two legal systems which, in spite of their difference, have many common points.

Although organizational citizenship behaviors toward individuals (OCB-I) have been studied over decades, the beneficiary side of OCB-I has been understudied. The co-existing and interactive possibility of benefactor OCB-I and beneficiary OCB-I within individuals has been ignored. Therefore, this research adopted a person-centered approach and examined different profiles of benefactor OCB-I and beneficiary OCB-I on the basis of Grant’s (2013) theory. Results from Study 1 data (cross-sectional data) and Study 2 data (multiple waves of data) revealed the three profile groups: vigorous (high benefactor OCB-I and high beneficiary OCB-I), moderate (moderate benefactor OCB-I and moderate beneficiary OCB-I), and passive OCB-I groups (low benefactor OCB-I and low beneficiary OCB-I). Also, the three profiles were significantly differentiated by positive affect, other-oriented empathy, task interdependence, and job satisfaction. Furthermore, the vigorous OCB-I group showed the lowest psychological strain while the passive OCB-I group showed the lowest physical strain. The results offer theoretical implications for Grant’s (2013) theory, OCB-I and employee health research, and equity theory in comparison to conservation of resources theory. In addition, practical implications for enhancing employee health are discussed.

維珍妮亞‧吳爾芙《燈塔行》揉合小說與繪畫，在作者創新的手法、精湛的技巧背後藏有模仿人物情緒、情感最纖細的體味。《燈塔行》不論筆觸、內容或意境在在表現出吳爾芙追尋主題、濃厚的繪畫知性與感性傾向，對吳爾芙而言，生命與藝術的追求便是唯善至美的永久追求。本論文第一章試就作品“空間模式”的技巧運用檢視其分裂斷折的文字敘述，框化的造形藝術，視覺官能的虛擬情境。第二章說明“空間模式”中不可或缺的時間因素，進而將時空互動關係演至“空”這觀念，說明吳爾芙的生命觀與追尋的價值。在作者形象語言中，追尋具有圖案或圖畫，不管是藍姆西先生的線條邏列、藍姆西太太的靜態平面、或第三章中討論的莉莉‧柏斯蔻的畫作，都可以感受到這些人物對世間萬事萬物的企圖和努力。 / This study examines Virginia Woolf's innovative form and style in <u>To the Lighthouse</u> designed to imitate the confusion of thoughts, emotions, and views of life and to reveal man's search for life's meaning and his struggle to give shape to his experiences. Chapter One of this thesis investigates the spatial form of the text, particularly the disrupted narrative, the use of frames and the focus on virtual reality. In this chapter, I try to show that the spatial writing in fact produces simultaneity and that simultaneity often makes the thoughts and emotions arise all at once. Chapter Two discusses the notion of the spatio-temporal interdependence with demonstrations of the Ramsays' search patterns, the line and the surface, the facing and the fusing. This chapter explains the idea of man's searching for order through time and the empty space as exemplified by the novel's middle part, "Time Passes." In using the similar plastic language of colors and shapes, Mr and Mrs. Ramsay suggest their common destiny, a quest for order and unity that is extended to the final chapter. Chapter Three follows and develops the search motif in Lily Briscoe's painting process, a process that combines visual actualities and memories.

<p>Bakgrund: Dagligen diskuteras utländsk makroekonomiska data i svensk media, där förväntningarna på utvecklingen av dessa sätts i sammanhang med utvecklingen på den svenska börsen.</p><p>Syfte: Målet med den här studien var att utröna i hur stor utsträckning denna information kan anses vara betydande för en aktieinvesterare med kapital på den svenska börsen. Hänsyn togs även till börscykler samt varierande tidsperioder.</p><p>Genomförande: Med grund i the Arbitrage Pricing Theory genomfördes multipla regressionsanalyser, med det svenska indexet OMXS30 som beroendevariabel. Undersökningarna baserades på månadsdata för perioden april 1991 till och med augusti 2006. Den makroekonomiska datan försköts därtill en period för att ta hänsyn till variablernas eventuella fördröja effekter på Stockholmsbörsen.</p><p>Resultat: Integrationen mellan börserna visade sig ha ökat över tiden, med undantag för extraordinära perioder som IT-boomen, där makroekonomiska fundamentaldata istället slås ut. En positiv utvecklingen av långräntan samt konsumentförtroendet i USA tyder på en samtida börsuppgång i Sverige. Vidare är båda växelkurserna starkt signifikanta, där en stärkt dollar och en försvagad euro har positiva effekter på den svenska marknadsutvecklingen.</p> / <p>Background: Foreign macroeconomic fundamentals are daily discussed in the Swedish media, where expectations on the development of these are put into context with the ecnonomic development in Sweden.</p><p>Aim: The purpose of this thesis is to analyse to what extent this information is important for a investor on the Swedish Stock Market. Consideration was also taken to trends in the Stock Market as well as varying time periods.</p><p>Research Method: Against the background of the Abritrage Pricing Theory a multiple regression analysis was conducted,with the Swedish Stock Market Index OMXS30 as the dependent variable. The macroeconomic variables where based on monthly data between April 1991 and August 2006 and were thereto lagged one period in order to identify any delayed effects.</p><p>Result: The integration between the Stock Markets was found to increse over time, with the exception of extraordinary periods, as the IT-boom, where macroeconomic fundamentals lost significance. A positive long-term interest rate as well as a positive consumer confidence in the U.S. was found to indicate a contemporary rising market in Sweden. Further were both of the exchange rates found significant, where a stronger dollar and a weaker euro have positive effects on the Swedish current Stock Market.</p>

Bakgrund: Dagligen diskuteras utländsk makroekonomiska data i svensk media, där förväntningarna på utvecklingen av dessa sätts i sammanhang med utvecklingen på den svenska börsen. Syfte: Målet med den här studien var att utröna i hur stor utsträckning denna information kan anses vara betydande för en aktieinvesterare med kapital på den svenska börsen. Hänsyn togs även till börscykler samt varierande tidsperioder. Genomförande: Med grund i the Arbitrage Pricing Theory genomfördes multipla regressionsanalyser, med det svenska indexet OMXS30 som beroendevariabel. Undersökningarna baserades på månadsdata för perioden april 1991 till och med augusti 2006. Den makroekonomiska datan försköts därtill en period för att ta hänsyn till variablernas eventuella fördröja effekter på Stockholmsbörsen. Resultat: Integrationen mellan börserna visade sig ha ökat över tiden, med undantag för extraordinära perioder som IT-boomen, där makroekonomiska fundamentaldata istället slås ut. En positiv utvecklingen av långräntan samt konsumentförtroendet i USA tyder på en samtida börsuppgång i Sverige. Vidare är båda växelkurserna starkt signifikanta, där en stärkt dollar och en försvagad euro har positiva effekter på den svenska marknadsutvecklingen. / Background: Foreign macroeconomic fundamentals are daily discussed in the Swedish media, where expectations on the development of these are put into context with the ecnonomic development in Sweden. Aim: The purpose of this thesis is to analyse to what extent this information is important for a investor on the Swedish Stock Market. Consideration was also taken to trends in the Stock Market as well as varying time periods. Research Method: Against the background of the Abritrage Pricing Theory a multiple regression analysis was conducted,with the Swedish Stock Market Index OMXS30 as the dependent variable. The macroeconomic variables where based on monthly data between April 1991 and August 2006 and were thereto lagged one period in order to identify any delayed effects. Result: The integration between the Stock Markets was found to increse over time, with the exception of extraordinary periods, as the IT-boom, where macroeconomic fundamentals lost significance. A positive long-term interest rate as well as a positive consumer confidence in the U.S. was found to indicate a contemporary rising market in Sweden. Further were both of the exchange rates found significant, where a stronger dollar and a weaker euro have positive effects on the Swedish current Stock Market.

The purpose of this study was to investigate the relative effectiveness of positive interdependence and group processing on student achievement, interaction, and attitude in online cooperative learning. All of the participants, 144 college students enrolled in one of three different courses, received initial general instruction about teamwork skills and cooperative learning at the start of the study. Participants were then randomly assigned to one of three treatment groups: positive interdependence, group processing, and no structure. The ?positive interdependence? groups received subsequent positive interdependence skills training which were then utilized in their instructional activities. The ?group processing? groups received subsequent group processing skills training for use in their instructional activities. The ?no structure? groups received no additional instructional treatment beyond the initial basic teamwork and cooperative learning training. Results indicated that there were significant differences among students in the ?positive interdependence,? ?group processing,? and ?no structure? groups with respect to their achievement scores and interactions. Participants in the ?positive interdependence? groups had significantly higher achievement than participants in either the ?group processing? groups or the ?no structure? groups. In addition, participants in the ?positive interdependence? groups and the ?group processing? groups interacted with each other to a greater extent than those in the ?no structure? groups. This study also examined the relative effectiveness of positive interdependence and group processing on types of student interaction. The results indicated that ?positive interdependence? strategies were relatively more effective than ?group processing? strategies on ?sharing and comparing of information? interactions, whereas ?group processing? strategies were relatively more effective than ?positive interdependence? strategies on ?negotiation of meaning and co-construction of knowledge? interactions. Regarding student attitude towards the experiences of cooperative learning: participation, communication resources, and online activities, there was no significant difference among any of the three groups. The overall results of this study suggest that instructors would be advised to incorporate positive interdependence strategies in their online courses to help students perceive that they should actively contribute to their online group activities. In addition, instructors are recommended to inform groups of the individual progress of each member?s activities periodically by employing group processing strategies.

Can a robot understand a human's social behavior? Moreover, how should a robot act in response to a human's behavior? If the goals of artificial intelligence are to understand, imitate, and interact with human level intelligence then researchers must also explore the social underpinnings of this intellect. Our endeavor is buttressed by work in biology, neuroscience, social psychology and sociology. Initially developed by Kelley and Thibaut, social psychology's interdependence theory serves as a conceptual skeleton for the study of social situations, a computational process of social deliberation, and relationships (Kelley&Thibaut, 1978). We extend and expand their original work to explore the challenge of interaction with an embodied, situated robot. This dissertation investigates the use of outcome matrices as a means for computationally representing a robot's interactions. We develop algorithms that allow a robot to create these outcome matrices from perceptual information and then to use them to reason about the characteristics of their interactive partner. This work goes on to introduce algorithms that afford a means for reasoning about a robot's relationships and the trustworthiness of a robot's partners. Overall, this dissertation embodies a general, principled approach to human-robot interaction which results in a novel and scientifically meaningful approach to topics such as trust and relationships.