Introdução: A introdução da agricultura e pecuária foram muito recentes para que o genoma humano se adaptasse e a tecnologia avançada pós revolução Industrial foi ainda mais. Segundo Cordain, a substituição de alimentos minimamente processados por alimentos pós-agrícolas e pós-industriais influenciaram os indicadores nutricionais: carga glicêmica, composição de ácidos graxos e macronutrientes, densidade de micronutrientes, equilíbrio ácido-base, relação sódio/potássio e teor de fibras, levando a um desequilíbrio que é causa de várias doenças atuais da civilização. A Protein Leverage Hypothesis (PLH) propõe que a queda na ingestão de proteínas possa levar a obesidade e doenças cardiometabólicas associadas. Objetivos: Estudar o efeito do consumo de alimentos ultraprocessados nos indicadores nutricionais na população dos EUA, incluindo a composição de macronutrientes, densidade de fibras e micronutrientes e fitoestrógenos urinários; avaliar se a contribuição calórica de alimentos ultraprocessados é determinante para a qualidade nutricional das dietas contemporâneas; e finalmente estudar se a associação entre o consumo de alimentos ultraprocessados, proteína e energia correspondem às previsões do modelo PLH. Métodos: Foram avaliados os participantes do National Health and Nutrition Examination Survey 2009-2010, com pelo menos um recordatório alimentar de 24 horas. Os itens foram classificados em: alimentos in natura ou minimamente processados, processados, ultraprocessados e ingredientes de uso culinário. O manuscrito 1 examina a relação entre a contribuição calórica de alimentos ultraprocessados e qualidade nutricional da dieta, avaliando individual e globalmente a contribuição de cada ingrediente crítico, usando a análise de componentes principais (ACP). O manuscrito 2 estuda a associação entre a contribuição calórica dos alimentos ultraprocessados e consumo de açúcares de adição. O manuscrito 3 avalia como o consumo de alimentos ultraprocessados influencia o conteúdo proteico relativo da dieta e as ingestões absolutas de energia e proteína, e se essas relações se encaixam nas previsões da PLH. O manuscrito 4 avalia a relação entre a contribuição calórica de alimentos ultraprocessados e níveis de fitoestrógenos urinários. Resultados: O teor médio de proteínas, fibras, vitaminas A, C, D e E, zinco, potássio, fósforo, magnésio e cálcio na dieta diminuiu ao longo dos quintis de contribuição calórica de alimentos ultraprocessados, enquanto o de carboidratos, açúcares de adição e gordura saturada aumentou. Uma associação inversa de dose-resposta foi encontrada entre o consumo de alimentos ultraprocessados e qualidade nutricional total, medida através de um escore de padrão balanceado de nutrientes derivado usando ACP. Consistente com a PLH, a contribuição calórica de alimentos ultraprocessados foi inversamente associada à densidade proteica e diretamente ao consumo energético total, enquanto a ingestão absoluta de proteínas permaneceu constante com aumento do consumo de alimentos ultraprocessados. Os níveis médios de enterolignanos urinários diminuíram ao longo dos quintis de consumo de alimentos ultraprocessados, enquanto os níveis de isoflavonas permaneceram inalterados. Conclusões: Este estudo mostra que a diminuição da contribuição calórica de alimentos ultraprocessados é um meio racional e eficaz de melhorar a qualidade nutricional das dietas dos EUA / Background: The introduction of agricultural and animal husbandry has not provided the human genome time enough to adapt, much less the advancing technology after Industrial Revolution. According to Cordain et al., displacement of minimally processed foods by post-agricultural and post-industrial food items adversely affected the following dietary indicators: glycemic load, fatty acid and macronutrient compositions, micronutrient density, acid-base balance, sodium-potassium ratio and fiber content. Many current diseases of civilization, in turn may be ascribable to those unbalanced dietary indicators. Indeed, Raubenheimer and Simpson have proposed the Protein Leverage Hypothesis (PLH) to explain how a drop in dietary protein content might lead to obesity and associated cardiometabolic disease. Objective: This thesis aims to study the effect of an increased consumption of ultra-processed foods on dietary indicators in the US population, including macronutrient composition, micronutrient and fiber densities, and urinary phytoestrogens. It also explores whether the dietary share of ultra-processed foods, expressed as a percentage of total energy intake, is a meaningful determinant of overall nutritional quality of contemporary diets. Lastly, it also looks into whether the association between ultra-processed food, protein and energy consumptions fit predictions of the PLH model. Methods: Participants from cross-sectional 2009-2010 National Health and Nutrition Examination Survey with at least one 24-hour dietary recall were evaluated. Food items were classified according to extent and purpose of industrial food processing as: unprocessed or minimally processed foods, processed culinary ingredients, processed foods and ultra-processed foods. Manuscript 1, examines the relationship between dietary contribution of ultra-processed foods and nutritional quality of US diet through the evaluation of dietary contents of critical nutrients individually and also overall, using Principal Component Analysis (PCA). Manuscript 2 studies the association between dietary contribution of ultra-processed foods and energy intake from added sugars. Manuscript 3 examines how consumption of ultra-processed food influences relative dietary protein content and, absolute energy and protein intakes; it furthermore, tests whether the relationships fit PLH predictions. Manuscript 4 assesses the relationship between dietary contribution of ultra-processed foods and urinary levels of phytoestrogens. Results: The average content of protein, fiber, vitamins A, C, D and E, zinc, potassium, phosphorus, magnesium and calcium in US diet decreased significantly across quintiles of energy contribution of ultra-processed foods, while carbohydrate, added sugars and saturated fat contents increased. An inverse dose-response association was found between ultra-processed food consumption and overall dietary quality measured through a Nutrient balanced pattern PCA derived factor score. Consistent with PLH, dietary contribution of ultra-processed foods was inversely associated with protein density and directly associated with total energy intake, while absolute protein intake remained relatively constant with increases in ultra-processed food consumption. Average urinary mammal lignan levels decreased across quintiles of ultra-processed food consumption, while isoflavone levels remained unchanged. Conclusions: This study suggests that decreasing the dietary share of ultra-processed foods is a rational and effective way to improve the nutritional quality of US diets

Introdução: A introdução da agricultura e pecuária foram muito recentes para que o genoma humano se adaptasse e a tecnologia avançada pós revolução Industrial foi ainda mais. Segundo Cordain, a substituição de alimentos minimamente processados por alimentos pós-agrícolas e pós-industriais influenciaram os indicadores nutricionais: carga glicêmica, composição de ácidos graxos e macronutrientes, densidade de micronutrientes, equilíbrio ácido-base, relação sódio/potássio e teor de fibras, levando a um desequilíbrio que é causa de várias doenças atuais da civilização. A Protein Leverage Hypothesis (PLH) propõe que a queda na ingestão de proteínas possa levar a obesidade e doenças cardiometabólicas associadas. Objetivos: Estudar o efeito do consumo de alimentos ultraprocessados nos indicadores nutricionais na população dos EUA, incluindo a composição de macronutrientes, densidade de fibras e micronutrientes e fitoestrógenos urinários; avaliar se a contribuição calórica de alimentos ultraprocessados é determinante para a qualidade nutricional das dietas contemporâneas; e finalmente estudar se a associação entre o consumo de alimentos ultraprocessados, proteína e energia correspondem às previsões do modelo PLH. Métodos: Foram avaliados os participantes do National Health and Nutrition Examination Survey 2009-2010, com pelo menos um recordatório alimentar de 24 horas. Os itens foram classificados em: alimentos in natura ou minimamente processados, processados, ultraprocessados e ingredientes de uso culinário. O manuscrito 1 examina a relação entre a contribuição calórica de alimentos ultraprocessados e qualidade nutricional da dieta, avaliando individual e globalmente a contribuição de cada ingrediente crítico, usando a análise de componentes principais (ACP). O manuscrito 2 estuda a associação entre a contribuição calórica dos alimentos ultraprocessados e consumo de açúcares de adição. O manuscrito 3 avalia como o consumo de alimentos ultraprocessados influencia o conteúdo proteico relativo da dieta e as ingestões absolutas de energia e proteína, e se essas relações se encaixam nas previsões da PLH. O manuscrito 4 avalia a relação entre a contribuição calórica de alimentos ultraprocessados e níveis de fitoestrógenos urinários. Resultados: O teor médio de proteínas, fibras, vitaminas A, C, D e E, zinco, potássio, fósforo, magnésio e cálcio na dieta diminuiu ao longo dos quintis de contribuição calórica de alimentos ultraprocessados, enquanto o de carboidratos, açúcares de adição e gordura saturada aumentou. Uma associação inversa de dose-resposta foi encontrada entre o consumo de alimentos ultraprocessados e qualidade nutricional total, medida através de um escore de padrão balanceado de nutrientes derivado usando ACP. Consistente com a PLH, a contribuição calórica de alimentos ultraprocessados foi inversamente associada à densidade proteica e diretamente ao consumo energético total, enquanto a ingestão absoluta de proteínas permaneceu constante com aumento do consumo de alimentos ultraprocessados. Os níveis médios de enterolignanos urinários diminuíram ao longo dos quintis de consumo de alimentos ultraprocessados, enquanto os níveis de isoflavonas permaneceram inalterados. Conclusões: Este estudo mostra que a diminuição da contribuição calórica de alimentos ultraprocessados é um meio racional e eficaz de melhorar a qualidade nutricional das dietas dos EUA / Background: The introduction of agricultural and animal husbandry has not provided the human genome time enough to adapt, much less the advancing technology after Industrial Revolution. According to Cordain et al., displacement of minimally processed foods by post-agricultural and post-industrial food items adversely affected the following dietary indicators: glycemic load, fatty acid and macronutrient compositions, micronutrient density, acid-base balance, sodium-potassium ratio and fiber content. Many current diseases of civilization, in turn may be ascribable to those unbalanced dietary indicators. Indeed, Raubenheimer and Simpson have proposed the Protein Leverage Hypothesis (PLH) to explain how a drop in dietary protein content might lead to obesity and associated cardiometabolic disease. Objective: This thesis aims to study the effect of an increased consumption of ultra-processed foods on dietary indicators in the US population, including macronutrient composition, micronutrient and fiber densities, and urinary phytoestrogens. It also explores whether the dietary share of ultra-processed foods, expressed as a percentage of total energy intake, is a meaningful determinant of overall nutritional quality of contemporary diets. Lastly, it also looks into whether the association between ultra-processed food, protein and energy consumptions fit predictions of the PLH model. Methods: Participants from cross-sectional 2009-2010 National Health and Nutrition Examination Survey with at least one 24-hour dietary recall were evaluated. Food items were classified according to extent and purpose of industrial food processing as: unprocessed or minimally processed foods, processed culinary ingredients, processed foods and ultra-processed foods. Manuscript 1, examines the relationship between dietary contribution of ultra-processed foods and nutritional quality of US diet through the evaluation of dietary contents of critical nutrients individually and also overall, using Principal Component Analysis (PCA). Manuscript 2 studies the association between dietary contribution of ultra-processed foods and energy intake from added sugars. Manuscript 3 examines how consumption of ultra-processed food influences relative dietary protein content and, absolute energy and protein intakes; it furthermore, tests whether the relationships fit PLH predictions. Manuscript 4 assesses the relationship between dietary contribution of ultra-processed foods and urinary levels of phytoestrogens. Results: The average content of protein, fiber, vitamins A, C, D and E, zinc, potassium, phosphorus, magnesium and calcium in US diet decreased significantly across quintiles of energy contribution of ultra-processed foods, while carbohydrate, added sugars and saturated fat contents increased. An inverse dose-response association was found between ultra-processed food consumption and overall dietary quality measured through a Nutrient balanced pattern PCA derived factor score. Consistent with PLH, dietary contribution of ultra-processed foods was inversely associated with protein density and directly associated with total energy intake, while absolute protein intake remained relatively constant with increases in ultra-processed food consumption. Average urinary mammal lignan levels decreased across quintiles of ultra-processed food consumption, while isoflavone levels remained unchanged. Conclusions: This study suggests that decreasing the dietary share of ultra-processed foods is a rational and effective way to improve the nutritional quality of US diets

This research is aimed to discover and test the potential influencing factors on stock buybacks for Chinese listed companies. 11 new influencing factors hypotheses are developed based on several prevailing hypotheses, such as the information signaling hypothesis, the free cash flow hypothesis, the optimal leverage hypothesis and the takeover deterrence hypothesis. The research will test 11 factors that potentially influence listed companies to buy back stocks. The regression and independent variables will be adjusted. The testing sample is from all the companies listed on the Shanghai Stock Exchange that had stock buyback transactions in 2019. Suggestions will be given according to the regression result regarding the potential influencing factors on stock buybacks for Chinese listed companies in 2019. Due to different influencing factors on stock buybacks, different operating methods may have different effects to achieve different goals. Therefore, the determinants of buyback methods in practice will be discussed. The advantages and disadvantages will be discussed from different perspectives, which can be very useful suggestions in stock buyback practice. / Business Administration/Finance

庫藏股制度於國外已經行之有年，特別是美國，早在1960年代即有庫藏股交易。我國上市上櫃股票可合法買回自己公司股票制度始於2000年所通過的上市上櫃公司買回本公司股份辦法，除了希望藉以提振東南亞金融危機中不振的股市表現，也賦予企業多一種能向投資人傳遞訊息的管道。本研究基於股票買回的各項假說，希望探究公司股票買回宣告的動機還有事件宣告後對於公司股價的影響效果，最後並檢視公司的宣告決策是否會受到前次購回宣告的表現所影響。 在假說驗證方面，以2000至2004年上市公司832家、上櫃公司236家曾經宣告買回自家股票的公司為研究樣本，輔以選出與買回樣本同時間的相同數量「未買回樣本」，透過1-way ANOVA測試與鑑別分析探討影響公司宣告股票買回的因素符合哪些假說的推論結果。此外，依據各項假說，進ㄧ步利用1-way ANOVA測試和複迴歸分析找出與公司事件宣告後股價異常報酬率之間的關係，接著以1-way ANOVA檢視最後一部份研究主題。經由上述的實證分析，本研究獲得以下主要結論： 1.公司買回自家的股票平均而言對於股價有正面的影響效果。 2.以上市公司而言，影響公司宣告股票買回的假說包括了：自由現金流量假說、個人所得稅節稅假說與財務槓桿假說。以上櫃公司而言則包括：自由現金流量假說、個人所得稅節稅假說與資訊信號假說。 3.以上市公司而言，股票買回宣告後，股價的正向異常報酬與：自由現金流量假說、管理者的誘因假說呈現相關關係。上櫃公司則包括：自由現金流量假說。 4.本次是否再度宣告股票買回會受前次買回的正向累積異常報酬率所影響。 / Stock price reactions on stock repurchase announcements among publicly traded corporations have been widely studied over 40 years in United States. Several hypothesizes were established and provide logical reasons for why corporations buy back their own stocks. References show large proportion of positive effect on post-announcement stock price after stock repurchase announcements from empirical researches. It is since 2000 that corporations are allowed to repurchase their own stocks legally in Taiwan. Although many efforts were put in surveying the post-announcement stock price reactions, few focused on examining how corporations’ repurchase decision would be influenced by different hypothesizes. Moreover, whether or not previous repurchase outcome may affect future repurchase judgments met contradict conclusion from recent studies. This research aims on exploring the two main topics which form 7 hypothesize. Data collecting from Taiwan Economic Journal (TEJ) database, Commercial Times and Economic Daily News contains publicly traded corporations had ever made stock repurchase announcement except financial and government institutions. The period of the study was from Aug. 6, 2000 to Jul. 31, 2004 and total number of announced corporations included was 832 listed on the Taiwan Security Exchange with 236 listed on the OTC separately. Hypothesis 1 to 6 were tested both from individual model using 1-way ANOVA Analysis and integrated model using Discriminate Analysis on Hypothesis 1 to 5, Event Study Analysis on Hypothesis 6. Hypothesis 7 was also verified with 1-way ANOVA Analysis. The empirical results show supports in several hypothesize which reflect corporations did concern free cash flow amount, leverage level, stock underpriced and dividend payout level issues when making repurchase announcement. The stock price after announcement has certain degree of moving correlation toward the same direction as free cash flow level and managerial stockholding level. Finally, previous repurchase outcome was found holding opposite relation with future repurchase judgments.