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Abstract In our dissertation we address the needs rooting in the ongoing process of systematic efforts to improve the Czech educational system. Mainly, we focus on the question of how to implement the cross-curricular topic Multicultural Education into English language classes at lower and upper secondary schools. As Multicultural Education, along with the other cross-curricular topics, has become an obligatory and essential part of the reformed Czech curricula. The author of this dissertation is employed with the English Department at the Faculty of Education of The University of South Bohemia in České Budějovice. That is why we aim to introduce the theoretical background and history of the cross-curricular topic Multicultural Education in the Czech educational system. Then, based on that theoretical background, we shall design and run a course at the Pedagogical faculty for our students (teachers-to-be) that will provide them with sufficient amount of theory. Within the course the students will be given enough practical examples of the implementation of Multicultural Education into English classes when combining cultural and linguistic aims and at the end of the course we will allow the students to design and try such a class during their peer teaching. We will also publish the results of the course for...

Made available in DSpace on 2016-04-25T16:44:47Z (GMT). No. of bitstreams: 1 MAKRO - Final PDF.pdf: 865456 bytes, checksum: ca6647d9d943428c67d411680f2c4302 (MD5) Previous issue date: 2006-04-04 / nenhum / The purpose of this paper is to analyze the relationship between the strategies implemented by the management and the growth in shareholders wealth. The case study evaluates the Makro Atacadista S/A operation, a private Brazilian branch of a multinational wholesale distributor that operates in the self-service format. The strategy of this Company is based on having an efficient cash management and maximizing its customers results. This work uses different methods of valuation. The most important is the Discounted Cash Flow (DCF) followed by economic profit, MVATM and residual profit. The conclusion presents a comparison among the calculated valuations, its equity and last market value. There is also an evaluation of its strengths and threats based on structural industry analysis theory (Porter, 1986, pg. 22) / Esta dissertação consiste em um estudo de caso, que visa a analisar a relação entre as estratégias adotadas pela administração de uma empresa e a geração de riqueza para os acionistas. Para tanto, pesquisamos e avaliamos a operação do Makro Atacadista S/A, empresa de auto-serviço atuante no mercado atacadista distribuidor, que inclui uma administração financeira eficiente e a maximização dos resultados de seus clientes como parte de seus objetivos estratégicos. A avaliação foi realizada sob diversos enfoques. O principal foi pelo uso do DCF empresarial, ou fluxo de caixa descontado. Além desse, também foi mensurado o valor agregado pelos métodos de lucro econômico, MVA® e lucro residual. Nas conclusões, além da comparação entre o valor gerado com o patrimônio líquido contábil e com o último valor pago pela oferta de compra de ações promovida pela empresa, também foram analisadas suas forças e ameaças, com base na teoria de análise estrutural das indústrias (Porter, 1986)

Portfolio selection has a long tradition in financial economics and plays an integral role in investment management. Portfolio selection provides the framework to determine optimal portfolio choice from a universe of available investments. However, the asset weightings from portfolio selection are optimal only if the empirical characteristics of asset returns do not violate the portfolio selection model assumptions. This thesis explores the empirical characteristics of traditional assets and hedge fund returns and examines their effects on the assumptions of linearity-in-the-mean testing and portfolio selection. The encompassing theme of this thesis is the empirical interplay between traditional assets and hedge fund returns. Despite the paucity of hedge fund research, pension funds continue to increase their portfolio allocations to global hedge funds in an effort to pursue higher risk-adjusted returns. This thesis presents three empirical studies which provide positive insights into the relationships between traditional assets and hedge fund returns. The first two empirical studies examine an emerging body of literature which suggests that the relationship between traditional assets and hedge fund returns is non-linear. For mean-variance investors, non-linear asset returns are problematic as they do not satisfy the assumption of linearity required for the covariance matrix in portfolio selection. To examine the linearity assumption as it relates to a mean-variance investor, a hypothesis test approach is employed which investigates the linearity-in-the-mean of traditional assets and hedge funds. The findings from the first two empirical studies reveal that conventional linearity-in-the-mean tests incorrectly conclude that asset returns are nonlinear. We demonstrate that the empirical characteristics of heteroscedasticity and autocorrelation in asset returns are the primary sources of test mis-specification in these linearity-in-the-mean hypothesis tests. To address this problem, an innovative approach is proposed to control heteroscedasticity and autocorrelation in the underlying tests and it is shown that traditional assets and hedge funds are indeed linear-in-the-mean. The third and final study of this thesis explores traditional assets and hedge funds in a portfolio selection framework. Following the theme of the previous two studies, the effects of heteroscedasticity and autocorrelation are examined in the portfolio selection context. The characteristics of serial correlation in bond and hedge fund returns are shown to cause a downward bias in the second sample moment. This thesis proposes two methods to control for this effect and it is shown that autocorrelation induces an overallocation to bonds and hedge funds. Whilst heteroscedasticity cannot be directly examined in portfolio selection, empirical evidence suggests that heteroscedastic events (such as those that occurred in August 1998) translate into the empirical feature known as tail-risk. The effects of tail-risk are examined by comparing the portfolio decisions of mean-variance analysis (MVA) versus mean-conditional value at risk (M-CVaR) investors. The findings reveal that the volatility of returns in a MVA portfolio decreases when hedge funds are included in the investment opportunity set. However, the reduction in the volatility of portfolio returns comes at a cost of undesirable third and fourth moments. Furthermore, it is shown that investors with M-CVaR preferences exhibit a decreasing demand for hedge funds as their aversion for tail-risk increases. The results of the thesis highlight the sensitivities of linearity tests and portfolio selection to the empirical features of heteroscedasticity, autocorrelation and tail-risk. This thesis contributes to the literature by providing refinements to these frameworks which allow improved inferences to be made when hedge funds are examined in linearity and portfolio selection settings.

The aim of this study was to describe the nurses‘ perception of termination of pregnancy and her perception of her conduct towards clients that request termination of pregnancy guided by Kings‘ Systems Approach and Goal Attainment Theory. A non-experimental quantitative descriptive correlational design was used. A non-probability purposive sampling method was used consisting of institutions in the Western Cape, available to participate in this study, which deliver termination of pregnancy services, gov ernment health care institutions (21) and Marie Stopes clinics (3). Non-probability convenience sampling was used consisting of registered nurses who are working in termination of pregnancy units in these facilities (N=82). Data were collected through the administration of a self-designed questionnaire. The main findings of the study indicate that respondents (personal system) appear to feel positive about the work they are doing. Formal improvement and development are however not utilised optimally. Regarding the interpersonal system, respondents also show a positive orientation to both the woman opting for termination of pregnancy and the foetus. The potential towards transaction and ultimately goal attainment reside within this system. The respondents are also positive about legislation, employers and policies (social system) relating to termination of pregnancy. This orientation creates a milieu that is conducive to transactions, interactions and goal attainment.The main recommendation is that three systems as proposed by King be continuously integrated within the termination of pregnancy setup through, amongst other measures: values clarification, management support, in service education, the inclusion of termination of pregnancy in undergraduate programmes, focus groups and the like. / Die doel van hierdie studie was om die verpleegkundige se persepsie van terminasie van swangerskap en haar persepsie van haar houding en gedrag teenoor kliёnte wat terminasie van swangerskap versoek, aan die hand van King se Sisteembenadering en Doelwitbereikingsteorie te ondersoek en te beskryf. `n Nie-eksperimentele kwantitatiewe beskrywende korrelasie navorsingsontwerp was gebruik. `n Nie-waarskynlike doelbewuste-steekproefneming van die staatsgesondheidsorg-instansies wat terminasie van swangerskapdienste aanbied, is geneem en wat beskikbaar vir hierdie studie was (21) asook die Marie Stopesdienste (3), in die Wes-Kaap. `n Nie-waarskynlike gerieflikheidsteekproefneming is van verpleegkundiges geneem wat swangerskappe in hierdie afdelings termineer of moet termineer (N=82). Data is met behulp van `n selfontwerpte vraelys ingesamel. Die hoofbevindings van die studie dui daarop dat respondente (persoonlike sisteem) positief voel oor hul werk. Formele ontwikkelingshulpbronne word egter nie optimaal deur die sisteem benut nie. Wat die interpersoonlike sisteem betref, toon respondente ook ‗n positiewe oriëntasie tot beide die vrou wat terminasie van swangerskap aanvra en die fetus. Die potensiaal tot transaksie-sluiting en uiteindelike doelwitbereiking is binne hierdie sisteem geleë. Die respondente is ook positief oor wetgewing en die werkgewer en beleid (sosiale siteem) ten opsigte van terminasie van swangerskap. Hierdie oriëntering laat ‗n milieu wat bevorderlik is vir transaksie-sluiting, interaksie en doelwitbereiking. Die hoofaanbeveling is dat voortdurend gepoog moet word na die integrasie van King se drie sisteme binne die terminasie van swangerskapafdelings deur onder meer: waarde-uitklaringswerkswinkels, ondersteuning van bestuur, indiensopleiding, die insluiting van terminasie van swangerskap in voorgraadse kurrikula, fokusgroepe en so meer. / Health Studies / D. Litt. et Phil. (Gesondheidstudies)

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

The aim of this study was to describe the nurses‘ perception of termination of pregnancy and her perception of her conduct towards clients that request termination of pregnancy guided by Kings‘ Systems Approach and Goal Attainment Theory. A non-experimental quantitative descriptive correlational design was used. A non-probability purposive sampling method was used consisting of institutions in the Western Cape, available to participate in this study, which deliver termination of pregnancy services, gov ernment health care institutions (21) and Marie Stopes clinics (3). Non-probability convenience sampling was used consisting of registered nurses who are working in termination of pregnancy units in these facilities (N=82). Data were collected through the administration of a self-designed questionnaire. The main findings of the study indicate that respondents (personal system) appear to feel positive about the work they are doing. Formal improvement and development are however not utilised optimally. Regarding the interpersonal system, respondents also show a positive orientation to both the woman opting for termination of pregnancy and the foetus. The potential towards transaction and ultimately goal attainment reside within this system. The respondents are also positive about legislation, employers and policies (social system) relating to termination of pregnancy. This orientation creates a milieu that is conducive to transactions, interactions and goal attainment.The main recommendation is that three systems as proposed by King be continuously integrated within the termination of pregnancy setup through, amongst other measures: values clarification, management support, in service education, the inclusion of termination of pregnancy in undergraduate programmes, focus groups and the like. / Die doel van hierdie studie was om die verpleegkundige se persepsie van terminasie van swangerskap en haar persepsie van haar houding en gedrag teenoor kliёnte wat terminasie van swangerskap versoek, aan die hand van King se Sisteembenadering en Doelwitbereikingsteorie te ondersoek en te beskryf. `n Nie-eksperimentele kwantitatiewe beskrywende korrelasie navorsingsontwerp was gebruik. `n Nie-waarskynlike doelbewuste-steekproefneming van die staatsgesondheidsorg-instansies wat terminasie van swangerskapdienste aanbied, is geneem en wat beskikbaar vir hierdie studie was (21) asook die Marie Stopesdienste (3), in die Wes-Kaap. `n Nie-waarskynlike gerieflikheidsteekproefneming is van verpleegkundiges geneem wat swangerskappe in hierdie afdelings termineer of moet termineer (N=82). Data is met behulp van `n selfontwerpte vraelys ingesamel. Die hoofbevindings van die studie dui daarop dat respondente (persoonlike sisteem) positief voel oor hul werk. Formele ontwikkelingshulpbronne word egter nie optimaal deur die sisteem benut nie. Wat die interpersoonlike sisteem betref, toon respondente ook ‗n positiewe oriëntasie tot beide die vrou wat terminasie van swangerskap aanvra en die fetus. Die potensiaal tot transaksie-sluiting en uiteindelike doelwitbereiking is binne hierdie sisteem geleë. Die respondente is ook positief oor wetgewing en die werkgewer en beleid (sosiale siteem) ten opsigte van terminasie van swangerskap. Hierdie oriëntering laat ‗n milieu wat bevorderlik is vir transaksie-sluiting, interaksie en doelwitbereiking. Die hoofaanbeveling is dat voortdurend gepoog moet word na die integrasie van King se drie sisteme binne die terminasie van swangerskapafdelings deur onder meer: waarde-uitklaringswerkswinkels, ondersteuning van bestuur, indiensopleiding, die insluiting van terminasie van swangerskap in voorgraadse kurrikula, fokusgroepe en so meer. / Health Studies / D. Litt. et Phil. (Gesondheidstudies)

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.