美國次級房貸在1990年代中期曾經十分興盛，不過之後因LTCM危機，加上Fed採取連續升息政策，許多次級房貸放款的業者面臨資金流動性問題，以及次級房貸利潤不夠高，迫使許多業者退出這個市場，1998年亞洲金融風暴,美國雖未受波及,然自2000年開始因網路科技泡沫影响及2001年911恐怖攻擊,經濟衰退連續降息後，次級房貸在美國持續降息期間再度大幅成長，原因包括當時美國房價上升速度快、不動產市場流動性充裕，投資人增加對收益率較高產品的需求，導致更多次級房貸需求。 國際資金游動頻繁，衍生性產品及不動產證券化盛行，信用卡債、擔保債權憑證(CDO)、資產抵押證券被分割、包裝成證券或基金產品賣出，次級房貸風暴發生，間接亦影響到全球投資在上列產品之銀行、避險基金、機構法人、退休金等等…導致全球股票市場大跌，引發整個金融信用環境惡化，可能引發不良金融連鎖反應，從而導致更大的經濟金融危機。 美林證券、花旗銀行、歐美各大銀行相繼宣布資產減損,台灣國內銀行、保險公司亦陸續出現認列資產減損金額,只要一有次級房貸不利之消息出現,全球股市應聲而倒,截至目前問題所在雖略知一二,然國外金融業界因資訊較透明,其影響已漸公佈及擴大中,國內金融業則仍多採取保守態度,但亦逐漸依規定認列財產損失,然而問題是否已近尾聲,風險是否完全受控制則說法不一。 次級房貸問題的主要原因是相關金融商品證券化,層層包裝成各種衍生性產品,於次級房貸風暴發生後,信用風險連鎖反應造成相關產品無流動性,被隱藏的風險暴露後原有的信評機制幾乎全部失效,層層包裝的風險因事先未被定價,風暴後更無法估算其所會波及之影響,Mark to Market及34號公報迫使全球企業對次級房貸投資相關產品之損失提列資產減損,更加重各項產品流動性之停滯,信用危機造成信心危機，層層結構性產品及再轉投資,造成信用無虞的公司也遭魚池之殃,次級房貸衍生之金融商品,因主要購買者多為金融業或保險業或再包裝後出售予投資客,其後繼影響更是難以估計。 本論文內容除探討美國次級房貸定義、對美國國內及全球之影響、美國政府及各國政府的因應政策、截至目前影響及預計可能還會再出現影響,及因次級房貸之崩潰及衍生之金融產品之跌價所影響的層面與近年來國內外銀行爭相推展個人金融事業及財富管理事業的成立,是否有相當之關係,信用評等、風險控管、及定價在此風暴是否扮演重要角色,但卻又明顯失控?為避免類似情況再發生,應如何因應與防範?進而以提出個人對此事件探討之結論及省思後之建議。

La première partie de cette thèse introduit une nouvelle méthodologie pour la réalisation d’exercices de stress-tests. Notre approche permet de considérer des scénarios de stress beaucoup plus riches qu’en pratique, qui évaluent l’impact d’une modification de la distribution statistique des facteurs influençant les prix d’actifs, pas uniquement les conséquences d’une réalisation particulière de ces facteurs, et prennent en compte la réaction du gestionnaire de portefeuille au choc. La deuxième partie de la thèse est consacrée à la valorisation des obligations à maturité très longues (supérieure à 10 ans). La modélisation de la volatilité des taux de très long terme est un défi, notamment du fait des contraintes posées par l’absence d’opportunités d’arbitrage, et la plupart des modèles de taux d’intérêt en absence d’opportunités d’arbitrage impliquent un taux limite (de maturité infinie) constant. Le deuxième chapitre étudie la compatibilité du facteur "niveau", dont les variations ont un impact uniforme sur l’ensemble des taux modélisés, a fortiori les plus longs, avec l’absence d’opportunités d’arbitrage. Nous introduisons dans le troisième chapitre une nouvelle classe de modèle de taux d’intérêt, sans opportunités d’arbitrage, où le taux limite est stochastique, dont nous présentons les propriétés empiriques sur une base de données de prix d’obligations du Trésor américain. / In the first part of this thesis, we introduce a new methodology for stress-test exercises. Our approach allows to consider richer stress-test exercises, which assess the impact of a modification of the whole distribution of asset prices’ factors, rather than focusing as the common practices on a single realization of these factors, and take into account the potential reaction to the shock of the portfolio manager.
 The second part of the thesis is devoted to the pricing of bonds with very long-term time-to-maturity (more than ten years). Modeling the volatility of very long-term rates is a challenge, due to the constraints put by no-arbitrage assumption. As a consequence, most of the no-arbitrage term structure models assume a constant limiting rate (of infinite maturity). The second chapter investigates the compatibility of the so-called "level" factor, whose variations have a uniform impact on the modeled yield curve, with the no-arbitrage assumptions. We introduce in the third chapter a new class of arbitrage-free term structure factor models, which allows the limiting rate to be stochastic, and present its empirical properties on a dataset of US T-Bonds.

Vid en fastighetsöverlåtelse är det mycket information som ska utbytas på kort tid, mellan köpare, säljare och mäklare vad beträffar fastighetens fysiska skick och standard. I egenskap av en lojal, opartisk och sakkunnig person avseende fastighetsförsäljningar, har mäklaren ålagts en upplysningsplikt avseende sådant kring fastighetens skick som denne iakttagit, känner till eller annars har anledning att misstänka, som kan antas ha betydelse för köparen. Räckvidden av mäklarens upplysningsplikt gentemot köparen, avseende fysiska missförhållanden enligt FML 16§ 3st. kommer att utgöra uppsatsens brännpunkt. I detta inryms att söka klar-göra vilka typer av fysiska missförhållanden som en mäklare förväntas informera en köpare om, för att inte riskera att drabbas av någon typ av påföljd. Därutöver utreds förutsägbarheten och ändamålsenligheten kring FML 16§ 3st. Bedömningen av mäklarens upplysningsplikt ska även ses utifrån köparens och säljarens inbördes ansvarsområden för faktiska fel i fastigheten, samt i vilken omfattning det anses motiverat att mäklaren ikläder sig parternas ansvarsroller. Hänsyn i bedömningen får även tas till det faktum att mäklaren åläggs en grundläggande lojalitetsplikt som denne uppbär gentemot såväl köparen som säljaren. Problematiken kan i första hand härledas till tvetydiga och tämligen oklara förarbetsuttalanden, samt frånvaron av prejudicerade rättspraxis på området. Rättsreglerna kring bestämmelsen synes därav även vara svåra att tillämpa i de lägre domstolsinstanserna och hos tillsynsmyndigheten, FMN. Därav kvarstår osäkerhet kring rättsläget avseende omfattningen av mäklarens upplysningsplikt vad beträffar fysiska missförhållanden härlett till fastigheten. / When selling a property there is much information, in regards to the property’s physical standard, which should be discussed between the parties; the realtor, the buyer and the property owner. In relation to the buyer and the property owner, the realtor will be known as a loyal, independent person that carries expert know-ledge in regards to selling property. Therefore the realtor should carry the liability to inform the buyer about physical errors according to the property, that has been found, or for some other reason will be known, or if there is a reason to suspect an error, that can be of  importance to the buyer. The focus point of this thesis is the magnitude of the realtor’s liability to inform the buyer on physical errors, according to FML 16§ 3st., and to examine what kind of physical errors that the buyer have the right to be informed of. Because if the realtor do not respect the obligations according to FML 16§ 3st., legal sanctions will be given. The author will also examine if the legal rule, FML 16§ 3st., is predictable and appropriate. To examine the magnitude of the realtor’s liability to inform the buyer on physical errors, the legal relation between the buyer and the property owner has to be taken into account according to JB 4:19§. The fact that the realtor also carries a responsibility to submit to good faith and fair dealing will also be interesting. The principal legal issue will be based on the unclear preparatory work, regarding to FML (2011:666) 16§ 3st., and the magnitude of realtor’s liability to inform the buyer on physical errors. Furthermore, there is no case law given by the Swedish Supreme Courts, and that is one more reason why the area is so hard to apply. The legal position will therefore stay unclear, according the realtor’s liability to inform the buyer about physical errors of the property.

The researcher investigated the legal obligations of the governing bodies with regard to the financial management of public schools in Maleboho Central Circuit in the Province of Limpopo. I followed the qualitative research approach and used a multiple case study design that enabled me to test and confirm the findings across the cases by comparing or contrasting the cases. The study revealed that parent governors’ understanding of the role and responsibilities pertaining to financial management is not sufficient, and that the financial training that is presented in English hampers its effectiveness. The findings of the study confirm that the governing bodies do not manage the schools’ finances effectively and in compliance with their legal obligations. / Educational Leadership and Management / M. Ed. (Education Management)

La tendance contemporaine vers plus de transparence dans la vie des affaires illustre une désaffection générale pour toute forme de confidentialité. Toutefois, cette dernière bénéficie de traductions juridiques dont les sources lui confèrent une indéniable légitimité. Cette observation doit amener à reconnaître l'existence d'un "principe de confidentialité". La rencontre des normes sur la prévention de la criminalité financière avec le principe de confidentialité est source d'insécurité juridique, non seulement pour les professionnels assujettis aux obligations de lutte anti-blanchiment et contre le financement du terrorisme, mais également pour tous les individus dont les données son traitées dans ce cadre. Ces deux blocs de normes aux logiques contradictoires tendant pourtant vers des objectifs communs : le respect des droits fondamentaux. Néanmoins, les excès liés à l'utilisation potentiellement illicite des outils juridiques offerts par l'un, et les défauts des dispositions constituant l'autre, font obstacle à l'application efficace et mesurée du droit. Cette étude se propose d'analyser ces principes antagonistes pour mieux envisager leur équilibre latent au moyen de solutions préservant leurs intérêts propres et concourant à l'amélioration de la sécurité juridique. Dans cette optique, l'exercice de droit comparé permet de parfaire l'interprétation des obligations de vigilance tout en plaidant la réhabilitation du principe de confidentialité. Il témoigne de l'émergence d'un véritable "droit du blanchiment", et en particulier de son volet préventif qui occupe désormais une place prépondérante dans le domaine de la régulation bancaire et financière. / The recent trend towards transaprency in business highlights a more global disenchantment with the concept of secrecy. The concept of secrecy benefits from various legal expressions whose origins give it as undisputable legitimacy. This observation leads us to recognise the existence of a "Principle of confidentiality". The clash betxeen the rules of Financial Crime prevention and this principle of confidentiality is causing legal uncertainty not only for professional subject to Anti-money laundering and counter-terrorism financing regulations but also gor persons whose data is being processed. These two sets of conflicting rules nevertheless share a common goal, namely to ensure respect for fundamental rights. Notwithstanding this, both the risk of abuse of legal instruments offered by one set for illegitimate purposes and the shortcomings attached to the other set potentially hinder the efficient and reasonable use of Law. This study aims at analysing antagonistic principles to reach a certain balance by applying solutions which preserve their respective interests and contribute to legal certainty. In this regard, the comparative law analysis helps better interpret customer due diligence measures whilst rehabilitating the arguments in favour of the principle of confidentiality. This shows the development of e genuine AML/CFT Law and in particular its preventive aspects that form a major part of the Banking and Financial Regulations.

Education is since the inception of the world regarded as the formal process by which society conveys its accumulated knowledge, skills, customs and values from one generation to another. Today, education is a human right and the right to education and specifically the right to (a) basic education is acknowledged and emphasised worldwide. In South Africa, the right to a basic education is entrenched in the Constitution and is regarded as one of the most crucial constitutional rights, particularly because it promotes economical and social well-being. The protection of a child’s right to a basic education in terms of the South African Constitution together with the most important international instruments pertaining to education will be extensively discussed and the most important similarities and differences between, and challenges in the legal systems of South Africa, New Zealand and Namibia regarding a child’s right to (a) basic education will be addressed with due consideration of factors such as early childhood development and education, mother tongue education and HIV/AIDS which may affect a child’s right to (a) basic education. It is submitted that the success of any country, whether it is social, financial or economic success, depends on how its citizens are educated. Moreover, a good education system is crucial, not only for ensuring that its populace are well educated, but also for optimal human development and for the maintenance and preservation of socially responsive economic and political systems. Education is a life-long process and in order to give effect to the right to (a) basic education, the adoption and implementation of the recommendations made throughout this study are proposed. / Private Law / LL.D.

Dans ce travail de thèse le processus d'information concernant un instant de défaut τ dans un modèle de risque de crédit est décrit par un pont brownien sur l'intervalle stochastique [0, τ]. Un tel processus de pont est caractérisé comme plus adapté dans la modélisation que le modèle classique considérant l'indicatrice I[0,τ]. Après l'étude des formules de Bayes associées, cette approche de modélisation de l'information concernant le temps de défaut est reliée avec d'autres informations sur le marché financier. Ceci est fait à l'aide de la théorie du grossissement de filtration, où la filtration générée par le processus d'information est élargie par la filtration de référence décrivant d'autres informations n'étant pas directement liées avec le défaut. Une attention particulière est consacrée à la classification du temps de défaut par rapport à la filtration minimale mais également à la filtration élargie. Des conditions suffisantes, sous lesquelles τ est totalement inaccessible, sont discutées, mais également un exemple est donné dans lequel τ évite les temps d'arrêt, est totalement inaccessible par rapport à la filtration minimale et prévisible par rapport à la filtration élargie. Enfin, des contrats financiers comme, par exemple, des obligations privée et des crédits default swaps, sont étudiés dans le contexte décrit ci-dessus. / In this PhD thesis the information process concerning a default time τ in a credit risk model is described by a Brownian bridge over the random time interval [0, τ]. Such a bridge process is characterised as to be a more adapted model than the classical one considering the indicator function I[0,τ]. After the study of related Bayes formulas, this approach of modelling information concerning the default time is related with other financial information. This is done with the help of the theory of enlargement of filtration, where the filtration generated by the information process is enlarged with a reference filtration modelling other information not directly associated with the default. A particular attention is paid to the classification of the default time with respect to the minimal filtration but also with respect to the enlarged filtration. Sufficient conditions under which τ is totally inaccessible are discussed, but also an example is given of a τ avoiding the stopping times of the reference filtration, which is totally inaccessible with respect to its own filtration and predictable with respect to the enlarged filtration. Finally, common financial contracts like defaultable bonds and credit default swaps are considered in the above described settings.

This thesis discusses the limits of statute of contractual obligations solely from the perspective of conflict of law rules. It is based primarily on the analysis of national conflict of law rules contained in Act No. 91/2012 Coll., On Private International Law. There are also analyzed relevant standards of the European Parliament and Council Regulation (EC) No. 593/2008 on the law applicable to contractual obligations (Rome I) and conflict of law rules in the German Initial Act to the Civil Code, as well as in the Swiss Act on Private International Law. The primary hypothesis of this work is the concept of a single contractual statute, which governes contractual relationship since the early beginning to the end. The secondary hypothesis follows the departure of German international private law from the principle of seat for the principle of incorporation. Another hypothesis explores the safeguarding of property rights once acquired, if the substantive legal facts are in the mode of the original substantive statute closed that no means no and yes means yes, but ... This work also examines the question of whether the European legislator through the unification of rules of conflict of law removed the deficiencies that resulted from the application of autonomous national conflict of law rules or...

Made available in DSpace on 2016-04-26T20:24:14Z (GMT). No. of bitstreams: 1 Rafael Marchetti Marcondes.pdf: 1161112 bytes, checksum: 4745ef914408134f883713606c3519d9 (MD5) Previous issue date: 2016-02-23 / This work aims to examine taxation on compensation received by entertainers and sportspeople for the license granted to third parties to use their image rights. Current legislation approaches the matter in a generic way, either equating the use of an image right to a simple obligation to use or to an obligation to give or even not specifically regulating the subject. Therefore, we will present an investigative method by means of which it is possible to consistently decide whether or not to levy taxes in such operations. The proposal herein is to start examining the transaction concerning the use of an image by identifying the main activity agreed in order to subsequently evaluate if such rendering implies an obligation whose legal nature is either to do or to give. The conclusion for charging or not the various taxes will result from the comparison between each tax s material aspect and the legal nature of the analyzed obligation. Notwithstanding, we aim to previously define the characteristic features of personality rights, especially image rights, in order to be able to indicate the constitutional protection provided to the image in its several aspects: social image, sole external image and group external image, differentiating them from arena rights. The purpose is also to analyze distinctive features of the image, which make it a sole and unique right, as well as its legal nature from the several theories developed by the doctrine so as to define the parameters of the image. It is only after the abovementioned definition that this work will effectively examine the compensation gained by the image rights holder. The identification of the main activities involved and their legal nature will allow one to decide on the subsumption of facts concerning the use of the images of entertainers and sportspeople to the following taxes: Municipal Tax on Services (ISS), State Tax on Distribution of Goods, Transport and Communication Services (ICMS), Income Tax (IR), Social Contribution on Net Profits (CSL), Contribution for the Social Integration Program (PIS) and Contribution for the Financing of Social Security (COFINS), Contribution for Economic Intervention Royalties (CIDE-royalties) and Import and Export Duty. By examining the taxation by Income Tax, we will also analyze the possibility of entertainers and sportspeople to constitute legal entities aiming to exploit personal rights and the situations in which it is accepted to disregard the corporate entity. Finally, the paper will address the taxation regime applicable to international transactions comprising the use of the image of those entertainers and sportspeople, in situations which the purpose is an obligation to do and in those in which the purpose is an obligation to give, in compliance with OECD Model Convention and the treaties signed by Brazil in order to avoid double taxation / O trabalho tem por objetivo examinar a tributação da contraprestação recebida por artistas e esportistas em decorrência da licença concedida a terceiros para o uso do direito sobre a sua imagem. Como a legislação existente trata do assunto de forma genérica, ora equiparando a sua utilização a uma obrigação de fazer, ora a uma obrigação de dar, ou mesmo não regulando especificamente a matéria, apresentamos um método investigativo pelo qual é possível concluir com consistência pela incidência ou pela não incidência dos tributos nessas operações. A proposta aqui trazida é a de se examinarem os negócios que envolvam a utilização da imagem a partir da identificação da atividade-fim contratada, para, posteriormente, avaliar se tal prestação consiste em uma obrigação cuja natureza jurídica é de um fazer ou de um dar. A conclusão pela cobrança ou não das espécies tributárias decorrerá do confronto da materialidade de cada uma delas com a natureza jurídica da obrigação analisada. Antes, porém, vamos fixar os traços característicos dos direitos da personalidade e, em especial, do direito de imagem, passando a apontar a tutela constitucional conferida à imagem nas suas diferentes vertentes: atributo, retrato e retrato em obras coletivas, diferenciando-as do direito de arena. Também serão analisados os traços caracterizadores da imagem, que a tornam um direito único e singular, bem como a sua natureza jurídica a partir das diversas teorias desenvolvidas pela doutrina, a fim de delinear os contornos da imagem. Somente após isso é que o estudo passará efetivamente a examinar a contraprestação auferida pelo detentor da imagem, com base na identificação das atividades-fim envolvidas e sua natureza jurídica para concluir pela sujeição ou não dos fatos envolvendo o uso da imagem de artistas e esportistas ao ISS, ao ICMS, ao IR, à CSL, ao PIS e à COFINS, à CIDEroyalties, ao Imposto de Importação e ao de Exportação. Ao se examinar a tributação pelo IR, também será analisada a possibilidade de artistas e esportistas constituírem pessoas jurídicas com a finalidade de explorar direitos personalíssimos e as situações em que se admite a desconsideração da personalidade jurídica. Por fim, o estudo abordará o regime jurídico tributário aplicável às transações internacionais envolvendo o uso da imagem de artistas e esportistas, nas situações em que o fim pretendido é um fazer e naquelas em que ele consiste em um dar, diante do disposto na Convenção Modelo OCDE e nos tratados firmados pelo Brasil para evitar a dupla tributação da renda

Locution issue du langage courant, le « train de vie » a été importée dans la sphère juridique dès la fin des années 1930 pour lutter contre la fraude fiscale. Depuis les années 1960 et surtout 2000 elle est utilisée dans toutes les branches du droit privé. Elle n’a pourtant reçu aucune définition. Partant de ce constat, la première partie de cette thèse s’intéresse au contenu juridique de la notion de train de vie. Elle y est définie comme la jouissance, à titre habituel d’une certaine quantité de biens et de services, caractérisant à la fois un niveau de vie et une habitude de vie. Il ressort de cette définition que tant les biens que les services peuvent être le support du train de vie, que cette notion s’apprécie en jouissance et non en propriété et qu’une condition de durée doit être remplie. La seconde partie de cette thèse s’intéresse aux effets qui sont attachés au train de vie. Il est toujours utilisé en tant que point de référence mais n’est pas toujours invoqué par la même personne. Ainsi, le train de vie peut être soit opposé à son bénéficiaire par un tiers, soit opposé par son bénéficiaire à un tiers. Dans le premier cas, il est un point de référence permettant d’identifier une disproportion, à laquelle sont attachées des conséquences juridiques néfastes pour le bénéficiaire du train de vie. Dans le second cas, il sert de point de référence pour apprécier et traiter une situation de rupture patrimoniale. Caractérisant une situation économique habituelle, le train de vie est doté d’une certaine inertie,qui nécessite qu’il ne soit pas arrêté brutalement. Il est alors de nature à conférer des droits à son bénéficiaire. / An expression usually found in everyday language, the « train de vie », or standard of living, wasbrought into the legal sphere as early as the late 1930’s in a bid to fight fiscal fraud. Since the 1960’s, and evenmore so since the 2000’s, it is found in all branches of private law. It has, however, never been defined.Therefore, the first part of this thesis looks into the legal content of the idea of « train de vie ». It is definedhere as the enjoyment of a certain quantity of goods and services that has come to be the habitual, markingboth a standard of living and a life habit. This definition of the expression leads to the conclusion that as goodsand services can support of the « train de vie », this is a notion that is to be assessed in enjoyment and not inpropriety, and that a condition of length of time is to be fulfilled. The second part of this thesis focuses on theeffects attached to the « train de vie ». It is still used as a reference point but not always invoked by the sameperson. Therefore, the “train de vie” can either be set against it’s beneficiary by a third party, or by it’sbeneficiary against a third party. In the first case, it becomes a point of reference allowing to identify a lack ofproportion, unto which are attached legal consequences unfavorable to the beneficiary of the « train de vie ».In the second case, it serves as a point of reference to asses and deal with a situation of a patrimonial break.Charaterizing a habitual economic situation, le “train de vie” is endowed with a measure of inertia, whichrequires that it not by stopped suddenly. It is thusfore of a nature to create rights for it’s beneficiary.