Infrastructure—communications, energy, transport, waste, and water networks—is critical for economic activity and social well-being. Practitioners, politicians, and economists advocate high levels of investment in infrastructure under the rubric of 'planning for growth' (or the 'push' paradigm). This paradigm relies on complex public-private arrangements in the name of public interest. These seemingly reasonable arrangements are, however, not delivering their promise. Evidence shows that the needs of infrastructure users in rich and poor countries are not being met, many private providers of infrastructure earn rich returns, assets are rarely built in time or on budget, and there is tremendous waste in the operation of many infrastructure industries. No other sector could survive the profligacy and slack common in infrastructure. I distil the following primary propositions of the accepted wisdom, which is inspired by mainstream economics: First, infrastructure assets necessarily entail high sunk costs and large economies of scale. Consequently, assets last for very long periods of time, and they cannot be readily moved. Second, infrastructure outputs are homogeneous. Third, one network fits all users (large and small). Fourth, infrastructure users, even large ones, are likely to have weak bargaining power in procurement of infrastructure outputs. I challenge these four propositions of the conventional wisdom by putting forward alternative hypotheses. First, instead of being monolithic and costly, infrastructures can be assembled (and disassembled) as flexible modules for specific users in specific places. Drawing on option pricing theory in quantitative finance, I recast infrastructures as 'portfolios of real options'. Second, infrastructure outputs are, in fact, heterogeneous and differentiated services. Third, one infrastructure network cannot fit all users, either today or in the future. Users are remarkably heterogeneous, not only in terms of unique user preferences but also in terms of spatial location. Infrastructure networks need to evolve in tandem with user needs or risk spatial, temporal, and relational obsolescence. Finally, users, large and small, are adept at exerting strong bargaining power in procuring infrastructure both prior to and after rendering durable and immobile investments. Users also strategically deploy intermediaries, e.g. futures and Over-the-Counter (OTC) exchanges, and real estate developers, to negotiate private contracts for infrastructure services. These findings are supported by two case studies. The first case study details the process by which ThyssenKrupp, a large steel company, bargained for its infrastructure by locating to a manufacturing site in the U.S. The second case study focuses on residents of Lavasa, one of the largest property developments in India. Here, small users of infrastructure exert strong bargaining power with the aid of intermediaries—the real estate developer and the property asset manager. New departures in infrastructure provision are urgently needed at a practical level. Poor investments rendered today—particularly if costly, inflexible, and durable—will suffocate tomorrow’s possibilities. The spatial, temporal, and relational approach proposed in this dissertation begins to offer an alternative account of how tomorrow can be modularly shaped.

Background Based on the gathered data from the previous pilot study and the results of this study we proceeded to the following study which is being focused on the surveillance of the age group 50 - 64 years in the area of prescribed opioid analgesics. Alongside with this, we explored in what possible combinations the medications can be used by the chronic pain patients in the current moment. Methods The base of the research was the qualitative study which was performed by the half-structured deep interview with the participants from the chronic pain patients. The interviews were carried out during the year 2011. Within the main study were pursued two quantitative substudii during the January and March 2012. The first study was focused on the questionnaire survey about the number of the chronic pain patients in the Czech Republic. The second substudy followed the chronic pain patients and their influence by the environmental conditions with the help of the questionnaire in case of the combinations among the prescribed opioid analgesics with alcohol or non-alcohol addictive drugs. Results Half-structured interviews were carried out with 20 participants and with the help of this tool were gathered data pointing out the increasing trend in non-medical use of opioid analgesics and increasing interest...

Tooth-whitening or tooth-bleaching has become an integral part of modern dental practice. Today, a large number of whitening products are available on the market which are commonly categorized into dentist-supervised home bleaching, in-office bleaching and over-the-counter bleaching products according to their mode of application. This thesis looks into safety and efficacy of various tooth-whitening products and methods.

Tooth-whitening or tooth-bleaching has become an integral part of modern dental practice. Today, a large number of whitening products are available on the market which are commonly categorized into dentist-supervised home bleaching, in-office bleaching and over-the-counter bleaching products according to their mode of application. This thesis looks into safety and efficacy of various tooth-whitening products and methods.

Themes my diploma is ,,Bonds trading on the capital market in the Czech Republic``. In introductory part of my thesis I deal with theoretic summary and functioning of capital market, regulation and supervision of capital market and individual subjects acting in this market. In more detail I deal with describeing the Prague Stock Exchange and company RM-System. I further define conception the bond and I describe long bonds, theirs basic kinds and conceptions used in the bonds. I also allude to series of different kinds of the bonds, that the offer on the international markets. Next part of my thesis is aimed to describe the development of the Czech market of bonds. I analyze the development of bonds trading in the last of several years on the regulated markets and the OTC-markets in the Czech Republic. In the close of my thesis I analyze the development of bonds trading on the Czech market of bonds in comparasion with Slovakian, Polish and Hungarian markets. This analysis was take in on comparision of the Stock Exchange of chosen countries.

In South Africa, over-the-counter (OTC) bond options may be used in order to either hedge or speculate. However, since 2001, this market deteriorated significantly. The current research assessed the role of the local bond option market, reasons for the deterioration of the South African OTC bond option market, and how this bond option market could possibly be restored as a primary hedging instrument. The opinions of individuals operating in this market were obtained using a questionnaire. In the opinion of the respondents, wide bid–offer spreads, regulatory interferences and poor participation within this market caused market deterioration. The market could be restored as a hedging instrument if effective market integration exists, interbank trading regularly takes place, liquidity was enhanced, transparency increased and investor knowledge improved. Future research could focus on regulatory transformation, the types of derivatives used for hedging, and an assessment of appropriate continuous professional development interventions for investors. / Business Management / M. Com. (Business Management)

Philosophiae Doctor - PhD / Tooth-whitening or tooth-bleaching has become an integral part of modern dental practice. Today, a large number of whitening products are available on the market which are commonly categorized into dentist-supervised home bleaching, in-office bleaching and over-the-counter bleaching products according to their mode of application. This thesis looks into safety and efficacy of various tooth-whitening products and methods. / South Africa

The thesis addresses the analysis of the marketing mix in the pharmaceutical industry with a detailed focus on the promotion and communication channels of the prescription drug. The aim is to help a company with a control and optimization of the communication strategy so that it is adapted to the new trends. The differences between the prescription drug and the over-the-counter drug in the aspects of communication, promotion and the role of branding is drawn. Several methods such as analysis, description and marketing research are used. The thesis is divided into five main chapters.

在金融市場國際化之趨勢下，各國金融交易參與者極可能受到跨國破產事件的影響。同時，受到金融創新潮流的驅使，非傳統金融工具的商業活動亦構成金融市場重要環節之一，從而探討破產法制對於非傳統金融交易契約之處理方式，實有其重要性。本文以店頭衍生性金融交易市場以及所選取案例為中心，探討跨國破產事件相關議題，包括破產法制對於店頭衍生性金融交易所給予的特殊規定（或在破產法制下承認提前終止與淨額結算條款之效力，以下均統稱為「破產法特殊規定」），以及相關跨國破產事件之可能處理模式或合作途徑。 本文以國內外學術文獻、法院見解之整理為基礎，進行法學分析，並輔以金融實務觀點進行研究，於各相關部分同時探討我國法制。本文分為七章，內容簡介如後。 首先，於第一章說明研究動機、目的、研究方法與架構，同時也限定研究範圍。又因跨國破產事件具多樣性與複雜性，為使本文討論範圍明確與聚焦，故於第二章先行提出具體跨國破產事件之美國與英國案例及其爭議問題，並以其做為本文探討中心與範圍，探討內容即包含破產法制涉及店頭衍生性金融交易之規範實體面議題，以及跨國破產事件處理方式之程序面議題。後續章節將陸續探討上開問題。 第三章簡介店頭衍生性金融交易，以及說明其常見契約結構、相關法律問題。本章同時介紹「單一主契約模式」與「提前終止與淨額結算條款」之概念，學者及實務工作者有謂上開契約條款之功能，包含避免於破產程序中破產管理人選擇性履行或拒絕契約、降低交易對手信用風險、提升未違約方之再避險可能性、減少銀行業之資本計提成本、降低系統性風險等，而其中最具爭議性的降低系統性風險功能，也是目前全球多國破產法制承認提前終止與淨額結算條款具有效性的重要理由之一。本章著重於顯示店頭衍生性金融交易之當事人約定事項與破產法制間之關聯性，此屬於破產法制之規範實體面議題，以便於次一章接續介紹外國破產法制之相關具體內容。本章內容與後續各章均有密切關聯，故有說明之必要。 第四章先說明破產法制之一般原則，再分別於美國、英國、歐盟、日本、以及我國法制下，觀察破產法制對於店頭衍生性金融交易之例外規定（或在破產法制下承認提前終止與淨額結算條款之效力），著重於說明破產法制立法或承認「提前終止與淨額結算條款」效力之現況，並參考外國文獻探討其立法理由是否具有充足正當性，以及其規定是否有修訂或調整之必要。相對於第三章彙整學說及實務觀點以說明「提前終止與淨額結算條款」之功能，本章則援引外國文獻對破產法制立法或承認「提前終止與淨額結算條款」效力之批評，並做出該條款效力於破產法制中至少應調整為受有一定限制之結論，也就是訂有交易提前終止權之暫時凍結期間、於具系統重要性金融機構清理程序中適用股東與債權人共同承擔損失機制、交易雙方善意無偏頗等，以及在我國法制下亦宜採取同等看法。本章最後分析本文第二章案例在破產法制下之實體面問題，同時也藉此試行探討「提前終止與淨額結算條款」在破產法制下的效力範圍以及第二章案例合成型債務抵押債券交易中有關「序位轉換條款」之效力爭議。本文認為美國破產法院、英國法院係分別各自依其破產法制與公共政策對「序位轉換條款」做出效力判斷，各具實體理由；以及「序位轉換條款」在我國法制下應屬有效。 第五章在本論文題旨範圍內，先說明2007年-2009年金融危機後，二十國集團（G20）所提出的國際性指導建議，之後擇要介紹美國與歐盟依循上開建議，對於店頭衍生性金融交易市場所採行的金融改革法規，包含（但不限於）交易執行平台、集中清算、交易資料之申報、對未集中清算交易加強徵提擔保品等管理措施；此外，在跨國交易監理層面上，簡要介紹替代遵循之概念。本章並說明以上規範與跨國破產事件之關係。本章在整體研究架構上的功能有二，一方面是做為第四章破產法規範實體面議題與第六章跨國破產法制程序面議題之連結，也就是觀察美國及歐盟金融改革法令對第四章所述破產法特殊規定之影響，以及金融改革法案所對應第六章目前國際金融市場之實務發展趨勢以及特殊清理架構下之相關規定。另一方面，相對於第六章係探討發生跨國破產事件時之程序處理模式，第五章則是從破產事件發生前之前階段觀察，藉由事前建構市場監理措施及規劃，以期促進跨國破產事件發生時之處理效能。 第六章探討跨國破產事件處理方式之程序面議題。先敘明跨國破產立法所採行的基礎原則理論，包含普及原則、屬地原則、修正式普及原則、現代化屬地原則；同時簡要介紹相關跨國破產法制。繼而說明金融穩定理事會 （FSB）相關建議，以及觀察近期國際金融實務發展。之後，綜結第四章至第六章之內容，按跨國破產事件之實體面議題與程序面議題，對於涉及店頭衍生性金融交易之跨國破產事件，說明本文在相關立法論或處理合作模式層面上所採取之立場。最末，分析本文第二章案例之程序處理問題。 最後，第七章就本論文探討範圍以及第二章所提出之問題，進行總結論，並試行對我國金融市場參與者提出相關建議。 / Abstract Due to globalization of financial markets, it is hard for market participants to avoid the impact arises from cross-border insolvency events. With the trend of financial innovation, non-traditional financial instruments become an important role in financial markets, and it’s necessary to understand the treatment of these instruments under insolvency law systems. This thesis discusses specific legal issues with regard to cross-border insolvency events in over-the-counter (OTC) derivatives financial markets with focus on the relevant cases selected, including the special treatment of OTC derivatives under insolvency law systems and the potential procedures or coordinate ways to deal with the cases. Based on and reference to research of academic papers and court decisions, this thesis discusses issues through legal analysis supplemented with views of financial practice. The relevant parts are also discussed under Taiwan’s law system. This thesis proceeds in 7 chapters briefly described as follows. Chapter 1 explains the objective, purpose, and fundamental structure together with the method used of this thesis. Assumptions and Confines of this thesis are also described in this chapter. Given diversity and complexity of cross-border insolvency events, Chapter 2 attempts to present actual cases for discussion in order to providing the scope and focuses of this thesis. Key finding of the presented cases includes substantive legal issues of insolvency laws applied to OTC derivatives transactions and procedural legal issues of dealing with cross-border insolvency events. Matters aforementioned will be addressed in further chapters. Chapter 3 describes the basic understanding of OTC derivatives and the legal elements of participants’ transaction contracts in market practice. This chapter also describes the concepts of “the single agreement approach” and “close-out netting provisions”. As academic opinions and practical views mentioned, close-out netting provisions encompass the functions of eliminating the risk of “cherry-picking” by a liquidator in the insolvency proceeding, minimizing counterparty credit risk by calculating exposures on a net basis, promoting the possibility of re-hedging transactions, applying lower capital requirements by regulators to refer to netted transactions for bank industry, and reducing systemic risk in the financial system. Insolvency law systems which allow the effectiveness of close-out netting provisions heavily rationalize the legislation as being founded on preventing the threat of systemic risk. While some academic papers argue that the rationalization on the basis of reducing systemic risk is unconvincing or unnecessary for reasons. Chapter 3 primarily concerns the connections between OTC derivatives contracts and insolvency law systems, in the dimension of substantive legal issues. What addressed in this chapter is highly connected with the subsequent chapters. Chapter 4 describes the general principles of insolvency laws at first, and then observes the exclusions of OTC derivatives transactions under insolvency law systems of U.S., UK, EU, Japan and Taiwan respectively, focusing on issues respecting of validity and enforceability of close-out netting provisions. Compared with Chapter 3 which describes the functions of close-out netting stated by advocators, this chapter illustrates challenges or arguments posed by academic papers with different views. Reference to the relevant academic opinions, this thesis considers that the effectiveness of close-out netting provisions shall, at least, be subject to restrictions to a reasonable extent, such as temporary stays on early termination rights as well as on enforcement rights of security interests, application of the bail-in tool in SIFIs’ resolution procedures, and each party’s good faith. The aforesaid views are also proposed to be referenced by Taiwan’s law regime in the future. In the end of this chapter, it analyzes the cases presented in Chapter 2 within the scope of substantive issues of insolvency laws, and concludes that both U.S. bankruptcy court’s ruling and UK courts’ decisions on the flip clause embedded in CDO instruments are correct respectively pursuant to their own insolvency laws and public policies. In addition, this thesis is in the opinion that the flip clause shall be effective under Taiwan’s current insolvency law system. Chapter 5 will first describe the international guidelines suggested by G20 after 2007-2009 financial crisis. It will then go on to introduce the financial regulatory reforms adopted by U.S. and EU following G20’s guidelines, including the mandatory requirements for trading on the regulated platforms, clearing through a central counterparty (CCP), reporting to a trade repository (TR), and exchanging margins for non-centrally cleared OTC derivative transactions. Besides, the concept of substituted compliance is briefly explained herein for implementing the regulatory regimes to cross-border activities. Chapter 5 also observes the connections between the aforesaid regulatory reforms and cross-border insolvency events. Under the structure of this thesis, substantive legal issues in Chapter 4 and procedural legal issues in Chapter 6 are bridged by Chapter 5. While Chapter 6 emphasizes on ex post measures to handle cross-border insolvency events, this Chapter 5 considers ex ante measures that monitor and supervise OTC derivatives markets and that also have been expected to promote ex post measures in case. Chapter 6 addresses the procedural aspects while dealing with cross-border insolvency cases. First, the theoretical principles for cross-border insolvency law are explained, including universality, territoriality, modified universality and modern territoriality. It herein also introduces legislative regimes in relation to UNCITRAL Model Law on Cross-Border Insolvency and some jurisdictions’ international insolvency laws. Second, it turns to suggestions made by FSB. Third, the recent international trend in market practice is observed. Then, section 4 of this Chapter proposes framework of regulatory aspects and cooperation arrangements to process cross-border insolvency events, comprehensively in the substantive and the procedural dimensions. Lastly, it analyzes the cases presented in Chapter 2 within the scope of procedural issues of insolvency laws. Chapter 7 summaries conclusions on this thesis and on issues raised in Chapter 2. This final Chapter also tries to provide suggestions to our financial market participants in Taiwan.

Suite à la crise financière de 2008 les pays du G20 se sont interrogés sur la transparence des marchés, la stabilité du système et une façon de réguler les risques posés par le nouvel environnement économique. Les produits dérivés de gré à gré ont été identifiés et des engagements ont été pris en faveur de nouvelles régulations des dérivés de gré à gré et la gestion des risques sous-jacents. Les régulateurs ont donc adopté chacun à leur tour un cadre législatif régulant les dérivés de gré à gré tout en déployant un effort international d'harmonisation et de reconnaissance des contreparties assujetties à des régimes équivalents. Les autorités canadiennes en valeurs mobilières ont publié des projets de règlements. Nous nous interrogerons sur ce nouveau cadre réglementaire des dérivés de gré à gré élaboré par les autorités canadiennes en valeurs mobilières, prenant en considération les spécificités canadiennes et les acteurs actifs sur leur territoire. Notre étude traite de ces projets de règlements et de la difficulté d'encadrer les marchés des dérivés de gré à gré qui par définition ne comportent pas de plateformes de négociation ou de lieu géographique et de frontières mais se caractérisent surtout par le lien contractuel entre les parties et l'identification de ces parties. L'élaboration d'un nouveau cadre pour les dérivés de gré à gré qui régule les transactions transfrontières semble très délicat à traiter et les possibles conflits et chevauchements de lois seront inévitables. Confrontés à des définitions divergentes de contreparties locales, les parties à une opération seront condamnées à un risque de qualification en vertu des règlements nationaux sur les dérivés de gré à gré. Une concertation pourrait être renforcée et la détermination de l'autorité compétente ainsi que les concepts de contreparties locales, succursales ou filiales pourraient être harmonisés. / Having in mind the 2008 financial crisis the G20 countries have questioned the transparency of the markets, the stability of the system and explored new solutions in order to control the risks triggered by a new economic environment. OTC derivatives have been identified and commitments were made in favor of new regulations of OTC derivatives and the management of the underlying risks. Regulators have therefore adopted in turn a legislative framework regulating OTC derivatives while deploying an incentive for international harmonization and recognition of counterparties subject to equivalent schemes. Canadian Securities Administrators have issued proposed regulations. We wonder how the Canadian Securities Administrators have developed this new regulatory framework for OTC derivatives, taking into consideration the Canadian specificities and the local activities of the Canadian actors? Our study addresses these draft regulations and the difficulty to supervise OTC derivatives which in the past, were not traded via platforms, recorded or related to a geographic location but mainly characterized by the contractual relationship between the parties. The development of a new framework for OTC derivatives which will regulate cross-border transactions seem very difficult to deal with and possible conflicts and overlapping laws are inevitable. Faced with different definitions of local counterparts, the parties to a transaction will be condemned to a risk of qualification under national regulations of OTC derivatives. A dialogue shall therefore be strengthened and the determination of the competent authority and clarification of the local counterparts concepts, branches or subsidiaries shall be harmonized.