Ventilator-associated pneumonia (VAP) is the most common healthcare-associated infection in the intensive care unit, resulting in a high burden of illness, mortality and increased cost. The literature around the cost-effectiveness of probiotics in prevention of health-care associated infections has not been previously well-described, and a definitive health economic evaluation alongside a well-designed randomized control trial assessing probiotic prophylaxis has not been previously performed. This thesis consists of 3 separate manuscripts (with 2 published in peer-reviewed journals and 1 pending). The theme of this thesis was to: (1) describe the literature about the cost-effectiveness of probiotics in hospitalized patients in preventing healthcare-associated infections; (2) design a protocol for an economic evaluation alongside a randomized control trial (RCT) examining probiotic prophylaxis of VAP; and then (3) perform and analyze the health economic evaluation presented in the protocol. The first component of this thesis is a systematic review of probiotic prophylaxis of healthcare-associated infections in hospitalized patients. We performed an extensive search including multiple databases which found 7 studies. Probiotics demonstrated favourable cost-effectiveness in 6 of 7 (86%) economic evaluations, with 3 studies being manufacturer-supported, all suggesting cost-effectiveness. Certainty of cost-effectiveness evidence was very low due to risk of bias, imprecision and inconsistency using the GRADE approach. Hence further RCTs with economic evaluations were stated as a solution. The second component of this thesis is a study protocol for an economic evaluation alongside the Probiotics to Prevent Severe Pneumonia and Endotracheal Colonization Trial (PROSPECT), which assessed the efficacy of probiotic prophylaxis in the prevention of healthcare-associated infections (specifically VAP). The third component of this thesis is the cost-effectiveness analysis performed utilizing the individual patient data from PROSPECT to produce the economic evaluation (E-PROSPECT). As of the date of thesis submission, PROSPECT is still pending publication, and hence E-PROSPECT is also pending analysis and publication. However, I have prepared a draft manuscript (along with figures and tables) that will be produced at the conclusion of E-PROSPECT for thesis committee review. / Thesis / Master of Health Sciences (MSc) / Ventilator-associated pneumonia (VAP) is the most common healthcare-associated infection in the intensive care unit, resulting in a high burden of illness, mortality and increased cost. The literature around the cost-effectiveness of probiotics in prevention of health-care associated infections has not been previously well-described, and a definitive health economic evaluation alongside a well-designed randomized control trial assessing probiotic prophylaxis has not been previously performed. This thesis consists of 3 separate manuscripts (with 2 published in peer-reviewed journals and 1 pending). The theme of this thesis was to: (1) describe the literature about the cost-effectiveness of probiotics in hospitalized patients in preventing healthcare-associated infections; (2) design a protocol for an economic evaluation alongside a randomized control trial (RCT) examining probiotic prophylaxis of VAP; and then (3) perform and analyze the health economic evaluation presented in the protocol. The first component of this thesis is a systematic review of probiotic prophylaxis of healthcare-associated infections in hospitalized patients. We performed an extensive search including multiple databases which found 7 studies. Probiotics demonstrated favourable cost-effectiveness in 6 of 7 (86%) economic evaluations, with 3 studies being manufacturer-supported, all suggesting cost-effectiveness. Certainty of cost-effectiveness evidence was very low due to risk of bias, imprecision and inconsistency using the GRADE approach. Hence further RCTs with economic evaluations were stated as a solution. The second component of this thesis is a study protocol for an economic evaluation alongside the Probiotics to Prevent Severe Pneumonia and Endotracheal Colonization Trial (PROSPECT), which assessed the efficacy of probiotic prophylaxis in the prevention of healthcare-associated infections (specifically VAP). The third component of this thesis is the cost-effectiveness analysis performed utilizing the individual patient data from PROSPECT to produce the economic evaluation (E-PROSPECT). As of the date of thesis submission, PROSPECT is still pending publication, and hence E-PROSPECT is also pending analysis and publication. However, I have prepared a draft manuscript (along with figures and tables) that will be produced at the conclusion of E-PROSPECT for thesis committee review.

Urbanisierungsprozesse beeinflussen die Funktionen natürlicher Ökosysteme signifikant. Bereitgestellte ökosystemare Leistungen unterliegen Veränderungen, die direkt die Lebensbedingungen des Menschen beeinflussen. Funktionale Freiflächen mit Baum- und Gehölzbeständen sind wichtige Bestandteile urbaner Ökosysteme und lindern lokal Einflüsse der Urbanisierung. Die Umweltbedingungen in der Stadt weichen von den natürlichen ab und mindern die Funktionsfähigkeit der Bäume. Gegenüber etablierten, terrestrischen Untersuchungen des Baumzustands ermöglicht die Fernerkundung räumlich und zeitlich flexible Vitalitätscharakterisierungen. In dieser Dissertation wird ein fernerkundlicher Ansatz zur Baumzustandserhebung erarbeitet. Bei Nutzung hyperspektraler Bilddaten werden biophysikalische und strukturelle Baumparameter mit dem quantitativen Ansatz der Strahlungstransfermodellierung (RTM) abgeleitet. Schwerpunkt dieser Arbeit war die Adaption der RTM auf einzelne Bäume. Hierzu wurden drei Anpassungen vorgenommen: die Korrektur höhenbedingter Bildpunktversätze, die Selektion von Bildelementen und die Nutzung eines geometrisch-optischen Modells, um Einflüsse der Kronentopographie zu korrigieren. Eine Validierung der Modelle und abgeleiteter Parameter basierte auf umfangreichen Geländeerhebungen. Beispielhaft wurde die weißblühende Rosskastanie, eine Hauptbaumart Berlins, untersucht. Ein Modelltest zeigte die Eignung der modifizierten RTM, die optischen Eigenschaften von Kastanien zu modellieren. Mit einer Sensitivitätsanalyse wurde der Einfluss spezifischer Baumeigenschaften auf die Modellergebnisse quantifiziert, was die Optimierung des Verfahrens ermöglichte. Durch Invertierung der Modelle konnten die vitalitätsrelevanten Parameter Chlorophyll- und Wassergehalt realistisch abgeleitet und in ein Baumkataster eingebunden werden. Damit leistet diese Dissertation einen Beitrag, das thematische Spektrum verfügbarer Biogeodaten zur Untersuchung stadtökologische Prozesse zu erweitern. / Urbanisation affects natural ecosystems functions significantly. This leads to changes in ecosystem services which are directly linked to human living conditions. Functional open spaces, especially when covered with wood and trees, are a major component of urban ecosystems and lessen the impact of urbanisation. Environmental conditions of urban areas are fare away from non urban, natural ones. The functionality of trees decreases as a consequence of these unfavourable conditions. In comparison to terrestrial surveys, remote sensing enables spatially and temporally flexible descriptions of tree vitality. In the present work a remote sensing based approach to investigate conditions of urban trees was developed. Radiative transfer models (RTM) were used to derive biophysical and structural parameters from hyperspectral data. In order to adapt the modelling approach to single trees three modifications were made: a) the correction of pixel shifts due to the height of trees and non-nadir view angles of the sensor; b) the selection of spectrally pure pixels; c) the correction of albedo effects induced by crown geometry. A detailed validation of the models and the estimated parameters is performed based on data of an extensive ground survey. Being one of Berlin’s main tree species, the horse chestnut (lat. Aesculus hippocastanum) was exemplary investigated. An Evaluation of the modified RTM showed that they are able to model the optical properties of chestnut canopies. A sensitivity analysis was performed to quantify the impact of tree specific effects on the results of the modelling approach. The findings allowed an optimization of the method. Vitality parameters such as chlorophyll and water content could be realistically estimated by model inversion. Results were finally linked to an existing cadastral system. Results from this work help widen the thematic spectrum of environmental biogeodata applications and investigating multiple processes of urban ecology.

Several misconceptions show up when learners answer questions on Chemical Equilibrium during examinations. Literature from other researchers shows similar trend of misconceptions (Johnstone, 2000; Morais, Paiva and Barros, 2007; Adesoji and Babatunde, 2008) for example, ‘apply pressure to the reactants’ (Johnstone, 2000). This shows that Chemistry has no meaning to these learners and they end up with misconceptions as they try to memorise facts in order to pass examinations. Learners are taught before writing these examinations, but how are they taught the concepts of Chemical Equilibrium? A descriptive approach was used on an exploratory survey conducted in Thohoyandou Cluster among Physical Science (Chemistry) FET band Educators. Cluster sampling of 40 educators from 18 randomly sampled schools responded to questionnaires. Five ‘well experienced’ educators who have been producing ‘good’ results at Grade 12 NSC examinations and two Physical Sciences subject advisors were interviewed. Using Spearman Brown Split-Half statistical method a 0,891 reliability coefficient was obtained. Research results show lack or under utilisation of laboratory equipment, teaching strategies which promote rote learning. Lack of confidence of educators due to deficiency in topic content knowledge and pedagogical skills which promote conceptual understanding were identified. Problem of English language leading to communication breakdown between educator-learners and between learner-subject leading to emergency of knowledge gaps in learners. Educators consider professional development through re-training and workshops on subject content matter and teaching strategies as the way forward to improve the quality of teaching. Topic specific PCK focusing on problem-solving strategy was recommended as a means to increasing educators’ efficiency in teaching and enhance learners’ comprehension and achievement in Physical Science. / Science and Technology Education / M. Sc. (Mathematics, Science and Technology Education (Chemistry Education))

The purpose of this research was to explore the effects of small monetary or economic gains and/or losses on choice behavior through the use of a computerized game and to determine gain/loss ratio differences using both behavioral and electrophysiological measures. Participants (N=53) played the game in several 36 minute sessions. These sessions operated with concurrent variable-interval schedules for both rewards and penalties. Previously, asymmetrical effects of gains and losses have been identified through cognitive studies, primarily due to the work of nobel laureates Daniel Kahneman and Amos Tversky (1979). They found that the effect of a loss is twice (i.e., 2:1) that of a gain. Similar results have been observed in the behavioral laboratory as exemplified by the research of Rasmussen and Newland (2008), who found a 3:1 ratio for the effect of losses versus gains. The asymmetry of gains and losses was estimated behaviorally and through event-related brain potentials (ERPs) and the cognitive (Kahneman and Tversky) and behavioral (Rasmussen and Newland) discrepancy elucidated. In the game, the player moves an animated submarine around sea rocks to collect yellow coins and other treasures on the sea floor. Upon collecting a coin, one of three things can happen: The player triggers a penalty (loss), the player triggers a payoff (gain), or there is no change. The behavioral measures consisted in counting the number of clicks, reinforces, and punishers and then determining ratio differences between punished (loss) and no punished condition (gain) conditions. The obtained gain/loss ratio corresponded to an asymmetry of 2:1. Similarly ratio differences were found between male and female, virtual money and cash, risk averse versus risk seeking, and generosity versus profit behavior. Also, no ratio difference was found when players receive information about other player's performances in the game (players with information versus players without information). In electroencephalographic (EEG) studies, visual evoked potentials (VEPs) and ERPs components (e.g., P300) were examined. I found increased ERP amplitudes for the losses in relation to the gains that corresponded to the calculated behavioral asymmetry of 2:1. A correlational strategy was adopted that sought to identify neural correlates of choice consistent with cognitive and behavioral approaches. In addition, electro cortical ratio differences were observed between different sets of electrodes that corresponded to the front, middle, and back sections of the brain; differences between sessions, risk averse and risk seeking behavior and sessions with concurrent visual and auditory stimuli and only visual were also estimated.

Esta tesis se compone de dos partes separadas y sin relación entre ellas. El primer capítulo, coautorado con el Profesor Greg Barron, es un experimento en toma de decisiones individuales. Este capítulo se construye a partir de una literatura creciente, que enfatiza el siguiente punto: cuando aprendemos las probabilidades y los resultados de una lotería a través de la experiencia en vez de la descripción visual del problema -un prospecto- entonces tomamos decisiones como si estuviéramos devaluando eventos poco probables. Esto contrasta con el fenómeno bien conocido de que las probabilidades pequeñas suelen sobrevaluarse cuando se toman decisiones a partir de prospectos. Nuestro trabajo contribuye a la literatura dando fuerza al punto mencionado frente a algunas críticas. En particular, nosotros encontramos que la devaluación sobrevive la eliminación de un problema de muestreo que afectaba trabajos anteriores y está correcto en el nuestro. Encontramos tambi´en que hay devaluación de probabilidades pequeñas vii en toma de decisiones al mismo tiempo que sobrevaluación en juicio sobre las mismas probabilidades. Este útimo resultado no puede ser explicado. El segundo capítulo introduce una nueva teoría de integración vertical a partir del hecho de que aumentar el poder contractual de una empresa es citado muy a menudo como una razón para integrarse verticalmente con los proveedores. En mi modelo las empresas se integran para ganar poder contractual hacia proveedores no integrados en la cadena productiva. El coste de la integración es una pérdida de flexibilidad a la hora de escoger los proveedores más apropiados para un particular producto final. Muestro como las empresas que tienen inversiones más específicas en el proceso productivo tienen un ayor incentivo a integrarse. La teoría presentada permite explicar numerosos hechos estilizados como el efecto del desarrollo financiero sobre la estructura vertical de las empresas, la evolución que se observa de inversión extranjera directa a outsourcing en el comercio internacional, la conexi´on entre ciclo de vida del producto y la estructura vertical, etc. / This thesis is composed of two separate, unrelated chapters. Chapter I, coauthored with Greg Barron, is an experiment in individual decision making. It builds on a small and growing literature which makes the following point: whenever we learn the odds and outcomes of a binary choice problem through experience rather than from a visual description -a prospect- then we take decisions as if we were underweighting rare events. This is in contrast to the well known phenomenon of overweighting rare events in prospect based decisions. Our work contributes to the literature by strengthening this finding in the face of earlier criticism. In particular we find that the underweighting is robust to the elimination of sampling bias which affected previous studies and is absent from ours. We also find that underweighting in choice happens at the same time as overweighting in probability judgment. This remains unexplained. Chapter II introduces a new theory of vertical integration building on the fact that improving a company's bargaining position is often cited as a chief motivation to vertically integrate with suppliers. In my model firms integrate to gain bargaining power against other suppliers in the production process. The cost of integration is a loss of flexibility in choosing the most suitable suppliers for a particular final product. I show that the firms who make the most specific investments in the production process have the greatest incentive to integrate. The theory provides novel insights to the understanding of numerous stylized facts such as the effect of financial development on the vertical structure of firms, the observed pattern from FDI to outsourcing in international trade, the connection between product cycle and vertical structure, etc.

L’interaction homme-robot est un domaine qui en est encore à ses balbutiements.Les développements se sont avant tout concentrés sur l’autonomie et l’intelligence artificielle et doter les robots de capacités avancées pour exécuter des tâches complexes. Dans un proche avenir, les robots développeront probablement la capacité de s’adapter et d’apprendre de leur environnement. Les robots ont confiance, ne s’ennuient pas et peuvent fonctionner dans des environnements hostiles et dynamiques - tous des attributs souhaités à l’exploration spatiale et aux situations d’urgence ou militaires. Ils réduisent également les coûts de mission, augmentent la flexibilité de conception et maximisent la production de données. Cependant, lorsqu’ils sont confrontés à de nouveaux scénarios et à des événements inattendus, les robots sont moins performants par rapport aux êtres humains intuitifs et créatifs (mais aussi faillibles et biaisés). L’avenir exigera que les concepteurs de mission équilibrent intelligemment la souplesse et l’ingéniosité des humains avec des systèmes robotiques robustes et sophistiqués. Ce travail de recherche propose un cadre formel, basé sur la théorie de jeux, pour une équipe de drones qui doit coordonner leurs actions entre eux et fournir à l’opérateur humain des données suffisantes pour prendre des décisions « difficiles » qui maximisent l’efficacité de la mission, selon certaines directives opérationnelles. Notre première contribution a consisté à présenter un cadre décentralisé et une fonction d’utilité pour une mission de patrouille avec une équipe de drones. Ensuite, nous avons considéré l’effet de cadrage, ou « framing effect » en anglais, dans le contexte de notre étude,afin de mieux comprendre et modéliser à terme certains processus décisionnels sous incertitude.Ainsi, nous avons réalisé deux expérimentations avec 20 et 12 participants respectivement. Nos résultats ont révélé que la façon dont le problème a été présenté (effet de cadrage positif ou négatif), l’engagement émotionnel et les couleurs du texte ont affecté statistiquement les choix des opérateurs humains. Les données expérimentales nous ont permis de développer un modèle d’utilité pour l’opérateur humain que nous cherchons à intégrer dans la boucle décisionnelle du système homme-robots. Enfin, nous formalisons et évaluons l’ensemble du cadre proposé où nous "fermons la boucle" à travers une expérimentation en ligne avec 101 participants. Nos résultats suggèrent que notre approche permet d’optimiser le système homme-robots dans un contexte où des décisions doivent être prises dans un environnement incertain. / Human-robot interaction is a field that is still in its infancy. Developments havefocused on autonomy and artificial intelligence, and provide robots with advanced capabilitiesto perform complex tasks. In the near future, robots will likely develop the ability to adapt andlearn from their surroundings. Robots have reliance, do not get bored and can operate in hostileand dynamics environments - all attributes well suited for space exploration, and emergency ormilitary situations. They also reduce mission costs, increase design flexibility, and maximizedata production. However, when coped with new scenarios and unexpected events, robots palein comparison with intuitive and creative human beings. The future will require that missiondesigners balance intelligently the flexibility and ingenuity of humans with robust and sophisticatedrobotic systems. This research work proposes a game-theoretic framework for a drone teamthat must coordinate their actions among them and provide the human operator sufficient datato make “hard” decisions that maximize the mission efficiency, according with some operationalguidelines. Our first contribution was to present a decentralized framework and utility functionfor a drone-team patrolling mission. Then, we considered the framing effect in the context of ourstudy, in order to better understand and model certain human decision-making processes underuncertainty. Hence, two experiments were conducted with 20 and 12 participants respectively.Our findings revealed that the way the problem was presented (positive or negative framing), theemotional commitment and the text colors statistically affected the choices made by the humanoperators. The experimental data allowed us to develop a utility model for the human operatorthat we sought to integrate into the decision-making loop of the human-robot system. Finally,we formalized and evaluated the close-loop of the whole proposed framework with a last onlineexperiment with 101 participants. Our results suggest that our approach allow us to optimize thehuman-robot system in a context where decisions must be made in an uncertain environment.

Abstract This dissertation contributes to the research on behavioral biases among individual investors by demonstrating how investors increase their portfolio volatility, i.e., risk, following favorable outcomes. This work also shows the influence of the first investment on subsequent risk-taking preferences. It also shows how stock prices, through unrealized capital gains, create an evident momentum effect following both bull and bear markets. The work is quite new because house money, quasi-hedonic editing rules and mental accounting are not frequently used in the financial literature. The data used are from the Finnish Central Securities Depository (FCSD), which is unique in the financial research literature. The results of the first essay indicate that individual investors purchase stocks that increase portfolio risk or volatility after a period of negative market returns. These results propose that investors attribute these returns to themselves. Therefore, they are supporting a self-attribution bias. Ergo, investors gamble with their winnings over the next investment session. This behavior is consistent with the house money effect, which has not been before analyzed in the background of the stock market. Inexperienced investors are particularly prone to this effect. The second essay investigates the effect of the outcome of the first investment on subsequent risk-taking preferences, which has not been previously analyzed in the context of financial markets. The database allows for analyses of new investors making their first stock market investment. The results show that in first or subsequent investments the win effect is stronger. The effect in the first investment situation results in higher volatility. Therefore, the result suggests that realized money is more likely to be risked in the situation of the first stock than in the situation of the other stocks. The third essay, using a technique not before applied to research regarding momentum asymmetry, shows that deviations from the holdings- or volume-based reference price, i.e., the so-called capital gains overhang, can account for momentum. The results propose that after accounting for the disposition effect, overconfidence and biased self-attribution are not able to explain momentum asymmetry. / Tiivistelmä Väitöskirja edistää yksittäisten sijoittajien käyttäytymishäiriöitä koskevaa tutkimusta osoittamalla, kuinka sijoittajat lisäävät salkun riskiä myönteisten tulosten jälkeen. Väitöskirja osoittaa myös, kuinka sijoittajat lisäävät salkun riskisyyttä ensimmäistä investointia myöhemmille riskinottopäätöksille. Se esittää myös, kuinka realisoitumattomat myyntivoitot aiheuttavat ilmeisen momentum-vaikutuksen, sekä nousevilla että laskevilla markkinoilla. Teos on melko uusi, koska talon rahoilla pelaamista, lähes-hedonisia muokkaussääntöjä ja henkistä kirjanpitoa ei käytetä kovin paljon talouskirjallisuudessa. Käytetyt tiedot ovat Rahoitustutkimuksen ainutlaatuinen Suomen Arvopaperikeskus (FCSD) aineisto. Ensimmäisessä esseessä, kun sijoittajat ovat saavuttaneet tuottoja negatiivisten markkinatuottojen jälkeen, he ostavat osakkeita, jotka lisäävät salkun riskisyyttä. Nämä tulokset viittaavat siihen, että sijoittajat määrittävät nämä tuotot itselleen. Siksi he tukevat itsemääräämisoikeutta, joten sijoittajat pelaavat voitoillaan seuraavan sijoituskauden aikana. Käyttäytyminen on yhdenmukainen talon rahan vaikutuksen kanssa. Vaikutus, jota ei ole aiemmin analysoitu osakemarkkinoiden yhteydessä. Kokemattomat sijoittajat ovat erityisen alttiita tästä vaikutuksesta. Toinen essee tutkii ensimmäisen investoinnin tuloksen vaikutusta myöhempään riskinottopäätökseen. Sitä ei ole aiemmin analysoitu rahoitusmarkkinoiden yhteydessä. Tietokannan avulla analysoidaan uusia sijoittajia, jotka tekevät ensimmäisen pörssi-investoinninsa. Tulokset osoittavat, että kummassakin tapauksessa, ensimmäiset tai toiset voitot, voittoefektit ovat voimakkaammat kuin voitto-dummy ja ensimmäisellä tasolla olevat voitot antavat suuremman vaikutuksen riskisyyteen. Kiinnostavaa on se, että tulo, joka kertoo, onko realisoitunut raha todennäköisemmin riski ensimmäisessä osakkeessa, on suurempi kuin riski muissa osakkeissa. Kolmas essee käyttää menetelmää, jota ei ole aikaisemmin käytetty momentum-symmetrian tutkimukseen. Tämä tutkimus osoittaa, että poikkeamat volyymi- tai omistukseen perustuvasta viitehinnasta, eli ns. myyntivoiton ylitys, voivat selittää momentumia. Tulokset viittaavat siihen, että disposition ja liiallisen itseluottamuksen ja harhaisen itse-attribuution jälkeen ei voida suurella todennäköisyydellä selittää momentumin epäsymmetriaa.

Made available in DSpace on 2010-04-20T20:48:01Z (GMT). No. of bitstreams: 3 71050100718.pdf.jpg: 12656 bytes, checksum: 70340ae65c49c6fee3a991247dc4ef5b (MD5) 71050100718.pdf.txt: 321921 bytes, checksum: 2a3fd8e10dce647d19b0906c936496e2 (MD5) 71050100718.pdf: 1109092 bytes, checksum: fd5777ca389880dab6d98b5c7c624391 (MD5) Previous issue date: 2008-02-20T00:00:00Z / The main objective of this thesis is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results, when applied to the Brazilian market, than the classic Von Neumann-Morgenstern expected utility function. The asymmetric behavior can be computed through the introduction of a disappointment (or loss) aversion coefficient in the classical expected utility function, which increases the impact of losses against gains. This kind of adjustment is supported by recent developments in financial theory, specially those studies that try to solve the violations of the expected utility axioms. The analysis of the implications of such adjustment is made through the comparison of the results regarding the participation of the risky asset (stock market) in the composition of the optimum portfolio (the one that maximizes utility) generated by both types of preferences: expected utility and loss aversion utility functions. The results are then compared with real data from two types of Brazilian investors (pension funds and households) aiming at verifying the capacity of each utility function to replicate real investment data from these investors. The results of the tests show that it is not possible to reject the expected utility function as an adequate representative model for the aggregate behavior of Brazilian pension funds. However, the simulations indicate that this type of function should be rejected as an adequate model to replicate real investment decisions of Brazilian individual investors (households). The behavior of this type of investors can be better replicated by applying a loss aversion utility function. / O principal objetivo deste trabalho é analisar se o uso de preferências que incorporem assimetria na reação do investidor frente a ganhos e perdas permite gerar resultados mais coerentes com o comportamento real de investidores brasileiros na seleção de portfólios ótimos de investimento. Uma das formas de tratar o comportamento assimétrico se dá através da introdução do coeficiente de aversão a perdas (ou ao desapontamento) na função utilidade tradicional, coeficiente este que aumenta o impacto das perdas frente aos ganhos. A aplicação deste ajuste na função utilidade tradicional decorre de recentes avanços na teoria de finanças, mais especificamente daqueles estudos que buscam solucionar as violações dos axiomas da teoria da utilidade esperada, violações estas já demonstradas empiricamente através de testes de laboratório. A análise das implicações do uso deste tipo de função é feita através da comparação dos resultados quanto à participação do ativo com risco (mercado acionário) na composição do portfólio ótimo (aquele que maximiza a utilidade) do investidor gerados por dois tipos de função utilidade: tradicional e com aversão a perdas. Os resultados são comparados com dados reais de participação do mercado acionário nos investimentos totais de dois tipos de investidores brasileiros - fundos de pensão e investidores individuais - visando verificar a adequação dos resultados de cada função em relação ao comportamento destes investidores. Os resultados mostram que não é possível rejeitar a função utilidade tradicional como modelo representativo do comportamento agregado dos fundos de pensão. Por outro lado, as simulações indicam que a função utilidade tradicional deve ser rejeitada como modelo representativo do comportamento dos investidores individuais, sendo o comportamento destes investidores melhor representado por uma função que incorpora aversão a perdas.

Submitted by Mila Pires (mila.pires@itau-unibanco.com.br) on 2013-02-20T18:57:30Z No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-02-20T19:07:35Z (GMT) No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) / Made available in DSpace on 2013-02-20T19:10:08Z (GMT). No. of bitstreams: 1 Versão_escrita_base_dados_estudos_anteriores_v12.pdf: 455595 bytes, checksum: f92da58e5624182947033d01042c45bf (MD5) Previous issue date: 2013-02-04 / O objetivo deste trabalho foi testar a presença de dois efeitos no mercado acionário brasileiro: disponibilidade e momento, amplamente estudados para o mercado norte-americano em publicações anteriores. Utilizando uma amostra de 70 empresas foram analisadas séries temporais de retornos mensais do período de ago/2006 a jan/2011, cujos resultados não foram suficientes para rejeitar a hipótese de não eficiência do mercado brasileiro. No teste do efeito disponibilidade, apenas uma das quatro estratégias testadas com a utilização do indicador de retorno do mês anterior da ação gerou retornos positivos (2,27% ao mês), e os indicadores de volume anormal e 'presença na mídia' geraram retornos negativos nas estratégias testadas. No caso do efeito momento, das 16 estratégias estudadas, a única que proporcionou retorno positivo estatisticamente significativo foi a que considerou o período de três meses de formação e manutenção das carteiras (2,01% ao mês). / The objective of this study was to test the presence of two effects in the Brazilian stock market: availability and momentum, widely studied for the American market in previous publications. Using a sample of 70 companies a time series of data returns from Aug/2006 to Jan/2011 was analyzed and the results were not sufficient to reject the hypothesis of an efficient market. In the availability effect test, only one of the four strategies tested using the return of the preceding month indicator had a positive return (2,27% p.m), whilst abnormal volume and "media presence" indicators generated negative returns. In the momentum effect test, out of the 16 studied strategies, the only statistically significant positive return was with portfolio considering three months for the formation and maintenance periods (2,01% p.m).

Les technologies de l’information et de la communication pour l’enseignement (TICE) modifient l’approche de l’apprentissage des langues étrangères. Les activités pédagogiques nécessitent donc l’articulation adaptée de la gestion des contenus avec les potentialités technologiques. Cette recherche doctorale s’intéresse à l’enseignement/apprentissage de la grammaire française, technologisé et directement accessible en ligne par Internet, à destination des apprenants étrangers, et plus particulièrement arabophones. S’inscrivant dans une perspective actionnelle, l’analyse prend appui sur les méthodes de l’ethnographie de la communication et vise à observer un corpus de sites de grammaire accessibles sur Internet. Partant, l’objectif de notre thèse est pluriel. Il s’agit d’abord d’étudier les erreurs d’interférence grammaticale chez des apprenants arabophones yéménites, d’une part, et les sites d’apprentissage de la grammaire, d’autre part, eu égard à leur qualité ergonomique et leur mode d’appropriation par les apprenants. L’ethnographie des pratiques d’apprentissage en ligne permet, dans un second temps, de comparer les usages attendus par les concepteurs des TICE avec les usages réels. Nous ambitionnons enfin, par cette recherche, de contribuer à une meilleure évaluation de la réalité actuelle de cet enseignement/apprentissage technologisé et de participer à l’évolution technopédagogique qu’il induit pour les acteurs de la didactique, enseignants et apprenants. / Information and Communication Technologies (ICT) in education modify the approach of learning foreign languages. Multiple intelligence as ICT require adapted jonction of the management of the educational contents with the technological potentialities. This study is interested in teaching and training French grammar, with proper technology, directly accessible on line by Internet, bound for foreign students, most specifically Arabic-speaking learners. Falling under an active prospect, the research takes support on the methods of communication ethnography and aims at observing a corpus of accessible grammar sites on Internet. Therefore, the objective of our thesis is plural. On the one hand, it is initially a question of studying the interference errors in grammar at Yemeni Arabic-speaking people, and, on the other hand, analysing web sites dedicated to grammar teaching, in view of their ergonomical qualities and their mode of appropriation by the foreign students. The ethnography of practices on line allows, in a second time, to compare the uses awaited by the originators of the ICT’s with the real outcome. Finally we seek, by this study, to contribute to a better evaluation of the current reality of this technologized teaching/ training and to take part in the evolution of educational technologies which would benefit for both teachers and students.