Background: A public offering or "Initial Public Offering" means that a company is transferred from being unlisted to trading on a stock exchange. When a company is listed, the company needs to establish a prospectus. This document is meant to give potential investors information about the operations in the company with both historical financial data and more descriptive information. The prospectus should therefore contain all necessary information needed to make a well-founded assessment about the IPO. Historically IPOs have tended to overperform in the short term and have an underperformance in the long run compared with already listed companies. Purpose: The purpose of the study was to identify the general return patterns for IPOs in Sweden in both short-term and in the long run. The study also aims to investigate whether the company's prospectus published in connection with the IPO can explain these yield patterns. Methodology: The general return patterns have been calculated using the Buy and Hold Abnormal Return (BHAR) and Cumulative Abnormal Return (CAR) methods. The raw returns shown by the IPOs have been adjusted to the chosen reference index to determine whether an over- or underperformance has taken place. In addition, several multiple regressions have been conducted to determine whether selected variables can explain the abnormal return shown by IPOs. Conclusion: The study results shows that the initial return on the first day of the 2007-2014 period was an average of 2.82% for the study's selection of 45 public offerings from Stockholmsbörsen and First North. The IPOs showed a negative trend with an underperformance in the first three months. The result for the short term is thus not consistent with previous research in IPOs. In the long run, however, the study's selection shows an underperformance of -12.85% measured with BHAR and -24.13% with CAR. This result is consistent with previous studies in other markets. Furthermore, only one of the selected variables, the initial return, could to some extent (16.8%) explain the abnormal return for the first month. The other variables were not statistically significant in any of the studied periods. / Bakgrund: En börsintroduktion eller "Initial Public Offering" innebär att ett företag övergår från att vara onoterad till att handlas på en aktiebörs. I samband med att ett företag börsnoteras behöver företaget upprätta ett prospekt. Detta dokument ska ge potentiella investerare information om verksamheten av både beskrivande kvalitet och historiska finansiella data som kan kvantifieras av investeraren. Ett prospekt bör således innehålla all nödvändig information för att göra en välgrundad bedömning. Vidare har börsintroduktioner historiskt visat att dessa tenderar att överprestera på kort sikt och underpresterar på lång sikt jämfört med redan börsnoterade företag. Syfte: Syftet med studien var att identifiera generella avkastningsmönster för börsintroduktioner på kort- och lång sikt i Sverige. Studien ämnar även att undersöka om företagets prospekt som publiceras i samband med börsintroduktionen kan förklara dessa avkastningsmönster. Metod: De generella avkastningsmönstrena har beräknats med hjälp av metoden Buy and Hold Abnormal Return (BHAR) och Cumulative Abnormal Return (CAR). Avkastningen som börsintroduktionerna uppvisar har justerats till valt referensindex för att avgöra huruvida en över- eller underprestation har skett. Vidare har flertal multipla regressioner genomförts för att fastställa om utvalda variabler kan förklara den abnormala avkastningen som börsintroduktioner uppvisar. Slutsats: Studiens resultat visar att den initiala avkastningen första dagen under perioden 2007–2014 var i genomsnitt 2,82% för studiens urval på 45 stycken börsintroduktioner på Stockholmsbörsen och First North. Börsintroduktionerna visade på en negativ trend med en underprestation de första tre månaderna. Resultatet för kort sikt överensstämmer således inte med tidigare forskning inom börsintroduktioner. På lång sikt däremot uppvisar studiens urval en underavkastning på -12,85% mätt med BHAR och -24,13% med CAR. Detta resultat överensstämmer med tidigare studier på andra marknader. Vidare kunde endast en av de utvalda variablerna, den initiala avkastningen, till en viss grad (16,8%) förklara den abnormala avkastningen på en månad. De andra variablerna var inte statistiskt signifikanta i någon av undersökningsperioderna.

Capital market is an important part of the economy. Its development undoubtedly influences efficiency of the economy and thus the overall development of the country. This master thesis analyze the process of initial public offering ("IPO") in the Czech Republic, because I believe that IPO can significantly help to develop capital market and thus the entire economy. I analyze the IPO process in terms of the main factors that affect the value of issued shares and through it the basic objective of the joint-stock company in IPO, to maximize equity gained from the process of going public. The analysis shows that significant weaknesses in the Czech regulation have been removed and the IPO process is regulated on the same level and in the same extend as in other EU countries. However, IPO remains an option that many companies do not involve in their strategic planning because of its complexity and high costs. Thorough preparation and analysis of legal options of how to go public in the legal environment can maximize profits from the issue and, moreover, it contributes to achieving higher long-term profits.

O cinturão Fíngoè é uma unidade tectônica do Supercontinente Gondwana Oeste composta por rochas supracrustais formadas há aproximadamente 1.33 Ga. Essas rochas são portadoras de mineralizações de Au, Cu, Zn, Pb e Fe. Com cerca de 150 km de comprimento, e orientado WSW-ENE, este cinturão estende-se desde o Monte Atchiza a oeste até cerca de 30 km para leste da vila de Fíngoè no norte de Moçambique e consiste de uma extensa variedade de rochas metassedimentares e metavulcânicas. O cinturão Fíngoè apresenta especialização metalogenética para Au e Cu, que já foram explotados no passado em diversos locais. Muitos destes registros estão associados com magnetita e malaquita. Atualmente trabalhos de prospecção e pesquisa mineral têm sido realizados pela empresa de mineração African Queen Mines Ltda, através do projeto denominado de King Solomons, localizado na parte central do mesmo. A geologia da área abrangida pelo prospecto Mankombiti, mostra uma predominância de rochas carbonáticas, granitos e gabros. As rochas carbonáticas são consideradas importantes na gênese de depósitos tipo skarn e depósitos de substituição de metais de base e Au devido à sua natureza fortemente reativa. Os dados geocronológicos realizados neste trabalho indicaram uma idade precisa para a rocha intrusiva granítica associada à mineralização de 1079,1 ± 8,2 Ma, que poderia ser a idade da formação do skarn e consequentemente desta mineralização. Entretanto a idade obtida para o processo de alteração hidrotermal que afetou o gabro, na ordem de 657 ± 36 Ma e a idade modelo Pb-Pb sugerida pelo modelo de Stacey e Kramers (1975) para a calcopirita da mineralização principal de 725 Ma, sugerem que a mineralização, do prospecto Mankombiti é neoproterozóica. Para melhor entendimento dos processos que estiveram envolvidos na formação deste depósito skarn, duas hipóteses são consideradas: (i) poderia ser admitida a presença de corpos graníticos intrusivos em 700 Ma, situados em profundidade, que não foram ainda caracterizados, como responsáveis pela fonte de calor necessária, (ii) pode ser admitida ocorrência de um evento distensional em 700 Ma que produziria um adelgaçamento da litosfera e a consequente ascensão da astenosfera, produzindo uma elevação do fluxo térmico gerando os fluidos mineralizantes necessários. / The Fíngoè belt is a tectonic unit of West Gondwana Supercontinent, comprised of supracrustal rocks formed at approximately 1.33 Ga. These rocks are carriers of Au, Cu, Zn, Pb and Fe mineralization. With about 150 km long and oriented WSW- ENE, this belt extends from west of the Atchiza Mount to about 30 km east of the Fíngoè village in the north Mozambique, and consists of an extensive variety of metasedimentary and metavolcanic rocks. The Fíngoè metallogenic belt provides specialization for Au and Cu, which have been exploited in the past in various locations. Many of these records are associated with magnetite and malachite. Currently, the prospecting and mineral exploration have been conducted by the African Queen Mines Ltd mining company, through a project called the King Solomons, located in the central part of it. The geology of the studied area shows a predominance of carbonate rocks, granites and gabbros. The carbonate rocks are considered important in the genesis of the skarn deposits type and deposits of replacement for base metals and Au due to its highly reactive nature. The geochronological data performed in this work indicate a precise age of the 1079.1 ± 8.2 Ma for the intrusive granitic rock associated with mineralization, which could be interpreted as the age of the skarn and consequently of the mineralization. However the age obtained for the hydrothermal alteration that affected the gabbro at about 657 ± 36 Ma and the Pb-Pb model age suggested by the model of Stacey and Kramers (1975) for primary chalcopyrite mineralization at 725 Ma, suggesting that the mineralization of the Mankombiti prospectus was developed during the Neoproterozoic time. For understanding the processes that were involved in the skarn-type mineralization processes, two hypotheses are here considered: (i) could be admitted the presence of i ntrusive granitic rocks at 700 Ma, situated in depth, which have not yet been characterized, as responsible for the heat source required, (ii) may be admitted occurrence of an extensional event at 700 Ma to produce a thinning of the lithosphere and the uplift of the asthenosphere, producing high thermal flows generating the mineralization fluids.

本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。 / This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample. Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Este trabalho teve por objetivo investigar as abordagens de ensino de gramÃtica presentes em exercÃcios de livros didÃticos de LÃngua Portuguesa do Ensino MÃdio, avaliados e aprovados pelo Programa Nacional do Livro DidÃtico (PNLD) e pelo Programa Nacional do Livro para o Ensino MÃdio (PNLEM) para distribuiÃÃo em escolas pÃblicas brasileiras. A fim de situarmos nosso trabalho no vasto campo da LinguÃstica Aplicada, levamos em conta as consideraÃÃes presentes em Celani (2000), Almeida Filho (2011) e Lopes (2011). Com o intuito de mostrarmos como a prÃpria histÃria da gramÃtica tem influÃncia em seu ensino, pautamo-nos nos estudos de Neves (2002) e Manini (2009). Empregamos os postulados teÃricos presentes em Halliday, McIntosh e Strevens (1974), no que concerne à abordagem produtiva, à abordagem prescritiva e à abordagem descritiva do ensino de gramÃtica. A partir de tais abordagens, identificamos concepÃÃes de gramÃtica presentes em diversos autores (POSSENTI, 1996; NEVES, 1997, 2002, 2006, 2012, 2013; ANTUNES, 2003 e 2007; BUNZEN & MENDONÃA, 2006; TRAVAGLIA, 2006 e 2007; MARTELOTTA, 2010), bem como delineamos o postulado que diz respeito à prÃtica de anÃlise linguÃstica, com base em autores como Geraldi (1997), Franchi (2006) e Bezerra e Reinaldo (2013). Para alcanÃarmos o objetivo da pesquisa, analisamos duas coleÃÃes de livros didÃticos de LÃngua Portuguesa, a saber: Novas Palavras, aprovada pelo PNLEM 2009, e PortuguÃs: contexto, interlocuÃÃo e sentido, aprovada pelo PNLD 2012. Constatamos a presenÃa equilibrada das trÃs abordagens de ensino de gramÃtica supracitadas, bem como o fato de que tais abordagens (1) conduzem ao uso de uma variedade de prestÃgio (abordagem prescritiva), (2) desenvolvem a habilidade para produÃÃo e compreensÃo/interpretaÃÃo de textos, de como usar a lÃngua (abordagem produtiva e tambÃm exercÃcios de âoutras abordagensâ) e (3) desenvolvem a habilidade de reflexÃo e raciocÃnio sobre a lÃngua, reflexÃo metalinguÃstica (abordagem descritiva). / This study had as purpose investigate the approaches of grammar teaching in exercises from text-books of Portuguese Language to High School, analyzed and approved for the National Program of Text-Books (NPTB; Brazil) and for the National Program of Books for High School (NPBHS; Brazil) to distribution in Brazilian state schools. To place this research in the field of Applied Linguistics we considered authors as Celani (2000), Almeida Filho (2011) and Moita Lopes (2011). To show how the history of grammar has an influence in the way grammar is taught until nowadays, we built a historic line of grammar based in Neves (2002) and Manini (2009). We studied the theories in Halliday, McIntosh and Strevens (1974), about the productive, prescriptive and descriptive grammar. From these approaches we identified grammar conceptions in many others authors (POSSENTI, 1996; NEVES, 1997, 2002, 2006, 2012, 2013; ANTUNES, 2003 and 2007; BUNZEN & MENDONÃA, 2006; TRAVAGLIA, 2006 and 2007; MARTELOTTA, 2010), as also the considerations about linguistics analyses in Geraldi (1997), Franchi (2006) and Bezerra and Reinaldo (2013). To achieve the objective of this study, we analyzed two collections of text-books of Portuguese Language, which were: Novas Palavras, from NPBHS 2009, and PortuguÃs: contexto, interlocuÃÃo e sentido, from NPTB. We established the equality between the three approaches of grammar teaching we said before and also which these approaches (1) lead to use the standard Portuguese (prescriptive approach), (2) develop the skill to understand and to produce texts (productive approach and âothers approachesâ) and (3) develop the skill to reflect and to think about the language (descriptive approach).

O cinturão Fíngoè é uma unidade tectônica do Supercontinente Gondwana Oeste composta por rochas supracrustais formadas há aproximadamente 1.33 Ga. Essas rochas são portadoras de mineralizações de Au, Cu, Zn, Pb e Fe. Com cerca de 150 km de comprimento, e orientado WSW-ENE, este cinturão estende-se desde o Monte Atchiza a oeste até cerca de 30 km para leste da vila de Fíngoè no norte de Moçambique e consiste de uma extensa variedade de rochas metassedimentares e metavulcânicas. O cinturão Fíngoè apresenta especialização metalogenética para Au e Cu, que já foram explotados no passado em diversos locais. Muitos destes registros estão associados com magnetita e malaquita. Atualmente trabalhos de prospecção e pesquisa mineral têm sido realizados pela empresa de mineração African Queen Mines Ltda, através do projeto denominado de King Solomons, localizado na parte central do mesmo. A geologia da área abrangida pelo prospecto Mankombiti, mostra uma predominância de rochas carbonáticas, granitos e gabros. As rochas carbonáticas são consideradas importantes na gênese de depósitos tipo skarn e depósitos de substituição de metais de base e Au devido à sua natureza fortemente reativa. Os dados geocronológicos realizados neste trabalho indicaram uma idade precisa para a rocha intrusiva granítica associada à mineralização de 1079,1 ± 8,2 Ma, que poderia ser a idade da formação do skarn e consequentemente desta mineralização. Entretanto a idade obtida para o processo de alteração hidrotermal que afetou o gabro, na ordem de 657 ± 36 Ma e a idade modelo Pb-Pb sugerida pelo modelo de Stacey e Kramers (1975) para a calcopirita da mineralização principal de 725 Ma, sugerem que a mineralização, do prospecto Mankombiti é neoproterozóica. Para melhor entendimento dos processos que estiveram envolvidos na formação deste depósito skarn, duas hipóteses são consideradas: (i) poderia ser admitida a presença de corpos graníticos intrusivos em 700 Ma, situados em profundidade, que não foram ainda caracterizados, como responsáveis pela fonte de calor necessária, (ii) pode ser admitida ocorrência de um evento distensional em 700 Ma que produziria um adelgaçamento da litosfera e a consequente ascensão da astenosfera, produzindo uma elevação do fluxo térmico gerando os fluidos mineralizantes necessários. / The Fíngoè belt is a tectonic unit of West Gondwana Supercontinent, comprised of supracrustal rocks formed at approximately 1.33 Ga. These rocks are carriers of Au, Cu, Zn, Pb and Fe mineralization. With about 150 km long and oriented WSW- ENE, this belt extends from west of the Atchiza Mount to about 30 km east of the Fíngoè village in the north Mozambique, and consists of an extensive variety of metasedimentary and metavolcanic rocks. The Fíngoè metallogenic belt provides specialization for Au and Cu, which have been exploited in the past in various locations. Many of these records are associated with magnetite and malachite. Currently, the prospecting and mineral exploration have been conducted by the African Queen Mines Ltd mining company, through a project called the King Solomons, located in the central part of it. The geology of the studied area shows a predominance of carbonate rocks, granites and gabbros. The carbonate rocks are considered important in the genesis of the skarn deposits type and deposits of replacement for base metals and Au due to its highly reactive nature. The geochronological data performed in this work indicate a precise age of the 1079.1 ± 8.2 Ma for the intrusive granitic rock associated with mineralization, which could be interpreted as the age of the skarn and consequently of the mineralization. However the age obtained for the hydrothermal alteration that affected the gabbro at about 657 ± 36 Ma and the Pb-Pb model age suggested by the model of Stacey and Kramers (1975) for primary chalcopyrite mineralization at 725 Ma, suggesting that the mineralization of the Mankombiti prospectus was developed during the Neoproterozoic time. For understanding the processes that were involved in the skarn-type mineralization processes, two hypotheses are here considered: (i) could be admitted the presence of i ntrusive granitic rocks at 700 Ma, situated in depth, which have not yet been characterized, as responsible for the heat source required, (ii) may be admitted occurrence of an extensional event at 700 Ma to produce a thinning of the lithosphere and the uplift of the asthenosphere, producing high thermal flows generating the mineralization fluids.

The main goal of this graduation thesis is to prepare a prospectus for application of a new investment for Střední škola řemesel Třebíč. The thesis is composed of a theoretical introduction and a preparation of the prospectus. The praktical part consists of economic estimation of future plans.

The folowing work deals with primary public issue of stocks - an external financial source of business activities. This source of finance is defined to the reader as: there are explained advantages and disadvantages of IPO Process, including supposition of succesful enter to the stock exchange. This work is concretly oriented on Pre-filing phase of a company for an enter to the stock exchange with the aim to set a procedure of IPO Process and apply it to a concrete company.

The aim of the thesis is to create business plan which is focused on “revitalization” of disco club in Libina village, work up analysis of present condition, make a proposal changes that provides improvement of competition standing of company. In the end find out whether this business plan including proposal of changes will be profitable or not to aplicate.

The thesis is focused on the suggestion of implementation of the prospectus, which leads towards the harmonization between work and family life of employees of research organization. The second area deal with European Union financial resources issue aim at research organization, or if you like it deal with Structural funds issue, that gives financial support to our implementation. Results of the thesis are further on check up in the real project that runs also in the time the thesis is drawn up.