Cette thèse s'intéresse au rôle des analystes financiers lors de la couverture des introductions en bourse dans un contexte international. Nous traitons de la valeur informationnelle des couvertures des analystes et de leur conséquence sur la performance à long terme des entreprises nouvellement introduites en bourse. Nous examinons si les recommandations des analystes financiers permettent de réduire le comportement irrationnel des investisseurs en situation de forte incertitude. Nous espérons qu'en réduisant les asymétries d'informations, les analystes financiers aident les investisseurs à mieux cibler la valeur de l'IPO. Cette thèse s'articule autour de deux parties : la première est consacrée au positionnement théorique et à nos hypothèses de recherche ; la seconde se focalise sur la vérification empirique d'un échantillon d'IPOs internationales (Etats-Unis, Angleterre, Allemagne et France) sur la période 1991 à 2005. Les résultats révèlent une sous performance des IPOs plus sévères pour les orphelines (sans couverture des analystes) que pour les non orphelines. Il apparaît que la couverture des analystes est importante pour les IPOs mais que le marché n'en perçoit pas toute la valeur. D'autres analyses soulignent que cette meilleure performance des non orphelines provient du nombre élevé de couvertures. Nous établissons que les recommandations des analystes sont significativement reliées à la performance à long terme des IPOs. Ainsi, nous vérifions le rôle crucial des analystes financiers dans la production et l'interprétation des informations. / This thesis explores the role of financial analysts' coverage on IPOs in an international context. We deal with the informational value of research coverage and the consequence on long run performance of newly public firms. We examine whether financial analyst recommendations allow alleviating the irrational investors' behaviour in the context of strong uncertainty. We expect that by reducing the information asymmetry, financial analyst recommendations help investors to define progressively the true value of the IPO. The thesis is organized in two main parts: the first part presents a survey of literature and define research hypothesis. The second part consists in an empirical validation of an international sample of IPOs (US, United Kingdom, Germany and France) over the 1991-2005 period. The results reveal that long run underperformance is much severe for orphans' IPOs (without financial recommendation) than non orphans' IPOs. The evidence suggests that analyst coverage is indeed important to issuing firm but the market do not fully incorporate the perceived value of this coverage. Further analysis reveals that this outperformance by non orphan stems from high coverage. We establish that analyst recommendations are significantly related to long run performance of IPOs. Hence, we corroborate the crucial role of financial analysts in producing and interpreting IPOs' financial releases.

Financial analysts play a key role in collecting, processing and disseminating information for the stock market. Selecting the best analysts among thousands of analysts is an important task for investors that determines future investment profitability. Extensive research has been dedicated to finding the best analysts of the market based on various criteria for different clienteles. The state of the art approach in this process has developed into so-called Star Rankings with lists of top analysts who have previously outperformed their peers. How useful are such star rankings? Do the recommendations of stars have higher investment value than the recommendations of non-stars (i.e., recommendations of Stars “shoot” more precisely before and after selection)? Or do star rankings simply represent the past performance that will regress to the mean in the future (i.e., in reality, Shooting Stars are not stars and quickly disappear from the sky)? The aim of this Ph.D. thesis is to empirically investigate the performance of sell-side analysts’ recommendations by focusing on a group of star analysts. This thesis comprises four papers that address two overarching questions. (1) Do star rankings capture any true skill, and, thus, can investors rely on the rankings? (Papers I and II) (2) How do market conditions impact star analysts? (Papers III and IV) Paper I examines the profitability persistence of the investment recommendations from analysts who are listed in the four different star rankings of Institutional Investor magazine, StarMine’s “Top Earnings Estimators”, “Top Stock Pickers” and The Wall Street Journal and shows the predictive power of each evaluation methodology. By investigating the precision of the signals that the various methodologies use in determining who the stars are, the study distinguishes between the star-selection methodologies that capture short-term stock-picking profitability and the methodologies that emphasize the more persistent skills of star analysts. As a result, this study documents that there are star-selection methods that select analysts based on more enduring analyst skills, and, thus, the performance of these methods’ stars persists even after ranking announcements. The results indicate that the choice of analyst ranking is economically important in making investment decisions. Paper II investigates the structure of the portfolios that are built on the recommendations of sell-side analysts and confirms that the abnormal returns are explained primarily by analysts’ stock-picking ability and only partially by the effect of over-weight in small-cap stocks. The study examines the number of stocks in the portfolios and the weights that are assigned to market-cap size deciles and GICS sectors and performs an attribution analysis that identifies the sources of overall value-added performance. Paper III examines the differences in seasonal patterns in the expected returns on target prices between star and non-star analysts. Although the market returns in the sample period do not possess any of the investigated seasonal effects, the results show that both groups of analysts, stars and non-stars, exhibit seasonal patterns and issue more optimistic target prices during the summer, with non-stars being more optimistic than stars. Interestingly, the results show that analysts are highly optimistic in May, which contradicts the adage “Sell in May and go away” but is consistent with the notion of a trade-generating hypothesis: since analysts face a conflict of interests, they may issue biased recommendations and target prices to generate a trade. A detailed analysis reveals that the optimism cycle is related to the calendar of companies’ earnings announcements rather than the market-specific effects. Paper IV discusses how a shift in economic conditions affects the competitiveness of sell-side analysts. The focus is on the changes that were triggered by the financial crisis of 2007-2009 and a post-crisis “uncertainty” period from 2010-2013. The study follows Bagnoli et al. (2008) in using a change in the turnover of rankings as a measure of a transformation in analysts’ competitive advantages. Paper IV extends their research and documents how different ranking systems capture analysts’ ability to handle changes in the economic environment. The results show that market conditions impact analyst groups differently, depending on the group’s competitive advantages. / <p>QC 20170412</p> / European Doctorate in Industrial Management

Name of diploma thesis: Physical activity and body composition in patients with ankylosing spondylitis Prepared by: Bc. Lucie Srovnalíková Supervisor: PhDr. Andrea Levitová, Ph.D. Target: The findings the size of physical activity and body composition in the groups of patients with ankylosing spondylitis with different duration of disease and subsequent comparison of the size of physical activity with selected health recommendations for a healthy population. Methods: The sample consists of participants (10 women and 36 men, n = 46, 42.8 ± 11.3 years old) with clinically diagnosed disease ankylosing spondylitis who have been outpatiently visiting Rheumatology institute in Prague. The sample was divided into three groups according to the duration of disease (1st group 0-6 years, 2nd group 7 -14 years, 3rd group 3-15 years). Accelerometer ActiGraph GT3X was used for determine the size of weekly physical activity. Bioelectrical impedance using a BIA 2000 was used to assess the body composition. Results: From the perspective of the physical activity health recommendations all three groups met health recommendation for minimum amount of moderate-intensity physical activity throughout the week (150 minutes). Neither group, however, did not meet health recommendation for minimum average daily number of...

The aim of this thesis is to suggest possibilities of effective education of political issues at primary schools. The theoretical part provides an overview of the literature and organizations related to political education of young learners. Framework Education Programme and homeland study textbooks are analyzed in this part, too. The second, practical, part describes the preparation and implementation of qualitative research, which took the form of semi-structured interviews with pupils in the fifth grade. The core of the practical part is in the presentation and interpretation of acquired data. At the very end of the work the goal is fulfilled as the design of learning activities leading students to a deeper understanding of politics is found.

Relevance has become one of the key priorities for accounting policy, and implies that accounting should have an impact on the economic decision-making of accounting users. Despite the increased importance given to users, however, little is known concerning the properties of such relevance in practice. Furthermore, the lack of insight into the practices of users has been mitigated with a theoretical perspective of decision-making which supports an insufficient understanding of how stock markets function and how accounting users behave. This dissertation contributes to the emerging interest in the sociology of financial analysis by following users in their pursuit of relevance. By theorising financial analysis as a social and institutional practice, this dissertation investigates not only how accounting is relevant but also how such relevance is influenced by the particular setting of accounting users. Furthermore, the understanding of relevance as located within the activities leading up to a decision is here extended by emphasising the continuous activities of users and therefore also the role of accounting in the management of their decisions. Based on in-depth field studies targeting the activities of (sell-side) equity research analysts and equity sales brokers, this dissertation presents four papers addressing different notions of accounting, users and relevance. Theoretical insights are drawn from sociology and include actor-network theory, dramaturgy and text-and-conversation-theory. The studies find that the organisation of the sell-side industry necessitates a use of accounting which accentuates the links between accounting, users and investments recommendations. This dissertation concludes that, in order to produce and sustain such links, relevance becomes (a) mediated by a variety of elements, (b) based on the production of differences, and (c) mutually constitutive for accounting and users. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.</p><p> </p>

The goal of my thesis was to characterize using of mobile phones and particular phases of purchasing decision-making process during a mobile phone buying in the czech market and pursuant to this define some marketing recommendations for producers of these devices. I have also verified or defeated hypotheses defined by me. I have used the information gained by secondary research and method of questioning and I have written the results down in the charts or graphs. Then I have summarized chosen findings and suggested recommendations.

A fim de implementar o novo código de prática da Agência Internacional de Energia Atômica (AIEA) no Brasil, o Laboratório de Calibração de Instrumentos (LCI/IPEN) está realizando calibrações em termos de kerma no ar e em termos de dose absorvida na água, em feixes de 60Co. As razões ND,w/NK obtidas são comparadas com valores da literatura, obtendo-se concordância satisfatória. As diferenças entre os valores das razões CK (ND,w/NK) obtidas no presente trabalho e os valores da literatura são devidas a vários fatores. Estes fatores podem ser as variações entre as câmaras, que devem ser objeto de diferenças nas incertezas estimadas pelos PSDLs, e as diferenças nos padrões utilizados por cada Instituto de Metrologia Nacional (NMI) ou Laboratório de Dosimetria. No entanto, se forem conhecidas as razões entre cada NMI e o BIPM, para os padrões de kerma no ar e de dose absorvida na água, é possível a normalização das razões CK medidas para as razões equivalentes ao BIPM. Todos os resultados de razões CK obtidos foram convertidos para as razões equivalentes ao BIPM para facilitar a comparação. Neste trabalho é discutida a utilização da razão CK como parâmetro de controle de qualidade na verificação de resultados das calibrações rotineiras. Para avaliação dos procedimentos de calibração adotados no LCI, foram realizados testes de estabilidade a longo prazo com as câmaras de ionização padrões. Além disso, foi criado um banco de dados para armazenamento dos dados de calibração, com o objetivo de melhorar a qualidade do procedimento de calibração. / In order to implement the new IAEA code of practice in Brazil the national calibration laboratories, the Laboratory of Instrument Calibration (LCI/IPEN) is calibrating clinical dosimeters in terms of both air kerma and absorbed dose to water in a 60Co gamma ray beam. The ND,w/NK ratios thus obtained are then compared with the literature values; a satisfactory agreement has been found. The differences between the CK values obtained in the present work and the literature values may be due to several components. These could be the chamber-to-chamber variations which may be subject to different estimated uncertainties by PSDLs, and the variations in the standards used by each National Metrology Institute (NMI) or Dosimetry Laboratory. However, since the ratio of both air kerma and absorbed dose to water standards for each NMI to those of the BIPM are known, it is possible to reduce the measured ratios to the expected BIPM equivalent ratios. All these CK results have been converted to the BIPM equivalent values to facilitate comparison. The use of the CK value as a and quality control parameter to verify the results of the routine calibrations is discussed in this work. The long term stability of wich standard ionization chamber was checked in order to evaluate the calibration procedures followed at LCI. Moreover, a database was created to store the calibration data aiming the quality improvement of the calibration procedure.

Constata-se, atualmente, um uso crescente da energia nuclear no Brasil, para geração de eletricidade e outras aplicações (na medicina, na indústria, em agricultura, em técnicas ambientais, em radio-esterilização). Na realização das atividades de pesquisa do ciclo do combustível nuclear, em outras atividades de pesquisa, nas atividades industriais de produção de combustível e de energia e em todas as aplicações da energia nuclear, são gerados rejeitos radioativos, de atividades alta, média ou baixa. Atualmente, existem técnicas adequadas e seguras para o tratamento e armazenagem desses rejeitos, comentadas neste trabalho e que, sendo aplicadas, facilitam a aceitação da energia nuclear pela Sociedade. Com a crescente preocupação com o meio ambiente, a Organização Internacional de Normalização preparou e emitiu a Norma ISO 14.001 - Sistemas de Gestão Ambiental, aplicável a todos os tipos e portes de organizações, visando a melhoria de seu desempenho ambiental. Seus requisitos foram detalhadamente comentados neste trabalho, sendo particularizados para a sua aplicação no Laboratório de Rejeitos Radioativos do IPEN, como um estudo de caso. / An increasing use of nuclear technology in the form of its several applications (electricity generation, medical, industrial, agricultural, environment and radiosterilization) is currently being observed in Brazil. Radioactive waste of high, medium or lower activity is produced in all fuel cycle and other research activities, industrial activities of fiiel production and electricity generation. Appropriate and safe technologies are available for the treatment and storage of radioactive waste and, when applied, contribute for the acceptance of nuclear energy by the Society. With the increasing importance of demands related to environmental issues, the International Organization for Standardization issued the Standard ISO 14.001 - Environmental Management System, applied to all types and size of organizations, helping them to increase their environment performance. In this research, the standard requirements were commented in detail, being particularized to the Laboratory of Radioactive Waste from IPEN, as a case study.

O estudo da gestão de projetos voltado a empreendimentos de infraestrutura ainda é incipiente no Brasil. Entretanto, esse assunto tem grande importância para o crescimento econômico nacional, para a indústria da construção civil, para a gestão e políticas públicas, e para o bem-estar da população. A eficiência da gestão desses empreendimentos, e do alcance dos resultados esperados, tem relação direta com as influências do contexto a que estão submetidos e das diversas partes interessadas envolvidas em seu ciclo de vida. O objetivo desta pesquisa é analisar aspectos do contexto dos empreendimentos de infraestrutura, o papel e influência das principais partes interessadas envolvidas, e estudar a aplicabilidade de métodos de gestão de projetos existentes e em uso no mercado, a fim de auxiliar na melhoria do desempenho desses empreendimentos por meio de planejamento, monitoramento e controle mais eficientes. Usando uma abordagem qualitativa de estudo de caso, esta pesquisa examina dois casos de empreendimentos de infraestrutura de grande porte na Região Metropolitana de São Paulo. A revisão bibliográfica realizada propicia a fundamentação teórica e, também, traz dados de casos que já foram analisados em estudos anteriores, corroborando com os resultados desta pesquisa. Como resultado, foram criadas 14 recomendações que auxiliarão os gestores de projetos e suas equipes a pensar e avaliar quais as melhores maneiras de fazer uma gestão de projetos mais eficiente e segundo as especificidades e necessidades de cada empreendimento. As recomendações abordam assuntos relacionados ao contexto dos empreendimentos de infraestrutura, aos aspectos da gestão pública, aos métodos de gestão de projetos, e dá atenção especial às principais partes interessadas envolvidas nesse tipo de empreendimento. / The project management study for infrastructure projects is still incipient in Brazil. However, this issue is of great importance for national economic growth, for the construction industry, for public management and public policies, and for the well-being of the population. The efficiency of the management of these projects, and the achievement of the expected results, is directly related to the influences of the context to which they are submitted and of the various stakeholders involved in their life cycle. The objective of this research is to analyze aspects of the infrastructure projects´ context, the role and influence of the main stakeholders involved, and to study the applicability of existing project management methods used in the market, in order to help improve the performance of these projects through more efficient planning, monitoring and control. Using a qualitative case study approach, this study examines two cases of large infrastructure projects in the Metropolitan Region of São Paulo. The literature review provides the theoretical basis and also brings data from cases that have already been analysed in previous studies, corroborating with the results of this research. As a result, 14 recommendations have been created that will help project managers and their teams think and evaluate the best ways to manage projects more efficiently and according to specific needs of each project. The recommendations address issues related to the context of infrastructure projects, aspects of public management, methods of project management, and pay special attention to the key stakeholders involved in this type of project.

A fim de implementar o novo código de prática da Agência Internacional de Energia Atômica (AIEA) no Brasil, o Laboratório de Calibração de Instrumentos (LCI/IPEN) está realizando calibrações em termos de kerma no ar e em termos de dose absorvida na água, em feixes de 60Co. As razões ND,w/NK obtidas são comparadas com valores da literatura, obtendo-se concordância satisfatória. As diferenças entre os valores das razões CK (ND,w/NK) obtidas no presente trabalho e os valores da literatura são devidas a vários fatores. Estes fatores podem ser as variações entre as câmaras, que devem ser objeto de diferenças nas incertezas estimadas pelos PSDLs, e as diferenças nos padrões utilizados por cada Instituto de Metrologia Nacional (NMI) ou Laboratório de Dosimetria. No entanto, se forem conhecidas as razões entre cada NMI e o BIPM, para os padrões de kerma no ar e de dose absorvida na água, é possível a normalização das razões CK medidas para as razões equivalentes ao BIPM. Todos os resultados de razões CK obtidos foram convertidos para as razões equivalentes ao BIPM para facilitar a comparação. Neste trabalho é discutida a utilização da razão CK como parâmetro de controle de qualidade na verificação de resultados das calibrações rotineiras. Para avaliação dos procedimentos de calibração adotados no LCI, foram realizados testes de estabilidade a longo prazo com as câmaras de ionização padrões. Além disso, foi criado um banco de dados para armazenamento dos dados de calibração, com o objetivo de melhorar a qualidade do procedimento de calibração. / In order to implement the new IAEA code of practice in Brazil the national calibration laboratories, the Laboratory of Instrument Calibration (LCI/IPEN) is calibrating clinical dosimeters in terms of both air kerma and absorbed dose to water in a 60Co gamma ray beam. The ND,w/NK ratios thus obtained are then compared with the literature values; a satisfactory agreement has been found. The differences between the CK values obtained in the present work and the literature values may be due to several components. These could be the chamber-to-chamber variations which may be subject to different estimated uncertainties by PSDLs, and the variations in the standards used by each National Metrology Institute (NMI) or Dosimetry Laboratory. However, since the ratio of both air kerma and absorbed dose to water standards for each NMI to those of the BIPM are known, it is possible to reduce the measured ratios to the expected BIPM equivalent ratios. All these CK results have been converted to the BIPM equivalent values to facilitate comparison. The use of the CK value as a and quality control parameter to verify the results of the routine calibrations is discussed in this work. The long term stability of wich standard ionization chamber was checked in order to evaluate the calibration procedures followed at LCI. Moreover, a database was created to store the calibration data aiming the quality improvement of the calibration procedure.