Thesis advisor: Eyal Dvir / This research studies the effect of exchange rate expectations on A-H share discount in China and Hong Kong. The A-H class listing of Chinese stocks offers an interesting framework to examine asset price in segmented markets. This research wants to contribute to the existing literatures by adding other currencies into the exchange rate model and verify their effect, introducing and controlling for company specific information, such as earnings. I find that the effect of both Euro and US dollar to be significant in explaining the share price disparity, and companies in different sector and with different market capitalization react to currency information differently. / Thesis (BA) — Boston College, 2013. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics Honors Program. / Discipline: Economics.

The objective of this thesis is to see how effectively can central banks can conduct monetary policy under specific circumstances. Four hypothesis are being examined on the case study of five central banks - the Czech National Bank, the Central Bank of Chile, the Bank of Jamaica, the Central Bank of Argentina and the Swiss National Bank. Firstly this work confirms that solid monetary policy can be applied even if CB is dealing with loss based on inflation targeting success rate of central banks. Secondly, in the case of Czech National Bank using VAR, was concluded that inflation expectations can influence the outcome of CB's monetary policy. In the second part of this hypothesis the expectations from the government side in SNB case were examined. On the case of Argentina the negative effect of adjusting monetary policy was demonstrated. The last part elaborates on the topic of determining optimal capitalisation of central bank.

MORENO FILHO, José William Moreira. A Transvaloração dos valores em O nascimento da tragédia. 2008. 116f. – Dissertação (Mestrado) – Universidade Federal do Ceará, Programa de Pós-graduação em Filosofia, Fortaleza (CE), 2008. / Submitted by Gustavo Daher (gdaherufc@hotmail.com) on 2017-10-02T13:47:10Z No. of bitstreams: 1 2008_dis_jwmmorenofilho.pdf: 649094 bytes, checksum: 986ba2ec8811ece7ab173281a1fac2e3 (MD5) / Approved for entry into archive by Márcia Araújo (marcia_m_bezerra@yahoo.com.br) on 2017-10-04T15:39:59Z (GMT) No. of bitstreams: 1 2008_dis_jwmmorenofilho.pdf: 649094 bytes, checksum: 986ba2ec8811ece7ab173281a1fac2e3 (MD5) / Made available in DSpace on 2017-10-04T15:39:59Z (GMT). No. of bitstreams: 1 2008_dis_jwmmorenofilho.pdf: 649094 bytes, checksum: 986ba2ec8811ece7ab173281a1fac2e3 (MD5) Previous issue date: 2008 / The major purpose of the present study is to make explicit the possible presence of a revaluative approach in Nietzsche’s first published work, The birth of tragedy. That book brings, according to the philosopher, the first signs of his mature central conception: the revaluation of all values, that is, the birth of a new consciousness and new values. In the late period of his philosophical works, such as Ecce homo, Twilight of idols and Attempt of self-critique, Nietzsche points out to that intention of a reformulation of his initial conceptions. That is to say, he declares that The birth of tragedy was his first revaluation of all values. If we mainly focus on his early (1872 – 1875) as well as his late (1886 – 1888) philosophical works, we can find throughout the relation between art and knowledge in what sense the revaluation of all values is to be conceived. It is on art, more specifically on the art of tragedy that Nietzsche sees a positive way for human existence, since art makes life become positive. If mankind adopted a way of life guided by its own artistical powers, it could recognize its proper skills either to create or to destroy moral values, becoming able of promoting a radical change of predominant moral values, that is, a revaluation of all values. Nevertheless, the belief of an unlimited knowledge, which the unartistic tendency inherited from the aesthetic socratism opposes the offspring of a new tragic (artistic) approach. That belief erroneously over-estimates rationality as it were able to solve all enigmas of life. Therefore, The birth of tragedy brings the very foundations of Nietzsche’s late philosophy, since one can find in that work the most important issues of his thought: the critique of an exaggerated rationality initiated by an unartistic tendency named aesthetical socratism; the apology of a tragic wisdom (dionisiac), which will only be apprehended by art. Nietzsche’s struggle, therefore, aimed to call modern mankind’s attention, witch inherited aesthetic socratism, to realize the decadence of a lifestyle guided by unartistic tendencies; he also pointed out that only throughout an artistic existence mankind would be able to overcome decadent values. In that sense, art is Nietzsche’s affirmative proposal in The birth of tragedy which will be maintained in his latest philosophy. That is because it is only by that first work that the philosopher would be able to propose a revaluation of all values in his final work, by means of which life would be toned up in order to become positive. / A proposta deste trabalho tem como objetivo central explicitar a presença de um caráter transvalorativo na primeira obra publicada por Nietzsche: O nascimento da tragédia. Esta traz embrionariamente, segundo o próprio filósofo, o que seria mais tarde o objetivo central de toda sua filosofia: a transvaloração de todos os valores, isto é, o nascimento de um novo parâmetro de avaliação, de novos valores. Nietzsche, em textos de seu último período filosófico como Tentativa de autocrítica, Crepúsculo dos ídolos e Ecce Homo, [aponta para essa intenção de redimensionamento de suas teses iniciais; ou seja,] alega que O nascimento da tragédia foi a sua primeira Transvaloração de todos os valores. Focando exclusivamente em textos escritos na sua juventude (1872 – 1875) e maturidade (1886 – 1888) filosófica, a relação entre arte e conhecimento, nos períodos apontados, indicará em que sentido a transvaloração deve seguir. É na arte, mais precisamente na arte trágica, que Nietzsche vislumbra uma existência positiva, no sentido de que a arte afirma a vida. O homem, assumindo uma vida artística, ou seja, reconhecendo-se como criador e destruidor de valores, torna-se capaz de promover uma mudança radical nos valores vigentes, uma transvaloração dos valores. Entretanto, a crença no conhecimento ilimitado, que a tendência inartística do socratismo engendrou em nossa sociedade moderna, obsta a vinda de uma nova era trágica (artística). Essa crença supervaloriza a razão dotando-a, segundo Nietzsche, erroneamente da capacidade de desvendar os enigmas da vida. Assim, O nascimento da tragédia traz em si as bases da filosofia tardia nietzschiana, pois nela já se encontram temas de extrema importância do seu filosofar, são eles: crítica à razão exacerbada iniciada por uma tendência inartística denominada de socratismo (estético e teórico) e a apologia a uma sabedoria trágica (dionisíaca), a qual só pode ser aprendida através da arte. A luta de Nietzsche é, portanto, alertar o homem moderno, herdeiro do socratismo, o quanto a vida guiada por essa tendência inartística é decadente; é mostrar que só através de uma existência artística o homem seria capaz de superar valores decadentes. A valorização da arte é a proposta afirmativa de Nietzsche em O nascimento da tragédia que será retomada em sua filosofia derradeira, pois é somente por meio dela que uma transvaloração de todos os valores se tornará possível e, consequentemente, a vida será tonificada e afirmada.

The purpose of this research is the design of a green infrastructure that allows a regional conservation area to revalue the Ventanilla wetlands to promote ecotourism through spaces for the conservation of natural resources, turning it into a tourist attraction. The proposal considers design and construction criteria with adequate technology, biodegradable, and sustainable materials where environmental impact is minimized in this context. The collection of information through field visits and the use of different software for the topographic survey. Results show that the infrastructure design proposed was validated by a survey of potential users of the place, with 75% of the interviewees agreeing with the design proposal that allows interaction and harmony with nature, giving it a landscape value, generating local, national, and international visitors. The value is in the ecosystem services that the landscape provides to the city due to the design and construction criteria with adequate technology, biodegradable, and sustainable materials minimizing the environmental impact and promoting the cultural exchange, preservation, and ecological awareness wetland. / Revisión por pares

Esta dissertação discute como a revalorização da região central de São Paulo transforma os usos dos diversos lugares dessa região, estabelecendo conflitos entre os promotores desse processo e a apropriação desse lugar por seus usuários. Essa revalorização espacial sinaliza para o desenvolvimento da especulação imobiliária, a transformação dos espaços religiosos, o desenvolvimento do turismo e a expulsão, desse lugar, de quem não pode pagar por ele. Inserida dentro de um processo de reestruturação produtiva, essa revalorização conta com a atuação decisiva da iniciativa privada e dos poderes públicos, que concebem a cidade como uma máquina de produzir riquezas, incentivando estratégias de acumulação de capital. Por outro lado, existe quem resista a essas estratégias, transgredindo-as, demonstrando que o caráter criador da sociedade urbana aponta sempre para diversas possibilidades e uma delas é a de que o uso da cidade não esteja submetido a valores de troca do mercado. / This work analyses how the revaluation of São Paulo\'s downtown transforms the uses of this region several places, and creates conflicts between the promoters of this process and the appropriation of this place for its users. This space revaluation points out the development of real estate speculation, the transformation of the religious spaces, the development of tourism and the expulsion, from this place, of people who cannot afford to pay for it. Being part of a process of productive reorganization, this revaluation depends on the decisive performance of the private enterprises and of the government, which conceive the city as a machine for producing wealth through strategies of capital accumulation. On the other hand, there are individuals who resist these strategies by breaking them, what demonstrates that the creative character of urban society always points out several possibilities, and one of them is that the use of the city is not submitted to the values of market exchange.

O objetivo principal deste estudo é abordar o processo de transformação espacial de Campos Elíseos como condição à reprodução do capital no contexto da metrópole de São Paulo. A problemática fundamental é a reprodução do espaço, na qual enfatizamos o chamado processo de revitalização, situado no movimento de valorização, desvalorização e revalorização do capital. Nesta última fase, sobressai a intervenção mais direta do Estado, tentando induzir e sustentar uma reprodução mais dinâmica do capital através da atração de novos investimentos. Essas estratégias de revalorização vêm gerando conflitos entre as diversas classes e segmentos sociais pela apropriação desse espaço, com uma tendência à expulsão da população mais pobre. / The main objective of this study is to approach the process of spatial transformation of Campos Eliseos, as condition to capital reproduction in the context of the metropolis of Sao Paulo. The basic problematic is the reproduction of the space, in which we emphasize the so called revitalization process, placed on the movement of valuation, devaluation and revaluation of capital. In the last phase, the state intervention is more direct, trying to induce and sustain a more dynamic reproduction of the capital, through the attraction of new investments. These strategies of revaluation create conflicts among several classes and social segments for the appropriation of this space, with a trend to expel the poorest population.

The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

本研究係以實是性會計理論探究我國上市公司資產重估價之財務屬性暨其辦理資產重估之動機。本研究主要擬回答下列二項研究問題： 　　1.各公司辦理資產重估價對其財務屬性的影響，按不同標準分組比較之下，是否存有顯著之差異？ 　　2.公司管理當局辦理資產重估價的主要誘因為何？亦即相較於未從事資產重估價的公司，在實是性會計理論的解釋下，為何公司管理當局會從事資產重估價？ 　　本研究之研究期間起自民國70年，截至民國83年。研究模式係以兩樣本平均數比較法比較資產重估對於各公司財務屬性的影響，另以Logit迴歸分析法分析資產重估公司之財務特質，經實證分析結果，本研究之結論彙整如下： 　　1.關於資產重估對重估公司間影響程度之比較方面 　　　(1)折舊性資產重估 　　　　A.關於資本密集度方面，資本密集度愈高之公司，若辦理折舊性資產重估，對其資產總額與資本形成的影響程度愈大。 　　　(2)土地重估 　　　　A.關於資本密集度方面，資本密集度愈小之公司，若辦理土地重估，對其固定資產的影響程度愈大。 　　　　B.關於負債╱權益影響力方面，若公司預期未來負債會大幅成長，公司愈傾向辦理土地重估，以降低負債過高之不利財務結構。 　　　　C.關於連續重估與非連續重估方面，若公司存續時間愈長、股利自由數比率愈低者，愈傾向連續辦理土地重估。 　　2.關於重估公司之財務特質方面 　　　(1)折舊性資產重估 　　　　A.股利自由數比率愈低之公司，愈傾向辦理折舊性資產重估。 　　　(2)土地重估 　　　　A.每股盈餘愈低者，愈傾向辦理土地重估。 　　　　B.公司存續時間愈長者，愈傾向辦理土地重估。

<p>Purpose: The aim of the thesis is to identify principles of valuation and to reach a solution for how Statens järnvägar can present their leased railroad vehicles in the future.</p><p>Methodology: The authors have done a case study through a qualitative approach. Interviews have been done with Statens järnvägar, Näringsdepartementet and Riksrevisionen. Annual reports from Banverket and Luftfartsverket have been studied.</p><p>Theoretical perspectives: The regulations that rule the authorities are a base for the study.</p><p>Earlier researches done within the subject are presented in this section.</p><p>Empirical foundation: The empirical foundation of this study consists of primary- and secondary data. The primary data is collected from the interviews that have been done, whilst the secondary data is composed of annual reports, regulations and various other documents.</p><p>Conclusions: The authors have come to the conclusion that the method of valuation that Statens järnvägar choose, depends a lot on the vehicles hypothetical future. It is difficult to say that only one of the methods would be the correct one.</p> / <p>Syfte: Studiens syfte är att kartlägga olika värderingsalternativ och komma fram till en lösning för hur Statens järnvägar kan redovisa sina leasade järnvägsfordon i framtiden.</p><p>Metod: Författarna har gjort en fallstudie med kvalitativ inriktning. Intervjuer har gjorts med Statens järnvägar, Näringsdepartementet och Riksrevisionen. Årsredovisningar från Banverket och Luftfartsverket har granskats.</p><p>Teoretiskt perspektiv: Till grund för studien ligger de regelverk som styr statliga myndigheter och affärsverk. I detta avsnitt tas det även upp tidigare forskning som gjorts inom ämnet.</p><p>Empiri: Empirin består både av primärdata och sekundärdata. Primärdata är insamlad från de intervjuer som gjorts, medan sekundärdata är i form av årsredovisningar, regelverk och andra dokument.</p><p>Slutsatser: Författarna har i slutsatsen kommit fram till att den värderingsmetod som Statens järnvägar väljer beror på fordonens tänkta framtid. Det är svårt att säga att endast en utav värderingsmetoderna skulle vara den korrekta.</p>

Purpose: The aim of the thesis is to identify principles of valuation and to reach a solution for how Statens järnvägar can present their leased railroad vehicles in the future. Methodology: The authors have done a case study through a qualitative approach. Interviews have been done with Statens järnvägar, Näringsdepartementet and Riksrevisionen. Annual reports from Banverket and Luftfartsverket have been studied. Theoretical perspectives: The regulations that rule the authorities are a base for the study. Earlier researches done within the subject are presented in this section. Empirical foundation: The empirical foundation of this study consists of primary- and secondary data. The primary data is collected from the interviews that have been done, whilst the secondary data is composed of annual reports, regulations and various other documents. Conclusions: The authors have come to the conclusion that the method of valuation that Statens järnvägar choose, depends a lot on the vehicles hypothetical future. It is difficult to say that only one of the methods would be the correct one. / Syfte: Studiens syfte är att kartlägga olika värderingsalternativ och komma fram till en lösning för hur Statens järnvägar kan redovisa sina leasade järnvägsfordon i framtiden. Metod: Författarna har gjort en fallstudie med kvalitativ inriktning. Intervjuer har gjorts med Statens järnvägar, Näringsdepartementet och Riksrevisionen. Årsredovisningar från Banverket och Luftfartsverket har granskats. Teoretiskt perspektiv: Till grund för studien ligger de regelverk som styr statliga myndigheter och affärsverk. I detta avsnitt tas det även upp tidigare forskning som gjorts inom ämnet. Empiri: Empirin består både av primärdata och sekundärdata. Primärdata är insamlad från de intervjuer som gjorts, medan sekundärdata är i form av årsredovisningar, regelverk och andra dokument. Slutsatser: Författarna har i slutsatsen kommit fram till att den värderingsmetod som Statens järnvägar väljer beror på fordonens tänkta framtid. Det är svårt att säga att endast en utav värderingsmetoderna skulle vara den korrekta.