The thesis is focused on comparing the different forms of taxation models of financial lease by value added tax and evaluating the effects of choosing a particular form of taxation in the accounts. In reaching the goal of work, it is compared the different ways of acquiring property. It especially deals with the acquisition of own resources, the loan financing, the two types of financial lease and the ensuring the liability by the transfer of rights. Comparison of methods of property acquisition is performed using both net present value, both tax aspects.

The aim of this thesis was to examine the financial knowledge of older people as a vulnerable group of the population of the Czech Republic. For the analysis of the survey were selected. Seniors were considered 9 questions investigating their financial literacy. A questionnaire survey was conducted in homes for the elderly and nursing homes in the Czech Budejovice. The survey was a total of 300 respondents.

The content of this diploma thesis includes description of different methods of improvement in business. It focuses on incremental improvements over time and also on breakthrough improvement - so called radical innovation. On the basis of knowledge gained while studying literature for the theoretical part, I have analyzed in the practical part the states of three selected improvement methods in the company Robert Bosch Ltd. Chosen areas were: the application of the 5S method in the company, the conduct of regular satisfaction surveys and the process of submission and evaluation of improvement. The 3rd mentioned area - the area of improvement proposals, is characterized in detail in the practical part and gradually leads to the application of my own improvement proposal into practice which is considered as the main contribution of this thesis. My own proposal deals with the optimization of warehouse management. It is focused on the external warehouse of Robert Bosch Ltd. in order to supply material to the company's production lines more efficiently. It concerns the rearranging of the storage of key material items and their transfer to more suitable rack positions within the warehouse. The calculations are based on the number of stock removals per quarter for each item. Due to the outputs of the data analysis processed in my own improvement proposal, it was possible to decide in which rack positions it would be appropriate to store individual material items so that their subsequent transfer into production would be as efficient as possible in terms of time and, therefore, in terms of financial costs. The amount of time taken to transfer material items into production was crucial for the results of this thesis because their more efficient placement reduces the handling time so that it is possible to quantify the time and therefore financial savings of the project. The data analysis was focused on material items placed on unsuitable rack positions due to their number of stock removals per quarter. The aim was to suggest which materials would be better to transfer to a more appropriate type of rack positions, with an emphasis on the key items that affect the process of removal into production the most and represent a considerable financial costs.

The Green Savings programme was drawn up by the Ministry of the Environment of the Czech Republic and fully administered by the State Environmental Fund. The main objectives of the programme were reduction of CO2 emissions as well as limitation of other air pollutants, supported by increased use of renewable energy sources and improved energy efficiency in the housing sector. The programme has not only promoted use of renewable energy sources for heating and hot water preparation but has also subsidized energy savings in reconstructions and new buildings. The programme supports quality insulation of family houses and non-panel multiple-dwelling houses, replacement of environment unfriendly heating for low-emission biomass-fired boilers and efficient heat pumps and, finally, installations of these sources in new low-energy buildings as well as construction of new houses in the passive energy standard. The Green Savings support is provided in the form of non-claimable subsidies granted only to applicants from the Czech Republic. The Green Savings programme started 1st April 2009 and was suspended in late October 2010 due to its funds having been spent. The State Environmental Fund of the Czech Republic received 7137 grant applications from the South Bohemian Region - 1693 applications (23.7%) were granted and paid in full, 2121 applications (29.7%) were approved and 3323 applications (46.6%) were turned down. The applicants in the South Bohemian Region have claimed to be adequately informed about the programme and they find it to be economically advantageous ? the programme itself proved to be extremely popular and successful in meeting the applicants expectations in energy savings. If some of the South-bohemian households choose not to apply for a subsidy within this programme it was not because of lack of funds. Most households who applied for the subsidy reported only partial satisfaction with its administration process. The greatest majority of benefactors in all subsidized areas were family houses and the biggest amount of grants applied for concerns the use of renewable energy sources for heating and hot water preparation (in particular installation of solar-thermal collectors which represents 25% of all submitted applications). Lowest interest within the subsidized areas was for housing construction in the passive energy standard. For many applicants the governmental support isn't the main driving force in their decision-making process about energy efficient homes. Many of them had implemented energy-saving measures before the programme started. But they claim to have chosen more energy efficient measures using the programme than they would have done without it. People living in South Bohemian Region have positive relationship with their environment and take environmental issues seriously.

A literatura de Finanças oferece evidências de que, tanto no Brasil quantos nos E.U.A., as firmas de capital aberto estão retendo cada vez mais caixa ao longo das últimas décadas. Sobre a fonte de caixa retido, há algumas evidências do importante papel da emissão de ações para as firmas estadunidenses, porém não foram localizados trabalhos relacionados sobre o caso brasileiro. Usando uma base de dados em painel com dados contábeis e de mercado de firmas listadas na BMF&BOVESPA de 1995 a 2013 e o modelo proposto por McLean (2011), estimado através do método dos mínimos quadrados, este estudo objetiva obter evidências sobre as fontes de caixa retido pelas firmas no mercado brasileiro através de análise da amostra completa e de grupos de firmas classificadas como irrestritas e restritas financeiramente. Os resultados encontrados sugerem que a emissão de ações, o endividamento e o fluxo de caixa operacional têm correlação positiva e significante com a variação em caixa e que o fluxo de caixa operacional é a principal fonte de caixa retido das firmas brasileiras. Explorou-se o papel dos motivos precaucionários sobre a decisão de retenção e foram encontradas evidências de que o grupo de firmas restritas financeiramente retém mais a partir do fluxo de caixa operacional em tempos de crescimento nestes motivos. Por último, buscou-se verificar o papel de impactos macroeconômicos sobre a decisão de retenção, com os resultados mostrando que choques exógenos afetam de maneira diferente as firmas consideradas irrestritas e restritas financeiramente. / The Finance literature offers evidence that, in Brazil as in the U.S.A., publicly traded firms are saving more and more cash over the past decades. About the source of cash savings, there is some evidence of the important role of shares issuance for US firms, but no work was found related with the Brazilian case. Using a panel database formed by accounting and market data from listed firms in BM&FBOVESPA from 1995 to 2013 and the model proposed by McLean (2011), estimated by the least squares method, this study aims to gather evidence on the sources of cash retained by companies in the Brazilian market through analysis of the full sample and groups of firms classified as financially unconstrained and constrained. The results suggest that the shares issuance, debt and operating cashflow have positive and significant correlation with the change in cash savings and that operating cashflow is the main source of cash for Brazilian firms. The role of precautionary motives for the retention decision was explored and evidence was found that in times of growth in these motives, more is retained from operating cashflow. Finally, we sought to determine the role of macroeconomic impacts on the retention decision, with the results showing that exogenous shocks affect differently the firms considered financially unconstrained and constrained.

La consommation énergétique des centres de calculs et de données, aussi appelés « data centers », représentait 2% de la consommation mondiale d'électricité en 2012. Leur nombre est en augmentation et suit l'évolution croissante des objets connectés, services, applications, et des données collectées. Ces infrastructures, très consommatrices en énergie, sont souvent sur-dimensionnées et les serveurs en permanence allumés. Quand la charge de travail est faible, l'électricité consommée par les serveurs inutilisés est gaspillée, et un serveur inactif peut consommer jusqu'à la moitié de sa consommation maximale. Cette thèse s'attaque à ce problème en concevant un data center ayant une consommation énergétique proportionnelle à sa charge. Nous proposons un data center hétérogène, nommé BML pour « Big, Medium, Little », composé de plusieurs types de machines : des processeurs très basse consommation et des serveurs classiques. L'idée est de profiter de leurs différentes caractéristiques de performance, consommation, et réactivité d'allumage, pour adapter dynamiquement la composition de l'infrastructure aux évolutions de charge. Nous décrivons une méthode générique pour calculer les combinaisons de machines les plus énergétiquement efficaces à partir de données de profilage de performance et d'énergie acquis expérimentalement considérant une application cible, ayant une charge variable au cours du temps, dans notre cas un serveur web.Nous avons développé deux algorithmes prenant des décisions de reconfiguration de l'infrastructure et de placement des instances de l'application en fonction de la charge future. Les différentes temporalités des actions de reconfiguration ainsi que leur coûts énergétiques sont pris en compte dans le processus de décision. Nous montrons par simulations que nous atteignons une consommation proportionnelle à la charge, et faisons d'importantes économies d'énergie par rapport aux gestions classiques des data centers. / The increasing number of data centers raises serious concerns regarding their energy consumption. These infrastructures are often over-provisioned and contain servers that are not fully utilized. The problem is that inactive servers can consume as high as 50% of their peak power consumption.This thesis proposes a novel approach for building data centers so that their energy consumption is proportional to the actual load. We propose an original infrastructure named BML for "Big, Medium, Little", composed of heterogeneous computing resources : from low power processors to classical servers. The idea is to take advantage of their different characteristics in terms of energy consumption, performance, and switch on reactivity to adjust the composition of the infrastructure according to the load evolutions. We define a generic methodology to compute the most energy proportional combinations of machines based on hardware profiling data.We focus on web applications whose load varies over time and design a scheduler that dynamically reconfigures the infrastructure, with application migrations and machines switch on and off, to minimize the infrastructure energy consumption according to the current application requirements.We have developed two different dynamic provisioning algorithms which take into account the time and energy overheads of the different reconfiguration actions in the decision process. We demonstrate through simulations based on experimentally acquired hardware profiles that we achieve important energy savings compared to classical data center infrastructures and management.

Vladimir Zah apporte plus de 20 ans d'expérience en technologie et en économie de la santé. Depuis 2000, dans divers rôles en tant qu'économiste de la santé, chef de projet et enquêteur en chef, Vlad a mis en œuvre plus de 170 modèles et évaluations économiques de la santé dans les paramètres de phase 2, 3 et 4, dans diverses zones de maladies pour les 30 principales sociétés pharmaceutiques mondiales.Vlad a beaucoup travaillé au cours des 6 dernières années dans la dépendance aux opioïdes.Ses recherches de doctorat sur la détection de VIH précoce et tardive au Royaume-Uni ont contribué à la révision des politiques de détection précoce du VIH par le Parlement britannique en 2011.Il a cofondé le chapitre serbe de la Société internationale pour la recherche en pharmacocéconomie et les résultats (ISPOR) en 2007 et a été président de ce chapitre jusqu'en 2012. Vlad est un membre actif de divers groupes d'intérêt spécial (SIG) de l'ISPOR (y compris les rares Maladies) et le président du Comité exécutif de l'ISaf Europe centrale et orientale 2015-2017.Vlad envoie beaucoup de conférences et sert de leader d'opinion dans les domaines de l'HEOR, de la dépendance aux opioïdes, du VIH, du diabète et autres. Il a également consulté et fourni une formation HEOR concernant les médicaments et les dispositifs médicaux au Ministère de la Santé, aux Fonds nationaux d'assurance ou aux congrès nationaux en Russie, Turquie, Grèce, Égypte, Pologne, République tchèque, Slovaquie, Hongrie, Croatie, Bosnie-Herzégovine, Slovénie, ARYM, République de Srpska et Inde / Vladimir Zah brings more than 20 years of Health Economics technology and business experience. Since 2000, in various roles as Health Economist, Project Manager and Chief Investigator, Vlad has implemented more than 170 health economic models and assessments in the phase 2, 3 and 4 settings, across various disease areas for top 30 global pharmaceutical companies. Vlad worked extensively over the last 6 years in opioid dependence.His PhD research on early vs. late HIV detection in the United Kingdom contributed to revisions in HIV early detection policies made by the UK Parliament in 2011. He co-founded the Serbian Chapter of the International Society for Pharmaco-economics and Outcomes Research (ISPOR) in 2007 and served as President of that chapter until 2012. Vlad is an active member of various ISPOR special interest groups (SIG) (including rare diseases) and is ISPOR Central East Europe Executive Committee Chair 2015-2017.Vlad lectures extensively and serves as a key opinion leader in the areas of HEOR, opioid addiction, HIV, diabetes and other. He also consults and provided HEOR training relating to both medications and medical devices to Ministry of Health, National Insurance Funds or at national congresses in Russia, Turkey, Greece, Egypt, Poland, Czech Republic, Slovakia, Hungary, Croatia, Bosnia & Herzegovina, Slovenia, FYROM, Republic of Srpska and India

O fato de haver na economia brasileira um baixo volume de crédito ao setor privado, tornando mais difícil o acesso das empresas a financiamentos que lhes possibilitem aceitar projetos de investimentos que as faria maiores e mais lucrativas, desenvolvendo o setor empresarial e a sociedade como um todo, é a motivação deste trabalho que busca avaliar o impacto de três fatores específicos no nível de crédito ao setor privado existente em um país: (i) o nível de eficiência jurídica; (ii) o grau de instabilidade econômica; e (iii) o volume de poupança total. A importância de tais fatores é fundamentada na revisão da literatura e sua análise, através do uso de regressões simples e múltiplas do tipo cross-section envolvendo 207 países, confirmou em todas as especificações a hipótese de que quanto mais eficiente for o sistema jurídico de um país, maior será o volume de crédito nele disponível. O grau de instabilidade econômica e o nível de poupança se mostraram também fatores condicionantes do volume de crédito, mas não em todas as especificações e com um impacto menor ao verificado para o sistema jurídico. Estimativas mostraram que o volume de crédito ao setor privado no Brasil seria 43% superior ao observado caso houvesse uma melhoria de apenas meio desvio padrão nas medidas referentes às três variáveis independentes acima citadas. Fatores adicionais foram brevemente avaliados como o nível da taxa de juros real, o grau de participação nos fluxos internacionais de comércio e o nível de desenvolvimento. Esses fatores se mostraram também importantes e merecem estudos que os tenham como foco. Espera-se com este estudo contribuir para a compreensão do funcionamento do mercado de crédito e para a discussão a respeito de medidas e posturas que possam ser adotadas no Brasil e no mundo visando seu desenvolvimento, que se reflete no desenvolvimento das empresas e da sociedade. / The fact that the Brazilian economy has a low volume of credit available to the private sector, making it difficult for the companies to have access to loans which would able them to accept investment projects and could make them larger and more profitable companies, developing the business sector and the society, is the motivation of this work that reaches to evaluate the impact of three specific factors in the credit volume existing in one country to the private sector: (i) the level of the legal system efficiency; (ii) the economic instability level; and (iii) the total volume of savings accounts. Those factors importance are based on the literature review and it’s analysis, by the use of simple and multiple cross-section regressions involving (two hundred and seven) 207 countries, have confirmed in all of the specifications that as more efficient is its legal system, higher will be the volume of credit available in such country. The economic instability level and the total volume of savings accounts have showed also to be factors related to the credit volume, but not in all specifications and with a lower impact compared to the impact verified by the legal system. Estimations have showed that the credit volume to the private sector in Brazil would be 43% higher than the actual in case an improvement of only half standard deviation in the measures referred to the 3 independent variables above mentioned. Additional factors were also briefly evaluated, like the real interest rate level, the participation on the international trade flow and the development level. Such factors have also showed importance and do deserve studies of their own. It is a purpose of this study to contribute for the understanding of the credit market and its performance and for the discussion of measures and postures, which could be adopted in Brazil and in the world objecting its development that reflects on the companies and the society development.

A literatura de Finanças oferece evidências de que, tanto no Brasil quantos nos E.U.A., as firmas de capital aberto estão retendo cada vez mais caixa ao longo das últimas décadas. Sobre a fonte de caixa retido, há algumas evidências do importante papel da emissão de ações para as firmas estadunidenses, porém não foram localizados trabalhos relacionados sobre o caso brasileiro. Usando uma base de dados em painel com dados contábeis e de mercado de firmas listadas na BMF&BOVESPA de 1995 a 2013 e o modelo proposto por McLean (2011), estimado através do método dos mínimos quadrados, este estudo objetiva obter evidências sobre as fontes de caixa retido pelas firmas no mercado brasileiro através de análise da amostra completa e de grupos de firmas classificadas como irrestritas e restritas financeiramente. Os resultados encontrados sugerem que a emissão de ações, o endividamento e o fluxo de caixa operacional têm correlação positiva e significante com a variação em caixa e que o fluxo de caixa operacional é a principal fonte de caixa retido das firmas brasileiras. Explorou-se o papel dos motivos precaucionários sobre a decisão de retenção e foram encontradas evidências de que o grupo de firmas restritas financeiramente retém mais a partir do fluxo de caixa operacional em tempos de crescimento nestes motivos. Por último, buscou-se verificar o papel de impactos macroeconômicos sobre a decisão de retenção, com os resultados mostrando que choques exógenos afetam de maneira diferente as firmas consideradas irrestritas e restritas financeiramente. / The Finance literature offers evidence that, in Brazil as in the U.S.A., publicly traded firms are saving more and more cash over the past decades. About the source of cash savings, there is some evidence of the important role of shares issuance for US firms, but no work was found related with the Brazilian case. Using a panel database formed by accounting and market data from listed firms in BM&FBOVESPA from 1995 to 2013 and the model proposed by McLean (2011), estimated by the least squares method, this study aims to gather evidence on the sources of cash retained by companies in the Brazilian market through analysis of the full sample and groups of firms classified as financially unconstrained and constrained. The results suggest that the shares issuance, debt and operating cashflow have positive and significant correlation with the change in cash savings and that operating cashflow is the main source of cash for Brazilian firms. The role of precautionary motives for the retention decision was explored and evidence was found that in times of growth in these motives, more is retained from operating cashflow. Finally, we sought to determine the role of macroeconomic impacts on the retention decision, with the results showing that exogenous shocks affect differently the firms considered financially unconstrained and constrained.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-04-01T14:10:05Z No. of bitstreams: 1 edneadeoliveirahermogenescarvalho.pdf: 6710781 bytes, checksum: 3e6814467a3f8263e3746605b74057ac (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-04-24T03:15:37Z (GMT) No. of bitstreams: 1 edneadeoliveirahermogenescarvalho.pdf: 6710781 bytes, checksum: 3e6814467a3f8263e3746605b74057ac (MD5) / Made available in DSpace on 2016-04-24T03:15:37Z (GMT). No. of bitstreams: 1 edneadeoliveirahermogenescarvalho.pdf: 6710781 bytes, checksum: 3e6814467a3f8263e3746605b74057ac (MD5) Previous issue date: 2013-08-12 / A partir da análise nas prestações de contas das caixas escolares da Superintendência Regional de Ituiutaba, procurou-se identificar as principais incoerências recorrentes na execução financeira realizada pelos diretores escolares. O Ministério Público, em 2007, recomendou a subordinação das caixas escolares ao regime de contratações públicas, disposto na Lei Federal n° 8.666/93. Em atendimento a essa recomendação, a Secretaria de Estado de Educação de Minas Gerais efetivou ações que se concretizaram, em 2009, com a publicação do Decreto Estadual nº 45.085/2009 e Resolução SEE n° 1.346/2009. Regulamentou-se, portanto, a transferência, utilização e prestação de contas de recursos financeiros repassados às caixas escolares, com a criação de um procedimento de contratações públicas análogo ao estabelecido pela lei n° 8.666/93. Embora os gestores escolares tenham sido capacitados com relação à legislação em questão, algumas incoerências são identificadas. Desse modo, neste trabalho, objetivou-se, por meio de uma pesquisa com base qualitativa e quantitativa, verificar as principais incoerências e dificuldades encontradas tanto pelos diretores quanto pela Secretaria de Educação. O Plano de Ação Educacional do presente trabalho apresenta algumas proposições, como a busca de recursos humanos e técnicos, para que a execução financeira transcorra o mais próximo do ideal possível, possibilitando, dessa forma, a otimização do gasto desses recursos. / According to analysis at the account of school saving banks program of the Regional oversight in Ituiutaba city, tried to identify the main incoherence performed in the financial execution for school directors. In 2007, the public minister recommended that the school saving bank stay subject of the public hiring according to the federal law n 8.666/93. To service this recommendation the administrative office of the Minas Gerais state effected the action that realize in 2009, with the publication that state decree n 45.085/2009 and Resolution nº 1.346/2009, regulating the transfer, use and accounts of the financial resources passed to school saving bank program, with the creation of a procedure for public contraction similar the law 8.666/93. Although the school managers have abilities about legislation some incoherence are identified. That way, this work have a main target, through qualitative and quantitative research, check the principal incoherences and difficulties found by school directors and administrative office of Minas Gerais state.The plan of education action of this paper present propositions as the pursuit of human and technical resources for the financial execution pass as close to ideal as possible, allowing this way the optimization of spending these resources.