Analysis of current situation in a private company and proposal of steps for application of controlling praxis. The thesis is focused on costs management, calculations, analysis of products rentability, management of cost centers, short and long term budgeting.

It can be argued that the growing threat of climate change, of a culture of capitalism and consumption established in today’s society, drives networks of people to form unions and not to follow standard production and consumption systems, of which Änggärdet is a representation. This thesis project aims to create a desirable and sustainable future scenario for Änggärdet in 2030 based on a backcasting methodology. Additionally, this project aims to build a vision and potential future solutions and concepts for Änggärdet sustainable development. To do so, research has been done in the form of a literature review and empirical data collection through surveys and workshop tools. A vision was formulated while not setting ambitious goals and therefore having a high degree of plausibility. Findings show that developing a future solution requires a greater need to involve stakeholders, further evaluate internal limitations, and account for two accelerating forces. Furthermore, six-short term goals can be set as part of the development initiation. Finally, an awareness and an understanding of present and long-term challenges exist amongst members of Änggärdet. The study enables Änggärdet to train and develop skills in terms of sustainable production and consumption and encourages collaboration between Flen Municipality and Änggärdet to influence and raise awareness amongst the surrounding residents and companies. / Det kan argumenteras för att det växande hotet om klimatförändringar, och om en kultur av kapitalism och konsumtion som etablerats i dagens samhälle, driver nätverk av människor till att bilda sammanslutningar och till att inte följa modula produktions- och konsumtionssystem. I denna rapport är Änggärdet - en gårdsgemenskap, en representation av ett alternativ till en social rörelse. Denna masteruppsats syftar till att skapa önskvärda och hållbara framtidsscenarier för Änggärdet till år 2030. Änggärdets huvudsyfte är att gemensamt utveckla en hållbar livsstil och att bidra till övergången till | ett hållbart och motståndskraftigt samhälle. Änggärdet vill även skapa en livsstil som har ett mindre beroende av konsumtion och ett större beroende av ett mer kreativt och enhälligt samhälle. I linje med gårdens vision syftar denna studie till att bygga en vision och potentiella framtida lösningar och koncept för Änggärdets hållbara utveckling. För detta ändamål tillämpas två kombinerade backcasting-modeller; ett metodologisk ramverk för backcasting och en modulär deltagande backcasting. För att utföra detta har forskning genomförts i form av litteraturöversikt och empirisk datainsamling baserade på workshop- och undersökningsinstrument. En vision formulerades, utan krav på ambitiösa mål, vilket bidrog till en hög grad av rimlighet. Resultaten demonstrerar att, för att en framtida lösning ska utvecklas, finns ett större behov av att involvera intressenter, att vidare utvärdera interna begränsningar och att ta hänsyn till två accelererande drivkrafter. Vidare kan sex kortsiktiga mål användas som en del av den initierade utvecklingen. Slutligen råder en medvetenhet och en förståelse för nuvarande och långsiktiga utmaningar bland Änggärdets medlemmar. Föreliggande studie ger Änggärdet möjligheten att utbilda och utveckla färdigheter, gällande hållbar produktion och konsumtion, och uppmuntrar även till samarbete mellan Flen kommun och Änggärdet. Detta för att influera och öka medvetenheten hos de omgivande invånarna och företagen.

This Ph.D. thesis represents a summative report detailing research processes and outcomes from investigating the ultimate and serviceability limit state short- and long-term behaviour and design of timber-concrete composite floors. The project enables the realization of a semi-prefabricated LVL-concrete composite floor system of up to 15 m long using 3 types of connection. Design span tables which satisfy the ultimate and serviceability limit state short- and long-term verifications for this system form the novel contribution of this thesis. In quantifying the behaviour of timber-concrete composite floors, 5 different experimental phases have been carried. 9 major achievements in meeting 9 sub-objectives have been concluded: 1) Three best types of connection system for timber-concrete composite floors have been identified; 2) The characteristic strength and secant slip moduli for these connections have been determined; 3) The short-term behaviour of the selected connections defined by their pre- and post-peak responses under collapse load has been established; 4) An analytical model for the strength evaluation of the selected connections based on the different possible modes of failure has been derived; 5) Easy and fast erected semi-prefabricated timber-concrete composite floor has been proposed; 6) The short-term ultimate and serviceability limit state behaviour of timber-concrete composite floor beams under collapse load has been investigated; 7) The long-term behaviour of chosen connections defined by their creep coefficient has been determined; 8) The long-term behaviour of timber-concrete composite floor beams under sustained load at serviceability limit state condition has been investigated; and 9) Design example and span tables for semi-prefabricated timber-concrete composite floors that satisfy both the ultimate and serviceability limit state in the short- and long-term using the gamma-method have been developed.

Cette thèse est composée de trois essais qui étudient le déroulement des introductions en bourse. Dans le premier essai, nous examinons l’effet de la séparation propriété-contrôle sur la performance des offres publiques initiales (IPO) à long terme en France. En utilisant un échantillon de 351 entreprises françaises introduites en bourse sur la période 1997-2011, nous constatons que la séparation entre les droits de vote et les droits de propriété des actionnaires majoritaires est négativement associée à la performance à long terme des introductions en bourse. Cette constatation indique que les IPO ayant une structure de propriété dispersée sont moins performantes que les autres entreprises au cours de la période allant de 1 à 5 ans suivant l'offre initiale. Cette séparation incite les actionnaires dominants à retirer des avantages privés de contrôle au détriment des actionnaires minoritaires.Dans le deuxième essai, nous examinons le rôle des clauses de lock-up sur la précision des prévisions de résultat publiées dans le prospectus d'introduction en bourse. En utilisant un échantillon de 303 prévisions des entreprises françaises introduites en bourse entre 1997 et 2013, nous apportons la preuve que les introductions en bourse ayant plus d'actions à détenir, ainsi que celles qui choisissent des périodes de lock-up plus longues, sont plus susceptibles de divulguer des prévisions de résultats conservatrices et précises. Ces résultats sont robustes à un certain nombre de tests de sensibilité.Dans le troisième essai, nous étudions l'impact de la localisation géographique sur la sous-évaluation à court terme des introductions en bourse françaises. Les résultats montrent que les entreprises situées à proximité du centre financier parisien sont moins sous-estimées que les entreprises distantes. Ces résultats fournissent un support empirique à l'argument selon lequel l'incertitude sur la valeur des IPO augmente proportionnellement à la distance de Paris. En d'autres termes, la proximité géographique améliore la qualité des informations collectées sur les entreprises, ce qui réduit leurs coûts d'introduction en bourse et diminue le niveau des rendements initiaux. / This dissertation consists of three essays. In the first essay, we investigate whether the control-ownership divergence can explain IPO long-run performance in France. Using data from a sample of 351 French IPOs during 1997-2011, we find that the separation between ownership and control rights of the largest shareholder is negatively associated with long-term performance of French IPOs. This finding indicates that IPOs with disproportional ownership structure underperform other firms in the one- to five-year period following the initial offering. Such separation induces controlling shareholders to extract private benefits of control to the detriment of minority shareholders.In the second essay, we examine the effect of lockup agreements on management earnings forecasts in initial public offering (IPO) prospectuses. Using a sample of 303 forecasts of French firms that went public over the period 1997–2013, we find that IPOs with lockup clauses are more likely to disclose conservative profit forecasts. Moreover, we provide evidence that IPOs with more shares to lock up, as well as those selecting longer lockup periods, have more accurate management earnings forecasts. These results are robust to a number of sensitivity tests.In the third essay, we examine the impact of geographic location on the short–run underpricing of French initial public offerings (IPOs). The results show that firms located in close proximity to the financial centre, Paris, are less underpriced than distant ones. These findings provide empirical support to the argument that uncertainty about IPO value increases with distance from Paris. In other words, geographic proximity improves the quality of collected information on IPO firms, which lowers their costs of going public and decreases the level of initial returns.

BAKGRUND: Ökade växthusgasutsläpp och större klimatpåverkan speglar dagens samhälle allt mer. Bygg-och anläggningssektorn står idag för en femtedel av Sveriges totala klimatpåverkan och är en bransch som behöver ta steg framåt för att minimera den. Ett instrument som har använts för att motivera och skapa finansiella samt klimatmässiga fördelar för projekt som kan visa på en lägre klimatpåverkan är grön finansiering. Grön finansiering bygger på att projekt kan påvisa en mindre klimatpåverkan för att kunna ta del av de finansiella fördelar det skulle innebära. Dock har tidigare forskning runt ämnet visat att detta bortses av investerare och beslutsfattare av olika orsaker trots att klimatdebatten blir allt mer tydlig. Avsaknad av tydliga regelverk, standarder eller policyer lyfts av tidigare forskning samtidigt som hot kan anas i form av för hårda åtstramningar. En analys av bygg-och anläggningssektorns syn på grön finansiering och gröna projekt och vad marknaden behöver för att i framtiden kunna vara finansiellt hållbar är någonting som behövs för att marknaden ska kunna ta steg framåt. SYFTE: Syftet med studien är att analysera de finansiella fördelarna och riskerna som grön finansiering medför. Utifrån en analys av grön finansiering inom ramen för bygg-och anläggningssektorn kommer sedan förslag till sätt marknaden kan utvecklas på att föreslås utifrån ett finansiellt perspektiv. GENOMFÖRANDE: Studien har genomförts genom kvalitativa, semi-strukturerade intervjuer med respondenter kopplade till bygg-och anläggningsbranschen samt grön finansiering. Som tillägg har en kartläggning av erbjudande inom grön finansiering sammanställts från två respondenter. Utifrån tidigare forskning samt rapporter ställdes frågor runt grön finansiering och dess finansiella påverkan på marknaden. Utifrån svaren från aktörerna kunde en analys göras av var de aktiva aktörerna såg marknaden idag samt dess viktigaste aspekter för framtiden. SLUTSATS: Studiens slutsats är att den gröna finansieringsmarknaden behöver införa ett graderingssystem för att på så sätt skilja projekt åt. Ett sådant system skulle fungera som ett incitament för projekt att gå mot att bli gröna då det inkluderar en prissättning av sådant som inte lever upp till kraven för att bli gröna och fördelar för de som tar allra störst klimatansvar. Det skulle också möjliggöra för investerare som vill ta högre risk att investera i projekt som i dagsläget inte är gröna men som har som ambition att bli det. Utöver graderingssystemet behöver det också kompletteras av mer obligatoriska regelverk för att öka utbudet av grön finansiering på marknaden. / BACKGROUND: Increased greenhouse gas emissions and greater climatic impact reflect today's society more and more. Today, the construction and civil engineering industry accounts for one fifth of Sweden's total climate impact and is an industry that needs to take steps to minimize it. An instrument that has been used to motivate and create financial and climatic benefits for projects that can show a lower climate impact is green financing. Green financing is based on the fact that projects can show a minor impact on the climate in order to be able to take advantage of the financial benefits it would entail. However, previous research on the subject has shown that this is ignored by investors and decision-makers for various reasons, although the climate debate is becoming increasingly clear. The lack of clear regulations, standards or policies is highlighted by previous research, while at the same time one can perceive a threat in the form of too tight austerities. An analysis of the construction industry’s view today of green financing and green projects and what the market needs in order to be financially sustainable in the future is something that is necessary for the market to be able to take steps forward. AIM: The purpose of the study is to analyze the financial benefits and risks that green financing entails. On the basis of an analysis of green financing within the framework of the construction and civil engineering sector, then proposals for ways in which the market can be developed are proposed from a financial perspective. COMPLETION: The study was conducted through qualitative, semi-structured interviews with respondents linked to the construction and civil engineering sectors and green financing. In addition, a survey of green financing offers has been compiled from two respondents. Based on previous research and reports, questions were asked about green financing and its financial impact on the market. Based on the responses from the players, an analysis could be made of where the active players saw the market today and its most important aspects for the future. CONCLUSION: The study concludes that the green financing market needs to introduce a grading system in order to separate projects. Such a system would serve as an incentive for projects to go green as it includes pricing of things that do not meet the requirements to become green and benefits those who take the greatest climate responsibility. It would also make it possible for investors who want to take a higher risk of investing in projects that are not green at the moment, but which have the ambition to become so. In addition to the grading system, it also needs to be supplemented by more mandatory regulations to increase the supply of green financing in the market.

Ce mémoire de thèse aborde le problème du flambement de murs en bois lamellé-croisé. Ces panneaux de bois, constitués de planches collées perpendiculairement, sont de plus en plus utilisés dans la construction. La tendance actuelle du marché est de concevoir des immeubles de grande hauteur, ce qui soulève la question de la résistance en compression de ces murs. Il s'avère que le bois est fortement anisotrope. En particulier, la raideur et la résistance en cisaillement perpendiculaire aux fibres, également appelé cisaillement roulant, sont beaucoup plus faibles que dans la direction parallèle aux fibres. Ce fort contraste nécessite un critère de conception plus élaboré que les outils classiques utilisés dans l'ingénierie du bois. Ce travail est organisé en deux parties. Dans la première partie, la raideur équivalente de cisaillement transverse d'un panneau de bois lamellé-croisé est étudiée. Des bornes sont établies par une approche théorique. Ces bornes sont validées par un nouveau dispositif expérimental qui permet la mesure de la raideur en cisaillement roulant avec une variabilité plus faible que le test textit{single-lap} classiquement utilisé. Dans la deuxième partie, ces données sont utilisées dans l'analyse du flambement de panneaux en bois lamellé-croisé en raffinant progressivement le problème. Dans un premier temps, la charge critique de flambement linéaire d'une plaque épaisse sans imperfections est établie. Cette charge critique est basée sur une nouvelle théorie de plaque d'ordre supérieur et montre que la charge critique de flambement basée sur une théorie de plaque mince (Kirchhoff-Love) ne peut pas estimer correctement la résistance de murs en bois lamellé-croisé. Dans un second temps, l'influence des imperfections est étudiée en adaptant l'approche classique de Ayrton et Perry à une poutre de Timoshenko. Cette extension a révélé qu'un nouveau critère de résistance doit être satisfait lors du flambement qui est spécifique aux murs en bois lamellé-croisé. Dans un dernier temps, cette analyse est étendue aux charges permanentes en supposant une loi de fluage simple qui conduit à un nouveau critère de conception simple qui pourrait facilement être adopté dans les codes de conception actuels / This PhD thesis addresses the issue of CLT wall buckling. These wooden panels, made of boards which are glued cross-wise, are more and more used in construction. The current trend of the market is to design high-rise buildings which raises the issue of the compressive strength of such walls. It turns out that wood is a highly anisotropic material. Especially, the shear stiffness and strength perpendicular to the grain (rolling shear) are much weaker than in the direction parallel to the grain. This high contrast requires more elaborate design criteria than classical tools used in timber engineering. This work is organized in two main parts. First, the equivalent rolling-shear behavior of a CLT layer is investigated. Bounds are established for the stiffness of an equivalent layer using a theoretical approach. These bounds are validated by means of a new experimental set-up which allows the measurement of the rolling shear stiffness with less variability than the classical single lap shear test. In the second part, this data is used in the buckling analysis of CLT walls with increasing refinements. First, the linear buckling load of a thick plate without imperfection is established. This load is based on a new higher-order plate theory and reveals that the critical load based on a thin plate theory (Kirchhoff-Love) cannot predict correctly the strength of CLT walls. Then, the influence of imperfections is introduced adapting the classical approach from Ayrton and Perry to the case of a Timoshenko beam. This extension reveals that a new design criterion has to be satisfied under buckling which is specific to CLT. Finally, this analysis is extended to long term loads assuming a simple creep law and leading to a new simple design criterion which may be easily introduced in current design codes

O objetivo desta pesquisa foi contribuir para o entendimento sobre a suscetibilidade ao dano por umidade de misturas asfálticas densas à luz dos ensaios da ASTM D 4867 e AASHTO T 283. Para isso, foi desenvolvido um programa experimental completo que considerou a variação, em dois níveis, dos seguintes fatores: tipo de asfalto (CAP 50/70 e CAP 50/70+SBS), presença de aditivo (sem e com cal) e modo de preparo (envelhecimentos em curto e em longo prazos). O programa experimental resultou em 8 tipos de misturas asfálticas (condições experimentais) que foram caracterizadas em suas propriedades originais e após um condicionamento térmico composto de uma fase de congelamento (-18º C por 16 horas) e uma fase de descongelamento (60º C por 24 horas). A partir das análises dos resultados foi possível constatar que (i) nenhuma mistura testada foi considerada suscetível ao dano por umidade, mas a relação de resistência à tração das misturas com CAP 50/70 de ambos os métodos se encontraram no limiar dos valores limites; (ii) as misturas com asfalto modificado, em geral, apresentaram maiores valores de módulo de resiliência e resistência à tração e foram mais resistentes à ação da água; (iii) a adição de cal não promoveu mudanças notáveis nas propriedades originais, no entanto contribuiu para a manutenção ou para o aumento da resistência ao dano por umidade; (iv) os envelhecimentos em curto e longo prazos dos métodos da ASTM e da AASHTO não provocaram mudanças importantes nas propriedades originais e após o condicionamento as misturas testadas exibiram tendências de comportamentos similares. / This research presents a contribution to understanding hot mix asphalt (HMA) moisture damage susceptibility according to ASTM D 4867 and AASHTO T 283 tests. A full factorial experiment design was carried out considering the factor variations, on two levels: asphalt type (CAP 50/70 and CAP 50/70+SBS), additive presence (with or without hydrated lime) and mixture procedure (short and long term aging). The experimental program resulted in 8 types of asphalt mixes (experimental conditions) which were characterized by the original properties and after a thermal conditioning wich consisted of a freezing phase (-18 °C for 16 hours) and a thawing phase (60 °C for 24 hours). Findings indicate that (i) no one mix was considered susceptible to moisture damage, however the ITR (indirect tensile ratio) of the CAP 50/70 mixes resulted ITR near to protocol admissible values; (ii) in general, CAP 50/70+SBS mixes presented higher resilient modulus, indirect tensile strength and indirect tensile ratio values, (iii) the addition of hydrated lime did not show remarkable changes in original properties, nevertheless it contributed for maintaining or increasing the moisture damage resistance; (iv) short and long term aging procedures (ASTM and AASHTO) did not cause important changes in original properties and after conditioning the mixes showed similar behavior tendencies.

En raison de l'utilisation croissante de nanomatériaux dans divers procédés industriels, le nombre de salariés potentiellement exposés ne cesse d’augmenter, sans que pour autant les propriétés toxicologiques de ces agents chimiques ne soient parfaitement connues. Comme des nanoparticules (NP) peuvent être mises en suspension dans les environnements de travail, l'inhalation représente la principale voie d'exposition professionnelle. Ainsi, l’évaluation des dangers associés à l’exposition à des aérosols nanostructurés nécessite de réaliser des études de toxicologie expérimentale par inhalation, en utilisant des modèles animaux. Dans ce travail, les propriétés toxicologiques pulmonaires d’un aérosol nanostructuré de dioxyde de titane (TiO2) ont été étudiées à court et long termes, en combinant des analyses toxicologiques conventionnelles (analyses du lavage broncho-alvéolaire (LBA), histopathologie des poumons et des ganglions lymphatiques); et de criblage moléculaire à haut contenu (analyses de transcriptomique et de protéomique). Des rats Fischer 344 ont été exposés par inhalation oro-nasale, à un aérosol nanostructuré de TiO2 à 10 mg / m3 ; 6 heures par jour, 5 jours par semaine pendant 4 semaines. Des échantillons biologiques ont été prélevés immédiatement et jusqu'à 180 jours suivant la fin de l'exposition. L'exposition à l'aérsosol nanostructuré de TiO2 a entraîné une importante réponse inflammatoire pulmonaire aiguë. Cette réponse était caractérisée par un influx de granulocytes neutrophiles, la présence de macrophages chargés en particules au niveau alvéolaire, la surexpression de gènes et de protéines impliqués dans les réponses inflammatoires et immunitaires, les cascades du complément et de la coagulation, le stress oxydant. Certains gènes surexprimés étaient également impliqués dans les lésions de l'ADN et la fibrose; et certaines protéines surexprimées étaient associées au protéasome et à l'organisation du cytosquelette. Dans le surnageant du LBA, l’augmentation du niveau d'histones et d'autres protéines associées aux pièges extracellulaires des neutrophiles (Neutrophilic Extracellular Trap, NET) suggère la libération de ces pièges extracellulaires dans l'espace alvéolaire. Cette libération possible de NET se produit dans un contexte inflammatoire mais en l'absence de changements histopathologiques significatifs. Ce processus inattendu n’a fait l’objet que de très peu d’études en lien avec une exposition à des nanomatériaux. Six mois après la fin de l'exposition (réponse à long terme), l'inflammation a diminué et s’accompagnait d’une baisse de la charge pulmonaire de titane (un marqueur fiable de la charge pulmonaire en nanoparticules de TiO2), mais de nombreux gènes et protéines étaient différentiellemment exprimés. Les conséquences physiopathologiques des changements rapportés ici ne sont pas entièrement connues, mais ces résultats devraient susciter des interrogations quant aux effets pulmonaires à long terme des NP inhalées biopersistantes de faible toxicité comme le TiO2. En conclusion, ce travail montre qu'il existe une bonne relation entre les changements cytologiques et histopathologiques d'une part et les modifications des profils d'expression de gènes et de protéines d'autre part. Cependant, dans certains cas, la transcriptomique et la protéomique pourraient être plus sensibles que les méthodes conventionnelles pour identifier de nouvelles propriétés toxicologiques, ou pour mieux comprendre les mécanismes moléculaires sous-jacents de la toxicité des produits chimiques. Notre étude avec d'autres travaux de la littérature pourraient également être utiles pour identifier des biomarqueurs d’exposition aux nanomatériaux ou prédire leurs effets nocifs à long terme / Due to the growing use of nanomaterials in various industrial processes, the number of workers potentially exposed is increasing even though the toxicological properties of these compounds are not completely known. Since nanoparticles (NP) may get aerosolized, inhalation represents their main route of occupational exposure. Then, inhalation studies of nanomaterial toxicity in animal models appear to be the most relevant approach to assess their hazards. In this work, we studied the short and long term pulmonary toxicological properties of inhaled titanium dioxide (TiO2) nanostructured aerosol (NSA), using conventional (broncho-alveolar lavage (BAL) analyses, lung and lymph nodes histopathology); and high content molecular toxicological approaches (transcriptomics and proteomics analyses). Fischer 344 rats were exposed to 10 mg/m3 of TiO2 nanostructured aerosol by nose-only inhalation, 6h/day, 5 days/week for 4 weeks. Biological samples were collected immediately and up to 180 post-exposure days. Exposure to TiO2 NSA resulted in a strong acute pulmonary inflammation. This response was characterized by a neutrophil influx, the presence of particle-laden macrophages in the alveolar lumen, as well as overexpression of genes and proteins involved in inflammatory and immune responses, complement and coagulation cascades, oxidative stress. Some overexpressed genes were also involved in DNA damage and fibrosis; and some overexpressed proteins in proteasome and cytoskeleton organization. In the BAL supernatant, the increased level of histones and other neutrophilic extracellular trap (NET) -associated proteins suggests the release of these traps in the alveolar space. This possible NET release occurs in an inflammatory context but in the absence of significant histopathological changes. Very few studies reported this unexpected process related to exposure to nanomaterials. Six months after the end of exposure (long-term response), inflammation had decreased in line with the decrease of titanium lung burden (a surrogate for TiO2 pulmonary deposition), but many genes and proteins remained differentially expressed. The physiopathological consequences of the molecular changes reported here are not fully known, but these results should raise concern about the long-term pulmonary effects of inhaled low toxicity NP such as TiO2. Altogether, this work shows that there is a good relationship between cytological and histopathological changes in one hand and gene as well as protein expression profile modifications in the other hand. However, in some cases transcriptomics or proteomics could be more sensitive than conventional methods to identify new toxicological properties or to better understand the underlying molecular mechanisms of chemicals toxicity. Our study along with others could also be helpful to identify biomarkers of exposure or predict the long-term adverse effects of nanomaterials

Made available in DSpace on 2016-04-25T18:40:29Z (GMT). No. of bitstreams: 1 Sergio Volk.pdf: 970743 bytes, checksum: f73e68af6022abaac3548d2636c84a4b (MD5) Previous issue date: 2008-03-04 / The study of the decisions related to the structure of capital in the Brazilian market always motivates. Especially in Brazil where, the difficulties of raising long-term feature of financial market often leads companies to the debt shorter deadlines. Several studies and empirical evidence have shown that the decisions of the capital structure can affect the value of companies on the market, and evaluate the issue considering the imperfections in the market, such as taxes, cost of bankruptcy, cost of agency and asymmetry of information. Studied the forms and the cost of raising resources for the short and long term and the decision making that defines the capture of resources through case study of ceramic company in the industry of Santa Catarina. We note that the three theories that seek to explain the Temporal Structure of Interest Rates to which most closely approximates the Brazilian reality is the theory of segmentation of the market. That means policyholders and donors of funds are concentrated in certain segments of the yield curve and that the rates in different maturities are determined by conditions of supply and demand of the various market segments. The lack of savings of more mature in Brazil in sufficient volume to meet the investment needs of the economy leads to funding with resources official whose major donor is the National Bank of Economic and Social Development (BNDES), which practices interest rate lower than the private market. Since the cost of equity capital from third less than the cost of equity, the debt contributes to the reduction of the Weighted Average Cost of Capital, especially in the use of debt to long-term, as the interest in this company for the long term are less than the short-term. In the case study found an unusual shape to decrease the cost of capital of the company, which is the tax debt which further reduces the cost of capital / O estudo das decisões relacionadas à estrutura de capital no mercado brasileiro sempre motiva. Principalmente no Brasil onde, as dificuldades de captação de recurso de longo prazo no mercado financeiro muitas vezes levam as empresas ao endividamento a prazos mais curtos. Vários estudos e evidências empíricas têm demonstrado que as decisões de estrutura de capital podem afetar o valor das companhias no mercado, e avaliam a questão considerando as imperfeições no mercado, como impostos, custo de falência, custos de agência e assimetria de informações.Estudamos as formas e o custo de captação de recursos de curto e longo prazo e o processo decisório que define a captação dos recursos através de estudo de caso de empresa do ramo cerâmico de Santa Catarina.Constatamos que das três teorias que buscam explicar a Estrutura Temporal das Taxas de Juros a que mais se aproxima da realidade brasileira é a teoria da segmentação de mercado. Isso significa que tomadores e doadores de fundos se concentram em determinados segmentos da curva de rendimento e que as taxas em diferentes maturidades são determinadas pelas condições de oferta e demanda dos vários segmentos de mercado. A falta de poupanças de maior maturidade no Brasil em volume suficiente para atender às necessidades de investimentos da economia leva ao financiamento com recursos oficiais cujo grande financiador é o Banco Nacional de Desenvolvimento Econômico e Social (BNDES), que pratica taxa de juro inferior às do mercado privado. Sendo o custo de capital próprio de terceiros menor que o custo de capital próprio, o endividamento contribui com a redução do Custo Médio Ponderado de Capital, especialmente na utilização de endividamento de longo prazo, já que nesta empresa os juros de longo prazo são menores que as de curto prazo.No estudo de caso constatamos uma forma pouco usual de diminuição do custo de capital da empresa, que é o endividamento tributário que reduz mais ainda o custo de capital

The dissertation investigates the behaviour of timber-concrete connections with inclined screws – the load carrying capacity and deformability. The essen¬tial objects of investigation are the load carrying capacity of inclined screws; the modules of connection slip deformation, and the mechanical properties of mate¬rials and ware of which the connection is made. The load-carrying capacity of the connection depends on the properties of the material of connected member and the connectors, on which depends the strength and stiffness of the composite member. The main aim of dissertation is to create the connection load carrying capacity predicting model, based on the more realistic behaviour of the material of connected members; to prepare the simplified approach for load-carrying capacity predicting model for composite timber-concrete connections within at any angle in respect to timber grain in¬clined crews. The paper approaches a few major tasks such as the choice of suitable load-carrying capacity predicting base model; preparing it to composite timber-con¬crete connections with inclined screws; the experimental investigation of con¬nection with inclined screws under long- and short term loading; the experi¬mental investigation of properties of connected materials and type of used con¬nectors; the evaluation of created predictive model based on results also of other researchers experimental investigations. / Disertacijoje nagrinėjama kompozitinės medinės-betoninės jungties su įžambiai šlyties plokštumai orientuotais medsraigčiais elgsena – laikomoji galia ir deformacinės savybės. Pagrindiniai tyrimų objektai yra įžambiai medienos pluoštui orientuotų medsraigčių laikomoji galia, slinkties deformacijų moduliai ir mechaninės jungtį sudarančių elementų savybės, veikiančios jungties elgseną. Nuo medsraigčio ašies posvyrio kampo, deformacinių po medsraigčiu glemžiamos ir ištraukiamos medienos ir lenkiamo medsraigčio savybių priklauso ir jungties irties pobūdis, laikomoji galia ir slinkties deformacijų moduliai, o nuo pastarųjų – kompozitinio elemento stiprumas ir standumas. Pagrindinis disertacijos tikslas yra sukurti skaičiavimo modelį tokių jungčių laikomajai galiai nuspėti, kuo tiksliau atsižvelgiant į medžiagų ir elementų mechanines savybes; pateikti supaprastintą skaičiuojamąjį modelį, skirtą bet kokiu kampu medienos pluošto atžvilgiu įsriegtų medsraigčių laikomajai galiai nuspėti. Darbe sprendžiami keli pagrindiniai uždaviniai: tinkamo pamatinio jungties laikomąją galią vertinančio skaičiuojamojo modelio parinkimas, jo pritaikymas įžambiai medienos pluoštui orientuotiems medsraigčiams; trumpalaikis ir ilgalaikis eksperimentinis įžambinės medsraigtinės jungties laikomosios galios tyrimas ir vertinimas; kitų autorių eksperimentinių rezultatų vertinimas sukurtajam jungties laikomąją galią vertinančiam modeliui pagrįsti.