Os transformadores para instrumentos (TIs) são equipamentos essenciais para a realização das funções de medição e de proteção nos sistemas elétricos de potência. O mau funcionamento dos TIs nos sistemas de proteção pode provocar tanto atuações indevidas como falhas de operação e, em ambos os casos, acarretará prejuízos à concessionária ou a terceiros, podendo, ainda, serem gerados danos materiais ou pessoais. Quando os transformadores de corrente (TCs) ou de potencial (TPs) estão instalados em sistemas de medição para faturamento e não funcionam com a precisão necessária, milhares ou milhões de reais podem ser perdidos por ano, seja por quem vende a energia, seja por quem a compra. O presente estudo, analisa a viabilidade (ou possibilidade) da utilização de TIs ópticos no sistema elétrico de potência brasileiro. Foram realizados comparativos técnicos e econômicos entre os TIs convencionais e os ópticos, sendo que no aspecto econômico são analisadas situações em que maus funcionamentos (ou falhas) dos TIs convencionais podem causar prejuízos às concessionárias. São apresentados levantamentos de dados indicativos das quantidades de TIs em uso e dos preços de aquisição desses equipamentos. Também é apresentado o resultado de uma enquete que avaliou o grau de familiaridade que os engenheiros do setor elétrico brasileiro tem com a tecnologia de TIs ópticos. O trabalho apurou que os TIs ópticos demonstram superioridades técnicas e econômicas frente aos TIs convencionais, mas que, para que eles sejam utilizados mais amplamente nas subestações, além de uma maior divulgação dos mesmos por parte de seus fabricantes, ainda são necessários esforços de adaptação e/ou aplicação de novas tecnologias que facilitem a conexão dos TIs ópticos aos sistemas de proteção e medição em uso. O trabalho indica também que esse problema, no futuro, deverá ser eliminado com a natural modernização das subestações e com a implantação de redes de comunicação aderentes à norma IEC 61850-9-2. / The instruments transformers (ITs) are essential equipment to perform the measurement and protection functions in electrical power systems. The malfunctioning of ITs in protection systems can cause undue actuations as well as operation failures and, in both cases, the utilities or third parties will face financial losses and, also, personal or material damages can be generated. When current transformers (CTS) or potential transformers (PTs) are used for revenue metering applications and do not work with the necessary precision, thousands or millions of reais may be lost per year, either by those who sell energy, or by whom purchase it. This study examines the viability of optical ITs applications in brazilian electric power systems. Technical and economical comparisons between conventional and optical ITs were carried out, and economic aspects of situations in which malfunctions (or failures) of conventional ITs can cause financial losses to utilities are discussed. Data about quantities and prices of conventional ITs in use in Brazil are shown. Also, results of a research evaluating the familiarity of engineers working in electric power utilities with the optical ITs technology are presented. The study found that optical ITs have shown technical and economical superiorities over conventional ITs, but, in order to be widely used in substations there are still needed adaptation efforts and/or application of new technologies that facilitate the connection of optical ITs to protection and measurement systems already in use. The present work also indicates that this problem, in the future, should be eliminated by natural modernization of substations and the installation of communication networks compliant to the IEC 61850-9-2 standard.

Submitted by Ricardo Cedraz Duque Moliterno (ricardo.moliterno@uefs.br) on 2015-10-07T21:48:06Z No. of bitstreams: 1 Disserta??o de Mestrado - Marcus Vinicius Araujo Martins.pdf: 17313212 bytes, checksum: c8f53c6ca71e9fd04eb76a8bfaa1f1a1 (MD5) / Made available in DSpace on 2015-10-07T21:48:06Z (GMT). No. of bitstreams: 1 Disserta??o de Mestrado - Marcus Vinicius Araujo Martins.pdf: 17313212 bytes, checksum: c8f53c6ca71e9fd04eb76a8bfaa1f1a1 (MD5) Previous issue date: 2015-07-23 / This dissertation includes the implementation of an investment strategy using the divergence pattern of Technical Analysis indicator MACD. This pattern, when it occurs in historical price series indicate trend reversals and thus signal moments of buying and selling of shares, within the so-called Capital Markets. An investment strategy composed of a pattern detection algorithm divergence of the MACD indicator was implemented and applied to several historical series of american stock prices considering trade volumes, popularity of the company, price volatility and their comparison with returns on random dates market entrance. In addition, a stock portfolio composed of the higher volume trading and more volatile stocks was implemented. These tests considered the period from 2003 to 2013. Another test on definite trend moments and not definite considered the interval from 2000 to 2013. Overall, all the tests and simulations, were obtained positive returns on investments based on past prices using a strategy when compared with simple strategies such as buy a stock and hold it till the end of the period, or in comparison with major indexes in the US market. One can conclude, therefore, that the divergence pattern of the MACD indicator was able to predict reversals trends in stock prices used as reference during the period. / Esse trabalho contempla a implementa??o de uma estrat?gia de investimento utilizando o padr?o de diverg?ncia do indicador de An?lise T?cnica MACD. Esse padr?o, quando ocorre em s?ries hist?ricas de pre?os, indicam revers?es de tend?ncia e, dessa forma, sinalizam momentos de compra e venda de a??es, dentro do que se chama Mercado de Capitais. Uma estrat?gia de investimento composta por um algoritmo de detec??o do padr?o de diverg?ncia do indicador MACD foi implementada e aplicada a diversas s?ries hist?ricas de pre?os de a??es americanas, considerando volume de negocia??es, popularidade da empresa, volatilidade dos pre?os e comparativos com retornos por datas aleat?rias de entrada no mercado. Al?m disso, foi implementada uma carteira de a??es composta pelas empresas de maior volume de negocia??o e volatilidade de pre?os. Esses testes consideraram o per?odo de 2003 a 2013. Outro teste, sobre momentos de tend?ncia definida e n?o definida considerou o intervalo de 2000 a 2013. No geral, em todos os testes e simula??es, foram obtidos retornos positivos sobre investimentos baseados em pre?os passados utilizando a estrat?gia, quando comparado com estrat?gias simples como comprar uma a??o e mant?-la at? o fim do per?odo, ou na compara??o com principais ?ndices do mercado americano. Pode-se concluir, portanto, que o padr?o de diverg?ncia do indicador MACD foi capaz de prever revers?es de tend?ncias nos pre?os das a??es utilizadas como refer?ncia no per?odo considerado.

本研究首先針對下列不同市場類型、不同投資期限及不同投資方式，全面探討市場股票指數其績效報酬及風險的差異為何。 一、 投資全球型、新興市場、區域型及單一國家等不同類型。 二、 3個月、半年、1年、3年、5年、10年、20年及30年等不同投資期限。 三、 單筆、「定期定額」等不同策略。 其後，以基金淨值之RSV技術指標，來調整扣款時機，來探討定期定額及調整式定期定額等2種投資方式，何者所獲得之資本利得較佳。 本研究主要結論及建議如下： 一、 投資地區投資期間及投資方式對報酬及風險的影響： （一） 除台灣市場外，投資期間加長確實使風險（標準差）明顯下降，且平均報酬率差異不大。 （二） 投資地區仍以區域型為較佳考量，單一國家之股票市場可能因選擇誤差而產生較大風險，至各區域之投資如將報酬率與風險併同考量，則可用延長投資期間來獲取穩定投資報酬。 （三） 以拉丁美洲、全球、美國及全球新興等市場較具投資價值；台灣市場不宜作為非專業人士之投資標的。 （四） 單筆投資報酬率明顯優於定期定額，如以年利率3%來進行資金折現後，年平均投資報酬率約為6%-9%，顯示及早將資金投入可獲較佳報酬。 （五） 迴歸模型實證結果（99％的顯著水準下） 1. 投資地區、投資期間、投資方式對報酬率的影響是否存在差異性：投資期間及投資方式2變數與報酬率有密切的關係，至投資區域除全球新興市場外，餘5個區域與報酬率皆有密切的關係。 2. 不同投資地區報酬率的影響是否存在差異性：除全球及美國2區域外，餘4個區域顯示投資期間與報酬率有密切的關係，且報酬率隨投資期間的增長而減少，惟差距甚小。另6個投資區域皆顯示投資方式與報酬率有密切的關係，且以單筆投資報酬率較高，惟差距幅度亦甚小。 3. 若以「標準差」當作基金的風險指標，經統計分析後『風險』與『報酬』呈現正相關，表示高風險可相對獲得較高之報酬。 4. 投資期間與Sharp值有密切的關係，且投資期間加長可提高每單位風險之報酬；投資方式與Sharp值無密切的關係；至投資區域除亞洲(不含日本)及美國與Sharp值有密切的關係外，餘4個區域與Sharp值皆無密切的關係。 二、 “定期定額”與”定期定額+RSV指標”的績效比較 （一） 以全部樣本(方式Ａ)、RSV區分(方式Ｂ) 2分類方式，其10年之超額平均報酬小；以投資地區(方式Ｃ)分類，其10年之超額報酬最高為8.9(拉丁美洲) ，最低為-5.95(亞洲(不含日本))，差異不大。 （二） 進行T檢定後，僅方式Ｃ分組呈現“定期定額”較”定期定額+RSV指標”二者報酬率具顯著差異。

<p><strong><p>Trading based on technical analysis has its roots in the U.S. financial industry where it has long been common practice, in Sweden however the trading style has not had the same impact. Based on the results from the preliminary study we believe this is about to change and that the topic therefore requires further studying. Several online stockbrokers today provide information and tools for technical analysis to their clients. As the list of indicators to use for creating strategies is so immense it is interesting for an investor to know what actually could be the basis for a profitable investment strategy. <strong><p>The purpose of this thesis is to examine and analyze the returns from trading strategies, based on technical analysis, which professionals use when investing in Nordic shares. <strong><p>The strategies that will be studied are derived from a preliminary study that was carried out before any work on this study began. The purpose of this preliminary study was to determine which strategies professionals use. The way we examine the different strategies is with a trading model built in Microsoft Excel which calculates buy and sell signals depending on which strategy is studied and then evaluates this in comparison with the buy and hold strategy. Testing has been carried out on 15 years of historical data on the most actively trades shares in Sweden, Denmark, Finland and Norway. The data material was divided in five different periods which were tested separately and combined. The study included six trading strategies, six time periods and five countries and consequently tested 144 different combinations of phases, markets and strategies. <strong><p>We conclude that the results of our study are unambiguous as to how the investigated strategies performed in comparison with the buy and hold strategy. Overall there is a very small percentage of the studied strategies that generated excess returns in so many cases that the strategy might be considered to be good in the long term. There were clear differences between how strategies performed during different market trends, and when the strategies were tested on the entire data set which included both ups and downs there were no longer any clear connection to what strategies were viable. There were also some differences concerning the return of the various strategies but since they all performed so poorly none of them should be recommended to an investor. The study also shows that there is no big difference in how the strategies performed on the different Nordic markets.</p></strong></p></strong></p></strong></p></strong></p> / <p><strong><p>Handel utifrån teknisk analys har sitt ursprung i den amerikanska finansbranschen där den länge varit vanligt förekommande, men Sverige har den inte haft samma genomslag. Vi anser, med förstudien som bakgrund att är på väg att förändras och därmed ett intressant ämne att studera vidare. Flera nätmäklare tillhandahåller idag information och verktyg för teknisk analys till sina kunder. Då det finns en uppsjö av verktyg att använda sig av är det intressant för en investerare att veta vilka som faktiskt kan ligga till grund för en lönsam investeringsstrategi.</p><p><strong>Denna studie syftar till att undersöka och analysera avkastningen från handelsstrategier, grundade på teknisk analys, som professionella aktörer använder sig av vid investeringsbeslut i enskilda nordisk aktier. <strong></strong></strong></p><p>De strategier som kommer studeras grundar sig på en förstudie som genomfördes innan arbetet med denna studie påbörjades. Syftet med förstudien var att ta reda på vilka strategier professionella aktörer använder sig av. Själva genomförandet av studien är uppbyggd kring en handelsmodell i Microsoft Excel som beräknar köp- och säljsignaler beroende på vilken strategi som testas och sedan utvärderar denna jämfört med buy and hold strategin. Tester har gjorts på 15 års historisk data för de mest omsatta aktierna i Sverige, Danmark, Finland och Norge. Tidsperioden delades in i fem faser vilka testades separat och dessutom testades hela perioden. Studien omfattade sex strategier och följaktligen testades 144 olika kombinationer av faser, marknader och strategi. <strong></strong></p><p>Vi kan konstatera att resultaten från vår studie är entydiga vad det gäller hur de undersökta strategierna presterade jämfört med buy and hold strategin. Sammantaget var de en liten andel som lyckades generera en överavkastning i så pass många fall att den strategin skall anses vara bra på lång sikt. Det fanns tydliga skillnader i hur de undersökta strategierna presterade under olika marknadstrender, men när strategierna testades på hela datamaterialet där det ingår både upp- och nedgångar fanns inte längre några tydliga samband för vilka strategier som var lönsamma. Det fanns även vissa skillnader gällande den avkastning som de olika strategierna genererade, men då samtliga presterade så pass dåligt bör en investera inte ägna sig åt någon av dem. Vidare visar studien på att det inte är några större skillnader mellan de nordiska marknaderna när det kommer till hur väl de olika strategierna presterar.</p></strong></p>

Trading based on technical analysis has its roots in the U.S. financial industry where it has long been common practice, in Sweden however the trading style has not had the same impact. Based on the results from the preliminary study we believe this is about to change and that the topic therefore requires further studying. Several online stockbrokers today provide information and tools for technical analysis to their clients. As the list of indicators to use for creating strategies is so immense it is interesting for an investor to know what actually could be the basis for a profitable investment strategy. The purpose of this thesis is to examine and analyze the returns from trading strategies, based on technical analysis, which professionals use when investing in Nordic shares. The strategies that will be studied are derived from a preliminary study that was carried out before any work on this study began. The purpose of this preliminary study was to determine which strategies professionals use. The way we examine the different strategies is with a trading model built in Microsoft Excel which calculates buy and sell signals depending on which strategy is studied and then evaluates this in comparison with the buy and hold strategy. Testing has been carried out on 15 years of historical data on the most actively trades shares in Sweden, Denmark, Finland and Norway. The data material was divided in five different periods which were tested separately and combined. The study included six trading strategies, six time periods and five countries and consequently tested 144 different combinations of phases, markets and strategies. We conclude that the results of our study are unambiguous as to how the investigated strategies performed in comparison with the buy and hold strategy. Overall there is a very small percentage of the studied strategies that generated excess returns in so many cases that the strategy might be considered to be good in the long term. There were clear differences between how strategies performed during different market trends, and when the strategies were tested on the entire data set which included both ups and downs there were no longer any clear connection to what strategies were viable. There were also some differences concerning the return of the various strategies but since they all performed so poorly none of them should be recommended to an investor. The study also shows that there is no big difference in how the strategies performed on the different Nordic markets. / Handel utifrån teknisk analys har sitt ursprung i den amerikanska finansbranschen där den länge varit vanligt förekommande, men Sverige har den inte haft samma genomslag. Vi anser, med förstudien som bakgrund att är på väg att förändras och därmed ett intressant ämne att studera vidare. Flera nätmäklare tillhandahåller idag information och verktyg för teknisk analys till sina kunder. Då det finns en uppsjö av verktyg att använda sig av är det intressant för en investerare att veta vilka som faktiskt kan ligga till grund för en lönsam investeringsstrategi. Denna studie syftar till att undersöka och analysera avkastningen från handelsstrategier, grundade på teknisk analys, som professionella aktörer använder sig av vid investeringsbeslut i enskilda nordisk aktier. De strategier som kommer studeras grundar sig på en förstudie som genomfördes innan arbetet med denna studie påbörjades. Syftet med förstudien var att ta reda på vilka strategier professionella aktörer använder sig av. Själva genomförandet av studien är uppbyggd kring en handelsmodell i Microsoft Excel som beräknar köp- och säljsignaler beroende på vilken strategi som testas och sedan utvärderar denna jämfört med buy and hold strategin. Tester har gjorts på 15 års historisk data för de mest omsatta aktierna i Sverige, Danmark, Finland och Norge. Tidsperioden delades in i fem faser vilka testades separat och dessutom testades hela perioden. Studien omfattade sex strategier och följaktligen testades 144 olika kombinationer av faser, marknader och strategi. Vi kan konstatera att resultaten från vår studie är entydiga vad det gäller hur de undersökta strategierna presterade jämfört med buy and hold strategin. Sammantaget var de en liten andel som lyckades generera en överavkastning i så pass många fall att den strategin skall anses vara bra på lång sikt. Det fanns tydliga skillnader i hur de undersökta strategierna presterade under olika marknadstrender, men när strategierna testades på hela datamaterialet där det ingår både upp- och nedgångar fanns inte längre några tydliga samband för vilka strategier som var lönsamma. Det fanns även vissa skillnader gällande den avkastning som de olika strategierna genererade, men då samtliga presterade så pass dåligt bör en investera inte ägna sig åt någon av dem. Vidare visar studien på att det inte är några större skillnader mellan de nordiska marknaderna när det kommer till hur väl de olika strategierna presterar.

Background: The interest in shares has increased over the years, despite several stock market crashes. One reason for this is the emergence of stock trading online,which makes it easier for individuals to trade in shares. However, there has been much criticism towards financial analyst with the lack of fundamental basis to support their recommendations. Objective: The purpose of this study is to examine the share valuation models swedish financial analysts today applies and consider appropriate. A comparison will also be carried out in previous studies, to see if the application of the modelsand their suitability has changed. Method: The study used a qualitative approach with deductive approach. Semistructured interviews were conducted and the basis for the study's primary data.The theories and previous studies obtained through secondary data. Results: Our results demonstrate that no single model applied, is appropriate. Therefore, the financial analyst combines the models. Financial analysts place great emphasis on the macro-economic aspects in the valuation of shares. Macroeconomic analyses underlying fundamental valuation models.

In this paper I examine the validity of technical analysis for the Swedish stock index OMXS30 between 2001-12-28 and 2011-12-30.  Results indicate that OMXS30 followed a non-random walk and that technical trading rules had predictive power over future price movements. Results also suggest that technical trading rules could be used to outperform a buy-and-hold strategy.

The study uses Moving Average, On Balance Volume, and KD (Stochastic Oscillator) to analyze that the technical analysis in which the bull or bear stock markets is efficiency. Also, verifies the changes of market efficiency before and after the financial crisis and whether it can earn excess returns or not by using technical analysis. That is, the returns earned by using technical analysis significantly greater than buy and hold which means the efficiency of technical analysis. Nevertheless, the study also aims to realize that whether the returns of the portfolio of technical indicators better than unit indicator. The companies in our samples are selected by the size of market value top 30 companies in the industries of electronic and finance in order to avoid the effect of market micro structure. Our results are as follows: (1) The returns in bear market are significantly higher than bull market by using MA6-144. (2) The MA6-72 and MA6-144 of financial stock before financial crisis, the returns of technical analysis are significantly better than buy and hold. In the other hand, in the electronic stock, we can use MA6-22-250, KD, and OBV to beat the buy and hold strategy and verify that the market efficiency does not exist. (3) The returns which combine of KD and OBV indicators are significantly higher than KD.

In this study, two sample sets from Zeugma Archaeological Area had been examined. The sample Set I includes 7 sediment, 18 stone, 4 brick/roof tile, 9 mortar, 4 plaster samples and the sample Set II consists of 24 mural painting samples. Samples were examined to get their raw material characteristics, mineralogical and chemical compositions, and microstructural properties using various analytical techniques such as Optical Microscopy, XRD, FTIR, PED-XRF, SEM-EDX and Raman Spectroscopy. In addition, mikroclimatic monitorings for temperature and relative humidity were also performed in that area. Sediments were calcereous soils of Eocene. Rock types of stones were mainly limestone which had 3 subgroups: micritic, biomicritic and recrytallised micritic limestones. The source of the limestones should be from the local formation. The firing temperature of brick/roof tile samples were estimated as 800-850&deg / C. Binder of mortar samples were mainly lime. Aggregate materials of brick/roof tiles, mortars, plasters and mural paintings may come from the river deposites of Euphrates. Mural painting samples have one intonaco layer, and single or double arriccio layers. The mural painting technique was fresco technique. Calcite was common mineral identified for all pigments. The sources of white, black and green coloured pigments were found as vaterite, graphite and malachite respectively. The sources of yellow coloured pigments were identified as ankerite, siderite and goethite. The red colours were identified as hematite, jasper and red earth/ochre. Jasper and vaterite, jasper and calcite, red earth/ochre and calcite, and hematite were the colour forming minerals of pink coloured pigments.

This thesis investigates the predictability of trading strategies in the European and American stock market from 2001 to 2013. More specific, we examine the indices CAC40, DAX, FTSE100, NASDAQ and S&P500 first with the simple moving averages, then with trading rules based on the forecasts of time – series models and finally with the combination of the technical trading rules and time –series models. The significance of the examined trading rules tested with standard t – tests. The standard tests results show that technical trading rules are the most profitable strategy, second follows the combined and then the time – series rules as the least profitable trading strategy related to buy – and – hold strategy. / Σκοπός της παρούσας εργασίας είναι η διερεύνηση της προβλεπτικής δυνατότητας στρατηγικών επενδύσεων που εφαρμόζονται στην Ευρωπαϊκή και Αμερικάνικη χρηματιστηριακή αγορά, για τη χρονική περίοδο 2001-2013. Πιο συγκεκριμένα θα εξετασθούν οι δείκτες CAC 40, DAX, FTSE 100, NASDAQ και S&P 500, με κανόνες κινητών μέσων όρων, με κανόνες που βασίζονται σε μοντέλα πρόβλεψης χρονολογικών σειρών και με κανόνες συνδυαστικών των δύο ανωτέρω. Οι παραπάνω στρατηγικές θα συγκριθούν με την στρατηγική διακράτησης (Buy-and-Hold), που έχει ορισθεί ως benchmark στρατηγική και η σημαντικότητα των αποτελεσμάτων θα εξετασθεί με στατιστικούς ελέγχους t-statistics.