我國法令原則上禁止庫藏股的交易，但實務上相當盛行母公司透過本身可完全控制的子公司來買回母公司股票，從經濟實質的觀點來看，此一交易屬於實質的庫藏股交易。本論文之目的在探討我國「子公司買回母公司股票」之實質庫藏股交易的資訊內涵，是否和資訊假說的含意相符；其次驗證對於發生諸如借殼上市之經營權移轉情形的公司而言，「子公司買回母公司股票」交易和公司大股東出脫持股俾追求自利的經濟誘因是否有關。研究主題一共發展3個研究假說，主要擬瞭解我國子公司買進母公司股票之交易行為的資訊內涵，俾了解此交易傳遞之資訊本質，並評估市場反應是否和此資訊有關。第二個研究主題共發展4個假說，係探討借殼上市公司內部人在借殼成功後，是否會利用子公司買進其借殼時增加的持股或融資交易的股票，俾舒解資金壓力。此外，亦驗證交易過程中的股價行為，是否和內部人為極大其獲利水準而可能進行股價操縱的股價行為相同。 　　本論文是以84年至87年為研究期間，兩個主題的樣本係相互獨立。實證結果顯示：關於主題一－子公司買進母公司股票傳遞之資訊本質，本研究發現，平均而言，以子公司買進母公司股票當季與後續四季為基準，母公司在此交易的後續期間並無表現出優於預期的盈餘績效（相對於配對公司），而且在交易後亦無法觀察到分析師對母公司盈餘預測有顯著的正向修正（相對於配對公司）。另外，在控制內部人淨買入、公司規模、子公司購買股數、資金需求與產業趨勢等變數後，本研究並未發現子公司買進母公司股票時的股價反應，和母公司當季與下一季的異常正向盈餘績效有顯著的正向關係。總而言之，國內實務界雖然宣稱子公司買進母公司股票係傳遞看好母公司未來前景的訊息，但本研究的證據顯示，這項交易並非傳遞母公司未來盈餘變動的資訊，同時，此交易引發的正向市場反應，似乎並非來自投資人對母公司未來績效的預期，故從股價操縱的角度來看，此一股價效應可能來自於母公司刻意創造，但其實與母公司經濟實質無關的泡沫股價。 　　關於主題二－借殼上市公司透過子公司買進母公司股票之經濟誘因－的實證結果顯示：在控制其他因素後，借殼上市公司在借殼成功的後續期間，子公司買回母公司股票之交易發生後，相較於無此交易的配對公司而言，其內部人持股比例和融資餘額有顯著降低的情形。基於這類公司大股東有套現的特殊動機，故可合理懷疑，這項證據和內部人籍子公司買進母公司股票來出脫持股俾套現獲利有關。此外，分析結果發現：子公司買回母公司股票交易前有正向的股價效應，此一股價行為和內部人操縱下的股價型態相符，但交易後的股價水準則並未顯著低於交易前的股價。吾人推測此一結果，可能肇因於投資人受到誤導，以致本研究未能觀察到後續反轉下跌的股價行為。 　　整體來看，子公司買進母公司股票之交易並非如實務界所宣稱，係傳遞公司未來前景較佳之資訊，反而可能和內線交易與股價操縱有關。因此，本研究支持目前財政部擬議中嚴格禁止或限制母子公司交叉持股的方案，此外，本研究應有助於投資人做投資決策時，對於母子公司交叉持股的本質有所了解。 / Companies are not allowed to buy back any of its own shares except in some special cases according to the Company Laws in Taiwan, but the practice that parent companies repurchase their own stocks through subsidiary companies (which is so called parent-subsidiary cross-holding transactions) is popular currently. From the economic substance view, the parent and subsidiary companies are treated as a single economic entity, and the parents' stocks held by their subsidiaries are treasury stocks in substance. Since the authorities and investors are all concerned with this issue, and previous work in this area is limited, this thesis investigates the information content and economic incentives of these transactions. Specifically, there are two research questions in this dissertation. The first is whether the transactions that subsidiary companies purchase parents' stocks convey any information about parents' future prospects? And whether the stock price reactions around announcement dates are positively related to parents' subsequent earnings changes. The next question is whether these transactions are motivated by insiders' intent to sell their own shares for self-interest? And is the stock price behavior around announcement dates consistent with the explanation that stock price is manipulated? 　　The findings of the first research question are as follows. First, I find no evidence that there are positive aggregate unexpected quarterly earnings relative to a size and industry-matched control sample over the announcement quarter and subsequent four ones. Second, the significant evidence that there are positive revisions of earnings forecasts by analysts around announcement dates also cannot be found. Finally, a regression analysis shows that there is no significant positive relation between positive abnormal stock returns at announcement and positive quarterly earnings changes over quarter 0 and quarter I. In summary, the results are not consistent with the implication of the information hypothesis. I find no systematic support for the firms' claims that the meanings behind parent-subsidiary cross holding transactions are to convey managements' private information about parents' favorable prospects. 　　With regard to the second research question, I focus primarily on those listed companies whose controls are obtained by unlisted companies through purchasing outstanding shares in the open market, these companies are not included in the sample of the first question. As predicted, I find systematic support for the hypotheses that shares owned by insiders and companies' margins decrease relative to control groups immediately following parent-subsidiary cross holding transactions announcements and that abnormal stock returns before and at announcements are positive. However, I show that the abnormal stock returns after the announcements do not fall bellow those before announcement dates significantly. In summary, the findings indicate that these transactions maybe a means for informed insiders to sell their own shares at manipulated high prices in order to alleviate the huge capital pressure by self-interest. 　　Overall, the transactions that subsidiary companies purchase parents' stocks are more likely to have relation to insider transactions and stock price manipulation, rather than convey favorable information about parents' prospects as what firms claim. Therefore, this thesis supports an act of prohibiting or limiting parent-subsidiary cross holdings proposed by the Ministry of Finance strictly. Besides, the results in this thesis may be helpful for investors to understand the nature of parent-subsidiary cross holdings when they make investment decisions.

The aim of this thesis is to model the dynamics of international term structure of interest rates taking into consideration several dependence channels.Thanks to a new international Treasury yield curve database, we observe that the explained variability decision criterion, suggested by the literature, is not able to select the best combination of factors characterizing the joint dynamics of yield curves. We propose a new methodology based on the maximisation of the likelihood function of a Gaussian state-space model with common and local factors. The associated identification problem is solved in an innovative way. By estimating several sets of countries, we select two global (and three local) factors which are also useful to forecast macroeconomic variables in each considered economy.In addition, our method allows us to detect hidden factors in the international bond returns. They are not visible through a classical principal component analysis of expected bond returns but they are helpful to forecast inflation and industrial production. Keywords: International treasury yield curves, common and local factors, state-space models, EM algorithm, International bond risk premia, principal components.

I have developed a multiagent system platform that provides a valuable complement to the alternative research methods. The platform facilitates the development of heterogeneous agents in complex environments. The first application of the multiagent system is to the study of sealed-bid auctions with two-dimensional value signals from pure private to pure common value. I find that several auction outcomes are significantly nonlinear across the two-dimensional value signals. As the common value percent increases, profit, revenue, and efficiency all decrease monotonically, but they decrease in different ways. Finally, I find that forcing revelation by the auction winner of the true common value may have beneficial revenue effects when the common-value percent is high and there is a high degree of uncertainty about the common value. The second application of the multiagent system is to the study of English auctions with two-dimensional value signals using agents that learn a signal-averaging factor. I find that signal averaging increases nonlinearly as the common value percent increases, decreases with the number of bidders, and decreases at high common value percents when the common value signal is more uncertain. Using signal averaging, agents increase their profit when the value is more uncertain. The most obvious effect of signal averaging is on reducing the percentage of auctions won by bidders with the highest common value signal. The third application of the multiagent system is to the study of the optimal payment rule in Treasury auctions using Canadian rules. The model encompasses the when-issued, auction, and secondary markets, as well as constraints for primary dealers. I find that the Spanish payment rule is revenue inferior to the Discriminatory payment rule across all market price spreads, but the Average rule is revenue superior. For most market-price spreads, Uniform payment results in less revenue than Discriminatory, but there are many cases in which Vickrey payment produces more revenue.

This dissertation, Hugh MacDiarmid and Sorley MacLean: Modern Makars, Men of Letters, transcribes and annotates 76 letters (65 hitherto unpublished), between MacDiarmid and MacLean. Four additional letters written by MacDiarmid’s second wife, Valda Grieve, to Sorley MacLean have also been included as they shed further light on the relationship which evolved between the two poets over the course of almost fifty years of friendship. These letters from Valda were archived with the unpublished correspondence from MacDiarmid which the Gaelic poet preserved. The critical introduction to the letters examines the significance of these poets’ literary collaboration in relation to the Scottish Renaissance and the Gaelic Literary Revival in Scotland, both movements following Ezra Pound’s Modernist maxim, “Make it new.” The first chapter, “Forging a Friendship”, situates the development of the men’s relationship in terms of each writer’s literary career, MacDiarmid already having achieved fame through his early lyrics and with the 1926 publication of A Drunk Man Looks at the Thistle when they first met. MacLean, on the other hand, was a recent university graduate, young teacher, and fledgling poet when he began to provide translations of eighteenth-, nineteenth-, and twentieth-century Gaelic poetry for MacDiarmid to versify in English with the odd Scots or Gaelic word. This assistance was essential to MacDiarmid’s compilation of The Golden Treasury of Scottish Poetry, which he wished to be representative of Scotland’s literary traditions in Scots, Gaelic, English, and Latin. The work resulting from MacDiarmid and MacLean’s literary collaboration further reinforced MacDiarmid’s credibility as a nationalist poet well versed in each of these traditions. Chapter two, “Cultural Nationalism – Politics and Poetry” discusses the significance of each writer’s stance on language in relation to Scottish literature and explores their success in avoiding the ideological antagonisms which plagued the literary and language revivals in early twentieth-century Ireland. “Modern Makars” scrutinizes MacDiarmid and MacLean’s renderings of several Gaelic poems in The Golden Treasury, particularly in relation to the implications of the term “translations”. The final chapter, “Epistolary Discourse and the Legacy of the Letters” sums up the significance of MacDiarmid and MacLean’s collaboration and long-standing friendship, as revealed through their letters, and addresses these writers’ subsequent influence on both writing and cultural life in Scotland. The letters are followed by two appendices. Appendix A includes a transcription of Michael Davitt’s interview with Sorley MacLean for the Irish journal Innti in 1986 wherein MacLean discusses such issues as his political views, the influences on his poetry, and his relationship with MacDiarmid. The interview is provided in its original Irish text and accompanied by a translation into English. Appendix B is a transcription of the Times Literary Supplement’s 4 January 1936 review of MacDiarmid’s translation of The Birlinn of Clanranald as it was originally published in The Modern Scot. Sorley MacLean served as the ghost writer of MacDiarmid’s response to this critique of his work. This research, conducted both here in Victoria and in Edinburgh, Scotland, provides the first book-length study of the literary collaboration of these influential Scottish poets and the first critical discussion of their collected letters.

I have developed a multiagent system platform that provides a valuable complement to the alternative research methods. The platform facilitates the development of heterogeneous agents in complex environments. The first application of the multiagent system is to the study of sealed-bid auctions with two-dimensional value signals from pure private to pure common value. I find that several auction outcomes are significantly nonlinear across the two-dimensional value signals. As the common value percent increases, profit, revenue, and efficiency all decrease monotonically, but they decrease in different ways. Finally, I find that forcing revelation by the auction winner of the true common value may have beneficial revenue effects when the common-value percent is high and there is a high degree of uncertainty about the common value. The second application of the multiagent system is to the study of English auctions with two-dimensional value signals using agents that learn a signal-averaging factor. I find that signal averaging increases nonlinearly as the common value percent increases, decreases with the number of bidders, and decreases at high common value percents when the common value signal is more uncertain. Using signal averaging, agents increase their profit when the value is more uncertain. The most obvious effect of signal averaging is on reducing the percentage of auctions won by bidders with the highest common value signal. The third application of the multiagent system is to the study of the optimal payment rule in Treasury auctions using Canadian rules. The model encompasses the when-issued, auction, and secondary markets, as well as constraints for primary dealers. I find that the Spanish payment rule is revenue inferior to the Discriminatory payment rule across all market price spreads, but the Average rule is revenue superior. For most market-price spreads, Uniform payment results in less revenue than Discriminatory, but there are many cases in which Vickrey payment produces more revenue.

This dissertation, Hugh MacDiarmid and Sorley MacLean: Modern Makars, Men of Letters, transcribes and annotates 76 letters (65 hitherto unpublished), between MacDiarmid and MacLean. Four additional letters written by MacDiarmid’s second wife, Valda Grieve, to Sorley MacLean have also been included as they shed further light on the relationship which evolved between the two poets over the course of almost fifty years of friendship. These letters from Valda were archived with the unpublished correspondence from MacDiarmid which the Gaelic poet preserved. The critical introduction to the letters examines the significance of these poets’ literary collaboration in relation to the Scottish Renaissance and the Gaelic Literary Revival in Scotland, both movements following Ezra Pound’s Modernist maxim, “Make it new.” The first chapter, “Forging a Friendship”, situates the development of the men’s relationship in terms of each writer’s literary career, MacDiarmid already having achieved fame through his early lyrics and with the 1926 publication of A Drunk Man Looks at the Thistle when they first met. MacLean, on the other hand, was a recent university graduate, young teacher, and fledgling poet when he began to provide translations of eighteenth-, nineteenth-, and twentieth-century Gaelic poetry for MacDiarmid to versify in English with the odd Scots or Gaelic word. This assistance was essential to MacDiarmid’s compilation of The Golden Treasury of Scottish Poetry, which he wished to be representative of Scotland’s literary traditions in Scots, Gaelic, English, and Latin. The work resulting from MacDiarmid and MacLean’s literary collaboration further reinforced MacDiarmid’s credibility as a nationalist poet well versed in each of these traditions. Chapter two, “Cultural Nationalism – Politics and Poetry” discusses the significance of each writer’s stance on language in relation to Scottish literature and explores their success in avoiding the ideological antagonisms which plagued the literary and language revivals in early twentieth-century Ireland. “Modern Makars” scrutinizes MacDiarmid and MacLean’s renderings of several Gaelic poems in The Golden Treasury, particularly in relation to the implications of the term “translations”. The final chapter, “Epistolary Discourse and the Legacy of the Letters” sums up the significance of MacDiarmid and MacLean’s collaboration and long-standing friendship, as revealed through their letters, and addresses these writers’ subsequent influence on both writing and cultural life in Scotland. The letters are followed by two appendices. Appendix A includes a transcription of Michael Davitt’s interview with Sorley MacLean for the Irish journal Innti in 1986 wherein MacLean discusses such issues as his political views, the influences on his poetry, and his relationship with MacDiarmid. The interview is provided in its original Irish text and accompanied by a translation into English. Appendix B is a transcription of the Times Literary Supplement’s 4 January 1936 review of MacDiarmid’s translation of The Birlinn of Clanranald as it was originally published in The Modern Scot. Sorley MacLean served as the ghost writer of MacDiarmid’s response to this critique of his work. This research, conducted both here in Victoria and in Edinburgh, Scotland, provides the first book-length study of the literary collaboration of these influential Scottish poets and the first critical discussion of their collected letters.

I have developed a multiagent system platform that provides a valuable complement to the alternative research methods. The platform facilitates the development of heterogeneous agents in complex environments. The first application of the multiagent system is to the study of sealed-bid auctions with two-dimensional value signals from pure private to pure common value. I find that several auction outcomes are significantly nonlinear across the two-dimensional value signals. As the common value percent increases, profit, revenue, and efficiency all decrease monotonically, but they decrease in different ways. Finally, I find that forcing revelation by the auction winner of the true common value may have beneficial revenue effects when the common-value percent is high and there is a high degree of uncertainty about the common value. The second application of the multiagent system is to the study of English auctions with two-dimensional value signals using agents that learn a signal-averaging factor. I find that signal averaging increases nonlinearly as the common value percent increases, decreases with the number of bidders, and decreases at high common value percents when the common value signal is more uncertain. Using signal averaging, agents increase their profit when the value is more uncertain. The most obvious effect of signal averaging is on reducing the percentage of auctions won by bidders with the highest common value signal. The third application of the multiagent system is to the study of the optimal payment rule in Treasury auctions using Canadian rules. The model encompasses the when-issued, auction, and secondary markets, as well as constraints for primary dealers. I find that the Spanish payment rule is revenue inferior to the Discriminatory payment rule across all market price spreads, but the Average rule is revenue superior. For most market-price spreads, Uniform payment results in less revenue than Discriminatory, but there are many cases in which Vickrey payment produces more revenue.

Submitted by claudiney silvestre (silvestre_int@yahoo.com.br) on 2014-01-30T17:25:29Z No. of bitstreams: 1 (VERSÃO BIBLIOTECA)- DIA DA CRIANÇA - MISSÃO INSTITUCIONAL do EB (fgv).pdf: 791217 bytes, checksum: 654b3cd05b4521a98999599e635866f5 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2014-02-04T13:34:05Z (GMT) No. of bitstreams: 1 (VERSÃO BIBLIOTECA)- DIA DA CRIANÇA - MISSÃO INSTITUCIONAL do EB (fgv).pdf: 791217 bytes, checksum: 654b3cd05b4521a98999599e635866f5 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-02-11T12:06:35Z (GMT) No. of bitstreams: 1 (VERSÃO BIBLIOTECA)- DIA DA CRIANÇA - MISSÃO INSTITUCIONAL do EB (fgv).pdf: 791217 bytes, checksum: 654b3cd05b4521a98999599e635866f5 (MD5) / Made available in DSpace on 2014-02-11T12:06:49Z (GMT). No. of bitstreams: 1 (VERSÃO BIBLIOTECA)- DIA DA CRIANÇA - MISSÃO INSTITUCIONAL do EB (fgv).pdf: 791217 bytes, checksum: 654b3cd05b4521a98999599e635866f5 (MD5) Previous issue date: 2013-12-06 / This case study deals with the realization of an event of social nature within the premises of a military unit of the Army. The event is related to the child's day celebrations that have occurred stubborn. In this sense it is discussed an issue related to the legitimacy of performing this kind of activity before the dilemma: Actions sociocultural x National Security. Unfolds further discussion about the possibility of the particular make donations directly to the barracks and due process should be encouraged regarding the payment of the funds received to the public coffers. This case can be working in main area: Budget and Financial Management / O presente Estudo de Caso trata da realização de um evento de cunho social dentro das instalações de uma unidade militar do Exército. O Evento é referente às comemorações ao dia da criança que tem ocorrência contumaz. Neste sentido discute-se uma problemática relacionada à legitimidade de realização deste tipo de atividade ante o dilema: Ações socioculturais x Segurança Nacional. Desdobra-se ainda, a discussão sobre a possibilidade de o particular realizar doações diretamente ao quartel bem como o devido processo que se deve promover quanto ao recolhimento dos recursos recebidos aos cofres públicos. O presente caso pode ser trabalho dentro do seguinte tema: Gestão Orçamentário-Financeira.

Submitted by Frederico Bendzius (fbendzius@gmail.com) on 2017-05-31T21:45:18Z No. of bitstreams: 1 2017_05_31 - dissertação FB.pdf: 2222607 bytes, checksum: 8a9808254ca7990b8aa9dbf966311f09 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-06-01T11:31:00Z (GMT) No. of bitstreams: 1 2017_05_31 - dissertação FB.pdf: 2222607 bytes, checksum: 8a9808254ca7990b8aa9dbf966311f09 (MD5) / Made available in DSpace on 2017-06-02T13:03:52Z (GMT). No. of bitstreams: 1 2017_05_31 - dissertação FB.pdf: 2222607 bytes, checksum: 8a9808254ca7990b8aa9dbf966311f09 (MD5) Previous issue date: 2017-04-27 / Nesta pesquisa, objetiva-se tratar da aplicação do precedente judicial nas atividades da Administração Tributária. Mais especificamente, pretende-se debater como a Procuradoria Geral do Estado de São Paulo pode orientar suas ações após a fixação de teses em precedentes. O tema é relevante em razão do princípio da isonomia tributária e para a redução da litigiosidade. Utilizei como método o exame da literatura e da legislação, além da experiência institucional da Procuradoria Geral da Fazenda Nacional. Concluí que a valoração dos precedentes deve ser incorporado ao quotidiano da Procuradoria Geral do Estado de São Paulo a fim de dar mais eficiência à sua atividade. / In this research, the objective is to deal with the application of judicial precedent in the activities of the Tax Administration. More specifically, it intends to discuss how the Attorney General's Office of the State of São Paulo can guide its actions after setting theses in precedents. The issue is relevant due to the principle of tax isonomy and to the reduction of litigation. I used as method the examination of the literature and legislation, in addition to the institutional experience of the Attorney General of the National Treasury. I concluded that the valuation of precedents should be incorporated into the daily routine of the Attorney General's Office of the State of São Paulo in order to give more efficiency to its activity.

The PhD thesis concerns the managment of so called communal treasury inside the Prague cathedral chapter. Its purpose was to provide cathedral clergy who was in residence and took part in the services with the additional payment (distributions). The study is based on a unique collection of account records from the years 1358-1418 which were kept by administrators of this section of the chapter economy. Beside a description and characteristics of the preserved account books, special attention is paid to the three particular points related to the role of finances in the everyday operation of the Prague chapter and in the life of its members: 1. administration of various types of possessions belonging to the Prague chapter, followed by comparison with the ways the administration was carried out in England, Germany and Poland; 2. Form and amount of emoluments of various groupes of cathedral clergy; 3. Link between amount of additional payment and the number of canons in residence. An integral part of PhD thesis is a transcription of the researched account books, name and local index and several tabular surveys of the income and expenses of communal teasury. Powered by TCPDF (www.tcpdf.org)