Nuestra investigación busca determinar el impacto tributario de la aplicación del Devengado jurídico en las empresas del sector servicios empresariales ubicadas en Santiago de Surco en el 2019.  El Devengo en el Perú, siempre ha sido tratado según la definición de las normas contables (NIIF). Sin embargo, ha sido un tema de interés que ha generado incertidumbre para las empresas, ya que existía un vacío en el sistema tributario y no se tenía claro la forma de aplicar este término en la contabilidad tributaria. A causa de ello, se emite el Decreto Legislativo 1425. La presente de investigación está compuesta por cinco capítulos. El primer Capítulo está constituido por el Marco teórico, en el que se definieron conceptos importantes que tienen relación con nuestro tema de investigación, como el Devengado contable y tributario. Posteriormente, en el segundo Capítulo se definió el Plan de investigación, se desarrolló la problemática determinando los objetivos e hipótesis. En el tercer Capítulo: Metodología de trabajo, se explica el tipo de investigación realizado, la población y muestra. El Capítulo IV está compuesto por el Desarrollo de la investigación, se aplicaron los instrumentos, entrevistas a expertos en el tema, encuestas virtuales a empresas y también se plantea un caso práctico. Por último, en el Capítulo V: Análisis de resultados, se analiza las respuestas de los instrumentos para posteriormente dar conclusiones y recomendaciones. / Our research seeks to determine the tax impact of the application of the legal accrual in the companies of the business services sector located in Santiago de Surco in 2019. Accrual in Peru has always been treated according to the definition of accounting standards (IFRS). However, it has been a topic of interest that has generated uncertainty for companies, since there was a gap in the tax system, and it was not clear how to apply this term in tax accounting. As a result, Legislative Decree 1425 was issued. This research is made up of five chapters. The first chapter is constituted by the theoretical framework, in which important concepts related to our research topic were defined, such as the accounting and tax accrual. Subsequently, in the second chapter, the research plan was defined, the problem was developed, and the objectives and hypotheses were determined. In the third chapter: Methodology of the work, the type of research carried out, the population and sample are explained. Chapter IV is composed of the Development of the research, the instruments were applied, interviews to experts on the subject, virtual surveys to companies and a case study is also presented. Finally, Chapter V: Analysis of results, analyzes the responses of the instruments, and then provides conclusions and recommendations. / Tesis

Because women are predominantly responsible for childcare, men are the primary income earners. Having acquired the marital assets, on divorce the husband would retain them in a marriage out of community of property. The wife would be left deskilled, financially dependent, with little likelihood of receiving spousal maintenance and with no marital assets. In 1984 the Matrimonial Property Act and in 1988 the Matrimonial Property Law Amendment Act introduced a judicial discretion to equitably redistribute marital assets in certain marriages out of community. This dissertation argues that the bases for the limitation of the judicial discretion to women married before a certain date are unsound and that the limitation arguably violates the equality clause of the Constitution. / Law / LL.M.

Sloan（1996）研究指出，投資人無法完全地分辨出應計項目與現金流量間盈餘持續性的差別，導致對應計項目資訊反應過度，而對現金流量資訊則反應不足，因此公司擁有相對較高（低）的應計項目使用金額，預期會有負（正）的未來股票異常報酬率，此種存在於應計項目與未來來股票異常報酬率間之負向關係，即本文所稱之「應計項目異常現象」。 投資人方面，本研究依資訊取得優勢，區分為內部關係人、機構投資人（外資、投信、自營商）與自然人；投資人持股行為則分別以持股比例與持股比例變動代表。此外，並將應計項目分別以總應計項目與總應計項目組成要素下之個別營運資金應計項目（應收帳款變動數、存貨變動數與應付帳款變動數）作衡量。首先測試應計項目異常現象是否存在於我國，再利用應計項目異常現象建構之套利投資組合，買進最低應計項目金額的投資組合而賣出最高應計項目金額的投資組合，探討應計項目異常現象與投資人持股行為之關聯性。 實證結果顯示，應計項目異常現象存在於我國，亦存在於個別營運資金應計項目。持股比例方面，外資與內部關係人似乎能利用應計項目異常現象形成之套利投資組合；當總應計項目的金額愈低，持股比例會愈高，但在不同應計項目的衡量方法下會有不同的結果。持股比例變動方面，除內部關係人與自然人稍佳之外，本研究設計之迴歸模型並無對應計項目與投資人持股比例變動間之關聯性有足夠的解釋能力。此外，第二年度的內部關係人持股比例變動雖與總應計項目、存貨變動數有負向的關聯性，惟統計結果並不顯著。 關鍵字：應計項目異常現象、投資人、持股行為、應計項目、機構投資人、內 部關係人、自然人、套利投資組合 / Sloan（1996）results indicate investors failing to distinguish fully between the different properties of the accrual and cash flow components of earnings. This leads to overreaction of the information contained in the accrual components of earnings and underreaction of the cash flow components of earnings.Consequently,firms with relatively high (low) levels of accruals experience negative (positive) future abnormal stock returns. The negative relationship between accounting accruals and subsequent stock returns calls the “Accruals anomaly” in this paper. With repect to the investors, I distinguish them from the advantage of obtaining the information into insiders, institution investors (QFII, mutual funds, security dealers), and individual investors; then use the percentage of the investors’ holding and the percentage of the investors’ holding change to represent the investors’ holding behavior. Besides, I use the total accruals and individual working capital accruals（change in accounts receive, change in inventory, and change in minus accounts payable）to measure accruals. Firstly, I test whether the accruals anomaly exists in our country or not, then exploit the hedge portfolio formed by accruals anomaly,by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns to probe into the association between accruals anomaly and investors’ holding behavior. The results suggested that accruals anomaly indeed exists in our country and the individual working capital accruals. With regard to the percentage of the investors holding, QFII and insiders seems to capable of exploiting the hedge portfolio formed by accruals anomaly; when firms with relatively low levels of total accruals experience the percentage of the high investors holding,but there have different results of using dissimilar measurement of accruals. For the percentage of the investors holding change, this paper’s regression model doesn’t have enough capability of explaining the association between accruals and percentage of the investors holding change except insiders and individual investors. Furthermore, although the percentage of the insiders’ holding change in the second year is negatively correlated with total accruals and change in inventory, the empirical results are not significant. Key words: accrual anomaly, investors, holding behavior, accruals, institution investors, insiders, individual investors, hedge portfolio

在過去二到三年之中，能源、金屬、軟性商品等原物料價格漲勢強勁，成為市場上最炙手可熱的商品。然而，原物料價格漲升為全球帶來了通膨隱憂，世界各國紛紛採用各種貨幣政策和財政政策試圖緩解通膨壓力。其中，利率政策即是相當重要的一環。在這樣的背景之下，是否對於能源、貴金屬和利率衍生性商品的設計和定價上產生影響，值得進一步檢視。因此，本論文選擇以中國大陸的原油與黃金連結複合式選擇權，以及利率（HIBOR）連結可贖回每日區間計息等兩種結構性存款作為研究個案，以財務工程的理論模型為中國銀行的金融創新產品作評價與分析。 在原油與黃金連結複合式選擇權部分，分別假設金價和油價服從幾何布朗運動（Geometric Brownian Motion）推導出封閉解，以及Schwartz的一因子均數回歸模型，採蒙地卡羅模擬法模擬標的資產之價格路徑並以之估算商品理論價值和發行機構利潤，之後則就避險參數和商品預期收益率作分析。在利率連結可贖回每日區間計息結構性存款部分，由於具有發行機構可提前贖回的特性，本論文採用LIBOR市場模型（BGM Model）為評價基礎，先利用市場報價資訊計算期初遠期利率及進行參數校準，再以蒙地卡羅模擬法模擬遠期利率路徑，最後以Longstaff and Schwartz（2001）提出的最小平方蒙地卡羅法（LSM）計算商品理論價值和發行機構利潤。 除估算商品理論價值以檢視中國銀行的商品定價合理性之外，本文也針對中國大陸的外匯和利率政策對金融機構在商品設計方面的影響作分析，最後則分別就財務工程與金融創新以及總體政策與金融市場兩方面提出結論與建議，以供各界參酌。 / The prices of physical commodities have risen a lot and led to pressure of inflation for several years. Many countries over the world have tried hard to tackle inflation threat with monetary and fiscal policies. Under this circumstance, the design and pricing of structured products should be affected. Therefore, the oil and gold-linked and interest rate-linked structured deposits launched by Bank of China are selected to be the case study in this thesis. Prices of the underlying assets are assumed to follow Geometric Brownian Motion, and the close-form solution of the oil and gold-linked structured deposit embedded with compound options is derived. Moreover, Schwartz’s One-Factor Mean Reversion Model is adopted to derive the fair value by simulation. In addition to the fair value and issuer’s profit, the expected rate of return, hedge parameters (Greeks) and model difference are presented in this thesis. As for the interest rate-linked Callable Daily Range Accrual Deposit, the thesis presents the steps of pricing by simulation. LIBOR Market Model (BGM Model) is adopted to derive the fair value of Callable Range Deposit with Least Squares Monte Carlo approach. Besides, the design and pricing of structured products are actually influenced by those policies in relation to interest rates and currencies adopted by government of Mainland China. The influence is discussed in the thesis as well. Eventually, the conclusions and suggestions are made with respect to macroeconomic policy and financial market as well as financial innovation.

Because women are predominantly responsible for childcare, men are the primary income earners. Having acquired the marital assets, on divorce the husband would retain them in a marriage out of community of property. The wife would be left deskilled, financially dependent, with little likelihood of receiving spousal maintenance and with no marital assets. In 1984 the Matrimonial Property Act and in 1988 the Matrimonial Property Law Amendment Act introduced a judicial discretion to equitably redistribute marital assets in certain marriages out of community. This dissertation argues that the bases for the limitation of the judicial discretion to women married before a certain date are unsound and that the limitation arguably violates the equality clause of the Constitution. / Law / LL.M.

Tax optimization for a Specific Entrepreneur. What does it mean? Specific topisc covered in my thesis include enventroy-taking, reserves, accruals a deferrals, non-deductible and deductible costs (expenses), foreing exchange rate variations, depreciation, provisions against receivables, accrual revenu, deffered tax and others. My thesis concents the tax optimization of a real client company, seated in Prague and working in the building industry.

Thesis "Internal accounting rules of a certain company" deals with internal accouting rules both from the theoretical and pracical point of view. The theoretical part focuses on chart of accounts, specimen signatures, circulation of accountancy documents, depreciation schedule, supplies, exchange differences, inventory, reserves, impairments and accrual accounting. The aim of the practical part is an analysis, correction and refinishing of concrete internal accunting rules of a concrete company.

Substantive gender equality has yet to be achieved in South Africa. As such, when a decision is made for one of the spouses to a civil marriage to stay at home and care for the children born of the marriage, or make career sacrifices to care for children, that spouse is usually the wife. As a result, while the husband continues to amass wealth and grow his earning potential, the wife is unable to do so. In circumstances where such spouses are married out of community of property or subject to the accrual system with onerous exclusion clauses in the antenuptial contract, the wife may be left with little more than a claim for rehabilitative maintenance in the event of a divorce. The courts only have the discretion to make an equitable distribution of marital property in civil marriages with complete separation of property concluded prior to 1 November 1984 (or 2 December 1988) and customary marriages. It is arguable that this limitation of the judicial discretion violates the equality clause contained in the Constitution of the Republic of South Africa, 1996. A broad judicial discretion to equitably redistribute the spouses’ assets upon divorce is therefore proposed in this dissertation. / Private Law / LL.M.

Substantive gender equality has yet to be achieved in South Africa. As such, when a decision is made for one of the spouses to a civil marriage to stay at home and care for the children born of the marriage, or make career sacrifices to care for children, that spouse is usually the wife. As a result, while the husband continues to amass wealth and grow his earning potential, the wife is unable to do so. In circumstances where such spouses are married out of community of property or subject to the accrual system with onerous exclusion clauses in the antenuptial contract, the wife may be left with little more than a claim for rehabilitative maintenance in the event of a divorce. The courts only have the discretion to make an equitable distribution of marital property in civil marriages with complete separation of property concluded prior to 1 November 1984 (or 2 December 1988) and customary marriages. It is arguable that this limitation of the judicial discretion violates the equality clause contained in the Constitution of the Republic of South Africa, 1996. A broad judicial discretion to equitably redistribute the spouses’ assets upon divorce is therefore proposed in this dissertation. / Private Law / LL. M.