<p>Denna uppsats undersöker vilka faktorer som påverkar förändringar i elspotpriset på Nord Pool. Avsikten är att resultatet skall ligga till grund för en prisuppskattningsmodell för Lunds Energikoncernen AB. Faktorerna bestämdes genom en förstudie där viktig litteratur om elmarknaden studerades samt samtal med Lunds Energikoncernen AB. De faktorer som undersöks i denna uppsats är priset på utsläppsrätter, nettoexport till Tysk-land, temperatur, nederbörd, priset på kol och villaolja samt konjunkturutveckling i Sve-rige.</p><p>Undersökningen av faktorerna bestod av en multipel regressionsanalys med undersökta faktorer som oberoende variabler och elspotpriset på Nord Pool som den beroende va-riabeln. Faktorerna blev indelade i två grupper dagsgruppen och månadsgruppen, grunden till uppdelningen är som namnen antyder att statistiken var observerad dygnsvis och må-nadsvis. I månadsgruppen ingick nettoexport till Tyskland, priset på kol, villaolja samt konjunktur och ur denna grupp visade sig endast nettoexport till Tyskland ha statistisk signifikans.</p><p>I dagsgruppen ingick de faktorer som oftast omnämns i litteraturen som prispåverkande, nämligen temperatur, nederbörd och priset på utsläppsrätter. Dock visade sig nederbörd inte ha någon statistisk signifikant påverkan på elpriset varvid ett nytt test på ett nytt sta-tistiskt underlag gjordes för nederbörden vilket gav samma resultat, vilket var förvånan-de. Både temperatur och priset på utsläppsrätter visade sig dock ha statistisk signifikans och detta intygades genom ytterligare test.</p><p>Härefter gjordes en regressionsanalys med de faktorer visat sig ha statistisk signifikans som oberoende variabler, det vill säga nettoexport till Tyskland, temperatur och priset på utsläppsrätter gentemot elpriset som beroende variabel. Denna enkla prognosmodell kunde förklara så mycket som 70 procent av förändringarna i elpriset.</p><p>Slutligen diskuteras prognosmodellen av författarna, en brist är bland annat att den inte kan förutse hastiga förändringar i priset och att den behöver kalibreras om när den nya handelsperioden för utsläppsrätter sätter i gång 2008. Dock gav analysen positiva signa-ler om att det kan vara möjligt att basera en prismodell på el med de faktorer som har störst inverkan på den dyraste produktionsteknologi som oftast används i elproduktio-nen, då elmarknaden i praktiken tillämpar marginalprissättning.</p> / <p>This thesis examines which factors that drive changes in the electricity spot price on the Nordic energy exchange Nord Pool. The intention with this thesis is to support Lunds Energikoncernen AB to create a pricing model. The factors were determined though a pre-study in which important literature on the electricity market were studied and inter-views with Lunds Energikoncernen AB. The examined factors in this thesis are; the price of emission allowances, net export to Germany, temperature, precipitation, the prices of coal and burning oil and Sweden’s business cycle.</p><p>The factor study was a multiple regression analysis with the above factors as independ-ent variables and the spot price of electricity on Nord Pool as the dependent. The fac-tors were divided in two groups, the day group and the month group, the two groups were decided due to statistical observations. The factors from the former group had daily ob-served data and the latter monthly data. The month group included net exchange with Germany, oil and coal prices and the business cycle which are measured in GDP. In the month group only the net exchange with Germany had statistical significance and was used in further studies.</p><p>In the day group the factors that are mostly discussed in the literature to impact on the electricity price namely, temperature, precipitation, and the price of emission allowances. As it, some what unexpected, turned out the precipitation did not have a statistical affect on the electricity price. The authors chose to carry out another analysis with precipita-tion from another area, neither this result had statistical significance. However, both the temperature and the price of emission allowances did have a statistical significant effect on the electricity price, the result were verified through one more round of analysis.</p><p>After the two initial analyses, a regression analysis with the three factors that had statis-tical significance and the electricity price were used in a final analysis. The factors in-cluded in this regression were net exchange with Germany, temperature and the price of emission allowances. This, somewhat, simple forecasting model explained as much as 70 percent of the changes in the electricity spot price.</p><p>At last the forecasting model were discussed by the authors who identified two major weaknesses, first the model may not explain sudden changes in the electricity price, and second the model has to be re-calibrated when the next trading period for emission al-lowances starts in early 2008. However the analysis did indicate that it might be possible to base an electricity price forecasting model on the factors that affects the most expen-sive production facility that are used to create energy, since the electricity market prac-tice marginal pricing.</p>

Trata-se de uma pesquisa teórica sobre o impacto da implementação das propostas de Emenda Constitucional (112/99, 02/02, 37/03 e 415/05), que tratam sobre o financiamento da Educação Infantil, na expansão das vagas para crianças de 0 a 3 anos na rede municipal de São Paulo. O trabalho analisa qual seria o montante de recursos acrescidos na Educação Infantil municipal, caso cada proposta fosse aprovada, além de estimar quantas vagas, para crianças de 0 a 3 anos, poderiam ser oferecidas com esses recursos. O custo-aluno usado para tais simulações foi escolhido a partir de dados de pesquisas sobre custo-aluno e custo-aluno qualidade em São Paulo. Devido a sua especificidade, a Educação Infantil, especialmente para a faixa etária até 3 anos, tem um custo elevado, e, por isso, necessita de fontes de financiamento que garantam um atendimento de qualidade para todas as crianças nesta faixa etária. O trabalho também discute a importância da Educação Infantil para o desenvolvimento integral da criança, utilizando teóricos como Rousseau, Pestalozzi, Froebel, Piaget e Emília Ferreiro. O trabalho demonstra como o direito à Educação Infantil foi conquistado historicamente no município de São Paulo, além de analisar pesquisas que apontam quais são os elementos essenciais para uma Educação Infantil de qualidade, realizadas no Brasil e no mundo A partir do histórico do financiamento da Educação Infantil no Brasil, analisa o impacto da implantação do Fundo de Manutenção e Desenvolvimento do Ensino Fundamental e de Valorização do Magistério no atendimento da Educação Infantil. Ainda no financiamento, o trabalho avalia qual seria o impacto do cumprimento das metas estabelecidas no Plano Nacional de Educação, para a Educação Infantil, no município de São Paulo. A partir destes dados e, com informações das pesquisas sobre custo-aluno/ano, simula-se o montante de recursos necessários para o atendimento das metas do PNE, pela ótica da qualidade social da educação. / This is a theoretical study on the impact of implementing the proposed Constitutional Amendment (112/99, 02/02, 415/05 and 37/03), which deal on the funding of early childhood education, the expansion of school places for children from 0-3 years in the city of São Paulo. The paper analyzes what would be the amount of the increased municipal Childhood Education resources if each project should be approved, and estimate how many school places for children from 0-3 years could be offered with these features. The cost-student used for such simulations was chosen from research data on cost-student and student-cost quality in São Paulo. Due to its specificity, Early Childhood Education, especially for ages up to 3 years, is costly, and therefore needs funding sources to ensure quality care for all children in this age group. The paper also discusses the importance of early childhood education for integral development of children, using theorists such as Rousseau, Pestalozzi, Froebel, Piaget and Emilia Ferreiro. The work demonstrates how the right to Early Childhood Education was historically achieved in the city of São Paulo, and also analyses studies that indicate what are the essential elements for a quality Early Childhood Education, held in Brazil and worldwide. From the history of the funding of early childhood education in Brazil, analyzes the impact of the implementation of the Fund for the Maintenance and Development of Fundamental Education and Valorization of Teachers in attendance from kindergarten. Still in the financing, the paper evaluates what would be the impact of the achievement of targets set in the National Plan of Education for Early Childhood Education, in São Paulo. From these data, and with information from research on cost-student / year it can simulate the amount of resources needed to meet the goals of the PNE, from the perspective of the social quality of education.

Denna uppsats undersöker vilka faktorer som påverkar förändringar i elspotpriset på Nord Pool. Avsikten är att resultatet skall ligga till grund för en prisuppskattningsmodell för Lunds Energikoncernen AB. Faktorerna bestämdes genom en förstudie där viktig litteratur om elmarknaden studerades samt samtal med Lunds Energikoncernen AB. De faktorer som undersöks i denna uppsats är priset på utsläppsrätter, nettoexport till Tysk-land, temperatur, nederbörd, priset på kol och villaolja samt konjunkturutveckling i Sve-rige. Undersökningen av faktorerna bestod av en multipel regressionsanalys med undersökta faktorer som oberoende variabler och elspotpriset på Nord Pool som den beroende va-riabeln. Faktorerna blev indelade i två grupper dagsgruppen och månadsgruppen, grunden till uppdelningen är som namnen antyder att statistiken var observerad dygnsvis och må-nadsvis. I månadsgruppen ingick nettoexport till Tyskland, priset på kol, villaolja samt konjunktur och ur denna grupp visade sig endast nettoexport till Tyskland ha statistisk signifikans. I dagsgruppen ingick de faktorer som oftast omnämns i litteraturen som prispåverkande, nämligen temperatur, nederbörd och priset på utsläppsrätter. Dock visade sig nederbörd inte ha någon statistisk signifikant påverkan på elpriset varvid ett nytt test på ett nytt sta-tistiskt underlag gjordes för nederbörden vilket gav samma resultat, vilket var förvånan-de. Både temperatur och priset på utsläppsrätter visade sig dock ha statistisk signifikans och detta intygades genom ytterligare test. Härefter gjordes en regressionsanalys med de faktorer visat sig ha statistisk signifikans som oberoende variabler, det vill säga nettoexport till Tyskland, temperatur och priset på utsläppsrätter gentemot elpriset som beroende variabel. Denna enkla prognosmodell kunde förklara så mycket som 70 procent av förändringarna i elpriset. Slutligen diskuteras prognosmodellen av författarna, en brist är bland annat att den inte kan förutse hastiga förändringar i priset och att den behöver kalibreras om när den nya handelsperioden för utsläppsrätter sätter i gång 2008. Dock gav analysen positiva signa-ler om att det kan vara möjligt att basera en prismodell på el med de faktorer som har störst inverkan på den dyraste produktionsteknologi som oftast används i elproduktio-nen, då elmarknaden i praktiken tillämpar marginalprissättning. / This thesis examines which factors that drive changes in the electricity spot price on the Nordic energy exchange Nord Pool. The intention with this thesis is to support Lunds Energikoncernen AB to create a pricing model. The factors were determined though a pre-study in which important literature on the electricity market were studied and inter-views with Lunds Energikoncernen AB. The examined factors in this thesis are; the price of emission allowances, net export to Germany, temperature, precipitation, the prices of coal and burning oil and Sweden’s business cycle. The factor study was a multiple regression analysis with the above factors as independ-ent variables and the spot price of electricity on Nord Pool as the dependent. The fac-tors were divided in two groups, the day group and the month group, the two groups were decided due to statistical observations. The factors from the former group had daily ob-served data and the latter monthly data. The month group included net exchange with Germany, oil and coal prices and the business cycle which are measured in GDP. In the month group only the net exchange with Germany had statistical significance and was used in further studies. In the day group the factors that are mostly discussed in the literature to impact on the electricity price namely, temperature, precipitation, and the price of emission allowances. As it, some what unexpected, turned out the precipitation did not have a statistical affect on the electricity price. The authors chose to carry out another analysis with precipita-tion from another area, neither this result had statistical significance. However, both the temperature and the price of emission allowances did have a statistical significant effect on the electricity price, the result were verified through one more round of analysis. After the two initial analyses, a regression analysis with the three factors that had statis-tical significance and the electricity price were used in a final analysis. The factors in-cluded in this regression were net exchange with Germany, temperature and the price of emission allowances. This, somewhat, simple forecasting model explained as much as 70 percent of the changes in the electricity spot price. At last the forecasting model were discussed by the authors who identified two major weaknesses, first the model may not explain sudden changes in the electricity price, and second the model has to be re-calibrated when the next trading period for emission al-lowances starts in early 2008. However the analysis did indicate that it might be possible to base an electricity price forecasting model on the factors that affects the most expen-sive production facility that are used to create energy, since the electricity market prac-tice marginal pricing.

This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.

Energy Director is a control and measuring system for energy consumption and is part of the product portfolio of E.ON AG for more efficient use of energy, offered to business customers. As of today, the system has only one parameter of control, namely power, and the objective of this essay has been to investigate whether other ones could be added. The emphasis is on the environmental perspective, which is why carbon dioxide has served as an example for this parameter in question. Parallel with the study of Energy Director electricity on the margin, calculations of carbon dioxide equivalents and also the Swedish trade of electricity have all been highlighted. Results indicate that when reductions in energy are made it is endorsed to omit from electricity on the margin rather than some mean distributed electricity, under certain conditions, and in addition the calculations of the reductions should be modified regarding the efficiency of the power stations fuelled by lignite and bituminous coal. Sweden practices trade with the Nordic countries as well as Poland and Germany. Import and export represents essential factors in the discussion of electricity on the margin but they can nonetheless today be included in calculations concerning savings in emission of carbon dioxide. The development of Energy Director is suggested to follow a model that includes the total emissions of carbon dioxide at each installation. Contributions are descended from local sources at the site, which are continuously measured, and from the energy that is obtained, where the equivalent amount of carbon dioxide has to be theoretically estimated. The total carbon dioxide limit control is then accomplished by means of controlling the obtained energy. / EnergiDirigent är ett styr- och mätsystem som ingår i E.ON:s produktsortiment för effektivare energianvändning. I dagsläget har systemet en styrparameter, uttagen effekt, och syftet med detta arbete har varit att undersöka om ytterligare styrparametrar kan infogas. Fokus för arbetet har varit att undersöka vilken potential EnergiDirigent har att bli miljövänlig. Styrparameter som tjänat som exempel för utredning har varit koldioxid. Marginalel, det svenska elutbytet samt beräkning av koldioxidekvivalenter har behandlats parallellt med arbetet med EnergiDirigent. Arbetsgången har varit teoretisk med litteraturstudier, studiebesök och intervjuer. Resultat visar att vid en miljövärdering av el är det befogat att utgå ifrån marginalel vid besparingar, dock under vissa villkor, och att beräkningarna av besparingarna bör modifieras genom att verkningsgraden för kolkraftverk revideras. Sverige bedriver mycket handel med Norden samt Polen och Tyskland varför de har inkluderats i handelssystemet. Import och export är viktiga faktorer i behandling av marginalel men resurser saknas idag för att implementera faktorerna på ett adekvat sätt i besparingsuträkningar. Utvecklingen av EnergiDirigent bör följa en modell som inkluderar det totala utsläppet av koldioxid vid varje installation. Bidrag till det totala utsläppet kommer ifrån lokala källor hos installationen, som hela tiden mäts, samt från den mängd energi som införskaffas, där motsvarande mängd koldioxid uppskattas teoretiskt. En styrgräns sätts på de totala utsläppen och följs sedan genom styrning på den inkommande energin.

published_or_final_version / Public Administration / Master / Master of Public Administration

La presente tesis estudia la tributación de la renta derivada del comercio de derechos de emisión de CO2. Este mercado fue implantado por el Protocolo de Kioto para facilitar el cumplimiento de sus objetivos ambientales y constituye un fenómeno jurídico-comercial hasta ahora desconocido que, como tal, tiene sus consecuencias tributarias. El trabajo propone una solución a la compleja cuestión de la tributación de los derechos de emisión de CO2, ya que la normativa vigente resulta insuficiente y desactualizada. Este panorama se complica aún más si se tiene en cuenta el alcance internacional de este mercado. Desde este punto de vista también se estudia en detalle el Convenio de Doble Imposición hispano-argentino e hispano-italiano. La decisión de elegir este tema se centra en su innegable actualidad. Su carácter novedoso está marcado no sólo por el inicio de su funcionamiento (2008) sino también por las características que lo rodean. / The thesis examines the income taxation of the CO2 emission rights trade. This market was adopted by the Kyoto Protocol in order to facilitate the compliance of its environmental objectives and constitutes a legal and commercial phenomenon unknown until recently. As a commercial fact it is subject to taxation The work proposes a solution to the complex issue of the emission rights taxation since the present legislation is insufficient and outdated. This scene is even more complicated because the international implications of this market. In order to that the thesis also studies in detail the Double Taxation Convention between Spain and Argentina and Spain and Italy. The decision to choose this theme focuses on its undeniable current situation. Its innovative character is marked not only by the start of its running (2008) but also by the characteristics that surround it.

No description available.

The economic crisis faced by Spain, forced the Spanish government to conduct several reforms in labor legislation in order to address the high rates of unemployment, which led greater flexibility about worker protection, reflected more intensively about dismissal labor. Thus, this article will develop the most important edges of this new legal regime of dismissal according to Spanish labor regulations. / La crisis económica que afrontó España, obligo al Gobierno Español a realizar una serie de reformas en la legislación laboral a fin de afrontar las altas tasas de desempleo conllevando a la flexibilización de la protección del trabajador, la cual se manifestó con mayor intensidad en la institución jurídica del despido laboral. En razón a ello, es que el presente artículo desarrollará las aristas más importantes de este nuevo régimen jurídico del despido de acuerdo a la normativa laboral española.

Trata-se de uma pesquisa teórica sobre o impacto da implementação das propostas de Emenda Constitucional (112/99, 02/02, 37/03 e 415/05), que tratam sobre o financiamento da Educação Infantil, na expansão das vagas para crianças de 0 a 3 anos na rede municipal de São Paulo. O trabalho analisa qual seria o montante de recursos acrescidos na Educação Infantil municipal, caso cada proposta fosse aprovada, além de estimar quantas vagas, para crianças de 0 a 3 anos, poderiam ser oferecidas com esses recursos. O custo-aluno usado para tais simulações foi escolhido a partir de dados de pesquisas sobre custo-aluno e custo-aluno qualidade em São Paulo. Devido a sua especificidade, a Educação Infantil, especialmente para a faixa etária até 3 anos, tem um custo elevado, e, por isso, necessita de fontes de financiamento que garantam um atendimento de qualidade para todas as crianças nesta faixa etária. O trabalho também discute a importância da Educação Infantil para o desenvolvimento integral da criança, utilizando teóricos como Rousseau, Pestalozzi, Froebel, Piaget e Emília Ferreiro. O trabalho demonstra como o direito à Educação Infantil foi conquistado historicamente no município de São Paulo, além de analisar pesquisas que apontam quais são os elementos essenciais para uma Educação Infantil de qualidade, realizadas no Brasil e no mundo A partir do histórico do financiamento da Educação Infantil no Brasil, analisa o impacto da implantação do Fundo de Manutenção e Desenvolvimento do Ensino Fundamental e de Valorização do Magistério no atendimento da Educação Infantil. Ainda no financiamento, o trabalho avalia qual seria o impacto do cumprimento das metas estabelecidas no Plano Nacional de Educação, para a Educação Infantil, no município de São Paulo. A partir destes dados e, com informações das pesquisas sobre custo-aluno/ano, simula-se o montante de recursos necessários para o atendimento das metas do PNE, pela ótica da qualidade social da educação. / This is a theoretical study on the impact of implementing the proposed Constitutional Amendment (112/99, 02/02, 415/05 and 37/03), which deal on the funding of early childhood education, the expansion of school places for children from 0-3 years in the city of São Paulo. The paper analyzes what would be the amount of the increased municipal Childhood Education resources if each project should be approved, and estimate how many school places for children from 0-3 years could be offered with these features. The cost-student used for such simulations was chosen from research data on cost-student and student-cost quality in São Paulo. Due to its specificity, Early Childhood Education, especially for ages up to 3 years, is costly, and therefore needs funding sources to ensure quality care for all children in this age group. The paper also discusses the importance of early childhood education for integral development of children, using theorists such as Rousseau, Pestalozzi, Froebel, Piaget and Emilia Ferreiro. The work demonstrates how the right to Early Childhood Education was historically achieved in the city of São Paulo, and also analyses studies that indicate what are the essential elements for a quality Early Childhood Education, held in Brazil and worldwide. From the history of the funding of early childhood education in Brazil, analyzes the impact of the implementation of the Fund for the Maintenance and Development of Fundamental Education and Valorization of Teachers in attendance from kindergarten. Still in the financing, the paper evaluates what would be the impact of the achievement of targets set in the National Plan of Education for Early Childhood Education, in São Paulo. From these data, and with information from research on cost-student / year it can simulate the amount of resources needed to meet the goals of the PNE, from the perspective of the social quality of education.