Este trabalho compreende o estudo do desempenho de sistema piloto de floto-filtração, aplicado ao pós-tratamento de efluente de reator anaeróbio, sob diferentes taxas de aplicação superficial, quantidade de ar fornecida ao processo e leitos filtrantes. O trabalho foi dividido em duas fases: ensaios preliminares (fase 1) e ensaios com o floto-filtro (fase 2), sem utilização de leito filtrante (etapa 1 da fase 2) e com utilização do leito filtrante (etapa 2 da fase 2). A fase 1, realizada com unidade de flotação por ar dissolvido em escala de bancada, apresentou resultados satisfatórios em termos de redução de turbidez, cor e Abs254nm para dosagens de cloreto férrico entre 40 a 80 mg/L na maior parte dos ensaios. Os dados desta fase serviram principalmente para a determinação e adoção dos melhores parâmetros operacionais a serem utilizados na fase seguinte. Na etapa 1 da fase 2, o sistema foi analisado sob a ótica da qualidade da água produzida em condições variáveis de dosagem de cloreto férrico, tempo e gradiente de floculação, taxa de recirculação e taxa de aplicação superficial. Para as amostras coletadas foram analisadas as variáveis turbidez, temperatura, condutividade, DQO, SST, pH, cor, Abs254nm, metais, OD, \'P-PO IND.4\'POT.3-\', NTK e \'N-NH IND.4\'POT.+\'. Foram obtidas eficiências globais de 88 a 97% de redução na turbidez (residual < 20 uT), 84 a 98% de SST (residual < 25 mg/L), 87 a 94% de \'DQO IND.B\' (residual < 60 mg/L), 78 a 92% de \'DQO IND.F\' (residual < 40 mg/L), 85 a 96% de \'P-PO IND.4\'POT.3-\' (residual < 2 mg/L) e menor que 30% para NTK e \'N-NH IND.4\'POT.-\'. Na etapa 2 da fase 2, além das análises supracitadas, foram analisadas as variáveis DBO, coliformes totais e fecais, sulfatos, dureza, alcalinidade, ácidos voláteis e turbidez ao longo do leito filtrante além da medida de perda de carga no decorrer da carreira de filtração. Foram monitorados a perda de carga ao longo do leito filtrante, carreira de filtração. Nesta fase, a instalação piloto de floto-filtração foi avaliada mediante a variação da taxa de aplicação superficial e do leito filtrante. Os resultados foram positivos com efluente final apresentando turbidez média abaixo de 2 uT e duração média da carreira filtração de 24 horas. Foram obtidas eficiências globais de 96 a 99% de redução na turbidez (residual < 7 uT), 96 a 99% de SST (residual < 6 mg/L) , 93 a 96% de \'DQO IND.B\' (residual < 40 mg/L), 89 a 97% de \'DQO IND.F\' (residual < 34 mg/L), 93 a 98% de \'P-PO IND.4\' POT.3-\' (residual < 0,3 mg/L), menor que 30% para NTK e \'N-NH IND.4\' POT.-\', 96 a 98% de cor (residual < 50 uC) e 80 a 82% de Abs254nm (residual < 0,198). Desta forma, em virtude dos bons resultados apresentados, pôde-se constatar que a floto-filtração é uma alternativa atraente no pós-tratamento de efluente de reator anaeróbio. / This works assesses the performance of a floto-filtration pilot system, applied to the post-treatment of an anaerobic reactor effluent, under different superficial application rates, amount of air supplied to the process and filter beds. The work was divided in two phases: preliminary essays (phase 1), essays with the floto-filter without using filter bed (step 1 of phase 2) and essays with the floto-filter using filter beds (step 2 of phase 2). Phase 1, carried out with bench scale dissolved air flotation unit, presented satisfactory results regarding turbidity removal, color and Abs254nm for ferric chloride dosages between 40 - 80 mg/L in most of the essays. The data acquired from this phase were mainly used to determine and adopt the best operational parameters to be employed in the following phase. In step 1 of phase 2, the system was analyzed concerning the quality of the water produced in favorable conditions for ferric chloride dosages, time and flocculation gradient, recirculation gradient and superficial application rate. The following variables were analyzed from the collected samples: turbidity, temperature, conductivity, COD, TSS, pH, color, Abs254nm, metais, OD, \'P-PO IND.4\'POT.3-\', NTK and \'N-NH IND.4\'POT.+\'. Global efficiencies of 88 to 97% for turbidity removal (residual < 20 uT), 84 to 98% for TSS (residual 25 mg/L), 87 to 94% for COD (residual < 60 mg/L), 78 to 92% for CODF (residual < 40 mg/L), 85 to 96% \'P-PO IND.4\'POT.3-\' (residual < 2 mg/L) and less than 30% for NTK and \'N-NH IND.4\'POT.+\' were obtained. In step 2 of phase 2, besides the aforementioned analyses, BOD, total and fecal coliforms, sulphates, hardness, alkalinity, volatile acids and turbidity throughout the filter in addition to the measure of headloss during the filter run. In this phase, the floto-filtration pilot plant was assessed varying the superficial application and filter bed rate. The results were positive with the final effluent presenting mean turbidity below 2 uT and mean filter run time of 24 hours. Global efficiencies of 96 to 99% for turbidity removal (residual < 7 uT), 96 to 99% for TSS (residual < 6 mg/L), 93 to 96% for \'COD IND.B\' (residual < 40 mg/L), 89 to 97% for \'COD IND.F\' (residual < 34 mg/L), 93 to 98% for \'P-PO IND.4\'POT.3-\' (residual < 0,3 mg/L), less than 30% for NTK and \'N-NH IND.4\'POT.-\', 96 to 98% for color (residual < 50 uC) and 80 to 82% for Abs254nm (resisual < 0,198). Thus, due to the good results that were presented, it can be said that floto-filtration is an attractive alternative for the post-treatment of an anaerobic reactor effluent.

Com uma quantidade quase incontável de informação textual disponível na web, a automatização de diversas tarefas referentes ao processamento automático de textos é uma necessidade inegável. Em abordagens superficiais do PLN (Processamento da Linguagem Natural), importantes propriedades do texto são perdidas, como posição, ordem, adjacência e contexto dos segmentos textuais. Uma análise textual mais profunda, como a realizada no nível do discurso, ocupa-se da busca e identificação da organização retórica do texto, gerando uma estrutura hierárquica em que as intenções do autor são explicitadas e relacionadas entre si. Para a automatização dessa tarefa, tem-se utilizado técnicas de aprendizado automático, predominantemente do paradigma supervisionado. Nesse paradigma, são necessários dados rotulados manualmente para a geração dos modelos de classificação. Como a anotação para essa tarefa é algo custoso, os resultados obtidos no aprendizado são insatisfatórios, pois estão bem aquém do desempenho humano na mesma tarefa. Nesta tese, o uso massivo de dados não rotulados no aprendizado semissupervisionado sem fim foi empregado na tarefa de identificação das relações retóricas. Foi proposto um framework que utiliza textos obtidos continuamente da web. No framework, realiza-se a monitoração da mudança de conceito, que pode ocorrer durante o aprendizado contínuo, e emprega-se uma variação dos algoritmos tradicionais de semissupervisão. Além disso, foram adaptados para o Português técnicas do estado da arte. Sem a necessidade de anotação humana, a medida-F melhorou, por enquanto, em 0,144 (de 0,543 para 0,621). Esse resultado consiste no estado da arte da análise discursiva automática para o Português. / Considering the almost uncountable textual information available on the web, the auto- matization of several tasks related to the automatic text processing is an undeniable need. In superficial approaches of NLP (Natural Language Processing), important properties of the text are lost, as position, order, adjacency and context of textual segments. A de- eper analysis, as carried out in the discursive level, deals with the identification of the rhetoric organization of the text, generating a hierarchical structure. In this structure, the intentions of the author are identified and related among them. To the automati- zation of this task, most of the works have used machine learning techniques, mainly from the supervised paradigm. In this paradigm, manually labeled data is required to obtain classification models, specially to identify the rhetorical relations. As the manual annotation is a costly process, the obtained results in the task are unsatisfactory, because they are below the human perfomance. In this thesis, the massive use of unlabeled data was applied in a semi-supervised never-ending learning to identify the rhetorical relations. In this exploration, a framework was proposed, which uses texts continuously obtained from the web. In the framework, a variation of traditional semi-supervised algorithms was employed, and it uses a concept-drift monitoring strategy. Besides that, state of the art techniques for English were adapted to Portuguese. Without the human intervention, the F-measure increased, for while, 0.144 (from 0.543 to 0.621). This result consists in the state-of-the-art for Discourse Analysis in Portuguese.

<p>In this essay, I have investigated whether players of World of Warcraft change their language to suit the gender of the character they play. I have researched if there are gender differences that correspond to what is defined as male and female language in mixed-sex conversations. Chat-logs, collected during four participant observations, were used for making an analysis based primarily on research by Coates (1993) and Yale (2007). Seven features were selected for analysis: amount of participation, hedges, questions, directives and commands, taboo language, compliments and grammar. It was possible to discover gender differences, but these were not consistent in all areas of research. For example, female characters had a higher contribution than males, as well as a higher use of hedges and tag-questions among males, which contradicts previous research. The lack of consistency might be due to the fact that the participants do not specifically consider all areas as typically female or male, or their unawareness of these tendencies. We also need to consider disagreement in previous gender studies as well as folklinguistic belief. The explanation of the lack of consistent differences may be a more equal relationship between males and females in this context, or due to thepossibility that the participants, who are usually male, make use of their normal male language.</p>

Enligt huvudregeln i svensk skatterätt ska företag som tidigare år redovisat underskott dra av underskottet det följande beskattningsåret. Till huvudregeln följer begränsningar i avdragsrätten, vilka aktualiseras först vid ägarförändringar. En begränsningsregel som har fått mycket uppmärksamhet är den som följer av 40 kap. 12 § Inkomstskattelag 1999:1229 (IL). Paragrafen infördes ursprungligen för att begränsa handel med underskottsföretag. Handel med underskottsföretag anses av lagstiftaren kunna ge negativa samhällsekonomiska konsekvenser. När flera personer gemensamt förvärvat det bestämmande inflytandet i ett underskottsföretag kan 40 kap. 12 § IL utlösa en beloppsspärr. Denna beloppsspärr innebär att vissa delar av ett underskott kan falla bort och på så vis inte utnyttjas mot ett framtida överskott. Uppmärksamheten som riktats mot lagrummet består huvudsakligen av kritik mot ordalydelsens otydlighet. Skatteverket har i en skrivelse till regeringen uttryckt att 40 kap. 12 § är omöjlig att följa och tillämpa. Paragrafens uppbyggnad och lydelse är komplicerad och på flera områden lämnas det öppet för alternativa tolkningar. Med hjälp av förarbeten kan man göra välgrundade antaganden i hur lagrummet ska förstås, men det föreligger fortfarande flera obesvarade frågor. I framställningen tydliggörs att bestämmelserna i 40 kap. 12 § IL har långtgående omfattning vilket kan utlösa beloppsspärren i situationer som förmodligen inte var avsett.   Det konstateras att det föreligger en diskrepans mellan lydelsen av lagrummet och motivuttalandena i propositionen. Slutsatsen av denna framställning är att 40 kap. 12 § IL måste reformeras för att bättre kunna tillämpas i skattelagstiftningen. / According to the principal rule in Swedish tax law, companies that in previous years reported deficit of the fiscal year have to reduce the deficit the following fiscal year. The principle rule are followed by some restrictions, which activates first when ownership changes. A specific restriction rule that has received much attention is chapter 40 § 12 income tax law 1999:1229 (IL). The clause was introduced originally to restrict trade with deficit enterprises. Trade with deficit enterprises is considered by the legislator to give negative socio-economic consequences. When several persons together obtain control of a deficit company activates an amount blocking. This amount blocking means that certain parts of a deficit may cease and not be used against a future surpluses. The attention directed towards chapter 40 § 12 IL consists mainly of criticism against the wording of the paragraph. The Swedish tax agency has, in a letter to the Government expressed that chapter 40 § 12 is impossible to follow and apply. The structure and wording is complex and in many areas lefts opened for alternative interpretations. The source of law provides some help of which it is possible to make informed assumptions of the meaning of the paragraph, but there are still many unanswered questions. This essay clarifies that the provisions of chapter 40 § 12 IL has an extensive coverage which could trigger an amount blocking in situations that probably wasn't intended. It is found that there is a discrepancy between the wording of chapter 40 § 12 IL and the intentions of the paragraph. The conclusion of this essay is that chapter 40 § 12 IL must be reformed in order to improve the application of the tax legislation.

The main purpose of the present study was to explore the effects of characteristics of information given in a job advertisement (amount of information and the specificity of the information) on the potential applicants&rsquo / willingness to apply to the job opening with the mediating roles of credibility of and satisfaction from the information, and attraction to the organization. In addition to that, the factors affecting the decision of the applicants to apply for the job posted such as application modes (internet, by hand in the same city the applicant lives, by hand in a different city than the applicant lives), different selection methods (interview, personality test, knowledge test), and personality characteristics (goal orientation and self-efficacy) were investigated. The study was conducted in three phases. In the first phase, one hundred and seven Middle East Technical University (METU) students were used to decide between two alternatives of goal orientation and two self-efficacy scales, which were translated into Turkish and adapted for the current study, to be used in the main study by determining the validity and reliabilities of the scales. The second phase was the manipulation check, conducted to test the clarity and meaningfulness of the newly developed job advertisements and questions related to the research hypotheses. Thirty-two METU students were used for the second phase. The final phase was the main study. One hundred and fifty four METU students from Electrical and Electronics Department were used to examine the hypotheses of the study.The students were randomly assigned to the three different versions of job advertisement. Additionally, a questionnaire package was given to each participant. The results supported most of the main hypotheses and the proposed model except for the mediating effect of satisfaction. Advertisement type affected the willingness to apply to the job of potential applicant and this relation was mediated by credibility and credibility was mediated by attractiveness to the organization. A main effect of application mode was found for change in application decision, but no interaction was found between application mode and different attraction levels. Goal orientation found to be affecting applicants&rsquo / decision change for different selection methods. Self-efficacy failed to predict decision change for application for different selection methods. Results are discussed along with the strengths and limitations of the study and suggestions for future research.

Les pyréthrinoïdes et les pyréthrines sont des insecticides neurotoxiques auxquels on attribue également des effets néfastes sur les systèmes immunitaire, hormonal et reproducteur. Ils sont abondamment utilisés en agriculture, mais aussi en horticulture, en extermination et dans le traitement d’infestations parasitaires humaines et animales (gale, poux). Il y a donc un intérêt en santé environnementale à connaître l’ampleur de l’exposition humaine à ces pesticides. La mesure des métabolites urinaires des pyréthrinoïdes et des pyréthrines apparaît une approche de choix pour arriver à cette fin puisqu’elle permet, en théorie, d’obtenir un portrait global de l’exposition. Or,traditionnellement et par soucis de simplicité les concentrations volumiques ou ajustées pour la créatinine) de ces biomarqueurs dans des urines ponctuelles sont déterminées, mais l’effet de l’utilisation de ces unités sur la validité des estimations de dose quotidienne absorbée n’a jamais été vérifié. L’objectif général de cette thèse était donc de développer, appliquer et valider une nouvelle stratégie de mesure et d’analyse de biomarqueurs pour améliorer la précision et la fiabilité des évaluations de l’exposition individuelles et populationnelles aux pyréthrinoïdes et pyréthrines. Les objectifs spécifiques étaient : i) de caractériser l’exposition humaine à ces contaminants en région urbaine et rurale au Québec et ii) de comparer la validité de la nouvelle stratégie de mesure et d’analyse de biomarqueurs urinaires proposée avec les autres méthodes plus usuelles utilisées pour estimer l’exposition individuelle et populationnelle et les doses absorbées de pyréthrinoïdes. Des adultes et des enfants, recrutés dans la population de l’Île de Montréal et de la Montérégie ont recueilli leurs urines pendant une période d’au moins douze heures et complété un questionnaire documentant les sources potentielles d’exposition. Les quantités de métabolites de pyréthrinoïdes et pyréthrines (pmol) mesurées dans les urines ont été ajustées pour une période de douze heures exactement et pour le poids corporel. Les quantités excrétées en région urbaine ont été comparées à celles excrétées en région rurale et les données individuelles et populationnelles ont été comparées à celles qui auraient été obtenues si des concentrations volumiques ou ajustées pour la créatinine avaient été mesurées. Les résultats montrent que l’exposition à ces pesticides est ubiquiste puisque plus de 90% des participants excrétaient les principaux métabolites de pyréthrinoïdes et pyréthrines à un niveau supérieur au seuil de détection analytique. Les résultats suggèrent que l’alimentation pourrait être à l’origine de ce niveau de base puisque les autres sources d’exposition connues n’ont été que rarement rapportées. Au Québec, l’exposition en milieu rural apparaissait légèrement plus importante qu’en milieu urbain et certains facteurs d’exposition, comme l’utilisation de pesticides domestiques, ont été rapportés plus fréquemment en milieu rural. Enfin, il a été démontré que la mesure des concentrations volumiques ou ajustées pour la créatinine de biomarqueurs est une approche qui peut entraîner des biais importants (jusqu’à 500% d’erreur et plus) en particulier lors de l’évaluation de l’exposition individuelle. Il est évident que les autorités de santé publique et de santé environnementale employant des biomarqueurs urinaires afin d’évaluer l’exposition aux pyréthrinoïdes et aux pyréthrines (ainsi qu’à d’autres molécules ayant des demi-vies d’élimination similaire)devraient diriger leurs efforts vers la mesure des quantités excrétées pendant une période d’au moins douze heures pour obtenir un portrait le plus valide possible de l’exposition. Il serait aussi souhaitable de mieux documenter la toxicocinétique de ces molécules chez l’humain afin d’établir avec une plus grande confiance la relation entre les quantités excrétées de biomarqueurs et les doses absorbées de ces contaminants. / Pyrethroids and pyrethrins are neurotoxic insecticides also considered to have negative effects on the immune, endocrine and reproductive systems. They are abundantly used for agricultural and horticultural purposes, for pest control and to treat human and animal parasitic infestations (scabies, lice). Consequently, there is in environmental health an interest in evaluating the extent of human exposure to these pesticides. The measurement of pyrethroid and pyrethrin metabolites in urine seems to be the best approach because it provides in theory a global depiction of the exposure. Because of it straightforwardness, it is common practice to use the biomarkers volume-weighted or creatinine-adjusted concentrations in spot urine samples, however the validity of daily doses estimates derived from these units has yet to be assessed. The main goal of this research was to develop, apply and validate a new approach to the measurement and analysis of biomarkers to improve the precision and the reliability of estimates of pyrethroid and pyrethrin exposure at the individual and population levels. The specific objectives were: i) to characterize human exposure to these contaminants in urban and rural populations in Quebec and ii) to assess the validity of this new strategy of measurement and analysis of urinary biomarkers with the biological monitoring strategies generally used to assess individual and population pyrethroid exposure and absorbed doses. Adults and children recruited in the population of the Island of Montreal and of Monteregie collected their urines for at least twelve hours and filled a questionnaire about their potential sources of exposure. The amounts of pyrethroid and pyrethrin metabolites measured in urine (pmol) were adjusted to a fixed twelve hour period and for the body weight. The amounts excreted in the urban area were compared to those from the rural area and individual and population data were compared to those that would have been obtained if volume-weighted or creatinine-adjusted concentrations would have been used. Results show that exposure to these pesticides is very common, with more than 90% of the participants excreting the main pyrethroid and pyrethrin metabolites above the analytical limit of detection. These results also suggest that the diet could be the main contributor to this base level because the other known sources of exposure were rarely reported. In the province of Quebec, the exposure in a rural area seemed slightly more important than in an urban area and some exposure factors, like the use of household pesticides, were reported more frequently in rural area. Finally, it was shown that the measurement of volume-weighted or creatinine-adjusted concentrations is an approach that can lead to an important bias (an error of up to 500% and more) especially for the assessment of individual exposure. It becomes obvious that public health and environmental health authorities using urinary biomarkers to assess pyrethroid and pyrethrin exposure (or other compounds with similar half-lives) should focus their efforts on measuring the amounts excreted during a period of at least twelve hours to obtain the best picture of the exposure. It would also be pertinent to increase the knowledge of the toxicokinetic behaviour of these compounds in humans in order to establish with greater confidence the relation between the excreted amounts and the absorbed doses of these contaminants.

The tax world as we knew it was turned upside down on 13 September 2007 when the Supreme Court of Appeal (“SCA”) announced its decision to deem the right to use an interest-free loan as an amount that accrued to the taxpayers in the case Commissioner for South African Revenue Service v Brummeria Renaissance (Pty) Ltd and others 69 SATC 205. The findings of SCA brought about a “great deal of consternation in the business world” (Loubser, 2007:20). Due to the controversy as a result of this case, SARS drafted an Interpretation Note that illustrates the reasoning and tax treatment of an interest-free loan. On 30 June 2010, Interpretation Note No 58 was finally issued by SARS, providing guidance with regard to “an amount” that “accrues” to a taxpayer for the purposes of the gross income definition. This Interpretation Note will have a significant impact on a number of taxpayers. The purpose of this study is to understand the nature of an interest-free loan and identify its tax implications. The methodology followed in this study will be that of qualitative research. This will be conducted through analyzing the nature of a loan, specifically an interest-free loan, the gross income definition, including the value and timing of such amount, and whether a deduction may be claimed in respect of an interest-free loan. Notwithstanding the above, the study also includes an investigation of other taxes inter alia capital gains tax, donations tax, value-added tax, secondary tax on companies and newly proposed dividends tax. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

The tax world as we knew it was turned upside down on 13 September 2007 when the Supreme Court of Appeal (“SCA”) announced its decision to deem the right to use an interest-free loan as an amount that accrued to the taxpayers in the case Commissioner for South African Revenue Service v Brummeria Renaissance (Pty) Ltd and others 69 SATC 205. The findings of SCA brought about a “great deal of consternation in the business world” (Loubser, 2007:20). Due to the controversy as a result of this case, SARS drafted an Interpretation Note that illustrates the reasoning and tax treatment of an interest-free loan. On 30 June 2010, Interpretation Note No 58 was finally issued by SARS, providing guidance with regard to “an amount” that “accrues” to a taxpayer for the purposes of the gross income definition. This Interpretation Note will have a significant impact on a number of taxpayers. The purpose of this study is to understand the nature of an interest-free loan and identify its tax implications. The methodology followed in this study will be that of qualitative research. This will be conducted through analyzing the nature of a loan, specifically an interest-free loan, the gross income definition, including the value and timing of such amount, and whether a deduction may be claimed in respect of an interest-free loan. Notwithstanding the above, the study also includes an investigation of other taxes inter alia capital gains tax, donations tax, value-added tax, secondary tax on companies and newly proposed dividends tax. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

農林水産研究情報センターで作成したPDFファイルを使用している。

Submitted by Sérgio Ricardo Nutti Marangoni (marangoni@smabr.com) on 2015-09-24T19:30:25Z No. of bitstreams: 1 Dissertação Versão Final Pós Banca 21.09.2015 com ficha catolográfica.pdf: 1084907 bytes, checksum: 896ccda8e74792ad7d1b30584207558e (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Sérgio, boa tarde Conforma normas da ABNT, para que possamos aceitar seu trabalho junto à biblioteca, será necessário alguns ajustes: Tamanho da fonte 12 Na capa, retirar a formatação em negrito; retirar a acentuação de Getúlio. Nos agradecimentos, retirar os espaços que constam entre os parágrafos. Em seguida, submeter novamente o trabalho. grata. on 2015-09-24T19:41:52Z (GMT) / Submitted by Sérgio Ricardo Nutti Marangoni (marangoni@smabr.com) on 2015-09-24T21:26:05Z No. of bitstreams: 1 Dissertação Versão Final Pós Banca 24.09.2015 com ficha catolográfica e ajustes FGV.pdf: 1437690 bytes, checksum: 03178919a79fc12485d0e1ff0bbf0447 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Sérgio, só mais um detalhe que não me atentei anteriormente. Retire a sigla FGV que consta ao lado do nome da Fundação (na capa). Você submetendo, imediatamente já aprovo. Obrigada. on 2015-09-24T21:31:10Z (GMT) / Submitted by Sérgio Ricardo Nutti Marangoni (marangoni@smabr.com) on 2015-09-24T21:50:28Z No. of bitstreams: 1 Dissertação Versão Final de Submissão - 24.09.15.pdf: 1442767 bytes, checksum: 826fe73c9d6a7707be6bb531fbb69bbf (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-09-24T21:51:26Z (GMT) No. of bitstreams: 1 Dissertação Versão Final de Submissão - 24.09.15.pdf: 1442767 bytes, checksum: 826fe73c9d6a7707be6bb531fbb69bbf (MD5) / Made available in DSpace on 2015-09-24T21:58:23Z (GMT). No. of bitstreams: 1 Dissertação Versão Final de Submissão - 24.09.15.pdf: 1442767 bytes, checksum: 826fe73c9d6a7707be6bb531fbb69bbf (MD5) Previous issue date: 2015-08-27 / The Right to Dissent and Appraisal and reimbursement amounts should be interpreted together. They are two sides of the same coin. The measurement of the reimbursement amount, as foreseen by Law 6404/1976, article 45 and its paragraphs is not necessarily made according to the value of the company’s net assets. These only establish a minimum amount, in case the company by-laws or articles of association provide such minimum amount. In case it does not, there is a void as to the criterion to establish the reimbursement amount. The best interpretation is the systematic and purposeful one of the law, in the sense that the value of the shares to be reimbursed should be the closest possible to their actual amount. Currently, in the majority of the cases, the economic value is the one that best represents the actual value of a company and therefore, in case of a void in the by-laws or articles of association, this criterion should prevail to calculate the reimbursement amount. The concept and function of the right to dissent and appraisal in companies, its characteristics, mainly the exhaustive character of its hypotheses and the possibility of reverting the decision motivating the dissent and appraisal, its legislative background, mainly the political and economic influences in the definition of its hypothesis, serve as basis for this rationale. As supporting elements, the paper also analyzes the court precedents and jurisprudence and addresses the understanding of the 'Comissão de Valores Mobiliários' (Brazilian SEC). As a further means to justify and base the rationale developed in the present paper, the efficiency and fair value concepts and their possible and pacific coexistence are addressed on the item dealing with a view of the Law and Economics on this issue. Finally, through the analysis of all the articles of incorporation and by-laws of the companies listed at the 'BMF/BOVESPA' on the first half of January 2015, an analysis is provided as how in practice stock companies have dealt with this issue. / Direito de recesso e valor de reembolso em companhias devem ser interpretados conjuntamente. São duas faces da mesma moeda. A aferição do valor de reembolso, conforme previsto no artigo 45 e respectivos parágrafos da Lei 6.404/1976, não é necessariamente feita pelo valor de patrimônio líquido da companhia. Ali se estabelece apenas um piso, no caso de previsão estatutária sobre o tema. No caso de silencia estatutário, há uma lacuna quanto ao critério de aferição do valor de reembolso. A melhor interpretação é uma interpretação sistemática e finalística da norma, no sentido de que o valor das ações a serem reembolsadas deve ser o valor mais próximo do real. Atualmente, na maioria dos casos, o valor econômico é o que melhor representa o real valor de uma companhia e, portanto, em caso de silencia estatutário, deveria prevalecer como critério de aferição do valor de reembolso. Como fundamentos deste raciocínio, utiliza-se do conceito e função do direito de recesso em companhias, suas características, principalmente a taxatividade de suas hipóteses e possibilidade de reversão da decisão motivadora do recesso, seu histórico legislativo, mormente as influências políticas e econômicas na definição de suas hipóteses. O trabalho analisa, também, como seu elemento de sustentação, a jurisprudência e aborda o entendimento da Comissão de Valores Mobiliários. Ainda como forma de justificar e fundamentar o raciocínio desenvolvido no presente trabalho, os conceitos de eficiência e valor justo e sua possível e pacífica convivência são abordados no item que trata de uma visão de Direito e Economia sobre o tema. Por fim, faz-se uma análise de como, na prática, as companhias de capital aberto tem se comportado com relação a esta questão, por meio da análise de todos os estatutos das companhias listadas na 'BMF/BOVESPA' na primeira quinzena de janeiro de 2015.