Made available in DSpace on 2016-04-28T20:37:31Z (GMT). No. of bitstreams: 1 Fabio Serrao Franco.pdf: 601094 bytes, checksum: 8e7117d75bf2537a07611cfdd63f4f07 (MD5) Previous issue date: 2010-11-19 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This paper is based on the concept of countertransference. We realized an investigation of the concept of countertransference parting from clinical experiences and dialogs with psychoanalititical authors. We verified that countertransference contains three facets that can help, or even difficult and maybe impair psychoanalytical treatment. The fist form of countertransference investigated was its form as resistance to the analyst. This first form of the phenomena in this study may impede the listening of the analyst although facilitate his theorical elaborations. Secondly, countertransference can present itself as a primitive form of communication, non verbal in essence capable of helping the analyst formulate his interpretations. Last but not least we verified that countertransference is also part of the analyst personality, something before the patients transference and capable installing the process of transference / Este trabalho trata do conceito de contratransferência. Realizamos uma investigação do conceito de contratransferência a partir de experiências clínicas e do diálogo com autores da Psicanálise. Verificamos que a contratransferência possui três facetas que podem auxiliar, dificultar ou mesmo impedir o tratamento psicanalítico. A primeira forma de contratransferência investigada foi a que se mostra como resistência do analista. Esta primeira forma do fenômeno em questão se apresentar pode tanto impedir a escuta do analista quanto favorecer a sua elaboração teórica. Em segundo lugar, a contratransferência pode se apresentar como uma forma de comunicação primitiva e não verbal capaz de auxiliar o analista na formulação de interpretações ou dificultar a escuta. Por fim, verificamos que a contratransferência é, também, parte da personalidade do analista, anterior mesmo à transferência do paciente e capaz de favorecer a instauração da transferência

本文探討分析師追蹤行為及分析師特性對其客戶投資效率的影響，並進一步研究分析師對國有與非國有企業的不同影響。本文以2007-2016年中國滬深證交所上市公司為樣本。實證結果發現，分析師追蹤及有較多的分析師追蹤，明星分析師追蹤及有較多的明星分析師追蹤，分析師預測公司數量較多都能提高其追蹤的上市公司的投資效率。本文進一步研究發現，分析師預測公司家數越多，其追蹤的國有企業的投資效率要高於非國有企業；並且，在分析師追蹤下，地方企業的投資效率要高於中央企業。然而，並沒有顯著證據能夠證明在分析師的追蹤下，非國有企業的投資效率高於國有企業。總結上述，分析師在資訊傳遞方面扮演著重要的角色，有助於降低企業資訊不對稱，從而對企業投資效率產生正面的影響。 / The objective of this thesis is to examine the association between forecasts behaviors and the covered firms’ investment efficiency. Using a sample of Chinese listed firms from 2007 to 2016, the empirical results can be summarized as follows. The presence of analyst following improves the investment efficiency of listed companies; the effect increases with the number of analysts following. Second, my results are stronger for firms with star analysts following than those without such analysts; more star following leads to greater improvement in investment efficiency. Thirdly, the effect of the number of analysts is more pronounced for stated-owned enterprise (SOE) than non-stated-owned enterprise (non-SOE). Further analyses indicate that for SOE, the presence of analysts following on investment efficiency is stronger for local SOE than for central SOE.

Purpose: The purpose of this work is to analyze investors as well as analysts' views on the development of technology in Automated Trading recommendations in the stock market. Theoretical framework: The study is based on The Efficient Market Hypothesis. Method: The methodological framework of this thesis have included both a quantitative and qualitative approach. A deductive approach has been used. Empirical framework: Data was obtained from 206 members of the Swedish share savers association (Aktiespararna) plus 4 semi-structured interviews with advisers and analysts. Analysis: Data shows average investors do not trust, and are reluctant to take advice, from Robo-advisors but higher percentage of technically savvy traders rely on Robo-advisors. Most analysts perceive no threat to robo-advisor replacing their job. In fact they believed it could replace advisors job. Advisors believed the opposite. Conclusion: 67 % of the investors surveyed believed that in five years Roboadvisors will completely replace human advisors despite the fact that 82 % still liked and trusted recommendations made by humans more. Financial operators see Robo-advisors as a tool rather than threat and plan to integrate it in their own business.

This study is a descriptive study which identifies the variables that inhibit participation by black merchants in a Retail Revitalization Loan Program (RRLP) that utilizes the public/private partnership concept. A sample of fifteen (15) black merchants were administered self-report questionnaires from a population of seventy (70) in Dallas, Texas through the stratified sampling method, utilizing SIC codes. From the response patterns of those surveyed, a Z-value was computed and tested at 1% level of significance, revealing that at least 85% of the black merchants identified conventional underwriting criteria as the primary cause for their lack of participation in the RRLP. Therefore, the null hypothesis was upheld.

This dissertation examines the general research issue of whether the components of earnings are informative and specifically 1) how analysts consider earnings components when predicting future earnings and 2) whether the information content in, and analysts’ use of, earnings components have changed through time. Although earnings components have predictive value for future earnings based on each component’s persistence, extant research provides only a limited understanding of whether and how analysts consider this when forecasting. Using an integrated income statement and balance sheet framework to estimate the persistence of earnings components, I first establish that disaggregation based on the earnings components framework in this study is helpful to predict future earnings and helps explains contemporaneous returns. I then find evidence suggesting that although analysts consider the persistence of various earnings components, they do not fully integrate this information into their forecasts. Interestingly, analysts appear to be selective in their incorporation of the information in earnings components, seeming to ignore information from components indicating lower persistence, which results in higher forecast errors. Conversely, when a firm’s income is concentrated in high persistence items, analysts appear to incorporate the information into their forecasts, reducing their forecast errors. I also report that the usefulness of components relative to aggregate earnings has dramatically and continuously increased over the past several decades, and contemporaneous returns appear to be much better explained by earnings components than aggregate earnings (than historically). Finally, the relation between analyst forecast errors and the differential persistence of earnings components has also declined over time, indicating that analysts appear to recognize the increasing importance of earnings components through time. / text

This creative nonfiction dissertation is a memoir that probes the complex life and death of the author’s father, who became addicted in his late forties to crack cocaine. While the primary concerns are the reasons and ways in which the father changed from a family man into a drug addict, the memoir is also concerned with themes of family life, childhood, and grief. After his father’s death, the author moves to Las Vegas and experiences similar addiction issues, which he then explores to help shed light on his father’s problems. To enrich the investigation, the author draws from eclectic sources, including news articles, literature, mythology, sociology, religion, music, TV, interviews, and inherited objects from his father. In dissecting the life of his father, the author simultaneously examines broader issues surrounding modern fatherhood, such as cultural expectations, as well as the problems of emptiness, isolation, and spiritual deficiency.

Background: Previous studies show that recommendations accuracy partly can be explained by numerous variables. Prior research leave out several variables, which based on theoretical support, may have a connection with accuracy, such as the cash flows’ volatility. Based on the DCF-model’s structure, accuracy of target prices is assumed to have a positive relationship with companies that have stable cash flows. Purpose: The purpose of this thesis is to analyze the accuracy of stock analysts' target prices and their connection with stable cash flows. The purpose of the study is also to analyze the role of less highlighted variables’ relationship with the accuracy of target prices, in combination with earlier investigated variables. Completion: Including less highlighted variables is supported by theory about corporate valuation, where cash flows’ volatility is the main focus of this study. The accuracy of the target prices is analyzed by regression analysis for three time horizons, where the dependent variable is the absolute margin of error and the dependent variables are represented by the explanatory factors that the study examines. The relationships are estimated by OLS, due to the fact that data are unbalanced. Conclusion:  Stock analysts’ target prices present relationships with numerous of the variables examined in the study. The strongest relationships with the accuracy of target prices are shown by cash flows’ variation, the number of stock analysts, goodwill in terms of total capital and companies’ size. The results show that companies with stable cash flow have a positive relationship with the accuracy of target prices, which supports the theories of the DCF-model for valuation of companies with stable cash flow. The estimations show that the accuracy of target prices also is explained by other factors than those this very study investigates. The results show that the accuracy is higher for shorter time horizons. / Bakgrund: Tidigare studier finner att prognosers träffsäkerhet delvis kan förklaras av flertalet variabler. De variabler som studeras i tidigare forskning visar bitvis på tvetydigheter och utelämnar flertalet variabler som utifrån teoretiskt stöd kan ha ett samband med träffsäkerheten, som exempelvis kassaflödens volatilitet. Utifrån DCF-modellens uppbyggnad antas riktkursers träffsäkerhet ha ett positivt samband med bolag som har stabila kassaflöden. Syfte: Studiens syfte är att ekonometrisk analysera träffsäkerheten i aktieanalytikers riktkurser och söka systematiska förklaringsfaktorer till avvikelser mellan riktkurser och de faktisk realiserade kurserna. Fokus ligger på att, i kombination med tidigare undersökta variabler, analysera tidigare mindre uppmärksammade variablers så som kassaflödens samband med riktkursers precision.   Genomförande: Från teori kring bolagsvärdering hämtas stöd för mindre belysta faktorer som kan tänkas påverka riktkursers träffsäkerhet, där kassaflödens volatilitet är studiens huvudsakliga fokus. Riktkursernas träffsäkerhet analyseras via regressionsanalys för tre olika tidshorisonter, där beroendevariabeln är den absoluta felmarginalen i riktkursen och de oberoende variablerna representeras av företagens kassaflöden och övriga påverkansfaktorer som identifierats i tidigare forskning. Studien bygger på data från den amerikanska aktiemarknaden. Slutsats: Aktieanalytikers riktkurser uppvisar samband med flertalet av de variabler studien undersöker. Starkast samband med riktkursers träffsäkerhet visar kassaflödens variation, antalet aktieanalytiker, goodwill i termer av totalt kapital och bolags storlek. Resultaten visar att bolag med stabila kassaflöden har ett positivt samband med riktkursers träffsäkerhet. Detta ger stöd åt DCF-modellens teorier vid värdering av bolag med stabila kassaflöden. Skattningarna visar att riktkursers träffsäkerhet även förklaras av andra faktorer än de som studien undersöker. Resultaten visar att träffsäkerheten är högre för kortare tidshorisonter.

Analysis of differences in price, time and distinct measures of accessibility for eské dráhy Abstract The main aim of this thesis is to resolve the issue of accessibility in the passenger rail network of eské dráhy in the Czech Republic. Secondary objectives are the analysis of distance, time availability, and price of passenger rail service. The main sources are the Railway Timetable 2009 and the geographic database Arc R 500. Basic tool for the processing is geographic information system (GIS) with extension Network Analyst. The main aim of the thesis is to provide a database with the values of distance, time availability and price. Secondary aims are to produce partial maps which present various types of accessibility. Part of the results are also the methodology for establishing different kinds of accessibility, the evaluation of methods used, and quality assessment models used in relation to the database and partial results of comparison with the literature. Keywords: transport accessibility, rail transport, network analysis, accessibility, availability of models, Network Analyst

Syfte: Tidigare forskning har visat på en bristande användning av hållbarhetsrapporter i analysprocessen vilket kan hänföras till en misstro för hållbarhetsinformation och avsaknad av kvalitetskriterier för informationsvärdering. Därför är syftet med studien att skapa förståelse för vilka kvalitetskriterier finansanalytiker efterfrågar i hållbarhetsrapporter. I syftet ingår även att belysa huruvida en reglering kan tänkas möta finansanalytikernas behov. Metod: Vår studie anammar ett hermeneutiskt perspektiv därav präglas forskningsgapet som studeras av socialkonstruktivismen. Genom att ta fasta på en abduktiv forskningsansats samlas teori och empiri genom en iterativ process. Studien tillämpar en kvalitativ undersökningsmetod där den empiriska datainsamlingen sker genom intervjuer. Den teoretiska referensramen är uppbyggd av tidigare forskning och där samma teman och rubriker även går igen i både empiri- och analysdelen. Resultat & slutsats: Resultatet av studien tyder på att det inte går att tillämpa samma värderingsmetoder som för den finansiella redovisningen. Finansanalytiker efterfrågar andra typer av kvalitetskriterier för att säkerhetsställa och värdera hållbarhetsinformation. Det viktigaste kriteriet för hållbarhetsinformation visar sig vara relevans, vilket ligger i grund för efterfrågan på branschspecifika information. Förslag till fortsatt forskning: Hållbarhetsrapportering fortfarande är ett relativt nytt fenomen inom finansvärlden och flera av respondenterna tror på en snabb utveckling av området samt möjligheten att utveckla nyckeltal inom området. Det gör att det skulle vara intressant om en liknande studie gjordes i ett senare skede om cirka fem år för att se om det utvecklats några branschspecifika standarder för och nyckeltal inom hållbarhet. Uppsatsens bidrag: Vår studies bidrag som kan hänföras till praktiken är förståelsen att hållbarhetsinformation och finansiell information inte kan avläsas på samma sätt, utan andra värderingsmetoder bör användas för hållbarhetsinformation. Den här studien bereder väg i hur hållbarhetsinformation ska värderas och hänvisar till att olika intressegrupper tillsammans med företag, gemensamt ska komma fram till olika branschspecifika standarder och värderingssystem för information. Det anser vi skulle underlätta utförandet av hållbarhetsrapporteringen men även hur den ska avläsas för bästa tillämpning. / Aim: Previous research has shown a lack of use of sustainability reports in the analysis process, which can be assigned to distrust in the information and a lack of criteria for the evaluation of information. Therefore, the aim of this study is to understand which criteria financial analysts demand in sustainability reports. The aim is also to illustrate whether a regulation can meet the needs of financial analysts. Method: The study adopts a hermeneutic perspective and the research gap that’s being studied is considered to be characterized by social constructivism. By taking part in an abductive research our theory and empiricism approach together through an iterative process. The study applies a qualitative research where empirical data are collected through interviews. The theoretical framework is constructed of previous research and the same themes and headlines runs throughout both empirical and analytical sections. Result & Conclusions: The results of the study suggest that it isn’t possible to apply the same kind of reporting and key performance indicators in sustainability reports as used in the financial statements. A sustainability report is aimed more towards qualitative key indicators, which isn’t always possible to measure and compare. The main criteria for sustainability information prove to be relevance, which we can see is one of the causes for the demand of industry-specific key indicators. Suggestions for future research: Sustainability reporting is still a relatively new phenomenon in the world of finance, and several of the respondents believe in the rapid development in sustainable thinking and the possibility of developing key indicators in the field. This means that it would be interesting to do a similar study at a later time to see the development of industry-specific standards and indicators of sustainability.  Contribution of the thesis: The study's contributions relate to the practice, understanding that sustainability information and financial information can’t be read in the same way, that other methods should be used for sustainability information. This study shows how sustainable information should be valued and refer to various interest groups together with the companies to jointly come up with various industry-specific standards. These we believe would facilitate the execution of sustainability reporting, but also how it should be read for the best application.

En dépit de moyens importants consacrés à la lutte, certains feux de forêt, en Europe méditerranéenne, en Australie ou en Amérique du Nord, parcourent de grandes surfaces et développent des comportements violents qui piègent les pompiers. L’étude de rapports internes aux services d’incendie révèle ici les conditions météorologiques et topographiques dans lesquelles se produisent ces feux dangereux. En France, alors que le vent violent est le principal contributeur des feux les plus grands et les plus dangereux, les températures élevées mènent à un autre type d’incendies violents qui se propagent rapidement. En Australie, les pompiers sont souvent piégés par une bascule brutale de la direction du vent mais aussi par des vents forts en terrain accidenté. Au-delà des disparités intercontinentales, la recherche des comportements dynamiques de feu impliqués dans plus de 100 accidents de pompiers à travers le monde amène à distinguer trois types d’incendie. Lors des feux topographiques, en zone de montagne, les accidents sont généralement causés par l’attachement de la flamme sur des pentes supérieures à 20°. Lors des feux guidés par le vent, les zones les plus propices aux accidents sont les pentes déventées où des effets de vortex peuvent se produire. Enfin, lors des feux convectifs, les plus violents, les accidents peuvent se produire loin de toute configuration dangereuse. Pour tenir compte de ces résultats et améliorer leur sécurité, les pompiers doivent adapter leur formation et de développer des compétences d’analyste du feu. Ces experts intègreront les retours d’expérience des incendies passés pour proposer les stratégies de lutte les plus efficaces et sécurisées. / Despite the large expenditure that is dedicated to forest fire suppression in Euro-Mediterranean countries, Australia and North-America, firefighters still face large and severe fire events which eventually entrap them. Investigation of Fire Services’ internal reports addresses here the weather and terrain leading to these dangerous fires. In France, strong wind is the main driver of the largest fires and of the fires that entrap firefighters. However, high temperature is also a key contributor as it influences violent fires with high rates of surface spread. In Australia, a lot of firefighters’ entrapments are due to shifts in wind direction, but others are associated to strong winds in rugged terrain. Whatever the regional specificities, more than 100 firefighters’ entrapments across the world were investigated to find the contribution of dynamic fire behaviors in these entrapments. The results return three different types of fires. During topography-influenced fires, in mountainous area, almost all the entrapments happen on slopes steeper than 20°, prone to flame attachment. During wind-driven fires, leeward slopes prone to vorticity-driven lateral fire spread are the most prominent configurations associated with entrapments. Finally, during convective fires, which are the most violent, entrapments can happen far away from any dangerous configuration. Firefighters should adjust their training courses and promote fire behavior analysts (FBAN) capabilities to benefit from the results of this work and improve their safety. FBAN may consider feedbacks from previous fires to suggest the most efficient and secure firefighting strategies and locations.