When a new building is constructed, or some changes are taking place in the already existing building, it is required according to PBL  chapter 8 that the developer applies for planning permissions at the building committee in that municipality where the real estate is located. In the planning permission, the documents of the current building are examined.   The developer will appoint a quality manager that helps the developer to ensure that all necessary controls are done and that the requirements in these are met. The developer has the final responsibility to ensure that the building is built according to all requirements and rules. The building committee establishes a control plan that shows which controls have to be carried out and which certificates and documents have to be sent in during the time of the construction. This study aims to finding out which documents that will be submitted at the construction of a new building, according to the laws found in PBL, if these documents are required and if they are examined of the municipalities before the building is approved.

This paper investigates whether greater investor distraction on the Swedish stock market during the summer months of June, July and August leads to a more pronounced post earnings announcement drift (PEAD) effect, during the ten year period between 2000 and 2009. PEAD is an anomaly whereby the information contained in earnings announcements is not immediately or completely incorporated into stock prices, in the cases where the announcement contains an ‘earnings surprise’. The methodology involves using the standardised unexpected earnings (SUE) metric to measure the level of ‘earnings surprise’ and a buy and hold abnormal returns (BHAR) trading strategy to measure return. The study tests and confirms the existence of greater investor distraction during summer months on the Swedish market. For a holding period of 12 months, a BHAR trading strategy generates a greater abnormal return for summer months (11.3%) compared with the abnormal return for non-summer months (10.5%). These results are also interesting in a broader context, as they confirm the existence of the PEAD effect, one of the strongest counter-arguments to the efficient markets hypothesis (EMH); the foundation of many financial models used for stock market valuation. This is because, according to the EMH, in an efficient market it should not be possible to generate abnormal returns based on available information. However, it may be noted that these results do not take into account transaction costs. This means that while it can be demonstrated that there is greater investor distraction during the Swedish summer, in order to implement a successful trading strategy based on this finding, further testing would be required. Therefore, based on the findings of this paper, a number of areas for future research have been identified.

本研究主要探討兩項關於融券交易的議題。首先，本研究發現巨量融券與續後的股價反應呈現顯著的負相關。再者，進一步探究盈餘宣告前的融券信用交易是否與非盈餘宣告的時間存有差異。本研究是採用在台灣證券交易所上市之股票並觀察其盈餘宣告前五日之融券交易行為。實證結果發現盈餘宣告前的融券與盈餘宣告後的股價反應存在負向關係，顯示可能有私有資訊的交易者在盈餘宣告前進行融券交易。接下來本研究進一步使用基本財務比率中的帳面價值對市價比將樣本區分成價值型與成長型之股票，發現擁有較低比率之公司較受融券交易者之青睞。本研究希望研究成果能對證券市場主管機關在制訂法律與提供更即時、更廣泛的信用交易資訊揭露給投資大眾參考。 / This research examines two issues of short-selling transactions.First,we find a strong negative relationship between short interest and subsequent abnormal returns.The second is whether short-selling in the days leading up to an announcement differs from short-selling in times when no announcement is imminent.We examine short-selling behavior of investors in the five days prior to the earnings announcements of Taiwan Stock Exchange (TSE)listed firms.The tests provide evidence that there might exist informed trading in pre-announcement short-selling because they reveal that abnormal short-selling is significantly linked to post-announcement stock returns.A high level of unusual pre-announcement short-selling is an indicator of future stock returns at earnings announcement.Also,the tests indicate that short-sellers typically are more active in stocks with low book-to-market ratio valuation.We believe that these results should encourage financial market regulators to consider providing more extensive and timely disclosures of short-selling to investors.

本研究主要探討當公司管理階層選擇自願性會計政策變更時，是否影響市場對於各該公司所發布相關訊息的反應情形，進而造成股價持續波動之狀況。本研究亦探討是否會計政策的異質性(公司進行會計變更後採用與其同業不同的會計政策)會影響到前述自願性會計變更與股價反映之關係。本研究以採用自願性會計政策變更之美國上市公司為研究對象，樣本期間為1994年至2008年，並將研究對象之競爭對手或產業領導者納入比較樣本。此外，為了觀察股價持續反應的情況，我們設立了季報發布期間和季報發布後期間，以檢驗此研究之假說。 此研究結果顯示，整體來說，自願性會計政策變更在季報發布期間對於未預期盈餘和報酬的關係，會有顯著正向之關聯。此外，考慮了會計政策之異質性後，若公司在會計變更後採取了與同業相同之會計政策，在季報發佈期間對於未預期盈餘和報酬的關係會有顯著正向之關聯，而在季報發佈後期間對於未預期盈餘和報酬的關係會有顯著負向之關聯；若公司在會計變更後採取了與同業不同之會計政策，市場在季報發布後期間對於未預期盈餘和報酬的關係會有顯著正向之關聯，比較多的資訊反映於季報發佈後期間。所以，當公司會計變更後採取異質性的會計政策，外部使用者對於公司發布之相關資訊可能無法及時的消化和理解，進而導致市場遞延反應。 因此，雖然公司採用自願性會計政策變更可能是為了要更真實反映公司之營運狀況，提升外部人士對於公司的實質了解，但根據本研究的實證結果顯示，外部使用者對於自願性會計政策變更後之相關訊息可能需要比較長時間的理解，導致股價會有持續反應的情況。 / This study investigates the relation between voluntary accounting changes (VACs) and post-earnings announcement drift. In addition, this study examines how accounting choice heterogeneity (different from the VAC firms’ peers) before and after VACs is associated with such association. This study collects VAC firms in the U.S. among 1994 to 2008 and identifies the heterogeneity of accounting choices between VAC and non-VAC firms. To test the hypotheses, this study considers the 10-Q filing window and a post-filing drift window. The results demonstrate that, overall, VACs have a positive effect on the three-day market reactions to 10-Q filings. In addition, after taking into account the accounting choice heterogeneity, this study observes that more of earnings-related stock price reaction occurs in the 10-Q filing window and less of earnings-related market reaction appears in the post-filing drift window. Moreover, VACs are positively associated with the post-filing period drift when VACs are different from their industry peers after VACs. That is, VAC firms adopting different post-change accounting method from non-VAC firms may make external users harder to digest related earnings information and lead to delayed market reaction, thus, more of stock price drift occur in post-filing window. In conclusion, though VACs may enhance market participants’ understanding of firms’ activities, the results demonstrate that market participants may spend more time to comprehend and digest VAC information disclosed by VAC firms compared to non-VAC firms, which leads to post-earnings announcement drift.

隨著公司治理議題逐漸受到注意，我國政府制定了許多相關規範以使董事會對於公司管理者的監督功能健全。故本研究希望能藉由股票市場對於公司宣告總經理更換之反應，了解董事會是否發揮監督功能，撤換管理表現不佳的總經理。 本研究以2007年至2011年於證交所公開資訊觀測站之重大訊息公告專區宣告更換總經理之台灣上市公司為研究樣本，透過事件研究法計算個別公司更換總經理的宣告效果。 本研究首先探討市場對公司更換總經理之整體看法為何，再透過複迴歸分析進一步探討更換總經理前公司經營績效的好壞、卸任總經理之在位期間長短、卸任總經理是否離開公司、卸任總經理之持股百分比、董監事持股百分比、獨立董事人數占董事總人數之百分比等因素對宣告效果的影響。 實證結果有以下發現：(一) 更換前公司營運績效好壞對宣告效果有顯著的影響。更換前營運績效佳之公司有負面的宣告效果，更換前營運績效差之公司有正面的宣告效果。(二)更換前營運績效佳的公司，若卸任的總經理在位期間越長，則宣告效果越負面。(三)更換前營運績效差的公司，若卸任的總經理離開公司，則宣告效果比卸任的總經理沒有離開公司還要正面。(四)更換前營運績效差的公司，若原總經理持股百分比越高，則宣告效果越正面。表示對於這些總經理持股百分比高的公司而言，造成公司績效不佳的原因是總經理能力不足，而不是因為存在代理問題。(五)董監事持股百分比對更換總經理的宣告效果沒有顯著的影響。(六)獨立董事占公司董事總人數之百分比越高卻使更換總經理之宣告效果越負面，表示本研究之實證結果不支持獨立董事對更換總經理有正面的影響。 / This research studies the announcement effects of CEO turnovers with a view to understanding the reactions of stocks market toward CEO turnovers, and whether the boards play their role to oversee managers and replace those managers who perform poorly. This research collected samples from Taiwan listed companies who announced CEO turnovers during year 2007 through year 2011 and then calculated announcement effects by event study method. This research first studied the overall viewpoint of the stock market to CEO turnovers and then tried to figure out whether and how corporate operating performance before CEO turnovers, tenure of ex-CEO, whether the ex-CEO leaves the corporate, stock holding percentage of ex-CEO, stock holding percentage of directors and the percentage of number of independent directors accounts for total number of directors influence the announcement effects of CEO turnovers. This research finds that: (1) Companies’ performances before CEO turnover significantly influence the announcement effects. Sub-sample of well-performed companies has negative announcement effects and the sub-sample of poorly-performed companies has positive announcement effects. (2) For well-performed companies, the longer the tenure of ex-CEO, the more negative the announcement effect is. (3) For poor-performed companies, the announcement effect of companies whose ex-CEO leaves the company is more positive than those whose ex-CEO does not leave the companies. (4) For poorly-performed companies, the higher the ex-CEO stock holding percentage, the more positive the announcement effect is. It means that for those companies whose ex-CEO stock holding percentage is high, it is not agency problem that causes CEO to perform poorly but the lack of the CEO’s ability does. (5) The stock holding percentage of directors does not significantly influence the announcement effect. (6) The higher the percentage of number of independent directors accounts for the total number of directors, the more negative the CEO turnover announcement effect is. This means that the result of this research does not support that independent directors have a positive impact on CEO turnover.

Made available in DSpace on 2016-08-03T12:30:30Z (GMT). No. of bitstreams: 1 Bruna Vieira Guimaraes.pdf: 400467 bytes, checksum: 1ac1890758cfd8088afebf20950ba5cd (MD5) Previous issue date: 2007-04-16 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Study of politic history of the first president of Brazil, Manoel Deodoro da Fonseca, in the optics of the propaganda politics. The objectives had been to rescue the materials of propaganda used by the republican movement that culminated with the Announcement of the Republic commanded for Deodoro in 15 of November of 1889. And later, to understand the electoral process to which the general were chosen president for the congressmen, by means of the indirect vote, in day 25 of February of 1891. The adopted methodology was the Historical Research emphasizing the bibliographical and documentary study. Also they had been described published charges in the Revista Illustrada in the Provisory Government, the covering that the periodical O País made of the presidential election and the scene of censorship faced for the press. In the conclusion it consists that Deodoro did not make electoral campaign. Nor it needed, therefore in case that not he were elect, the Army to it would proclaim dictator. However, the deodoristas had convinced the members of the Congress and senators to vote in the marshal. Already, the opposition made campaign politics launching extra periodical edition spreading posters for the Federal Capital and approving repudiation motions of the situation candidacy. This election was simply a formality to keep Deodoro in the position most important of the country.(AU) / Estudo sobre a história política do primeiro presidente do Brasil, Manoel Deodoro da Fonseca, na ótica da propaganda política. Os objetivos foram resgatar os materiais de propaganda utilizados pelo movimento republicano que culminou com a Proclamação da República chefiada por Deodoro em 15 de novembro de 1889. Posteriormente, compreender o processo eleitoral ao qual o generalíssimo foi escolhido presidente pelos congressistas, por meio do voto indireto, no dia 25 de fevereiro de 1891. A metodologia adotada foi a Pesquisa Histórica enfatizando o estudo bibliográfico e documental. Também foram descritas as charges publicadas na Revista Illustrada no Governo Provisório, a cobertura do jornal O País na eleição presidencial e o cenário de censura na imprensa da época. Na conclusão consta que Deodoro não fez campanha eleitoral. Nem precisou, pois caso não fosse eleito, o Exército o proclamaria ditador. No entanto, os deodoristas convenceram os deputados e senadores a votarem no marechal. Já, a oposição fez campanha política lançando edição extra de jornal, espalhando cartazes pela Capital Federal e aprovando moções de repúdio à candidatura da situação. Essa eleição foi simplesmente uma formalidade para manter Deodoro no cargo mais importante do país. (AU)

本研究以台灣468筆私募增資案，探討應計基礎和實質盈餘管理的決定因素，及盈餘管理對宣告效果的影響。我們發現當投資人類別分為內部人及外部人時，於私募增資前一年，兩者的盈餘管理程度有顯著地不同。並發現相較於應計基礎盈餘管理，實質盈餘管理與宣告效果呈顯著負相關。研究結果顯示與內部人的私募案相比，外部人的私募案，其盈餘管理程度較低，宣告時市場給予較高的異常報酬，且盈餘管理會顯著地負向影響宣告時的報酬。 / We employ 468 private placements in Taiwan to examine the determinants of accrual-based earnings management and real earnings management (REM), as well as the impact of earnings management on announcement returns. The results indicate that the type of investors affects earnings management prior to private placements. Compared with discretionary current accruals (DCA), REM is significantly and negatively related with announcement returns. Outsider placements are associated with lower earnings overstatement and higher announcement returns. Outsider placements also exhibit a significantly negative relation between earnings management and announcement returns.

本論文將Poterba(1984)所建構的房屋市場模型由部分均衡擴展為一般均衡，引入貸款成數及加碼利率做宣示效果分析。探討民眾在未預料到和預料到的兩種情況下，貸款成數及加碼利率變動對房價和房屋存量的影響，可得到結論如下： 一、當貸款成數降低時，不論房量變動的正負效果相對大小如何，均會使長期的房屋價格下跌和房屋存量減少。 二、當加碼利率提高時，在加碼利率變動的正效果大於負效果的情況下，長期的房屋存量和房屋價格均上升；反之，當加碼利率變動的正效果小於負效果，長期的房屋存量和房屋價格均會減少。 三、政府可利用降低貸款成數達到抑制房價的政策目標；但若要以提高加碼利率達成抑制房價的目標，則要視加碼利率的正負效果相對大小而定。 四、政策宣告會改變民眾的預期，促使房價於政策宣告後立即跳動，並在政策執行前就已對房屋存量和房價做出反應。在宣告降低貸款成數的瞬間，房價會有跳躍性減少的情況；但在宣告提高加碼利率的瞬間，房價則視加碼利率變動的正負效果相對大小，有跳躍性上升或下降的情況。 / This thesis extends the housing market model pioneered by Poterba(1984) from a partial equilibrium analysis to a general equilibrium analysis. The purpose of this thesis is to analyze how the anticipated and unanticipated policies of the loan-to-value ratio and the mark-up rate govern the transitional dynamics of housing prices and the housing stock. There are two main findings emerge from the analysis. First, a reduction in the loan-to-value ratio leads to a decline in both of housing prices and the housing stock, regardless of whether the increased loan-to value ratio is beneficial or harmful to the return on housing. Second, in response to a rise in the mark-up rate, whether the steady-state housing prices and the housing stock go up or go down depends on the mark-up rate effect. Both housing prices and the housing stock go up if the increased mark-up rate contributes a positive effect on the return of holding houses. By contrast, the steady-state housing prices and the housing stock go down if the increased mark-up rate causes a negative effect on the return on housing holdings.

The diploma thesis will be devoted to the theme of traditional and new media, that are becoming dominates the media world and an important part of everyday life. The text aims to introduce television as a medium that is constantly evolving, as well as the and its audience. Based on this assumption, we will examine television from the perspective of several main media theorists. In fact, there are several basically different views on this medium and its audience. Especially older writers such as Pierre Bourdieu, Neil Postman, Jeremy Orlebar or Guy Debord, have become accustomed to television and the overall medial platform as manipulative and television audience passive. On the other hand, there are also several authors, who see media in progress, digitization and the emergence of new media as new possibilities. We are talking about Pierre Levy, Don Tapscott and Axel Bruns. Between the two opposites are still moving Stuart Hall and John Fiske. Special attention will be devoted to the issue of the gradual development of television as a medium and its audience. Television is in fact considered as one of the traditional (old) media, however, it is changing with technological developments and respond to innovation. I will try to answer the question of what television as we know it today, uses of old and...

The purpose of this work was realization and implementation of two applications for the management of Radio Data System (RDS) messages. These applications will be subsequently used in the Czech Radio Ostrava to support two RDS services, namely the Traffic - Announcement Identification and Radiotext. Both applications are secured against unauthorized use by incompetent users through a password - protected access, access rights and encryption of passwords in initialization files. The text of this work is divided into three parts. The first describes the system RDS and services provided by it and implementation of RDS in the Czech Radio Ostrava. The second part deals with the realization of both applications and the last part describes the implementation itself. The work shows all applications windows. Work also includes all the flow charts. The list of all broken down by subroutines is given in the appendix.