[pt] A intenção do presente estudo é avaliar o desempenho do mercado acionário brasileiro, no período pós-estabilização econômica, através da utilização dos modelos financeiros APT e CAPM a fim de verificar qual deles é melhor capaz de retratar o desempenho das ações. O modelo CAPM foi comparado a dois modelos APT distintos: o Modelo de Três Fatores de Fama e French, e o Modelo APT Unificado ao CAPM proposto por John Wei, onde foram utilizados fatores macroeconômicos além do fator de mercado. Em todos os modelos o prêmio de risco se mostrou relevante. O Modelo de Três Fatores apresentou melhor capacidade explicativa em relação ao CAPM. Todavia, este modelo apresentou uma anomalia do mercado brasileiro, tendo as empresas de pequeno porte apresentado retornos menores que as empresas grandes. A utilização deste modelo implicaria na crença que esta anomalia irá perdurar no futuro. No modelo APT Unificado ao CAPM não foi possível rejeitar a hipótese da inexistêcia de prêmio de risco de todos fatores simultaneamente. Além disso, o ganho de poder explicativo do modelo quando comparado ao CAPM foi insignificante. / [en] This study analyses the Brazilian stock market after the stabilization of the local economy using the APT and CAPM models to evaluate which of them better reflect stock performance. The CAPM was compared to two different APT models: Fama and French Three Factor Model, and An Asset Pricing Theory Unifying the CAPM and APT as proposed by John Wei based on macroeconomic factors and the market premium. For all models the market premium was a relevant variable. The Fama and French Three Factor Model was superior in explaining stock returns than the CAPM, although the size factor for the Brazilian market had an anomaly behavior: large companies outperformed small companies. The use of this model implies that this anomaly will continue in the future which is against the risk-return theory. For model Unifying the CAPM and APT it was not possible to reject the hypothesis that all variables are statically different than zero simultaneously. The increase in explaining power of the model was marginal compared to the CAPM.

<p>This Master’s Degree is a futurology that aims to analyse how the Chinese stock market might develop for a period of ten years, i.e. between the years 2005-2015. Since the future never with certainty can be predicted, scenarios will be presented displaying other possible outcomes. Naturally these scenarios are built upon given assumptions which otherwise could be as many as one’s imagination allows. The thought is to present the results as an index so the reader easily can see the possible development and scenarios.</p><p>The methodology used to collect necessary data is through the classical Delphi method, by which one interviews the selected “experts” that have the knowledge needed of the Chinese stock market. Moreover, the authors have collected further information through literature, the Internet, articles, reports and other written sources needed to continue further investigation. Further, the forecast was measured by two steps. The first step was to calculate the value at the start point. The second step was to create tow types of scenarios, added as a frame of the forecast outcomes. To transform the analysis and the scenarios in to a numerical index, a technical measurement of Quasi Monte Carlo Simulation was applied.</p><p>The theories applied when creating the index is foremost the Arbitrage Pricing Theory, which makes it possibly to measure several factors at the same time, including macro economical effects on the stock market.</p><p>According to the result, four factors were identified as the driving forces when finding a balanced economy, which affect the stock exchange: the investment structure; equal standard of living; the state of the financial sector and increased transparency. The result also indicates that the Chinese stock market will not stay in parity with the earlier development. A healthier and more efficient market will occur, due to structural reforms and the expected improvements within the financial sector including the stock exchange.</p><p>It is with great anticipation that the authors await a bright and successful future for the Chinese stock market. A new direction has been settled, although there are many difficult challenges.</p>

This Master’s Degree is a futurology that aims to analyse how the Chinese stock market might develop for a period of ten years, i.e. between the years 2005-2015. Since the future never with certainty can be predicted, scenarios will be presented displaying other possible outcomes. Naturally these scenarios are built upon given assumptions which otherwise could be as many as one’s imagination allows. The thought is to present the results as an index so the reader easily can see the possible development and scenarios. The methodology used to collect necessary data is through the classical Delphi method, by which one interviews the selected “experts” that have the knowledge needed of the Chinese stock market. Moreover, the authors have collected further information through literature, the Internet, articles, reports and other written sources needed to continue further investigation. Further, the forecast was measured by two steps. The first step was to calculate the value at the start point. The second step was to create tow types of scenarios, added as a frame of the forecast outcomes. To transform the analysis and the scenarios in to a numerical index, a technical measurement of Quasi Monte Carlo Simulation was applied. The theories applied when creating the index is foremost the Arbitrage Pricing Theory, which makes it possibly to measure several factors at the same time, including macro economical effects on the stock market. According to the result, four factors were identified as the driving forces when finding a balanced economy, which affect the stock exchange: the investment structure; equal standard of living; the state of the financial sector and increased transparency. The result also indicates that the Chinese stock market will not stay in parity with the earlier development. A healthier and more efficient market will occur, due to structural reforms and the expected improvements within the financial sector including the stock exchange. It is with great anticipation that the authors await a bright and successful future for the Chinese stock market. A new direction has been settled, although there are many difficult challenges.

This thesis examines the relationship between stock market returns and systematic risk factors in twelve industrial countries. Using the APT framework, the thesis investigates the notion of international stock market integration versus segmentation in terms of pricing risk, international stock market efficiency in terms of eliminating arbitrage opportunities across domestic markets, and the validity of the international version of the APT according to a model that specifies purely domestic factors. Starting with ordinary least squares estimation the thesis investigates the responses of investors in their national stock markets to systematic shocks. By employing iterative non-linear multivariate seemingly unrelated regression estimation, this work avoids the statistical problems encountered in the second-pass test of the two-stage procedure. This study found that the international stock market was neither integrated nor efficient and that the IAPT was not supported by the results during the period investigated. It was demonstrated that partial and regional integration, regional efficiency, and regional IAPT validity cannot be ruled out. Moreover, the alternative model proved to be practically valid.

Den här studien handlar om kränkande särbehandling i arbetslivet. Studiens syfte är att beskriva hur enhetschefer inom vård- och omsorgssektorn uppfattar och arbetar med kränkande särbehandling på arbetsplatsen. För att få svar på syftet ställs tre frågor: Hur uppfattar enhetschefer kränkande särbehandling och vilka erfarenheter har de om kränkande särbehandling bland de anställda på arbetsplatsen, hur hanterar enhetschefer kränkande särbehandling mellan de anställda på arbetsplatsen och vad upplever enhetschefer för svårigheter med att jobba mot kränkande särbehandling på arbetsplatsen. Metoden som har använts är en kvalitativ metod i form av intervjuer med fem enhetschefer i en mellanstor stad. Respondenternas utsagor och berättelser har sedan analyserats med hjälp av de teoretiska perspektiven symbolisk interaktionism, handlingsteori, nya perspektiv på ledning samt situationsanpassat och transformativa ledarskap. Resultatet visar att vissa av respondenterna menar att det inte finns någon särskild anledning till att kränkande särbehandling sker, medan andra tänker sig att det har att göra med ursprung, sexualitet och funktionedsättning. Erfarenheter kring kränkande särbehandling menar respondenterna relaterar bland annat till mobbning. Faktorer som vikt och ålder tas upp som grund för kränkande särbehandling på deras enheter. Vidare visar resultatet att respondenterna ofta behöver ta in beteendevetare och handledare för extra hjälp vid hantering av kränkande särbehandling. Slutligen kommer det fram varierande svårigheter. Från att upptäcka kränkande särbehandling i tid, till svårigheter och utmaningar vid svåra samtal med de anställda angående kränkande särbehandling.

This thesis examines the relationship between stock market returns and systematic risk factors in twelve industrial countries. Using the APT framework, the thesis investigates the notion of international stock market integration versus segmentation in terms of pricing risk, international stock market efficiency in terms of eliminating arbitrage opportunities across domestic markets, and the validity of the international version of the APT according to a model that specifies purely domestic factors. Starting with ordinary least squares estimation the thesis investigates the responses of investors in their national stock markets to systematic shocks. By employing iterative non-linear multivariate seemingly unrelated regression estimation, this work avoids the statistical problems encountered in the second-pass test of the two-stage procedure. This study found that the international stock market was neither integrated nor efficient and that the IAPT was not supported by the results during the period investigated. It was demonstrated that partial and regional integration, regional efficiency, and regional IAPT validity cannot be ruled out. Moreover, the alternative model proved to be practically valid. / United Arab Emirates University

Epitaxially grown quantum dots (QDs) make up a significant portion of nanoscale semiconductor research, yet precise solutions for their eigenstates in complex geometries are often unknown. Eigenstates are extremely relevant as they impact the emission wavelength, performance, and stability of many optoelectronic devices. In this thesis, atomic force microscopy, transmission electron microscopy, and atom probe tomography (APT) are used to assess and compare QD size and core concentration. APT by means of isosurface reconstruction provides the most accurate ensemble averaged quantum dot size and core concentration. High-angle annular dark-field imaging quantifies core concentration very well, but fails in comparison to precisely quantify QD size. Ensemble averaging is discarded in favour of using the raw APT data to devise a model that can solve the Schrödinger equation in 3-dimensional space and can be expanded upon to include non-trivial quantum dot geometries of any kind. The electron and hole eigenstates for an entire quantum dot ensemble are solved using this model. Hybridized eigenstates between neighbouring quantum dots are realized and found to experience both bonding and anti-bonding of the charge carriers. The existence of a degenerate state is also discovered. The simulated eigenenergies are compared to the photoluminescence emission spectrum and found to accurately represent the exciton recombination energy. This makes it possible to obtain very realistic 3-D eigenstate representations for a variety of complex structures. The modelling technique outlined in this thesis is not constrained to just QDs, but can also be applied to an array of many other nanoscale structures. / Thesis / Master of Applied Science (MASc)

Simulative tests refer to the Full-scale accelerated pavement testing (APT) and laboratory wheel tracking testing, which are widely used for evaluation of pavement responses and performance under a controlled and accelerated damage conditions in a compressed limited time. This dissertation focuses on comparative evaluations under ALF, MMLS 3 and APA tests, in terms of rut depth, strain response, seismic stiffness, and contact stress using both experimental and numerical simulation results. Test slabs extracted from the ALF test lanes, are trafficked with the MMLS3 under comparable environmental conditions at laboratory in Virginia Tech. Some specimens were cut from the slabs for APA tests at VTRC. It is found that the monitored parameters yielded by the MMLS 3 test were comparable to the related full-scale ALF test results in terms of intrinsic material characteristics and pavement performance. The wireless sensor network based on Internet of things technology is implemented in laboratory for the MMLS 3 test, which provides a convenient solution for researchers on long-term observation and monitoring without being physically presented. The numerical simulations of ALF, MMLS 3 and APA in ABAQUS are used to supplement the investigation on the pavement response and performance under repeated moving loading. The viscoelastic-viscoplastic model is adopted to characterize rate and temperature dependent properties of asphalt mixtures. The 3D finite element models are capable of predicting the pavement response at critical locations while underestimates the rut depth because the permanent deformation induced by volumetric change cannot be represented in simulation. According to the test results, a power law function fits well for the accumulated rut depth versus number of load repetitions before the material reaches tertiary stage in MMLS 3 test. The rut depth development of APA tests exhibits a close-to-liner regression with number of load cycles after the initial 500 load repetitions. A regression model for predicting rut depth after 500 loads has a satisfying agreement with the experimental measurement. The calibrated MEPDG fatigue model can be used to estimate the allowable load repetitions in MMLS 3 trafficking. Besides, the effects of tire configuration, tire pressure, axle load amplitude, wheel load speed and temperature on pavement responses are investigated in this dissertation using the finite element model. It is concluded that MMLS 3 is an effective, economic and reliable trafficking tool to characterize rutting and fatigue performance of pavement materials with due regard to the relative structures. MMLS 3 test can be employed as the screen testing for establishing full-scale testing protocols as desired or required, which will significantly enhance economics of APT testing. / Ph. D.

Made available in DSpace on 2016-04-25T16:45:21Z (GMT). No. of bitstreams: 1 Roberta Marin Faneco Saad.pdf: 3859117 bytes, checksum: 32f13a480366560a7c35c3492b2752ed (MD5) Previous issue date: 2009-09-02 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this dissertation is to investigate the existence of the value effect anomaly on Latin America stock market. The value effect is characterized by high performance of value portfolios (the latter containing with high yields stocks book-to-market, earnings to price and cashflow to price) than growth portfolios (the ones containing with low yields stocks for the same variables). The database is composed by common stocks listed at the main Stock Exchanges of five countries: Argentina, Brazil, Chile, Mexico and Peru, from 2003 to 2008. This data was extracted from Bloomberg database. The employed test methodology was similar to the one developed and used by Fama e French (1998). The monthly return excess of the value and growth portfolios was calculated and compared by country and by Latin American market. Then ran up models of simple and multiple linear regressions in the search for explanation of changes in the returns of portfolios. The Latin American portfolios were formed of two ways: a) weighted average by the amounts negotiated in the stock exchanges of each countries of the monthly excess return of the portfolios by country; b) simple average of the monthly excess return of the portfolios by country. It was used statistical tests such as: t-Student for the comparison of the average return of the value and growth portfolios and the significance of the regression coefficients; Durbin-Watson test of autocorrelation of waste; and Kolmogorov-Smirnov test to verify normality of the series of data. The results indicated that, despite that the value portfolio presented returns higher than the growth portfolios and the market, it is not possible to prove the existence of the value effect over the Latin America market due to low statistics significance of test t. Besides, the CAPM model proved to be significative and superior to the APT two factors model in the explanation of the returns of the value and growth portfolios / O objetivo da presente dissertação é a verificação da existência da anomalia efeito valor no mercado acionário latinoamericano. O efeito valor caracteriza-se pelo desempenho superior das carteiras value (carteiras contendo ações com alta razão book-to-market, earnings to price e cashflow to price) em relação às carteiras growth (carteiras contendo ações com baixa razão para as mesmas variáveis). O estudo compreendeu as ações ordinárias listadas nas principais Bolsas de Valores de cinco países: Argentina, Brasil, Chile, México e Peru, no período de 2003 a 2008, cujos dados foram extraídos do banco de dados Bloomberg. A metodologia de teste utilizada foi semelhante àquela desenvolvida e aplicada por Fama e French (1998). Calculou-se e comparou-se os excessos de retornos mensais das carteiras value e growth por país e para o mercado latinoamericano. Em seguida, executou-se modelos de regressões lineares simples e múltipla na busca de explicação das variações dos retornos das carteiras. As carteiras formadas para o mercado latinoamericano foram compostas de duas formas: a) por meio de média aritmética ponderada, pelo montante negociado nas bolsas de valores dos respectivos países, dos excessos de retornos mensais das carteiras dos países; b) por meio de média aritmética simples dos excessos de retornos mensais das carteiras dos países. Foram utilizados testes estatísticos t-Student para comparação entre os retornos médios das carteiras value e growth e significância dos coeficientes das regressões; teste Durbin-Watson de autocorrelação dos resíduos; e teste de Kolmogorov-Smirnov para verificação de normalidade das séries de dados. Os resultados obtidos demonstram que, apesar das carteiras value apresentarem retornos superiores às carteiras growth e de mercado, não se pode comprovar a existência do efeito valor no mercado latinoamericano devido às baixas significâncias estatísticas do teste t. Além disso, o modelo CAPM mostrou-se significativo e superior ao modelo APT dois fatores na explicação dos retornos das carteiras value e growth

ANOTATION: The thesis discusses the outstanding Prague music society Cäcilien-Verein. Primarily on the basis of the so far unstudied and partially also unknown source material concerning the relevant issue that is deposited in the Prague conservatoire archive, the thesis presents a survey of establishment, organizational structure and membership background of the institu- tion. The period cultural and social context deals with the repertoire of primarily artistic concerts of the ensemble, and, in general features, also with other types of colourful social events in which the group participated. A separate chapter is devoted to the biography of the group founder and manager, Anton Apt. The final part of the thesis presents the edition of Apt's draft of manuscript statutes for the association, as well as photographs of selected valuable archival documents. Key words: concert life, Prague, 19th century, music societies, Cäcilien-Verein, Anton Apt, sources, repertoire