Neste trabalho, apresentamos um conjunto de fatos empíricos e propriedades estatística de negociações em alta frequência, e discutimos algumas questões gerais comuns a dados de alta frequência tais: como discretização, espaçamento temporal irregular, durações correlacionadas, periodicidade diária, correlações temporais e as propriedades estatísticas dos fluxos de ordens. Logo apresentamos dois modelos da literatura,estilizados para a dinâmica do limit order book. No primeiro modelo os fluxo de ordens é descrito por processos de Poisson independentes, propomos para ele uma forma alternativa da prova de ergodicidade basejada em funções de Lyapunov. O segundo modelo é um modelo reduzido que toma em consideração dinâmicas tipo difusão para os tamanhos do bid e ask, e se foca só nas ordens como melhores preços, e modela explicitamente as cotações do bid e ask na presença de liquidez oculta. E por ultimo, propomos um modelo alternativo para a dinâmica do preço e do spread no limit order book, estudamos o comportamento assintótico do modelo e estabelecemos condições de ergodicidade e transitoridade. Além disso, consideramos a uma família de cadeias de Markov definidos nas sequências de caracteres (strings, ou palavras) com infinito alfabeto e para alguns exemplos inspirados nos modelos de negociações em alta frequência, obtemos condições para ergodicidade, transitoriedade e recorrência nula, para a qual usamos as técnicas de construção de funções Lyapunov. / In this work, we present a set of empirical facts and statistical properties of negotiations at high frequency and discuss some general issues common to high-frequency data such: as discretization, irregular spacing, correlated durations, daily periodicity, temporal correlations and the statistical properties of flows orders. Soon we present two models stylized in the literature for the dynamic limit order book. In the first model the order flow described by separate Poisson processes and we propose it to an alternative form of test ergodicity based on Lyapunov function. The second model is a reduced model that takes into consideration diffusion-type dynamics for the sizes of the bid and ask, and focus only on orders as best price and model explicitly quotes the bid and ask in the presence of hidden liquidity. And finally, we propose an alternative model for the price dynamics and spread in the limit order book, we study the asymptotic behavior of the model and established conditions of ergodicity. Furthermore, we consider the a family of Markov chains defined on the sequences of characters (strings, or words) with infinite alphabet. For some examples inspired by the models of high frequency trading we obtain a conditions for ergodicity, transience and null-recurrence. In order to prove this we use the construction of Lyapunov functions techniques.

Thesis is focused on the use of value analysis in the financing of engineering structures in municipality. The work is divided into two parts. The first is focused on explaining the basic concepts of public contracts and value analysis and describes the methods of value analysis.The second part focuses on finding the best tender submitted for the tender of public contract.

Denna uppsats undersöker brottsförebyggande åtgärder i den byggda miljön med fokus på samverkansmodellen BID (business improvement district) och dess inverkan på förebyggande av brott i offentliga utrymmen. Genom en kombination av kvalitativa metoder, inklusive intervjuer, platsbesök och dokumentstudier, undersöker studien vilken roll samverkan mellan samhällsaktörer spelar för att skapa omhändertagande och trygga stadsmiljöer. Studien analyserar även hur brottsförebyggande åtgärder, såsom insatser och strategier som syftar till att främja tryggheten och säkerheten i samhället. Dessa åtgärder innefattar teorier och metoder som förbättrar den fysiska och sociala miljön i samhället. Studien undersöker även brottsförebyggande åtgärder såsom kameraövervakning och säkerhetszoner, samt hur dessa påverkar platser och deras invånare. Uppsatsen undersöker effektiviteten av dessa åtgärder för att bekämpa brottslighet men också deras sociala effekter. Vi vill med denna uppsats bidra till förståelsen av säkerhetszoner ur ett stadsplaneringsperspektiv och ge insikter om deras potentiella kortsiktiga samt långsiktiga lösningar för brottsförebyggande. / This thesis examines crime prevention measures in the built environment, focusing on the collaborative model BID (business improvement district) model and its impact on crime prevention in public spaces. Through a combination of qualitative methods, including interviews, site visits and document studies, the study investigates the role of cooperation between societal actors in creating caring and safe urban environments. The study also analyzes how crime prevention measures, such as interventions and strategies, aim to promote safety and security in the society. These measures include theories and methods that improve the physical and social environment of society. The study also examines crime prevention measures such as camera surveillance and “safety zones”, and how these affect places and their residents. The paper examines the effectiveness of these measures in fighting crime but also their social consequences. With this essay, we want to contribute to the understanding of safety zones from an urban planning perspective and provide insights into their potential short-term and long-term solutions for crime prevention.

2003年8月7日工商時報以頭版刊出「境外金融－人民幣避險准辦，協助台商因應升值壓力，即起開放無本金交割的遠匯與選擇權業務」。緣於中國大陸近年來貿易鉅額出超，國際資金持續流入，人民幣承受升值之壓力，為協助大陸台商解決人民幣匯率波動區間擴大的風險問題，中央銀行與財政部決定開放銀行的國際金融業務分行（Offshore Banking Unit）辦理「無本金交割之美元對人民幣遠期外匯交易」和「無本金交割之美元對人民幣匯率選擇權」。此一開放人民幣DF、NDF的訊息，遠期外匯及無本金交割遠期外匯又勾起人們對它的注意 由於亞洲經濟區塊已然成型，並對全球經濟之影響日益重要，除了全球矚目之人民幣以及早為國際貨幣之日圓外，不論是我國之新台幣或東北亞的韓圜、東南亞的泰銖，其幣值之變動或多或少均影響亞洲金融市場之穩定，也牽動全球金融市場，因而吾人不能不多瞭解相關之議題。 本文主要係討論銀行間新台幣DF、NDF交易之相關議題，包括如何利用市場限制之情況下從事套利、投機交易，以及銀行對遠期匯率報價問題之探討；此外，與台灣競爭激烈之韓國、泰國，其NDF及DF與即期匯率間之關係，和台灣是否如同一轍？另比較台灣、韓國及泰國NDF及DF與即期匯率間不同期別之相關性，以及是否符合效率性市場假說，最後則就新台幣NDF與即期匯率之相關性，在中央銀行關閉國內法人承作新台幣NDF前後之變化作一簡單之比較。

Energy markets feature a wide range of unusual price behaviour along with a complicated dependence structure between electricity, natural gas, coal and carbon, as well as other variables. We approach this broad modelling challenge by firstly developing a structural framework to modelling spot electricity prices, through an analysis of the underlying supply and demand factors which drive power prices, and the relationship between them. We propose a stochastic model for fuel prices, power demand and generation capacity availability, as well as a parametric form for the bid stack function which maps these price drivers to the spot electricity price. Based on the intuition of cost-related bids from generators, the model describes mathematically how different fuel prices drive different portions of the bid stack (i.e., the merit order) and hence influence power prices at varying levels of demand. Using actual bid data, we find high correlations between the movements of bids and the corresponding fuel prices (coal and gas). We fit the model to the PJM and New England markets in the US, and assess the performance of the model, in terms of capturing key properties of simulated price trajectories, as well as comparing the model’s forward prices with observed data. We then discuss various mathematical techniques (explicit solutions, approximations, simulations and other numerical techniques) for calibrating to observed fuel and electricity forward curves, as well as for pricing of various single and multi-commodity options. The model reveals that natural gas prices are historically the primary driver of power prices over long horizons in both markets, with shorter term dynamics driven also by fluctuations in demand and reserve margin. However, the framework developed in this thesis is very flexible and able to adapt to different markets or changing conditions, as well as capturing automatically the possibility of changes in the merit order of fuels. In particular, it allows us to begin to understand price movements in the recently-formed carbon emissions markets, which add a new level of complexity to energy price modelling. Thus, the bid stack model can be viewed as more than just an original and elegant new approach to spot electricity prices, but also a convenient and intuitive tool for understanding risks and pricing contracts in the global energy markets, an important, rapidly-growing and fascinating area of research.

The first chapter of this dissertation estimates the relative contributions of two major exchanges on crude oil futures to the price discovery process-- Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE), using trade-by-trade data in 2008. The study also empirically analyzes the effects of trading characteristics on the information share of these two markets. Trading characteristics examined in the study include trading volume, trade size, and trading costs. On average, CME is characterized by greater volume and trade size but also slightly greater bid-ask spread. CME leads the process of price discovery and this leadership is caused by relative trade size and volatility before the financial crisis of 2008; however post-crisis period this leadership is caused by trading volume. Moreover, this study presents evidence that, in times of large uncertainty in the market, the market maker charges a greater bid-ask spread for the more informative market. The second chapter examines the influence of expected oil price volatility, the behavior of the Organization of Petroleum Exporting Countries (OPEC), and the US Dollar exchange rate volatility on the backwardation of crude oil futures during the period from January 1986 to December 2008. The results indicate that oil futures are strongly and weakly backwardated 57% and 69% of the time, respectively. The regression analysis of weak backwardation shows that oil volatility, OPEC overproduction (difference between quota and the actual production), and the volatility of the US Dollar against the Japanese Yen have a positive significant effect on oil backwardation, while OPEC production quota imposed on its members has a negative significant effect on oil backwardation. However the volatility of US Dollar against the British Pound has no significant effect on oil backwardation. The regression analysis of strong backwardation produces qualitatively the same results except that volatility has no effect. In a sub-period analysis, evidence also indicates that trading volume of oil funds and backwardation are negatively related, suggesting that oil funds increase the demand of futures relative to that of spot.

The purpose of this study is to analyze and codify the basic principles and techniques of composition and arranging as used in ten selected published dance band stock orchestrations of popular ballads.

A celebração de negócios jurídicos é fundamental para a Administração Pública. Sem ela, não só sua interação com a sociedade seria precária, como também não conseguiria cumprir com a maior parte dos princípios que regem seu regime jurídico, pois não se mostra autossuficiente. Para formalizar tais negócios jurídicos, o instrumento utilizado é o contrato. Parte da doutrina defende que tais instrumentos não se enquadram adequadamente no conceito de contrato por conta das peculiaridades que os cingem quando uma das partes pertence à Administração Pública ou está a exercer função que lhe foi delegada pelo Poder Público. De outro lado, aqueles que concordam com a classificação desses instrumentos como contratos dividem-se entre os que acreditam existir um regime jurídico único para todos os contratos da Administração Pública e aqueles que defendem a existência de duas modalidades de contratos: os contratos administrativos, regidos predominantemente pelo direito público, e os contratos privados da Administração Pública, que, tendo como objeto negócios jurídicos característicos da vida privada, são regidos predominantemente pelo direito privado. Somos partidários desta última corrente e, diante da escassa literatura pátria sobre os contratos privados da Administração Pública, nos propomos a analisá-los mais detidamente no presente estudo. Assim, dividimos este trabalho em cinco capítulos. No primeiro deles, apresentaremos nossas considerações iniciais sobre a matéria, fornecendo um apanhado do que a doutrina nacional e estrangeira já produziu sobre o assunto e de como se dividem as opiniões. Tendo em vista que os contratos regidos primordialmente pelo direito privado apresentam grande parte dos traços dos contratos privados, no segundo capítulo analisaremos as características mais relevantes das cláusulas típicas de direito público que integram os contratos administrativos. O terceiro capítulo, por sua vez, é dedicado à verificação da legislação brasileira e os respectivos dispositivos normativos pertinentes aos contratos privados da Administração Pública. No quarto capítulo nos debruçaremos sobre as decisões jurisprudenciais estrangeiras que marcaram o início da distinção entre as duas modalidades de contratos da Administração Pública e no quinto capítulo apresentaremos nossas conclusões, conjuntamente com algumas sugestões que acreditamos sejam pertinentes ao aperfeiçoamento do tratamento da matéria no Brasil. / The execution of legal businesses is essential for the Public Administration. Without it, not only its interaction with society would be precarious, but also could not comply with most of the principles governing their legal regime, as it is not show selfsufficient. In order to formalize such legal transactions, the instrument to used is the agreement. Part of the doctrine sustains that such instruments do not fit properly on the concept of agreement because of its peculiarities when one of the parties belongs to the Public Administration or is exercising function that has been delegated by the Public Power. On the other hand, those who agree with the classification of such instruments as agreements are divided between those who believe that there is a single legal regime for all the agreements executed by the Public Administration and those who advocate the existence of two \"modalities\" of agreements: the administrative agreements, predominantly governed by public law, and private agreements of the Public Administration, which having as subject legal businesses that are typical of the private life, are governed mainly by private law. We agree with this latter view, and because of the scarce literature on private agreements of the Public Administration, we propose to examine them more closely in this study. We have divided this paper into five chapters. In the first one, we will present our initial thoughts on the subject, providing an overview of what the national and foreign doctrine has produced on the subject and how the opinions are divided. Given that agreements governed by private law primarily present most of the characteristics of private agreements, in the second chapter we will analyze the most relevant characteristics of the typical clauses that integrate the administrative agreements. The third chapter, on its turn, is devoted to the verification of the Brazilian legislation and the respective applicable normative provisions pertaining to the private agreements of the Public Administration. In the fourth chapter we will lean over the foreign court decisions that became the landmarks of the beginning of the distinction between the two modalities of agreements of the Public Administration and in the fifth chapter we will present our findings, together with some suggestions that we believe are relevant to improving the handling of this matter in Brazil

Massachusetts General Laws (M.G.L.'s) require state agencies to procure construction contracts using the design-bid-build project delivery system, unless special legislation is enacted to allow the use of alternative methods. Considering the wide range of alternative delivery methods for construction contracts, this thesis focuses on design-build on public projects. Even though Massachusetts laws do not expressly prohibit design-build, they do preclude its use indirectly by requiring the separation of design and construction services, and by requiring that construction contracts be awarded to the lowest responsible bidder only after the project is fully designed. The objectives of this study are to specifically examine the reasons behind the legislature unwillingness to allow design-build as a conventional project delivery method; and to determine the likelihood that design-build will become a conventional delivery system in Massachusetts in the future. For this purpose, several academic research papers, case studies and industry reports have been reviewed. As well, pertinent sections of the M.G.L.'s and other references have been examined. Personal interviews were conducted with key representatives of the public and private sectors, who provided valuable input regarding design-build on public projects. The analysis of the information collected reveals that three principal areas seem to hinder any successful attempts to enact a legislation making design-build a conventional delivery method. These areas can be summarized as (1) loss of opportunities for the design and construction community, (2) technical and management issues at the public sector level, and (3) nature of the political environment in Massachusetts. Due to the unpredictable political environment, and the competing interests within the private sector, within the public sector, and between the private and public sectors, it is highly unlikely that design-build will become a conventional delivery method for public projects in the near future. The report concludes with recommendations to increase the likelihood of design-build to become a conventional project delivery method, considering the issues denoted above.

Made available in DSpace on 2016-04-26T20:19:43Z (GMT). No. of bitstreams: 1 Shirley Sanchez Tome.pdf: 788533 bytes, checksum: 8c913e1c3d2f2fa8f505174f1fd0e710 (MD5) Previous issue date: 2010-11-03 / In the system of record prices, the Administration encourages bidding, in the form of competition or auction, in order to select products and services and their suppliers. Once the winners have been selected, the Administration will hire to the extent of their convenience, subject to the stipulations of recorded prices. This is one of the most useful and interesting alternative procurement methods made available to the government, because its characteristics and specificities provide quick service for routine purchases of standardized goods or services and to obtain economies of scale for the quantities involved. Despite the importance and the achievements in terms of economy, speed and security, the record of prices has not earned the appropriate legislative treatment. As a result, discrepancies exist about the concept, the scheme, the legal nature, principles and ways of its implementation. The object of this thesis is to investigate the legal configuration of record prices and to find parameters to get a more precise delineation of legislation so as to optimize its use by the Government / No sistema de registro de preços, a Administração promove licitação, na modalidade de concorrência ou pregão, visando a seleção de produtos e serviços e respectivos fornecedores. Selecionados os vencedores, a Administração contratará na medida de sua conveniência, observadas as condições estipuladas no registro de preços. Trata-se de uma das mais úteis e interessantes alternativas de contratação pública postas à disposição do Poder Público, porquanto suas características e especificidades propiciam rápido atendimento de compras rotineiras de bens padronizados ou mesmo na obtenção de serviços e ganhos de escala, pelas quantidades envolvidas. Apesar da importância e das vantagens proporcionadas em termos de economia, agilidade e segurança, não tem o registro de preços merecido o adequado tratamento legislativo. Via de consequência, divergências existem sobre a noção, o regime, a natureza jurídica, os princípios e as formas de sua implementação. O objeto do presente trabalho é investigar a configuração jurídica do registro de preços e buscar parâmetros para um delineamento legislativo mais preciso de modo a otimizar a sua utilização pelo Poder Público