Il lavora affronta l'analisi delle strutture di combustione provenienti da diversi contesti archeologici attraverso un approccio multidisciplinare. Le metodologie adottate associano all'approccio contestuale i risultati derivati dall'analisi archeobotanica dei residui di combustione e delle alterazioni termiche. Lo studio tipologico delle strutture di combustione è integrato dai risultati della riproduzione sperimentale delle strutture in modo da selezionare le metodologie di analisi e di intervento nei cantieri archeologici. L'analisi dei resti vegetali (analisi antracologica, carpologica, tafonomica) ha permesso inoltre di ricostruire le strategie ed aree di approvvigionamento del combustibile, il paleoambiente, la paleodieta ed alcuni aspetti dell'agricoltura delle comunità del passato. Tale approccio è stato applicato alla lettura ed interpretazione delle attività connesse con l'uso del fuoco e gestione degli spazi in alcuni contesti archeologici indagati dall'Università del Salento: santuario di Apollo a Hierapolis (Turchia), abitato dell'età del Ferro e fase arcaica di San Vito dei Normanni, abitato dell'età del Ferro di Castelluccio. / This work analyzes the hearth structures from different archaeological contexts through a multisciplinary approach. The contextual analysis is linked to archaeobotanical analysis of fuel and thermal alteration. The experimental replica of hearth structures shed new light about new methodology of studies and definition of proceedings protocol. This approach is applied to three archaeological sites excavated by the University of Salento: Apollo sanctuary at Hierapolis (Turkey), San Vito dei Normanni (Brindisi, South Italy), Castelluccio (Brindisi, South Italy). The archaeobotanical analysis (anthracological, carpological, taphonomical analysis) allowed to reconstruct fuel management, palaeoenvironment, paleodiet and agricolture practice of ancient comunities.

The theory presented here stemmed from years of teaching analysis at pre-university level first using the concept of infinitesimal as defined in nonstandard analysis by Robinson, then the concept of ultrasmall as defined in our joint work with Hrbacek and Lessmann presented in the appendix. This research led to the question : If one has finite yet ultralarge quantities, is it possible to avoid infinite quantities ? The alternative set theory of Vopěnka is a theory of finite sets including classes that can be infinite. The theory of objects is a merger of certain axioms of Vopěnka with axioms that determine levels of visibility as in relative analysis. We took as first principle : $x\subseteq y\Rightarrow x\sqsubseteq y$, which specifies that if object $x$ is included in object $y$, then $x$ "appears" at the level of $y$. This statement would be false with infinite quantities and is in fact a characterisation of finite sets : this is a well-known theorem of nonstandard analysis. The introduction of this principle as starting point is making a strong point that all objects will be finite - in the usual sense of the word. The other founding axiom is Gordon and Andreev's axiom schema : If $\Phi$ is a formula, and if $\Phi(\emptyset)$ is true and that $\Phi(x)$ and $\Phi(y)$ imply $\Phi(x\cup\{y\})$, then $\Phi(x)$ is true for all $x$. An emphasis is made on the concept of contextual formulae. This concept is one of our contributions to relative analysis of Hrbacek and determines an equivalence to well-formed formulae. We show that the resulting system is relatively consistent with Hrbacek's FRIST and Péraire's RIST which are conservative extensions of ZFC. The theory of objects extends set theory of Zermelo and Fraenkel without choice and with negation of the infinity axiom. Integers and rationals are defined and endowed with an ultraproximity relation. A draft of a construction of "numeric grains" is presented : these numbers could prove to have properties sufficiently similar to real numbers to allow to perform analysis.

Dans les régions exposées à des aléas naturels, une large partie des bâtiments composant l'environnement construit sont réalisés presque exclusivement sur la base de l'expérience et de l'observation des bâtisseurs locaux, sans l'appui d'un architecte ou d'un ingénieur. Les communautés installées dans ces zones ont développé, au fil du temps, une multitude de stratégies pour co-habiter avec ces phénomènes, incluant des comportements sociaux et des approches de construction visant à prévenir et/ou à limiter l'exposition du bâti et de ses habitants. En fait, les constructeurs ont souvent intégré la présence et les caractéristiques locales des aléas naturels dans leurs pratiques quotidiennes, élaborant des détails et des dispositions constructives particulières pour réduire la vulnérabilité des artefacts et du milieu bâti. Le concept de culture constructive embrasse la dimension sociale et technique de l'acte de construire et du processus d'élaboration des savoirs et savoir-faire qui lui sont inhérents, reflétant intrinsèquement la multiplicité des sociétés humaines et leur enracinement indissoluble au territoire qu'elles habitent. Le vernaculaire en tant que caractérisation des modes de bâtir, d'habiter et de se protéger se révèle par ce fait une source précieuse de pratiques, techniques et mesures, testées au cours des siècles et des multiples aléas, pour la construction d'environnements bâtis durables, accessibles et sûrs. Ce travail de recherche explore le potentiel présenté par les cultures constructives vernaculaires dans le renforcement de la résilience locale. Et cela à partir des pratiques - constructives et comportementales - développées par les populations, groupes et individus habitant des contextes géographiquement exposés à des aléas naturels. Se fondant sur une forte interaction entre la théorie et la pratique, cette recherche entame une (re)découverte de l'ingéniosité intrinsèque à ces savoirs par le développement de deux axes thématiques. L'un investigue les dispositions et les dispositifs vernaculaires à caractère parasinistre ayant démontré leur efficacité à réduire la vulnérabilité de l'environnement construit envers différents types d'aléas naturels. L'autre axe questionne les modalités de leur identification et contribution directe au renforcement des capacités de populations et institutions dans la gestion des crises. À une analyse technique s'associe l'élaboration d'un outil méthodologique soutenant la mise en place d'une démarche de projet s'ancrant fortement aux spécificités contextuelles selon une logique de continuité, tant culturelle que de pratique, entre passé et futur, entre préparation et réponse aux catastrophes. / In areas prone to natural hazards, many of the buildings that make up the built environment are constructed almost exclusively through the experience and the direct observation of local builders, without the support of any architect or engineer. In these regions, communities have developed over time a variety of strategies to cope with natural phenomena through patterns of social behaviours and building approaches intended to prevent and/or to reduce their exposure to local risks. Similarly, local builders have often integrated natural hazards into their daily practices, developing singular techniques, building details or devices aiming to reduce the vulnerability of the built environment. The concept of building culture embraces the social and technical aspects related to the construction process and to the development of corresponding knowledge and know-how, intrinsically reflecting the multiplicity of human societies and their indissoluble connection with the territories they inhabit. The vernacular as characterization of ways of building, living and protecting oneself proves to be a valuable source of practices, techniques and measures, tested over the years and during multiple hazards, for contemporary construction of sustainable, accessible and safe built-environments. This research explores the potential of vernacular building cultures in enhancing local resilience; and this starting from - constructive and behavioural – practices developed by individual people and groups living in contexts geographically exposed to natural hazards. Based on a strong interaction between theory and action, this research undertakes a (re)discovery of vernacular knowledge through two thematic focuses. One examines disaster resilient vernacular provisions and devices which have demonstrated their effectiveness to reduce vulnerability of the built environment to various types of natural hazards. The other one considers ways for their identification and direct contribution to strengthening capacities of communities and institutions for disaster risk management. This research combines a technical analysis with the development of a methodological tool, contributing to set up a project approach strongly rooted into contextual specificities, linking culture and practice, past experience and future needs, disaster response and preparedness.

La théorie présentée ici est issue d'années d'enseignement de l'analyse au niveau pré-universitaire en utilisant d'abord le concept d'infiniment petit, tel que défini dans l'analyse nonstandard de Robinson, puis ensuite d'ultrapetit, tel que défini dans notre travail en collaboration avec Hrbacek et Lessmann et présenté en annexe. A la suite de ces recherches, s'est posée la question : Si l'on a à disposition des quantités finies mais ultragrandes, est-il possible de se passer de quantités dites infinies ? La théorie alternative des ensembles de Vopěnka est une théorie avec des ensembles finis et des classes qui, elles, peuvent être infinies. La théorie des objets est le résultat d'un mélange de certains axiomes de Vopěnka avec des axiomes déterminant des niveaux de visibilité tels que dans l'analyse relative. On s'est donné comme premier principe : $x\subseteq y\Rightarrow x\sqsubseteq y$ qui spécifie que si l'objet $x$ est inclus dans l'objet $y$, alors $x$ "paraît" au niveau de $y$. Cette affirmation serait fausse avec des quantités infinies ; elle est néanmoins une caractérisation des ensembles finis : cela est bien connu en analyse nonstandard. L'introduction de ce principe comme point de départ est donc une affirmation forte que les objets devront être finis au sens habituel de ce terme. L'autre axiome fondateur ici est le schéma d'axiomes d'induction de Gordon et Andreev : Si $\Phi$ est une formule, et si $\Phi(\emptyset)$ est vrai et que $\Phi(x)$ et $\Phi(y)$ impliquent $\Phi(x\cup\{y\})$, alors $\Phi(x)$ est vrai pour tout $x$. Un accent particulier est mis sur le concept de formules dites contextuelles. Ce concept est une de nos contributions à l'analyse relative de Hrbacek et détermine les formules bien formées. On montre que le système qui en résulte est relativement cohérent avec la théorie FRIST de Hrbacek et la théorie RIST de Péraire qui sont elles-mêmes des extensions conservatives de ZFC. La théorie des objets est une extension de la théorie des ensembles de Zermelo et Fraenkel sans axiome du choix et négation de l'axiome de l'infini. Les nombres entiers et rationnels sont définis et ces derniers sont munis de relations d'ultraproximité. Une ébauche d'une construction de "grains numériques" est présentée : ces nombres pourraient avoir des propriétés suffisamment semblables aux nombres réels pour permettre de faire de l'analyse. / The theory presented here stemmed from years of teaching analysis at pre-university level first using the concept of infinitesimal as defined in nonstandard analysis by Robinson, then the concept of ultrasmall as defined in our joint work with Hrbacek and Lessmann presented in the appendix. This research led to the question : If one has finite yet ultralarge quantities, is it possible to avoid infinite quantities ? The alternative set theory of Vopěnka is a theory of finite sets including classes that can be infinite. The theory of objects is a merger of certain axioms of Vopěnka with axioms that determine levels of visibility as in relative analysis. We took as first principle : $x\subseteq y\Rightarrow x\sqsubseteq y$, which specifies that if object $x$ is included in object $y$, then $x$ "appears" at the level of $y$. This statement would be false with infinite quantities and is in fact a characterisation of finite sets : this is a well-known theorem of nonstandard analysis. The introduction of this principle as starting point is making a strong point that all objects will be finite - in the usual sense of the word. The other founding axiom is Gordon and Andreev's axiom schema : If $\Phi$ is a formula, and if $\Phi(\emptyset)$ is true and that $\Phi(x)$ and $\Phi(y)$ imply $\Phi(x\cup\{y\})$, then $\Phi(x)$ is true for all $x$. An emphasis is made on the concept of contextual formulae. This concept is one of our contributions to relative analysis of Hrbacek and determines an equivalence to well-formed formulae. We show that the resulting system is relatively consistent with Hrbacek's FRIST and Péraire's RIST which are conservative extensions of ZFC. The theory of objects extends set theory of Zermelo and Fraenkel without choice and with negation of the infinity axiom. Integers and rationals are defined and endowed with an ultraproximity relation. A draft of a construction of "numeric grains" is presented : these numbers could prove to have properties sufficiently similar to real numbers to allow to perform analysis.

This master’s thesis deals about Knowledge management in a small organization, and identification of knowledge resources and needs and the integration of knowledge management principles into the daily work of the organization. The theoretical part explains the basic terms and assumptions of knowledge management and shows a multidisciplinary overlap of knowledge management. The practical part deals with analysis of current situation of organization, especially in terms of utilization of knowledge resources and their evaluation, and design an appropriate system for managing knowledge in the organization.

Reference to a regular pulse is one of the most common ways of measuring time in music. As the basis for tempo, meter, subdivisions, and even formal symmetry, pulse, or the sonic articulation of regular units of time, is found throughout all levels of music. In this paper, I describe how I used a structure of twelve simultaneous pulses to compose "Monolith," a recent piece for MIDI piano, Pierrot ensemble, and fixed electronics. In the first chapter, I contextualize "Monolith" by briefly examining pulse's relationship to hierarchical structure in music and the possibilities for creativity in pulse-based hierarchical structures. In the second chapter, I analyze the use of pulse in Steve Reich's "Music for 18 Musicians," György Ligeti's "Self-portrait with Reich and Riley (with Chopin in the background), and Conlon Nancarrow's "Study No. 36 for Player Piano." In the third chapter, I describe in detail the relationship between the twelve-pulse structure and the various movements that comprise "Monolith," focusing on the relationship between compositional freedom and prescribed structure throughout the work.

Работа посвящена описанию и сопоставлению семантики лексем имидж, репутация, реноме, имя, слава. Исследование выполнено в рамках семасиологического и коммуникативного подходов к лексическому значению. Они обусловили направление анализа, который включает два этапа. На первом этапе анализируется лексическое значение слов имидж, репутация, реноме, имя, слава и описывается их семная структура с опорой на лексикографические источники. Материалом на данном этапе являлись дефиниции, извлеченные из толковых словарей русского языка, словарей иностранных слов, словарей синонимов, фразеологического и этимологического словарей. На втором этапе был произведен анализ слов имидж, репутация, реноме, имя, слава в контексте, были выявлены основные способы реализаций того или иного семантического компонента. Материалом на данном этапе являлись высказывания, извлеченные из Национального корпуса русского языка. / The work is devoted to the description and comparison of the semantics of the lexemes «имидж», «репутация», «реноме», «имя», «слава». The study was carried out in the framework of semasiological and communicative approaches to the lexical meaning. They determined the direction of the analysis, which includes two stages. At the first stage, the structure of the lexical meaning of the words «имидж», «репутация», «реноме», «имя», «слава» was analyzed and described, based on lexicographical sources. The material at this stage was the definitions extracted from the explanatory dictionaries of the Russian language, dictionaries of foreign words, synonyms, phraseological and etymological dictionaries. At the first stage, the structure of the lexical meaning of the words «имидж», «репутация», «реноме», «имя», «слава» was analyzed and described, based on lexicographical sources. The material at this stage was the definitions extracted from the explanatory dictionaries of the Russian language, dictionaries of foreign words, synonyms, phraseological and etymological dictionaries. At the second stage, a contextual analysis of the words «имидж», «репутация», «реноме», «имя», «слава» was conducted and the main ways of realizing semantic components were revealed. The material at this stage were the statements extracted from the National Corps of the Russian language.

Cette thèse interroge les pratiques de mémoire hétérogènes qui ont émergé à propos de l’équipe de hockey du Canadien de Montréal dans le cadre du centenaire de l’équipe en 2009. Elle a le double objectif 1) d’apporter un éclairage théorique communicationnel sur l’objet « mémoire » et 2) de développer une analyse contextuelle des pratiques de mémoire et des enjeux qu’elles rendent effectifs. Mon travail s’inscrit dans le champ des memory studies, et particulièrement dans le tournant médiatique actuel, ainsi que dans celui des cultural studies. Au cours du chapitre consacré à la problématisation, je développe une approche communicationnelle de la mémoire en interrogeant la matérialité des pratiques de mémoire ainsi que leur relation co‐constitutive avec les médias de mémoire, réalisées dans le cadre du centenaire. Dans les deux chapitres analytiques, je procède à une analyse d’archives hétérogènes (articles de journaux, captures de sites internet, notes d’observation, interviews, émissions spéciales, publireportages etc.) issues de registres de mémoire différents. Le deuxième chapitre questionne les pratiques de mémoire à propos de l’ancien joueur du Canadien Léo Gravelle, telle la numérisation d’archives et la constitution de la « boîte à chaussures », la « biographisation », la conservation et la fétichisation, ainsi que leurs façons spécifiques de rendre présent des passés. Ce chapitre met en évidence comment des rapports familiaux, des enjeux liés au vieillissement et des formes de camaraderie sont réarticulés par ces pratiques. Le troisième chapitre investigue les pratiques de mémoire développées par l’organisation du Canadien de Montréal, telle la commémoration et la patrimonialisation de l’équipe ainsi que du hockey, et leur manière particulière de réarticuler la relation du sport professionnel à la ville ainsi que des enjeux liés à la philanthropie et au consumer activism. Le quatrième chapitre propose une discussion sur les faire mémoire, comme moyen d’ « espacer », de s’engager « en public » et comme projet qui mobilise et organise. Cette thèse conclue finalement sur ce qui constitue la singularité de ce centenaire. / This dissertation explores the heterogeneous practices of memory that emerged during the centennial anniversary of the hockey team Canadien de Montréal in 2009. The dissertation’s goals are twofold: 1) bring a theoretical and a communicational light on the object ‘memory’; 2) produce a contextual analysis of these memory practices and of the issues they render effectives. My dissertation is situated in the fields of memory studies (especially in its current media turn) and cultural studies. In the first chapter dedicated to the ‘problematization’ of the centennial, I explore this event by a communicational approach of memory. This approach aims to interrogate the materiality of the practices of memory and their co‐constitutive relation with media of memory. In the two following analytical chapters, I proceed by analyzing a heterogeneous archive (newspaper articles, websites excerpts, observation notes, interviews, tv shows, etc.) from different registers of memory.The second chapter focuses on the practices of memory regarding the former hockey player Léo Gravelle. I analyze how practices –such as archive digitalization, constitution of a ‘shoebox’,‘biographization’, conservation and ‘fetichization’ –render present some pasts in specific manners. This chapter highlights how familial relations, aging issues and particular forms of friendships are rearticulated through these practices of memory. The third chapter analyses the practices of memory developed by the organization of the Canadien de Montréal. I explore the commemoration and the patrimonialisation of the team. I also focus on the particular ways in which these practices of memory rearticulate the relationships between a professional sport team and the city of Montreal and how they put forward new issues such as philanthropy and consumer activism. The fourth chapter discusses about the implications of ‘doing memory’, which I conceive as a means to ‘space’, as a manner of being involved as well as a project that mobilizes and organizes. I conclude the dissertation by outlining the singular elements which constitute this centennial anniversary.

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No. of bitstreams: 1 Dissertação Marcela do Espírito Santo para Publicação Biblio.pdf: 892020 bytes, checksum: 100b6e1597ce35a9d0f070107e9e96b5 (MD5) Previous issue date: 2014-01-28 / The dilemmas and strategic challenges for economic viability and legitimacy faced by social organizations in Brazil -organizations without economic purpose -resemble those faced by other types of organization in different parts of the world. The dominant literature of management and strategy favors, in its framework, concepts and practices that support and are supported by large private corporations. The growing influence of these organizations in academia and society helps explain the role of importance that strategies of corporate social responsibility have achieved in the legitimation of neoliberal ideology and practices which help to reaffirm. In turn, this framework helps to explain the marginal position that social organizations occupy inside the area of strategic management. This dissertation seeks to expand the discussion of the studies in the field of strategic management that addressed the hegemonic construction of the field, their processes of legitimation and diffusion and their critical approaches, including the aspect of coloniality in which the dominant literature falls. The understanding of strategic trajectory of a social organization, the Social Service of Commerce - SESC, was given by the research processes of legitimation mobilised within the organization itself and in the context in which it operates. For such, the contextualist perspective allowed the observation by internal and external relationships established and the changes and continuities promoted due to its legitimacy. To represent organizations as political and cultural systems that influence and are influenced by the environment, this research promotes understanding of the ideological components and power in strategic management, commonly naturalized by the mainstream literature, making room for even the decolonization of the area of strategic management, emphasizing the diversity of organizations and practices, and the possibility of coexistence of different types of organizations in the area. / Os dilemas e desafios estratégicos para viabilização econômica e legitimação enfrentados por organizações sociais no Brasil – organizações sem finalidade econômica - se assemelham aos enfrentados por outros tipos de organização nas diversas partes do mundo. A literatura dominante de gestão e estratégia privilegia, em seu arcabouço, conceitos e práticas que apoiam e são apoiados nas grandes corporações privadas. A crescente influência dessas organizações na academia e na sociedade ajuda a explicar o papel de importância que estratégias de responsabilidade social corporativa alcançaram na legitimação das práticas e ideologia neoliberal que ajudam a reafirmar. Por sua vez, este quadro ajuda a explicar a posição marginal que as organizações sociais ocupam na área de gestão estratégica. Esta dissertação busca a ampliação da discussão dos estudos do campo da gestão estratégica que abordaram a construção hegemônica do campo, seus processos de legitimação e difusão e as respectivas abordagens críticas, inclusive o aspecto de colonialidade no qual a literatura dominante se insere. A compreensão da trajetória estratégica de uma organização social, o Serviço Social do Comércio – Sesc, se deu pela investigação dos processos de legitimação mobilizados dentro da própria organização e no contexto em que atua. Para tal foi utilizada a perspectiva contextualista que permitiu a observação mediante as relações internas e externas estabelecidas e as mudanças e continuidades promovidas em função de sua legitimação. Ao representar organizações como sistemas políticos e culturais que influenciam e que são influenciados pelo meio, esta investigação promove o entendimento dos componentes ideológicos e de poder na gestão estratégica, comumente naturalizados pela literatura dominante, abrindo espaço ainda para a descolonização da área de gestão estratégica, enfatizando a diversidade de organizações e de práticas e na possibilidade da coexistência de diferentes tipos de organização na área.

企業股東基於法律與契約對於所投資之公司，通常享有股利分配權、新股優先認購權、剩餘財產分配權、股東投票權等基本權利，本文以股東權利基礎來重新詮釋Ohlson模式與Easton模式。基於股東權利基礎，Ohlson模式（價格模式）可重新表示為盈餘、帳面價值、投票權價值之線性模式；Easton模式（報酬模式）可重新表示為盈餘水準、盈餘變動、投票權價值變動之線性模式。本文依上述理論基礎發展相關之研究假說，為彌補單用當期盈餘資訊之不足本文於實證模式中將再加入未來盈餘變數，並以臺灣市場之資料來驗證各項假說。首先，本文實證價格模式與報酬模式之各項變數，對於股價及報酬是否具有解釋力。其次，本文實證當經濟環境不同時，上述實證結果是否會受到影響。 價格模式之實證結果指出：（1）各項價格變數對於股價皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，當期盈餘對於股價的解釋力會降低。（3）當產業前景較差時，當期盈餘、帳面價值等會計資訊較不被注意，故比較不會反應在股價；管理者可由公司獲取的私有利益也會較少，故投票權價值與股價之關聯也會較低。（4）當產業生命週期較短時，當期盈餘資訊較被注意，此與其較易取得與計算有關。（5）當總體經濟情況不同時，各項變數對股價的解釋力並無顯著差異，此現象可能與研究期間內總體經濟情況好壞的差異並不明顯所致。（6）當通貨膨脹率較高時，公司所傳達之會計資訊會有高估的現象，故當期盈餘與股價之關聯會較低。 報酬模式之實證結果指出：（1）各項報酬變數對於報酬皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，盈餘水準對於報酬的解釋力會降低，盈餘變動對於報酬的解釋力則會提高。（3）當產業前景較差時，由於盈餘水準、未來盈餘價值指標等會計資訊較不被注意，故比較不會反應在股價報酬；管理者可獲取的私有利益也會減少，故其與股價之關聯會降低。（4）當產業生命週期不同時，各項變數對報酬的解釋力並無顯著差異。（5）當總體經濟情況較差時，盈餘變動的資訊性顯著較低，此現象應與總體經濟情況較差時盈餘通常為負數所致，投票權價值指標也有相同的現象。（6）當通貨膨脹率不同時，各項變數對報酬的解釋力並無顯著差異，此現象可能與研究期間內通貨膨脹率高低的差異並不明顯所致。 綜上所述，股東權利基礎評價模式之各項變數確實能解釋股價或報酬，而且在不同的經濟情境下，上述變數對股價或報酬之解釋力確實會有不同，因此未來從事股權價值或股價報酬評估時，研究者應再進行相關的情境分析。 目 錄 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與方法 5 第三節 論文貢獻 7 第四節 論文架構 9 第二章 文獻探討 10 第一節 股利分配權價值之相關文獻 12 第二節 剩餘財產分配權價值之相關文獻 14 第三節 新股優先認購權價值之相關文獻 19 第四節 股東投票權價值之相關文獻 26 第五節 情境式分析研究法之相關文獻 31 第三章 研究方法 33 第一節 股東權利基礎評價模式之建構 34 第二節 研究假說與實證模式 38 第三節 變數定義 47 第四節 樣本與資料選取 55 第四章 實證結果分析 59 第一節 價格模式之實證結果 60 第二節 報酬模式之實證結果 63 第三節 價格模式之情境分析結果 66 第四節 報酬模式之情境分析結果 80 第五章 結論與建議 94 第一節 研究結論 95 第二節 研究建議 101 第三節 研究限制 102 參考文獻 103 / When investors buy stock, they acquire all common and specific rights granted by the laws and contracts. Shareholders usually have the right to receive dividends, the preemptive right, the right to claim the residuals assets, and the right to vote at shareholders’ meetings. The paper uses the base of shareholders’ rights to re-explain the empirical meanings of Ohlson model and Easton model. According to the base of shareholders’ rights, Ohlson model（price model）can be rewritten as the linear model of earnings, book valve, and voting right premium. In the same way, Easton model（return model）can be rewritten as the linear model of earnings level, earnings change, and voting right premium change. According to the theory base above, this paper develops related research hypotheses. Not only current earnings but also future earnings are included in empirical models, and I use Taiwanese data to test the hypotheses. First, the paper tests whether each variable in price model or return model can explain stock price or return. Second, the paper investigates whether the results mentioned above will be affected by different contexts. The empirical evidence of the price model can be summarized as follows. First, each price variable has significantly positive explanatory power with respect to stock price. Second, when earnings is negative or earnings persistence is low, the value-relevance of current earnings will decrease. Third, when industry prospect becomes worse, market pays little attention to current earnings and book value and manager gets less private benefits, thus the association between current earnings, book value, voting right premium and stock price is low. Fourth, when industry life cycle is shorter, more attention is paid to current earnings, which is related to availability of data. Fifth, when macroeconomic circumstance is different, the explanatory power of each variable is not significantly different, this phenomenon may be due to little significant difference among macroeconomic circumstance during research periods. Sixth, when inflation rate is high, accounting information signaled by firm is overstated, which reduces the association between current earnings and stock price. The empirical evidence of the return model can be summarized as follows. First, each return variable has significantly positive explanatory power with respect to stock return. Second, when earnings is negative or earnings persistence is low, the value-relevance of earnings level will decrease, while the value-relevance of earnings change will increase. Third, when industry prospect is not good, market pays little attention to earnings level and future earnings indicator and manager gets less private benefits, thus the association between earnings level, future earnings indicator, voting right premium indicator and stock return is low. Fourth, when industry life cycle is not the same, the explanatory power of each variable is not significantly different. Fifth, when macroeconomic circumstance becomes worse, the informativeness of earnings change is significantly low, this phenomenon may be due to positive correlation between macroeconomic circumstance and earnings. Voting right premium indicator also has the same phenomenon. Sixth, when inflation rate is different, the explanatory power of each variable is not significantly different, this phenomenon is likely due to little significant difference among inflation rate during research periods. In summary, the variables in shareholders’ rights-based valuation models can explain stock price or stock return. In the different contexts, the explanatory power of variables mentioned above with respected to stock price or stock return is significantly different. The results imply the importance of contextual analysis when researchers are engaged in the valuation of stock price or stock return.