Estágio realizado na Procalçado - Produtora de Componentes para Calçado, S. A. - e orientado pelo Diretor Industrial da Empresa Rui Jorge Santos Russo / Tese de mestrado integrado. Engenharia do Ambiente (Área de Especialização de Projeto). Faculdade de Engenharia. Universidade do Porto. 2012

This thesis includes twenty landscape paintings, primarily oil on canvas, inspired by a trip to the Hell's Canyon Country of the Snake River. The search for a personal idiom necessitated introspection, and the visual interpretation of the recalled experience required that formal issues of painting be synthesized to communicate the essential response to the landscape. The images progress from the depiction of deep space to compositions of the component parts of the landscape: trees, water, and rock.

Master of Visual Arts / The title Normal What refers to a group of paintings that emerged from my Masters of Visual Arts 2004/05 studio project. Individual paintings are chronological self portrait reflecting upon my own experiences and those in the wider community who at some point in their lives have had to endure the struggles, and negative stigma that is so often attached to those who have become marginalised and detached from mainstream society. People found in this category include the disabled, homeless, unemployed, and those with addiction problems. Each painting bears a close connection with techniques associated with abstract expressionist painting. This radiates through the vast expanse of drips, stains and explosions which appear to suffocate the paintings delicate monochrome surface. Strong references to Kristeva’s theory on Abjection arrive through the aggressive and violent outbursts of paint that evoke an atmosphere of symbolic horror, personal dysfunction and social oppression. This emerges out of the shadows and private spaces of the painting’s domestic interior. Deep emotional, psychological, sociological sensitivities are raised throughout my studio practice. Combined with a series of unresolved tensions, and questions surrounding normality run deep a consequence of society’s push for normality are being felt most acutely by those effected by this form of sociology. The ideas raised through my studio project had a profound influence on the research being conducted for the dissertation. Kristeva’s theory on Abjection, along side the practices of Eva Hesse, Barnett Newman, Agnes Martin emerged from a group of highly emotional abstract paintings. This strengthened the connection between the studio project and the dissertation. Aimed at deepening a personal understanding an commitment to researching the subject of normality and how it could be successfully articulated through a visual narrative.

自1991年Stern Stewart &Co提出以EVA作為衡量公司創造股東財富與管理者努力的指標，EVA一時間成為顯學。 由於目前國內大部分投資機構或分析師在從事公司評價或是證券分析時，所依賴的分析工具不是缺乏預測能力並且忽略基本面的技術分析，便是使用由財務報表所衍生出的各項比率分析或財務指標，但是仍然忽略股東或投資人所在意的：即使稅後盈餘增加，若不能滿足資金成本，便不滿足創造股東財富的目標；此外，傳統的會計報表中許多科目並不滿足經濟價值的定義，因此採用EVA作為證券分析的指標不僅可以解決忽略股東權益資金成本的盲點，避免會計科目的扭曲，更重要的是以EVA評價法透過證券市場的監督機制，促使台灣公司管理者正視股東的權益。 由本研究的實證結果可發現，台灣的上市公司，EVA對MVA的解釋能力並不如預期的高；而使用相對指標來看的話，EVA/Cap對MVA/Cap卻有相當高的解釋能力。此外從時間序列的角度來看，EVA與MVA之間並不存在相互領先或落後的關係。而進行選股績效的分析時，投資人確實可以透過EVA選股指標，獲取擊敗大盤的超額報酬，且持有期間較長的投資策略下，超額報酬越高。

我國於民國77年放鬆進入航空業的管制，在國內線造成群雄爭戰的局面；在國際線，長榮集團挾其龐大的財力，所屬長榮航空於民國80年7月1日進入航空業，在短短數年間發展至與華航併立抗衡。 解除管制措施對我國國際民航空運事業有何影響？航空公司產生甚麼樣的競爭局面？航空公司相互間競爭如何採取班機座位策略？機位最多化與報價值間的關係如何？對旅客有無損益？本研究嘗試將對局理論應用於公共政策由下而上的執行評估，來解答這些問題。 本研究運用科納特（Cournot）模型，結果發現，航空公司採用「背離」策略並非最佳抉擇，航空公司機位策略的變移，和「機隊能量指標」及「航線優勢指揮」的達成有關。 / China Airlines, the flag carrier of Republic of China before 1995, may have to evaluate its belief that "We treasure each encounter," when it encouners EVA Air, which roared into the sky to become its major competitor after the deregulation of commercial aviation industry had been put into practice in 1988. What are their strategies to share this island market? What is the relation between maximized seats and payoff? How the benefits of passengers are affected by their discretion? Aiming at these questions, this research applies game theory to the seats they provide to carry out the bottom-up implementatin evaluation of deregulation. The Cournot model enables this study to discover "defection" is not the best choice for both of them. Frequently, only can of "capacity" and "superiority."

<p>Från röstblock till erkänd grupp</p><p>- en diskursanalytisk studie av Dagens Nyheters och Svenska Dagbladets förmedling av de svarta amerikanernas emancipering mellan 1956 och 1972</p>

<p>Syfte:</p><p>Vi vill med vår uppsats öka förståelsen för vad VBM-konceptet kan bidra till för ett företag och visa hur olika VBM-modeller används i praktiken.</p><p>Metod:</p><p>En teoretisk studie som huvudsakligen baseras på sekundär data där vi sammanställer olika teorier och modeller tillhörande VBM-konceptet samt tidigare forskning. Detta kompletteras med vår egen empiri som består av intervjuer som genomfördes vid två företeg.</p><p>Resultat:</p><p>Resultatet visar att det inte är något företag som använder sig av flera VBM-mått på olika nivåer. Oftast bestämmer man sig för en modell och använder den till alla nivåer, möjligtvis kompletterar man med mindre nyckeltal. Val av modell är inte det viktigaste utan att man väljer någon modell som gör så att kapitalkostnaden tydliggörs för att säkerställa att intäkterna täcker kapitalkostnaderna.</p>

<p>In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value.</p><p>In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value.</p><p>In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added.</p><p>Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.</p>

<p>Den svenska fysikern Eva von Bahr-Bergius (1874-1962) konverterade till katolska kyrkan 1930. Vid den tiden fanns en stark misstro mot det katolska i Sverige, och katolikerna var fortfarande kringskurna av begränsande lagar. Ändå valde hon – i likhet med flera andra – att skriva och publicera berättelsen om sin konversion i de två skrifterna <em>Min väg tillbaka till kristendomen</em> (1933), och <em>Efterskrift till Min väg tillbaka till kristendomen</em> (1934). Berättelsen fokuserar på att ge rationella förklaringar till konversionen, istället för att helt enkelt lägga ansvaret på Gud. Denna uppsats vill försöka förstå dels varför hon valde att offentliggöra sin katolicism, dels vad rationaliseringarna handlar om. Genom en jämförelse mellan de båda texterna konstateras att publiceringen fungerar som en befriande komma-ut-process. Genom att sätta berättelsen i en samtida religiös kontext, kan rationaliseringarna förstås som ett svar mot omgivningens förväntningar på rationalitet, och gör så den tillsynes obegripliga konversionen möjlig att genomföra. Detta då själva orsaken till konversionen – den icke-rationella längtan efter Gud – inte kan godtas som en acceptabel förklaring i samtiden.</p>

In the process of Chinese central companies’ restructuring, the strategic merger is becoming the popular trend nowadays. The thesis chooses a specific case of Shanghai International Port Group (hereafter referred to SIPG) stock swap absorption merging Shanghai Port Container Company (hereafter referred to SPCC) which is the listed subsidiary company of SIPG for initial public offering in the whole happened in 2006. From the two aspects of financial indicators and market reaction, the thesis uses the method of financial analysis and event study analysis to do the value-added research about the case. One purpose of the research is to measure the current and follow-up value-added at and after the merger. Another purpose of the research is to find whether the value-added measured is abnormal or reflects the true intrinsic value. In this paper, the Economic Value-added (hereafter referred to EVA), the Market Value-added (hereafter referred to MVA) and the Future Growth Value (hereafter referred to FGV) are used to measure the current and follow-up value added at and after the stock swap absorption merger between SIPG and SPCC. Through the research on the pivotal time point, the horizontal comparison of the EVA, MVA and FGV in the same time point and the vertical comparison of the value-added among different time points are taken respectively, which puts the emphasis on the research of the value-added before and after the merger in 2006 (2005, 2006) and the follow-up two years value-added after merger (2007, 2008).The analysis finds that both the economic value-added and the market value-added after the merger are above zero. The research shows that the market value-added is far more than the economic value-added and the future growth value has high proportion in the market value, which indicates the market value-added is more caused by the market anticipation than the incremental true intrinsic value and the economic value. In this paper, event research method is used to do the research about the market response / reaction on the stock swap absorption merger between SIPG and SPCC. The event study which is based on the historical data of stock transactions chooses the appropriate event window, observes the change of stock price, calculates the abnormal return (hereafter referred to AR) and cumulative abnormal return (hereafter referred to CAR), and then detects whether the market value-added of listed company is abnormal or not. The study concludes that the market has the positive reaction about share swap absorption merger between SIPG and SPCC. The event of share swap merger can assuredly bring short-term abnormal value-added. Finally, through combining the research findings and focusing on the value-added of companies before and after the merger, the thesis proposes some suggestions to the value manager of companies from financial management, corporate strategy, market tactics and information asymmetry problem which can help value managers to realize the companies’ goal of maximizing the value.