The aim of the thesis is valuation of the domain name heureka.cz on the date 1.7.2010. The thesis consists of strategic analysis, financial analysis, analysis and prognosis of generators of value and financial plan. The value of the domain name is determined by the excess earnings method and as additional method is used residual method based on DCF equity and market coparison.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / In tropical regions, where there is a high incidence of light, electrons can accumulate in the transport chain (PET) producing large quantities of H 2 O 2 and other ROS, which might generate photodamage and photoinhibition. To survive to these challenges, plants have developed several mechanisms to mitigate the excess energy in photosystems, besides having an efficient machinery for removal of excess H 2 O 2 , which includes cytosolic APX (cAPX). However, double - silenced rice plants for cAPX (OsAPX1/2) do not show large differences in morpho - phenotype when compared to non - transformed (NT), although OsAPX1/2 presents induction of expression on several proteins re lated to photosynthesis. The physiological implications of this induction, as well as its consequences for OsAPX1/2 resistance against stresses of high light (HL), are still poorly known. Aiming to clarify the role of cAPx in pho tosynthesis, OsAPX1/2 plant s were produced, subjected to 24 hours of HL (2 , 000 μ mol m - 2 s - 1 ) and studied for the expression and activity of proteins related to photosynthesis , ph otorespira tion and redox homeostasis . The amount of several PET proteins (Lhcb1, PsbO, Psb P, PsbQ, PSAC, P C, FNR and FDX) and Chl and Pheo were increased in OsAPX1/2 in normal growth conditions, however without causing changes in the in vivo photochemistry activity parameters (Fv /Fm and ΔFm/Fm'). In contrast, expression of proteins associated with Calvin - Benso n cycle (Rls, ativase RBC) and rubisco carboxylation activity ( in vivo and in vitro ) were not altered in mutants under normal growth conditions . In HL, the expression of proteins related to photosynthesis was strongly repressed in all genotypes , as well as gas exchange parameters and Fv/Fm, the latter being strong indication of photoinhibition. Moreover, proteins related to photorespiration showed increased expression/activity in response to HL in NT and maintenance of already high levels in OsAPX1/2. In OsAPX1/2 t h e expression and activity of chloroplastic Cu/Zn - SOD showed a similar response exhibited by photorespiration - related proteins, although the activity of thylakoid APX has been greatly reduced, meaning deficiency in water - water cycle. Taken togeth er, these data demonstrate that induction of expression of proteins related PET in OsAPX1/2 plants may represent a compensatory mechanism for maintaining the photosynthetic activity levels similar to NT. Moreover, in HL, it is possible that the increased e xpression of photorespiration - related proteins in OsAPX1/2 acts as alternative electron sink, compensating the deficiency in the water - water cycle from these plants / Em regiÃes tropicais, onde existe alta incidÃncia luminosa, os elÃtrons podem se acumular na cadeia transportadora (PET) produzindo grandes quantidades de H 2 O 2 e outras ROS, que podem gerar fotodano e fotoinibiÃÃo. Para sobreviver a esse desafio, plantas desenvolveram vÃrios mecanismos de atenuaÃÃo do excesso de energia nos fotossistemas, alÃm de contar com uma eficiente ma quinaria de remoÃÃo do excesso de H 2 O 2 , da qual fazem parte as APX citosÃlicas (cAPX). Entretanto, plantas duplamente silenciadas para as cAPX (OsAPX1/2) nÃo apresentam grandes diferenÃas morfo - fenotÃpicas quando comparadas Ãs nÃo transformadas (NT), embor a OsAPX1/2 apresente induÃÃo de expressÃo de diversas proteÃnas relacionadas com a fotossÃntese, comparadas com as NT. As implicaÃÃes fisiolÃgicas dessa induÃÃo, assim como suas consequÃncias para a resistÃncia de OsAPX1/2 contra estresses de alta luz (HL) , ainda sÃo pouco conhecidas. Objetivando clarificar o papel das cAPx na fotossÃntese, plantas de arroz OsAPX1/2 foram produzidas, submetidas a 24 horas de HL (2000 μ mol m - 2 s - 1 ) e estudadas quanto à expressÃo e atividade de proteÃnas relacionadas com a fotossÃntese, fotorespiraÃÃo e homeostase redox. A quantidade de diversas proteÃnas da PET (Lhcb1, PsbO, PsbP, PsbQ, PSAC, PC, e FDX FNR), bem como teores de Chl e Pheo foram aum entadas em OsAPX1/2 em condiÃÃes normais de crescimento sem causar alteraÃÃes nos parÃmetros de atividade fotoquÃmica in vivo (Fv/Fm e Δ Fm/Fm'). Em contraste, as proteÃnas relacionadas com expressÃo ciclo de Calvin - Benson (Rls, ativase de Rbc) e a ativida de de carboxilaÃÃo da rubisco ( in vivo e in vitro ) nÃo foram alterados nos mutantes em condiÃÃes normais de crescimento. Em HL, a expressÃo de proteÃnas relacionadas com fotossÃntese foi fortemente reprimida em ambos os genÃtipos, assim como os parÃmetros de trocas gasosas e Fv/Fm, sendo esse Ãltimo forte indÃcio de fotoinibiÃÃo. Por outro lado, as proteÃnas relacionadas com a fotorespiraÃÃo, ou mostraram aumento na expressÃo/atividade em resposta à luz elevada (NT) ou manutenÃÃo de nÃveis jà elevados (OsAP X1/2) . A expressÃo e atividade de Cu/Zn - SOD de cloroplastos mostrou resposta similar a exibida pelas proteÃnas da fotorespiraÃÃo, embora a atividade de APX de tilacÃides tenha sido fortemente reduzida em OsAPX1/2, evidenciando deficiÃncia no ciclo Ãgua - Ãgu a. Tomados em conjunto, estes dados demonstram que a induÃÃo da expressÃo de proteÃnas relacionadas com o PET em OsAPX1/2 pode representar um mecanismo compensatÃrio para a manutenÃÃo da atividade fotossintÃtica aos nÃveis da NT. Por outro lado, sob HL, à possÃvel que o aumento da expressÃo de proteÃnas associadas com fotorespira ÃÃo em OsAPX1/2 atue como dissipador alternativo de elÃtrons, compensando a deficiÃncia no ciclo da Ãgua - Ãgua dessas plantas

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / O Brasil à o maior produtor mundial de laranja e de suco de laranja, sendo este setor de grande importÃncia para economia brasileira, responsÃvel por gerar mais de 400 mil empregos e movimentar cifras de bilhÃes de reais por ano. Mas, este setor tambÃm à responsÃvel pela produÃÃo de grande quantidade de rejeitos industriais, que equivalem a 50% do peso da fruta, sendo estes resÃduos utilizados na maioria das vezes como raÃÃo animal. Portanto o uso eficiente destes rejeitos se faz necessÃrio em um mundo em que as reservas naturais vÃm se esgotando. Neste sentido a biocatÃlise mostra-se como uma ferramenta promissora no uso destes resÃduos, que possuem enzimas em sua constituiÃÃo, para obtenÃÃo de produtos de alto valor agregado, as substÃncias enantiopuras. A aplicaÃÃo de diferentes metodologias, prÃticas e de baixo custo, possibilitou a sÃntese de alcoÃis quirais com alto excesso enantiomÃrico (ee) e boas taxas de conversÃo. ReaÃÃes de hidrÃlise e reduÃÃo foram processadas em meio aquoso e, as reaÃÃes de esterificaÃÃo foram realizadas em solvente orgÃnico, utilizando as casca da laranja como fonte de biocatalisadores. O uso das cascas da laranja como fonte de biocatalisador apresentou resultados bastante promissores, demonstrando capacidade catalÃtica em vÃrias reaÃÃes (reduÃÃo/oxidaÃÃo, hidrÃlise/esterificaÃÃo) atravÃs de metodologias simples e de baixo custo. ConversÃes de 46,90-96,70% foram alcanÃadas nas reaÃÃes de biorreduÃÃo acompanhado de ee variando de 21,15-99,00%. Nas reaÃÃes de hidrÃlise verificaram-se taxas de conversÃes de 19,20-80,82% e ee variando de 9,60-45,52%. Jà nas reaÃÃes de esterificaÃÃo, ee acima de 99% foram observados e conversÃes maiores que 80% foram alcanÃadas. Portanto, este estudo abre precedentes para uma ampla faixa de aplicaÃÃo desta fonte de biocatalisador (cascas da laranja), que atualmente à considerado como um rejeito industrial, contribuindo sobremaneira para agregar valor a todo um setor produtivo e industrial no qual o Brasil à lÃder, a indÃstria de suco de laranja. / The Brazil is the producing greater of world of orange and orange juice, being this sector of great importance for Brazilian, responsible economy for generating 400 thousand jobs and more than and putting into motion ciphers of billions per year. But, this sector also is responsible for the production of great amount of industrial rejetcs, that are equivalent 50% of the weight of the fruit, being these used residues most of the time as animal ration. Therefore the use efficient of these rejetcs if makes necessary in a world where the natural reserves come if depleting. In this direction biocatalysis is presented as a promising tool in the use of these residues, that contains enzymes in its constitution, for attainment of products of high added value, the substances enantiopure. The application of different methodologies, practical and of low cost, made possible the chiral alcohols synthesis with high enantiomeric excess (ee) and good taxes of conversion. Hydrolysis reactions and reduction had been processed in aqueous way e, the reactions of esterification had been carried through in organic solvent, using the rind of the orange as source of biocatalysis for such reactions. The use of the peel of the orange as biocatalysis source presented resulted sufficiently promising, demonstrating catalytic capacity in some reactions (reduction/oxidation, hydrolysis/esterification) through simple methodologies and of low cost. Conversions of 46,90-96,70% had been reached in the reactions of bioreduction shown of ee varying of 21,15-99,00%. In the hydrolysis reactions taxes of 19,20-80,82% conversions and ee had been verified varying of 9,60-45,52%. Already in the esterification reactions, ee above of 99% had been observed and bigger conversions that 80% had been reached. From there, this study it opens precedents for an ample band of application of this source of biocatalysis (pells of the orange), that currently it is considered as one reject industrial, contributing excessively to add value all a productive and industrial sector in which Brazil is leader, the orange juice industry

This thesis summarizes the outcome of work performed withthe objective to contribute to the knowledge and development ofthe kraft cooking process using spectrophotometricinterfaces. In kraft cooking, it is desirable to maximize the removal oflignin in the cook without loss of pulp strength. Theselectivity can be improved by exchanging some of the hydrogensulfide ion in the white liquor for polysulfides. Paper Ipresents a spectrophotometric method for in-line monitoring ofthe electrochemical production of polysulfide using anATR-probe for the UV-Vis range. A linear relation existsbetween the ATR-probe response and the concentration ofabsorbing species. Thus the process can be followed by simplemonitoring of a few wavelengths. A spectrophotometric monitoring system using a durableNafion ionomer membrane interface for continuous on-linemeasurement of sulfide and dissolved lignin during kraftcooking has previously been developed by our group. In paperII, the permeation of low molecular weight anions from liquorshaving high ionic strengths through a membrane in Na+ form hasbeen studied. A general relation between penetration and ionsize approximated by molecular weight has been established. Thepenetration of different anions can be explained as a diffusionthrough the winding membrane channels. Further the differentanions transport independently without being interfered by thesample matrix. In light of this validation, we applied the membraneinterface to the determination of anthraquinone-2-sulfonate(AQ-S) in alkaline pulping liquor. In paper III, a simple andrapid spectrophotometric method was developed and implementedon real samples. Interferences from other compounds penetratingthe membrane were minimized by reduction of the penetrated AQ-Sand measurement at 520 nm. This method is quick and can be usedon-line. Further, we extended the method to determination ofanthraquinone (AQ) in pulping liquor (paper IV). Although AQ isregarded as insoluble, it was found that the apparentsolubility of AQ in alkaline solutions increases considerablyin the presence of lignin, reaching 0.14 g/L at 90 oC. Thismakes the calibration of AQ possible. Time-resolvedmeasurements of dissolved AQ in 3 kraft-AQ pulping processeswere performed. The results show that the membrane has great potential aspart of a selective interface in applications where theconcentrations of small anions are to be monitored in mediawith high ionic strength. Keywords: Kraft cooking, On-line, Sulfide, Lignin,Polysulfide excess sulfur, Anthraquinone-2-Sulfonate (AQ-S),Anthraquinone (AQ), Nafion Membrane, UV-Vis, ATR-probe,Spectrophotometric.

No description available.

<p>This thesis summarizes the outcome of work performed withthe objective to contribute to the knowledge and development ofthe kraft cooking process using spectrophotometricinterfaces.</p><p>In kraft cooking, it is desirable to maximize the removal oflignin in the cook without loss of pulp strength. Theselectivity can be improved by exchanging some of the hydrogensulfide ion in the white liquor for polysulfides. Paper Ipresents a spectrophotometric method for in-line monitoring ofthe electrochemical production of polysulfide using anATR-probe for the UV-Vis range. A linear relation existsbetween the ATR-probe response and the concentration ofabsorbing species. Thus the process can be followed by simplemonitoring of a few wavelengths.</p><p>A spectrophotometric monitoring system using a durableNafion ionomer membrane interface for continuous on-linemeasurement of sulfide and dissolved lignin during kraftcooking has previously been developed by our group. In paperII, the permeation of low molecular weight anions from liquorshaving high ionic strengths through a membrane in Na+ form hasbeen studied. A general relation between penetration and ionsize approximated by molecular weight has been established. Thepenetration of different anions can be explained as a diffusionthrough the winding membrane channels. Further the differentanions transport independently without being interfered by thesample matrix.</p><p>In light of this validation, we applied the membraneinterface to the determination of anthraquinone-2-sulfonate(AQ-S) in alkaline pulping liquor. In paper III, a simple andrapid spectrophotometric method was developed and implementedon real samples. Interferences from other compounds penetratingthe membrane were minimized by reduction of the penetrated AQ-Sand measurement at 520 nm. This method is quick and can be usedon-line. Further, we extended the method to determination ofanthraquinone (AQ) in pulping liquor (paper IV). Although AQ isregarded as insoluble, it was found that the apparentsolubility of AQ in alkaline solutions increases considerablyin the presence of lignin, reaching 0.14 g/L at 90 oC. Thismakes the calibration of AQ possible. Time-resolvedmeasurements of dissolved AQ in 3 kraft-AQ pulping processeswere performed.</p><p>The results show that the membrane has great potential aspart of a selective interface in applications where theconcentrations of small anions are to be monitored in mediawith high ionic strength.</p><p>Keywords: Kraft cooking, On-line, Sulfide, Lignin,Polysulfide excess sulfur, Anthraquinone-2-Sulfonate (AQ-S),Anthraquinone (AQ), Nafion Membrane, UV-Vis, ATR-probe,Spectrophotometric.</p>

Gothic literature has a tradition of dealing with dark subjects, themes and motifs, as well as depicting fear in different shapes and forms. Dani Cavallaro describes dark fiction in terms of the "aesthetic of the unwelcome". The philosopher Edmund Burke separates the beautiful from the sublime and writes that everything that is capable of producing a terror of pain and death is a source of the sublime. In her essay "On the Supernatural in Poetry", Ann Radcliffe draws a clear line between the concepts of terror and horror and distinguished them as fundamentally different. In this essay, I define the terms horror and terror by following up the research surrounding Radcliffes statement. I begin with the concept of terror that Burke and other writers define as an elevated and positive feeling, then move on to account for the discussion surrounding Matthew Lewis' novel The Monk. It was considered pornographic, lewd and outright dangerous in its obscenity with blatant depictions of violence, gore and sex. Since Radcliffe and Lewis were contemporary I reckon that it is profitable to explore this tension further in my essay. From Radcliffe and Lewis I find out how the concepts of terror and horror have developed with time and how modern theorists conceive this distinction.

This paper investigates the determinants of excess returns using dividend yields as a proxy in a cross-sectional setting. First, we find that types of industry and the current business cycle are determining factors of returns. Second, our results suggest that dividend yield serves a signaling mechanism indicating “healthiness” of a firm among prospective investors. Third we see that there is a positive relationship between dividend yield and risk, especially in the utility and financial sectors. And finally, using actual excess returns, instead of dividend yield in our model shows that all predictors of dividend yield were also significant predictors of excess returns. This connection between dividend yield and excess returns support our use of dividend yield as a proxy for excess returns.

Vyšniauskas, K., UAB “Fazer kepyklos” paklausos prognozavimo ir gamybos planavimo analizė [Rankraštis]: Bakalauro baigiamasis darbas. Vadyba ir verslo administravimas. Kaunas, ISM Vadybos ir ekonomikos universitetas, 2009. Darbo tema – UAB „ Fazer kepyklos“ gamybos planavimas nestabilios paklausos sąlygomis. Darbo tikslas - pateikti pasiūlymą, kaip prognozuojant paklausą ir planuojant gamybą sumažinti perteklinės produkcijos kiekį, tuo pačiu, įmonės gamybinius kaštus. Darbo uždaviniai: išaiškinti esamą paklausos prognozavimo bei gamybos planavimo situaciją įmonėje; parinkti tinkamus duomenis įmonės paklausos prognozavimui ir gamybos planavimui; prognozuoti paklausą bei patikrinti jos tikslumą; parinkti tinkamą sprendimą nagrinėjamai problemai spręsti. Tyrimo metodika: antrinių duomenų analizė; istorinė analogija, nestruktūruotas interviu. Darbo rezultatai: parengtas bendras, adaptuotas prie konkrečios situacijos, paklausos prognozavimo ir gamybos planavimo modelis, kuris preliminariais skaičiavimais, sumažintų įmonės gamybinius kaštus iki 7,5%. / Vyšniauskas, K., UAB “Fazer kepyklos” forecast of demand and production planning analysis [Manuscript]: conclusive bachelor performance. Management and business administration. Kaunas, ISM University of management and economics, 2009. Topic – UAB “Fazer kepyklos” production planning in unstable demand environment. Perrformance target – make a suggestion how to improve demand forecasting and production planning process which will be able to reduce level of excess production also company’s production costs. Tasks – analyze current situation of demand forecasting and production planning; choose proper theoretic models of demand forecasting and production planning; make demand forecast and evaluate it’s accuracy; choose one of possible alternatives as right decisions to solve analyzing problem. Survey methodology: secondary data analysis; historical analogy; non structured interview. Performance results: made united demand forecasting and production planning model, which is adaptive for current situation and which could reduce production costs to 7,5 percent.

Bakgrund &amp; Problemformulering: Momentumeffekten på fondmarknaden är ett relativt outforskat område där dess existens på senare tid har blivit omtvistad. Eftersom kunskapen om pensionssparande och det svenska pensionssystemet är låg, samtidigt som de sociala skyddsnäten i samhället minskar är det viktigt att undersöka om momentumstrategier kan ge överavkastning för privatpersoners pensionssparande. Således ställs frågan: Kan momentumstrategier skapa överavkastning på fondmarknaden? Syfte: Syftet med uppsatsen är att undersöka momentumeffekten på fondmarknaden och om momentumstrategier kan utnyttjas av svenska pensionssparare för att skapa överavkastning i PPM-systemet. Metod: Uppsatsen har ett kvantitativt tillvägagångssätt och en deduktiv utgångspunkt tillämpas. För att undersöka momentumeffekten på fondmarknaden tillämpas en multipel regressionsanalys med Fama French-Trefaktormodell, samt Sharpekvot. Uppsatsens urval är PPM-fonder under perioden 2010-2017. Slutsatser: Uppsatsen finner inget statistiskt stöd för en momentumeffekt på fondmarknaden genom Fama French-Trefaktormodell. Detta är ett tecken på att fondmarknaden kan vara svagt effektiv då historisk information inte har kunnat användas för att skapa riskjusterad överavkastning. Uppsatsen finner således ingen momentumeffekt för fondmarknaden efter finanskrisen 2008, trots att en momentumeffekt har kunnat påvisas dessförinnan inom tidigare forskning. Med hänsyn till det har författarna anledning att misstänka att marknadens effektivitet kan variera, vilket skulle kunna förklaras av den Adaptiva Marknadshypotesen. / Background &amp; Problem: The momentum effect in the fund market is relatively unexplored were its existence has been controversial. Due to the lack of knowledge in retirement savings and the Swedish Premium Pension Agency system, alongside the weakening of a social safety net, it is important to examine if momentum strategies give excess returns and can be used for retirement savings. Therefore, the authors question: Do momentum strategies give excess returns in the fund market? Purpose: The aim of the thesis is to examine the momentum effect in the fund market and if momentum strategies can be used to create excess return in the Premium Pension Agency system. Method: The thesis takes a deductive research approach with a quantitative methodology. To examine the momentum effect in the fund market, a multiple regression analysis model from Fama French-Three factor model is applied, and the Sharpe ratio. The sample for the study is Swedish Premium Pension Agency funds, which is examined over the period of 2010-2017. Conclusions: The thesis does not find support for a momentum effect in the fund market through the Fama French-Three factor model. This indicates that the fund market is weak form efficient, as historical information cannot be used to create risk adjusted excess return. Thus, the thesis does not find a momentum effect for the fund market after the financial crisis in 2008, even though a momentum effect is proven to exist before then. In view of this, the authors have reason to suspect the market efficiency to vary, which could be explained by the Adaptive Market Hypothesis.