本研究之目的在了解使用同儕評量為考核方式時，可能影響團體成員公平知覺等心理反應的因素。研究中以96名大學女生為實驗對象，採2x2x2實驗設計，探討“同儕評量與自評之差異”、“團體成員相對親疏關係”及“決策控制力（自評對獎金分配之影響力）”等三個因素對團體成員公平知覺之影響，並了解內外控傾向在此影響機制中扮演的角色。研究結果顯示，當團體使用同儕評量之考核方法時，“同儕評量與自評之差異”對個體的公平知覺、結果滿意、團體吸引力、再次合作意願均有非常顯著的影響。顯示個體相當關心自我評量與同儕評量之差異，當同儕評量比自評低時，個人在以上幾種心理反應都顯著的較弱。在“相對親疏關係”上，結果顯示個體進入團體中時，若感覺其他兩位成員間之親疏關係，比個體自己與其他任一人間為親密時，其公平知覺會較低。在“決策控制力”上，則發現其對公平知覺與再次合作意願有顯著影響，當自評對酬賞結果具有影響力（決策控制力高）時，個體的公平知覺會較高，也較願意再次與其他兩位成員合作。在“同儕評量與自評之差異”、“相對親疏關係”、“決策控制力”三者之交互作用方面，分析結果顯示均未達顯著。在內外控此變項上，除發現其對公平知覺有顯著影響，即愈外控者之公平知覺愈低外，另亦顯示內外控與“相對親疏關係”具有交互作用，但與“決策控制力”、“同儕評量與自評之差異”之交互作用並不顯著，表示內外控只在“相對親疏關係”對公平知覺之影響上有調節效果。本研究最後對未獲驗證之部份加以討論，並依實驗所得結果，提出可能之貢獻、限制、對未來研究的建議及工商實務上之應用。 / This study, employing 96 undergraduates and 2×2×2 experimental design, examined the effects of “discrepancies between peer rating and self rating”, “ relative relationship” and “decision control (the influence of self rating on reward) ” to group members’ perception of fairness. The role of locus of control was also explored. When using the peer rating, subjects who received relative lower peer rating showed weaker perception of fairness, less satisfied with outcome, less attracted to other two coworkers and lower recooperative willing. Subjects perceived fairer when the relative relationship is equal (the familiarity within group members is the same). With the high decision control, subjects’ perception of fairness and recooperative willing were higher. No interaction effect of these three independent variables was found. Locus of control had moderating effect on the relation between relative relationship and perception of fairness. Implications for management and future research are discussed.

Multiple-input, multiple-output (MIMO) techniques have been proposed to meet the needs for higher data rates and lower delays in future wireless communication systems. The downlink capacity of multiuser MIMO systems is achieved when the system transmits to several users simultaneously. Frequently, many more users request service than the transmitter can simultaneously support. Thus, the transmitter requires a scheduling algorithm for the users, which must balance the goals of increasing throughput, reducing multiuser interference, lowering delays, ensuring fairness and quality of service (QoS), etc. In this thesis, we investigate the application of genetic algorithms (GAs) to perform scheduling in multiuser MIMO systems. GAs are a fast, suboptimal, low-complexity method of solving optimization problems, such as the maximization of a scheduling metric, and can handle arbitrary functions and QoS constraints. We first examine a system that transmits using capacity-achieving dirty paper coding (DPC). Our proposed GA structure both selects users and determines their encoding order for DPC, which affects the rates they receive. Our GA can also schedule users independently on different carriers of a multi-carrier system. We demonstrate that the GA performance is close to that of an optimal exhaustive search, but at a greatly reduced complexity. We further show that the GA convergence time can be significantly reduced by tuning the values of its parameters. While DPC is capacity-achieving, it is also very complex. Thus, we also investigate GA scheduling with two linear precoding schemes, block diagonalization and successive zero-forcing. We compare the complexity and performance of the GA with "greedy" scheduling algorithms, and find the GA is more complex, but performs better at higher signal-to-noise ratios (SNRs) and smaller user pool sizes. Both algorithms are near-optimal, yet much less complex than an exhaustive search. We also propose hybrid greedy-genetic algorithms to gain benefits from both types of algorithms. Lastly, we propose an improved method of optimizing the transmit covariance matrices for successive zero-forcing. Our algorithm significantly improves upon the performance of the existing method at medium to high SNRs, and, unlike the existing method, can maximize a weighted sum rate, which is important for fairness and QoS considerations. / Communications

Τα κατανεμημένα δίκτυα κλίμακας Ίντερνετ και κυρίως τα δίκτυα ομοτίμων εταίρων, γνωστά και ως peer-to-peer (p2p), που αποτελούν το πιο αντιπροσωπευτικό παράδειγμά τους, προσελκύουν τα τελευταία χρόνια μεγάλο ενδιαφέρον από τους ερευνητές και τις επιχειρήσεις λόγω των ιδιόμορφων χαρακτηριστικών τους, όπως ο πλήρης αποκεντρωτικός χαρακτήρας, η αυτονομία των κόμβων, η ικανότητα κλιμάκωσης, κ.λπ. Αρχικά σχεδιασμένα να υποστηρίζουν εφαρμογές διαμοιρασμού αρχείων με βασική υπηρεσία την επεξεργασία απλών ερωτημάτων, σύντομα εξελίχτηκαν σε ένα καινούργιο μοντέλο κατανεμημένων συστημάτων, με μεγάλες και αυξανόμενες δυνατότητες για διαδικτυακές εφαρμογές, υποστηρίζοντας πολύπλοκες εφαρμογές διαμοιρασμού δομημένων και σημασιολογικά προσδιορισμένων δεδομένων. Η προσέγγισή μας στην περιοχή αυτή γίνεται προς δύο βασικές κατευθύνσεις: (α) την επεξεργασία πολύπλοκων ερωτημάτων και (β) την εκτίμηση των ανομοιομορφιών των διαφόρων κατανομών που συναντάμε στα δίκτυα αυτά (π.χ. φορτίου, προσφοράς ή κατανάλωσης ενός πόρου, τιμών των δεδομένων των κόμβων, κ.λπ.), που εκτός των άλλων αποτελεί ένα σημαντικό εργαλείο στην υποστήριξη πολύπλοκων ερωτημάτων. Συγκεκριμένα, ασχολούμαστε και επιλύουμε τρία βασικά ανοικτά προβλήματα. Το πρώτο ανοικτό πρόβλημα είναι η επεξεργασία ερωτημάτων εύρους τιμών σε ομότιμα συστήματα κατανεμημένου πίνακα κατακερματισμού, με ταυτόχρονη εξασφάλιση της εξισορρόπησης του φορτίου των κόμβων και της ανοχής σε σφάλματα. Προτείνουμε μια αρχιτεκτονική επικάλυψης, που ονομάζουμε Saturn, που εφαρμόζεται πάνω από ένα δίκτυο κατανεμημένου πίνακα κατακερματισμού. Η αρχιτεκτονική Saturn χρησιμοποιεί: (α) μια πρωτότυπη συνάρτηση κατακερματισμού που τοποθετεί διαδοχικές τιμές δεδομένων σε γειτονικούς κόμβους, για την αποδοτική επεξεργασία των ερωτημάτων εύρους τιμών και (β) την αντιγραφή, για την εξασφάλιση της εξισορρόπησης του φορτίου προσπελάσεων (κάθετη, καθοδηγούμενη από το φορτίο αντιγραφή) και της ανοχής σε σφάλματα (οριζόντια αντιγραφή). Μέσα από μια εκτεταμένη πειραματική αξιολόγηση του Saturn και σύγκριση με δύο βασικά δίκτυα κατανεμημένου πίνακα κατακερματισμού (Chord και OP-Chord) πιστοποιούμε την ανωτερότητα του Saturn να αντιμετωπίζει και τα τρία ζητήματα που θέσαμε, αλλά και την ικανότητά του να συντονίζει το βαθμό αντιγραφής ώστε να ανταλλάζει ανάμεσα στο κόστος αντιγραφής και στο βαθμό εξισορρόπησης του φορτίου. Το δεύτερο ανοικτό πρόβλημα που αντιμετωπίζουμε αφορά την έλλειψη κατάλληλων μετρικών που να εκφράζουν τις ανομοιομορφίες των διαφόρων κατανομών (όπως, για παράδειγμα, το βαθμό δικαιοσύνης μιας κατανομής φορτίου) σε κατανεμημένα δίκτυα κλίμακας Ίντερνετ και την μη αποτελεσματική ή δυναμική εκμετάλλευση μετρικών ανομοιομορφίας σε συνδυασμό με αλγορίθμους διόρθωσης (όπως ο αλγόριθμος εξισορρόπησης φορτίου). Το πρόβλημα είναι σημαντικό γιατί η εκτίμηση των κατανομών συντελεί στην ικανότητα κλιμάκωσης και στην επίδοση αυτών των δικτύων. Αρχικά, προτείνουμε τρεις μετρικές ανομοιομορφίας (το συντελεστή του Gini, τον δείκτη δικαιοσύνης και το συντελεστή διασποράς) μετά από μια αναλυτική αξιολόγηση μεταξύ γνωστών μετρικών εκτίμησης ανομοιομορφίας και στη συνέχεια, αναπτύσσουμε τεχνικές δειγματοληψίας (τρεις γνωστές τεχνικές και τρεις προτεινόμενες) για τη δυναμική εκτίμηση αυτών των μετρικών. Με εκτεταμένα πειράματα αξιολογούμε συγκριτικά τους προτεινόμενους αλγορίθμους εκτίμησης και τις τρεις μετρικές και επιδεικνύουμε πώς αυτές οι μετρικές και ειδικά, ο συντελεστής του Gini, μπορούν να χρησιμοποιηθούν εύκολα και δυναμικά από υψηλότερου επιπέδου αλγορίθμους, οι οποίοι μπορούν τώρα να ξέρουν πότε να επέμβουν για να διορθώσουν τις άδικες κατανομές. Το τρίτο και τελευταίο ανοικτό πρόβλημα αφορά την εκτίμηση του μεγέθους αυτοσύνδεσης μιας σχέσης όπου οι πλειάδες της είναι κατανεμημένες σε κόμβους δεδομένων που αποτελούν ένα ομότιμο δίκτυο επικάλυψης. Το μέγεθος αυτοσύνδεσης έχει χρησιμοποιηθεί εκτεταμένα σε συγκεντρωτικές βάσεις δεδομένων για τη βελτιστοποίηση ερωτημάτων και υποστηρίζουμε ότι μπορεί να χρησιμοποιηθεί και σε ένα πλήθος άλλων εφαρμογών, ειδικά στα ομότιμα δίκτυα (π.χ. συσταδοποίηση του Ιστού, αναζήτηση στον Ιστό, κ.λπ.). Η συνεισφορά μας περιλαμβάνει, αρχικά, τις προσαρμογές πέντε γνωστών συγκεντρωτικών τεχνικών εκτίμησης του μεγέθους αυτοσύνδεσης (συγκεκριμένα, σειριακή, ετεροδειγματοληπτική, προσαρμοστική και διεστιακή δειγματοληψία και δειγματοληψία με μέτρηση δείγματος) στο περιβάλλον ομοτίμων εταίρων και η ανάπτυξη μια πρωτότυπης τεχνικής εκτίμησης του μεγέθους αυτοσύνδεσης, βασισμένη στο συντελεστή του Gini. Με μαθηματική ανάλυση δείχνουμε ότι οι εκτιμήσεις του συντελεστή του Gini μπορούν να οδηγήσουν σε εκτιμήσεις των υποκείμενων κατανομών δεδομένων, όταν αυτά ακολουθούν το νόμο της δύναμης ή το νόμο του Zipf και αυτές, με τη σειρά τους, σε εκτιμήσεις του μεγέθους αυτοσύνδεσης των σχέσεων των δεδομένων. Μετά από αναλυτική πειραματική μελέτη και σύγκριση όλων των παραπάνω τεχνικών αποδεικνύουμε ότι η καινούργια τεχνική που προτείνουμε είναι πολύ αποτελεσματική ως προς την ακρίβεια, την πιστότητα και την απόδοση έναντι των άλλων πέντε μεθόδων. / The distributed, Internet-scale networks, and mainly, the peer-to-peer networks (p2p), that constitute their most representative example, recently attract a great interest from the researchers and the industry, due to their outstanding properties, such as full decentralization, autonomy of nodes, scalability, etc. Initially designed to support file sharing applications with simple lookup operations, they soon developed in a new model of distributed systems, with many and increasing possibilities for Internet applications, supporting complex applications of structured and semantically rich data. Our research to the area has two basic points of view: (a) complex query processing and (b) estimation of skewness in various distributions existing in these networks (e.g. load distribution, distribution of offer, or consumption of resources, data value distributions, etc), which, among others, it is an important tool to complex query processing support. Specifically, we deal with and solve three basic open problems. The first open problem is range query processing in p2p systems based on distributed hash tables (DHT), with simultaneous guarantees of access load balancing and fault tolerance. We propose an overlay DHT architecture, coined Saturn. Saturn uses a novel order-preserving hash function that places consecutive data values in successive nodes to provide efficient range query processing, and replication to guarantee access load balancing (vertical, load-driven replication) and fault tolerance (horizontal replication). With extensive experimentation, we evaluate and compare Saturn with two basic DHT networks (Chord and OP - Chord), and certify its superiority to cope with the three above requirements, but also its ability to tune the degree of replication to trade off replication costs for access load balancing. The second open problem that we face concerns the lack of appropriate metrics to express the degree of skewness of various distributions (for example, the fairness degree of load balancing) in p2p networks, and the inefficient and offline-only exploitation of metrics of skewness, which does not enable any cooperation with corrective algorithms (for example, load balancing algorithms). The problem is important because estimation of distribution fairness contributes to system scalability and efficiency. First, after a comprehensive study and evaluation of popular metrics of skewness, we propose three of them (the coefficient of Gini, the fairness index, and the coefficient of variation), and, then, we develop sampling techniques (three already known techniques, and three novel ones) to dynamically estimate these metrics. With extensive experimentation, which comparatively evaluates both the various proposed estimation algorithms and the three metrics we propose, we show how these three metrics, and especially, the coefficient of Gini, can be easily utilized online by higher-level algorithms, which can now know when to best intervene to correct unfairness. The third and last open problem concerns self-join size estimation of a relation whose tuples are distributed over data nodes which comprise an overlay network. Self-join size has been extensively used in centralized databases for query optimization purposes, and we support that it can also be used in various other applications, specifically in p2p networks (e.g. web clustering, web searching, etc). Our contribution first includes the adaptations of five well-known self-join size estimation, centralized techniques (specifically, sequential sampling, cross-sampling, adaptive and bifocal sampling, and sample-count) to the p2p environment and a novel estimation technique which is based on the Gini coefficient. With mathematical analysis we show that, the estimates of the Gini coefficient can lead to estimates of the degree of skewness of the underlying data distribution, when these follow the power, or Zipf’s law, and these estimates can lead to self-join size estimates of those data relations. With extensive experimental study and comparison of all above techniques, we prove that the proposed technique is very efficient in terms of accuracy, precision, and cost of estimation against the other five methods.

No description available.

Les systèmes cellulaires modiles WiMAX ont pour objectif de fournir des services multimédias à haut débit à n'importe quel moment, n'importe quel endroit avec un prix abordable. La combinaison d'orthogonale accès multiples (OFDMA) et le relais en Wimax donnent plusieurs opportunités pour des réseaux moins coûteux et plus performances. La norme Wimax 802.16j élargit non seulement la couverture de la cellule, mais aussi augmente le débit moyen des utilisateurs. Plusieurs recherches de cette norme ont été publiées afin d'optimiser la performance du réseau. Cependant, lorsque nous étudions les architectures existantes du Wimax 802.16j standard et leur rendement, nous nous sommes aperçus que le débit du système pourrait être encore amélioré à l'aide de la réutilisation de fréquence. Dans la première partie de ce travail de recherche, nous avons examiné l'architecture existante de la norme 802.16j. Le débit total du système est légèrement plus élevé dans ces architectures que dans la norme sans relais. Afin d'améliorer le rendement du système de cette norme, nous avons proposé une nouvelle architecture de cette norme avec réutilisation de fréquence et de la technique de sectorisation. Le débit total augmente fortement dans notre approche comparant aux études existantes. Dans la deuxième partie, nous avons étudié l'impact de l'interférence dans notre modèle de relais. Les résultats de simulation montrent que les SINR de station mobile augmentent très légèrement. Cet impact d'interférence est assez faible et pourrait être négligeable. Nous concluons que notre proposition fournit toujours une meilleure performance. Dans la troisième partie, nous avons proposé une nouvelle approche d'allocation de ressources en liaison descendante afin de garantir les mêmes qualités de service pour les utilisateurs en maintenant un haut débit total. Les résultats de simulation montrent qu'il existe un compromis entre l'équité de la qualité de service et le débit total du système.

South Africa has already implemented three tax–amnesty programmes: the Second Small Business Tax Amnesty 10 of 2006, the Exchange Control Amnesty Act 12 of 2003 and the Tax Amnesty Act 19 of 1995. In the 2010 budget announcement the Minister of Finance, Mr. Pravin Gordan, announced that there will be another chance for taxpayers to get their tax affairs in order with the Voluntary Disclosure Programme. The main goal of this study is to determine whether the Voluntary Disclosure Programme will prove to be effective or not. The research method utilised is based on an advanced literature study. The secondary goals are as follows: * to obtain a thorough knowledge regarding the three previous tax–amnesties that was implemented in South Africa. A prediction as to the success of the Voluntary Disclosure Programme can be made when using the total number of applications received and the amount of revenue that was received by the previous amnesties, as a measure of success; * to obtain a thorough knowledge of other countries' amnesty–programs, including the following: Australia, Ireland, Canada and the United Kingdom. Their experience and successes regarding their amnesty–programs will be used to predict the success of the Voluntary Disclosure Programme; an * to determine whether the Voluntary Disclosure Programme can be declared as fair. This study indicated that the Voluntary Disclosure Programme may not be effective and that it may have a negative impact on the tax compliance of taxpayers. A recommendation from this study is that the government should win the trust of taxpayers, which will lead to an automatic improvement in tax compliance. This study indicated that the tax amnesty programs should not be used as a mechanism to enhance tax compliance. An issue that needs further exploration is the impact that the Voluntary Disclosure Programme will have in the long–term on tax compliance in South Africa. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

South Africa has already implemented three tax–amnesty programmes: the Second Small Business Tax Amnesty 10 of 2006, the Exchange Control Amnesty Act 12 of 2003 and the Tax Amnesty Act 19 of 1995. In the 2010 budget announcement the Minister of Finance, Mr. Pravin Gordan, announced that there will be another chance for taxpayers to get their tax affairs in order with the Voluntary Disclosure Programme. The main goal of this study is to determine whether the Voluntary Disclosure Programme will prove to be effective or not. The research method utilised is based on an advanced literature study. The secondary goals are as follows: * to obtain a thorough knowledge regarding the three previous tax–amnesties that was implemented in South Africa. A prediction as to the success of the Voluntary Disclosure Programme can be made when using the total number of applications received and the amount of revenue that was received by the previous amnesties, as a measure of success; * to obtain a thorough knowledge of other countries' amnesty–programs, including the following: Australia, Ireland, Canada and the United Kingdom. Their experience and successes regarding their amnesty–programs will be used to predict the success of the Voluntary Disclosure Programme; an * to determine whether the Voluntary Disclosure Programme can be declared as fair. This study indicated that the Voluntary Disclosure Programme may not be effective and that it may have a negative impact on the tax compliance of taxpayers. A recommendation from this study is that the government should win the trust of taxpayers, which will lead to an automatic improvement in tax compliance. This study indicated that the tax amnesty programs should not be used as a mechanism to enhance tax compliance. An issue that needs further exploration is the impact that the Voluntary Disclosure Programme will have in the long–term on tax compliance in South Africa. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

面對通訊與資訊科技的大幅進步，通訊網路正在進行一個巨大的變革，要將電信網路與數據網路整合成一個單一的All-IP網路以支援所有網路應用服務。欲達到整合型網路的理想，仍有許多困難尚待克服，而服務品質問題是其中最關鍵的問題之一。因為受限於封包交換網路之原有的特性，All-IP網路有影響服務品質的三項因素：過長的延遲時間、抖動以及封包遺失。首先，我們利用了達成度函數(achievement function)來處理單位的轉換，使得能夠同時考量此三項不同單位的因素。接著，本文中提出一套方法來解決All-IP網路上端對端(end-to-end)的資源配置及路徑規劃問題。在分配資源時，我們企圖提供一種成比例的公平性給各個不同等級。此公平性的精神是要使得所有網路使用者的滿足程度相當，而非各個不同等級的使用者分配到相同的資源。我們將以預算方式控制端對端品質管理以追求使用者之整體最大滿意程度。 本論文的規劃概念是將網路規劃分成兩個階段。第一階段是在一筆給定的總預算底下，以成比例的方式去分配資源給各個不同等級，並建置網路上的頻寬，使各等級能依其需求拿到適當的頻寬，確保滿足程度相當。 接下來第二階段則是在第一部份已完成的規劃基礎下，做路徑規劃，指派新進入的使用者到一條較好的路徑，在滿足此使用者的延遲時間要求下，使此系統的壅塞程度越小越好。路徑規劃的概念為如何挑選最佳網路路徑，以規劃具服務品質之端對端路徑，並可達到資源之最有效利用。網路營運者將可運用此套方法來調校自身所營運的網路以追求使用者最高滿意度。 / We present an approach for the fair resource allocation problem and QoS routing in All-IP networks that offer multiple services to users. The objective of the optimization problem is to determine the amount of required bandwidth for each link and each class to maximize the sum of the users' utility. In this work, we focus on approaches that, while allocating bandwidth, attempt to provide a proportionally fair treatment of all the competing classes. First, we will show that an achievement function can map different criteria subject to various utility onto a normalized scale. It may be interpreted as a measure of QoS (Quality of Service) on All-IP networks. Using the bandwidth allocation model, we can find a Pareto optimal allocation of bandwidth on the network under a limited available budget. This allocation can provide the so-called proportional fairness to every class, that is, this allocation can provide the similar satisfaction to each user. Next, we present a routing scheme under consideration of the delay. Such an optimal path provides the end-to-end QoS guarantees to each user. Finally, a numerical example is given to illustrate how to solve the fair resource allocation problem and how to modify the nonlinear parts.

The dissertation employs laboratory experimental methodology to study decision-making when people face trade-offs between ethical and economic values. More explicitly, the three chapters investigate 1) consumer behaviour when a substantially equivalent version of a product is more expensive because it was produced without child labour, 2) the interaction between an expert advisor and an ignorant decision-maker, when the former may gain from lying and the latter has to decide whether or not to trust in the advice, and 3) fairness in divisions of an economic gain between two people who were both involved in creating the gain, but only one of them provided real effort. Here, a focus is on the impact of power structure, i.e. who decides, on divisions and fairness judgments. All studies discuss implications of experimental behaviour for market and business domains. In addition, the thesis emphasizes ethical theories as complementary to normative benchmark from economic and psychological theory. / La tesis utiliza una metodología experimental para investigar las decisiones de los individuos cuando hay un conflicto entre valores éticos y económicos. Mas específicamente, los tres capítulos investigan sobre 1) el comportamiento del consumidor cuando se enfrenta a dos versiones de un mismo producto, siendo una de ellas más cara por ser producida sin trabajo infantil, 2) la interacción entre un agente experto y un agente desinformado que debe tomar una decisión confiando o no en el consejo del experto, el cuál puede mentir para ganar más dinero, y 3) el reparto justo de una ganancia económica entre dos personas de las cuales sólo una ha contribuido trabajando en un ejercicio. Este último estudio se centra en el impacto de la estructura de poder, es decir quién decide, en el reparto y en los juicios de que es lo justo. Los estudios analizan las implicaciones del comportamiento experimental sobre los mercados y las empresas. Además, la tesis propone teorías éticas para complementar las teorías económicas y psicológicas.

Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.