[pt] A busca por modelos de avaliação cada vez mais precisos tem sido uma preocupação permanente no âmbito das finanças corporativas. No entanto, para que estes modelos gerem bons resultados, é preciso que estimativas do comportamento futuro de contas como receitas, custos, despesas e investimentos estejam bem avaliadas. Dentro deste contexto se insere a importância da previsão das taxas de crescimento. Elas dependem de diversos fatores, externos e internos à empresa e que são, muitas vezes, de extrema complexidade. Na tentativa de tornar esta estimativa mais objetiva, o presente trabalho procura avaliar a hipótese de que índices de mercado bastante utilizados pelos analistas financeiros, como preço de mercado da ação-lucro, preço de mercado da ação-valor patrimonial por ação e preço de mercado da ação - vendas, são capazes de fornecer indícios sobre o comportamento futuro das contas receita bruta, EBITDA e lucro operacional de empresas listadas na Bolsa de Valores de São Paulo (BOVESPA) durante o período 1994-2003. Através do teste estatístico não- paramétrico de Wilcoxon, o estudo fornece indícios de que a variável preço de mercado da ação - valor patrimonial por ação possui valores maiores para empresas de baixo crescimento e menores para empresas de médio e alto crescimento. Para as variáveis preço-lucro e preço-vendas não se observam diferenças significativas de valor entre os grupos de baixo, médio ou alto crescimento. / [en] The search for more accurate evaluation models has been a permanent activity within the field of corporative finances. A successful model must forecast, with a high degree of confidence and accuracy, the future behavior of incomes, costs, expenditures and investments. Companies´ growth rates are also important; they depend on several internal and external factors and their evaluation can be a very complex task. Our work evaluates critically some valuation ratios used by financial analysts like: price-to-earnings, market-to-book and price-to-sales ratios, in order to obtain useful information about the following itens future behavior: Gross Revenue, EBITDA and Operating Profit of companies listed at São Paulo Stock Exchange (BOVESPA) during the period 1994-2003. The Wilcoxon´s nonparametric test suggests: an inverse relationship between the market- to-book index to the registered companies growth rate and no noticeable relationship between price-to-earnings ratios and price-to-sales ratios to the same companies´ growth rate.

A prescription is given to obtain some exact results for certain external potentials �� (r) of the time-independent Gross-Pitaevskii and Schrodinger equations. The study motivation is the ability to program �� (r) experimentally in cold atom Bose-Einstein condensates. Rather than derive wavefunctions that are solutions for a given �� (r), we ask which �� (r) will have a given pdf (probability density function) �� (r). Several examples in 1 dimension (1D), 2 dimensions (2D), and 3 dimensions (3D) are presented for well-known pdfs in the position space. Exact potentials with zero, one and two walls are obtained and explained in detail. Apart from position space, the method is also applicable to obtain exact solutions for the Time-independent Schr¨odinger equation (TISE) and Gross-Pitaevskii equation (GPeq) for pdfs in momentum space. For this, we derived the potentials which are generated from the pdfs of the hydrogen atom in the real space as well as in the momentum space. However, the method was also extended for the time-dependent case. The prescription is also applicable to solve time-dependent pdfs. The aim is to find the ��(r, ��) which generates the pdf ��(r, ��). As a special case, we tested our method by studying the well known case for the Gaussian wave packet in 1D with zero potential ��(��, ��) = 0.

The Late Cretaceous Trail Member of the Ericson Sandstone represents a regionally extensive fluvial system that transported sediments from the Sevier fold and thrust belt and Uinta Mountain uplift to the Western Interior Seaway. The Trail Member is a petroleum reservoir target that has unpredictable production rates due to the unknown behavior and connectivity of channel sandstones. The abundant outcrop, wellbore, and core data available allows for a comprehensive analysis of how the fluvial architecture, connectivity, and reservoir quality change along 65 km of depositional dip. Observations made at Flaming Gorge and Clay Basin (most landward field locations) suggest a highly mobile fluvial system that was influenced by both autogenic channel clustering and allogenic forcing. Evidence is seen for movement along the Sevier fold and thrust belt and early Laramide uplift of the Uinta Mountains. Specifically, three zones identify temporal tectonic changes throughout deposition of the Trail Member. The Upper and Lower Trail zones represent times of low accommodation as the fluvial system must avulse and move laterally to find available space. The Middle Trail zone represents a higher accommodation setting with internal autogenic channel clustering. This shows that on a finer timescale, autogenic processes control sediment distribution, while on a longer timescale, external drivers, specifically tectonics, control the distribution of sediment in the Trail fluvial system. Significant changes were observed within the Trail Member towards the basin. At Northern Colorado, lenticular, fluvial-dominated sands are still common, preserved organic and woody material, mud cracks, and increased bioturbation are observed that are not present elsewhere. The sandstone channels are slightly wider, have more common occurrences of low flow-regime sedimentary structures such as ripples and mud cracks, and appear to be more individually isolated with thin fine-grained material surrounding the channels. On a larger scale, photogrammetric analysis shows a rapid lateral change (0.3 km) from a sand-rich, channel-dominated expression to a mud-rich, channel-poor character. These observations suggest a lower energy fluvial system focused within a possible incised valley showing that the fluvial system is being influenced primarily by eustatic forces, rather than tectonics. Subsurface data from twelve wells located north of the Northern Colorado locality show a rapid (15 km) increase in thickness (97 m to 182 m) and decrease in net-to-gross (89.3% to 65.3%). Early subsidence of the Washakie sub-basin just east of the wells could account for the rapid increase in accommodation. Another possible explanation for the rapid thickness increase to the northeast could be the presence of an incised valley. These possibilities show the complexity of the environment within which the Trail Member fluvial system deposited sediments.

Policymakers' action of mitigating and slowing down the continued increase of carbon emission is a significant global priority. One way to internalise the negative externality of pollution is to put a price on greenhouse gases and use the market-based approach of emission trading systems. On the other hand, according to economic reasoning, pollution is an essential tool for economic development. This paper aims to investigate the economic effects of introducing the first international emission trading system of greenhouse gases, the EU emission trading system, by observing the economic growth and gross fixed capital formation. Mankiw, Romer, and Wiel's (1992) theory is utilised in this study and based on cross-country and cross-state panel data between 1999-2012, an empirical analysis using the fixed effects model was followed. The finding shows that the EU emission trading system has a negative effect on the growth of real gross domestic product per capita compared to states and countries not participating in an emission trading system. In addition, the first phase results having a positive effect and the second phase has a negative effect on the economic growth compared to states and countries not participating in an emission trading system. There is no statistical evidence of the effect on gross fixed capital formation as a percentage share of GDP. Organisations can use the findings to decide whether developing countries can afford the consequence of an implemented emission trading system since it tends to slow down growth. However, further research needs to consider the effect of the financial crisis of 2008 and the interpretation of the EU emission trading scheme.

This research examines at the effect of corporate social responsibility (CSR) expenditure in two state commercial banks and few other financial institutions that are listed on the CSE in Sri Lanka. The independent variable in this analysis is CSR expenditure, whereas the dependent variable is financial performance. Market- and accounting-based performance metrics (ROA, ROE and EPS) are used to assess the financial performance of the financial institutions. The study's control variables were firm age, firm size, and GDP growth rate. For a duration of Eight years, the researchers gathered secondary data on the financial institutions from 2015 to 2022 by using audited annual reports, which included 13 financial institutions as a sample. The study findings reveal that CSR has a statistically significant impact on financial performance. The correlation analysis demonstrated a statistically significant relationship between CSR expenditure and ROA, ROE, and EPS. The correlation coefficient showed that all of the suggested hypotheses were significant and acceptable. The findings from the regression analysis revealed that CSR expenditure has an impact on the financial institution's ROA, ROE, and EPS. The results and implications can assist Sri Lankan financial institutions in designing their CSR projects to maximize value for the organization, resulting in a win-win situation. In addition, investing in CSR as a non-profit endeavor might help financial institutions meet their social responsibility obligations while also enhancing future intangible revenues and preparing them for market competitiveness. In contrast, CSR investments may improve community development, diversity promotion, and quality of life while treating social challenges including poverty, healthcare, education, and environmental sustainability.

La compréhension des effets des interactions dans un ensemble de particules quantiques représente un enjeu majeur de la physique moderne. Les atomes ultra-froids sont rapidement devenus un outil incomparable pour étudier ces systèmes quantiques fortement corrélés. Dans cette thèse, nous présentons plusieurs travaux portant sur les propriétés d’un mélange de superfluides de Bose et de Fermi créé à l’aide de vapeurs ultra-froides de ⁷Li et de ⁶Li. Nous étudions tout d'abord les propriétés hydrodynamiques du mélange en créant un contre-courant entre les superfluides. L'écoulement est dissipatif uniquement au dessus d'une vitesse critique que nous mesurons dans le crossover BEC-BCS. Une simulation numérique d’un contre-courant de deux condensats permet de mieux comprendre les mécanismes sous-jacents mis en jeu dans la dynamique. En particulier, l'étude numérique fournit des preuves supplémentaires que l'origine de la dissipation dans nos expériences est liée à l'émission d'excitation élémentaires dans chaque superfluide. Finalement, nous nous intéressons aux pertes inélastiques par recombinaison à trois corps qui peuvent limiter la stabilité de nos nuages. Ces pertes sont intimement liées aux corrélations à courte distance présentes dans le système et sont ainsi connectées aux propriétés universelles du gaz quantique. Cela se manifeste notamment par l’apparition de dépendances en densité ou en température inusuelles du taux de perte lorsque le système devient fortement corrélé. Nous démontrons cet effet dans deux exemples où les interactions sont résonantes, le cas du gaz de Bose unitaire et celui de notre mélange de superfluides Bose-Fermi. Plus généralement, nos travaux montrent que ces pertes inélastiques peuvent être utilisées pour sonder les corrélations quantiques dans un système en fortes interactions. / Understanding the effect of interactions in quantum many-body systems presents some of the most compelling challenges in modern physics. Ultracold atoms have emerged as a versatile platform to engineer and investigate these strongly correlated systems. In this thesis, we study the properties of a mixture of Bose and Fermi superfluids with tunable interactions produced using ultracold vapors of ⁷Li and ⁶Li. We first study the hydrodynamic properties of the mixture by creating a counterflow between the superfluids. The relative motion only exhibit dissipation above a critical velocity that we measure in the BEC-BCS crossover. A numerical simulation of counterflowing condensates allows for a better understanding of the underlying mechanisms at play in the dynamics. In particular, this numerical study provides additional evidence that the onset of friction in our experiment is due to the simultaneous generation of elementary excitations in both superfluids. Finally, we consider the inelastic losses that occur via three-body recombination in our cold gases. This few-body process is intimately related to short-distance correlations and is thereby connected to the universal properties of the many-body system. This manifests as the apparition of an unusual dependence on density or temperature in the loss rate when increasing the interactions. We demonstrate this effect in two examples where interactions are resonant: the case of a dilute unitary Bose gas and the one of impurities weakly coupled to a unitary Fermi gas. More generally, our work shows that inelastic losses can be used to probe quantum correlations in a many-body system.

Le phénomène de condensation d’un gaz de bosons lorsqu’il est refroidi à zéro degrés Kelvin futdécrit par Einstein en 1925 en s’appuyant sur des travaux de Bose. Depuis lors, de nombreux physiciens,mathématiciens et numériciens se sont intéressés au condensat de Bose-Einstein et à son caractère superfluide. Nous proposons dans cette étude des méthodes numériques ainsi qu’un code informatique pour la simulation d’un condensat de Bose-Einstein en rotation. Le principal modèle mathématique décrivant ce phénomène physique est une équation de Schrödinger présentant une non-linéarité cubique,découverte en 1961 : l’équation de Gross-Pitaevskii (GP). En nous appuyant sur le logiciel FreeFem++,nous nous servons d’une discrétisation spatiale en éléments-finis pour résoudre numériquement cette équation. Une méthode d’adaptation du maillage à la solution et l’utilisation d’éléments-finis d’ordre deux nous permet de résoudre finement le problème et d’explorer des configurations complexes en deux ou trois dimensions d’espace. Pour sa version stationnaire, nous avons développé une méthode de gradient de Sobolev ou une méthode de point intérieur implémentée dans la librairie Ipopt. Pour sa version instationnaire, nous utilisons une méthode de Time-Splitting combinée à un schéma de Crank-Nicolson ou une méthode de relaxation. Afin d’étudier la stabilité dynamique et thermodynamique d’un état stationnaire, le modèle de Bogoliubov-de Gennes propose une linéarisation de l’équation de Gross-Pitaevskii autour de cet état. Nous avons élaboré une méthode permettant de résoudre ce système aux valeurs et vecteurs propres, basée sur un algorithme de Newton ainsi que sur la méthode d’Arnoldi implémentée dans la librairie Arpack. / The phenomenon of condensation of a boson gas when cooled to zero degrees Kelvin was described by Einstein in 1925 based on work by Bose. Since then, many physicists, mathematicians and digitizers have been interested in the Bose-Einstein condensate and its superfluidity. We propose in this study numerical methods as well as a computer code for the simulation of a rotating Bose-Einstein condensate.The main mathematical model describing this phenomenon is a Schrödinger equation with a cubic nonlinearity, discovered in 1961: the Gross-Pitaevskii (GP) equation. By using the software FreeFem++ and a finite elements spatial discretization we solve this equation numerically. The mesh adaptation to the solution and the use of finite elements of order two allow us to solve the problem finely and to explore complex configurations in two or three dimensions of space. For its stationary version, we have developed a Sobolev gradient method or an internal point method implemented in the Ipopt library. .For its unsteady version, we use a Time-Splitting method combined with a Crank-Nicolson scheme ora relaxation method. In order to study the dynamic and thermodynamic stability of a stationary state,the Bogoliubov-de Gennes model proposes a linearization of the Gross-Pitaevskii equation around this state. We have developed a method to solve this eigenvalues and eigenvector system, based on a Newton algorithm as well as the Arnoldi method implemented in the Arpack library.

Les matériaux de Dirac constituent une classe intéressante de systèmes pouvant subir une transition de phase quantique à température nulle, lorsqu’un paramètre non-thermique atteint un point critique quantique. À l’approche d’un tel point, les observables physiques sont affectées par les importantes fluctuations thermiques et quantiques. Dans ce mémoire, on utilise des techniques de théorie conforme des champs afin d’étudier le tenseur de conductivité électrique dans des théories en 2 + 1 dimensions contenant des fermions de Dirac près d’un point critique quantique. À basse énergie, ces dernières décrivent de façon adéquate de nombreux matériaux de Dirac ainsi que leur transition de phase quantique. La conductivité est étudiée dans le régime des hautes fréquences, à température non-nulle et lorsque le paramètre non-thermique est près de sa valeur critique. Dans ce projet, l’emphase est mise sur les points critiques quantiques invariants sous la parité et le renversement du temps. Dans ce cas, l’expansion de produit d’opérateurs (Operator product expansion en anglais) ainsi que la théorie des perturbations conforme permettent d’obtenir une expression générale pour l’expansion à grandes fréquences des conductivités longitudinales et transverses (de Hall) lorsque le point critique quantique est déformé par un opérateur scalaire relevant. Grâce à ces dernières, nous sommes en mesure de déduire des règles de somme exactes pour ces deux quantités. À titre d’exemple, nos résultats généraux sont appliqués dans le cadre du modèle interagissant de Gross-Neveu, où nous obtenons l’expansion des deux conductivités ainsi que les règles de somme pour un nombre de saveurs de fermions de Dirac N arbitraire. Ces mêmes expressions sont ensuite obtenues par un calcul explicite à N = infini, permettant la comparaison avec les résultats pour un N quelconque. Par la suite, des résultats généraux similaires sont obtenus dans le cas où le point critique quantique est déformé par un opérateur pseudoscalaire relevant. Ces derniers sont finalement appliqués à une théorie de fermions de Dirac libres perturbée par un terme de masse. / Dirac materials constitute an interesting class of systems that can undergo a quantum phase transition at zero temperature, when a non-thermal parameter reaches a quantum critical point. As we approach such a point, physical observables are altered by the important thermal and quantum fluctuations. In this thesis, conformal field theory techniques are used to study the electrical conductivity tensor in theories with Dirac fermions in 2+1 dimensions close to a quantum critical point. At low energies, these adequately describe various Dirac materials as well as their quantum phase transition. In this project, we focus on theories that have a quantum critical point invariant under parity and time-reversal. In this case, the operator product expansion and conformal perturbation theory allow to obtain a general expression for the large frequency expansion of the longitudinal and transverse (Hall) conductivities when the quantum critical point is deformed by a relevant scalar operator. Using these, we are able to deduce exact sum rules for both quantities. As an example, our general results are applied to the Gross-Neveu model, where we obtain the large frequency expansion for both conductivities and the associated sum rules for an arbitrary number of Dirac fermion flavors N. The same expressions are then obtained by an explicit calculation at N = infinity, allowing to compare with our results for any N. Afterwards, analogous general results are obtained for theories where the quantum critical point is deformed by a relevant pseudoscalar. These are finally applied to a theory of massless free Dirac fermions perturbed by a mass term.

From time to time the court delivers a judgment that has a ripple effect beyond what was expected, resulting in estate planners reconsidering their planning strategies. Such a judgment was the judgment delivered by the Supreme Court of Appeal (SCA) in the case of the Commissioner for the South African Revenue Services v Brummeria Renaissance 2007 6 SA 601 (SCA) (Brummeria case). In this case the interest-free loan and the right to use loan capital free of any interest obligation were under scrutiny. The SCA had to rule on whether or not this right had a determinable value and whether or not this value could be taxable in the hands of the borrower. The SCA ruled that the right under an interest-free loan should be included in the gross income of the borrower. Since estate planning often involves the use of an interest-free loan, as estate planning tool, to remove a growth asset from the estate of a planner, it could not be generally accepted any more that the granting of such loan would not have any tax implications. Although the interest-free loans used in the Brummeria case, did not relate to an estate planning exercise, the ruling resulted in much speculation regarding the future of the interest-free loan as estate planning tool. SARS tried to ease the uncertainty by issuing Interpretation Note 58, but there is still uncertainty to some extent. The focus of this mini-dissertation is to explain when and to what extend the provisions of the Income Tax Act 58 of 1962 (ITA) as well as the Estate Duty Act 45 of 1955 (EDA) will apply to the granting of an interest-free loan as part of an estate planning exercise. The provisions of the gross income definition, sections 7 and 64E, the provisions of donations tax as well as paragraph 12(5) and 12A of the Eighth Schedule to the ITA, were explored. Sections 3(3) and 3(5) of the EDA are discussed with the use of these loans for estate planning in mind. The question whether or not the interest-free loan is still a useful estate planning tool is also answered. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

From time to time the court delivers a judgment that has a ripple effect beyond what was expected, resulting in estate planners reconsidering their planning strategies. Such a judgment was the judgment delivered by the Supreme Court of Appeal (SCA) in the case of the Commissioner for the South African Revenue Services v Brummeria Renaissance 2007 6 SA 601 (SCA) (Brummeria case). In this case the interest-free loan and the right to use loan capital free of any interest obligation were under scrutiny. The SCA had to rule on whether or not this right had a determinable value and whether or not this value could be taxable in the hands of the borrower. The SCA ruled that the right under an interest-free loan should be included in the gross income of the borrower. Since estate planning often involves the use of an interest-free loan, as estate planning tool, to remove a growth asset from the estate of a planner, it could not be generally accepted any more that the granting of such loan would not have any tax implications. Although the interest-free loans used in the Brummeria case, did not relate to an estate planning exercise, the ruling resulted in much speculation regarding the future of the interest-free loan as estate planning tool. SARS tried to ease the uncertainty by issuing Interpretation Note 58, but there is still uncertainty to some extent. The focus of this mini-dissertation is to explain when and to what extend the provisions of the Income Tax Act 58 of 1962 (ITA) as well as the Estate Duty Act 45 of 1955 (EDA) will apply to the granting of an interest-free loan as part of an estate planning exercise. The provisions of the gross income definition, sections 7 and 64E, the provisions of donations tax as well as paragraph 12(5) and 12A of the Eighth Schedule to the ITA, were explored. Sections 3(3) and 3(5) of the EDA are discussed with the use of these loans for estate planning in mind. The question whether or not the interest-free loan is still a useful estate planning tool is also answered. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015