From the relationship between Democracy and Constitutionalism in Latin America, the author addresses the issue of constitutional justice as an entity of control of the constitutionality of the laws, which would have power against majority when it derogates an unconstitutional legislation. Also, the author reflects on the protection of fundamental rights in the region, analyzing the nuances presented in terms of the various constitutional conceptions. / A partir de la relación entre la Democracia y el Constitucionalismo en Latinoamérica, el autor aborda la problemática de justicia constitucional como entidad encargada del control judicial de las leyes, que ejercería un poder contra mayoritario de anular las normas legales inconstitucionales. Asimismo, se plantea una reflexión acerca del amparo de los derechos fundamentales en la región, analizando los matices que presenta en cuantoa las distintas concepciones constitucionales.

A aderência entre os investimentos das Entidades Fechadas de Previdência Complementar (EFPCs) e as características dos negócios privados de infraestrutura de transporte sinalizam uma boa alternativa para alocação de recursos dessas entidades e a formação de um mercado de funding privado ao Brasil, porém, algumas barreiras de mercado, principalmente os riscos políticos-regulatórios, falta de garantias aos financiadores, alto valor pago pelos títulos públicos e os riscos inerentes ao processo de licenciamento ambiental, atualmente, impedem que haja um fluxo constante de capital para o setor. O presente trabalho tem por objetivo identificar como pode ser promovido um ambiente indutor de recursos das EFPCs à investimentos de infraestrutura de transporte no Brasil, como forma de aumentar o financiamento privado ao setor. Para tal, busca-se mediante a aplicação de um questionário junto aos gestores das EFPCs elencar quais são os principais entraves que dificultam os investimentos das mesmas em debêntures de infraestrutura de transportes. Para se preparar as questões, são organizados dados sobre o investimento em infraestrutura de transporte, o financiamento do setor, aspectos sobre a emissão de debêntures incentivadas de infraestrutura e os motivos que levaram as mesmas a não obterem grande inserção de mercado. Por sua vez, os dados resultantes da pesquisa são tabulados e apresentados sugerindo um conjunto de medidas estimuladoras ou mitigadoras de riscos que visam contribuir para redução dos entraves e favorecer a compra dos títulos de debêntures de infraestrutura de transporte. As sugestões são apresentadas sob uma discussão de como cada uma delas protege ou incentiva o investidor da debênture de infraestrutura. Por fim, para se testar o grau de sustentação das medidas propostas o trabalho lança mão um empreendimento protótipo que confronta, quando possível, os impactos de cada medida ou instrumento de garantia proposto frente aos indicadores da qualidade do negócio (Taxa de Retorno do empreendimento e payback) ou frente ao custo da tarifa paga pelo usuário. / The adhesion between the investments of Pension Funds (EFPCs) and the characteristics of private business transportation infrastructure indicates a good alternative for resource allocation of these entities and the formation of a private funding market in Brazil, however, some market barriers, especially the political regulatory risks, lack of guarantees to lenders, high value paid by government bonds and the inherent risks in the environmental licensing process, currently, prevents a steady flow of capital for the sector. This study aims to identify how it can be promoted a resource-inducing environment of EFPCs to transport infrastructure investments in Brazil as a way to increase private funding to the sector. To this end, the main goal is, by applying a questionnaire with the managers of EFPCs, outline what the main obstacles that hinder investments in the same transport infrastructure debentures. To prepare these questions the data are organized on investment in transport infrastructure, industry funding, aspects on the issue of debentures encouraged infrastructure and the reasons that led them to not achieve great market insertion. In turn, the resulting data of the survey are tabulated and presented suggesting a set of stimulatory measures or mitigating risks that aim to contribute to reducing barriers and encouraging the purchase of tickets infrastructure debentures. The suggestions are presented in a discussion of how each protects or encourages the investors infrastructure debenture. Finally, to test the degree of support of the work proposed measures, makes use of a prototype model that confronts, where possible, the impact of each measure or guarantee instrument proposed front of business quality indicators (Rate of Return of the project and payback) or against the cost of user-pay rate.

L'objet de la thèse est d'envisager l'évolution de la loi et de la jurisprudence en matière de garanties personnelles des sociétés afin de statuer sur leur validité et leur efficacité dans le monde des affaires. La thèse vise à présenter une étude comparée entre le droit français et le droit libanais s'agissant d'une pan des garanties personnelles consenties par les sociétés et d'autre pan, des garanties personnelles consenties au profit des sociétés. La première partie est consacrée à traiter les principes de validité de la garantie personnelle, en premier temps, lorsqu'elle est consentie par les différents types de sociétés, que ce soit une société à risques limités ou bien une société à risques illimités; et en second temps, lorsqu'un changement de la situation juridique de la société s'est produit, que ce soit par fusion ou bien par transformation. La deuxième partie vise à traiter l'efficacité de la garantie personnelle, premièrement, lorsqu'elle est souscrite par le dirigeant social dans l'intérêt de la société, en considérant les obligations imposées au créancier s'agissant d'une part de l'évolution de la dette garantie ou bien de la défaillance du débiteur principal et d'autre part de la vérification de la proportionnalité entre l'engagement du garant personne physique et sa capacité :financière ; et deuxièmement, lorsque la garantie personnelle est souscrite par une banque au profit de la société, en présentant les différentes règles conventionnelles internationales relatives aux garanties bancaires pour en déduire celles qui sont les plus avantageuses pour la société. / The thesis studies the evolution of laws and jurisprudence of persona! guarantees and their affiliation with companies and assesses the person guarantees validity and effectiveness in the business world. lt also aims to present comparative analyses between the French laws and the Lebanese laws governing personal guarantees, whether issued by or granted to companies. The first part of the thesis analyzes the validity of personal guarantees in different types of companies. lt also assesses the effect of changes in the legal status of companies whether due to mergers or transformations. The second part of the thesis addresses the effectiveness of persona! guarantees granted to companies whether by their directors or by banks. The study examines the beneficiary's obligations to ensure that the financial standing of the director is appropriate in relation to the commitments imposed by the guarantee and to inform the director (guarantor) of the evolution of the guaranteed debt and/or the bankruptcy of the principal (guaranteed party). The study also evaluates the International Conventional Rules governing guarantees issued by banks and identifies the rules that are the most beneficial to be adopted by companies.

Le cessionnaire n'est pas à l'abri des risques liés aux opérations de cessions de droits sociaux et il va, pour cela, insérer au contrat des garanties de passif. Or l'efficacité de ces clauses n'est pas entièrement assurée. La mise en oeuvre de la garantie présente certaines difficultés. Ces difficultés ont deux origines. Elles sont tout d'abord liées à une mauvaise rédaction de la convention. En l'absence de prototype pour la rédaction de telles clauses, qui mette le cessionnaire à l'abri des risques d'apparition d'un passif, cette mission se révèle difficile. Elles sont ensuite liées à l'absence de règles légales propres à la matière et qui régissent les opérations complexes de cessions. Les juges vont tenter de remplir ce vide juridique, néanmoins les solutions diverses apportées par la jurisprudence rend les décisions rendues imprévisibles. On tente alors de proposer un régime propre aux garanties de passif qui assure au bénéficiaire de la garantie la protection qu'il recherche. / Since the transferee is not immune to the risks associated to the transfer of shares, he inserts guarantees in his contract. But the effectiveness of such clauses is not fully guaranteed. The implementation of guarantee faces some difficulties. These problems have two origins. They are first of all related to poor drafting of the convention. In the absence of a prototype for the development of such clauses, which put the transferee free of occurrence of a liability, this mission is difficult. They are then liked to the absence of legal rules relative to the subject. Judges try to fill this legal vacuum, however the various solutions provided by jurisdictions makes decisions unpredictable. We then try to recommend solutions related to these guarantees, which provides a higher protection to the transferee.

[pt] Os investimentos em infraestrutura, públicos e privados, são notoriamente essenciais à competitividade de uma economia. Hoje, o Brasil sofre com diversas limitações em políticas voltadas ao setor de infraestrutura, que contribuem de forma direta para que os produtos e serviços brasileiros sejam mais caros. Uma destas limitações reside nas condições de financiamento em projetos desta natureza. A possibilidade de se obter parte do financiamento em moeda estrangeira seria uma alternativa agradável aos investidores, no entanto, os traria um risco cambial. Este trabalho analisa uma proposta de mecanismo de cobertura cambial a ser oferecido no âmbito de parcerias público-privadas, que disponibiliza aos investidores uma opção de proteção contra a variação cambial real. Este mecanismo é interpretado como uma garantia com características de uma opção, uma vez que assume valores em função da variação da taxa de câmbio. Neste sentido, este trabalho buscou avaliar e precificar estas garantias cambiais a partir de uma abordagem por opções reais, adotando para isso dois modelos de estimação para a taxa de câmbio, um passeio aleatório com drift neutro e o modelo GARCH-M. Os resultados obtidos em ambos os modelos mostraram-se favoráveis ao governo, no entanto é possível afirmar que a adoção de uma garantia cambial com estas características ofereceria claramente maior risco ao poder concedente do que a iniciativa privada. Assim, uma forma de lidar com esse risco seria estabelecer limites com relação ao valor do financiamento a ser obtido e uma margem de segurança para o poder público em torno do fator de remuneração presente na garantia. / [en] Infrastructure investments, both public and private, are essential to the competitiveness of any economy. Currently, Brazil has several limitations in policies that are applied to the infrastructure sector, which directly contribute to make Brazilian products and services more expensive. One of these limitations arises from the financing requirements of projects of this nature. Obtaining part of the financing requirements in foreign currency would be an alternative for many investors; however, it would bring them the foreign exchange rate risk. This paper analyzes a proposal for a foreign exchange hedging mechanism to be offered in public-private partnerships scope, which provides investors with an option to hedge against the real foreign exchange fluctuation. The mechanism is perceived as a guarantee with has option-like characteristics, as its value varies as a function of the foreign exchange rate. Thus, this work sought to evaluate and price these foreign exchange rate guarantees based on a real options approach. Two exchange rate models were adopted to estimate future levels: a random geometric stochastic drift-free model and the GARCH-M model. The results obtained by both models indicated that use of this guarantee is favorable to the government. However it is possible that the proposal of a foreign exchange guarantee with these features could present a greater risk to the government than to the private partner. Therefore, one way to deal with this risk would be to establish a limit on the total amount obtained through the financing and a safety margin regarding the guarantees remuneration factor.

Notre étude a tenté d’élucider l’approche des garanties religieuses en droit canonique de la sécurité de l’être humain : cet investissement en épistémologie du droit canonique depuis la codification aboutie en1983 révèle les fondements, horizons et régimes canoniques propres à la sécurité de l’être humain, tantjuridiques que sotériologiques. La sécurité sotériologique est la prise en compte par le droit canonique positif de la téléologie de l’être humain selon la révélation christique et la théologie afférente. La sécurité humaine ici est tributaire de l’anthropologie philosophico-théologique et de l’éthique d’obédience chrétienne et singulièrement catholique romaine. Les régimes canoniques de sécurité juridique sont à situer entre la liberté de la personne et le statut juridique de l’individu. Avec la dimension institutionnelle de l’Église catholique romaine, ces régimes sont présents notamment dans l’approche critique de la procédure administrative et de celle judiciaire, en matière pénale. Ces prismes, non exhaustifs mais quis’imbriquent, permettent d’examiner les moyens juridiques et axiologiques des garanties religieuses endroit canonique de la sécurité tant immanente que transcendante de l’être humain. À l’issue d’une démarche heuristique tant en histoire du droit qu’en droit canonique contemporain, la thèse explore des catégories et procédures paradigmatiques pour l’herméneutique que recèle ou pourrait occasionner ce droit religieux. En principe, l’efficience des voies normatives de ce droit devrait concourir à garantir la sécurité de l’être humain, mais dans quelles conditions d’adaptation ad normam iuris, vel in procedendo,vel in decidendi ? Et avec quelle centralité effective et concertée de la dignité de la personne humaine entant qu’imago Dei ? / Our study attempts to elucidate the approach of religious guarantees in canon law regarding humansecurity, by investing in epistemology of canon law since its 1983 codification. According to ourhermeneutical analysis, the religious guarantees of the security of the human being in canon law havespecific bases, scopes and canonical regimes. Those are, among others, soteriological, human, andlegal. Soteriological security means accounting, by positive canon law, for the teleology of the humanbeing according to Christic revelation and associated theology. Human security here is dependent onphilosophical-theological anthropology and on Christian (Roman Catholic, in particular) ethics ofobedience. The canonical regimes of legal security are positioned between the freedom and the legalstatus of the individual. Given the institutional dimension of the Roman Catholic Church, these regimesare present in particular in the critical approach of administrative procedure and the criminal justicesystem. Given those prisms, which are not exhaustive but overlap, one may then examine the legal andaxiological means of religious guarantees in the canon law of the immanent and transcendent security ofhumans. Following a heuristic approach in both the history of law and contemporary canon law, the thesisexplores paradigmatic categories and procedures for the hermeneutics that this religious right implies ormight imply. In principle, the efficiency of the normative channels of this right should contribute toguaranteeing the security of human beings, but under what conditions of adaptation ad normam iuris velin procedendo vel in decidendi ? And with what effective and concerted centrality of the dignity of thehuman person as imago Dei ?

<p>  </p> <p>Federated learning (FL) has emerged as a promising approach for training machine learning models on distributed data while ensuring privacy preservation and data locality. However, one key challenge in FL optimization is the lack of high probability guarantees, which can undermine the trustworthiness of FL solutions. To address this critical issue, we introduce Federated Averaging with post-optimization (FedAvg-PO) method, a modification to the Federated Averaging (FedAvg) algorithm. The proposed algorithm applies a post-optimization phase to evaluate a short list of solutions generated by several independent runs of the FedAvg method. These modifications allow to significantly improve the large-deviation properties of FedAvg which improve the reliability and robustness of the optimization process. The novel complexity analysis shows that FedAvg-PO can compute accurate and statistically guaranteed solutions in the federated learning context. Our result further relaxes the restrictive assumptions in FL theory by developing new technical tools which may be of independent interest. The insights provided by the computational requirements analysis contribute to the understanding of the scalability and efficiency of the algorithm, guiding its practical implementation.</p>

This thesis seeks to examine the levels of support for African American reparations amongst minorities. After providing a historical account of redress efforts separated racial group and discussing factors that influence reparations, I argue that minority groups possess cross-racial linked fate (minority linked fate) that significantly impacts their political attitudes concerning reparations for African Americans. Additionally, I argue that higher levels of minority-linked fate will equate to significant support for reparations. The probit regressions reaffirm the initial hypotheses that minority-linked fate has a significant impact on support for African American reparations. However, the racial groups most affected were not suspected initially.

This thesis deals mostly with regulation of bank guarantee in Czech law, as well as with regulation on international level. The main aim of this work is to provide a complete perspective on bank guarantee, definition of its typical elements and its subjects and relations between the subjects, and to make classification of different kinds of bank guarantees. The work is divided into 12 main chapters and a great number of subchapters. Chapter one deals with a risk that is closely connected with bank guarantee, as bank guarantee is mostly used to secure risks. Chapter two is dedicated to historical development of bank guarantee and to previous regulation in the Code of International Business. Chapter three is focused on legislation of bank guarantee both in the Commercial Code and in other laws that regulate its use in the Czech Republic. This chapter is also concerned with the international law - mostly rules issued by the International Chamber of Commerce in Paris. Chapter four is mostly focused on characteristics of essential elements of bank guarantee, its differences from guarantee and its practical use. Chapters five and six are completely dedicated to establishment of bank guarantee and actions before its establishment. Chapter seven analyses subjects of bank guarantee and relationships between...

[pt] A partir da década de 90 houve um aumento da participação do setor privado em projetos de infra-estrutura no Brasil. Esta participação deu-se principalmente por meio de concessões tradicionais regidas pela Lei das Concessões. Contudo, para tornar economicamente viáveis projetos de baixa atratividade para o setor privado devido ao seu alto risco, o governo brasileiro passou a analisar formas de redução destes riscos, como as Parcerias Público- Privadas (PPPs), incluindo a flexibilização do prazo de concessão, garantias de tráfego, de risco cambial ou até mesmo garantias de financiamento. Neste trabalho é utilizado o modelo LPVR (Menor Valor Presente das Receitas) de prazo de concessão variável aliado a uma garantia de tráfego mínimo para a avaliação do caso do projeto da rodovia BR-116/324 através da metodologia das Opções Reais. Os resultados indicam que o uso deste modelo permite uma redução dos riscos tanto para o Governo, pela limitação de ganhos excessivos da concessionária, quanto para o investidor privado, pela flexibilidade do prazo e garantia de tráfego concedida. Concluímos que o modelo LPVR associado a uma garantia de tráfego mínimo de 80% aumenta em média o VPL do projeto em mais de 60%. Embora esta garantia represente um custo adicional para o Governo, ela é compensada pelo aumento da atratividade do investimento para o setor privado. / [en] Since the 90`s, there has been an increasing participation of the private sector in infrastructure projects in Brazil. This participation, however, took place mainly through traditional concessions, governed by the Concessions Law. However, to become economically viable projects that would not have attractiveness to the private sector due to its high risks, Brazilian government started to analyze some ways to reduce these risks such as the Public Private Partnerships (PPPs), including the term flexibility, traffic guarantee, guarantee of foreign currency risk or even assurance of funding. In this project it`s used the LPVR model (Least Present Value of Revenue) with variable period concession, ally to a minimum traffic guarantee and applying the case to the BR-116/324 highway project through the Real Options Methodology. The results show that the use of this model allows a reduction on the risks both for the government, avoiding excessive gains by the concessionaire, and for the private investor, either for the term flexibility or the guarantee of the traffic granted. So, we can conclude that the LPVR model associated with a minimum traffic guarantee of 80%, increases the VPL in an average of 60%, although this guarantee represents a further cost to the government which is compensated by the increasing attractiveness of the investment to the private sector.