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Real estate companies are capital intense and bank loans represent the most common source of funding. However, the years following the latest financial crisis resulted in difficult terms and expensive bank loans, which cleared a path for alternative sources of funding. Small and me-dium-sized real estate companies displayed a particular interest in corporate bonds and ever since then the real estate sector have been overrepresented on the Swedish corporate bond mar-ket. Despite the growth during the past years, the Swedish market still appears to be underde-veloped compared to other countries. However, several trends are now indicating that High Yield is on the rise. New regulations that are currently being implemented will increase the costs for banks further and consequently make bank loans even more expensive. Simultane-ously, the current low interest-rate environment and volatile stock markets are increasing de-mand for High Yield alternatives among retail and institutional investors. This study investi-gates the High Yield market for small and medium-sized real estate companies and is built upon eleven interviews with professionals. It concludes that the market is underdeveloped because there has been no previous demand for it. Swedish banks and companies have traditionally had a synergetic relationship while investors relied on saving accounts and equities. The situation today is different; investors are demanding High Yield investments and the segment will most probably increase in the future. Real estate companies are positive to bonds and wish to increase the current ratio of their debt portfolio. There are however several barriers for continued growth, such as lack of knowledge, transparency, liquidity as well as fair pricing in the market. In the current state, corporate bond investments are suitable only for professional investors. The ex-emption is High Net Worth Individuals, who buy and hold, which are particularly suited for smaller corporate bonds. / Fastighetsföretag bedriver kapitalintensiv verksamhet och den vanligaste finansieringsformen för svenska fastighetsföretag är idag banklån. Efter den senaste finanskrisen har dock bankut-låningen blivit mer restriktiv vilket särskilt har drabbat mindre företag. Till följd av detta har alternativa finansieringsformer blivit allt vanligare där företagsobligationer blivit särskilt in-tressanta för små och medelstora fastighetsföretag. Sedan finanskrisen har specifikt fastighets-företagen varit överrepresenterade på den svenska företagsobligationsmarknaden. Faktum är ändock att företagsobligationsmarknaden i Sverige, trots tillväxt de senaste åren, framstår som underutvecklad i jämförelse med andra länder. Flertalet trender pekar emellertid på att den kom-mer att fortsätta blomma ut. För närvarande implementeras nya regelverk som ökar kostnaderna för bankerna och potentiellt kommer att leda till större restriktioner och dyrare banklån. Vidare bidrar dagens låga ränteläge i kombination med volatila aktiemarknader till att efterfrågan på företagsobligationer bland investerare, privata såväl som institutionella, ökar. Studien undersö-ker företagsobligationsmarknaden inom High Yield segmentet för små och medelstora fastig-hetsföretag och bygger på elva intervjuer med yrkesverksamma. Det konkluderas att marknaden är underutvecklad då den ej har efterfrågats tidigare. De svenska bankerna och fastighetsföre-tagen har sedan länge en symbiotisk relation samtidigt som investerare har förlitat sig på spar-konton och aktier. Idag är situationen annorlunda där fler investerare efterfrågar High Yield produkter. Fastighetsföretagen är positiva till obligationer och önskar öka nuvarande andel i sina skuldportföljer. Det finns dock barriärer för den fortsatta tillväxten på marknaden, där-ibland brist på kunskap, transparens och likviditet samt ifrågasatt prissättning. Direktinveste-ringar i företagsobligationer idag lämpar sig därför för professionella investerare. Undantaget är kapitalstarka privatpersoner som ämnar att hålla instrumentet till förfall vilka lämpar sig sär-skilt bra som investerare i mindre företagsobligationer.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-03-16T12:15:00Z No. of bitstreams: 1 Giordano Melges de Souza.pdf: 1951270 bytes, checksum: 1fc595e96393c237f6e707c320f228d3 (MD5) / Made available in DSpace on 2018-03-16T12:15:00Z (GMT). No. of bitstreams: 1 Giordano Melges de Souza.pdf: 1951270 bytes, checksum: 1fc595e96393c237f6e707c320f228d3 (MD5) Previous issue date: 2018-02-23 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The present research aims to study the military professional athlete and their effectiveness befor the nacional legal system, in particular Law 9.615/98, commonly known as Pelé Law, and High Yield Athlete Program, related to the agreement between Defense and Sports Ministries. The Law 9.615/98 is a protective law for Brazilian athletes, so then, it presents articles that in the practical world are ineffective, such as the case of article 44, subsection II. Such inefficiency is due to the existence of the High Yield Athlete Program, which deals with an agreement between the Defense Ministry and the Sport Ministry, where high-level athletes are supported by the Armed Forces. However, this support brings with it a contradiction with the law 9.615/98, evidencing the ineffectiveness of its article 44, item II, observed that the non-existence of a criminal law regarding the noncompliance of this article corroborates the norm’s innocuousness / O presente trabalho tem por objetivo estudar o Atleta Profissional Militar e a sua efetividade perante o ordenamento jurídico nacional, em especial a Lei 9.615/98, vulgo Lei Pelé, e o Programa Atleta de Alto Rendimento, referente ao convênio do Ministério da Defesa e ao Ministério do Esporte. A Lei 9.615/98, por se tratar de lei protetiva dos atletas brasileiros, apresenta artigos que no mundo prático são ineficazes, como o caso do artigo 44, inciso II. Tal ineficácia se dá pela existência do Programa Atleta de Alto Rendimento, que versa sobre um convênio do Ministério da Defesa com o Ministério do Esporte, onde atletas de alto rendimento são apoiados e suportados pelas Forças Armadas. Entretanto, esse suporte dado pelas Forças Armadas traz consigo uma contradição frente à Lei 9.615/98, evidenciando a ineficácia que artigo 44, inciso II demonstra no seu texto, observado que a inexistência de norma penal quanto ao descumprimento deste artigo corrobora a inocuidade da norma

Within the scope of this thesis, the Black-Litterman Asset Allocation Model (as presented in He & Litterman, 1999) is compared to the classical mean-variance framework by simulating past performance of portfolios constructed by both models using identical input data. A quantitative investment strategy which favours stocks with high dividend yield rates is used to generate private views about the expected excess returns for a fraction of the stocks included in the sample. By comparing the ex-post risk-return characteristics of the portfolios and performing ample sensitivity analysis with respect to the numerical values assigned to the input variables, we evaluate the two models’ suitability for different categories of portfolio managers. As a neutral benchmark towards which both portfolios can be measured, a third market-capitalization-weighted portfolio is constructed from the same investment universe. The empirical data used for the purpose of our simulations consists of total return indices for 23 of the 30 stocks included in the OMXS30 index as of the 21st of February 2014 and stretches between January of 2003 and December of 2013.   The results of our simulations show that the Black-Litterman portfolio has delivered risk-adjusted return which is superior not only to that of its market-capitalization-weighted counterpart but also to that of the classical mean-variance portfolio. This result holds true for four out of five simulated strengths of the investment strategy under the assumption of zero transaction costs, a rebalancing frequency of 20 trading days, an estimated risk aversion parameter of 2.5 and a five per cent uncertainty associated with the CAPM prior. Sensitivity analysis performed by examining how the results are affected by variations in these input variables has also shown notable differences in the sensitivity of the results obtained from the two models. While the performance of the Black-Litterman portfolio does undergo material changes as the inputs are varied, these changes are nowhere near as profound as those exhibited by the classical mean-variance portfolio.   In the light of our empirical results, we also conclude that there are mainly two aspects which the portfolio manager ought to consider before committing to one model rather than the other. Firstly, the nature behind the views generated by the investment strategy needs to be taken into account. For the implementation of views which are of an α-driven character, the dynamics of the Black-Litterman model may not be as appropriate as for views which are believed to also influence the expected return on other securities. Secondly, the soundness of using market-capitalization weights as a benchmark towards which the final solution will gravitate needs to be assessed. Managers who strive to achieve performance which is fundamentally uncorrelated to that of the market index may want to either reconsider the benchmark weights or opt for an alternative model.

A top-down analysis approach used for over 17 thousand of euro-denominated corporate bond issuances executed in the European primary bond market between 1999 and 2013. The main findings reveal not only the most active corporate issuers in Europe, but they also show the decomposition of issuance by coupon type, rated versus unrated issuance, debut and perpetual issuances, high grade as well as high yield new bond issues split by sector, rating and maturity. I used the opensource statistical package Gretl and applied the ordinary least square technique in order to quantify the association between euro-denominated corporate issuance and credit spreads.

Hydroxytyrosol, 3,4-dihydroxyphenolethanol, a naturally occurring polyphenol most common in olive tree (Olea europaea), is one of the most effective member of the polyphenols family, because of its remarkable antioxidant activity, its ability to inhibit oxidation of low density lipids (LDL), and its protection against DNA oxidative damage. Hydroxytyrosol, which is widely used in cosmetics and food supplements industries, can be purchased as an olive oil extract that contains low concentration of hydroxytyrosol besides other polyphenols. The price and low natural abundance of hydroxytyrosol make alternative synthetic sources very attractive. In this research, a novel method for the synthesis of pure hydroxytyrosol from a commercially inexpensive precursor catechol was developed; this can satisfy the increasing market demand and provide a more economical alternative source for this valuable polyphenol.

Dans le cadre d’un projet d’aménagement, la reconnaissance du sous-sol est une étape prépondérante pour la construction d’un bâtiment. Le géotechnicien se doit de définir le comportement mécanique des sols à partir d’un nombre limité de sondages. La problématique soulevée par les prospections géotechniques est qu’il est difficile d’une part d’étendre une information ponctuelle dans l’environnement proche des sondages, et d’autre part d’estimer la variabilité latérale des matériaux. Dans cette optique, cette thèse développe une approche novatrice de combinaison de méthodes géophysiques aidant à la quantification de la variabilité spatiale des structures géoélectriques du sous-sol. Dans un second temps, au regard des limites rencontrées dans la modélisation 3D des structures géoélectriques du sous-sol, nous avons mis au point un processus innovant de modélisation 3D des propriétés physiques du sous-sol par combinaison de méthodes géophysiques. Les travaux menés ont permis de caractériser les paramètres régissant le positionnement et la quantité de données sources nécessaires.Enfin, un dispositif innovant de mesure de Tomographie de Résistivité Electrique en Cinématique (TREC) a été développé. La validation du dispositif sur trois sites différents a permis de mettre en évidence sa capacité à détecter les structures géoélectriques des sols sur un linéaire de plusieurs centaines de mètres. Ce dispositif constitue un outil précieux pour l’étude des structures géoélectriques du sous-sol dans le cadre de prospections géophysiques à grand rendement. / The geotechnical study of a building project is a decisive step for the construction of it. The geotechnical engineer must define the mechanical behavior of soils from a limited number of drills. The problem of the geotechnical surveys is, on the one hand that difficult to extend a punctual data in the near space to the drills,and on the other hand to estimate the lateral variability of materials. In this context, this thesis develops an innovative approach by combination of geophysical methods to quantify the spatial variability of geoelectrical structures. In asecond time, against the known limits of the 3D modeling of soil geoelectrical structures, we have developed an innovative process of 3D modeling of the physical properties of soil by geophysical methods combination. These works allow characterizing the parameters who governing the positioning and the number of necessary primary data.Finally, an innovative measuring device of Kinematic Electrical Resistivity Tomography (KERT) has been developed. The validation of the device on three different site has allowed to highlight its ability to detect the soil geoelectrical structures within a linear of hundreds meters. This device is a valuable tool for studying soil geoelectrical structures in the context of high yield geophysical prospection.

量測誤差是工業製程中影響產品值常見的因素。大的量測誤差會使得產品的量測值偏離實際值，並引導監控者至錯誤的結論。本文提出一種新的捲積管制圖。提出指數分配形式的時間間隔型資料，並加上量測誤差的考量，應用在指數加權移動平均管制圖上。此外，假設量測誤差為常態或是指數分配。研究顯示出，在兩種不同分配的量測誤差之下，管制圖的表現都會顯著的受到影響。 / Measurement error is an important factor in industry that influences the outcome of a process. Large measurement error would cause the observation measure deviate from the true value and consequently lead to a wrong decision. In this project, we propose a convolution control chart. We then design the EWMA ‘time between events’ (TBE) control chart with the measurement error, with the assumption that the observations are exponentially distributed. In addition, we assumed the measurement error follows a normal distribution or an exponential distribution. We showed that, in two cases of the measurement error, the performance of the proposed chart monitoring the process mean is greatly affected.

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The main purpose of this thesis was to find ways to maintain a low level of light‐induceddiscolouration at an increased addition of mechanical and chemimechanical pulps in coated highqualityfine paper and magazine paper grades. Current technology allows the production of highyieldpulps such as thermomechanical and chemimechanical pulps with properties suitable formanufacturing high‐quality paper or paperboard with a low basis weight. Coating of woodcontainingpaper will probably be necessary for photo‐stability reasons if lignin‐containing pulps areto be used as the main fibre furnish in long‐life and high‐value products.In order to find the most suitable pulp for this purpose, light‐induced discolouration of a variety ofpaper samples from unbleached and bleached softwood and hardwood pulps was studied under bothaccelerated and long‐term ambient light‐induced ageing conditions. Hardwood high‐yield pulps,especially aspen pulps, were proven to be more photo‐stable compared to softwood pulps. Hardwoodpulps should therefore be the first choice for applications where a high permanence is desirable.Evaluating ageing characteristics using the CIELAB colour system showed that accelerated ageingconditions tend to mainly increase the b* value and decrease the L* value (i.e. yellow the pulp),whereas long‐term ambient ageing also increases the a* value, which makes the pulp more reddish.A new method for studying the influence of the UV‐screening properties of coating layers on abase paper was developed, and used to investigate the effect of pigment, pigment size distribution,binder and UV‐absorbing additives. The coat weight and pigment type were found to be the mostimportant factors for reducing the transmittance of UV‐radiation. Coating colours containing kaolinpigments had a lower UV‐transmittance than calcium carbonate pigments. Of the calcium carbonates,precipitated calcium carbonates were better than ground calcium carbonates and the difference wasgreater at higher coat weights. The particle size distribution should preferable be narrow. When thebest pigment (bleached kaolin) and the best binder (styrene butadiene latex) were combined withtitanium dioxide, the UV‐transmittance could be reduced by about 90% at a coat weight of ~10 g/m2.At a coat weight close to 20 g/m2, the transmittance was close to zero. This shows that it is possible tomore or less fully protect a double coated base paper from harmful UV‐radiation, when the coatinglayer has an optimum composition for that purpose. A prerequisite to reach so far is that the coatinglayer has an even coat weight.