自從2002年國泰金控合併世華銀行後，創造金控雙引擎模式，該模式無論在資金運用及獲利效率上都有可行之處，引發同業仿效。 國內泛公股金控公司中不乏擁有壽險子公司者，但因規模太小尚未構成雙引擎模式。鑒於國泰、富邦及中信等三家金控雙引擎公司發展成功經驗，使其資產規模及財務績效均名列前矛，反觀泛公股金控單引擎公司相形見拙，若再不改變策略調整結構，恐將喪失競爭優勢及生存空間。 金控雙引擎策略議題之相關資料較少，因此採用個案研究法，藉由文獻回顧探討總體策略及多角化經營相關問題，運用杜邦分析法凸顯金控單引擎與金控雙引擎差異之處，應用交易成本理論提出併購壽險公司策略方案，建議個案公司發展金控雙引擎策略。 本研究發現：個案公司集中資源聚焦本業使稅前純益率較高，但因總資產週轉率及權益乘數較低致稅前ROE不如三家比較公司；個案公司以利息淨收益為主，在低利率環境下應變能力較差，因此財富管理業務尚有補強空間；個案公司沒有壽險子公司，缺乏資產匯集能力與資金投資動能，成長速度相對遲緩；個案公司具國際競爭潛質，轉型發展金控雙引擎策略可強化競爭優勢，避免遭入主。

O desenvolvimento sustentável e a própria sobrevivência da humanidade dependem da compatibilização da demanda por recursos energéticos com as limitações ambientais e necessidades humanas. Dessa maneira, torna-se fundamental compreender e mensurar a sustentabilidade energética. Para tanto, esse trabalho vale-se de princípios da economia ecológica e do planejamento integrado de recursos para identificar e analisar os fatores que afetam a sustentabilidade energética de um dado sistema. A partir desses fatores são definidos indicadores de sustentabilidade, os quais compõem uma metodologia concebida para avaliar o grau de sustentabilidade da produção de energia. Tal metodologia é testada em um estudo de caso da matriz elétrica paulista, a qual mostrou um nível próximo da sustentabilidade, mas com a necessidade de aprimoramentos. Por fim, são feitas reflexões sobre a robustez, a flexibilidade e as limitações da metodologia proposta, assim como recomendações para ajustes da composição da matriz estudada com o propósito de torná-la mais sustentável. / Sustainable development and the very survival of humanity depends on the compatibility of the demand for energy resources with environmental constraints and human needs. Thus, it is essential to understand and define metrics for energy sustainability. For that reason, this work draws on principles of ecological economics and integrated resource planning to identify and analyze the factors affecting energy sustainability of a given system. From these factors are defined sustainability indicators, which are the foundations for a methodology designed to assess the degree of sustainability of energy production. The methodology is tested on a case study of the electricity matrix of the State of Sao Paulo, which is close to a sustainable level even though requiring improvements in some aspects. Finally, reflections on the sturdiness, flexibility and limitations of the proposed methodology, as well as recommendations for adjustments in the composition of the case study matrix in order to make it more sustainable are made.

Made available in DSpace on 2015-03-05T17:20:09Z (GMT). No. of bitstreams: 0 Previous issue date: 16 / Nenhuma / O problema dos apátridas e refugiados de guerra, no panorama mundial, é um dos entraves onde mais podemos observar a crise de sentido que atravessa as relações humanas na modernidade recente. Constata-se a insuficiência da concepção abstrata de direitos humanos tradicional. O presente trabalho procura estabelecer um novo ponto de partida para esta questão: - a alteridade-, a partir do reconhecimento da diferença. O primeiro capítulo verifica como a lógica da totalidade disseminada na racionalidade ocidental traz implicações no desenvolvimento do individualismo presente no período atual e como a concepção de “tolerância” ainda é um empecilho frente ao ideal de hospitalidade cosmopolítica. No segundo capítulo, aborda-se a ética da alteridade como filosofia primeira e alternativa à crise de sentido que envolve a razão instrumental e a insuficiência do direito como regulador social, em contra-posição com a idéia de justiça como desconstrução. Enfim, no terceiro capítulo, problematiza-se filosoficamente como a vit / The issue concerning the stateless person and war refuges reveals the crisis of meaning which crosses over the human relationships in modernity. It has been realized the insufficiency of the traditional abstract notion of human rights. The work here presented tries to establish a new starting point for this issue: - alterity-, by recognizing the difference. The first chapter verifies how the totality logics, spread in the occidental rationality, brings implications in the development of today’s individualism and how the conception of “tolerance” is still an obstacle for the ideal of cosmopolitics hospitality. In the second chapter, the alterity’s ethics is approached as first philosophy and as an alternative to the meaning crisis that involves the instrumental reason and the insufficiency of the law as a social regulator, opposing to the idea of justice as a deconstruction. At the end, in the third chapter, it is philosophically questioned how the victory of the totality works in the covering of alterity on t

O desenvolvimento sustentável e a própria sobrevivência da humanidade dependem da compatibilização da demanda por recursos energéticos com as limitações ambientais e necessidades humanas. Dessa maneira, torna-se fundamental compreender e mensurar a sustentabilidade energética. Para tanto, esse trabalho vale-se de princípios da economia ecológica e do planejamento integrado de recursos para identificar e analisar os fatores que afetam a sustentabilidade energética de um dado sistema. A partir desses fatores são definidos indicadores de sustentabilidade, os quais compõem uma metodologia concebida para avaliar o grau de sustentabilidade da produção de energia. Tal metodologia é testada em um estudo de caso da matriz elétrica paulista, a qual mostrou um nível próximo da sustentabilidade, mas com a necessidade de aprimoramentos. Por fim, são feitas reflexões sobre a robustez, a flexibilidade e as limitações da metodologia proposta, assim como recomendações para ajustes da composição da matriz estudada com o propósito de torná-la mais sustentável. / Sustainable development and the very survival of humanity depends on the compatibility of the demand for energy resources with environmental constraints and human needs. Thus, it is essential to understand and define metrics for energy sustainability. For that reason, this work draws on principles of ecological economics and integrated resource planning to identify and analyze the factors affecting energy sustainability of a given system. From these factors are defined sustainability indicators, which are the foundations for a methodology designed to assess the degree of sustainability of energy production. The methodology is tested on a case study of the electricity matrix of the State of Sao Paulo, which is close to a sustainable level even though requiring improvements in some aspects. Finally, reflections on the sturdiness, flexibility and limitations of the proposed methodology, as well as recommendations for adjustments in the composition of the case study matrix in order to make it more sustainable are made.

Made available in DSpace on 2016-04-28T18:22:26Z (GMT). No. of bitstreams: 1 Joelma Sa Teles dos Anjos.pdf: 8647563 bytes, checksum: 597d299ef32df9e9df790aeda315f89a (MD5) Previous issue date: 2011-11-21 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Some companies have been offering online chats named as Web Call Centers besides traditional Call Centers. This is a new tool for communication between companies and clients which aims for more productivity and commitment. Considering this new work activity and through qualitative methodology and epistemological interpretative orientation, this research examines online chat interactions to understand the characteristics of the discursive practices in this given context. This work has looked for answering two major questions: what are the characteristics of the situation of work of Web Call Center attendants?; and what is the discursive status of the online chat in this work situation? Theoretically, we have recurred to language studies that consider online chats as a genre, specifically Marchurschi s contibutions (2010). We have also recurred to language studies that consider online chats as a hypergenre like Dominique Maingueneau s work (2001) and, we have recurred to studies of work, specifically Ergology, which is considered an innovative theory to approach work activities (Schwartz, 1997, 2006). The corpus considered in the analysis consists of registers of online chats in customer service with interactions between insurance technicians as attendants and their clients who were insurance agents. By doing the analysis of these registers and by discussing them, we have come to the conclusion that in work situation the online chat goes under coercion that allows us to classify it as a genre. Some other aspects were revealed in the study as well, such as the normalization, done by the attendants, that points to the dialectics among the instituted pieces of knowledge, i. e., the rules that precede the activity, and the invested knowledge, the experience that comes with practice / Algumas empresas têm instituído, ao lado dos Call Center, intitulados atualmente de Web Call Center, o chat como uma nova modalidade de atendimento agente-cliente, visando, sobretudo, ao aumento da produtividade e engajamento com a nova tecnologia. Considerando essa nova atividade de trabalho, esta pesquisa, pautada em metodologia qualitativa, de base epistemológica interpretativista de observação, teve como objetivo investigar e analisar interações ocorridas em situação de atendimento ao cliente, via chat, para compreender as características das práticas discursivas nesse contexto. Nesse sentido, procurou responder a duas questões: Qual(is) a(s) característica(s) da situação de trabalho das atendentes do Web Call Center? Qual o estatuto discursivo do chat em situação de trabalho? Do ponto de vista teórico, recorreu aos estudos da linguagem - mais especificamente às contribuições de Marcuschi (2010), que considera o chat como gênero, e de Dominique Maingueneau (2001), que o vê como hipergênero - e aos estudos do trabalho, mais especificamente à Ergologia, entendida como um modelo teórico-metodológico inovador para abordar a atividade de trabalho (Schwartz, 1997, 2006). O corpus considerado para análise constituiu-se de registros de atendimento ao cliente por meio do chat, entre técnicos de seguros na função de agentes de atendimento de uma Seguradora Nacional e, seus clientes - corretores de seguros. Por meio da análise e discussão desses registros, concluiu-se que o chat em situação de trabalho sofre várias coerções que permitem caracterizá-lo como gênero. Ficaram claras também as várias renormalizações feitas pelas atendentes, as quais indicam a dialética entre os saberes instituídos, isto é, as normas que antecedem a atividade, e os saberes investidos, a experiência advinda da prática

Brown macroalgae or brown seaweed is a promising source of ethanol that may avoid the challenges of arable land use, water use, lignin content, and the food vs. fuel debate associated with first generation and cellulosic ethanol sources; however, this promise is challenged by seaweed’s high water content, high ash content, and natural composition fluctuations. Notably, lifecycle studies of seaweed ethanol are lacking in the literature. To address this gap, a well-to-wheel model of ethanol production from farmed brown seaweed was constructed and applied to the case of Saccharina latissima farming in British Columbia (BC), Canada, to determine energy return on energy invested (EROI), carbon intensity (CI), and near shore seaweed farming production potential for seaweed ethanol and to examine the production cost of seaweed ethanol. Seaweed farming and ethanol production were modeled based on current BC farming methods and the dry grind corn ethanol production process; animal feed was included as an ethanol co-product, and co-product credits were considered. A seaweed ethanol yield calculation tool that accounts for seaweed composition was proposed, and a sensitivity study was done to examine case study data assumptions. In the case study, seaweed ethanol had lower CI than sugarcane, wheat, and corn ethanol at 10.1 gCO2e/MJ, and it had an EROI comparable to corn ethanol at 1.78. Seaweed ethanol was potentially profitable due to significant revenue from animal feed sales; however, the market for seaweed animal feed was limited by the feed’s high sodium content. Near shore seaweed farming could meet the current demand for ethanol in BC, but world near shore ethanol potential is likely an order of magnitude lower than world ethanol production and two orders of magnitude lower than world gasoline production. Composition variation and a limited harvest season make solar thermal or geothermal seaweed drying and storage necessary for ethanol production in BC. Varying seaweed composition, solar thermal drying performance, co-product credits, the type of animal feed produced, transport distances, and seaweed farming performance in the sensitivity study gave an EROI of over 200 and a CI of -42 gCO2e/MJ in the best case and an EROI of 0.64 and CI of 33 gCO2e/MJ in the worst case. Co-product credits and the type of animal feed produced had the most significant effect overall, and the worst cases of seaweed composition and solar thermal seaweed drying system performance resulted in EROI of 0.64 and 1.0 respectively. Brown seaweed is concluded to be a potentially profitable source of ethanol with climate benefits that surpass current ethanol sources; however, additional research into seaweed animal feed value, co-product credits, large scale seaweed conversion, and the feasibility of solar thermal or geothermal seaweed drying is required to confirm this conclusion. / Graduate

本研究探討天津1981年至2010年間，經濟成長與銀行放款間的關係。除了將銀行分為中資銀行及外資銀行兩類外，並且將外資直接投資因素納入考慮，檢視其在銀行放款與經濟成長間所扮演的角色。運用VECM模型實證結果發現：中資銀行及外資銀行的放款與天津市經濟成長呈現正向相關，前者效果會受到後者的影響而提升；後者與外資直接投資亦呈現正向相關，同時，證實了外資銀行「客戶追隨理論」可適用於天津。

L'économie de la Chine a connu au cours des trois dernières décennies une effervescence sans précédent. Dorénavant ouvert sur le monde, ce nouveau marché de près de 1,3 milliard d'individus possède un potentiel commercial et des perspectives de croissance n'ayant aucun équivalent en Occident. Toutefois, partir à la conquête de l'Empire du Milieu peut s'avérer être une aventure périlleuse pour celui qui ne maîtrise pas le cadre contextuel et légal dans lequel les affaires s'opèrent en ces lieux. Le présent mémoire se veut une étude en deux parties des considérations afin de mener à terme avec succès un projet d'investissement en sol chinois. Dans un premier temps, la présente étude tente de démystifier le climat économique, social et légal entourant le monde des affaires en Chine. L'investisseur étranger a tout intérêt à comprendre cet environnement dans lequel nos repères occidentaux sont parfois inexistants. Il s'agit donc, initialement, de comprendre l'évolution récente de ce pays et les transformations profondes que la Chine a connues dans les dernières décennies. Du socialisme à l'économie de marché, le plus grand marché potentiel sur terre s'est ouvert progressivement sur le monde. Sans délai, l'investissement étranger a alors afflué massivement en ces lieux. Fort de l'évolution de son environnement légal, qui se poursuit d'ailleurs toujours à l'heure actuelle, quels sont les principaux enjeux et défis pour un investisseur étranger en Chine? Parmi différentes considérations, l'investisseur étranger doit s'intéresser particulièrement à la place qu'occupent les autorités gouvernementales dans les transactions privées, à la force obligatoire des ententes commerciales et à la résolution de conflits éventuels. Dans un second temps, la présente étude couvre les principales formes juridiques d'investissement accessibles aux investisseurs étrangers afin d'exploiter ou de participer à l'exploitation d'une entreprise en sol chinois. Il s'agit, pour chacune d'entre elles, d'analyser le droit positif posé par le législateur ainsi que de le compléter avec certains éléments pratiques soulevés par des observateurs en la matière. Il s'ensuivra une analyse des différents mécanismes d'acquisition d'entreprise par les investisseurs étrangers. Ultimement, l'étude de cette seconde partie mènera à une analyse comparative des incidences pratiques relativement aux différentes formes d'établissement ou d'acquisition d'entreprise. / Over the last thirty years, turmoil is the key word that may well describe China's economic context. This sizable market of 1.3 billion people has now opened to the World and is boasting trade characteristics and growth potential beyond comparison with any Western market. However, it may become treacherous for anyone to set sail to conquer the Middle Kingdom without being aware of its business context. The present study intends to analyse the aspects which will help complete successfully an investment project in China. We will attempt in a first phase to demystify the economic, social and legal climate of the Chinese Business scene. A foreign investor will greatly benefit from acquiring a better sense of that environment in which our Western references are somehow limited. We will focus on the recent evolution in order to understand the major changes put in place in China over the last decade. One of the largest markets on Earth moved from a stiffly controlled economy to an open market economy with the immediate consequence that foreign investments from all over started to move in. Keeping in sight the constant development of the legal framework, we will identify the main challenges for a foreign investor in China. Among these considerations, we will analyse the role of the government in private transactions, the binding force of contracts and the settlements of disputes. In the second phase the present study, we will analyse the main investment forms available to foreign investors in order to operate or take part in the operation of a business in China. For every venture, the positive law set by the legislator must be analysed and reviewed in light of a number of elements pointed out by observers of that context. Following that, we will analyse the mechanisms available to foreign investors when acquiring a business. Finally we will complete the second phase with a comparative analysis of practical impacts regarding the establishement of different forms of enterprises or the acquisition of such enterprises.

L'économie de la Chine a connu au cours des trois dernières décennies une effervescence sans précédent. Dorénavant ouvert sur le monde, ce nouveau marché de près de 1,3 milliard d'individus possède un potentiel commercial et des perspectives de croissance n'ayant aucun équivalent en Occident. Toutefois, partir à la conquête de l'Empire du Milieu peut s'avérer être une aventure périlleuse pour celui qui ne maîtrise pas le cadre contextuel et légal dans lequel les affaires s'opèrent en ces lieux. Le présent mémoire se veut une étude en deux parties des considérations afin de mener à terme avec succès un projet d'investissement en sol chinois. Dans un premier temps, la présente étude tente de démystifier le climat économique, social et légal entourant le monde des affaires en Chine. L'investisseur étranger a tout intérêt à comprendre cet environnement dans lequel nos repères occidentaux sont parfois inexistants. Il s'agit donc, initialement, de comprendre l'évolution récente de ce pays et les transformations profondes que la Chine a connues dans les dernières décennies. Du socialisme à l'économie de marché, le plus grand marché potentiel sur terre s'est ouvert progressivement sur le monde. Sans délai, l'investissement étranger a alors afflué massivement en ces lieux. Fort de l'évolution de son environnement légal, qui se poursuit d'ailleurs toujours à l'heure actuelle, quels sont les principaux enjeux et défis pour un investisseur étranger en Chine? Parmi différentes considérations, l'investisseur étranger doit s'intéresser particulièrement à la place qu'occupent les autorités gouvernementales dans les transactions privées, à la force obligatoire des ententes commerciales et à la résolution de conflits éventuels. Dans un second temps, la présente étude couvre les principales formes juridiques d'investissement accessibles aux investisseurs étrangers afin d'exploiter ou de participer à l'exploitation d'une entreprise en sol chinois. Il s'agit, pour chacune d'entre elles, d'analyser le droit positif posé par le législateur ainsi que de le compléter avec certains éléments pratiques soulevés par des observateurs en la matière. Il s'ensuivra une analyse des différents mécanismes d'acquisition d'entreprise par les investisseurs étrangers. Ultimement, l'étude de cette seconde partie mènera à une analyse comparative des incidences pratiques relativement aux différentes formes d'établissement ou d'acquisition d'entreprise. / Over the last thirty years, turmoil is the key word that may well describe China's economic context. This sizable market of 1.3 billion people has now opened to the World and is boasting trade characteristics and growth potential beyond comparison with any Western market. However, it may become treacherous for anyone to set sail to conquer the Middle Kingdom without being aware of its business context. The present study intends to analyse the aspects which will help complete successfully an investment project in China. We will attempt in a first phase to demystify the economic, social and legal climate of the Chinese Business scene. A foreign investor will greatly benefit from acquiring a better sense of that environment in which our Western references are somehow limited. We will focus on the recent evolution in order to understand the major changes put in place in China over the last decade. One of the largest markets on Earth moved from a stiffly controlled economy to an open market economy with the immediate consequence that foreign investments from all over started to move in. Keeping in sight the constant development of the legal framework, we will identify the main challenges for a foreign investor in China. Among these considerations, we will analyse the role of the government in private transactions, the binding force of contracts and the settlements of disputes. In the second phase the present study, we will analyse the main investment forms available to foreign investors in order to operate or take part in the operation of a business in China. For every venture, the positive law set by the legislator must be analysed and reviewed in light of a number of elements pointed out by observers of that context. Following that, we will analyse the mechanisms available to foreign investors when acquiring a business. Finally we will complete the second phase with a comparative analysis of practical impacts regarding the establishement of different forms of enterprises or the acquisition of such enterprises.

Submitted by Catarino Lacerda e Silva (catarinolacerda@gmail.com) on 2018-09-18T12:35:32Z No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1217319 bytes, checksum: 472a152e89a76ba49bfdb192b147d76f (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa tarde, Catarino, Para que possamos aprovar sua Dissertação, serão necessárias as seguintes alterações: - A numeração de páginas começa na capa, porém deve aparecer A PARTIR da "Introdução" (pág 12) - A Ficha catalográfica deve conter o "texto" que existe fora do quadro, exatamente como foi enviado. Por gentileza, alterar e submeter novamente. Obrigada. on 2018-09-18T21:10:24Z (GMT) / Submitted by Catarino Lacerda e Silva (catarinolacerda@gmail.com) on 2018-09-19T10:54:33Z No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-19T14:33:48Z (GMT) No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-19T17:39:21Z (GMT) No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Made available in DSpace on 2018-09-19T17:39:21Z (GMT). No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) Previous issue date: 2018-09-27 / O objetivo deste trabalho é examinar quais indicadores levaram a retornos excedentes no mercado brasileiro durante o período de 31 de março de 2000 a 31 de março de 2018, através das carteiras de ações construídas anualmente com base em um indicador ou dois indicadores quantitativos. Sendo os fatores testados: Retorno sobre Capital Investido (ROIC), Retorno sobre Ativos (ROA), Earnings Yield, Preço sobre Valor Patrimonial (PVPA), Preço sobre Vendas (PSR) e Índice de Força Relativa 120 dias úteis. Nas estratégias de um fator, o primeiro quartil do indicador Earnings Yield mostrou ser o melhor para seleção de ações no período, com maior índice de Sharpe 0,571, com maior média dos retornos anuais 41,03%, maior alfa 27,82%, superando Ibovespa 88,89% do tempo e com maior discrepância entre os retornos dos quartis, tanto que o pior resultado foi 4º quartil do Earnings Yield. Nas estratégias de dois fatores, a combinação dos indicadores de valor PSR e Earnings Yield, P/VPA e Earnings Yield obteve os maiores retornos médios anuais 42,51% e 39,1%, maiores alfas 29,40% e 26,19%, superando o Ibovespa em 88,89% e 83,33% do tempo, respectivamente. Porém foram as estratégias que combinaram um indicador de valor com um indicador de retorno, ROIC e Earnings Yield, ROA e Earnings Yield, que apresentaram os maiores índices de sharpe 0,623 e 0,619, respectivamente. / The objective of this study is examine which indicators led to excess returns in the Brazilian market during the period from March 31 2000 to March 31 2018, through stock portfolios constructed annually based on one indicator or two quantitative indicators. The following factors were test: Return on invested capital (ROIC), Return on Assets (ROA), Earnings Yield, Price-to-book (PVPA), Price Sales Ratio (PSR) and Relative Strength Index 120. In the one-factor strategies, the first quartile of the Earnings Yield indicator was the best for stock selection in the period, with highest Sharpe ratio 0.571, with the highest average annual returns 41.03%, the highest alpha 27.82% outperformed the Ibovespa 88.89% of the time and with greater discrepancy among quartile returns, so much that the worse result was fourth quartile of the Earnings Yield. In the two-factor strategies, the combination of the PSR and Earnings Yield, P/VPA and Earnings Yield value indicators obtained the highest average annual returns of 42.51% and 39.1%, higher alpha 29.40% and 26.19%, outperformed the Ibovespa in 88.89% and 83.33% of the time, respectively. However, it was the strategies that combined a value indicator with a return indicator, ROIC and Earnings Yield, ROA and Earnings Yield, which had the highest Sharpe ratio of 0.623 and 0.619, respectively.