Aucun texte de loi n'affirme que la société anonyme est régie selon les principes de hiérarchie et de séparation des pouvoirs. C'est la jurisprudence de l'arrêt Motte qui fonde ces principes à l'image d'une démocratie politique. L'enjeu consiste donc à vérifier l'application de ces principes dans les sociétés anonymes de type classique. La présence du principe de séparation des pouvoirs semble associée à la présence du principe de hiérarchie. Pourtant, les rapports entre les deux principes sont traditionnellement tumultueux. Pour autant, il ne s'agit guère d'un simple constat. L'affirmation selon laquelle l'assemblée d'actionnaires occupe une position souveraine dans la hiérarchie ne résiste pas longtemps à l'analyse. L'apparente cohabitation 'paisible entre principe de hiérarchie et principe de séparation des pouvoirs s'érode devant les exigences du marché. Ce marché est un acteur externe à la société anonyme mais démontre intensément que les règles régissant l'organisation des pouvoirs dans la société anonyme reflètent imparfaitement les rapports entre ces principes. Les différentes figures de ces principes ont permis de constater la présence de forts déséquilibres très contraignants et paradoxaux, voire une distorsion entre la pratique de ces principes et ce qu'exige l'essence de leurs déterminants. Ces constats ne s'opposent pas à la possibilité de retrouver une cohérence et une harmonie générale au fonctionnement de la société anonyme. Toutefois, le développement des solutions alternatives ne devrait guère contester l'influence légitime du marché; bien au contraire, il convient d'affirmer le rôle économique de la société anonyme. Ainsi, l'un des objectifs premiers de cette thèse est de montrer que si les principes de hiérarchie et de séparation des pouvoirs sont des principes fondateurs du fonctionnement des sociétés anonymes; ils nécessitent néanmoins une refondation. Celle-ci consiste à déterminer les finalités des principes, la redéfinition des pouvoirs de l'organe souverain, ainsi qu'une rationalisation des pouvoirs de l'organe de gestion. Enfin, pour renouer le dialogue entre ces deux organes, il convient de relativiser leurs rapports, en intégrant les valeurs de collaboration et de conciliation dans la culture de la société anonyme. / There is no legislation asserting that the limited company is governed according to the principles of hierarchy and separation of powers. It is the jurisprudence of the Motte ruling that establishes these principles modeled on a political democracy. The challenge is therefore to verity the application of these principles in classic limited companies. The presence of the principle of separation of powers seems to be associated with the presence of the principle of hierarchy. However, the relationship between the two principles is traditionally tumultuous. Nevertheless, it is hardly about a simple report. Indeed, the assertion according to which shareholders assembly occupies a sovereign position in the hierarchy does not resist for a long time to the analysis. The apparent peaceful coexistence between the principle of hierarchy and the principle of separation of powers is eroded when facing the market requirements. This market is an external actor to the limited company. However it intensely demonstrates that the rules governing the organization of power in the company imperfectly reflect the relationship between these principles. The different cases of these principles revealed the presence of strongly binding and paradoxical imbalances, even distortions, between the practice of these principles and what is required by the essence of their determinants. These findings are not opposed to the possibility of reaching consistency and harmony in the general operation of the limited company. However, the development of alternatives should not challenge the legitimate influence of the market. On the contrary, it is to enforce the economic role of the company. Thus, a primary objective of this thesis is to show that even though the principles of hierarchy and separation of powers are the founders of the companies operating principles, they nevertheless require a re-founding. The re-founding aims to determine the purpose of the principles, redefining the powers of the sovereign body, as well as streamlining the powers of the managing body. Finally, to resume the dialogue between the two bodies, their relationship should be relativized, incorporating the values of cooperation and conciliation in the culture of the company.

Submitted by Henrique Brasiliense de Castro Pires (henrique.brasiliense2014@fgvmail.br) on 2016-05-04T18:32:36Z No. of bitstreams: 1 Limited Liability and Non-responsiveness in Moral Hazard and Adverse Selection Problems (1).pdf: 525295 bytes, checksum: 0463596c60f1218d5dfffa8108178df6 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2016-05-10T19:09:38Z (GMT) No. of bitstreams: 1 Limited Liability and Non-responsiveness in Moral Hazard and Adverse Selection Problems (1).pdf: 525295 bytes, checksum: 0463596c60f1218d5dfffa8108178df6 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-05-16T19:27:56Z (GMT) No. of bitstreams: 1 Limited Liability and Non-responsiveness in Moral Hazard and Adverse Selection Problems (1).pdf: 525295 bytes, checksum: 0463596c60f1218d5dfffa8108178df6 (MD5) / Made available in DSpace on 2016-05-16T19:28:10Z (GMT). No. of bitstreams: 1 Limited Liability and Non-responsiveness in Moral Hazard and Adverse Selection Problems (1).pdf: 525295 bytes, checksum: 0463596c60f1218d5dfffa8108178df6 (MD5) Previous issue date: 2016-03-21 / This work analyses the optimal menu of contracts offered by a risk neutral principal to a risk averse agent under moral hazard, adverse selection and limited liability. There are two output levels, whose probability of occurrence are given by agent’s private information choice of effort. The agent’s cost of effort is also private information. First, we show that without assumptions on the cost function, it is not possible to guarantee that the optimal contract menu is simple, when the agent is strictly risk averse. Then, we provide sufficient conditions over the cost function under which it is optimal to offer a single contract, independently of agent’s risk aversion. Our full-pooling cases are caused by non-responsiveness, which is induced by the high cost of enforcing higher effort levels. Also, we show that limited liability generates non-responsiveness.

Registered capital of a limited liability company Abstract This master thesis deals with the institution of the registered capital in a limited liability company, its meaning and its purpose. The aim of the master thesis is to evaluate the current legislation, to compare it with the adjustment of the registered capital in other countries (especially in Germany), as well as to propose its concrete improvements. The new legislation of the limited liability company is very different from the previous legislation; the abolition of the minimum registered capital is one change brought by the new legislation. This is the result, not the cause of questioning the registered capital as the creditor protection institute. The registered capital does not perform the guarantee function, because the regulation of the registered capital does not provide (and the neither did the previous Act) effective guarantees that the company will have funds corresponding to the amount of the registered capital after the establishment of the company as well as during the period of its existence. Other provisions concerning the actual creation and maintenance of the registered capital were (except, for instance, the registered capital test) preserved. This is positive, especially because of great number of companies that have...

Scan Chains in DFT has gained more prominence in recent years due to the increase in the complexity of the sequential circuits. As the test time increases along with the number of memory elements in the circuit, new and improved methods came in to prominence. Even though scan chain increases observability and controllability, a big portion of the time is wasted while shifting in and shifting out the test patterns through the scan chain. This thesis focus on reducing the number of clock cycles that are needed to test the circuit. The proposed Algorithm uses modified shift procedures based on 1) Finding hard to detect faults in the circuit. 2) Productive way to generate test patterns for the combinational blocks in between the flip flops. 3) Rearranging test patterns and changing the shift procedures to achieve fault coverage in reduced number of clock cycles. In this model, the selection process is based on calculating the fault value of a fault and total fault value of the vector which is used to find the hard faults and the order in which the vectors are applied. This method reduces the required number of shifts for detecting the faults and thereby reducing the testing time. This thesis concentrates on appropriate utilization of scan chains for testing the sequential circuits. In this context, the proposed method shows promising results in reduction of the number of shifts, thereby reducing the test time. The experimental results are based on the widely cited ISCAS 89 benchmark circuits.

Sur le plan mondial, le nombre de patients infectés par le VIH (PVVIH) sous traitement antirétroviral (TARV) est en constante augmentation. Les pays aux ressources limitées (PRL) sont les plus touchés par l’épidémie et de fortes inégalités existent ce malgré des objectifs ambitieux fixés par les Nations Unies en 2015 (90-90-90). Le suivi biologique nécessaire des patients sous TARV est connu et les avantages de la mesure de la charge virale (CV) sont bien établis en termes de détection précoce de l'échec thérapeutique, de détection de la non-observance au TARV et de prévention de l’accumulation de résistances. Cependant, dans les PRL et notamment en zone décentralisée, l’accès à la mesure de la CV reste très restreint. Les obstacles sont divers : difficulté d’accès pour les patients à un laboratoire en capacité d’effectuer cette mesure, manque en ressources humaines et matérielles. L’utilisation des Dried Blood Spot (DBS) comme support de prélèvement permet de surmonter ces barrières notamment du fait de sa simplicité, de l’absence de nécessité de chaine de froid et de l’utilisation des machines existantes.L’objectif de ce travail de thèse est de proposer et d’évaluer une stratégie afin d’améliorer le suivi virologique des PVVIH sous TARV issus de zones décentralisées de PRL en montrant la faisabilité et la validité d’un système de collecte de DBS afin de donner accès à la mesure de la CV aux patients suivis dans des centres non dotés des machines couteuses et de la logistique nécessaire à la réalisation de celle-ci. Une méta-analyse sur le contrôle virologique en Afrique Sub-saharienne a mis en évidence un taux de succès virologique en « intention de traiter » de 65.4% [61.8_69.1] et de 56.8% [51.3-62.4] à respectivement 12 et 24 mois de TARV ainsi qu’une proportion de succès significativement plus élevée rapportées dans les essais cliniques comparativement à ceux issus des cohortes. Ensuite, plusieurs projets ont été menés afin d’obtenir des résultats dans des conditions de vie réelle dans deux zones géographiques différentes: le Cameroun et le Vietnam. Au Cameroun, une étude menée dans 12 sites décentralisés a permis d’évaluer 2215 patients dont 937 ont été évalués virologiquement. Cette étude a montré un faible taux de rétention avec 63.3%, 53.5% et 39.9% à respectivement 12, 24 et 36 mois de l’initiation du TARV. Le taux de suppression virologique était très bas avec 66.6%, 62.7% et 59.8% à respectivement 12, 24 et 36 mois de TARV. Le profil des résistances virales analysé chez les patients ayant une CV>5000 cp/mL a montré une accumulation importante des résistances virales, s’aggravant au cours du temps et hypothéquant les options. Au Vietnam, deux études incluant 198 et 203 patients, ont été menées afin d’évaluer les performances de la mesure de la CV sur DBS comparativement au plasma. Trois techniques de mesure de la CV issues de deux industriels ont été évaluées. Une sensibilité de 93.3% [81.7–98.6], 90.1% [80.7-95.9] et 54.9% [40.3–68.9] a été trouvé avec respectivement l’ancien et le nouveau protocole fournis par Abbott et le nouveau protocole fourni par Roche (FVE). La spécificité retrouvé a été respectivement de 94.8% [90.0–97.7], 96.2% [91.4-98.8] et 100% [97.5–100]. Ainsi, à travers ces travaux nous avons montré que l’utilisation des DBS est faisable, immédiatement disponible et d’un niveau de performance acceptable. Elle permet d’apporter des données précieuses tant au niveau individuel, collectif que programmatique. L’utilisation des DBS devrait être intégrée à la stratégie d’expansion de l’accès à la CV. Le suivi virologique des patients est un enjeu de Santé Publique majeur dans un contexte d’utilisation en 1ère ligne de TARV de molécules à barrière génétique faible à la résistance, d’augmentation des résistances transmises et acquises et d’un taux d’incidence encore élevé de l’infection. / Worldwide, the number of HIV-infected patients (PLWHA) on antiretroviral therapy (ART) is growing steadily. Low- and Middle-Incomes Countries (LMICs) are the most affected and strong inequalities still exist despite ambitious goals set by the United Nations in 2015 (90-90-90). The required biological monitoring of patients on ART is well known and the benefits of viral load (VL) measurement are well established, in terms of early detection of treatment failure, detection of non-adherence to ART and prevention of resistance accumulation. However, in LMICs and especially in decentralized areas, access to VL measurement remains scarce or unavailable. Barriers are various: difficulty for patients to reach a laboratory able to perform this measurement, lack of human and material resources. The use of Dried Blood Spot (DBS) as a sampling carrier allows to overcome these barriers, in particular because of its simplicity, the lack of the necessity of a cold chain and the use of existing machines. This PhD work aims at proposing and improving virological monitoring of PLWHA on ART living in decentralized areas of LMICs by demonstrating the feasibility and validity of a DBS collection system to provide access to VL measurement for patients followed in centres not equipped with costly machines and the logistics for its realization.A meta-analysis on virological success in Sub-Saharan Africa was conducted. This work showed a virological success rate in "intention to treat" analysis of 65.4%[61.8-69.1] and 56.8%[51.3-62.4] at 12 and 24 months of ART respectively, and a significantly higher proportion of success reported in clinical trials compared to cohorts. Then, several projects were conducted to obtain results in real life conditions in two different settings: Cameroon and Vietnam. In Cameroon, a study conducted in 12 decentralized sites evaluated 2215 PLWHA on ART, 937 of whom were virologically evaluated. This study showed a low retention rate with 63.3%, 53.5% and 39.9% at 12, 24 and 36 months after ART initiation, respectively. Virological suppression rate was also low with 66.6%, 62.7% and 59.8% at 12, 24 and 36 months of ART, respectively. Profiles of HIV Drug Resistance (HIVDR) in patients with VL>5000 cp/mL showed a significant accumulation of viral resistance, worsening over time and hypothecating therapeutic options. In Vietnam, two studies, involving 198 and 203 patients, were conducted to evaluate performance of VL measurement on DBS compared to plasma. Three VL techniques from two manufacturers were evaluated. Sensitivities of 93.3% [81.7-98.6], 90.1% [80.7-95.9] and 54.9% [40.3-68.9] were found with the old and optimized protocol provided by Abbott company and the new protocol provided by Roche company (FVE), respectively. Specificities were 94.8% [90.0-97.7], 96.2% [91.4-98.8] and 100% [97.5-100], respectively. Through this work, we showed that the use of DBS is feasible, immediately available and with an acceptable level of performance. It provides valuable data at the individual, collective and programmatic levels. The use of DBS should be integrated into the strategy of expanding access to VL. Virological monitoring of patients is a major public health challenge in a context of use in first line ART of molecules with a low genetic barrier to HIVDR, an increase of transmitted and acquired HIVDR and a persistently high incidence of infection.

Car make and model recognition (CMMR) has become an important part of intelligent transport systems. Information provided by CMMR can be utilized when licence plate numbers cannot be identified or fake number plates are used. CMMR can also be used when automatic identification of a certain model of a vehicle by camera is required. The majority of existing CMMR methods are designed to be used only in daytime when most car features can be easily seen. Few methods have been developed to cope with limited lighting conditions at night where many vehicle features cannot be detected. This work identifies car make and model at night by using available rear view features. A binary classifier ensemble is presented, designed to identify a particular car model of interest from other models. The combination of salient geographical and shape features of taillights and licence plates from the rear view are extracted and used in the recognition process. The majority vote of individual classifiers, support vector machine, decision tree, and k-nearest neighbours is applied to verify a target model in the classification process. The experiments on 100 car makes and models captured under limited lighting conditions at night against about 400 other car models show average high classification accuracy about 93%. The classification accuracy of the presented technique, 93%, is a bit lower than the daytime technique, as reported at 98 % tested on 21 CMMs (Zhang, 2013). However, with the limitation of car appearances at night, the classification accuracy of the car appearances gained from the technique used in this study is satisfied.

Manufacturing plays a significant role in the economy of Namibia, and yet is not performing as anticipated. In this study, the role management accounting plays in the success of a manufacturing business is explored. The research study was guided by the question of whether management accounting practices have an impact on the success of a manufacturing business through decision-making, business strategy formulation and implementation processes, as well as business performance as a whole. The research methodology used for this study is a qualitative case study of the manufacturer, Namibia Breweries Limited. This study used the insight of managers involved in the business strategy formulation and implementation, as well as in the decision-making process. The interviews focused on three themes: the contribution of management accounting practices through the business strategy and decision-making process, the influence of management accounting on business performance, and finally, the management accounting systems used in a manufacturing business. The findings of the study demonstrate that there needs to be greater awareness regarding the influence of management accounting practices on the success of a manufacturing business. Also, periodic appraisals on financial performance, quality of products and personnel performance, as well as a thorough understanding of the costing system, can be essential to the success of a manufacturing business.

Sedan år 2010 är det är frivilligt för mindre aktiebolag att upprätta revision, vilket har medfört att en majoritet av alla aktiebolag i Sverige har valt att inte upprätta revision för att bland annat minska kostnaderna förknippade med revision. Eftersom många aktiebolag finansieras genom lån från institutionella kreditgivare är det således intressant att undersöka vilket alternativ av att revideras eller inte som är mest fördelaktigt ur ett kreditgivarperspektiv. Detta genom att utforska vilken betydelse reviderade bokslut har i bedömningen och i synnerhet hur de påverkar kreditvärdigheten hos mindre aktiebolag. Följaktligen är syftet är att skapa förståelse kring revisionens betydelse vid utlåning av kapital till mindre aktiebolag ur ett institutionellt kreditgivningsperspektiv. Vidare har vi, för att uppnå syftet med studien, utfört åtta semistrukturerade intervjuer med företagsrådgivare, kreditanalytiker samt chefer med bakgrund som företagsrådgivare. Avslutningsvis summeras studien med en slutsats om revisionens betydelse och hur kreditgivarna ställer sig inför ett eventuellt återinförande av revisionsplikten. Där konstateras att revision som en faktor inte har någon större betydelse vid bedömning av kreditvärdighet och inte heller är någon nödvändighet för att bli beviljad en kredit. Däremot identifieras det andra mervärden till att underkasta sig till revision, i synnerhet, värdeskapande funktioner och fördelar såsom att revisorn är en rådgivare tillgänglig både förbolaget och kreditgivaren samt att revision ses som en kvalitetsstämpel. Trots att det råder delade uppfattningar kring ett återinförande är en övervägand edel generellt positivt inställda till revision. Utifrån den här inställningen drar vi slutsatsen att det är på grund av bekvämlighetsskäl vilket senare kopplas till komfortperspektivet. Emellertid är det dock svårare att dra en slutsats om vad kreditgivarna anser om ett eventuellt återinförande eftersom det råder så spridda uppfattningar bland dem. / As of 2010 it is voluntary for smaller limited companies to choose whether to be or not to be audited which have led to that a majority of all Swedish limited companies have chosen not to be audited in order to reduce the cost associated with auditing. Since institutional creditors are the primary source of finance for smaller limited companies it is of interest to investigate which option of, being audited or not, is the most beneficial from a creditors perspective. This will be accomplished through analyzing the importance of audited financial reports and particularly how it affects the creditworthiness of smaller limited companies. Consequently, the purpose of this study is to create an understanding of the importance of audited financial reports when smaller limited companies apply for credit from an institutional creditor perspective. In order to achieve the purpose of the study, eight semi-structured interviews were conducted with corporate advisors, credit analysts and managers with backgrounds as corporate advisors. Lastly, the study is summarized with a conclusion of the importance of audited financial reports and what institutional creditors think of a possible reintroduction of mandatory audit. We conclude the study by stating that audited financial reports does not affect the creditworthiness noticeably nor is it a necessity in order to be granted a credit. Despite this conclusion, we identify other value functions associated with auditing. Especially value creating activities such as that the auditor can function as an advisor for both the limited company and for the creditor as well. Auditing is also seen as a seal of quality according to the creditors. There are some disagreements among the creditors regarding the possible reintroduction of mandatory audit. Despite this, most of the creditors are generally positive when smaller limited companies choose to be audited. Based on this, we draw a conclusion that this is solely based off convenience from the creditors which we later link to the comfort perspective. It is however more difficult to generate a conclusion of the creditors opinions about a possible reintroduction of mandatory audit because of the widely spread opinions about it.

This thesis explores the effects of institutions on macroeconomic performance. It does so in two main chapters, a summary of each of which is given below. In the first main chapter of the thesis, the interactions between government spending, government borrowing, political corruption and political turnover were examined. Incorporating these factors in a sovereign default model, we show how sovereign default decisions and business cycle fluctuations are affected by the level of corruption. In particular, we show that when there is turnover, corruption can generate higher risks of default and higher credit spreads when there is enough stability. Intuitively, we establish that a change in power from a less corrupt to a more corrupt government is more likely to cause default than the reverse. The results also shows that households suffer welfare losses as a result of corruption. As regards business cycles, the general effect of corruption is to alter business cycle statistics. Further, we estimate an empirical model using data on sovereign default, corruption, political stability and other macroeconomic variables for a sample of emerging economies. The results of this provide strong evidence of a positive relationship between both corruption and political stability and sovereign default. The second main chapter of the thesis looks at the effects of limited financial contract enforcement in a dynamic stochastic general equilibrium framework where firms have access to both internal and external means of finance. The results shows how limited enforceability affects fluctuations in key macroeconomic variables (e.g., output, employment and price) through its impact on key financial variables (e.g., interest rates, risk premium, default risk and leverage). In particular, we find that weaker enforcement tends to amplify the effects of shocks, creating greater volatility, as well as lowering small firm funding. We provide some empirical evidence to support our results. Using cross-country data on measures of financial market imperfections, we find that limited enforcement has a negative effect on output and that this effect is exacerbated by poor credit information. We also find that weaker contract enforcement is associated with higher output volatility.

Il est généralement admis que la qualité des données de diffraction de rayons X peut être améliorée par la fusion des ensembles de données à partir de plusieurs cristaux. Toutefois, cet effet n'est valable que si les ensembles de données utilisés sont des cristaux qui sont structurellement identiques. Donc les cristaux macromoléculaire congeles on tres raremente une identité strcuturele comune. Donc, pour obtenir un gain réel a partir da une paquete de multi-cristoux. Il est necessaire de faire une selection approprieé des cristaux. Les études statistiques ont été effectuées pour trouver une méthode appropriée pour la description sur le non-isomorphisme. L'application d'analyse par grappes hiérarchiques, sur la base de la matrice du coefficient de corrélation entre les intensités d'échelle est proposée pour l'identification d'ensembles de données isomorphes. Multi-monocristallines de données de longueur d'onde de dispersion anomale ensembles de quatre molécules de protéines différentes ont été sondés pour tester l'applicabilité de cette méthode. L'utilisation de l'"hierarchical cluster analysis" a permi d'ameliorer de facon significative les indicatours crystallohraphique des donnée et de resoudre la structure. / It is generally assumed that the quality of X-ray diffraction data can be improved by merging data sets from several crystals. However this effect is only valid if the data sets used are from crystals that are structurally identical. It is found that frozen macromolecular crystals very often have relatively low structure identity (and are therefore not isomorphous) thus to obtain a real gain from multi-crystal data sets one needs to make a appropriate selection of structurally similar crystals. Statistical studies has been performed to find a suitable method for the description on non-isomorphism. The application of hierarchical cluster analysis, based on the matrix of the correlation coefficient between scaled intensities is proposed for the identification of isomorphic data sets. Multi-crystal single wavelength anomalous dispersion data sets from four different protein molecules have been probed to test for the applicability of this method. The use of hierarchical cluster analysis has permitted the selection of batches of data sets, which when merged together significantly improved the crystallographic indicators of the merged data and allowed the solution of the structure.