Il existe en France plus de 44 236 monuments historiques, dont la diversité des typologies architecturales s’est considérablement accrue ces dernières décennies (édifices industriels, constructions modernes, etc.). Cette diversification constitue cependant une perte de repère des critères discriminant les monuments à conserver. Cette thèse de doctorat s’intéresse donc aux processus de patrimonialisation et à la sélection des édifices à protéger. Précisément, cette étude porte sur le phénomène inverse, celui des annulations de protection, en France depuis 1990. La présente recherche vise à mettre en évidence les facteurs intrinsèques et extrinsèques des radiations de protection - en net accroissement, particulièrement dans les cœurs de ville - et permettre ainsi une réflexion sur l’évolution du patrimoine et des politiques de protection. / In France there are more than 44.236 listed buildings, whose diversity of architectural typolo-gies increased significantly these last decades (industrials buildings, modern constructions, etc.). However, this diversification will entail the loss of criteria specifying the monuments which are meant to be preserved. This doctoral thesis is thus focused on the processes of pat-rimonialisation and on selection rules of buildings considered for listing. To be precise, this study relates to the opposite fact: thereviews, the cancellations of protections and therefore the delisting of buildings, in France, since 1990. This research aims to highlight the intrinsic and extrinsic factors of delisting requests – a net increase, mostly in the city centres - and thus to get an overall picture of the situation on inheritance evolution and on process for listing or delisting.

Thesis (M. Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2015. / ABSTRACT The extractive activities industry includes entities that explore for, discover, develop and extract deposits of minerals, oil and natural gases. Recent research conducted has concluded that accounting for the assets and expenditure together with the disclosure requirements in this industry are not comprehensively addressed by current International Financial Reporting Standards (IFRS). The debate surrounding the accounting and disclosure alternatives in the industry as well as movements to standardise them have been ongoing since the 1890s. The latest movement by the International Accounting Standards Board (IASB) resulted in a project team publishing the Discussion Paper DP/2010/1 – Extractive Activities of April 2010 (Discussion Paper). The Discussion Paper presents disclosures determined to provide the most useful information to the users of the industries financial statements. The IASB have paused this topic and it will not be added to the agenda in the near future, however, this Discussion Paper is likely to form the foundation of a new IFRS. This research report will assess how the reserves and related disclosures currently prepared by entities in the mining or oil and gas industry compare to the proposed disclosure requirements of the Discussion Paper. This research report uses a mixed methodology. Quantitative analysis, through the use of a disclosure checklist, dominates the study which covers two years. The results of this study are then qualitatively and compared per proposed disclosure, against market capitalisation, by listing sector, by external auditor and whether the entity has a single or a dual-listing. Overall the study shows that the current disclosures of the entities do not satisfy the proposed disclosures of the Discussion Paper. Entities in the extractive activities industry would need to invest more into financial reporting in order to achieve compliance with the disclosures should they ever form part of an IFRS. The findings do indicate that the number of disclosures provided is dependent on the size of the entity. The two entities PRG/0500709A i found to have the most disclosures are in the gold mining sector and have an alternative listing on the New York Stock Exchange.

The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct. / Doctor of Philosophy (PhD)

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

Over the past two decades a number of Chinese companies have issued shares on both the Hong Kong Stock Exchange and on one of the Chinese stock exchanges. The Hong Kong-listed H-shares of Chinese dual-listed companies have traded at a persistent discount rate relative to the China-listed A-shares. As these shares represent the same ownership rights and cash flows, the shares should theoretically trade at the same price. The price differential between H-shares and A-shares should decrease as international markets continue to converge. The paper analyzes the persistence of the discount rates and the effects of both market and investor sentiment on the price disparity between the two shares. The paper also examines whether certain sectors consistently trade at larger discount rates relative to others.

Oaks (Quercus robur) are an important substrate for many epiphytic lichens, and with increasing age the bark of oaks becomes suitable for red-listed species. These species may respond to environmental and landscape factors differently, and at different spatial scales. We tested the effect of tree, environmental and land use factors on the occurrence and richness patterns of lichens species at various spatial scales (circles with radius ranging from 28 to 1225 m), in a heterogeneous landscape in South Eastern Sweden. The occurrence patterns of Cliostomum corrugatum and Chaenotheca phaeocephala were best explained by the density of oaks within radii of 400 and 302 m, respectively. In contrast, Ramalina baltica was best explained at smaller scale (263 m) as was species richness (302 m). This study shows that the most important factor for the occurrence and richness patterns of lichens was oak density at almost all the considered scales. Tree circumference also positively affected all four response variables.

Since Mainland China advocated economic reform in 1978, the government appealed to many Taiwanese firms invested with a purpose of boosting trade and investing in this fast growing market. Some of the Taiwanese firms took this opportunity to expand and attain more profit and gradually developed into partners with major international enterprises in the supply chains. In order to increase the visibility in the world and increase the fundraising scale, numerous overseas Taiwanese firms chose to be listed in capital markets. A drastic change in government policy was seen in Taiwan since 2008. The regulations regarding foreign corporations listing in Taiwan capital markets have been largely loosened, which led to a sudden surge of appetite among successful overseas Taiwanese corporations for returning to Taiwan and be primary listed or secondary listed. This study is focused on overseas Taiwanese corporations based in Mainland China, where most of the primary listed firms operate and manufacture products. The main pragmatic issues discussed in this study include operating, managing, accounting and tax, and customs procedures¡Ketc. with a focus on illustration and analysis of tax related risks these firms encounter due to regulations in Mainland China when doing overseas investment restructuring, equity transfer and so on. This study not only investigate the issues of regulations for primary listing of securities in Taiwan, but also utilize case analysis to depict the development of primary listing oriented overseas investment structure and the frame of controlling of share holder¡¦s stock holding structures. Through practical experiences and diagrams to reveal the overseas operation and trading models in illustrations, the study has generated following verified summaries: 1. Analysis of regulations in China and the risk of taxes when corporations trying to make adjustment of overseas investment structure and transition of stock equity. 2. Study Taiwanese entrepurers or foreign companies, most of them are conglomerates companies or family owned business with centralized stock equity where they have the capability to highly conrol the core copany while they go public with the regard to the ownership and the level of controls in operation. 3. Utilize the formate of stock holding by overseas investment compay or through trust, to fullfill the consideration of equity diversification or reduce the burden of taxation.

No description available.

本文研究期間為民國 94 年至民國102 年共9 年的時間，以台灣全部的上市公司為研究對象，扣除資料不全者，共有569 間公司。本論文使用Loistic regression之研究方法，找出台灣上市公司是否避險的因素，以及避險對公司績效的影響，並以OLS 最小平方法估計避險的因素與避險對公司績效的影響。企業國際化已經是目前經濟狀態不可避免的趨勢，尤其進出口頻繁的產業，更是面臨匯率波動風險所帶來的威脅。因此，企業頻繁的使用衍生性金融工具來執行避險策略。實證結果顯示各個產業有著不同的決定性因素來影響企業執行決策，其中化學業、金融業、光電業、造紙業與塑膠業存在統計上顯著的結果。另外公司若執行避險策略，對於公司價值有正面的影響，台幣貶值、董監事持股比率、權益資金之比重以及營收成長率對於公司的價值也都存在正面與顯著的關係，而實質利率的上升則對公司的價值有不利的影響。

One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If "real" changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves. (author's abstract)