<p>Syftet med uppsatsen var att undersöka om det fanns något samband i kapitalstrukturen hos fastighetsbolagen på stockholmsbörsen. Samt att se hur införandet av IAS 40/IFRS har påverkat företagens kapitalstruktur.</p><p>Författarna valde att göra en totalundersökning för att belysa problemställningen på bästa sätt. Vidare letade författarna i företagens årsredovisningar för att hitta de siffror som behövdes för att räkna ut de relevanta nyckeltalen. De nyckeltal som författarna ansåg lämpliga för undersökningen var soliditet, avkastning på eget kapital, avkastning på sysselsatt kapital och skuldsättningsgraden. På vissa av nyckeltalen ansåg författarna att det fanns ett intresse av att se hur korrelationen och standardavvikelsen såg ut, därför räknades dessa också ut. Undersökningen har utgått från Modigliani och Millers teorier om kapitalstruktur samt från Trade-off teorin. Modigliani och Millers teori med skatt förklarar hur den optimala kapitalstrukturen ser ut, den menar att företag ska låna så mycket kapital som möjligt. Detta eftersom kostnaderna för skulder minskar på grund av att räntor är en avdragsgill kostnad för företaget. Trade-off teorin menar att det beror på vilken bransch företaget agerar i som avgör den optimala kapitalstrukturen. Företag i samma bransch bör alltså ha en liknande kapitalstruktur.</p><p>Det författarna kom fram till i undersökningen var att efter införandet av IFRS så har företagen en mer liknande kapitalstruktur. Modigliani och Millers teori om kapitalstruktur på en marknad med skatt stämmer inte överens med de företag som ingår i undersökningen och deras kapitalstruktur. Trade-off teorin däremot ansåg författarna stämde bra överens med företagen i studien dock med någon utstickare.</p><p>Med införandet av IAS 40/IFRS så förändrades företagens kapitalstruktur. Detta beror mycket på att IAS 40 direkt förändrar det egna kapitalet, då den tvingar företagen att värdera sina förvaltningsfastigheter till antingen verkligt värde eller till anskaffningsvärdet.</p>

Syftet med uppsatsen var att undersöka om det fanns något samband i kapitalstrukturen hos fastighetsbolagen på stockholmsbörsen. Samt att se hur införandet av IAS 40/IFRS har påverkat företagens kapitalstruktur. Författarna valde att göra en totalundersökning för att belysa problemställningen på bästa sätt. Vidare letade författarna i företagens årsredovisningar för att hitta de siffror som behövdes för att räkna ut de relevanta nyckeltalen. De nyckeltal som författarna ansåg lämpliga för undersökningen var soliditet, avkastning på eget kapital, avkastning på sysselsatt kapital och skuldsättningsgraden. På vissa av nyckeltalen ansåg författarna att det fanns ett intresse av att se hur korrelationen och standardavvikelsen såg ut, därför räknades dessa också ut. Undersökningen har utgått från Modigliani och Millers teorier om kapitalstruktur samt från Trade-off teorin. Modigliani och Millers teori med skatt förklarar hur den optimala kapitalstrukturen ser ut, den menar att företag ska låna så mycket kapital som möjligt. Detta eftersom kostnaderna för skulder minskar på grund av att räntor är en avdragsgill kostnad för företaget. Trade-off teorin menar att det beror på vilken bransch företaget agerar i som avgör den optimala kapitalstrukturen. Företag i samma bransch bör alltså ha en liknande kapitalstruktur. Det författarna kom fram till i undersökningen var att efter införandet av IFRS så har företagen en mer liknande kapitalstruktur. Modigliani och Millers teori om kapitalstruktur på en marknad med skatt stämmer inte överens med de företag som ingår i undersökningen och deras kapitalstruktur. Trade-off teorin däremot ansåg författarna stämde bra överens med företagen i studien dock med någon utstickare. Med införandet av IAS 40/IFRS så förändrades företagens kapitalstruktur. Detta beror mycket på att IAS 40 direkt förändrar det egna kapitalet, då den tvingar företagen att värdera sina förvaltningsfastigheter till antingen verkligt värde eller till anskaffningsvärdet.

This collection of two short stories and one novella seeks to express and embody concepts of narrative form and technique developed over the course of this graduate program with regards to the formulation of believable, nonrealist fictional realities in an American idiom which can enter into the global critical conversation of similarly-purposed international literature.

The dividend payout policy is one of the most debated topics within corporate finance and some academics have called the company’s dividend payout policy an unsolved puzzle. Even though an extensive amount of research regarding dividends has been conducted, there is no uniform answer to the question: what are the determinants of the companies’ dividend payout ratios? We therefore decided to conduct a study regarding the determinants of the companies’ dividend payout ratios on large and medium cap on Stockholm stock exchange. The purpose of the study is to determine if there is a relationship between a number of company selected factors and the companies’ dividend payout ratios. A second purpose is to determine whether there are any differences between large and medium caps regarding the impact of the company selected factors. We therefore reviewed previous studies and dividend theories in order to conclude which factors that potentially could have an impact on the companies’ dividend payout ratios. Based on the literature, we decided to test the relationship between the dividend payout ratio and six company selected factors: free cash flow, growth, leverage, profit, risk and size. The data used in the research are secondary data collected during a time period of five years, between 2006 and 2010. The study follows a quantitative research method with a deductive approach and we have based the study on four dividend theories: the dividend irrelevance theory, the bird in hand theory, the signaling theory and the agency theory. In order to determine whether there is a relationship between the companies selected factors and the dividend payout ratio we conducted both an Ordinary least square (OLS) and a Tobit regression. Multicollinearity tests were also conducted in order to ascertain that no multicollinearity affected the results of the study. The results indicate that some of the company selected factors have an impact on the companies’ dividend payout ratios and there are some differences between large and medium caps. The dividend payout ratios of large caps have a significant relationship to free cash flow, growth and risk. While the dividend payout ratios of medium caps have a significant relationship to free cash flow, leverage, risk and size.

Made available in DSpace on 2014-06-11T19:32:26Z (GMT). No. of bitstreams: 0 Previous issue date: 2005-12-18Bitstream added on 2014-06-13T19:43:11Z : No. of bitstreams: 1 purquerio_lfv_dr_botfca.pdf: 831183 bytes, checksum: 3ad0b4533b818e3cbd2f69395eb1526e (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) / Dentre as hortaliças de folhas, a alface é a mais consumida pela população brasileira, porém, ultimamente, a rúcula (Eruca sativa Miller) vem conquistando maior espaço no mercado. Segundo dados fornecidos pela Companhia de Entrepostos e Armazéns Gerais do Estado de São Paulo (CEAGESP), a quantidade de rúcula comercializada nesse mercado teve um crescimento em torno de 78%, de 1997 para 2003. Outro aspecto relevante diz respeito à valorização da rúcula nesse mercado. Em 2003 ela apresentou preço anual médio de R$ 2,43 kg-1 em comparação aos R$ 0,64 kg-1 obtido pela alface (média dos tipos americana e crespa). Assim, o crescimento na quantidade comercializada de rúcula e a sua cotação são indicadores de que a atividade é rentável. Contudo, apesar de sua importância econômica para a horticultura, existem poucos estudos no tocante à fitotecnia, envolvendo o manejo da nutrição mineral e o espaçamento entre plantas. Portanto, o objetivo do presente estudo foi determinar a melhor dose de nitrogênio em cobertura fornecida via fertirrigação e o melhor espaçamento entre plantas para se utilizar no cultivo da rúcula em campo e em ambiente protegido. Dessa forma, foram conduzidos ensaios no outono/inverno e no verão, na Fazenda Experimental São Manuel, da FCA-UNESP, em São Manuel-SP, Brasil. O delineamento experimental utilizado foi o de parcelas subdivididas com quatro repetições. Os tratamentos utilizados foram cinco doses de nitrogênio na parcela (0, 60, 120, 180 e 240 kg ha-1) e 3 espaçamentos entre plantas na sub-parcela (0,05, 0,07 e 0,10 m). Nas duas épocas experimentais, houve resposta crescente para a área foliar, massa de matéria fresca e seca, produtividade, quantidade de água na parte aérea e teor de nitrato no extrato foliar com o aumento das doses de nitrogênio e resposta decrescente para o peso foliar específico... / Among the leaves vegetable products, lettuce is the most preferred by Brazilian people, nevertheless, rocket salad (Eruca sativa Miller) is acquiring a larger room in the market lately. According to the Companhia de Entrepostos e Armazéns Gerais do Estado de São Paulo (CEAGESP) data, the amount of commercialized rocket salad in this market raised around 78.0% from 1997 to 2003. Another relevant aspect is related to increasing value of rocket salad in this market. In 2003 it presented an average medium price of R$ 2,43 kg-1 in comparison to the value of R$ 0,64 kg-1 obtained by lettuce (average price of the iceberg and common types). Therefore, the rocket salad commercialized amount growing and its quotation are indexes that such activity is profitable. However, besides the economical importance of rocket salad to horticulture, exist very few studies related it growing technique involving mineral nutrition management and distance between plants. Therefore, the objective of this study was to determine the best nitrogen applicatin rate on side dressing via fertigation and the best distance between plants to be used for rocket salad cultivation in open (field) and protected (green house) ambient. In this direction, tests were carried out during autumn/winter and summer seasons in São Manuel Experimental Farm (Fazenda Experimental São Manuel) - FCA-UNESP, in São Manuel-SP, Brazil. The experimental design used in the tests was split-plot with randomised blocks replicated four times. The treatments were five nitrogen doses (0, 60.0, 120.0, 180.0 and 240.0 kg ha-1) and three distances between plants (0.05, 0.07 and 0.10 m)...(Complete abstract click electronic access below)

CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / A presente pesquisa analisa e interpreta as peças Death of salesman [A morte do caixeiro viajante] (1949), do dramaturgo norte-americano Arthur Miller (1915 - 2005), e A Moratória (1955), do dramaturgo brasileiro Jorge Andrade (1922 - 1984), apoiando-se na forma da tragédia moderna, e baseando-se em ambos enredos, isto é, nos textos teatrais e nos seus respectivos conteúdos dramáticos reflexivos. Tais dramas mostram que tanto Miller quanto Andrade dividiram a mesma inquietude, propondo conflitos baseados em crises históricas, com o objetivo de evidenciar a luta do homem comum contra a sociedade, através do cotidiano de dois patriarcas e suas famílias, os quais estão deslocados com o desenvolvimento social e econômico de meados do século XX. Para entender esses e outros conflitos e como estão inseridos dramaturgicamente, este estudo está organizado da seguinte forma: o primeiro capítulo contextualiza historicamente a tragédia até sua condição moderna, após a influência do drama e de sua crise, com o propósito de se chegar à discussão sobre a tragédia e sua condição liberal adquirida na contemporaneidade. O segundo capítulo, apresenta a vida e a obra de ambos os dramaturgos, seguida das considerações iniciais acerca das peças em questão e de seus respectivos conteúdos históricos. E o terceiro capítulo, compara e analisa os aspectos relevantes de ambos os enredos, tais como: o conflito entre pais e filhos, a representação das mulheres, dos protagonistas como heróis modernos, das casas como plano de fundo das ações dramáticas e dos recursos formais cênicos que ajudam a dar expressividade às inquietações e à realidade subjetiva vivida pelos personagens. / Basead on the form of modern tragedy, the present research is devoted to analyzing the plays of Death of Salesman (1949), the american playwright Arthur Miller (1915 - 2005), and A Moratória (1955) by brazilian playwright Jorge Andrade (1922 – 1984), relying on the form of modern tragedy, and based on both texts, that is, on theatrical texts and their respective dramatic reflective content. These dramas demonstrate that both Miller and Andrade shared the same concern, proposing conflicts based on historical crises, in order to highlight the struggle of the common man against society, through the daily lives of two patriarchs and their families, who are displaced with the social and economic expansion of the mid-twentieth century. To understand these and other issues and how they are inserted dramaturgically, this study is organized as follows: the first chapter contextualizes historically the tragedy to its modern condition, after the influence of the drama and its crisis, with the purpose of arriving at the discussion about the tragedy and its liberal condition acquired in contemporaneity. The second chapter presents the life and work of both playwrights, followed by initial considerations about the plays in question and their respective historical contexts. The third and last chapter, however, compares and analyzes relevant aspects of both texts, such as: father-son conflict, representation of women, protagonists as modern heroes, of the houses as the background of dramatic actions and formal scenic resources that give expressiveness to the concerns and subjective reality experienced by the characters. / Dissertação (Mestrado)

Pour David Miller, l’inclusion des immigrants implique leur intégration culturelle. Une inclusion simplement politique sans ancrage culturel embrouille l’arrière-plan culturel de l’État-nation déjà mis à l’épreuve par la globalisation, les revendications identitaires et indépendantistes. Or, l’homogénéité culturelle lui assure une identité nationale solide, requise pour la citoyenneté, la délibération démocratique et la justice sociale. L’objectif de ce mémoire est de montrer que cette approche substantialiste est exigente outre mesure, que l’identité nationale ainsi comprise ne doit pas être un prérequis sine qua non pour une identité politique libérale viable, et qu’elle est en plus incompatible avec une société pluraliste. Ce mémoire propose donc une approche alternative fondée sur une interprétation spécifique de la théorie de la raison publique rawlsienne. Deux objectifs seront dès lors explorés : la plausible dissociation du régime libéral et de la culture au sens fort, et, par conséquent, la fondation en raison d’une société pluraliste. / For David Miller, the inclusion of immigrants requires their cultural integration. A mere political inclusion of immigrants without cultural anchoring muddles the cultural background of the nation-state, already tested by globalization, sub-state nationalisms and fragmented identities. Therefore, cultural homogeneity provides the nation-state a strong national identity required for citizenship, democratic deliberation and social justice. Our aim in this memorandum is to show that this substantialist approach is too strong a requirement, that this conception of national identity should not be a sine qua non prerequisite for a viable liberal political identity, and that it is incompatible with a pluralist society. We are proposing, instead, a political approach founded on a specific interpretation of Rawl’s public reason theory. Hence, two objectives will be explored: the plausible dissociation of national identity and citizenship, and consequently, the foundation of a pluralist society.

This study investigates the effect of leverage on stock returns on Swedishlisted firms (Large and Mid-cap). Stock returns have been calculated, andleverage ratios have been collected through Datastream. The results contradictfundamental theories on capital structure. According to the fundamentaltheories there should be a positive relationship, but the result of this studysuggests that the relationship is negative.

This essay discusses the effects of mass culture on the Loman family in Arthur Miller’s play, Death of a Salesman. The focus is to identify whether conformation to mass culture and alienation have caused the characters to be lonely and to give up what they enjoy and to fall in line with a system where individuality is replaced by totality. The theoretical framework used is the Frankfurt School’s critical theory which further developed Karl Marx’s socialist economic theory by putting an emphasis on the role of media and culture. The Frankfurt School critical theory purports that people in a mass culture society are estranged from themselves and others as large corporations and machines eradicate individual skills. Consumerism and meaningless media control and keep fatigued workers happy in their leisure time and thus distract them from starting a revolution. Advertising and entertainment create heroes to be revered which leads to a society where people strive for success, but this also results in competition and further estrangement. The conclusion is that the behaviour of the Loman family members is a result of conforming to the expectations of a mass culture society. Willy and Biff fail in their professional fields as they are not engaged in the manual work they are qualified for and that would fulfil their true needs. The constant effort to live up to expectations leads to immoralities, lies, contradictions, and loneliness. A false consciousness conveyed through media has indoctrinated a belief that someone who is not successful should be excluded from society. Willy’s escape after his own and his sons’ failures is suicide.

No description available.