While contemporary environmental problems arise partly from increased industrial activities resulting in waste creation, the continued extraction and depletion of earth’s natural resources by organisations to meet consumers’ demand have led to unsustainable business practices (Jennings & Zandbergen 1995). Moreover, reversing the negative environmental impact caused by unsustainable business practices is the responsibility of the organisations whose activities cause harm to the environment (Ahuja & Khamba 2008). More importantly, managers require adequate and accurate financial and non-financial information on their unsustainable business practices to successfully manage both internal and external environmental effects of their actions (Schaltegger & Burritt 2000). But the lack of contemporary management accounting tools to capture waste information in the brewery process reduces the chance to improve waste-reduction decisions while opportunities for cost savings are also lost. Admittedly, Gale (2006:1231) argues that conventional management accounting Systems (MASs) do not have the ability to adequately monitor the increasing material costs and overheads in production processes with sufficient transparency. Nevertheless, this inability to provide adequate process waste information may likely limit organisations’ effort to implement and achieve desired waste-reduction strategies. As a result, it is imperative to integrate both physical and monetary waste information for sound decision-making. The main objective of this study is to adopt and adjust the existing MFCA framework to support and improve on managers’ process waste-reduction decisions in the South African brewery industry. In order to achieve this main objective, the study: • examines the extent to which conventional MASs provides process waste information to support waste-reduction decisions in a micro-brewery (Hope Brewery) and a large brewery (SAB Ltd); • assesses the impact of insufficient process waste information as provided by the conventional MASs on brewery waste-reduction decisions in a micro-brewery (Hope Brewery) and a large brewery (SAB Ltd); and • adjusts the existing MFCA framework to include waste categories subsumed or neglected in the provision of waste information to improve brewery waste-reduction decisions. vi The study adopted an exploratory multiple case study approach by means of in-depth interviews and a pilot study in two breweries- a micro-brewery and a large brewery to achieve the study objectives. Findings revealed that, while the use of technology is essential to reduce brewery process waste, there is lack of appropriate waste-capturing management accounting tool in both organisations. Besides it is essential for organisations to adopt appropriate management accounting tool to capture waste-related information for improved waste-reduction decisions and selection of appropriate waste management strategy. The study therefore suggests the adoption of an adjusted MFCA framework for a more robust approach to improve waste-reduction decisions since ‘what cannot be measured cannot be managed’. / Management Accounting / D. Comm. (Management Accounting)

Thesis (MPhil)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Organisations are beginning to take responsibility for the impacts made by their operations/activities on the environment. The sustainability of organisations can not only be measured by their economic performance, but also by their social and environmental performance. Good governance as recommended in the King III report (Institute of directors in South Africa, 2009) requires reporting to be integrated with the organisation’s social and environmental performance. Organisations inevitably use natural resources and generate waste. Agenda 21 states that organisations should use natural resources efficiently (UNCED, 1992). The challenge according to UNDP (1998:1) is not to stop growth, but to “change the patterns of consumption and production, using new technologies to achieve greater efficiency and reduce waste and pollution”. Waste management is not only an internal concern for the Council for Scientific and Industrial Research (CSIR), but also for the national and international institutions. In South Africa, waste management previously only involved the disposal of waste aspects of it; leaving out important components of waste management such as its treatment and the principles of waste reduction, reuse and recycling. South Africa has in the past ten years changed and has instead developed sustainability plans. For example, The Polokwane Declaration on waste management outlines what the government, civil society and the business community will do to ensure the reduction of waste generation and disposal (South Africa, 2001). The National Environmental Management: Waste Act (Act 59 of 2008) states that waste must be reduced, reused, recycled and treated before it is disposed. To this effect, South African municipalities are trying to identify ways to ensure that residents and industry adhere to these requirements. The CSIR is a scientific and technological research, development and implementation organisation which has a long-standing commitment to environmental protection. It has been accredited for adherence with ISO14001 Environmental Management System requirements for over ten years. Development of the Zero-Waste to Landfill Framework builds on the strengths of the organisation’s Environmental Management System and enhances sustainable practices throughout the organisation; and also responds to national imperatives such as the Polokwane Declaration. Typical waste streams generated at the CSIR sites include general business waste (paper, cans, plastics, glass etc), general industrial waste (oils, greases, metals, plastics etc), and hazardous waste (chemical, laboratory, bio hazardous). The Zero-Waste to Landfill Framework assists, and gives guidance to the organisation in order to achieve Zero-Waste to Landfill. It informs the CSIR in planning for initiatives and systems that need to be in place in order to achieve the Zero-Waste to Landfill goal. The framework is developed to provide sustainable solutions for waste management which result in economic, social and environmental benefits for an organisation such as the CSIR. This research was done to look into the factors that ensure that an effective waste minimisation process and programme is implemented at the CSIR, and the recommendations are that; a) The CSIR participates in sustainability reporting. b) The CSIR implements green procurement. c) The CSIR explores different innovative methods, technologies and materials that can be used to minimise waste. d) The CSIR runs intensive awareness raising campaigns. / AFRIKAANSE OPSOMMING: Dit blyk dat sekere Suid-Afrikaanse organisasies uiteindelik besig is om verantwoordelikheid te neem ten opsigte van die impak wat hul produksieprosesse op die omgewing het. Die volhoubaarheid van organisasies word nie net deur ekonomies uitsette gemeet nie, maar sluit ook die monitoring van organisatories-ekonomiese in. Effektiewe bestuur soos aanbeveel deur die King III verslag (Institute of directors in South Africa, 2009) vereis dat organisatoriese rapportering sosiale en omgewingsuitsette insluit. Dit is onafwendbaar dat organisasies natuurlike bronne sal gebruik en afval daardeur genereer. Agenda 21 (UNCED, 1992) vereis egter dat organisasies natuurlike hulpbronne op ‘n effektiewe en verantwoordelike manier sal gebruik. Volgens die UNDP (1998:1) is die uitdaging aan organisasies nie om vooruitgang te stuit nie, maar “to change the patterns of consumption and production, using new technologies to achieve greater efficiency and reduce waste and pollution”. Effektiewe afvalbestuur is nie net van toepassing op die “Council of Scientific and Industrial Research (CSIR) nie, maar geld ook vir ander nasionale organisasies. In die verlede was afvalbestuurmetodes in Suid-Afrika hoofsaaklik gemik op die wegdoening van afval, terwyl metodes soos hergebruik, afvalvermindering en herwinning nie eers oorweeg is nie. Suid-Afrika het gedurende die afgelope tien jaar vooruitgang gemaak op hierdie terrein deur planne te ontwikkel wat volhoubaarheid sal bewerkstellig, byvoorbeeld the Polokwane Verklaring insake Afvalbestuur wat bepaal watter metodes die regering, gemeenskap en besigheidsgemeenskap sal implementeer om die vermindering en wegdoening van vaste afval te verseker. Die “National Environmental Management Waste Act” van 2008 vereis dat metodes vir die vermindering, hergebruik en herwinning oorweeg moet word alvorens blote wegdoening plaasvind. Die munisipaliteite in Suid-Afrika is tans besig om maniere te identifiseer wat sal verseker dat inwoners en industrieë hierdie vereistes nakom. The CSIR is gemik op tegnologiese navorsing, ontwikkeling en implementering en het ‘n langtermyn verbintenis om die omgewing te beskerm. Dit het die afgelope tien jaar die ISO 14 001 akkreditasie bekom en behou. Die ontwikkeling van die “Zero-waste to landfill”-Beleid bou op die positiewe aspek van die Organisasie se omgewingsbestuursisteem en bevorder volhoubare praktyke regdeur die Organisasie. Die Beleid spreek ook tot nasionale imperatiewe soos die Polokwane Verklaring. Die CSIR genereer afvalstrome ten opsigte van algemene kantoorafval (papier, blikkies, plastiek, glas, ens.), industriele afval (olie, ghries, metale, plastiek, ens.), sowel as gevaarlike afvalstowwe afkomstig van laboratoriums wat chemikalieë en biologies-gevaarlike materiaal insluit. Die “Zero-waste to Landfill”-Beleid fasiliteer en gee gestalte aan die Organisasie om hierdie doelwitte in die praktyk te bereik deur die ontwikkeling van inisiatiewe en sisteme. Die Beleid is ontwikkel met die doel om volhoubare oplossings te verskaf aan ‘n Organisasie soos die CSIR wat uiteindelik ekonomiese, sosiale en omgewingsvoordele sal inhou. Hierdie navorsing is gedoen om faktore wat die suksesvolle implementering van effektiewe afvalverminderings prosesse en programme by die CSIR beinvloed te ondersoek. Die aanbevelings sluit die volgende in: a) Die CSIR moet betrokke wees by volhoubare rapporteringsmetodes. b) Die CSIR moet aankoopmetodes implementeer wat volhoubaarheid ondersteun. c) Die CSIR moet verskeie innoverende metodes, tegnologie en materiale ondersoek wat gebruik kan word om die generering van afval te minimaliseer. d) Die CSIR moet intensiewe bewusmakingsveldtogte van stapel stuur.

Thesis (MPhil)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Mounting pressure on waste management has forced the City of Cape Town (CCT) to progressively move towards achieving an integrated waste management system (IWMS). This system presents a holistic approach of dealing with waste issues. The waste management hierarchy indicates that the ‘cradle-to-cradle’ approach of waste management is more ideal as compared to the traditional ‘cradle-to-grave’ approaches of waste management, example landfilling. However the challenges that have transpired in the rollout of waste minimisation initiatives highlight the need to continuously improve the system. This thesis investigates the municipal solid waste (MSW) minimisation programmes initiated by the CCT Solid Waste Management Department. A systems approach that combined both quantitative and qualitative methodologies was employed in the analysis. A material flow analysis (MFA) model was used to trace the flow of waste through the waste management system. The benefit of applying the MFA approach for waste management problems has been highlighted in literature in terms of identifying potential recycling, and other, waste-treatment technologies, and predicting the outcomes of waste treatment and disposal initiatives. The main objective of this study was to apply an adapted MFA method in order to determine the progress of the existing waste minimisation programmes and to also determine the opportunities to utilise biodegradable and other recyclable components of the waste streams; thereby improving the IWMS of the CCT. The MFA provided a conceptual understanding of the flow of waste materials in the CCT. The mass assessment of waste minimisation facilities, such as the Bellville compost plant and Athlone material recovery facility and refuse transfer station, unveiled that there is still a large amount of biodegradable and recyclable municipal solid waste that ends up in landfills regardless of the waste minimisation facilities available. However, it is still immature at this stage to conclude the success of the Think Twice campaign, since this is a fairly new initiative that relies on the response rate of the public. There are challenges associated with the recyclable waste recovery rates such as public awareness, proper advertising, operational problems that still need to be addressed. The MFA results also showed the final sinks of the different waste types that are sent through the different waste minimisation facilities run by the CCT. The current institutional arrangements and legislative environment have been greatly improved but there are still a number of challenges that need to be addressed. The largest, overall challenge is devising a practical plan of ‘closing the loop’ in order to develop a circular economy. The concept of ‘cradle-to-cradle’ seems to be premised on extended producer responsibility and other stringent control mechanisms, which are currently believed, will yield negative consequences in the South African context. A lot more work needs to be done to achieve a genuinely integrated and sustainable solid waste management system. / AFRIKAANSE OPSOMMING: Die Stad Kaapstad streef na ‘n geïntegreerde afval beheer sisteem (GABS) as gevolg van toenemende druk op die bestuur van afval. Hierdie stelsel bied 'n holistiese benadering tot die hantering van afval-probleme. Die afvalbestuur-klassifikasie wys dat die “wieg-tot-wieg” benadering meer ideaal is as die tradisionele “wieg-tot-graf” benaderings van afvalbestuur, byvoorbeeld die bestaande sorteringsterreine. Die uitdagings wat voor-gekom het in die bekendstelling van afvalbeperkingsinisiatiewe het getoon dat daar ‘n voortdurende behoefte is om die stelsel te verbeter. Hierdie tesis ondersoek die munisipale vaste-afvalbeperkingsprogamme wat deur die Stad Kaapstad se Departement Vaste-Afvalbestuur geïnisieer is. Beide kwantitatiewe en kwalitatiewe metodes is gebruik om die analises uit te voer. ‘n Materiaal vloei-analise model (MVM) is gebruik om die vloei van afval deur die afvalbestuur-sisteem te volg. Die voordeel van die toepassing van die MVM-model word uitgelig in die literatuur in terme van identifisering van potensiële herwinning en ander afvalbehandelings-metodes en die voorspelling van die uitkomste van afval-behandeling en wegdoen-inisiatiewe. Die hoofdoel van die studie was om ‘n aangepaste MVM-metode toe te pas om die vordering van die bestaande afvalbeperkings programme vas te stel asook om die gebruik van bioafbreekbare en ander herwinbare komponente van die afvalstrome beter te kan benut en daardeur ‘n verbetering van die GABS van die Stad Kaapstad teweeg te bring. Die MVM het goeie insig gebied in die vloei van afvalmateriaal in die Stad Kaapstad. Die massa-waardebepaling van afvalverminderings-fasiliteite, soos die Belville kompos-aanleg en die Athlone materiaalherwinningsfasiliteit asook die afval-oordragstasie, het onthul dat daar nog groot hoeveelhede biodegradeerbare munisipale vaste-afval in die stortingsterreine beland ten spyte van die afvalbeperkings-fasiliteite wat beskikbaar is. Dit is egter nog te vroeg om ‘n gevolgtrekking oor die sukses van die “Think Twice” veldtog te maak aangesien dit 'n redelike nuwe inisiatief is wat op die terugvoer van die publiek staatmaak. Daar is uitdagings wat verband hou met die herwinbare afvalhersteltempo’s soos byvoorbeeld: openbare bewustheid, goeie advertering asook operasionele probleme wat nog aangespreek moet word. Die MVM resultate het ook ‘n daling in die verskillende afval-tipes wat deur die verskillende afvalbeperkingsfasiliteite van die Stad Kaapstad gestuur word, getoon. Die huidige institusionele reëlings en wetgewende omgewing het baie verbeter, maar daar is nog 'n aantal skuiwergate wat aangespreek moet word. Die grootste algehele uitdaging tans is die ontwerp van ‘n praktiese plan om die skuiwergate te oorkom en om ‘n kringloop in die ekonomie te ontwikkel. Die "wieg-totwieg" benadering berus op uitgebreide produsente verantwoordelikheid en ander streng beheermaatreëls wat waarskynlik negatiewe gevolge in die Suid-Afrikaanse konteks gaan oplewer. Daar is egter nog baie werk wat gedoen moet word om ‘n geïntegreerde en volhoubare stelsel vir die bestuur van vaste-afval daar te stel.

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Tyrimo objektas – verslo įmonės mokesčių našta. Tyrimo tikslas – sukurti mokesčių naštos minimizavimo metodiką ir pateikti pasiūlymus mokesčių naštai mažinti. Tyrimo uždaviniai: 1. Atlikti N įmonės mokestinę analizę ir nustatyti mokesčių naštos lygį įmonėje. 2. Nustatyti verslo įmonės mokesčius ir mokesčių naštą įtakojančius veiksnius bei tarp jų esančio ryšio stiprumą. 3. Sukurti verslo įmonės mokesčių naštos minimizavimo metodiką. 4. Pagal sudarytus scenarijus ir analizuotus minimizavimo variantus įvertinti N įmonės mokesčių naštos kitimą taikant mokesčių naštos minimizavimo metodiką. Tyrimo metodai. Atliekant mokesčių naštos minimizavimo tyrimą buvo naudojami literatūros bendrieji moksliniai tyrimo metodai – literatūros analizė ir sintezė, loginė analizė ir sintezė, loginio modeliavimo metodai. Informacijai apdoroti ir sisteminti panaudoti grupavimo, palyginimo ir grafinio vaizdavimo būdai. Tyrimo rezultatai: • Pirmoje darbo dalyje išnagrinėta mokesčių našta tenkanti verslo subjektui ir nustatyti veiksniai įtakojantys įmonės mokesčių naštą. Nustatyta, kad darbo santykių bei pelno mokestinės naštos yra reikšmingiausios įmonei. • Antroje darbo dalyje sudaryta verslo įmonės mokesčių naštos minimizavimo metodika, išskiriant nuoseklią atliekamų veiksmų seką ir jiem taikomus metodus. • Trečioje darbo dalyje atliktas verslo įmonės mokesčių naštos minimizavimo tyrimas. Pateikti verslo įmonės mokesčių naštos minimizavimo scenarijai ir nustatytas optimaliausias iš jų. Teorinė ir... [toliau žr. visą tekstą] / Object of the research – tax burden in the business enterprise. Aim of the research – to create the method of tax burden minimization and present the suggestions for minimizing the tax burden. Objectives of the research: 1. To perform the tax analysis of enterprise N and to identify the level of the tax burden in the company. 2. To determine the elements that affect taxes of the enterprise and tax burden as well as the intensity of relation between them. 3. To create the method of tax burden minimization in business company. 4. To evaluate the change of company’s N tax burden applying the method of tax burden minimization, in accordance to the concluded scripts and analyzed minimization options. Methods of the research. While carrying out the examination of tax burden the general methods of scientific literature investigation are applied: analysis and synthesis, logical analysis and synthesis, logical modeling techniques. In order to process and systemize the information the methods of classification, comparison and graphic depiction are applied. Results of the research: • In the first part of thesis the tax burden that satisfies the business subject is analyzed and the factors that affect company’s tax burden are determined. It is ascertained, that tax burden of labor relations and profit are the most significant to the enterprise. • In the second part of thesis, by distinguishing the consistent sequence of performed operations and its techniques, the method of tax burden... [to full text]

Cette thèse porte sur les questions d'évaluation et de couverture des options dans un modèle exponentiel-Lévy avec changements de régime. Un tel modèle est construit sur un processus additif markovien un peu comme le modèle de Black- Scholes est basé sur un mouvement Brownien. Du fait de l'existence de plusieurs sources d'aléa, nous sommes en présence d'un marché incomplet et ce fait rend inopérant les développements théoriques initiés par Black et Scholes et Merton dans le cadre d'un marché complet. Nous montrons dans cette thèse que l'utilisation de certains résultats de la théorie des processus additifs markoviens permet d'apporter des solutions aux problèmes d'évaluation et de couverture des options. Notamment, nous arrivons à caracté- riser la mesure martingale qui minimise l'entropie relative à la mesure de probabilit é historique ; aussi nous dérivons explicitement sous certaines conditions, le portefeuille optimal qui permet à un agent de minimiser localement le risque quadratique associé. Par ailleurs, dans une perspective plus pratique nous caract érisons le prix d'une option Européenne comme l'unique solution de viscosité d'un système d'équations intégro-di érentielles non-linéaires. Il s'agit là d'un premier pas pour la construction des schémas numériques pour approcher ledit prix. / This thesis focuses on the pricing and hedging problems of financial derivatives in a Markov-modulated exponential-Lévy model. Such model is built on a Markov additive process as much as the Black-Scholes model is based on Brownian motion. Since there exist many sources of randomness, we are dealing with an incomplete market and this makes inoperative techniques initiated by Black, Scholes and Merton in the context of a complete market. We show that, by using some results of the theory of Markov additive processes it is possible to provide solutions to the previous problems. In particular, we characterize the martingale measure which minimizes the relative entropy with respect to the physical probability measure. Also under some conditions, we derive explicitly the optimal portfolio which allows an agent to minimize the local quadratic risk associated. Furthermore, in a more practical perspective we characterize the price of a European type option as the unique viscosity solution of a system of nonlinear integro-di erential equations. This is a rst step towards the construction of e ective numerical schemes to approximate options price.

This paper proposes and investigates a metaheuristic tabu search algorithm (TSA) that generates optimal or near optimal solutions sequences for the feedback length minimization problem (FLMP) associated to a design structure matrix (DSM). The FLMP is a non-linear combinatorial optimization problem, belonging to the NP-hard class, and therefore finding an exact optimal solution is very hard and time consuming, especially on medium and large problem instances. First, we introduce the subject and provide a review of the related literature and problem definitions. Using the tabu search method (TSM) paradigm, this paper presents a new tabu search algorithm that generates optimal or sub-optimal solutions for the feedback length minimization problem, using two different neighborhoods based on swaps of two activities and shifting an activity to a different position. Furthermore, this paper includes numerical results for analyzing the performance of the proposed TSA and for fixing the proper values of its parameters. Then we compare our results on benchmarked problems with those already published in the literature. We conclude that the proposed tabu search algorithm is very promising because it outperforms the existing methods, and because no other tabu search method for the FLMP is reported in the literature. The proposed tabu search algorithm applied to the process layer of the multidimensional design structure matrices proves to be a key optimization method for an optimal product development. / Ce mémoire présente un nouvel algorithme métaheuristique de recherche taboue pour trouver des solutions optimales ou sous-optimales au problème de minimisation de la longueur des dépendances d’une matrice de conception (FLMP). Ce problème comporte une fonction économique non-linéaire et il appartient à la classe NP-ardu. Il s’ensuit qu’il est très difficile à trouver une solution optimale exacte en temps réel pour les problèmes de taille moyenne ou grande. D’abord, on présente le problème et une revue de la littérature associée. Ensuite, on analyse le problème, et on présente les détails du nouvel algorithme de recherche taboue produisant des solutions au problème de réduction de l’effet de retour en utilisant deux voisinages différents, le premier basé sur l’échange des positions de deux activités ("swap"), et le second sur le déplacement d’une activité à une position différente ("shift"). Des résultats numériques permettent d’analyser le comportement de l’algorithme et de comparer les deux voisinages. La première étape consiste à déterminer de bonnes valeurs pour les paramètres en utilisant des problèmes générés aléatoirement. Ensuite nos résultats sont comparés avec ceux obtenus dans la littérature. On conclut que l’algorithme de recherche taboue proposé est très prometteur, car nos résultats sont meilleurs que ceux publiés dans la litérature. D’autant plus que la recherche taboue semble avoir été utilisée pour la première fois sur ce problème.

Modern society is faced with the complex and intractable challenge of global warming, along with other environmental issues that could potentially alter our way of life if not managed properly. Is it possible that financial markets and equity investors could have a huge part to play in the transformation towards a greener and more sustainable world? Previous studies about investment strategies regarding sustainability have for the most part been centered around possibly less objective ESG-scores or around carbon and GHG-emissions only, with little or no consideration for water usage and waste management. This thesis aims to amend to the previous work on carbon reducing strategies and ESG-investing with the addition of water usage and waste management, especically using raw data of these measures instead of ESG-ratings. Index replicating portfolios have become more and more popular as it proves harder and harder to beat the index, offering good returns along with cheap and uncomplicated portfolio construction and management. In a trending market, the fear of missing out and the demand for market return can make an index replicating strategy a way for investors to have market exposure but still remain diversied and without confusion about which horses to bet on. This thesis studies the relationship between tracking-error and the increase of sustainability in a portfolio through reduction of the intensity of carbon emissions, water usages and poor waste management. To be able to make a fair comparison, these measures are normalized by dividing each measure by the reported annual revenue. These three obtained intensities are then implemented individually, as well as all together into index replicating portfolios in order to study the effect from decreasing them. First and foremost we study the effect on the tracking-error, but also the effects on returns and volatility. We also study the effect on liquidity and turnover in the portfolios to show that it is possible to implement extensive sustainability increasing methods into an index replication equity portfolio. We follow the UCITS-directory to avoid overweightin specic companies and only allow the portfolios to overweight a sector with maximum 2%, in order to avoid an unwanted exposure to sectors with naturally lower intensities. The portfolios are obtained by using a multi-factor risk model to predict the expected statistical behaviour in relation to the chosen factors. Followed by applying Markowitz Modern Portfolio Theory through a convex optimization problem with the objective function to minimize tracking-error. All displayed portfolios had stable and convex optimization and were compliant with the UCITS-directory. We limited our study to only North American stocks and chose the index "MCSI NA" to replicate. Only stocks that were a part of the index were allowed to invest in and we did not allow negative weights for any stocks. The portfolios were constructed and backtested for the period 2014-12-01 until 2019-03-01 with rebalancing quarterly at the same points in time that the index is rebalanced by MCSI. We found that it was possible to implement extensive sustainability considerations into the portfolios and still keep a high correlation with the index whilst keeping low tracking-errors. We believe that most index replicating investors should be able to implement reductions of above mentioned intensities of about 40-60% without compromising tracking-errors,returns and volatility too much. We found evidence that during this time and in this market our low-intensities portfolios would have overperformed the index. We also found that returns increased and volatility decreased as we increased the reduction of each individual measure and all three collectively. Reducing carbon intensity seemed to drive positive returns and lower volatility the most, but we also observed apositive effect from reduction of all intensities. Our belief before conducting this study was that sustainability should have a negative effect on returns due to the limitation of the feasible area of investing. This motivated us to build portfolios with intent to makeup for these lesser returns and hopefully "beat the index". This failed in almost all cases and the only way we were able to beat the index were through implementing sustainability in our portfolios.

A Mucosite Oral é uma das principais e mais debilitantes complicações do Transplante de Medula Óssea. (Schubert et al., 1986; Borowski et al., 1994; Sonis, 1998; Peterson, 2004; Sonis, 2004; Scully, 2006; Sonis, 2009). Nessa terapia sua incidência varia entre 75-100%. (Wardley et al., 2000; Barasch; Peterson, 2003; Schubert et al., 2007; Blijlevens, 2008; Vokurka et al., 2009 ). A extensão e a severidade da Mucosite Oral estão significativamente correlacionadas com dias de narcótico injetável, alimentação parenteral, febre, risco de infecção importante, dias de hospitalização, custos hospitalares e mortalidade. (Sonis et al., 2001; Vera-Llonch et al., 2007). Nosso trabalho trata-se de um estudo de avaliação clínica e econômica, retrospectivo, de pacientes submetidos ao transplante de medula óssea no Hospital Israelita Albert Einstein, entre os anos de 2000 e 2008. Foram avaliados 167 pacientes, que foram divididos em dois grupos: Grupo I, composto por 91 pacientes que receberam atendimento odontológico e Laserterapia durante o TMO e Grupo II, composto por 76 pacientes que não receberam atendimento odontológico nem Laserterapia. Dados como idade, sexo, diagnóstico da doença de base, protocolo quimioterápico, tipo de transplante, uso de medicação para dor, dias de febre, utilização de alimentação parenteral, dias de internação, presença de infecção e grau de mucosite oral, com e sem atendimento odontológico, foram coletados e analisados. Uma análise descritiva, com base em tabelas de frequências e testes Qui-quadrado (ou exato de Fisher, quando este se mostrou mais apropriado), foi feita com o objetivo de verificar a associação estatística entre as variáveis de interesse. Estimativas dos riscos relativos, com intervalos de confiança de 95%, foram calculadas para avaliar a associação entre o desfecho (grau máximo) e as variáveis explicativas de interesse e o tempo médio de internação (em dias) nos diferentes grupos e tipos de transplantes foi comparado por meio de um modelo de análise de variância. Valores de p menores que 0,05 foram considerados como estatisticamente significantes. Pudemos concluir com esse trabalho que a extensão e a severidade da Mucosite Oral foram maiores no grupo sem atendimento Odontológico, sendo que o risco do paciente desse grupo apresentar grau III ou IV foi de 13 vezes maior que o grupo com Cirurgião-Dentista. Além disso, observamos que atendimento odontológico durante o TMO, quando praticado da forma descrita nesse estudo, é custo-efetivo, sendo capaz de reduzir as morbidades clínicas do TMO e que os benefícios do atendimento odontológico excederam os custos e, portanto, devem ser adotados. Foi constatado também que os pacientes que tiveram o acompanhamento do Cirurgião-Dentista apresentaram melhor qualidade de vida durante TMO e que o atendimento odontológico durante o TMO gerou economia para o hospital. / Oral mucositis is one of the main and most debilitating complications of Bone Marrow Transplants. In this therapy its incidence ranges between 75-100%. The extent and severity of Oral Mucositis are significantly correlated with the days of receiving injectable narcotics, parenteral feeding, fever, and risk of important infection, number of days of hospitalization, hospital costs and mortality. This study is a retrospective clinical and economic evaluation of patients submitted to bone marrow transplant at the \"Hospital Israelita Albert Einstein\", between the years 2000 and 2008. A total of 167 patients were evaluated, and were divided into two groups: Group I, composed of 91 patients who received dental treatment and Laser therapy during the BMT and Group II, composed of 76 patients who did not receive dental attendance or laser therapy. Data such as age, sex, diagnosis of the underlying disease, chemotherapy protocol, type of transplant, use of pain relief medication, days of fever, use of parenteral feeding, days of hospitalization, presence of infection and degree of oral mucositis, with and without dental attendance were collected and analyzed. A descriptive analysis, based on Frequency tables and Chi-square tests (or Fishers exact test, when this was shown to be more appropriate), was performed with the aim of verifying the statistical association among the variables of interest. Estimates of relative risks, with confidence intervals of 95% were calculated to evaluate the association between the outcome (maximum degree) and the explicative variables of interest and the mean time of hospitalization (in days) in the different groups and types of transplants was compared by means of an analysis of variance model. p- Values lower than 0.05 were considered statistically significant. By means of this study, it could be concluded that the extent and severity of Oral Mucositis were greater in the group without Dental attendance, as the risk of the patient in this group presenting Grade III or IV was 13 times higher than it was in the group attended by a Dentist. Moreover, it was observed that dental attendance during BMT, when performed in the manner described in this study, is cost-effective, as it is capable of reducing the clinical morbidities of BMT. Furthermore the benefits of dental attendance outweighed the costs, and therefore, must be adopted. It was also found that patients that were followed-up by the Dentist presented a better quality of life during BMT and that dental attendance during BMT resulted in savings for the hospital.

L'objectif de cette thèse est de faciliter le diagnostic du cancer de la vessie. Durant une cystoscopie, un endoscope est introduit dans la vessie pour explorer la paroi interne de l'organe qui est visualisée sur un écran. Cependant, le faible champ de vue de l'instrument complique le diagnostic et le suivi des lésions. Cette thèse présente des algorithmes pour la création de cartes bi- et tridimensionnelles à large champ de vue à partir de vidéo-séquences cystoscopiques. En utilisant les avancées récentes dans le domaine de la minimisation d'énergies discrètes, nous proposons des fonctions coût indépendantes des transformations géométriques requises pour recaler de façon robuste et précise des paires d'images avec un faible recouvrement spatial. Ces transformations sont requises pour construire des cartes lorsque des trajectoires d'images se croisent ou se superposent. Nos algorithmes détectent automatiquement de telles trajectoires et réalisent une correction globale de la position des images dans la carte. Finalement, un algorithme de minimisation d'énergie compense les faibles discontinuités de textures restantes et atténue les fortes variations d'illuminations de la scène. Ainsi, les cartes texturées sont uniquement construites avec les meilleures informations (couleurs et textures) pouvant être extraites des données redondantes des vidéo-séquences. Les algorithmes sont évalués quantitativement et qualitativement avec des fantômes réalistes et des données cliniques. Ces tests mettent en lumière la robustesse et la précision de nos algorithmes. La cohérence visuelle des cartes obtenues dépassent celles des méthodes de cartographie de la vessie de la littérature / The aim of this thesis is to facilitate bladder cancer diagnosis. The reference clinical examination is cystoscopy, where an endoscope, inserted into the bladder, allows to visually explore the organ's internal walls on a monitor. The main restriction is the small field of view (FOV) of the instrument, which complicates lesion diagnosis, follow-up and treatment traceability.In this thesis, we propose robust and accurate algorithms to create two- and three-dimensional large FOV maps from cystoscopic video-sequences. Based on recent advances in the field of discrete energy minimization, we propose transformation-invariant cost functions, which allow to robustly register image pairs, related by large viewpoint changes, with sub-pixel accuracy. The transformations linking such image pairs, which current state-of-the-art bladder image registration techniques are unable to robustly estimate, are required to construct maps with several overlapping image trajectories. We detect such overlapping trajectories automatically and perform non-linear global map correction. Finally, the proposed energy minimization based map compositing algorithm compensates small texture misalignments and attenuates strong exposure differences. The obtained textured maps are composed by a maximum of information/quality available from the redundant data of the video-sequence. We evaluate the proposed methods both quantitatively and qualitatively on realistic phantom and clinical data sets. The results demonstrate the robustness of the algorithms, and the obtained maps outperform state-of-the-art approaches in registration accuracy and global map coherence