Esta dissertação apresenta a edição fac-similar e diplomática em perspectiva genética de 53 notas de planejamento do romance Avalovara de Osman Lins. Esta seleção permitiu verificar quais foram os procedimentos empregados na composição do texto, da estrutura rigorosa do livro e o registro da utilização destas notas na obra publicada em 1973. A edição contempla documentos autógrafos, datiloscritos e impressos rasurados que, de modo geral, contêm um discurso indicativo. Com isso, é possível perceber certas particularidades relacionadas ao processo de criação do romance além de estabelecer novas propostas de estudo para a obra. / This dissertation presents the diplomatic and fac-simile edition of 53 planning notes of the Avalovara, a novel by Osman Lins, through a genetic perspective. The selection was limited to these documents in order to check the procedures employed in the text composition and in its rigorous structure, as well as the record of the use of these notes in the volume published in 1973. The edition includes handwritten, typed and scrapped printed documents that, in general, display an indicative discourse. Through this edition, it is possible both to notice certain peculiarities related to the creative process of the novel and to establish new perspectives of study for the novel.

Esse estudo investigou se as notas explicativas às demonstrações financeiras, preparadas de acordo com as International Financial Reporting Standards (IFRS), cumprem seu objetivo principal de fornecer informações úteis a investidores e credores no mercado brasileiro. A análise foi desenvolvida a partir de dados obtidos junto a usuários externos, investidores e credores, de informações financeiras divulgadas em notas explicativas às demonstrações financeiras de companhias abertas brasileiras, listadas na BM&FBovespa, no período de 1º de outubro de 2013 a 28 de fevereiro de 2014. Foram identificadas, também, as opiniões de preparadores de informações financeiras e contrapostas às dos usuários externos quanto às características da informação financeira útil, emanadas do The Conceptual Framework for Financial Reporting IASB (2010); foi ainda analisada a influência do processo adotado pelo IASB para definir requerimentos de divulgação incluídos em suas normas e pronunciamentos contábeis associado à confiabilidade trazida por auditores independentes (Big four) quanto ao enforcement à aderência a esses requerimentos, no âmbito da utilidade da informação financeira. De forma geral, os resultados indicaram que as notas explicativas às demonstrações financeiras atingem parcialmente seu objetivo principal de fornecer informações úteis a investidores e credores no mercado brasileiro, uma vez que preparadores da informação financeira norteiam-se pelos requerimentos de divulgação definidos nos IFRS de forma bastante literal, inclusive com auxílio de disclosure check list, propiciando a inclusão de informações imateriais em notas explicativas devido à ausência de orientação específica sobre determinação de materialidade nas normas do IASB. / In this study we have examined whether the explanatory notes to financial statements prepared in accordance with International Financial Reporting Standards (IFRS) achieve their main objective of providing useful information to investors and creditors in the Brazilian market. The analysis was based on data obtained from external users, investors and creditors with respect to financial information disclosed in the explanatory notes of financial statements of Brazilian public companies listed on the BM&FBovespa, during the period from October 1, 2013 to February 28, 2014. It was identified the opinions of the preparers of financial information and compared them with those of external users regarding the characteristics of useful financial information described in The Conceptual Framework for Financial Reporting IASB (2010). It was also analyzed the influence of IASB´s process to define the disclosure requirements in their accounting standards and pronouncements, together with the reliability resulting from independent auditors (Big Four) regarding the enforcement of compliance with these requirements, as they relate to the usefulness of financial information. Overall, the results revealed that the explanatory notes to the financial statements partially achieve their main goal of providing useful information to investors and creditors in the Brazilian market, since preparers of financial information are guided by the disclosure requirements defined in the IFRS quite literally, sometimes with the assistance of a disclosure checklist, resulting in the inclusion of immaterial information in the notes, due to the lack of specific guidance in the IFRS regarding materiality.

Submitted by Joana Azevedo (joanad@id.uff.br) on 2017-08-04T18:58:57Z No. of bitstreams: 1 Dissert Erika Tatiane de Oliveira Queiroz.pdf: 3038437 bytes, checksum: 6bfa3331fc5cef21ad6c59e52a18358c (MD5) / Approved for entry into archive by Biblioteca da Escola de Engenharia (bee@ndc.uff.br) on 2017-08-31T11:50:50Z (GMT) No. of bitstreams: 1 Dissert Erika Tatiane de Oliveira Queiroz.pdf: 3038437 bytes, checksum: 6bfa3331fc5cef21ad6c59e52a18358c (MD5) / Made available in DSpace on 2017-08-31T11:50:50Z (GMT). No. of bitstreams: 1 Dissert Erika Tatiane de Oliveira Queiroz.pdf: 3038437 bytes, checksum: 6bfa3331fc5cef21ad6c59e52a18358c (MD5) Previous issue date: 2017-05-22 / A exploração exagerada dos recursos naturais, comprometendo os limites físicos do planeta, leva o tema sustentabilidade ganhar maior destaque nas discussões mundiais. Nos últimos anos, as empresas vem investindo em diminuir o impacto ambiental de suas atividades, buscando aumentar a eficiência no uso de matérias-primas, água e energia. Diante desta questão, este trabalho consiste na avaliação dos impactos ambientais da produção de cédulas de R$ 50,00 baseados na metodologia de Avaliação do Impacto do Ciclo de Vida (ACV), normatizada pelas ISO 14040 e 14044. A fronteira do sistema considerado nesta análise inclui a produção de chapas, impressão de cédulas e tratamento de efluentes. A unidade funcional (UF) do estudo é a produção de 1.000.000 cédulas de denominação de R$ 50,00 no ano de 2015. Utilizou-se o software SimaPro 8 e o banco de dados Ecoinvent, em suas versões 3.1. O resultado do estudo permitiu obter uma melhor visão dos processos da empresa. Em relação a fase de Avaliação de Impacto, os resultados demonstraram que o processo de impressão de cédulas mostrou ter 88% de contribuição para o impacto ambiental em relação ao processo de produção de chapas e tratamento dos efluentes. Baseado nos resultados deste estudo de ACV depreende-se que no processo de impressão de cédulas, o uso de papel fibra algodão apresentou maior contribuição para o impacto ambiental em 16 das 18 categorias avaliadas. O resultado deste estudo poderá utilizado como instrumento técnico para futuras decisões no desenvolvimento de novos produtos por empresas responsáveis pela produção do dinheiro no mundo. / Exaggerated exploitation of natural resources, compromising the physical limits of the planet, makes the subject of sustainability gain greater prominence in the world's discussions. In recent years, companies have been investing in reducing the environmental impact of their activities, seeking to increase efficiency in the use of raw materials, water and energy. Given this question, this work consists of the evaluation of the environmental impacts of the production of R $ 50.00 banknotes based on the methodology of Life Cycle Impact Assessment (LCA), standardized by ISO 14040 and 14044. The boundary of the system considered in this Analysis includes plate production, ballot printing and effluent treatment. The functional unit (UF) of the study is the production of 1,000,000 bills denominated R $ 50.00 in the year 2015. The software SimaPro 8 and the database Ecoinvent, in its versions 3.1. The result of the study allowed a better view of the company's processes. Regarding the Impact Assessment phase, the results showed that the ballot printing process showed an 88% contribution to the environmental impact in relation to the sheet production process and effluent treatment. Based on the results of this LCA study, it can be seen that in the ballot printing process, the use of cotton fiber paper presented the greatest contribution to environmental impact in 16 of the 18 categories evaluated. The result of this study could be used as a technical tool for future decisions in the development of new products by companies responsible for producing money in the world.

在全球股市呈現不穩的情勢下，雙元外匯存款產品成為財富管理業務所發展的熱門產品。雙元外匯存款產品結構包括外匯選擇權與定期外幣存款。然外匯選擇權的操作過程所隱含的風險必須加以探討，因此本研究以美國那斯達克股市報酬率與美國國庫券與十年期公債利差等資訊，試著藉由集群分析，探討美元兌澳幣(USD/AUD)、美元兌英鎊(USD/GBP)、歐元兌澳幣(EUR/AUD)等元存款產品之報酬率與風險。 本研究實證結果為: 一、不同市場狀態的操作策略不同 從各集群的涵義來看，當市場狀態屬於集群1時，此時Nasdaq指數日報酬率處於高檔但已有長期成長疑慮下，則「短期看多澳幣，看空美元」為一正確的外匯策略判斷基礎。當市場處於集群2的經濟成長性與股市報酬率處於較樂觀的狀態下，「短期看多英鎊，看空美元」與「短期看空美元，看多澳幣」是較適合的判斷。當市場處於集群3的股市低檔與債券市場反映經濟成長訊息的狀態下，則「看多澳幣，看空歐元」與「短期看空澳幣，看多美元」等為較佳的策略思維。 二、雙元存款產品的現金流量補償機制必須依據不同市場狀態 本研究發現雙元外匯存款產品在不同匯率與不同集群下，會有不同的Mean/StDev值，代表投資者與財富管理業者必須面對外匯市場進行利益的分配問題。目前雙元外匯存款產品都有設定不同匯率下的保本機制，故對於財富管理業者而言，雙元外匯存款產品屬於資金短期配置的選項之一，因此，針對不同的總體經濟或市場環境，業者必須快速調整，創造投資者與業者雙贏的局面。 / With the global stock markets unstable, foreign-exchange-option-linked dual currency structure notes have become the popular products for wealth management. Foreign-exchange-option-linked dual currency structure notes have been involved with foreign exchange option and currency deposit. Nonetheless, the risks inherent in the currency option should be discussed . Therefore, this study uses cluster analysis to explore the information in Nasdaq index returns and interest spreads , to discover the returns and risks in foreign exchange rates in term of “USD/AUD”, “USD/GBP”, and “EUR/AUD”. After the analysis in this study, the conclusions of this study could be summarized as following: Firstly , the proposals and strategies for the dual currency structure notes should be based on the statuses of markets. With market status showing higher stock returns but concerns for future economic growth, the appropriate strategies should be built up on the concept of “short USD, long AUD in near term”. When market status showing positive stock returns and positive future economic growth, the appropriate strategies should be built up on the concept of “short USD, long AUD in near term” or “short USD, long GBP in near term”. With market status reflecting lower stock returns but positive perspectives for future economic growth, the appropriate strategies should be built up on the concept of “short EURO, long AUD in near term”, or “short AUD, long USD in near term”. Based on the Mean/StDev , this study suggests the wealth managers should design different portfolios under different scenarios in foreign exchange rates, to generate best payoffs between the investors and wealth managers.

Among those who interpreted the poetry of Li Shang-Yin in the early Qing Dynasty, Zhu He-Ling was the one that took the lead. He interpreted the poetry of Li Shang-Yin on Qian Qian-Yi¡¦s instructions. It was a time of dynasty changes and literary inquisition, similar to the late Tang Dynasty. The poetry of Li Shang-Yin, poet of the late Tang, was ambiguous and obscure, which provided an opportunity for Zhu who was in the same situation as Li-Shang-Yin to display his commentary ability. Zhu adopted the method of ¡§zhi ren lun shi¡¨ to interpret Li¡¦s poems, which is a method of understanding a person by researching the historical background. After ¡§Explanatory Notes of the Poetry Collection of Li Yi-Shan¡¨ was published, it evoked resonance among readers. Therefore, it is now an important book for studying Li¡¦s poems. If the process of how Zhu finished the book could be understood and the essence and features of the book could be outlined and summarized, it would be beneficial for researching the poet Li Shang-Yin and his poems. This dissertation is composed of five chapters. The first chapter- introduction- contains the purpose and method of the study. The life and characteristics of Zhu and the gist of ¡§Explanatory Notes of the Poetry Collection of Li Yi-Shan¡¨ were also introduced. The second chapter-the historical background of Zhu He-ling¡¦s interpretation of Li Yi-Shan¡¦s poems-indicates that the author wrote and developed the concept of shishi (¸Ö¥v) and bixin (¤ñ¿³) under the influence of the political and social environment and the academic atmosphere at that time. This chapter also discusses the process of how Zhu finished the book and compares the differences in different versions in order to highlight the outcomes of Zhu¡¦s studies. In chapter three-the style and structure of ¡§Explanatory notes of the poetry collection of Li-Yi-Shan¡¨- the style and structure of the explanation, interpretation and quotation in the book were analyzed. By doing this, Zhu¡¦s devotion to interpreting Li¡¦s poems and to preserving predecessors¡¦ works could be easily seen. Chapter four-the contribution and defect of ¡§Explanatory notes of the poetry collection of Li-Yi-Shan¡¨-depicts the contribution and defect of the book for those who study Li Shang-Yin¡¦s poems. Chapter five-conclusion- summarizes the main ideas from chapter two to four in the hope that the whole picture of ¡§Explanatory notes of the poetry collection of Li-Yi-Shan¡¨ could be understood.

信用連結債券的價值主要取決於所連結資產池內的資產違約情況，因此過去有許多文獻在評價時會利用Copula模擬各資產的違約時點，或是用Factor Copula估算他們在各時點下的違約機率。而本研究以Gaussian Factor Copula模型為主軸，對資產池違約機率做估計，以得到連結該資產池的信用連結債券價值。但過去文獻較常以給定參數的方式進行評價，本研究進一步利用市場實際資料估出模型參數並加入產業因子，以期達到符合市場的效果。 本研究利用已知的違約資訊對照模型結果，發現在給定原油價格成長率、產業GDP成長率及CAPM殘差之後，使用Factor Copula模型在資產池小且違約比例過高時容易低估損失，主要原因在於各資產的違約機率並非逼近1。且模型算出的預期損失會隨著距今時間變長而增加，但若資產池實際上沒有更多違約公司，模型的結果就可能會高估損失。而所有的變數又以參考價差對該商品價值的影響最大，因參考價差的數值取決於該公司的信用評等，因此可知信用連結債券價值主要還是與各公司信評有最大相關。 / The value of credit linked notes depends on whether the reference entities in the linked asset pool default or not, so some previous studies used Copula model to simulate the times to default or Factor Copula model to get the default probability. In this paper, with the Gaussian Factor Copula model adopted and industry factors taken into account, the default probability is estimated in order to obtain the value of the credit linked notes. Then, unlike other previous studies using the given parameters, this paper evaluated the parameters by using the model as well as market data, hoping to achieve the goal that results can reflect the real market situation. With real default information compared with the modeling results, three findings can be drawn given the growth rate of oil price, the growth rate of industrial GDP and the residuals of CAPM. First, the loss will be underestimated if the asset pool is small and the default proportion is too high mainly because not all the default probability approximates one. Second, expected default probability will be directly proportional to the time period between the present and the expected moment. So if there are not so many defaulting companies, then the loss might be overestimated. Last, the reference spread has the most impact on the product value among all the variables, and as we know, the reference spread of a company depends on its credit rating. Therefore, compared with other factors, credit rating remains the most essential to credit linked notes.

本論文在Li(2000)的Gaussian Copula的背景之下，將資產價值服從常態分配的假設改為服從Variance Gamma分配，利用Copula模型模擬債權群組內各個標的資產的違約時點，並利用蒙地卡羅抽取亂數的方法，取平均之後求得信用連結債券所連結的資產債權組合價值。除此之外，本論文比較假設資產價值服從常態分配、Student t分配和Variance Gamma分配下，計算求得的資產池價值。實證結果顯示，假設服從Variance Gamma分配最接近市場的真實違約資料。這是由於Variance Gamma分配具備Student t分配的厚尾性質，能有效捕捉常態分配缺少的尾端損失機率，並可調整偏態係數和峰態係數，可以求出更接近市場價值的評價結果。最後，在敏感度分析方面，改變影響資產池價值的兩大因子：平均違約回收率和資產間相關係數。結果顯示，當平均違約回收率高於0.7時，相關係數越高的債權群組，其資產池價值亦越高。若平均違約回收率越低且資產間相關係數越高的話，越容易出現一起違約的現象，因此資產池價值會下降。因此投資人在挑選信用連結債券時，應注意所連結的標的資產群組內資產報酬的相關性，最好避免相關性高的資產群組，以免金融海嘯來臨的時候，多個資產同時違約的情形發生。

This dissertation aims at providing a new critical edition of the fictitious Letters of the Courtesans attributed to Alciphron (late 2nd or early 3rd century AD). The first part of the introduction begins with a brief survey of the problematic dating and identification of Alciphron, followed by a general overview of the epistolary genre and the letters of Alciphron. The main part of the introduction deals with the manuscript tradition. Eighteen manuscripts, which contain some or all of the Letters of the Courtesans, are described and the relationship between them is analyzed based on complete collations of all the manuscripts. The conclusion, which is illustrated by a stemma codicum, is that there are four primary manuscripts from which the other fourteen manuscripts derive: Vaticanus gr. 1461, Laurentianus gr. 59.5, Parisinus gr. 3021 and Parisinus gr. 3050. The introduction concludes with a brief chapter on the previous editions, a table illustrating the selection and order of the letters in the manuscripts and editions, and an outline of the editorial principles. The guiding principle for the constitution of the text has been to use conjectural emendation sparingly and to try to preserve the text of the primary manuscripts wherever possible. The critical apparatus has been divided into a main apparatus below the text, which reports variant readings from the primary manuscripts and a small selection of conjectures, and two appendices which report scribal conjectures from the secondary manuscripts and conjectures by modern scholars with bibliographical references. A third appendix has also been added which lists all conjectures adopted into the  text. The parallel translation, which is accompanied by brief explanatory notes on names and places, is literal and serves as a complement to the commentary, which primarily deals with matters of textual criticism. In the commentary problematic passages are discussed, especially where an emendation has been adopted or where the present edition differs from previous editions. After the three appendices the dissertation ends with a bibliography.

信用連結債券的價值主要取決於所連結資產池內的資產違約狀況，使得原始信用風險債券在到期時的本金償付受到其他債券的信用風險影響，因此如何準確且客觀的估計資產池內違約機率便一個很重要的課題，而過去文獻常以給定參數的方式，並且假設資產間的違約狀況彼此獨立下進行評價，對於聯合違約機率的捕捉並不明顯，因此本文延伸Factor Copula模型，建立信用連結債券之評價模型，該模型考慮了資產間的違約相關程度，以期達到符合市場的效果，同時配合統計之因素分析法，試圖找出影響商品價格背後的市場因子。 本研究利用延伸的評價模型以及Copula法，對實際商品做一訂價探討，結果發現，不管是使用樣本內或樣本外的資料去評價時，本研究的評價模型表現都優於Copula法，表示說評價時額外加入市場因子的考慮，對於評價是有正向的幫助；而在因子選取方面，我們選取18項因子後，經由因素分析共可萃取出三大類因素，藉由觀察期望價格與市場報價的均方根誤差，發現國家因素以及產業因素均對於商品價格有所影響，而全球因素對於商品不但沒有顯著影響，同時加入後還會使得計算出的商品期望價格更偏離市場報價，代表說並不是盲目的加入許多因子就能使得模型計算出的價格貼近市場報價，則是要視加入的因子對於資產的影響程度而定。 對於後續研究的建議：由於本研究的實證中存在一些假設，使得評價過程中並不完全符合現實市場現況，若能得到市場上的真實數據，或是改以隨機的方式來計算，相信結果會更貼近市場報價；同時，藉由選取不同的因子來評價，希望能找出國家因素、產業因素以外的其他影響因子，可助於我們更了解此項商品背後的影響因素，使得投資人能藉由觀察市場因子數據來判斷商品未來價格走勢。 / Value of the credit-linked notes depend on the pool of assets whether default or not, so the promised payoff of credit-linked notes is affected by other risky underlying assets. Therefore, how to estimate the probability of default asset pool accurately and objectively will be a very important issue. In the past literature, researchers usually use given parameters, and assume assets probability of default are independent from each other under valuation. Furthermore, it is not obvious to capture the joint probability of default. Thus, this article extends the Factor Copula Model to provide a new methodology of pricing credit-linked notes, which consider the default correlation between the extent of assets in order to achieve result in line with market and with Factor Analysis method added, trying to figure out the impact of commodity price factor behind the market. In the empirical analysis, pricing the actual commodity issued by LB Baden-Wuerttemberg using extend model and Copula model, we found that no matter choose in-the-sample or out-the-sample data to valuation, the models in this article are superior to Copula model by compare the root-mean-square deviation(RMSE). It means add the market factors into our valuation is beneficial. In terms of selection factors, we select eighteen factors prepared by Morgan Stanley Capital International, and three categories of factors may be extracted from Factor Analysis method. By observing RMSE, both national factors and industry factors will influence on the commodity, but world factors not only did not significantly impact on the commodity, but also add it to calculate the expected price further from the market price. Representative said not blind join the many factors can make the model to calculate the price close to the market price, it is a factor depending on the degree of influence of the added asset. For the suggestion of future research. The fact that the presence of empirical assumptions in this study, result in the evaluation process is not entirely realistic to market situation. We suggest to get the real data on the market or use random way to calculate, we believe that the outcome will be closer to the market price. Meanwhile, by selecting different factors to evaluate, trying to discover further factors which significantly impact on the commodity; it will help us better to understand the factors behind the commodity, so investors can predict commodity future prices by observing the market data.

國內結構債市場業已蓬勃發展，市場模型亦相當適合結構債評價。本文在市場模型下，因市場模型不具馬可夫性質，運用最小平方蒙地卡羅法針對三連結標的為LIBOR的結構債進行評價。 / The market of the structured notes has been blossoming. The lognormal forward LIBOR model is more suitable for the valuation of structured notes than do the traditional interest rate models. In this article, we perform three case studies of the valuation of the structured notes linked to LIBOR in lognormal forward LIOBR model. It is easier to implement the lognormal forward LIBOR model by Monte Carlo simulation due to the non-Markovian property. Therefore, the least-squares Monte Carlo approach is used to deal with the callable feature of the structured notes in our case studies.