Este trabalho tem como objetivo investigar e analisar a evolução do grau de integração financeira do Brasil com os mercados de capitais internacionais a partir da década de noventa. O conceito de integração financeira fraca é adotado por meio da relação da paridade coberta de juros (PCJ) e o conceito de integração forte é usado a partir da relação de paridade descoberta de juros (PDJ). As condições de não arbitragem foram estimadas usando os modelos de parâmetros fixos e de parâmetros variando no tempo. A importância de estimar parâmetros variáveis ao longo do tempo deve-se ao fato de que várias mudanças na legislação de capitais estrangeiros ocorreram no período amostral. Além disso, os planos de estabilização, as crises monetárias e financeiras e a mudança de regime cambial devem ter mostrado algum efeito sobre o comportamento das paridades de juros. Como outra possibilidade, estudam-se os possíveis fatores pull e push relevantes na explicação dos fluxos de entrada de capitais estrangeiros. Os resultados indicaram que existe um grau de integração financeira intermediário tanto no sentido fraco como forte. Os desvios da PDJ sugerem a presença de um prêmio de risco país e de um prêmio de risco da moeda relevantes nas arbitragens de juros. A aplicação do filtro de Kalman nas equações da PCJ e da PDJ mostrou evidências de variação nos parâmetros, observando-se mudanças bruscas como graduais ao longo do tempo. A PCJ mostrou uma mudança no início de 1991 que pode estar associado ao período de abertura da conta de capital brasileira. Foi também possível observar dois momentos de quebras estruturais na evolução PDJ. Além disso, um aumento no diferencial de juros interno e externo produziu uma desvalorização excessiva na taxa de câmbio no momentos de crescimento na incerteza no mercado de divisas. Com a introdução do Plano Real, os resultados apontaram que os investimentos estrangeiros foram realizados com prêmios de risco país e da moeda mais elevado relativamente aos outros anos da década. Por fim, os resultados mostraram as influências de fatores push como de fatores pull nas decisões de investimento no Brasil. / This work aims to investigate and to analyze the evolution of the degree of financial integration between Brazilian capital market and the international capital markets throughout nineties. The concept of weak financial integration is employed in relation to the covered parity of interests (CPI) and the concept of strong financial integration is used to uncovered parity of interests (UPI). The condition of non-arbitrage has been evaluated using the models of both fixed and varying in time parameters. The importance of evaluating variable parameters during the time is due to the fact that some change in the legislation of foreign capitals has occurred in the studied period. Moreover, the plans of stabilization, the monetary and financial crises and the change of exchange regime may have had some effects on the behavior of the interest parities. As another possibility, the study analyzes the pull and push relevant factors to explain foreign capital inflows. The results indicated that there is an intermediary degree of financial integration in both concepts; weak and strong financial integration. The deviations of the CPI have indicated that there are barriers to the mobility of capital and free-risk exceeding gains to those invest in Brazilian bonds compared to North-American bonds. The deviations of the UPI have pointed out the presence of a premium of country risk and premium of currency risk on the interest arbitrage. The use of the Kalman filter in the equations of the CPI and the UPI showed evidence of varying in the parameters. Theses changes might be strong and gradual during the time. The CPI changed in the beginning of 1991 significantly which can be associated to the period of Brazilian opening capital account. It was also possible to observe two structural breakdowns in the UPI series. Moreover, an increase in differential between internal and external interests created an extreme depreciation in the exchange rate during the period that uncertainties in the exchange market raised. After implementation of Real Plan, the results indicated that the foreign investments had been carried through country risk premium and currency risk premium relatively higher than to the other years of the decade. Finally, the results have shown the influences of push and pull factors in the decisions of investment in Brazilian economy.

Este trabalho tem como objetivo investigar e analisar a evolução do grau de integração financeira do Brasil com os mercados de capitais internacionais a partir da década de noventa. O conceito de integração financeira fraca é adotado por meio da relação da paridade coberta de juros (PCJ) e o conceito de integração forte é usado a partir da relação de paridade descoberta de juros (PDJ). As condições de não arbitragem foram estimadas usando os modelos de parâmetros fixos e de parâmetros variando no tempo. A importância de estimar parâmetros variáveis ao longo do tempo deve-se ao fato de que várias mudanças na legislação de capitais estrangeiros ocorreram no período amostral. Além disso, os planos de estabilização, as crises monetárias e financeiras e a mudança de regime cambial devem ter mostrado algum efeito sobre o comportamento das paridades de juros. Como outra possibilidade, estudam-se os possíveis fatores pull e push relevantes na explicação dos fluxos de entrada de capitais estrangeiros. Os resultados indicaram que existe um grau de integração financeira intermediário tanto no sentido fraco como forte. Os desvios da PDJ sugerem a presença de um prêmio de risco país e de um prêmio de risco da moeda relevantes nas arbitragens de juros. A aplicação do filtro de Kalman nas equações da PCJ e da PDJ mostrou evidências de variação nos parâmetros, observando-se mudanças bruscas como graduais ao longo do tempo. A PCJ mostrou uma mudança no início de 1991 que pode estar associado ao período de abertura da conta de capital brasileira. Foi também possível observar dois momentos de quebras estruturais na evolução PDJ. Além disso, um aumento no diferencial de juros interno e externo produziu uma desvalorização excessiva na taxa de câmbio no momentos de crescimento na incerteza no mercado de divisas. Com a introdução do Plano Real, os resultados apontaram que os investimentos estrangeiros foram realizados com prêmios de risco país e da moeda mais elevado relativamente aos outros anos da década. Por fim, os resultados mostraram as influências de fatores push como de fatores pull nas decisões de investimento no Brasil. / This work aims to investigate and to analyze the evolution of the degree of financial integration between Brazilian capital market and the international capital markets throughout nineties. The concept of weak financial integration is employed in relation to the covered parity of interests (CPI) and the concept of strong financial integration is used to uncovered parity of interests (UPI). The condition of non-arbitrage has been evaluated using the models of both fixed and varying in time parameters. The importance of evaluating variable parameters during the time is due to the fact that some change in the legislation of foreign capitals has occurred in the studied period. Moreover, the plans of stabilization, the monetary and financial crises and the change of exchange regime may have had some effects on the behavior of the interest parities. As another possibility, the study analyzes the pull and push relevant factors to explain foreign capital inflows. The results indicated that there is an intermediary degree of financial integration in both concepts; weak and strong financial integration. The deviations of the CPI have indicated that there are barriers to the mobility of capital and free-risk exceeding gains to those invest in Brazilian bonds compared to North-American bonds. The deviations of the UPI have pointed out the presence of a premium of country risk and premium of currency risk on the interest arbitrage. The use of the Kalman filter in the equations of the CPI and the UPI showed evidence of varying in the parameters. Theses changes might be strong and gradual during the time. The CPI changed in the beginning of 1991 significantly which can be associated to the period of Brazilian opening capital account. It was also possible to observe two structural breakdowns in the UPI series. Moreover, an increase in differential between internal and external interests created an extreme depreciation in the exchange rate during the period that uncertainties in the exchange market raised. After implementation of Real Plan, the results indicated that the foreign investments had been carried through country risk premium and currency risk premium relatively higher than to the other years of the decade. Finally, the results have shown the influences of push and pull factors in the decisions of investment in Brazilian economy.

This work scrutinises, evaluates and systematises the modern exchange rate theories. Its aim is to familiarise the reader with the concepts of expectation, Purchasing Power Parity and Interest Rate Parity, which together form the basis of the following analysis of monetary and portfolio theories of the exchange rate determination. Then, it provides a comparison of the various approaches to these theoretical frameworks with regard to their respective authors. The paper is concluded by an evaluative description of the conditions under which such theories could be applied.

Thesis (MSc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: We consider the problem of portfolio's asset allocation characterised by risk and return. Prior to the 2007-2008 financial crisis, this important problem was tackled using mainly the Markowitz mean-variance framework. However, throughout the past decade of challenging markets, particularly for equities, this framework has exhibited multiple drawbacks. Today many investors approach this problem with a 'safety first' rule that puts risk management at the heart of decision-making. Risk-based strategies have gained a lot of popularity since the recent financial crisis. One of the 'trendiest' of the modern risk-based strategies is the Risk Parity model, which puts diversification in terms of risk, but not in terms of dollar values, at the core of portfolio risk management. Inspired by the works of Maillard et al. (2010), Bruder and Roncalli (2012), and Roncalli and Weisang (2012), we examine the reliability and relationship between the traditional mean-variance framework and risk parity. We emphasise, through multiple examples, the non-diversification of the traditional mean-variance framework. The central focus of this thesis is on examining the main Risk-Parity strategies, i.e. the Inverse Volatility, Equal Risk Contribution and the Risk Budgeting strategies. Lastly, we turn our attention to the problem of maximizing the absolute expected value of the logarithmic portfolio wealth (sometimes called the drift term) introduced by Oderda (2013). The drift term of the portfolio is given by the sum of the expected price logarithmic growth rate, the expected cash flow, and half of its variance. The solution to this problem is a linear combination of three famous risk-based strategies and the high cash flow return portfolio. / AFRIKAANSE OPSOMMING: Ons kyk na die probleem van batetoewysing in portefeuljes wat gekenmerk word deur risiko en wins. Voor die 2007-2008 finansiele krisis, was hierdie belangrike probleem deur die Markowitz gemiddelde-variansie raamwerk aangepak. Gedurende die afgelope dekade van uitdagende markte, veral vir aandele, het hierdie raamwerk verskeie nadele getoon. Vandag, benader baie beleggers hierdie probleem met 'n 'veiligheid eerste' reël wat risikobestuur in die hart van besluitneming plaas. Risiko-gebaseerde strategieë het baie gewild geword sedert die onlangse finansiële krisis. Een van die gewildste van die moderne risiko-gebaseerde strategieë is die Risiko- Gelykheid model wat diversifikasie in die hart van portefeulje risiko bestuur plaas. Geïnspireer deur die werke van Maillard et al. (2010), Bruder and Roncalli (2012), en Roncalli and Weisang (2012), ondersoek ons die betroubaarheid en verhouding tussen die tradisionele gemiddelde-variansie raamwerk en Risiko- Gelykheid. Ons beklemtoon, deur middel van verskeie voorbeelde, die niediversifikasie van die tradisionele gemiddelde-variansie raamwerk. Die sentrale fokus van hierdie tesis is op die behandeling van Risiko-Gelykheid strategieë, naamlik, die Omgekeerde Volatiliteit, Gelyke Risiko-Bydrae en Risiko Begroting strategieë. Ten slotte, fokus ons aandag op die probleem van maksimering van absolute verwagte waarde van die logaritmiese portefeulje welvaart (soms genoem die drif term) bekendgestel deur Oderda (2013). Die drif term van die portefeulje word gegee deur die som van die verwagte prys logaritmiese groeikoers, die verwagte kontantvloei, en die helfte van die variansie. Die oplossing vir hierdie probleem is 'n lineêre kombinasie van drie bekende risiko-gebaseerde strategieë en die hoë kontantvloei wins portefeulje.

This thesis concerns the use of perverse sheaves with coefficients in commutative rings and in particular, fields of positive characteristic, in the study of modular representation theory. We begin by giving a new geometric interpretation of classical connections between the representation theory of the general linear groups and symmetric groups. We then survey work, joint with D. Juteau and G. Williamson, in which we construct a class of objects, called parity sheaves. These objects share many properties with the intersection cohomology complexes in characteristic zero, including a decomposition theorem and a close relation to representation theory. The final part of this document consists of two computations of IC stalks in the nilpotent cones of sl₃and sl₄. These computations build upon our calculations in sections 3.5 and 3.6 of (31), but utilize slightly more sophisticated techniques and allow us to compute the stalks in the remaining characteristics. / text

Current coherent optical transmission systems focus on single carrier solutions for 400Gb/s serial transmission to support traffic growth in fiber-optics communications, together with a few subcarriers multiplexed solutions for the 1 Tb/s serial data rates and beyond. With the advancement of analog-to-digital converter technologies, high order modulation formats up to 64-QAM with symbol rate up to 72Gbaud have been demonstrated experimentally with Raman amplification. To enable such high serial data rates, it is highly desirable to implement in hardware low complexity digital signal processing schemes and advanced forward error correction coding with powerful error correction capability. In this dissertation, to enable high-speed optical communications, we first proposed an efficient FPGA architecture of high-performance binary and non-binary LDPC engines that can support throughputs of multiple Gb/s, which have low power consumption, providing high net coding gains at a target bit-error rate of 10-15. Further, we implement a generalized LDPC coding based rate adaptive binary LDPC coding scheme and puncturing based rate adaptive non-binary LDPC coding scheme, where large number of parameters can be reconfigured in order to cope with the time-varying optical channel conditions and service requirements. Based on comprehensive analysis on complexity, latency, and power consumption we demonstrate that the proposed efficient implementation represents a feasible solution for the next generation optical communication networks. Additionally, we investigate the FPGA implementation of rate adaptive regular LDPC coding combined with up to six high-order modulation formats and demonstrate high net coding gain performance and demonstrated a bit loading algorithm for irregular LDPC coding. Lastly, we present the real-time implementation of a direct detection OFDM transceiver with multi Giga symbols/s symbol rates in a back-to-back configuration.

An odd open dominating set of a graph is a subset of the graph’s vertices with the property that the open neighborhood of each vertex in the graph contains an odd number of vertices in the subset. An odd closed r-dominating set is a subset of the graph’s vertices with the property that the closed r-ball centered at each vertex in the graph contains an odd number of vertices in the subset. We first prove that the n-fold direct product of simple graphs has an odd open dominating set if and only if each factor has an odd open dominating set. Secondly, we prove that the n-fold strong product of simple graphs has an odd closed r-dominating set if and only if each factor has an odd closed r-dominating set.

The main purpose of presented research was to identify changes in levels and patterns of fertility during the period of rapid economic growth in Kazakhstan (1999-2008). Particular attention was devoted to differentiation of fertility according to the type of settlement (urban/rural) and ethnicity. These leading attributes were completed by birth parity which helped to examine and explain the nature of some principal differences in reproductive behaviour among women living in rural and urban areas as well as belonging to selected major ethnic groups of Kazakhstan. Presented results clearly demonstrate principal increase of the overall intensity of fertility, partially due to mass realization of the births postponed during the 1990s. Their realization not only contributed to reproductive process intensification but also principally influenced different fertility patterns. The initial age structure of fertility faced both-sided ageing, differences among ethnoses and both types of settlement in many respects deepened. Situation observed in the year 2008 or in some cases in the year 2006 was labeled as transitional since many structural changes have not finished yet and some of them have only just started. It is suggested that particular identified trends could also represent a part of global changes in...

This thesis is focused on the theme of parity and disparity in settlements of common marital property. The main aim of this work is to analyze the topic of parity and disparity in settlements of common marital property, which is not summarized complexly in professional literature. The thesis is composed of seven chapters, which are divided into sections and subsections. Chapter One is an introductory chapter which provides the basic starting points and main purpose of this thesis. Chapter Two describes the historical development and conception of common marital property in our legal environment. Encompassing changes from Roman law through to modern Czech law. Chapter Three contains a short introduction to the topic, the basic characteristics of common marital property together with its creation, termination, regimes, modifications, settlement and methods of settlement are described in the beginning of the text. This chapter is used as a base for all other parts of the thesis. Chapter Four is the core of the thesis. It will deal with the conditions, reasons and consequences of using disparity in the case of settlement of community property. The topic is analyzed considering the basic normative starting points of parity and disparity. Current judicature is very important source of this thesis and is...

Weak interactions in an atomic system by external electromagnetic fields or nucleon-nucleon interaction cause perturbations in the wave-function and energy levels of electrons, which allow for transitions that are otherwise forbidden. Of particular interest are magnetic dipole (M1) transitions, Stark-induced transitions, and parity non-conserving (PNC) transitions. The PNC interaction in the hyperfine ground states is dominantly due to the anapole moment of the nucleus and there has been up-to-date only one such measurement carried out in any system; the Boulder group's ground-breaking measurement of the anapole moment in atomic cesium in 1997. Their result derived from two different hyperfine transitions, however, did not agree with the meson-coupling model from high energy physics experiments. Therefore, it is important to revisit the anapole moment through another method to cross-check the Boulder group's measurement. Our goal is to excite the nuclear-spin-dependent (NSD) PNC ground hyperfine transitions in cesium via radio-frequency (rf) and Raman excitation to directly determine the anapole moment. I present our progress toward measurement of the NSD transition in an atomic Cs beam geometry. We have developed a broadband rf cavity resonator to strongly suppress the magnetic dipole (M1) transition while enhancing the forbidden PNC electric dipole (E1) transition. We employed an injection locking scheme to generate a pair of phase-coherent Raman lasers far detuned from the cesium D2 line (852 nm) with a 9.2 GHz frequency difference. I report various measurement data from atomic signal via rf and Raman excitation. In the next generation of measurements, we will carry out interference experiments between rf and Raman transitions by varying the phase relations of the rf and Raman lasers fields. Finally, based on the measurements, I discuss a novel robust measurement technique involving interference of the Raman, M1 and E_PNC contributions.<br>