In this study within quantitative portfolio optimization, stochastic programming is investigated as an investment decision tool. This research takes the direction of scenario based Mean-Absolute Deviation and is compared with the traditional Mean-Variance model and widely used Risk Parity portfolio. Furthermore, this thesis is done in collaboration with the First Swedish National Pension Fund, AP1, and the implemented multi-asset portfolios are thus tailored to match their investment style. The models are evaluated on two different fund management levels, in order to study if the portfolio performance benefits from a more restricted feasible domain. This research concludes that stochastic programming over the investigated time period is inferior to Risk Parity, but outperforms the Mean-Variance Model. The biggest aw of the model is its poor performance during periods of market stress. However, the model showed superior results during normal market conditions. / I denna studie inom kvantitativ portföljoptimering undersöks stokastisk programmering som ett investeringsbeslutsverktyg. Denna studie tar riktningen för scenariobaserad Mean-Absolute Deviation och jämförs med den traditionella Mean-Variance-modellen samt den utbrett använda Risk Parity-portföljen. Avhandlingen görs i samarbete med Första AP-fonden, och de implementerade portföljerna, med era tillgångsslag, är därför skräddarsydda för att matcha deras investeringsstil. Modellerna utvärderas på två olika fondhanteringsnivåer för att studera om portföljens prestanda drar nytta av en mer restrektiv optimeringsmodell. Den här undersökningen visar att stokastisk programmering under undersökta tidsperioder presterar något sämre än Risk Parity, men överträffar Mean-Variance. Modellens största brist är dess prestanda under perioder av marknadsstress. Modellen visade dock något bättre resultat under normala marknadsförhållanden.

本文主要在探討在較為短的時間段以及不同的金融環境之下，是否仍然能捕捉到匯率市場中主要解釋投組報酬變動的共同風險因子－平均超額報酬以及利差報酬。我們依據重要金融事件將全樣本分為八個子樣本；總共使用39種幣別並將1983年11月至2015年10月的遠期貼水由小到大排序後，依序建構六個投資組合。全文以美國投資者的觀點出發。結果顯示平均超額報酬無論是在長期或短期的時間段下，仍然為匯率市場中解釋匯率報酬變動的主要風險因子。然而，利差報酬則不然。在銀行危機期間，利差報酬與第二主要成分之相關係數皆為高度負相關。近期自2008年次貸危機開始，利差報酬與解釋投組變動的第二主要成分之相關係數也從先前的0.8~0.9降至-0.80.此結果顯示利差交易似乎在次貸危機之後有所轉變。此外利差風險因子無法有效的解釋動能報酬。 / This paper investigates whether or not the common risk factors, dollar and carry trade risk, in currency markets proposed by Lustig, Roussanov and Verdelhan (2011) will still exist even under a short-run period with a concern of different financial backgrounds. A split of full sample into eight subsamples with respect of financial events is made. A total of 39 currencies is used to build six portfolios on the basis of the forward discounts from November 1983 to October 2015. The whole paper is in the view of an American investor. The finding suggests that under both long-run and short-run period, the dollar return is always the common factor in currency markets. However, it is not the same case for the carry trade return. During bank crises, the carry trade return is strongly negative correlated with the second component. The carry trade return turns out to have a negative correlation with the second component during and after the subprime crisis, decreasing from 0.8~0.9 in the previous subsamples to -0.80. It indicates that the desirability of carry trade activities has changed since the subprime crisis. Besides, the carry trade risk has a little power to explain the variations of momentum returns.

本研究在考慮交易成本的情況下，利用羅吉斯模型、類神經模型以及其兩者的混合模型建立一分類器，用以識別台灣選擇權與期貨市場中違反買權賣權平價等式的套利訊號。由逐筆成交資料的實證結果顯示，無論在金融海嘯（2007）、景氣復甦（2008）或是平穩時期（2012~2014）時，就識別率來說三種模型相差不大，但就獲利性而言混合模型有略優於其他兩者的表現。 / Considering the transaction cost, we establish a binary classifier system by logistic regression, artificial neural networks and hybird model with aboves. The system is used for distinguishing valid arbitrage opportunities which violated put call parity in Taiwan option and future market. By tickdata, we find that, although three models has same accuracy on classification almostly, hybird model is grater then the others in profitability no matter in depression(2007), boom(2008) or business steady state(2012~2014).

Im Rahmen der Energiewende vollzieht sich die Abkehr von einer zentralisierten Energieversorgung mit weitgehend fossilen Kraftwerken hin zu einem dezentral organisierten System mit vorrangig erneuerbaren Energien. In diesem zukünftigen durch erneuerbare Energien dominierten Energiemarkt, nimmt die Photovoltaik (PV) aufgrund ihrer technologischen Eigenschaften eine besondere Stellung ein. Einer umfassenden Nutzung der Photovoltaik standen in der Vergangenheit hohe Investitionskosten entgegen. Der globale Auf- und Ausbau von Produktionskapazitäten zur Fertigung von PV-Anlagen und damit einhergehende Lernkurveneffekte haben im Zeitverlauf zu einer deutlichen Kostenreduktion für PV-Anlagen geführt. Die vormalige Kostenintensität von PV-Anlagen hat zur Entwicklung des klassischen Ansatzes zur Netzparität der Photovoltaik, als Maß deren Wettbewerbsfähigkeit, geführt. Der Ansatz stellt auf den Vergleich von Stromgestehungskosten einer neu installierten PV-Anlage eines Haushalts mit dessen Strombezugskosten aus dem öffentlichen Stromnetz ab. Sowohl die Gegenüberstellung von Kosten und Preisen als auch der Fokus lediglich auf private Haushalte schränken die Anwendbarkeit des Ansatzes ein und bilden den Hintergrund dieser Arbeit. Basierend auf einer umfassenden Literaturrecherche bestehender Paritätsbegriffe erfolgt eine Neudefinition des Ansatzes der Netzparität der Photovoltaik, die eine aussagekräftige Bewertung der Wettbewerbsfähigkeit dieser Technologie erlaubt. Wettbewerbsfähigkeit ist gegeben, wenn sich der Einsatz der Photovoltaik kostensenkend auf die Gesamtkosten der Stromproduktion des Energiemarkts auswirkt. Die allgemeine Anwendbarkeit des Ansatzes auf weitere Energieerzeugungstechnologien, regional und zeitlich unabhängig, gilt als wesentliche Bedingung der Entwicklung des Paritätsansatzes. Hierfür werden die Kriterien reine Kostenorientierung, Betrachtung des gesamten Lebenszyklus von Energieerzeugungsanlagen, Anlagenbetrieb im technologischen Optimum und Vergleichsbasis im Energiemix definiert. Unter Zuhilfenahme eines Energiemarktmodells erfolgt die theoretische Darstellung des novellierten Paritätsansatzes. Netzparität der Photovoltaik im Ansatz dieser Arbeit liegt vor, wenn PV-Anlagen im Rahmen ihrer Nutzungsdauer eine Kostensenkung im Energiemix bewirken. Das bedeutet, dass der Saldo aus Stromgestehungskosten von PV-Anlagen eines Installationsjahrs und dem Energiemix über deren Nutzungsdauer positiv ist. Im Ergebnis des novellierten Ansatzes wird festgestellt, dass der jeweils in einer Region vorliegende Energiemix die Wettbewerbsfähigkeit von Stromerzeugungstechnologien wie der Photovoltaik determiniert. Externe Eingriffe wie eine Begrenzung der Anlagennutzungsdauer, führen generell zu höheren Kosten im Energiemix. Weiterhin zeigt sich, dass für den Standort Deutschland PV-Anlagen ab 2035 die Bedingungen der Netzparität erfüllen und entsprechend im nationalen Energiemix kostenmindernd wirken. Die Neudefinition des Ansatzes zur Netzparität als kostenbasiertes, langfristorientiertes und technologieneutrales Modell stellt ein Planungsinstrument dar, das die Umsetzung politischer Ziele wie der verstärkte Ausbau erneuerbarer Energien oder die Reduktion von CO2-Emissionen kostenminimal ermöglicht.

This dissertation interrogates the representation of SiSwati programming (a minority language) on SABC 1 It critically analyses the statutory provisions in place for language parity and utilises hegemony as the theoretical framework for understanding the concept of language parity in the South African broadcasting landscape. To the researcher’s knowledge, there is limited information pertaining to this particular research topic however, most of the previous literature refers to all eleven official languages and not SiSwati specifically. Hegemony, a strand of critical theory as developed by Antonio Gramsci, will serve as the theoretical base of this study. This study falls within the framework of qualitative research. An extensive literature study of various sources and a content analysis of the relevant legislative documents form the basis of the research. SABC TV is positioned in a highly competitive, multi-channel market environment with powerful social, political and economic forces to contend with, this makes it difficult for SABC TV to fulfil its mandate of treating all eleven official languages equitably, hence languages such as SiSwati are underrepresented on national television. This study is seminal and relevant insofar as it offers a much needed insight into the plight of a marginalised language by the country’s public broadcaster. / MA (Communication Studies), North-West University, Potchefstroom Campus, 2014

Il est d’actualité de parler de l’engagement politique des femmes en France dans un contexte qui se voudrait paritaire. A travers leurs biographies, leurs trajectoires militantes et électives, leurs carrières ainsi que l’exercice de leurs pratiques s’inscrivant dans ce champ particulier : qu’est-ce qui détermine une femme à se professionnaliser en politique ?Ainsi, pourquoi y a-t-il encore trop peu de femmes en France à briguer des mandats électifs alors que ces dernières se montrent sensibilisées aux problèmes que connaît notre société et, ont la volonté d’apporter des modifications à l’évolution sociale, tant par le biais de leurs actions qu’à travers leurs votes pour lesquels elles se mobilisent en nommant des représentants garants d’une politique déterminée. De toute évidence, les femmes sont totalement ancrées dans la politique puisqu’elles en débattent et en font comme n’importe quel-le citoyen-ne. Leur participation aux élections en témoigne. Dans ce cas, pourquoi sont-elles aussi peu intégrées dans le système politique ? Qu’est-ce qui freine alors leur participation publique ?Pour ce faire, notre étude traitera de la socialisation et de la professionnalisation des femmes dans le champ politique si particulier où pouvoir est synonyme de virilité, à travers une comparaison genrée des carrières féminines et masculines. / It is timely to talk about the political involvement of women in France in a context that would be equally represented. Through their biographies, their paths activists and elected office, their careers and the exercise of their practices undertaken in this particular field : what determines a woman to become professional in politics ?Thus, why there are still too few women in France to run for elective office while the latter show themselves aware of the problems facing our society and are willing to make changes to social evolution, both through their actions and through their votes for which they are mobilized by appointing representatives to guarantee a given policy. Clearly, women are totally entrenched in politics as they debate the issue and make it like any other citizen. Their turnout attests. In that case, why are they so poorly integrated into the political system ? What will lock their public participation ?To do, our survey will deal with the women’s socialization and professionalization in the peculiar political universe where the power is synonymous with manliness, through a gendered comparison of the feminine and masculine careers

In this work there is accomplished a comparison of long-term intentions of education and development of educational system in four regions of Czech republic - Jihocesky, Karlovarsky, Plzensky, Stredocesky. It's with aim to find how much are these intentions identical or different in chosen educational areas. The work compares fields - parity of opportunities to education, to support of foreign languages and informational and comunication technologies, also area of pedagogical workers and strategy of development individual levels of education according to demographical progress. At the same time, there is made the comparison of these long-term intentions of regions with long-term intentions of education and development of Czech republic.

Submitted by Carmen Torres (carmensct@globo.com) on 2018-02-09T18:11:30Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Tese_MapeamentoBitsAdaptacao.pdf: 986310 bytes, checksum: 6e1b30f6ca34fc67df43f3141680c73a (MD5) / Approved for entry into archive by Edisangela Bastos (edisangela@ufpa.br) on 2018-02-16T16:12:49Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Tese_MapeamentoBitsAdaptacao.pdf: 986310 bytes, checksum: 6e1b30f6ca34fc67df43f3141680c73a (MD5) / Made available in DSpace on 2018-02-16T16:12:49Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Tese_MapeamentoBitsAdaptacao.pdf: 986310 bytes, checksum: 6e1b30f6ca34fc67df43f3141680c73a (MD5) Previous issue date: 2017-09-29 / CNPq - Conselho Nacional de Desenvolvimento Científico e Tecnológico / Os codigos com matriz de vericação de paridade de baixa densidade (LDPC) tem sido adotados como estrategia de correção de erros em diversos padrões de sistemas de comunicação, como nos sistemas G.hn (padrão que unifica as redes domesticas) e IEEE 802.11n (padrão para redes sem o locais). Nestes sistemas com modulação de amplitude em quadratura (QAM) codicados com LDPC, mapear propriamente os bits codificados para os diferentes sub-canais, considerando o fato de os sub-canais terem diferentes qualidades, garante uma melhora no desempenho geral do sistema. Nesse sentido, esta Tese apresenta uma nova técnica de mapeamento de bits, baseada na suposição de que bits transmitidos em sub-canais \bons" ajudam bits transmitidos em sub-canais \ruins". Isto e possível através de algumas restrições impostas ao grafo de Tanner associado, semelhantes aos códigos Root-LDPC. A otimização deste mapeamento de bits utilizando curvas de transferência de informação extrínseca (EXIT charts) também e apresentada. Observa-se que esse mapeamento tem a vantagem de um espaço de busca de otimização reduzido quando aplicado ao sistema com modo de transmissão de portadora única. Além disso, em situações nas quais o espaço de busca não e tão reduzido, como em aplicações baseadas em multiplexação por divisão de frequência ortogonal (OFDM), chegou-se a uma simples regra pratica associada as restrições do mapeamento de bits que praticamente elimina a necessidade de uma otimização. Por fim, um estudo do impacto do nível de desequilíbrio de contabilidade através dos sub-canais sobre o desempenho do mapeamento de bits e apresentado. Os resultados das simulações mostram que a estratégia de mapeamento de bits melhora o desempenho do sistema, e que, na presença de variações do canal, o sistema pode, adaptativamente, aplicar um novo mapeamento de bits sem a necessidade de recorrer a uma otimização complexa, podendo ser muito útil em sistemas práticos. / Low-Density parity-check (LDPC) codes are being adopted as the error correction strategy in di erent system standards, such as the G.hn (home networking standard) and the IEEE 802.11n (wireless local standard). In these LDPC-coded quadrature amplitude modulation (QAM) systems, mapping the LDPC coded bits properly to the di erent sub-channels considering the fact that sub-channels have di erent qualities ensures an improved overall system performance. Accordingly, this thesis presents a new bit mapping technique based on the assumption that bits transmitted in \good" sub-channels, help bits transmitted in \bad" sub-channels. This can be made possible through some restrictions to be imposed on the associated Tanner graph, akin to Root-LDPC codes. An optimization of the root-like bit mapping through extrinsic information transfer (EXIT) charts analysis is also presented. We show that this mapping has the advantage of a reduced optimization search space when applied to single-carrier based systems. Moreover, in situations where the search space is not só reduced, such as in orthogonal frequency division multiplexing (OFDM)-based applications, we arrive at a rule of thumb associated with the bit mapping constraints that practically eliminates the need for an optimization. Finally, a study of the impact of the level of reliability imbalance across the sub-channels on the performance of the root-like bit mapping is presented. Simulation results show that the new bit mapping strategy improves performance, and that in the presence of channel variations, the system can, adaptively, apply a new bit mapping without the need of a complex optimization, which can be very useful in practical systems.

Made available in DSpace on 2016-04-26T20:20:24Z (GMT). No. of bitstreams: 1 Adriana Souza Dellova.pdf: 777174 bytes, checksum: 4a4a41882c8fc49915e49705553a2bb1 (MD5) Previous issue date: 2011-09-13 / The present study is to delineate the scope within the epitome of International Law, the Exception to the Rule of Parity remanded to the Tax Law for the existence of Article 98 of the Internal Revenue Code and its implications. First, it presents issues for basic understanding of the issue in comment, basic concepts, general characteristics of the treaties, theories, monist and dualist, on the reception of treaties in domestic law and the way how it is operationalized. It follows the evolution of the topic in the field of hierarchy, with the aim of entering the reader on aspects peculiar to the rule of parity and the case law regarding positioning, addressing the normative species, starting immediately for the Exception to the Rule of Parity in tax, which addresses the criteria to be used in case of contradiction between the treaty and domestic law. Care was taken of the exemptions from state and local taxes granted by international treaties, and the concept of exemption and heteronomous positioning of jurisprudence on the matter, as well as the importance of agreements to avoid double taxation and tax evasion / O presente trabalho tem o escopo de delinear dentro do epítome do Direito Internacional, a Exceção à Regra de Paridade deferida ao Direito Tributário, pela existência do artigo 98, do Código Tributário Nacional e suas implicações. Apresenta, inicialmente, assuntos basilares para compreensão do tema em comento, conceitos básicos, características gerais dos tratados, as teorias - monista e dualista - sobre a recepção dos tratados no direito interno e a forma de como ela é operacionalizada. Segue-se pela evolução do tema no campo da hierarquia, com o fito de inserir o leitor nos aspectos peculiares à regra de paridade e o posicionamento jurisprudencial a respeito, abordando as espécies normativas, partindo-se imediatamente para a Exceção à Regra de Paridade no âmbito tributário, que aborda os critérios a serem utilizados no caso de antinomia entre tratado e lei interna. Cuidou-se das isenções de tributos estaduais e municipais concedidas por tratados internacionais, além do conceito da isenção heterônoma e o posicionamento jurisprudencial sobre a matéria, bem como a importância dos acordos para evitar a bitributação e a evasão fiscal

The thesis focuses on the question of undervaluation of the renminbi exchange rate to the U.S. dollar from the perspective of three selected alternative methods of calculating long term equilibrium exchange rate. In the case of calculations of behavioral equilibrium exchange rate and the natural real exchange rate, I performed calculations by using vector error correction model. In the case of fundamental equilibrium exchange rate I used error correction model. The input data used in the models are ranging from 1980 to 2010. Those are primarily value of nominal exchange rates, price levels and foreign trade. According to my results behavioural and fundamental equilibirum exchange rate show undervaluation of the renminbi to the year 2010, while the natural real exchange rate indicates a slight overvaluation of the renminbi to the year 2010.