Submitted by daniel palaia (daniel.r.palaia@itau-unibanco.com.br) on 2014-12-08T17:13:17Z No. of bitstreams: 1 Tese.pdf: 1714771 bytes, checksum: d7dffa1b861621b14266ec6baa643b10 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2014-12-08T17:46:25Z (GMT) No. of bitstreams: 1 Tese.pdf: 1714771 bytes, checksum: d7dffa1b861621b14266ec6baa643b10 (MD5) / Made available in DSpace on 2014-12-08T18:39:25Z (GMT). No. of bitstreams: 1 Tese.pdf: 1714771 bytes, checksum: d7dffa1b861621b14266ec6baa643b10 (MD5) Previous issue date: 2014-12-01 / Este trabalho é composto por três capítulos que se dedicam a discutir aspectos distintos a respeito do importante mercado de títulos corporativos norte-americano. No primeiro capítulo, 'Mercado de Títulos Corporativos Norte-Americano: Evolução e Fatos Estilizados', mostramos como se deu a evolução do mercado de crédito norte-americano nas últimas décadas no que diz respeito à sua relevância para a economia. Nesse estudo mostramos também as principais mudanças regulatórias que afetaram de forma relevante esse mercado nos últimos anos. Trabalhos recentes encontraram evidências de que mudanças regulatórias no mercado de títulos corporativos provocam redução dos spreads e diminuem a liquidez dos ativos de crédito. Finalmente, ilustramos nesse capítulo as principais correntes teóricas e alguns fatos estilizados a respeito de curvas de juros e de spreads de títulos corporativos. No segundo capítulo, 'Fatores Latentes Globais e Idiossincráticos na Estrutura a Termo da Curva de Juros de Títulos Corporativos', analisamos a maneira como fatores globais e idiossincráticos influenciam a estrutura a termo das curvas de juros de emissores corporativos norte-americanos para diferentes níveis de classificação de risco, setor de atividade e período de análise. Os resultados são inéditos, pois a metodologia utilizada nunca foi aplicada anteriormente para essa classe de ativos, e indicam que a influência dos componentes latentes globais nos fatores de nível é menor quanto pior a classificação de risco. Um segundo resultado importante é que as curvas de setores de atividade distintos como o financeiro e industrial são influenciadas de maneira distinta pelos fatores globais e idiossincráticos no que diz respeito aos componentes de nível e inclinação. No terceiro capítulo, 'Estrutura a Termo da Curva de Spreads de Títulos Corporativos', estudamos as variáveis que influenciaram os fatores de nível e inclinação das curvas de spreads corporativos nos Estados Unidos. O modelo estimado nesse estudo incorpora, ao contrário de estudos anteriores, fatores latentes das curvas de juros do tesouro e de spreads, variáveis macroeconômicas e setoriais. Concluímos que o componente de nível da curva de juros norte-americana afeta positivamente o nível dos spreads. Os resultados diferem da literatura tradicional, mas estão em linha com estudos recentes que controlam períodos de elevada volatilidade de ativos com quebras estruturais. Palavras-chave: Spreads; Classificação de risco; Curva de juros; Títulos corporativos / This work consists of three chapter dedicated to discussing different aspects of the important North American market for corporate bonds. In the first chapter, we show the evolution of the American credit market in recent decades, concerning its relevance to the economy. In this study we also show major regulatory changes that significantly affected the market in recent decades, as well as some references that indicate how these changes impacted the price and liquidity of credit assets. Finally, this chapter illustrates the main theoretical works and their contributions in the area of spreads and term structure of the corporate yield curve. In the second chapter, "Global and Idiosyncratic Latent Factor in the Term Structure of Corporate Yield Curve Bonds", we analyze, in an unprecedented way, how global and idiosyncratic factors influence the term structure of the yield curves for corporate issuers from different ratings, activity sector and period of analysis. The results are unprecedented for this asset class because they had never been applied before to sovereign curves. The results indicate that the influence of global components decrease as the rating worsens. A second important result is that curves, for different sectors such as financial and industrial, are influenced differently by global and idiosyncratic factors regarding the level components and slope. In the third chapter, "Term Structure of Corporate Bond Spreads Curve" we study the determinants of level and slope factors in corporate spreads in the United States from February 2002 to September 2012. The estimated model incorporates, unlike previous studies, latent factors of yield curves and treasuries spreads, macroeconomic and sectoral variables. We conclude that the level component of the treasury yield curve positively affects the level of spreads. The results differ from traditional literature, but are in line with recent studies that control periods of high assets volatility with structural breaks.

Bibliografia: p. 46-48 / Dissertação (mestrado) - Faculdade de Economia e Finanças Ibmec, Rio de Janeiro, 2014. / Devido à crescente importância dos mercados financeiros nas últimas décadas, o risco de crédito tem se tornado um tema fundamental na tomada de decisões acerca de investimentos, taxas de financiamento, solvência corporativa, tendência e perspectivas etc. Os modelos de avaliação de risco de crédito, em geral, podem ser classificados em duas categorias: quantitativo e qualitativo. Modelos quantitativos buscam analisar informações de demonstrativos financeiros e seus indicadores, enquanto modelos qualitativos focam na análise de variáveis intangíveis que afetam os negócios globais. Estes modelos normalmente seguem uma estrutura "top-down" de análise setorial, competitividade e comparação de pares e gestão. O objetivo desta dissertação é apresentar um modelo de classificação de risco setorial com base em métodos de análise multicritério que possam mensurar a importância das variáveis que afetam os setores da economia brasileira, bem como a influência entre estas. O modelo é baseado, principalmente, no método Weighted Influence Non-Linear Gauge System. Acerca dos julgamentos sobre as variáveis, o modelo baseia-se na utilização do método Analytic Hierarchy Process. O resultado do modelo é apresentado através de níveis de risco, aplicado a quatorze setores da economia brasileira. A dissertação se encerra com uma discussão sobre os resultados, bem como com um esboço do direcionamento para futuras pesquisas. / Due to the increasing importance of the financial market over the past decades, credit risk has become a paramount issue in investment, loan spreads, corporate solvency, trends and prospetcs, etc. Credit risk evaluation models may be classified in two broad categories: quantitative and qualitative. Quantitative models seek to analyze information from financial statement and indexes, while qualitative models focus on the analysis of intangible variables that affect global business. These models typically follow a top-down approach by analyzing the industry risk, competitiveness and peer comparison and management. The aim of this thesis is to present an industry risk assessment model based on multicriteria analysis methods that can measure the strengh of variables that affect the industries of Brazilian economy, as well as the influence between them. The model is based primarily on the Weighted Influence Non-Linear Gauge System method. Concerning human judgements about the variables, the model is founded on the use of the Analytic Hierarchy Process method. The result from the model is presented through risk levels, applied to fourteen industries in the Brazilian economy. The thesis closes with a discussion of results, as well as with an outline to future research directions.

Cette thèse met en avant l’analyse du lien entre le marché de la dette de gouvernement, le risque souverain, la stabilité du système financier et le développement des marchés de la dette locale dans les pays émergents. Afin de remplir l’espace vide dans la littérature académique sur les flux obligataires j’ai construit une nouvelle base des données sur les détentions des obligations souveraines par les investisseurs domestiques et étrangers et, par conséquence, j’ai effectué une analyse empirique des déterminants des flux entrants et sortants par type d’investisseur et pays. Ainsi la thèse projette une image complète de la globalisation des marchés de la dette souveraine. / This PhD dissertation presents the analysis of the link between the government debt market, sovereign risk, financial stability and development of the local currency debt in emerging economies. The reserch contribution to the academic literature lies in the empirical analysis of capital flows in bond markets and, for this purpose, I constructed a novel database covering domestic and foreign holdings of government bonds in developed and emerging economies. As a result, this disertation projects a complete and coherent image of the globalisation of sovereign bond markets.

Fundação Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro / A responsabilidade civil do advogado é um tema que merece destaque sob a perspectiva civil constitucional. A abrangência dessa relação jurídica pelo Código de Defesa do Consumidor e a natureza negocial multiforme da relação estabelecida entre o advogado e o cliente, cuja normativa deve ser estabecida tendo em vista o caso concreto, são pontos de destaque desse trabalho, assim como a aplicabilidade do consentimento informado. Nessa toada, pretende-se conferir o enfoque funcional a partir da releitura das classificações tradicionais da responsabilidade civil em contratual, extracontratual, subjetiva, objetiva e entre as obrigações de meio e resultado para em seguida, analisarmos das hipóteses mais frequentes de responsabilização, quais sejam: a perda de uma chance, o abuso do direito processual e a reversão de liminares revertidas ao final do processo. Por fim, dentre as tendências de prevenção e precaução de danos da responsabilidade civil, revela-se a formalização de seguros de responsabilidade profissional para advogados. / Liability of attorney is a topic that deserves attention from the perspective of the constitutional civil measure. The scope of this legal relationship by the Consumer Protection Code and the nature of multifaceted relationship between lawyer and client, whose rules must be developed further in view of the case, are highlights of this work, as well as the applicability of informed consent. In this tune, it is intended to confer the functional approach from the rereading of traditional classifications of liability in contract, tort, subjective, objective, and between the obligations of means and results to then analyze the most common assumptions of accountability, which are: the loss of a chance, the abuse of procedural law and the reversal of court orders reversed at the end of the process. Finally, among the trends of precaution and prevention of damage to civil liability, it is the formalization of professional liability insurance for lawyers.

本研究旨在瞭解探討北部某C大學實施學生評鑑教師教學之現況，並探討大學生回答開放性問題對該課程的優點與建議，進行文字探勘分析。 本研究利用問卷調查，在期末課程結束前，利用上網方式，對該課程進行填答。問卷所得資料進行敘述統計、因素分析、信度分析、獨立樣本t檢定、單因子變異數分析、皮爾森相關、多元迴歸與R軟體進行詞彙權重、文字雲、主題模型和群集分析。本研究結論如下： 一、學生評鑑教師教學現況以教學態度感受程度最高。 二、問卷各題項以「教師教學態度認真負責，且授足所需授課之時數」平均分數最高。 三、回饋性建議肯定「教學目標明確」最高，最需改善「彈性調整教學內容」。 四、學生評鑑教師教學因學生年級和課程類別不同而有顯著差異。 五、學生評鑑教師教學成效與學習成績呈低相關，以「教學評量」有預測力。 六、重要詞彙與文字雲發現「教學」、「內容」、「喜歡」及「同學」共同詞彙。 七、各學院主題模型命名，主要有觀察，考試與教學內容。 八、各學院集群分析結果，學生重視教學內容、學習過程與收穫及考試。 根據上述結果提出建議，以供教育行政主管機關、教師及未來研究者之參考。 / The purpose of this study was to explore the current situation of t in the C university of North, and finding the strength and suggestion of the class to opening question used text mining. Before the class will be over , a questionnaire survey, using the internet, was used to gather personal information and the measurement applied in this research. The questionnaire is analyized by descriptive statistics analysis, independent t test, one-way ANOVA, Pearson correlation analysis, multiple regression, vocabulary weight, word cloud, topic model, and cluster analysis in R software. Conclusions obtained in this study are as in the followings: 1. The situation of student ratings of instruction scored over average on the effectiveness of teaching, with “teaching atttitude” the highest. 2.. The highest average scores of the items in the questionnaire were "serious and responsible teachers' teaching attitude and the number of hours required for teaching grants." 3. The feedback of suggestions is “The current of teaching objectives” and need to improve the “filxible adjustment of teaching content”. 4. The student ratings of instruction were vary significant in terms of student grade and course type. 5. Student ratings of instruction effectiveness and academic performance is low correlation, with "Teaching evaluation" predictive. 6. The findings on the important phrases and word clouds were “Teaching”, “Content”, “Likes”, and “Classmates”. 7. The naming of the theme model in each college is “Observation”, “Examination”, and “Teaching content”. 8. The results of cluster analysis each college were focused on “Teaching content”, “Learning process and gain”, and “Examination”. Based on the findings above, suggestions and recommendation were provided as a reference for educational administrators, and teachers, and as a guide for future research.

This thesis deals with the action and impact of the credit rating agencies in the capital markets during the financial crisis. The work is divided into two parts; the first part stresses the importance of a proper understanding of the rating, its characteristics, functions, users and the rating process. The emphasis is put on the market analysis of ratings and rating agencies in the U.S. and European market. The second part of this work is devoted to examining the issue of rating agencies during the crisis, which contributed to the spread of the financial crisis, criticism relevant issues and regulatory arrangements.

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This thesis deals with the evaluation of the efficiency of the construction company. The main objective is to assess the financial health of the selected company. The theoretical part deals with the literature review that provides information about the various areas of financial analysis, especially its methods and data sources. The practical part contains a presentation of selected companies, application of selected methods of financial analysis and evaluation.

Modern ski-treadmills allow cross-country skiers, biathletes and ski-orienteers to test their physical performance in a laboratory environment using classical and freestyle techniques on roller skis. For elite athletes the differences in performance between test occasions are quite small, thus emphasising the importance of knowing the roller skis’ rolling resistance coefficient, µR, in order to allow correct comparisons between the results, as well as providing the opportunity to study work economy between different athletes, test occasions and core techniques. Thus, one of the aims of this thesis was to evaluate how roller skis’ µR is related to warm-up, mass, velocity and inclination of the treadmill. It was also necessary to investigate the methodological variability of the rolling resistance measurement system, RRMS, specially produced for the experiments, with a reproducibility study in order to indicate the validity and reliability of the results. The aim was also to study physiological responses to different µR during roller skiing with freestyle and classical roller skis and techniques on the treadmill as a case in which all measurements were carried out in stationary and comparable conditions. Finally, the aim was also to investigate the work economy of amateurs and female and male junior and senior cross-country skiers during treadmill roller skiing, i.e. as a function of skill, age and gender, including whether differences in body mass causes significant differences in external power per kg due to differences in the roller skis’ µR. The experiments showed that during a warm-up period of 30 minutes, µR decreased to about 60-65% and 70-75% of its initial value for freestyle and classical roller skis respectively. For another 30 minutes of rolling no significant change was found. Simultaneous measurements of roller ski temperature and mR showed that stabilized mR corresponds to a certain running temperature for a given normal force on the roller ski. The study of the influence on mR of normal force, velocity and inclination produced a significant influence of normal force on mR, while different velocities and inclinations of the treadmill only resulted in small changes in mR. The reproducibility study of the RRMS showed no significant differences between paired measurements with either classical or the freestyle roller skis. The study of the effects on physiological variables of ~50% change in µR,showed that during submaximal steady state exercise, external power, oxygen uptake, heart rate and blood lactate were significantly changed, while there were non significant or only small changes to cycle rate, cycle length and ratings of perceived exertion. Incremental maximal tests showed that time to exhaustion was significantly changed and this occurred without a significantly changed maximal power, maximal oxygen uptake, maximal heart rate and blood lactate, and that the influence on ratings of perceived exertion was non significant or small. The final part of the thesis, which focused on work economy, found no significant difference between the four groups of elite competitors, i.e. between the two genders and between the junior and senior elite athletes. It was only the male amateurs who significantly differed among the five studied groups. The study also showed that the external power per kg was significantly different between the two genders due to differences in body mass and mR, i.e. the lighter female testing groups were roller skiing with a relatively heavier rolling resistance coefficient compared to the heavier testing groups of male participants. / Sporttech

This study investigates the Usability of the podcast service User Interface (UI) of the iOS app Aftonbladet. The method used originates from a heuristic evaluation technique where semi- structured interviews were conducted with users of the podcast service to explore the usability and to find usability problems. The conducted interviews determined that there existed usability problems with the UI and thus, usability heuristics have been violated in the UI.   Nielsen’s Ten Usability Heuristics for User Interface Design and Nielsen’s Severity Ratings for Usability Problems are applied to the interview answers for evaluating the usability of the podcast service UI.   The heuristics that are interpreted as being of critical importance are:   Heuristic 3. User Control and Freedom  Heuristic 4. Consistency and Standards  Heuristic 5. Error Prevention  Heuristic 6. Recognition rather than Recall  Heuristic 7. Flexibility and Efficiency of Use  Heuristic 8. Aesthetic and Minimalist Design  Heuristic 10. Help and Documentation    Three out of the ten heuristics were not of critical importance:    Heuristic 1. Visibility of System Status  Heuristic 2. Match Between System and Real World  Heuristic 9. Help Users Recognize, Recover and Diagnose from Errors