A presente dissertação se divide em cinco capítulos. No primeiro, abordamos as fontes de riqueza tributáveis e o agrupamento dos impostos conforme a classificação do CTN, que leva em conta o aspecto econômico de seus pressupostos de fato. Tendo analisado o conceito econômico de circulação, identificamos, no grupo de impostos sobre produção e a circulação, diversos pressupostos de fato relacionados à circulação de riquezas como fonte tributável. O segundo capítulo trata da fonte de riqueza alcançada pelo PIS e pela Cofins não-cumulativos, que são objeto do presente estudo. Tendo em vista que a CF/88 indicou as materialidades econômicas sobre as quais a União pode instituir contribuições sociais de seguridade social, entendemos possível qualificá-las de acordo com os grupos de impostos do CTN. Após analisar sua materialidade econômica (a receita), concluímos as referidas contribuições podem ser classificadas como incidentes sobre a produção e a circulação, ou seja, sobre a circulação de riquezas. Por serem contribuições incidentes sobre a circulação de riquezas, podem se submeter à não-cumulatividade, sistemática concebida de tributos incidentes sobre aquela fonte tributável. Para entender a não-cumulatividade do PIS e da Cofins foi preciso pesquisar os tributos sobre vendas / consumo, tradicionais exemplos de tributos incidentes sobre a circulação de riqueza em cujo âmbito foi concebida a não-cumulatividade. Esse estudo consta do terceiro capítulo, no qual falamos também sobre o IPI e o ICMS, impostos brasileiros arrecadados por sistemática nãocumulativa. A fim de evitar os vícios da análise pela negativa, versamos inicialmente a cumulatividade tributária; afinal, para se entender o que não é, é preciso entender o que é. O preâmbulo do Capítulo 3 contempla premissas importantes, ao anunciar as diferenças entre a translação jurídica e a translação econômica dos tributos e ao explicar a equiparação terminológica entre tributos sobre vendas e tributos sobre consumo. É também neste capítulo que apresentamos nossa conclusão de que a norma que veicula a não-cumulatividade tributária contém características tanto de princípio como de regra. No quarto capítulo, analisamos as diferenças entre a não-cumulatividade do PIS e da Cofins e a não-cumulatividade do IPI e do ICMS; a ausência de traslado do encargo jurídico daquelas contribuições; a inexistência de um significado único de não-cumulatividade na CF/88 e os princípios a ela relacionados; a inserção da não-cumulatividade das referidas contribuições no texto constitucional; a inobservância, pela legislação ordinária, dos fatores de discrímen indicados pela CF/88 para diferenciação dos regimes cumulativo e não-cumulativo do PIS e da Cofins os setores de atividade econômica; o método adotado para o creditamento do PIS e da Cofins, híbrido dos diversos métodos de cálculo dos tributos sobre o valor agregado; as características dos insumos que geram direito ao creditamento daquelas contribuições; e os efeitos da isenção e da alíquota zero para o PIS e a Cofins não-cumulativos. O capítulo 5 apresenta sinteticamente nossas conclusões. / The present dissertation has 5 chapters. In the first chapter, we refer to the sources of taxation and to the economic criteria used by the Brazilian Federal Codification of Tax Law (CTN) to classify Brazilian taxes. Having analyzed the economic concept of circulation, we were able to identify, in the group of taxes on the economic output and economic flow, a wide range of facts related to the economic flow of wealthiness, which is a main source of taxation. The second chapter refers to the source of taxation upon which non-cumulative PIS and Cofins. Such taxes have been specifically created to raise funds for social security activities and are collected through a special kind of value added method that is alleged not to promote a cascade effect on taxation. Since Brazilian Fundamental Law (CF/88) has pointed out the economic facts upon which the Federal Union is allowed to create taxes related to social security purposes, we believe it is possible to classify non-cumulative PIS and Cofins according to the economic classification of taxes presented by the CTN. Having studied the economic fact upon which non-cumulative PIS and Cofins incur (i. e, all kinds of receipts earned by an economic enterprise) we concluded that those special taxes fall upon the economic output and economic flow, in other words, upon the economic flow of wealthiness. Because of that, we believe it is possible to collect those taxes using a value added method of taxation, for this kind of taxation has been designed to collect taxes upon that specific source of taxation. Because value added taxation was first thought to collecttaxes upon the economic flow of wealthiness, it was deemed necessary to focus the researches on sales taxes, the most traditional taxes that fall upon that source of taxation. The results of that research are part of chapter 3, in which we also refer to IPI and ICMS, the Brazilian \"value added\" taxes. In order to avoid the imperfections that could arise from a reasoning based on a negative proposition, before broaching the non-cumulative methods of taxation, we have first broached the cumulative effects of a sales taxation. The preamble of chapter 3 contemplates important assumptions: it indicates the differences between the economic and legal shifting of taxation and the equalization of the terminology sales taxes and consumption taxes. In this chapter we also present our conclusion according to which the laws providing for the non-cumulative effect of taxation in Brazil can be analyzed either as a principle or as a rule. In chapter 4 we discourse about: the differences between the non-cumulative effect of PIS and Cofins and the noncumulative effect of IPI and ICMS; the inexistence of a legal shifting of non-cumulative PIS and Cofins; the inexistence of a single meaning of non-cumulative taxations in CF/88 and the principles related to this kind of collection system; the reasons why the non-cumulative way of collecting PIS and Cofins was inserted in CF/88; how lawmakers disrespected the only criteria that they could use to distinguish what kind of economic enterprises and the receipts would be subject to the non-cumulative collection device for PIS and Cofins; the special method designed to allegedly collect PIS and Cofins only on the value added in each transaction, that mixes criteria of existing methods of value added collection; what kind of inputs shall be deduced in order to find the value added in each transaction; and the effects of exemptions. Chapter 5 presents our conclusions, in a concise way.

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Chan, Chun Kit. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 147-161). / Abstracts in English and Chinese. / Chapter Chaper 1 --- Introduction --- p.1 / Chapter 1.1 --- General introduction to cerebral stroke --- p.1 / Chapter 1.2 --- Different types of cerebral stroke --- p.2 / Chapter 1.3 --- Statistics --- p.3 / Chapter 1.4 --- Symptoms of cerebral stroke --- p.4 / Chapter 1.5 --- Complications of cerebral stroke --- p.5 / Chapter 1.6 --- Risks and preventions of cerebral stroke --- p.6 / Chapter 1.7 --- Cerebral stroke treatment --- p.8 / Chapter 1.8 --- Post stroke rehabilitation --- p.11 / Chapter 1.9 --- Mechanisms of stroke --- p.15 / Chapter 1.9.1 --- Energy production failure and loss of ionic homeostasis --- p.15 / Chapter 1.9.2 --- Excitotoxicity --- p.16 / Chapter 1.9.3 --- Calcium ions mediated toxicity --- p.17 / Chapter 1.9.4 --- Passive neuronal cell death --- p.18 / Chapter 1.9.5 --- Oxidative stress --- p.19 / Chapter 1.9.6 --- Inflammation --- p.22 / Chapter 1.9.7 --- Apoptosis --- p.25 / Chapter 1.10 --- Potential therapeutic agents for cerebral stroke --- p.24 / Chapter 1.10.1 --- Anti-oxidative enzyme and free radical scavengers --- p.24 / Chapter 1.10.2 --- Ions channel blockers and glutamate antagonists --- p.26 / Chapter 1.10.3 --- Anti-inflammatory agent --- p.28 / Chapter 1.10.4 --- Anti-apoptotic agent --- p.28 / Chapter 1.11 --- Experimental model of cerebral ischemia-reperfusion --- p.29 / Chapter 1.11.1 --- In vitro model (oxygen and glucose deprivation model) --- p.29 / Chapter 1.11.2 --- In vivo model (Middle cerebral artery occlusion) --- p.31 / Chapter 1.12 --- Traditional Chinese Medicine (TCM) --- p.32 / Chapter 1.12.1 --- General Introduction to Traditional Chinese Medicine --- p.32 / Chapter 1.12.2 --- TCM and cerebral stroke --- p.33 / Chapter 1.12.3 --- Chinese compound formula --- p.34 / Chapter 1.12.4 --- Introduction to individual herb --- p.34 / Chapter 1.12.4.1 --- Astragali Radix (Pinyin name: Huangqi) --- p.34 / Chapter 1.12.4.2 --- Rhizoma Chuanxiong (Pinyin name: Chuanxiong) --- p.35 / Chapter 1.12.4.3 --- Radix Salviae Miltorrhizae (Pinyin name: Danshen) --- p.35 / Chapter 1.12.4.4 --- Cassia Obtusifolia Linne (Pinyin name: Jue Ming Zi) --- p.36 / Chapter 1.12.4.5 --- Radix Glycyrrhizae (Pinyin name: Gancao) --- p.37 / Chapter 1.12.4.6 --- Radix Angelicae Sinensis (Pinyin name: Dongquai) --- p.37 / Chapter 1.12.4.7 --- Paeoniae Veitchii Radix (Pinyin name: Chi Shao) --- p.38 / Chapter 1.12.5 --- Salvianolic acid B --- p.39 / Chapter 1.13 --- Aim of study --- p.40 / Chapter Chapter 2 --- Materials and Methods --- p.41 / Chapter 2.1 --- Materials --- p.41 / Chapter 2.1.1 --- Drug --- p.41 / Chapter 2.1.1.1 --- Herbal Medicine --- p.41 / Chapter 2.1.1.2 --- Herbal extraction of PSR --- p.42 / Chapter 2.1.1.3 --- Herbal extraction of individual herb --- p.43 / Chapter 2.1.1.4 --- Salvianolic acid B --- p.43 / Chapter 2.1.2 --- Chemical --- p.44 / Chapter 2.1.3 --- Animal --- p.48 / Chapter 2.2 --- Methods --- p.49 / Chapter 2.2.1 --- (AAPH)- induced erythrocyte hemolysis --- p.49 / Chapter 2.2.2 --- Cell Culture study --- p.51 / Chapter 2.2.2.1 --- Cell Line --- p.51 / Chapter 2.2.2.2 --- Cell differentiation --- p.52 / Chapter 2.2.2.3 --- In vitro model of ischemia - Oxygen glucose deprivation (OGD) experiment --- p.53 / Chapter 2.2.2.4 --- Cell viability assay --- p.54 / Chapter 2.2.3 --- In vivo Study --- p.54 / Chapter 2.2.3.1 --- Cerebral blood flow (CBF) measurement --- p.54 / Chapter 2.2.3.2 --- In vivo transient focal cerebral ischemia model - Middle cerebral artery occlusion (MCAo) --- p.55 / Chapter 2.2.3.3 --- Administration of PSR --- p.57 / Chapter 2.2.3.4 --- Administration of salvianolic acid B (SAB) --- p.59 / Chapter 2.2.3.5 --- Measurement of brain infarct volume --- p.60 / Chapter 2.2.3.6 --- In vivo anti-oxidative enzyme activity determination in the brain --- p.61 / Chapter 2.2.3.6.1 --- Brain tissue preparation --- p.61 / Chapter 2.2.3.6.2 --- Tissue homogenization and protein extraction --- p.61 / Chapter 2.2.3.6.3 --- Protein concentration determination --- p.63 / Chapter 2.2.3.6.4 --- Catalase activity determination in the brain --- p.63 / Chapter 2.2.3.6.5 --- Glutathione Peroxidase (GPx) activity determination in the brain --- p.64 / Chapter 2.2.3.6.6 --- The Superoxide Dismutase (SOD) activity determination in the brain --- p.65 / Chapter 2.2.3.7 --- Behavioral Evaluation --- p.66 / Chapter 2.2.3.7.1 --- Neurological behavioural test --- p.66 / Chapter 2.2.3.7.2 --- Shuttle box escape experiment --- p.67 / Chapter 2.3 --- Statistical analyses --- p.71 / Chapter Chapter 3 --- Results --- p.72 / Chapter 3.1 --- In vitro model of ischemia - Oxygen glucose and deprivation (OGD) experiment --- p.72 / Chapter 3.2 --- AAPH assay of PSR --- p.75 / Chapter 3.3 --- AAPH assay of individual herb --- p.77 / Chapter 3.4 --- Brain slices after middle cerebral artery occlusion (MCAo) experiment --- p.81 / Chapter 3.5 --- Brain infarct volume of single dose protocol --- p.83 / Chapter 3.6 --- Neurological behavioural test of single dose protocol --- p.85 / Chapter 3.7 --- Brain infarct volume of double doses protocol --- p.87 / Chapter 3.8 --- Neurological behavioural test of double doses protocol --- p.89 / Chapter 3.9 --- Determination of superoxide dismutase (SOD) activity in the brain --- p.91 / Chapter 3.10 --- Determination of glutathione peroxidase (GPx) activity in the brain --- p.93 / Chapter 3.11 --- Determination of catalase activity in the brain --- p.95 / Chapter 3.12 --- Brain infarction volume of Salvianolic acid B (SAB) treatment --- p.98 / Chapter 3.13 --- Neurological behavioural test of SAB treatment --- p.100 / Chapter 3.14 --- Shuttle box performance in training and testing series --- p.102 / Chapter 3.15 --- Change in shuttle box performance (% avoidance c.f. last day of training) in testing series --- p.104 / Chapter 3.16 --- Escape latency in testing and training series --- p.107 / Chapter 3.17 --- Change in escape latency (c.f. last day of training) in testing series --- p.109 / Chapter 3.18 --- Brain infarct volume of shuttle box escape experiment --- p.112 / Chapter 3.19 --- Neurological score in shuttle box escape experiment --- p.114 / Chapter Chapter 4 --- Discussion --- p.117 / Chapter 4.1 --- The protective effect of PSR in in vitro oxygen and glucose deprivation (OGD) on human neuroblastoma SH-SY5Y cell line --- p.117 / Chapter 4.1.1 --- OGD model and cell line --- p.117 / Chapter 4.1.2 --- Protective effect of PSR in OGD experiment --- p.118 / Chapter 4.1.3 --- Free radical scavenging property of PSR --- p.120 / Chapter 4.2 --- The protective effects of PSR in in vivo middle cerebral artery (MCAo) model --- p.121 / Chapter 4.2.1 --- The shortcomings of in vitro OGD model --- p.121 / Chapter 4.2.2 --- Development of in vivo MCAo model and TTC staining --- p.122 / Chapter 4.2.3 --- Protective effect of PSR in MCAo experiment (single dose protocol) --- p.124 / Chapter 4.2.4 --- Protective effect of PSR in MCAo experiment (double doses protocol) --- p.125 / Chapter 4.2.5 --- The effect of PSR toward neurological deficits --- p.127 / Chapter 4.2.6 --- Anti-oxidative effects of PSR in MCAo model --- p.128 / Chapter 4.3 --- The protective effects of SAB in in vivo middle cerebral artery (MCAo) model --- p.130 / Chapter 4.3.1 --- Free radical scavenging property of different herbs --- p.130 / Chapter 4.3.2 --- Selection of pure compound that used to treat stroke --- p.131 / Chapter 4.3.3 --- Protective effect of Salvianolic B in MCAo experiment --- p.132 / Chapter 4.3.4 --- The effect of SAB toward neurological deficits --- p.133 / Chapter 4.4 --- The effects of PSR and SAB on stroked rats' performance in shuttle box escape experiment --- p.134 / Chapter 4.4.1 --- Establishment of shuttle box escape experiment --- p.134 / Chapter 4.4.2 --- Effects of PSR and SAB on avoidance performance --- p.135 / Chapter 4.4.3 --- Effects of PSR and SAB on escape latency --- p.138 / Chapter 4.5 --- Assessment on the contribution of SAB to the protective effect of PSR --- p.140 / Chapter 4.6 --- Comparison of acute and chronic testing --- p.140 / Chapter 4.6.1 --- The protective effect of the drugs (Histopathological examination) --- p.140 / Chapter 4.6.2 --- The severity of motor deficit (Neurological score) --- p.141 / Chapter Chapter 5 --- Conclusion and Future prospect --- p.143 / Chapter 5.1 --- Conclusion --- p.143 / Chapter 5.2 --- Future prospect --- p.144 / References --- p.147

This thesis consists of empirical studies on various aspects of international corporate finance, a series of long-run event studies examining the abnormal stock return performance of Initial Public Offerings (IPOs), American Depositary Receipts (ADRs), and stock analyst recommendations. The first two of these, presented in Chapters 2 and 3, investigate the key issues relating to Initial Public Offerings (IPOs). The next, in Chapter 4, examines the performance of new American Depositary Receipt issues from emerging markets and its determinants. The final study, presented in Chapter 5, assesses the value of stock analysts? recommendations in emerging markets. It is essentially a series of empirical studies adopting a tried and tested methodology, involving benchmarks, for measuring returns over time in emerging markets, a subject that has not been sufficiently investigated. The long-run event study approach is designed to identify anomalies in these markets, which may be much more pronounced than in developed markets. This thesis makes substantive contributions to the existing knowledge on measuring, documenting and determining various issues in international corporate finance, and provides methodological improvements over previous studies. Chapter 2 presents an examination of the stock return performance of the IPO stocks listed on the Growth Enterprise Market (GEM) in Hong Kong, finding that the return performance is sensitive to the benchmark employed. Two main factors contributing to the underperformance of GEM stocks are the ?technology boom? and ?IPO effects?. Moreover, the results of cross-sectional analyses suggest that the Hong Kong GEM is a unique market; since at least 70 percent of the IPO stocks listed on the GEM are technology stocks, the ?technology? factor outweighs previous hypotheses advocated by previous researchers to explain the poor performance of newly listed stocks. Chapter 3 extends this analysis by turning attention to the post-issue stock price performance of Initial Public Offerings (IPOs) in Asian markets, using a comparative assessment of the stock performance of Asian IPOs motivated by the ongoing discovery of biases in event studies involving long horizon returns. Various methods were used to remove such biases, while examining the robustness of the long run performance of the IPOs. The results of this examination show that the existence of long run underperformance for the Asian IPOs depends on the methodology used. The study also assesses the ?Market Timing? theory with regard to Initial Public Offerings (IPOs), adding to the growing literature that suggests that Asian firms time their issuance of equity securities. Chapter 4 presents a comparative study of the post-issue stock performance and operating performance of the Initial Public Offerings (IPOs) of American Depositary Receipts (ADR) in emerging markets. The results of this study suggest that ADR IPOs are underpriced, though not to the same extent as regular IPOs. In the aftermarket, ADR IPOs underperform the Emerging Market Index. However, after controlling for differences in size and industry, underperformance of ADR IPOs compared with both home market IPOs and US IPOs could not be demonstrated. The analysis of stock and operating performance yields consistent results; aside from the ?window dressing? effect, this also demonstrates that stock price performance is a reflection of operating performance over the long run. Chapter 5 presents the first study to examine post-recommendation abnormal returns in emerging markets, based on the Emerging Market Index adjusted model and the Controlling Firm approach, demonstrating that stock prices react significantly to recommendation revisions, both on the revision day and subsequently. In this cross-sectional analysis, it appears that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendations. This indicates that stock analysts in emerging markets prefer high growth stocks with their attractive characteristics.

存託憑證基本上是由一本國境內之存託機構與外國發行人簽訂存託契約， 發行用以表彰外國發行公司有價證券所有數之憑證。其相關當事人有存託 銀行、保管銀行、外國發行人、證券承銷商、投資人；相關之契約有存託 契約、保管契約與承銷契約。根據發行公司參與發行存託憑證之程序與否 ，可分為「公司參與型」及「非公司參與型」兩種。這項業務之優點，對 投資人而言有可克服時空、語言、文字障礙，方便股務事項之處理；對發 行公司而言有可提高企業之國際知名度、增加原始股票之流動性；對本國 市場而言，可擴展本國證券市場規模、創造就業機會。以臺灣目前之狀況 看來，由於正處於證券市場開放之第二階段，以存託憑證之方式來達到間 接投資外國股票之目的，實乃良策。然推行之初，由於限制頗多，使得推 行成效不彰，外國發行公司至臺灣發行臺灣存託憑證之意願不高，故主管 機關應就現行措施再加以檢討，提高外國發行公司之意願。

<p><em>Consumers today leave a fragment of information when they pay with their debit and credit cards. The aim of our work is to investigate ways to design a concept of a system in which digitally stored information that today is fragmented among several different holders, can be assembled into a system and made available to consumers. In our study of how a system for financial flow of information should be designed, we intend to study the present situation and the attempts made to alter it into a more informative reality. We intend to investigate the flow of information when a consumer pays by card, and the possible solutions regarding the design and transportation of digital receipts. A majority of the information of our digital consumption is today handled digitally. We pay bills and make purchases online with debit- and credit cards. Some of this information is available digitally for the parties involved. However, there is an essential element of information that is not being made available digitally to consumers. The digital receipt is a natural part of the whole that is our idea. The digital nature of the information creates opportunities for new services and markets, but the digital receipt also replaces the unwanted physical receipt. We found that there is an interest among consumers for the introduction of the digital receipt and the information that it enables.</em> <em>We have for this purpose created a conceptual design, and initiated a discussion on the future systems of private financial information.</em></p> / <p><em>Consumers today leave a fragment of information when they pay with their debit and credit cards. The aim of our work is to investigate ways to design a concept of a system in which digitally stored information that today is fragmented among several different holders, can be assembled into a system and made available to consumers. In our study of how a system for financial flow of information should be designed, we intend to study the present situation and the attempts made to alter it into a more informative reality. We intend to investigate the flow of information when a consumer pays by card, and the possible solutions regarding the design and transportation of digital receipts. A majority of the information of our digital consumption is today handled digitally. We pay bills and make purchases online with debit- and credit cards. Some of this information is available digitally for the parties involved. However, there is an essential element of information that is not being made available digitally to consumers. The digital receipt is a natural part of the whole that is our idea. The digital nature of the information creates opportunities for new services and markets, but the digital receipt also replaces the unwanted physical receipt. We found that there is an interest among consumers for the introduction of the digital receipt and the information that it enables.</em> <em>We have for this purpose created a conceptual design, and initiated a discussion on the future systems of private financial information.</em></p>

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 192-198). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 192-198). Also available on the Internet.