Au XXème siècle, marqué par une sensibilité particulière au tragique et à l’absurdité du monde, un puissant rameau d’écrits au fond desquels résonne le désir du bonheur qu’on trouve ici et là, dans des éléments variés, se trouve grandi et fleuri. Le but de certains écrivains est d’exposer leur propre conception. Parmi ces écrits, les œuvres de Jacques Chardonne. A partir de sa propre expérience et de son regard sur les autres, Chardonne traite du bonheur dans deux types d’écrits : romanesques et non romanesques. Dans le premier il parle spécialement du bonheur dans la vie à deux. Il attache une grande importance à chercher les figures de ce bonheur : ce qui fait le bonheur conjugal, comment l’atteindre et quels sont les facteurs qui peuvent le perpétuer. La femme et ses caractéristiques sont le pôle principal de ce bonheur. L’amour est essentiel, il « est beaucoup plus que l’amour ». Pourtant c’est la satisfaction du personnage qui rend ce bonheur accompli. Des obstacles peuvent empêcher le personnage d’atteindre ce bonheur, mais l’adoption de certains procédés narratifs aide Chardonne à sauvegarder dans ses écrits les traits du bonheur.Une série des œuvres non romanesques, œuvre autobiographique et essais parlent de ce qui fait le bonheur dans la vie de Chardonne : son enfance dans sa ville natale, Barbezieux, au milieu de gens toujours heureux, l’amour partagé, l’amitié, le métier et les beaux paysages découverts pendant ses voyages dans sa vie d’adulte, ainsi que son petit jardin à la vieillesse. Un peu de regret et les souvenirs de son séjour dans la prison de Cognac à la Libération troublent la vie paisible de Chardonne. La philosophie qui traduit un acte de volonté intérieure, « Cela m’a suffi » dont s’est réclamé Chardonne pendant toute sa vie, rend le bonheur un état permanent dans tous ses écrits comme dans sa vie. / During the 20th century era, when the tragedy and the absurdity were dominant; a series of writings which were interested in happiness and pleasure, that here and there, in varied elements, flourished. The aim of most authors was to demonstrate their personal ideas and perceptions of happiness. One of these compositions was the collection of Jacques Chardonne. From his personal experience and his vision at the others, Chardonne discusses happiness in two types of writings: fictional and non fictional. In the first category he speaks specifically of happiness in life to two. He attaches great importance to find the figures of this happiness: the strategies which help to achieve it, and the factors which can perpetuate it. From his view, the woman and her characteristics are the pole essential of this happiness. Also the love is essential. It "is much more than love". Yet, it is the author's satisfaction that restores this happiness perfect. In his writings, although there are some obstacles which may prevent full achievement of happiness, yet Chardonne was able to overcome most of them by adapting a special narrative strategy to keep the sense of happiness in the general atmosphere.A series of non fictional writings, autobiographic story and trials, talk about the elements of the happiness in Chardonne’s life. Some are related to the happy childhood, in his mother country, Barbezieux, where he lived and brought up with happy people; as well as the mutual love, the good friendship, his career, and the enormously beautiful views in the trips during his youth, and the small garden during his senility. However, there are some regrets and his memories about the time that he spent in the prison of Cognac during the Liberation disturb the quiet life of Chardonne."This satisfied me" was the philosophy that had been adapted by Chardonne throughout his life, which can be translated as the interior will and desire which built up the persistent feeling of happiness reflected in all of his writings.

大型股過去一直被認為平均報酬率低於小型股，但如果從個股來看，不少大型股的績效並不會比指數差。考慮到一般非專業投資人在投資股票時，選擇大型股還是比小型股容易，本論文試圖建構一套在實務上較可行的大型個股選股策略—選擇市值第二大的股票，並定期調整個股。我們以美股標準普爾500指數中前兩大市值的股票，分為兩種投資組合做比較，結果發現，市值最大的股票不容易創造超額報酬，市值第二大的股票，反而締造極佳的超額報酬，此現象在過去3年、5年、10年，尤其較過去20年更為明顯。原因在於市值排名第二的股票，多半屬於排名仍在持續上升的成長股，這些個股基本面尚未到達頂點，故股價還會反應一段時間的基本面利多，採取類似動能策略(Momentum Strategy)的方法，報酬率容易超越指數；市值最大者則因為基本面普遍伴隨市值排名已經到頂，加上投資人對於排名第一的股票，多半易產生定錨效應(Anchoring Effect)，即認為股價可能已經反應其該有的價值，較難創造超額報酬，傾向賣出。故同樣投資大型股，選擇市值第二名的股票會優於第一名。 / According to The Size Effect Theory, small cap securities generally generate greater returns than those of large cap companies. However, this trend has involved into the difficulties of stock picking due to the large number of small caps. In this paper I propose a strategy against the size effect theory, “Second is Better”, to pick the second largest market value security as the single stock investment. I examine the performances of the No.1 and the No.2 largest market cap stocks in the S&P500 and apply a 6-month rebalance to construct two different portfolios, which is similar to the concept of Momentum Strategy that buy the past winners and sell the past losers. I find the No.2 stock outperforms than No.1 stock and generate amazing excess returns in the near mid-to-long-term periods. Because No.1 stocks are more likely to experience Momentum Crash than No.2 stocks due to investor’s anchoring bias as they believe the No.1 stock might have been peaked. No.2 stocks are usually in the growing stages that many investors believe the 2nd largest caps still yet to peak during market value expansion.

This master´s thesis deals with measurement of business performance of the company. The theoretical part of the thesis is focused mostly on the importance of the customer value and on the comparison of individual approaches to its management. In the analytical part these approaches are applied to the company in order to identify qualities and failures of its business performance. The results are then the base for suggestions to improve the current situation.

我國公開收購之審議委員會制度，已實施約5年，規定審議委員會應審議收購案，並建議股東是否應賣。迄今（民國106年6月5日）應設置審議委員會之案件共計55起，其中有36起揭露股份轉讓合約，合約記載與該次收購相關之合約條款，為審議委員會於審議過程可得之資訊。合約約定之內容，將影響簽約雙方承擔之風險，過去亦有案例，顯示合約內容之重要性。透過分析36份股份轉讓合約及5起發生於國內之個案，本研究試圖瞭解合約之違約賠償條款如何影響審議委員會做成建議，以及標的公司之審議委員會及股東於收購案應注意之風險。本研究之結論有二：第一，當股份轉讓合約之違約賠償條款，能夠對風險做出因應時，審議委員會應表示正面意見。第二，標的公司之審議委員會及股東應注意之風險事項，計10項： 1. 公開收購說明書是否有揭露股份轉讓合約。 2. 股份轉讓合約是否有約定違約賠償條款。 3. 違約賠償條款之約定，是否能因應風險。 4. 標的公司之股權結構，是否過於分散或集中。 5. 公開收購人之真實身分，以及其是否與具爭議性人物有關係。 6. 公開收購人與標的公司經營理念之差異。 7. 若收購案牽涉其他主管機關核准，應考量主管機關核准時程。 8. 外界對於收購案之傳聞。 9. 公開收購案之性質，係水平、垂直或多角化經營；是否為跨國案件。 10. 公司過去營運事項及管理階層所作決策或提案，是否有不合理情事。 / The new system of review committee of every public company shall under takes the responsibility to recommend to shareholders about whether to sell their shares in a tender offer has been implemented in Taiwan for five years. The review committee is comprise of all independent directors, they should investigate and review the tender offer before they make their suggestions: positive, negative, or netural. Up to now (June 5, 2017), 55 tender offer cases involve the suggestion from review committee. Among these 55 cases, 36 cases have disclosured share transfer contracts, the terms of the contract were available for the review committee and this research. The terms of the contract affect heavily the risks taken and return awarded by both parties, merit a thorough research but seldom done by previous research.The purpose of this thesis is to find out how the terms of contract affect the review committee’s recommendations. The term studied is damage for breach, this term is selected because its importance, it impact seriously the risks of the acquired company and its shareholders’ wealth.This study starts from analyzing 36 share transfer contracts and 5 tender offer cases in Taiwan, two observations obtain. First, the review committee should express positive recommedation when the terms of damage for breach of contract could response the risk. Second, the 10 risks the acquired company’s review committee and shareholders should pay attention are: 1. Whether the tender offer prospectus disclose the share transfer contract. 2. Whether the share transfer contracts have the terms of damage for breach of contract. 3. Whether the terms of damage for breach of contract could response the risks. 4. Whether the acquired company’s ownership structure is too fragmented or concentrated. 5. Whether the tender offeror is related to a controversial person and its real identity. 6. The different business philosophy between the tender offeror and the acquired company. 7. If the tender offer involves the approval of relevant competent authorities, the processing time of the approval should be concerned. 8. The rumors of the tender offer. 9. The nature of the tender offer is horizontal, vertical or diversified; whether it is a transnational case. 10. Whether both company's past operations and management decisions are unreasonable.

This thesis deals with accounting and reporting of selected operations in Equity. The object of interest are three balance sheet items: Reserve fund, Advance for a profit share and Other profit and loss of previous years. The theoretical part is focused on general characteristic of Equity, its basic items and structure of related Financial statements. The indispensable component of this part is also more detailed specification of these three items. Attention is mainly focused to the payments and settlement of advances for a profit share, or accounting view corrections of mistakes from previous years and changes in accounting methods. The practical part is focused on an analysis of the annual reports of the capital companies in 2013-2015. The result is the evaluation of the frequency of occurrence, the use and justification of the analysed items in the annual reports of the companies.

Au carrefour du droit du travail, du droit civil et du droit des sociétés siège la notion de rémunération. À l’image du contrat de travail, la rémunération peut se métamorphoser pour devenir un outil d’association financière des salariés à la performance de l’entreprise. L’association financière des salariés aux performances de l’entreprise ne présente pas un visage unique. Elle déploie d’abord ses effets dans le périmètre du Code du travail : l’individuel et le collectif se rejoignent pour dessiner une première forme d’association. Salaire et épargne salariale constituent les fruits du contrat de travail exécuté sous la seule bannière de la qualité de salarié. Celle-ci constitue l’élément primaire de l’association financière. L’actionnariat salarié emporte, en revanche, une double qualité : à celle de salarié s’ajoute celle d’associé. L’association financière devient alors parfaite. / At the crossroads between civil law and corporate law lies the notion of remuneration. Modelled on the contract of employment, remuneration can turn into a tool to share profits with the employees according to the performance of the company. Sharing profits with the employees according to the company’s performance is a multifaceted action. Its first effects appear within the scope of the labor code: the notions of individual and collective meet to give a first draft of profit sharing. Salaries and employee savings plans are at the core of profit sharing. On the contrary, employee share ownership presents a twofold position: employee and associate. Profits then become perfectly shared.

L'idée de base des contrats incitatifs est celle de la réalisation d'intérêts communs provoquant des changements dans le comportement des salariés et l'amélioration de la performance de l'entreprise. Les résultats et les succès de l'entreprise dépendent également du climat des relations professionnelles. Dans ce contexte, l'objectif de cette thèse est de contribuer à la compréhension de la participation financière (l'intéressement et l'actionnariat salarié) et ses liens avec les conflits à partir de données d'entreprises françaises. La recherche sur ces deux thèmes est d'une importance pratique et novatrice. Tout d'abord, il existe au sein de l'entreprise une multitude de types de conflits. Nous nous intéressons principalement aux conflits collectifs. Ensuite, la plupart des études sur les conflits collectifs se concentre uniquement sur les grèves, en ignorant les autres formes d'actions collectives, et très peu d'études font le lien avec les systèmes d'incitations collectives au sein de l'entreprise. Ainsi, ce travail se décompose en quatre études empiriques. La première vise à analyser les différentes formes de conflits au sein de l'entreprise. La deuxième analyse l'effet de la participation financière sur les conflits collectifs. La troisième étude s'intéresse à l'impact de la négociation et de la participation financière sur la résolution des conflits collectifs. Enfin, la dernière examine la performance des entreprises en fonction de la participation financière et des conflits collectifs. Nos recherches reposent sur des outils d'analyse multidimensionnelle et économétriques. L'approche multidimensionnelle fait appel à l'Analyse des Correspondances Multiples et à la Classification Hiérarchique Ascendante.L'approche économétrique fait usage de méthodes d'estimations classiques (OLS,Probit Simple, Probit Multinomial, Probit Ordonné), de modèles à sélection (Heckman), et des techniques d'estimations de modèles récursifs à équations simultanées traitant ainsi les problèmes d'endogénéité et la mixture (quantitative et qualitative) des variables dépendantes (Roodman, Conditional Mixed Process). / The basic idea of incentive contracts is that of achieving common interests causing changes in the behavior of employees and improving firm performance.The firms' outputs and success also depend on the industrial relation climate. In this context, the aim of this thesis is to contribute to the understanding offinancial participation (profit sharing and employee share ownership) and its links with the conflicts using data on French firms. Research on these topics isinnovative and highly recommended. First, there exists within the firm a multitude of types of conflicts. We are primarily concerned with collective conflicts. Most of studies on collective conflicts focuses only on strikes, ignoring other forms of collective actions. Very few studies make the link between collective incentive schemes and collective conflicts. Thus, this work is dividedinto four empirical studies. The first one analyzes the different forms of conflicts within the firm. The second one analyzes the effect of financial participation on collective conflicts. The third study focuses on the impact of bargaining and financial participation on the resolution of collective conflicts. The last one examines firm's performance based on financial participation and collective conflicts. Our research is based on multidimensional analysis and econometric tools. The multidimensional approach uses the Multiple Correspondence Analysis and Ascending Hierarchical Clustering. The econometric approach usesclassical estimation methods (OLS, Probit, Mutinomial Probit, Ordered Pobit),selection models (Heckman), and methods estimating simultaneous and recursive equations, treating the endogeneity problems and the mixture (quantitative and qualitative) of the dependent variables (Roodman, Conditional Mixed Process).

L’indivision prend fin par le partage. Le partage substitue des droits privatifs à une propriétécollective sur un bien ou une masse de biens qui est fractionnée.L’indivision est présentée traditionnellement comme un état éphémère, mauvais, auquel il fautmettre fin. Des règles juridiques spécifiques au partage ont alors été mises en place ; lafiscalité de l’enregistrement a assuré l’accompagnement de ces règles.Aujourd’hui le partage se conçoit en valeur. Les règles du partage ont donc évolué.Cette évolution n’est pas appréhendée par le droit fiscal. Le traitement des soultes, desindemnités de réduction ou de rapport est parfois contestable.En outre, l’administration fiscale maintient encore la distinction entre partage pur et simple etavec soulte, distinction qui n’emporte aucune conséquence en droit civil et qui ne se justifieplus aujourd’hui.Le partage a un effet déclaratif et rétroactif. Chacun des attributaires est réputé avoir été seulpropriétaire du bien mis dans son lot.Le régime des plus-values des particuliers s’est calqué sur cette analyse qui par voie deconséquences, fait fi du partage et des soultes ou indemnités qui sont versées par l’attributairedu bien. L’analyse juridique du partage ignore l’aspect économique du partage.Quant à la fiscalité professionnelle, les règles sont complexes et disparates, pasnécessairement fondées sur l’analyse juridique ; le traitement fiscal du partage est alorsd’autant plus compliqué. / Joint possession ends through sharing. Sharing substitutes private rights to a collectiveownership over an asset or set of assets which is split.Joint possession is shown traditionally as a transient state, a bad state which must be ended.Legal regulations specific to sharing have subsequently been implemented; recorded taxationhas ensured that these regulations are supported.Today, sharing is conceivable as a value. Sharing regulations have therefore developed.This development is not apprehended by tax legislation. The processing of balances, reducedcompensation or reported compensation is sometimes disputable.In addition, the tax office still maintains the distinction between pure and simple sharing andsharing with a balance, a distinction which bears no consequence in civil law, and which is nolonger justified today.Sharing has a declarative and retroactive effect. Each one of the allottees is considered to havebeen the sole owner of the asset put into their lot.The individuals’ capital gains system is modelled on this analysis, which consequently,throws caution to the wind, and balances or compensation which are paid by the allottee of theasset. The legal analysis of the sharing ignores the economic aspect of the sharing.As regards taxation on work, the regulations are complex and disparate, not necessarily basedon the legal analysis; the tax processing of the sharing is then all the more complicated.

The work analyzes market of public relations in the Czech Republic in the period from 2013 to 2015 based on the available data. Data come from research for The Association of PR Agencies (APRA) and from the balance sheets of selected agencies. The main hypothesis says, there is a monopolistic competition on the Czech market of PR agencies, because there is homogenous product, a large number of agencies, no entry barriers and agencies don´t have market power. I tested the hypothesis by calculating the Concentration coefficient and the Herfindahl Hirschman Index. Both methods confirmed the main hypothesis of monopolistic competition in this market. Work also includes the TOP 10 of PR agencies in the Czech market according to turnovers. It shows that the largest agency in the 2013 was Bison & Rose and in 2014 and 2015 it was AMI Communications. I also compared the changes in income and in prices of services by agencies that are members of APRA. So I can say that between the period from 2013 to 2015 there was a 18% growth in income of agencies, which was caused by higher quality of orders and not by raising prices.

The thesis focuses on a member's ownership interest in a limited liability company. In the introduction, we provide an outline of the basic institutes of a limited liability company such as its incorporation and creation, composing of memorandum of association, the way of member's liability etc. Then we define the legal nature of an ownership interest as another property value. The main stress is put particularly on a member's rights and obligations arising from the ownership of his/her interest, and on different changes of members. To illustrate the issues described in the thesis, we also provide relevant judgments rendered by Czech courts in appellate and appellate review proceedings related to ownership interests in limited liability companies.