[pt] A utilização de derivativos por empresas não financeiras vem se desenvolvendo com o intuito de protegê-las de riscos indesejados, especialmente aqueles advindos do mercado financeiro. Entretanto, o resultado da utilização do hedge pode, não necessariamente, agregar valor para as empresas que as utilizam.A literatura financeira internacional identifica ao menos cinco benefícios que podem ser obtidos através do uso do hedge, são eles: 1) a redução da possibilidade de falência ou estresse financeiro, 2) a redução valor esperado de impostos a serem pagos, 3) redução dos custos dos agentes da empresa (empregados, fornecedores, acionistas, clientes e outros), 4) a redução do custo de endividamento e 5) assegurar a continuidade dos investimentos através da redução dos riscos à geração operacional da empresa.Este trabalho procura verificou para um grupo singular de empresas brasileiras não financeiras, através de regressões não lineares que as empresas realizam o hedge especialmente para se protegerem de exposições cambiais e para garantir os investimentos futuros. Com este resultado, pode-se observar que o uso de derivativos para gerenciamento de risco por empresas brasileiras está em desenvolvimento. O presente estudo agrega à literatura correlata utilizando um método para relacionar os benefícios do hedge com sua posição nominal. / [en] The use of derivatives among non-financial companies has been developed with the purpose of protecting the firms from unworthy risks, especially those generated by the volatility in the financial markets. However, the hedge can bring consequences that differ from those expected by the higher management.The financial literature identifies at least five benefits from hedge that can be value maximizing: 1) reduction of costs associated with financial distress or bankruptcy, 2) reduction of the expected tax liabilities, 3) reduction of the costs of the stakeholders, 4) reduction of the debt costs or increase the debt capacity and 5) protect the future investment and growth opportunities through administration of the risks associated with the operational cash flow.This dissertation tries to verify throughout a series of non- linear regressions if a set of Brazilian non-financial companies reaches any of the benefits proposed by the financial literature. The conclusion shows that there is evidence that firms in the sample use interest rate hedge to protect the future investment opportunities.

nÃo hà / The present study tries to expose a statistical analysis of the data collected from the Comptroller General of Discipline relating to disciplinary procedures applied to military police. In this sense, aims to qualitatively evaluate the statistical results obtained. The work developed correiÃÃo is critical to the performance of military police, considering, discouraging illicit acts by security agents and ensure a welcoming society and security against misconduct of security agents. In our study object the best option was a regression model censored tobit model that was the best fit to the study of variables collected. In the end it describes a qualitative analysis of the results for the variables found. / O presente estudo procura expor uma anÃlise estatÃstica dos dados coletados da Controladoria Geral de Disciplina, referente aos procedimentos disciplinares aplicados aos policiais militares. Neste sentido, visa avaliar qualitativamente os resultados estatÃsticos obtidos. O trabalho de correiÃÃo desenvolvido à de fundamental importÃncia para o desempenho dos policiais militares, haja vista, desencorajar a prÃtica de atos ilÃcitos por agentes de seguranÃa e garantir a sociedade um acolhimento e seguranÃa contra desvios de conduta dos agentes de seguranÃa. Na busca por alcanÃar o objetivo deste estudo, a melhor opÃÃo foi um modelo de regressÃo censurada, o modelo tobit, que foi o que melhor se adequou ao estudo das variÃveis colhidas. No final buscou-se descrever uma anÃlise qualitativa dos resultados referentes Ãs variÃveis encontradas.

本研究欲探討國籍航空公司之經營效率，根據「民航運輸統計資料、民航統計月報及年報」、「公開上市、上櫃資訊觀測網站中之財務報告書」資料，研究對象為國籍6家航空公司，研究期間自19999年至2004年，在研究方法上，本文將採用二階段進行，首先，利用資料包絡分析法投入導向模型評估每家航空公司之經營效率；然後，以Tobit截斷迴歸模型探討可能造成航空公司之間經營效率差異之影響因素。由技術效率評估結果發現：（一）在不同投入產出組合下，航空公司整體的技術效率平均值介於81.45﹪與97.25﹪之間，亦即航空公司在投入資源運用上仍存在改善空間；同時在產出不變下情況下，平均而言，可以節省2.75%~18.55%之資源使用量。（二）規模效率平均值近乎於1，顯示造成其技術無效率之原因，主要歸咎於資源浪費。迴歸實證結果顯示：(一) 業務集中度與技術效率具負向關係，意即航空公司將業務分散於會員收入、精緻旅遊、空廚、修護等，其多樣化經濟，可提升技術效率；(二) 準點率與技術效率具正向關係，意謂準點率愈高之航空公司，經營的技術效率愈好，準點率可提升機隊使用率，降低單位成本，使資源更有效運用，是航空公司整體營運作業效率之重要指標；(三) 航線是航空公司主要產品，航線數多且班次頻繁，對航空公司經營有正面效率。(四) 機隊平均機齡與效率值之間關係為正向關係，顯示平均機齡愈高，經營效率愈高。(五) 航空公司為增加航線經營權而欲另設子公司可能因資源無法共用而降低經營效率，航空業者似應檢討其必要性。

nÃo hà / O Decreto n 29.560/2008, que regulamentou a Lei n 14.237/2008, teve como objetivo proteger os atacadistas cearenses e estimular o comÃrcio interno atravÃs de uma reduÃÃo de carga tributÃria. Este trabalho se propÃs a verificar se, apÃs a validade do decreto citado, as empresas varejistas deslocaram as suas aquisiÃÃes interestaduais para aquisiÃÃes internas, atingindo a finalidade proposta pela polÃtica pÃblica instituÃda pelos gestores governamentais. Para a obtenÃÃo dos resultados deste questionamento, foram utilizados os modelos de regressÃo Logit e Tobit para estimar um estudo economÃtrico no sentido de observar se houve mudanÃa de comportamento das empresas varejistas em relaÃÃo Ãs suas compras de mercadorias interestaduais. AlÃm disso, foi observado se alguns fatores como tempo de atividade da empresa, localizaÃÃo geogrÃfica fronteiriÃa com outros Estados e oferta local de atacadistas no municÃpio em que o estabelecimento està situado tem influÃncia na decisÃo de adquirir mercadorias no mercado externo. Os resultados demonstraram que a polÃtica pÃblica nÃo teve resultados relevantes para os varejistas de regime de recolhimento Normal, mas foi exitosa em relaÃÃo aos varejistas do simples nacional sinalizando que nÃo se deixou de comprar interestadualmente, mas se passou a comprar mais no mercado interno. TambÃm ficou evidenciado que os fatores citados anteriormente sÃo relevantes na propensÃo das empresas a adquirir mercadorias interestaduais, embora Ãs vezes com efeitos distintos para cada tipo de regime de recolhimento. / The decree 29.560/2008, which regulates Law No. 14.237/2008, aimed to protect the Cearà wholesalers and stimulate domestic trade through a reduction of the tax burden. This study aimed to verify if, after the expiration of the said decree, the retailers have shifted their purchases to domestic interstate acquisitions, reaching the purpose proposed by the public policy established by government managers. To obtain the results of this inquiry, the regression models Logit and Tobit to estimate an econometric study in order to observe whether there was a change in the behavior of retailers in relation to its purchases of interstate goods were used. Moreover, it was observed whether certain factors like uptime of the company, geographic location with other border states and local supply wholesalers in the municipality in which the property is situated has an influence on the decision to purchase goods in foreign markets. The results showed that public policy results are not relevant to retailers regime Normal pickup, but was successful in relation to national retailers simply signaling that is not stopped buying interestadually but happened to buy more domestically. It was also found that the factors cited above are relevant to the propensity of companies to purchase goods interstate, although sometimes with different arrangements for each type of payment purposes.

本研究主要探討不同捐贈行為對租稅價格的影響，分兩個議題探討：第一個議題是運用美國IRS 1995年橫斷面資料，透過分組的方式，分析不同捐贈金額高低之組別其價格彈性的差異；第二個議題是運用美國IRS 1987-1990年追蹤資料，透過分組的方式，以1990年的資料為主，分析不同變異程度之組別其價格彈性的效果。 研究結果顯示，議題一討論不同捐贈金額，在未分組前由全體資料所估計出來的價格彈性為-1.17，依捐贈金額高低區分為三組後發現，受到捐贈價格影響的主要為高捐贈組其價格彈性為-2.57，而低捐贈組與中捐贈組的價格彈性均小於1，分別為-0.57與-0.10，顯示高捐贈組受到租稅價格的影響較顯著。而議題二討論不同變異程度，在未分組前由全體資料所估計出來的價格彈性為-1.33，依變異係數分組後發現，受到捐贈價格影響主要為變異係數較高的組別，其價格彈性為-2.77，另外兩組的價格彈性均不顯著。 透過兩議題的綜合結果顯示，隨機捐贈之高捐贈者，受到租稅價格的影響最大，因此若想透過租稅政策的方式刺激捐贈，以對此特質的人為宜。

Master of Science / Department of Statistics / Weixing Song / A nonparametric lack-of-fit test is proposed to check the adequacy of the presumed parametric form for the regression function in Tobit regression models by applying Zheng's device with weighted residuals. It is shown that testing the null hypothesis for the standard Tobit regression models is equivalent to test a new null hypothesis of the classic regression models. An optimal weight function is identified to maximize the local power of the test. The test statistic proposed is shown to be asymptotically normal under null hypothesis, consistent against some fixed alternatives, and has nontrivial power for some local nonparametric power for some local nonparametric alternatives. The finite sample performance of the proposed test is assessed by Monte-Carlo simulations. An empirical study is conducted based on the data of University of Michigan Panel Study of Income Dynamics for the year 1975.

Although China is generally known as a tea-consuming country, both the production and consumption of coffee in China has seen double-digit growth in the last decade. This upward trend is projected to continue as long as investment is sustained and levels of disposable income continue to increase. In this rapidly expanding market, it is important for coffee producers and retailers in China to understand the preferences of emerging Chinese coffee consumers. Using survey data from Hubei and Zhejiang, China, we apply a Tobit regression model to analyze Chinese coffee consumers. Results show that the length of time consumers have been regularly drinking coffee, their self-assessed knowledge of coffee, and their taste preferences with regard to a variety of coffee products are all important factors in explaining Chinese coffee consumer trends. We suggest that coffee producers and retailers in China focus on improving the quality of their products to achieve long-term success.

Thesis M.Sc.(Agricultural Economics) --University of Limpopo, 2015 / Livestock production particularly cattle production is a major component of Southern African rural agriculture with a population of some 14.1 million cattle. Cattle occupy a unique role in human livelihoods and they are raised for meat, milk, and as draft animals for pulling carts and plows. Cattle farmers in communal areas are rational in the ways in which they use and manage their herds, and economic benefits are contributory drivers of their behaviour. The title of the study was the determinants of cattle ownership and herd size in Vhembe District of Limpopo Province, South Africa. The study had two objectives; firstly, to determine the socio-economic factors affecting the household decision to keep cattle and secondly, to analyse the determinants of herd size in livestock keeping households. The study was conducted in Mutale Local Municipality located in Vhembe District of Limpopo Province in South Africa. The study employed a sample of 185 small scale farmers from five villages covering about 5% of each village’s population. The statistical programme used to analyse the data was STATA 2010. For empirical analysis, the study used three analytical techniques namely: the logistic regression model, the OLS model and the Heckman selection model. Empirical results revealed that nine variables were significant in determining the probability of a household to own cattle namely; gender of household head, marital status of household head, age of the household head, household total size, benefits from livestock, previous cattle ownership in the family, homestead category, other income source and also the land area . Most of the variables that explained the decision of a household to keep cattle were also associated with explaining the decision of a household to keep a given number of cattle. Based on the findings of this study, several policy recommendations were proposed, namely; encouragement of youth participation in agriculture, promotion of gender equality and improvement of women’s consideration in decision-making processes in agricultural production, provision and conservation of agricultural grazing land and livestock infrastructural development. Additional policy recommendations were; intensification of the cattle input support schemes (feed, water and disease control), incentives for cattle farmers to consider farming as a business than just a cultural norm, provision of job opportunities in homelands and provision of livestock production institutions.

本文主要是探討在股票單日漲跌幅限制下市場非恆久性失衡體系的一些經 濟現象，以及管制是否真正具有穩定價格之功能，將以實證之方式佐以稍 簡化之理論模型來驗證所要探討的命題。由於以往之研究有 (1) 以真實 資料而未以模型預測； 或 (2) 以模型預測而以電腦模擬資料。 所以本 文將以真實資料佐以理論與實證模型預測未限制下之股價分析比較， 希 望能提供一些較新的訊息，或給未來後續研究此命題的學者一些參考。另 外將與鄧鍇 ( 民國八十年 ) 之以電腦亂數模擬之研究結果比較，分析 單日漲跌幅度限制究竟有無短期穩定股價之功能。本文共分五章， 分別 為緒論、文獻回顧、理性預期基礎下之價格管制理論模型、理性預期基礎 下之價格管制模型之實證分析、結論。 第一章緒論中， 第一節研究背景 ，說明臺灣股票市場漲跌幅限制之由來，以及由此背景延伸出之研究動機 ， 第二節研究動機與目的，說明本研究與以往研究不同的部份，以及所 要驗證之主題。 第二章文獻回顧中，第一節國內相關文獻， 探討國內相 關文獻，依據文獻探討發展出本研究之命題，第二節國外相關文獻，敘述 本研究理論與實證模型之由來。 第三章理性預期基礎下之價格管制模型 中， 第一節理論模型架構，為理論模型之推導，說明漲跌幅限制幅度大 小對預期價格之影響， 第二節比較靜態分析，以經濟理論分析漲跌幅限 制與平均工資、 汽油價格、利率、貨幣供給對股票價格之影響，第三節 實證模型與估計方法，說明實證模型之架構與估計之步驟。 第四章理性 預期基礎下之價格管制模型之實證分析中， 第一節資料來源與限制， 說 明本研究資料來源，以及研究之時間區間，第二節估計參數分析，說明各 參數估計之結果， 並分析其與現實狀況之關係，第三節估計值變動差分 析，分析漲跌幅限制有無短期穩定股價之功能。 第五章結論中，第一節 經濟涵義及政策性建議， 將所得之結果歸納並做政策性建議，第二節本 文之限制、缺失及未來研究方向， 敘述本文因人力、時間之不足所遭遇 到之限制，產生之缺失，以及未來所要努力之方向。

The purpose of this study is to investigate the influence of fiscal decentralization on the efficiency of social security in China since the realization of social security was promoted and some relevant policies were implemented in 21 century. This study uses China’s provincial-level data of 31 regions from 2000 to 2009 and uses two inputs and three outputs to calculate the efficiency scores as the dependent variables. The inputs are the proportions of expenditures for social security and employment effort to total public expenditures and the proportions of hygiene, social security, and social welfare employed people to total employed people. The outputs are the coverage rate of urban basic pension insurance, the coverage rate of unemployment insurance, and the coverage rate of urban basic medical care insurance. Then, this study establishes four specifications of the Tobit model. Other factors, gross regional product per capita (PGRP), the degree of openness (OPEN), the scale of provincial government (SOG), the quadratic term of the former (SOGSQ), area dummy variables, and time dummy variables, are added into the Tobit model. The primary finding of this study is that fiscal decentralization has a positively non-monotonic influence on the efficiency of social security. This contributes positively to the efficiency of provincial government’s social security, but this positive influence does not always exist.