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Entre princes et marchands : les agents généraux de France à Madrid dans les interstices de la diplomatie (1702-1793) / Between princes and merchants : general agents of France in Madrid in the interstices of diplomacy (1702-1793)Lloret, Sylvain 25 June 2018 (has links)
Entre 1702 et 1793, onze hommes occupèrent la fonction d’agent général de la Marine et du Commerce de France à Madrid. Agissant sans statut officiel, ces envoyés du secrétaire d’État de la Marine étaient la pièce maîtresse d’un réseau d’information français en Espagne. Créés après l’avènement du Bourbon Philippe V au trône d’Espagne, ces experts, clé de voûte du réseau consulaire français dans la Péninsule, mirent leur compétence économique au service d’un rapprochement commercial entre les deux monarchies. Par leur action, leur surface sociale, leur connaissance de l’Espagne et leurs discours, ces intermédiaires s’appropriaient une fonction aux contours obscurs. Hommes de l’ombre sous les ordres de l’ambassadeur français, ils acquirent une dimension qui en fit les véritables artisans d’une diplomatie commerciale franco-espagnole au XVIIIe siècle. Ces instances de dialogue interrogent les interactions croissantes entre commerce et diplomatie. L’étude tend à montrer en quoi ces figures hybrides se situaient à l’interface entre plusieurs mondes : la France et l’Espagne d’une part, le négoce et la sphère politique d’autre part. Informateurs, négociateurs et médiateurs, ces agents interrogent le cheminement qui conduisait de l’information à la négociation. Il s’agit de montrer en quoi ces hommes, acteurs de l’interconnexion des deux monarchies, dessinaient les contours d’un espace de dialogue spécifique qui visait à combler les interstices entre les réalités du terrain et la discussion entre gouvernements. / Between 1702 and 1793, eleven men held the position of general agent of the Navy and Trade of France in Madrid. Acting without any official status, these envoys of the Secretary of State of the Navy were the centerpiece of a French informative network in Spain. Created after the advent of the Bourbon Philip V to the Spanish throne, these experts, keystone of the French consular network in the Peninsula, put their economic competence at the service of a commercial alliance between both monarchies. Their action, social surface, knowledge of Spain and discourse, helped these intermediaries seize a function with blurry outlines. Men of the shadow under the orders of the French ambassador, they acquired such a dimension that they became the true artisans of a Franco-Spanish commercial diplomacy in the eighteenth century. These go-between rise the matter of the growing interactions between trade and diplomacy. The study tends to show how these hybrid figures were perfectly in between several worlds : France and Spain on the one hand, trading and the political sphere on the other. Informants, negotiators and mediators, these agents encourage us to question the path that led from information to negotiation. Thus, what is at stake in this study is to show how these men, actors of the interconnection of the two monarchies, drew the frame for a specific dialogue which aimed to fill the interstices between the realities of the field and the more political debate between governments.
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財務預測宣告對信用交易影響之研究 / Voluntary forecast versus credit transactions唐婉珊 Unknown Date (has links)
本論文的目的,在探討我國自願性財物預測公告與公告與證券信用交易之間的關係。信用交易的增減代表使用信用交易的投資者對某特定資訊的瞭解與使用,因此實證檢視財務預測的修正行為與信用交易增減的關係,可以敏銳地瞭解,是種特定投資者在哪個時點對財務預測修正進行理性預期,並予使用且做了較實際的交易行為。因此,本研究的測試可以瞭解使用信用交易的投資者如何使用財務預測等相關資訊。據此,本研究的結果有助於了解使用信用交易的投資者如何運用自願性財務預測資訊來做投資決策。
研究期間是以民國八十四年至八十六年的資料為分析的對象,研究的結果顯示:
一、在季報(半年報、年報)公告前公佈的財務預測,好消息會引起融資顯著增加,融券增加幅度雖不如融資大,但結果亦為顯著;壞消息會使融資及融券同樣顯著增加,但融資增加幅度亦較融券顯著。
二、在季報(半年報、年報)公告後公佈的財務預測,好消息會引起融資顯著增加,融券增加幅度雖不如融資大,但結果亦為顯著;壞消息會使融資及融券同樣顯著增加,但融資增加幅度亦較融券顯著。 / This study aims to examine the relationship between an announcement of voluntary forecasts and credit transactions, including margin and short transactions. In general, an announcement of good news would attract investor to employ margin for a long position, and vice versa. Since only noisy trader can employ credit transaction in Taiwan, this study hypothesizes that investors would follow the announcement for making rational expectation. The results of this study could help understand how noisy traders use a financial forecast. This study selects the samples occurred between 1995 and 1997 to test the established hypotheses.
The empirical results can be summarized as follows.
● If the announcement of voluntary forecast occurred prior to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period. However, the magnitude of margin transactions is significantly higher than that of short transactions.
● If the announcement of voluntary forecast occurred subsequent to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period; however, the magnitude of margin transaction is significantly higher than that of short transaction.
Since noisy traders are essentially information follower, their judgement significantly relates to functional efficiency of informational intermediaries. These empirical results imply the function of informational intermediaries requires further improvement.
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Managing an agricultural commodities portfolio in South Africa with pairs trading / André HeymanHeymans, André January 2007 (has links)
Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.
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Managing an agricultural commodities portfolio in South Africa with pairs trading / André HeymanHeymans, André January 2007 (has links)
Although a pair trading is well known among South African agricultural commodity traders, there are no comprehensive documented accounts for the selection and trading of agricultural commodity pairs in South Africa. The majority of agricultural commodity pairs traders take positions based on their personal view of price movements, without testing for a statistical relationship between the paired commodities that will guarantee that their prices will move back to a common mean.
To remedy this lack of method regarding the pairs selection and pairs trading processes, a comprehensive pairs selection process was developed and is documented in this thesis. During the pairs selection process, several agricultural commodities were put through a rigorous evaluation process to test for any long-run statistical relationships between them. This was done to ensure that only pairs with stable long-run statistical relationships were included in the final pair’s portfolio that was compiled.
In order to test the profitability of this pair’s portfolio, several fundamental and technical indicators were used to determine entry and exit points. Although some of these indicators did not render satisfactory results, the RSI and Bollinger bands succeeded in realising an acceptable profit. / Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.
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Managing an agricultural commodities portfolio in South Africa with pairs trading / André HeymanHeymans, André January 2007 (has links)
Although a pair trading is well known among South African agricultural commodity traders, there are no comprehensive documented accounts for the selection and trading of agricultural commodity pairs in South Africa. The majority of agricultural commodity pairs traders take positions based on their personal view of price movements, without testing for a statistical relationship between the paired commodities that will guarantee that their prices will move back to a common mean.
To remedy this lack of method regarding the pairs selection and pairs trading processes, a comprehensive pairs selection process was developed and is documented in this thesis. During the pairs selection process, several agricultural commodities were put through a rigorous evaluation process to test for any long-run statistical relationships between them. This was done to ensure that only pairs with stable long-run statistical relationships were included in the final pair’s portfolio that was compiled.
In order to test the profitability of this pair’s portfolio, several fundamental and technical indicators were used to determine entry and exit points. Although some of these indicators did not render satisfactory results, the RSI and Bollinger bands succeeded in realising an acceptable profit. / Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.
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L'immatriculation au registre du commerce : étude des droits tunisien et français / Registration in the commercial register : study of tunisan and french lawsOuali, Dorra 20 December 2017 (has links)
Le registre du commerce présente le double aspect d'institution civile et d'institution de police. L'intérêt privé des tiers et l'intérêt public de l’État sont simultanément présents et protégés. Mais, on peut se demander si les rédacteurs de la loi relative au registre du commerce n'ont pas créé une situation délicate en ne tenant pas en compte suffisamment le souci de la sécurité juridique. La réponse à cette question est tributaire de l’étude des effets juridiques attachés à l'immatriculation. On envisage une étude comparative du droit tunisien et du droit français à travers laquelle on a pu constater qu'une définition de l'immatriculation par l'effet constitutif n'est pas apte à appréhender cette institution dans son ensemble. Il s’agit d’une notion ambivalente. Elle est ambivalente quant à son rôle à cause de l'hétérogénéité de son effet constitutif et de la diversité de ses effets. Elle est aussi ambivalente quant à sa finalité puisque le souci de la protection individuelle des tiers ne constitue pas son objectif prioritaire. D'abord, une certaine existence juridique est reconnue à la société avant son immatriculation. Il existe même une notion particulière de personnalité morale, dite à la fois judiciaire et processuelle, forgée par le juge civil pour les besoins du procès et en dehors de toute formalité d'immatriculation. Ensuite, le contrôle auquel est soumise l'immatriculation demeure un contrôle formel ; il n'empêche pas l'annulation de la société immatriculée. Enfin, l'immatriculation ne purge pas les irrégularités de la situation extériorisée aux tiers, elle crée désormais, une situation appareille. A travers la technique de la présomption et celle de l'opposabilité mises en œuvre par l'immatriculation, le législateur prend la défense de l'apparence sur la réalité. Il admet aussi la qualification de fait d'une situation non immatriculée. Cependant, les règles régissant l'immatriculation et le défaut d'immatriculation paraissent être insuffisantes. D'une part, elles ne peuvent régler tous les litiges, d'où l'intérêt du recours à la théorie d'apparence afin d'assurer aux tiers de bonne foi une sécurité absolue, D'autre part, la prise en considération de la situation de fait s'avère inutile puisqu'on a noté une assimilation quasi-complète entre le commerçant non immatriculé et celui immatriculé. Le contraste est saisissant avec la notion de société de fait puisque c'est le législateur qui accepte de l'assimiler à la société de droit. Pour faire face au risque de perturber l'ordre juridique engendré par cette assimilation, le législateur a favorisé la régularisation de la situation à travers l'injonction d'immatriculation et l'immatriculation d'office. Puisque ces mesures sont réservées aux seules personnes physiques, se pose alors avec acquitté la question de les généraliser pour intéresser même les sociétés non immatriculées. / The register of commerce entails a dual aspect of both a civil institution and of an administrative police. The private interest of the third party as well as the public interest of the State are simultaneously present and safeguarded. Nevertheless, one might ask if the drafters of the law pertaining to the register of commerce have set up a critical situation by not taking into account sufficient concern for the legal security. The answer to this question depends on the study of the legal effects linked to registration. The target of this paper is to provide a comparative study of the Tunisian law and French law whereby it has been found that a definition of the registration by its constituent effect is not able to tackle this institution as a whole. It is about an ambivalent registration concept. It is ambivalent as to its role because of the heterogeneity of its constituent effects and the diversity of these effects. It is also ambivalent as to its purpose, since protecting the third party is not its priority. First, a certain legal existence is admitted to the company before its registration. There exists even a particular notion of the artificial entity of the company which is considered both procedural and legal, advocated by the judge in order to satisfy the needs of the case far away from the registration formalities. Moreover, the control that registration is subject to prove to be a very formal one i.e. it does not prevent the dissolution of the registered company. Finally, registration does not purify the anomalies of the situation that a third party may face as it creates as such an apparent situation. Through the presumption technique as well as the opposability implemented by registration, the legislator is much more defending the appearance than the reality. The legislator also acknowledges a qualification of a nonregistered situation. However, registration rules as well as its defects turn to be insufficient. On the one hand, it does not solve all lawsuits, which makes the theory of appearance the best guarantee of an absolute security for third parties. On the other hand, taking into account a de facto situation turns to be useless as we have noticed a quasi-complete assimilation between a registered trader and a non-registered one. The contrast is striking with the notion of the de facto situation since the legislator has accepted to treat it in the same way as a registered company. In order to avoid the disturbance of legal order caused by this simulation, the legislator opted for a peaceful settlement of the conflicting situation through either a judge or a court order for registration. Since these measures are the prerogatives of a physical person, the question to tackle is to what extent these measures can be extended to suit the interests of the non-registered companies.
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Zavedení přenosu dańové povinnosti na vybrané zboží / The implementation of a reverse-charge mechanism on selected goodsPolzerová, Veronika January 2015 (has links)
The subject of this thesis is an implementation of a reverse-charge mechanism on selected goods, more specifically waste and scrap, which are listed in Annex no. 5 of the Act no. 235/2004 Coll., on Value Added Tax. The reverse charge mechanism, as is evident from the title, is the transfer of VAT obligations of provider to the recipient of taxable transactions. The reverse charge mechanism is not only in the Czech Republic, but also throughout the European Union, introduced as a measure against VAT frauds. The main objective of this thesis is an analysis of the impact of the reverse-charge mechanism on waste and scrap in the Czech Republic covering the period from 1. 4. 2008 to 31. 3. 2015. This analysis is shown that the implementation of the reverse-charge mechanism eliminated fictitious deliveries of waste and scrap related to carousel frauds within trades of Czech Republic and EU 28. The estimation of tax evasion in the period from 1. 4. 2010 to 31. 3. 2011, the period just before the implementation of the reverse-charge mechanism, is in the amount of CZK 1,561,278,000.
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Escândalos financeiros: a problemática das falhas de controle de mesas de instituições financeiras durante os anos de 1995 a 2008Hermann Filho, Roberto Max 24 October 2011 (has links)
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Previous issue date: 2011-10-24 / Since the failure of Barings Bank in 1995, the corporate world has experienced
a series of financial scandals, which losses have gone up exponentially and reached
almost five billion Euros in the Société Générale case. Those losses are generated
by the dealing desks, where traders take advantage of, amongst other things, a
broken control framework to take non authorized positions that resulted in severe
losses due to unfavorable market moves (rogue trader type of fraud). The objective of
this work is to conduct a case study approach comparing the key deficiencies
amongst five important losses: Baring Bank, Allied Irish Bank, Enron, National
Australian Bank and Société Générale. The key finding, which can be very helpful to
prevent occurrence of new similar cases, brings up the common causes in all cases:
internal environment lenient with internal controls and ethical standards; inadequate
measurement and understanding of risks; ineffective systems and controls carried
out with scarce and unqualified human resources; failures related to information
sharing, communication and monitoring / Desde a quebra do banco Barings em 1995, o mundo corporativo enfrenta
uma série de escândalos financeiros, cujos valores sobem de forma exponencial,
chegando a quase cinco bilhões de euro em 2008 (perda enfrentada pelo banco
francês Société Générale). Essas perdas estão diretamente relacionadas com
mesas de tesouraria, onde traders se aproveitaram, dentre outras coisas, de falhas
de controle para assumirem posições de mercado, muito além do autorizado pelas
instituições, sofrendo, assim, com oscilações negativas, que resultaram em perdas
enormes (este tipo de fraude é conhecido no meio financeiro como Rogue Trader
type of fraud). A justificativa deste trabalho é fazer uma análise detalhada das falhas
de controle que resultaram nesse tipo de situação, utilizando como base cinco
importantes casos: Barings, Allied Irish Bank, Enron, National Australian Bank e
Société Générale. Os resultados obtidos, por meio deste estudo, que devem ser
utilizados, como ponto de atenção, na prevenção a novos incidentes similares,
mostram que as causas comuns, em todos os casos, são um ambiente interno
leniente com controles e valores éticos; inadequada avaliação e entendimento dos
riscos assumidos; atividades de controles ineficazes, com poucos recursos
humanos, problemas de sistemas e baixa qualificação profissional; falhas nas
atividades de informações, comunicações e monitoramento
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外國專業投資機構投資策略與會計資訊關係之研究 / The Relationship of Freign Institutional Traders' Investment Strategy and Accounting Inf Ormation阮呂艷, Juanlu, Yen Unknown Date (has links)
我國自民國80年開放外資直接投資股市至今已達5年,尤其外國專業投資機構最受矚目,本研究之目的係藉由分析外國專業投資機構投資策略與行為,及其有無適切運用會計資訊,來探討外國專業投資機構的角色。據此,本研究所欲討論的問題可分為兩大部分,其一為探討外國專業投資機構投資型態,亦即了解其投資有無百分比、月份、產業別與類別之偏好;另一為探討其投資行為與會計資訊之關係,亦即探討外國專業投資機構對會計資訊宣告前後有無不同策略。
本研究期間為民國83年10月至84年10月止,以每日外資個股持股變化為研究對象採用單變量分析、Scheffe比較法及成對t檢定之統計方式;經實證分析,本研究所獲得的結論彙述如下:
第一部份 外國專業投資機構投資型態研究
1. 在投資百分比方面,以佔當日個股成交數20%以下為最多,故外國專業投資機構不偏好大進大出。
2. 就投資時點而言,以第三季為最頻繁,乃為因應年底結算績效之故。
3. 就投資產業而言,以電子股與金融保險股為最多,因其在84年度為明星產業。
4. 就投資類別而言,以第一類股為主要投資標的,顯見大型績優股為外國專業投資機構所青睞。
以上結論均支持外國專業投資機構為理性投資者之角色。
第二部份 外國專業投資機構投資行為與會計資訊之關係
此部份所探討者為當會計資訊公佈為好消息或壞消息時,是否外國專業投資機構投資策略有所變化。經由實證分析,並不能支持假說,亦即不能證明外國專業投資機構做投資策略時,對會計資訊有即時反應。
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Measuring the volatility spill-over effects between Chicago Board of Trade and the South African maize market /Gert J. van Wyk.Van Wyk, Gert Johannes January 2012 (has links)
It is widely believed among South African agricultural market participants that the United States' corn price, as represented by the Chicago Board of Trade-listed corn contract, is causal to the price of white and yellow maize traded on the South African Futures Exchange. Although a strong correlation exists between these markets, the corn contract is far from causal to the South African maize price, as indicated by Auret and Schmitt (2008). Similarly, South African market participants believe that volatility generated in the United States corn market spills over to the South African market. Given the perceived volatility spill-over from the corn market to the maize market, market participants might inadvertently include a higher volatility component in an option price in the South African maize market than is necessary.
This study sought to quantify the amount of volatility spill-over to the South African white and yellow maize market from the United States corn contract. This task was accomplished by applying an Exponential Generalised Auto Regressive Conditional Heteroscedasticity model, within an aggregate shock framework, to the data. The findings indicated that the volatility spill-over from the United States corn market to the South African maize market is not statistically significant. This result suggests that volatility in the South African market is locally driven; hence, it should not be necessary for a South African listed option contract to carry an international volatility component in its price. It was also found that the returns data of the South African maize market is asymmetrically skewed, indicating that bad news will have a greater effect on the price of maize compared with good news. / Thesis (MCom (Risk Management))--North-West University, Potchefstroom Campus, 2013.
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