<p>The European union started as an area of economic cooperation, but has developed into an area of cooperation in many legal fields. There are these days even cooperation when it comes to dealing with criminals. There is a new procedure called the European arrest warrant which goal is to make the extradition of criminals between the different member states in the European union more efficient. Sometimes when a state receives a European arrest warrant they have to extradite the person in question without doing any investigation of their own. The procedure is based on the principle of mutual recognition. This principle means that the member states should recognise the legal decisions of the other member states, as they were their own. The aim of the thesis is to see if this procedure is acceptable concerning the legal security. Will the procedure with the European arrest warrant effect the legal security for the suspects, or the rest of the citizens?</p>

The European union started as an area of economic cooperation, but has developed into an area of cooperation in many legal fields. There are these days even cooperation when it comes to dealing with criminals. There is a new procedure called the European arrest warrant which goal is to make the extradition of criminals between the different member states in the European union more efficient. Sometimes when a state receives a European arrest warrant they have to extradite the person in question without doing any investigation of their own. The procedure is based on the principle of mutual recognition. This principle means that the member states should recognise the legal decisions of the other member states, as they were their own. The aim of the thesis is to see if this procedure is acceptable concerning the legal security. Will the procedure with the European arrest warrant effect the legal security for the suspects, or the rest of the citizens?

I corporate equity warrant rappresentano un affascinante metodo di finanziamento “ibrido” disponibile per le imprese. In prima approssimazione, un warrant è assimilabile ad una opzione call e, pertanto, il pricing è spesso effettuato applicando le formule di valutazione sviluppate per tali strumenti dalla teoria finanziaria. Tuttavia, la valutazione dei warrant presenta complicazioni ulteriori rispetto alla determinazione del prezzo di opzioni call, e la ragione risiede principalmente in alcuni elementi distintivi di maggiore complessità, tra cui l’effetto diluitivo del capitale esistente derivante dall’esercizio, ed il c.d. effetto “risk-shifting”, in base al quale si verifica un trasferimento di rischio sistematico dagli azionisti ai possessori di warrant, non appena questi strumenti vengono emessi. L’obiettivo di questa tesi è di analizzare il tema dell’emissione dei corporate warrant dal punto di vista della finanza d’impresa e derivare un metodo di pricing innovativo per tener conto di un fenomeno (risk-shifting effect) tuttora non considerato dalla letteratura finanziaria. Dopo aver derivato formalmente tale approccio e le formule ad esso conseguenti, il lavoro propone una simulazione teorica ed un test empirico condotto su un campione di warrant quotati sul mercato italiano. Entrambi tali verifiche dimostrano come il modello presentato incorpori una maggiore bontà previsiva del prezzo di mercato rispetto agli approcci esistenti. / Corporate equity warrants are one of the more fascinating capital-raising tools available to corporate finance officers. At a first approximation, they are option-like securities and according to this similarity, the pricing is usually performed by application of the standard option pricing theory. However, the theoretical and empirical analysis of warrants still remains an interesting research field within the finance literature. The reason is that warrants are more complex than call options. From an asset pricing point of view, the presence of some specific features (e.g., the equity dilution) prevents from using simple plain-vanilla formulas, while from a corporate finance standpoint, warrants offer several implications, principally because they affect the systematic risk of common stocks and are related to the choice of the firm’s capital structure. The purpose of this thesis is to analyse corporate warrants and address some of the main open questions about their value. In particular, after reviewing the financial literature about warrant pricing and presenting some commonly accepted formulas, the relationship between warrants and the volatility of the underlying stock return is examined. Contrarily to the classical call options, in fact, warrants affect the capital structure of the issuing firm and produce a risk-shifting effect among equity claimants. We derive an alternative approach to pricing equity warrant, embedding this risk-shifting feature, and we propose both a theoretical simulation and an empirical test based on a sample of Italian warrants proving its accuracy.

Versions of naturalized epistemology that overlook or reject apriority ignore innate belief-forming processes that provide much of the grounding for epistemic warrant. A rigorous analysis reveals that non-experiential ways of viewing apriority, such as innateness, establish the domain for a plausible naturalistic theory of a priori warrant. A moderate version of naturalistic epistemology that embraces the non-experiential feature of apriority and motivates future cognitive scientific research is the preferred account.

由於忽略員工認股選擇權的稀釋性會造成偏誤的企業評價，本研究利用以認購權證為基礎的改良評價模型，並配合會計研究的剩餘淨利模型，欲探討Warrant-Pricing Model與 Black-Scholes-Model之差異。由於現行國際會計準則與美國會計準則都已明確規定員工認股選擇權需依公平價值認列為費用，我國會計公報未來必定朝此方向修改，為因應使用公平價值法對員工認股權評價，本文對於財報附註揭露之表達提出建議，以提供會計人員與審計人員進行財務報表編製與查核工作時為參考。 / Because employee stock option (ESO) has some special conditions which make them different from all the options transferring in markets, we can not use the general option pricing model, such as: Black-Scholes-Model, to price ESO. By using Warrant-Pricing Model and the residual income model, this research introduces us the differences between Warrant-Pricing Model and Black-Scholes-Model. Moreover this research leads to the conclusion that Warrant-Pricing Model can price ESO more properly, and it is helpful in evaluating company equity and pricing stock. This research also provide some advice to auditors and accountants on financial statement disclosures.

Poslední dvě desetiletí s sebou přinesla pojistné škody nebývalého rozsahu a kromě rizik spojených s přírodními katastrofami se objevila i rizika nová. S tradičním způsobem transferu rizik v pojišťovnictví - zajištěním jsou spojena značná omezení. Zajistné kapacity bývájí značně omezené zejména v obdobích následujících po rozsáhlých katastrofách, a tak jsou zkoumány alternativní možnosti přenosu rizika, např. jeho umístění na kapitálové trhy. Diplomová práce představuje jednotlivé nástroje alternativního transferu rizika s akcentem na nástroje, které je možné použít jako alternativu k tradičnímu zajištění.

The thesis deals with the issue of dual criminality test under the European arrest warrant. The aim of the thesis is to analyze the way of applying the dual criminality test between the Member States of the European Union while surrendering persons. It focuses on the European arrest warrants issued against Catalan politicians in relation to the Catalan referendum regarding the independence from the Kingdom of Spain and the subsequent decisions of the Belgian and German courts. The thesis is divided into seven parts. The first part introduces the dual criminality test, including the methods of interpretation or its problematic aspects. The second part summarizes the long-standing genesis of judicial cooperation in criminal matters at the European level, leading to the adoption of the European arrest warrant, which will enable a better understanding of the continuing will to apply the dual criminality test. The provisions of the European arrest warrant are discussed in the following part. The case law of the Court of Justice of the European Union concerning the dual criminality test is introduced as well. As the thesis is set in the context of the Catalan crisis, the fourth part highlights the key moments, adopted legal acts and the acts of the main protagonists of the case, which not only led to the...

The purpose of this thesis is to explore how the installations of traffic signals affect crash experience at intersections, to identify those factors which help predict crashes after a signal is installed, and to develop a crash prediction model. It is the intent of this thesis to supplement the Manual on Uniform Traffic Control Devices Signal Warrant procedure and aid the traffic engineer in the signal installation decision making process. Crash data, as well as operational and geometric factors were examined for 32 state road intersections in the northeast Florida area before and after signal installation. Signal warrant studies were used as sources for traffic volumes, geometric information and crash history, before signal installation. The Florida Department of Transportation's Crash Analysis Reporting System (CARS) was used to gather crash data for the time period after signal installation. On average, the 32 intersections experienced a 12% increase in the total number of crashes and a 26% reduction in crash rate after signals were installed. The change in the number of crashes was not significant, but the rate change was significant with 90% confidence. Angle crash frequency dropped by 60% and the angle crash rate dropped by 66%, both are significant. Left-turn crashes dropped by 8% and their rate by 16%, although neither was significant. Rear-end crashes increased by 86% and the rear-end crash rate decreased by 5%. Neither of these changes was statistically significant. When crash severity was examined, it was found that the number of injury crashes increased by 64.8% and the rate by only 0.02%. Neither change was significant. Both the number of fatal crashes and the rate decreased by 100% and were significant. Property Damage Only (PDO) crashes increased by 96%, after signalization, but this change was not significant. The PDO rate, however, decreased by 46.5% and is significant. Operational factors such as AADT, turning movement counts, and speed limits; and geometric factors such as medians, turn lanes and numbers of lanes were considered to determine their effect on crashes at signalized intersections. Smaller roads, with low AADT, fewer lanes, and a rural character were found to benefit from signalization more than busier urbanized roads, in terms of crash rate reduction. The AADT, roadway cross section, number of lanes, medians, speed limit and left turn volume were all found to be important factors influencing crash rates. This thesis recommends: 1) the use of crash prediction models to supplement the MUTCD Crash Warrant, 2) the addition of a left-turn warrant to the MUTCD signal warranting procedure, and 3) development of an intersection database containing crash data as well as operational and geometric information to aid in future research.

Il est fréquent d’affirmer qu’un titre représenterait un bien : une lettre de change représenterait une créance de somme d’argent, un connaissement représenterait une marchandise, une inscription en compte représenterait une valeur mobilière, un « depositary receipt» représenterait une action étrangère … Il s’agirait donc de « titres représentatifs ». Mais que recouvre cette formule ? Traduit-elle l’existence d’un véritable mécanisme de représentation des biens par des titres en droit privé ou s’agit-il d’un abus de langage ? Dans un premier temps, l’étude des titres représentatifs permet d’établir l’existence de la représentation juridique des biens par des titres en droit privé, qui constitue alors le pendant de la représentation des personnes. Il apparaît toutefois que ce mécanisme n’est pas unitaire et c’est pourquoi il convient de distinguer deux techniques de représentation juridique des biens par des titres : la représentation parfaite d’un bien par un titre et la représentation imparfaite d’un ensemble de biens réunis au sein d’un patrimoine d’affectation par des titres. Dans un second temps, l’analyse de la mise en oeuvre de la représentation juridique des biens par des titres en droit privé, réalisée en vue d’éprouver la pertinence de la théorie dégagée, montre qu’il n’est pas toujours possible de créer librement tout type de titres représentatifs concernant des biens de toute nature. La liberté ne joue que pour les titres représentatifs parfaits de certains biens. L’étude de la mise en oeuvre de ce mécanisme souligne par ailleurs que la création d’un titre représentatif induit des difficultés auxquelles il convient de pallier en édictant un certain nombre de règles. / It is common to assert that a document represents property: a bill of exchange is said to represent a receivable, a bill of lading to represent goods, a book-entry account to represent a security or a depositary receipt to represent shares, etc. These are therefore “documents of title”. However, what does this mean? Is it a genuine mechanism to represent property by documents in private law or is it a misnomer? First, a study of such documents will establish the existence of legal representation of property by certificates in private law, equivalent to the representation of persons. However, it would seem not to bea unitary mechanism and a distinction must therefore be made between two techniques of legal representation of property by documents: the direct representation of property by a document and the indirect representation of a set of properties assembled in a fiduciary trust by certificates. Next, an analysis of implementation of the legal representation of property by certificates in private law, conducted to test the relevance of the theory, shows that it is not always possible to create any type of such documents freely for any kind of property. Such freedom applies only to documents that are directly representative of certain property. A study of the implementation of this mechanism also emphasizes that the creation of a document of title leads to difficulties that may be overcome by enacting some rules.

台灣證券交易所每季會挑選並公告可為權證標的的股票，證券商再從中選取想要發行的股票標的，這些被選為標的的股票被發行權證的次數存在明顯的差異。證券商在發行時掌握了許多優勢，除了可以挑選標的之外，權證契約的內容大多也都由證券商決定，這些權證的契約內容勢必會依據標的股票特性的不同而有所差異。在本文中我們將找出會影響證券商選擇標的的因素。另外，我們也試圖找出權證契約與標的股票的特性的關聯性並且討論避險成本課稅問題解決後，對證券商發行權證的影響。 我們發現證券商偏好以近期受到較多市場關注、具有投資人市場偏好、有較高波動度以及有較好流動性的股票作為權證的標的。我們也發現不同標的特性的股票權證契約特性也會不同，受到市場較多關注、流動性較高的標的股票以及重設型、歐式的權證的溢價比例會較高，也發現標的股票的波動性越高，權證的存續期間會較低、標的股票的市值比例越高，權證的行使比例會越低、標的股票的波動性越高，證券商則傾向以重設型以及美式的形式發行權證。近幾年權證檔數的激增與避險成本課稅問題的解決也存在著緊密的關係。 最後，以避險成本課稅問題的時間點來觀察權證市場前後期的改變，則發現下列幾種現象的差異。第一、單一股票於一季之內被發行的次數增加，第二、權證的溢價比例上升，第三、權證的行使比例與存續期間下降，第四、單一權證的發行量降低。這些現象則顯示證券商發行權證模式的改變，在避險成本課稅問題解決後，證券商發行權證的模式類似於石油輸出國家組織控制石油供給量，透過降低每檔權證的發行量來增加議價的籌碼。 / Taiwan Stock Exchange (TWSE) selects and announces the stocks for issuing warrants quarterly. Brokers can pick up suitable underlying assets for issue warrants. We observed, however, that the frequency for underlying stocks for issuing warrants were different. We know that the broker has many advantages on issuing warrants likes selecting underlying stocks and setting covenants as well. The covenants will be set base on the stock’s characters. We tried to find key factors for brokers for issuing warrants. Besides, after the deregulation on hedge cost, we elaborate the relationship between warrants and underlying assets. We found brokers prefer to issue the warrant whose underlying asset with good liquidity, market frenzy and high volatility. Besides, we also noticed that the warrant’s characters will be different base on their underlying assets. The premium is higher for stocks with market frenzy, high liquidity and European warrant. Underlying assets with high volatility will attribute low duration. Stock with high market capitalization will make exercise ratio lower. Brokers intend to issue Reset and American warrants for underlying asset with high volatility. The surge of warrant issuing attributed to relax on hedging tax. Last, we showed the warrant market different after the relaxing restrictions of hedge cost as follows. First, the frequency of issuing warrant with same underlying asset increases. Secondly, the premium for issuing warrant rises. Thirdly, exercise ratio and duration declines. Fourthly, the volume for single issue is lower. These phenomenon shows that brokers try to increase their bargain power by controlling the warrant volume. This model likes Organization of Petroleum Exporting Countries (OPEC) to control the petrol price by depressing the supply.