Assessing performance drivers in cross-border M&A

This research is an investigation on the deal-specific factors impacting long-term performance of cross-border M&A and on the nature of such relations. The analysis is conducted on a sample of 187 cross-border deals completed within the pharmaceutical and biotech industries by Western European bidders between 2000 and 2009. Findings suggest that post-deal variation in gross profit improves when bidders diversify in other businesses, when assets are purchased instead of equity, and when stock is used as deal currency. Furthermore, the method of payment is found to moderate the effects geographical distance has on deal outcomes.

The new economy: Essays in network economics and two-sided markets

Following the Introduction, which surveys existing literature on the technology advances and regulation in telecommunications and on two-sided markets, we address specific issues on the industries of the New Economy, featured by the existence of network effects. We seek to explore how each one of these industries work, identify potential market failures and find new solutions at the economic regulation level promoting social welfare. In Chapter 1 we analyze a regulatory issue on access prices and investments in the telecommunications market. The existing literature on access prices and investment has pointed out that networks underinvest under a regime of mandatory access provision with a fixed access price per end-user. We propose a new access pricing rule, the indexation approach, i.e., the access price, per end-user, that network i pays to network j is function of the investment levels set by both networks. We show that the indexation can enhance economic efficiency beyond what is achieved with a fixed access price. In particular, access price indexation can simultaneously induce lower retail prices and higher investment and social welfare as compared to a fixed access pricing or a regulatory holidays regime. Furthermore, we provide sufficient conditions under which the indexation can implement the socially optimal investment or the Ramsey solution, which would be impossible to obtain under fixed access pricing. Our results contradict the notion that investment efficiency must be sacrificed for gains in pricing efficiency. In Chapter 2 we investigate the effect of regulations that limit advertising airtime on advertising quality and on social welfare. We show, first, that advertising time regulation may reduce the average quality of advertising broadcast on TV networks. Second, an advertising cap may reduce media platforms and firms' profits, while the net effect on viewers (subscribers) welfare is ambiguous because the ad quality reduction resulting from a regulatory cap o¤sets the subscribers direct gain from watching fewer ads. We find that if subscribers are sufficiently sensitive to ad quality, i.e., the ad quality reduction outweighs the direct effect of the cap, a cap may reduce social welfare. The welfare results suggest that a regulatory authority that is trying to increase welfare via regulation of the volume of advertising on TV might necessitate to also regulate advertising quality or, if regulating quality proves impractical, take the effect of advertising quality into consideration. 3 In Chapter 3 we investigate the rules that govern Electronic Payment Networks (EPNs). In EPNs the No-Surcharge Rule (NSR) requires that merchants charge at most the same amount for a payment card transaction as for cash. In this chapter, we analyze a three- party model (consumers, merchants, and a proprietary EPN) with endogenous transaction volumes and heterogenous merchants' transactional benefits of accepting cards to assess the welfare impacts of the NSR. We show that, if merchants are local monopolists and the network externalities from merchants to cardholders are sufficiently strong, with the exception of the EPN, all agents will be worse o¤ with the NSR, and therefore the NSR is socially undesirable. The positive role of the NSR in terms of improvement of retail price efficiency for cardholders is also highlighted.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

Raptos, sequestros e tomada de reféns

In this thesis we address the paradigms and inconsistencies involving crisis kidnappings and hostage-taking. This work particularly focuses on foreign hostages seized by terrorists and guerrilla movements. It highlights major global events that have contributed to the collective awareness of the phenomenon and the evolution of international agreements and protocols. We focus on the episodes involving Portugal or Portuguese abroad, particularly on the kidnapping of Portuguese in the Cabinda enclave. It also deals with the problems associated with the payment of ransoms, the increasing involvement of private agents in addressing these crises, and incongruities in the motivations of the kidnappers.

A intervenção privada na prestação pública : da expansão do Estado às parcerias público-privadas

Durante séculos o papel do Estado na vida económica e social das nações foi crescendo, atingindo um desenvolvimento assinalável a partir da segunga guerra mundial, em execução do novo paradigma que dela resultou. Desenvolvimento que conheceu fortes críticas com paragem e posterior inversão de sentido durante a década de 80 em que se gerou alguma diluição da intervenção do Estado, criando-se um movimento de relativo cepticismo relativamente à bondade, à eficiência e aos custos daquela intervenção. Foi nesse contexto e paralelamente com o aumento da vontade de intervir do sector privado que surgiram as chamadas três «vagas» de intervenção privada, sucessivamente dirigidas às actividades públicas (i) em sectores industriais, comerciais ou de serviços não estratégicos, (ii) no domínio das infra-estruturas e, finalmente, (iii) na área social, recorrendo com diferentes níveis de sucesso, a diversos processos, da privatização às parcerias público-privadas (PPP), passando pela empresarialização. O movimento de reforma nascido de reservas quanto à eficiência do sector público não passou ao lado da saúde, particularmente do hospital público, em que assumiu objectivos e modos específicos, das «reformas de gestão» às «reformas de financiamento» e às «reformas organizacionais », para, na sequência do movimento anteriormente ocorrido noutros domínios, também recorrer às parcerias público-privadas. Depois de situar estas iniciativas no contexto do movimento que rodeou o aumento da intervenção privada na produção e na prestação pública, o artigo procura identificar os requisitos de compatibilidade das parcerias público-privadas com sistemas de saúde organizados e que perseguem a universalidade da cobertura, a acessibilidade e compreensividade dos cuidados e a equidade do acesso, com especial atenção ao facto de (designadamente em Portugal) a partilha de riscos e tarefas poder atribuir ao sector privado a gestão das dimensões clínicas da prestação.

Contratos de prestação de serviços de comunicações electrónicas

The object of this dissertation is the analysis of the legal framework applicable to contracts for provision of electronic communications services, while trying to offer solutions to some of the issues regarding this matter. The main focus of this study will be the rules concerning service’s suspension, which have been recently amended. The technological development and the establishment of these services as information transmitters and work tools were noteworthy for its growing importance at the present time. These services include cable television, telephone (landline and mobile) and internet and they are regulated by Law nr 23/96, July 26th, along with other essential public services. Said law sets a group of principles and duties, such as good faith (article 3), continuity and quality of the service (article 7) and the duty to rightfully inform the user (article 4), in order to protect the users. For the analysis of legal framework applicable to these particular contracts it is also fundamental to mention Law nr 5/2004, February 10th, known as Electronic Communications Law. The provisions regarding the service’s suspension are currently prescribed in articles 52.º and 52.º-A of the law. Given the amendments introduced by Law nr 10/2013, January 28th, consumers are subjected to a regulation different from the one applicable to the other users, established in the new article 52.º-A. From our analysis, we have concluded that the main change from past provisions has to do with the automatic termination of the contract as consequence of the consumer’s failure to pay the price or to conclude a written payment arrangement after service’s suspension.

Ajustamento pelo risco : da conceptualização à operacionalização

RESUMO - As organizações de saúde, em geral, e os hospitais, em particular, são frequentemente reconhecidos por terem particularidades e especificidades que conferem uma especial complexidade ao seu processo produtivo e à sua gestão (Jacobs, 1974; Butler, 1995). Neste sentido, na literatura hospitalar emergem alguns temas como prioritários tanto na investigação como na avaliação do seu funcionamento, nomeadamente os relacionados com a produção, com o financiamento, com a qualidade, com a eficiência e com a avaliação do seu desempenho. O estado da arte da avaliação do desempenho das organizações de saúde parece seguir a trilogia definida por Donabedian (1985) — Estrutura, Processo e Resultados. Existem diversas perspectivas para a avaliação do desempenho na óptica dos Resultados — efectividade, eficiência ou desempenho financeiro. No entanto, qualquer que seja a utilizada, o ajustamento pelo risco é necessário para se avaliar a actividade das organizações de saúde, como forma de medir as características dos doentes que podem influenciar os resultados de saúde. Como possíveis indicadores de resultados, existem a mortalidade (resultados finais), as complicações e as readmissões (resultados intermédios). Com excepção dos estudos realizados por Thomas (1996) e Thomas e Hofer (1998 e 1999), praticamente ninguém contesta a relação entre estes indicadores e a efectividade dos cuidados. Chamando, no entanto, a atenção para a necessidade de se definirem modelos de ajustamento pelo risco e ainda para algumas dificuldades conceptuais e operacionais para se atingir este objectivo. Em relação à eficiência técnica dos hospitais, os indicadores tradicionalmente mais utilizados para a sua avaliação são os custos médios e a demora média. Também neste domínio, a grande maioria dos estudos aponta para que a gravidade aumenta o poder justificativo do consumo de recursos e que o ajustamento pelo risco é útil para avaliar a eficiência dos hospitais. Em relação aos sistemas usados para medir a severidade e, consequentemente, ajustar pelo risco, o seu desenvolvimento apresenta, na generalidade, dois tipos de preocupações: a definição dos suportes de recolha da informação e a definição dos momentos de medição. Em última instância, o dilema que se coloca reside na definição de prioridades e daquilo que se pretende sacrificar. Quando se entende que os aspectos financeiros são determinantes, então será natural que se privilegie o recurso quase exclusivo a elementos dos resumos de alta como suporte de recolha da informação. Quando se defende que a validade de construção e de conteúdo é um aspecto a preservar, então o recurso aos elementos dos processos clínicos é inevitável. A definição dos momentos de medição dos dados tem repercussões em dois níveis de análise: na neutralidade económica do sistema e na prospectividade do sistema. O impacto destas questões na avaliação da efectividade e da eficiência dos hospitais não é uma questão pacífica, visto que existem autores que defendem a utilização de modelos baseados nos resumos de alta, enquanto outros defendem a supremacia dos modelos baseados nos dados dos processos clínicos, para finalmente outros argumentarem que a utilização de uns ou outros é indiferente, pelo que o processo de escolha deve obedecer a critérios mais pragmáticos, como a sua exequibilidade e os respectivos custos de implementação e de exploração. Em relação às possibilidades que neste momento se colocam em Portugal para a utilização e aplicação de sistemas de ajustamento pelo risco, verifica-se que é praticamente impossível a curto prazo aplicar modelos com base em dados clínicos. Esta opção não deve impedir que a médio prazo se altere o sistema de informação dos hospitais, de forma a considerar a eventualidade de se utilizarem estes modelos. Existem diversos problemas quando se pretendem aplicar sistemas de ajustamento de risco a populações diferentes ou a subgrupos distintos das populações donde o sistema foi originalmente construído, existindo a necessidade de verificar o ajustamento do modelo à população em questão, em função da sua calibração e discriminação.

Should my company use Bitcoin?

This work project analyses the possibility for a company to trade their goods and services for bitcoins, by joining the Bitcoin network. It analyses the technological and business requirements to join the Bitcoin Network by looking at Bitcoin’s potential to act as a mean of exchange for trade, unit of account and store of value. The analysis points to the motives, benefits and risks for investors to use the Bitcoin as a traditional currency and recommends on strategies for addressing those risks and maximizing benefits. Other than companies this report, to a lesser extent, will also analyse the Bitcoin from an investor’s point of view, this is, should an investor buy bitcoins for trade and make savings on a regular and everyday basis? A major finding in this work project is that companies could start using the Bitcoin system as a legit form of payment since the benefits of using this technology outweigh the costs and risks, given the right approach. This form of payment will contribute for the upgrade of a company’s business’ image, attract a new pool of consumers and businesses that already trade in bitcoins and pressure existing financial institutions and electronic payment vendors to upgrade their service levels.

Missed appointments in an adolescent outpatient clinic: descriptive analyses of consultations over 8 years.

Missed appointments represent an important medical and economical issue. Few studies on the subject are reported in the literature, particularly regarding adolescents. Our aim was to characterize missed and cancelled appointments in a multidisciplinary outpatient clinic for adolescents, to assess the effectiveness of a policy aimed at reducing missed appointments by introducing payment for those missed appointments not cancelled in advance, and to compare the rates between staff and resident physicians. A total of 32,816 consultations (representing 35 patients aged 12-20 years, 82.4% females) between 1999 and 200 were analysed. The missed appointment rate was 11.8% whilst another 10.9% were cancellations. Females cancelled more than males (11.3% vs. 8.4%, AOR 1.31, 99% CI 1.08-1.59), but there was no difference for missed appointments (11.6% vs. 12.3%, AOR 0.88, 99% CI 0.61-1.08). April and June to October (vacation months) were associated with more missed appointments. Globally mornings had higher rates of missed appointments than afternoons (13.6% vs. 11.2%, AOR 1.25, 99% CI 1.11-1.40). There was a slight difference in missed appointment rates between staff physicians and residents (10.4%; 11.8%, AOR 1.20, 99% CI 1.08-1.33). Missed appointment rates before and after the new policy on missed appointments were similar (1999-2003: 11.9%; 2004-2006: 11.6%, AOR 0.96, 99% CI 0.83-1.10). Conversely, cancellation rates increased from 8.4% (1999-2003) to 14.5% (2004-2006) (AOR 1.83, 99% CI 1.63-2.05). Attendance rates among adolescents show variations depending on vacation and school hours. Being attentive to these factors could help prevent missed appointments. Although having to pay for missed appointments does not increase attendance, it increases cancellations with the advantage that the appointment can be rescheduled.

Head-to-head comparison of length of stay, patients' outcome and satisfaction in Switzerland before and after SwissDRG-Implementation in 2012 in 2012: an observational study in two tertiary university centers.

On 1 January 2012 Swiss Diagnosis Related Groups (DRG), a new uniform payment system for in-patients was introduced in Switzerland with the intention to replace a "cost-based" with a "case-based" reimbursement system to increase efficiency. With the introduction of the new payment system we aim to answer questions raised regarding length of stay as well as patients' outcome and satisfaction. This is a prospective, two-centre observational cohort study with data from University Hospital Basel and the Cantonal Hospital Aarau, Switzerland, from January to June 2011 and 2012, respectively. Consecutive in-patients with the main diagnosis of either community-acquired pneumonia, exacerbation of COPD, acute heart failure or hip fracture were included. A questionnaire survey was sent out after discharge investigating changes before and after SwissDRG implementation. Our primary endpoint was LOS. Of 1,983 eligible patients 841 returned the questionnaire and were included into the analysis (429 in 2011, 412 in 2012). The median age was 76.7 years (50.8% male). Patients in the two years were well balanced in regard to main diagnoses and co-morbidities. Mean LOS in the overall patient population was 10.0 days and comparable between the 2011 cohort and the 2012 cohort (9.7 vs 10.3; p = 0.43). Overall satisfaction with care changed only slightly after introduction of SwissDRG and remained high (89.0% vs 87.8%; p = 0.429). Investigating the influence of the implementation of SwissDRG in 2012 regarding LOS patients' outcome and satisfaction, we found no significant changes. However, we observed some noteworthy trends, which should be monitored closely.

Valuing equity-linked death benefits in jump diffusion models

The paper is motivated by the valuation problem of guaranteed minimum death benefits in various equity-linked products. At the time of death, a benefit payment is due. It may depend not only on the price of a stock or stock fund at that time, but also on prior prices. The problem is to calculate the expected discounted value of the benefit payment. Because the distribution of the time of death can be approximated by a combination of exponential distributions, it suffices to solve the problem for an exponentially distributed time of death. The stock price process is assumed to be the exponential of a Brownian motion plus an independent compound Poisson process whose upward and downward jumps are modeled by combinations (or mixtures) of exponential distributions. Results for exponential stopping of a Lévy process are used to derive a series of closed-form formulas for call, put, lookback, and barrier options, dynamic fund protection, and dynamic withdrawal benefit with guarantee. We also discuss how barrier options can be used to model lapses and surrenders.

Recueil de pièces originales et de copies de pièces indiquées comme telles dans le dépouillement qui suit.

Contient : 1 « Estatz et appoinctemens des gouverneurs et autres personnes audict pays de Piedmont » ; 2 « Estat de l'assignation ordonnée par le roy [CHARLES IX] à Mr Loys Lefevre,... pour le payment des gaiges... des gens de guerre estans pour le service du roy au pays de Piedmont et marquisat de Saluces... A Chasteaubryant, le XIIIIe jour d'avril... M.V.C. soixante dix ». Copie ; 3 « Estat de l'assignation ordonnée par le roy [CHARLES IX]... à Me François Delagorse pour le payement des gens de guerre... de Piedmont. 1571 » ; 4 « Estat des personnes qui s'ensuivent », augmenté lorsque, « par la mort de feu monsieur le mareschal de Bordillon, le roy estant à Fontainebleau bailla le gouvernement de Piemont, qu'il tenoit, à monsieur le duc de Nevers, qui estoit à Paris, et cependant qu'il alla pour en baiser tres humblement les mains à Sa Majesté » ; 5 « Estat des parties à paier en Piedmont pour le mois de juillet 1568 » ; 6 « Inventaire des pieces d'artillerie, harquebuzes à croc, pouldres, boulletz et autres municions d'icelles qui ont esté retirées des places fortes rendues à l'ennemy deça les montz... A Thurin, le douziesme jour de novembre M.V.C. cinquante neuf ». Copie ; 7 « Autre Estat abregé des pieces d'artillerie et municions d'icelles qui ont esté retirées des places fortes qui ont esté rendues aux ducz de Savoye, de Manthoue et marquise de Montferrat. 1567 » ; 8 « Estat du paiement ordonné par le roy à aucuns cappitaines, gentilzhommes et autres sur les IIIIC. et IIC.]. emploiez en son estat de l'extraordinaire de la guerre de Piemont par chacun mois de ceste presente année 1567 » ; 9 « Inventaire des pieces d'artillerie, harquebuzes à croq, pouldres, boulletz et aultres munitions d'artillerie qui sont de present pour le roy aux villes et places fortes de ce païs... de Piedmont, marquisat de Saluces, chasteau d'Exilles en Daulphiné » ; 10 « Inventaire des pieces d'artillerye, harquebuzes à croc, pouldres, boulletz et autres munitions d'icelles qui ont esté retirées des places fortes rendues delà les montz. 1567 ». Copie ; 11 « Estat de ce que pourront monter les finances ordinaires et extraordinaires de la tresorerie du marquisat de Salluces, pour l'année mil cinq cens soixante sept... » ; 12 « Estat de ce que montent ou pourront monter les finances ordinaires et extraordinaires de la tresorerie et generalité de Piemont, pour l'année mil cinq cens soixante sept » ; 13 État de l'« artillerie et munitions qui sont dans le chasteau de Pignerol. 1567 » ; 14 Ordre de « Lodovico Gonzaga », duc de Nevers, aux « commissaires et contrerolleurs... A Saluces, le cinqme jour de septembre 1567 » ; 15 Copie d'une sauve-garde de « LODOVICO GONZAGA, duca di Nevers », en faveur de « Giovanni Ferrero di Pinarolo,... In Carmagnuola, li 28 di ottobre 1567 ». En italien ; 16 Mandements du trésorier de l'épargne « CLAUDE GARRAULT » à « Anthoine de La Porte,... A Amboyse, le vingt sixme jour de janvier 1572 ». Copies ; 17 « Estat des pouldres » ; 18 Ordres de « Lodovico [Gonzaga], duc de Nivernois », de délivrer les munitions de Mâcon aux « sieurs Charles de Birague, de Mogeron, de Venthou, de La Chastre... Faict à St Clement, le cinquiesme jour de decembre 1567 ». Copies ; 19 Patente de capitaine délivrée par « Lodovico [Gonzaga], duc de Nyvernois », à « Joseph de Commiers, Sr de La Roche,... A Pignerol, le quinziesme jour d'octobre, mil cinq cens soixante sept » ; 20 Patente de capitaine délivrée par « Lodovico [Gonzaga], duc de Nivernoys », à « François de La Ramée, Sr de Challemy,... A Pignereul, le quinziesme jour d'octobre, l'an mil cinq cens soixante sept » ; 21 « Estat pour l'année mil V.C. soixante dix, à commancer en janvier. Donné à maistre Loïs Le Febvre » ; 22 « Estat pour l'année mil cinq cens soixante unze, à commancer en janvier. Donné à Me François de La Gorse » ; 23 État des capitaines en garnison « a Savigliano, a Valfenera, a Isola Bella, a Genoli, a Carmagnuola ». En italien ; 24 Confirmation, par « LODOVICO [GONZAGA], duca DE NEVERS », des priviléges et immunités de « Giosepho da Treves et Matasia, suo figliuolo », juifs de « Savigliano » ; 25 « Estat de la despense de Piedmont. 1569 » ; 26 « Estat des assignations qui ont esté baillées à monsieur le tresorier de Bragelongne durant l'année mil cinq cens soixante huict, pour le payement des garnisons de Piedmont... » ; 27 « Estat et payement des gaiges des officiers du camp et cappitaines que monseigneur le duc de Nevers,... entend estre payez par le tresorier de l'extraordinaire des guerres... Me Nicolas Molé. 1567 » ; 28 « Estat du departement faict par monseigneur le duc de Nivernois des IIIIC. l[ivres] et IIC. l[ivres] emploiez sur l'estat de Piedmont. 1567 » ; 29 « Estat des gentilzhommes et cappitaines appoinctez sur les IIIIC. et IIC. liv. emploiez en l'estat de Piedmont par chacun mois de ceste presente année 1567 » ; 30 « Estat des pouldres et boulletz qui se sont trouvez en nature au camp devant La Rochelle, le XVIII may 1573 » ; 31 « Estat des boulletz venus en l'armée devant La Rochelle... 1573 » ; 32 Copie d'un ordre de « Lodovico » Gonzaga, duc de Nevers, au « tresorier de l'extraordinaire de la guerre, Me Françoys de La Gorsse,... Paris, le VIme jour de may, l'an mil V.C. soixante unze » ; 33 Patente de colonel délivrée par « Lodovico [Gonzaga], duca di Nevers,... al signor conte Theodoro San Giorgio,... In Carmagnola... ottobre 1567 ». En italien ; 34 Patente de capitaine délivrée au « Sr Girolamo Fregozo » par « Lodovico [Gonzaga], duca di Nevers,... In Pinaruolo,... ottobre 1567 ». En italien ; 35 Lettre de « LODOVICO GONZAGA », duc DE NEVERS, au « capitano Marc Antonio,... Di Pineruolo, li 19 d'ottobre 1567 ». En italien ; 36 « Estat du pain de munition » distribué chaque jour par le prévôt de l'artillerie ; 37 État de répartition de la somme « baillée pour l'extraordinaire de la guerre de Piedmont », pour les mois de mars et avril 1568, montant la somme de LXI.M. VI.C. LXVI. l. VI S ; 38 « Inventaire de toutes les pieces d'artillerie... et munitions de guerre estans es places que le roy tient deça les montz... 1567 » ; 39 « Roolle des canonniers et gens de mestier tant ordinaires que extraordinaires de l'artillerie estans en ce camp et armée devant La Rochelle... M.V.C.LXXIII » ; 40 « Estat des commissaires et aultres officiers de l'artillerie tant ordinaires que extraordinaires, estant de present en ce camp et armée de La Rochelle, qu'il fault paier pour leurs gaiges extraordinaires du present mois de mars M.V.C.LXXIII » ; 41 États des assignations ordonnées par le roi pour le payement des gens de guerre en Piémont. 1568

By-laws of the municipal council of the United Counties of Lincoln and Welland, 1852

By-laws included are numbers 31-34 and deal with school issues, raising funds for the municipality, payment of fees, and remuneration to the sheriff of the municipality.

An analysis of the relationship between self-efficacy and performance in a continuous gymnastic routine

Research has shown a consistent correlation between efficacy and sport performance (Moritz, et aI., 2000). This relationship has been shown to be dynamic and reciprocal over seasons (e.g., Myers, Payment, et aI., 2004), within games (e.g., Butt, et aI., 2003), and across trials (e.g., Feltz, 1982). The purpose of the present study was to examine selfefficacy and performance simultaneously within one continuous routine. Forty-seven undergraduate students performed a gymnastic sequence while using an efficacy measure. Results indicated that the efficacy-performance relationship was not reciprocal; previous performance was a significant predictor of subsequent performance (p < .01; f3s ranged from .44 to .67). Results further revealed significant differences in efficacy beliefs between groups with high and low levels of performance [F (1,571) = 7.16,p < .01]. Findings suggest that high levels of performance within a continuous physical activity task result in higher performance scores and higher efficacy beliefs.