Over the past several decades and increasingly in recent years, blood transfusions in the United States have plummeted as surgery has gotten more precise and less invasive. Alongside this decrease in general transfusions has been an increase in specific blood products for patients whose immune systems require special treatment. Simultaneously, trends in healthcare in the United States have incentivized regional hospitals to join large conglomerates. These coexisting factors have left regional blood banks, traditionally economically viable, in much weakened states. This thesis was born out of an initial curiosity to discover whether or not genetic science, and genotyping in particular, could benefit small regional blood banks by allowing them to bring down their costs of pre-transfusion blood testing or offer new products. I focus on the San Diego Blood Bank (SDBB) as a case study of the larger blood banking industry. In the course of this research, economic factors were taken into consideration as well as social and health. A minor question that was also discussed was whether genotyping not only help regional blood banks survive fiscally but also open the gateway to better patient outcomes and lower costs nationally of blood transfusions and their associated costs. Feasibility analyses and financial modeling suggest support for genotyping blood donors and transfusion recipients in order to more perfectly match blood transfusions through extended antigen matching.

Le présent mémoire analyse le phénomène des prises de contrôle inversée (PCI). Cette technique permet à une société privée de se faire acquérir par une société publique coté en Bourse. Elle obtient de cette dernière, en contrepartie, un nombre si important de ses actions qu'à la suite de la transaction, la société privée contrôle la société publique qui vient légalement de l'acheter. D'où la prise de contrôle dite inversée. Le but de l'opération consiste pour la société privée à devenir publique rapidement, et ce, à coûts moindres, comparativement à un appel public traditionnel. La société privée profite ainsi de son nouveau statut pour se financer par un appel public à l'épargne publique par le biais de la Bourse. La piètre réputation associée à ce genre de transactions est due à la cupidité de quelques entrepreneurs peu scrupuleux qui ont comme objectif d'empocher un profit rapide au détriment du public investisseur. Avec comme résultat que ce type de transaction suscite, à juste titre, la méfiance des autorités réglementaires. Le dilemme peut donc être posé en ces termes: compte tenu de l'importance économique des PME en termes de création de richesse au pays, doit-on restreindre l'usage de la PCI au nom du principe de la protection des épargnants? En somme, la liberté commerciale doit-elle céder le pas à des craintes de nature réglementaire? Nous concluons que malgré ces craintes très réelles, la PCI, majoritairement utilisée par la PME, doit être maintenue et qu'en termes de politique réglementaire, les autorités devraient favoriser l'emploi par ces jeunes sociétés du programme de financement « Société de Capital de Démarrage» (SCD) mis en place par la Bourse de Croissance rsx. Malgré ses défauts évidents, ce programme doit être amélioré afin de promouvoir une PCI plus efficace, et ce, à l'intérieur du programme Sco. À cet égard, la SCD pourrait bénéficier de la crédibilité ainsi que de l'expertise indéniable de la Bourse de Croissance en matière de financement de jeunes entreprises. Idéalement, la SCD serait améliorée au point où elle rendrait la PCI, hors ce programme, inutile. En ce sens, la liberté commerciale de faire des PCI serait préservée, tout en assurant la protection du public investisseur. / This thesis endeavours to analyse the phenomenon of the reverse takeover (RTO). This technique allows a private company to be acquired by a public entity whose stock is listed on an exchange. The former obtains from the latter such an important part of its stock that following the completion of the transaction, the private company controls the public company which has just acquired it. The takeover is therefore deemed reversed. The purpose of the transaction from the private entity perspective is to gain the status and privilege associated with being a publicly listed company faster and at a fraction of the cost that would otherwise be the case with a traditional public offering. Thereafter the private company uses its newly acquired public status to tap the capital markets via the stock exchange. The poor reputation generally associated with this kind of transaction is in a large measure due to the greed of a few scam artists whose main motive is a quick profit at the expense of the investing public. The result of this situation is that the RTO is viewed with considerable scepticism by the regulatory authorities. The dilemma may therefore be set in the following terms: taking into consideration the economic importance of the small and medium business (SME) as a creator of wealth in the economy, should the competent authorities limit the use of the RTO in the name of investor protection. In other words, should the commercial freedom to use the RTO in order to finance SME take a back seat to regulatory concerns. We conclude that although the serious concerns levelled by the regulators are very real, the RTO which is used primarily by SME should be maintained. It is further argued that regulatory authorities should promote as a matter of policy the RTO sponsored by the Capital Pool Company (CPC) program provided for by TSX Venture. We find that this program should be upgraded to allow for a more efficient RTO under the rules of the CPC. In this regard, the program would gain from the credibility and the undeniable expertise of the TSX Venture in the realm of financing young and emerging companies. Therefore, ideally, this program would be improved to the point where it would render the RTO pursued out of the program useless. If this were the case, we conclude that commercial freedom would be preserved, while concurrently maintaining protection for investors and upholding the integrity of capital markets. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LLM en droit"

Questo studio vuole illustrare le possibilità di sviluppo dell’industria del venture capital nei mercati emergenti. Il venture capital rappresenta un’alternativa importante per le imprese emergenti dei paesi in via di sviluppo, contribuendo a rafforzare uno sviluppo integrato di tutto il sistema finanziario e dei suoi attori principali quali le istituzioni bancarie tradizionali, i fondi d’investimento ed il mercato dei capitali. L’obiettivo principale del progetto consiste nell’identificare gli attori principali, e gli investimenti target, così come le esperienze più significative, analizzando i fattori critici e mettendo a fuco azioni e programmi utili per attirare investitori di venture capital, accrescere la conoscenza di questi strumenti e superare i maggiori ostacoli al fine di massimizzare l’impatto che l’industria del venture capital può avere nel rafforzare la crescita industriale a livello paese. Il lavoro comprende alcune analisi empiriche nell’ambito dell’area arabo-mediterranea, svolte con l’obiettivo di facilitare partnership ed accrescere investimenti tra i paesi scelti ed i paesi europei. Commenti, spunti e proposte presentate nella parte finale del lavoro sono il frutto di un attento studio degli attori e fattori chiave che contraddistinguono le operazioni di venture capital. Le proposte ed i programmi suggeriti cercano di rispondere alle esigenze e necessità individuate nel corso delle analisi empiriche che sono state svolte trascorrendo lunghi periodi a contatto con gli imprenditori, investitori e funzionari locali. Le analisi empiriche sullo sviluppo dell’industria del venture capital a livello paese sono state svolte in: Giordania, Palestina, Egitto, Israele e Tunisia. / This research aims to verify development of venture capital in emerging markets. Venture capital represents an important alternative to emerging businesses in developing countries by increasing the strength of the entire financial system and its key players, from traditional banking institutions and investment funds, to stock market capital. The project’s main goal is to identify key actors, investment targets, and experiences as well as aiming at analyzing critical factors and conceptualizing related actions pertinent to becoming more competitive in attracting venture capital investors, developing know-how, overcoming barriers, and maximizing the impact venture capital industry may have on industrial growth. The project is focused on the Arab-Mediterranean region seeking to foster partnership and facilitate investment among European and Arab-Mediterranean countries. The comments, ideas, and proposals presented in the final part of the work come from a careful study of the key issues and players exemplified by the operation of venture capital. The findings are also the result of observations made at the end of country-level empirical analyses where much time has been spent in contact with entrepreneurs, investors, and local officials. Country Empirical Analyses on Venture Capital industry development are being carried out in Egypt, Jordan, Palestine, Tunis and Israel.

Submitted by paulo roberto gozzi (paulo.gozzi@gmail.com) on 2014-01-20T14:43:17Z No. of bitstreams: 1 Finanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf: 3210786 bytes, checksum: ce3979d3f01f43f2efa2a33c6fb9edb1 (MD5) / Rejected by Vera Lúcia Mourão (vera.mourao@fgv.br), reason: Prezado Paulo, o título digitado na BD e no PDF está diferente do que consta em sua Ata e não existe nenhuma informação que deveria ser alterado, portanto estou rejeitando o seu trabalho para que corrija. Caso a banca tenha sugerido ou o seu orientador necessitamos dessa informação com o novo título, o prof. Arthur poderá encaminhar por e-mail para o mestradoprofissional@fgv.br. reforço que se o título for mantido deverá providenciar outra ficha catolografica antes de postar novamente. atenciosamente. Vera tel. 3799 3445 on 2014-01-20T15:12:19Z (GMT) / Submitted by paulo roberto gozzi (paulo.gozzi@gmail.com) on 2014-01-20T16:14:43Z No. of bitstreams: 1 Finanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf: 3210786 bytes, checksum: ce3979d3f01f43f2efa2a33c6fb9edb1 (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2014-01-20T16:28:03Z (GMT) No. of bitstreams: 1 Finanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf: 3210786 bytes, checksum: ce3979d3f01f43f2efa2a33c6fb9edb1 (MD5) / Made available in DSpace on 2014-01-20T20:31:58Z (GMT). No. of bitstreams: 1 Finanças-Governança Dissertação Final - Participação do Conselheiro Independente.pdf: 3210786 bytes, checksum: ce3979d3f01f43f2efa2a33c6fb9edb1 (MD5) Previous issue date: 2013-12-19 / The object of this paper is the corporate governance, specifically in relation to the role of the independent board members elected by the companies of Novo Mercado from BMF&Bovespa, by means of a qualitative study in order to verify the participation of the independent board members and the dynamics of decision process within such companies. The purpose of this work is to contribute to the corporate finance and corporate governance areas, specifically to explain several results of quantitative studies that deny a positive correlation between the proportion of independent board members and the financial performance of the companies. The survey was distributed by e-mail which was answered by 30 out of the total 361 independent board members and enabled the identification that the performance tasks of such members are directed by consulting activities and not by controlling activities, demonstrating that the dynamics within the boardroom in the decision process is in the direction of an alignment of interests and not of conflict. Furthermore, the study identified that reduced hours are dedicated in the actual performance of the functions of board members and, therefore, indicate that this may be one of the reasons to justify the lack of positive correlation between the proportion of board members and the financial performance of the companies. Therefore, the study suggests that, in the Brazilian environmental of high concentration of shares within reduced number of shareholders, the regulation authorities should be more active in their supervision functions, as the independent board member does not assume such role. / O tema do presente trabalho é a governança corporativa, especificamente sobre a atuação dos conselheiros independentes das companhias do Novo Mercado da BM&FBovespa por meio de um estudo qualitativo para verificar a forma e a dinâmica da participação dos membros independentes no processo de tomada de decisão das companhias onde atuam. O objetivo é contribuir para o campo de finanças e governança corporativa de modo a explicar resultados de diversos estudos quantitativos que apontam não haver uma correlação significativa entre a proporção de conselheiros independentes e o desempenho financeiro das companhias. O questionário distribuído por e-mail foi respondido por 30 dos 361 conselheiros independentes e possibilitou a constatação de que a atuação dos conselheiros independentes avaliados está atualmente mais voltada para o papel consultivo do que propriamente de fiscalização, demonstrando uma dinâmica de alinhamento e não de conflito no processo decisório do conselho de administração. Além disso, o estudo constatou que os conselheiros independentes disponibilizam pouco tempo no exercício das suas funções, situação que pode constituir fator indicativo para a falta de correlação entre proporção de conselheiros independentes e o desempenho financeiro das companhias, conforme apontada por diversos estudos quantitativos. Dessa forma, o estudo sugere que, no ambiente brasileiro de elevada concentração de ações nas mãos de poucos acionistas, os órgãos reguladores estejam mais atentos à sua função fiscalizadora uma vez que os conselheiros independentes não assumem esse papel.

Submitted by Diogo Anunciação Reis (diogoanunreis@gmail.com) on 2015-02-24T02:27:24Z No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-24T16:06:57Z (GMT) No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) / Made available in DSpace on 2015-02-24T16:11:35Z (GMT). No. of bitstreams: 1 007293707_MPE_Dissertacao_V10.pdf: 747515 bytes, checksum: 91e13be0bac80e71972e87a4567cbc0b (MD5) Previous issue date: 2015-01-26 / Este trabalho tem por objetivo contribuir para a discussão acerca do diferencial relativo de preços entre duas classes de ações - ordinárias nominativas (ON) e preferenciais nominativas (PN) - no Brasil e os seus determinantes no período compreendido entre 2002 e 2014. Considerando-se a disseminada utilização de duas classes de ações (com e sem direito de voto) por empresas listadas na BMFBovespa – permitindo a separação entre controle e propriedade - e a elevada concentração do controle, este trabalho contribui para o entendimento dos potenciais conflitos de interesse entre acionistas majoritários e minoritários. Utilizou-se o método de mínimos quadrados ordinários (MQO) e os procedimentos de efeitos fixos (EF) e aleatórios (EA) para um painel formado por 46 companhias listadas resultando em 1.653 observações. Foram encontradas evidências de que as ações ON (com direito a voto) são negociadas com prêmio em relação às PN (sem direito a voto) e de que o prêmio (pelo voto) apresenta leve tendência de alta durante o período. Por fim, em relação aos determinantes, foram encontradas evidências de que o maior grau de proteção aos acionistas minoritários, o tamanho da empresa e a maior proporção de ativos tangíveis (imobilizados) estão negativamente associados ao prêmio pelo voto. / This paper aims to contribute to the discussion about dual-class premium (voting and non-voting shares) and its determinants in Brazil from 2002 to 2014. Considering the disseminated issuance of voting and non-voting shares by Brazilian listed firms – allowing the separation of ownership and control – and concentrated ownership, this paper contributes to the understanding of potencial conflicts of interest between majority and minority shareholders. This paper applies the ordinary least square (OLS) method and the procedures of fixed (FE) and random effects (RE) for a panel of 46 listed companies resulting in 1.653 observations. We found evidence that supports a premium of voting shares over non-voting shares (voting Premium). Furthermore, this premium presented a slight upward trend during the period. Finally, regarding the determinants, we found evidence that higher protection levels of minority shareholders rights, firm’s size and higher proportion of tangible assets are negatively associated to voting premium.

Made available in DSpace on 2010-04-20T20:15:06Z (GMT). No. of bitstreams: 1 61080100005.pdf: 995968 bytes, checksum: 5965a1eae5614cf30474fda5b8ad7a13 (MD5) Previous issue date: 2010-02-26T00:00:00Z / Pesquisas que integram as teorias de estratégia e opções reais sugerem que firmas podem ser vistas sob a perspectiva de um portfólio de oportunidades a serem capturadas no futuro, de forma que recursos, capacitações e processos organizacionais devem ser combinados visando a sua otimização. Firmas diferem entre si quanto a esta capacidade de otimização e esta heterogeneidade, adicionada aos efeitos de outros fatores, estão refletidos na variabilidade e no comportamento dinâmico do valor das opções de crescimento (vgo), tema central desta dissertação. A análise de decomposição de variâncias confirma um efeito firma preponderante, consistente com resultados obtidos em pesquisas prévias, e os resultados gerados pelos modelos de curvas latentes sob o enfoque de equações estruturais levam à conclusão de que tamanho importa, tem impacto estatisticamente significante sobre o intercepto e explica as diferenças cross section entre firmas do valor dos vgo’s observados no início do período de análise, enquanto que os efeitos do dinamismo da indústria são positivos e significantes e variam com o tempo de forma não linear. Entretanto, remanescem parcelas relevantes de variâncias não explicadas nos três parâmetros latentes que determinam as trajetórias de vgo ao longo do tempo, provavelmente devido aos impactos de fatores não observáveis e idiossincráticos às organizações. / Research that integrate strategy and real options theories suggest that firms can be regarded as a portfolio of future opportunities and that resources, capabilities and organizational processes must be in place in order to ensure its optimization. Firms differ in this optimization capacity and this heterogeneity along with the effects of other factors are reflected in the variability and in the dynamic behavior of the value of growth options (vgo). In accordance with previous studies using variance component methodology, firm effects are predominant over country and industry effects and explain a significant portion of total variance of vgo. Longitudinal analyses through latent curve models under the perspective of structural equations (complemented by hierarchical linear models) confirm that size explain the cross-section differences in the initial values of vgo, whereas industry dynamism has a positive and significant effect on vgo that varies non-linearly across time. Apart from the effects of these covariates, there still remains a significant portion of unexplained variances in latent parameters that determine the trajectories of vgo across time, probably due to the effect of unobservable and firm-specific factors.

Made available in DSpace on 2010-04-20T20:51:51Z (GMT). No. of bitstreams: 3 98468.pdf.jpg: 15556 bytes, checksum: 82354d9e302b0f5851ce3c9150147d2f (MD5) 98468.pdf: 841055 bytes, checksum: d3f59690cddbb38713e374ee903838c6 (MD5) 98468.pdf.txt: 263196 bytes, checksum: 5c0fa64209b55216a17821d5d4e86f3a (MD5) Previous issue date: 2004-04-15T00:00:00Z / Este trabalho analisa a abordagem oportunista nas decisões de financiamento, buscando evidências desse comportamento nas empresas brasileiras. O oportunismo sugere que o administrador escolha as fontes de recursos economicamente mais vantajosas no momento da decisão, não se preocupando com uma hierarquia de captação de fundos, ou com a manutenção de um nível de endividamento ótimo. As evidências empíricas apontam para a existência de oportunismo na escolha das fontes de financiamento e influência de fatores macroeconômicos na determinação do nível de endividamento. / We analyze the windows of opportunity theory in capital structure decisions, searching for evidences on this behaviour in Brazillian publicly held companies. The opportunistic approach suggests that managers make their capital structure choices based on economic advantages offered by each source of funds. That means, managers do not follow a pecking order nor a target adjustment model. Empirical evidences points to managerial opportunism behaviour in the financing decisions and strong macroeconomic factors influence on leverage. Public debt from Government competes with companies for sources of funds; interest rate and stock market liquidity are negatively related to leverage.

The goal of this thesis is to determine the value of a company doing business in the road transport industry. This thesis describes the methods used when evaluating a company´s worth, analyzes these methods as well as establishes requirements needed for performing an analysis associated with this issue. The suggested theories of a company´s evaluation that are applied to a specific company are included in the practical part. The practical part also describes the purpose of determining the value of a company and selects the methods for the final evaluation. Furthermore, this thesis contains a strategic analysis that estimates the market share for the period 2013 2015. In addition, financial analysis was performed in order to assess the company´s financial health. Based on the results generated from the strategic analysis, the values were calculated and the outcomes integrated into a financial plan. The financial plan became a basis for an evaluation by yield methods: DCF and EVA. The final evaluation was made using four different methods: DCFF, EVA, sum of the Assets Approach and liquidation method. The company´s market value is considered to be 9 904 thousand Kč, which was obtained from DCF method. Sum of the Assets Approach is 347 thousand Kč lower than the value generated from yield evaluation. Therefore, as can be concluded from the findings, it is recommended that the owners keep the company.

The evolving nature of the Korean 'chaebol' - both a business group and the founding family who control the corporation - continues to intrigue scholars of corporate governance (Khanna and Yafeh, JEL 2007). In my thesis, I investigate these multi-generational controlling families to explain the chaebol's significance in the historical evolution of South Korea's political economy during the 20th century. My research first describes the origins of chaebol entrepreneurs and details their role in the growth of light industry before the the rise of state-led industrialisation during the social revolution of the 1960s in South Korea. I then consider the specific institutional features which appear to work against family control, even though they would ultimately support its proliferation: 1) progressive politics; 2) inheritance tax; and 3) ownership dispersion. Notably, my analysis of these distinctive institutions provides a clearer understanding of the contemporary behavior of the chaebols and their ability to maintain family control over many decades of growth. In order to better understand the role of controlling families, during the state-led industrialisation period (1961-1988), I analyse their corporate networks and their ability to wield political power. To do so, I employ an unconventional source of evidence: a database of marriages among chaebol families. This research is theoretically grounded in the contact capabilities hypothesis advanced by Amsden (1989) and Guillén (2001a, 2001b with Kock). My scholarly approach complements parallel research on human networks within the state. My findings have implications for: 1) the epochal nature of chaebol-political networks; and 2) the market reaction to such network events, thus demonstrating the economic significance of these informal networks. In my last chapter on the post-1998 era of financial liberalisation, I explore the evolution of the ownership structure within the business group as it relates to policy history. I do this through an analysis of The Holding Company Act of 1999, and show how the controlling families in South Korea found novel ways to use the Act to support their family ownership and corporate control in spite of the original intentions of the regulators. As I show, share buyback programmes, first popularized in Anglo-American financial markets, were crucial to the maintenance of chaebol. As it turns out, liberal policies, imported from the West, proved no more able to limit family capitalism in South Korea than domestic policy had been during the preceding state-led industrialisation era. Nonetheless, activist investor has a special role to play.

A sucessão na empresa familiar tem sido considerada por seus estudiosos como o mais importante desafio a ser enfrentado por aquelas companhias na luta por sua perpetuação. Os processos de transição do controle da família enfrentam várias dificuldades típicas de qualquer transição gerencial ou de propriedade na firma, mas são complicados por fatores subjetivos presentes na interação das dinâmicas empresarial e familiar. Nas sucessões familiares os conflitos emergem, frequentemente, da indiscriminação entre os papéis sociais na família e na empresa. Tais conflitos envolvem questões ligadas à propriedade do negócio, à sua administração e aos interesses da família. A Nova Economia das Instituições adicionou ao corpo teórico das finanças corporativas uma série de variáveis comportamentais desconsideradas pela Economia Neoclássica com o objetivo de imprimir maior realismo às análises teóricas. O presente trabalho investiga as proposições da Teoria Econômica de Finanças para o comportamento dos administradores quanto à escolha da Estrutura de Capital na firma e sua utilidade para os Processos Sucessórios como elemento atenuante de conflitos. As conclusões apontam para uma interdependência entre decisões de Estrutura de Capital e Processo Sucessório, e para uma grande importância da forma de financiamento no longo prazo para o sucesso da Sucessão na Empresa Familiar, além de sugerirem pesquisas mais avançadas no sentido de compreender melhor esse contexto. / Experts consider the process of succession in the family business as the most important challenge in their fight for perpetuation. The transition processes encounter various difficulties common to managerial transitions, yet they are made more complicated due to subjective factors present in both the family and management arenas. During succession processes, conflicts often arise out of a difficulty to differentiate between social and business roles in the family. Such conflicts involve issues such as ownership, management styles and family interests. The New Institutional Economics added a series of behavior variables to the theoretical body of corporate finance. Such variables, previously not considered by the Neoclassic Economics, were added so as to bring a higher level of realism to the theoretical analysis. This dissertation investigates the propositions put forward by the Economic Theory of Finance regarding the behavior of managers as far as their choice of Capital Structure for the business and its validity as conflict attenuation in the process of Succession. The conclusions put forward here point toward an interdependency between decisions regarding Capital Structure and Succession in the Family Business. In addition to that, they highlight the importance of long term financing for a successful process, and suggest further investigation that could support and illustrate the conclusions.