Food waste is one of an organic waste and contains the value of recycling and reusing. EPA shows that there are almost the amount of 4500 tons food wastes which is about 36~64% in households in Taiwan everyday. Therefore, if food wastes could be reused again, not only greatly reducing the amount of waste, decreasing the problem of odor from progressing food wastes, but also increasing the using year of landfills and incinerators. Furthermore, it can develop fully the value of multiple reusing in recycling. The study is forced on questionnaires for the residents of the city of Kaohsiung and Taichung, to know the present of recycling of food waste and its difficulty in executing a strategy. Conferring the willingness to pay and the willingness to accept of food waste recovery and if the price is different or not by Contingent Valuation Method (CVM), and moreover evaluating the potential benefit. The results of the study are as following: there are conspicuous difference in ¡§if doing something about recovery¡¨ ¡§the way of recovery¡¨ and ¡§if see any inspectors examine the classification of refuse¡¨. The most difficulties of recovery food waste in both cities are ¡§its odor and breed mosquito and fly easily¡¨ and ¡§not knowing clearly what materials should be recovered or not¡¨. About the price of the willingness to pay and the willingness to accept, the major answer shows ¡§No, I would not.¡¨ from this questionnaires. On the other hand, answers of ¡§Yes, I would like.¡¨ all hope that the pay less is better and the compensation more is better. The price of the willingness to pay of Kaohsiung residents is NT$ 41.8 dollars, and Taichung residents is NT$ 45.3 dollars. Otherwise, the higher environmental conscious the Kaohsiung residents have, the higher willing to pay. At the same time, the difficulty of recovery food waste is low comparatively. In addition, ¡§occupation¡¨ ¡§family revenue per month¡¨ ¡§cooking per week¡¨ have effect on the price of the willingness to pay and the willingness to accept. In the result of regression, some of variable parameters could affect the price of the willingness to pay. It maybe provides society for reference according the benefit in the estimating of regression. Therefore, the study hopes to provide the decision-maker more clear environmental and economical information through evaluate and analyze the willingness of pay of food waste. Furthermore, it maybe help the government to make a future policy in order to practice the food waste recovery indeed and carry out the target of reducing the amount of waste and resources recovering for a sustainable resources of food waste.

nÃo hà / The aim of this research is to verify to what extent corporative governance practices influence on value generation to Brazilian stockholders. In Brazil, we highlight the IBGC (Brazilian Institute of Corporate Governance) and the CVM (Brazilian Securities and Exchange Commission) codes. In such context, conflicts generated by the break-up between property and control in the open capital companies have been examined, as well as the need of procedures which might line up the interests between stockholders and business men. This dissertation investigates if the corporate governance structure was important to Brazilian listed companies in 2003 and if the companies more adjusted to the IBGC and CVM recommendations achieved higher market value. Five governance variables were considered: the separation of chief executive officer and chairman positions, board size, the company with diferent levels of corporate governance o in Bovespa (Level 1, Level 2 or New Market), compensation to employees variable to senior executives of company and board independence. / O objetivo desse trabalho à verificar a influÃncia das prÃticas de governanÃa corporativa sobre a geraÃÃo de valor aos acionistas brasileiros. No Brasil, destacam-se os cÃdigos do Instituto Brasileiro de GovernanÃa Corporativa (IBGC) e da ComissÃo de Valores MobiliÃrios (CVM). Nesse contexto, estuda os conflitos oriundos da separaÃÃo entre propriedade e controle nas companhias de capital aberto e a necessidade de procedimentos que alinhem os interesses entre acionistas e executivos. Esta dissertaÃÃo investiga se a estrutura de governanÃa corporativa foi relevante para as companhias abertas brasileiras em 2003 e se as companhias adequadas Ãs recomendaÃÃes do IBGC e da CVM alcanÃaram maior valor de mercado. Cinco variÃveis de governanÃa foram consideradas: separaÃÃo dos cargos de diretor executivo e presidente do conselho, tamanho do conselho, companhia participante dos nÃveis diferenciados de governanÃa corporativa da Bovespa (NÃvel 1, NÃvel 2 ou Novo Mercado), existÃncia de remuneraÃÃo variÃvel para os administradores da companhia e independÃncia do conselho.

Vi har estimerat betalningsviljan i Linköpings kommun för att undvika intrång i tätorten av projektet Ostlänken. Två alternativ ställs mot varandra, ett som innebär att utbyggnad av järnväg sker i markplan mot ett som innebär att ny och befintlig järnväg förläggs i en tunnel. Detta leder till att betalningsviljan består av att undvika nytt intrång och bli av med befintligt intrång. Trafikverkets kalkyl visade högre samhällsekonomisk nytta vid dragning i markplan. De har dock inte värderat betalningsviljan för minskat intrång och vi undersöker därför om betalningsviljan påverkar resultatet av den samhällsekonomiska lönsamheten för att förlägga järnvägen i en tunnel genom tätorten. För att göra estimeringen har vi använt oss av binär CVM genom att dela enkäter via nätet. Länkar till enkäterna delades i grupper på Facebook knutna till Linköping. Respondenterna randomiserades med hjälp av en server till en enkät med något av de fyra buden. Studien visar att estimeringen av betalningsviljan är svår att precisera för det erhållna urvalet. Enligt de estimerade 95%-konfidensintervallen hamnar betalningsviljan mellan 6 662 miljoner kronor och 20 417 miljoner kronor. Nettonuvärdet när vår estimerade betalningsvilja kompletterar Trafikverkets kalkyl blir då som lägst -690 miljoner kronor och som högst 13 065 miljoner kronor. Detta ger indikationer på att ett tunnelalternativ som undviker intrång skulle kunna vara samhällsekonomiskt lönsamt jämfört med alternativet att förlägga järnvägen i markplan. Till följd av trunkeringar i datamaterialet och ett ej slumpmässigt urval finns osäkerhet i resultatet. Studien visar ändock vikten av att kvantifiera förväntat stora effekter som kan ha en påverkan på den samhällsekonomiska lönsamheten. / We have estimated the willingness to pay in Linköping's county in order to avoid encroachment in the urban area from the project Ostlänken. Two alternatives are compared, one which involves an extension of the railroad on the surface and another which involves the new and existing railroad being located in a tunnel. This means that the willingness to pay consists of avoiding new encroachment as well as getting rid of existing encroachment. Trafikverket's estimation displayed a higher economic benefit from constructing the railroad on the surface. However, they have not estimated the willingness to pay in order to avoid the encroachment. We therefore investigate whether the willingness to pay for a tunnel through the urban area affects the outcome of the economic benefit. In order to perform the estimation, we have used binary CVM through online surveys. Links to the surveys were shared in groups on Facebook which were tied to Linköping. The respondents were randomised with the use of a server to any of the four bids. The study shows that the estimated willingness to pay is hard to pinpoint given the acquired sample. According to the 95\% confidence intervals the willingness to pay is between 6 662 million crowns and 20 417 million crowns. The net present value, when our estimated willingness to pay complements Trafikverket's analysis, ranges from -690 million crowns to 13 065 million crowns. This indicates the possibility that an alternative with a tunnel, which avoids encroachment, is more economically beneficial than the alternative to construct the railroad at the surface. Following truncation in the acquired data in combination with the non-random selection, there is uncertainty in the outcome. The study nevertheless highlights the importance of quantifying effects which are expected to be great enough to impact the outcome.

A dissertação tem como objetivo contribuir com a construção teórica da governança corporativa no Brasil em função de sua participação no desenvolvimento do mercado de capitais, setor estratégico para o desenvolvimento econômico nacional, bem como tecer considerações acerca do papel da Comissão de Valores Mobiliários - CVM, principal órgão regulador do mercado de capitais, na construção (institucionalização / legitimação) deste conceito. Serão investigadas as origens do conceito de governança, e de governança corporativa, e seus pressupostos ideológicos, bem como feitos comentários referentes aos fenômenos implícitos a este processo evolutivo do conceito, como a ocorrência de transplantes legais (legal transplants) e a dependência de trajetória (path dependence). Desta forma, pretende-se concluir se as normas, regras e princípios de governança corporativa, são adaptados à estrutura acionária brasileira, isto é, em coibir a extração de benefícios privados do controle e proteger os direitos dos minoritários. Neste sentido, são importantes as teorias adotadas inerentes à regulação econômica. Assim, partindo da premissa de que há um fenômeno cooperativo relevante, existente entre regulação e autorregulação, notadamente, no que diz respeito ao conceito de governança corporativa, o trabalho pretende perceber em quais termos se dá esta interação. Para tanto, serão levantados dados empíricos evidenciadores das fontes do conceito de governança corporativa na atividade decisória da Comissão de Valores Mobiliários - CVM no exercício das atribuições previstas na Lei n. 6.385/1976. A estratégia usada, para tanto, baseia-se na realização de um registro léxico das ocorrências do conceito no contexto do Processo Administrativo Sancionador (PAS) desde a primeira ocorrência do termo, em 2001, até a última ocorrência do termo governança corporativa, em maio de 2017. Por fim, pretendese, com apoio da revisão literária e dos dados coletadas, responder em qual abordagem de governança corporativa, shareholder theory ou stakeholder theory, estão pautadas as decisões da CVM no contexto do Processo Administrativo Sancionador - PAS; qual a origem preponderante desta ou destas definições: a Lei de Sociedades Anônimas (Lei n. 6.404/1976), o exercício do poder normativo do órgão regulador (ICVMs), ou normas oriundas de autorregulação institucionalizada e legitimada pela CVM; e, por fim, se o Código Brasileiro de Governança Corporativa - Companhias Abertas segue abordagem conforme à adotada pela CVM. O objetivo é de perceber as influências e identificar os atores que concorrem para a construção do arcabouço normativo da governança corporativa, ponderando o papel da CVM na institucionalização das definições, regras e princípios de governança corporativa, enquanto conceito-chave para o desenvolvimento do mercado de capitais. / The dissertation aims to contribute to the theoretical construction of corporate governance in Brazil due to its participation in the development of the capital market, a strategic sector for national economic development, as well as considering the role of the Securities and Exchange Commission (CVM), the main regulator of the capital market, in the construction (institutionalization / legitimation) of this concept. The origins of the concept of governance, and of corporate governance, and their ideological assumptions will be investigated. Comments will be made regarding the phenomena implicit in this process, such as the occurrence of legal transplants, as well the occurrence of path dependence. Therefore, we conclude that the norms, rules and principles of corporate governance are adapted to the Brazilian shareholder structure, i.e., to curb the extraction of private benefits from control and protect the rights of minority shareholders. In this sense, the theories adopted by economic regulation are important. Thus, starting from the premise that there is a relevant cooperative phenomenon, existing between regulation and self-regulation, especially with regard to the concept of corporate governance, the work intends to perceive in which terms this interaction occurs. To this end, empirical evidence will be gathered showing the sources of the concept of corporate governance in the decision-making activity of the Brazilian Securities and Exchange Commission (CVM) in the exercise of the attributions provided by the Law n. 6.385/1976. The strategy used is based on a lexical record of the occurrences of the concept in the context of the Sanctioning Administrative Procedure (PAS) from the first occurrence of the term in 2001 until the last occurrence of the term corporate governance in May 2017. Finally, it is intended, with the support of the literature review and the data collected, to respond in which approach of corporate governance, shareholder theory or stakeholder theory, the decisions of the CVM are based on, in the context of the Administrative Procedure Sanction - PAS; which of these definitions is preponderant: the Law of Corporations (Law 6,404 / 1976), the exercise of the regulatory power of the regulatory body (ICVMs), or norms originating from self-regulation institutionalized and legitimized by the CVM; and, finally, whether the Brazilian Corporate Governance Code - Publicly-held Companies follows the approach adopted by CVM. The objective is to recognize the influences and identify the actors that contribute to the construction of the normative framework of corporate governance, pondering the role of the CVM in the institutionalization of the definitions, rules and principles of corporate governance, as a key concept for the development of the brazilian capital market.

An important basis for decisions regarding road investments is Cost Benefit Analysis (CBA), where all costs and benefits should be taken into account and expressed in monetary terms. A valuation of the cost for the encroachment caused by a new road in, for example, a recreation area or a residential area is, however, missing in road investment CBA. The purpose of this thesis is to develop approaches to deal with the encroachment costs. More specifically two approaches are developed. One approach is ”cost transfer” for typical cases. With this approach the encroachment cost is estimated ex post for a number of existing roads within each typical case. The results are to be used to estimate a calculation formula to use for CBA of planned road investments where the encroachment can be referred to a particular typical case. The typical case ”barrier to water” was chosen for a pilot study with the aim of developing the method for data collection, and study what is most important for the encroachment cost per affected individual. The other approach is a method, developed in the thesis, for estimating the encroachment cost ex ante for each specific object. The method is called COPATS, ”Combined Opinion Poll and Travel Survey”. It makes use of the fact that roads mean both positive and negative effects to a different degree for the affected people. Data of the residence location, visiting frequency in the encroachment area and travel pattern is collected by a postal questionnaire before deciding on a road investment. In the same questionnaire it is also asked whether the respondent is for or against the planned road. The encroachment cost can be estimated from the respondents´ balancing of the benefit of travel time savings, and possibly some other positive effects, against the negative encroachment caused by the planned road. A conclusion is that both alternatives seem to be possible ways of including encroachment costs as part of road investment CBA. To estimate calculation formulas for cost transfer in some common typical cases, a large number of further encroachment cost studies must though be made. COPATS is closer to practical application, but needs to be further developed in collaboration with road planners. / Ett viktigt beslutsunderlag inför väginvesteringar är cost-benefit analys (CBA), där alla kostnader och nyttor skall inkluderas och uttryckas i monetära termer. Vid CBA för väginvesteringar saknas dock värdering av kostnaden för det intrång som en ny väg orsakar, exempelvis i ett rekreationsområde eller bostadsområde. Syftet med avhandlingen är att utveckla tillvägagångssätt för hantering av intrångskostnader. Mer specifikt utvecklas två tillvägagångssätt. Det ena tillvägagångssättet kan beskrivas som en metod för ”cost transfer”. Intrångskostnaden beräknas ex post för ett antal existerande vägintrång inom varje ”typfall”. På denna grundval utarbetas en beräkningsformel som sedan kan användas vid CBA för planerade väginvesteringar där intrången kan hänföras till ett visst typfall. Typfallet ”barriär mot vatten” har valts för en pilotstudie med syftet att utveckla metodiken för datainsamling, samt undersöka vilka faktorer som har starkast påverkan på intrångskostnaden per exponerad individ. Det andra tillvägagångssättet är en i avhandlingen utvecklad metod för direkt beräkning ex ante av intrångskostnader för varje särskilt investeringsobjekt. Metoden kallas COPATS, ”Combined Opinion Poll and Travel Survey”. Den utnyttjar det faktum att vägar medför både positiva och negativa effekter i varierande grad för berörda personer. Genom en enkätundersökning före beslut om en väginvestering samlas uppgifter om bostadens läge, vistelsefrekvens vid vägsträckningen ifråga och resvanor in. I enkäten ställs också frågan om personen är för eller emot den planerade vägen. Intrångskostnaden kan sedan skattas på basis av respondenternas avvägning mellan fördelen av kortare restider samt eventuella andra positiva effekter och nackdelen av intrånget av den planerade vägen. En slutsats är att båda alternativen verkar vara framkomliga vägar för att få med intrångskostnader i CBA för väginvesteringar. För att få fram beräkningsformler för de vanligaste typfallen måste dock ett betydande antal ytterligare intrångsstudier göras. COPATS ligger närmare praktisk tillämpning, men behöver utvecklas ytterligare i samverkan med vägplaneringsansvariga.

[pt] A Comissão de Valores Mobiliários (CVM) é a entidade estatal que regula o mercado de valores mobiliários brasileiro (MVM). Tal função abrange uma ampla gama de ações, dentre as quais a edição e a promoção do cumprimento de normas incidentes sobre as atividades econômicas desenvolvidas no MVM, a apuração das infrações a essas normas e a aplicação de penalidades ao final do curso de processos administrativos. Algumas dessas infrações administrativas também configuram crimes na legislação brasileira. Trata-se de ofertas irregulares de investimentos ao público em geral, usos de informação privilegiada, modalidades de fraude ou manipulação de preços, sempre envolvendo a emissão e a negociação de valores mobiliários. Não raro, a definição da autoria dessas infrações, que de tão graves configuram crimes, depende da análise de dados relacionados à movimentação financeira de pessoas, físicas ou jurídicas, investigadas pela CVM. A possibilidade de acesso a dados dessa natureza foi examinada pelo Supremo Tribunal Federal (STF) à luz do disposto no inciso XII do artigo quinto da Constituição Brasileira, dispositivo que consagra o sigilo de dados, mas também prevê o seu afastamento, desde que por ordem judicial, nas hipóteses e na forma que a lei estabelecer para fins de investigação criminal ou instrução processual penal. Ao debruçar-se sobre essa realidade, a presente dissertação procura verificar se o afastamento ou a inaplicabilidade do sigilo que protege a movimentação financeira das pessoas, a chamada quebra de sigilo bancário, quando destinada a espancar dúvidas sobre a autoria de infrações graves investigadas pela CVM, é juridicamente sustentável. Com esse intuito, esboça uma interpretação da Constituição Brasileira inspirada em princípios constitucionais universais e na moderna doutrina do direito civil constitucional europeu. / [en] The Brazilian Securities and Exchange Commission (CVM) is the entity responsible to Securities market s regulation. For this function is needed a wide range actions, such as the edition and promotion the compliance with rules about the economic activities carried out in the securities market, investigation of violations of these rules as well the application of penalties in the ending of an administrative proceeding. Some of these administrative violations should also be characterized as a crime into the Brazilian Law. It is irregular investments offering for the general public, use of inside information and types of fraud or price manipulation, always in issuing and trading securities. It is not uncommon to the definition of authorship, so serious that configures such a crime, to depend of data collection and analysis regarding financial activities from individuals or entities submitted to a CVM investigation. The possibility to collect data regarding financial activities had been submitted to the Brazilian Supreme Court of Justice (STF) in the light of article fith, item XII, of the Brazilian Federal Constitution, that establishes the Data Secrecy protection, but also provides its deviation, however by court order, in hypothesis and under the rules established for the criminal investigation or criminal proceeding s instructions. When looking at this reality, the present thesis intends to verify if the inapplicability of the secrecy that protects the financial activities from individuals or entities, called breach of banking secrecy, when intended to repel doubts about the authorship of serious offenses that are being investigated by CVM, is legally sustainable. Thus, it delineates an interpretation of the Brazilian Federal Constitution equally inspired in constitutional law universal principles and by the modern civil constitutional law european doctrine.

A observação do mercado de capitais brasileiro revela a constante presença do Estado: autoridade reguladora; acionista controlador de companhia aberta; sociedade de economia mista emissora de valores mobiliários; originador de ativos subjacentes a valores mobiliários; integrante do sistema de distribuição de valores mobiliários, por exemplo, bancos de investimento e corretoras sob controle estatal; cotista de fundo de investimento; entidade patrocinadora de fundos de pensão, os quais são relevantes investidores institucionais neste mercado. Os estudos sobre mercado de capitais focam a função regulatória estatal. Porém, outro aspecto merece ser abordado: o Estado não prescinde do mercado de capitais na implementação das políticas públicas. A atuação do Estado no processo econômico encontra fundamentos e limites na Constituição da República Federativa do Brasil. A exposição sistemática das formas de atuação do Estado pode contribuir para o controle que a sociedade deve realizar sobre a correção da atividade estatal e sobre a implementação das políticas públicas. Dessa forma, o objetivo do presente trabalho é sistematizar as diversas formas de atuação do Estado no mercado de capitais à luz de seus fundamentos constitucionais e legais e analisar de forma crítica as contradições, imprecisões, perspectivas e os desafios advindos da interação dinâmica entre as formas de atuação estatal. / An analysis of the Brazilian capital markets reveals the constant presence of the State in numerous capacities: regulatory authority; controlling shareholder of public companies; mixed-capital issuer of securities; originator of underlying assets for securities; participant in the security distribution system, such as through investment banks and brokers under state control; shareholder in investment funds; and sponsor of pension funds that are significant institutional investors in this market. Studies regarding the capital makets focus on the State\'s regulatory function. Another aspect, however, deserves to be addressed: the State does not leave aside the capital markets in the implementation of public policy. The actions of the State in the economic process has foundations and limits in the Constitution of the Federative Republic of Brazil. The systematic exposure of the forms of State action can contribute to the control that society should wield to correct State action and the implementation of public policy. In this sense, the objective of this work is to examine the various forms of State action in the capital markets in light of constitutional and legal foundations and analyze the contradictions, faults, perspectives and challenges arising from the dynamic interaction of such forms of action.

O atual arcabouço normativo de proteção do investidor no mercado de capitais brasileiro teve suas linhas mestras cravadas pela reforma bancária introduzida pelas Leis 4.595, de 31 de dezembro de 1964, e 4.728, de 14 de julho de 1965, pela criação de um regulador especializado em mercado de capitais pela Lei 6.385, de 07 de dezembro de 1976, e pela reforma da legislação das sociedades anônimas introduzida pela Lei 6.404, de 15 de dezembro de 1976. Desde 1976, o arcabouço normativo de proteção do investidor no mercado de capitais brasileiro vem sendo desenvolvido a partir dessas linhas mestras iniciais, incorporando as lições aprendidas com as turbulências e euforias vividas pela economia nacional. Esse arcabouço normativo que aí está desde 1976 foi inspirado por contribuições do direito federal norte-americano, as quais foram conscientemente captadas no Brasil pelo legislador e pela comunidade jurídica nacional. Difundiram-se internacionalmente dos EUA para o Brasil os preceitos da proteção do investidor no mercado de capitais calcados na existência de um órgão regulador do mercado de capitais, na divulgação de informações relevantes para decisões de investimento (disclosure), na regulação funcional dos agentes do mercado de capitais e na vedação de fraudes com valores mobiliários. / The current normative framework for the protection of investors in the Brazilian capital market had its main lines placed by the banking reform introduced by the Laws 4.595, as of December 31, 1964, and 4.728, as of July 14, 1965, by the institution of one regulatory body specialized in the capital market by the Law 6.385, as of December 07, 1976, and by the reform in the legislation on companies introduced by the Law 6.404, as of December 15, 1976. Since 1976, the normative framework for the protection of investors in the Brazilian capital market has been developed based on such original main lines and incorporating the lessons learned with the turbulences and euphoria lived by the national economy. This current normative framework in place since 1976 has been inspired by the contributions of the federal US law and such contributions have been consciously captured in Brazil by the legislator and the national legal community. The following precepts of the protection of investors in the capital market have diffused from the US to Brazil, namely, the existence of one regulatory body in charge of capital markets, the disclosure of information relevant to investment decisions, the functional regulation of the agents of the capital markets and the prohibition of frauds with securities.

Made available in DSpace on 2016-04-25T18:39:32Z (GMT). No. of bitstreams: 1 Wilson Kazuyoshi Sato.pdf: 883274 bytes, checksum: 2f8f4b3a12efcaeedf71c717173edc3b (MD5) Previous issue date: 2010-10-20 / This paper has an special kind of liability or receivable as its focus. When a debt is not paid to a Government body after the expiration of the time allowed for the payment, the amount is subject to be booked under legal procedures provided by law. This debt can be originated from unpaid taxes. Due to the relevance of this source this paper is focused on it. But all the unpaid debts are subject to be collected by judicial means: the only requirement is to be properly registered by the authority. In the Federal level of Government this power is granted to the Federal Treasure General Attorney. All the circumstances grant to this kind of debt a presumptuous liquidness and certainty. It requires some attention the process one translates a word, or an idea. To write this abstract avoiding a free translation to Dívida Ativa was desirable. Even in Portuguese this combination of two antagonistic words is criticized when taking into accounting purposes. One word means liability while the other could means asset. But all these questions related to translation issues tend to be relevant when two different legal systems are involved. And problems can arise if these differences are not take into consideration and a simple translation is adopted. This situation is what we can see in Brazil when the standards issued by Brazilian Authorities are simple copies of the international similar; the subject of this paper is the Brazilian equivalent to IAS 37. And Brazilian environment demands a special attention to its huge tax matters. So combining the main ideas about Dívida Ativa in light of what that standards prescribe, some Financial Statements were studied. Thus in some of them no evidence of the existence of the debt was given / Esta dissertação tem um especial tipo de exigibilidade ou recebível como seu foco. Quando uma dívida não é paga a uma entidade governamental depois de expirado o prazo para pagamento, a quantia está sujeita a um registro, conforme procedimentos estabelecidos na lei. O débito pode ser originado de impostos não pagos . Devido à relevância da primeira origem esta dissertação está nela focada, contudo cabe ressaltar que todos os débitos estão sujeitos à cobrança judicial: o único requisito é ser apropriadamente registrado pela autoridade. Na esfera federal esse poder é concedido ao Procurador-Geral da Fazenda Nacional. Todas essas circunstâncias conferem ao débito a presunção de certeza e liquidez. Em um processo de tradução de uma palavra ou uma idéia requer-se alguma atenção. Para elaborar este resumo foi recomendável evitar-se uma livre tradução de Dívida Ativa . Mesmo em português, essa combinação de duas palavras antagônicas é criticada quando levada em consideração para fins contábeis. Uma palavra significa exigibilidade e a outra pode significar ativo . Mas todas essas questões relacionadas a problemas de tradução tendem a ser relevantes quando dois sistemas legais estão envolvidos. E problemas podem surgir se essas diferenças não forem levadas em consideração, e uma simples tradução seja adotada. Essa situação é o que podemos ver no Brasil quando os padrões emitidos pelas autoridades brasileiras são simples cópias de similar internacional; o objeto desta dissertação é o equivalente brasileiro ao IAS 37. E o ambiente brasileiro demanda uma especial atenção por conta de suas grandes questões tributárias. Assim, combinando as principais idéias sobre Dívida Ativa à luz dos que os padrões prescrevem, foram estudadas algumas demonstrações financeiras, e em algumas delas nenhuma evidência do débito foi fornecida

O atual arcabouço normativo de proteção do investidor no mercado de capitais brasileiro teve suas linhas mestras cravadas pela reforma bancária introduzida pelas Leis 4.595, de 31 de dezembro de 1964, e 4.728, de 14 de julho de 1965, pela criação de um regulador especializado em mercado de capitais pela Lei 6.385, de 07 de dezembro de 1976, e pela reforma da legislação das sociedades anônimas introduzida pela Lei 6.404, de 15 de dezembro de 1976. Desde 1976, o arcabouço normativo de proteção do investidor no mercado de capitais brasileiro vem sendo desenvolvido a partir dessas linhas mestras iniciais, incorporando as lições aprendidas com as turbulências e euforias vividas pela economia nacional. Esse arcabouço normativo que aí está desde 1976 foi inspirado por contribuições do direito federal norte-americano, as quais foram conscientemente captadas no Brasil pelo legislador e pela comunidade jurídica nacional. Difundiram-se internacionalmente dos EUA para o Brasil os preceitos da proteção do investidor no mercado de capitais calcados na existência de um órgão regulador do mercado de capitais, na divulgação de informações relevantes para decisões de investimento (disclosure), na regulação funcional dos agentes do mercado de capitais e na vedação de fraudes com valores mobiliários. / The current normative framework for the protection of investors in the Brazilian capital market had its main lines placed by the banking reform introduced by the Laws 4.595, as of December 31, 1964, and 4.728, as of July 14, 1965, by the institution of one regulatory body specialized in the capital market by the Law 6.385, as of December 07, 1976, and by the reform in the legislation on companies introduced by the Law 6.404, as of December 15, 1976. Since 1976, the normative framework for the protection of investors in the Brazilian capital market has been developed based on such original main lines and incorporating the lessons learned with the turbulences and euphoria lived by the national economy. This current normative framework in place since 1976 has been inspired by the contributions of the federal US law and such contributions have been consciously captured in Brazil by the legislator and the national legal community. The following precepts of the protection of investors in the capital market have diffused from the US to Brazil, namely, the existence of one regulatory body in charge of capital markets, the disclosure of information relevant to investment decisions, the functional regulation of the agents of the capital markets and the prohibition of frauds with securities.