Using the U.S. Gramm-Leach-Bliley Financial Modernization Act ("GLBA") as a model, I argue that this act of financial reform, promulgated in November 1999, is a result of "Re-regulation", rather than "Deregulation" as suggested by most scholars. I emphasize the linear development of the GLBA, from 'regulation' to 'deregulation' and then further to 're-regulation'. This linear direction denotes sequential regulatory development that concerns the gradual relaxation of permissible banking activities, which is correspondingly marked by the Glass-Steagall Act of 1933, the Bank Holding Company Act of 1956, and the GLBA of 1999. The GLBA enabled the U.S. financial services industry to begin offering all round financial services under the single roof of the Financial Holding Company("FHC"). The GLBA's mandate is to provide the U.S. financial services industry with a level playing field and allow them to compete with their strongest rivals from th eEuropean Union. European Union banks already operate under a liberal regime, following the success of the Second Banking Directive of 1989 that embraces financial liberalization. Taiwan's Financial Holding Company Act ("FHCA"), promulgated in July 2001,owes much of its content to its U.S. counterpart, the GLBA. Taiwan's FHCA is basically modeled after the U.S. GLBA but selectively adopts parts of the E.U. model. The U.S. model is represented by the GLBA while the E.U. model is represented by the Second Banking Directive. Through cross-selling and cross-marketing, financial holding companies in the U.S. model and universal banks in the E.U. model, both can achieve economies of scale and scope. This dissertation is otherwise devoted to providing a comparative analysis on certain key elements of the U.S. GLBA and Taiwan's FHCA, although I sometimes refer to the E.U.'s Second Banking Directive. I conclude that while Taiwan's FHCs lack the economic scale of U.S. FHCs, the adoption of the U.S. model in the FHCA offers Taiwan's FHCs better fire wall protection than the E.U. model would. More generally speaking, there are pros and cons to Taiwan's adoption of the GLBA. The GLBA and by extension the FHCA require its domestically established FHCs be pure holding companies, as opposed to the E. U. model which requires the parent companies (universal banks) to also be operating holding companies. / Law, Faculty of / Graduate

[pt] Este trabalho fundamenta-se nas teorias propostas por Donald W. Winnicott e tem por objetivo elucidar alguns eixos norteadores da classificação diagnóstica nas diversas configurações subjetivas descritas pelo analista inglês. Para alcançar esse objetivo, em um primeiro momento descreve-se a teoria do amadurecimento emocional, ressaltando o processo de integração, a questão da trama psicossomática ― a habitação da psique no soma ― e as relações de objeto. Na sequência, busca-se delinear os critérios diagnósticos propostos por Winnicott ao longo de sua obra, traçando um quadro a partir de cinco tipos clínicos: neurose, psicose, esquizoidia, tendência antissocial e falso self. Essa classificação demonstra as preocupações do autor com a dimensão humana do processo terapêutico, a criatividade e a saúde, bem como com a gravidade dos distúrbios psíquicos elencados no tratamento psicanalítico. Nesse sentido, descrevem-se algumas experiências do manejo clínico e a importância do holding e da interpretação, sobretudo naquilo que se denomina de interpretação-holding. Com isso, aponta-se para a existência de interpretações que assumem a função de holding no percurso analítico. Assim, acredita-se que os conceitos e as indicações clínicas postuladas por Winnicott ao longo de sua obra podem trazer elementos e subsídios para pensar as múltiplas manifestações de sofrimento psíquico que surgem na clínica psicanalítica contemporânea. / [en] This study was based on the theories proposed by Donald W. Winnicott and aimed at elucidating some guidelines for diagnostic classification in several subjective configurations described by this English psychoanalyst. In order to reach this goal, at first, the Theory of Emotional Development was described, highlighting the integration process, the psychosomatic process– psyche indwelling in the soma – and the object relations. Therefore, a chart based on five diagnostic categories (neurosis, psychosis, schizoidism, anti-social tendency and true self and false self) was created with the purpose of outlining the diagnostic criteria established by Winnicott throughout his work. This classification shows Winnicott’s concern with the human dimension of the therapeutic process, creativity and health, as well as with the gravity of psychic disorders involved in psychoanalytic treatment. In this sense, some episodes of clinical management and the important role of holding and interpretation were described (especially in the so-entitled holding-interpretation experiences). By doing so, it was possible to indicate the existence of interpretations which took the place of holding along the therapeutic journey. Consequently, it is believed that the concepts and clinical indications postulated by Winnicott throughout his work can provide us with elements and principles to consider the multiple symptoms of psychical suffering that intersperse contemporary psychoanalitic practice.

Thesis (doctoral)--Universiẗat Marburg, 2006. / Includes bibliographical references (p. 303-329).

Zugl.: Hamburg, Univ., Diss., 2009

I use the passage of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), which alters the after-tax considerations of foreign internal capital markets, as a quasi-natural experimental setting to test whether a reduction in the tax costs associated with moving foreign capital increased firms' use of holding companies. In separate tests using Compustat and IRS data, I document that firms increase holding company use after TIPRA. Furthermore, I find that firms with the greatest increase in holding companies also increase their post-TIPRA foreign sales and generate more persistent foreign earnings. I interpret these findings to suggest that TIPRA is associated with increased global competitiveness for firms that actively modify their organizational structure. In additional analysis, I attribute this increased global competitiveness to maintained liquidity and capital investments during a financial crisis relative to firms that do not respond as strongly to tax incentives to utilize holding companies.

The concept of competence hypothesis identified by Heath and Tversky (1991) proposes that ambiguity aversion is affected by the subjective competence level of participants. When people feel knowledgeable or skillful in a field, they would rather bet on their own judgment even with uncertainty. However, when participants do not feel knowledgeable or skillful, they prefer betting on the unambiguous chance event. Therefore, the bias of ambiguity aversion is conditional on the subjective competence level of the participants. Our study selects managers of open and domestic stock type mutual funds to be study objects. There are 12 months during the study period, starting from April 2004 and ending in March 2005. In the first part of this paper, we investigate whether the competence effect influences professional managers¡¦ behaviors. We explore the relation between manager competence and mutual fund holding bias by conducting multiple regression analysis. Our study finds competence effect in the behaviors of mutual fund managers. A positive relation exists between manager competence and mutual fund holding electronic stocks bias. When manager competence is high, the mutual fund holdings in electronics stocks will be either more or less than the market. That is, weighting of holding electronics categorized stocks in mutual fund clearly deviate from the weighting of electronics categorized stocks in the market. However, when manager competence is not high, weighting of holding electronics categorized stocks in mutual fund follows that in the market. The other hypothesis proposes that manager competence is not relevant to the £] of mutual fund portfolio. Secondly, we explore the factors that affect manager competence by conducting logistic regression analysis. Among the five variables which may affect mutual fund manager competence, we find ¡§fund size¡¨ the only factor that is positively relevant to mutual fund manager competence. In other words, the larger the mutual funds, the more likely that managers will perceive themselves as skillful and knowledgeable. The other four variables are the manager¡¦s previous fund management experience, educational level, gender, and performance of mutual fund in the past year. They are not related to competence.

Submitted by Tatiana Lima (tatianasl@ufba.br) on 2016-10-11T20:43:30Z No. of bitstreams: 1 Xavier, Thiago dos Santos.pdf: 1292275 bytes, checksum: 097c53b92c12a6509577ee6599fe6108 (MD5) / Approved for entry into archive by Maria Angela Dortas (dortas@ufba.br) on 2017-03-14T19:14:05Z (GMT) No. of bitstreams: 1 Xavier, Thiago dos Santos.pdf: 1292275 bytes, checksum: 097c53b92c12a6509577ee6599fe6108 (MD5) / Made available in DSpace on 2017-03-14T19:14:05Z (GMT). No. of bitstreams: 1 Xavier, Thiago dos Santos.pdf: 1292275 bytes, checksum: 097c53b92c12a6509577ee6599fe6108 (MD5) / A Empresa de Participação Comunitária - EPC é um empreendimento estabelecido sob a forma jurídica de Sociedade Anônima de capital fechado (ou autorizado). Ela é formada a partir de um grupo de pessoas, que contribuem mensalmente para um fundo de investimento, durante um determinado período. Este recurso é utilizado para se criar empresas (limitadas) que geram emprego e renda à comunidade que esta está inserida. Com características peculiares que misturam uma estrutura empresarial e gestão compartilhada, a EPC surgiu no Brasil como uma alternativa econômica às comunidades e municípios com baixos índices de desenvolvimento. A sua origem é no estado do Paraná no início dos anos 80, mas o sucesso de seus empreendimentos fez com que a experiência se espalhasse para outros estados do país, em especial aos demais da região Sul e São Paulo. Na Bahia, foram formadas 3 EPCs, dentre elas a EPC Pilar S/A, criada em novembro de 1996. Localizada no distrito de Pilar, município de Jaguarari. A empresa é formada por 1.307 sócios, em sua maioria, são trabalhadores e ex-trabalhadores da Mineração Caraíba S/A. A EPC Pilar surgiu a partir do Acordo Coletivo de Privatização da Mineração Caraíba assinado por seus funcionários em 1994. Este acordo previa a transferência de ativos da Mineração para os trabalhadores (que podem chegar a US$ 0,5 bilhão, sendo a maior parte após o fim da lavra do cobre), que deveriam formar uma entidade associativa para geri-los, de forma a contribuir com o desenvolvimento do distrito de Pilar e a sua perenização, uma vez que, existe a previsão de exaustão da mina e conseqüente desativação da Mineração Caraíba, que é responsável por boa parte da mão de obra ocupada do distrito. O objetivo deste trabalho é compreender o que vem a ser esta modalidade de organização (EPC) e as especificidades da EPC Pilar. Desta forma, buscou-se descrever como se deu o processo histórico da EPC Pilar, a sua estrutura organizacional, modelo de gestão, o perfil dos seus gestores e seus conflitos. O trabalho, que é um estudo de caso, pretende contribuir para a formação teórica sobre o tema, ainda muito incipiente. Para isto, optou-se como referência metodológica a pesquisa empírica exploratória de cunho qualitativo e interpretativo. A pesquisa demonstrou que do ponto de vista teórico, ainda precisa ser feito novos esforços investigativos sobre a EPC. De início, verificou-se que as EPCs já demonstram, na realidade, diferentes formatos e princípios, a exemplo do modelo paranaense, que pode ser considerado um empreendimento da socioeconomia solidária, e do paulista, que se aproxima da empresa mercantil tradicional. Sobre a EPC Pilar, os aspectos históricos da sua formação contribuíram para uma relação conflituosa entre os seus sócios, centrada entre os dois grupos divergentes: o sindicato e a Mineração Caraíba, que somada à incapacidade gerencial de seus administradores conduziram a empresa a uma situação de pré-falência, mesmo com toda a disponibilidade financeira e patrimonial. O caso EPC Pilar apresenta elementos não tradicionais para uma rica discussão sobre a gestão de organizações comunitária. E, o seu insucesso acaba trazendo exemplos e lições importantes para estes empreendimentos. / The EPC (Company of Comunity Participation) is a corporation composed of a group of people that contributes mensaly to a investment fund during sometime. This financial recourses is apllied to the development of others companies that orginate jobs and incomes in their comunities. With peculiar characteristcs that mix a business structure and cooperative manangement, the EPC appeared in Brazil as an economic alternative way to the underdevelopted comunities and towns. It origin is on state of Paraná, in the begining of eighty’s, but the successful of the companies disseminated the experience to others states of the country, specially São Paulo, and other on the southern part. On Bahia were created three EPCs and one of them is the EPC Pilar S/A, that was created in November 1996. Located at Pilar’s district, on Jaguarari Town, this company is composed of 1.307 shareholders, most part of them are workers and ex-workers of MINERAÇÃO CARAÌBA S/A. The EPC Pilar S/A came from the Collective Privatization Agreement of the MINERAÇÃO CARAÍBA S/A, signed by it workers in 1994. This Agreement disposes about the transfer of assets from MINERAÇÃO CARAÍBA S/A (around US$ 0,5 billions) to the workers, that to manange it, they should have create an institution like a cooperative, in order to develop the district of Pilar and preserve it. Because the imminent end of the copper mine and the desativation of the MINERAÇÃO CARAÍBA S/A can mean the evacuation of the district. The goal of this dissertation is to comprehend this way of organization (EPC) and the specificities of EPC Pilar. Therefore it searched describe how was the historic process of EPC Pilar, it organizational structure, management model, the business administrators profiles and theirs conflicts. This case intend to contribute the theory of this theme, that is still incipient. For that, it opts as a methodological reference a qualitative and interpretative exploratory empiric research. The research shows that the EPC theory has to be more developed. First, it verified that the EPCs already show different forms and principles, as the example of Parana’s model, that can be considerated a solidary undertaking, and the São Paulo’s model, that is closer to a traditional enterprise. About EPC Pilar, the historic aspects of it creation contributed to a conflicting relationship between its stakeholders, concentrated in two divergent groups: the union and the Mineração Caraíba direction. This situation added to the management incapacity launched the enterprise to a bankruptcy situation, even with good financial and patrimonial availability. The EPC Pilar case show not traditional elements to a rich discussion about communitarian organization management. And it failure introduce important examples and lessons to these undertaken.

No description available.

No description available.

Abstract To integrate the operating ability and to enhance the operating efficiency of financial institutions, the government of Taiwan promulgated the act of financial holding company in June 2001. Fourteen licenses of financial holding company have been issued since then and the purpose of forming financial holding companies is to increase their international competitiveness which is important to Taiwan since she has become a member of WTO. Among those 14 financial holding companies they are different in scales, in operating strategies and in operating performances. Can those small-scaled financial holding companies survive in the market with increasing competitiveness? Should they merge with other large scaled financial holding companies? The purposes of this thesis are to analyze the previous two questions. In other words, we examine the impact of the Act on the operating strategy and performance of two small-scaled financial holding companies: Jin Sun and Waterland financial holding companies. To address the second issue mentioned previously, we also analyze the operating strategies and performances of the Fubon financial holding company, which is known as having the advantage of stores and branches and of marketing financial products. Our research provides critical operating strategies for Jin Sun and Waterland financial holding companies to enhance their operating performances.