L'avènement des nouvelles technologies a modifié considérablement le marché des valeurs mobilières. Le certificat représentant les actions de personnes morales s'est dématérialisé, facilitant et augmentant la rapidité des échanges, mais en causant de nouveaux problèmes, notamment à cause de l'incertitude juridique entourant les transferts et les sûretés sur les valeurs mobilières et autres actifs financiers. Pour répondre à ces problématiques, le Uniform Commercial Code américain a créé de nouveaux concepts et de nouvelles règles applicables au régime de détention indirecte. S'inspirant du modèle américain, un effort international d'harmonisation a été déployé, comme en témoignent, entre autres, les initiatives de la Conférence de La Haye, d'UNIDROIT et de la Conférence pour l'harmonisation des lois au Canada. C'est ainsi que le Québec a adopté la Loi sur le transfert de valeurs mobilières et l'obtention de titres intermédiés, afin de combler les lacunes d'un régime devenu désuet. Toutefois, le projet de loi s'inscrit-il avec le régime civiliste du Québec? Le particulier peut-il hypothéquer des valeurs mobilières? Où se situent les titres dématérialisés et intermédiés? Nous tenterons de répondre à ces questions en deux temps ; premièrement, nous étudierons l'évolution des régimes de transfert et de sûretés sur les valeurs mobilières et autres actifs financiers ainsi que leurs particularités. Ensuite, nous étudierons la loi québécoise en parallèle avec les différents instruments d'harmonisation et avec le régime civiliste québécois des sûretés. / New technologies changed financial markets. Where securities were represented by certificates, now often, they are dematerialised and held indirectly in order to facilitate and expedite trades. However, this situation caused new problems since the legislation was inadequate to regulate the indirect holding system. The american Uniform Commercial Code enacted a new and unique legislation in order to respond to the legal uncertainty. Following the Americans, an international effort rised in order to harmonise legislation pertaining to the transfers and security interests on securities and other investment properties, namely, the Hague Conference, UNIDROIT and the Uniform Law Conference of Canada, just to name a few. Accordingly, Quebec adopted the Act respecting the transfer of securities and the establishment of security entitlements, in order to respond to the actual discrepancies. However, does the Act integrate itself harmoniously within the civil law tradition? May the private citizen grant a hypothec on securities? Where are situated uncertificated or indirectly held securities? We will attempt to answer these questions in two parts; firstly, we will study the evolution and particulars of the transfers and security interests on securities and other investment properties. Secondly, we will study the Quebec Act in respect with other legislations and with the civil law rules.

Transit agencies include buffer time in their schedules to maintain stable headways and avoid bus bunching. In this work, a real-time holding mechanism is proposed to dispatch buses on a loop-shaped route, solely based on operating conditions in real-time. Holds are applied at the terminal station to minimize the expected variance of bus headways at departure. The bus-dispatching problem is formulated as a stochastic decision process. The optimality equations are derived and structural properties of the optimal policy are inferred by backward induction. The exact optimal holding policy is then found in closed form, as a function of the expected travel time of buses currently running. A simulation assuming stochastic operating conditions and unstable headway dynamics is performed to assess the expected average waiting time of passengers at stations. The proposed control strategy is found to provide lower passenger waiting time and better resiliency than methods recommended in the literature and used in practice.

Controlled foreign company ('CFC') legislation was introduced in phases to co-incide with South Africa?s move from a source based system to a residence based system. Initially with the introduction of the legislation it was directed at those foreign entities earning passive income. However, over the years the legislation has been amended to include active income of entities and additional aspects to the section have been inserted to provide clarity for taxpayers. An increase in cross border transactions and offshore investment has necessitated the need to introduce CFC legislation into the revenue codes of many countries, South Africa being one of them. In most revenue codes where CFC or similar legislation has been introduced it is one of the most complex areas in a country's revenue code (Sandler, 1998:23). This mini-dissertation aims to interpret section 9D and also aims to provide guidance on its application in practice with the help of practical examples and reference to relevant international case law. The end result of this research is a proposed interpretation note on section 9D which is attached as Appendix 1. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

Controlled foreign company ('CFC') legislation was introduced in phases to co-incide with South Africa?s move from a source based system to a residence based system. Initially with the introduction of the legislation it was directed at those foreign entities earning passive income. However, over the years the legislation has been amended to include active income of entities and additional aspects to the section have been inserted to provide clarity for taxpayers. An increase in cross border transactions and offshore investment has necessitated the need to introduce CFC legislation into the revenue codes of many countries, South Africa being one of them. In most revenue codes where CFC or similar legislation has been introduced it is one of the most complex areas in a country's revenue code (Sandler, 1998:23). This mini-dissertation aims to interpret section 9D and also aims to provide guidance on its application in practice with the help of practical examples and reference to relevant international case law. The end result of this research is a proposed interpretation note on section 9D which is attached as Appendix 1. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.

近年來在金融整合的趨勢下，國內外金融業透過購併整合成為大型的金控集團，使得金融產業結構大為改變。在整合的架構下發展出新的金融商品及市場。由於金控公司將銀行與證券商、保險業結盟合併，金控子公司可以進行交叉銷售(cross selling)，使金融商品多元化，提供給客戶包含保險、股票、信用卡、基金、債券等金融商品，這些多元化的金融商品與服務，金控公司亦可藉著交叉銷售擴大市場占有率及降低經營成本，進而強化整體獲利。 本研究以國泰金控和富邦金控的壽險子公司轉型為研究案例，進行個案分析探討，以了解個案公司組織轉型的原因、組織調整方式及轉型後的成效。本研究利用近十年的統計資料進行分析，研究產業的變化及觀察個案公司的市佔率及業務狀況。研究結果發現:1.壽險公司轉型成為提供多元服務的金融控股公司2.壽險業業務人員轉型成為全方位理財服務人員3.金融業相互整合，行銷通路多元化4.科技及產業變化創造出新通路新市場5.企業成長往多角化發展並兼顧核心競爭能力

不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。 本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.

本文以1999年第4季至2011年第3季24家銀行的追蹤資料，分析銀行資本與金融控股體系對銀行放款管道的影響。全體樣本銀行的實證結果顯示，沒有顯著證據支持放款管道的存在。銀行淨值及調整成本對放款有顯著的影響，支持銀行資本管道存在。另外，銀行加入金融控股體系之後，調整成本的影響增加。 大型銀行樣本的實證結果顯示，大型銀行放款管道的作用不顯著；但是，銀行資本管道呈現顯著影響。小型銀行放款管道及資本管道皆沒有顯著證據支持兩者存在，但非存款負債對小型銀行放款的影響顯著。除此之外，小型銀行在金融控股體系下，短期投資及非存款負債對放款的影響顯著。由此結果可知，大小型銀行皆可藉由資產負債的調整來抵銷貨幣政策的衝擊，維持放款的成長。

This research was based on the idea of creating a space of encounter and of an encounter in space. The initial idea was to create a participatory/immersive installation framed within relational aesthetics and contemporary circus: focusing on a vital language that celebrates movement /dance, play, imagination and the magic of life. But through the process I left the concept of installation and I aim for an encounter space: blurring the boundaries with fields such as Movement, Dance Theatre, Improvisation, Circus, etc… A research to explore and develop the relationship with others, specially the audience. And how the audience can become a participant through 1-2-1 performances. Furthermore, I wanted to focus on the process of the research (inspirations, methodology, detect obstacles, making space…) rather than the outcome. The main thread is: Connecting with the “Self” state. ____reVisionesA research in how to facilitate a state of connection, essence, spontaneity and honesty to oneself, though around the idea of an immersive experience for the visitor/participant. “reVisiones” aims to create a space of encounter where participants can focus on awareness of the connection between their Body/Mind/Spirit: a "Transitional Space" where they can observe, be moved or move within as they please.

Submitted by Guilherme Pereira das Neves NEVES (gneves@nseb.com.br) on 2017-12-08T13:43:30Z No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-12-08T14:28:50Z (GMT) No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) / Made available in DSpace on 2017-12-08T16:37:51Z (GMT). No. of bitstreams: 1 GUILHERME NEVES - 08.12-versão final pós banca - 06-12-2017 (00088671xDAE77)-1 (002).pdf: 2533438 bytes, checksum: e1de02bc7e0a2aae008c392a5cbfae68 (MD5) Previous issue date: 2017-11-13 / A legislação fiscal brasileira estabelece como condição necessária para a dedução fiscal do ágio pago na aquisição de participação em empresas brasileiras a ocorrência de evento especial de incorporação. Diante dela, investidores não residentes constituem holdings no país, as quais (i) ou realizam diretamente as correspondentes aquisições, ou (ii) servem de receptoras da participação societária adquiridas ordinariamente por suas controladoras no exterior. As referidas holdings são posteriormente incorporadas pelas empresas operacionais cujas participações societárias foram adquiridas, de modo que estas passam a deduzir fiscalmente o ágio. A Receita Federal do Brasil (RFB) entende que a utilização de sociedade holdings nesse contexto é artificial, uma vez que este tipo de estrutura societária oculta o real adquirente do investimento. Por esta razão desconsidera as referidas sociedades para fins tributários. Nesse contexto, a presente pesquisa pretende demonstrar que o ato de requalificação empreendido pelas autoridades fiscais, se considerado válido, gera como consequência jurídica ofensa à regra de não discriminação prevista no art. 2º da Lei nº 4.131/62, assim como ao princípio constitucional da igualdade tributária previsto no art. 150, II, da CF/88. / Brazilian tax law establishes as a mandatory condition for tax deduction of the goodwill paid upon the purchase of equity interest in Brazilian companies the occurrence of a special merger event. In view of that, non-resident investors incorporate holding companies in Brazil which either (i) perform the corresponding purchases directly, or (ii) serve as receivers of the equity interest originally purchased by their parent companies abroad. Said holding companies are subsequently downstream merged into the operating companies whose equity interests were acquired, and as a result they can deduct the goodwill paid for tax purposes. The Brazilian Federal Revenue Office ([Receita Federal do Brasil (RFB)] understands that the use of holding companies in that context is rather artificial, to the extent that this type of equity structure disguises the actual purchaser of the investment. For that reason, it disregards said holding companies for tax purposes. In this context, this research is intended to demonstrate that the act of requalification performed by tax authorities, if deemed to be valid, generates as a legal consequence the violation of the non-discrimination rule established by article 2 of Law No. 4,131/62 [Lei 4.131/62], as well as the constitutional principle of tax equality provided for by article 150, II of the Federal Constitution of 1988.

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.