Over the past decade, Social Impact Investing (SII) has garnered increasing attention among public policy makers as a solution for multigenerational, complex, intractable social and environmental problems, or as some advocates like to say, ‘wicked’ problems. The growing interest in SII aligns with the expansion, since the 1980s, of a set of public sector reforms that make use of new public policy instruments to achieve public objectives. Neoliberal economists and New Public Management (NPM) theorists have long argued for these reforms to improve the effectiveness and efficiency of government bureaucracies. These reforms have led to a paradigm shift that Lester M. Salamon has labeled ‘New Governance’, characterized by public policies that make use of market mechanisms, partnerships with new actors, networks and flexible rules. Public administration scholars have suggested focusing on public policy instruments instead of the traditional focus on programs and institutions to gain an understanding of the dynamics of the ‘New Governance’ paradigm and to address important questions that go beyond the dimensions of effectiveness and efficiency. This dissertation draws on Lester M. Salamon’s framework for analyzing public policy instruments combined with a conceptual framework developed by the Organization for Economic Development and Cooperation (OECD). The thesis uses this framework to assess the SII market by examining three cases of Canadian federal public policy instruments designed and implemented to achieve socio-economic objectives. These policy instruments provide either a cash transfer or a tax incentive to create investment funds mandated to invest with a purpose of making a return and achieving a positive social outcome. The dissertation employs a qualitative research approach and case study method to explore questions of equity and effectiveness to produce findings and recommendations useful to pubic administration scholars who focus their research on public policy instruments and to public policy makers who are considering policy options for structuring and growing the SII market. Data was collected through an extensive document review and 19 semistructured interviews. A dimensional analysis, SII analysis and discourse analysis of the data were undertaken. The researcher made the choice of undertaking a discourse analysis in order to fill a gap in the public policy instrument literature and inform the debate on SII. This dissertation contributes to the body of knowledge on public policy instruments and SII by presenting the results of a comparative analysis of three public policy instruments that created investment funds mandated to produce socio-economic outcomes.

Since 1989, there has been a period of rapid change of the economies of the former Eastern bloc. Within a few years, the majority of the formerly centrally administered economies had begun restructuring their economic systems, including the privatisation. of formerly state-owned enterprises. This process developed differently in different countries, depending among other things on their historical traditions and the momentum of their social, political and economic transformations. This doctoral dissertation examines the privatisation of large-scale industrial enterprises in Slovakia prior to 1997. In particular the thesis analyses the changing political and institutional framework governing the process and method of privatisation; and how the governance of firms was affected by the new markets and ownership- and control-structures that were established. Special attention is paid to the role played by investment funds andinvestment-companies established as a consequence of voucher privatisation. The research problem is approached both from an aggregate national level and from the enterprise level. The thesis includes a number of case studies of enterprises in Slovakia that underwent privatisation, and of investment funds that emerged to take part in the process. In addition, two panel-data sets were constructed for the sake of statistical analysis. The study points to the drastic changes in privatisation policy and its enactment, under different governments. It leads to the conclusion that privatisation is a highly political process, whose economic effects cannot be separated from its distributional effects. This politicised nature of ownership reform is shown to have some negative side-effects with regard to the development of well-functioning governance structures. It is, for example, pointed to that the capital market, as it developed during the period of study, was highly non-transparent,characterised by high transaction costs and insider-trading. The study also documents an increasingly concentrated ownership structure of the Slovak industry and relates it to the changes in privatisation policy. In the final analysis attention is drawn to a recurring theme in the study, namely the issues related to the relative stability and durability of the institutional set-up. In many cases an insecurity about "the rules of the game" led to short-term incentives and opportunism on behalf of the economic and political agents.

Syfte: Syftet med denna undersökning är att göra en komparativ studie mellan Sverige-och global aktiefonder för att vidare analysera vilka aktiefonder som ger högst avkastning. Metod: Uppsatsen bygger på en statistisk analys vilket sekundärdata ligger till grund för våra beräkningar. Genom tillämpning av kvantifierbar hård data där bland annat historiska aktiekurser ingår, så har en kvantitativ studie använts. Befintliga teorier och modeller har tillämpats. Slutsats: Studien visar i stort sett att högre risk ger en högre avkastning. Under period 1 presterade Latin Amerika fonderna bäst varefter Sverige fonder presterade bättre under period 2. Dessa marknader kan vara väldigt oberoende av varandra och tenderar därmed inte att följa varandras kursutveckingen. Slutsatsen är då att en investering i olika geografiska placeringar diversifierar risken mer. Exempelvis en investering i en svensk fond och en latin amerika fond.

Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-29T01:49:57Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1033978 bytes, checksum: 2512428601f42dba8a0f96891a8b5cf1 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Tatiana, bom dia. Seu trabalho foi rejeitado, segue abaixo os ajustes que deverá realizar: A palavra "Getulio" não tem acento O titulo do seu trabalho deverá estar em letra maiúscula (completo) Os nomes dos professores deverá estar completos: FERNANDO DANIEL CHAGUE BRUNO CARA GIOVANNETTI RODRIGO DE LOSSO DA SILVEIRA BUENO Após a realização dos ajustes, por gentileza submeter novamente na biblioteca digital. Att, Joana Martorini on 2018-08-29T15:13:06Z (GMT) / Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-30T01:51:38Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-08-30T13:15:13Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-30T14:27:38Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Made available in DSpace on 2018-08-30T14:27:38Z (GMT). No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) Previous issue date: 2018-08-10 / O objetivo do trabalho é investigar o papel dos custos de informação para explicar a dinâmica da captação em fundos multimercado brasileiros, por meio da criação de um modelo que incorpora os dados do Assets under Management (AuM) do gestor e da performance passada, adaptando o estudo feito por Huang, Wei e Yan (2007). O argumento principal estabelece que divulgar os bons resultados obtidos pelos fundos, reduzindo assim os custos de informação associados ao investimento, parece ser fundamental para atrair novos recursos, pois a observação da performance passada é o critério principal de análise do investidor. Neste sentido, o AuM dos gestores foi utilizado como uma proxy da sua capacidade de investir em marketing e esforços de divulgação e distribuição. A hipótese do trabalho é que, para o fundo apresentar uma boa resposta de captação frente à performance observada, existem duas possibilidades: ou o fundo se destaca frente aos concorrentes ou o gestor tem capacidade de investir dar visibilidade ao produto. No caso dos fundos com baixos custos de informação, os investidores podem se interessar pelo investimento, mesmo que a performance passada não seja espetacular. Dessa forma, o fluxo de captação seria mais sensível à níveis medianos de performance. Os resultados foram obtidos utilizando-se uma amostra de 583 fundos, no período de 2004 a 2017 e indicaram que, até um período em que a distribuição de fundos no Brasil era predominantemente feita pelos grandes bancos e instituições financeiras, há evidências de que o AuM do gestor era relevante para influenciar a sensibilidade do fluxo de captação em níveis intermediários de performance. No entanto, quando se considera os dados a partir de 2013, constata-se que o AuM do gestor deixou de ser significativo para influenciar o fluxo de captação. Esse resultado pode ser atribuído ao contexto atual da oferta de fundos no país, marcado pela forte presença de players independentes dos grandes bancos de varejo. / This paper aims to investigate the role of information costs to explain the dynamics of fund flows in Brazilian multimercado investment funds by creating a model that incorporates the Assets under Management (AuM) data and past performance, adapting the study that was done by Huang , Wei and Yan (2007). The main idea is that disclosing the good results obtained by the funds, thus reducing the information costs associated with the investment, seems to be fundamental to attract new resources, since the observation of past performance is the main criterion of investor’s analysis. In this sense, the AuM was used as a proxy for their ability to invest in marketing and advertising efforts. The hypothesis is that, for the fund to present a higher flow sensitivity to the observed performance, there are two possibilities: either the fund stands out from the competitors or the manager has the capacity to invest, providing visibility to the product. In the case of funds with low information costs, investors may be interested in the investment, even if past performance is not spectacular. In this way, the fund flows is more sensitive to medium levels of performance. The results were obtained by using a sample of 583 funds, from 2004 to 2017, pointing that, until a period in which the funds distribution in Brazil was predominantly held by large banks and financial institutions, there is evidence that manager’s AuM was relevant to influence the sensitivity of the fund flows to intermediate levels of performance. However, when considering the data from 2013, it is verified that the manager's AuM is no longer significant to influence the uptake flow. This result can be attributed to the current context of the funds offering in Brazil, characterized by the strong presence of independent players from large retail banks.

Submitted by Ivandro Oliveira (professorivandrooliveira@gmail.com) on 2018-10-07T19:38:36Z No. of bitstreams: 1 DISSERTAÇÃO - Ivandro de Almeida Oliveira (Versão FINAL de 07 10 2018).pdf: 2925486 bytes, checksum: 4e866ab69e37651ee4bdf137e7c3e559 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2018-10-29T17:37:54Z (GMT) No. of bitstreams: 1 DISSERTAÇÃO - Ivandro de Almeida Oliveira (Versão FINAL de 07 10 2018).pdf: 2925486 bytes, checksum: 4e866ab69e37651ee4bdf137e7c3e559 (MD5) / Made available in DSpace on 2018-10-29T17:38:59Z (GMT). No. of bitstreams: 1 DISSERTAÇÃO - Ivandro de Almeida Oliveira (Versão FINAL de 07 10 2018).pdf: 2925486 bytes, checksum: 4e866ab69e37651ee4bdf137e7c3e559 (MD5) Previous issue date: 2018-09-28 / Objetivo - O objetivo desta pesquisa é analisar a participação de empresas financeiras em não-financeiras, direta ou indiretamente, seja pela participação de bancos e as empresas que compõem o conglomerado, mesmo as empresas de participação societária, as chamadas holdings, que não são empresas financeiras, ou através dos fundos de investimentos cujos os administradores e ou gestores são ligados a bancos. Metodologia – O delineamento da pesquisa teve o aspecto documental, pois foram analisadas as participações acionárias de todos os fundos de investimentos de administradores ligados aos cinco maiores bancos brasileiros (excetuamos o BNDES por não comercializar fundos de investimentos) através do sistema Quantum, da Paramita Tecnologia Consultoria Financeira e as composições acionárias das dez maiores empresas não-financeiras na composição do IBOVESPA em 28/12/2016, através do sistema Broadcast, do Jornal Estadão, buscando participações acionárias significativas dos seis maiores bancos brasileiros nestas dez maiores empresas não-financeiras, e para essas participações, seja de forma direta ou indireta, inclusive por meio de holdings, analisamos os indícios dos efeitos que possam ter desvirtuados as práticas da empresa participada das exercidas pelo mercado em que estão inseridas, que venham a causar danos para o segmento e para a economia nacional como um todo. Resultados – Evidenciamos a participação e influência significativa de empresas financeiras em não-financeiras, indicamos as brechas na atual legislação brasileira em vigor, contrastamos com o que houve e há na legislação dos Estados Unidos, por ser um país conhecido pelo seu mercado financeiro complexo e desenvolvido e sugerimos melhorias na legislação nacional, com o objetivo de impedir as participações e influências significativas de empresas financeiras em não-financeiras, que possam causar danos à economia nacional. Limitações – A amostra combinada de participações acionárias dos seis maiores bancos nas dez maiores empresas não-financeiras restringe o resultado a uma realidade voltada a empresas de grande porte e aos maiores grupos financeiros do Brasil, sem que sejam levadas em conta as demais realidades que podem ser exploradas em outras pesquisas. A pesquisa se limitou ao estudo das empresas não-financeiras cotadas em bolsa de valores. Também não analisamos os vieses políticos encontrados e que podem ter afetado a administração dessas empresas. Aplicabilidade do trabalho – A partir desses resultados, é possível uma análise fundamentada das brechas na atual legislação brasileira que possibilitam participações acionárias e influência significativa de grandes empresas financeiras em não-financeiras, de forma direta ou indireta, os danos causados à economia setorial e nacional, de forma que seja possível, com base nesse diagnóstico, alterar as leis e cessar as brechas existentes de forma que seja estancada as intervenções apontadas. Contribuições para a sociedade – Ao identificar focos de intervenção e constatar as brechas na legislação brasileira e traçar um paralelo com o que houve de similar nos Estados Unidos, este estudo contribui para o futuro aprimoramento da legislação envolvida e do funcionamento da economia nacional. / Purpose - The objective of this research is to analyze the participation of financial companies in nonfinancial, directly or indirectly, either by the participation of banks and other companies in conglomerate, even the holding companies, nonfinancial companies, or through investment funds whose managers and/or administrators are linked to banks. Design/Methodology - The research design had the documentary aspect, as we analyzed the equity of all the investment funds of administrators linked to the five largest Brazilian banks (except the BNDES for not marketing investment funds) through the Quantum system of Paramita Tecnologia Financial Consulting and shareholdings of the ten largest non-financial companies in the composition of IBOVESPA on 12/28/2016, through the Broadcast system of the Jornal Estadão, looking for significant shareholdings of the six largest Brazilian banks in these ten largest non-financial companies, and for these shareholdings, directly or indirectly, including through holding companies, we analyze the indications of the effects that may have distorted the practices of the investee company in those of the segment in which they are inserted, that may cause damages to that segment and to the national economy as a whole. Findings - We show the participation and significant influence of financial companies in non-financial companies, we indicate the gaps in current Brazilian legislation, we contrast with what has happened and there is in the United States legislation, because it is a country known for its complex financial market and developed and we suggest improvements in the national legislation, with the objective of preventing the participation and significant influence of financial companies in non-financial, that can cause damages to the national economy. Research limitations - The combined sample of equity of the six largest banks in the top 10 non-financial corporations restricts the result to a reality facing large companies and the largest financial groups in Brazil, without taking into account the other companies and biases that may be explored in other research. The research was limited to the study of non-financial companies listed on the stock exchange. We didn’t analyze the political biases encountered that may have affected the management of these companies. Practical implications - Based on these results, it is possible to analyze the gaps in the current Brazilian legislation that allow shareholdings and significant influence of large financial companies on non-financial, directly or indirectly, the damages caused to the sectorial and national economy, so that it is possible, on the basis of this diagnosis, to change the laws and cease existing gaps in order to stop the interventions mentioned. Social implications - By identifying intervention centers and finding gaps in Brazilian legislation and drawing a parallel with what was similar in the United States, this study contributes to the future improvement of the legislation involved and the functioning of the national economy.

El presente artículo está orientado a aquellas familias que habiendo constituido empresas familiares cuentan con capitales millonarios y a quienes se les sugiere, mediante un Consejo de Familia, constituir Family Office con la finalidad de tener un mejor control del financiamiento de sus empresas y llegar a distinguir con claridad cuál es el patrimonio de la empresa familiar y cuando es el patrimonio familiar. Está institución está orientada a empresas familiares de capitales superiores a los 100 millones de dólares y sirve como un mecanismo de inversión de grandes proyectos en donde se procurará preservar el patrimonio económico en aras de proteger a las futuras generaciones. / This paper is intended for families who, having set up family companies, have millions of dollars and who have been suggested, through a Family Council, to establish a Family Office in order to have a better control over the financing of their companies and to distinguish eith clarity what is the family business’ assets and what is the family’s assets. This institution aims at family businesses with capital exceeding 100 million US dollars and serves as an investment mechanism for large projects where efforts will be made to preserve the financial assets in order to protect future generations.

This thesis focuses on guaranteed investment funds, which have become very popular among investors in the Czech Republic in recent years. The reason for this popularity is the conservativeness of a typical domestic investor, who appreciates the lower bound for the value of his investment. Guaranteed funds characteristically have a complex structure and valuation of their profitability based solely on intuition is therefore impossible. This analysis tries to provide an answer to the question if investing in these funds is reasonable. A large part of the thesis is dedicated to the option theory and option valuation methods, including the famous Black-Scholes formula, as guaranteed investment funds have the characteristics of an option. Thanks to the complicated structure of these products, the analysis itself is done by Monte Carlo simulation.

The master's thesis focuses on the role of the European Commission in the adoption of the Public Service Law (zákon č. 234/2014 Sb., o státní službě) in the Czech Republic. Its goal is to identify particular European Commission's tools of influence and their utilisation in the analysed case. The case study puts stress not only on hard methods (such as ex ante conditionality), but also on soft forms of influence (e.g. socialisation or persuasion). The Commission's tools were sorted according to Frank Schimmelfennig and Ulrich Sedelmeier's typology: 1) External-Incentive-Model; 2) Social-Learning- Model and 3) Lesson-Drawing-Model. The thesis combines two methodological approaches - process tracing and discursive analysis of relevant Czech actors. Data were collected using semi-structured interviews and publically accessible documents.

The diploma thesis deals with the analysis of the current situation of the company in terms of automation and digitization of its production process and the subsequent de-sign of measures respecting the principles of lean manufacturing, which aim to help the company achieve its goals and gain a competitive advantage in the market. An integral part of this work is also the subsequent discussion of the conditions necessary for suc-cessful implementation, as well as discussion of the resulting risks and benefits of the proposed measures.

The aim of this study is to look further into whether higher levels of EU structural fund payments to European regions come with higher levels of citizen support for European integration. The question is relevant in light of rising levels of Euroscepticism in some areas of Europe along with the momentous approval of subsidy packages following the Covid pandemic, nearly doubling the EU’s expenditures. The research question is examined using a time-series cross-sectional design, combining survey data on individual’s opinions on European integration with data on EU payments to European regions. Using a larger data set on EU payments than previous studies, the results are contrary to some previous studies focusing on the effect of EU funding in less prosperous regions, or studies using Eurosceptic voting as the dependent variable, but corroborate the results of the most recent study with similar design and data. Analyses of how the effect is conditioned on country group or level of affluence show mixed results, indicating a need for further research on the effects of EU spending on citizen support for European integration.