Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations. / <p>Diss. Stockholm : Handelshögskolan, 2012</p>

Bakgrund Entreprenörer som startar nya företag kommer troligtvis att behöva antingen kapital, eller kompetens i hur ett företag drivs, men mest sannolikt är att de behöver både och. Affärs-änglar är individer som investerar sina privata pengar mestadels i företag som befinner sig i en utvecklingsfas eller en tidig tillväxtfas. Affärsänglar kan också bidra med icke-finansiella resurser till företag såsom kompetens, färdigheter, kunskap och erfarenhet. Problem/Syfte Vad kan entreprenörer som är i behov av både kapital och kompetens göra för att hitta den ”rätta” affärsängeln, hur kan entreprenören attrahera denna, samt vilka faktorer är avgö-rande för att en arbetsrelation med en affärsängel ska bli lyckad? Syftet med denna uppsats är att utifrån entreprenören som investeringsobjekt så väl som kapitalsökare, beskriva olika faktorer som entreprenörer kan beakta för att öka sina möjligheter till att inleda och genomföra ett lyckat samarbete med en affärsängel. Slutsats Vi fann ett antal faktorer som kan påverka utgången av en arbetsrelation med en affärsäng-el. Dessa är den personliga relationen, att entreprenörens behov stämmer överens med vad affärsängeln kan erbjuda, överensstämmande avsikter, och ett väl genomarbetat aktieägar-avtal. / Background Entrepreneurs who start a new venture will probably need either capital, or competence in how to run a business, but most likely they need them both. Business angels are individuals who invest their private money in companies in a start-up or early growth phase. Business angels can also contribute non-financial resources to companies such as competence, skills, knowledge and experience. Problem/Purpose What can entrepreneurs who are in need of both capital and competence do to find the “right” business angel, how can they attract these investors, and which factors are decisive for a successful working relationship with a business angel? The purpose of this thesis is, with a starting point in the entrepreneur as an investment project and capital seeker, to de-scribe a number of factors entrepreneurs can consider in order to increase their possibilities in initiating and carrying out a successful working relationship with a business angel. Conclusion The authors found a number of factors affecting the outcome of a working relationship with a business angel. These are the personal relationship, a match between the entrepre-neur’s needs and the business angel’s competence, an agreed agenda, and a thoroughly worked out shareholder agreement.

<p>Bakgrund</p><p>Entreprenörer som startar nya företag kommer troligtvis att behöva antingen kapital, eller kompetens i hur ett företag drivs, men mest sannolikt är att de behöver både och. Affärs-änglar är individer som investerar sina privata pengar mestadels i företag som befinner sig i en utvecklingsfas eller en tidig tillväxtfas. Affärsänglar kan också bidra med icke-finansiella resurser till företag såsom kompetens, färdigheter, kunskap och erfarenhet.</p><p>Problem/Syfte</p><p>Vad kan entreprenörer som är i behov av både kapital och kompetens göra för att hitta den ”rätta” affärsängeln, hur kan entreprenören attrahera denna, samt vilka faktorer är avgö-rande för att en arbetsrelation med en affärsängel ska bli lyckad? Syftet med denna uppsats är att utifrån entreprenören som investeringsobjekt så väl som kapitalsökare, beskriva olika faktorer som entreprenörer kan beakta för att öka sina möjligheter till att inleda och genomföra ett lyckat samarbete med en affärsängel.</p><p>Slutsats</p><p>Vi fann ett antal faktorer som kan påverka utgången av en arbetsrelation med en affärsäng-el. Dessa är den personliga relationen, att entreprenörens behov stämmer överens med vad affärsängeln kan erbjuda, överensstämmande avsikter, och ett väl genomarbetat aktieägar-avtal.</p> / <p>Background</p><p>Entrepreneurs who start a new venture will probably need either capital, or competence in how to run a business, but most likely they need them both. Business angels are individuals who invest their private money in companies in a start-up or early growth phase. Business angels can also contribute non-financial resources to companies such as competence, skills, knowledge and experience.</p><p>Problem/Purpose</p><p>What can entrepreneurs who are in need of both capital and competence do to find the “right” business angel, how can they attract these investors, and which factors are decisive for a successful working relationship with a business angel? The purpose of this thesis is, with a starting point in the entrepreneur as an investment project and capital seeker, to de-scribe a number of factors entrepreneurs can consider in order to increase their possibilities in initiating and carrying out a successful working relationship with a business angel.</p><p>Conclusion</p><p>The authors found a number of factors affecting the outcome of a working relationship with a business angel. These are the personal relationship, a match between the entrepre-neur’s needs and the business angel’s competence, an agreed agenda, and a thoroughly worked out shareholder agreement.</p>

Den svenska marknaden för kommersiella fastigheter är het och har varit det under lång tid. Bland annat konstateras i en undersökning från revisionsbolaget Pricewaterhouse Coopers och Urban Land Institute att Stockholm, efter London och Paris, just nu rankas som Europas tredje mest attraktiva stad för utländska investerare att köpa och äga fastigheter i. Detta väckte vår nyfikenhet att konkretisera de faktorer som kan ha lett fram till att utländska fastighetsinvesterare attraheras av den svenska fastighetsmarknaden. Genom att vända oss till företag med stor inblick i de förhållanden som råder på den svenska fastighetsmarknaden fick vi intervjusvar från fem representanter. Arbetet med teorin gjorde att vi förväntade oss ett visst svar men intervjuerna gav oss ett helt annat resultat. Denna uppsats belyser många faktorer som gör Sveriges fastighetsmarknad lättillgänglig. Dock påvisar vår studie att framförallt transparensen och likviditeten på den svenska fastighetsmarknaden är det som gör den så intressant för utländska investerare. Transparensen på den svenska fastighetsmarknaden, som är en stor konkurrensfördel på den globala marknaden, hotas av skattetekniska konstruktioner. Att inte förlora denna fördel på den internationella investeringsmarknaden är ett problem som måste lösas. Hur detta ska ske är ett uppslag för en fortsatt studie. / The Swedish market of commercial real estate is really sizzling and has been so for some years now. In an analysis made by the audit company Pricewaterhouse Coopers and Urban Land Institute it was stated that Stockholm, succeeding London and Paris, is ranked as the third most attractive city for foreign investors in terms of buying and owning real estate property. This made us curious to try to pin-point any factors which might have lead to foreign investors interest in the Swedish real estate market. By turning to companies with very good insight in the business and knowledge about the conditions concerning the Swedish real estate market, we are grateful for received interview results by courtesy of five representatives. Our work with background theories lead us to expect a certain answer, but the results of our survey surprised us with a different result. This thesis highlights many factors making the Swedish real estate market so favourable to investors, but the most prominent elements are the facts that the Swedish market is very transparent with a high level of liquidity. For the Swedish real estate market the big advantage in global competition is named transparency, but this advantage is threatened by taxation techniques to maximise profit. Not to loose this Swedish benefit on the international investment market is a problem yet to be solved.

Les organismes de réglementation des valeurs mobilières doivent veiller à la protection des investisseurs et à l'efficience des marchés financiers. Pour ce faire, ils ont été investis de larges pouvoirs discrétionnaires leur permettant de contrôler les opérations qui, quoique conformes aux prescriptions légales, sont susceptibles de porter atteinte à l'intérêt public. La notion d'intérêt public étant malléable et difficile à circonscrire, la discrétion conférée à ces organismes est étendue. Son exercice pouvant menacer la sécurité juridique des opérations et être associé à l'arbitraire, elle a été décriée par de nombreux observateurs qui ont demandé qu'elle soit limitée aux cas de transgression de la législation sur les valeurs mobilières. Le texte cherche à déterminer si les organismes de réglementation des valeurs mobilières ont fait preuve de l'ingérence appréhendée par certains en recourant à leur discrétion relative à l'intérêt public. Tout en faisant ressortir la portée large et flexible de cette discrétion, il cherche à cerner les types d'opérations susceptibles d'en entraîner l'exercice. Bien qu'il ne propose pas une refonte du cadre juridique actuel, il soulève des points de réflexion et suggère des avenues qui pourraient être envisagées afin de limiter les risques y étant associés. / Securities regulators must ensure the protection ofinvestors and the ejJiciency of capital markets. With this intention, they have been vested with broad discretionary powers enabling them to control the operations that, although in conformity with legal requirements, are likely to undermine public interest. The public interest notion being malleable and difJicult to circumscribe, the discretion conferred to these organizations has a wide scope. As its exercise can threaten the legal safety of operations and be associated to the arbitrary, it has been disparaged by many observers who required that it be limited to cases in which the securities legislation has been breached. The text seeks to determine if securities regulators have shown the interference dreaded by some by resorting to their public interest discretion. White emphasizing the broad andflexible range ofthis discretion, it seeks to determine the types ofoperations likely to lead to its exercise. Although it does not propose a revision ofthe current legal framework, it provides points for reflection and suggests avenues that could be considered in order to limit the risks being associated to it. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit (LL.M) option droit des affaires"

No description available.

This thesis explores the rapidly growing phenomenon of equity crowdfunding from the perspective of professional investors. The aim was to contribute to the relatively thin aca-demic field of equity crowdfunding, shedding light on why it is yet to be recognized as an important instrument for raising capital and provide suggestions for improvement. The data was collected through semi-structured in-depth interviews with Angel Investors that through their experience could identify benefits and constraints with equity crowd-funding not obvious to the crowd. Benefits of using equity crowdfunding platforms were outweighed by the identified constraints such as corporate governance issues, uncertainties concerning laws and regulations, high risk, and lack of intellectual capital. This eventually led to suggestions for improvements that included channelling the crowd investments through a mutual fund, and allowing the crowd to co-invest with Angel Investors to get around the constraints. Conclusively, the Angel Investors were positive towards the underlying ideology of equity crowdfunding of helping more entrepreneurial ventures reaching their full potential by tapping a previously unutilized source of capital, the crowd. However, there is scepticism to how the phenomenon is currently working in practice.

改革開放以來，跨境併購成為中國經濟發展的重要力量。越來越多的外國投資者通過併購中國企業股權和資産，以利用中國的低廉勞動生産力或取得巨大的市場空間，各種跨境併購活動方興未艾。 上市公司併購是一個複雜的過程，從控股股東的併購動機，到整個交易過程中的各個具體環節所發生的變化，都會最終影響到併購重組的效果和利益在各方的分配。而過程中所產生的風險及問題，都顯示出外資在大陸執行併購時的「如履薄冰」。外資併購大陸公司的每個案例都如同一場商業諜戰，而法律正是這場戰役中，每個人所握有的重要武器。本文期能以外資的角度爲出發點，以外資併購大陸上市企業的併購管理流程爲軸，以大陸外資併購的相關法律規範爲緯，從併購管理流程的角度，思考過程中相關的法律操作實務，協助實務工作者瞭解整體併購過程的相關併購規範，並於執行併購中，能按圖索驥，按步執行併購作業，避免投資中國的徒勞無功。 本研究共分為五章，首先說明中國經濟體制及法律變革。第二章主要說明外資在大陸特殊政經情勢下的併購發展及所適用的相關法律。第三章主要說明外資併購中國上市公司時的操作流程，並且從企業管理的角度及法律角度說明兩者的差異。本研究最終歸納外資併購大陸上市公司流程區分為併購的預備、調查、簽約及履約四大階段及十個流程。第四章則針對上述每個階段的流程，分析一併購交易中會面臨的法律風險及問題，並於行文中，說明相關參考案例。第五章則說明本文的結論及重要觀察。 / Since the reform and opening-up policy , the Cross-border M&A plays the important role in China. In order to take advantage of lower cost productivity or grab the attractive market shares, more and more foreign investors use the M&A to obtain the stocks or assets. The M&A in listed companies is a complicated processdures. Each segments of the M&A processdures has different impacts for the effects of the M&A. Foreign investors faced lots of the risks and challengeswhile they try to initiate the M&A plan. M&A cases seems like the spy games in the business war filed and law is the major weapon during the attacts and defenses. The research is based on the foreign investors view and constructs the thesis by M&A processdures and M&A regulations. From the perspectives of the M&A processdures, the research will build the step-by-step processes and assist the practioniers to execute the M&A effectively. The rewearch has five chapters. The first chapter is to introducethe economical mechanisms and the regulation systems in China. The second chapter is to deliberate the major M&A cases in China and explore the M&A related regulations. The third chapter is focus on the analysisM&A prcessdures and construct the specific processdures, including four processes (M&A preparation, M&A investigation, M&A contract and M&A execution) and ten segments. Specifically, the fourth chapter covers the analysis of the business and law insights for each segment. Finally, the fiveth chapter concludes the observations.

[pt] A partir do avanço tecnológico, o acesso à informação vem se tornando cada dia mais simples e mais rápido, facilitando consideravelmente o processo de tomada de decisões. Tais mudanças afetam o comportamento de empresas de todas as áreas e da sociedade em geral. No cenário econômico, o Mercado de Valores é um bom exemplo dessa transformação e, por esse motivo, foi escolhido como o domínio de aplicação a ser utilizado pelo simulador Multi-Agent System dor Stock Exchange Simulation (MASSES). Inspirado nos casos de sucesso de competições baseadas em Sistemas Multi-Agentes, trata-se de um simulador onde agentes de software desempenham o papel de investidores. Através do MASSES, podem ser realizados estudos comparativos entre diversas estratégias e análises de como elas se comportam em diferentes situações. A principal contribuição do MASSES é estimular pesquisadores a desenvolver as tecnologias de Engenharia de Software para Sistemas de Multi-Agentes (ESSMA) e inteligência artificial, estreitando ainda mais o relacionamento entre a tecnologia da informação e o mercado financeiro. Essa dissertação apresenta o simulador MASSES e os testes realizados a partir de estratégias de investimento utilizadas no mundo real. / [en] Due to technological advancements in IT, access to information is becoming simpler and faster every day, thus facilitating the decision-making processes. These changes affect the behavior of all kinds of businesses and the society in general. In the economic scenario, Stock Exchange Market is a good example of this transformation and therefore was chosen as the application domain to be explored by a Multi-Agent System for Stock Exchange Simulation (MASSES). Inspired by success stories about Multi-Agent System applied to competitions. MASSES is a simulator where software agents play the role of investors. Through MASSES simulations, it is possible to perform studies among different situations. MASSES main contribution is to encourage researches to develop Software Engineering for Multi-Agents Systems using artificial intelligence techniques, thus strenghtening the relationship between information technology and the financial market. The present dissertation aims to explain MASSES, in addition to showing test results based on the investment strategies used in the real world.

[pt] As avaliações de performance de fundos de investimento que são atualmente feitas utilizam separadamente uma série de dados como o índice de Sharpe, as gregas (alfa, beta, gama, teta, ômega ....), taxa de administração e volatilidade, não havendo nenhum índice que contemple esses indicadores ao mesmo tempo. Os investidores, na hora de escolher entre os inúmeros fundos existentes, analisam isoladamente cada um desses índices mundialmente conhecidos, mas não conseguem avaliá-los simultaneamente e tomar uma decisão conjunta. O presente trabalho tem a finalidade de apresentar e desenvolver o método conhecido como Análise Envoltória de Dados (DEA) para avaliar o desempenho de fundos de investimento no Brasil e validá-lo através da utilização de uma medida de avaliação performance intitulada medida Ômega. / [en] A common method to evaluate the performance of investment funds is to use separate sets of indicators such as Sharpe, the Greeks (alpha, beta, gamma, theta, omega etc.), administration fee and volatility. There is no single indicator that covers all together and at the same time the whole set of indicators. When choosing among a large variety of existing funds, investors analyze each and every known indicator separately; they are not able to evaluate them simultaneously with the goal of a joint decision. The aim of this study is to present and develop the method known as Data Envelopment Analysis (DEA) to evaluate the performance of investment funds in Brazil and validate it through the use of a performance evaluation known as Omega measure.